REITs, a quarterly report, property rights
The financial report of public REITs in the first quarter of 2024 was announced, and the overall operation was not good, among which the pressure on property rights REITs was greater than that of franchise REITs. Specifically, according to the type:
The operation of park REITs and warehousing and logistics REITs continued to decline. In terms of park REITs, the occupancy rate of the first quarter mostly recorded a decline, and the reitteries of park factories operating with high occupancy rates in the early stage began to decline since the fourth quarter of 2023 and continued to be under pressure in the first quarter. The rental level of some of the disclosed park REITs continued to decline quarter-on-quarter. Overall, the trend of income pressure is increasing. In terms of warehousing and logistics REITs, the occupancy rate of market-oriented contracted warehousing and logistics REITs fell by 4-5 percentage points month-on-month, and the core projects of Harvest JD Warehousing REIT, which is leased by related parties, are expected to reduce the rent of core projects by more than 10% in 2024.
Highway REITs are operating less than expected. Affected by the economic pressure and the 2-day increase in the free passage time of expressways during the Spring Festival in 2024, the revenue, profit, and amount available for distribution of expressway REITs generally performed poorly, recording a year-on-year decline.
The operation of rental housing REITs continued to be stable. The annualized completion rate of the first quarter revenue, profit and distributable amount of Guotai Junan Chengtou Kuanting Rental Housing REIT, which was listed in the fourth quarter of 2023, was in the range of 100%-103%, and the occupancy rate of other rental housing REITs generally remained at a high level of more than 95%, which was basically the same as the previous quarter.
Eco-environmental and energy REITs are slightly differentiated. In addition to the quarter-on-quarter improvement in revenue and earnings of China Securities Construction Investment National New Energy REITs, the earnings of the other four REITs declined quarter-on-quarter.
The new type in 2024 - consumer infrastructure REITs, with a short operating period and a slight differentiation. In terms of the short-term data from the effective date of the fund contract to the end of the first quarter, Jiajin Mei Consumer REIT is the best operation, with revenue, profit and distributable amount all exceeding the standard, and the REIT has also designed a performance commitment fulfillment mechanism, which is conducive to improving the stability of investors' dividends; ChinaAMC Jinmao Commercial REIT's operation is slightly under pressure, with an annualized completion rate of income and profit of less than 90%; ChinaAMC China Resources Commercial REIT's operation is relatively stable, and the completion rate of various indicators is basically up to standard.
It is worth noting that some REITs with stressed operations and earnings have achieved an increase in the amount available for distribution in the current period by adjusting capital expenditures, receivables and payables, etc., to reduce the impact of short-term poor operation on investors' dividends, so as to maintain the stability of the secondary market. However, considering that profitability is the basis for the amount available for distribution, it is necessary to continue to focus on the sustainability of operational stability.
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