REIT Data

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.


Market cap

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.

Dividend yields

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.

Gearing

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 nameSectorCurrencyShare priceMkt capFloatFYEDPU frequencyREIT nameCurrent DPUFwd DPUCurrent yieldFwd yieldYTD returnGearingP/B
CapitaLand Commercial TrustOfficeSGD1.987,14472.7DecSemi-AnlCapitaLand Commercial Trust8.88.84.44.42.633.91.08
Frasers Commercial TrustOfficeSGD1.491,20573.1SepQuarterFrasers Commercial Trust9.59.66.46.40.034.70.93
IREIT GlobalOfficeSGD0.7949233.4DecSemi-AnlIREIT GlobalN.A.N.A.N.A.N.A.1.341.71.16
Keppel REITOfficeSGD1.294,34856.0DecQuarterKeppel REIT6.06.04.74.72.438.80.91
Manulife US REITOfficeUSD0.9598294.5DecSemi-AnlManulife US REIT5.36.05.66.35.033.11.11
OUE Commercial REITOfficeSGD0.741,14317.1DecSemi-AnlOUE Commercial REIT4.84.86.56.52.836.90.87
Suntec REITOfficeSGD2.255,96878.5DecQuarterSuntec REIT10.09.94.44.44.736.81.06
Keppel-KBS US REITOfficeUSD0.9156946.8DecSemi-AnlKeppel-KBS US REIT6.06.36.67.00.036.01.08
BHG Retail REITRetailSGD0.7738267.5DecSemi-AnlBHG Retail REITN.A.N.A.N.A.N.A.3.432.50.93
CapitaLand Mall TrustRetailSGD2.067,30663.3DecQuarterCapitaLand Mall Trust11.011.05.35.3-3.334.71.06
CapitaLand Retail China TrustRetailSGD1.651,59463.0DecSemi-AnlCapitaLand Retail China Trust10.111.06.16.71.935.41.01
Fortune REITRetailHKD9.6818,53172.0DecSemi-AnlFortune REIT51.352.55.35.40.728.40.72
Frasers Centrepoint TrustRetailSGD2.262,09158.0SepQuarterFrasers Centrepoint Trust12.312.85.45.70.929.01.10
Lippo Malls Indo Retail TrustRetailSGD0.411,14463.1DecQuarterLippo Malls Indo Retail Trust3.83.79.49.11.228.71.14
Mapletree Commercial TrustRetailSGD1.664,77965.9MarQuarterMapletree Commercial Trust8.98.95.45.42.536.41.21
Mapletree Greater China ComRetailSGD1.263,55265.8MarSemi-AnlMapletree Greater China Com7.47.55.96.02.438.51.04
SPH REITRetailSGD1.052,69425.2AugQuarterSPH REIT5.75.75.45.41.325.41.11
Starhill Global REITRetailSGD0.761,65862.9JunQuarterStarhill Global REIT5.05.06.66.6-1.935.40.82
AIMS AMP Capital Ind REITIndustrialSGD1.3692880.9MarQuarterAIMS AMP Capital Ind REIT10.711.07.98.10.037.31.00
Ascendas REITIndustrialSGD2.798,05779.6MarSemi-AnlAscendas REIT16.016.65.75.92.633.11.31
Cache Logistics TrustIndustrialSGD0.8792899.5DecQuarterCache Logistics Trust6.96.47.97.41.843.61.13
EC World REITIndustrialSGD0.7760450.7DecSemi-AnlEC World REITN.A.N.A.N.A.N.A.1.329.20.77
ESR-REITIndustrialSGD0.5875569.2DecQuarterESR-REIT3.94.16.87.11.836.70.91
Frasers Logistics & Ind TrustIndustrialSGD1.161,76370.9SepSemi-AnlFrasers Logistics & Ind Trust7.17.46.16.40.029.31.26
Mapletree Industrial TrustIndustrialSGD2.123,99668.3MarQuarterMapletree Industrial Trust11.912.65.65.94.430.01.51
Mapletree Logistics TrustIndustrialSGD1.344,09663.5MarQuarterMapletree Logistics Trust7.77.95.75.91.533.71.30
Sabana REITIndustrialSGD0.4042178.3DecQuarterSabana REITN.A.N.A.N.A.N.A.1.336.00.70
Soilbuild REITIndustrialSGD0.7275164.5DecQuarterSoilbuild REIT5.64.87.86.76.737.91.00
Viva Industrial TrustIndustrialSGD0.9491242.7DecQuarterViva Industrial Trust7.47.67.98.10.539.61.19
Ascendas Hospitality TrustHospitalitySGD0.8999964.7MarSemi-AnlAscendas Hospitality Trust5.86.16.66.92.932.60.99
Ascott Residence TrustHospitalitySGD1.242,66658.9DecSemi-AnlAscott Residence Trust6.97.25.65.81.631.91.00
CDL Hospitality TrustHospitalitySGD1.792,14662.9DecSemi-AnlCDL Hospitality Trust9.19.75.15.45.933.31.21
Far East Hospitality TrustHospitalitySGD0.721,33540.8DecQuarterFar East Hospitality Trust4.04.25.65.80.032.10.81
Frasers Hospitality TrustHospitalitySGD0.801,48938.6SepSemi-AnlFrasers Hospitality Trust5.25.26.56.51.932.10.98
OUE Hospitality TrustHospitalitySGD0.891,59951.8DecQuarterOUE Hospitality Trust5.15.15.85.84.138.11.17
First REITHealthcareSGD1.411,10067.3DecQuarterFirst REIT8.68.76.16.21.432.51.41
ParkwayLife REITHealthcareSGD2.991,80954.3DecQuarterParkwayLife REIT13.512.54.54.20.037.31.74
Keppel DC REITData centreSGD1.451,63464.6DecSemi-AnlKeppel DC REIT7.37.75.05.31.432.11.51
CromwellOthersEUR0.5891327.9DecSemi-AnlCromwell4.34.47.47.64.536.81.09
Accordia Golf trustReal estate trustSGD0.7076971.1MarSemi-AnlAccordia Golf trust4.74.96.87.02.224.60.79
Ascendas India TrustReal estate trustSGD1.141,06674.4MarSemi-AnlAscendas India Trust6.26.75.45.9-0.930.01.45
Dasin Retail TrustReal estate trustSGD0.8547029.7DecSemi-AnlDasin Retail TrustN.A.N.A.N.A.N.A.-3.431.50.56
Asian Pay Television TrustInfrastructure trustSGD0.5984199.9DecQuarterAsian Pay Television Trust6.56.311.110.8-0.849.40.71
Keppel Infra TrustInfrastructure trustSGD0.592,27656.0MarQuarterKeppel Infra Trust3.93.96.66.62.639.71.94
Netlink NBN TrustInfrastructure trustSGD0.843,25475.0MarSemi-AnlNetlink NBN Trust3.04.83.65.70.011.91.04
First Ship Lease TrustPort and shipping trustSGD0.096074.7DecIrregFirst Ship Lease TrustN.A.N.A.N.A.N.A.4.444.70.22
Hutchison Port HoldingsPort and shipping trustUSD0.423,61572.3DecSemi-AnlHutchison Port Holdings2.62.76.36.50.030.00.71
RHT Health TrustHealthcare trustSGD0.8366767.0MarSemi-AnlRHT Health Trust5.05.56.16.7-1.828.10.99

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