Basic Overview
* Extracted from SREITs Data - Overview Tab
** CapitaLand India Trust is Business Trust
Key Statistics
| Items | Average | Median | Min | Max |
|---|---|---|---|---|
| Price/ NAV | 0.79 | 0.78 | 0.2 | 1.67 |
| Market Cap, S$ B | 2.58 | 1.32 | 0.14 | 13.63 |
| Dividend Yield - Retail | 7.6% | 7.04% | 2.49% | 14.07% |
| Dividend Yield - Office | 12.93% | 7.06% | 5.54% | 42.79% |
| Dividend Yield - Healthcare | 6.79% | 6.79% | 3.77% | 9.81% |
| Dividend Yield - Hospitality | 6.01% | 5.55% | 4.58% | 8.98% |
| Dividend Yield - Industrial | 6.39% | 6.71% | 4.54% | 7.6% |
| Dividend Yield - Logistics | 9.11% | 8.46% | 5.21% | 15.27% |
| Overall Dividend Yield | 9.2% | 7.06% | 2.49% | 42.79% |
* 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 | 42.79% | BHG Retail REIT | 2.49% |
| 2 | Prime US REIT | 31.37% | Parkway Life REIT | 3.77% |
| 3 | Elite CommercialREIT | 15.68% | Keppel DC REIT | 4.54% |
| 4 | Keppel Pacific Oak US REIT | 15.53% | Frasers Hospitality Trusts | 4.58% |
| 5 | EC World REIT | 15.27% | CapitaLand Integrated Commercial Trust | 5.16% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Parkway Life REIT | 1.67 | Manulife US REIT | 0.2 |
| 2 | Keppel DC REIT | 1.62 | Lippo Malls Indonesia Retail Trust | 0.24 |
| 3 | Mapletree Industrial Trust | 1.23 | Prime US REIT | 0.25 |
| 4 | Mapletree Logistics Trust | 1.22 | EC World REIT | 0.39 |
| 5 | CapitaLand Ascendas REIT | 1.2 | Keppel Pacific Oak US REIT | 0.42 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 13.63 | Lippo Malls Indonesia Retail Trust | 0.14 |
| 2 | CapitaLand Ascendas REIT | 12.5 | Elite Commercial REIT | 0.23 |
| 3 | Mapletree Pan Asia Commercial Trust | 8.8 | EC World REIT | 0.24 |
| 4 | Mapletree Logistics Trust | 8.55 | BHG Retail REIT | 0.24 |
| 5 | Mapletree Industrial Trust | 6.43 | ARA US Hospitality Trust | 0.26 |
* SREITs in foreign currencies are converted to SGD for Market Cap
Lease Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Committed Occupancy | % | 95.1 | 96.2 | 80.4 | 100 |
| Income Received in SGD/Major Currencies | % | 78.4 | 100 | 0 | 100 |
| Highest Lease Maturity in 5 Years | % | 28.9 | 22.5 | 1.8 | 85.6 |
| Weighted Average Lease Expiry, WALE | year | 4.7 | 3.9 | 0.9 | 16.7 |
| Weighted Average Land Lease Expiry | year | 69.8 | 70.9 | 22.1 | 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%
- First REIT
- Lendlease Global Commercial REIT
- Parkway Life REIT
- Daiwa House Logistics Trust
- Frasers Centrepoint Trust
- Keppel DC 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
- EC World REIT
- Lippo Malls Indonesia Retail Trust
- Sasseur REIT
- Highest lease maturity within 5 years ≤ 12.5% in a single year
- Parkway Life REIT
- Far East Hospitality Trust
- First REIT
- Elite Commercial REIT
- Highest lease maturity within 5 years ≥ 50% in a single year (including those without breakdown)
- ARA US Hospitality Trust
- EC World REIT
- Sasseur REIT
- CapitaLand Ascott Trust
- CDL Hospitality Trusts
- CapitaLand India Trust
- WALE ≥ 7 years
- Parkway Life REIT
- First REIT
- Frasers Hospitality Trust
- Far East Hospitality Trust
- United Hampshire US REIT
- WALE ≤ 2 years
- Sasseur REIT
- EC World REIT
- CapitaLand China Trust
- Frasers Centrepoint Trust
- ARA US Hospitality 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 ≤ 35 years
- BHG Retail REIT
- CapitaLand China Trust
- Lippo Malls Indonesia Retail Trust
- Sasseur REIT
- Sabana Industrial REIT
- EC World REIT
Debt Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Interest Coverage Ratio | time | 4 | 3.4 | 1.7 | 13.8 |
| Cost of Debt | % | 3.67 | 3.67 | 0.99 | 7.72 |
| Fixed Debt over Total Debt | % | 72.4 | 76.2 | 34 | 100 |
| Unsecured Debt over Total Debt | % | 64.4 | 90.4 | 0 | 100 |
| Gearing Ratio | % | 37.9 | 38.6 | 25.7 | 49.5 |
| Hybrid Securities over Debts + Hybrids | % | 5.5 | 0.1 | 0 | 33.7 |
| Highest Debt Expiry in 5 Years | % | 40.5 | 34.8 | 15.4 | 100 |
| Weighted Average Debt Maturity, WADM | year | 2.8 | 2.9 | 0.2 | 4.2 |
- Interest coverage ratio ≥ 6 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
- Lendlease Global Commercial REIT
- BHG Retail REIT
- Suntec REIT
- AIMS APAC REIT
- Cost of debt ≤ 2.5%
- Daiwa House Logistics Trust
- Parkway Life REIT
- Frasers Logistics & Commercial Trust
- IREIT Global
- CapitaLand Ascott Trust
- Mapletree Logistics Trust
- Cost of debt ≥ 5%
- Lippo Malls Indonesia Retail Trust
- CapitaLand India Trust
- Sasseur REIT
- EC World REIT
- BHG Retail REIT
- Fixed debt % ≥ 82.5%
- Daiwa House Logistics Trust
- IREIT Global
- AIMS APAC REIT
- Cromwell European REIT
- Paragon REIT
- Starhill Global REIT
- Fixed debt % ≤ 50%
- EC World REIT
- Lippo Malls Indonesia Retail Trust
- BHG Retail REIT
- Far East Hospitality Trust
- CDL Hospitality Trusts
- 9 SREITs are having unsecured debt of 0%; 11 SREITs are having unsecured debt of 100%.
- Gearing Ratio ≤ 32.5%
- Sasseur REIT
- Frasers Logistics & Commercial Trust
- Paragon REIT
- Far East Hospitality Trust
- IREIT Global
- Sabana Industrial REIT
- Gearing Ratio ≥ 42.5%
- Manulife US REIT
- Elite Commercial REIT
- Prime US REIT
- Lippo Malls Indonesia Retail Trust
- Suntec REIT
- United Hampshire US REIT
- Hybrid Securities over Debts + Hybrids ≥ 12.5%
- AIMS APAC REIT
- Lippo Malls Indonesia Retail Trust
- Lendlease Global Commercial REIT
- Paragon REIT
- ESR-LOGOS REIT
- 16 SREITs are having Hybrid Securities over Debts + Hybrids of 0%
- Highest debt maturity within 5 years ≤ 22% in a single year
- CapitaLand Ascendas REIT
- CapitaLand Integrated Commercial Trust
- Mapletree Logistics Trust
- Far East Hospitality Trust
- Keppel REIT
- Mapletree Pan Asia Commercial Trust
- Highest debt maturity within 5 years ≥ 60% in a single year
- EC World REIT
- BHG Retail REIT
- IREIT Global
- ARA US Hospitality Trust
- Digital Core REIT
- WADM ≥ 3.75 years
- CapitaLand Integrated Commercial Trust
- Keppel DC REIT
- CapitaLand China Trust
- Mapletree Logistics Trust
- WADM ≤1.75 years
- EC World REIT
- ARA US Hospitality Trust
- Lippo Malls Indonesia Retail Trust
- Elite Commercial REIT
- Prime US REIT
Diversification Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Major Sector Contribution | % | 82.7 | 93.3 | 36.7 | 100 |
| Top Geographical Contribution | % | 52.7 | 54 | 7.7 | 100 |
| Top Property Contribution | % | 22.8 | 19.5 | 4.4 | 60.4 |
| Top 5 Properties' Contribution | % | 59.3 | 59.2 | 15.5 | 100 |
| Top Tenant Contribution | % | 18.3 | 10.5 | 2.1 | 91.5 |
| Top 10 Tenants' Contribution | % | 48.6 | 35.6 | 13 | 100 |
- Major sector contribution ≤ 50%
- Frasers Logistics & Commercial Trust
- AIMS APAC REIT
- CapitaLand Ascendas REIT
- Mapletree Pan Asia Commercial Trust
- 14 SREoITs are having a major sector contribution of 100%
- Top geographical contribution ≤ 22.5%
- Cromwell European REIT
- Elite Commercial REIT
- CapitaLand Ascott Trust
- ARA US Hospitality Trust
- Frasers Logistics & Commercial Trust
- IREIT Global
- Top geographical contribution of 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
- BHG Retail REIT
- Suntec 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 ≥ 87.5%
- 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
- 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
- Sasseur REIT
- Suntec 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) | % | 5.4 | 5.2 | 3.4 | 9.3 |
| Manager Management Fees over Operating Distributable Income | % | 12.6 | 15.8 | -150.2 | 38.3 |
| Operating Distributable Income on Capital (Annualized) | % | 3.1 | 3.2 | -0.4 | 5 |
| Operating Distributable Income Margin | % | 41.8 | 43.9 | -3.4 | 64.3 |
| Operating Distribution Proportion | % | 86.6 | 90.6 | -39.6 | 100 |
- Property yield (annualized) ≥ 7.25%
- First REIT
- CapitaLand India Trust
- Lippo Malls Indonesia Retail Trust
- Elite Commercial REIT
- Sasseur REIT
- Property yield (annualized) ≤ 4%
- Lendlease Global Commercial REIT
- Suntec REIT
- Keppel REIT
- Far East Hospitality Trust
- OUE Commercial REIT
- BHG Retail REIT
- Management fees over operating distributable income ≤ 10.5%
- IREIT Global
- Elite Commercial REIT
- Daiwa House Logistics Trust
- Cromwell European REIT
- Management fees over operating distributable income ≥ 25%
- Suntec REIT
- Keppel REIT
- ARA Hospitality US Trust
- AIMS APAC REIT
- Digital Core REIT
- Operating distributable income on capital (annualized) ≥ 4.25%
- Sasseur REIT
- Keppel DC REIT
- Elite Commercial 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%
- Sasseur REIT
- Keppel DC REIT
- Parkway Life REIT
- Far East Hospitality Trust
- 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 ≤ 77.5%
- Lippo Malls Indonesia Retail Trust
- Keppel REIT
- Suntec REIT
- ESR-LOGOS REIT
- Far East Hospitality Trust
Related Party Shareholding
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| REIT Sponsor's Shareholding | % | 27.16 | 25.86 | 0 | 56.65 |
| REIT Manager's Shareholding | % | 2.19 | 0.92 | 0 | 9 |
| Directors of REIT Manager's Shareholding | % | 4.38 | 0.12 | 0 | 57.62 |
- REIT sponsor's shareholding ≥ 47.5%
- Sasseur REIT
- Mapletree Pan Asia Commercial Trust
- Far East Hospitality Trust
- IREIT Global
- OUE Commercial REIT
- REIT sponsor's shareholding ≤ 8%
- Suntec REIT
- Prime US REIT
- BHG Retail REIT
- AIMS APAC REIT
- United Hampshire US REIT
- Elite Commercial REIT
- REIT manager's shareholding ≥ 5%
- CDL Hospitality Trusts
- First REIT
- CapitaLand Ascott Trust
- CapitaLand China Trust
- CapitaLand India Trust
- Far East Hospitality Trust
- REIT manager's shareholding ≤ 0.25%
- 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
- 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%
- Keppel REIT
- Digital Core REIT
- ARA US Hospitality Trust
- Lendlease Global Commercial REIT
- AIMS APAC REIT
- Manulife US REIT
- Income Support ≥ 30%
- Lippo Malls Indonesia Retail Trust
- Divestment Proceeds ≥ 7.5%
- ESR-LOGOS REIT
- Far East Hospitality Trust
- Suntec REIT
- Keppel REIT
- 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
Below is the list of REITs with 4 out of 6 (or 4 out of 4 for newly listed) being +1SD/+2SD Dividend Yield and -1SD/-2SD P/NAV over the past 1 year, 3 years, or 5 years:
- ARA US Hospitality Trust
- Cromwell European REIT
- EC World REIT
- Elite Commercial Trust
- IRET Global
- Keppel Pacific Oak US REIT
- Keppel REIT
- Lippo Malls Indonesia Retail Trust
- Manulife US REIT
- Mapletree Pan Asia Commercial Trust
- OUE Commercial Trust
- Prime US REIT
- United Hampshire US REIT
* MCFK counters are bolded
Overall, SREITs have shown signs of recovery, with share prices experiencing a slight improvement compared to the previous month. Most SREITs are currently trading at a discount to their NAV value, with a median Price/NAV of 0.78. However, there are 8 SREITs that stand out, trading at a Price/NAV above 1. The median dividend yield remains attractive at 7.06% with 8 SREITs having dividend yield above 10%.
As always, it's crucial to exercise caution and conduct thorough research when investing in SREITs. Each REIT carries unique risks and fundamentals that can impact its performance. Diversification across different SREITs can help mitigate risk, and one should carefully analyze each REIT before making 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
To support my work, join:
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive content
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
REIT Investing Community - Facebook Group where members share and discuss REIT topic
*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.
No comments:
Post a Comment