Basic Overview
* Extracted from SREITs Data - Overview Tab
** CapitaLand India Trust is Business Trust
Key Statistics
| Items | Average | Median | Min | Max |
|---|---|---|---|---|
| Price/ NAV | 0.68 | 0.67 | 0.12 | 1.44 |
| Market Cap, S$ B | 2.19 | 1.15 | 0.13 | 11.59 |
| Dividend Yield - Retail | 7.88% | 7.47% | 1.6% | 14.99% |
| Dividend Yield - Office | 17.23% | 9.09% | 6.23% | 61% |
| Dividend Yield - Healthcare | 7.75% | 7.75% | 4.36% | 11.13% |
| Dividend Yield - Hospitality | 7.48% | 6.6% | 4.35% | 13.31% |
| Dividend Yield - Industrial | 6.92% | 6.88% | 5.95% | 7.97% |
| Dividend Yield - Logistics | 8.64% | 8.38% | 6.15% | 11.22% |
| Overall Dividend Yield | 10.94% | 7.46% | 1.6% | 61% |
* 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 | 61% | BHG Retail REIT | 1.6% |
| 2 | Manulife US REIT | 42.8% | Frasers Hospitality Trust | 4.35% |
| 3 | Keppel Pacific Oak USREIT | 26.91% | Parkway Life REIT | 4.36% |
| 4 | Elite Commercial REIT | 18.62% | Keppel DC REIT | 5.95% |
| 5 | United Hampshire US REIT | 14.99% | Frasers Centrepoint Trust | 5.96% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Parkway Life REIT | 1.44 | Manulife US REIT | 0.12 |
| 2 | Keppel DC REIT | 1.25 | Prime US REIT | 0.12 |
| 3 | Mapletree Industrial Trust | 1.13 | Keppel Pacific Oak US REIT | 0.24 |
| 4 | CapitaLand Ascendas REIT | 1.08 | Lippo Malls Indonesia Retail Trust | 0.25 |
| 5 | Mapletree Logistics Trust | 1.04 | ARA US Hospitality Trust | 0.3 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 11.59 | Manulife US REIT | 0.13 |
| 2 | CapitaLand Ascendas REIT | 11.02 | Prime US REIT | 0.15 |
| 3 | Mapletree Logistics Trust | 7.29 | Lippo Malls Indonesia Retail Trust | 0.15 |
| 4 | Mapletree Pan Asia Commercial Trust | 6.87 | Elite Commercial REIT | 0.18 |
| 5 | Mapletree Industrial Trust | 6.04 | ARA US Hospitality Trust | 0.19 |
* SREITs in foreign currencies are converted to SGD for Market Cap
Lease Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Committed Occupancy | % | 94.9 | 96.3 | 81.4 | 100 |
| Income Received in SGD/Major Currencies | % | 78.3 | 100 | 0 | 100 |
| Highest Lease Maturity in 5 Years | % | 31.4 | 24.9 | 1.8 | 94.3 |
| Weighted Average Lease Expiry, WALE | year | 4.6 | 3.9 | 0.8 | 16.7 |
| Weighted Average Land Lease Expiry | year | 69.6 | 70.7 | 21.9 | 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
- Frasers Centrepoint Trust
- Daiwa House Logistics Trust
- Committed occupancy ≤ 90%
- Lippo Malls Indonesia Retail Trust
- Manulife US REIT
- Prime US 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
- United Hampshire US REIT
- Manulife 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
- Sasseur REIT
- CapitaLand Ascott 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
- ARA US Hospitality Trust
- 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 ≤ 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 | 3.8 | 3.3 | 1.7 | 13.8 |
| Cost of Debt | % | 3.83 | 3.8 | 0.99 | 8.71 |
| Fixed Debt over Total Debt | % | 72.4 | 77 | 20 | 100 |
| Unsecured Debt over Total Debt | % | 64.5 | 90.4 | 0 | 100 |
| Gearing Ratio | % | 38.1 | 38.6 | 26.2 | 56.7 |
| Hybrid Securities over Debts + Hybrids | % | 5.5 | 0.1 | 0 | 33.7 |
| Highest Debt Expiry in 5 Years | % | 39.9 | 35.3 | 15 | 95.1 |
| Weighted Average Debt Maturity, WADM | year | 2.7 | 2.9 | 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
- Frasers Logistics & Commercial Trust
- CapitaLand Ascott Trust
- Mapletree Logistics Trust
- Cost of debt ≥ 5.25%
- 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
- BHG Retail REIT
- Far East Hospitality Trust
- 10 SREITs are having unsecured debt of 100%; 8 SREITs are having unsecured debt of 0%.
- 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
- 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 ≤ 21.5% in a single year
- CapitaLand Ascendas REIT
- CapitaLand Integrated Commercial Trust
- Mapletree Logistics Trust
- Far East Hospitality Trust
- Mapletree Pan Asia Commercial Trust
- Highest debt maturity within 5 years ≥ 60% in a single year
- BHG Retail REIT
- IREIT Global
- ARA US Hospitality Trust
- Digital Core REIT
- EC World REIT
- Prime US REIT
- WADM ≥ 3.5 years
- CapitaLand Integrated Commercial Trust
- First REIT
- Mapletree Logistics Trust
- Keppel DC REIT
- CapitaLand Ascott
- CapitaLand China Trust
- WADM ≤1.5 years
- ARA US Hospitality Trust
- Lippo Malls Indonesia Retail Trust
- EC World REIT
- Elite Commercial REIT
- Prime US REIT
Diversification Profile
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Major Sector Contribution | % | 82.9 | 93.3 | 36.7 | 100 |
| Top Geographical Contribution | % | 52.7 | 54.2 | 7.7 | 100 |
| Top Property Contribution | % | 22.8 | 19.4 | 4.3 | 61 |
| Top 5 Properties' Contribution | % | 59.2 | 59.2 | 15.1 | 100 |
| Top Tenant Contribution | % | 18.3 | 9.7 | 2 | 91.6 |
| Top 10 Tenants' Contribution | % | 48.5 | 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 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
- 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 | 9.4 |
| Manager Management Fees over Operating Distributable Income | % | 14.3 | 15.2 | -79.2 | 39.8 |
| Operating Distributable Income on Capital (Annualized) | % | 3 | 3.2 | -0.7 | 5.1 |
| Operating Distributable Income Margin | % | 40.4 | 41.6 | -6.4 | 64.1 |
| Operating Distribution Proportion | % | 84 | 90.1 | -125.1 | 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 ≤ 10.5%
- Cromwell European REIT
- Daiwa House Logistics Trust
- IREIT Global
- Elite Commercial REIT
- Management fees over operating distributable income ≥ 25%
- Suntec REIT
- Keppel REIT
- Digital Core REIT
- AIMS APAC REIT
- Operating distributable income on capital (annualized) ≥ 4.2%
- Sasseur REIT
- Keppel DC REIT
- First 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
- Far East Hospitality Trust
- Parkway Life REIT
- Keppel DC 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 | % | 27.12 | 25.86 | 0 | 56.5 |
| REIT Manager's Shareholding | % | 2.22 | 0.93 | 0 | 9.09 |
| Directors of REIT Manager's Shareholding | % | 4.37 | 0.1 | 0 | 57.73 |
- 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
- United Hampshire US REIT
- AIMS APAC REIT
- Elite Commercial 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 ≤ 0.25%
- 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
- 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
- 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 6 out of 6 (or 4 out of 4 for newly listed) being +2SD Dividend Yield and -2SD P/NAV over the past 1 year, 3 years, or 5 years:
- CapitaLand China Trust
- Cromwell European REIT
- ESR-LOGOS REIT
- Frasers Logistics & Commercial Trust
- IREIT Global
- Lendlease Global Commercial REIT
- Mapletree Pan Asia Commercial Trust
* MCFK counters are bolded
This month, SREIT share prices have faced a significant decline. The median Price/NAV ratio hit a low point at 0.67, with only 5 SREITs currently trading above a Price/NAV ratio of 1. The median dividend yield remains attractive at 7.46%, with 11 SREITs offering yields above 10%.
Now, would the interest rate go higher in the next Fed Meeting on coming Wednesday? Many expect the Fed would pause the hike for this year. Well, let's wait for the communication from the Fed next week to get a clearer picture of their stance.
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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