December 2014

 

 
 

REITs : Average Yield = 6.526%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

Viva Ind Tr

Q3 – Sep14

1.687

$0.795

8.419%

$0.748

45.70%

Biz Park (77.6%) + Hotel (18.6%) + Logistics (3.8%) by Valuation

Lippo Malls Tr

Q3 – Sep14

0.690

$0.340

8.118%

$0.415

28.30%

Retail (Indonesia) – 16

AIMSAMP Cap Reit

Q2 – Sep14

2.770

$1.415

7.830%

$1.523

32.20%

Industrial (26)

SoilbuildBizREIT

Q3 – Sep14

1.546

$0.790

7.828%

$0.800

30.30%

Business Park (2) + Industrial (6)

Sabana REIT

Q3 – Sep14

1.810

$0.940

7.638%

$1.060

37.00%

Industrial (22)

IREIT Global

FY14 – IPO

3.330

$0.890

7.483%

$0.780

33.20%

Offices : Germany

Ascendas-hTrust

1H – Sep14

2.507

$0.680

7.374%

$0.730

38.30%

Hotels (12) : Australia (56%) + Singapore (20%) + Japan (15%) + China (9%) by NPI

Cache Log Trust

Q3 – Sep14

2.140

$1.160

7.319%

$0.970

35.00%

Industrial : Singapore (14) + Shanghai (1)

Cambridge Ind Tr

Q3 – Sep14

1.250

$0.680

7.293%

$0.684

33.90%

Industrial (49)

OUE Htrust

Q3 – Sep14

1.640

$0.905

7.249%

$0.900

32.70%

Hotel (69%) + Retail (31%) by Asset

Saizen REIT

2H – Jun14

3.100

$0.860

7.209%

$1.140

38.00%

Residential (Japan) – 137

Mapletree Ind Tr

Q2 – Sep14

2.600

$1.485

7.003%

$1.200

33.10%

Industrial (85)

OUE COMMERCIAL REIT

Q3 – Sep14

1.400

$0.805

6.957%

$1.050

39.80%

Retail (10.9%) + Office (89.1%) by Revenue

FHT

FY14 – IPO

3.040

$0.890

6.813%

$0.830

41.70%

Hotel (60.7%) + Serviced Apt (39.3%)

Ascott Reit

Q3 – Sep14

2.110

$1.270

6.646%

$1.350

40.00%

Serviced Apts (86) : AsiaPacific (65.7%) + Europe (34.3%) by Valuation

Mapletree GCC Tr

1H – Sep14

3.162

$0.950

6.638%

$1.042

37.70%

Retail + Office (China + HK)

Keppel DC REIT

FY15 – IPO

6.360

$0.975

6.523%

$0.870

27.80%

Data Centres – 8

Far East HTrust

Q3 – Sep14

1.320

$0.815

6.479%

$0.976

31.40%

Hotels (66.5%) + Serviced Apts (14.7%) + Commercial (18.8%) by Revenue

First REIT

Q3 – Sep14

2.020

$1.255

6.414%

$0.970

32.90%

Hospitals (10) + Hotel (Indonesia – 1) + Nursing Home (Singapore – 3)

Mapletree Log Tr

Q2 – Sep14

1.880

$1.185

6.346%

$0.950

33.30%

Industrial (113)

StarhillGbl Reit

Q3 – Sep14

1.270

$0.800

6.300%

$0.920

29.10%

Retail (86.4%) + Office (13.0%) by Revenue

Frasers Com Tr

Q4 – Sep14

2.215

$1.415

6.198%

$1.590

37.10%

Office + Retail (4)

Ascendas Reit

1H – Sep14

7.300

$2.380

6.134%

$2.070

32.60%

Industrial : Singapore (104) + China (2)

Keppel Reit

Q3 – Sep14

1.850

$1.220

6.016%

$1.390

42.10%

Offices : Singapore (5) + Australia (5)

CDL Htrust

Q3 – Sep14

2.610

$1.740

5.954%

$1.600

30.20%

Hotels : Singapore (77.1%) + Australia (10.5%) + NZ (4.5%) + Maldives (7.9%) by Valuation

Frasers Cpt Tr

Q4 – Sep14

2.785

$1.895

5.903%

$1.850

29.30%

Retail (6) + 31.17% of Hektar (MREIT)

CapitaR China Tr

Q3 – Sep14

2.350

$1.615

5.771%

$1.470

30.80%

Retail (China) – 10

Mapletree Com Tr

Q2 – Sep14

1.970

$1.410

5.589%

$1.160

38.00%

Retail + Office

Fortune Reit HKD

1H – Jun14

20.880

$7.760

5.381%

$10.990

31.20%

Retail (HK) – 17

SPHREIT

Q4 – Aug14

1.390

$1.040

5.346%

$0.930

26.00%

Retail (2)

CapitaMall Trust

Q3 – Sep14

2.720

$2.040

5.289%

$1.760

34.10%

Retail (16) + Office

ParkwayLife Reit

Q3 – Sep14

2.900

$2.380

4.874%

$1.600

34.60%

Hospitals + Nursing Homes = 47

CapitaCom Trust

Q3 – Sep14

2.100

$1.755

4.786%

$1.670

30.20%

Office (66%) + Retail (20%) + Hotel (14%) by Gross Rental Income

Suntec Reit

Q3 – Sep14

2.328

$1.960

4.758%

$2.033

34.40%

Retail + Office

NOTES :

  • Mkt Price is as on 31-Dec-14
  • Keppel DC REIT : IPO Prospectus ; DPU : FY15 = 6.36ct ; FY16 = 6.65ct ; Gearing = 27.8% ; NAV = $0.87 ; Listing on 11-Dec-14 2pm @ $0.88
  • FortuneREIT : DPU Not Paid as Semi-Annual Payout Policy
  • Saizen : DPU Not Paid as Semi-Annual Payout Policy
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-Trust : DPU Not Paid as Semi-Annual Payout Policy
  • CDL H-Trust : DPU Annualised DPU = 10.36ct ; DPU Not Paid as Semi-Annual Payout Policy
  • CRCT : Annualised DPU = 9.32ct ; DPU Not Paid as Semi-Annual Payout Policy
  • MGCCT : Annualised DPU = 6.306ct
  • FCT : Above Yield is Computed using last 4Qs DPU = 11.187ct ie 2.5ct (Dec13) + 2.785ct (Sep14) + 3.022ct (Jun14) + 2.88ct (Mar14)
  • CLT : Annualised DPU = 8.49ct
  • Cambridge : Annualised DPU = 4.959ct
  • SB REIT : Annualised DPU = 6.184ct
  • Suntec : Annualised DPU = 9.326ct ; Includes Capital = 0.04ct
  • VIT : Annualised DPU = 6.693ct
  • FCOT : Annualised DPU = 8.77ct
  • FirstREIT : Annualised DPU = 8.05ct
  • CMT : Annualised DPU = 10.79ct
  • Sabana : Annualised DPU = 7.18ct
  • A-HTrust : DPU Not Paid as Semi-Annual Payout Policy
  • IREIT Global : IPO Prospectus ; DPU : FY14 (1-Jul-14 to 31-Dec-14) = 3.33ct ; FY15 = 7.01ct ; FY16 = 7.01ct ; Gearing = 33.2% ; NAV = $0.78 ; Listing on 13-Aug-14 2pm @ $0.88
  • StarHill Global : Annualised DPU = 5.01ct
  • A-REIT : DPU Semi-Annual Payout Policy fm FY15(Mar)
  • Keppel REIT : Annualised DPU = 7.62ct
  • FHT : IPO Prospectus ; DPU : FY14 (1-Apr-14 to 30-Sep-14) = 3.04ct / 2.86ct if Exclude Top Up ; FY15 = 6.16ct (5.72ct if Exclude) ; Gearing = 41.7% ; NAV = $0.83 ; Listing on 14-Jul-14 2pm @ $0.88
  • PLife : Annualised DPU = 11.28ct
  • OUE C-REIT : IPO Prospectus ; DPU : FY14 = 5.44ct / 4.45ct if Exclude Income Support ; FY15 = 5.51ct (4.6ct if Exclude) ; Gearing = 42.3% ; NAV = $1.043 ; Listing on 27-Jan-14 2pm @ $0.88
  • Saizen : 5-to-1 Unit Consolidation on 5-Nov-13
  • Viva Industrial Trust : IPO Prospectus ; DPU : FY13 = 3.42ct (1-Jul-13 to 31-Dec-13) / 2.23ct if Exclude Income Support ; FY14 = 6.87ct (4.79ct if Exclude) ; FY15 = 7.03ct (5.19ct if Exclude) ; Gearing = 40.2% ; NAV = $0.74 ; Listing on 4-Nov-13 2pm @ $0.78
  • MLT : Includes 0.2ct Divestment Gain for 8 Qs from Q114 (Jun13)
  • SoilBuild Business Space REIT : IPO Prospectus ; DPU : FY13 = 4.37ct (1-Apr-13 to 31-Dec-13) / FY14 = 5.97ct ; Yield : FY13 = 7.47% / FY14 = 7.654% ; Gearing = 29.9% ; NAV = $0.80 ; Listing on 16-Aug-13 2pm @ $0.78
  • OUE H-Trust : IPO Prospectus ; DPU : FY13 = 4.77ct (1-Apr-13 to 31-Dec-13) / FY14 = 6.57ct ; Yield : FY13 = 7.194% / FY14 = 7.466% ; Gearing = 33.2% ; NAV = $0.903 ; Listing on 25-Jul-13 2pm @ $0.78
  • SPH REIT : IPO Prospectus ; DPU : FY13 (Aug) = 2.51ct (1-Mar-13 to 31-Aug-13) / FY14 (Aug) = 5.21ct ; Yield : FY13 = 5.578% / FY14 = 5.789% ; Gearing = 27.3% ; NAV = $0.88 ; Listing on 24-Jul-13 2pm @ $0.90
  • MGCT : IPO Prospectus ; DPU : FY14 (Mar) = 5.24ct / FY15 (Mar) = 5.69ct ; Yield : FY14 = 5.634% / FY15 = 6.118% ; Gearing = 43% ; NAV = $0.91 ; Listing on 7-Mar-13 2pm @ $0.93

    
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

FSL Trust

Q3 – Sep14

0

$0.102

0.000%

$0.400

Shipping Trust

RickmersMaritime

Q3 – Sep14

0.6

$0.280

11.322%

$0.580

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3209:US$1 fm Yahoo Finance)
  • Rickmers : 23% Payout
  • FSL : 30-Jun-12 : Suspends Div Payout till 30-Jun-13 ; Restriction on DPU Payout Continues after 30-Jun-13

     
 

Other Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring Trust

Q2 – Sep14

0.82

$0.530

6.189%

$0.192

Infrastructure – Water + Gas + Power

Keppel Infra Tr

1H – Jun14

7.82

$1.065

7.343%

$0.930

Energy (Incineration) + Water (NEWater)

Ascendas-iTrust

1H – Sep14

2.4

$0.820

5.854%

$0.620

India – Industrial Park

Indiabulls Trust

2H – Mar14

0.0162

$0.106

0.298%

$0.341

India – Office

HPH Trust USD

2H – Dec13

22.3

$0.690

7.662%

HK$7.23

Ports – HK + China

Forterra Trust

1H – Jun14

$2.240

0.000%

$3.840

China – Retail + Office + Industrial

Perennial CRT

Q3 – Sep14

0.95

$0.535

7.047%

$0.750

China Retail

Religare Htrust

1H – Sep14

3.61

$1.000

7.220%

$0.867

India – Healthcare

Croesus Rtrust

Q1 – Sep14

2.08

$0.925

8.919%

Y72.57

Japan – Retail (7)

Asian Pay TV Tr

1H – Jun14

4.12

$0.860

9.593%

$0.900

Taiwan PayTV

Accordia Golf Tr

FY15 (Mar) – IPO

6.8

$0.750

9.067%

$0.921

Japan Golf Courses – 89

NOTES :

  • CroesusRT : Exchange Rate Y100 = S$1.1046 ; Annualised DPU = 8.25ct
  • APTT : Above Yield uses DPU = 8.25ct ie 1H14 = 4.12ct + 2H13 = 4.13ct ; Quarterly DPU Payout from Q314 ; Q314 = 2ct ; Reaffirmed Q414 = 2.13ct
  • PCRT : Annualised Yield = 3.77ct ; Semi-Annual Dividend Payout Policy but will pay Q3 due to Conditional Offer by St James (now known as Perennial Real Estates Hldgs)
  • a-iTrust : Above DPU is based on 90% Payout
  • Accordia Golf Trust : IPO Prospectus ; DPU : FY15 (1-Aug-14 to 31-Mar-15) = 6.2ct / Annualised = 6.8ct (Excl. Non-Recurring) – Used in Above Yield Computation or 8.8ct (Incl Non-Recurring) ; Gearing & NAV Computed Using IPO Prospectus Figures ; Listing on 1-Aug-14 2pm @ $0.97
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7552:US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun14) = HK18.7ct + 2H (Dec13) = HK22.3ct
  • KIT : 1H14 DPU Payout = 3.13ct ; 2H13 DPU Payout = 4.69ct ; Above Table Uses 2H13 + 1H14 DPU = 7.82ct to Calculate Yield
  • CitySpring : Guidance for FY15 DPU = 3.28ct ie 0.82ct / Q
  • Indiabulls : No DPU Payout as Semi-Annual Policy
  • Religare : DPU = 1.99ct (Q1) + 2.06ct (Q2) ; 1H DPU = 2.922ct if No Sponsor Waiver
  • APTT : Prospectus ; IPO @ $0.97 ; FY13 DPU = 7.29ct Yield = 7.51% ; FY14 DPU = 8.25ct Yield = 8.51% ; List on 29-May-13 2pm
  • Croesus : Prospectus ; IPO @ $0.93 ; FY14 DPU = 7.39ct Yield = 7.946% ; FY15 DPU = 7.49ct Yield = 8.054% ; Gearing = 43.7% ; List on 10-May-13 2pm
  • Forterra (TCT) : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
  • Religare : Prospectus ; IPO @ $0.90 ; FY13 DPU = 4ct (1-Oct-12 to 31-Mar-13) Yield = 8.9% (Sponsor Waiver to DPU) / 6.42% (if no waiver) ; FY14 DPU = 8.17ct Yield = 9.1% (waiver) / 6.54% (no waiver) ; Gearing = 6.7%
  • Indiabulls : Maiden DPU on 1H (sep12) Declared since Listing on 11-Jun-08

 
 

 
 

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