沪市债券新语｜需求回升韧性凸显 仓储物流REITs交上半年“成绩单”

Core Viewpoint - The domestic warehousing and logistics industry is steadily recovering, reflecting resilience in public REITs market performance, which shows a stable and positive operational trend [1] Group 1: Overall Performance - Five publicly listed warehousing and logistics REITs in Shanghai reported a combined revenue of approximately 413 million yuan and a combined EBITDA of about 281 million yuan for the first half of 2025 [2] - The total distributable amount for these REITs reached approximately 306 million yuan, with a total dividend distribution of about 252 million yuan for three specific projects [2] Group 2: Individual Project Performance - China Aviation Easy Business Warehousing Logistics REIT maintained a rental rate of 87.68% and a rent collection rate of 97.93%, with a total distributable amount of 49.06 million yuan for the first half of 2025 [2] - Huazhong Waigaoqiao REIT achieved a rental rate of 92.33% and a rent collection rate of 98.99%, with a cash distribution rate of 1.94% for the same period [3] - Jia Shi JD Warehousing Infrastructure REIT reported a 100% rental and collection rate, with a total distributable amount of approximately 37.18 million yuan [3] - Huitianfu Jiuzhoutong Pharmaceutical REIT generated a combined revenue of 36.02 million yuan and a net profit of 12.86 million yuan, with a cash distribution rate of 1.31% [3] - Zhongjin Pulos REIT maintained a rental rate above 90%, with a year-on-year increase of 6.6 percentage points in rental rates [4] Group 3: Market Dynamics - The warehousing logistics REITs' stable performance is attributed to an optimized supply-demand structure, continuous improvement in the logistics industry, and strong policy support [5] - In the first half of 2025, the national retail sales of consumer goods reached 24.55 trillion yuan, with online retail sales growing by 8.5% [5] - The logistics industry is experiencing a significant expansion, with the logistics business volume index remaining in the expansion range for six consecutive months [6] Group 4: Expansion Plans - The characteristics of warehousing logistics REITs suggest a focus on quality over quantity, with plans for asset expansion primarily through existing projects [7] - Companies are actively working on revitalizing existing assets and integrating acquisitions to enhance their REIT platforms [7][8] - The China Aviation Easy Business Warehousing Logistics REIT has also initiated asset screening for expansion to improve cash flow stability and optimize risk management [8]