SREITs Fundamental Review @ 29 May 2022

* Above is extracted from SREITs Data - Overview Tab

** Ascendas India Trust and Dasin Retail Trust are Business Trusts

Key Statistics

Items	Average	Median	Min	Max
Price/ NAV	0.92	0.89	0.22	2.02
Market Cap, S$ B	2.68	1.5	0.24	14.7
Dividend Yield - Retail	7.53%	6.67%	4.06%	17.11%
Dividend Yield - Office	7.02%	6.63%	5.15%	9.52%
Dividend Yield - Healthcare	6.06%	6.06%	2.92%	9.19%
Dividend Yield - Hospitality	2.95%	3.51%	0.74%	4.34%
Dividend Yield - Industrial	5.8%	5.73%	4.35%	7.19%
Dividend Yield - Logistics	7.22%	6.83%	5.42%	9.78%
Overall Dividend Yield	6.48%	5.97%	0.74%	17.11%

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

** Dividend yields are based on REIT Major Sector

	Highest Div. Yield (TTM)	%	Lowest Div. Yield (TTM)	%
1	Dasin Retail Trust	17.11%	ARA US Hospitality Trust	0.74%
2	United Hampshire US REIT	9.88%	Frasers Hospitality Trust	2.32%
3	EC World REIT	9.78%	Parkway Life REIT	2.92%
4	Prime US REIT	9.52%	CDL Hospitality Trusts	3.51%
5	First REIT	9.19%	Ascott Residence Trust	3.85%

	Highest P/NAV	Time	Lowest P/NAV	Time
1	Parkway Life REIT	2.02	Dasin Retail Trust	0.22
2	Keppel DC REIT	1.48	BHG Retail REIT	0.58
3	Mapletree Industrial Trust	1.3	Lippo Mall Indonesia Retail Trust	0.59
4	Ascendas REIT	1.14	EC World REIT	0.67
5	Digital Core REIT	1.12	OUE Commercial Trust	0.68

	Largest Market Cap	S$, B	Smallest Market Cap	S$, B
1	CapitaLand Integrated Commercial Trust	14.7	Dasin Retail Trust	0.24
2	Ascendas REIT	11.42	BHG Retail REIT	0.27
3	Mapletree Logistics Trust	7.75	ARA US Hospitality Trust	0.37
4	Mapletree Industrial Trust	6.45	Lippo Mall Indonesia Retail Trust	0.42
5	Mapletree CommerciaTrust	5.88	United Hampshire US REIT	0.47

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

Lease Profile

Items	Unit	Average	Median	Min	Max
Committed Occupancy	%	95	96.3	79.1	100
Income Received in SGD/Major Currencies	%	75.9	100	0	100
Highest Lease Maturity in 5 Years	%	27.7	23.5	2.2	86.6
Weighted Average Lease Expiry, WALE	year	4.89	4.1	1.3	17.2
Weighted Average Land Lease Expiry	year	68.02	70.69	22.88	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 ≥ 99.5%
• Digital Core REIT
• Elite Commercial REIT
• First REIT
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Committed occupancy ≤ 90%
• Ascendas India Trust
• Lippo Malls Indonesia Retail Trust
• Prime US REIT
• Sabana Industrial REIT
• 21 SREITs are having 100% of income received in SGD/major currencies; 7 SREITs are having 0% of income received in SGD/major currencies.
• Highest lease maturity within 5 years ≤ 12.5% in a single year
• Elite Commercial REIT,
• Far East Hospitality Trust
• First REIT
• Parkway Life
• United Hampshire US REIT
• Highest lease maturity within 5 years ≥ 45% in a single year (including those without breakdown) 
• ARA Hospitality Trust
• Ascendas India Trust
• EC World REIT
• Sasseur REIT
• WALE ≥ 7.5 years
• Far East Hospitality Trust
• First REIT
• Frasers Hospitality Trust
• Parkway Life REIT
• United Hampshire US REIT
• WALE ≤ 2.5 years
• CapitaLand China Trust
• EC World REIT
• ESR-REIT
• Frasers Centrepoint Trust
• Mapletree North Asia Commercial Trust
• Sasseur REIT
• 100% freehold or properties ≥ 99 years remaining land lease
• Ascendas India Trust
• Digital Core REIT
• Elite Commercial REIT
• IREIT Global
• Keppel Pacific Oak US REIT
• Manulife US REIT
• Prime US REIT
• Weighted average land lease expiry ≤ 30 years
• BHG Retail REIT
• CapitaLand China Trust
• Dasin Retail Trust
• ESR-REIT
• Lippo Mall Indonesia Retail Trust
• Sasseur REIT

Debt Profile

Items	Unit	Average	Median	Min	Max
Interest Coverage Ratio	time	5.2	4.2	1.4	20.2
Cost of Debt	%	2.66	2.31	0.56	6.65
Fixed Debt over Total Debt	%	73.1	73	24.3	100
Unsecured Debt over Total Debt	%	58.2	77.3	0	100
Gearing Ratio	%	36.9	37.5	26	44.9
Preferred/Perpetual Securities over Debt	%	5.3	0	0	30.5
Highest Debt Expiry in 5 Years	%	41.9	30	15.2	100
Weighted Average Debt Expiry, WADE	year	2.76	2.7	0.38	4.7

• Interest coverage ratio ≥ 8 times
• Daiwa House Logistics Trust
• Digital Core REIT
• Frasers Logistics & Commercial Trust
• Keppel DC REIT
• Parkway Life REIT
• Interest coverage ratio ≤ 2.5 times
• ARA Hospitality Trust
• Dasin Retail Trust
• Frasers Hospitality Trust
• Lippo Malls Indonesia Retail
• Cost of debt ≤ 1.5%
• Daiwa House Logistics Trust
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Cost of debt ≥ 4%
• Ascendas India Trust
• BHG Retail REIT
• Dasin Retail Trust
• EC World REIT
• Lippo Malls Indonesia Retail Trust
• Sasseur REIT
• Fixed debt % ≥ 90%
• Cromwell European REIT
• Daiwa House Logistics Trust
• ESR-REIT
• IREIT Global
• Lendlease Global Commercial REIT
• Starhill Global REIT
• Fixed debt % ≤ 50%
• BHG Retail REIT
• Dasin Retail Trust
• Digital Core REIT
• Lippo Malls Indonesia Retail Trust
• 10 SREITs are having unsecured debt of 0%; 11 SREITs are having unsecured debt of 100%.
• Gearing Ratio ≤ 32.5%
• Digital Core REIT
• IREIT Global
• Lendlease Global Commercial REIT
• Sasseur REIT
• SPH REIT
• Gearing Ratio ≥ 42.5%
• ARA US Hospitality REIT
• Elite Commercial REIT
• Lippo Mall Indonesia Retail Trust
• Manulife US REIT
• Suntec REIT
• Preferred/perpetual securities over debts ≥ 15%
• AIMS APAC REIT
• Ascott Residence Trust
• Lendlease Global Commercial REIT
• Lippo Mall Indonesia Retail Trust
• SPH REIT
• 19 SREITs are having preferred/perpetual securities over debts of 0%
• Highest debt maturity within 5 years ≤ 20% in a single year
• Ascendas REIT
• CapitaLand China Trust
• CapitaLand Integrated Commercial Trust
• Mapletree Logistics Trust
• Highest debt maturity within 5 years ≥ 80% in a single year
• BHG Retail REIT
• Digital Core REIT
• EC World REIT
• IREIT Global
• Sasseur REIT
• WADM ≥ 3.75 years
• CapitaLand Integrated Commercial Trust
• Digital Core REIT
• IREIT Global
• Keppel DC REIT
• Mapletree Industrial Trust
• Mapletree Logistics Trust
• WADM ≤2 years
• Dasin Retail Trust
• EC World REIT
• Elite Commercial REIT
• First REIT
• Lendlease Global Commercial REIT
• Sasseur REIT

Diversification Profile

Items	Unit	Average	Median	Min	Max
Major Sector Contribution	%	83.4	92.9	38.6	100
Top Geographical Contribution	%	54.7	53.8	8.1	100
Top Property Contribution	%	24	21	4	64.3
Top 5 Properties Contribution	%	61.6	60.2	15.1	100
Top Tenant Contribution	%	20.2	11.8	2.3	90.4
Top 10 Tenants Contribution	%	49.2	37.8	13.2	100

• Major sector contribution ≤ 50%
• AIMS APAC REIT
• Ascendas REIT
• ESR-REIT
• Frasers Logistics & Commercial Trust
• 15 SREITs are having a major sector contribution of 100%
• Top geographical contribution ≤ 20%
• ARA US Hospitality Trust
• Ascott Residence Trust
• Cromwell European REIT
• Elite Commercial Trust
• Top geographical contribution of 100%
• Dasin Retail Trust
• Far East Hospitality Trust
• Mapletree Commercial Trust 
• Sabana Industrial REIT
• Top property contribution ≤ 7.5%
• ARA US Hospitality Trust,
• Ascendas REIT
• Ascott Residence Trust
• Cromwell European REIT
• Elite Commercial REIT
• Top property contribution ≥ 45%
• BHG Retail REIT
• Lendlease Global Commercial Trust
• Mapletree North Asia Commercial Trust
• SPH REIT
• Top 5 properties contribution ≤ 25%
• ARA US Hospitality Trust
• Ascendas REIT
• Ascott Residence Trust
• Elite Commercial REIT
• Mapletree Logistics Trust
• Top 5 properties contribution ≥ 95%
• BHG Retail REIT
• Dasin Retail Trust
• Lendlease Global Commercial Trust
• Mapletree Commercial Trust
• Sasseur REIT
• SPH REIT
• Top tenant contribution ≤ 3.5%
• Ascendas REIT
• CapitaLand China Trust
• Keppel Pacific Oak US REIT
• Sasseur REIT
• Suntec REIT
• Top tenant contribution ≥ 50%
• ARA US Hospitality Trust
• Elite Commercial REIT
• First REIT
• Parkway Life REIT
• Top 10 tenants contribution ≤ 20%
• Ascendas REIT
• CapitaLand China Trust
• Frasers Centrepoint Trust
• Lippo Mall Indonesia Retail Trust
• Sasseur REIT
• Top 10 tenants contribution ≥ 95%
• ARA US Hospitality Trust
• CDL Hospitality Trusts
• Digital Core REIT
• EC World REIT
• Elite Commercial REIT
• First REIT

Key Financial Metrics

Items	Unit	Average	Median	Min	Max
Property Yield (Annualized)	%	5.2	5.1	2.6	10.6
Management Fees over Distribution	%	16.3	15.1	6	40.6
Distribution on Capital (Annualized)	%	3.4	3.6	0.3	5.4
Distribution Margin	%	47	47.8	1.5	70.6

• Property yield (annualized) ≥ 7%
• Ascendas India Trust
• Elite Commercial Trust
• First REIT
• Keppel DC REIT
• Sasseur REIT
• Property yield (annualized) ≤ 3.5%
• Ascott Residence Trust
• CDL Hospitality Trust
• Dasin Retail Trust
• Far East Hospitality Trust
• Frasers Hospitality Trust
• Suntec REIT
• Management fees over Distribution ≤ 10%
• Cromwell European REIT
• Daiwa House Logistics Trust
• Elite Commercial REIT
• Manulife US REIT
• Mapletree North Asia Commercial Trust
• Management fees over Distribution of ≥ 22.5%
• ARA Hospitality US Trust
• Frasers Hospitality Trust
• Keppel REIT
• Lippo Mall Indonesia Retail Trust
• Suntec REIT
• Distribution on capital (annualized) ≥ 5%
• Elite Commercial Trust
• Keppel DC REIT
• Prime US REIT
• Sasseur REIT
• Distribution on capital (annualized) ≤ 1.5%
• ARA Hospitality Trust
• BHG Retail REIT
• Frasers Hospitality Trust
• Lippo Malls Indonesia Retail Trust
• Distribution margin ≥ 65%
• Elite Commercial REIT
• Far East Hospitality Trust
• Lendlease Global Commercial REIT
• Parkway Life REIT
• Sasseur REIT
• Distribution margin ≤ 30%
• ARA Hospitality Trust
• Ascott Residence Trust
• BHG Retail REIT
• CDL Hospitality Trusts
• Lippo Malls Indonesia Retail Trust

Related Party Shareholding

Items	Unit	Average	Median	Min	Max
REIT Sponsor's Shareholding	%	26.983	25.862	0	65.083
REIT Manager's Shareholding	%	2.063	0.826	0	8.183
Directors of REIT Manager's Shareholding	%	5.772	0.128	0	57.214

* Include deemed interest

• REIT sponsor's shareholding ≥ 50%
• Far East Hospitality Trust
• IREIT Global
• Sasseur REIT
• SPH REIT
• REIT sponsor's shareholding ≤ 7.5%
• AIMS APAC REIT
• BHG Retail REIT
• Dasin Retail Trust
• Keppel Pacific Oak US REIT
• Prime US REIT
• Suntec REIT
• REIT manager's shareholding ≥ 6%
• Ascendas India Trust
• Ascott Residence Trust
• CapitaLand China Trust
• CDL Hospitality Trusts
• First REIT
• REIT manager's shareholding ≤ 0.1%
• Ascendas REIT
• Daiwa House Logistics Trust
• Mapletree Logistics Trust
• OUE Commercial Trust
• Sabana Industrial REIT
• Suntec REIT
• Directors of REIT manager's shareholding ≥ 15%
• Dasin Retail Trust
• EC World REIT
• ESR-REIT
• Frasers Hospitality Trust
• Sasseur REIT
• Directors of REIT manager's shareholding ≤ 0.01%
• Ascendas REIT
• Digital Core REIT
• Lippo Mall Indonesia Retail Trust
• Prime US REIT
• Starhill Global REIT

Financial Engineering/Income Support and Distribution from Asset Disposal 

Name	Income Support / Distribution	Top-Up from Disposal / Distribution
Ascendas REIT	1.2%
Ascott Residence Trust		32.8%
CDL Hospitality Trusts		23.8%
Dasin Retail Trust	10.5%
Frasers Logistics & Commercial Trust	2.9%	0.5%
Keppel REIT	1.3%	0.9%
Lippo Malls Indonesia Retail Trust	28.3%
Mapletree Industrial Trust		1.7%
Mapletree Logistics Trust		1.8%
OUE Commercial REIT	10.7%	3.8%
Suntec REIT	5.6%	2.3%
United Hampshire US REIT	10.2%

Average Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Average Tab

Below is the list of REITs that are above their average dividend yield AND below their average P/NAV for all periods of 1-year, 3 years, or 5 years, COUPLED with the share price below 50 percentile of 52 weeks range:

1. Ascendas India Trust
2. Ascendas REIT
3. CapitaLand China Trust
4. Cromwell European REIT
5. Daiwa House Logistics Trust
6. Dasin Retail Trust
7. Digital Core REIT
8. Frasers Centrepoint Trust
9. Keppel DC REIT
10. Keppel Pacific Oak US REIT
11. Manulife US REIT
12. Mapletree Commercial Trust
13. Mapletree Industrial Trust
14. Mapletree Logistics Trust
15. Prime US REIT
16. Sasseur REIT
17. United Hampshire US REIT

Generally, SREITs are trading below their NAV value with a median Price/NAV of 0.89 and the median dividend yield of 5.97% remains attractive. The median dividend yield for the hospitality sector remains the lowest while the logistics sector is the highest.

You could also refer below for more information:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and Detail of Singapore REIT

REIT Analysis - List of previous REIT analysis posts

And you could join the following to support my work:

Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs

REIT-TIREMENT Patreon - Support my work and get exclusive contents

REIT-TIREMENT Facebook Page - Support by liking my Facebook Page

REIT Investing Community - Facebook Group where members share and discuss REIT topic

*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.