SREITs Fundamental Review @ 30 October 2022

* Above is extracted from SREITs Data - Overview Tab

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

Key Statistics

Items	Average	Median	Min	Max
Price/ NAV	0.77	0.69	0.22	1.62
Market Cap, S$ B	2.38	1.19	0.22	12.54
Dividend Yield - Retail	7.95%	7.45%	3.42%	12.41%
Dividend Yield - Office	8.86%	7.54%	5.88%	14.08%
Dividend Yield - Healthcare	7.41%	7.41%	3.64%	11.19%
Dividend Yield - Hospitality	4.6%	4.82%	3.43%	5.29%
Dividend Yield - Industrial	6.74%	6.8%	5.58%	7.8%
Dividend Yield - Logistics	8.77%	8.64%	5.9%	12.57%
Overall Dividend Yield	7.78%	7.23%	3.42%	14.08%

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

** Dividend yields are based on REIT Major Sector

	Highest Div. Yield (TTM)	%	Lowest Div. Yield (TTM)	%
1	Prime US REIT	14.08%	BHG Retail REIT	3.42%
2	Manulife US REIT	13.44%	Frasers Hospitality Trust	3.43%
3	EC World REIT	12.57%	Parkway Life REIT	3.64%
4	Lippo Mall Indonesia Retail Trust	12.41%	CDL Hospitality Trusts	4.55%
5	United Hampshire US REIT	12.16%	ARA US Hospitality Trust	4.82%

	Highest P/NAV	Time	Lowest P/NAV	Time
1	Parkway Life REIT	1.85	Dasin Retail Trust	0.22
2	Keppel DC REIT	1.35	Lippo Mall Indonesia Retail Trust	0.43
3	Mapletree Industrial Trust	1.31	ARA US Hospitality Trust	0.59
4	CapitaLand Ascendas REIT	1.15	BHG Retail REIT	0.6
5	Mapletree Logistics Trust	1.09	EC World REIT	0.62

	Largest Market Cap	S$, B	Smallest Market Cap	S$, B
1	CapitaLand Integrated Commercial Trust	12.54	Lippo Mall Indonesia Retail Trust	0.22
2	CapitaLand Ascendas REIT	11.05	Dasin Retail Trust	0.23
3	Mapletree Pan Asia Commercial Trust	8.74	BHG Retail REIT	0.27
4	Mapletree Logistics Trust	7.3	ARA US Hospitality Trust	0.3
5	Mapletree Industrial Trust	6.03	Daiwa House Logistics Trust	0.37

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

Lease Profile

Items	Unit	Average	Median	Min	Max
Committed Occupancy	%	95.3	96.4	79.7	100
Income Received in SGD/Major Currencies	%	76.7	99.9	0	100
Highest Lease Maturity in 5 Years	%	28	26.5	2.2	86.6
Weighted Average Lease Expiry, WALE	year	4.92	4	1.1	17.2
Weighted Average Land Lease Expiry	year	69	71.7	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%
• CapitaLand India Trust
• Lippo Malls Indonesia Retail Trust
• Manulife US REIT
• Prime US REIT
• Sabana 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 ≤ 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
• CapitaLand 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
• Mapletree Pan Asi Commercial Trust
• Sasseur REIT
• 100% freehold or properties ≥ 99 years remaining land lease
• CapitaLand 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
• Lippo Mall Indonesia Retail Trust
• Sasseur REIT

Debt Profile

Items	Unit	Average	Median	Min	Max
Interest Coverage Ratio	time	4.9	4.1	1.5	19.8
Cost of Debt	%	2.88	2.74	0.61	6.94
Fixed Debt over Total Debt	%	69.9	74.1	0	100
Unsecured Debt over Total Debt	%	60.5	83.5	0	100
Gearing Ratio	%	36.9	37.7	26.2	43.9
Preferred/Perpetual Securities over Debt	%	5.4	0.1	0	31.6
Highest Debt Expiry in 5 Years	%	42.4	30.5	13.2	100
Weighted Average Debt Expiry, WADE	year	2.76	2.80	0.70	4.2

• Interest coverage ratio ≥ 7.5 times
• Daiwa House Logistics Trust
• Digital Core REIT
• Frasers Logistics & Commercial Trust
• IREIT Global
• Keppel DC REIT
• Parkway Life REIT
• Interest coverage ratio ≤ 2.5 times
• AIMS APAC REIT
• Dasin Retail Trust
• Frasers Hospitality Trust
• Lendlease Global Commercial REIT
• Lippo Malls Indonesia Retail
• Suntec REIT
• Cost of debt ≤ 1.75%
• CapitaLand Ascott Trust
• Cromwell European REIT
• Daiwa House Logistics Trust
• Frasers Logistics & Commercial Trust
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Cost of debt ≥ 4%
• BHG Retail REIT
• CapitaLand India Trust
• Dasin Retail Trust
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• Sasseur REIT
• Fixed debt % ≥ 85%
• AIMS APAC REIT
• Daiwa House Logistics Trust
• Frasers Hospitality Trust
• IREIT Global
• Manulife US REIT
• Prime US 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%; 11 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%
• ARA US Hospitality REIT
• Lippo Mall Indonesia Retail Trust
• Manulife US REIT
• Suntec REIT
• Preferred/perpetual securities over debts ≥ 12.5%
• AIMS APAC REIT
• CapitaLand Ascott Trust
• ESR-LOGOS REIT
• Lendlease Global Commercial REIT
• Lippo Mall Indonesia Retail Trust
• SPH REIT
• 17 SREITs are having preferred/perpetual securities over debts of 0%
• Highest debt maturity within 5 years ≤ 22.5% in a single year
• CapitaLand Ascendas REIT
• CapitaLand China Trust
• CapitaLand Integrated Commercial Trust
• Frasers Logistics & 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
• CapitaLand Ascendas REIT
• CapitaLand Integrated Commercial Trust
• Digital Core REIT
• IREIT Global
• Keppel DC REIT
• Keppel Pacific OAK US REIT
• WADM ≤1.75 years
• CDL Hospitality Trusts
• Dasin Retail Trust
• EC World REIT
• Elite Commercial REIT
• First REIT
• Sasseur REIT

Diversification Profile

Items	Unit	Average	Median	Min	Max
Major Sector Contribution	%	83.7	92.9	38.6	100
Top Geographical Contribution	%	54.1	54.3	8.1	100
Top Property Contribution	%	23	20.5	4.4	62.6
Top 5 Properties Contribution	%	60.5	59.2	15.7	100
Top Tenant Contribution	%	19.9	12	2.3	90.1
Top 10 Tenants Contribution	%	48.8	37.8	13.2	100

• Major sector contribution ≤ 55%
• AIMS APAC REIT
• CapitaLand Ascendas REIT
• CapitaLand Integrated Commercial Trust
• Cromwell European REIT
• ESR-LOGOS REIT
• Frasers Logistics & Commercial Trust
• 15 SREITs are having a major sector contribution of 100%
• Top geographical contribution ≤ 22.5%
• ARA US Hospitality Trust
• CapitaLand Ascott Trust
• Cromwell European REIT
• Elite Commercial Trust
• Frasers Logistics & Commercial Trust
• Top geographical contribution of 95%
• Dasin Retail Trust
• EC World REIT
• Far East Hospitality Trust
• Frasers Centrepoint Trust
• Sabana Industrial REIT
• Top property contribution ≤ 7.5%
• ARA US Hospitality Trust,
• CapitaLand Ascendas REIT
• CapitaLand Ascott 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
• CapitaLand Ascendas REIT
• CapitaLand Ascott 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%
• CapitaLand Ascendas REIT
• CapitaLand China Trust
• Keppel Pacific Oak US REIT
• Sasseur REIT
• Suntec REIT
• Top tenant contribution ≥ 40%
• ARA US Hospitality Trust
• Elite Commercial REIT
• First REIT
• Parkway Life REIT
• Top 10 tenants contribution ≤ 20%
• CapitaLand Ascendas REIT
• CapitaLand Ascott 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	5.1
Distribution Margin	%	46.2	47.3	6.4	70.9

• Property yield (annualized) ≥ 7%
• CaptiaLand India Trust
• Elite Commercial Trust
• First REIT
• Keppel DC REIT
• Sasseur REIT
• Property yield (annualized) ≤ 3.5%
• CapitaLand Ascott Trust
• Dasin Retail Trust
• Far East Hospitality Trust
• Frasers Hospitality Trust
• Lendlease Global Commercial REIT
• Suntec REIT
• Management fees over Distribution ≤ 10.25%
• Cromwell European REIT
• Elite Commercial REIT
• Manulife US REIT
• Prime US REIT
• United Hampshire US REIT
• Management fees over Distribution of ≥ 25%
• ARA Hospitality US Trust
• Dasin Retail Trust
• Frasers Hospitality Trust
• Lippo Mall Indonesia Retail Trust
• Distribution on capital (annualized) ≥ 4.5%
• Elite Commercial Trust
• Keppel DC 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
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Sasseur REIT
• Distribution margin ≤ 30%
• ARA Hospitality Trust
• BHG Retail REIT
• CapitaLand Ascott Trust
• CDL Hospitality Trusts
• Dasin Retail Trust
• Lippo Malls Indonesia Retail Trust

Related Party Shareholding

Items	Unit	Average	Median	Min	Max
REIT Sponsor's Shareholding	%	27.229	26.018	0	60.997
REIT Manager's Shareholding	%	2.039	0.88	0	8.45
Directors of REIT Manager's Shareholding	%	5.349	0.098	0	57.32

* Include deemed interest

• REIT sponsor's shareholding ≥ 50%
• Far East Hospitality Trust
• IREIT Global
• Mapletree Pan Asia Commercial Trust
• Sasseur REIT
• SPH 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 ≥ 5%
• CapitaLand India Trust
• CapitaLand Ascott Trust
• CapitaLand China Trust
• CDL Hospitality Trusts
• Far East Hospility Trust
• First REIT
• REIT manager's shareholding ≤ 0.05%
• CapitaLand 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
• 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
CapitaLand Ascendas REIT	1.1%
CapitaLand Ascott Trust		16.6%
CapitaLand China Trust	0.2%
CDL Hospitality Trusts		19.9%
Cromwell European REIT		1.1%
Far East Hospitality Trust		6.5%
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		2.7%
Mapletree Logistics Trust	0.6%	1.7%
OUE Commercial REIT	12.1%	4.0%
Suntec REIT	4.0%	6.6%
United Hampshire US REIT	4.3%

Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Relative Tab

Below is the list of REITs with +2SD Dividend Yield and -2SD P/NAV for all periods of 1 year, 3 years, or 5 years:

1. Cromwell European REIT
2. Daiwa House Logistics Trust
3. Digital Core REIT
4. Elite Commercial Trust
5. Keppel Pacific Oak US REIT
6. Keppel REIT
7. Manulife US REIT
8. Prime US REIT
9. United Hampshire US REIT

Due to the recent share price sharp decline, most SREITs are trading way below their NAV value with a median Price/NAV of 0.69 and a decent median dividend yield of 7.23%. 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

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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.