Chartbook: SREITs & Property Trusts Research - SREI… · REITs Hospitality REITs Diversified REITs Retail REITs Office REITs Specialized REITs Health Care REITs Singapore is one

Singapore Exchange

SGX Research

Chartbook: SREITs & Property Trusts

May 2020

20%

14%

14%25%

18%

2%7%

IndustrialREITsHospitalityREITsDiversifiedREITsRetail REITs

Office REITs

SpecializedREITsHealth CareREITs

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

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

44 S$94B 7.5% 0.9x S$324m

Singapore - 26 trusts

Japan - 8 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.

Singapore has 44 REITs & Property Trusts with a combined market capitalisation of S$94 billion, representing c.12% of Singapore’s overall listed stocks

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

property sub-segments (chart on the right) REIT Indices:

FTSE ST REIT Index: 37 out of the 44 trusts represented

iEdge S-REIT Index: 35 out of the 44 trusts represented

Key Statistics At a Glance Average dividend yield of 7.5% Average 10-year annualised total return of 7.3% Average gearing ratio of 36.0%* 10 year market cap CAGR of 15%

*Based on latest quarter filingsSource: Bloomberg, SGX, data as of 30 April 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.

TRUSTS HAVE DIVERSIFIED PROPERTY SUB-SEGMENTS (% BY TRUST COUNT)

6

20

18

OVER 80% (38) OF SINGAPORE REITS & PROPERTY TRUSTS HOLD OVERSEAS ASSETS

Singapore Overseas Singapore & Overseas

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

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

70

80

90

100

110

120

130

140

150

160

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

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

Bas

e o

f 1

00

as

of

Sep

20

10

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 April 2020

Price Return Indices

80

120

160

200

240

280

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

Bas

e o

f 1

00

as

of

Sep

20

10

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

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)

Correlation Matrix (Jan 2012- Apr 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 0.73 0.69 0.72 0.67 0.82 0.76 0.70

iEdge S-REIT Index 1.00 1.00 0.94 0.73 0.75 0.71 0.74 0.70 0.83 0.78 0.71

Asia ex Japan REITs 0.93 0.94 1.00 0.77 0.90 0.82 0.88 0.85 0.94 0.87 0.78

Asia Ex Japan Equities 0.74 0.73 0.77 1.00 0.68 0.54 0.79 0.58 0.76 0.87 0.63

Asia Bonds 0.73 0.75 0.90 0.68 1.00 0.86 0.95 0.97 0.95 0.89 0.81

US REITs 0.69 0.71 0.82 0.54 0.86 1.00 0.82 0.79 0.91 0.78 0.57

US Equities 0.72 0.74 0.88 0.79 0.95 0.82 1.00 0.90 0.96 0.98 0.75

US Bonds 0.67 0.70 0.85 0.58 0.97 0.79 0.90 1.00 0.88 0.81 0.84

Global REITs 0.82 0.83 0.94 0.76 0.95 0.91 0.96 0.88 1.00 0.95 0.76

Global Equities 0.76 0.78 0.87 0.87 0.89 0.78 0.98 0.81 0.95 1.00 0.72

Global Bonds 0.70 0.71 0.78 0.63 0.81 0.57 0.75 0.84 0.76 0.72 1.00

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

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, 31 March 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

11.8

12.2

10.9

14.3

13.4

8.9

12.2

12.813.1

11.1

12.4

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

4Q08

4Q09

4Q10

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

4Q18

4Q19

1Q20

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, 31 March 2020YoY Distribution Growth is based on the FTSE ST REIT Index’s total full year dividends

-7.9%

-9.1%

4.1%

10.7%

-3.4%

9.0%

1.2%

-4.3%

5.2%

-2.2%

2.5%

-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

-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%

11.9%

-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

1Q20

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 April 2020⁴MAS Core Inflation based on 29 February 2020 figuresSource: Bloomberg, SGX, data as of 30 April 2020

7.5%

4.8%

0.9%

0.6%

-0.2%

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

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

Yield Spread at 483 bps vs 10 year average of 404 bps

FTSE ST REIT IndexLong-term P/B Ratio and Dividend Yield

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

10 year avg. of 404 bps

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)

10 year avg. of 1.0x

9

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

Source: Bloomberg, SGX, data as of 30 April 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.

8.4%

7.6%

7.5%

7.5%

7.4%

7.4%

3.0%

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

Hospitality (6)

Industrial (9)

Diversified (6)

Retail (11)

Office (8)

Health Care (3)

Specialised (1)

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

0

20000

40000

60000

80000

100000

120000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

10

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

Source: Bloomberg, SGX, data as of end 2019

Combined Market Cap of Sector at end of each year (S$M)

FTSE ST REIT Index

iEdge S-REIT Index

Tokyo SE REIT Index

Nikkei 225

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%

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 April 2020

Average distribution yield of all 44 trusts: 7.5% FTSE ST REIT Index: 37 out of the 44 trusts represented iEdge S-REIT Index: 35 out of the 44 trusts represented

12

Major REIT Indices Performance

Based on Total Return unless otherwise stated

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

FTSE ST REIT Index 5.9 9.4 -14.5 -5.2 4.9

iEdge S-REIT Index 5.7 9.1 -13.8 -3.7 5.1

ASX 200 A-REIT Index 7.5 13.7 -25.3 -20.3 6.3

Hang Seng REIT Index 2.2 2.9 -16.5 -22.4 6.1

MSCI US REIT Index 7.0 8.2 -21.0 -14.5 5.0

Tokyo SE REIT Index 0.1 -0.9 -25.5 -13.3 4.8

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

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

FTSE Straits Times Index 3.3 5.8 -18.1 -19.7 4.8

ASX 200 Index 5.9 8.8 -16.0 -8.7 5.1

FTSE Bursa Malaysia KLCI Index 2.0 4.9 -10.0 -10.8 4.5

Hang Seng China Enterprises Index 3.5 4.6 -10.1 -9.7 3.7

Hang Seng Index 2.8 4.4 -12.4 -14.2 3.8

Jakarta SE Composite Index 2.7 4.3 -24.3 -24.5 3.5

Korea SE KOSPI Index 1.7 11.0 -11.2 -9.7 2.4

Nikkei 225 Index 3.9 6.7 -13.8 -7.3 2.2

Shanghai SE Composite Index 0.8 4.0 -6.2 -4.8 2.3

Shenzhen SE Composite Index 0.1 5.9 2.4 9.1 1.0

Stock Exchange of Thailand SET Index 2.5 16.9 -15.8 -19.2 4.0

Taiwan SE Weighted Index 6.0 13.3 -8.1 5.0 4.2

Asia Pacific Equity Indices Performance

13

Monthly Total Returns – April 2020

Source: Bloomberg, SGX, data as of 30 April 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.

10.616.1

23.25.8

4.913.3

21.25.2

5.610.7

21.99.7

0.016.1

8.115.0

26.817.6

-4.225.3

24.528.0

2.626.7

13.110.6

23.90.0

7.64.9

15.217.4

15.77.9

18.410.2

24.621.5

6.314.9

13.512.5

-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0

AIMS APAC REIT

ARA LOGOS Logistics Trust

ARA US Hospitality Trust

Ascendas India Trust

Ascendas Real Estate Investment Trust

Ascott Residence Trust

BHG Retail REIT

CapitaLand Commercial Trust

CapitaLand Mall Trust

CapitaLand Retail China Trust

CDL Hospitality Trusts

Cromwell European Real Estate Investment Trust

Dasin Retail Trust

EC World Real Estate Investment Trust

Elite Commercial REIT

ESR-REIT

Far East Hospitality Trust

First Real Estate Investment Trust

Frasers Centrepoint Trust

Frasers Hospitality Trust

Frasers Logistics & Commercial Trust

IREIT Global

Keppel DC REIT

Keppel Pacific Oak US REIT

Keppel REIT

Lendlease Global Commercial REIT

Lippo Malls Indonesia Retail Trust

Manulife US Real Estate Investment Trust

Mapletree Commercial Trust

Mapletree Industrial Trust

Mapletree Logistics Trust

Mapletree North Asia Commercial Trust

OUE Commercial Real Estate Investment Trust

Parkway Life Real Estate Investment Trust

Prime US REIT

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust

Sasseur Real Estate Investment Trust

Soilbuild Business Space REIT

SPH REIT

Starhill Global REIT

Suntec Real Estate Investment Trust

United Hampshire US REIT

14

YTD Total Returns


-18.2-23.0

-48.6-17.8

1.1-32.7

-5.2-17.6

-22.2-14.1

-37.9-24.1

-1.7-10.6

-33.9-28.7

-17.9-22.8

-30.3-11.2

-12.814.0

-16.8-12.4

-37.3-34.0

-26.5-16.9

-0.75.4

-16.7-26.8

1.3-20.3

-28.2-15.2

-23.9-23.5

-29.9-21.9

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

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


-13.0

-23.4

-49.2

4.6

7.6

-20.9

-5.8

-13.5

-18.1

-4.5

-35.5

-12.8

-3.0

-9.9

-29.7

-16.6

-12.2

-5.9

-31.2

-1.0

-4.7

64.9

-7.3

-8.9

-27.5

-10.7

5.7

28.5

29.3

-25.7

-13.7

20.2

-17.9

0.2

-32.0

-17.5

-30.1

-19.3

-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


0.9

-7.1

9.9

11.6

-0.8

2.6

5.4

3.4

1.1

-8.2

7.7

3.1

-9.5

1.1

-10.2

5.9

-6.2

10.1

4.6

30.6

4.8

-23.9

4.7

13.1

18.6

24.4

3.0

-7.9

14.3

-4.0

-10.0

-1.3

-7.9

-2.1

-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

5 Year Annualised Total Returns1.9

-6.9

13.8

10.2

0.1

4.9

2.1

1.8

-4.2

-6.7

-2.8

-5.2

6.0

3.6

-4.0

7.0

25.1

2.4

-8.9

10.9

16.3

14.9

4.2

-2.8

11.6

-9.0

-7.1

0.2

-4.8

0.8

-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




Frasers Commercial Trust


IREIT Global

Keppel DC REIT

Keppel REIT










SPH REIT




18

10 Year Annualised Total Returns


9.6

2.3

8.6

10.9

4.6

8.8

4.7

7.7

-0.3

3.8

9.9

10.6

6.1

-1.8

14.6

15.2

4.4

6.3

-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0

AIMS APAC REIT









ESR-REIT



Keppel REIT






19

Institution & Retail Fund Flow – April 2020

Source: SGX, data as of 30 April 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

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

Apr 2020 Top 10 Institution Net Sell (-) Trusts (S$M)StockCode

Apr 2020

Mapletree Logistics Trust M44U 12.1 CapitaLand Mall Trust C38U (73.8)

Frasers Logistics & Industrial Trust BUOU 6.5 CapitaLand Commercial Trust C61U (23.7)

Keppel REIT K71U 4.4 Frasers Centrepoint Trust J69U (16.1)

Frasers Commercial Trust ND8U 2.2 Lendlease Global Commercial REIT JYEU (14.0)

Suntec REIT T82U 1.3 Manulife US REIT BTOU (12.7)

Soilbuild Business Space REIT SV3U 1.2 ESR-REIT J91U (12.2)

AIMS APAC REIT O5RU 1.1 Ascott Residence Trust HMN (11.5)

Far East Hospitality Trust Q5T 1.1 CDL Hospitality Trusts J85 (7.9)

First REIT AW9U 1.0 Mapletree Commercial Trust N2IU (6.9)

Parkway Life REIT C2PU 0.6 Ascendas India Trust CY6U (5.9)

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

Apr 2020 Top 10 Retail Net Sell (-) Trusts (S$M)StockCode

Apr 2020

CapitaLand Mall Trust C38U 64.0 Mapletree Logistics Trust M44U (8.0)

CapitaLand Commercial Trust C61U 20.0 Keppel REIT K71U (2.6)

Frasers Centrepoint Trust J69U 17.2 Frasers Logistics & Industrial Trust BUOU (1.5)

ESR-REIT J91U 15.2 Keppel DC REIT AJBU (1.1)

Lendlease Global Commercial REIT JYEU 14.0 Frasers Commercial Trust ND8U (1.1)

Suntec REIT T82U 13.6 Far East Hospitality Trust Q5T (1.1)

Ascott Residence Trust HMN 13.5 AIMS APAC REIT O5RU (1.0)

Manulife US REIT BTOU 11.4 Soilbuild Business Space REIT SV3U (0.6)

Mapletree Commercial Trust N2IU 10.7 First REIT AW9U (0.5)

CDL Hospitality Trusts J85 8.2 Parkway Life REIT C2PU (0.4)

For more on fund flow, click here

Note: Frasers Commercial Trust delisted from SGX-ST on 29 April 2020. Frasers Logistics & Industrial Trust has been renamed Frasers Logistics & Commercial Trust post the merger with FCOT.

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

20

Key Statistics for SREITs & Property Trusts

Name Stock codeType of Property

Sub-segmentMarket Cap

(S$M)Div Yield

(%) 1yr Avg Daily

Turnover (S$,000)Debt/Asset

(%)P/B

Mthly InstitutionNet Buy (+) /

Net Sell (-) (S$M)

Mthy RetailNet Buy (+) /

Net Sell (-) (S$M)

AIMS APAC REIT O5RU Industrial 813 8.9 2,525 35.2 0.8 1.1 (1.0)

ARA LOGOS LOGISTICS TRUST K2LU Industrial 587 9.3 1,230 40.1 0.9 (1.0) 1.5

ARA US HOSPITALITY TRUST^# XZL Hospitality 340 8.01 532 32.1 1.0 (1.3) 1.2

ASCENDAS INDIA TRUST^ CY6U Diversified 1,455 6.7 2,328 28.0 1.2 (5.9) 6.1

ASCENDAS REIT A17U Industrial 10,746 5.4 44,719 36.2 1.4 0.1 4.3

ASCOTT RESIDENCE TRUST^# HMN Hospitality 2,766 8.5 7,872 35.4 0.8 (11.5) 13.5

BHG RETAIL REIT BMGU Retail 321 6.1 537 35.7 0.8 0.0 (0.0)

CAPITALAND COMMERCIAL TRUST C61U Office 6,218 5.2 26,662 35.5 0.9 (23.7) 20.0

CAPITALAND MALL TRUST C38U Retail 6,974 6.2 33,263 33.3 0.9 (73.8) 64.0

CAPITALAND RETAIL CHINA TRUST AU8U Retail 1,651 7.3 4,570 35.8 0.9 (2.9) 3.2

CDL HOSPITALITY TRUSTS^# J85 Hospitality 1,183 9.3 4,788 35.4 0.6 (7.9) 8.2

CROMWELL EUROPEAN REIT CNNU Diversified 1,557 10.3 2,744 36.8 0.8 (4.0) 3.8

DASIN RETAIL TRUST^ CEDU Retail 519 8.5 182 36.5 0.6 0.1 (0.1)

EC WORLD REIT BWCU Industrial 522 9.3 1,085 38.7 0.8 0.3 (0.2)

ELITE COMMERCIAL REIT MXNU Office 437 7.11 1,593 32.0 N/A 0.2 (0.2)

ESR-REIT J91U Industrial 1,192 10.3 5,589 41.7 0.8 (12.2) 15.2

FAR EAST HOSPITALITY TRUST^# Q5T Hospitality 1,017 7.3 1,609 39.5 0.6 1.1 (1.1)

FIRST REIT AW9U Health Care 640 10.8 2,015 34.5 0.8 1.0 (0.5)

FRASERS CENTREPOINT TRUST J69U Retail 2,385 5.0 8,163 33.3 1.0 (16.1) 17.2

FRASERS HOSPITALITY TRUST^# ACV Hospitality 945 8.9 748 35.5 0.7 (0.5) 0.6

FRASERS LOGISTICS & COMMERCIAL TRUST BUOU Industrial 3,596 6.6 13,674 35.0 1.1 6.5 (1.5)

IREIT GLOBAL UD1U Office 437 8.2 853 39.3 0.8 (0.5) 0.2

# 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.¹ARA US HTrust, Elite Com REIT, Lendlease Global Com REIT, Prime US REIT and United Hampshire US REIT yields are based on the IPO prospectusSource: Company latest info for Debt/Asset and Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 30 April 2020

Cache Logistics Trust renamed to ARA Logos Logistics Trust with effect from 30 April 2020Frasers Logistics & Commercial Trust avg. daily turnover based on combined entity post merger with FCOT.

21



Name Stock codeType of Property Sub-

segmentMarket Cap

(S$M)Div Yield

(%) 1yr Avg Daily Turnover

(S$,000)Debt/Asset

(%)P/B

Mthly InstitutionNet Buy (+) /

Net Sell (-) (S$M)

Mthy RetailNet Buy (+) /

Net Sell (-) (S$M)

KEPPEL DC REIT AJBU Specialized 3,837 3.0 13,582 32.2 2.1 (1.9) (1.1)

KEPPEL PACIFIC OAK US REIT CMOU Office 844 9.4 1,804 36.9 0.8 0.4 (0.3)

KEPPEL REIT K71U Office 3,583 5.3 9,114 36.2 0.8 4.4 (2.6)

LENDLEASE GLOBAL COMMERCIAL REIT JYEU Retail 672 5.81 4,885 34.9 N/A (14.0) 14.0

LIPPO MALLS INDONESIA RETAIL TRUST D5IU Retail 424 12.4 761 42.1 0.4 (5.0) 5.2

MANULIFE US REIT BTOU Office 1,607 8.2 5,205 37.7 0.9 (12.7) 11.4

MAPLETREE COMMERCIAL TRUST N2IU Diversified 6,483 4.1 30,635 33.3 1.1 (6.9) 10.7

MAPLETREE INDUSTRIAL TRUST ME8U Industrial 5,613 4.8 17,093 37.6 1.6 (1.7) 7.0

MAPLETREE LOGISTICS TRUST M44U Industrial 6,840 4.4 23,474 39.3 1.5 12.1 (8.0)

MAPLETREE NORTH ASIA COMMERCIAL TRUST

RW0U Diversified 3,053 7.9 13,228 39.3 0.7 (5.1) 7.0

OUE COMMERCIAL REIT TS0U Office 2,184 8.2 1,317 40.3 0.7 (1.1) 1.3

PARKWAYLIFE REIT C2PU Health Care 1,997 4.0 2,044 38.5 1.7 0.6 (0.4)

PRIME US REIT OXMU Office 1,097 7.41 1,527 33.7 0.8 (0.8) 0.9

SABANA SHARIAH COMP IND REIT M1GU Industrial 342 9.0 469 31.5 0.6 (0.9) 0.7

SASSEUR REIT CRPU Retail 881 8.9 1,917 27.8 0.8 (0.7) 1.5

SOILBUILD BUSINESS SPACE REIT SV3U Diversified 480 10.3 835 38.5 0.7 1.2 (0.6)

SPH REIT SK6U Retail 2,249 5.6 2,271 29.3 0.7 (2.4) 2.9

STARHILL GLOBAL REIT P40U Retail 1,093 8.9 1,714 36.7 0.6 (2.6) 3.1

SUNTEC REIT T82U Diversified 3,943 5.7 20,142 39.9 0.7 1.3 13.6

UNITED HAMPSHIRE US REIT ODBU Retail 438 7.41 1,144 37.0 0.6 (0.1) 0.1

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.¹ARA US HTrust, Elite Com REIT, Lendlease Global Com REIT, Prime US REIT and United Hampshire US REIT yields are based on the IPO prospectusSource: Company latest info for Debt/Asset and Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 30 April 2020

Cache Logistics Trust renamed to ARA Logos Logistics Trust with effect from 30 April 2020

22

SREITs & Property Trusts – Sponsor, DPU detailsName Sponsor FYE

DPU(Freq)

DPUCurrency

DPU (cents)

Date announced Ex-date Record date Pay date

AIMS APAC REIT AIMS Financial Group Mar Quarterly SGD 2.50 31-Jan-20 07-Feb-20 10-Feb-20 26-Mar-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 1.51 27-Feb-20 13-Mar-20 16-Mar-20 27-Mar-20

ELITE COMMERCIAL REITElite 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 2.15 29-Jan-20 05-Feb-20 06-Feb-20 13-Mar-20

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

FRASERS COMMERCIAL TRUST Frasers Property Limited Sep Quarterly SGD 2.77 30-Mar-20 14-Apr-20 - 28-May-20

FRASERS HOSPITALITY TRUST^# Frasers Property Limited Jan Semi-annual SGD 1.59 30-Oct-19 06-Nov-19 07-Nov-19 27-Dec-19



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

Note: Frasers Commercial Trust delisted from SGX-ST on 29 April 2020, however it still has clean-up distributions due in May 2020.Cache Logistics Trust renamed to ARA Logos Logistics Trust with effect from 30 April 2020

Name Sponsor FYEDPU(Freq)

DPUCurrency

DPU (cents)

Date announced Ex-date Record date Pay date

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

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 2.85 27-Apr-20 05-May-20 06-May-20 04-Jun-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 Vibrant 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 1.629 20-Feb-20 05-Mar-20 06-Mar-20 26-Mar-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 August 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 REITUOB Global Capital and The Hampshire Companies

Dec Semi-annual USD - - - - -

23



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

Cache Logistics Trust renamed to ARA Logos Logistics Trust with effect from 30 April 2020

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 April 2020Note: Cache Logistics Trust renamed to ARA Logos Logistics Trust with effect from 30 April 2020

Name Singapore Hong Kong China Malaysia Vietnam IndonesiaSouthKorea

Japan IndiaRest of Asia

AustraliaNewZealand

UnitedKingdom

Rest of Europe

UnitedStates

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 (6) 91% 66% 23% - - - - 11% 100% - 14% - - 100% -

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

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

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

Average 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 for Hospitality (6) 55% - 7% 3% 4% 2% 3% 11% - 3% 16% 7% 9% 9% 70%

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 for Industrial (9) 77% 30% 54% 6% 2% - 5% 10% - - 25% - 6% 42% 14%



25

Name Singapore Hong Kong China Malaysia Vietnam IndonesiaSouthKorea

Japan IndiaRest of Asia

AustraliaNewZealand

UnitedKingdom

Rest of Europe

UnitedStates

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 for Office (8) 80% - 9% - - - 4% - - - 26% - 54% 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 for Retail (11) 87% - 80% 12% - 100% - 2% - - 11% - - 29% 100%

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

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



Note: Geographic breakdown percentages are rounded to a whole number.*RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust and trading is suspended.

Source: Company latest info for Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 30 April 2020Note: Cache Logistics Trust renamed to ARA Logos Logistics Trust with effect from 30 April 2020

REITs ETF

26

Why REITs ETF

27

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: 48% Singapore: 35%Hong Kong: 15%Thailand: 2%

Singapore: 75%, Hong Kong: 19% Malaysia: 5% Thailand: 1%

Singapore: 100%

AUM1 S$17mil S$202mil S$157mil

Number of Holdings 30 29 27

12 MonthDividend yield (%)

6.36% 4.93% 5.86%

Distribution Frequency Semi-Annual Quarterly Semi-Annual

Average bid-ask spread 75 bps (SGD)98 bps (USD)

47 bps (SGD)92 bps (USD)

48 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$380M AUM

Source: Bloomberg SGX & ETF Manager’s websites, as of 6th May 2020

28

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