SREITs Fundamental Review @ 27 February 2022

* Above is extracted from SREITs Data - Overview Tab

** Ascendas India Trust and Dasin Retail Trust are Business Trusts

Key Statistics

Items	Average	Median	Min	Max
Price/ NAV	0.95	0.88	0.21	1.88
Market Cap, S$ B	2.62	1.4	0.25	14.01
Dividend Yield - Retail	7.32	6.47	3.98	15.87
Dividend Yield - Office	6.76	6.46	5.15	8.92
Dividend Yield - Healthcare	5.93	5.93	3.16	8.7
Dividend Yield - Hospitality	3.06	3.72	0.71	4.53
Dividend Yield - Industrial	5.49	5.36	3.83	6.95
Dividend Yield - Logistics	6.61	6.22	4.99	8.41
Overall Dividend Yield	6.26	6.13	0.71	15.87

* SREITs in foreign currencies are converted to SGD for Market Cap Comparison 

** Dividend yields are based on REIT Major Sector

	Highest Div. Yield (TTM)	%	Lowest Div. Yield (TTM)	%
1	Dasin Retail Trust	15.87%	ARA US Hospitality Trust	0.71%
2	United Hampshire US REIT	10%	Frasers Hospitality Trust	2.18%
3	Prime US REIT	8.92%	Parkway Life REIT	3.16%
4	Keppel Pacific Oak US REIT	8.87%	CDL Hospitality Trusts	3.72%
5	First REIT	8.7%	Digital Core REIT	3.83%

	Highest P/NAV	Time	Lowest P/NAV	Time
1	Parkway Life REIT	1.88	Dasin Retail Trust	0.21
2	Keppel DC REIT	1.62	Lippo Mall Indonesia Retail Trust	0.56
3	Mapletree Industrial Trust	1.41	BHG Retail REIT	0.59
4	Digital Core REIT	1.29	Frasers Hospitality Trust	0.69
5	Mapletree Logistics Trust	1.27	Far East Hospitality Trust	0.69

	Largest Market Cap	S$, B	Smallest Market Cap	S$, B
1	CapitaLand Integrated Commercial Trust	14.01	Dasin Retail Trust	0.25
2	Ascendas REIT	11.75	BHG Retail REIT	0.28
3	Mapletree Logistics Trust	8.13	ARA US Hospitality Trust	0.38
4	Mapletree Industrial Trust	6.76	Lippo Mall Indonesia Retail Trust	0.41
5	Mapletree CommerciaTrust	6.01	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	%	95.2	96.3	80.9	100
Income Received in SGD/Major Currencies	%	76.6	100	0	100
Highest Lease Maturity in 5 Years	%	28.6	25	2.3	100
Weighted Average Lease Expiry, WALE	year	4.89	4.2	1.3	17.31
Weighted Average Land Lease Expiry	year	67.83	71.8	23.55	99

* Freehold or land lease tenure with more than 99 years is considered as 99 years in the Weighted Average Land Lease Expiry calculation.

• Committed occupancy ≥ 99.5%
• Digital Core REIT
• Elite Commercial REIT
• First REIT
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Committed occupancy ≤ 90%
• Ascendas India Trust
• Lippo Malls Indonesia Retail Trust
• Sabana Industrial REIT
• 22 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 ≤ 12.5% in a single year
• Elite Commercial REIT,
• Far East Hospitality Trust
• First REIT
• Parkway Life
• United Hampshire US REIT
• Highest lease maturity within 5 years ≥ 50% in a single year (include those without breakdown) 
• ARA Hospitality Trust
• Digital Core REIT
• EC World REIT
• Sasseur REIT
• WALE ≥ 7.5 years
• Far East Hospitality Trust
• First REIT
• Frasers Hospitality Trust
• Parkway Life REIT
• United Hampshire US REIT
• WALE ≤ 2.5 years
• CapitaLand China Trust
• Frasers Centrepoint Trust
• Mapletree North Asia Commercial Trust
• Sasseur REIT
• 100% freehold or properties ≥ 99 years remaining land lease
• Ascendas India Trust
• Digital Core REIT
• Elite Commercial REIT
• IREIT Global
• Keppel Pacific Oak US REIT
• Manulife US REIT
• Prime US REIT
• Weighted average land lease expiry ≤ 30 years
• BHG Retail REIT
• CapitaLand China Trust
• Dasin Retail Trust
• ESR REIT
• Sasseur REIT

Debt Profile

Items	Unit	Average	Median	Min	Max
Interest Coverage Ratio	time	5.2	4.6	1.3	21.5
Cost of Debt	%	2.6	2.33	0.52	6.57
Fixed Debt over Total Debt	%	69.2	74.5	0	100
Unsecured Debt over Total Debt	%	59.1	78.7	0	100
Gearing Ratio	%	37	37.2	26.1	44.3
Preferred/Perpetual Securities over Debt	%	5.6	0.1	0	30.9
Highest Debt Expiry in 5 Years	%	42.3	30.9	15.3	100
Weighted Average Debt Expiry, WADE	year	2.79	2.86	0.2	5

• Interest coverage ratio ≥ 8 times
• Daiwa House Logistics Trust
• Digital Core REIT
• Frasers Logistics & Commercial Trust
• Keppel DC REIT
• Parkway Life REIT
• Interest coverage ratio ≤ 2.5 times
• ARA Hospitality Trust
• Dasin Retail Trust
• Frasers Hospitality Trust
• Lippo Malls Indonesia Retail
• Cost of debt ≤ 1.5%
• Daiwa House Logistics Trust
• Digital Core REIT
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Cost of debt ≥ 4%
• Ascendas India Trust
• Dasin Retail Trust
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• Sasseur REIT
• Fixed debt % ≥ 90%
• Cromwell European REIT
• Daiwa House Logistics Trust
• ESR-REIT
• Lendlease Global Commercial REIT
• Sasseur REIT
• Starhill Global REIT
• Fixed debt % ≤ 50%
• BHG Retail REIT
• Dasin Retail Trust
• Digital Core REIT
• First REIT
• IREIT Global
• 10 SREITs are having unsecured debt of 0%; 11 SREITs are having unsecured debt of 100%.
• Gearing Ratio ≤ 32.5%
• Digital Core REIT
• IREIT Global
• Sasseur REIT
• SPH REIT
• Gearing Ratio ≥ 42.5%
• ARA US Hospitality REIT
• Frasers Hospitality Trust
• Lippo Mall Indonesia Retail Trust
• Manulife US REIT
• Suntec REIT
• Preferred/perpetual securities over debts ≥ 15%
• AIMS APAC REIT
• Lendlease Global Commercial REIT
• Lippo Mall Indonesia Retail Trust
• SPH REIT
• 19 SREITs are having preferred/perpetual securities over debts of 0%
• Highest debt maturity within 5 years ≤ 20% in a single year
• Ascendas REIT
• CapitaLand China Trust
• CapitaLand Integrated Commercial Trust
• Mapletree Logistics Trust
• Highest debt maturity within 5 years ≥ 80% in a single year
• BHG Retail REIT
• Digital Core REIT
• EC World REIT
• IREIT Global
• Sasseur REIT
• WADM ≥ 3.75 years
• CapitaLand Integrated Commercial Trust
• Digital Core REIT
• IREIT Global
• Keppel DC REIT
• Parkway Life REIT
• Prime US REIT
• WADM ≤1.75 years
• BHG Retail REIT
• Dasin Retail Trust
• EC World REIT
• First REIT
• Sasseur REIT

Diversification Profile

Items	Unit	Average	Median	Min	Max
Major Sector Contribution	%	83.9	92.3	40.1	100
Top Geographical Contribution	%	55.3	53	8.4	100
Top Property Contribution	%	23.6	20	4	64.3
Top 5 Properties Contribution	%	61.5	62.3	15.1	100
Top Tenant Contribution	%	20.2	12.4	3.2	100
Top 10 Tenants Contribution	%	49.9	38.5	15.5	100

• Major sector contribution ≤ 50%
• AIMS APAC REIT
• Ascendas REIT
• ESR-REIT
• 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
• Top geographical contribution of 100%
• Dasin Retail Trust
• Far East Hospitality Trust
• Mapletree Commercial Trust 
• Sabana Industrial REIT
• Top property contribution ≤ 8%
• ARA US Hospitality Trust,
• Ascendas REIT
• Ascott Residence Trust
• Cromwell European REIT
• Top property contribution ≥ 45%
• BHG Retail REIT
• Lendlease Global Commercial Trust
• Mapletree North Asia Commercial Trust
• SPH REIT
• Top 5 properties contribution ≤ 25%
• ARA US Hospitality Trust
• Ascendas REIT
• Ascott Residence Trust
• Mapletree Logistics Trust
• Top 5 properties contribution ≥ 95%
• BHG Retail REIT
• Dasin Retail Trust
• Lendlease Global Commercial Trust
• Mapletree Commercial Trust
• Sasseur REIT
• SPH REIT
• Top tenant contribution ≤ 4%
• Ascendas REIT
• Frasers Centrepoint Trust
• Keppel Pacific Oak US REIT
• SPH REIT
• Top tenant contribution ≥ 50%
• ARA US Hospitality Trust
• Elite Commercial REIT
• First REIT
• Parkway Life REIT
• Top 10 tenants contribution ≤ 20%
• Ascendas REIT
• CapitaLand China Trust
• Frasers Centrepoint Trust
• Lippo Mall Indonesia Retail Trust
• Sasseur REIT
• Top 10 tenants contribution ≥ 95%
• ARA US Hospitality Trus
• Digital Core REIT
• EC World REIT
• Elite Commercial REIT
• First REIT

Key Financial Metrics

Items	Unit	Average	Median	Min	Max
Property Yield (Annualized)	%	5.2	5.2	2.5	10.6
Management Fees over Distribution	%	16.5	14.5	6	43.7
Distribution on Capital (Annualized)	%	3.4	3.6	0	5.3
Distribution Margin	%	46.6	47.8	1.5	70.6

• Property yield (annualized) ≥ 7%
• Ascendas India Trust
• First REIT
• Keppel DC REIT
• Sasseur REIT
• Property yield (annualized) ≤ 3.5%
• Ascott Residence Trust
• CDL Hospitality Trust
• Dasin Retail Trust
• Far East Hospitality Trust
• Frasers Hospitality Trust
• Suntec REIT
• Management fees over Distribution ≤ 10%
• Cromwell European REIT
• Daiwa House Logistics Trust
• Elite Commercial REIT
• Manulife US REIT
• Management fees over Distribution of ≥ 22.5%
• ARA Hospitality US Trust
• Frasers Hospitality Trust
• Keppel REIT
• Lippo Mall Indonesia Retail Trust
• Suntec REIT
• Distribution on capital (annualized) ≥ 5%
• Keppel DC REIT
• Sasseur REIT
• United Hampshire US REIT
• Distribution on capital (annualized) ≤ 2%
• ARA Hospitality Trust
• BHG Retail REIT
• CDL Hospitality Trusts
• Dasin Retail Trust
• Frasers Hospitality Trust
• Lippo Malls Indonesia Retail Trust
• Distribution margin ≥ 62.5%
• Elite Commercial REIT
• Lendlease Global Commercial REIT
• Mapletree Commercial Trust
• Parkway Life REIT
• Sasseur REIT
• Distribution margin ≤ 25%
• ARA Hospitality Trust
• Ascott Residence Trust
• BHG Retail REIT
• Frasers Hospitality Trust
• Lippo Malls Indonesia Retail Trust

Related Party Shareholding

Items	Unit	Average	Median	Min	Max
REIT Sponsor's Shareholding	%	26.168	26.197	0	65.142
REIT Manager's Shareholding	%	2.141	1.02	0	10.192
Directors of REIT Manager's Shareholding	%	5.985	0.135	0	57.79

* Include deemed interest

• REIT sponsor's shareholding ≥ 50%
• Far East Hospitality Trust
• Lippo Mall Indonesia Retail Trust
• Sasseur REIT
• SPH REIT
• REIT sponsor's shareholding ≤ 5%
• Dasin Retail Trust
• Prime US REIT
• Suntec REIT
• United Hampshire US REIT
• REIT manager's shareholding ≥ 6%
• Ascott Residence Trust
• CDL Hospitality Trusts
• First REIT
• REIT manager's shareholding ≤ 0.25%
• ARA US Hospitality Trust
• Ascendas REIT
• Daiwa House Logistics Trust
• Mapletree Logistics Trust
• Sabana Industrial REIT
• Directors of REIT manager's shareholding ≥ 20%
• Dasin Retail Trust
• EC World REIT
• ESR-REIT
• Frasers Hospitality Trust
• Sasseur REIT
• Directors of REIT manager's shareholding ≤ 0.01%
• Ascendas REIT
• Digital Core REIT
• Lippo Mall Indonesia Retail Trust
• Starhill Global REIT

Financial Engineering/Income Support and Distribution from Asset Disposal 

Name	Income Support / Distribution	Top-Up from Disposal / Distribution
ARA LOGOS Logistics Trust	3%
Ascendas REIT	0.7%
Ascott Residence Trust		32.8%
CDL Hospitality Trusts		23.8%
Dasin Retail Trust	10.5%
Keppel REIT	1.3%	0.9%
Lippo Malls Indonesia Retail Trust	28.2%
Mapletree Industrial Trust		0.6%
Mapletree Logistics Trust		2.7%
OUE Commercial REIT	10.7%	3.8%
Suntec REIT	6%
United Hampshire US REIT	9.8%

Average Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Average Tab

SREITs share price remain weak in February, as such, I would only list down REITs that are above their average dividend yield AND below their average P/NAV for all periods of 1-year, 3 years, or 5 years, COUPLED with the share price below 50 percentile of 52 weeks range:

1. AIMS APAC REIT
2. Ascendas India Trust
3. CapitaLand China Trust
4. Dasin Retail Trust
5. EC World REIT
6. Frasers Centrepoint Trust
7. Keppel DC REIT
8. Keppel Pacific Oak US REIT
9. Manulife US REIT
10. Mapletree Commercial Trust
11. Mapletree Industrial Trust
12. Prime US REIT
13. United Hampshire US REIT

Generally, SREITs are trading below to their NAV value with a median Price/NAV at 0.88. The median dividend yield of 6.13% is considered attractive. The median dividend yield for the hospitality sector remains the lowest while retail sector is the highest. Besides Dasin Retail Trust, all info are updated with 4Q 2021 results. 

You could also refer below for more information:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and Detail of Singapore REIT

REIT Analysis - List of previous REIT analysis posts

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*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.