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Singapore Exchange
SGX Research
Chartbook: SREITs & Property Trusts
July 2020
Singapore is one of Asia’s largest REIT & Property Trusts markets
Singapore - 26 trusts
Japan - 7 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.
*Based on latest quarter filingsSource: Bloomberg, SGX, data as of 30 June 2020.For more about REITs, read more.
2
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.
No. of trusts Market Cap Avg. Div Yield Avg. P/B 1 yr SDAV
44 S$98B 7.1% 0.9x S$340m
Singapore has 44 REITs & Property Trusts with a combined
market capitalisation of S$98B,representing c.12% of
Singapore’s overall listed stocks
REIT Indices:
FTSE ST REIT Index: 38 out of the 44 trusts represented
iEdge S-REIT Index: 33 out of the 44 trusts represented
Key Statistics At a Glance Average dividend yield of 7.1%
Average 10-year annualised total return of 7.8%
Average gearing ratio of 36%*
10 year market cap CAGR of 15%
SREITs have a regulated gearing ratio limit of 50%The REITs & Property Trusts offer wide diversity across
property sub-segments (chart on the right)
OVER 80% (38) OF SINGAPORE REITS &
PROPERTY TRUSTS HOLD OVERSEAS ASSETS
6
18
20
Singapore Overseas Singapore & Overseas
TRUSTS HAVE DIVERSIFIED PROPERTY
SUB-SEGMENTS (% BY TRUST COUNT)
23%
14%
11%27%
16%
2%7% Industrial REITs
Hospitality REITs
Diversified REITs
Retail REITs
Office REITs
Specialized REITs
Health Care REITs
80
120
160
200
240
280
Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
Bas
e o
f 10
0 a
s o
f 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
Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
iEdge S-REIT Index FTSE ST REIT Index Straits Times Index
Bas
e o
f 100
as
of S
ep 2
010
3
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 30 June 2020
Price Return Indices
4
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)
Figures refer to price correlationSource: Bloomberg, SGX, data as of 30 June 2020
Correlation Matrix (Jan
2012- Jun 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 0.76 0.67
iEdge S-REIT Index 1.00 1.00 0.94 0.74 0.75 0.70 0.74 0.67 0.83 0.78 0.69
Asia ex Japan REITs 0.93 0.94 1.00 0.78 0.89 0.80 0.88 0.81 0.94 0.87 0.76
Asia Ex Japan Equities 0.74 0.74 0.78 1.00 0.67 0.53 0.78 0.57 0.76 0.87 0.61
Asia Bonds 0.72 0.75 0.89 0.67 1.00 0.81 0.95 0.96 0.93 0.89 0.82
US REITs 0.69 0.70 0.80 0.53 0.81 1.00 0.78 0.70 0.90 0.76 0.50
US Equities 0.71 0.74 0.88 0.78 0.95 0.78 1.00 0.89 0.95 0.98 0.76
US Bonds 0.64 0.67 0.81 0.57 0.96 0.70 0.89 1.00 0.83 0.80 0.86
Global REITs 0.82 0.83 0.94 0.76 0.93 0.90 0.95 0.83 1.00 0.94 0.72
Global Equities 0.76 0.78 0.87 0.87 0.89 0.76 0.98 0.80 0.94 1.00 0.72
Global Bonds 0.67 0.69 0.76 0.61 0.82 0.50 0.76 0.86 0.72 0.72 1.00
5
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, 30 June 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
11.812.2
10.9
14.3
13.4
8.9
12.2
12.813.1
11.1
12.0
4.5
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
4.0
6.0
8.0
10.0
12.0
14.0
16.0
4Q08
4Q09
4Q10
4Q11
4Q12
4Q13
4Q14
4Q15
4Q16
4Q17
4Q18
4Q19
2Q20
FTSE ST REIT Index DPU (S$) Q-o-Q FTSE ST REIT Index Price Change (RHS)
6
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, 30 June 2020YoY Distribution Growth is based on the FTSE ST REIT Index’s total full year dividends
-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%
7.7%
-62.8%
-80.0%
-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
2Q20
-7.9%
-9.1%
4.1%
10.7%
-3.4%
9.0%
1.2%
-4.3%
5.2%
-2.2%
3.3%
-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
7
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 June 2020⁴MAS Core Inflation based on 23 June 2020 figuresSource: Bloomberg, SGX, data as of 30 June 2020
7.1%
4.9%
0.9%
0.5%
-0.2%
-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
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)
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
8
Source: Bloomberg, SGX, data as of 30 June 2020Forward dividend yield is based on Bloomberg consensus forecasts
Yield Spread at 448 bps vs 10 year
average of 405 bps
10 year avg. of 405 bps
FTSE ST REIT Index
Long-term P/B Ratio and Dividend Yield
10 year avg. of 1.02x
8.0%
7.9%
7.6%
7.2%
7.1%
6.3%
3.0%
1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%
Hospitality REITs (6)
Health Care REITs (3)
Diversified REITs (6)
Office REITs (8)
Retail REITs (11)
Industrial REITs (9)
Specialized REITs (1)
9
SREITs & Property Trusts – Average Dividend Yields By Sub-Segments
Source: Bloomberg, SGX, data as of 30 June 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.
10
Source: Bloomberg, SGX, data as of end 2019
SREITs & Property Trusts have grown at a CAGR of 15% across 10 years
0
20000
40000
60000
80000
100000
120000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Co
mb
ined
Mar
ket
Cap
of
Sect
or
(S$
M)
10Y CAGR: 15%
FTSE ST REIT IndexiEdge S-REIT Index
ASX 200 A-REIT Index
Tokyo SE REIT Index
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
11
SREITs Offer One of the Highest Dividend Yields and Lower Volatility
Source: Bloomberg, SGX, data as of 30 June 2020
Average distribution yield of all 44 trusts: 7.1% FTSE ST REIT Index: 38 out of the 44 trusts represented
iEdge S-REIT Index: 33 out of the 44 trusts represented
12
Major REIT Indices Performance
Based on Total Return in local currency terms unless otherwise stated
Source: Bloomberg, SGX, data as of 30 June 2020
Asia Pacific Equity Indices Performance
Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE ST REIT Index -1.9 -0.5 -9.9 -7.1 4.7
iEdge S-REIT Index -1.8 -0.7 -9.3 -5.9 4.7
ASX 200 A-REIT Index -3.7 -1.4 -21.2 -22.1 5.8
Hang Seng REIT Index -0.1 6.9 -22.4 -29.8 6.7
MSCI US REIT Index -0.2 3.0 -18.4 -12.6 4.7
Tokyo SE REIT Index -1.2 -1.7 -20.8 -11.3 4.5
Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE Straits Times Index -1.7 3.8 -17.7 -19.8 4.9
ASX 200 Index -0.8 2.6 -10.0 -7.1 4.1
FTSE Bursa Malaysia KLCI Index -0.3 2.1 -3.7 -7.6 4.2
Hang Seng China Enterprises Index -2.3 3.4 -10.9 -7.3 4.0
Hang Seng Index -1.9 7.4 -11.9 -11.7 3.9
Jakarta SE Composite Index 1.0 4.2 -20.4 -21.2 3.1
Korea SE KOSPI Index -1.1 3.9 -3.8 0.9 2.0
Nikkei 225 Index -1.0 2.0 -4.7 4.7 1.9
Shanghai SE Composite Index 0.9 5.6 -1.0 0.3 2.3
Shenzhen SE Composite Index 1.5 11.0 15.5 23.6 1.0
Stock Exchange of Thailand SET Index -1.3 -0.3 -13.2 -20.2 3.7
Taiwan SE Weighted Index 0.2 6.8 -2.3 11.1 3.9
13
Monthly Total Returns – June 2020
Source: Bloomberg, SGX, data as of 30 June 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.
-3.9-5.6
9.73.9
1.34.2
3.4-3.4
7.4-7.7
-3.1-3.4
3.11.7
3.75.3
-4.90.0
-1.1-21.5
7.20.7
-1.2-4.8
2.8-0.7
1.510.8
-3.56.5
-5.4-9.0
-1.3-3.7
4.7-7.5
0.05.25.4
6.1-4.1-4.1
-25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0
AIMS APAC REIT
Ascendas India Trust
ARA LOGOS Logistics Trust
ARA US Hospitality Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
BHG Retail REIT
CapitaLand Commercial Trust
CDL Hospitality Trusts
Cromwell European Real Estate Investment Trust
CapitaLand Retail China Trust
CapitaLand Mall Trust
Dasin Retail Trust
EC World Real Estate Investment Trust
Elite Commercial REIT
ESR-REIT
Frasers Centrepoint Trust
Far East Hospitality Trust
Frasers Hospitality Trust
First Real Estate Investment Trust
Frasers Logistics & Commercial Trust
IREIT Global
Keppel DC REIT
Keppel Pacific Oak US REIT
Keppel REIT
Lippo Malls Indonesia Retail Trust
Lendlease Global Commercial REIT
Mapletree North Asia Commercial Trust
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Manulife US Real Estate Investment Trust
OUE Commercial Real Estate Investment Trust
Parkway Life Real Estate Investment Trust
Prime US REIT
Sasseur Real Estate Investment Trust
Soilbuild Business Space REIT
Starhill Global REIT
SPH REIT
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
Suntec Real Estate Investment Trust
United Hampshire US REIT
14
YTD Total Returns
Source: Bloomberg, SGX, data as of 30 June 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.
-11.7-13.2
-17.9-51.6
7.9-24.8
-8.2-13.5
-35.0-19.3
-19.9-19.0
1.9-3.5
-23.2-16.3
-32.1-34.0
-27.0-0.3
-7.723.2
-9.0-9.1
-38.0-25.8
-18.0-18.2
14.113.6
-23.4-31.3
2.6-16.0
-13.1-21.9
-28.5-17.9
-22.7-21.4
-60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0
AIMS APAC REIT
Ascendas India Trust
ARA LOGOS Logistics Trust
ARA US Hospitality Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
BHG Retail REIT
CapitaLand Commercial Trust
CDL Hospitality Trusts
Cromwell European Real Estate Investment Trust
CapitaLand Retail China Trust
CapitaLand Mall Trust
Dasin Retail Trust
EC World Real Estate Investment Trust
ESR-REIT
Frasers Centrepoint Trust
Far East Hospitality Trust
Frasers Hospitality Trust
First Real Estate Investment Trust
Frasers Logistics & Commercial Trust
IREIT Global
Keppel DC REIT
Keppel Pacific Oak US REIT
Keppel REIT
Lippo Malls Indonesia Retail Trust
Lendlease Global Commercial REIT
Mapletree North Asia Commercial Trust
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Manulife US Real Estate Investment Trust
OUE Commercial Real Estate Investment Trust
Parkway Life Real Estate Investment Trust
Prime US REIT
Sasseur Real Estate Investment Trust
Soilbuild Business Space REIT
Starhill Global REIT
SPH REIT
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
Suntec Real Estate Investment Trust
15
1 Year Total Returns
Source: Bloomberg, SGX, data as of 30 June 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.
-11.1
2.5
-22.5
-52.7
7.5
-18.4
-7.5
-19.2
-33.3
-8.2
-14.3
-23.6
1.7
-3.9
-20.6
-7.9
-22.3
-32.0
-26.5
5.2
0.2
62.1
-0.6
-9.2
-37.7
-32.4
-3.5
36.4
25.6
-9.3
-21.4
14.0
0.6
-31.9
-31.1
-14.7
-19.4
-24.3
-60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0
AIMS APAC REIT
Ascendas India Trust
ARA LOGOS Logistics Trust
ARA US Hospitality Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
BHG Retail REIT
CapitaLand Commercial Trust
CDL Hospitality Trusts
Cromwell European Real Estate Investment Trust
CapitaLand Retail China Trust
CapitaLand Mall Trust
Dasin Retail Trust
EC World Real Estate Investment Trust
ESR-REIT
Frasers Centrepoint Trust
Far East Hospitality Trust
Frasers Hospitality Trust
First Real Estate Investment Trust
Frasers Logistics & Commercial Trust
IREIT Global
Keppel DC REIT
Keppel Pacific Oak US REIT
Keppel REIT
Lippo Malls Indonesia Retail Trust
Mapletree North Asia Commercial Trust
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Manulife US Real Estate Investment Trust
OUE Commercial Real Estate Investment Trust
Parkway Life Real Estate Investment Trust
Sasseur Real Estate Investment Trust
Soilbuild Business Space REIT
Starhill Global REIT
SPH REIT
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
Suntec Real Estate Investment Trust
16
3 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 30 June 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.
0.8
11.4
-6.9
13.0
1.2
0.3
6.4
-8.8
-2.2
4.7
9.0
2.8
-5.7
7.8
-4.6
-8.8
-13.4
10.6
5.9
32.2
3.4
-27.1
1.0
12.0
22.6
24.5
2.5
-10.5
12.5
-11.6
-8.1
0.6
-2.9
-4.1
-40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0
AIMS APAC REIT
Ascendas India Trust
ARA LOGOS Logistics Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
BHG Retail REIT
CapitaLand Commercial Trust
CDL Hospitality Trusts
CapitaLand Retail China Trust
CapitaLand Mall Trust
Dasin Retail Trust
EC World Real Estate Investment Trust
ESR-REIT
Frasers Centrepoint Trust
Far East Hospitality Trust
Frasers Hospitality Trust
First Real Estate Investment Trust
Frasers Logistics & Commercial Trust
IREIT Global
Keppel DC REIT
Keppel REIT
Lippo Malls Indonesia Retail Trust
Mapletree North Asia Commercial Trust
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
Manulife US Real Estate Investment Trust
OUE Commercial Real Estate Investment Trust
Parkway Life Real Estate Investment Trust
Soilbuild Business Space REIT
Starhill Global REIT
SPH REIT
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
Suntec Real Estate Investment Trust
17
5 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 30 June 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.
3.5
14.3
-5.3
11.6
2.1
7.8
-2.3
0.6
3.1
-3.4
7.6
-3.1
-4.7
-6.8
9.0
26.3
4.5
-10.7
4.8
11.5
20.3
18.5
-3.9
12.8
-7.2
-4.9
1.6
-7.4
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
Ascendas India Trust
ARA LOGOS Logistics Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
CapitaLand Commercial Trust
CDL Hospitality Trusts
CapitaLand Retail China Trust
CapitaLand Mall Trust
ESR-REIT
Frasers Centrepoint Trust
Far East Hospitality Trust
Frasers Hospitality Trust
First Real Estate Investment Trust
IREIT Global
Keppel DC REIT
Keppel REIT
Lippo Malls Indonesia Retail Trust
Mapletree North Asia Commercial Trust
Mapletree Commercial Trust
Mapletree Industrial Trust
Mapletree Logistics Trust
OUE Commercial Real Estate Investment Trust
Parkway Life Real Estate Investment Trust
Soilbuild Business Space REIT
Starhill Global REIT
SPH REIT
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
Suntec Real Estate Investment Trust
10.9
9.7
2.8
12.1
6.6
9.4
0.9
7.2
5.7
5.8
12.2
8.5
6.6
-2.2
16.2
15.1
5.6
6.5
-5.0 0.0 5.0 10.0 15.0 20.0
AIMS APAC REIT
Ascendas India Trust
ARA LOGOS Logistics Trust
Ascendas Real Estate Investment Trust
Ascott Residence Trust
CapitaLand Commercial Trust
CDL Hospitality Trusts
CapitaLand Retail China Trust
CapitaLand Mall Trust
ESR-REIT
Frasers Centrepoint Trust
First Real Estate Investment 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
18
10 Year Annualised Total Returns
Source: Bloomberg, SGX, data as of 30 June 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.
19
Institution & Retail Fund Flow – June 2020
Source: SGX, data as of 30 June 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
For more on fund flow, click here
Top 10 Institution Net Buy (+) Trusts (S$M)Stock
CodeJun-20 Top 10 Institution Net Sell (-) Trusts (S$M)
Stock
CodeJun-20
Ascott Residence Trust HMN 22.4 Suntec REIT T82U -60.2
Keppel DC REIT AJBU 7.2 Mapletree Logistics Trust M44U -52.9
SPH REIT SK6U 4.0 Mapletree Commercial Trust N2IU -31.7
Frasers Logistics & Commercial Trust BUOU 3.2 CapitaLand Mall Trust C38U -24.9
Parkway Life REIT C2PU 1.5 Mapletree Industrial Trust ME8U -24.5
Ascendas REIT A17U 1.5 Mapletree North Asia Commercial Trust RW0U -11.4
Keppel Pacific Oak US REIT CMOU 1.5 CapitaLand Retail China Trust AU8U -9.6
First REIT AW9U 1.4 Manulife US REIT BTOU -6.8
Lippo Malls Indonesia Retail Trust D5IU 0.9 Frasers Centrepoint Trust J69U -6.7
EC World REIT BWCU 0.7 Keppel REIT K71U -5.4
Top 10 Retail Net Buy (+) Trusts (S$M)Stock
CodeJun-20 Top 10 Retail Net Sell (-) Trusts (S$M)
Stock
CodeJun-20
CapitaLand Mall Trust C38U 40.5 Frasers Logistics & Commercial Trust BUOU -7.4
Suntec REIT T82U 31.6 SPH REIT SK6U -3.4
Mapletree Logistics Trust M44U 18.3 Ascott Residence Trust HMN -3.2
Mapletree Industrial Trust ME8U 14.7 Parkway Life REIT C2PU -2.6
Mapletree Commercial Trust N2IU 13.0 Keppel Pacific Oak US REIT CMOU -2.4
Mapletree North Asia Comm Trust RW0U 11.4 Lippo Malls Indonesia Retail Trust D5IU -1.1
CapitaLand Commercial Trust C61U 11.3 EC World REIT BWCU -0.8
Frasers Centrepoint Trust J69U 8.4 First REIT AW9U -0.6
CapitaLand Retail China Trust AU8U 7.3 Elite Commercial REIT MXNU -0.4
Manulife US REIT BTOU 6.3 Sabana Shari'ah Compliant REIT M1GU -0.2
20
Key Statistics for SREITs & Property Trusts
# 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.¹Prime US REIT, Elite Com REIT, Lendlease Global Com 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 30 June 2020
NameStock
code
Type of Property
Sub-segment
Market Cap
(S$Mil)
Div Yield
(%)
1yr Avg Daily
Turnover (S$,000)
Debt/Asset
(%)P/B
Mthly Institution
Net Buy (+) /
Net Sell (-) (S$M)
Mthy Retail
Net Buy (+) /
Net Sell (-) (S$M)
AIMS APAC REIT O5RU Industrial 862 7.8 2,754 34.8 0.9 -2.8 3.2
ARA LOGOS LOGISTICS TRUST K2LU Industrial 614 8.9 1,180 40.1 1.0 -0.1 0.3
ARA US HOSPITALITY TRUST^# XZL Hospitality 316 10.6 365 41.0 0.5 -3.1 3.1
ASCENDAS INDIA TRUST^ CY6U Diversified 1,536 6.5 2,666 28.0 1.2 -2.3 1.7
ASCENDAS REIT A17U Industrial 11,476 5.0 45,166 36.2 1.4 1.5 0.9
ASCOTT RESIDENCE TRUST^# HMN Hospitality 3,101 7.6 8,907 35.4 0.8 22.4 -3.2
BHG RETAIL REIT BMGU Retail 311 6.4 849 35.3 0.7 0.0 0.0
CAPITALAND COMMERCIAL TRUST C61U Office 6,527 4.9 26,443 35.5 0.9 0.7 11.3
CAPITALAND MALL TRUST C38U Retail 7,233 5.9 36,656 33.3 0.9 -24.9 40.5
CAPITALAND RETAIL CHINA TRUST AU8U Retail 1,541 8.0 4,676 35.8 0.8 -9.6 7.3
CDL HOSPITALITY TRUSTS^# J85 Hospitality 1,241 8.7 4,916 35.4 0.7 -0.2 1.1
CROMWELL EUROPEAN REIT CNNU Diversified 1,683 9.8 2,989 34.5 0.8 -4.6 5.9
DASIN RETAIL TRUST^ CEDU Retail 540 8.2 173 36.2 0.6 0.0 0.0
EC WORLD REIT BWCU Industrial 555 8.4 1,098 38.6 0.8 0.7 -0.8
ELITE COMMERCIAL REIT MXNU Office 401 7.1 1,088 32.0 - 0.4 -0.4
ESR-REIT J91U Industrial 1,395 6.6 5,959 41.7 0.9 -1.7 4.0
FAR EAST HOSPITALITY TRUST^# Q5T Hospitality 968 7.7 1,601 39.5 0.6 -1.8 1.8
FIRST REIT AW9U Health Care 558 12.0 2,117 34.5 0.7 1.4 -0.6
FRASERS CENTREPOINT TRUST J69U Retail 2,587 3.8 8,259 33.3 1.0 -6.7 8.4
FRASERS HOSPITALITY TRUST^# ACV Hospitality 893 5.4 725 36.0 0.7 -2.2 2.0
FRASERS LOGISTICS & COMMERCIAL TRUST BUOU Industrial 4,056 5.9 10,860 35.0 1.2 3.2 -7.4
IREIT GLOBAL UD1U Office 463 7.7 845 38.0 0.8 -0.7 0.5
21
# 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.¹Prime US REIT, Elite Com REIT, Lendlease Global Com 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 30 June 2020
Name Stock codeType of Property
Sub-segment
Market Cap
(S$Mil)
Div Yield
(%)
1yr Avg Daily
Turnover (S$,000)
Debt/Asset
(%)P/B
Mthly Institution
Net Buy (+) /
Net Sell (-) (S$M)
Mthy Retail
Net Buy (+) /
Net Sell (-) (S$M)
KEPPEL DC REIT AJBU Specialized 4,148 3.0 15,045 32.2 2.2 7.2 0.9
KEPPEL PACIFIC OAK US REIT CMOU Office 916 8.6 2,016 36.9 0.9 1.5 -2.4
KEPPEL REIT K71U Office 3,729 5.1 9,382 36.2 0.8 -5.4 2.0
LENDLEASE GLOBAL COMMERCIAL REIT JYEU Retail 797 5.8 5,071 35.9 0.8 0.4 2.3
LIPPO MALLS INDONESIA RETAIL TRUST D5IU Retail 395 13.2 887 42.1 0.6 0.9 -1.1
MANULIFE US REIT BTOU Office 1,656 7.9 5,489 37.7 0.9 -6.8 6.3
MAPLETREE COMMERCIAL TRUST N2IU Retail 6,394 4.1 32,419 33.3 1.1 -31.7 13.0
MAPLETREE INDUSTRIAL TRUST ME8U Industrial 6,318 4.2 19,245 37.6 1.8 -24.5 14.7
MAPLETREE LOGISTICS TRUST M44U Industrial 7,381 4.1 29,968 39.3 1.6 -52.9 18.3
MAPLETREE NORTH ASIA COMMERCIAL TRUST RW0U Diversified 3,000 8.1 13,215 39.3 0.7 -11.4 11.4
OUE COMMERCIAL REIT TS0U Diversified 2,054 8.7 1,426 40.2 0.6 -2.8 2.2
PARKWAYLIFE REIT C2PU Health Care 2,021 3.9 2,090 38.5 1.7 1.5 -2.6
PRIME US REIT OXMU Office 1,146 7.4 1,409 33.7 0.9 -2.0 2.4
SABANA SHARIAH COMP IND REIT M1GU Industrial 369 6.1 479 31.5 0.6 0.2 -0.2
SASSEUR REIT CRPU Retail 889 7.2 2,012 28.5 0.8 -2.3 1.7
SOILBUILD BUSINESS SPACE REIT SV3U Industrial 493 10.0 829 38.5 0.7 -0.2 0.0
SPH REIT SK6U Retail 2,415 5.3 2,502 29.3 0.8 4.0 -3.4
STARHILL GLOBAL REIT P40U Retail 1,117 6.5 1,719 36.7 0.6 -1.7 1.2
SUNTEC REIT T82U Diversified 3,971 6.7 20,639 39.9 0.7 -60.2 31.6
UNITED HAMPSHIRE US REIT ODBU Retail 406 7.4 609 36.4 0.6 -0.9 1.0
22
SREITs & Property Trusts – Sponsor, DPU details
# 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 30 June 2020
Name Sponsor FYEDPU
(Freq)
DPU
Currency
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 REIT Elite 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
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 30 June 2020
Name Sponsor FYEDPU
(Freq)
DPU
Currency
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 2.79 23-Jun-20 30-Jun-20 01-Jul-20 28-Jul-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 ESR 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 REIT UOB Global Capital and The Hampshire Companies Dec Semi-annual USD - - - - -
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 30 June 2020
# Denotes Stapled Trusts.
^ Denotes Property Trusts
Name SingaporeHong
KongChina Malaysia Vietnam Indonesia
South
KoreaJapan India
Rest of
AsiaAustralia
New
Zealand
United
Kingdom
Rest of
Europe
United
States
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 (5) 91% 61% 22% - - - - 17% 100% - 14% - - 100% -
FIRST REIT 3% - - - - 97% 1% - - - - - - - -
PARKWAYLIFE REIT 62% - - 0% - - - 38% - - - - - - -
RHT HEALTH TRUST^* - - - - - - - - - - - - - - -
Average of 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 of Hospitality (6) 54% - 7% 3% 4% 2% 3% 11% - 4% 16% 7% 9% 9% 71%
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 of Industrial (10) 69% 30% 54% 6% 2% - 6% 13% - - 23% - 6% 25% 17%
25
# Denotes Stapled Trusts.
^ Denotes Property Trusts
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 30 June 2020
Name SingaporeHong
KongChina Malaysia Vietnam Indonesia
South
KoreaJapan India
Rest of
AsiaAustralia
New
Zealand
United
Kingdom
Rest of
Europe
United
States
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 of Office (7) 88% - 9% - - - 4% - - - 16% - 100% 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 of Retail (12) 84% - 80% 13% - 100% - 2% - - 17% - - 29% 100%
KEPPEL DC REIT 63% - - 1% - - - - - - 11% - 5% 20% -
Average of Specialized (1) 63% - - 1% - - - - - - 11% - 5% 20% -
S-REITs in Focus For June 2020
For more SGX Research, please visit: https://www2.sgx.com/research-education
16 June 2020
10 in 10 with United Hampshire US REIT - Anchored In Resilience (read here)
19 June 2020
Elite Commercial REIT: A Counter-Cyclical Play (read here)
8 June 2020
Sixth REIT, Mapletree Industrial Trust, to Join STI on 22 June (read here)
16 June 2020
Three REIT ETFs Clock Steady Gains in Monthly Turnover (read here)
24 June 2020
S-REITs with Data Centres Amongst World’s Strongest in 2020 YTD (read here)
MXNU
ODBU
Market Updates (Read more articles at: https://www2.sgx.com/research-education/market-updates)
Market Dialogues (Read more articles at: https://www2.sgx.com/research-education/market-dialogues)
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
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: 51% Singapore: 35%Hong Kong: 13%Thailand: 1%
Singapore: 78%, Hong Kong: 17% Malaysia: 5% Thailand: 1%
Singapore: 100%
AUM1 S$19mil S$242mil S$172mil
Number of Holdings 30 29 28
12 MonthDividend yield (%)
3.28% 5.07% 5.36%
Distribution Frequency Semi-Annual Quarterly Semi-Annual
Average bid-ask spread 50 bps (SGD)53 bps (USD)
32 bps (SGD)52 bps (USD)
34 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$433M AUM
Source: Bloomberg SGX & ETF Manager’s websites, as of 2th Jul 2020
sgx.com
sgx.com/research
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