REIT-TIREMENT - REITs Investing & Personal Finance

REITs investment & personal finance


Sunday, September 26, 2021

SREITs Fundamental Review @ 26 September 2021

* Above is extracted from SREITs Data - Overview Tab
** Ascendas India Trust and Dasin Retail Trust are Business Trusts

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV1.020.940.282.38
Market Cap, S$ B2.81.470.2913.47
Dividend Yield - Retail6.38%5.49%3.42%12.35%
Dividend Yield - Office6.29%6.14%4.46%8.06%
Dividend Yield - Healthcare7.79%7.79%2.98%12.6%
Dividend Yield - Hospitality3.07%3.97%0%4.36%
Dividend Yield - Industrial5.99%5.72%3.87%8.67%
Dividend Yield - Logistics5.95%6.14%4.06%7.44%
Overall Dividend Yield5.92%5.76%0%12.6%

* 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)%
1First REIT12.6%ARA US Hospitality Trust0%
2Dasin Retail Trust12.35%Frasers Hospitality Trust2.71%
3United Hampshire US REIT8.81%Parkway Life REIT2.98%
4Sabana Shari'ah Compliant Industrial REIT8.67%BHG Retail REIT3.42%
5Sasseur REIT8.22%Keppel DC REIT3.87%

Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT2.38Dasin Retail Trust0.28
2Keppel DC REIT2.07Lippo Mall Indonesia Retail Trust0.53
3Mapletree Industrial Trust1.63BHG Retail REIT0.64
4Mapletree Logistics Trust1.58Suntec REIT0.7
5ARA LOGOS Logistics Trust1.39Frasers Hospitality Trust 0.7

Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust13.47BHG Retail REIT0.29
2Ascendas REIT13Dasin Retail Trust0.32
3Mapletree Logistics Trust8.92ARA US Hospitality Trust0.38
4Mapletree Industrial Trust7.58Lippo Mall Indonesia Retail Trust0.39
5Mapletree CommerciaTrust7.06First REIT0.40

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%94.895.483.4100
Income Received in SGD/Major Currencies%75.699.90100
Highest Lease Maturity in 5 Years%29.425.81.3100
Weighted Average Lease Expiry, WALEyear4.563.890.912.95
Weighted Average Land Lease Expiryyear67.4473.2624.0599
* 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%
    • EC World REIT, Elite Commercial REIT, First REIT, Lendlease Global Commercial REIT and Parkway Life REIT
  • Committed occupancy ≤ 90%
    • Ascendas India Trust, 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  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  50% in a single year (include those without breakdown) 
    • ARA Hospitality Trust, Cromwell European REIT, EC World REIT, Parkway Life REIT and Sasseur REIT
  • WALE  6.5 years
    • Ascott Residence Trust, Elite Commercial REIT, Far East Hospitality Trust, First REIT, Frasers Hospitality Trust and United Hampshire US REIT
  • WALE  2.5 years
    • CapitaLand China Trust, Frasers Centrepoint Trust, Mapletree Commercial Trust, Mapletree North Asia Commercial Trust and Sasseur REIT
  • 100% freehold or properties  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  30 years
    • BHG Retail REIT, CapitaLand China Trust, Dasin Retail Trust, ESR REIT and Sasseur REIT


Debt Profile

 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime4.841.121.6
Cost of Debt%2.722.510.566.47
Fixed Debt over Total Debt%73.276.224.1100
Unsecured Debt over Total Debt%57.878.70100
Gearing Ratio%37.336.927.849
Preferred/Perpetual Securities over Debt%5.40026.8
Highest Debt Expiry in 5 Years%40.532.514.298.8
Weighted Average Debt Expiry, WADEyear2.822.90.74.8
  • Interest coverage ratio  6.5 times
    • Frasers Logistics & Commercial Trust, IREIT Global, Keppel DC REIT, Parkway Life REIT and United Hampshire US REIT
  • Interest coverage ratio  2.5 times
    • ARA Hospitality Trust, Ascott Residence Trust, Dasin Retail Trust, Frasers Hospitality Trust and Lippo Malls Indonesia Retail
  • Cost of debt  1.75%
    • Ascott Residence Trust, Cromwell European REIT, Frasers Logistics & Commercial Trust, Keppel DC REIT, Lendlease Global Commercial REIT and Parkway Life REIT
  • Cost of debt  3.75%
    • Ascendas India Trust, Dasin Retail Trust, EC World REIT, Lippo Malls Indonesia Retail Trust and Sasseur REIT
  • Fixed debt %  95%
    • Cromwell European REIT, Lendlease Global Commercial REIT, Manulife US REIT, Mapletree Industrial Trust and United Hampshire US REIT
  • Fixed debt %  55%
    • BHG Retail REIT, Dasin Retail Trust, First REIT and IREIT Global
  • 10 SREITs are having unsecured debt of 0%; 10 SREITs are having unsecured debt of 100%.
  • Gearing Ratio  33.5%
    • Ascendas India Trust, IREIT Global, Lendlease Global Commercial REIT, Mapletree Industrial Trust, Sasseur REIT and SPH REIT
  • Gearing Ratio  42.5%
    • ARA US Hospitality REIT, ESR-REIT, Lippo Mall Indonesia Retail Trust and Suntec REIT
  • Preferred/perpetual securities over debts  15%
    • AIMS APAC REIT, Ascott Residence Trust, Lendlease Global Commercial REIT, Lippo Mall Indonesia Retail Trust and SPH REIT
  • 20 SREITs are having preferred/perpetual securities over debts of 0%
  • Highest debt maturity within 5 years  22.5% in a single year
    • Ascendas REIT, CapitaLand Integrated Commercial Trust, CapitaLand China Trust, Mapletree Industrial Trust, Mapletree Logistics Trust and Suntec REIT
  • Highest debt maturity within 5 years ≥ 75% in a single year
    • BHG Retail REIT, EC World REIT, IREIT Global, Lendlease Global Commercial REIT and Sasseur REIT
  • WADM  3.75 years
    • CapitaLand Integrated Commercial Trust, CapitaLand China Trust, Cromwell European REIT, IREIT Global and Mapletree Commercial Trust
  • WADM  2 years
    • BHG Retail REIT, Dasin Retail Trust, EC World REIT, First REIT and Sasseur REIT

Diversification Profile

 ItemsUnit Average Median  MinMax
Major Sector Contribution%84.193.240.4100
Top Geographical Contribution%57.255.98.4100
Top Property Contribution%23.618.33.966.5
Top 5 Properties Contribution%61.36215.6100
Top Tenant Contribution%20.111.43.2100
Top 10 Tenants Contribution%48.236.215.5100
  • Major sector contribution  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  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, Far East Hospitality Trust, Mapletree Commercial Trust and Sabana Shari'ah Compliant Industrial REIT
  • Top property contribution  8%
    • ARA US Hospitality Trust, Ascendas REIT, Ascott Residence Trust, Cromwell European REIT and Frasers Logistics & Commercial Trust
  • Top property contribution  45%
    • BHG Retail REIT, Lendlease Global Commercial Trust, Mapletree North Asia Commercial Trust and SPH REIT
  • Top 5 properties contribution  25%
    • ARA US Hospitality Trust, Ascendas REIT, Ascott Residence Trust, Frasers Logistics & Commercial Trust and Mapletree Logistics Trust
  • Top 5 properties contribution  95%
    • BHG Retail REIT, Dasin Retail Trust, Lendlease Global Commercial Trust, Mapletree Commercial Trust, Sasseur REIT and SPH REIT
  • Top tenant contribution  5%
    • Ascendas REIT, CapitaLand China Trust, Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust, Keppel Pacific Oak US REIT and SPH REIT
  • Top tenant contribution  40%
    • ARA US Hospitality Trust, Elite Commercial REIT, First REIT and Parkway Life REIT
  • Top 10 tenants contribution  20%
    • Ascendas REIT, CapitaLand China Trust, Frasers Centrepoint Trust, Lippo Mall Indonesia Retail Trust, Sasseur REIT and SPH REIT
  • Top 10 tenants contribution  95%
    • ARA US Hospitality Trust, EC World REIT, Elite Commercial REIT and First REIT

Key Financial Metrics

 ItemsUnit Average Median MinMax
Property Yield (Annualized)%55.10.98.5
Management Fees over Distribution%15.813.75.946.4
Distribution on Capital (Annualized)%3.43.605.4
Distribution Margin%47.350.1070.8
  • Property yield (annualized)  7%
    • Ascendas India Trust, First REIT, Keppel DC REIT and Sasseur REIT
  • Property yield (annualized)  3%
    • ARA Hospitality Trust, Ascott Residence Trust, CDL Hospitality Trust, Far East Hospitality Trust, Frasers Hospitality Trust and Suntec REIT
  • Management fees over Distribution  10.5%
    • Cromwell European REIT, Elite Commercial REIT, Manulife US REIT, Mapletree North Asia Commercial Trust and United Hampshire US REIT
  • Management fees over Distribution of  20%
    • Dasin Retail Trust, First REIT, Frasers Hospitality Trust, Keppel REIT, Lippo Mall Indonesia Retail Trust and Suntec REIT
  • Distribution on capital (annualized)  5%
    • Keppel DC REIT, Prime US REIT, Sasseur REIT and United Hampshire US REIT
  • Distribution on capital (annualized)  1.5%
    • ARA Hospitality Trust, BHG Retail REIT, Frasers Hospitality Trust and Lippo Malls Indonesia Retail Trust
  • Distribution margin  65%
    • Elite Commercial REIT, Lendlease Global Commercial REIT, Mapletree Commercial Trust, Parkway Life REIT and Sasseur REIT
  • Distribution margin  25%
    • ARA Hospitality Trust, Ascott Residence Trust, BHG Retail REIT and Lippo Malls Indonesia Retail Trust

Related Party Shareholding
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%27.0526.92065.41
REIT Manager's Shareholding%2.220.9909.83
Directors of REIT Manager's Shareholding%6.270.13057.89
* Include deemed interest
  • REIT sponsor's shareholding  50%
    • Far East Hospitality Trust, IREIT Global, Lippo Mall Indonesia Retail Trust, Sasseur REIT and SPH REIT
  • REIT sponsor's shareholding  7.5%
    • AIMS APAC REIT, BHG Retail REIT, Dasin Retail Trust, Elite Commercial REIT, Prime US REIT and Suntec REIT
  • REIT manager's shareholding ≥ 5.5%
    • Ascendas India Trust, Ascott Residence Trust, CapitaLand China Trust, CDL Hospitality Trusts and First REIT
  • REIT manager's shareholding  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  20%
    • Dasin Retail Trust, EC World REIT, ESR-REIT, Frasers Hospitality Trust and Sasseur REIT
  • Directors of REIT manager's shareholding  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 35.1%
Dasin Retail Trust10.5% 
Keppel DC REIT3% 
Keppel REIT 0.5% 
Lippo Malls Indonesia Retail Trust25.1% 
Mapletree Logistics Trust 1.9%
OUE Commercial REIT9.6% 
Suntec REIT5.9% 
United Hampshire US REIT12.8%


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 India Trust
  2. Ascendas REIT
  3. Ascott Residence Trust
  4. CapitaLand China Trust
  5. CapitaLand Integrated Commercial Trust
  6. CDL Hospitality Trusts
  7. Dasin Retail Trust
  8. Elite Commercial REIT
  9. First REIT
  10. Frasers Centrepoint Trust
  11. Frasers Hospitality Trust
  12. Keppel DC REIT
  13. Keppel REIT
  14. Lippo Mall Indonesia Retail Trust
  15. Manulife US REIT
  16. Mapletree Industrial Trust
  17. Mapletree North Asia Commercial Trust
  18. SPH REIT
  19. Suntec REIT


At this moment, SREITs are trading slightly close to their  NAV value with a median Price/NAV at 0.94. The median dividend yield of 5.76% is quite attractive, showing signs of dividend yield recovery to the pre-COVID period. The median dividend yield for the hospitality sector is the lowest among all, as income is affected due to travel restrictions. As the SREITs announcement is around the corner, you could follow SREITs Results Date page for the announcement date.


Join REIT-TIREMENT Patreon for patron-exclusive posts that cover REITs valuation and more detail on fundamental analysis. 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

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

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

No comments:

Post a Comment