This table shows the asset expiry profile of REITs. Do not confuse this with the lease expiry profile, which is the no. of years for the lease to the existing tenant to expire. The asset expiry profile shows the no. of years for the leasehold asset (i.e. property) to expire. After the expiry of the asset, the REIT will no longer own the asset or be able to lease it out. Nevertheless, it may be possible to extend the leasehold of the asset upon payment of a fee to the authorities.
Column 2 in the table shows the no. of years to expiry of the first-to-expire leasehold asset while Column 3 shows the no. of years to expiry of all leasehold assets weighted by asset value (freehold assets are excluded from this computation). Columns 4 to 9 show the % of the REITs' assets by value expiring in 0 - 20 years, 20 - 40 years, etc. When a blank appears under a particular year band, it means
that there are no assets maturing in that band.
Note that the rules governing properties are different in different countries. Readers are advised to read the footnotes in the Annual Reports for more details.
For industrial REITs, the lease of industrial properties is usually reported as 30 + 30 years, meaning the lease will expire in 30 years' time but can be extended by another 30 years. The lease expiry data in the table below includes the leasehold extension, as reported by the REITs.
| Counter |
1st Expiry |
Wt Expiry |
0 - 20 |
20 - 40 |
40 - 60 |
60 - 99 |
99 - 999 |
Freehold |
| AimsAmp |
27.4 |
38.9 |
|
52% |
48% |
|
|
|
| Ascendas |
11.2 |
45.9 |
0% |
28% |
51% |
9% |
|
1% |
| AscendasHT |
31.0 |
31.0 |
|
9% |
|
|
|
91% |
| AscendasIndia |
65.4 |
65.4 |
|
|
|
5% |
|
95% |
| Ascott |
10.6 |
164.6 |
2% |
13% |
7% |
12% |
18% |
47% |
| Cache |
20.1 |
35.5 |
|
56% |
44% |
|
|
|
| Cambridge |
18.3 |
38.1 |
4% |
43% |
54% |
|
|
|
| CapitaComm |
59.6 |
234.0 |
|
|
18% |
61% |
22% |
|
| CapitaMall |
35.4 |
82.2 |
|
7% |
4% |
74% |
1% |
14% |
| CapitaRChina |
21.1 |
29.0 |
|
100% |
|
|
|
|
| CDLHTrust |
34.0 |
66.8 |
|
4% |
6% |
74% |
|
16% |
| Croesus |
Freehold |
Freehold |
|
|
|
|
|
100% |
| FarEastHT |
49.0 |
68.4 |
|
|
19% |
81% |
|
|
| Fortune |
33.9 |
35.5 |
|
96% |
4% |
|
|
|
| FrasersComm |
82.5 |
157.4 |
|
|
|
68% |
7% |
24% |
| FrasersCT |
63.4 |
78.4 |
|
|
|
96% |
|
4% |
| Indiabulls |
Freehold |
Freehold |
|
|
|
|
|
100% |
| KeppelReit |
76.1 |
91.2 |
|
|
|
91% |
3% |
6% |
| LippoMalls |
4.1 |
18.5 |
72% |
17% |
11% |
|
|
|
| MapletreeComm |
83.2 |
83.2 |
|
|
|
100% |
|
|
| MapletreeGCC |
33.9 |
35.2 |
|
100% |
|
|
|
|
| MapletreeInd |
18.0 |
47.2 |
2% |
27% |
71% |
|
|
|
| MapletreeLog |
13.0 |
39.1 |
1% |
35% |
17% |
3% |
|
45% |
| ParkwayLife |
25.2 |
60.7 |
|
1% |
2% |
68% |
|
30% |
| Perennial |
35.4 |
36.2 |
|
100% |
|
|
|
|
| Religare |
2.6 |
73.4 |
1% |
13% |
|
23% |
4% |
59% |
| Sabana |
19.0 |
40.4 |
6% |
23% |
67% |
4% |
|
|
| Starhill |
22.4 |
53.0 |
|
3% |
70% |
6% |
|
21% |
| Suntec |
54.4 |
78.4 |
|
|
5% |
95% |
|
|
See related blog posts:
