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Chart of the Day: Check out S-REITs' debt maturity profiles

Term to expiry edged up to 2.92 years.

According to Maybank Kim Eng, an analysis of the sector’s debt maturity profile suggests that refinancing risk is low. S-REITs’ average term to expiry improved from 2.7 years since 2008-09 to 2.92 years as of 31 Mar'13.

Sector gearing remains healthy at 33.8%, compared to 40.7% at the height of the GFC. The debt maturity profile is also better spaced out with no more than SGD6.6b to be refinanced each year.

Here's more from Maybank Kim Eng:

As of 31 Mar 2013, debt among the S-REITs maturing by 2017 stands at approximately SGD21b. Amongst the S-REITs, K-REIT, MCT and SUNTEC are the most highly-geared, while CRCT and CDLHT have the shortest average term to debt maturity.

A-REIT and SGREIT are probably the most well-capitalised with low gearing levels, long maturities and high percentage of fixed-rate borrowings. 

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