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How to Invest in Singapore REITs 2024

Growing up in Singapore, it is common to hear our parents’ talk about how much better their lives would be, if they had bought some extra shophouses back in the day…

That said, investing in Singapore properties was never easy. Most investors do not have the capital nor knowledge to be successful.

Today, we will show you how you can own real estate through an investment vehicle called Real Estate Investment Trust (REIT).

With REITs, aspiring investors like you, not need to worry about large capital requirements, house mortgage or need extensive knowledge in real estate.

Let’s jump right in, get you up to speed and kick start your REITs investing immediately.

Updated: 2 Jan 2024

What Are REITs?

Real Estate Investment Trusts (also commonly referred to as REITs) are listed companies that pool investors’ capital to invest, own and operate real estate properties.

Singapore-REITs are real estate investment trusts listed on the Singapore Exchange (SGX).

How do REITs work?

The properties are leased out to tenants in return for rents. Investors who invest in REITs are co-owners of the REITs. They are entitled to earn rental income from the property assets which are distributed regularly. The returns they earn from the investment is called distribution yield.

Aside from that, investors also stand to benefit from capital gains as the value of the property portfolio increases.

Although REITs may not be a common term for many non-investors, Singaporeans are no strangers to the properties owned or managed by these REITs.

Why invest in REITs?

There are two main objectives for investing in REITs.

Steady and regular stream of
dividend income

Gradual appreciation in 
property value

REITs vs Physical Properties

Buying REITs has often been seen as an alternative to buying physical properties.

But which is a better form of investment? 

Let's explore the pros and cons of investing in REITs.

Pros and Cons: REITs vs Physical Properties

Pros

  • High Liquidity 
    REITs are relatively easy for an investor to buy and sell since they are traded on the stock exchange, just like stocks. On the other hand, property owners are faced with a long transaction process that generally takes months.
  • Low Capital Requirement
    You can invest in REITs with as low as a few hundred dollars. In contrast to physical properties which would require hundreds of thousands!
  • Management Team Handles Tenants and Maintenance One of the most troublesome aspects of managing physical properties is to deal with tenants and maintenance of the properties. For REIT investors, the manager takes care of it.
  • Diversify into different properties
    While it is easy to buy residential properties, investing in commercial properties takes a lot of more knowledge and experience. Commercial property investors typically invest in office, strata retail and industrial properties. It can be difficult for retail investors to buy actual retail malls due to the high costs. REITs not only allow investors to take part in the largest shopping malls, but also hospitals, prestigious office buildings and more.

Cons

  • Volatility of REIT Prices 
    Since REITs are traded on the stock exchange, REITs price fluctuations are subjected to market volatility like any other stocks. Physical properties are not traded per se and you won't experience price fluctuations on a daily basis.
  • Management Fees 
    You avoid the administrative hassle with REITs but the management team charges fees for their service and this would eat into your returns. Management fees are paid not only on the basis of asset valuation, but also each time a property is acquired or divested by the REIT.
  • Lower Leverage
    In general, most REITs can only borrow up to 45% of their assets. However, you can easily get 60% to 80% loan to valuation ratio for physical properties.

In a nutshell

The combination of management fees and lower leverage power means that returns from REITs are unlikely to beat returns from property investments. However, the high leverage in property investments also means that it’s riskier.


Bad property investments can seriously damage an investor’s wealth. All in all, REITs provide an easy, low risk investment option to gain exposure to diversified portfolio of properties.

Types of REITs

#1 – Retail REITs

The shopping malls you visit are most probably owned by a retail REIT.

If you consider investing in these REITs, you should assess the health of the retail industry itself, as it is one of the major factors of your future profits. Keep in mind that retail REITs generate profits by renting space to its tenants. If their tenants have cash flow issues, they may not be able to pay their rent on time. Some of them may even default on their payment.

In such situations, the REIT has to find a replacement quickly, and this isn’t always possible. If you intend to invest in retail REITs, look out for those with very stable anchor tenants. Once you’re done with your analysis of the industry, you have to analyse the REIT itself. Look for signs of strong balance sheets, sustainable profits and little debt.

In a troubled economy, retail REITs with cash on hand will be able to purchase good real estate at discounted prices. Retail investors like yourself should take advantage of such situations.

#2 – Office REITs

These are the REITs that focus their investments in office buildings. Their income comes from the rental of office space.

The main advantage office REITs enjoy is that they usually deal with long term leases.

There are a few things to consider before investing in an office REIT:

  • The state of the economy
  • The unemployment rate and its trend
  • The vacancy rates
  • The economic well-being of the area in which the REITs makes its investments
  • The capital available for acquisitions
  • Office REITs may also be seen as a subset of industrial REITs.

#3 – Residential REITs

Residential REITs own and manage manufactured housing and rental apartments or buildings.

When analysing such REITs, consider how affordable homes are in the target area, compared to the country average. Wherever home affordability is low, the number of people who are forced to rent is higher, thus increasing the rental prices. As a result, most major residential REITs focus on big urban areas.

Investors also look at population and job growth. Cities with booming economies attract more people, therefore bringing a higher demand for rental homes.

Rising rents combined with low supply are ideal conditions for residential REITs.

#4 – Hospitality REITs

These REITs hold properties in the hospitality sector such as hotels, budget accommodations, serviced apartments or short term lodging facilities.

It may sound attractive to be able to own hotels through Hospitality REITs, but there are a few considerations you will have to think about as well.

You have to understand how the hospitality sector is doing.

When the economy is poor, the hospitality sector would be expected to face lower sales and occupancy rates, especially if the hotel is focused on tourism.

It is good to take a look at the properties owned by the hospitality REIT and understand its average occupancy rate. As these properties are sustained by short term stays and lease, their performance can be volatile and highly affected by economic movements.

#5 – Industrial REITs

Industrial REITs manage and own industrial facilities, they rent these spaces to their tenants.

Some of the spaces are warehouses, distribution centres and specialised facilities.

It’s important to take a look at the spaces and facilities that these REITs own and understand the industry players who are renting the spaces. Also note that due to the massive volume of space each facility holds, losing a tenant might be a huge problem for industrial REIT with little assets.

Industrial properties generally have shorter leases and 30 years are typical. As such the property value depreciate faster and investors are compensated with higher yields.

#6 – Healthcare REITs

Healthcare REITS focus their investments in various medical facilities such as hospitals, medical centres, nursing homes and retirement facilities. Their success is tightly connected to the evolution of the healthcare system.

When looking to invest in healthcare REITs, you should choose REITs that have both:

  1. A diversified group of clients
  2. A wide range of property types.

Also check that the REITs of your choice have significant healthcare experience.

REIT ETFs

As with stocks, investors can either choose to analyse and invest in individual REITs or invest in a basket of REITs through the use of ETFs.

ETFs are passive funds that aim to emulate the results of their underlying indices. There are four REIT ETFs listed on the SGX for investors to choose from.

  • Lion-Phillip S-REIT ETF
  • NikkoAM-Straits Trading Asia Ex-Japan REIT ETF
  • Phillip SGX APAC Dividend Leaders REIT ETF
  • CSOP iEdge S-REIT Leaders Index ETF (new)


Lion-Phillip S-REIT ETF

NikkoAM-Straits Trading Asia Ex-Japan REIT ETF

Phillip SGX APAC Dividend Leaders REIT ETF

CSOP iEdge S-REIT Leaders Index ETF

SGX Stock Code

CLR

CFA (SG$)
COI (US$)

BYI (US$)
BYJ (SG$)

SRT (SG$)
SRU (US$)

Underlying Index

Morningstar® Singapore REIT Yield Focus Index 

FTSE EPRA Nareit Asia ex Japan Net
Total Return REIT Index

iEdge APAC Ex-Japan Dividend Leaders REIT Index

CSOP iEdge S-REIT Leaders Index

12-month Dividend yield

5.56%

(as of Aug 22)

5.55%

(as of Jan 23)

3.79%

(as of Jan 23)

6.2%
(as of Jan 23)

Dividend frequency

Semi-annually

Quarterly

Semi-annually

Semi-annually

Fund size (AUM)

SGD 298.5M

(as of Jan 23)

SGD 379.12M

(as of Jan 23)

USD 10.7M

(as of Jan 23)

SGD91.2M
(as of Jan 23)

Expense Ratio (p.a.)

0.6%

0.7%

1.16%

0.6%

P.S. If you prefer to invest in a REIT ETF, read our Singapore REIT ETFs guide for a detailed comparison.

Roboadvisors with REITs Portfolio

Syfe's REIT+

Syfe, a licensed roboadvisor, has launched a REIT portfolio for investors to invest conveniently with enhanced risk management. 

The Syfe REIT+ portfolio lets you choose between a portfolio of Singapore REITs or a mix of Singapore listed REITs and Singapore Government bonds. This weightage would shift between REITs and bonds depending on the market condition. Such portfolio rebalancing is done automatically by Syfe without the investor having to worry about it.

Alvin interviewed Syfe's CEO to learn more about their methodology:

At the point of writing, the indicative dividend yield was between 3.3% - 4.5% and investor has a choice to decide between receiving the dividends in cash quarterly or have them automatically reinvested.

Investors can also choose to invest lump sum or on a monthly basis, and there is no minimum amount to start.

Syfe charges 0.4% to 0.65% annual fee for the service, depending on the amount invested.

Glossary of REIT Terms

Distribution Per Unit (DPU)

DPU is known as distribution per unit. It tells investors how much dividend they would get for every unit of the REIT they own.

DPU = Total Distribution ÷ Number Of Shares.

Net Asset Value (NAV)

Net Asset Value gives us an indicative value of what investors would get if the REIT liquidates all of its assets and pays off its liabilities.

NAV Per Share = (Assets Market Value – Liabilities Value) ÷ Number of Shares.

Since most of a REIT assets are investment properties, the NAV is close to the net valuation of the underlying properties it owns. Hence, investors often compared to the REIT price to its NAV. Crudely speaking, the REIT is selling at undervalued prices when the REIT price is less than its NAV.

Revalued Net Asset Value (RNAV)

RNAV is similar to NAV except that the assets and liabilities are adjusted to reflect recent market values.

RNAV Per Share = (Revised Assets Market Value – Revised Liabilities Value) ÷
Number of Shares.

Gearing

A REIT’s gearing ratio usually refers to this formula:

Gearing (Debt Ratio) = Total Debt ÷ Total Assets

Gearing is a metric used by investors to access a REIT’s financial leverage.

A company with high gearing is said to be more vulnerable during a recession as it has to continue to pay interest no matter how bad the earnings are.

Should the REIT be unable to pay its interest or principal on time, the REIT may fold up. Since July 2015, MAS has imposed a gearing limit of 45% for all REITs.

Average interest rate

The average interest of a REIT measures how expensive their loans are from the banks they borrow the money from. The higher the interest rate, the more expensive the debt funding is.

A research report of REITs dated 2 Jan 2019 by DBS Group Research can give you an idea of how typical numbers can look like when you compare the average interest cost of the REIT against each other:

It should be interesting to note from the above table that Ascendas India Trust attracts high rates because Indian interest rates tend to be higher than in other countries.

Weighted Average Debt Maturity (WADM)

REITs have to gear up to invest in the capital intensive properties. Each debt has its own tenure and maturity dates. 

REITs would usually rollover their debts as each one matures. But that comes with risk as interest rate might be higher or some of the terms may become more onerous. Worst is that the REITs couldn't borrow the amount that they intended.

WADM gives a REIT investor an indication how much debt is due. It is expressed in years. For example, 4.3 years means a large chunk of loans are likely to be settled in about 4 years time. Hence, longer WADM is better than shorter WADM generally speaking.

Weighted Lease Average Expiry (WALE)

Weighted Lease Average Expiry (WALE) is a metric used by investors to access the likelihood of REITs’ properties portfolio being vacant. As we all know, income generated by REITs is derived from leasing out spaces. Hence, occupancy would hurt REITs’ earnings and therefore resulting in a distribution loss.

There are two ways to measure WALE. Either by using Net Lettable Area (NLA) or Gross Income, measured across all tenants’ remaining lease in years.

An example based on WALE (Gross Income):

  • Property #1: 15% of gross rental income with 5 years of remaining lease term
  • Property #2: 70% of gross rental income with 2 years of remaining lease term
  • Property #3: 15% of gross rental income with 10 years of remaining lease term

Therefore, the WALE (Gross Income) is:
(0.15 * 5) + (0.7 * 2) + (0.15 * 10) = 3.65 years

What it tells us is that the average lease expiry of the properties portfolio is 3.65 years.

An example based on WALE (NLA):

  • Property #1: 25% of the area expiring in 4 years
  • Property #2: 75% of the area expiring in 8 years

WALE (NLA) = 25% x 4 years + 75% x 8 years = 7 years

As with all metrics, the figure has to be measured across similar sectors to conclude whether it is over or below the industry average.

High WALE implies stronger income protection due to later lease expiry term. However, the main downside is that the REIT is not able to capitalise on the higher rental during a market boom as its average lease expiry is longer.

Low WALE, on the other hand, has higher susceptibility towards rental market movement as shorter expiry term means frequent rental renewal. This allows the REIT to capitalize on higher rental but at the same time means that it is susceptible to a lower rental yield during bad times.

Rental Reversion

Rental reversions measure the changes in rental rates when expiring leases become renewed. A positive rental reversion rate is good for the REIT because it signifies that new tenants are willing to pay higher rents compared to existing tenant rates. Similarly, negative rental reversion rates may signify flagging demand or oversupply in the rental markets.

Net Property Income (NPI)

You can measure the NPI of a REIT by taking the gross revenue (arising from rentals) and deducting maintenance costs, property taxes and other miscellaneous operating expenses. NPI is an absolute measure in dollars that gives us an idea about how lucrative the REIT properties are. A more meaningful way for a retail investor to understand NPI is to look at how much it has changed over time. Increases in NPI of a REIT bode as for investors of the counter.

Capitalization Rate or Property Yield

Capitalization rate is a measure of the property income yielding capability.

Cap rate = Net Operating Income ÷ Property Value

Most REITs have their individual property Cap. Rate stated in their annual report.

A high Cap. Rate suggests either the REIT managers’ abilities to negotiate for higher income or could also mean the property value has depressed.

Occupancy Rate

The occupancy rate of a REIT measures the proportion of the lettable area that is currently occupied by a tenant. A 100% occupancy means that the property is fully occupied and has no more room for new tenants. A low occupancy rate of 60% may signify a poor location and lack of demand by the potential tenant.

Asset Enhancement Initiative (AEI)

Refurbishment, revamp, and upgrades of existing property assets are examples of Asset Enhancement Initiatives.

The goal is to optimise the value of a REIT’s existing asset properties value to
increase rental income. This is very common in Singapore, especially in
shopping malls.

REITs Fee Structure

REIT Manager

The REIT manager is akin to a fund manager, making all the investment decisions on behalf of all the unitholders. 

  • Base Fee: 0.25% – 0.5% per annum of Deposited Property
  • Performance Fee: 3% – 4% of Net Property Income
  • Acquisition Fee: 1% of property value
  • Divestment Fee: 0.5% of property value

Property Manager

The property manager is akin to a facilities manager, maintaining and operating the properties under their watch.

  • 2% - 3% of gross revenue and/or
  • 2% - 3% of Net Property Income or leasing commissions

Trustee

The trustee role is usually performed by a bank. It is necessary because the bank act as an independent party to the REIT manager, a check and balance when it comes to handling unitholders' funds.

  • 0.01% - 0.1% of assets or Deposited Property

How do REITs increase their value?

Acquisition -> Organic Growth -> AEI -> Unlock Value -> Recycle Capital

How do REITs raise funds?

REITs often have to raise funds to acquire new properties. This is because there isn’t sufficient retained earnings due to the regular large dividend distributions.

There are a few ways REITs can carry out their fundraising.

1) Debt

Debt is usually the first option and the underlying properties are being collateralized to secure a lower interest rate with the banks.

However, REITs in Singapore can only gear up to a maximum 45% debt-to-asset ratio. This would limit the ability of REITs to borrow more money.

2) Rights Issue

REITs are likely to turn to rights issue when there are insufficient debt room to borrow.

A rights issue is a right to buy additional shares / units in a REIT. It is issued to the REIT’s existing unit holders, usually at a discounted market price in proportion to their holdings.

For example, a rights issue of 1:4 means for every four shares you own, you have the option to purchase 1 share at a discounted price as stated in the rights issue.

An unitholder can choose to subscribe or not. The latter would mean that he would suffer dilution as the percentage ownership of the REIT would shrink since more units would be created.

An unitholder may also choose to subscribe more units and may be granted the rights if other unitholders decided not to take them up.

REITs often use rights issue to raise capital for potential acquisition which are deemed to be yield accretive. Unlike raising through debt, rights issue does not increase the financial gearing of the REITs. In fact, it lowers the gearing.

3) Perpetual Securities

There were instances whereby REITs issued perpetual securities to raise funds. They promised a fixed interest rate like a bond but they are treated as equity. Hence they are not counted as debt and do not increase the gearing ratio. This seems like sidestepping the gearing criterion and investors could always treat it as debt to be conservative.

How to select REITs?

There are many ways to select REITs. This section describes just one of the ways to select or analyze the REITs market to generate superior returns.

Unlike perhaps many suggestions offered by other information sources from the internet. We begin without any preconceived notions as to which strategies work in the Singapore markets for local REITs. Instead, we will test each strategy before deciding which strategy works.

Another feature of employing this strategy is that we can avoid a deep discussion on the relative merits of each REIT counter using this approach. Beginners need a safe way to be able to obtain dividend income without a long-drawn discussion into issues such as lease expiry, tenant mix and sensitivity of bank loans to interest rates.

Here is our approach to REITs selection:

Step 1: Start with a universe of all REITs

The first step would be, to begin with, a universe of REITs. This is a small universe of 43 stocks when this article was written. The first we do is to create a baseline that looks at Singapore REIT performance across different time frames. In an actual course on investing, we cover multiple time frames but for this example, we consider the timeframe over 10 years ending 31 December 2019.

For the 10 years ending 31 December 2019, investing in an equal-weighted REIT portfolio returned 12.67% and has a semivariance (or downside risk) of 8.47%.

Step 2: Backtest different investment factors

The next step would be to select from this half of the REITs universe 21-22 counters with a superior factor to see whether the 10-year performance improves. Suppose we want to see whether REITs with higher dividends do better than average, we will select 21 REITs with the highest dividends and back-test this result on Bloomberg to see what kind of returns we get compared to our baseline earlier.

We examine a huge range of factors. For this article, we only ask the question of whether high dividends or low gearing have done well over the past 10 years.

Our results are as follows:

Strategy

Return

Downside Risk

All REITs

12.67%

8.47%

Half of the REITs with the highest dividends

12.02%

8.97%

Half of the REITs with the lowest gearing

13.10%

8.73%

From our observations, we can note the high dividend strategy would not only give us lower overall returns, they are more volatile with higher downside risk. For months, retail investors have exhausted the high yielding strategy that it no longer works in the markets. Instead, by choosing a REIT with a lower gearing (or lower debt over assets), we might still be able to have superior returns although it corresponds to taking on higher risk.

Step 3: Backtest combinations of factors

If one factor will reduce the REITs universe by half and give us decent performance, can we find a different factor to improve the performance further?
This requires painstaking back-tests over hours on Bloomberg terminal to determine a combination of factors that lead to superior performance.


For example, superior performance can be derived from shortlisting the REITs with the lowest PE ratio followed by the lowest BETA or volatility relative to the rest of the stock market.

Our back-tested performance was 16.10% with a downside risk of 8.7%. This is a decent strategy to run our REIT portfolio.

Step 4: Screen stocks with a proven set of factors

Now we will screen for the REITs that meet our criteria.

We use a tool normally employed by retail investors like Stocks Café or REIT Screener to screen our REITs. In this example, we choose the 20 REITs with the lowest PE ratio, then we choose the REITs with the lowest BETA.

An example of a screen result looked like this:
  • Frasers Centrepoint Trust
  • ParkwayLife REIT
  • First REIT
  • Cromwell REIT SGD
  • Sabana REIT
  • MapleTree Com Trust
  • BHG Retail Trust
  • EC World REIT

Step 5: Apply qualitative analysis

With a much shorter list, a retail investor can begin to search for brokerage reports to review each REIT for suitability. At this stage, an investor can go deep into deciding which REIT to buy. Depending on his experience, he can look into multiple factors before making his final decision.

There is a much lower risk of making a mistake in stock-selection. As most of the heavy lifting was done by the qualitative back-testing, absent a glaring possibility of mismanagement, or brushes with the law, the REIT is normally safe to invest in.

Interestingly, the screened portfolio resembles a barbell REIT portfolio with safe stalwarts like ParkwayLife REIT and high yielding REITs like EC World REIT. This was not a property anticipated before running the stock screener.

In this example, we are more likely to eliminate BHG REIT and tolerate the rest due to the absence of analyst reports on the counter.  

In practice, we will review a combination of as much as 10 factors over 3, 5 and 10-year histories. Short-listed factor combinations are democratically voted into a class portfolio before the class is broken into teams that will then research each counter aggressively.

Interested to learn how this works in the real stock market? Christopher Ng shares how manages his dividend portfolio using the principles shared in this section. Join him in a free live webinar to learn more.

How to increase dividend yield with leverage

Extending the example earlier, you would have a REIT strategy with a return of 16.10% and a downside risk of 8.70%. As it is a REIT portfolio, it should comfortably generate 6% dividends to give you an incentive to stay invested. 

You can supercharge the portfolio by leveraging it and adopt a Leverage REIT strategy to reach their goal of financial independence much earlier.

Typically, when we leverage an investment, for each $1 we have injected into the portfolio, we can borrow another $1 from the broker to make the portfolio larger. The broker will not do this for free but will charge about a 3.5% interest rate on your borrowings.

The first effect of leverage is that the dividends you will receive from your investments will increase. In this example, your capital will give you a yield of 6%. The amount borrowed from the broker invested in the same portfolio will give you another 6%. The broker will then charge you 3.5% for lending money to you.

The yield you will receive from your initial investment is:

6% + 6% - 3.5% or 9.5%.

So $100,000 invested in this strategy buying $200,000 of REITs would generate $9,500 of dividends a year after paying off the interest to the broker.

The second effect is that your leveraged returns will be phenomenal after accounting for capital gains. Accounting for both dividend yields and capital gains, the back-tested strategy returns 16.10%.

If you leverage by borrowing $1 for each $1 you have, your gains will potentially be:

16.10% x 2 – 3.5% or 28.7%!

So $100,000 invested in this strategy buying $200,000 of REITs would generate $9,500 of dividends a year after paying off the interest and also $19,200 of capital gains.

The problem of leverage is that it comes with risks that are hard to stomach for most retail investors.

In the above example, if your portfolio loses 30%, you will receive a margin call. If you cannot service your margin call within 48 hours, the broker can liquidate your investments and you will be stuck with a 60% loss of your initial investment.

This is why knowing the returns and downside risk is very important. If we plot a normal distribution curve using returns of 16.10% and downside risk of 8.7%, we will find that the probability of losing 30% in any particular year is close to 0. This gives us a degree of confidence that this Leveraged REIT strategy is safe.

How to start investing in REITs in 2024?

If you are an aspiring investor looking to own a piece of Singapore real estate trust with low starting capital, while earning a regular income, we hope this complete guide to Singapore REITs has convinced you to start looking at REITs as an option. 

We have provided the key fundamentals to REITs investing in Singapore via the various sections above. You should be able to understand frequently used terms in REITs, understand what to look out for in a profitable REIT, and how to actually invest and buy a REIT. 

Our Early Retirement Masterclass trainer, Christopher Ng Wai Chung has had frequent discourse with us on the power of REITs as a dividend investing tool. His results back up his actions. He retired at 39 with a passive income of $6,000 - $8,000/month. And his retirement was never threatened by the birth of his second child or his desire to go to law school at SMU. 

Complete List of S-REITs listed on SGX

As of Jan 2024, Singapore has 42 REITs and Property Trusts. Together, they have a combined market cap of S$101B and makes up 12% of Singapore's stock market. S-REITs have a regulated gearing ratio limit of 50%, making them relatively safe investment vehicles.

According to SGX, S-REITs offer:

  • Average dividend yield: 5.4%
  • 10 year market cap CAGR: 7%
  • 5 Year total return (according to FTSE ST REIT Index) : 10%

Here's an overview of each of the individual S-REITs:

AIMS APAC REIT (O5RU)

Should you invest in AIMS APAC REIT? Find out our analysis here.

AIMS APAC REIT

As of Jan 2024

Dividend Yield

6.63%

P/B Ratio

0.72

Past 5 year returns

-2.96%

Portfolio Value

S$2.35B

Gearing Ratio

32.1%

Weighted Average Debt to Maturity

2.8 years

Occupancy Rate

98.1%

Weighted Average Lease Expiry

4.2 years


ARA LOGOS Logistics Trust (K2LU)

ARA LOGOS Logs Trust

ARA LOGOS Logistics Trust was delisted on 05 May 2022 after undergoing a merger with ESR REIT. We covered the details of the merger here, and why the merged ESR-REIT is one of the best S-REIT to invest in 2022.


ARA US Hospitality Trust (XZL)

ARA US Hospitality Trust

ARA US Hospitality Trust

As of Jan 2024

Dividend Yield

9.93%

P/B Ratio

0.39

Past 5 year returns

-64.2%

Portfolio Value

Undisclosed

Gearing Ratio

39.7%

Weighted Average Debt to Maturity

1 year

Occupancy Rate

63%


Capitaland Ascendas India Trust (CY6U)

As of 27 Sep 2022, there's been a name change as part of Capitaland's unified branding move.

CAPITALAND ASCENDAS INDIA TRUST

As of Jan 2024

Dividend Yield

6.47%

P/B Ratio

1.08

Past 5 year returns

8.74%

Portfolio Value

S$2.7B

Gearing Ratio

37%

Weighted Average Debt to Maturity

2 years

Occupancy Rate

92%

Weighted Average Lease Expiry

3.5 years


Capitaland Ascendas REIT (A17U)

As of 27 Sep 2022, there's been a name change as part of Capitaland's unified branding move. Is Ascendas REIT still an attractive investment? Read our analysis here.

CAPITALAND ASCENDAS REIT

As of Jan 2024

Dividend Yield

5.21%

P/B Ratio

1.27

Past 5 year returns

16.73%

Portfolio Value

S$17 B

Gearing Ratio

37.2%

Weighted Average Debt to Maturity

3.3 years

Occupancy Rate

94.5%

Weighted Average Lease Expiry

3.9 years


Capitaland Ascott Trust (HMN)

As of 27 Sep 2022, there's been a name change as part of Capitaland's unified branding move. Stay updated with the latest news on Ascott Residence here.

CAPITALAND ASCOTT TRUST

As of Jan 2024

Dividend Yield

5.64%

P/B Ratio

0.85

Past 5 year returns

-25.56%

Portfolio Value

S$8.1 B

Gearing Ratio

38.6%

Weighted Average Debt to Maturity

3.6 years

Occupancy Rate

>95%

Weighted Average Lease Expiry

~5 years


BHG Retail REIT (BMGU)

This REIT is one of the 5 that invests in China properties, more on them in this article.

BHG RETAIL REIT

As of Jan 2024

Dividend Yield

1.63%

P/B Ratio

0.63

Past 5 year returns

-34.51%

Portfolio Value

RMB 4,703M

Gearing Ratio

39.4%

Weighted Average Debt to Maturity

Undisclosed

Occupancy Rate

95.2%

Weighted Average Lease Expiry

5.4 years


CapitaLand Commercial Trust (C61U)

CapitaLand Commercial Trust (C61U) has been delisted with effect of 3 Nov 2020.


CapitaLand Integrated Commercial Trust (C38U)

CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) merged to form this new entity on 3 Nov 2020.

Find out more information about CapitaLand Integrated Commercial Trust here.

capitaland-integrated-commercial-trust

CapitaLand Integrated Commercial Trust

As of Jan 2024

Dividend Yield

4.35%

P/B Ratio

0.96

Past 5 year returns

-10.87%

Portfolio Value

S$24.2 B 

Gearing Ratio

40.8%

Weighted Average Debt to Maturity

4.1 years

Occupancy Rate

97.3%

Weighted Average Lease Expiry

3.5 years


CapitaLand China Trust (AU8U)

Would this Singapore REIT fit in your portfolio? Read our analysis of CapitaLand Retail China Trust (AU8U).

CapitaLand China Trust

As of Jan 2024

Dividend Yield

7.68%

P/B Ratio

0.67

Past 5 year returns

-32.61%

Portfolio Value

RMB 25.3B

Gearing Ratio

4%2.4

Weighted Average Debt to Maturity

3.8 years

Occupancy Rate

93.1%

Weighted Average Lease Expiry

1.8 years


CDL Hospitality Trust (J85)

CDL HOSPITALITY TRUSTS

As of Jan 2024

Dividend Yield

4.93%

P/B Ratio

0.79

Past 5 year returns

-24.49%

Portfolio Value

S$ 2.48M

Gearing Ratio

38.4%

Weighted Average Debt to Maturity

2.2 years


Cromwell European REIT (CWBU)

Learn more about this REIT's major acquisition here. 

CROMWELL EUROPEAN REIT

As of Jan 2024

Dividend Yield

.3611%

P/B Ratio

0.59

Past 5 year returns

-38.26%

Portfolio Value

€ 2.3B

Gearing Ratio

39.7%

Weighted Average Debt to Maturity

2.8 years

Occupancy Rate

95.2%

Weighted Average Lease Expiry

4.6 years


Dasin Retail Trust (CEDU)

Dasin Retail Trust is currently undergoing a restructure. 

DAISIN RETAIL TRUST

As of Jan 2023

Dividend Yield

nil

P/B Ratio

0.04

Past 5 year returns

-80.36%

Portfolio Value

RMB 10B

Gearing Ratio

40.4%

Weighted Average Debt to Maturity

3.6 years

Occupancy Rate

92.9%

Weighted Average Lease Expiry

5  years


EC World REIT (BWCU) - suspended

EC World has suspended trading since 31 Aug 2023 as the REIT manager attempts to "resolve uncertainty in its financial position." This REIT invests in China properties. Read more here

EC WORLD REIT

As of Jan 2023

Dividend Yield

12.74%

P/B Ratio

0.6

Past 5 year returns


Portfolio Value

RMB 7.5B

Gearing Ratio

393%

Weighted Average Debt to Maturity

0.7 years

Occupancy Rate

98.8%

Weighted Average Lease Expiry

1.8  years


Elite Commercial REIT (MXNU)

Should you consider this REIT? Find our analysis here

ELITE COMMERCIAL REIT

As of Jan 2024

Dividend Yield

14.25%

P/B Ratio

0.56

Past 5 year returns

-60.56%

Portfolio Value

£465.5M

Gearing Ratio

45.4%

Weighted Average Debt to Maturity

 1.3 years

Occupancy Rate

92.1%

Weighted Average Lease Expiry

4.3 years


ESR-Logos REIT (J91U)

ESR REIT merged with ARA LOGOs in May 2022. 

ESR REIT

As of Jan 2023

Dividend Yield

7.74%

P/B Ratio

0.95

Past 5 year returns

-36.27%

Portfolio Value

S$5.5B

Gearing Ratio

37.7%

Weighted Average Debt to Maturity

1.4 years

Occupancy Rate

90.3%

Weighted Average Lease Expiry

3.4 years


Far East Hospitality Trust (Q5T)

Far East Hospitality Trust 

As of Jan 2024

Dividend Yield

4.63%

P/B Ratio

0.73

Past 5 year returns

9.84%

Portfolio Value

S$2.45B

Gearing Ratio

32.2%

Weighted Average Debt to Maturity

.23 years

Occupancy Rate

86.7%


First REIT (AW9U)

It had restructured its major lease agreements. Find out more here

FIRST REIT

As of Jan 2024

Dividend Yield

9.38%

P/B Ratio

0.82

Past 5 year returns

-71.11%

Portfolio Value

S$ 1.14B

Gearing Ratio

39%

Weighted Average Debt to Maturity

3.8 years

Occupancy Rate

100%

Weighted Average Lease Expiry

11.7 years


Frasers Centrepoint Trust (J69U)

Learn more about the latest on Frasers Centrepoint Trust here

Frasers Centrepoint Trust

As of Jan 2024

Dividend Yield

5.46%

P/B Ratio

0.97

Past 5 year returns

3.69%

Portfolio Value

S$5.2B

Gearing Ratio

39.3%

Weighted Average Debt to Maturity

2.33 years

Occupancy Rate

99.7%

Weighted Average Lease Expiry

19.6 years


Frasers Hospitality Trust (ACV)

Frasers Hospitality Trust

As of Jan 2024

Dividend Yield

4.62%

P/B Ratio

0.78

Past 5 year returns

-30.28%

Portfolio Value

S$1.7B

Gearing Ratio

34%

Weighted Average Debt to Maturity

2.532years


Frasers Logistics & Commercial Trust (BUOU)

Thinking of investing in this REIT? Read our analysis here

Frasers Logistics & Commercial Trust

As of Jan 2024

Dividend Yield

5.95%

P/B Ratio

0.9

Past 5 year returns

12.75%

Portfolio Value

S$6.4B

Gearing Ratio

30.2%

Weighted Average Debt to Maturity

2.7 years

Occupancy Rate

100%

Weighted Average Lease Expiry

 4.3 years


IREIT Global (UD1U)

Learn more about this REIT's previous rights issue here

IREIT GLOBAL

As of Jan 2024

Dividend Yield

8.12%

P/B Ratio

0.62

Past 5 year returns

-37.50%

Portfolio Value

€0.999B

Gearing Ratio

34.4%

Weighted Average Debt to Maturity

3 years

Occupancy Rate

90.4%

Weighted Average Lease Expiry

4.9 years


Keppel DC REIT (AJBU)

KEPPEL DC REIT

As of Jan 2024

Dividend Yield

4.12%

P/B Ratio

1.4

Past 5 year returns

43.7%

Portfolio Value

S$3.7B

Gearing Ratio

37.2%

Weighted Average Debt to Maturity

3.9 years

Occupancy Rate

98.3%

Weighted Average Lease Expiry

7.8 years


Keppel Pacific Oak US REIT (CMOU)

KEPPEL PACIFIC OAK US REIT

As of Jan 2024

Dividend Yield

13.3%

P/B Ratio

0.47

Past 5 year returns

-40.63%

Portfolio Value

US$1B

Gearing Ratio

39.1%

Weighted Average Debt to Maturity

2.9 years

Occupancy Rate

91.4%

Weighted Average Lease Expiry

4.8 years 


Keppel REIT (K71U)

KEPPEL REIT

As of Jan 2024

Dividend Yield

4.88%

P/B Ratio

0.66

Past 5 year returns

-18.26%

Portfolio Value

S$ 9.2B

Gearing Ratio

39.5%

Weighted Average Debt to Maturity

2.7 years

Occupancy Rate

95.9%

Weighted Average Lease Expiry

  5.6 years


Lendlease Global Commercial REIT (JYEU)

 Should you keep an eye on this REIT? Find out more here.

Lendlease Global Commercial REIT

As of Jan 2024

Dividend Yield

6.23%

P/B Ratio

0.82

Past 5 year returns

-29.12%

Portfolio Value

S$3.65B

Gearing Ratio

40.6%

Weighted Average Debt to Maturity

3.1 years

Occupancy Rate

99.9%

Weighted Average Lease Expiry

8 years


Lippo Malls Indonesia Retail Trust (D5IU)

LIPPO MALLS INDONESIA RETAIL TRUST

As of Jan 2024

Dividend Yield

17.12%

P/B Ratio

0.15

Past 5 year returns

-90.59%

Portfolio Value

S$1.75B

Gearing Ratio

42.1%

Weighted Average Debt to Maturity

1.38 years

Occupancy Rate

81.4%

Weighted Average Lease Expiry

2.9 years


Manulife US REIT (BTOU)

Manulife US REIT has had a rough few years, and is undergoing a restructure. If you're a shareholder, here's what you should take note!

MANULIFE US REIT

As of Jan 2023

Dividend Yield

nil

P/B Ratio

0.19

Past 5 year returns

-89.75%

Portfolio Value

US$1.947B

Gearing Ratio

49%

Weighted Average Debt to Maturity

2.3 years

Occupancy Rate

88.1%

Weighted Average Lease Expiry

4.9 years


Mapletree Pan Asia Commercial Trust (N2IU)

MCT and MNACT had merged on 3 Aug 2022, the new entity trades under N2IU and is renamed as Mapletree Pan Asia Commercial Trust. Here are the details.

MAPLETREE COMMERCIAL TRUST

As of Jan 2024

Dividend Yield

5.21%

P/B Ratio

0.88

Past 5 year returns

-10.92%

Portfolio Value

S$16.5B

Gearing Ratio

40.7%

Weighted Average Debt to Maturity

3 years

Occupancy Rate

96.3%

Weighted Average Lease Expiry

2.5 years


Mapletree Industrial Trust (ME8U)

Considering to invest in this REIT? Read our analysis here.

MAPLETREE INDUSTRIAL TRUST

As of Jan 2024

Dividend Yield

4.73%

P/B Ratio

1.28

Past 5 year returns

28.87%

Portfolio Value

S$9.2B

Gearing Ratio

37.9%

Weighted Average Debt to Maturity

3.3 years

Occupancy Rate

93.2%

Weighted Average Lease Expiry

4.2 years


Mapletree Logistics Trust (M44U)

MAPLETREE LOGISTICS TRUST

As of Jan 2024

Dividend Yield

4.77%

P/B Ratio

1.13

Past 5 year returns

31.54%

Portfolio Value

S$1.3B

Gearing Ratio

38.9%

Weighted Average Debt to Maturity

3.8 years

Occupancy Rate

96.9%

Weighted Average Lease Expiry

3 years


Mapletree North Asia Commercial Trust (RW0U)

MNACT has been delisted as of 3 Aug 2022 after its merger with Mapletree Commercial Trust.


OUE Commercial REIT (TS0U)

This REIT was mentioned in this article.

OUE COMMERICAL REIT

As of Jan 2024

Dividend Yield

5.65%

P/B Ratio

0.49

Past 5 year returns

-36.96%

Portfolio Value

S$6B

Gearing Ratio

39.4%

Weighted Average Debt to Maturity

2.7 years

Weighted Average Lease Expiry

3.3 years


Parkway Life REIT (C2PU)

Parkwaylife REIT looks to remain resilient. Read more here.
.

PARKWAYLIFE REIT 

As of Jan 2024

Dividend Yield

3.52%

P/B Ratio

1.58

Past 5 year returns

39.92%

Portfolio Value

S$2.2B

Gearing Ratio

36.4%

Weighted Average Debt to Maturity

3.4 years

Occupancy Rate

100%

Weighted Average Lease Expiry

16.99 years


Prime US REIT (OXMU)

Read more about this REIT's past performance here.
.

PRIME US REIT

As of Jan 2024

Dividend Yield

21.96%

P/B Ratio

0.35

Past 5 year returns

-71.59%

Portfolio Value

US$ 1.67B

Gearing Ratio

43.7%

Weighted Average Debt to Maturity

1.9 years

Occupancy Rate

85%

Weighted Average Lease Expiry

3.8 years


Religare Health Trust (RF1U) - suspended


Sabana Industrial REIT (M1GU)

Read more about this REIT's recent merger here.

SABANA SHARIAH COMP IND REIT

As of Jan 2024

Dividend Yield

6.37%

P/B Ratio

0.77

Past 5 year returns

1.27%

Portfolio Value

S$887.5M

Gearing Ratio

32.5%

Weighted Average Debt to Maturity

3.3 years

Occupancy Rate

93.9%

Weighted Average Lease Expiry

2.7 years


Sasseur REIT (CRPU)

It had outstanding performance despite the China crackdown. Read more here.

SASSEUR REIT

As of Jan 2024

Dividend Yield

8.15%

P/B Ratio

0.82

Past 5 year returns

2.24%

Portfolio Value

RMB 8,495M

Gearing Ratio

25.4%

Weighted Average Debt to Maturity

3 years

Occupancy Rate

97.9%

Weighted Average Lease Expiry

2.4 years


Paragon REIT (SK6U)

Previously known as SPH REIT, it was officially renamed as Paragon REIT as of 3 Jan 2023.

Paragon REIT 

As of Jan 2024

Dividend Yield

5.27%

P/B Ratio

0.88

Past 5 year returns

-12.38%

Portfolio Value

S$4.1B

Gearing Ratio

30.1%

Weighted Average Debt to Maturity

2.4 years

Occupancy Rate

98.1%

Weighted Average Lease Expiry

5.2 years


Starhill Global REIT (P40U)

Read more about this REIT's past performance here.
.

STARHILL GLOBAL REIT

As of Jan 2024

Dividend Yield

6.21%

P/B Ratio

0.72

Past 5 year returns

-22.79%

Portfolio Value

S$ 2.8B

Gearing Ratio

36.7%

Weighted Average Debt to Maturity

3.4 years

Occupancy Rate

97.7%

Weighted Average Lease Expiry

6.5 years


Suntec REIT (T82U)

SUNTEC REIT

As of Jan 2024

Dividend Yield

5.03%

P/B Ratio

0.55

Past 5 year returns

-31.49%

Portfolio Value

S$12.3B

Gearing Ratio

42.4%

Weighted Average Debt to Maturity

 2.85 years

Occupancy Rate

98%

Weighted Average Lease Expiry

 3.25 years (avg across portfolios)


United Hampshire US REIT (ODBU)

Read our review of United Hampshire US REIT's IPO here

UNITED HAMPSHIRE US REIT

As of Jan 2024

Dividend Yield

11.24%

P/B Ratio

0.68

Past 5 year returns

-19.35%

Portfolio Value

US$746M

Gearing Ratio

41.7%

Weighted Average Debt to Maturity

3.2 years

Occupancy Rate

97.2%

Weighted Average Lease Expiry

7.2 years