REIT-TIREMENT - REITs Investing & Personal Finance

REITs investing & personal finance


Sunday, November 26, 2023

SREITs Fundamental Review @ 26 November 2023

Basic Overview
* Extracted from SREITs Data - Overview Tab
** CapitaLand India Trust is Business Trust

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV0.760.740.231.56
Market Cap, S$ B2.391.30.1511.52
Dividend Yield - Retail7.16%7.13%1.55%13.08%
Dividend Yield - Office11.26%8.36%5.53%28.17%
Dividend Yield - Healthcare7.3%7.3%4.11%10.5%
Dividend Yield - Hospitality6.8%6%4.84%10.79%
Dividend Yield - Industrial6.38%6.06%5.33%8.08%
Dividend Yield - Logistics6.84%7.67%2.24%9.41%
Overall Dividend Yield8.37%6.67%1.55%28.17%

* 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)%
1Prime US REIT28.17%BHG Retail REIT1.55%
2Manulife US REIT21.84%EC World REIT2.24%
3Keppel Pacific Oak US REIT18.04%Parkway Life REIT4.11%
4United Hampshire US REIT13.08%Frasers Hospitality Trust4.84%
5Cromwell European REIT12.21%Keppel DC REIT5.33%


Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT1.56Manulife US REIT0.23
2Keppel DC REIT1.4Prime US REIT0.24
3Mapletree Industrial Trust1.23Lippo Malls Indonesia Retail Trust0.26
4CapitaLand Ascendas REIT1.22Keppel Pacific Oak US REIT0.35
5Mapletree Logistics Trust1.12ARA US Hospitality Trust0.38


Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust12.52Lippo Malls Indonesia Retail Trust0.15
2CapitaLand Ascendas REIT12.43ARA US Hospitality Trust0.22
3Mapletree Logistics Trust7.89EC World REIT 0.23
4Mapletree Pan Asia Commercial Trust7.24Manulife US REIT0.24
5Mapletree Industrial Trust6.57BHG Retail Trust0.25

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%94.9
96.276.8100
Income Received in SGD/Major Currencies%78.31000100
Highest Lease Maturity in 5 Years%3224.91.894.8
Weighted Average Lease Expiry, WALEyear4.63.9116.5
Weighted Average Land Lease Expiryyear69.570.721.699

* 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 5 years  15% in a single year
    • Parkway Life REIT
    • Far East Hospitality Trust
    • First REIT
    • Frasers Hospitality Trust
    • Manulife US REIT
    • United Hampshire 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
    • CapitaLand Ascott Trust
    • 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
    • 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
 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime3.73.21.712.8
Cost of Debt%3.893.810.998.76
Fixed Debt over Total Debt%72.17632.6100
Unsecured Debt over Total Debt%64.990.80100
Gearing Ratio%38.138.425.456
Hybrid Securities over Debts + Hybrids%5.90.1035.3
Highest Debt Expiry in 5 Years%40.934.515100
Weighted Average Debt Maturity, WADMyear2.72.81.14.1
  • 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, EUR
    • AIMS APAC 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
    • 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
  • 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 5 years  21.5% in a single year
    • CapitaLand Integrated Commercial Trust
    • CapitaLand Ascendas REIT
    • Mapletree Logistics Trust
    • Far East Hospitality Trust
    • Mapletree Pan Asia Commercial Trust
  • Highest debt maturity within 5 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
 ItemsUnit Average Median  MinMax
Major Sector Contribution%82.993.336.2100
Top Geographical Contribution%52.854.27.7100
Top Property Contribution%22.819.44.361
Top 5 Properties' Contribution%59.359.215.1100
Top Tenant Contribution%18.19.7292.1
Top 10 Tenants' Contribution%48.435.613100
  • 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  95%
    • ARA US Hospitality Trust
    • Elite Commercial REIT
    • First REIT
    • Digital Core REIT
    • EC World REIT

Key Financial Metrics
 ItemsUnit Average  Median  Min Max
Property Yield (Annualized)%5.55.23.59.5
Manager Management Fees over Operating Distributable Income%14.615.3-75.439.8
Operating Distributable Income on Capital (Annualized)%33.1-0.84.9
Operating Distributable Income Margin%39.841.6-6.764.1
Operating Distribution Proportion%76.591.1-419.8100
  • 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, USD
    • Suntec REIT

Related Party Shareholding
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%26.8425.86056.86
REIT Manager's Shareholding%2.240.9309.29
Directors of REIT Manager's Shareholding%4.380.09057.83
* Include deemed interest
  • 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  0.2%
    • 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
    • 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

* 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. ARA US Hospitality Trust
  2. CapitaLand Ascott Trust
  3. CapitaLand China Trust
  4. CDL Hospitality Trusts
  5. Cromwell European REIT
  6. Mapletree Pan Asia Commercial Trust
  7. OUE Commercial Trust
  8. Parkway Life REIT
  9. Suntec REIT
  10. United Hampshire US REIT

* MCFK counters are bolded


This month, Singapore REITs rallied following the Federal Reserve's decision to maintain unchanged rates at the beginning of the month and softer CPI data was released mid-month. Notably, share prices of ARA Hospitality Trust, Digital Core REIT, Elite Commercial REIT, Keppel Pacific Oak US REIT, Prime US REIT, and Manulife US REIT increase by more than 20% within the month.


Presently, the median Price/NAV ratio has increased to 0.74, with 6 SREITs trading above a Price/NAV ratio of 1. Meanwhile, the median dividend yield remains appealing at 6.67%, with 8 SREITs offering yields surpassing 10%. While a yield of 10% or more might appear attractive, 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.

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