REIT-TIREMENT - REITs Investing & Personal Finance

REITs investment & personal finance


Sunday, October 31, 2021

SREITs Fundamental Review @ 31 October 2021

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

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV1.020.960.312.35
Market Cap, S$ B2.831.50.2713.94
Dividend Yield - Retail6.42%5.54%3.75%10.87%
Dividend Yield - Office6.29%6.27%4.35%7.94%
Dividend Yield - Healthcare6.77%6.77%3.02%10.53%
Dividend Yield - Hospitality2.74%3.84%0%3.92%
Dividend Yield - Industrial6.03%5.67%4.11%8.67%
Dividend Yield - Logistics6.07%6.35%4.24%7.35%
Overall Dividend Yield5.77%5.86%0%10.87%

* 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)%
1Dasin Retail Trust10.87%ARA US Hospitality Trust0%
2First REIT10.53%Frasers Hospitality Trust2.05%
3United Hampshire US REIT9.01%Parkway Life REIT3.02%
4Sabana Industrial REIT8.67%BHG Retail REIT3.75%
5Sasseur REIT8.32%Far East Hospitality Trust3.84%

Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT2.35Dasin Retail Trust0.31
2Keppel DC REIT1.94Lippo Mall Indonesia Retail Trust0.57
3Mapletree Industrial Trust1.54BHG Retail REIT0.58
4Mapletree Logistics Trust1.53Suntec REIT0.73
5Ascendas REIT1.36Frasers Hospitality Trust 0.74

Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust13.94BHG Retail REIT0.27
2Ascendas REIT12.96Dasin Retail Trust0.36
3Mapletree Logistics Trust8.68ARA US Hospitality Trust0.37
4Mapletree Industrial Trust7.31First REIT0.43
5Mapletree CommerciaTrust7.24Lippo Mall Indonesia Retail Trust0.43

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%94.995.981.1100
Income Received in SGD/Major Currencies%75.599.90100
Highest Lease Maturity in 5 Years%29.826.61.3100
Weighted Average Lease Expiry, WALEyear4.573.940.912.7
Weighted Average Land Lease Expiryyear67.3873.1324.0599
* 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
    • First REIT
    • Lendlease Global Commercial REIT
    • Parkway Life REIT
  • Committed occupancy ≤ 90%
    • Ascendas India Trust
    • Lippo Malls Indonesia Retail Trust
    • Sabana 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
    • 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
    • Sasseur REIT
  • WALE  6.5 years
    • Elite Commercial REIT
    • Far East Hospitality Trust
    • First REIT
    • Frasers Hospitality Trust
    • United Hampshire US REIT
  • WALE  2.5 years
    • CapitaLand China Trust
    • Frasers Centrepoint Trust
    • Mapletree North Asia Commercial Trust
    • 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
    • Prime US REIT
  • Weighted average land lease expiry  30 years
    • BHG Retail REIT
    • CapitaLand China Trust
    • Dasin Retail Trust
    • ESR REIT
    • Sasseur REIT


Debt Profile

 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime4.84.21.121.6
Cost of Debt%2.72.410.566.47
Fixed Debt over Total Debt%73.776.424.1100
Unsecured Debt over Total Debt%5878.70100
Gearing Ratio%37.237.224.749
Preferred/Perpetual Securities over Debt%60044.5
Highest Debt Expiry in 5 Years%40.532.114.298.8
Weighted Average Debt Expiry, WADEyear2.782.90.74.8
  • Interest coverage ratio  7 times
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • Keppel DC REIT
    • Parkway Life REIT
    • SPH REIT
  • Interest coverage ratio  2.5 times
    • ARA Hospitality Trust
    • Ascott Residence Trust
    • Dasin Retail Trust
    • Frasers Hospitality Trust
    • 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
    • Parkway Life REIT
  • Cost of debt  4%
    • Ascendas India Trust
    • Dasin Retail Trust
    • EC World REIT
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • Fixed debt %  95%
    • AIMS APAC REIT
    • Cromwell European REIT
    • Lendlease Global Commercial REIT
    • Manulife US REIT
    • Starhill Global REIT
    • United Hampshire US REIT
  • Fixed debt %  55%
    • BHG Retail REIT
    • Dasin Retail Trust
    • Far East Hospitality Trust
    • First REIT
    • IREIT Global
  • 10 SREITs are having unsecured debt of 0%; 10 SREITs are having unsecured debt of 100%.
  • Gearing Ratio  33.5%
    • AIMS APAC REIT
    • Frasers Centrepoint Trust
    • IREIT Global
    • Lendlease Global Commercial REIT
    • Sasseur REIT
    • SPH REIT
  • Gearing Ratio  42%
    • ARA US Hospitality REIT
    • Elite Commercial REIT
    • Frasers Hospitality Trust
    • 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
  • 20 SREITs are having preferred/perpetual securities over debts of 0%
  • Highest debt maturity within 5 years  20% in a single year
    • Ascendas REIT
    • CapitaLand Integrated Commercial Trust
    • Mapletree Industrial Trust
    • Mapletree Logistics Trust
    • 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
    • Sasseur REIT
  • WADM  3.75 years
    • CapitaLand Integrated Commercial Trust
    • Cromwell European REIT
    • IREIT Global
    • Mapletree Commercial Trust
  • WADM  2 years
    • BHG Retail REIT
    • Dasin Retail Trust
    • EC World REIT
    • First REIT
    • Sabana Industrial REIT
    • Sasseur REIT

Diversification Profile

 ItemsUnit Average Median  MinMax
Major Sector Contribution%84.193.240.4100
Top Geographical Contribution%56.755.98.4100
Top Property Contribution%23.618.33.966.5
Top 5 Properties Contribution%61.26215.6100
Top Tenant Contribution%20.111.83.2100
Top 10 Tenants Contribution%48.336.715.5100
  • Major sector contribution  55%
    • AIMS APAC REIT
    • Ascendas REIT
    • ESR-REIT
    • 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
    • Prime US REIT
  • Top geographical contribution of 100%
    • Dasin Retail Trust
    • Far East Hospitality Trust
    • Mapletree Commercial Trust 
    • Sabana Industrial REIT
  • Top property contribution  8%
    • ARA US Hospitality Trust,
    • Ascendas REIT
    • Ascott Residence Trust
    • Cromwell European REIT
    • Frasers Logistics & Commercial Trust
  • 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
    • Frasers Logistics & Commercial Trust
    • 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  5%
    • Ascendas REIT
    • CapitaLand China Trust
    • Frasers Centrepoint Trust
    • Frasers Logistics & Commercial Trust
    • Keppel Pacific Oak US REIT
    • SPH REIT
  • Top tenant contribution  40%
    • 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  90%
    • ARA US Hospitality Trus
    • CDL Hospitality Trusts
    • EC World REIT
    • Elite Commercial REIT
    • First REIT
    • Frasers Hospitality Trust

Key Financial Metrics

 ItemsUnit Average Median MinMax
Property Yield (Annualized)%5.15.10.98.4
Management Fees over Distribution%15.613.65.943.7
Distribution on Capital (Annualized)%3.43.705.3
Distribution Margin%47.350.6070.8
  • Property yield (annualized)  7.5%
    • Ascendas India Trust
    • First REIT
    • Keppel DC REIT
    • Sasseur REIT
  • Property yield (annualized)  3%
    • ARA Hospitality Trust
    • Ascott Residence Trust
    • Far East Hospitality Trust
    • Frasers Hospitality Trust
  • Management fees over Distribution  10.5%
    • Cromwell European REIT
    • Elite Commercial REIT
    • Manulife US REIT
    • Mapletree North Asia Commercial Trust
    • 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
    • Suntec REIT
  • Distribution on capital (annualized)  5%
    • Keppel DC REIT
    • Prime US REIT
    • Sasseur REIT
    • United Hampshire US REIT
  • Distribution on capital (annualized)  1.75%
    • ARA Hospitality Trust
    • BHG Retail REIT
    • Dasin Retail Trust
    • Frasers Hospitality Trust
    • Lippo Malls Indonesia Retail Trust
  • Distribution margin  62.5%
    • Elite Commercial REIT
    • Lendlease Global Commercial REIT
    • Mapletree Commercial Trust
    • Parkway Life REIT
    • Sasseur REIT
  • Distribution margin  25%
    • ARA Hospitality Trust
    • Ascott Residence Trust
    • BHG Retail REIT
    • Frasers Hospitality Trust
    • Lippo Malls Indonesia Retail Trust

Related Party Shareholding
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%26.5925.48065.49
REIT Manager's Shareholding%2.230.91010
Directors of REIT Manager's Shareholding%6.240.13057.89
* Include deemed interest
  • REIT sponsor's shareholding  45%
    • Far East Hospitality Trust
    • IREIT Global
    • Lippo Mall Indonesia Retail Trust
    • OUE Commercial Trust,
    • Sasseur REIT
    • SPH REIT
  • REIT sponsor's shareholding  5%
    • Dasin Retail Trust
    • Prime US REIT
    • Suntec REIT
    • United Hampshire US REIT
  • REIT manager's shareholding ≥ 5.5%
    • Ascendas India Trust
    • Ascott Residence Trust
    • CapitaLand China Trust
    • CDL Hospitality Trusts
    • First REIT
  • REIT manager's shareholding  0.25%
    • ARA US Hospitality Trust
    • Ascendas REIT,
    • Mapletree Logistics Trust
    • Sabana Industrial REIT
    • United Hampshire US REIT
  • Directors of REIT manager's shareholding  20%
    • Dasin Retail Trust
    • EC World REIT
    • ESR-REIT
    • Frasers Hospitality Trust
    • Sasseur REIT
  • Directors of REIT manager's shareholding  0.015%
    • Ascendas REIT
    • CapitaLand Integrated Commercial Trust
    • CDL Hospitality Trusts
    • Lippo Mall Indonesia Retail Trust
    • 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 Trust2.9% 
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 Trust18.8% 
Mapletree Logistics Trust 1.9%
OUE Commercial REIT9.6% 
Suntec REIT6.2% 
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. Ascott Residence Trust
  3. BHG Retail REIT
  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. Keppel DC REIT
  12. Keppel REIT
  13. Lippo Mall Indonesia Retail Trust
  14. Manulife US REIT
  15. Mapletree Industrial Trust
  16. Mapletree North Asia Commercial Trust
  17. Sasseur REIT
  18. Suntec REIT


At this moment, SREITs are trading close to their  NAV value with a median Price/NAV at 0.96. The median dividend yield of 5.86% is quite attractive, showing signs of dividend yield recovery to the pre-COVID period. The median dividend yield for the hospitality sector remains lowest, 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.


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2 comments:

  1. Very comprehensive and insightful. For newly retired investors with $300k for long term investment strategy, which top 5 reits to invest for sustainable passive income. Thank you very much.

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    Replies
    1. Thanks for your compliment. I am afraid I couldn't recommend you which to buy or hold, as I am not a licensed financial advisor. However, there a lot of review posts in my blog which you could refer to. Hope my blog content is useful to u.

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