December 2008

Average Yield = 17.755%

REIT

Period

DPU ct

Price

Yield

NAV

Assets Type

Saizen

FY08 – IPO

5.30

S$0.13

40.769%

S$1.05

Residential (Japan)

MI-REIT

Q2 : Sep-08

2.35

S$0.255

36.863%

S$1.30

Industrial

Cambridge

Q3 : Sep-08

1.49

S$0.275

21.556%

S$0.76

Industrial

LMIR

Q3 : Sep-08

1.6

S$0.31

20.484%

S$0.9598

Malls – Indonesia

FrasersComm

Q3 : Sep-08

1.11

S$0.235

18.809%

S$1.20

Malls + Office (S’pore and Aust)

First REIT

Q3 : Sep-08

1.92

S$0.405

18.765%

S$0.9214

Hospitals + Hotel (Indonesia)

AscottREIT

Q3 : Sep-08

2.61

S$0.58

18.000%

S$1.58

Serviced Apts (Regional)

Fortune

Q3 : Sep-08

8.65

HK$1.99

17.387%

HK$8.90

Malls (HK)

Suntec

Q4: Sep-08

2.854

S$0.71

15.990%

S$2.232

Malls + Office

CDL HTrust

Q3 : Sep-08

2.93

S$0.73

15.973%

S$1.56

Hotels

MapleTree

Q3 : Sep-08

1.84

S$0.35

15.904%

S$0.84

Industrial

CCT

Q3 : Sep-08

3.10

S$0.895

13.777%

S$3.11

Office

MP REIT

Q3 : Sep-08

1.78

S$0.52

13.615%

S$1.59

Malls + Office

CapitaRChina

Q3 : Sep-08

2.01

S$0.60

13.350%

S$1.16

Malls (China)

K-REIT

Q3 : Sep-08

2.34

S$0.70

13.257%

S$2.19

Office

FrasersCT

Q4 : Sep-08

2.05

S$0.63

13.016%

S$1.24

Malls

A-REIT

Q2 : Sep-08

4.01

S$1.37

11.708%

S$1.81

Industrial

CMT

Q3 : Sep-08

3.64

S$1.59

9.107%

S$2.39

Malls + Office

PLife

Q3 : Sep-08

1.71

S$0.76

9.013%

S$1.34

Hospitals

NOTES :

  • Mkt Price is as on 31-Dec-08
  • Fortune : DPU Not Paid as Semi-Annual Payout Policy
  • PLife : Annualised DPU = 6.85ct
  • FrasersComm : Annualised DPU = 4.42ct ; DPU Not Paid as Semi-Annual Payout Policy
  • Suntec : Annualised DPU = 11.353ct
  • Cambridge : Annualised DPU = 5.928ct
  • CDL HTrust : Annualised DPU = 11.66ct ; DPU Not Paid as Semi-Annual Payout Policy
  • MP REIT : Annualised DPU = 7.08ct
  • CRCT : Annualised DPU 8.01ct ; DPU Not Paid as Semi-Annual Payout Policy
  • LMIR : Annualised DPU = 6.35ct
  • FrasersCT : DPU = 1.59ct + 0.46ct (Income retained from previous quarters)
  • CCT : Annualised DPU = 12.33ct ; DPU Not Paid as Semi-Annual Payout Policy
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy
  • MapleTree : Uses MLT-A DPU 0.61ct (Issued on 22-Aug-08) to Compute Annualised Yield in Above Table
  • First REIT : Annualised DPU = 7.60ct
  • CMT : Annualised DPU = 14.48ct
  • KREIT : Annualised DPU = 9.28ct ; DPU Not Paid as Semi-Annual Payout Policy
  • Saizen : Actual Payout 4.67ct as per IPO Forecast ; Yield is Computed Using IPO Prospectus Figures of 5.3% @ $1 Which Excludes Bonus Div
  • KREIT : FY08 DPU Forecast 7.53ct (8-for-5 Rights @ $1.39)
  • LMIR : IPO Forecast – FY07 (Dec07) : 2.74ct (Annualised for 1-Jul-07 to 31-Dec-07) ; FY08 : 5.84ct ; FY09 : 6.27ct
  • Saizen : IPO Forecast – FY09 (Jun09) : 5.65ct ; FY08 (Jun08) : 4.67ct (Incl. Bonus Div) / Annualised Yield 5.3% @ $1 (Excl. Bonus Div) / 6.51% (Incl Bonus Div)
  • PLife : IPO Forecast – 2H07 : 3.3ct ; FY08 : 6.25ct ; FY09 : 6.39ct

Shipping Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

PacShipTr US$

Q3 : Sep-08

1.0953

US$0.145

30.215%

$0.40

Shipping Trust

FSL Trust

Q3 : Sep-08

3.05

S$0.49

35.803%

$0.77

Shipping Trust

Rickmers

Q3 : Sep-08

2.25

S$0.39

33.185%

$0.96

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4380:US$1 fm Yahoo Finance)
  • FSL : Annualised DPU 12.2ct
  • FSL : SGX Annc (12-May-08) Quarterly DPU Forecast – Q208 US2.77ct ; Q308 US3.05ct
  • Rickmers : SGX Annc (5-May-08) Quarterly DPU Forecast (Pg 7) – US 2.25ct (Q308)

Other Trusts (non-REITs)

Trust

Period

DPU ct

Price

Yield

NAV

Assets Type

CitySpring

Q2 : Sep-08

1.75

$0.50

14.000%

$0.52

Infrastructure – Water, Gas

AscendasIndT

1H : Sep-08

3.47

$0.455

15.253%

$0.99

India – Industrial Park

HWT

Q3 : Sep-08

1.3

$0.355

14.648%

$0.78

China – Water Plant

Indiabulls

FY09 – IPO

5.12

$0.26

19.692%

$1.185

India – Office

NOTES :

  • HWT : DPU = 0.91ct if No Sponsor waiver ; DPU Not Paid Out as Semi-Annual Payout Policy
  • Indiabulls : Listing on 11-Jun-08 2PM
  • Indiabulls : IPO Forecast – 5.12ct (FY09) 1,325.4Mil Units (2,371.7Mil Units Issued) Entitled to Div ; 9.82ct (FY10)
  • HWT : IPO Forecast – 2.09ct (1H08) ; 4.88ct (FY08) / SGX Annc – Pg 12 (Distribution Statement)
  • HWT : Listing on 3-Dec-07 2PM
  • HWT : IPO Forecast – 4.46ct (FY08) – Sponsor (25% s/h) undertaken to waive entitlement to distributions, else DPU 3.34ct (Yield 4.282% @ $0.78) ; 5.06ct (FY09) – Yield 6.744% @ $0.78

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