SREITs Fundamental Review @ 29 September 2024

Overview

* CapitaLand India Trust is a Business Trust

Key Statistics

* SREITs in foreign currencies are converted to SGD for Market Cap 
** Dividend yields are based on REIT Major Sector

Related Parties' Shareholdings

* Shareholding data is based on the most recent quarter-end at the time of the latest results

Lease Profile

* Freehold or land lease tenure with more than 99 years is considered as 99 years in the Weighted Average Land Lease Expiry calculation.

Debt Profile

Diversification Profile

Key Financial Metrics

Distribution Components

Dividend Yield & P/NAV

Below is the list of REITs with 2 out of 6 (or 1 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. CDL Hospitality Trusts
3. IREIT Global
4. Mapletree Logistics Trust
5. Paragon REIT

* MCFK counters are bolded

In September, S-REITs rallied amid an interest rate cut, with the median Price/NAV ratio rising to 0.82 from 0.75, and 10 REITs trading above a ratio of 1 now. The median dividend yield compressed to 5.97% from 6.60%, with just 1 REIT offering a yield of over 10%. 4 REITs remain halted in distributions and 1 distributes only 10% of distributable income. 

The long-awaited rate cut began this month with an initial 50 bps reduction. CME FedWatch now shows a probability of over 50% for another 50 bps cut in the coming Nov meeting. While it's encouraging to see S-REIT prices recover slightly, they remain far below the 2021 and pre-COVID peaks. In addition, immediate interest cost reduction for S-REITs may also be limited unless cuts occur quickly.

As results season approaches, check out the S-REITs Results Date for upcoming release dates. Notably, 10 S-REITs are in their dividend payout period, however, 1 has halted distribution.

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.