REIT-TIREMENT - REITs Investing & Personal Finance

REITs investing & personal finance

Tuesday, March 28, 2023

SREITs Dashboard, Data & Result Date Updates - Added DPU Breakdown, Updated DPU Trend & Others

Since the previous post titled REIT Distribution Demystified and Manipulatable Components, I have been working on the distribution breakdown and operating distribution data and dashboard presentation. Without further ado, below are the updates:

1) DPU Breakdown

- Added DPU breakdown for the past 5 years, where applicable.

- Consists of the following 6 components:

  • DPU from Operation
  • Distribution Retention (Retention is the amount excluded from distributed DPU)
  • Management Fees Paid in Units
  • Income Support
  • Proceeds from Divestment
  • Release of Retention/Capital

- Blue trendline represent the trend for DPU from Operation.

2) Trend

- Added DPU from Operation in DPU trend.

- Revised trendline to represent DPU from Operation.

3)  Key Financial Metrics

- Revised formula and name for Manager Management Fees over Distribution, Distribution on Capital and Distribution Margin. The new metric used would be based on Operating Distributable Income in replacement of Distribution.

- Added Operating Distribution Proportion that represents the % of the distribution from the operation, which excludes the retention release, income support, proceeds from divestments and management fees paid in units.

4) Others

- Removed 3D view for all trend charts.

- Updated Note tab to reflect this update.

5) SREITs Data

- Update SREITs Data and SREITs Comparison for the above information.

- Fixed formula and links errors.

- Removed Detail tab.

6) SREITs Result Date

- Replaced current list view with embedded Google Calendar. Readers are able to click on the Agenda tab to view all the dates.

Since this update primarily focuses on the DPU from operations, you could read REIT Distribution Demystified and Manipulatable Components to better understand the components involved. DPU improvements don't always result from better operations; they can come from short-term factors or expansion of the unitholder base (albeit at a slow pace). Next time, when you see a DPU improvement, check before celebrating. 

All the above have been updated in SREITs Dashboard, SREITs Data and SREITs Result Date. Feel free to use it and let me know if you find out any errors or mistakes.