* Above is extracted from SREITs Data
** Ascendas India Trust and Dasin Retail Trust are Business Trusts
*** Eagle Hospitality Trust is excluded for statistics below.
Key Statistics
| Items | Average | Median | Min | Max |
|---|---|---|---|---|
| Price/ NAV | 1.01 | 0.91 | 0.51 | 2.24 |
| Market Cap, S$ B | 2.67 | 1.48 | 0.28 | 13.27 |
| Dividend Yield - Retail | 5.27% | 4.81% | 3.51% | 8.6% |
| Dividend Yield - Office | 6.48% | 6.4% | 4.63% | 8.46% |
| Dividend Yield - Healthcare | 7.42% | 7.42% | 3.32% | 11.53% |
| Dividend Yield - Hospitality | 2.82% | 3.1% | 0.00% | 4.38% |
| Dividend Yield - Industrial | 5.7% | 5.61% | 3.6% | 7.95% |
| Dividend Yield - Logistics | 6.31% | 6.83% | 4.25% | 7.33% |
| Overall Dividend Yield | 5.64% | 5.31% | 0.00% | 11.53% |
* SREITs in foreign currencies are converted to SGD for Market Cap Comparison
** Dividend yields are based on REIT Major Sector
| Highest Div. Yield | % | Lowest Div. Yield | % | |
|---|---|---|---|---|
| 1 | First REIT | 11.53% | ARA US Hospitality Trust | 0% |
| 2 | United Hampshire US REIT | 8.6% | Frasers Hospitality Trust | 2.43% |
| 3 | Keppel Pacific Oak US REIT | 8.46% | Ascott Residence Trust | 3.1% |
| 4 | Prime US REIT | 8.06% | Parkway Life REIT | 2.99% |
| 5 | ESR-REIT | 7.95% | BHG Retail REIT | 3.12% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Keppel DC REIT | 2.28 | Dasin Retail Trust | 0.51 |
| 2 | Parkway Life REIT | 2.14 | BHG Retail REIT | 0.65 |
| 3 | Mapletree Industrial Trust | 1.59 | Starhill Global REIT | 0.65 |
| 4 | Mapletree Logistics Trust | 1.46 | Lippo Mall Indonesia Retail Trust | 0.65 |
| 5 | Ascendas REIT | 1.39 | OUE Commercial REIT | 0.66 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 13.27 | BHG Retail REIT | 0.28 |
| 2 | Ascendas REIT | 12.12 | ARA Hospitality Trust | 0.37 |
| 3 | Mapletree Logistics Trust | 8.40 | First REIT | 0.41 |
| 4 | Mapletree Commercial Trust | 6.80 | Sabana Shari'ah Compliant Industrial REIT | 0.43 |
| 5 | Mapletree Industrial Trust | 6.56 | United Hampshire US REIT | 0.46 |
* SREITs in foreign currencies are converted to SGD for Market Cap Comparison
Lease Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Committed Occupancy | % | 94.6 | 95.5 | 79 | 100 |
| Income Received in SGD/Major Currencies | % | 75.7 | 100 | 0 | 100 |
| Highest Lease Maturity in 5 Years | % | 30.5 | 26.2 | 1.2 | 100 |
| Weighted Average Lease Expiry, WALE | year | 4.7 | 3.9 | 1 | 13.2 |
| Weighted Average Land Lease Expiry | year | 67.35 | 73.51 | 24.3 | 99 |
- Lippo Malls Indonesia Retail Trust and Sabana Shari'ah Compliant Industrial REIT are having committed occupancy of less than 90%.
- 7 SREITs are having 0% of income received in SGD/major currencies.
- ARA Hospitality Trust, Cromwell Europrean REIT, EC World REIT, Parkway Life REIT, Sasseur REIT and Starhill Global REIT are having the highest lease maturity within 5 years (include those without breakdown) of more than 50% in a single year.
- CapitaLand China Trust, Frasers Centrepoint Trust, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust and Sasseur REIT are having WALE of less than 2.5 years.
- BHG Retail REIT, CapitaLand China Trust, Dasin Retail Trust, ESR REIT and Sasseur REIT are having weighted average land lease expiry of less than 30 years.
Debt Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Interest Coverage Ratio | time | 4.7 | 4.1 | 0.1 | 20.9 |
| Cost of Debt | % | 2.72 | 2.5 | 0.55 | 6.46 |
| Fixed Debt over Total Debt | % | 73.1 | 74.8 | 27.9 | 100 |
| Unsecured Debt over Total Debt | % | 57.9 | 74.3 | 0 | 100 |
| Gearing Ratio | % | 37.6 | 37.5 | 27.6 | 49 |
| Preferred/Perpetual Securities over Debt | % | 4.5 | 0 | 0 | 23.6 |
| Highest Debt Expiry in 5 Years | % | 37.7 | 30.8 | 0 | 98.2 |
| Weighted Average Debt Expiry, WADE | year | 2.88 | 2.97 | 0.95 | 5.1 |
- ARA Hospitality Trust, Ascott Residence Trust, Frasers Hospitality Trust and Lippo Malls Indonesia Retail are having interest coverage ratio of less than 2.25 times.
- Ascendas India Trust, BHG Retail REIT, Dasin Retail Trust, EC World REIT and Lippo Malls Indonesia Retail Trust are having cost of debt of more than 3.75%.
- BHG Retail REIT, Dasin Retail Trust, First REIT, Sabana Shari'ah Compliant Industrial REIT and SPH REIT are having fixed debt % of less than 50%.
- 10 SREITs are having unsecured debt of 0%.
- 5 SREITs with the highest gearing ratio are ARA Hospitality Trust @ 49%, Suntec REIT @ 44.4%, Elite Commercial REIT @ 42.1%, ESR-REIT @ 42% Lippo Malls Indonesia Retail Trust @ 41.7%.
- AIMS APAC REIT, ARA LOGOS Logistics Trust, Lippo Mall Indonesia Retail Trust and SPH REIT are having Preferred/Perpetual Securities over Debt of more than 15%.
- BHG Retail REIT, EC World REIT, Lendlease Global Commercial REIT and Sasseur REIT are having the highest debt maturity within 5 years of more than 75% in a single year.
- BHG Retail REIT, CapitaLand China Trust, Dasin Retail, EC World REIT and First REIT are having WADM of less than 2 years.
Diversification Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Major Sector Contribution | % | 84 | 94 | 40 | 100 |
| Top Geographical Contribution | % | 57.5 | 55.7 | 8.4 | 100 |
| Top Property Contribution | % | 23.5 | 18.3 | 4.1 | 63.9 |
| Top 5 Properties Contribution | % | 61.3 | 59.2 | 16.4 | 100 |
| Top Tenant Contribution | % | 20.2 | 10.8 | 3.2 | 100 |
| Top 10 Tenants Contribution | % | 48.1 | 36 | 15.5 | 100 |
- 16 SREITs are having major sector contribution of 100%.
- Dasin Retail Trust, ESR REIT, Far East Hospitality Trust, Mapletree Commecial Trust and Sabana Shari'ah Compliant Industrial REIT are having top geographical contribution of 100%.
- BHG Retail REIT, Lendlease Global Commercial REIT, SPH REIT and Suntec REIT are having top property contribution of more than 50%.
- Lendlease Global Commercial REIT, Mapletree Commercial Trust, Sasseur REIT and SPH REIT are having top 5 properties contribution of 100%.
- ARA Hospitality Trust, Elite Commercial REIT, FIRST REIT and Parkway Life REIT are having top tenant contribution of more than 50%.
- ARA Hospitality Trust, Elite Commercial REIT and First REIT are having top 10 tenants contribution of 100%.
Key Financial Metrics
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Property Yield (Annualized) | % | 4.8 | 5.1 | -1.1 | 8.5 |
| Management Fees over Distribution | % | 16.6 | 13.8 | 0 | 49.2 |
| Distribution on Capital (Annualized) | % | 3.2 | 3.4 | 0 | 5.4 |
| Distribution Margin | % | 45.8 | 47 | 0 | 70.3 |
- ARA Hospitality Trust, Ascott Residence Trust, CDL Hospitality Trusts, Far East Hospitality Trust, Frasers Hospitality Trust and Suntec REIT are having property yield (annualized) of less than 3%.
- Ascott Residence Trust, Dasin Retail Trust, First REIT, Frasers Hospitality Trust, Lippo Mall Indonesia Retail Trust and Starhill Global REIT are having management fees over Distribution of more than 25%.
- ARA Hospitality Trust, Ascott Residence Trust, BHG Retail REIT, Dasin Retatil Trust, Frasers Hospitality Trust and Lippo Malls Indonesia Retail Trust are having distribution on capital (annualized) of less than 1.5%.
- ARA Hospitality Trust, Ascott Residence Trust, BHG Retail REIT, Dasin Retatil Trust and Lippo Malls Indonesia Retail Trust are having distribution margin of less than 25%.
Financial Engineering/Income Support and Distribution from Asset Disposal
| Name | Top-Up from Support / Distribution | Top-Up from Disposal / Distribution |
|---|---|---|
| ARA LOGOS Logistics Trust | 2.9% | |
| Ascendas REIT | 0.8% | |
| Ascott Residence Trust | 47.8% | |
| CDL Hospitality Trusts | 33.1% | |
| Cromwell European REIT | 3.2% | |
| Dasin Retail Trust | 26.8% | |
| Keppel DC REIT | 3.1% | |
| Keppel REIT | 2.5% | |
| Lippo Malls Indonesia Retail Trust | 21.8% | |
| Mapletree Logistics Trust | 5.7% | |
| OUE Commercial REIT | 11.0% | |
| Suntec REIT | 4.8% | |
| United Hampshire US REIT | 13.6% |
*BHG Retail REIT income support is ended in December 2020.
The above data is updated with all SREITs results for 1Q 2021. Generally, SREITs are slightly undervalued in terms of Price/NAV with the median at 0.91. The median dividend yield of 5.31% is still attractive in view of the current low interest rate environment. However, note that both DPU and NAV are lagging figures.
For more information, you could refer to:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and Detail of Singapore REIT
REIT Analysis - List of previous REIT analysis posts
REIT-TIREMENT Patreon - Support as a Patron and get SREITs Dashboard PDF or Data Excel
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
REIT Investing Community - Facebook Group where members share and discuss REIT topic
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