REIT-TIREMENT - REITs Investing & Personal Finance

REITs investment & personal finance


Sunday, June 26, 2022

SREITs Fundamental Review @ 26 June 2022

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

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV0.920.860.222.02
Market Cap, S$ B2.671.390.2514.5
Dividend Yield - Retail7.55%6.58%4.09%16.57%
Dividend Yield - Office7.20%6.72%5.15%10.23%
Dividend Yield - Healthcare6.14%6.14%2.93%9.36%
Dividend Yield - Hospitality2.92%3.32%0.76%4.48%
Dividend Yield - Industrial5.83%5.25%4.85%7.10%
Dividend Yield - Logistics7.78%7.31%5.17%11.32%
Overall Dividend Yield6.60%6.23%0.76%16.57%

* 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 Trust16.57%ARA US Hospitality Trust0.76%
2EC World REIT11.32%Frasers Hospitality Trust2.15%
3Prime US REIT10.23%Parkway Life REIT2.93%
4United Hampshire US REIT10.04%CDL Hospitality Trusts3.32%
5First REIT9.36%Ascott Residence Trust3.89%

Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT2.02Dasin Retail Trust0.22
2Keppel DC REIT1.52Lippo Mall Indonesia Retail Trust0.57
3Mapletree Industrial Trust1.41BHG Retail REIT 0.58
4Ascendas REIT1.19EC World REIT0.58
5Mapletree Logistics Trust1.15ARA US Hospitality Trust0.67

Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust14.5Dasin Retail Trust0.25
2Ascendas REIT11.84BHG Retail REIT0.27
3Mapletree Logistics Trust8.13ARA US Hospitality Trust0.37
4Mapletree Industrial Trust7.04Lippo Mall Indonesia Retail Trust0.40
5Mapletree CommerciaTrust6.15EC World REIT0.44

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%94.996.179.1100
Income Received in SGD/Major Currencies%77.21000100
Highest Lease Maturity in 5 Years%27.523.52.286.6
Weighted Average Lease Expiry, WALEyear4.964.131.317.2
Weighted Average Land Lease Expiryyear68.5772.0822.8899
* 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
    • 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

 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime5.24.21.420.2
Cost of Debt%2.682.360.566.65
Fixed Debt over Total Debt%7372.924.3100
Unsecured Debt over Total Debt%57.8790100
Gearing Ratio%36.837.52644.9
Preferred/Perpetual Securities over Debt%5.20030.5
Highest Debt Expiry in 5 Years%42.430.415.2100
Weighted Average Debt Expiry, WADEyear2.762.750.384.7
  • 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  12.5%
    • 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

 ItemsUnit Average Median  MinMax
Major Sector Contribution%8493.338.6100
Top Geographical Contribution%54.854.38.1100
Top Property Contribution%23.420.4464.3
Top 5 Properties Contribution%6159.215.1100
Top Tenant Contribution%20.512.22.390.4
Top 10 Tenants Contribution%49.53813.2100
  • 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  40%
    • BHG Retail REIT
    • Lendlease Global Commercial Trust
    • Mapletree Commercial Trust
    • Sasseur REIT
    • SPH REIT
    • Suntec 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
    • Frasers Centrepoint 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

 ItemsUnit Average Median MinMax
Property Yield (Annualized)%5.25.12.610
Management Fees over Distribution%16.415.1640.6
Distribution on Capital (Annualized)%3.43.60.35.4
Distribution Margin%46.947.21.570.6
  • 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
  • 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
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%26.70425.012065.083
REIT Manager's Shareholding%1.9760.82408.183
Directors of REIT Manager's Shareholding%5.9120.125057.214
* 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 

 NameIncome Support / Distribution Top-Up from Disposal / Distribution 
Ascendas REIT1.2% 
Ascott Residence Trust 32.8%
CDL Hospitality Trusts 23.8%
Dasin Retail Trust10.5% 
Frasers Logistics & Commercial Trust2.9%0.5%
Keppel REIT1.3% 0.9%
Lippo Malls Indonesia Retail Trust28.3% 
Mapletree Industrial Trust 1.7%
Mapletree Logistics Trust 1.8%
OUE Commercial REIT10.7%3.8% 
Suntec REIT5.6%2.3%
United Hampshire US REIT10.2%


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

Generally, SREITs are trading below their NAV value with a median Price/NAV of 0.86 and the median dividend yield of 6.23% is quite 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.

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