* 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 | 0.91 | 0.85 | 0.22 | 2.03 |
| Market Cap, S$ B | 2.75 | 1.34 | 0.23 | 13.8 |
| Dividend Yield - Retail | 6.93% | 6.61% | 3.48% | 9.77% |
| Dividend Yield - Office | 7.36% | 6.91% | 5.10% | 10.56% |
| Dividend Yield - Healthcare | 6.32% | 6.32% | 2.91% | 9.74% |
| Dividend Yield - Hospitality | 3.81% | 4.05% | 2.14% | 4.91% |
| Dividend Yield - Industrial | 5.92% | 5.34% | 5.06% | 7.02% |
| Dividend Yield - Logistics | 7.65% | 7.27% | 5.00% | 11.05% |
| Overall Dividend Yield | 6.59% | 6.30% | 2.14% | 11.05% |
* 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 | EC World REIT | 11.05% | Frasers Hospitality Trust | 2.14% |
| 2 | Prime US REIT | 10.56% | Parkway Life REIT | 2.91% |
| 3 | Manulife US REIT | 10.27% | BHG Retail REIT | 3.48% |
| 4 | United Hampshire US REIT | 9.77% | ARA US Hospitality Trust | 3.79% |
| 5 | First REIT | 9.74% | CDL Hospitality Trusts | 4.05% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Parkway Life REIT | 2.03 | Dasin Retail Trust | 0.22 |
| 2 | Keppel DC REIT | 1.44 | Lippo Mall Indonesia Retail Trust | 0.46 |
| 3 | Mapletree Industrial Trust | 1.39 | BHG Retail REIT | 0.59 |
| 4 | Mapletree Logistics Trust | 1.21 | EC World REIT | 0.64 |
| 5 | Ascendas REIT | 1.21 | OUE Commercial Trust | 0.65 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 13.8 | Dasin Retail Trust | 0.23 |
| 2 | Ascendas REIT | 12.1 | BHG Retail REIT | 0.27 |
| 3 | Mapletree Pan Asia Commercial Trust | 9.78 | Lippo Mall Indonesia Retail Trust | 0.31 |
| 4 | Mapletree Logistics Trust | 8.52 | ARA US Hospitality Trust | 0.37 |
| 5 | Mapletree Industrial Trust | 7.02 | EC World REIT | 0.44 |
* 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 | 79.7 | 100 |
| Income Received in SGD/Major Currencies | % | 77.3 | 100 | 0 | 100 |
| Highest Lease Maturity in 5 Years | % | 27.6 | 23.7 | 2.2 | 86.6 |
| Weighted Average Lease Expiry, WALE | year | 4.95 | 4.06 | 1.1 | 17.2 |
| Weighted Average Land Lease Expiry | year | 68.73 | 71.83 | 22.63 | 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%
- Digital Core REIT
- EC World REIT
- First REIT
- Lendlease Global Commercial REIT
- Parkway Life REIT
- Committed occupancy ≤ 90%
- Ascendas India Trust
- Lippo Malls Indonesia Retail Trust
- Manulife US REIT
- Prime US REIT
- Sabana Industrial REIT
- 21 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 ≥ 45% in a single year (including those without breakdown)
- ARA Hospitality Trust
- Ascendas India Trust
- EC World REIT
- OUE Commercial Trust
- 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
- EC World REIT
- Frasers Centrepoint 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-LOGOS REIT
- Lippo Mall Indonesia Retail Trust
- Sasseur REIT
Debt Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Interest Coverage Ratio | time | 5.0 | 4.1 | 1.5 | 19.8 |
| Cost of Debt | % | 2.77 | 2.45 | 0.61 | 6.94 |
| Fixed Debt over Total Debt | % | 70.2 | 76.2 | 0 | 100 |
| Unsecured Debt over Total Debt | % | 60.7 | 83.5 | 0 | 100 |
| Gearing Ratio | % | 36.7 | 37.4 | 25.7 | 43.9 |
| Preferred/Perpetual Securities over Debt | % | 5.3 | 0 | 0 | 31 |
| Highest Debt Expiry in 5 Years | % | 41.5 | 29.8 | 13.2 | 100 |
| Weighted Average Debt Expiry, WADE | year | 2.78 | 2.80 | 0.70 | 4.4 |
- Interest coverage ratio ≥ 8 times
- Digital Core REIT
- Frasers Logistics & Commercial Trust
- Keppel DC REIT
- Parkway Life REIT
- Interest coverage ratio ≤ 2.5 times
- Dasin Retail Trust
- Frasers Hospitality Trust
- Lendlease Global Commercial REIT
- Lippo Malls Indonesia Retail
- Cost of debt ≤ 1.5%
- Daiwa House Logistics Trust
- Parkway Life REIT
- Cost of debt ≥ 4%
- Ascendas India Trust
- BHG Retail REIT
- Dasin Retail Trust
- EC World REIT
- Lippo Malls Indonesia Retail Trust
- Sasseur REIT
- Fixed debt % ≥ 90%
- Daiwa House Logistics Trust
- IREIT Global
- Starhill Global REIT
- Fixed debt % ≤ 50%
- BHG Retail REIT
- Dasin Retail Trust
- Digital Core REIT
- EC World REIT
- Lippo Malls Indonesia Retail Trust
- 10 SREITs are having unsecured debt of 0%; 12 SREITs are having unsecured debt of 100%.
- Gearing Ratio ≤ 32.5%
- Digital Core REIT
- Frasers Logistics & Commercial Trust
- IREIT Global
- Parkway Life REIT
- Sasseur REIT
- SPH REIT
- Gearing Ratio ≥ 42.5%
- ARA US Hospitality REIT
- Lippo Mall Indonesia Retail Trust
- Suntec REIT
- Preferred/perpetual securities over debts ≥ 12.5%
- AIMS APAC REIT
- Ascott Residence Trust
- ESR-LOGOS REIT
- Lendlease Global Commercial REIT
- Lippo Mall Indonesia Retail Trust
- SPH REIT
- 18 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
- Keppel DC REIT
- 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
- AIMS APAC REIT
- Ascendas REIT
- CapitaLand Integrated Commercial Trust
- Digital Core REIT
- IREIT Global
- Keppel DC REIT
- WADM ≤1.75 years
- Dasin Retail Trust
- EC World REIT
- Elite Commercial REIT
- First REIT
- Sasseur REIT
Diversification Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Major Sector Contribution | % | 83.8 | 92.9 | 38.6 | 100 |
| Top Geographical Contribution | % | 54.9 | 54.3 | 8.1 | 100 |
| Top Property Contribution | % | 23.3 | 20.4 | 4.4 | 62.6 |
| Top 5 Properties Contribution | % | 60.9 | 59.2 | 15.7 | 100 |
| Top Tenant Contribution | % | 20 | 12 | 2.3 | 90.1 |
| Top 10 Tenants Contribution | % | 49.2 | 38.1 | 13.2 | 100 |
- Major sector contribution ≤ 50%
- AIMS APAC REIT
- Ascendas REIT
- ESR-LOGOS REIT
- Frasers Logistics & Commercial Trust
- 15 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
- Sabana Industrial REIT
- Top property contribution ≤ 7.5%
- ARA US Hospitality Trust,
- Ascendas REIT
- Ascott Residence Trust
- Cromwell European REIT
- Elite Commercial REIT
- Mapletree Logistics Trust
- Top property contribution ≥ 40%
- BHG Retail REIT
- Lendlease Global Commercial Trust
- Sasseur REIT
- SPH REIT
- Suntec REIT
- Top 5 properties contribution ≤ 25%
- ARA US Hospitality Trust
- Ascendas REIT
- Ascott Residence Trust
- Elite Commercial REIT
- Mapletree Logistics Trust
- Top 5 properties contribution ≥ 95%
- BHG Retail REIT
- Dasin Retail Trust
- Lendlease Global Commercial Trust
- Sasseur REIT
- SPH REIT
- Top tenant contribution ≤ 3.5%
- Ascendas REIT
- CapitaLand China Trust
- Frasers Centrepoint Trust
- Keppel Pacific Oak US REIT
- Sasseur REIT
- Suntec REIT
- Top tenant contribution ≥ 50%
- ARA US Hospitality Trust
- Elite Commercial REIT
- First REIT
- Parkway Life REIT
- Top 10 tenants contribution ≤ 20%
- Ascendas REIT
- Ascott Residence Trust
- CapitaLand China Trust
- Frasers Centrepoint Trust
- Lippo Mall Indonesia Retail Trust
- Sasseur REIT
- Top 10 tenants contribution ≥ 97.5%
- ARA US Hospitality Trust
- 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 | 5.1 | 2.8 | 9.6 |
| Management Fees over Distribution | % | 16.7 | 14.9 | 6.1 | 43.3 |
| Distribution on Capital (Annualized) | % | 3.3 | 3.5 | 0.8 | 5.2 |
| Distribution Margin | % | 46.5 | 48.2 | 6.4 | 71.2 |
- Property yield (annualized) ≥ 7%
- Ascendas India Trust
- Elite Commercial Trust
- First REIT
- Keppel DC REIT
- Sasseur REIT
- Property yield (annualized) ≤ 3.5%
- Ascott Residence Trust
- Dasin Retail Trust
- Far East Hospitality Trust
- Frasers Hospitality Trust
- Lendlease Global Commercial REIT
- Suntec REIT
- Management fees over Distribution ≤ 10%
- Cromwell European REIT
- Elite Commercial REIT
- Manulife US REIT
- Management fees over Distribution of ≥ 22.5%
- ARA Hospitality US Trust
- Dasin Retail Trust
- Frasers Hospitality Trust
- Keppel REIT
- Lippo Mall Indonesia Retail Trust
- Distribution on capital (annualized) ≥ 4.5%
- Elite Commercial Trust
- Keppel DC REIT
- Keppel Pacific Oak US REIT
- Prime US REIT
- Sasseur REIT
- United Hampshire US REIT
- Distribution on capital (annualized) ≤ 2%
- ARA Hospitality Trust
- BHG Retail REIT
- Dasin Retail Trust
- Frasers Hospitality Trust
- Lippo Malls Indonesia Retail Trust
- Distribution margin ≥ 65%
- Elite Commercial REIT
- Far East Hospitality Trust
- Keppel DC REIT
- Lendlease Global Commercial REIT
- Parkway Life REIT
- Sasseur REIT
- Distribution margin ≤ 30%
- ARA Hospitality Trust
- Ascott Residence Trust
- BHG Retail REIT
- CDL Hospitality Trusts
- Dasin Retail Trust
- Lippo Malls Indonesia Retail Trust
Related Party Shareholding
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| REIT Sponsor's Shareholding | % | 25.582 | 25.78 | 0 | 56.595 |
| REIT Manager's Shareholding | % | 2.055 | 0.867 | 0 | 8.378 |
| Directors of REIT Manager's Shareholding | % | 5.612 | 0.12 | 0 | 57.32 |
- REIT sponsor's shareholding ≥ 45%
- Far East Hospitality Trust
- IREIT Global
- Lippo Mall Indonesia Retail Trust
- OUE Commercial Trust
- Sasseur REIT
- REIT sponsor's shareholding ≤ 7.5%
- BHG Retail REIT
- Dasin Retail Trust
- Keppel Pacific Oak US REIT
- Prime US REIT
- Suntec REIT
- REIT manager's shareholding ≥ 6%
- Ascendas India Trust
- Ascott Residence Trust
- CapitaLand China Trust
- CDL Hospitality Trusts
- First REIT
- REIT manager's shareholding ≤ 0.05%
- Ascendas REIT
- Daiwa House Logistics Trust
- OUE Commercial Trust
- Sabana Industrial REIT
- Suntec REIT
- Directors of REIT manager's shareholding ≥ 10%
- Dasin Retail Trust
- EC World REIT
- Elite Commercial REIT
- ESR-LOGOS REIT
- Frasers Hospitality Trust
- Sasseur REIT
- Directors of REIT manager's shareholding ≤ 0.01%
- Digital Core REIT
- Lippo Mall Indonesia Retail Trust
- Prime US REIT
- Starhill Global REIT
Income Support and Distribution from Asset Disposal
| Name | Income Support / Distribution | Top-Up from Disposal / Distribution |
|---|---|---|
| Ascendas REIT | 1.1% | |
| Ascott Residence Trust | 16.6% | |
| CapitaLand China Trust | 0.2% | |
| CDL Hospitality Trusts | 19.9% | |
| Cromwell European REIT | 1.1% | |
| Far East Hospitality Trust | 3.3% | |
| Frasers Logistics & Commercial Trust | 2.9% | 0.5% |
| Keppel DC REIT | 0.1% | |
| Keppel REIT | 1.3% | 0.9% |
| Lippo Malls Indonesia Retail Trust | 27.6% | |
| Mapletree Industrial Trust | 2.2% | |
| Mapletree Logistics Trust | 0.4% | 1.8% |
| OUE Commercial REIT | 12.1% | 4.0% |
| Suntec REIT | 4.0% | 4.3% |
| United Hampshire US REIT | 4.3% |
Average Dividend Yield & P/NAV
Below is the list of 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:
- Ascendas India Trust
- CapitaLand China Trust
- CapitaLand Integrated Commercial Trust
- Cromwell European REIT
- Daiwa House Logistics Trust
- Digital Core REIT
- EC World REIT
- Elite Commercial Trust
- Frasers Centrepoint Trust
- Keppel DC REIT
- Keppel Pacific Oak US REIT
- Keppel REIT
- Lippo Malls Indonesia Retail Trust
- Manulife US REIT
- Mapletree Industrial Trust
- Mapletree Pan Asia Commercial Trust
- Prime US REIT
- Sasseur REIT
- Suntec REIT
- United Hampshire US REIT
Generally, SREITs are trading below their NAV value with a median Price/NAV of 0.85 and the median dividend yield of 6.3% is quite attractive. Most of the counters are trading below their 1y, 3y and 5y average dividend yield and Price/NAV. The median dividend yield for the hospitality sector remains the lowest while the logistics sector is the highest.
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
And you could join the following to support my work:
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive contents
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
REIT Investing Community - Facebook Group where members share and discuss REIT topic
*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.
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