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Singapore Exchange
SGX Research
Chartbook: SREITs & Property Trusts
April 2019
SGX is one of Asia’s largest REIT & Property Trusts markets
No. of trusts Market Cap Avg. Div Yield Avg. P/B 1 yr SDAV
42 S$97.8B 6.4% 1.0 S$166.4m
Singapore - 27 trusts
Japan - 8 trusts
China - 10 trustsSouth Korea - 3 trusts
Vietnam - 2 trusts
Indonesia - 3 trusts
Malaysia - 6 trusts
Hong Kong - 3 trusts
Philippines - 1 trust
India – 1 trust
Trusts that have Pan Asian Exposure (based on asset portfolio)SGX also lists trusts with exposure to non-Asian markets, refer to page 20 for more.
SGX lists 42 REITs & Property Trusts with a combined market capitalisation of over S$97 billion, representing c.10% of Singapore’s overall market
S-REITs have a regulated gearing ratio limit of 45% (for more)
SGX’s REITs & Property Trusts offer wide diversity across property sub-segments (chart on the right)
REIT Indices: FTSE ST REIT Index: 35 out of the 42 trusts
represented iEdge S-REIT Index: 36 out of the 42 trusts
represented
Key Statistics At a Glance Average dividend yield of 6.4% Average 3-year annualised total return of 10.2% Average gearing ratio of 33.0%* 10 year market cap CAGR of 22%
*Based on latest quarter filingsSource: Bloomberg, SGX, data as of 29 Mar 2019.For more about REITs, read more.
2
22%
14%
14%24%
17%
2%7%Industrial REITs
Hospitality REITs
Diversified REITs
Retail REITs
Office REITs
Specialized REITs
Health Care REITs
19
15
8
Singapore & Overseas Overseas Singapore
Trusts have diversified property sub-segments (% by trust count)
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 20 for list of REITs, property trusts, and stapled securities.
80% (34) of trusts have exposure to overseas properties
Note: There may be trusts with property exposure to
more than 1 market.
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 29 Mar 2019
80
100
120
140
160
180
200
220
Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19
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
Price Return Indices
Figures indexed at 100 as of Sep 2010 (base date of iEdge S-REIT Index)Source: Bloomberg, SGX, data as of 29 Mar 2019
80
90
100
110
120
130
140
Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19
iEdge S-REIT Index FTSE ST REIT Index Straits Times Index
Bas
e o
f 1
00
as
of
Sep
20
10
5
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- Mar 2019)
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 0.89 0.73 0.58 0.52 0.57 0.52 0.69 0.65 0.53
iEdge S-REIT Index 1.00 1.00 0.90 0.73 0.61 0.55 0.60 0.55 0.72 0.67 0.52
Asia ex Japan REITs 0.89 0.90 1.00 0.79 0.86 0.75 0.83 0.82 0.91 0.83 0.65
Asia Ex Japan Equities 0.73 0.73 0.79 1.00 0.65 0.45 0.77 0.59 0.75 0.87 0.65
Asia Bonds 0.58 0.61 0.86 0.65 1.00 0.88 0.93 0.99 0.96 0.86 0.64
US REITs 0.52 0.55 0.75 0.45 0.88 1.00 0.79 0.90 0.89 0.72 0.43
US Equities 0.57 0.60 0.83 0.77 0.93 0.79 1.00 0.89 0.96 0.97 0.59
US Bonds 0.52 0.55 0.82 0.59 0.99 0.90 0.89 1.00 0.93 0.80 0.63
Global REITs 0.69 0.72 0.91 0.75 0.96 0.89 0.96 0.93 1.00 0.93 0.64
Global Equities 0.65 0.67 0.83 0.87 0.86 0.72 0.97 0.80 0.93 1.00 0.61
Global Bonds 0.53 0.52 0.65 0.65 0.64 0.43 0.59 0.63 0.64 0.61 1.00
Figures refer to price correlationSource: Bloomberg, SGX, data as of 29 Mar 2019
6
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, 29 Mar 2019
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
-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
$16.0
4Q08
4Q09
4Q10
4Q11
4Q12
4Q13
4Q14
4Q15
4Q16
4Q17
4Q18
1Q19
FTSE ST REIT Index DPU (S$) Q-o-Q FTSE ST REIT Index Price Change (RHS)
7
FTSE ST REIT Index: Q-o-Q Distribution Growth
-7.9%
-9.1%
4.1%
10.7%
-3.4%
9.0%
1.2%
-4.3%
5.2%
-2.2%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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, 29 Mar 2019YoY 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%
-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
8
S-REITS & Property Trusts have Highest Yields vs other Asset Classes
¹Based on 12M Average Dividend Yield²Based on 10 Year Yield³Bank fixed deposit rates from MAS⁴MAS Core Inflation based on Feb 2019 FiguresSource: Bloomberg, SGX, data as of 29 Mar 2019
6.4%
4.2%
2.1%
0.6%
1.5%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%
Average of the 42 S-REITs and Property Trusts¹
STI Index¹
MAS Benchmark Govt Bond 10 Year²
Singapore Fixed Deposit Rate³
MAS Core Inflation Rate⁴
9
Yield Spread at 260 bps vs long term average of 360 bps
FTSE ST REIT IndexLong-term P/B Ratio and Dividend Yield
Source: Bloomberg, SGX, data as of 29 Mar 2019
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Mar
-10
Sep
-10
Mar
-11
Sep
-11
Mar
-12
Sep
-12
Mar
-13
Sep
-13
Mar
-14
Sep
-14
Mar
-15
Sep
-15
Mar
-16
Sep
-16
Mar
-17
Sep
-17
Mar
-18
Sep
-18
Mar
-19
FTSE ST REIT Index Dividend Yield SG 10y Benchmark Govt Bond Yield
Yield Spread Long Term Average Yield Spread
LT avg. of 360 bps
3.0%
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
1.30
Dec
-07
Sep
-08
Jun
-09
Mar
-10
Dec
-10
Sep
-11
Jun
-12
Mar
-13
Dec
-13
Sep
-14
Jun
-15
Mar
-16
Dec
-16
Sep
-17
Jun
-18
Mar
-19
Index Price to Book (P/B Ratio) P/B +1 SD
P/B -1 SD Long-term Avg P/B
Index Dividend Yield (RHS)
10
SREITs & Property Trusts – Average Dividend Yields By Sub-Segments
Source: Bloomberg, SGX, data as of 29 Mar 2019.Sub-segments based on REITAS’s classification, for more. Note: RHT Health Trust is a cash trust, its dividend yield is not included in the calculation under Health Care REITs.
6.7%
6.6%
6.5%
6.3%
6.3%
6.3%
4.9%
3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%
Industrial (9)
Retail (10)
Health Care (3)
Office (7)
Diversified (6)
Hospitality (6)
Specialised (1)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
11
SGX’s SREITs & Property Trusts cluster has grown at a CAGR of 22% across 10 years
Source: Bloomberg, SGX, data as of 29 Mar 2019
Combined Market Cap of Sector at end of each year (S$M)
12
SREITs Offer One of the Highest Dividend Yields and Lower Volatility
Source: Bloomberg, SGX, data as of 29 Mar 2019
FTSE ST REIT Index
iEdge S-REIT Index
ASX 200 A-REIT Index
Tokyo SE REIT Index
Hang Seng 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%
6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0%
Div
iden
d Y
ield
(%
)
90D Volatility
13
Major REIT Indices Performance
Based on Total Return unless otherwise stated
Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE ST REIT Index 0.9 3.0 12.4 11.8 4.6
iEdge S-REIT Index 0.8 3.0 13.2 13.5 5.4
Hang Seng REIT Index 2.6 4.5 16.3 18.5 5.0
ASX 200 A-REIT Index 0.8 6.2 14.8 26.2 4.5
MSCI US REIT Index 1.3 3.5 16.3 20.8 4.1
Tokyo Stock Exchange REIT Index 0.7 3.0 8.7 17.6 3.8
Source: Bloomberg, SGX, data as of 29 Mar 2019
Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE Straits Times Index 0.0 -0.9 5.1 -2.8 4.2
ASX 200 Index -0.2 1.3 11.4 13.6 4.8
FTSE Bursa Malaysia KLCI Index -1.1 -3.3 -1.9 -8.5 3.4
Hang Seng Index -0.2 1.2 12.8 0.0 3.5
Hang Seng China Enterprises Index -1.2 -0.7 12.4 -1.3 3.6
Jakarta SE Composite Index -0.9 -0.9 4.4 6.7 2.1
Korea SE KOSPI Index -2.1 -4.2 4.9 -10.3 2.0
Nikkei 225 Index -1.2 -0.9 6.9 2.2 2.1
Shanghai SE Composite Index -0.4 4.6 23.9 0.2 2.2
Shenzhen SE Composite Index -0.3 10.0 33.7 -6.3 1.1
Stock Exchange of Thailand SET Index -0.5 -0.9 5.8 -4.3 3.2
Taiwan SE Weighted Index 0.0 2.4 9.4 2.0 4.3
Asia Pacific Equity Indices Performance
14
Monthly Total Returns – March 2019
Source: Bloomberg, SGX, data as of 29 Mar 2019. 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.
1.41.7
5.33.9
3.51.2
4.20.0
-0.87.5
3.20.1
4.22.1
0.09.4
-8.35.5
3.9-0.7
0.75.5
0.02.0
4.94.5
-2.51.8
6.85.0
5.85.6
4.00.7
1.70.0
4.82.5
1.95.0
1.0
-10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0
AIMS AMP Capital Industrial REIT
Ascendas Hospitality Trust
Ascendas India Trust
Ascendas REIT
Ascott Residence Trust
BHG Retail REIT
Cache Logistics Trust
CapitaLand Commercial Trust
CapitaLand Mall Trust
CapitaLand Retail China Trust
CDL Hospitality Trusts
Cromwell European REIT
Dasin Retail Trust
EC World REIT
ESR-REIT
Far East Hospitality Trust
First REIT
Fortune REIT
Frasers Centrepoint Trust
Frasers Commercial Trust
Frasers Hospitality Trust
Frasers Logistics & Industrial Trust
IREIT Global
Keppel DC REIT
Keppel REIT
Keppel-KBS US REIT
Lippo Malls Indonesia Retail Trust
Manulife US REIT
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Mapletree North Asia Commercial Trust
OUE Commercial REIT
OUE Hospitality Trust
Parkway Life REIT
Sabana Shari'ah Compliant Industrial REIT
Sasseur REIT
Soilbuild Business Space REIT
SPH REIT
Starhill Global REIT
Suntec REIT
15
Year-To-Date Total Returns – 3M 2019
Source: Bloomberg, SGX, data as of 29 Mar 2019. 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.
8.714.3
10.213.2
13.0-0.9
9.513.5
6.019.4
15.114.9
6.012.4
7.617.5
2.617.4
11.19.8
5.012.6
6.713.9
14.518.9
9.815.1
16.112.6
17.617.6
16.010.2
12.310.8
25.08.6
6.49.1
11.1
-5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0
AIMS AMP Capital Industrial REIT
Ascendas Hospitality Trust
Ascendas India Trust
Ascendas REIT
Ascott Residence Trust
BHG Retail REIT
Cache Logistics Trust
CapitaLand Commercial Trust
CapitaLand Mall Trust
CapitaLand Retail China Trust
CDL Hospitality Trusts
Cromwell European REIT
Dasin Retail Trust
EC World REIT
ESR-REIT
Far East Hospitality Trust
First REIT
Fortune REIT
Frasers Centrepoint Trust
Frasers Commercial Trust
Frasers Hospitality Trust
Frasers Logistics & Industrial Trust
IREIT Global
Keppel DC REIT
Keppel REIT
Keppel-KBS US REIT
Lippo Malls Indonesia Retail Trust
Manulife US REIT
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Mapletree North Asia Commercial Trust
OUE Commercial REIT
OUE Hospitality Trust
Parkway Life REIT
Sabana Shari'ah Compliant Industrial REIT
Sasseur REIT
Soilbuild Business Space REIT
SPH REIT
Starhill Global REIT
Suntec REIT
16
1 Year Total Returns
Source: Bloomberg, SGX, data as of 29 Mar 2019. 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.
12.416.3
22.817.5
11.2-4.4
-3.411.2
20.76.5
2.2-1.8
8.511.9
8.77.2
-23.010.8
14.710.1
2.014.8
1.79.7
11.8-8.8
-44.7-0.9
27.210.8
26.224.4
-11.2-6.1
9.37.8
3.72.9
11.56.6
8.8
-50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0
AIMS AMP Capital Industrial REIT
Ascendas Hospitality Trust
Ascendas India Trust
Ascendas REIT
Ascott Residence Trust
BHG Retail REIT
Cache Logistics Trust
CapitaLand Commercial Trust
CapitaLand Mall Trust
CapitaLand Retail China Trust
CDL Hospitality Trusts
Cromwell European REIT
Dasin Retail Trust
EC World REIT
ESR-REIT
Far East Hospitality Trust
First REIT
Fortune REIT
Frasers Centrepoint Trust
Frasers Commercial Trust
Frasers Hospitality Trust
Frasers Logistics & Industrial Trust
IREIT Global
Keppel DC REIT
Keppel REIT
Keppel-KBS US REIT
Lippo Malls Indonesia Retail Trust
Manulife US REIT
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Mapletree North Asia Commercial Trust
OUE Commercial REIT
OUE Hospitality Trust
Parkway Life REIT
Sabana Shari'ah Compliant Industrial REIT
Sasseur REIT
Soilbuild Business Space REIT
SPH REIT
Starhill Global REIT
Suntec REIT
17
3 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 29 Mar 2019. 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.
9.8
13.6
17.7
12.6
11.4
2.2
6.1
16.2
9.7
9.9
16.4
7.2
10.1
-0.5
14.3
12.1
12.3
7.1
11.2
19.0
15.3
-7.5
17.0
16.9
21.2
19.2
4.0
10.8
12.8
-0.9
3.6
9.1
4.9
11.1
-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0
AIMS AMP Capital Industrial REITAscendas Hospitality Trust
Ascendas India TrustAscendas REIT
Ascott Residence TrustBHG Retail REIT
Cache Logistics TrustCapitaLand Commercial Trust
CapitaLand Mall TrustCapitaLand Retail China Trust
CDL Hospitality TrustsESR-REIT
Far East Hospitality TrustFirst REIT
Fortune REITFrasers Centrepoint TrustFrasers Commercial Trust
Frasers Hospitality TrustIREIT Global
Keppel DC REITKeppel REIT
Lippo Malls Indonesia Retail TrustMapletree Commercial Trust
Mapletree Industrial TrustMapletree Logistics Trust
Mapletree North Asia Commercial TrustOUE Commercial REITOUE Hospitality Trust
Parkway Life REITSabana Shari'ah Compliant Industrial REIT
Soilbuild Business Space REITSPH REIT
Starhill Global REITSuntec REIT
18
5 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 29 Mar 2019. 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.
9.0
11.7
15.7
11.7
7.3
0.5
11.7
10.4
9.3
7.1
1.7
3.3
5.3
18.0
12.2
10.7
8.3
-5.7
15.9
16.6
14.1
18.0
2.9
5.6
9.0
-6.7
3.7
7.1
5.0
8.9
-10.0 -5.0 0.0 5.0 10.0 15.0 20.0
AIMS AMP Capital Industrial REIT
Ascendas Hospitality Trust
Ascendas India Trust
Ascendas REIT
Ascott Residence Trust
Cache Logistics Trust
CapitaLand Commercial Trust
CapitaLand Mall Trust
CapitaLand Retail China Trust
CDL Hospitality Trusts
ESR-REIT
Far East Hospitality Trust
First REIT
Fortune REIT
Frasers Centrepoint Trust
Frasers Commercial Trust
Keppel REIT
Lippo Malls Indonesia Retail Trust
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Mapletree North Asia Commercial Trust
OUE Commercial REIT
OUE Hospitality Trust
Parkway Life REIT
Sabana Shari'ah Compliant Industrial REIT
Soilbuild Business Space REIT
SPH REIT
Starhill Global REIT
Suntec REIT
19
10 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 29 Mar 2019. 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.
17.4
15.9
15.1
19.1
18.6
11.7
15.2
19.2
17.1
18.9
23.4
20.7
22.8
16.8
11.6
22.4
20.2
14.4
19.1
0.0 5.0 10.0 15.0 20.0 25.0
AIMS AMP Capital Industrial REIT
Ascendas India Trust
Ascendas REIT
Ascott Residence Trust
CapitaLand Commercial Trust
CapitaLand Mall Trust
CapitaLand Retail China Trust
CDL Hospitality Trusts
ESR-REIT
First REIT
Fortune REIT
Frasers Centrepoint Trust
Frasers Commercial Trust
Keppel REIT
Lippo Malls Indonesia Retail Trust
Mapletree Logistics Trust
Parkway Life REIT
Starhill Global REIT
Suntec REIT
20
Key Statistics for 42 SREITs & Property Trusts
Source: Company Data, Bloomberg, SGX, as of 29 Mar 2019
Name Stock code Type of PropertySub-segment
Market Cap (S$M)
Div Yield (%)
1yr Avg Daily Turnover (S$,000)
Debt/Asset (%)
P/B Geographical breakdown by portfolio value(Source: Latest company info)
AIMS AMP CAPITAL INDUSTRIAL REIT O5RU Industrial 981 7.1 885 33.4 1.0 84.7% Singapore, 15.3% Australia
ASCENDAS HOSPITALITY TRUST^# Q1P Hospitality 999 6.8 729 30.8 0.9 36.7% AU, 36% JP, 10.3% KR, 17% SG
ASCENDAS INDIA TRUST^ CY6U Diversified 1,236 5.8 1,018 26.7 1.3 100% India
ASCENDAS REIT A17U Industrial 9,053 5.4 25,435 34.0 1.4 79% SG, AU 14%, 7% UK
ASCOTT RESIDENCE TRUST A68U Hospitality 2,564 6.1 3,098 35.9 1.0 27.3% EU, 20.3% SG, 12.8% JP, 12.5% US, 10% CN, 5.7% VN, 5.3% AU, 3% PH, 2.1% ID, 1% MY
BHG RETAIL REIT BMGU Retail 346 7.5 30 25.5 0.8 100% China
CACHE LOGISTICS TRUST K2LU Industrial 802 7.9 1,760 35.9 1.0 71% Singapore, 29% Australia
CAPITALAND COMMERCIAL TRUST C61U Office 7,273 4.5 20,298 27.0 1.1 95% Singapore, 5% Germany
CAPITALAND MALL TRUST C38U Retail 8,778 4.8 23,326 31.5 1.2 100% Singapore
CAPITALAND RETAIL CHINA TRUST AU8U Retail 1,568 6.5 1,885 34.8 1.0 100% China
CDL HOSPITALITY TRUSTS^# J85 Hospitality 1,966 5.7 3,150 34.1 1.1 62.5% SG, 16.2% EU, 13% Oceania, 8.3% others
CROMWELL EUROPEAN REIT CNNU Diversified 1,635 8.0 1,355 32.6 1.0 100% Europe
DASIN RETAIL TRUST^ CEDU Retail 492 8.3 256 31.7 0.6 100% China
EC WORLD REIT BWCU Industrial 604 8.1 239 31.3 0.9 100% China
ESR-REIT J91U Industrial 1,712 7.1 1,004 41.6 1.2 100% Singapore
FAR EAST HOSPITALITY TRUST^# Q5T Hospitality 1,326 5.7 1,161 38.1 0.8 100% Singapore
FIRST REIT AW9U Health Care 782 8.7 1,239 34.5 1.0 96.8% ID, 2.6% SG, 0.6% KR
FORTUNE REIT F25U Retail 3,395 5.0 138 20.8 0.6 100% Hong Kong
FRASERS CENTREPOINT TRUST J69U Retail 2,208 5.1 2,279 28.6 1.1 100% Singapore
FRASERS COMMERCIAL TRUST ND8U Office 1,334 6.5 2,140 28.2 0.9 54% SG, 39%AU, 7% UK
FRASERS HOSPITALITY TRUST^# ACV Hospitality 1,386 6.5 758 33.5 1.0 35% SG, 33% AU, 14% UK, 8% JP, 6% MY, 4% GER
FRASERS LOGISTICS & INDUSTRIAL TRUST
BUOU Industrial 2,348 6.2 5,165 34.4 1.3 67% Australia, 33% Europe
21
# Denotes Stapled Trusts.
^ Denotes Property Trusts
Name Stock code Type of PropertySub-segment
Market Cap (S$M)
Div Yield (%)
1yr Avg Daily Turnover (S$,000)
Debt/Asset (%)
P/B Geographical breakdown by portfolio value(Source: Latest company info)
IREIT GLOBAL UD1U Office 472 7.8 215 36.5 1.0 100% Germany
KEPPEL DC REIT AJBU Specialized 2,028 4.9 3,823 31.3 1.4 51% SG, 15% AU, 32.6% EU, 1.4% MY
KEPPEL REIT K71U Office 4,391 4.3 6,369 29.4 0.9 83% Singapore, 17% Australia
KEPPEL-KBS US REIT CMOU Office 778 8.6 789 34.8 0.9 100% United States
LIPPO MALLS INDONESIA RETAIL TRUST D5IU Retail 570 10.4 1,473 34.3 0.7 100% Indonesia
MANULIFE US REIT BTOU Office 1,485 6.5 1,800 37.0 1.0 100% United States
MAPLETREE COMMERCIAL TRUST N2IU Diversified 5,462 4.8 9,377 34.6 1.3 100% Singapore
MAPLETREE INDUSTRIAL TRUST ME8U Industrial 4,244 5.1 6,694 29.3 1.4 90.3% SG, 9.7% US
MAPLETREE LOGISTICS TRUST M44U Industrial 5,289 5.4 9,769 37.6 1.3 32.1% SG, 30% HK, 12.1% JP, 8.1% CN, 8.3% AU, 5.9% KR, 2.8% MY, 0.7% VN
MAPLETREE NORTH ASIA COMMERCIAL TRUST
RW0U Diversified 4,190 5.6 6,701 36.2 1.0 64% HK, 25% CN, 11% JP
OUE COMMERCIAL REIT TS0U Office 1,487 6.2 397 37.5 0.7 86% Singapore, 14% China
OUE HOSPITALITY TRUST^# SK7 Hospitality 1,329 6.9 1,198 38.5 1.0 100% Singapore
PARKWAYLIFE REIT C2PU Health Care 1,767 4.4 1,710 36.1 1.6 62.4% SG, 37.2% JP, 0.4% MY
RHT HEALTH TRUST^* RF1U Health Care 13 N.M. 976 29.3 N.M. N.A.
SABANA SHARIAH COMP IND REIT M1GU Industrial 448 7.5 483 36.6 0.7 100% Singapore
SASSEUR REIT CRPU Retail 921 7.5¹ 652 29.0 0.8 100% China
SOILBUILD BUSINESS SPACE REIT SV3U Diversified 653 8.6 791 37.3 1.0 91.2% Singapore, 8.8% Australia
SPH REIT SK6U Retail 2,714 5.3 1,245 26.2 1.1 100% Singapore2
STARHILL GLOBAL REIT P40U Retail 1,592 6.1 1,840 35.4 0.8 69.5% SG, 16.2% AU, 11.6% MY, 2.7% CN & JP
SUNTEC REIT T82U Diversified 5,227 5.1 12,733 36.7 0.9 89% SG, 11% AU
*RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust¹Sasseur REIT dividend yields are based on the IPO prospectus
2SPH REIT Revenue breakdown by Geography not including AU Property which was acquired on 21 Dec 18Source: Company Data, Bloomberg, SGX, as of 29 Mar 2019
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