SREITs Fundamental Review @ 27 November 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	0.8	0.76	0.22	1.63
Market Cap, S$ B	2.45	1.24	0.21	13.47
Dividend Yield - Retail	7.72%	7.04%	3.62%	12.41%
Dividend Yield - Office	8.76%	6.93%	5.71%	14.32%
Dividend Yield - Healthcare	7.22%	7.22%	3.66%	10.78%
Dividend Yield - Hospitality	4.5%	4.75%	3.68%	5.12%
Dividend Yield - Industrial	6.56%	6.56%	5.52%	7.61%
Dividend Yield - Logistics	8.5%	8.07%	5.68%	12.89%
Overall Dividend Yield	7.61%	6.81%	3.62%	12.89%

* 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	14.32%	BHG Retail REIT	3.62%
2	Manulife US REIT	13.61%	Parkway Life REIT	3.66%
3	EC World REIT	12.89%	Frasers Hospitality Trust	3.68%
4	Lippo Malls Indonesia Retail Trust	12.41%	CDL Hospitality Trusts	4.11%
5	United Hampshire US REIT	11.93%	ARA US Hospitality Trust	4.75%

	Highest P/NAV	Time	Lowest P/NAV	Time
1	Parkway Life REIT	1.63	Dasin Retail Trust	0.22
2	Keppel DC REIT	1.36	Lippo Malls Indonesia Retail Trust	0.33
3	Mapletree Industrial Trust	1.16	ARA US Hospitality Trust	0.53
4	CapitaLand Ascendas REIT	1.13	Manulife US REIT	0.55
5	Mapletree Logistics Trust	1.08	EC World REIT	0.55

	Largest Market Cap	S$, B	Smallest Market Cap	S$, B
1	CapitaLand Integrated Commercial Trust	13.47	Dasin Retail Trust	0.21
2	CapitaLand Ascendas REIT	11.39	Lippo Malls Indonesia Retail Trust	0.22
3	Mapletree Pan Asia Commercial Trust	8.9	BHG Retail REIT	0.26
4	Mapletree Logistics Trust	7.59	ARA US Hospitality Trust	0.29
5	Mapletree Industrial Trust	6.03	EC World REIT	0.36

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

Lease Profile

Items	Unit	Average	Median	Min	Max
Committed Occupancy	%	95.4	96.5	80.4	100
Income Received in SGD/Major Currencies	%	76.8	99.9	0	100
Highest Lease Maturity in 5 Years	%	28.9	25.6	2	86.6
Weighted Average Lease Expiry, WALE	year	4.87	4.01	1.3	17.19
Weighted Average Land Lease Expiry	year	68.9	71.58	22.38	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
• First REIT
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Committed occupancy ≤ 90%
• 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
• Income received in SGD/major currencies = 0%
• BHG Retail REIT
• CapitaLand China Trust
• CapitaLand India Trust
• Dasin Retail Trust
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• Sasseur REIT
• 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 Asia 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 Malls Indonesia Retail Trust
• Sasseur REIT

Debt Profile

Items	Unit	Average	Median	Min	Max
Interest Coverage Ratio	time	4.8	4	0.8	18.6
Cost of Debt	%	2.98	2.78	0.72	6.71
Fixed Debt over Total Debt	%	70.8	73.2	14.4	100
Unsecured Debt over Total Debt	%	61.3	84.4	0	100
Gearing Ratio	%	37.1	37.5	26.2	43.7
Preferred/Perpetual Securities over Debt	%	5.3	0.1	0	31.6
Highest Debt Expiry in 5 Years	%	43.6	31.4	14.6	100
Weighted Average Debt Expiry, WADE	year	2.72	2.85	0.5	4.2

• Interest coverage ratio ≥ 8 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
• BHG Retail REIT
• Dasin Retail Trust
• Lendlease Global Commercial REIT
• Lippo Malls Indonesia Retail
• Suntec REIT
• Cost of debt ≤ 1.75%
• CapitaLand Ascott Trust
• Daiwa House Logistics Trust
• Frasers Logistics & Commercial Trust
• Parkway Life REIT
• Cost of debt ≥ 4.5%
• BHG Retail REIT
• CapitaLand India Trust
• Dasin Retail Trust
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• Sasseur REIT
• Fixed debt % ≥ 82.5%
• AIMS APAC REIT
• Daiwa House Logistics Trust
• IREIT Global
• Prime US REIT
• Starhill Global REIT
• Fixed debt % ≤ 60%
• BHG Retail REIT
• Dasin Retail Trust
• Digital Core REIT
• Lippo Malls Indonesia Retail Trust
• Suntec REIT
• 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
• Sasseur REIT
• SPH REIT
• Gearing Ratio ≥ 42.5%
• ARA US Hospitality REIT
• Lippo Malls 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 Malls 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
• Mapletree Logistics Trust
• Mapletree Pan Asia Commercial Trust
• Highest debt maturity within 5 years ≥ 80% in a single year
• BHG Retail REIT
• Dasin Retail Trust
• 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
• Keppel Pacific OAK US REIT
• WADM ≤1.75 years
• CDL Hospitality Trusts
• Dasin Retail Trust
• EC World REIT
• Elite Commercial REIT
• Sasseur REIT

Diversification Profile

Items	Unit	Average	Median	Min	Max
Major Sector Contribution	%	83.6	92.9	37.1	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	11.8	2.3	90.6
Top 10 Tenants Contribution	%	48.7	38.1	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 Hospitality Trust
• Frasers Logistics & Commercial Trust
• Top geographical contribution ≥ 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 Malls 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	9.2
Management Fees over Distribution	%	16.7	14.8	6.1	43.3
Distribution on Capital (Annualized)	%	3.3	3.6	0.8	5.2
Distribution Margin	%	46.1	47.3	6.4	70.9

• Property yield (annualized) ≥ 7%
• CaptiaLand India Trust
• EC World REIT
• Elite Commercial Trust
• First REIT
• Keppel DC REIT
• Lippo Malls Indonesia Retail Trust
• 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 Malls 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	%	27.227	26.015	0	60.997
REIT Manager's Shareholding	%	2.072	0.933	0	8.497
Directors of REIT Manager's Shareholding	%	5.414	0.105	0	57.419

* 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 Hospitality Trust
• First REIT
• REIT manager's shareholding ≤ 0.25%
• CapitaLand Ascendas REIT
• Daiwa House Logistics Trust
• Mapletree 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 Malls Indonesia Retail Trust
• 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	1.2%	2.9%
Keppel DC REIT	0.1%
Keppel REIT	1.3%	0.9%
Lippo Malls Indonesia Retail Trust	26.5%
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%

Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Relative Tab

Below is the list of REITs with 4 out of 6 of +2SD Dividend Yield and/or -2SD P/NAV for periods of 1 year, 3 years, or 5 years:

1. Cromwell European REIT
2. EC World REIT
3. Elite Commercial Trust
4. Frasers Logistics & Commercial Trust
5. Keppel Pacific Oak US REIT
6. Keppel REIT
7. Lippo Malls Indonesia Retail Trust
8. Manulife US REIT
9. Mapletree Industrial Trust
10. Prime US REIT
11. United Hampshire US REIT

Most SREITs are trading way below their NAV value with a median Price/NAV of 0.76 and a decent median dividend yield of 6.81%. 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.