SREITs Fundamental Review @ 29 January 2023

* 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	0.85	0.82	0.17	1.72
Market Cap, S$ B	2.64	1.33	0.16	14.27
Dividend Yield - Retail	7.55%	6.6%	3.62%	11.93%
Dividend Yield - Office	8.46%	6.51%	5.32%	15.88%
Dividend Yield - Healthcare	6.6%	6.6%	3.6%	9.6%
Dividend Yield - Hospitality	4.14%	4.3%	3.3%	4.74%
Dividend Yield - Industrial	6.02%	6.12%	4.83%	7.02%
Dividend Yield - Logistics	8.1%	7.61%	5.18%	12.6%
Overall Dividend Yield	7.29%	6.51%	3.3%	12.6%

* 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	Manulife US REIT	15.88%	Frasers Hospitality Trust	3.3%
2	Prime US REIT	13.22%	Parkway Life REIT	3.6%
3	EC World REIT	12.6%	BHG Retail REIT	3.62%
4	United Hampshire US REIT	11.93%	CDL Hospitality Trusts	3.78%
5	Lippo Malls Indonesia Retail Trust	11.25%	CapitaLand Ascott Trust	4.3%

	Highest P/NAV	Time	Lowest P/NAV	Time
1	Parkway Life REIT	1.72	Dasin Retail Trust	0.17
2	Keppel DC REIT	1.56	Lippo Malls Indonesia Retail Trust	0.37
3	Mapletree Industrial Trust	1.28	Manulife US REIT	0.47
4	Mapletree Logistics Trust	1.23	ARA US Hospitality Trust	0.55
5	CapitaLand Ascendas REIT	1.22	EC World REIT	0.57

	Largest Market Cap	S$, B	Smallest Market Cap	S$, B
1	CapitaLand Integrated Commercial Trust	14.27	Dasin Retail Trust	0.16
2	CapitaLand Ascendas REIT	12.23	Lippo Malls Indonesia Retail Trust	0.25
3	Mapletree Pan Asia Commercial Trust	9.63	BHG Retail REIT	0.26
4	Mapletree Logistics Trust	8.37	ARA US Hospitality Trust	0.29
5	Mapletree Industrial Trust	6.62	United Hampshire US REIT	0.36

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

Lease Profile

Items	Unit	Average	Median	Min	Max
Committed Occupancy	%	95.5	96.7	80.4	100
Income Received in SGD/Major Currencies	%	76.8	99.9	0	100
Highest Lease Maturity in 5 Years	%	28.6	25.4	2	86.6
Weighted Average Lease Expiry, WALE	year	4.81	3.97	1.3	16.99
Weighted Average Land Lease Expiry	year	68.87	71.81	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	18.3
Cost of Debt	%	3.04	3	0.98	6.71
Fixed Debt over Total Debt	%	71.3	74.2	14.4	100
Unsecured Debt over Total Debt	%	61.4	84.7	0	100
Gearing Ratio	%	37.1	37.5	26.2	43.7
Preferred/Perpetual Securities over Debt	%	5.3	0.1	0	31.7
Highest Debt Expiry in 5 Years	%	43.5	31.4	14.6	100
Weighted Average Debt Maturity, WADM	year	2.71	2.88	0.5	4.2

• Interest coverage ratio ≥ 8 times
• 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
• Mapletree Logistics Trust
• Prime US REIT
• Starhill Global REIT
• Fixed debt % ≤ 60%
• BHG Retail REIT
• Dasin Retail Trust
• Digital Core 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
• Paragon REIT
• Sasseur REIT
• Gearing Ratio ≥ 42%
• ARA US Hospitality REIT
• Lippo Malls Indonesia Retail Trust
• Manulife US REIT
• Suntec REIT
• United Hampshire US REIT
• Preferred/perpetual securities over debts ≥ 15%
• AIMS APAC REIT
• Lendlease Global Commercial REIT
• Lippo Malls Indonesia Retail Trust
• Paragon 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
• Keppel REIT
• 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	%	23.2	20.5	4.4	62.6
Top 5 Properties Contribution	%	60.5	59.2	15.7	100
Top Tenant Contribution	%	19.8	11.8	2.3	90.6
Top 10 Tenants Contribution	%	48.6	37.7	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 ≤ 20%
• ARA US Hospitality Trust
• CapitaLand Ascott Trust
• Cromwell European REIT
• Elite 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
• Paragon REIT
• Sasseur 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
• Paragon REIT
• Sasseur 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	14.9	6.1	43.3
Distribution on Capital (Annualized)	%	3.3	3.6	0.8	5.2
Distribution Margin	%	45.9	46.9	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
• Daiwa House Logistics Trust
• Elite Commercial REIT
• Manulife 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 ≤ 25%
• ARA Hospitality Trust
• BHG Retail REIT
• Dasin Retail Trust
• Lippo Malls Indonesia Retail Trust

Related Party Shareholding

Items	Unit	Average	Median	Min	Max
REIT Sponsor's Shareholding	%	27.212	26.015	0	60.997
REIT Manager's Shareholding	%	2.075	0.933	0	8.497
Directors of REIT Manager's Shareholding	%	5.417	0.105	0	57.419

* Include deemed interest

• REIT sponsor's shareholding ≥ 50%
• Far East Hospitality Trust
• IREIT Global
• Mapletree Pan Asia Commercial Trust
• Paragon REIT
• 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 ≥ 5%
• CapitaLand India Trust
• CapitaLand Ascott Trust
• CapitaLand China Trust
• CDL Hospitality Trusts
• Far East Hospitality Trust
• First REIT
• REIT manager's shareholding ≤ 0.1%
• 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 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	0.8%	4.5%
Lippo Malls Indonesia Retail Trust	26.5%
Mapletree Industrial Trust		2.1%
Mapletree Logistics Trust	0.8%	1.3%
OUE Commercial REIT	12.1%	4.0%
Suntec REIT	3.7%	5.8%

Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Relative Tab

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

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

The recent rally has led to an increase in the share prices of most SREITs, but they are still trading way below their NAV value with a median Price/NAV of 0.82 and they offer a respectable median dividend yield of 6.51%.  It's worth noting that the hospitality sector has the lowest median dividend yield, while the logistics sector offers the highest. As always, investors should do their own research and consider the fundamentals of each trust and the sectors they operate in before making any investment decisions. And, as a way to hedge risk, it's a good idea to diversify your portfolio by investing in different sectors.

For more information, check out:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and details of Singapore REIT

REIT Review - List of previous REIT review posts

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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.