The following table with Singapore REIT dividends, dividend yields and data (price, market cap, float, dividend payout frequency, year to date return, gearing/leverage and NAV) is updated weekly.
Total REIT market cap stands at S$90b. Among the REITs, office has a market cap of S$22.4b, retail S$28.3b, industrial S$23.2b, hospitality S$10.2b, healthcare S$2.9b, data centres S$1.6b and others S$1.5b.
Among the Business Trusts, real estate has a market cap of S$2.3b, infrastructure S$6.4b, port & shipping S$4.8b and healthcare at S$0.7b.
Number of REITs and Business Trusts
The total number of REITs and Business Trusts remain at 48.
Among 39 REITs, 8 are office, 10 retail, 11 industrial, 6 hospitality, 2 healthcare, 1 data centre, 2 “others”.
Among 9 Business Trusts, 3 are real estate, 3 are infrastructure, 2 are port and shipping and 1 is healthcare.
Among the REITs, office has an average dividend yield of 5.5%, retail 6.1%, industrial 6.8%, hospitality 5.8%, healthcare 5.3%, data centres 5.0% and others 7.4%.
On average, REITs have average dividend yields of 6.1%.
The office REIT with the highest dividend yield is Keppel KBS-US REIT at 6.6%. The REIT with the lowest dividend yield is Capitaland Commercial Trust at 4.4%.
The retail REIT with the highest dividend yield is Lippo Malls Indo Retail Trust at 9.4%. The REIT with the lowest dividend yield is Capitaland Mall Trust and Fortune REIT at 5.3%.
The industrial REIT with the highest dividend yield is Viva Industrial Trust and AIMS AMP Capital Industrial REIT 7.9%. The REIT with the lowest dividend yield is Mapletree Industrial Trust at 5.6%.
The hospitality REIT with the highest dividend yield is Ascendas Hospitality Trust and Ascendas Hospitality Trust at 6.6%. The REIT with the lowest dividend yield is CDL Hospitality Trust at 5.1%.
Among the Business Trusts, real estate has an average yield of 6.1%, infrastructure 7.1%, port & shipping 6.3% and healthcare at 6.1%.
Forward dividend yields
Forward dividend yields are based on Bloomberg consensus forecasts for the current/next financial year.
Among the REITs, office has an average forward dividend yield of 5.7%, retail 6.2%, industrial 6.8%, hospitality 6.0%, healthcare 5.2%, data centres 5.3% and others 7.6%.
On average, REITs have average forward dividend yields of 6.2%.
Among the Business Trusts, real estate has an average forward dividend yield of 6.4%, infrastructure 7.7%, port & shipping 6.5% and healthcare at 6.7%.
REIT year to date returns
REITs have averaged 1.9% return year to date.
Office REITs have had an average return of 2.3%, retail 0.9%, industrial 2.0%, hospitality 2.7%, healthcare 0.7%, data centre 1.4% and others 4.5%.
The office REIT with the highest year to date return is Manulife US REIT at 5.0% and the lowest being Keppel KBS-US REIT and Frasers Commerical Trust at 0%.
The retail REIT with the highest year to date return is BHG Retail REIT at 3.4% and the lowest being Capitaland Mall Trust at -3.3%.
The industrial REIT with the highest year to date return is Soilbuild REIT at 6.7% and the lowest being AIMS AMP Capital Industrial REIT and Frasers Logistics and Industrial Trust at 0%.
The hospitality REIT with the highest year to date return is CDL Hospitality Trust at 5.9% and the lowest being Far East Hospitality Trust at 0%.
Among the Business Trusts, real estate has an average year to date return of -0.7, infrastructure 0.6, port & shipping 2.2 and healthcare at -1.8.
On average, REITs have an average gearing of 34.4%
Among the REITs, office has an average gearing of 36.5%, retail 32.4%, industrial 35.1%, hospitality 33.4%, healthcare 34.9%, data centres 32.1% and others 36.8%.
The office REIT with the highest gearing is IREIT Global at 41.7%. The REIT with the lowest gearing is Manulife US REIT at 33.1%.
The retail REIT with the highest gearing is Mapletree Greater China Commercial Trust at 38.5%. The REIT with the lowest gearing is SPH REIT at 25.4%.
The industrial REIT with the highest gearing is Cache Logistics Trust at 43.6%. The REIT with the lowest gearing is Frasers Logistics and Industrial Trust at 29.3%.
The hospitality REIT with the highest gearing is OUE Hospitality Trust at 38.1%. The REIT with the lowest gearing is Ascott Residence Trust at 31.9%.
Among the Business Trusts, real estate has an average gearing of 28.7%, infrastructure 33.7%, port & shipping 37.4% and healthcare at 28.1%.
Price to Book or Price to NAV
High price-to-book ratio (P/B) or price-to-NAV (P/NAV) ratios suggest that a REIT may potentially be expensive.
On average, REITs have an average P/B or P/NAV or 1.09.
Among the REITs, office has an average P/B or P/NAV of 1.02, retail 1.02, industrial 1.1, hospitality 1.03, healthcare 1.57, data centres 1.51 and others 1.09.
The office REIT with the highest P/B or P/NAV is IREIT Global at 1.16. The REIT with the lowest P/B or P/NAV is OUE Commercial REIT at 0.87.
The retail REIT with the highest P/B or P/NAV is Mapletree Commercial Trust at 1.21. The REIT with the lowest P/B or P/NAV is Fortune REIT at 0.72.
The industrial REIT with the highest P/B or P/NAV is Mapletree Industrial Trust at 1.51. The REIT with the lowest P/B or P/NAV is Sabana REIT at 0.70.
The hospitality REIT with the highest P/B or P/NAV is CDL Hospitality Trust at 1.21. The REIT with the lowest P/B or P/NAV is Far East Hospitality Trust at 0.81.
Among the Business Trusts, real estate has an average price-to-book ratio (P/B) also known as price-to-NAV (P/NAV) of 0.93, infrastructure 1.23, port & shipping 0.46 and healthcare at 0.99.
Foreign currency REITs
There are 4 foreign currency demoniated REITs, namely Manulife US REIT, Keppel-KBS US REIT, Fortune REIT and Cromwell REIT.
There is only 1 foreign currency denominated Business Trust which is Hutchison Port Holdings.
|REIT name||Sector||Currency||Share price||Mkt cap||Float||FYE||DPU frequency||REIT name||Current DPU||Fwd DPU||Current yield||Fwd yield||YTD return||Gearing||P/B|
|CapitaLand Commercial Trust||Office||SGD||1.98||7,144||72.7||Dec||Semi-Anl||CapitaLand Commercial Trust||8.8||8.8||4.4||4.4||2.6||33.9||1.08|
|Frasers Commercial Trust||Office||SGD||1.49||1,205||73.1||Sep||Quarter||Frasers Commercial Trust||9.5||9.6||6.4||6.4||0.0||34.7||0.93|
|IREIT Global||Office||SGD||0.79||492||33.4||Dec||Semi-Anl||IREIT Global||N.A.||N.A.||N.A.||N.A.||1.3||41.7||1.16|
|Keppel REIT||Office||SGD||1.29||4,348||56.0||Dec||Quarter||Keppel REIT||6.0||6.0||4.7||4.7||2.4||38.8||0.91|
|Manulife US REIT||Office||USD||0.95||982||94.5||Dec||Semi-Anl||Manulife US REIT||5.3||6.0||5.6||6.3||5.0||33.1||1.11|
|OUE Commercial REIT||Office||SGD||0.74||1,143||17.1||Dec||Semi-Anl||OUE Commercial REIT||4.8||4.8||6.5||6.5||2.8||36.9||0.87|
|Suntec REIT||Office||SGD||2.25||5,968||78.5||Dec||Quarter||Suntec REIT||10.0||9.9||4.4||4.4||4.7||36.8||1.06|
|Keppel-KBS US REIT||Office||USD||0.91||569||46.8||Dec||Semi-Anl||Keppel-KBS US REIT||6.0||6.3||6.6||7.0||0.0||36.0||1.08|
|BHG Retail REIT||Retail||SGD||0.77||382||67.5||Dec||Semi-Anl||BHG Retail REIT||N.A.||N.A.||N.A.||N.A.||3.4||32.5||0.93|
|CapitaLand Mall Trust||Retail||SGD||2.06||7,306||63.3||Dec||Quarter||CapitaLand Mall Trust||11.0||11.0||5.3||5.3||-3.3||34.7||1.06|
|CapitaLand Retail China Trust||Retail||SGD||1.65||1,594||63.0||Dec||Semi-Anl||CapitaLand Retail China Trust||10.1||11.0||6.1||6.7||1.9||35.4||1.01|
|Fortune REIT||Retail||HKD||9.68||18,531||72.0||Dec||Semi-Anl||Fortune REIT||51.3||52.5||5.3||5.4||0.7||28.4||0.72|
|Frasers Centrepoint Trust||Retail||SGD||2.26||2,091||58.0||Sep||Quarter||Frasers Centrepoint Trust||12.3||12.8||5.4||5.7||0.9||29.0||1.10|
|Lippo Malls Indo Retail Trust||Retail||SGD||0.41||1,144||63.1||Dec||Quarter||Lippo Malls Indo Retail Trust||3.8||3.7||9.4||9.1||1.2||28.7||1.14|
|Mapletree Commercial Trust||Retail||SGD||1.66||4,779||65.9||Mar||Quarter||Mapletree Commercial Trust||8.9||8.9||5.4||5.4||2.5||36.4||1.21|
|Mapletree Greater China Com||Retail||SGD||1.26||3,552||65.8||Mar||Semi-Anl||Mapletree Greater China Com||7.4||7.5||5.9||6.0||2.4||38.5||1.04|
|SPH REIT||Retail||SGD||1.05||2,694||25.2||Aug||Quarter||SPH REIT||5.7||5.7||5.4||5.4||1.3||25.4||1.11|
|Starhill Global REIT||Retail||SGD||0.76||1,658||62.9||Jun||Quarter||Starhill Global REIT||5.0||5.0||6.6||6.6||-1.9||35.4||0.82|
|AIMS AMP Capital Ind REIT||Industrial||SGD||1.36||928||80.9||Mar||Quarter||AIMS AMP Capital Ind REIT||10.7||11.0||7.9||8.1||0.0||37.3||1.00|
|Ascendas REIT||Industrial||SGD||2.79||8,057||79.6||Mar||Semi-Anl||Ascendas REIT||16.0||16.6||5.7||5.9||2.6||33.1||1.31|
|Cache Logistics Trust||Industrial||SGD||0.87||928||99.5||Dec||Quarter||Cache Logistics Trust||6.9||6.4||7.9||7.4||1.8||43.6||1.13|
|EC World REIT||Industrial||SGD||0.77||604||50.7||Dec||Semi-Anl||EC World REIT||N.A.||N.A.||N.A.||N.A.||1.3||29.2||0.77|
|Frasers Logistics & Ind Trust||Industrial||SGD||1.16||1,763||70.9||Sep||Semi-Anl||Frasers Logistics & Ind Trust||7.1||7.4||6.1||6.4||0.0||29.3||1.26|
|Mapletree Industrial Trust||Industrial||SGD||2.12||3,996||68.3||Mar||Quarter||Mapletree Industrial Trust||11.9||12.6||5.6||5.9||4.4||30.0||1.51|
|Mapletree Logistics Trust||Industrial||SGD||1.34||4,096||63.5||Mar||Quarter||Mapletree Logistics Trust||7.7||7.9||5.7||5.9||1.5||33.7||1.30|
|Sabana REIT||Industrial||SGD||0.40||421||78.3||Dec||Quarter||Sabana REIT||N.A.||N.A.||N.A.||N.A.||1.3||36.0||0.70|
|Soilbuild REIT||Industrial||SGD||0.72||751||64.5||Dec||Quarter||Soilbuild REIT||5.6||4.8||7.8||6.7||6.7||37.9||1.00|
|Viva Industrial Trust||Industrial||SGD||0.94||912||42.7||Dec||Quarter||Viva Industrial Trust||7.4||7.6||7.9||8.1||0.5||39.6||1.19|
|Ascendas Hospitality Trust||Hospitality||SGD||0.89||999||64.7||Mar||Semi-Anl||Ascendas Hospitality Trust||5.8||6.1||6.6||6.9||2.9||32.6||0.99|
|Ascott Residence Trust||Hospitality||SGD||1.24||2,666||58.9||Dec||Semi-Anl||Ascott Residence Trust||6.9||7.2||5.6||5.8||1.6||31.9||1.00|
|CDL Hospitality Trust||Hospitality||SGD||1.79||2,146||62.9||Dec||Semi-Anl||CDL Hospitality Trust||9.1||9.7||5.1||5.4||5.9||33.3||1.21|
|Far East Hospitality Trust||Hospitality||SGD||0.72||1,335||40.8||Dec||Quarter||Far East Hospitality Trust||4.0||4.2||5.6||5.8||0.0||32.1||0.81|
|Frasers Hospitality Trust||Hospitality||SGD||0.80||1,489||38.6||Sep||Semi-Anl||Frasers Hospitality Trust||5.2||5.2||6.5||6.5||1.9||32.1||0.98|
|OUE Hospitality Trust||Hospitality||SGD||0.89||1,599||51.8||Dec||Quarter||OUE Hospitality Trust||5.1||5.1||5.8||5.8||4.1||38.1||1.17|
|First REIT||Healthcare||SGD||1.41||1,100||67.3||Dec||Quarter||First REIT||8.6||8.7||6.1||6.2||1.4||32.5||1.41|
|ParkwayLife REIT||Healthcare||SGD||2.99||1,809||54.3||Dec||Quarter||ParkwayLife REIT||13.5||12.5||4.5||4.2||0.0||37.3||1.74|
|Keppel DC REIT||Data centre||SGD||1.45||1,634||64.6||Dec||Semi-Anl||Keppel DC REIT||7.3||7.7||5.0||5.3||1.4||32.1||1.51|
|Accordia Golf trust||Real estate trust||SGD||0.70||769||71.1||Mar||Semi-Anl||Accordia Golf trust||4.7||4.9||6.8||7.0||2.2||24.6||0.79|
|Ascendas India Trust||Real estate trust||SGD||1.14||1,066||74.4||Mar||Semi-Anl||Ascendas India Trust||6.2||6.7||5.4||5.9||-0.9||30.0||1.45|
|Dasin Retail Trust||Real estate trust||SGD||0.85||470||29.7||Dec||Semi-Anl||Dasin Retail Trust||N.A.||N.A.||N.A.||N.A.||-3.4||31.5||0.56|
|Asian Pay Television Trust||Infrastructure trust||SGD||0.59||841||99.9||Dec||Quarter||Asian Pay Television Trust||6.5||6.3||11.1||10.8||-0.8||49.4||0.71|
|Keppel Infra Trust||Infrastructure trust||SGD||0.59||2,276||56.0||Mar||Quarter||Keppel Infra Trust||3.9||3.9||6.6||6.6||2.6||39.7||1.94|
|Netlink NBN Trust||Infrastructure trust||SGD||0.84||3,254||75.0||Mar||Semi-Anl||Netlink NBN Trust||3.0||4.8||3.6||5.7||0.0||11.9||1.04|
|First Ship Lease Trust||Port and shipping trust||SGD||0.09||60||74.7||Dec||Irreg||First Ship Lease Trust||N.A.||N.A.||N.A.||N.A.||4.4||44.7||0.22|
|Hutchison Port Holdings||Port and shipping trust||USD||0.42||3,615||72.3||Dec||Semi-Anl||Hutchison Port Holdings||2.6||2.7||6.3||6.5||0.0||30.0||0.71|
|RHT Health Trust||Healthcare trust||SGD||0.83||667||67.0||Mar||Semi-Anl||RHT Health Trust||5.0||5.5||6.1||6.7||-1.8||28.1||0.99|
Updated: 15 Jan 2018
PropertyInvestSG shall not be held liable for errors or omissions in the data.
1) SGD/JPY = 0.011933; SGD/USD = 1.325; SGD/HKD = 0.1694; USD/HKD = 0.12784; SGD/EUR = 1.6153; SGD/AUD = 1.048; CNY/SGD = 4.8707
2) Curr/Fwd DPU and yield are based on Bloomberg consensus forecasts for the current/next financial year
3) D/A (Debt-to-Asset) and P/B (Price-to-Book) are based on figures reported in latest available financial results
4) YTD return includes dividends distributed
5) Cambridge Industrial Trust has been renamed as ESR-REIT with effect from 23 Jun 2017
6) Keppel-KBS US REIT’s Curr DPU and Fwd DPU are based on its prospectus’ FY18 and FY19 forecasted figures, respectively. D/A and P/B calculations are based on pro forma figures as at 30 Jun 2017
7) Cromwell European REIT’s Curr DPU and Fwd DPU are based on its prospectus’ FY18 and FY19 forecasted figures, respectively. D/A and P/B calculations are based on pro forma figures as at listing date