Chartbook: SREITs & Property Trusts · 1 day ago · Note: Property Trusts are Business Trusts that have property assets. For more details on Business Trusts, click here. Some of

Singapore Exchange

SGX Research

Chartbook: SREITs & Property Trusts

July 2020

Singapore is one of Asia’s largest REIT & Property Trusts markets

Singapore - 26 trusts

Japan - 7 trusts

China - 10 trustsSouth Korea - 4 trusts

Vietnam - 2 trusts

Indonesia - 3 trusts

Malaysia - 6 trusts

Hong Kong - 2 trusts

Philippines - 1 trust

India – 1 trust

Trusts that have Pan Asian Exposure (based on asset portfolio)Refer to page 24, for trusts with exposure to non-Asian markets.

*Based on latest quarter filingsSource: Bloomberg, SGX, data as of 30 June 2020.For more about REITs, read more.

2

Note: Property Trusts are Business Trusts that have property assets. For more details on Business Trusts, click here. Some of these include Stapled Trusts which are stapled securities. Stapled securities are created when two securities with different legal structures are traded as one, retaining the rights or obligations attached to each of the individual security. See page 19 for list of REITs, property trusts, and stapled securities.

Note: There may be trusts with property exposure to

more than 1 market.

No. of trusts Market Cap Avg. Div Yield Avg. P/B 1 yr SDAV

44 S$98B 7.1% 0.9x S$340m

Singapore has 44 REITs & Property Trusts with a combined

market capitalisation of S$98B,representing c.12% of

Singapore’s overall listed stocks

REIT Indices:

FTSE ST REIT Index: 38 out of the 44 trusts represented

iEdge S-REIT Index: 33 out of the 44 trusts represented

Key Statistics At a Glance Average dividend yield of 7.1%

Average 10-year annualised total return of 7.8%

Average gearing ratio of 36%*

10 year market cap CAGR of 15%

SREITs have a regulated gearing ratio limit of 50%The REITs & Property Trusts offer wide diversity across

property sub-segments (chart on the right)

OVER 80% (38) OF SINGAPORE REITS &

PROPERTY TRUSTS HOLD OVERSEAS ASSETS

6

18

20

Singapore Overseas Singapore & Overseas

TRUSTS HAVE DIVERSIFIED PROPERTY

SUB-SEGMENTS (% BY TRUST COUNT)

23%

14%

11%27%

16%

2%7% Industrial REITs

Hospitality REITs

Diversified REITs

Retail REITs

Office REITs

Specialized REITs

Health Care REITs

https://www.moneysense.gov.sg/articles/2018/10/understanding-real-estate-investment-trusts-reits

https://www2.sgx.com/research-education/securities-products#Business%20Trusts

80

120

160

200

240

280

Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

Bas

e o

f 10

0 a

s o

f Sep

20

10

iEdge S-REIT Total Return Index FTSE ST REIT Index Straits Times Total Return Index

70

80

90

100

110

120

130

140

150

160

Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

iEdge S-REIT Index FTSE ST REIT Index Straits Times Index

Bas

e o

f 100

as

of S

ep 2

010

3

Total Return Indices*

*Total Return Index assumes Reinvested Gross DividendsFigures indexed at 100 as of Sep 2010 (base date of iEdge S-REIT Index)Source: Bloomberg, SGX, data as of 30 June 2020

Price Return Indices

4

Correlation Matrix Between SREITs and Other Asset Classes

Asia Indices1) FTSE ST REIT Index2) iEdge S-REIT Index3) Asia ex Japan REITs (FTSE EPRA/NAREIT Asia ex Japan Index)4) Asia ex Japan Equities (MSCI Asia ex Japan Index)5) Asia Bonds (JP Morgan Asia Credit Index)

US Indices1) US REITs (MSCI US REIT Index)2) US Equities (S&P 500 Index)3) US Bonds (Bloomberg Barclays US Aggregate Index)

Global Indices1) Global REIT (FTSE EPRA/NAREIT Global REITs Index)2) Global Equities (MSCI ACWI Index)3) Global Bonds (Bloomberg Barclays Global Aggregate Index)

Figures refer to price correlationSource: Bloomberg, SGX, data as of 30 June 2020

Correlation Matrix (Jan

2012- Jun 2020)

FTSE ST REIT

Index

iEdge S-REIT

Index

Asia ex

Japan REITs

Asia Ex

Japan

Equities

Asia Bonds US REITs US Equities US Bonds Global REITs Global

Equities

Global

Bonds

FTSE ST REIT Index 1.00 1.00 0.93 0.74 0.72 0.69 0.71 0.64 0.82 0.76 0.67

iEdge S-REIT Index 1.00 1.00 0.94 0.74 0.75 0.70 0.74 0.67 0.83 0.78 0.69

Asia ex Japan REITs 0.93 0.94 1.00 0.78 0.89 0.80 0.88 0.81 0.94 0.87 0.76

Asia Ex Japan Equities 0.74 0.74 0.78 1.00 0.67 0.53 0.78 0.57 0.76 0.87 0.61

Asia Bonds 0.72 0.75 0.89 0.67 1.00 0.81 0.95 0.96 0.93 0.89 0.82

US REITs 0.69 0.70 0.80 0.53 0.81 1.00 0.78 0.70 0.90 0.76 0.50

US Equities 0.71 0.74 0.88 0.78 0.95 0.78 1.00 0.89 0.95 0.98 0.76

US Bonds 0.64 0.67 0.81 0.57 0.96 0.70 0.89 1.00 0.83 0.80 0.86

Global REITs 0.82 0.83 0.94 0.76 0.93 0.90 0.95 0.83 1.00 0.94 0.72

Global Equities 0.76 0.78 0.87 0.87 0.89 0.76 0.98 0.80 0.94 1.00 0.72

Global Bonds 0.67 0.69 0.76 0.61 0.82 0.50 0.76 0.86 0.72 0.72 1.00

5

FTSE ST REIT Index – Quarterly Dividend Distribution

Source: Bloomberg, SGXQuarterly dividends of the FTSE ST REIT Index extracted from Bloomberg as of latest available quarter, 30 June 2020

12.7

9.2

15.2

9.8

14.2

7.7

13.2

8.2

10.4

8.4

12.2

8.3

11.0

8.4

12.8

8.7

12.7

9.4

12.6

10.6

13.7

7.9

12.6

9.5

13.8

10.1

11.5

12.2

10.6

12.3

11.5

13.8

12.1

11.0

13.2

9.9

14.0

10.6

11.812.2

10.9

14.3

13.4

8.9

12.2

12.813.1

11.1

12.0

4.5

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

4.0

6.0

8.0

10.0

12.0

14.0

16.0

4Q08

4Q09

4Q10

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

4Q18

4Q19

2Q20

FTSE ST REIT Index DPU (S$) Q-o-Q FTSE ST REIT Index Price Change (RHS)

6

FTSE ST REIT Index: Q-o-Q Distribution Growth FTSE ST REIT Index: Y-o-Y Distribution Growth

Source: Bloomberg, SGXQuarterly dividends of the FTSE ST REIT Index extracted from Bloomberg as of latest available quarter, 30 June 2020YoY Distribution Growth is based on the FTSE ST REIT Index’s total full year dividends

-27.9%

65.9%

-35.3%

44.2%

-45.6%

70.4%

-38.0%

27.0%

-18.8%

45.6%

-32.4%

32.8%

-23.5%

52.3%

-32.2%

46.0%

-25.7%

33.4%

-15.7%

29.4%

-42.7%

60.7%

-24.4%

45.1%

-27.0%

13.8%

6.1%

-12.9%

15.9%

-6.7%

20.3%

-12.3%-9.3%

19.7%

-24.5%

40.9%

-24.2%

11.0%

4.0%

-11.3%

32.1%

-6.3%

-33.7%

36.45%

5.2%2.1%

-14.9%

7.7%

-62.8%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

4Q08

4Q09

4Q10

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

4Q18

4Q19

2Q20

-7.9%

-9.1%

4.1%

10.7%

-3.4%

9.0%

1.2%

-4.3%

5.2%

-2.2%

3.3%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

7

SREITS & Property Trusts have Highest Yields vs other Asset Classes

¹Based on 12M Average Dividend Yield²Based on 10 Year Yield³12M Bank fixed deposit rates from MAS as of 30 June 2020⁴MAS Core Inflation based on 23 June 2020 figuresSource: Bloomberg, SGX, data as of 30 June 2020

7.1%

4.9%

0.9%

0.5%

-0.2%

-1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

Average of the 44 S-REITs and Property Trusts¹

STI Index¹

MAS Benchmark Govt Bond 10 Year²

Singapore Fixed Deposit Rate³

MAS Core Inflation Rate⁴

3%

5%

7%

9%

11%

13%

15%

17%

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

Index Price to Book (P/B Ratio) P/B +1 SD

P/B -1 SD 10 Year Avg P/B

Index Dividend Yield (RHS)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

FTSE ST REIT Index Forward Dividend Yield SG 10y Benchmark Govt Bond Yield

Yield Spread 10 Year Average Yield Spread

8

Source: Bloomberg, SGX, data as of 30 June 2020Forward dividend yield is based on Bloomberg consensus forecasts

Yield Spread at 448 bps vs 10 year

average of 405 bps

10 year avg. of 405 bps

FTSE ST REIT Index

Long-term P/B Ratio and Dividend Yield

10 year avg. of 1.02x

8.0%

7.9%

7.6%

7.2%

7.1%

6.3%

3.0%

1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

Hospitality REITs (6)

Health Care REITs (3)

Diversified REITs (6)

Office REITs (8)

Retail REITs (11)

Industrial REITs (9)

Specialized REITs (1)

9

SREITs & Property Trusts – Average Dividend Yields By Sub-Segments

Source: Bloomberg, SGX, data as of 30 June 2020.Sub-segments based on REITAS’s classification, click here for more. Note: RHT Health Trust is a cash trust, its dividend yield is not included in the calculation under Health Care REITs.

https://www.reitas.sg/singapore-reits/s-reit-sectors/

10

Source: Bloomberg, SGX, data as of end 2019

SREITs & Property Trusts have grown at a CAGR of 15% across 10 years

0

20000

40000

60000

80000

100000

120000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Co

mb

ined

Mar

ket

Cap

of

Sect

or

(S$

M)

10Y CAGR: 15%

FTSE ST REIT IndexiEdge S-REIT Index

ASX 200 A-REIT Index

Tokyo SE REIT Index

Straits Times Index

ASX 200

US REIT Index

Dow Jones Industrial

Thailand SET Index

Taiwan SE Weighted Index

MSCI ACWI Index

MSCI AC Asia Pacific Index

MSCI AC Asia Ex. Japan Index

Hang Seng Index

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0%

Div

iden

d Y

ld (%

)

90D Volatility

11

SREITs Offer One of the Highest Dividend Yields and Lower Volatility

Source: Bloomberg, SGX, data as of 30 June 2020

Average distribution yield of all 44 trusts: 7.1% FTSE ST REIT Index: 38 out of the 44 trusts represented

iEdge S-REIT Index: 33 out of the 44 trusts represented

12

Major REIT Indices Performance

Based on Total Return in local currency terms unless otherwise stated

Source: Bloomberg, SGX, data as of 30 June 2020

Asia Pacific Equity Indices Performance

Name 7D 30D YTD 1YR Dividend Yield (%)

FTSE ST REIT Index -1.9 -0.5 -9.9 -7.1 4.7

iEdge S-REIT Index -1.8 -0.7 -9.3 -5.9 4.7

ASX 200 A-REIT Index -3.7 -1.4 -21.2 -22.1 5.8

Hang Seng REIT Index -0.1 6.9 -22.4 -29.8 6.7

MSCI US REIT Index -0.2 3.0 -18.4 -12.6 4.7

Tokyo SE REIT Index -1.2 -1.7 -20.8 -11.3 4.5

Name 7D 30D YTD 1YR Dividend Yield (%)

FTSE Straits Times Index -1.7 3.8 -17.7 -19.8 4.9

ASX 200 Index -0.8 2.6 -10.0 -7.1 4.1

FTSE Bursa Malaysia KLCI Index -0.3 2.1 -3.7 -7.6 4.2

Hang Seng China Enterprises Index -2.3 3.4 -10.9 -7.3 4.0

Hang Seng Index -1.9 7.4 -11.9 -11.7 3.9

Jakarta SE Composite Index 1.0 4.2 -20.4 -21.2 3.1

Korea SE KOSPI Index -1.1 3.9 -3.8 0.9 2.0

Nikkei 225 Index -1.0 2.0 -4.7 4.7 1.9

Shanghai SE Composite Index 0.9 5.6 -1.0 0.3 2.3

Shenzhen SE Composite Index 1.5 11.0 15.5 23.6 1.0

Stock Exchange of Thailand SET Index -1.3 -0.3 -13.2 -20.2 3.7

Taiwan SE Weighted Index 0.2 6.8 -2.3 11.1 3.9

13

Monthly Total Returns – June 2020

Source: Bloomberg, SGX, data as of 30 June 2020. Based on Total Returns (%). Trusts which listed within the period are not included.RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.Eagle Hospitality Trust is excluded as it is suspended.

-3.9-5.6

9.73.9

1.34.2

3.4-3.4

7.4-7.7

-3.1-3.4

3.11.7

3.75.3

-4.90.0

-1.1-21.5

7.20.7

-1.2-4.8

2.8-0.7

1.510.8

-3.56.5

-5.4-9.0

-1.3-3.7

4.7-7.5

0.05.25.4

6.1-4.1-4.1

-25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0

AIMS APAC REIT

Ascendas India Trust

ARA LOGOS Logistics Trust

ARA US Hospitality Trust

Ascendas Real Estate Investment Trust

Ascott Residence Trust

BHG Retail REIT

CapitaLand Commercial Trust

CDL Hospitality Trusts

Cromwell European Real Estate Investment Trust

CapitaLand Retail China Trust

CapitaLand Mall Trust

Dasin Retail Trust

EC World Real Estate Investment Trust

Elite Commercial REIT

ESR-REIT

Frasers Centrepoint Trust

Far East Hospitality Trust

Frasers Hospitality Trust

First Real Estate Investment Trust

Frasers Logistics & Commercial Trust

IREIT Global

Keppel DC REIT

Keppel Pacific Oak US REIT

Keppel REIT

Lippo Malls Indonesia Retail Trust

Lendlease Global Commercial REIT

Mapletree North Asia Commercial Trust

Mapletree Commercial Trust

Mapletree Industrial Trust

Mapletree Logistics Trust

Manulife US Real Estate Investment Trust

OUE Commercial Real Estate Investment Trust

Parkway Life Real Estate Investment Trust

Prime US REIT

Sasseur Real Estate Investment Trust

Soilbuild Business Space REIT

Starhill Global REIT

SPH REIT

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust

Suntec Real Estate Investment Trust

United Hampshire US REIT

14

YTD Total Returns


-11.7-13.2

-17.9-51.6

7.9-24.8

-8.2-13.5

-35.0-19.3

-19.9-19.0

1.9-3.5

-23.2-16.3

-32.1-34.0

-27.0-0.3

-7.723.2

-9.0-9.1

-38.0-25.8

-18.0-18.2

14.113.6

-23.4-31.3

2.6-16.0

-13.1-21.9

-28.5-17.9

-22.7-21.4

-60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0

AIMS APAC REIT






BHG Retail REIT






Dasin Retail Trust


ESR-REIT






IREIT Global

Keppel DC REIT


Keppel REIT


Lendlease Global Commercial REIT








Prime US REIT




SPH REIT



15

1 Year Total Returns


-11.1

2.5

-22.5

-52.7

7.5

-18.4

-7.5

-19.2

-33.3

-8.2

-14.3

-23.6

1.7

-3.9

-20.6

-7.9

-22.3

-32.0

-26.5

5.2

0.2

62.1

-0.6

-9.2

-37.7

-32.4

-3.5

36.4

25.6

-9.3

-21.4

14.0

0.6

-31.9

-31.1

-14.7

-19.4

-24.3

-60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0

AIMS APAC REIT






BHG Retail REIT






Dasin Retail Trust


ESR-REIT






IREIT Global

Keppel DC REIT


Keppel REIT












SPH REIT



16

3 Year Annualised Total Returns


0.8

11.4

-6.9

13.0

1.2

0.3

6.4

-8.8

-2.2

4.7

9.0

2.8

-5.7

7.8

-4.6

-8.8

-13.4

10.6

5.9

32.2

3.4

-27.1

1.0

12.0

22.6

24.5

2.5

-10.5

12.5

-11.6

-8.1

0.6

-2.9

-4.1

-40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0

AIMS APAC REIT





BHG Retail REIT





Dasin Retail Trust


ESR-REIT






IREIT Global

Keppel DC REIT

Keppel REIT











SPH REIT



17



3.5

14.3

-5.3

11.6

2.1

7.8

-2.3

0.6

3.1

-3.4

7.6

-3.1

-4.7

-6.8

9.0

26.3

4.5

-10.7

4.8

11.5

20.3

18.5

-3.9

12.8

-7.2

-4.9

1.6

-7.4

1.5

-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0

AIMS APAC REIT









ESR-REIT





IREIT Global

Keppel DC REIT

Keppel REIT










SPH REIT



10.9

9.7

2.8

12.1

6.6

9.4

0.9

7.2

5.7

5.8

12.2

8.5

6.6

-2.2

16.2

15.1

5.6

6.5

-5.0 0.0 5.0 10.0 15.0 20.0

AIMS APAC REIT









ESR-REIT



Keppel REIT






18



19

Institution & Retail Fund Flow – June 2020

Source: SGX, data as of 30 June 2020. Definition: Institutional fund flow is derived by subtracting retail account flow and MMLP flow from TOTAL flows. Retail fund flow is derived by subtracting institutional flow and MMLP flow from TOTAL flows. Definition: Net buy/sell amount is derived by subtracting total sell amount from total buy amount

For more on fund flow, click here

Top 10 Institution Net Buy (+) Trusts (S$M)Stock

CodeJun-20 Top 10 Institution Net Sell (-) Trusts (S$M)

Stock

CodeJun-20

Ascott Residence Trust HMN 22.4 Suntec REIT T82U -60.2

Keppel DC REIT AJBU 7.2 Mapletree Logistics Trust M44U -52.9

SPH REIT SK6U 4.0 Mapletree Commercial Trust N2IU -31.7

Frasers Logistics & Commercial Trust BUOU 3.2 CapitaLand Mall Trust C38U -24.9

Parkway Life REIT C2PU 1.5 Mapletree Industrial Trust ME8U -24.5

Ascendas REIT A17U 1.5 Mapletree North Asia Commercial Trust RW0U -11.4

Keppel Pacific Oak US REIT CMOU 1.5 CapitaLand Retail China Trust AU8U -9.6

First REIT AW9U 1.4 Manulife US REIT BTOU -6.8

Lippo Malls Indonesia Retail Trust D5IU 0.9 Frasers Centrepoint Trust J69U -6.7

EC World REIT BWCU 0.7 Keppel REIT K71U -5.4

Top 10 Retail Net Buy (+) Trusts (S$M)Stock

CodeJun-20 Top 10 Retail Net Sell (-) Trusts (S$M)

Stock

CodeJun-20

CapitaLand Mall Trust C38U 40.5 Frasers Logistics & Commercial Trust BUOU -7.4

Suntec REIT T82U 31.6 SPH REIT SK6U -3.4

Mapletree Logistics Trust M44U 18.3 Ascott Residence Trust HMN -3.2

Mapletree Industrial Trust ME8U 14.7 Parkway Life REIT C2PU -2.6

Mapletree Commercial Trust N2IU 13.0 Keppel Pacific Oak US REIT CMOU -2.4

Mapletree North Asia Comm Trust RW0U 11.4 Lippo Malls Indonesia Retail Trust D5IU -1.1

CapitaLand Commercial Trust C61U 11.3 EC World REIT BWCU -0.8

Frasers Centrepoint Trust J69U 8.4 First REIT AW9U -0.6

CapitaLand Retail China Trust AU8U 7.3 Elite Commercial REIT MXNU -0.4

Manulife US REIT BTOU 6.3 Sabana Shari'ah Compliant REIT M1GU -0.2

https://www2.sgx.com/research-education/data-reports

20

Key Statistics for SREITs & Property Trusts

# Denotes Stapled Trusts.

^ Denotes Property Trusts

Above list excludes Eagle Hospitality Trust and RHT Health Trust as trading is suspended. RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust.¹Prime US REIT, Elite Com REIT, Lendlease Global Com REIT, and United Hampshire US REIT yields are based on the IPO prospectus

Source: Company latest info for Debt/Asset and Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 30 June 2020

NameStock

code

Type of Property

Sub-segment

Market Cap

(S$Mil)

Div Yield

(%)

1yr Avg Daily

Turnover (S$,000)

Debt/Asset

(%)P/B

Mthly Institution

Net Buy (+) /

Net Sell (-) (S$M)

Mthy Retail

Net Buy (+) /

Net Sell (-) (S$M)

AIMS APAC REIT O5RU Industrial 862 7.8 2,754 34.8 0.9 -2.8 3.2

ARA LOGOS LOGISTICS TRUST K2LU Industrial 614 8.9 1,180 40.1 1.0 -0.1 0.3

ARA US HOSPITALITY TRUST^# XZL Hospitality 316 10.6 365 41.0 0.5 -3.1 3.1

ASCENDAS INDIA TRUST^ CY6U Diversified 1,536 6.5 2,666 28.0 1.2 -2.3 1.7

ASCENDAS REIT A17U Industrial 11,476 5.0 45,166 36.2 1.4 1.5 0.9

ASCOTT RESIDENCE TRUST^# HMN Hospitality 3,101 7.6 8,907 35.4 0.8 22.4 -3.2

BHG RETAIL REIT BMGU Retail 311 6.4 849 35.3 0.7 0.0 0.0

CAPITALAND COMMERCIAL TRUST C61U Office 6,527 4.9 26,443 35.5 0.9 0.7 11.3

CAPITALAND MALL TRUST C38U Retail 7,233 5.9 36,656 33.3 0.9 -24.9 40.5

CAPITALAND RETAIL CHINA TRUST AU8U Retail 1,541 8.0 4,676 35.8 0.8 -9.6 7.3

CDL HOSPITALITY TRUSTS^# J85 Hospitality 1,241 8.7 4,916 35.4 0.7 -0.2 1.1

CROMWELL EUROPEAN REIT CNNU Diversified 1,683 9.8 2,989 34.5 0.8 -4.6 5.9

DASIN RETAIL TRUST^ CEDU Retail 540 8.2 173 36.2 0.6 0.0 0.0

EC WORLD REIT BWCU Industrial 555 8.4 1,098 38.6 0.8 0.7 -0.8

ELITE COMMERCIAL REIT MXNU Office 401 7.1 1,088 32.0 - 0.4 -0.4

ESR-REIT J91U Industrial 1,395 6.6 5,959 41.7 0.9 -1.7 4.0

FAR EAST HOSPITALITY TRUST^# Q5T Hospitality 968 7.7 1,601 39.5 0.6 -1.8 1.8

FIRST REIT AW9U Health Care 558 12.0 2,117 34.5 0.7 1.4 -0.6

FRASERS CENTREPOINT TRUST J69U Retail 2,587 3.8 8,259 33.3 1.0 -6.7 8.4

FRASERS HOSPITALITY TRUST^# ACV Hospitality 893 5.4 725 36.0 0.7 -2.2 2.0

FRASERS LOGISTICS & COMMERCIAL TRUST BUOU Industrial 4,056 5.9 10,860 35.0 1.2 3.2 -7.4

IREIT GLOBAL UD1U Office 463 7.7 845 38.0 0.8 -0.7 0.5

21



Above list excludes Eagle Hospitality Trust and RHT Health Trust as trading is suspended. RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust.¹Prime US REIT, Elite Com REIT, Lendlease Global Com REIT and United Hampshire US REIT yields are based on the IPO prospectus

Source: Company latest info for Debt/Asset and Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 30 June 2020

Name Stock codeType of Property

Sub-segment

Market Cap

(S$Mil)

Div Yield

(%)

1yr Avg Daily

Turnover (S$,000)

Debt/Asset

(%)P/B

Mthly Institution

Net Buy (+) /

Net Sell (-) (S$M)

Mthy Retail

Net Buy (+) /

Net Sell (-) (S$M)

KEPPEL DC REIT AJBU Specialized 4,148 3.0 15,045 32.2 2.2 7.2 0.9

KEPPEL PACIFIC OAK US REIT CMOU Office 916 8.6 2,016 36.9 0.9 1.5 -2.4

KEPPEL REIT K71U Office 3,729 5.1 9,382 36.2 0.8 -5.4 2.0

LENDLEASE GLOBAL COMMERCIAL REIT JYEU Retail 797 5.8 5,071 35.9 0.8 0.4 2.3

LIPPO MALLS INDONESIA RETAIL TRUST D5IU Retail 395 13.2 887 42.1 0.6 0.9 -1.1

MANULIFE US REIT BTOU Office 1,656 7.9 5,489 37.7 0.9 -6.8 6.3

MAPLETREE COMMERCIAL TRUST N2IU Retail 6,394 4.1 32,419 33.3 1.1 -31.7 13.0

MAPLETREE INDUSTRIAL TRUST ME8U Industrial 6,318 4.2 19,245 37.6 1.8 -24.5 14.7

MAPLETREE LOGISTICS TRUST M44U Industrial 7,381 4.1 29,968 39.3 1.6 -52.9 18.3

MAPLETREE NORTH ASIA COMMERCIAL TRUST RW0U Diversified 3,000 8.1 13,215 39.3 0.7 -11.4 11.4

OUE COMMERCIAL REIT TS0U Diversified 2,054 8.7 1,426 40.2 0.6 -2.8 2.2

PARKWAYLIFE REIT C2PU Health Care 2,021 3.9 2,090 38.5 1.7 1.5 -2.6

PRIME US REIT OXMU Office 1,146 7.4 1,409 33.7 0.9 -2.0 2.4

SABANA SHARIAH COMP IND REIT M1GU Industrial 369 6.1 479 31.5 0.6 0.2 -0.2

SASSEUR REIT CRPU Retail 889 7.2 2,012 28.5 0.8 -2.3 1.7

SOILBUILD BUSINESS SPACE REIT SV3U Industrial 493 10.0 829 38.5 0.7 -0.2 0.0

SPH REIT SK6U Retail 2,415 5.3 2,502 29.3 0.8 4.0 -3.4

STARHILL GLOBAL REIT P40U Retail 1,117 6.5 1,719 36.7 0.6 -1.7 1.2

SUNTEC REIT T82U Diversified 3,971 6.7 20,639 39.9 0.7 -60.2 31.6

UNITED HAMPSHIRE US REIT ODBU Retail 406 7.4 609 36.4 0.6 -0.9 1.0

22

SREITs & Property Trusts – Sponsor, DPU details



Trading is suspended for Eagle HTrust and RHT Health Trust, hence excluded from list above.Source: Bloomberg, Company, SGX, as of 30 June 2020

Name Sponsor FYEDPU

(Freq)

DPU

Currency

DPU

(cents)Date announced Ex-date Record date Pay date

AIMS APAC REIT AIMS Financial Group Mar Quarterly SGD 2.00 12-May-20 19-May-20 20-May-20 29-Jun-20

ARA LOGOS Logistics Trust LOGOS Property Dec Quarterly SGD 0.997 28-Apr-20 06-May-20 08-May-20 29-May-20

ARA US HOSPITALITY TRUST^# ARA Real Estate Investors 23 Dec Semi-annual USD 4.206 19-Feb-20 27-Feb-20 28-Feb-20 27-Mar-20

ASCENDAS INDIA TRUST^ Ascendas Land International Dec Semi-annual SGD 0.64 30-Jan-20 18-Feb-20 19-Feb-20 27-Feb-20

ASCENDAS REIT CapitaLand Singapore (BP&C) Dec Semi-annual SGD 3.507 31-Jan-20 07-Feb-20 10-Feb-20 04-Mar-20

ASCOTT RESIDENCE TRUST^# The Ascott Limited Dec Semi-annual SGD 4.18 31-Jan-20 27-Dec-19 30-Dec-19 10-Feb-20

BHG RETAIL REIT Beijing Hualian Department Store Dec Semi-annual SGD 1.79 25-Feb-20 10-Mar-20 11-Mar-20 30-Mar-20

CAPITALAND COMMERCIAL TRUST CapitaLand Dec Semi-annual SGD 3.86 22-Jan-20 29-Jan-20 30-Jan-20 28-Feb-20

CAPITALAND MALL TRUST CapitaLand Dec Quarterly SGD 0.85 30-Apr-20 11-May-20 12-May-20 05-Jun-20

CAPITALAND RETAIL CHINA TRUST CapitaLand Dec Semi-annual SGD 3.61 07-Feb-20 14-Feb-20 17-Feb-20 30-Mar-20

CDL HOSPITALITY TRUSTS^# Millennium & Copthorne Hotels Jan Semi-annual SGD 4.86 30-Jan-20 06-Feb-20 07-Feb-20 26-Feb-20

CROMWELL EUROPEAN REIT Cromwell Property Group Dec Semi-annual EUR 2.03 25-Feb-20 03-Mar-20 04-Mar-20 30-Mar-20

DASIN RETAIL TRUST^ Zhongshan Dasin Real Estate Dec Semi-annual SGD 2.06 28-Feb-20 13-Mar-20 16-Mar-20 30-Mar-20

EC WORLD REIT Forchn Holdings Group Dec Quarterly SGD 1.158 12-May-20 12-Jun-20 15-Jun-20 26-Jun-20

ELITE COMMERCIAL REIT Elite Partners, Ho Lee Group, Sunway RE Capital Dec Semi-annual GBP - - - - -

ESR-REIT ESR Dec Quarterly SGD 0.5 23-Apr-20 30-Apr-20 04-May-20 24-Jun-20

FAR EAST HOSPITALITY TRUST^# Far East Organization Dec Quarterly SGD 0.95 14-Feb-20 21-Feb-20 24-Feb-20 27-Mar-20

FIRST REIT Lippo Karawaci Dec Quarterly SGD 1.86 06-May-20 13-May-20 14-May-20 18-Jun-20

FRASERS CENTREPOINT TRUST Frasers Property Limited Sep Semi-annual SGD 1.61 23-Apr-20 30-Apr-20 04-May-20 29-May-20

FRASERS HOSPITALITY TRUST^# Frasers Property Limited Jan Semi-annual SGD 0.33 08-May-20 15-May-20 18-May-20 29-Jun-20

FRASERS LOGISTICS & COMMERCIAL TRUST Frasers Property Limited Sep Semi-annual SGD 1.86 30-Mar-20 13-Apr-20 14-Apr-20 26-Jun-20

23



Trading is suspended for Eagle HTrust and RHT Health Trust, hence excluded from list above.Source: Bloomberg, Company, SGX, as of 30 June 2020

Name Sponsor FYEDPU

(Freq)

DPU

Currency

DPU

(cents)Date announced Ex-date Record date Pay date

IREIT GLOBAL Tikehau Capital & CDL Dec Semi-annual SGD 2.71 12-Feb-20 19-Feb-20 20-Feb-20 27-Feb-20

KEPPEL DC REIT Keppel Teleco & Transportation Dec Semi-annual SGD 1.95 21-Jan-20 29-Jan-20 30-Jan-20 03-Mar-20

KEPPEL PACIFIC OAK US REIT Keppel Capital and KPA Dec Semi-annual USD 1.06 21-Jan-20 30-Jan-20 31-Jan-20 30-Mar-20

KEPPEL REIT Keppel Land Limited Dec Quarterly SGD 1.40 22-Apr-20 29-Apr-20 30-Apr-20 29-May-20

LENDLEASE GLOBAL COMMERCIAL REIT Lendlease Corporation June Semi-annual SGD 1.29 10-Feb-20 17-Feb-20 18-Feb-20 16-Mar-20

LIPPO MALLS INDONESIA RETAIL TRUST Lippo Karawaci Dec Quarterly SGD 0.12 30-Apr-20 11-May-20 12-May-20 28-May-20

MANULIFE US REIT Manulife Dec Semi-annual USD 1.45 05-Feb-20 12-Feb-20 13-Feb-20 27-Mar-20

MAPLETREE COMMERCIAL TRUST Mapletree Investments Mar Quarterly SGD 0.91 22-Apr-20 29-Apr-20 30-Apr-20 29-May-20

MAPLETREE INDUSTRIAL TRUST Mapletree Investments Mar Quarterly SGD 2.79 23-Jun-20 30-Jun-20 01-Jul-20 28-Jul-20

MAPLETREE LOGISTICS TRUST Mapletree Investments Mar Quarterly SGD 2.048 23-Apr-20 30-Apr-20 04-May-20 12-Jun-20

MAPLETREE NORTH ASIA COMMERCIAL TRUST Mapletree Investments Mar Semi-annual SGD 0.496 29-Apr-20 08-May-20 11-May-20 24-Jun-20

OUE COMMERCIAL REIT OUE Limited Dec Semi-annual SGD 1.10 30-Jan-20 06-Feb-20 07-Feb-20 06-Mar-20

PARKWAYLIFE REIT Parkway Holdings Limited Dec Quarterly SGD 3.32 22-Apr-20 29-Apr-20 30-Apr-20 29-May-20

PRIME US REIT KBS Asia Partners Dec Semi-annual USD 3.15 12-Feb-20 19-Feb-20 20-Feb-20 30-Mar-20

SABANA SHARIAH COMP IND REIT ESR Group Dec Semi-annual SGD 0.75 23-Jan-20 31-Jan-20 03-Feb-20 27-Feb-20

SASSEUR REIT Sasseur Cayman Dec Quarterly SGD 1.334 14-May-20 28-May-20 29-May-20 26-Jun-20

SOILBUILD BUSINESS SPACE REIT Soilbuild Group Dec Quarterly SGD 0.883 16-Apr-20 23-Apr-20 24-Apr-20 22-May-20

SPH REIT Singapore Press Holdings Aug Quarterly SGD 0.3 01-Apr-20 08-Apr-20 09-Apr-20 13-May-20

STARHILL GLOBAL REIT YTL Corporation June Semi-annual SGD 1.13 29-Jan-20 05-Feb-20 06-Feb-20 28-Feb-20

SUNTEC REIT Suntec City Development Dec Quarterly SGD 1.76 22-Apr-20 29-Apr-20 30-Apr-20 28-May-20

UNITED HAMPSHIRE US REIT UOB Global Capital and The Hampshire Companies Dec Semi-annual USD - - - - -

24

SREITs & Property Trusts – Geographic Breakdown by Asset Portfolio

Note: Geographic breakdown percentages are rounded to a whole number.*Eagle Hospitality Trust and RHT Health Trust are currently suspended.

Source: Company latest info for Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 30 June 2020



Name SingaporeHong

KongChina Malaysia Vietnam Indonesia

South

KoreaJapan India

Rest of

AsiaAustralia

New

Zealand

United

Kingdom

Rest of

Europe

United

States

ASCENDAS INDIA TRUST^ - - - - - - - - 100% - - - - - -

CROMWELL EUROPEAN REIT - - - - - - - - - - - - - 100% -

MAPLETREE COMMERCIAL TRUST 100% - - - - - - - - - - - - - -

MAPLETREE NORTH ASIA COMMERCIAL TRUST - 61% 22% - - - - 17% - - - - - - -

SOILBUILD BUSINESS SPACE REIT 83% - - - - - - - - - 17% - - - -

SUNTEC REIT 89% - - - - - - - - - 11% - - - -

Average for Diversified (5) 91% 61% 22% - - - - 17% 100% - 14% - - 100% -

FIRST REIT 3% - - - - 97% 1% - - - - - - - -

PARKWAYLIFE REIT 62% - - 0% - - - 38% - - - - - - -

RHT HEALTH TRUST^* - - - - - - - - - - - - - - -

Average of Health Care (3) 32% - - 0% - 97% 1% 38% - - - - - - -

ARA US HOSPITALITY TRUST^# - - - - - - - - - - - - - - 100%

ASCOTT RESIDENCE TRUST^# 17% - 7% 1% 4% 2% 3% 20% - 2% 13% - 7% 12% 12%

CDL HOSPITALITY TRUSTS^# 65% - - - - - - 3% - 5% 5% 7% 7% 9% -

EAGLE HOSPITALITY TRUST^#* - - - - - - - - - - - - - - 100%

FAR EAST HOSPITALITY TRUST^# 100% - - - - - - - - - - - - - -

FRASERS HOSPITALITY TRUST^# 36% - - 6% - - - 9% - - 30% - 14% 5% -

Average of Hospitality (6) 54% - 7% 3% 4% 2% 3% 11% - 4% 16% 7% 9% 9% 71%

AIMS APAC REIT 85% - - - - - - - - - 15% - - - -

ASCENDAS REIT 71% - - - - - - - - - 13% - 6% - 10%

ARA LOGOS LOGISTICS TRUST 68% - - - - - - - - - 32% - - - -

EC WORLD REIT - - 100% - - - - - - - - - - - -

ESR-REIT 100% - - - - - - - - - - - - - -

FRASERS LOGISTICS & COMMERCIAL TRUST 21% - - - - - - - - - 48% - 6% 25% -

MAPLETREE INDUSTRIAL TRUST 76% - - - - - - - - - - - - - 24%

MAPLETREE LOGISTICS TRUST 29% 30% 8% 6% 2% - 6% 13% - - 7% - - - -

SABANA SHARIAH COMP IND REIT 100% - - - - - - - - - - - - - -

Average of Industrial (10) 69% 30% 54% 6% 2% - 6% 13% - - 23% - 6% 25% 17%

25



Note: Geographic breakdown percentages are rounded to a whole number.*Eagle Hospitality Trust and RHT Health Trust are currently suspended.

Source: Company latest info for Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 30 June 2020

Name SingaporeHong

KongChina Malaysia Vietnam Indonesia

South

KoreaJapan India

Rest of

AsiaAustralia

New

Zealand

United

Kingdom

Rest of

Europe

United

States

CAPITALAND COMMERCIAL TRUST 92% - - - - - - - - - - - - 8% -

ELITE COMMERCIAL REIT - - - - - - - - - - - - 100% - -

IREIT GLOBAL - - - - - - - - - - - - - 100% -

KEPPEL REIT 81% - - - - - 4% - - - 16% - - - -

KEPPEL PACIFIC OAK US REIT - - - - - - - - - - - - - - 100%

MANULIFE US REIT - - - - - - - - - - - - - - 100%

OUE COMMERCIAL REIT 91% - 9% - - - - - - - - - - - -

PRIME US REIT - - - - - - - - - - - - - - 100%

Average of Office (7) 88% - 9% - - - 4% - - - 16% - 100% 54% 100%

BHG RETAIL REIT - - 100% - - - - - - - - - - - -

CAPITALAND MALL TRUST 100% - - - - - - - - - - - - - -

CAPITALAND RETAIL CHINA TRUST - - 100% - - - - - - - - - - - -

DASIN RETAIL TRUST^ - - 100% - - - - - - - - - - - -

FRASERS CENTREPOINT TRUST 100% - - - - - - - - - - - - - -

LENDLEASE GLOBAL COMMERCIAL REIT 72% - - - - - - - - - - - - 29% -

LIPPO MALLS INDONESIA RETAIL TRUST - - - - - 100% - - - - - - - - -

SASSEUR REIT - - 100% - - - - - - - - - - - -

SPH REIT 81% - - - - - - - - - 19% - - - -

STARHILL GLOBAL REIT 69% - 1% 13% - - - 2% - - 15% - - - -

UNITED HAMPSHIRE US REIT - - - - - - - - - - - - - - 100%

Average of Retail (12) 84% - 80% 13% - 100% - 2% - - 17% - - 29% 100%

KEPPEL DC REIT 63% - - 1% - - - - - - 11% - 5% 20% -

Average of Specialized (1) 63% - - 1% - - - - - - 11% - 5% 20% -

S-REITs in Focus For June 2020

For more SGX Research, please visit: https://www2.sgx.com/research-education

16 June 2020

10 in 10 with United Hampshire US REIT - Anchored In Resilience (read here)

19 June 2020

Elite Commercial REIT: A Counter-Cyclical Play (read here)

8 June 2020

Sixth REIT, Mapletree Industrial Trust, to Join STI on 22 June (read here)

16 June 2020

Three REIT ETFs Clock Steady Gains in Monthly Turnover (read here)

24 June 2020

S-REITs with Data Centres Amongst World’s Strongest in 2020 YTD (read here)

MXNU

ODBU

Market Updates (Read more articles at: https://www2.sgx.com/research-education/market-updates)

Market Dialogues (Read more articles at: https://www2.sgx.com/research-education/market-dialogues)

https://api2.sgx.com/sites/default/files/market-dialogues/migration/10%20in%2010%20with%20United%20Hampshire%20US%20REIT%20-%20Anchored%20in%20Resilience%20%2816Jun2020%29.pdf

https://www.sgx.com/research-education/market-dialogues/20200619-elite-commercial-reit-counter-cyclical-play

https://www.sgx.com/research-education/market-updates/20200608-sixth-reit-mapletree-industrial-trust-join-sti-22-june

https://www.sgx.com/research-education/market-updates/20200616-three-reit-etfs-clock-steady-gains-monthly-turnover

https://www.sgx.com/research-education/market-updates/20200624-s-reits-data-centres-amongst-worlds-strongest-2020-ytd

REITs ETF

27

Why REITs ETF

28

Lower Execution Fees

Convenience and lower cost of transacting once via ETF vs individual REITs

Automatic Rebalancing

REITs which become bigger and/or more liquid are included in the ETF over time. On rebalancing, profit is also taken on REITs which have appreciated in value.

Low Cost Professionally Managed

Well-Diversified Portfolio

Tighter Bid-Ask Spreads

Liquidity–spreads of Lion-Phillip S-REIT bid-ask spread 32bps, smaller than basket spread of 60bps.

Corporate Actions

In a SREIT ETF, investors do not need to worry about corporate action (rights issue, stock splits etc.) as the ETF manager will make these decisions on behalf of unit holders.

Instant Diversification

Instant diversification across various industries and geographical regions REITs via REITs ETFs.

Example of industry breakdown for REITs ETF

Phillip SGX APAC Dividend Leaders REIT ETF

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF

Lion-Phillip S-REIT ETF

Benchmark iEdge APAC ex Japan Dividend Leaders REIT Index

FTSE EPRA Nareit Asia ex JapanNet Total Return REIT Index

Morningstar® SingaporeREIT Yield Focus IndexSM

Geographical breakdown of underlying REITS

Australia: 51% Singapore: 35%Hong Kong: 13%Thailand: 1%

Singapore: 78%, Hong Kong: 17% Malaysia: 5% Thailand: 1%

Singapore: 100%

AUM1 S$19mil S$242mil S$172mil

Number of Holdings 30 29 28

12 MonthDividend yield (%)

3.28% 5.07% 5.36%

Distribution Frequency Semi-Annual Quarterly Semi-Annual

Average bid-ask spread 50 bps (SGD)53 bps (USD)

32 bps (SGD)52 bps (USD)

34 bps (SGD)

Total Expense Ratio 0.91% p.a. 0.60% p.a. 0.60% p.a.

Listing date 20th October 2016 29th March 2017 30th October 2017

Stock code BYJ (SGD) andBYI (USD)

CFA (SGD) and COI (USD)

CLR (SGD)

Bloomberg code PAREITS SP (SGD)PAREIT SP (USD)

AXJREIT SP (SGD)AXJREUS SP (USD)

SREITS SP

3 REITs ETFs on SGX with S$433M AUM

Source: Bloomberg SGX & ETF Manager’s websites, as of 2th Jul 2020

sgx.com

sgx.com/research

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