Singapore REITs ranked by dividend yield, NAV discount, and gearing · Cross-referenced with Stage 2 quality analysis
40 REITs · Generated 2026-10-10 00:54 UTC
| # | Ticker | Name | Cap | Mkt Cap | Div Yield | P/B | MAS Lev | ICR | DPU Gr | Price | R1 | S2 | Stars | Issues |
|---|
Bubble = market cap · X = Div Yield · Y = MAS Leverage · Color = P/B (green ≤ 0.8, blue ≤ 1.0, orange ≤ 1.3, red > 1.3)
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.92× | — | ● Green (0) |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +25.5% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +60.4% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2070.6% | — | ● Green (0) |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 5.83× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +60.4% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.58× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.73× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +7.7% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +84.3% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3337.8% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 9.44× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +84.3% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.81× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.79× | — | ● Yellow (1) |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -1.5% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +70.5% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3648.7% | — | ● Yellow (1) |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 8.11× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +70.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.68× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.99× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.68× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -2.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +92.5% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2507.5% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 6.04× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +92.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.91× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.17× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.1% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +73.5% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3650.1% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.83× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +73.5% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.67× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.96× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -2.7% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +72.8% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4067.8% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.52× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +72.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.73× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.09× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +3.5% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +46.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3818.3% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.74× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +46.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.37× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +59.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4173.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.78× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +59.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.57× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 9.29× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +20.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +68.6% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4794.2% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.82× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +68.6% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.67× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +0.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +59.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4173.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.78× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +59.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.57× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +1.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.94× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +67.1% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2807.6% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.99× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +67.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.64× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.96× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +6.0% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +52.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4008.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.48× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.49× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +8.6% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.23× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -1.6% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +87.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4176.9% | ● Yellow (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 5.12× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +87.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.82× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.09× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.2% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +76.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4561.3% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 5.54× | ● Green (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +76.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.69× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.97× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.1% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.10× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -1.5% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +62.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3946.7% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.77× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +62.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.60× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.98× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.61× | ● Yellow (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +42.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +78.2% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3473.6% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 6.71× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +78.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.75× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +21.5% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.96× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -5.5% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +64.1% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2964.9% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.69× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +64.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.68× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.95× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 5.99× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -7.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +73.8% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3348.4% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.63× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +73.8% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.74× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.93× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +12.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.39× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +0.2% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +69.1% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3565.9% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.44× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +69.1% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.69× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +0.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.24× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -4.4% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +67.9% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3602.5% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.64× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +67.9% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.75× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +11.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.47× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +5.6% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +71.9% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3600.8% | ● Yellow (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.97× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +71.9% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.63× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.92× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.5% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +76.9% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2960.4% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.55× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +76.9% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.75× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +14.8% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 3.05× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +5.4% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +58.8% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4317.0% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.99× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +58.8% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.7% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.37× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.0% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +69.4% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4003.7% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.58× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +69.4% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.63× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 0.49× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +4.9% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +78.7% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3764.6% | ● Yellow (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.69× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +78.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.55× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.9% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 18.99× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +6.1% | ● Green (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +36.4% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +2887.3% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 4.52× | ● Green (0) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +36.4% | ● Yellow (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.09× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +20.2% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.50× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.7% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +66.8% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3729.2% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.68× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +66.8% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.18× | ● Green (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.6% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +61.2% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3835.6% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.41× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +61.2% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.61× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.96× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +7.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -27.84× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -11.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +60.7% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3785.8% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.13× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +60.7% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.60× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.79× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +3.3% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 1.96× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +72.2% | ● Green (0) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +44.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3523.1% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.62× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +44.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.42× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +45.2% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | — | ● N/A (1) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | — | ● N/A (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | — | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | — | ● N/A (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | — | ● N/A (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | — | ● N/A (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | — | ● N/A (1) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | — | ● N/A (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -18.88× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +1.8% | ● Yellow (1) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +52.0% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4397.1% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.49× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.0% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.49× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.99× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +2.4% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -3.97× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | +2.8% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +48.5% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3993.4% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.21× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +48.5% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.33× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 1.00× | ● Green (0) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +6.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -8.47× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -9.6% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +52.1% | ● Yellow (1) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +3351.3% | ● Green (0) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.69× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +52.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.49× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.83× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.0% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 2.65× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -2.0% | ● Yellow (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +90.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4194.2% | ● Yellow (1) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.35× | ● Yellow (1) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +90.1% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.79× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.85× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +18.1% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -1.21× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -6.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +56.0% | ● Green (0) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4270.0% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.75× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +56.0% | ● Green (0) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.02× | ● Yellow (1) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.90× | ● Yellow (1) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +5.2% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | 3.12× | ● Green (0) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -6.1% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +45.6% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4431.5% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 1.74× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +45.6% | ● Yellow (1) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.50× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.80× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +4.5% | ● Green (0) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -0.35× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -32.0% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +46.7% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +5904.2% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 2.03× | ● Red (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +46.7% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.42× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.55× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +17.6% | ● Yellow (1) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -0.24× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -33.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +61.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4457.9% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.72× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +61.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.67× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +26.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
| Module A — Earnings & Distribution Quality | ||||
| A1 | Cash Conversion | -0.24× | ● Red (2) | |
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red | ||||
| A2 | Non-Operating Income | — | — | ● N/A (1) |
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green | ≤ 50% Yellow | > 50% Red | ||||
| Module B — Revenue & NPI Momentum | ||||
| B1 | Revenue Growth YoY | -33.3% | ● Red (2) | |
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green | ≥ −5% Yellow | < −5% Red | ||||
| B2 | Operating Leverage | +61.1% | ● Red (2) | |
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red | ||||
| Module C — Gearing & Leverage | ||||
| C1 | Net Debt / EBITDA | +4457.9% | ● Red (2) | |
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red | ||||
| C2 | Receivables vs Revenue Δ | 3.72× | ● Yellow (2) | |
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red | ||||
| Module D — Profitability Sustainability | ||||
| D1 | Gross Margin 3Y Change | +61.1% | ● Red (2) | |
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red | ||||
| D2 | NI / GP Stability | 0.53× | ● Green (0) | |
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red | ||||
| Module E — Sector Cycle Risk | ||||
| E1 | Revenue vs 5-Year Peak | 0.67× | ● Red (2) | |
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green | ≥ 85% Yellow | < 85% Red | ||||
| E2 | Revenue Growth Volatility | +26.0% | ● Red (2) | |
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green | ≤ 25% Yellow | > 25% Red | ||||
A concise weekly note with score changes, new watchlist candidates, and methodology updates.