REIT-TIREMENT - REITs Investing & Personal Finance

REITs investing & personal finance


Sunday, July 30, 2023

SREITs Fundamental Review @ 30 July 2023

Basic Overview
* Extracted from SREITs Data - Overview Tab
** CapitaLand India Trust is Business Trust

Key Statistics

 ItemsAverage MedianMinMax
Price/ NAV0.790.780.21.67
Market Cap, S$ B2.581.320.1413.63
Dividend Yield - Retail7.6%7.04%2.49%14.07%
Dividend Yield - Office12.93%7.06%5.54%42.79%
Dividend Yield - Healthcare6.79%6.79%3.77%9.81%
Dividend Yield - Hospitality6.01%5.55%4.58%8.98%
Dividend Yield - Industrial6.39%6.71%4.54%7.6%
Dividend Yield - Logistics9.11%8.46%5.21%15.27%
Overall Dividend Yield9.2%7.06%2.49%42.79%

* 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 REIT42.79%BHG Retail REIT2.49%
2Prime US REIT31.37%Parkway Life REIT3.77%
3Elite CommercialREIT15.68%Keppel DC REIT4.54%
4Keppel Pacific Oak US REIT15.53%Frasers Hospitality Trusts4.58%
5EC World REIT15.27%CapitaLand Integrated Commercial Trust5.16%


Highest P/NAVTime Lowest P/NAVTime
1Parkway Life REIT1.67Manulife US REIT0.2
2Keppel DC REIT1.62Lippo Malls Indonesia Retail Trust0.24
3Mapletree Industrial Trust1.23Prime US REIT0.25
4Mapletree Logistics Trust1.22EC World REIT0.39
5CapitaLand Ascendas REIT1.2Keppel Pacific Oak US REIT0.42


Largest Market CapS$, B Smallest Market CapS$, B
1CapitaLand Integrated Commercial Trust13.63Lippo Malls Indonesia Retail Trust0.14
2CapitaLand Ascendas REIT12.5Elite Commercial REIT0.23
3Mapletree Pan Asia Commercial Trust8.8EC World REIT0.24
4Mapletree Logistics Trust8.55BHG Retail REIT0.24
5Mapletree Industrial Trust6.43ARA US Hospitality Trust0.26

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


Lease Profile

 ItemsUnitAverage MedianMinMax
Committed Occupancy%95.1
96.280.4100
Income Received in SGD/Major Currencies%78.41000100
Highest Lease Maturity in 5 Years%28.922.51.885.6
Weighted Average Lease Expiry, WALEyear4.73.90.916.7
Weighted Average Land Lease Expiryyear69.870.922.199

* 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 ≥ 98.5%
    • First REIT
    • Lendlease Global Commercial REIT
    • Parkway Life REIT
    • Daiwa House Logistics Trust
    • Frasers Centrepoint Trust
    • Keppel DC REIT
  • Committed occupancy ≤ 90%
    • Lippo Malls Indonesia Retail Trust
    • Manulife US REIT
    • IREIT Global
    • 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
    • EC World REIT
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
  • Highest lease maturity within 5 years ≤ 12.5% in a single year
    • Parkway Life REIT
    • Far East Hospitality Trust
    • First REIT
    • Elite Commercial REIT
  • Highest lease maturity within 5 years ≥ 50% in a single year (including those without breakdown) 
    • ARA US Hospitality Trust
    • EC World REIT
    • Sasseur REIT
    • CapitaLand Ascott Trust
    • CDL Hospitality Trusts
    • CapitaLand India Trust
  • WALE ≥ 7 years
    • Parkway Life REIT
    • First REIT
    • Frasers Hospitality Trust
    • Far East Hospitality Trust
    • United Hampshire US REIT
  • WALE ≤ 2 years
    • Sasseur REIT
    • EC World REIT
    • CapitaLand China Trust
    • Frasers Centrepoint Trust
    • ARA US Hospitality Trust
  • 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 ≤ 35 years
    • BHG Retail REIT
    • CapitaLand China Trust
    • Lippo Malls Indonesia Retail Trust
    • Sasseur REIT
    • Sabana Industrial REIT
    • EC World REIT

Debt Profile
 ItemsUnitAverage MedianMinMax
Interest Coverage Ratiotime43.41.713.8
Cost of Debt%3.673.670.997.72
Fixed Debt over Total Debt%72.476.234100
Unsecured Debt over Total Debt%64.490.40100
Gearing Ratio%37.938.625.749.5
Hybrid Securities over Debts + Hybrids%5.50.1033.7
Highest Debt Expiry in 5 Years%40.534.815.4100
Weighted Average Debt Maturity, WADMyear2.82.90.24.2
  • Interest coverage ratio ≥ 6 times
    • Parkway Life REIT
    • Daiwa House Logistics Trust
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • Keppel DC REIT
  • Interest coverage ratio ≤ 2.25 times
    • Lippo Malls Indonesia Retail Trust
    • Lendlease Global Commercial REIT
    • BHG Retail REIT
    • Suntec REIT
    • AIMS APAC REIT
  • Cost of debt ≤ 2.5%
    • Daiwa House Logistics Trust
    • Parkway Life REIT
    • Frasers Logistics & Commercial Trust
    • IREIT Global
    • CapitaLand Ascott Trust
    • Mapletree Logistics Trust
  • Cost of debt ≥ 5%
    • Lippo Malls Indonesia Retail Trust
    • CapitaLand India Trust
    • Sasseur REIT
    • EC World REIT
    • BHG Retail REIT
  • Fixed debt % ≥ 82.5%
    • Daiwa House Logistics Trust
    • IREIT Global
    • AIMS APAC REIT
    • Cromwell European REIT
    • Paragon REIT
    • Starhill Global REIT
  • Fixed debt % ≤ 50%
    • EC World REIT
    • Lippo Malls Indonesia Retail Trust
    • BHG Retail REIT
    • Far East Hospitality Trust
    • CDL Hospitality Trusts
  • 9 SREITs are having unsecured debt of 0%; 11 SREITs are having unsecured debt of 100%.
  • Gearing Ratio ≤ 32.5%
    • Sasseur REIT
    • Frasers Logistics & Commercial Trust
    • Paragon REIT
    • Far East Hospitality Trust
    • IREIT Global
    • Sabana Industrial REIT
  • Gearing Ratio ≥ 42.5%
    • Manulife US REIT
    • Elite Commercial REIT
    • Prime US REIT
    • Lippo Malls Indonesia Retail Trust
    • Suntec REIT
    • United Hampshire US REIT
  • Hybrid Securities over Debts + Hybrids ≥ 12.5%
    • AIMS APAC REIT
    • Lippo Malls Indonesia Retail Trust
    • Lendlease Global Commercial REIT
    • Paragon REIT
    • ESR-LOGOS REIT
  • 16 SREITs are having Hybrid Securities over Debts + Hybrids of 0%
  • Highest debt maturity within 5 years ≤ 22% in a single year
    • CapitaLand Ascendas REIT
    • CapitaLand Integrated Commercial Trust
    • Mapletree Logistics Trust
    • Far East Hospitality Trust
    • Keppel REIT
    • Mapletree Pan Asia Commercial Trust
  • Highest debt maturity within 5 years ≥ 60% in a single year
    • EC World REIT
    • BHG Retail REIT
    • IREIT Global
    • ARA US Hospitality Trust
    • Digital Core REIT
  • WADM ≥ 3.75 years
    • CapitaLand Integrated Commercial Trust
    • Keppel DC REIT
    • CapitaLand China Trust
    • Mapletree Logistics Trust
  • WADM ≤1.75 years
    • EC World REIT
    • ARA US Hospitality Trust
    • Lippo Malls Indonesia Retail Trust
    • Elite Commercial REIT
    • Prime US REIT

Diversification Profile
 ItemsUnit Average Median  MinMax
Major Sector Contribution%82.793.336.7100
Top Geographical Contribution%52.7547.7100
Top Property Contribution%22.819.54.460.4
Top 5 Properties' Contribution%59.359.215.5100
Top Tenant Contribution%18.310.52.191.5
Top 10 Tenants' Contribution%48.635.613100
  • Major sector contribution ≤ 50%
    • Frasers Logistics & Commercial Trust
    • AIMS APAC REIT
    • CapitaLand Ascendas REIT
    • Mapletree Pan Asia Commercial Trust
  • 14 SREoITs are having a major sector contribution of 100%
  • Top geographical contribution ≤ 22.5%
    • Cromwell European REIT
    • Elite Commercial REIT
    • CapitaLand Ascott Trust
    • ARA US Hospitality Trust
    • Frasers Logistics & Commercial Trust
    • IREIT Global
  • Top geographical contribution of 90%
    • Far East Hospitality Trust
    • Sabana Industrial REIT
    • Frasers Centrepoint Trust
    • EC World REIT
    • CapitaLand Integrated Commercial Trust
    • OUE Commercial REIT
  • Top property contribution ≤ 7%
    • CapitaLand Ascendas REIT
    • Mapletree Industrial Trust
    • Elite Commercial REIT
    • ARA US Hospitality Trust
  • Top property contribution ≥ 40%
    • Lendlease Global Commercial REIT
    • Paragon REIT
    • BHG Retail REIT
    • Suntec REIT
    • Sasseur REIT
  • Top 5 properties' contribution ≤ 25%
    • CapitaLand Ascendas REIT
    • Elite Commercial REIT
    • Mapletree Logistics Trust
    • Mapletree Industrial Trust
    • ARA US Hospitality Trust
  • Top 5 properties' contribution ≥ 87.5%
    • Lendlease Global Commercial REIT
    • Paragon REIT
    • Sasseur REIT
    • BHG Retail REIT
    • Starhill Global REIT
    • EC World REIT
  • Top tenant contribution ≤ 3.5%
    • Suntec REIT
    • CapitaLand China Trust
    • Paragon REIT
    • Sasseur REIT
    • CapitaLand Ascendas REIT
  • Top tenant contribution ≥ 37.5%
    • Elite Commercial REIT
    • ARA US Hospitality Trust
    • Parkway Life REIT
    • First REIT
    • Digital Core REIT
  • Top 10 tenants' contribution ≤ 17.5%
    • CapitaLand Ascott Trust
    • CapitaLand China Trust
    • Sasseur REIT
    • Suntec REIT
    • CapitaLand Ascendas REIT
  • Top 10 tenants' contribution ≥ 95%
    • ARA US Hospitality Trust
    • Elite Commercial REIT
    • First REIT
    • Digital Core REIT
    • EC World REIT

Key Financial Metrics
 ItemsUnit Average  Median  Min Max
Property Yield (Annualized)%5.45.23.49.3
Manager Management Fees over Operating Distributable Income%12.615.8-150.238.3
Operating Distributable Income on Capital (Annualized)%3.13.2-0.45
Operating Distributable Income Margin%41.843.9-3.464.3
Operating Distribution Proportion%86.690.6-39.6100
  • Property yield (annualized) ≥ 7.25%
    • First REIT
    • CapitaLand India Trust
    • Lippo Malls Indonesia Retail Trust
    • Elite Commercial REIT
    • Sasseur REIT
  • Property yield (annualized) ≤ 4%
    • Lendlease Global Commercial REIT
    • Suntec REIT
    • Keppel REIT
    • Far East Hospitality Trust
    • OUE Commercial REIT
    • BHG Retail REIT
  • Management fees over operating distributable income ≤ 10.5%
    • IREIT Global
    • Elite Commercial REIT
    • Daiwa House Logistics Trust
    • Cromwell European REIT
  • Management fees over operating distributable income ≥ 25%
    • Suntec REIT
    • Keppel REIT
    • ARA Hospitality US Trust
    • AIMS APAC REIT
    • Digital Core REIT
  • Operating distributable income on capital (annualized) ≥ 4.25%
    • Sasseur REIT
    • Keppel DC REIT
    • Elite Commercial REIT
  • Operating distributable income on capital (annualized) ≤ 2%
    • Lippo Malls Indonesia Retail Trust
    • BHG Retail REIT
    • Suntec REIT
    • Keppel REIT
    • OUE Commercial REIT
  • Operating distributable income margin ≥ 60%
    • Sasseur REIT
    • Keppel DC REIT
    • Parkway Life REIT
    • Far East Hospitality Trust
  • Operating distributable income margin ≤ 27.5%
    • Lippo Malls Indonesia Retail Trust
    • BHG Retail REIT
    • ARA US Hospitality Trust
    • CapitaLand Ascott Trust
    • CapitaLand China Trust
  • Operating Distribution Proportion = 100%
    • BHG Retail REIT
    • EC World REIT
    • Elite Commercial Trust
    • Frasers Hospitality Trust
    • IREIT Global
    • Keppel Pacific Oak US REIT
    • Parkway Life REIT
  • Operating Distribution Proportion ≤ 77.5%
    • Lippo Malls Indonesia Retail Trust
    • Keppel REIT
    • Suntec REIT
    • ESR-LOGOS REIT
    • Far East Hospitality Trust

Related Party Shareholding
 ItemsUnit Average Median Min Max
REIT Sponsor's Shareholding%27.1625.86056.65
REIT Manager's Shareholding%2.190.9209
Directors of REIT Manager's Shareholding%4.380.12057.62
* Include deemed interest
  • REIT sponsor's shareholding ≥ 47.5%
    • Sasseur REIT
    • Mapletree Pan Asia Commercial Trust
    • Far East Hospitality Trust
    • IREIT Global
    • OUE Commercial REIT
  • REIT sponsor's shareholding ≤ 8%
    • Suntec REIT
    • Prime US REIT
    • BHG Retail REIT
    • AIMS APAC REIT
    • United Hampshire US REIT
    • Elite Commercial REIT
  • REIT manager's shareholding ≥ 5%
    • CDL Hospitality Trusts
    • First REIT
    • CapitaLand Ascott Trust
    • CapitaLand China Trust
    • CapitaLand India Trust
    • Far East Hospitality Trust
  • REIT manager's shareholding ≤ 0.25%
    • OUE Commercial REIT
    • Sabana Industrial REIT
    • Suntec REIT
    • CapitaLand Ascendas REIT
    • Daiwa House Logistics Trust
    • Mapletree Logistics Trust
  • Directors of REIT manager's shareholding ≥ 10%
    • Sasseur REIT
    • EC World REIT
    • Frasers Hospitality Trust
    • Elite Commercial REIT
    • AIMS APAC REIT
  • Directors of REIT manager's shareholding ≤ 0.015%
    • Lippo Malls Indonesia Retail Trust
    • Starhill Global REIT
    • Mapletree Logistics Trust
    • CapitaLand Ascendas REIT
    • OUE Commercial REIT

Trailing 12 Months Distribution Breakdown

* Extracted from SREITs Data - Div Breakdown Tab


Below is the list of notable components in the TTM distribution breakdown:

  • Management Fees Paid in Units ≥ 15%
    • Keppel REIT
    • Digital Core REIT
    • ARA US Hospitality Trust
    • Lendlease Global Commercial REIT
    • AIMS APAC REIT
    • Manulife US REIT
  • Income Support ≥ 30%
    • Lippo Malls Indonesia Retail Trust
  • Divestment Proceeds ≥ 7.5%
    • ESR-LOGOS REIT
    • Far East Hospitality Trust
    • Suntec REIT
    • Keppel REIT
  • Release of Retention/Capital ≥ 100%
    • Lippo Malls Indonesia Retail Trust
  • Distribution to Perpetual Securities Holders ≥ 7.5%
    • Lippo Malls Indonesia Retail Trust
    • AIMS APAC REIT
    • Lendlease Global Commercial REIT
    • ESR-LOGOS REIT
    • Paragon REIT

Dividend Yield & P/NAV

* Extracted from SREITs Data - Relative Tab


Below is the list of REITs with 4 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. EC World REIT
  4. Elite Commercial Trust
  5. IRET Global
  6. Keppel Pacific Oak US REIT
  7. Keppel REIT
  8. Lippo Malls Indonesia Retail Trust
  9. Manulife US REIT
  10. Mapletree Pan Asia Commercial Trust
  11. OUE Commercial Trust
  12. Prime US REIT
  13. United Hampshire US REIT

* MCFK counters are bolded

Overall, SREITs have shown signs of recovery, with share prices experiencing a slight improvement compared to the previous month. Most SREITs are currently trading at a discount to their NAV value, with a median Price/NAV of 0.78. However, there are 8 SREITs that stand out, trading at a Price/NAV above 1. The median dividend yield remains attractive at 7.06% with 8 SREITs having dividend yield above 10%. 


As always, it's crucial to exercise caution and conduct thorough research when investing in SREITs. Each REIT carries unique risks and fundamentals that can impact its performance. Diversification across different SREITs can help mitigate risk, and one should carefully analyze each REIT before making investment decisions.


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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