REIT-TIREMENT - REITs Investing & Personal Finance

REITs investing & personal finance


Sunday, April 30, 2023

SREITs Fundamental Review @ 30 April 2023

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

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV0.790.780.11.69
Market Cap, S$ B2.521.250.113.5
Dividend Yield - Retail8.59%7%2.49%18.51%
Dividend Yield - Office10.86%7.51%5.46%26.54%
Dividend Yield - Healthcare6.68%6.68%3.73%9.63%
Dividend Yield - Hospitality5.72%5.24%4.47%8.6%
Dividend Yield - Industrial6.58%6.32%4.78%8.92%
Dividend Yield - Logistics9.48%9.22%5.2%16.71%
Overall Dividend Yield8.78%6.97%2.49%26.54%

* 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 REIT26.54%BHG Retail REIT2.49%
2Prime US REIT19.38%Parkway Life REIT3.73%
3Dasin Retail Trust18.51%CDL Hospitality Trusts4.47%
4EC World REIT16.71%Frasers Hospitality Trust4.58%
5Keppel Pacific Oak US REIT15.17%Keppel DC REIT4.78%


Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT1.69Dasin Retail Trust0.1
2Keppel DC REIT1.57Lippo Malls Indonesia Retail Trust0.23
3Mapletree Industrial Trust1.29Manulife US REIT0.31
4Mapletree Logistics Trust1.23Prime US REIT0.34
5CapitaLand Ascendas REIT1.21EC World REIT0.38


Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust13.5Dasin Retail Trust0.1
2CapitaLand Ascendas REIT12.02Lippo Malls Indonesia Retail Trust0.13
3Mapletree Pan Asia Commercial Trust9.22EC World REIT0.23
4Mapletree Logistics Trust8.59BHG Retail REIT0.24
5Mapletree Industrial Trust6.52ARA US Hospitality Trust0.27

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%95.2
96.280.4100
Income Received in SGD/Major Currencies%76.699.90100
Highest Lease Maturity in 5 Years%29.222.9285.6
Weighted Average Lease Expiry, WALEyear4.74116.8
Weighted Average Land Lease Expiryyear68.872.322.199

* 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
    • First REIT
    • Frasers Centrepoint Trust
    • Lendlease Global Commercial REIT
    • Parkway Life REIT
  • Committed occupancy ≤ 90%
    • IREIT Global
    • Lippo Malls Indonesia Retail Trust
    • Manulife US REIT
    • Prime US 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
  • Highest lease maturity within 5 years  50% in a single year (including those without breakdown) 
    • ARA Hospitality Trust
    • CapitaLand Ascott Trust
    • CapitaLand India Trust
    • CDL Hospitality 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 years
    • ARA US Hospitality Trust
    • CapitaLand China Trust
    • EC World REIT
    • Frasers Centrepoint Trust
    • Sasseur REIT
  • 100% freehold or properties  99 years remaining land lease
    • Digital Core 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 Ratiotime4.43.60.815.6
Cost of Debt%3.453.440.997.72
Fixed Debt over Total Debt%71.575.514.4100
Unsecured Debt over Total Debt%61.985.60100
Gearing Ratio%3838.727.648.8
Preferred/Perpetual Securities over Debt%5.20.1031.7
Highest Debt Expiry in 5 Years%42.93515.2100
Weighted Average Debt Maturity, WADMyear2.72.90.24.2
  • Interest coverage ratio  6.5 times
    • Daiwa House Logistics Trust
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • Keppel DC REIT
    • Parkway Life REIT
  • Interest coverage ratio  2.25 times
    • BHG Retail REIT
    • Dasin Retail Trust
    • Lendlease Global Commercial REIT
    • Lippo Malls Indonesia Retail
    • Suntec REIT
  • Cost of debt  2.25%
    • Daiwa House Logistics Trust
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • Paragon REIT
    • Parkway Life REIT
  • Cost of debt  4.75%
    • CapitaLand India Trust
    • Dasin Retail Trust
    • EC World REIT
    • Elite Commercial Trust
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • Fixed debt %  82.5%
    • AIMS APAC REIT
    • Daiwa House Logistics Trust
    • IREIT Global
    • Mapletree Logistics Trust
    • Paragon REIT
  • Fixed debt %  50%
    • BHG Retail REIT
    • Dasin Retail Trust
    • EC World REIT
    • Far East Hospitality Trust
    • Lippo Malls Indonesia Retail Trust
  • 10 SREITs are having unsecured debt of 0%; 10 SREITs are having unsecured debt of 100%.
  • Gearing Ratio  32.5%
    • Far East Hospitality Trust
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • Paragon REIT
    • Sasseur REIT
  • Gearing Ratio  42%
    • Elite Commercial Trust
    • Lippo Malls Indonesia Retail Trust
    • Manulife US REIT
    • Prime US REIT
    • Suntec REIT
  • Preferred/perpetual securities over debts  12.5%
    • AIMS APAC REIT
    • ESR-LOGOS 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  21.5% in a single year
    • CapitaLand Ascendas REIT
    • CapitaLand China Trust
    • CapitaLand Integrated Commercial Trust
    • Far East Hospitality Trust
    • Mapletree Logistics Trust
    • Suntec REIT
  • Highest debt maturity within 5 years ≥ 80% in a single year
    • BHG Retail REIT
    • Dasin Retail Trust
    • EC World REIT
    • IREIT Global
    • Sasseur REIT
  • WADM  3.75 years
    • CapitaLand Ascott Trust
    • CapitaLand Integrated Commercial Trust
    • Keppel DC REIT
    • United Hampshire US REIT
  • WADM ≤1.6 years
    • ARA US Hospitality Trust
    • Dasin Retail Trust
    • EC World REIT
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT

Diversification Profile

 ItemsUnit Average Median  MinMax
Major Sector Contribution%83.292.137.1100
Top Geographical Contribution%54.154.17.7100
Top Property Contribution%22.819.94.460.6
Top 5 Properties Contribution%60.259.415.5100
Top Tenant Contribution%18.110.42.191.5
Top 10 Tenants Contribution%48.135.313100
  • Major sector contribution  50%
    • AIMS APAC REIT
    • CapitaLand Ascendas REIT
    • Frasers Logistics & Commercial Trust
    • Mapletree Pan Asia Commercial Trust
  • 15 SREITs are having a major sector contribution of 100%
  • Top geographical contribution  22.5%
    • ARA US Hospitality Trust
    • CapitaLand Ascott Trust
    • Cromwell European REIT
    • Elite Commercial Trust
    • Frasers Logistics & Commercial Trust
    • IREIT Global
  • 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
    • 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
    • Paragon REIT
    • Sasseur REIT
    • Suntec REIT
  • Top tenant contribution  37.5%
    • ARA US Hospitality Trust
    • Elite Commercial REIT
    • First REIT
    • Parkway Life REIT
  • Top 10 tenants contribution  17.5%
    • CapitaLand Ascendas REIT
    • CapitaLand Ascott Trust
    • CapitaLand China Trust
    • Sasseur REIT
    • Suntec 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  Min Max
Property Yield (Annualized)%5.45.13.29.3
Manager Management Fees over Operating Distributable Income%13.416-150.248.7
Operating Distributable Income on Capital (Annualized)%33.2-0.44.8
Operating Distributable Income Margin%41.143.7-3.466.3
Operating Distribution Proportion%85.89039.6100
  • Property yield (annualized)  7%
    • CaptiaLand India Trust
    • Elite Commercial Trust
    • First REIT
    • Keppel DC REIT
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • Property yield (annualized)  3.5%
    • Dasin Retail Trust
    • Far East Hospitality Trust
    • Lendlease Global Commercial REIT
    • Suntec REIT
  • Management fees over operating distributable income  10.5%
    • Cromwell European REIT
    • Daiwa House Logistics Trust
    • Elite Commercial REIT
    • IREIT Global
  • Management fees over operating distributable income  25%
    • AIMS APAC REIT
    • ARA Hospitality US Trust
    • Dasin Retail Trust
    • Keppel REIT
    • Suntec REIT
  • Operating distributable income on capital (annualized)  4.25%
    • Elite Commercial Trust
    • Keppel DC REIT
    • Prime US REIT
    • Sasseur REIT
  • Operating distributable income on capital (annualized)  1.75%
    • BHG Retail REIT
    • Dasin Retail Trust
    • Lippo Malls Indonesia Retail Trust
    • OUE Commercial Trust
    • Suntec REIT
  • Operating distributable income margin  57.5%
    • Elite Commercial REIT
    • Far East Hospitality Trust
    • Keppel DC REIT
    • Parkway Life REIT
    • Sasseur REIT
  • Operating distributable income margin 27.5%
    • ARA Hospitality Trust
    • BHG Retail REIT
    • CapitaLand Ascott Trust
    • CDL Hospitality Trust
    • Dasin Retail Trust
    • Lippo Malls Indonesia Retail Trust
  • Operating Distribution Proportion = 100%
    • BHG Retail REIT
    • EC World REIT
    • Frasers Hospitality Trust
    • IREIT Global
    • Keppel Pacific Oak US REIT
    • Parkway Life REIT
  • Operating Distribution Proportion ≤ 80%
    • Dasin Retail Trust
    • Far East Hospitality Trust
    • Lippo Malls Indonesia Retail Trust
    • Keppel REIT
    • Suntec REIT


Related Party Shareholding
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%26.4725.96056.29
REIT Manager's Shareholding%2.120.9208.91
Directors of REIT Manager's Shareholding%5.420.12057.27
* Include deemed interest
  • REIT sponsor's shareholding  47.5%
    • Far East Hospitality Trust
    • IREIT Global
    • Mapletree Pan Asia Commercial Trust
    • OUE Commercial Trust
    • Sasseur REIT
  • REIT sponsor's shareholding  7.75%
    • AIMS APAC REIT
    • BHG Retail REIT
    • Dasin Retail Trust
    • Prime US REIT
    • Suntec REIT
  • REIT manager's shareholding ≥ 6.3%
    • CapitaLand Ascott Trust
    • CapitaLand China Trust
    • CapitaLand India Trust
    • CDL Hospitality Trusts
    • 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  0.015%
    • CapitaLand Ascendas REIT
    • Lippo Malls Indonesia Retail Trust
    • Mapletree Logistics Trust
    • OUE Commercial Trust
    • Starhill Global REIT

Income Support and Distribution from Divestment 

NameIncome Support %  Proceeds from Divestment % 
CapitaLand Ascendas REIT1.2% 
CapitaLand China Trust1% 
Cromwell European REIT 2.1%
ESR-LOGOS REIT 9.8%
Far East Hospitality Trust 11.6%
Frasers Logistics & Commercial Trust1.2%2.9%
Keppel DC REIT0.2% 
Keppel REIT0.6%6.7%
Lippo Malls Indonesia Retail Trust37.8% 
Mapletree Industrial Trust 2.1%
Mapletree Logistics Trust0.8%1.3%
OUE Commercial REIT7.6%4.0%
Suntec REIT3.5%10%
United Hampshire US REIT0.50%

* Based on the past 1 year's distribution


Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Relative Tab


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

  1. ARA US Hospitality 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. Keppel Pacific Oak US REIT
  9. Keppel REIT
  10. Lippo Malls Indonesia Retail Trust
  11. Manulife US REIT
  12. Prime US REIT
  13. United Hampshire US REIT

Currently, most SREITs are trading at a discount to their NAV value, with a median Price/NAV of 0.78 and there are only 8 SREITs that are trading at a Price/NAV of above 1. Additonally, the median dividend yield of 6.97% is appealing and there are 9 SREITs that trading at dividend yield of above 10%. Also, the hospitality sector's dividend yield is recovering and is getting close to pre-COVID levels. However, it's crucial to keep in mind that each SREIT has its unique set of risks and fundamentals that could impact its performance. Therefore, investors should exercise caution and conduct thorough research before investing in any SREIT.


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 findings and should not be considered 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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