+ Maintained high portfolio occupancy of 98.3% (dipped by 0.2% QoQ), with a portfolio WALE of 7.8 years. 27.7% of leases by rental income will expire in 2024, with only 1% expiring for the rest of 2023. Leases signed in 3Q23 were in Singapore, Australia, Ireland and the Netherlands, and were at positive rental reversions. Additionally, some of the leases signed were restructured into power pass-through leases, which should improve NPI margins.
+ Prudent capital management, with 72% of debt on fixed rate. Average cost of debt increased 0.2ppts QoQ to 3.5% in 3Q23, and ICR remains healthy at 5.4x. Only 4.2% of debt is up for refinancing in 2024 with the majority of debt expiring from 2026 and beyond. However, gearing increased 90bps QoQ to 37.2%. A 100bps increase in interest rates would lower DPU by c.2.4%. Forecast foreign sourced income is also substantially hedged till June 2024.