SREITs Fundamental Review @ 26 November 2023

Basic Overview

* Extracted from SREITs Data - Overview Tab

** CapitaLand India Trust is Business Trust

Key Statistics

Items	Average	Median	Min	Max
Price/ NAV	0.76	0.74	0.23	1.56
Market Cap, S$ B	2.39	1.3	0.15	11.52
Dividend Yield - Retail	7.16%	7.13%	1.55%	13.08%
Dividend Yield - Office	11.26%	8.36%	5.53%	28.17%
Dividend Yield - Healthcare	7.3%	7.3%	4.11%	10.5%
Dividend Yield - Hospitality	6.8%	6%	4.84%	10.79%
Dividend Yield - Industrial	6.38%	6.06%	5.33%	8.08%
Dividend Yield - Logistics	6.84%	7.67%	2.24%	9.41%
Overall Dividend Yield	8.37%	6.67%	1.55%	28.17%

* 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	28.17%	BHG Retail REIT	1.55%
2	Manulife US REIT	21.84%	EC World REIT	2.24%
3	Keppel Pacific Oak US REIT	18.04%	Parkway Life REIT	4.11%
4	United Hampshire US REIT	13.08%	Frasers Hospitality Trust	4.84%
5	Cromwell European REIT	12.21%	Keppel DC REIT	5.33%

	Highest P/NAV	Time	Lowest P/NAV	Time
1	Parkway Life REIT	1.56	Manulife US REIT	0.23
2	Keppel DC REIT	1.4	Prime US REIT	0.24
3	Mapletree Industrial Trust	1.23	Lippo Malls Indonesia Retail Trust	0.26
4	CapitaLand Ascendas REIT	1.22	Keppel Pacific Oak US REIT	0.35
5	Mapletree Logistics Trust	1.12	ARA US Hospitality Trust	0.38

	Largest Market Cap	S$, B	Smallest Market Cap	S$, B
1	CapitaLand Integrated Commercial Trust	12.52	Lippo Malls Indonesia Retail Trust	0.15
2	CapitaLand Ascendas REIT	12.43	ARA US Hospitality Trust	0.22
3	Mapletree Logistics Trust	7.89	EC World REIT	0.23
4	Mapletree Pan Asia Commercial Trust	7.24	Manulife US REIT	0.24
5	Mapletree Industrial Trust	6.57	BHG Retail Trust	0.25

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

Lease Profile

Items	Unit	Average	Median	Min	Max
Committed Occupancy	%	94.9	96.2	76.8	100
Income Received in SGD/Major Currencies	%	78.3	100	0	100
Highest Lease Maturity in 5 Years	%	32	24.9	1.8	94.8
Weighted Average Lease Expiry, WALE	year	4.6	3.9	1	16.5
Weighted Average Land Lease Expiry	year	69.5	70.7	21.6	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 ≥ 98.5%
• Daiwa House Logistics Trust
• First REIT
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Frasers Centrepoint Trust
• Committed occupancy ≤ 90.5%
• Lippo Malls Indonesia Retail Trust
• Manulife US REIT
• Prime US REIT
• ESR-LOGOS REIT
• IREIT Global
• 20 SREITs have 100% of income received in SGD/major currencies
• Income received in SGD/major currencies = 0%
• BHG Retail REIT
• CapitaLand China Trust
• CapitaLand India Trust
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• Sasseur REIT
• Highest lease maturity within 5 years ≤ 15% in a single year
• Parkway Life REIT
• Far East Hospitality Trust
• First REIT
• Frasers Hospitality Trust
• Manulife US REIT
• United Hampshire US REIT
• Highest lease maturity within 5 years ≥ 55% in a single year (including those without breakdown) 
• Elite Commercial REIT
• ARA US Hospitality Trust
• EC World REIT
• CapitaLand Ascott Trust
• Sasseur REIT
• CDL Hospitality Trusts
• WALE ≥ 7 years
• Parkway Life REIT
• First REIT
• Frasers Hospitality Trust
• Far East Hospitality Trust
• United Hampshire US REIT
• WALE ≤ 2 years
• EC World REIT
• ARA US Hospitality Trust
• Sasseur REIT
• CapitaLand China Trust
• Frasers Centrepoint Trust
• 100% freehold or properties ≥ 99 years remaining land lease
• Digital Core REIT
• IREIT Global
• Keppel Pacific Oak US REIT
• Manulife US REIT
• Prime US REIT
• Weighted average land lease expiry ≤ 32.5 years
• BHG Retail REIT
• CapitaLand China Trust
• Lippo Malls Indonesia Retail Trust
• Sasseur REIT
• Sabana Industrial REIT

Debt Profile

Items	Unit	Average	Median	Min	Max
Interest Coverage Ratio	time	3.7	3.2	1.7	12.8
Cost of Debt	%	3.89	3.81	0.99	8.76
Fixed Debt over Total Debt	%	72.1	76	32.6	100
Unsecured Debt over Total Debt	%	64.9	90.8	0	100
Gearing Ratio	%	38.1	38.4	25.4	56
Hybrid Securities over Debts + Hybrids	%	5.9	0.1	0	35.3
Highest Debt Expiry in 5 Years	%	40.9	34.5	15	100
Weighted Average Debt Maturity, WADM	year	2.7	2.8	1.1	4.1

• Interest coverage ratio ≥ 5 times
• Parkway Life REIT
• Daiwa House Logistics Trust
• Frasers Logistics & Commercial Trust
• IREIT Global
• Keppel DC REIT
• Interest coverage ratio ≤ 2.25 times
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• Lendlease Global Commercial REIT
• Suntec REIT
• AIMS APAC REIT
• Cost of debt ≤ 2.5%
• Daiwa House Logistics Trust
• Parkway Life REIT
• IREIT Global
• CapitaLand Ascott Trust
• Frasers Logistics & Commercial Trust
• Mapletree Logistics Trust
• Cost of debt ≥ 5.5%
• Lippo Malls Indonesia Retail Trust
• CapitaLand India Trust
• EC World REIT
• Sasseur REIT
• BHG Retail REIT
• Fixed debt % ≥ 85%
• Daiwa House Logistics Trust
• IREIT Global
• Cromwell European REIT, EUR
• AIMS APAC REIT
• First REIT
• Paragon REIT
• Fixed debt % ≤ 50%
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• Far East Hospitality Trust
• BHG Retail REIT
• 10 SREITs are having unsecured debt of 100%;
• Unsecured debt = 0%
• Daiwa House Logistics Trust
• EC World REIT
• Elite Commercial REIT
• IREIT Global
• Paragon REIT
• Prime US REIT
• United Hampshire US REIT
• Gearing Ratio ≤ 32.5%
• Sasseur REIT
• Frasers Logistics & Commercial Trust
• Paragon REIT
• Far East Hospitality Trust
• Gearing Ratio ≥ 42.5%
• Manulife US REIT
• Elite Commercial REIT
• Prime US REIT
• Suntec REIT
• 16 SREITs are having Hybrid Securities over Debts + Hybrids of 0%
• Hybrid Securities over Debts + Hybrids ≥ 12.5%
• AIMS APAC REIT
• Lippo Malls Indonesia Retail Trust
• Lendlease Global Commercial REIT
• Paragon REIT
• ESR-LOGOS REIT
• CapitaLand Ascott Trust
• Highest debt maturity within 5 years ≤ 21.5% in a single year
• CapitaLand Integrated Commercial Trust
• CapitaLand Ascendas REIT
• Mapletree Logistics Trust
• Far East Hospitality Trust
• Mapletree Pan Asia Commercial Trust
• Highest debt maturity within 5 years ≥ 60% in a single year
• EC World REIT
• BHG Retail REIT
• IREIT Global
• Digital Core REIT
• Prime US REIT
• WADM ≥ 3.5 years
• CapitaLand Integrated Commercial Trust
• First REIT
• Mapletree Logistics Trust
• CapitaLand Ascott
• Keppel DC REIT
• CapitaLand China Trust
• WADM ≤1.5 years
• Lippo Malls Indonesia Retail Trust
• EC World REIT
• Elite Commercial REIT
• BHG Retail REIT

Diversification Profile

Items	Unit	Average	Median	Min	Max
Major Sector Contribution	%	82.9	93.3	36.2	100
Top Geographical Contribution	%	52.8	54.2	7.7	100
Top Property Contribution	%	22.8	19.4	4.3	61
Top 5 Properties' Contribution	%	59.3	59.2	15.1	100
Top Tenant Contribution	%	18.1	9.7	2	92.1
Top 10 Tenants' Contribution	%	48.4	35.6	13	100

• Major sector contribution ≤ 50%
• Frasers Logistics & Commercial Trust
• AIMS APAC REIT
• CapitaLand Ascendas REIT
• Cromwell European REIT
• 14 SREITs are having a major sector contribution of 100%
• Top geographical contribution ≤ 20%
• Cromwell European REIT
• Elite Commercial REIT
• CapitaLand Ascott Trust
• ARA US Hospitality Trust
• Top geographical contribution ≥ 90%
• Far East Hospitality Trust
• Sabana Industrial REIT
• Frasers Centrepoint Trust
• EC World REIT
• CapitaLand Integrated Commercial Trust
• OUE Commercial REIT
• Top property contribution ≤ 7%
• CapitaLand Ascendas REIT
• Mapletree Industrial Trust
• Elite Commercial REIT
• ARA US Hospitality Trust
• Top property contribution ≥ 40%
• Lendlease Global Commercial REIT
• Paragon REIT
• Suntec REIT
• BHG Retail REIT
• Sasseur REIT
• Top 5 properties' contribution ≤ 25%
• CapitaLand Ascendas REIT
• Elite Commercial REIT
• Mapletree Logistics Trust
• Mapletree Industrial Trust
• ARA US Hospitality Trust
• Top 5 properties' contribution ≥ 90%
• Lendlease Global Commercial REIT
• Paragon REIT
• Sasseur REIT
• BHG Retail REIT
• Starhill Global REIT
• EC World REIT
• Top tenant contribution ≤ 3.5%
• Suntec REIT
• CapitaLand China Trust
• Paragon REIT
• Sasseur REIT
• CapitaLand Ascendas REIT
• Keppel Pacific Oak US REIT
• Top tenant contribution ≥ 37.5%
• Elite Commercial REIT
• ARA US Hospitality Trust
• Parkway Life REIT
• First REIT
• Digital Core REIT
• Top 10 tenants' contribution ≤ 17.5%
• CapitaLand Ascott Trust
• CapitaLand China Trust
• Suntec REIT
• Sasseur REIT
• CapitaLand Ascendas REIT
• Top 10 tenants' contribution ≥ 95%
• ARA US Hospitality Trust
• Elite Commercial REIT
• First REIT
• Digital Core REIT
• EC World REIT

Key Financial Metrics

Items	Unit	Average	Median	Min	Max
Property Yield (Annualized)	%	5.5	5.2	3.5	9.5
Manager Management Fees over Operating Distributable Income	%	14.6	15.3	-75.4	39.8
Operating Distributable Income on Capital (Annualized)	%	3	3.1	-0.8	4.9
Operating Distributable Income Margin	%	39.8	41.6	-6.7	64.1
Operating Distribution Proportion	%	76.5	91.1	-419.8	100

• Property yield (annualized) ≥ 7%
• First REIT
• Elite Commercial REIT
• Sasseur REIT
• Lippo Malls Indonesia Retail Trust
• CapitaLand India Trust
• Keppel DC REIT
• Property yield (annualized) ≤ 4%
• Keppel REIT
• Suntec REIT
• BHG Retail REIT
• OUE Commercial REIT
• Far East Hospitality Trust
• Management fees over operating distributable income ≤ 11%
• Cromwell European REIT
• IREIT Global
• Elite Commercial REIT
• Daiwa House Logistics Trust
• Management fees over operating distributable income ≥ 22.5%
• Suntec REIT
• Keppel REIT
• Digital Core REIT
• AIMS APAC REIT
• Mapletree Logistics Trust
• Operating distributable income on capital (annualized) ≥ 4.1%
• Sasseur REIT
• Keppel DC REIT
• First REIT
• Mapletree Industrial Trust
• Parkway Life REIT
• Operating distributable income on capital (annualized) ≤ 2%
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• Suntec REIT
• Keppel REIT
• OUE Commercial REIT
• Operating distributable income margin ≥ 60%
• Far East Hospitality Trust
• Keppel DC REIT
• Parkway Life REIT
• Sasseur REIT
• Operating distributable income margin ≤ 27.5%
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• ARA US Hospitality Trust
• CapitaLand Ascott Trust
• CapitaLand China Trust
• Operating Distribution Proportion = 100%
• BHG Retail REIT
• EC World REIT
• Elite Commercial Trust
• Frasers Hospitality Trust
• IREIT Global
• Keppel Pacific Oak US REIT
• Parkway Life REIT
• Operating Distribution Proportion ≤ 75%
• Lippo Malls Indonesia Retail Trust
• Keppel REIT
• Manulife US REIT, USD
• Suntec REIT

Related Party Shareholding

Items	Unit	Average	Median	Min	Max
REIT Sponsor's Shareholding	%	26.84	25.86	0	56.86
REIT Manager's Shareholding	%	2.24	0.93	0	9.29
Directors of REIT Manager's Shareholding	%	4.38	0.09	0	57.83

* Include deemed interest

• REIT sponsor's shareholding ≥ 47.5%
• Sasseur REIT
• Mapletree Pan Asia Commercial Trust
• Far East Hospitality Trust
• OUE Commercial REIT
• REIT sponsor's shareholding ≤ 8%
• Suntec REIT
• Prime US REIT
• BHG Retail REIT
• Elite Commercial REIT
• United Hampshire US REIT
• AIMS APAC REIT
• REIT manager's shareholding ≥ 5%
• First REIT
• CDL Hospitality Trusts
• CapitaLand Ascott Trust
• CapitaLand China Trust
• Far East Hospitality Trust
• CapitaLand India Trust
• REIT manager's shareholding ≤ 0.2%
• OUE Commercial REIT
• Sabana Industrial REIT
• Suntec REIT
• CapitaLand Ascendas REIT
• Daiwa House Logistics Trust
• Mapletree Logistics Trust
• Directors of REIT manager's shareholding ≥ 10%
• Sasseur REIT
• EC World REIT
• Frasers Hospitality Trust
• Elite Commercial REIT
• AIMS APAC REIT
• Directors of REIT manager's shareholding ≤ 0.015%
• Lippo Malls Indonesia Retail Trust
• Starhill Global REIT
• Mapletree Logistics Trust
• Keppel DC REIT
• CapitaLand Ascendas REIT
• OUE Commercial REIT

Trailing 12 Months Distribution Breakdown

* Extracted from SREITs Data - Div Breakdown Tab

Below is the list of notable components in the TTM distribution breakdown:

• Management Fees Paid in Units ≥ 15%
• Manulife US REIT
• Keppel REIT
• Lendlease Global Commercial REIT
• Digital Core REIT
• AIMS APAC REIT
• Income Support ≥ 50%
• Lippo Malls Indonesia Retail Trust
• Divestment Proceeds ≥ 5%
• ESR-LOGOS REIT
• Suntec REIT
• Far East Hospitality Trust
• Keppel REIT
• Frasers Logistics & Commercial Trust
• Release of Retention/Capital ≥ 100%
• Lippo Malls Indonesia Retail Trust
• Distribution to Perpetual Securities Holders ≥ 7.5%
• Lippo Malls Indonesia Retail Trust
• AIMS APAC REIT
• Lendlease Global Commercial REIT
• Paragon REIT
• ESR-LOGOS REIT

Dividend Yield & P/NAV

* Extracted from SREITs Data - Relative Tab

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

1. ARA US Hospitality Trust
2. CapitaLand Ascott Trust
3. CapitaLand China Trust
4. CDL Hospitality Trusts
5. Cromwell European REIT
6. Mapletree Pan Asia Commercial Trust
7. OUE Commercial Trust
8. Parkway Life REIT
9. Suntec REIT
10. United Hampshire US REIT

* MCFK counters are bolded

This month, Singapore REITs rallied following the Federal Reserve's decision to maintain unchanged rates at the beginning of the month and softer CPI data was released mid-month. Notably, share prices of ARA Hospitality Trust, Digital Core REIT, Elite Commercial REIT, Keppel Pacific Oak US REIT, Prime US REIT, and Manulife US REIT increase by more than 20% within the month.

Presently, the median Price/NAV ratio has increased to 0.74, with 6 SREITs trading above a Price/NAV ratio of 1. Meanwhile, the median dividend yield remains appealing at 6.67%, with 8 SREITs offering yields surpassing 10%. While a yield of 10% or more might appear attractive, this shouldn't be the sole factor when selecting a REIT. Always conduct your own due diligence before making any investment decisions.

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.