Basic Overview
* 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 | 0.82 | 0.81 | 0.17 | 1.75 |
| Market Cap, S$ B | 2.51 | 1.27 | 0.16 | 12.97 |
| Dividend Yield - Retail | 7.52% | 6.98% | 2.36% | 12% |
| Dividend Yield - Office | 9.06% | 7.31% | 5.64% | 17.27% |
| Dividend Yield - Healthcare | 6.84% | 6.84% | 3.52% | 10.15% |
| Dividend Yield - Hospitality | 4.61% | 4.47% | 3.41% | 5.55% |
| Dividend Yield - Industrial | 6.14% | 6.12% | 5.16% | 7.18% |
| Dividend Yield - Logistics | 8.77% | 8.2% | 5.3% | 14% |
| Overall Dividend Yield | 7.64% | 6.53% | 2.36% | 17.27% |
* 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 | 17.27% | BHG Retail REIT | 2.36% |
| 2 | Prime US REIT | 16.38% | Frasers Hospitality Trust | 3.41% |
| 3 | EC World REIT | 14% | Parkway Life REIT | 3.52% |
| 4 | Keppel Pacific Oak US REIT | 12.47% | ARA US Hospitality Trusts | 4.35% |
| 5 | Lippo Malls Indonesia Retail Trust | 12% | CDL Hospitality Trusts | 4.47% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Parkway Life REIT | 1.75 | Dasin Retail Trust | 0.17 |
| 2 | Keppel DC REIT | 1.41 | Lippo Malls Indonesia Retail Trust | 0.44 |
| 3 | Mapletree Industrial Trust | 1.25 | Manulife US REIT | 0.48 |
| 4 | Mapletree Logistics Trust | 1.2 | ARA US Hospitality Trust | 0.51 |
| 5 | CapitaLand Ascendas REIT | 1.18 | Prime US REIT | 0.53 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 12.97 | Dasin Retail Trust | 0.16 |
| 2 | CapitaLand Ascendas REIT | 11.77 | Lippo Malls Indonesia Retail Trust | 0.23 |
| 3 | Mapletree Pan Asia Commercial Trust | 9.01 | BHG Retail REIT | 0.26 |
| 4 | Mapletree Logistics Trust | 8.18 | ARA US Hospitality Trust | 0.32 |
| 5 | Mapletree Industrial Trust | 6.48 | EC World REIT | 0.33 |
* SREITs in foreign currencies are converted to SGD for Market Cap
Lease Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Committed Occupancy | % | 95.2 | 96 | 80.2 | 100 |
| Income Received in SGD/Major Currencies | % | 76.5 | 99.9 | 0 | 100 |
| Highest Lease Maturity in 5 Years | % | 29.1 | 25.3 | 2 | 86.6 |
| Weighted Average Lease Expiry, WALE | year | 4.75 | 3.95 | 1 | 16.99 |
| Weighted Average Land Lease Expiry | year | 68.68 | 71.81 | 22.13 | 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%
- First REIT
- Lendlease Global Commercial REIT
- Parkway Life REIT
- EC World REIT
- Committed occupancy ≤ 90%
- Lippo Malls Indonesia Retail Trust
- Manulife US REIT
- IREIT Global
- Prime US 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
- Highest lease maturity within 5 years ≥ 45% in a single year (including those without breakdown)
- ARA Hospitality Trust
- CapitaLand Ascott 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 ≤ 2.75 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 | 4.6 | 3.7 | 0.8 | 18.3 |
| Cost of Debt | % | 3.24 | 3.2 | 0.99 | 7.26 |
| Fixed Debt over Total Debt | % | 72.1 | 76.7 | 14.4 | 100 |
| Unsecured Debt over Total Debt | % | 62 | 86.1 | 0 | 100 |
| Gearing Ratio | % | 37.6 | 37.9 | 27.6 | 48.8 |
| Preferred/Perpetual Securities over Debt | % | 5.2 | 0.1 | 0 | 31.7 |
| Highest Debt Expiry in 5 Years | % | 43.2 | 34.1 | 15.2 | 100 |
| Weighted Average Debt Maturity, WADM | year | 2.74 | 2.88 | 0.2 | 4 |
- Interest coverage ratio ≥ 7.5 times
- Daiwa House Logistics Trust
- Frasers Logistics & Commercial Trust
- IREIT Global
- Keppel DC REIT
- Parkway Life REIT
- Interest coverage ratio ≤ 2.25 times
- BHG Retail REIT
- Dasin Retail Trust
- Lendlease Global Commercial REIT
- Lippo Malls Indonesia Retail
- Suntec REIT
- Cost of debt ≤ 2%
- CapitaLand Ascott Trust
- Daiwa House Logistics Trust
- Frasers Logistics & Commercial Trust
- IREIT Global
- Parkway Life REIT
- Cost of debt ≥ 4.75%
- 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
- Fixed debt % ≤ 55%
- BHG Retail REIT
- Dasin Retail Trust
- EC World REIT
- Far East Hospitality Trust
- Lippo Malls Indonesia Retail Trust
- 10 SREITs are having unsecured debt of 0%; 10 SREITs are having unsecured debt of 100%.
- Gearing Ratio ≤ 32%
- Far East Hospitality Trust
- Frasers Logistics & Commercial Trust
- IREIT Global
- Paragon REIT
- Sasseur REIT
- Gearing Ratio ≥ 42%
- Elite Commercial Trust
- Lippo Malls Indonesia Retail Trust
- Manulife US REIT
- Prime US REIT
- Suntec REIT
- Preferred/perpetual securities over debts ≥ 12.5%
- AIMS APAC REIT
- ESR-LOGOS 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
- EC World REIT
- IREIT Global
- Sasseur REIT
- WADM ≥ 3.75 years
- CapitaLand Ascott Trust
- CapitaLand Integrated Commercial Trust
- Digital Core REIT
- United Hampshire US REIT
- WADM ≤1.75 years
- ARA US Hospitality Trust
- Dasin Retail Trust
- EC World REIT
- Sasseur REIT
Diversification Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Major Sector Contribution | % | 83.5 | 92.9 | 37.1 | 100 |
| Top Geographical Contribution | % | 54.3 | 54.3 | 8.1 | 100 |
| Top Property Contribution | % | 23 | 20.3 | 4.4 | 60.6 |
| Top 5 Properties Contribution | % | 60.5 | 59.2 | 15.5 | 100 |
| Top Tenant Contribution | % | 19.4 | 11.3 | 2.3 | 91 |
| Top 10 Tenants Contribution | % | 48.3 | 37.9 | 13.2 | 100 |
- Major sector contribution ≤ 52.5%
- AIMS APAC REIT
- CapitaLand Ascendas REIT
- 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) | % | 5.3 | 5.1 | 3.2 | 9.1 |
| Management Fees over Distribution | % | 16.9 | 15 | 6.3 | 43.3 |
| Distribution on Capital (Annualized) | % | 3.3 | 3.5 | 0.8 | 4.9 |
| Distribution Margin | % | 44.7 | 46.8 | 8.3 | 70.4 |
- Property yield (annualized) ≥ 7%
- CaptiaLand India Trust
- Elite Commercial Trust
- First REIT
- Keppel DC REIT
- Lippo Malls Indonesia Retail Trust
- Sasseur REIT
- Property yield (annualized) ≤ 3.5%
- 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
- 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) ≤ 2.25%
- BHG Retail REIT
- Dasin Retail Trust
- Frasers Hospitality Trust
- Lippo Malls Indonesia Retail Trust
- OUE Commercial Trust
- Distribution margin ≥ 60%
- 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
- BHG Retail REIT
- Dasin Retail Trust
- Lippo Malls Indonesia Retail Trust
Related Party Shareholding
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| REIT Sponsor's Shareholding | % | 27.313 | 25.958 | 0 | 60.935 |
| REIT Manager's Shareholding | % | 2.108 | 0.909 | 0 | 8.686 |
| Directors of REIT Manager's Shareholding | % | 5.411 | 0.104 | 0 | 57.268 |
- 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 ≥ 6.25%
- CapitaLand Ascott Trust
- CapitaLand China Trust
- CapitaLand India Trust
- CDL Hospitality Trusts
- 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%
- CapitaLand Ascendas REIT
- Digital Core REIT
- Lippo Malls Indonesia Retail Trust
- Starhill Global REIT
Income Support and Distribution from Divestment
| Name | Income Support % | Proceeds from Divestment % |
|---|---|---|
| CapitaLand Ascendas REIT | 1.1% | |
| CapitaLand China Trust | 0.2% | |
| Cromwell European REIT | 2.1% | |
| ESR-LOGOS REIT | 8.2% | |
| Far East Hospitality Trust | 8.5% | |
| Frasers Logistics & Commercial Trust | 1.2% | 2.9% |
| Keppel DC REIT | 0.2% | |
| Keppel REIT | 0.8% | 4.5% |
| Lippo Malls Indonesia Retail Trust | 28.6% | |
| Mapletree Industrial Trust | 2.1% | |
| Mapletree Logistics Trust | 0.8% | 1.3% |
| OUE Commercial REIT | 7.6% | 4.0% |
| Suntec REIT | 3.7% | 9% |
* Based on past 1 year distribution
Dividend Yield & P/NAV
Below is the list of REITs with 5 out of 6 being +1SD/+2SD Dividend Yield and -1SD/-2SD P/NAV over the past of 1 year, 3 years, or 5 years:
- CapitaLand India Trust
- CapitaLand Integrated Commercial Trust
- Dasin Retail Trust
- EC World REIT
- Elite Commercial Trust
- ESR-LOGOS REIT
- Keppel Pacific Oak US REIT
- Keppel REIT
- Manulife US REIT
- Prime US REIT
SREITs continue to trade below their NAV value, with a median Price/NAV of 0.81. Despite this undervaluation, SREITs offer a respectable median dividend yield of 6.53%. It's worth to note that the hospitality sector, while recovering, still has the lowest median dividend yield. As always, investors should conduct thorough research to evaluate each SREIT's fundamentals and sector before investing.
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 findings and should not be considered 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.
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