Chartbook: SREITs & Property Trusts - REIT Association of ......Singapore is one of Asia’s largest...
Transcript of Chartbook: SREITs & Property Trusts - REIT Association of ......Singapore is one of Asia’s largest...
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Singapore Exchange
SGX Research
Chartbook: SREITs & Property Trusts
June 2020
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20%
14%
14%25%
18%
2%7% Industrial REITs
Hospitality REITs
Diversified REITs
Retail REITs
Office REITs
Specialized REITs
Health Care REITs
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$98B 7.2% 0.9x S$330m
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$98 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 7.2% Average 10-year annualised total return of 8.3% Average gearing ratio of 36.1%* 10 year market cap CAGR of 15%
*Based on latest quarter filingsSource: Bloomberg, SGX, data as of 31 May 2020.For more about REITs, read more.
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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
18
20
OVER 80% (39) 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-reitshttps://www2.sgx.com/research-education/securities-products#Business%20Trusts
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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 31 May 2020
Price Return Indices
80
120
160
200
240
280
May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-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
70
80
90
100
110
120
130
140
150
160
May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20
iEdge S-REIT Index FTSE ST REIT Index Straits Times Index
Bas
e o
f 1
00
as
of
Sep
20
10
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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- May 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 0.75 0.68
iEdge S-REIT Index 1.00 1.00 0.94 0.73 0.74 0.71 0.74 0.67 0.83 0.78 0.69
Asia ex Japan REITs 0.93 0.94 1.00 0.77 0.89 0.81 0.88 0.82 0.94 0.87 0.77
Asia Ex Japan Equities 0.74 0.73 0.77 1.00 0.67 0.53 0.78 0.56 0.76 0.87 0.62
Asia Bonds 0.72 0.74 0.89 0.67 1.00 0.83 0.95 0.97 0.94 0.89 0.81
US REITs 0.69 0.71 0.81 0.53 0.83 1.00 0.80 0.73 0.91 0.77 0.53
US Equities 0.71 0.74 0.88 0.78 0.95 0.80 1.00 0.89 0.95 0.98 0.75
US Bonds 0.64 0.67 0.82 0.56 0.97 0.73 0.89 1.00 0.85 0.80 0.85
Global REITs 0.82 0.83 0.94 0.76 0.94 0.91 0.95 0.85 1.00 0.94 0.73
Global Equities 0.75 0.78 0.87 0.87 0.89 0.77 0.98 0.80 0.94 1.00 0.72
Global Bonds 0.68 0.69 0.77 0.62 0.81 0.53 0.75 0.85 0.73 0.72 1.00
Figures refer to price correlationSource: Bloomberg, SGX, data as of 31 May 2020
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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)
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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
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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 30 April 2020 figuresSource: Bloomberg, SGX, data as of 31 May 2020
7.2%
5.0%
0.8%
0.6%
-0.3%
-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
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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
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)
8
Yield Spread at 461 bps vs 10 year average of 405 bps
FTSE ST REIT IndexLong-term P/B Ratio and Dividend Yield
Source: Bloomberg, SGX, data as of 31 May 2020Forward dividend yield is based on Bloomberg consensus forecasts
10 year avg. of 405 bps
10 year avg. of 1.0x
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SREITs & Property Trusts – Average Dividend Yields By Sub-Segments
Source: Bloomberg, SGX, data as of 31 May 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.
7.7%
7.4%
7.2%
7.1%
7.1%
6.6%
3.0%
1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%
Hospitality(6)
Retail (11)
Diversified(6)
Industrial (9)
Office (8)
Health Care(3)
Specialized(1)
https://www.reitas.sg/singapore-reits/s-reit-sectors/
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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)
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SREITs Offer One of the Highest Dividend Yields and Lower Volatility
Source: Bloomberg, SGX, data as of 31 May 2020
Average distribution yield of all 44 trusts: 7.2% FTSE ST REIT Index: 37 out of the 44 trusts represented iEdge S-REIT Index: 35 out of the 44 trusts represented
FTSE ST REIT IndexiEdge S-REIT Index
ASX 200 A-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% 75.0%
Div
iden
d Y
ld (
%)
90D Volatility
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Major REIT Indices Performance
Based on Total Return in local currency terms unless otherwise stated
Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE ST REIT Index 7.4 5.9 -9.4 0.3 4.7
iEdge S-REIT Index 7.2 6.0 -8.6 1.8 4.7
ASX 200 A-REIT Index 5.9 13.7 -20.1 -16.8 5.9
Hang Seng REIT Index -2.5 -13.1 -27.4 -32.1 7.0
MSCI US REIT Index 4.6 3.9 -20.8 -14.3 4.9
Tokyo SE REIT Index 5.3 9.0 -19.4 -7.8 4.5
Source: Bloomberg, SGX, data as of 31 May 2020
Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE Straits Times Index 0.5 -3.3 -20.8 -16.5 5.0
ASX 200 Index 4.7 9.8 -12.3 -5.7 4.3
FTSE Bursa Malaysia KLCI Index 2.6 4.8 -5.6 -7.4 4.3
Hang Seng China Enterprises Index 1.7 -4.2 -13.8 -4.8 4.0
Hang Seng Index 0.3 -6.3 -17.9 -12.2 4.1
Jakarta SE Composite Index 4.6 0.9 -23.6 -21.8 3.4
Korea SE KOSPI Index 3.0 4.2 -7.4 1.6 2.3
Nikkei 225 Index 7.3 11.5 -6.6 8.5 2.0
Shanghai SE Composite Index 1.5 -0.1 -6.3 0.7 2.4
Shenzhen SE Composite Index 2.1 1.6 4.0 17.9 1.1
Stock Exchange of Thailand SET Index 3.1 3.4 -12.9 -14.0 3.7
Taiwan SE Weighted Index 1.2 -0.4 -8.5 9.2 4.2
Asia Pacific Equity Indices Performance
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Monthly Total Returns – May 2020
Source: Bloomberg, SGX, data as of 31 May 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.
12.3-2.8
-9.411.8
5.47.3
-6.38.7
7.9-3.7
-2.615.2
0.66.2
0.710.3
-4.813.1
14.1-4.3
4.75.1
9.414.8
0.916.5
-5.414.5
2.07.9
13.9-11.1
-4.95.2
0.71.5
10.72.6
1.8-3.0
5.0-2.4
-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0
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
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14
YTD Total Returns
Source: Bloomberg, SGX, data as of 31 May 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.
-8.1-25.2
-53.4-8.1
6.5-27.8
-11.2-10.4
-16.1-17.3
-39.5-12.5
-1.1-5.1
0.0-27.1
-32.1-7.1
-12.0-33.3
-7.0-8.3
24.6-4.5
-11.6-26.9
-37.5-15.8-15.2
7.120.0
-25.9-30.4
6.6-19.7
-27.1-6.1
-21.9-22.1
-32.0-18.0
0.0
-60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 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
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15
1 Year Total Returns
Source: Bloomberg, SGX, data as of 31 May 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.
-2.2
-23.5
-53.2
13.6
13.4
-17.9
-11.8
-5.4
-12.3
-7.4
-37.5
-1.5
-1.9
-5.5
-24.7
-18.7
-3.6
3.7
-31.3
4.1
3.5
74.5
7.9
-6.5
-29.8
1.4
8.9
35.3
47.2
-33.0
-15.5
20.8
-17.7
11.5
-29.0
-16.8
-30.9
-15.4
-60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0
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
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
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
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
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16
3 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 31 May 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.
3.4
-8.5
13.7
12.1
0.4
-0.3
7.5
6.2
0.5
-10.3
7.7
2.7
-6.5
-2.9
-5.7
10.3
-8.1
10.1
6.1
32.6
3.2
-25.2
7.8
14.8
20.7
27.3
-2.7
-9.5
15.0
-1.9
-10.3
-1.0
-9.3
-2.2
-30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0
AIMS APAC REIT
ARA LOGOS Logistics 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
Dasin Retail Trust
EC World Real Estate Investment Trust
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 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
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
Soilbuild Business Space REIT
SPH REIT
Starhill Global REIT
Suntec Real Estate Investment Trust
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17
5 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 31 May 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.
4.2
-7.1
16.0
12.0
1.4
7.7
3.8
1.0
-4.7
-5.1
-3.5
-3.0
8.2
-4.7
8.6
26.8
3.2
-11.1
11.1
18.3
19.2
1.6
-4.0
13.4
-8.7
-7.5
0.8
-5.6
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
ARA LOGOS Logistics Trust
Ascendas India Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
CapitaLand Commercial Trust
CapitaLand Mall Trust
CapitaLand Retail China Trust
CDL Hospitality Trusts
ESR-REIT
Far East Hospitality Trust
First Real Estate Investment Trust
Frasers Centrepoint Trust
Frasers Hospitality Trust
IREIT Global
Keppel DC REIT
Keppel REIT
Lippo Malls Indonesia Retail 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
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
Soilbuild Business Space REIT
SPH REIT
Starhill Global REIT
Suntec Real Estate Investment Trust
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18
10 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 31 May 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.
11.3
2.2
10.9
12.0
6.6
10.5
6.1
8.1
0.8
5.6
11.7
12.7
6.8
-1.7
17.1
15.4
5.2
7.6
-5.0 0.0 5.0 10.0 15.0 20.0
AIMS APAC REIT
ARA LOGOS Logistics Trust
Ascendas India Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
CapitaLand Commercial Trust
CapitaLand Mall Trust
CapitaLand Retail China Trust
CDL Hospitality Trusts
ESR-REIT
First Real Estate Investment Trust
Frasers Centrepoint Trust
Keppel REIT
Lippo Malls Indonesia Retail Trust
Mapletree Logistics Trust
Parkway Life Real Estate Investment Trust
Starhill Global REIT
Suntec Real Estate Investment Trust
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19
Institution & Retail Fund Flow – May 2020
Source: SGX, data as of 31 May 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
May 2020 Top 10 Institution Net Sell (-) Trusts (S$M)StockCode
May 2020
Mapletree Logistics Trust M44U 79.0 Mapletree North Asia Comm Trust RW0U (25.4)
Ascendas REIT A17U 31.8 Mapletree Commercial Trust N2IU (9.0)
Suntec REIT T82U 19.9 CapitaLand Retail China Trust AU8U (8.7)
ESR-REIT J91U 13.8 Keppel REIT K71U (6.4)
Frasers Logistics & Commercial Trust BUOU 8.0 Lendlease Global Commercial REIT JYEU (6.1)
CapitaLand Mall Trust C38U 5.3 Aims APAC REIT O5RU (5.5)
Frasers Centrepoint Trust J69U 5.1 Far East Hospitality Trust Q5T (4.5)
Capitaland Commercial Trust C61U 5.0 Prime Us REIT OXMU (4.1)
Ascott Residence Trust HMN 2.6 Cromwell European REIT CNNU (4.1)
SPH REIT SK6U 2.5 Mapletree Industrial Trust ME8U (4.0)
Top 10 Retail Net Buy (+) Trusts (S$M)StockCode
May 2020 Top 10 Retail Net Sell (-) Trusts (S$M)StockCode
May 2020
Mapletree North Asia Comm Trust RW0U 21.8 Mapletree Logistics Trust M44U (14.0)
CapitaLand Retail China Trust AU8U 6.6 ESR-REIT J91U (11.5)
Cromwell European REIT CNNU 4.9 Keppel Dc REIT AJBU (9.1)
Lendlease Global Commercial REIT JYEU 4.9 Ascendas REIT A17U (8.8)
Aims APAC REIT O5RU 4.3 Frasers Logistics & Commercial Trust BUOU (8.6)
Starhill Global REIT P40U 3.8 Suntec REIT T82U (8.5)
Prime US REIT OXMU 3.7 CapitaLand Commercial Trust C61U (7.0)
Far East Hospitality Trust Q5T 3.3 Mapletree Commercial Trust N2IU (3.2)
Mapletree Industrial Trust ME8U 2.9 Frasers Centrepoint Trust J69U (2.3)
OUE Commercial RIET TS0U 2.8 First REIT AW9U (2.2)
For more on fund flow, click here
https://www2.sgx.com/research-education/data-reports
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20
Key Statistics for SREITs & Property Trusts
Name Stock codeType of Property
Sub-segmentMarket Cap
(S$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 897 7.5 2,735 34.8 0.9 (5.5) 4.3
ARA LOGOS LOGISTICS TRUST K2LU Industrial 560 9.7 1,219 40.1 0.9 (2.3) 2.1
ARA US HOSPITALITY TRUST^# XZL Hospitality 309 10.9 417 41.0 1.0 (0.8) 0.7
ASCENDAS INDIA TRUST^ CY6U Diversified 1,628 6.0 2,613 28.0 1.3 (0.3) (1.4)
ASCENDAS REIT A17U Industrial 11,325 5.1 44,946 36.2 1.5 31.8 (8.8)
ASCOTT RESIDENCE TRUST^# HMN Hospitality 2,971 7.9 7,942 35.4 0.9 2.6 (1.5)
BHG RETAIL REIT BMGU Retail 301 6.6 548 35.3 0.7 0.0 (0.0)
CAPITALAND COMMERCIAL TRUST C61U Office 6,758 5.1 26,832 35.5 1.0 5.0 (7.0)
CAPITALAND MALL TRUST C38U Retail 7,491 5.8 34,688 33.3 1.0 5.3 (0.3)
CAPITALAND RETAIL CHINA TRUST AU8U Retail 1,590 7.6 4,551 35.8 0.8 (8.7) 6.6
CDL HOSPITALITY TRUSTS^# J85 Hospitality 1,156 9.5 4,790 35.4 0.6 (2.1) 1.8
CROMWELL EUROPEAN REIT CNNU Diversified 1,825 8.9 3,012 34.5 0.9 (4.1) 4.9
DASIN RETAIL TRUST^ CEDU Retail 522 8.5 179 36.2 0.6 0.0 (0.0)
EC WORLD REIT BWCU Industrial 554 8.8 1,149 38.6 0.8 0.4 (0.4)
ELITE COMMERCIAL REIT MXNU Office 437 7.11 1,278 32.0 N/A (0.0) 0.0
ESR-REIT J91U Industrial 1,318 9.3 5,852 41.7 0.9 13.8 (11.5)
FAR EAST HOSPITALITY TRUST^# Q5T Hospitality 968 7.7 1,568 39.5 0.6 (4.5) 3.3
FIRST REIT AW9U Health Care 710 9.4 2,038 34.5 0.9 2.2 (2.2)
FRASERS CENTREPOINT TRUST J69U Retail 2,721 4.4 8,244 33.3 1.1 5.1 (2.3)
FRASERS HOSPITALITY TRUST^# ACV Hospitality 903 3.3 714 36.0 0.7 (2.0) 1.5
FRASERS LOGISTICS & COMMERCIAL TRUST BUOU Industrial 2,529 6.3 10,360 35.0 1.1 8.0 (8.6)
IREIT GLOBAL UD1U Office 460 7.8 838 38.0 0.8 (0.7) 0.6
# 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.¹Elite Com REIT, Lendlease Global Com REIT, Prime US 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 31 May 2020
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21
# Denotes Stapled Trusts.
^ Denotes 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)
KEPPEL DC REIT AJBU Specialized 4,197 3.0 14,225 32.2 2.2 (1.5) (9.1)
KEPPEL PACIFIC OAK US REIT CMOU Office 976 8.2 1,986 36.9 0.9 1.3 (1.8)
KEPPEL REIT K71U Office 3,628 5.2 9,368 36.2 0.8 (6.4) (1.4)
LENDLEASE GLOBAL COMMERCIAL REIT JYEU Retail 784 5.8 4,840 35.9 N/A (6.1) 4.9
LIPPO MALLS INDONESIA RETAIL TRUST D5IU Retail 398 13.2 821 42.1 0.6 (0.2) (0.3)
MANULIFE US REIT BTOU Office 1,846 7.2 5,374 37.7 1.0 0.3 (1.9)
MAPLETREE COMMERCIAL TRUST N2IU Diversified 6,626 4.0 31,617 33.3 1.1 (9.0) (3.2)
MAPLETREE INDUSTRIAL TRUST ME8U Industrial 5,988 4.5 17,781 37.6 1.7 (4.0) 2.9
MAPLETREE LOGISTICS TRUST M44U Industrial 7,799 4.0 27,392 39.3 1.7 79.0 (14.0)
MAPLETREE NORTH ASIA COMMERCIAL TRUST
RW0U Diversified 2,704 8.5 13,288 39.3 0.6 (25.4) 21.8
OUE COMMERCIAL REIT TS0U Office 2,081 8.6 1,370 40.2 0.6 (3.3) 2.8
PARKWAYLIFE REIT C2PU Health Care 2,099 3.8 2,109 38.5 1.8 (0.4) 1.5
PRIME US REIT OXMU Office 1,110 7.41 1,470 33.7 0.8 (4.1) 3.7
SABANA SHARIAH COMP IND REIT M1GU Industrial 348 8.8 469 31.5 0.6 (0.0) 0.3
SASSEUR REIT CRPU Retail 959 7.8 1,967 28.5 0.9 (1.7) 1.6
SOILBUILD BUSINESS SPACE REIT SV3U Diversified 493 10.0 831 38.5 0.7 0.5 (0.6)
SPH REIT SK6U Retail 2,291 5.5 2,394 29.3 0.7 2.5 (2.0)
STARHILL GLOBAL REIT P40U Retail 1,063 9.2 1,657 36.7 0.6 (3.9) 3.8
SUNTEC REIT T82U Diversified 4,140 5.5 20,149 39.9 0.7 19.9 (8.5)
UNITED HAMPSHIRE US REIT ODBU Retail 429 7.41 780 37.0 0.7 (0.1) (0.0)
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 31 May 2020
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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 2.00 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 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 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
# Denotes Stapled Trusts.
^ Denotes Property Trusts
Trading is suspended for Eagle HTrust and RHT Health Trust, hence excluded from list above.Source: Bloomberg, Company, SGX, as of 31 May 2020
-
Name Sponsor FYEDPU(Freq)
DPUCurrency
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 2.85 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 1.334 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 REITUOB Global Capital and The Hampshire Companies
Dec Semi-annual USD - - - - -
23
# Denotes Stapled Trusts.
^ Denotes Property Trusts
Trading is suspended for Eagle HTrust and RHT Health Trust, hence excluded from list above.Source: Bloomberg, Company, SGX, as of 31 May 2020
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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 31 May 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%
# Denotes Stapled Trusts.
^ Denotes Property Trusts
-
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% -
# Denotes Stapled Trusts.
^ Denotes Property Trusts
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 31 May 2020
-
S-REITs in Focus For May 2020
For more SGX Research, please visit: https://www2.sgx.com/research-education
05 May 2020
10 in 10 with Prime US REIT - Primed for Robust Growth
19 May 2020
10 in 10 with Cromwell European REIT - Gateway Into Pan-Europe
14 May 2020
MCT, Suntec REIT & MNACT Report March Quarter Results
21 May 2020
CCT, Keppel REIT & OUE C-REIT Report March Quarter Results
CNNU
OXMU
Market Updates (Read the below articles at: https://www2.sgx.com/research-education/market-updates)
Market Dialogues (Read the below articles at: https://www2.sgx.com/research-education/market-dialogues)
Money Mind 2020/2021:Ep 7: Managing Adversity
16 May 2020 11:00PM
Emerging markets are fighting a health crisis - but could the economic fallout prove to be even more deadly? Small firms go digital to plug the cash flow gap. And, down but not out: why S-Reits are poised to make a comeback. Watch the full video at CNA: https://www.channelnewsasia.com/news/video-on-demand/money-mind-fy2021/managing-adversity-12740186
https://www.channelnewsasia.com/news/video-on-demand/money-mind-fy2021/managing-adversity-12740186
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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
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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: 49% Singapore: 34%Hong Kong: 15%Thailand: 2%
Singapore: 78%, Hong Kong: 16% Malaysia: 4% Thailand: 1%
Singapore: 100%
AUM1 S$20mil S$218mil S$175mil
Number of Holdings 30 29 27
12 MonthDividend yield (%)
5.34% 4.52% 5.17%
Distribution Frequency Semi-Annual Quarterly Semi-Annual
Average bid-ask spread 49 bps (SGD)52 bps (USD)
42 bps (SGD)76 bps (USD)
36 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$413M AUM
Source: Bloomberg SGX & ETF Manager’s websites, as of 5th June 2020
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