* 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.
* Include deemed interest
* Above is extracted from SREITs Data - Average Tab
Key Statistics
| Items | Average | Median | Min | Max |
|---|---|---|---|---|
| Price/ NAV | 1.05 | 0.97 | 0.37 | 2.36 |
| Market Cap, S$ B | 2.83 | 1.58 | 0.29 | 13.59 |
| Dividend Yield - Retail | 5.32% | 4.71% | 3.48% | 8.36% |
| Dividend Yield - Office | 6.28% | 6.02% | 4.43% | 8.06% |
| Dividend Yield - Healthcare | 7.16% | 7.16% | 3.01% | 11.31% |
| Dividend Yield - Hospitality | 2.77% | 3.01% | 0% | 4.38% |
| Dividend Yield - Industrial | 5.95% | 5.81% | 3.71% | 8.47% |
| Dividend Yield - Logistics | 5.79% | 5.96% | 4.02% | 7.21% |
| Overall Dividend Yield | 5.54% | 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 | % | |
|---|---|---|---|---|
| 1 | First REIT | 11.31% | ARA US Hospitality Trust | 0% |
| 2 | Sabana Shari'ah Compliant Industrial REIT | 8.47% | Frasers Hospitality Trust | 2.38% |
| 3 | United Hampshire US REIT | 8.36% | Parkway Life REIT | 3.01% |
| 4 | Keppel Pacific Oak US REIT | 8.06% | Ascott Residence Trust | 3.01% |
| 5 | Prime US REIT | 8.03% | BHG Retail REIT | 3.48% |
| Highest P/NAV | Time | Lowest P/NAV | Time | |
|---|---|---|---|---|
| 1 | Parkway Life REIT | 2.36 | Dasin Retail Trust | 0.37 |
| 2 | Keppel DC REIT | 2.17 | Lippo Mall Indonesia Retail Trust | 0.62 |
| 3 | Mapletree Industrial Trust | 1.74 | BHG Retail REIT | 0.65 |
| 4 | Mapletree Logistics Trust | 1.6 | Suntec REIT | 0.72 |
| 5 | Ascendas REIT | 1.39 | Starhill Global REIT | 0.72 |
| Largest Market Cap | S$, B | Smallest Market Cap | S$, B | |
|---|---|---|---|---|
| 1 | CapitaLand Integrated Commercial Trust | 13.59 | BHG Retail REIT | 0.29 |
| 2 | Ascendas REIT | 12.78 | Dasin Retail Trust | 0.41 |
| 3 | Mapletree Logistics Trust | 9.01 | First REIT | 0.42 |
| 4 | Mapletree Industrial Trust | 7.66 | ARA Hospitality Trust | 0.43 |
| 5 | Mapletree CommerciaTrust | 7.1 | Sabana Shari'ah Compliant Industrial 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 | % | 94.7 | 95.4 | 83.4 | 100 |
| Income Received in SGD/Major Currencies | % | 75.6 | 99.9 | 0 | 100 |
| Highest Lease Maturity in 5 Years | % | 30.6 | 26 | 0 | 100 |
| Weighted Average Lease Expiry, WALE | year | 4.7 | 4 | 1 | 13.2 |
| Weighted Average Land Lease Expiry | year | 67.61 | 73.38 | 24.3 | 99 |
- 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
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Interest Coverage Ratio | time | 4.7 | 4 | 0.1 | 20.9 |
| Cost of Debt | % | 2.71 | 2.48 | 0.55 | 6.46 |
| Fixed Debt over Total Debt | % | 73.5 | 75 | 27.9 | 100 |
| Unsecured Debt over Total Debt | % | 58 | 76.1 | 0 | 100 |
| Gearing Ratio | % | 37.6 | 37.5 | 27.6 | 49 |
| Preferred/Perpetual Securities over Debt | % | 4.5 | 0 | 0 | 23.6 |
| Highest Debt Expiry in 5 Years | % | 37.5 | 30.2 | 0 | 98.2 |
| Weighted Average Debt Expiry, WADE | year | 2.88 | 3 | 0.95 | 5.1 |
- 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
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Major Sector Contribution | % | 84.2 | 94 | 40 | 100 |
| Top Geographical Contribution | % | 57.3 | 55.7 | 8.4 | 100 |
| Top Property Contribution | % | 23.5 | 18.3 | 4.1 | 63.9 |
| Top 5 Properties Contribution | % | 61 | 59.2 | 16.4 | 100 |
| Top Tenant Contribution | % | 20.2 | 10.9 | 3.2 | 100 |
| Top 10 Tenants Contribution | % | 48.1 | 36 | 15.5 | 100 |
- 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
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| Property Yield (Annualized) | % | 4.8 | 5.2 | -1.1 | 8.5 |
| Management Fees over Distribution | % | 16.4 | 13.6 | 0 | 49.2 |
| Distribution on Capital (Annualized) | % | 3.3 | 3.4 | 0 | 5.4 |
| Distribution Margin | % | 46.2 | 49.1 | 0 | 70.3 |
- 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
| Items | Unit | Average | Median | Min | Max |
|---|---|---|---|---|---|
| REIT Sponsor's Shareholding | % | 27.06 | 27.73 | 0 | 65.41 |
| REIT Manager's Shareholding | % | 2.17 | 1.06 | 0 | 9.56 |
| Directors of REIT Manager's Shareholding | % | 6.29 | 0.14 | 0 | 57.79 |
- 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
| Name | Top-Up from Support / Distribution | Top-Up from Disposal / Distribution |
|---|---|---|
| ARA LOGOS Logistics Trust | 2.7% | |
| Ascendas REIT | 0.8% | |
| Ascott Residence Trust | 47.8% | |
| CDL Hospitality Trusts | 33.1% | |
| Cromwell European REIT | 3.2% | |
| Dasin Retail Trust | 26.8% | |
| Keppel DC REIT | 3.1% | |
| Keppel REIT | 2.5% | |
| Lippo Malls Indonesia Retail Trust | 21.8% | |
| Mapletree Logistics Trust | 1.9% | |
| OUE Commercial REIT | 11.0% | |
| Suntec REIT | 5.9% | |
| United Hampshire US REIT | 13.6% |
*BHG Retail REIT income support is ended in December 2020.
Average Dividend Yield & P/NAV
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:
- Ascendas REIT
- Dasin Retail Trust
- First REIT
- Frasers Centrepoint Trust
- Keppel DC REIT
- Mapletree Industrial Trust
- SPH REIT
- 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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