REIT-TIREMENT - REITs Investing & Personal Finance

REITs investment & personal finance


Sunday, July 25, 2021

SREITs Fundamental Review @ 25 July 2021

* Above is extracted from SREITs Data - Overview Tab
** Ascendas India Trust and Dasin Retail Trust are Business Trusts
*** Eagle Hospitality Trust is excluded for statistics below.

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV1.050.970.372.36
Market Cap, S$ B2.831.580.2913.59
Dividend Yield - Retail5.32%4.71%3.48%8.36%
Dividend Yield - Office6.28%6.02%4.43%8.06%
Dividend Yield - Healthcare7.16%7.16%3.01%11.31%
Dividend Yield - Hospitality2.77%3.01%0%4.38%
Dividend Yield - Industrial5.95%5.81%3.71%8.47%
Dividend Yield - Logistics5.79%5.96%4.02%7.21%
Overall Dividend Yield5.54%4.89%0%11.31%

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

** Dividend yields are based on REIT Major Sector


Highest Div. Yield% Lowest Div. Yield%
1First REIT11.31%ARA US Hospitality Trust0%
2Sabana Shari'ah Compliant Industrial REIT8.47%Frasers Hospitality Trust2.38%
3United Hampshire US REIT8.36%Parkway Life REIT3.01%
4Keppel Pacific Oak US REIT8.06%Ascott Residence Trust3.01%
5Prime US REIT8.03%BHG Retail REIT3.48%

Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT2.36Dasin Retail Trust0.37
2Keppel DC REIT2.17Lippo Mall Indonesia Retail Trust0.62
3Mapletree Industrial Trust1.74BHG Retail REIT0.65
4Mapletree Logistics Trust1.6Suntec REIT0.72
5Ascendas REIT1.39Starhill Global REIT 0.72


Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust13.59BHG Retail REIT0.29
2Ascendas REIT12.78Dasin Retail Trust0.41
3Mapletree Logistics Trust9.01First REIT0.42
4Mapletree Industrial Trust7.66ARA Hospitality Trust0.43
5Mapletree CommerciaTrust7.1Sabana Shari'ah Compliant Industrial REIT0.47

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%94.795.483.4100
Income Received in SGD/Major Currencies%75.699.90100
Highest Lease Maturity in 5 Years%30.6260100
Weighted Average Lease Expiry, WALEyear4.74113.2
Weighted Average Land Lease Expiryyear67.6173.3824.399
  • Committed occupancy more than 99%
    • EC World REIT, Elite Commercial REIT, First REIT, Lendlease Global Commercial REIT and Parkway Life REIT
  • Committed occupancy less than 90%
    • Lippo Malls Indonesia Retail Trust and Sabana Shari'ah Compliant Industrial REIT
  • 20 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 less than 15% in a single year
    • Elite Commercial REIT, Far East Hospitality Trust, First REIT, Frasers Hospitality Trust, Manulife US REIT and United Hampshire US REIT
  • Highest lease maturity within 5 years more than 50% in a single year (include those without breakdown) 
    • ARA Hospitality Trust, Cromwell European REIT, EC World REIT, Parkway Life REIT, Sasseur REIT and Starhill Global REIT
  • WALE more than 7 years
    • Elite Commercial REIT, Far East Hospitality Trust, First REIT, Frasers Hospitality Trust and United Hampshire US REIT
  • WALE less than 2.5 years
    • CapitaLand China Trust, Frasers Centrepoint Trust, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust and Sasseur REIT
  • 100% freehold or properties with more than 99 years remaining land lease
    • Ascendas India Trust, Elite Commercial REIT, IREIT Global, Keppel Pacific Oak US REIT, Manulife US REIT and Prime US REIT
  • Weighted average land lease expiry less than 30 years
    • BHG Retail REIT, CapitaLand China Trust, Dasin Retail Trust, ESR REIT and Sasseur REIT


Debt Profile

 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime4.740.120.9
Cost of Debt%2.712.480.556.46
Fixed Debt over Total Debt%73.57527.9100
Unsecured Debt over Total Debt%5876.10100
Gearing Ratio%37.637.527.649
Preferred/Perpetual Securities over Debt%4.50023.6
Highest Debt Expiry in 5 Years%37.530.2098.2
Weighted Average Debt Expiry, WADEyear2.8830.955.1
  • Interest coverage ratio more than 7 times
    • Elite Commercial REIT, IREIT Global, Keppel DC REIT, Parkway Life REIT and Sasseur REIT
  • Interest coverage ratio less than 2.5 times
    • ARA Hospitality Trust, Ascott Residence Trust, CDL Hospitality Trusts, Dasin Retail Trust, Frasers Hospitality Trust and Lippo Malls Indonesia Retail
  • Cost of debt less than 1.75%
    • Ascott Residence Trust, Cromwell European REIT, Keppel DC REIT, Lendlease Global Commercial REIT and Parkway Life REIT
  • Cost of debt more than 3.75%
    • Ascendas India Trust, BHG Retail REIT, Dasin Retail Trust, EC World REIT and Lippo Malls Indonesia Retail Trust
  • Fixed debt % more than 90%
    • Cromwell European REIT, Lendlease Global Commercial REIT, Manulife US REIT, Sasseur REIT and United Hampshire US REIT
  • Fixed debt % less than 60%
    • BHG Retail REIT, Dasin Retail Trust, Far East Hospitality Trust, First REIT, Frasers Centrepoint Trust and SPH REIT 
  • 10 SREITs are having unsecured debt of 0%; 10 SREITs are having unsecured debt of 100%.
  • Gearing Ratio less than 34%
    • AIMS APAC REIT, Frasers Centrepoint Trust, Prime US REIT, Sasseur REIT and SPH REIT
  • Gearing Ratio more than 41.5%
    • ARA US Hospitality REIT, Elite Commercial REIT, ESR-REIT, Far East Hospitality Trust, Lippo Mall Indonesia Retail Trust and Suntec REIT
  • Preferred/perpetual securities over debt more than 15%
    • AIMS APAC REIT, Lippo Mall Indonesia Retail Trust and SPH REIT
  • Highest debt maturity within 5 years less than 20% in a single year
    • Ascendas REIT, CapitaLand Integrated Commercial Trust, IREIT Global
  • Highest debt maturity within 5 years of more than 70% in a single year
    • ARA US Hospitality Trust, BHG Retail REIT, EC World REIT, Lendlease Global Commercial REIT and Sasseur REIT
  • WADM more than 3.75 years
    • CapitaLand Integrated Commercial Trust, Cromwell European REIT, IREIT Global, Mapletree Commercial Trust and Prime US REIT
  • WADM less than 2 years
    • BHG Retail REIT, CapitaLand China Trust, Dasin Retail Trust, EC World REIT and First REIT 

Diversification Profile

 ItemsUnit Average Median  MinMax
Major Sector Contribution%84.29440100
Top Geographical Contribution%57.355.78.4100
Top Property Contribution%23.518.34.163.9
Top 5 Properties Contribution%6159.216.4100
Top Tenant Contribution%20.210.93.2100
Top 10 Tenants Contribution%48.13615.5100
  • Major sector contribution less than 55%
    • AIMS APAC REIT, Ascendas REIT, ESR-REIT and Frasers Logistics & Commercial Trust
  • 16 SREITs are having a major sector contribution of 100%
  • Top geographical contribution less than 20%
    • ARA US Hospitality Trust, Ascott Residence Trust, Cromwell European REIT, Elite Commercial Trust and Prime US REIT
  • Top geographical contribution of 100%
    • Dasin Retail Trust, ESR REIT, Far East Hospitality Trust, Mapletree Commercial Trust and Sabana Shari'ah Compliant Industrial REIT
  • Top property contribution less than 8%
    • ARA US Hospitality Trust, Ascendas REIT, Ascott Residence Trust, Cromwell European REIT and Frasers Logistics & Commercial Trust
  • Top property contribution more than 45%
    • BHG Retail REIT, Lendlease Global Commercial Trust, Mapletree North Asia Commercial Trust and SPH REIT
  • Top 5 properties contribution less than 25%
    • ARA US Hospitality Trust, Ascendas REIT, Ascott Residence Trust, Frasers Logistics & Commercial Trust and Mapletree Logistics Trust
  • Top 5 properties contribution more than 95%
    • BHG Retail REIT, Dasin Retail Trust, Lendlease Global Commercial Trust, Mapletree Commercial Trust, Sasseur REIT and SPH REIT
  • Top tenant contribution less than 5%
    • Ascendas REIT, CapitaLand China Trust, Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust, Keppel Pacific Oak US REIT and SPH REIT
  • Top tenant contribution more than 40%
    • ARA US Hospitality Trust, Elite Commercial REIT, First REIT, IREIT Global and Parkway Life REIT
  • Top 10 tenants contribution less than 20%
    • Ascendas REIT, CapitaLand China Trust, Frasers Centrepoint Trust, Keppel Pacific Oak US REIT, Lippo Mall Indonesia Retail Trust and Sasseur REIT
  • Top 10 tenants contribution more than 92.5%
    • ARA US Hospitality Trust, CDL Hospitality Trusts, EC World REIT, Elite Commercial REIT, First REIT and Frasers Hospitality Trust

Key Financial Metrics

 ItemsUnit Average Median MinMax
Property Yield (Annualized)%4.85.2-1.18.5
Management Fees over Distribution%16.413.6049.2
Distribution on Capital (Annualized)%3.33.405.4
Distribution Margin%46.249.1070.3
  • Property yield (annualized) more than 6.75%
    • Ascendas India Trust, Elite Commercial REIT, Keppel DC REIT and Sasseur REIT
  • Property yield (annualized) less than 3.5%
    • ARA Hospitality Trust, Far East Hospitality Trust, Frasers Hospitality Trust and Suntec REIT
  • Management fees over Distribution less than 10.5%
    • Cromwell European REIT, Elite Commercial REIT, Manulife US REIT, Mapletree North Asia Commercial Trust, Sasseur REIT and United Hampshire US REIT
  • Management fees over Distribution of more than 25%
    • Ascott Residence Trust, Dasin Retail Trust, First REIT, Frasers Hospitality Trust, Lippo Mall Indonesia Retail Trust and Starhill Global REIT
  • Distribution on capital (annualized) more than 5%
    • Keppel DC REIT, Prime US REIT, Sasseur REIT and United Hampshire US REIT
  • Distribution on capital (annualized) less than 1.5%
    • ARA Hospitality Trust, Ascott Residence Trust, BHG Retail REIT, Dasin Retail Trust, Frasers Hospitality Trust and Lippo Malls Indonesia Retail Trust
  • Distribution margin more than 62.5%
    • Elite Commercial REIT, IREIT Global, Lendlease Global Commercial REIT, Mapletree Commercial Trust, Parkway Life REIT and Sasseur REIT
  • Distribution margin less than 25%
    • ARA Hospitality Trust, Ascott Residence Trust, BHG Retail REIT, Dasin Retail Trust and Lippo Malls Indonesia Retail Trust

Related Party Shareholding
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%27.0627.73065.41
REIT Manager's Shareholding%2.171.0609.56
Directors of REIT Manager's Shareholding%6.290.14057.79
* Include deemed interest
  • REIT sponsor's shareholding more than 50%
    • Far East Hospitality Trust, IREIT Global, Lippo Mall Indonesia Retail Trust, Sasseur REIT and SPH REIT
  • REIT sponsor's shareholding less than 7.5%
    • AIMS APAC REIT, BHG Retail REIT, Dasin Retail Trust, Elite Commercial REIT, Prime US REIT and Suntec REIT
  • REIT manager's shareholding more than 5.5%
    • Ascendas India Trust, Ascott Residence Trust, CapitaLand China Trust, CDL Hospitality Trusts and First REIT
  • REIT manager's shareholding less than 0.25%
    • ARA US Hospitality Trust, Ascendas REIT, Sabana Shari'ah Compliant Industrial REIT and United Hampshire US REIT
  • Directors of REIT manager's shareholding more than 20%
    • Dasin Retail Trust, EC World REIT, ESR-REIT, Frasers Hospitality Trust and Sasseur REIT
  • Directors of REIT manager's shareholding less than 0.01%
    • Ascendas REIT, CapitaLand Integrated Commercial Trust, Lippo Mall Indonesia Retail Trust, Sabana Shari'ah Compliant Industrial REIT and Starhill Global REIT

Financial Engineering/Income Support and Distribution from Asset Disposal 

 NameTop-Up from Support / Distribution Top-Up from Disposal / Distribution 
ARA LOGOS Logistics Trust2.7% 
Ascendas REIT0.8% 
Ascott Residence Trust 47.8%
CDL Hospitality Trusts 33.1%
Cromwell European REIT 3.2%
Dasin Retail Trust26.8% 
Keppel DC REIT3.1% 
Keppel REIT 2.5%
Lippo Malls Indonesia Retail Trust21.8% 
Mapletree Logistics Trust 1.9%
OUE Commercial REIT11.0% 
Suntec REIT5.9% 
United Hampshire US REIT13.6%

*BHG Retail REIT income support is ended in December 2020.


Average Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Average Tab


Below are the REITs that are above their average dividend yield AND below their average P/NAV, regardless of 1-year, 3 years, or 5 years:

  1. Ascendas REIT
  2. Dasin Retail Trust
  3. First REIT
  4. Frasers Centrepoint Trust
  5. Keppel DC REIT
  6. Mapletree Industrial Trust
  7. SPH REIT
  8. Suntec REIT


Generally, SREITs are close to their fair value in terms of Price/NAV with the median at 0.97. The median dividend yield of 4.89% is still attractive in view of the current low interest rate environment. The dividend yield for the hospitality sector is the lowest among all, as income is affected due to travel restrictions. However, note that both DPU and NAV are lagging figures. 


SREITs result announcement for 2Q 2021 is ongoing now, you could refer to SREITs Result Date page in which I would update the result announcement date.


For more information, you could refer to:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and Detail of Singapore REIT

REIT Analysis - List of previous REIT analysis posts

REIT-TIREMENT Patreon - Support as a Patron and get SREITs Dashboard PDF or Data Excel

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

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

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