SREITs Fundamental Review @ 27 March 2022

$CapLand IntCom T(C38U.SI)$ $ASCENDAS REAL ESTATE INV TRUST(A17U.SI)$ $MAPLETREE LOGISTICS TRUST(M44U.SI)$

* Above is extracted from SREITs Data - Overview Tab

** Ascendas India Trust and Dasin Retail Trust are Business Trusts

Key Statistics

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

** Dividend yields are based on REIT Major Sector

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

Lease Profile

Committed occupancy≥ 99.5%
Digital Core REIT
Elite Commercial REIT
First REIT
Lendlease Global Commercial REIT
Parkway Life REIT
Committed occupancy≤ 90%
Ascendas India Trust
Lippo Malls Indonesia Retail Trust
Sabana Industrial REIT
22 SREITs are having 100% of income received in SGD/major currencies; 7 SREITs are having 0% of income received in SGD/major currencies.
Highest lease maturity within 5 years≤ 12.5% in a single year
Elite Commercial REIT,
Far East Hospitality Trust
First REIT
Parkway Life
United Hampshire US REIT
Highest lease maturity within 5 years≥ 50% in a single year (include those without breakdown)
ARA Hospitality Trust
Digital Core REIT
EC World REIT
Sasseur REIT
WALE≥ 7.5 years
Far East Hospitality Trust
First REIT
Frasers Hospitality Trust
Parkway Life REIT
United Hampshire US REIT
WALE≤ 2.5 years
CapitaLand China Trust
Frasers Centrepoint Trust
Mapletree North Asia Commercial Trust
Sasseur REIT
100% freehold or properties ≥ 99 yearsremaining land lease
Ascendas India Trust
Digital Core REIT
Elite Commercial REIT
IREIT Global
Keppel Pacific Oak US REIT
Manulife US REIT
Prime US REIT
Weighted average land lease expiry≤ 30 years
BHG Retail REIT
CapitaLand China Trust
Dasin Retail Trust
ESR REIT
Sasseur REIT

Debt Profile

Interest coverage ratio≥ 8 times
Daiwa House Logistics Trust
Digital Core REIT
Frasers Logistics & Commercial Trust
Keppel DC REIT
Parkway Life REIT
Interest coverage ratio≤ 2.5 times
ARA Hospitality Trust
Dasin Retail Trust
Frasers Hospitality Trust
Lippo Malls Indonesia Retail
Cost of debt≤ 1.5%
Daiwa House Logistics Trust
Digital Core REIT
Lendlease Global Commercial REIT
Parkway Life REIT
Cost of debt≥ 4%
Ascendas India Trust
Dasin Retail Trust
EC World REIT
Lippo Malls Indonesia Retail Trust
Sasseur REIT
Fixed debt %≥ 90%
Cromwell European REIT
Daiwa House Logistics Trust
ESR-REIT
Lendlease Global Commercial REIT
Sasseur REIT
Starhill Global REIT
Fixed debt %≤ 50%
BHG Retail REIT
Dasin Retail Trust
Digital Core REIT
First REIT
IREIT Global
10 SREITs are having unsecured debt of 0%; 11 SREITs are having unsecured debt of 100%.
Gearing Ratio≤ 32.5%
Digital Core REIT
IREIT Global
Sasseur REIT
SPH REIT
Gearing Ratio≥ 42.5%
ARA US Hospitality REIT
Frasers Hospitality Trust
Lippo Mall Indonesia Retail Trust
Manulife US REIT
Suntec REIT
Preferred/perpetual securities over debts≥ 15%
AIMS APAC REIT
Lendlease Global Commercial REIT
Lippo Mall Indonesia Retail Trust
SPH REIT
19 SREITs are having preferred/perpetual securities over debts of 0%
Highest debt maturity within 5 years≤ 20% in a single year
Ascendas REIT
CapitaLand China Trust
CapitaLand Integrated Commercial Trust
Mapletree Logistics Trust
Highest debt maturity within 5 years≥ 80% in a single year
BHG Retail REIT
Digital Core REIT
EC World REIT
IREIT Global
Sasseur REIT
WADM≥ 3.75 years
CapitaLand Integrated Commercial Trust
Digital Core REIT
IREIT Global
Keppel DC REIT
Parkway Life REIT
Prime US REIT
WADM ≤1.75 years
BHG Retail REIT
Dasin Retail Trust
EC World REIT
First REIT
Sasseur REIT

Diversification Profile

Major sector contribution≤ 50%
AIMS APAC REIT
Ascendas REIT
ESR-REIT
Frasers Logistics & Commercial Trust
16 SREITs are having a major sector contribution of 100%
Top geographical contribution≤ 20%
ARA US Hospitality Trust
Ascott Residence Trust
Cromwell European REIT
Elite Commercial Trust
Top geographical contributionof100%
Dasin Retail Trust
Far East Hospitality Trust
Mapletree Commercial Trust
Sabana Industrial REIT
Top property contribution≤ 8%
ARA US Hospitality Trust,
Ascendas REIT
Ascott Residence Trust
Cromwell European REIT
Top property contribution≥ 45%
BHG Retail REIT
Lendlease Global Commercial Trust
Mapletree North Asia Commercial Trust
SPH REIT
Top 5 properties contribution≤25%
ARA US Hospitality Trust
Ascendas REIT
Ascott Residence Trust
Mapletree Logistics Trust
Top 5 properties contribution≥95%
BHG Retail REIT
Dasin Retail Trust
Lendlease Global Commercial Trust
Mapletree Commercial Trust
Sasseur REIT
SPH REIT
Top tenant contribution≤ 4%
Ascendas REIT
Frasers Centrepoint Trust
Keppel Pacific Oak US REIT
SPH REIT
Top tenant contribution≥ 50%
ARA US Hospitality Trust
Elite Commercial REIT
First REIT
Parkway Life REIT
Top 10 tenants contribution ≤ 20%
Ascendas REIT
CapitaLand China Trust
Frasers Centrepoint Trust
Lippo Mall Indonesia Retail Trust
Sasseur REIT
Top 10 tenants contribution ≥ 95%
ARA US Hospitality Trust
CDL Hospitality Trusts
Digital Core REIT
EC World REIT
Elite Commercial REIT
First REIT

Key Financial Metrics

Property yield (annualized)≥ 7%
Ascendas India Trust
First REIT
Keppel DC REIT
Sasseur REIT
Property yield (annualized)≤ 3.5%
Ascott Residence Trust
CDL Hospitality Trust
Dasin Retail Trust
Far East Hospitality Trust
Frasers Hospitality Trust
Suntec REIT
Management fees over Distribution≤ 10%
Cromwell European REIT
Daiwa House Logistics Trust
Elite Commercial REIT
Manulife US REIT
Management fees over Distribution of ≥ 22.5%
ARA Hospitality US Trust
Frasers Hospitality Trust
Keppel REIT
Lippo Mall Indonesia Retail Trust
Suntec REIT
Distribution on capital (annualized)≥ 5%
Keppel DC REIT
Sasseur REIT
United Hampshire US REIT
Distribution on capital (annualized)≤ 1.5%
ARA Hospitality Trust
BHG Retail REIT
Frasers Hospitality Trust
Lippo Malls Indonesia Retail Trust
Distribution margin≥ 62.5%
Elite Commercial REIT
Lendlease Global Commercial REIT
Mapletree Commercial Trust
Parkway Life REIT
Sasseur REIT
Distribution margin≤ 25%
ARA Hospitality Trust
Ascott Residence Trust
BHG Retail REIT
Frasers Hospitality Trust
Lippo Malls Indonesia Retail Trust

Related Party Shareholding

REIT sponsor's shareholding ≥ 50%
Far East Hospitality Trust
Lippo Mall Indonesia Retail Trust
Sasseur REIT
SPH REIT
REIT sponsor's shareholding ≤ 5%
Dasin Retail Trust
Prime US REIT
Suntec REIT
United Hampshire US REIT
REIT manager's shareholding ≥6%
Ascott Residence Trust
CDL Hospitality Trusts
First REIT
REIT manager'sshareholding ≤ 0.25%
ARA US Hospitality Trust
Ascendas REIT
Daiwa House Logistics Trust
Mapletree Logistics Trust
Sabana Industrial REIT
Directors of REIT manager's shareholding ≥ 20%
Dasin Retail Trust
EC World REIT
ESR-REIT
Frasers Hospitality Trust
Sasseur REIT
Directors of REIT manager's shareholding ≤ 0.01%
Ascendas REIT
Digital Core REIT
Lippo Mall Indonesia Retail Trust
Starhill Global REIT

Financial Engineering/Income Support and Distribution from Asset Disposal

Average Dividend Yield & P/NAV

* Above is extracted from SREITs Data - Average Tab

Below is the list of REITs that are above their average dividend yield ANDbelow their average P/NAV for all periods of 1-year, 3 years, or 5 years, COUPLEDwith the share price below 50 percentile of 52 weeks range:

Ascendas India Trust
CapitaLand China Trust
Dasin Retail Trust
EC World REIT
Keppel Pacific Oak US REIT
Manulife US REIT
Mapletree Commercial Trust
Prime US REIT
Sasseur REIT

Generally, SREITs are trading slightly below to their NAV value with a median Price/NAV of 0.94. The median dividend yield of 5.94% is considered attractive given current low interest rate environment. However, as there are 6 planned rate hike this year, situation might be changed later. The median dividend yield for the hospitality sector remains the lowest while retail sector is the highest.

You could also refer below for more information:

SREITs Dashboard @https://www.reit-tirement.com/p/sreits-dashboard.html - Detailed information on individual Singapore REIT

SREITs Data @https://www.reit-tirement.com/p/sreit-data.html - Overview and Detail of Singapore REIT

REIT Analysis @https://www.reit-tirement.com/p/reits-analysis.html- List of previous REIT analysis posts

And you could join the following to support my work:

Singapore REITs Post Telegram Channel @https://t.me/reit_tirement- Join to receive posts for Singapore REITs

REIT-TIREMENT Patreon @https://www.patreon.com/reit_tirement- Support my work and get exclusive contents

REIT-TIREMENT Facebook Page @https://www.facebook.com/reit.tirement- Support by liking my Facebook Page

REIT Investing Community @https://www.facebook.com/groups/reit.tirement- Facebook Group where members share and discuss REIT topic

*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.

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Comments

Dimitri_PA
2022-03-27
Dimitri_PA
I'm long on areit as dividends yield % continues
- sunflower19ReplyREIT_TIREMENT:
  nice!
- REIT_TIREMENT:
  good to hear that
- OpenSesame88:
  me too
ElvisMarner
2022-03-27
ElvisMarner
Thank you for sharing the fundamentals of SREITs.
- REIT_TIREMENT:
  thanks for reading
Wgey
2022-03-28
Wgey
REITs are not as good as before. their aggressive managers may cause problem in future.
- REIT_TIREMENT:
  need to be selective.
Bulltrader
2022-03-28
Bulltrader
For Reit we need to look at fcf, current ratio and quick ratio bcoz interest rate impacted their earning and yield.
- REIT_TIREMENT:
  distributable income is already similar to fct. but yes definitely interest rate hike will have impact on dpu
Lynn098
2022-03-28
Lynn098
Thank you for the compilation. Uncertainty about the pace of rate rise is causing uncertainty in Reits as a sharp rise in rates will reduce the discount of dividend yield versus the risk free rate
- REIT_TIREMENT:
  rate hike will definitely affect the bottom line. let's see whether management can pass those cost over to tenants a.s.a.p.
LouisLowell
2022-03-27
LouisLowell
I think Elite Commercial REIT is really good.
- REIT_TIREMENT:
  good to know u like elite commercial reit