REIT-TIREMENT - REITs Investing & Personal Finance

REITs investing & personal finance


Sunday, January 29, 2023

SREITs Fundamental Review @ 29 January 2023

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

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV0.850.820.171.72
Market Cap, S$ B2.641.330.1614.27
Dividend Yield - Retail7.55%6.6%3.62%11.93%
Dividend Yield - Office8.46%6.51%5.32%15.88%
Dividend Yield - Healthcare6.6%6.6%3.6%9.6%
Dividend Yield - Hospitality4.14%4.3%3.3%4.74%
Dividend Yield - Industrial6.02%6.12%4.83%7.02%
Dividend Yield - Logistics8.1%7.61%5.18%12.6%
Overall Dividend Yield7.29%6.51%3.3%12.6%

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

** Dividend yields are based on REIT Major Sector


Highest Div. Yield (TTM)% Lowest Div. Yield (TTM)%
1Manulife US REIT15.88%Frasers Hospitality Trust3.3%
2Prime US REIT13.22%Parkway Life REIT3.6%
3EC World REIT12.6%BHG Retail REIT3.62%
4United Hampshire US REIT11.93%CDL Hospitality Trusts3.78%
5Lippo Malls Indonesia Retail Trust11.25%CapitaLand Ascott Trust4.3%


Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT1.72Dasin Retail Trust0.17
2Keppel DC REIT1.56Lippo Malls Indonesia Retail Trust0.37
3Mapletree Industrial Trust1.28Manulife US REIT0.47
4Mapletree Logistics Trust1.23ARA US Hospitality Trust0.55
5CapitaLand Ascendas REIT1.22EC World REIT0.57


Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust14.27Dasin Retail Trust0.16
2CapitaLand Ascendas REIT12.23Lippo Malls Indonesia Retail Trust0.25
3Mapletree Pan Asia Commercial Trust9.63BHG Retail REIT0.26
4Mapletree Logistics Trust8.37ARA US Hospitality Trust0.29
5Mapletree Industrial Trust6.62United Hampshire US REIT0.36

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%95.5
96.780.4100
Income Received in SGD/Major Currencies%76.899.90100
Highest Lease Maturity in 5 Years%28.625.4286.6
Weighted Average Lease Expiry, WALEyear4.813.971.316.99
Weighted Average Land Lease Expiryyear68.8771.8122.3899

* 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%
    • Digital Core REIT
    • First REIT
    • Lendlease Global Commercial REIT
    • Parkway Life REIT
  • Committed occupancy ≤ 90%
    • Lippo Malls Indonesia Retail Trust
    • Manulife US REIT
    • Prime US REIT
    • Sabana Industrial REIT
  • 20 SREITs are having 100% of income received in SGD/major currencies
  • Income received in SGD/major currencies = 0%
    • BHG Retail REIT
    • CapitaLand China Trust
    • CapitaLand India Trust
    • Dasin Retail Trust
    • EC World REIT
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • 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
    • CapitaLand 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
    • Mapletree Pan Asia Commercial Trust
    • Sasseur REIT
  • 100% freehold or properties  99 years remaining land lease
    • CapitaLand 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
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT


Debt Profile

 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime4.840.818.3
Cost of Debt%3.0430.986.71
Fixed Debt over Total Debt%71.374.214.4100
Unsecured Debt over Total Debt%61.484.70100
Gearing Ratio%37.137.526.243.7
Preferred/Perpetual Securities over Debt%5.30.1031.7
Highest Debt Expiry in 5 Years%43.531.414.6100
Weighted Average Debt Maturity, WADMyear2.712.880.54.2
  • Interest coverage ratio  8 times
    • Digital Core REIT
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • Keppel DC REIT
    • Parkway Life REIT
  • Interest coverage ratio  2.5 times
    • AIMS APAC REIT
    • BHG Retail REIT
    • Dasin Retail Trust
    • Lendlease Global Commercial REIT
    • Lippo Malls Indonesia Retail
    • Suntec REIT
  • Cost of debt  1.75%
    • CapitaLand Ascott Trust
    • Daiwa House Logistics Trust
    • Frasers Logistics & Commercial Trust
    • Parkway Life REIT
  • Cost of debt  4.5%
    • BHG Retail REIT
    • CapitaLand India Trust
    • Dasin Retail Trust
    • EC World REIT
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • Fixed debt %  82.5%
    • AIMS APAC REIT
    • Daiwa House Logistics Trust
    • IREIT Global
    • Mapletree Logistics Trust
    • Prime US REIT
    • Starhill Global REIT
  • Fixed debt %  60%
    • 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
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • Paragon REIT
    • Sasseur REIT
  • Gearing Ratio  42%
    • ARA US Hospitality REIT
    • Lippo Malls Indonesia Retail Trust
    • Manulife US REIT
    • Suntec REIT
    • United Hampshire US REIT
  • Preferred/perpetual securities over debts  15%
    • AIMS APAC REIT
    • Lendlease Global Commercial REIT
    • Lippo Malls Indonesia Retail Trust
    • Paragon REIT
  • 17 SREITs are having preferred/perpetual securities over debts of 0%
  • Highest debt maturity within 5 years  22.5% in a single year
    • CapitaLand Ascendas REIT
    • CapitaLand China Trust
    • CapitaLand Integrated Commercial Trust
    • Keppel REIT
    • Mapletree Logistics Trust
    • Mapletree Pan Asia Commercial Trust
  • Highest debt maturity within 5 years ≥ 80% in a single year
    • BHG Retail REIT
    • Dasin Retail Trust
    • 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
    • Keppel Pacific OAK US REIT
  • WADM ≤1.75 years
    • CDL Hospitality Trusts
    • Dasin Retail Trust
    • EC World REIT
    • Elite Commercial REIT
    • Sasseur REIT

Diversification Profile

 ItemsUnit Average Median  MinMax
Major Sector Contribution%83.692.937.1100
Top Geographical Contribution%54.154.38.1100
Top Property Contribution%23.220.54.462.6
Top 5 Properties Contribution%60.559.215.7100
Top Tenant Contribution%19.811.82.390.6
Top 10 Tenants Contribution%48.637.713.2100
  • Major sector contribution  55%
    • AIMS APAC REIT
    • CapitaLand Ascendas REIT
    • CapitaLand Integrated Commercial Trust
    • Cromwell European 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
    • CapitaLand Ascott Trust
    • Cromwell European REIT
    • Elite Commercial Trust
  • Top geographical contribution of 95%
    • Dasin Retail Trust
    • EC World REIT
    • Far East Hospitality Trust
    • Frasers Centrepoint Trust
    • Sabana Industrial REIT
  • Top property contribution  7.5%
    • ARA US Hospitality Trust,
    • CapitaLand Ascendas REIT
    • CapitaLand Ascott Trust
    • Cromwell European REIT
    • Elite Commercial REIT
    • Mapletree Logistics Trust
  • Top property contribution  40%
    • BHG Retail REIT
    • Lendlease Global Commercial Trust
    • Paragon REIT
    • Sasseur REIT
    • Suntec REIT
  • Top 5 properties contribution  25%
    • ARA US Hospitality Trust
    • CapitaLand Ascendas REIT
    • CapitaLand Ascott Trust
    • Elite Commercial REIT
    • Mapletree Logistics Trust
  • Top 5 properties contribution  95%
    • BHG Retail REIT
    • Dasin Retail Trust
    • Lendlease Global Commercial Trust
    • Paragon REIT
    • Sasseur REIT
  • Top tenant contribution  3.5%
    • CapitaLand Ascendas REIT
    • CapitaLand China Trust
    • Keppel Pacific Oak US REIT
    • Sasseur REIT
    • Suntec REIT
  • Top tenant contribution  40%
    • ARA US Hospitality Trust
    • Elite Commercial REIT
    • First REIT
    • Parkway Life REIT
  • Top 10 tenants contribution  20%
    • CapitaLand Ascendas REIT
    • CapitaLand Ascott Trust
    • CapitaLand China Trust
    • Frasers Centrepoint Trust
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • Top 10 tenants contribution  97.5%
    • ARA US Hospitality Trust
    • Digital Core REIT
    • EC World REIT
    • Elite Commercial REIT
    • First REIT

Key Financial Metrics

 ItemsUnit Average Median MinMax
Property Yield (Annualized)%5.25.12.89.2
Management Fees over Distribution%16.714.96.143.3
Distribution on Capital (Annualized)%3.33.60.85.2
Distribution Margin%45.946.96.470.9
  • Property yield (annualized)  7%
    • CaptiaLand India Trust
    • EC World REIT
    • Elite Commercial Trust
    • First REIT
    • Keppel DC REIT
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • Property yield (annualized)  3.5%
    • CapitaLand Ascott Trust
    • Dasin Retail Trust
    • Far East Hospitality Trust
    • Frasers Hospitality Trust
    • Lendlease Global Commercial REIT
    • Suntec REIT
  • Management fees over Distribution  10.25%
    • Cromwell European REIT
    • Daiwa House Logistics Trust
    • Elite Commercial REIT
    • Manulife US REIT
    • United Hampshire US REIT
  • Management fees over Distribution of  25%
    • ARA Hospitality US Trust
    • Dasin Retail Trust
    • Frasers Hospitality Trust
    • Lippo Malls Indonesia Retail Trust
  • Distribution on capital (annualized)  4.5%
    • Elite Commercial Trust
    • Keppel DC 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  65%
    • Elite Commercial REIT
    • Far East Hospitality Trust
    • Lendlease Global Commercial REIT
    • Parkway Life REIT
    • Sasseur REIT
  • Distribution margin  25%
    • ARA Hospitality Trust
    • BHG Retail REIT
    • Dasin Retail Trust
    • Lippo Malls Indonesia Retail Trust

Related Party Shareholding
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%27.21226.015060.997
REIT Manager's Shareholding%2.0750.93308.497
Directors of REIT Manager's Shareholding%5.4170.105057.419
* Include deemed interest
  • REIT sponsor's shareholding  50%
    • Far East Hospitality Trust
    • IREIT Global
    • Mapletree Pan Asia Commercial Trust
    • Paragon REIT
    • 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 ≥ 5%
    • CapitaLand India Trust
    • CapitaLand Ascott Trust
    • CapitaLand China Trust
    • CDL Hospitality Trusts
    • Far East Hospitality Trust
    • First REIT
  • REIT manager's shareholding  0.1%
    • CapitaLand 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
    • Frasers Hospitality Trust
    • Sasseur REIT
  • Directors of REIT manager's shareholding  0.01%
    • Digital Core REIT
    • Lippo Malls Indonesia Retail Trust
    • Starhill Global REIT

Income Support and Distribution from Asset Disposal 

NameIncome Support / Distribution  Top-Up from Disposal / Distribution
CapitaLand Ascendas REIT1.1%
CapitaLand Ascott Trust16.6%
CapitaLand China Trust0.2%
CDL Hospitality Trusts19.9%
Cromwell European REIT1.1%
Far East Hospitality Trust6.5%
Frasers Logistics & Commercial Trust1.2%2.9%
Keppel DC REIT0.1%
Keppel REIT0.8%4.5%
Lippo Malls Indonesia Retail Trust26.5%
Mapletree Industrial Trust2.1%
Mapletree Logistics Trust0.8%1.3%
OUE Commercial REIT12.1%4.0%
Suntec REIT3.7%5.8%


Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Relative Tab


Below is the list of REITs with 4 out of 6 being +1SD/+2SD Dividend Yield and -1SD/-2SD P/NAV over the past of 1 year, 3 years, or 5 years:

  1. Cromwell European REIT
  2. Dasin Retail Trust
  3. EC World REIT
  4. Elite Commercial Trust
  5. Keppel Pacific Oak US REIT
  6. Keppel REIT
  7. Lippo Malls Indonesia Retail Trust
  8. Manulife US REIT
  9. Prime US REIT
  10. Suntec REIT
  11. United Hampshire US REIT

The recent rally has led to an increase in the share prices of most SREITs, but they are still trading way below their NAV value with a median Price/NAV of 0.82 and they offer a respectable median dividend yield of 6.51%.  It's worth noting that the hospitality sector has the lowest median dividend yield, while the logistics sector offers the highest. As always, investors should do their own research and consider the fundamentals of each trust and the sectors they operate in before making any investment decisions. And, as a way to hedge risk, it's a good idea to diversify your portfolio by investing in different sectors.


For more information, check out:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and details of Singapore REIT

REIT Review - List of previous REIT review posts


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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.

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