REITs产品书系列：嘉实物美消费REIT投资价值分析

Core Viewpoints - The core asset of JSWM Consumption REIT consists of four projects located in prime areas of Beijing, with stable rental income and a high occupancy rate [2][3] - The underlying assets are valued at 1.002 billion yuan, with a book value of 627 million yuan, representing an appreciation rate of 59.81% [3] - The weighted remaining lease term of the projects is 8.38 years, ensuring stable future rental income [4] - The occupancy rate of the projects is 88.71%, with monthly rental efficiency showing a steady growth trend [4] Project Overview - JSWM Consumption REIT was established on January 31, 2024, and listed on the Shanghai Stock Exchange on March 12, 2024 [3] - The total leasable area of the four projects is 72,828.85 square meters, with a total construction area of 77,894.28 square meters [11] - The strategic investor subscription ratio is relatively low at 70%, with the original rights holder holding 51% of the shares [12] Asset Performance - The four projects are located in core areas of Beijing, with convenient transportation and stable customer flow [4] - Over 90% of the rental income comes from fixed rents, with supermarkets and food & beverage tenants accounting for over 70% of the income [4] - The overall occupancy rate of the projects is 88.71%, with monthly rental efficiency increasing from 62.79 yuan/sq.m/month in 2021 to 77.29 yuan/sq.m/month in 2023 [4][55] Valuation and Forecast - The projected rental growth rate for 2024 is 3.31%, with an occupancy rate of 90% for the Dacheng project and 93% for the other projects [5] - The discount rate for the infrastructure projects is 7%, in line with comparable REITs [5] - The P/NAV ratio of JSWM Consumption REIT is 1.10, which is relatively high among listed consumption infrastructure REITs [5] Market and Economic Context - Beijing's GDP in 2023 reached 4.38 trillion yuan, with a year-on-year growth of 5.2%, indicating a stable economic foundation [23] - The per capita disposable income of Beijing residents in 2023 was 81,752 yuan, with a year-on-year growth of 5.6%, reflecting strong consumption potential [23] - The tertiary industry accounted for 84.85% of Beijing's GDP in 2023, showing a steady increase in its contribution [23]