Basic Overview
* Extracted from SREITs Data - Overview Tab
** CapitaLand India Trust is a Business Trust
Key Statistics
| Items | Average | Median | Min | Max |
|---|---|---|---|---|
| Price/ NAV | 0.79 | 0.78 | 0.18 | 1.55 |
| Market Cap, S$ B | 2.51 | 1.35 | 0.12 | 13.32 |
| Dividend Yield - Retail | 6.97% | 7.29% | 1.52% | 11.41% |
| Dividend Yield - Office | 10.73% | 7.33% | 5.27% | 27.79% |
| Dividend Yield - Healthcare | 6.82% | 6.82% | 4.13% | 9.51% |
| Dividend Yield - Hospitality | 6.61% | 5.86% | 5.04% | 10.26% |
| Dividend Yield - Industrial | 6.16% | 5.67% | 5.44% | 7.87% |
| Dividend Yield - Logistics | 6.56% | 7.61% | 2.24% | 9.57% |
| Overall Dividend Yield | 8.03% | 6.43% | 1.52% | 27.79% |
* 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 | 27.79% | BHG Retail REIT | 1.52% |
| 2 | Prime US REIT | 21.69% | EC World REIT | 2.24% |
| 3 | Keppel Pacific Oak US REIT | 14.9% | Parkway Life REIT | 4.13% |
| 4 | Elite Commercial REIT | 12.03% | Frasers Hospitality Trust | 5.04% |
| 5 | United Hampshire US REIT | 11.41% | CapitaLand Ascendas REIT | 5.27% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Parkway Life REIT | 1.56 | Manulife US REIT | 0.18 |
| 2 | Keppel DC REIT | 1.37 | Lippo Malls Indonesia Retail Trust | 0.19 |
| 3 | Mapletree Industrial Trust | 1.31 | Prime US REIT | 0.31 |
| 4 | CapitaLand Ascendas REIT | 1.28 | ARA US Hospitality Trust | 0.4 |
| 5 | Mapletree Logistics Trust | 1.19 | EC World REIT | 0.4 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 13.32 | Lippo Malls Indonesia Retail Trust | 0.12 |
| 2 | CapitaLand Ascendas REIT | 13.04 | Manulife US REIT | 0.19 |
| 3 | Mapletree Logistics Trust | 8.38 | EC World REIT | 0.23 |
| 4 | Mapletree Pan Asia Commercial Trust | 7.92 | ARA US Hospitality Trust | 0.23 |
| 5 | Mapletree Industrial Trust | 6.97 | Elite Commercial REIT | 0.24 |
* 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 4 Years | % | 26.5 | 23.4 | 1.8 | 85.6 |
| Weighted Average Lease Expiry, WALE | year | 4.6 | 3.9 | 1 | 16.5 |
| Weighted Average Land Lease Expiry | year | 69.7 | 73.7 | 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 4 years ≤ 12.5% in a single year
- Parkway Life REIT
- Elite Commercial REIT
- Far East Hospitality Trust
- First REIT
- Frasers Hospitality Trust
- Highest lease maturity within 4 years ≥ 40% in a single year (including those without breakdown)
- ARA US Hospitality Trust
- EC World REIT
- Sasseur REIT
- CDL Hospitality Trusts
- Digital Core REIT
- 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 | % | 5.6 | 0.1 | 0 | 35.3 |
| Highest Debt Expiry in 4 Years | % | 40 | 33.9 | 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
- 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
- Paragon REIT
- Frasers Logistics & Commercial Trust
- AIMS APAC REIT
- Far East Hospitality Trust
- Gearing Ratio ≥ 42.5%
- Manulife US REIT
- Elite Commercial REIT
- Prime US REIT
- Lippo Malls Indonesia Retail Trust
- 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 4 years ≤ 20% in a single year
- CapitaLand Integrated Commercial Trust
- CapitaLand Ascott Trust
- CapitaLand Ascendas REIT
- Mapletree Logistics Trust
- Highest debt maturity within 4 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 | % | 83 | 93.3 | 36.2 | 100 |
| Top Geographical Contribution | % | 52.8 | 54.2 | 7.7 | 100 |
| Top Property Contribution | % | 22.9 | 19.4 | 4.3 | 61 |
| Top 5 Properties' Contribution | % | 59.3 | 59.2 | 15.1 | 100 |
| Top Tenant Contribution | % | 18.4 | 9.7 | 2 | 92.1 |
| Top 10 Tenants' Contribution | % | 48.6 | 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 ≥ 97.5%
- 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
- 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 |
- 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 ≤ 0.1%
- OUE Commercial REIT
- Sabana Industrial REIT
- Suntec REIT
- CapitaLand Ascendas REIT
- 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
Below is the list of REITs with 4 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:
- ARA US Hospitality Trust
- Cromwell European REIT
- Elite Commercial REIT
- ESR-LOGOS REIT
- Keppel DC REIT
- Manulife US REIT
- Mapletree Pan Asia Commercial Trust
- Parkway Life REIT
* MCFK counters are bolded
This month, Singapore REITs rallied following the Federal Reserve's decision to maintain unchanged rates and signaled 3 rate cuts in the coming 2024. The median Price/NAV ratio has increased to 0.78, with 6 SREITs trading above a Price/NAV ratio of 1. Meanwhile, the median dividend yield is at 6.43%, with 7 SREITs offering more than 10% dividend yield. However, do not solely look at yield and always do 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.
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