12 public offering REITs in the second "quarterly test" results during the year released the industry in detail why some performance data is negative

Our reporter Chang Xueyu

The "quarterly test" score of the second session of the public offerings in 20122 is almost all "released".

As of July 21, 12 of the 13 infrastructure public offer REITs products that have been listed have been disclosed in the second quarter of 2022 (Guojin China Railway Construction REIT was not listed for one month). The report shows that except for Zhejiang businessmen Shanghai -Hangzhou -Ningbo REIT, Hua'an Zhangjiang Guangda REIT, and Soochow Suyuan Industrial REIT, all 9 products were profitable in the second quarter of net profit loss. On July 21, a reporter from the Securities Daily conducted an interview with the industry and fund managers on the first performance data of the public offerings REITs to better understand the "inside story".

REITS project dividend distribution

Determine according to the available cash

Regarding the loss of net profit in the second quarter of Zhejiang business Shanghai -Hangzhou -Ningbo REIT, 46.5135 million yuan, industry insiders explained to the reporter of the Securities Daily that "net profit is mainly affected by the depreciation and amortization of highway assets, and does not affect cash flow. . For example, the Zhejiang business Shanghai -Hangzhou -Ningbo REIT infrastructure project adopts a straight -line depreciation amortization method, and there is also a high -speed road REITS project. It will be relatively many. The method is different, resulting in the difference in profit at each stage. At the same time, the epidemic is also one of the reasons for the loss of net profit. Highway flow and charges have decreased. "

The above -mentioned industry insiders said that "the performance of the REITs project and the distribution of dividends are mainly determined according to the available cash, which is not directly related to net profit."

Relevant sources of Hua'an Fund told the "Securities Daily" reporter that "Hua'an Zhangjiang Guang Big REIT's net profit in the second quarter was 6.2835 million yuan, mainly due to the large amount of depreciation and amortization of infrastructure projects. The distribution amount. "

The Soochow Fund also explained to the "Securities Daily" reporter on the second quarter of the second quarter of Soochow Suyuan Industrial REIT. " The main reason is the rent reduction and exemption (from March to August 2022 to August 2022). However, in order to protect the interests of the owner of the fund share, the fund manager will give up some fund management fees after the implementation of the rent and exemption. Part of the operating management fee, at the same time through subsidy applications, corresponding tax reduction and exemption, etc., to fully resolve the impact of this deduction rent. "

Talking about the impact of rent -reduction on subsequent operations, the Soochow Fund stated that "the reduction in income due to the impact of the epidemic in the short term has no adverse effects on the continuous operation capabilities and long -term development of Soochow Suyuan Industrial REIT."

Depreciation of assets will not affect

REITS cash flow and investor dividends

In an interview with the Securities Daily reporter, Sun Guiping, an analyst of the Shanghai Securities Fund Evaluation Research Center, said that in general, the net profit of REITs is not good for the infrastructure assets it owned, because my country's REITs owns The cost method measurement of infrastructure assets (asset book value is equal to the cost of buy assets when the establishment of REITs), and the cost of fixed asset depreciation is required every quarter, and these costs are included in operating costs, which will reduce net profit of each quarter. Different REITs's asset expirations and depreciation are different, resulting in some REITs net profit negative, but depreciation of assets will not affect REITs cash flow and investor dividends.

"The current measurement of REITs can usually be used in EBITDA (pre -profits before the tax depreciation and amortization). Although there are 3 REITs net profit in the second quarter, the 12 REITs in the second quarter of the second quarter report were all positive. The overall operation is stable. "Sun Guiping further analyzed, but the business conditions of different REITs were differentiated. The impact of the epidemic, the operating performance in the second quarter declined, such as the EBITDA of EBITDA in the second quarter of the Ebit of the Soochow Suyuan Industry REIT and the Zhejiang Business Shanghai -Hangzhou -Ningxi REIT, respectively, respectively. The direct impact of the epidemic is greater.

In Sun Guiping's view, the current epidemic has no sustainability on REITs, and the market does not have to worry too much. In the future, with the continuous development of the REITs market, the number and scale of products and scale, the types of underlying assets are continuously enriched, and REITS operation management will also be more mature, which will provide investors with more investment targets and investment opportunities. In general, REITs cash returns are relatively stable. They have the characteristics of high votes, anti -inflation, long -term returns, and dispersion risks. They are suitable for long -term configuration assets and are not suitable for excessive hype of transactional funds.

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