* Above is extracted from SREITs Data - Overview Tab
** Ascendas India Trust and Dasin Retail Trust are Business Trusts
*** Eagle Hospitality Trust is excluded for statistics below.
* Include deemed interest
* Above is extracted from SREITs Data - Average Tab
Key Statistics
| Items | Average | Median | Min | Max |
|---|---|---|---|---|
| Price/ NAV | 1.03 | 0.96 | 0.31 | 2.43 |
| Market Cap, S$ B | 2.79 | 1.5 | 0.3 | 13.34 |
| Dividend Yield - Retail | 6.13% | 5.44% | 3.36% | 10.87% |
| Dividend Yield - Office | 6.39% | 6.37% | 4.63% | 8.39% |
| Dividend Yield - Healthcare | 7.4% | 7.4% | 2.92% | 11.89% |
| Dividend Yield - Hospitality | 2.94% | 3.98% | 0% | 4.24% |
| Dividend Yield - Industrial | 5.88% | 5.68% | 3.87% | 8.29% |
| Dividend Yield - Logistics | 5.91% | 6.11% | 4.14% | 7.26% |
| Overall Dividend Yield | 5.84% | 5.78% | 0% | 11.89% |
* 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 | 11.89% | ARA US Hospitality Trust | 0% |
| 2 | Dasin Retail Trust | 10.87% | Frasers Hospitality Trust | 2.47% |
| 3 | United Hampshire US REIT | 8.44% | Parkway Life REIT | 2.92% |
| 4 | Keppel Pacific Oak US REIT | 8.39% | BHG Retail REIT | 3.36% |
| 5 | Sabana Shari'ah Compliant Industrial REIT | 8.29% | Keppel DC REIT | 3.87% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Parkway Life REIT | 2.43 | Dasin Retail Trust | 0.31 |
| 2 | Keppel DC REIT | 2.07 | Lippo Mall Indonesia Retail Trust | 0.65 |
| 3 | Mapletree Industrial Trust | 1.66 | BHG Retail REIT | 0.65 |
| 4 | Mapletree Logistics Trust | 1.55 | OUE Commercial REIT | 0.69 |
| 5 | Ascendas REIT | 1.35 | Suntec REIT | 0.7 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 13.34 | BHG Retail REIT | 0.3 |
| 2 | Ascendas REIT | 12.87 | Dasin Retail Trust | 0.36 |
| 3 | Mapletree Logistics Trust | 8.75 | ARA US Hospitality Trust | 0.39 |
| 4 | Mapletree Industrial Trust | 7.71 | First REIT | 0.43 |
| 5 | Mapletree CommerciaTrust | 6.8 | Lippo Mall Indonesia Retail Trust | 0.48 |
* SREITs in foreign currencies are converted to SGD for Market Cap Comparison
Lease Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Committed Occupancy | % | 94.8 | 95.4 | 83.4 | 100 |
| Income Received in SGD/Major Currencies | % | 75.6 | 99.9 | 0 | 100 |
| Highest Lease Maturity in 5 Years | % | 29.4 | 25.8 | 1.3 | 100 |
| Weighted Average Lease Expiry, WALE | year | 4.56 | 3.89 | 0.9 | 12.95 |
| Weighted Average Land Lease Expiry | year | 67.42 | 73.26 | 24.05 | 99 |
- Committed occupancy ≥ 99%
- EC World REIT, Elite Commercial REIT, First REIT, Lendlease Global Commercial REIT and Parkway Life REIT
- Committed occupancy ≤ 90%
- Ascendas India Trust, Lippo Malls Indonesia Retail Trust and Sabana Shari'ah Compliant Industrial REIT
- 20 SREITs are having 100% of income received in SGD/major currencies; 7 SREITs are having 0% of income received in SGD/major currencies.
- Highest lease maturity within 5 years ≤ 15% in a single year
- Elite Commercial REIT, Far East Hospitality Trust, First REIT, Frasers Hospitality Trust, Manulife US REIT and United Hampshire US REIT
- Highest lease maturity within 5 years ≥ 50% in a single year (include those without breakdown)
- ARA Hospitality Trust, Cromwell European REIT, EC World REIT, Parkway Life REIT and Sasseur REIT
- WALE ≥ 6.5 years
- Ascott Residence Trust, Elite Commercial REIT, Far East Hospitality Trust, First REIT, Frasers Hospitality Trust and United Hampshire US REIT
- WALE ≤ 2.5 years
- CapitaLand China Trust, Frasers Centrepoint Trust, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust and Sasseur REIT
- 100% freehold or properties ≥ 99 years remaining land lease
- Ascendas India Trust, Elite Commercial REIT, IREIT Global, Keppel Pacific Oak US REIT, Manulife US REIT and Prime US REIT
- Weighted average land lease expiry ≤ 30 years
- BHG Retail REIT, CapitaLand China Trust, Dasin Retail Trust, ESR REIT and Sasseur REIT
Debt Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Interest Coverage Ratio | time | 4.8 | 4 | 1.1 | 21.6 |
| Cost of Debt | % | 2.72 | 2.51 | 0.56 | 6.47 |
| Fixed Debt over Total Debt | % | 73.2 | 76.2 | 24.1 | 100 |
| Unsecured Debt over Total Debt | % | 57.8 | 78.7 | 0 | 100 |
| Gearing Ratio | % | 37.3 | 36.9 | 27.8 | 49 |
| Preferred/Perpetual Securities over Debt | % | 5.4 | 0 | 0 | 26.8 |
| Highest Debt Expiry in 5 Years | % | 40.5 | 32.5 | 14.2 | 98.8 |
| Weighted Average Debt Expiry, WADE | year | 2.82 | 2.9 | 0.7 | 4.8 |
- Interest coverage ratio ≥ 6.5 times
- Frasers Logistics & Commercial Trust, IREIT Global, Keppel DC REIT, Parkway Life REIT and United Hampshire US REIT
- Interest coverage ratio ≤ 2.5 times
- ARA Hospitality Trust, Ascott Residence Trust, Dasin Retail Trust, Frasers Hospitality Trust and Lippo Malls Indonesia Retail
- Cost of debt ≤ 1.75%
- Ascott Residence Trust, Cromwell European REIT, Frasers Logistics & Commercial Trust, Keppel DC REIT, Lendlease Global Commercial REIT and Parkway Life REIT
- Cost of debt ≥ 3.75%
- Ascendas India Trust, Dasin Retail Trust, EC World REIT, Lippo Malls Indonesia Retail Trust and Sasseur REIT
- Fixed debt % ≥ 95%
- Cromwell European REIT, Lendlease Global Commercial REIT, Manulife US REIT, Mapletree Industrial Trust and United Hampshire US REIT
- Fixed debt % ≤ 55%
- BHG Retail REIT, Dasin Retail Trust, First REIT and IREIT Global
- 10 SREITs are having unsecured debt of 0%; 10 SREITs are having unsecured debt of 100%.
- Gearing Ratio ≤ 33.5%
- Ascendas India Trust, IREIT Global, Lendlease Global Commercial REIT, Mapletree Industrial Trust, Sasseur REIT and SPH REIT
- Gearing Ratio ≥ 42.5%
- ARA US Hospitality REIT, ESR-REIT, Lippo Mall Indonesia Retail Trust and Suntec REIT
- Preferred/perpetual securities over debts ≥ 15%
- AIMS APAC REIT, Ascott Residence Trust, Lendlease Global Commercial REIT, Lippo Mall Indonesia Retail Trust and SPH REIT
- 20 SREITs are having preferred/perpetual securities over debts of 0%
- Highest debt maturity within 5 years ≤ 22.5% in a single year
- Ascendas REIT, CapitaLand Integrated Commercial Trust, CapitaLand China Trust, Mapletree Industrial Trust, Mapletree Logistics Trust and Suntec REIT
- Highest debt maturity within 5 years ≥ 75% in a single year
- BHG Retail REIT, EC World REIT, IREIT Global, Lendlease Global Commercial REIT and Sasseur REIT
- WADM ≥ 3.75 years
- CapitaLand Integrated Commercial Trust, CapitaLand China Trust, Cromwell European REIT, IREIT Global and Mapletree Commercial Trust
- WADM ≤ 2 years
- BHG Retail REIT, Dasin Retail Trust, EC World REIT, First REIT and Sasseur REIT
Diversification Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Major Sector Contribution | % | 84.1 | 93.2 | 40.4 | 100 |
| Top Geographical Contribution | % | 57.2 | 55.9 | 8.4 | 100 |
| Top Property Contribution | % | 23.6 | 18.3 | 3.9 | 66.5 |
| Top 5 Properties Contribution | % | 61.3 | 62 | 15.6 | 100 |
| Top Tenant Contribution | % | 20.1 | 11.4 | 3.2 | 100 |
| Top 10 Tenants Contribution | % | 48.2 | 36.2 | 15.5 | 100 |
- Major sector contribution ≤ 55%
- AIMS APAC REIT, Ascendas REIT, ESR-REIT and Frasers Logistics & Commercial Trust
- 16 SREITs are having a major sector contribution of 100%
- Top geographical contribution ≤ 20%
- ARA US Hospitality Trust, Ascott Residence Trust, Cromwell European REIT, Elite Commercial Trust and Prime US REIT
- Top geographical contribution of 100%
- Dasin Retail Trust, Far East Hospitality Trust, Mapletree Commercial Trust and Sabana Shari'ah Compliant Industrial REIT
- Top property contribution ≤ 8%
- ARA US Hospitality Trust, Ascendas REIT, Ascott Residence Trust, Cromwell European REIT and Frasers Logistics & Commercial Trust
- Top property contribution ≥ 45%
- BHG Retail REIT, Lendlease Global Commercial Trust, Mapletree North Asia Commercial Trust and SPH REIT
- Top 5 properties contribution ≤ 25%
- ARA US Hospitality Trust, Ascendas REIT, Ascott Residence Trust, Frasers Logistics & Commercial Trust and Mapletree Logistics Trust
- Top 5 properties contribution ≥ 95%
- BHG Retail REIT, Dasin Retail Trust, Lendlease Global Commercial Trust, Mapletree Commercial Trust, Sasseur REIT and SPH REIT
- Top tenant contribution ≤ 5%
- Ascendas REIT, CapitaLand China Trust, Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust, Keppel Pacific Oak US REIT and SPH REIT
- Top tenant contribution ≥ 40%
- ARA US Hospitality Trust, Elite Commercial REIT, First REIT and Parkway Life REIT
- Top 10 tenants contribution ≤ 20%
- Ascendas REIT, CapitaLand China Trust, Frasers Centrepoint Trust, Lippo Mall Indonesia Retail Trust, Sasseur REIT and SPH REIT
- Top 10 tenants contribution ≥ 95%
- ARA US Hospitality Trust, EC World REIT, Elite Commercial REIT and First REIT
Key Financial Metrics
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Property Yield (Annualized) | % | 5 | 5.1 | 0.9 | 8.5 |
| Management Fees over Distribution | % | 15.8 | 13.7 | 5.9 | 46.4 |
| Distribution on Capital (Annualized) | % | 3.4 | 3.6 | 0 | 5.4 |
| Distribution Margin | % | 47.2 | 50.1 | 0 | 70.8 |
- Property yield (annualized) ≥ 7%
- Ascendas India Trust, First REIT, Keppel DC REIT and Sasseur REIT
- Property yield (annualized) ≤ 3%
- ARA Hospitality Trust, Ascott Residence Trust, CDL Hospitality Trust, Far East Hospitality Trust, Frasers Hospitality Trust and Suntec REIT
- Management fees over Distribution ≤ 10.5%
- Cromwell European REIT, Elite Commercial REIT, Manulife US REIT, Mapletree North Asia Commercial Trust and United Hampshire US REIT
- Management fees over Distribution of ≥ 20%
- Dasin Retail Trust, First REIT, Frasers Hospitality Trust, Keppel REIT, Lippo Mall Indonesia Retail Trust and Suntec REIT
- Distribution on capital (annualized) ≥ 5%
- Keppel DC REIT, Prime US REIT, Sasseur REIT and United Hampshire US REIT
- Distribution on capital (annualized) ≤ 1.5%
- ARA Hospitality Trust, BHG Retail REIT, Frasers Hospitality Trust and Lippo Malls Indonesia Retail Trust
- Distribution margin ≥ 65%
- Elite Commercial REIT, Lendlease Global Commercial REIT, Mapletree Commercial Trust, Parkway Life REIT and Sasseur REIT
- Distribution margin ≤ 25%
- ARA Hospitality Trust, Ascott Residence Trust, BHG Retail REIT and Lippo Malls Indonesia Retail Trust
Related Party Shareholding
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| REIT Sponsor's Shareholding | % | 27.05 | 26.92 | 0 | 65.41 |
| REIT Manager's Shareholding | % | 2.22 | 0.99 | 0 | 9.83 |
| Directors of REIT Manager's Shareholding | % | 6.27 | 0.13 | 0 | 57.89 |
- REIT sponsor's shareholding ≥ 50%
- Far East Hospitality Trust, IREIT Global, Lippo Mall Indonesia Retail Trust, Sasseur REIT and SPH REIT
- REIT sponsor's shareholding ≤ 7.5%
- AIMS APAC REIT, BHG Retail REIT, Dasin Retail Trust, Elite Commercial REIT, Prime US REIT and Suntec REIT
- REIT manager's shareholding ≥ 5.5%
- Ascendas India Trust, Ascott Residence Trust, CapitaLand China Trust, CDL Hospitality Trusts and First REIT
- REIT manager's shareholding ≤ 0.25%
- ARA US Hospitality Trust, Ascendas REIT, Sabana Shari'ah Compliant Industrial REIT and United Hampshire US REIT
- Directors of REIT manager's shareholding ≥ 20%
- Dasin Retail Trust, EC World REIT, ESR-REIT, Frasers Hospitality Trust and Sasseur REIT
- Directors of REIT manager's shareholding ≤ 0.01%
- Ascendas REIT, CapitaLand Integrated Commercial Trust, Lippo Mall Indonesia Retail Trust, Sabana Shari'ah Compliant Industrial REIT and Starhill Global REIT
Financial Engineering/Income Support and Distribution from Asset Disposal
| Name | Top-Up from Support / Distribution | Top-Up from Disposal / Distribution |
|---|---|---|
| ARA LOGOS Logistics Trust | 2.70% | |
| Ascendas REIT | 0.80% | |
| Ascott Residence Trust | 47.80% | |
| CDL Hospitality Trusts | 35.10% | |
| Dasin Retail Trust | 10.50% | |
| Keppel DC REIT | 3% | |
| Keppel REIT | 0.5% | |
| Lippo Malls Indonesia Retail Trust | 25.10% | |
| Mapletree Logistics Trust | 1.90% | |
| OUE Commercial REIT | 9.60% | |
| Suntec REIT | 5.90% | |
| United Hampshire US REIT | 12.8% |
Average Dividend Yield & P/NAV
Below are the REITs that are above their average dividend yield AND below their average P/NAV, regardless of 1-year, 3 years, or 5 years:
- Ascendas India Trust
- Ascendas REIT
- Ascott Residence Trust
- CapitaLand China Trust
- CapitaLand Integrated Commercial Trust
- Dasin Retail Trust
- Elite Commercial REIT
- Far East Hospitality Trust
- First REIT
- Frasers Centrepoint Trust
- Keppel DC REIT
- Keppel REIT
- Manulife US REIT
- Mapletree Commercial Trust
- Mapletree Industrial Trust
- OUE Commercial REIT
- SPH REIT
- Starhill Global REIT
- Suntec REIT
The above data is updated with all SREITs results for 1Q 2021. Generally, SREITs are close to their fair value in terms of Price/NAV with the median at 0.96. The median dividend yield of 5.78% is quite attractive, showing signs of dividend yield recovery to the pre-COVID period. The dividend yield for the hospitality sector is the lowest among all, as income is affected due to travel restrictions. Note that both DPU and NAV are lagging figures.
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