REIT-TIREMENT - REITs Investing & Personal Finance

REITs investment & personal finance


Sunday, July 31, 2022

SREITs Fundamental Review @ 31 July 2022

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

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV0.930.850.232.01
Market Cap, S$ B2.821.380.2614.47
Dividend Yield - Retail7.45%6.39%4.17%16.06%
Dividend Yield - Office7.13%6.72%5.02%9.86%
Dividend Yield - Healthcare6.17%6.17%2.94%9.39%
Dividend Yield - Hospitality3.10%3.86%0.75%4.80%
Dividend Yield - Industrial5.75%5.14%4.74%7.18%
Dividend Yield - Logistics7.62%7.00%5.05%11.43%
Overall Dividend Yield6.54%6.20%0.75%16.06%

* 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 Trust16.06%ARA US Hospitality Trust0.75%
2EC World REIT11.43%Frasers Hospitality Trust2.17%
3Prime US REIT9.86%Parkway Life REIT2.94%
4United Hampshire US REIT9.72%CDL Hospitality Trusts3.86%
5First REIT9.39%Ascott Residence Trust3.93%


Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT2.02Dasin Retail Trust0.23
2Keppel DC REIT1.51Lippo Mall Indonesia Retail Trust0.53
3Mapletree Industrial Trust1.44BHG Retail REIT 0.57
4Ascendas REIT1.25EC World REIT0.57
5Mapletree Logistics Trust1.20OUE Commercial Trust0.67


Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust14.47Dasin Retail Trust0.26
2Ascendas REIT12.47BHG Retail REIT0.27
3Mapletree Commercial Trust9.94Lippo Mall Indonesia Retail Trust0.37
4Mapletree Logistics Trust8.43ARA US Hospitality Trust0.37
5Mapletree Industrial Trust7.28EC World REIT0.43

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%95.195.779.1100
Income Received in SGD/Major Currencies%77.31000100
Highest Lease Maturity in 5 Years%28.224.92.286.6
Weighted Average Lease Expiry, WALEyear4.924.061.317.2
Weighted Average Land Lease Expiryyear68.8271.9522.8899

* 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
    • OUE Commercial Trust
    • 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
    • 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-LOGOS REIT
    • Lippo Mall Indonesia Retail Trust
    • Sasseur REIT


Debt Profile

 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime5.14.11.420.2
Cost of Debt%2.732.450.566.65
Fixed Debt over Total Debt%73.476.224.3100
Unsecured Debt over Total Debt%59.983.50100
Gearing Ratio%36.737.325.744.9
Preferred/Perpetual Securities over Debt%5.30031
Highest Debt Expiry in 5 Years%42.53015100
Weighted Average Debt Expiry, WADEyear2.792.850.384.4
  • 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
    • 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
  • 9 SREITs are having unsecured debt of 0%; 12 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
    • 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
    • Keppel DC REIT
    • 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
    • AIMS APAC REIT
    • CapitaLand Integrated Commercial Trust
    • Digital Core REIT
    • IREIT Global
    • Keppel DC REIT
  • WADM ≤1.75 years
    • Dasin Retail Trust
    • EC World REIT
    • First REIT
    • Sasseur REIT

Diversification Profile

 ItemsUnit Average Median  MinMax
Major Sector Contribution%83.893.538.6100
Top Geographical Contribution%54.754.38.1100
Top Property Contribution%23.320.4464.3
Top 5 Properties Contribution%60.959.215.1100
Top Tenant Contribution%20.512.22.390.4
Top 10 Tenants Contribution%49.338.213.2100
  • Major sector contribution  50%
    • AIMS APAC REIT
    • Ascendas REIT
    • ESR-LOGOS 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
    • Mapletree Logistics Trust
  • 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
    • Ascott Residence Trust
    • 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)%5.25.12.89.6
Management Fees over Distribution%16.515.1640.6
Distribution on Capital (Annualized)%3.43.60.35.4
Distribution Margin%47.147.71.571.2
  • 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
    • 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
  • Distribution on capital (annualized)  4.5%
    • Elite Commercial Trust
    • Keppel DC REIT
    • Keppel Pacific Oak US REIT
    • Prime US REIT
    • Sasseur REIT
    • United Hampshire US REIT
  • Distribution on capital (annualized)  2%
    • ARA Hospitality Trust
    • BHG Retail REIT
    • Dasin Retail Trust
    • Frasers Hospitality Trust
    • Lippo Malls Indonesia Retail Trust
  • Distribution margin  70%
    • 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%25.39124.096056.732
REIT Manager's Shareholding%2.0360.86608.378
Directors of REIT Manager's Shareholding%5.7730.117057.214
* Include deemed interest
  • REIT sponsor's shareholding  45%
    • Far East Hospitality Trust
    • IREIT Global
    • Lippo Mall Indonesia Retail Trust
    • OUE Commercial Trust
    • Sasseur REIT
  • REIT sponsor's shareholding  7.5%
    • 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  0.05%
    • Ascendas REIT
    • Daiwa House Logistics Trust
    • OUE Commercial Trust
    • Sabana Industrial REIT
    • Suntec REIT
  • Directors of REIT manager's shareholding  10%
    • Dasin Retail Trust
    • EC World REIT
    • Elite Commercial REIT
    • ESR-LOGOS 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

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% 
Far East Hospitality Trust 3.3%
Frasers Logistics & Commercial Trust2.9%0.5%
Keppel REIT1.3% 0.9%
Keppel DC REIT0.1% 
Lippo Malls Indonesia Retail Trust28.3% 
Mapletree Industrial Trust 2.2%
Mapletree Logistics Trust0.4%1.8%
OUE Commercial REIT12.1%4.0%
Suntec REIT4.0%4.3%
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. Cromwell European REIT
  3. Daiwa House Logistics Trust
  4. Dasin Retail Trust
  5. Digital Core REIT
  6. EC World REIT
  7. Elite Commercial Trust
  8. IREIT Global
  9. Keppel DC REIT
  10. Keppel Pacific Oak US REIT
  11. Keppel REIT
  12. Manulife US REIT
  13. Mapletree Commercial Trust 
  14. Mapletree Logistics Trust
  15. Prime US REIT
  16. Sasseur REIT
  17. United Hampshire US REIT

Generally, SREITs are trading below their NAV value with a median Price/NAV of 0.85 and the median dividend yield of 6.2% 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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