SREITs Fundamental Review @ 25 February 2024

Basic Overview

* Extracted from SREITs Data - Overview Tab

** CapitaLand India Trust is a Business Trust

Key Statistics

Items	Average	Median	Min	Max
Price/ NAV	0.76	0.75	0.17	1.57
Market Cap, S$ B	2.38	1.21	0.12	13.01
Dividend Yield - Retail	7%	7.71%	0.89%	10.76%
Dividend Yield - Office	8.93%	6.58%	0%	21.17%
Dividend Yield - Healthcare	6.7%	6.7%	4.04%	9.36%
Dividend Yield - Hospitality	7.09%	6.6%	5.2%	10.6%
Dividend Yield - Industrial	6.22%	5.93%	5.33%	7.67%
Dividend Yield - Logistics	6.38%	7.53%	2.24%	8.09%
Overall Dividend Yield	7.48%	6.6%	0%	21.17%

* 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	21.27%	Manulife US REIT	0%
2	Keppel Pacific Oak US REIT	19.53%	BHG Retail REIT	0.89%
3	Cromwell European REIT	11.76%	EC World REIT	2.24%
4	Elite Commercial REIT	11.37%	Parkway Life REIT	4.04%
5	United Hampshire US REIT	10.76%	Frasers Hospitality Trust	5.2%

	Highest P/NAV	Time	Lowest P/NAV	Time
1	Parkway Life REIT	1.57	Manulife US REIT	0.17
2	Keppel DC REIT	1.31	Keppel Pacific Oak US REIT	0.18
3	Mapletree Industrial Trust	1.26	Lippo Malls Indonesia Retail Trust	0.21
4	CapitaLand Ascendas REIT	1.24	Prime US REIT	0.21
5	Mapletree Logistics Trust	1.08	ARA US Hospitality Trust	0.4

	Largest Market Cap	S$, B	Smallest Market Cap	S$, B
1	CapitaLand Integrated Commercial Trust	13.01	Lippo Malls Indonesia Retail Trust	0.12
2	CapitaLand Ascendas REIT	12.26	Manulife US REIT	0.14
3	Mapletree Logistics Trust	7.52	Keppel Pacific Oak US REIT	0.18
4	Mapletree Pan Asia Commercial Trust	7.3	Prime US REIT	0.2
5	Mapletree Industrial Trust	6.6	EC World REIT	0.23

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

Lease Profile

Items	Unit	Average	Median	Min	Max
Committed Occupancy	%	94.3	95.7	76.8	100
Income Received in SGD/Major Currencies	%	78.4	100	0	100
Highest Lease Maturity in 4 Years	%	26.3	23.4	1.5	85.6
Weighted Average Lease Expiry, WALE	year	4.5	3.9	1	16.3
Weighted Average Land Lease Expiry	year	69.5	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
• Frasers Centrepoint Trust
• Parkway Life REIT
• Starhill Global REIT
• Committed occupancy ≤ 90%
• Lippo Malls Indonesia Retail Trust
• Manulife US REIT
• Prime US REIT
• Lendlease Global Commercial REIT
• 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 ≤ 10% in a single year
• Elite Commercial REIT
• Parkway Life REIT
• First REIT
• Far East Hospitality Trust
• Highest lease maturity within 4 years ≥ 50% in a single year (including those without breakdown) 
• ARA US Hospitality Trust
• EC World REIT
• 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
• Frasers Centrepoint Trust
• CapitaLand China 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
Adjusted Interest Coverage Ratio	time	3.6	3.1	1.7	11.4
Cost of Debt	%	3.93	3.89	0.99	8.76
Fixed Debt over Total Debt	%	74	76.8	32.6	100
Unsecured Debt over Total Debt	%	66.4	90.9	0	100
Gearing Ratio	%	38.1	38.4	25.4	56
Hybrid Securities over Debts + Hybrids	%	5.6	0.1	0	35
Highest Debt Expiry in 4 Years	%	39	33.5	14.2	100
Weighted Average Debt Maturity, WADM	year	2.7	2.8	1.1	3.9

• Adjusted Interest coverage ratio ≥ 5 times
• Parkway Life REIT
• Daiwa House Logistics Trust
• IREIT Global
• Frasers Logistics & Commercial Trust
• Adjusted Interest coverage ratio ≤ 2 times
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• Lendlease Global Commercial REIT
• Suntec REIT
• Cost of debt ≤ 2.5%
• Daiwa House Logistics Trust
• Parkway Life REIT
• IREIT Global
• CapitaLand Ascott Trust
• Mapletree Logistics Trust
• Cost of debt ≥ 5.5%
• Lippo Malls Indonesia Retail Trust
• CapitaLand India Trust
• EC World REIT
• BHG Retail REIT
• Sasseur REIT
• Fixed debt % ≥ 90%
• Daiwa House Logistics Trust
• IREIT Global
• Manulife US REIT
• Cromwell European REIT
• ParkwayLife REIT
• Fixed debt % ≤ 50%
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• Far East Hospitality Trust
• 9 SREITs have 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
• Far East Hospitality Trust
• AIMS APAC REIT
• Gearing Ratio ≥ 42.5%
• Manulife US REIT
• Elite Commercial REIT
• Prime US REIT
• Keppel Pacific Oak US REIT
• Lippo Malls Indonesia Retail Trust
• 16 SREITs have 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
• Highest debt maturity within 4 years ≤ 20% in a single year
• CapitaLand Ascendas REIT
• CapitaLand Integrated Commercial Trust
• CapitaLand Ascott Trust
• Mapletree Logistics Trust
• Highest debt maturity within 4 years ≥ 60% in a single year
• EC World REIT
• BHG Retail REIT
• Digital Core REIT
• Prime US REIT
• WADM ≥ 3.5 years
• CapitaLand Integrated Commercial Trust
• Far East Hospitality Trust
• CapitaLand Ascott
• Mapletree Logistics Trust
• First REIT
• CapitaLand China Trust
• WADM ≤1.5 years
• Elite Commercial REIT
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• EC World REIT
• Prime US REIT

Diversification Profile

Items	Unit	Average	Median	Min	Max
Major Sector Contribution	%	82.8	93.3	36.2	100
Top Geographical Contribution	%	52.6	53.6	7.7	100
Top Property Contribution	%	22.8	19.4	4.2	61
Top 5 Properties' Contribution	%	59.3	59.2	15.1	100
Top Tenant Contribution	%	18.2	9.7	2	92.5
Top 10 Tenants' Contribution	%	48.4	35.6	11.8	100

• Major sector contribution ≤ 50%
• Frasers Logistics & Commercial Trust
• CapitaLand Ascendas REIT
• AIMS APAC REIT
• Cromwell European REIT
• ESR-LOGOS REIT
• 14 SREITs have 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
• OUE REIT
• CapitaLand Integrated Commercial Trust
• 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 ≤ 3.25%
• Suntec REIT
• CapitaLand China Trust
• CapitaLand Integrated Commercial Trust
• Paragon REIT
• Sasseur REIT
• CapitaLand Ascendas REIT
• Top tenant contribution ≥ 37.5%
• Elite Commercial REIT
• ARA US Hospitality Trust
• Parkway Life REIT
• First REIT
• Top 10 tenants' contribution ≤ 17.5%
• CapitaLand China Trust
• CapitaLand Ascott Trust
• Sasseur REIT
• Suntec 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)	%	5.6	5.3	3.6	9.3
Manager Management Fees over Operating Distributable Income	%	14.8	15.7	-75.4	41.1
Operating Distributable Income on Capital (Annualized)	%	3	3	-0.8	5.1
Operating Distributable Income Margin	%	38.5	39.8	-6.7	62.6
Operating Distribution Proportion	%	75.1	94	-419.8	100

• Property yield (annualized) ≥ 7%
• Elite Commercial REIT
• First REIT
• Sasseur REIT
• Manulife US REIT
• Lippo Malls Indonesia Retail Trust
• Property yield (annualized) ≤ 4%
• Suntec REIT
• Keppel REIT
• BHG Retail REIT
• Far East Hospitality Trust
• Management fees over operating distributable income ≤ 10%
• Cromwell European REIT
• ARA Hospitality Trust
• Elite Commercial REIT
• IREIT Global
• Management fees over operating distributable income ≥ 25%
• Suntec REIT
• Keppel REIT
• Digital Core REIT
• Mapletree Logistics Trust
• Operating distributable income on capital (annualized) ≥ 4%
• Sasseur REIT
• Keppel DC REIT
• First REIT
• Manulife US REIT
• Parkway Life REIT
• Mapletree Industrial Trust
• Operating distributable income on capital (annualized) ≤ 2%
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• Suntec REIT
• Keppel REIT
• OUE REIT
• Lendlease Global Commercial REIT
• Operating distributable income margin ≥ 55%
• Parkway Life REIT
• Far East Hospitality Trust
• Sasseur REIT
• Keppel DC REIT
• Daiwa House Logistics Trust
• Operating distributable income margin ≤ 27.5%
• Lippo Malls Indonesia Retail Trust
• BHG Retail REIT
• ARA US Hospitality Trust
• CDL Hospitality Trusts
• CapitaLand China Trust
• 14 SREITs have an operating distribution proportion  of 100%
• Operating Distribution Proportion ≤ 75%
• Lippo Malls Indonesia Retail Trust
• Manulife US REIT
• Keppel REIT
• Suntec REIT

Related Party Shareholding

Items	Unit	Average	Median	Min	Max
REIT Sponsor's Shareholding	%	26.76	25.75	0	57.85
REIT Manager's Shareholding	%	2.28	0.95	0	9.49
Directors of REIT Manager's Shareholding	%	4.39	0.09	0	57.93

* Include deemed interest

• REIT sponsor's shareholding ≥ 47.5%
• Sasseur REIT
• Mapletree Pan Asia Commercial Trust
• Far East Hospitality Trust
• OUE 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 ≥ 6%
• 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 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
• CapitaLand Ascendas REIT
• OUE 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%
• Keppel REIT
• Lendlease Global Commercial REIT
• Digital Core REIT
• CDL Hospitality Trusts
• Income Support ≥ 50%
• Lippo Malls Indonesia Retail Trust
• Divestment Proceeds ≥ 5%
• ESR-LOGOS REIT
• Suntec REIT
• Far East Hospitality Trust
• Keppel REIT
• Mapletree Logistics Trust
• 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
• ESR-LOGOS REIT
• Paragon 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. CapitaLand Ascott Trust
2. CapitaLand China Trust
3. CDL Hospitality Trusts
4. Frasers Logistics & Commercial Trust
5. Keppel DC REIT
6. Keppel Pacific Oak US REIT
7. Mapletree Logistics Trust
8. Mapletree Pan Asia Commercial Trust
9. Starhill Global REIT

* MCFK counters are bolded

As of now, most REITs have released their results, with many reporting a decline in year-over-year DPU. This is mainly attributed to higher finance costs and property operating costs. Currently, the median Price/NAV ratio stands at 0.75, with 5 REITs trading above a Price/NAV ratio of 1. The median dividend yield is 6.6%, with 6 REITs offering a dividend yield of more than 10%. While REITs with higher yields may seem attractive, it's important to note that 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.