March 2015

 

 
 

REITs : Average Yield = 6.495%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

IREIT Global

Q4 – Dec14

2.570

$0.780

8.529%

$0.708

31.50%

Offices : Germany

Viva Ind Tr

Q4 – Dec14

1.701

$0.805

8.384%

$0.758

44.30%

Biz Park (66.8%) + Hotel (16.4%) + Light Industrial (13.5%) + Logistics (3.3%) by Valuation

Lippo Malls Tr

Q4 – Dec 14

0.710

$0.345

8.232%

$0.424

31.30%

Retail (Indonesia) – 17

Sabana REIT

Q4 – Dec14

1.780

$0.900

7.844%

$1.040

38.00%

Industrial (23)

SoilbuildBizREIT

Q4 – Dec14

1.585

$0.810

7.827%

$0.800

35.40%

Business Park (2) + Industrial (8)

Ascendas-hTrust

Q3 – Dec14

1.300

$0.680

7.647%

$0.690

38.90%

Hotels (12) : Australia (63%) + Singapore (15%) + Japan (16%) + China (6%) by NPI

AIMSAMP Cap Reit

Q3 – Dec14

2.830

$1.490

7.597%

$1.535

31.70%

Industrial (26)

OUE Htrust

Q4 – Dec14

1.780

$0.940

7.574%

$0.900

32.70%

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

Cache Log Trust

Q4 – Dec14

2.146

$1.175

7.246%

$0.980

34.90%

Industrial : Singapore (12) + Shanghai (1)

Saizen REIT

1H – Dec14

3.100

$0.860

7.209%

$1.100

36.00%

Residential (Japan) – 136

OUE COMMERCIAL REIT

2H – Dec14

2.840

$0.800

7.100%

$1.100

38.30%

Retail (10%) + Office (89%) by Revenue

FHT

Q1 – Dec14

2.970

$0.895

7.083%

$0.861

40.00%

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

Cambridge Ind Tr

Q4 – Dec14

1.252

$0.710

6.996%

$0.681

34.80%

Industrial (50)

Ascott Reit

2H – Dec14

4.264

$1.245

6.850%

$1.370

38.50%

Serviced Apts (86) : AsiaPacific (68.3%) + Europe (31.7%) by Valuation

Mapletree Ind Tr

Q3 – Dec14

2.670

$1.580

6.759%

$1.210

32.80%

Industrial (85)

CDL Htrust

2H – Dec14

5.740

$1.755

6.541%

$1.645

31.70%

Hotels : Singapore (75.1%) + Australia (9.6%) + NZ (4.1%) + Maldives (8.1%) + Japan (2.8%) by Valuation

Frasers Com Tr

Q1 – Dec14

2.461

$1.500

6.507%

$1.560

37.20%

Singapore (68%) + Australia (32%) by Valuation

Far East HTrust

Q4 – Dec14

1.280

$0.800

6.400%

$0.970

31.40%

Hotels (67.4%) + Serviced Apts (13.5%) + Commercial (19.1%) by Revenue

Mapletree GCC Tr

Q3 – Dec14

1.662

$1.040

6.339%

$1.060

37.90%

Retail + Office (China + HK)

Keppel DC REIT

FY15 – IPO

6.360

$1.030

6.175%

$0.870

27.80%

Data Centres – 8

StarhillGbl Reit

Q4 – Dec14

1.290

$0.835

6.132%

$0.930

28.60%

Retail (86.4%) + Office (13.6%) ; Singapore (67.9%) + Malaysia (15.1%) + Australia (9.9%) + China (5.2%) + Japan (1.9%) by Revenue

Mapletree Log Tr

Q3 – Dec14

1.870

$1.245

6.008%

$0.960

34.70%

Industrial (117)

CapitaR China Tr

2H – Dec14

4.830

$1.610

6.000%

$1.580

28.70%

Retail (China) – 10

First REIT

Q4 – Dec14

2.040

$1.400

5.750%

$1.018

33.10%

Hospitals (11 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)

Frasers Cpt Tr

Q1 – Dec14

2.750

$2.020

5.662%

$1.850

29.30%

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

Suntec Reit

Q4 – Dec14

2.577

$1.855

5.557%

$2.091

34.70%

Retail + Office

Ascendas Reit

Q3 – Dec14

3.590

$2.590

5.544%

$2.030

33.60%

Industrial : Singapore (104) + China (2)

Mapletree Com Tr

Q3 – Dec14

2.080

$1.600

5.200%

$1.170

37.90%

Retail + Office

CapitaMall Trust

Q4 – Dec14

2.860

$2.200

5.159%

$1.790

33.80%

Retail (16) + Office

SPHREIT

Q1 – Nov14

1.330

$1.040

5.115%

$0.930

26.00%

Retail (2)

Fortune Reit HKD

2H – Dec14

20.800

$8.150

5.104%

$11.930

29.40%

Retail (HK) – 17

Keppel Reit

Q4 – Dec14

1.510

$1.200

5.033%

$1.400

43.30%

Offices : Singapore (4) + Australia (5)

ParkwayLife Reit

Q4 – Dec14

2.900

$2.360

4.915%

$1.600

35.20%

Hospitals + Nursing Homes = 41

CapitaCom Trust

2H – Dec14

4.240

$1.765

4.805%

$1.710

29.30%

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

NOTES :

  • Mkt Price is as on 31-Mar-15
  • IREIT : DPU Based on Hedged Rate of €1 : S$1.68 for the Period 13-Aug-14 to 31-Dec-14 ; For FY15, DPU Hedged @ €1 : S$1.55
  • Saizen : DPU Based on Hedged Rate of Y81.9 : S$1 ; For next DPU Payout on 2H15 (Jun-15), DPU Hedged @ Y85.6
  • A-HTrust : DPU Not Paid as Semi-Annual Payout Policy ; DPU = 1.57ct if Exclude CCS (Cross Currency Swap) Unwinding Expenses ; CCS Unwinding Ended on Oct-14
  • FHT : DPU = 2.97ct (14-Jul-14 to 31-Dec-14) vs Projected DPU = 2.82ct ; DPU Not Paid as Semi-Annual Payout Policy (1st DPU Payout on 31-Mar-15)
  • PLife : Annualised DPU = 11.6ct
  • StarHill Global : Annualised DPU = 5.12ct
  • CLT : Annualised DPU = 8.514ct
  • MGCCT : Annualised DPU = 6.593ct
  • VIT : Annualised DPU = 6.749ct
  • FCT : Above Yield is Computed using last 4Qs DPU = 11.437ct ie 2.75ct (Dec14) + 2.785ct (Sep14) + 3.022ct (Jun14) + 2.88ct (Mar14)
  • CMT : Annualised DPU = 11.35ct
  • FCOT : Annualised DPU = 9.76ct
  • A-REIT : DPU Not Paid as Semi-Annual Payout Policy
  • Sabana : Annualised DPU = 7.06ct
  • Keppel REIT : DPU = 1.25ct (1-Oct-14 to 15-Dec-14) + 0.26ct (16-Dec-14 to 31-Dec-14)
  • Cambridge : Annualised DPU = 4.967ct
  • FirstREIT : Annualised DPU = 8.05ct
  • 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
  • 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
  • A-REIT : DPU Semi-Annual Payout Policy fm FY15(Mar)
  • 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
  • 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
  • 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

Q4 – Dec14

0

$0.125

0.000%

$0.410

Shipping Trust

RickmersMaritime

Q4 – Dec14

0.6

$0.285

11.577%

$0.590

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3748:US$1 fm Yahoo Finance)
  • Rickmers : 24% 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

Q3 – Dec14

0.82

$0.540

6.074%

$0.146

Infrastructure – Water + Gas + Power

Keppel Infra Tr

2H – Dec14

7.82

$1.095

7.142%

$0.890

Energy (Incineration) + Water (NEWater)

Ascendas-iTrust

Q3 – Dec14

1.16

$0.900

5.156%

$0.600

India – Industrial Park

Indiabulls Trust

1H – Sep14

0.0141

$0.089

0.340%

$0.335

India – Office

HPH Trust USD

2H – Dec14

22.3

$0.695

7.607%

HK$4.86

Ports – HK + China

Religare Htrust

Q3 – Dec14

1.82

$1.090

6.679%

$0.859

India – Healthcare

Croesus Rtrust

1H – Dec14

4.16

$0.930

8.871%

Y74.36

Japan – Retail (7)

Asian Pay TV Tr

Q4 – Dec14

2.13

$0.890

9.270%

$0.890

Taiwan PayTV

Accordia Golf Tr

Q3 – Dec14

3.91

$0.755

8.040%

$0.850

Japan Golf Courses – 89

NOTES :

  • APTT : Above Yield uses DPU = 8.25ct ie 1H14 = 4.12ct + 2H13 = 4.13ct ; Quarterly DPU Payout from Q314 ; Q314 = 2ct ; Q414 = 2.13ct ; FY15 Guidance = 8.25ct (Q1,Q2,Q3 = 2ct + Q4 =2.25ct)
  • Religare : No DPU Payout as Semi-Annual Payout Policy
  • Forterra : Delisted on 13-Feb-15 9AM
  • Accordia : No DPU Payout as Semi-Annual Payout Policy ; Above Yield Based on Normalised DPU = 6.07ct (Refer to their Presentations) ; First DPU will be Higher as it Includes a Non-Recurring Component
  • CroesusRT : Exchange Rate Y100 = S$1.1448; Annualised DPU = 8.25ct
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7546:US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun14) = HK18.7ct + 2H (Dec14) = HK22.3ct
  • Indiabulls : No DPU Payout as Semi-Annual Policy
  • PCRT : Delisted on 5-Feb-15 9AM
  • a-iTrust : Above DPU is based on 90% Payout ; DPU Not Paid as Semi-Annual Payout Policy
  • KIT : 1H14 DPU Payout = 3.13ct ; 2H14 DPU Payout = 4.69ct ; Above Table Uses 2H13 + 1H14 DPU = 7.82ct to Calculate Yield
  • 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
  • CitySpring : Guidance for FY15 DPU = 3.28ct ie 0.82ct / Q
  • 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
  • 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

 
 

 
 

Comments are Closed