June 2016

 

REITs : Average Yield = 7.138% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Sabana REIT

Q1 – Mar16

$0.525

1.330

10.190%

$0.870

39.60%

Industrial (21)

Cache Log Trust

Q1 – Mar16

$0.860

2.039

9.536%

$0.880

39.60%

Industrial (19) : Singapore (85%) + Australia (14%) + China (1%) by Gross Revenue

Lippo Malls Tr

Q1 – Mar16

$0.350

0.830

9.486%

$0.379

35.70%

Retail (Indonesia) – 19

Viva Ind Tr

Q1 – Mar16

$0.710

1.638

9.279%

$0.811

37.60%

Biz Park (61%) + Light Industrial (22.3%) + Hotel (14.2%) + Logistics (2.5%) by Valuation

SoilbuildBizREIT

Q1 – Mar16

$0.685

1.557

9.092%

$0.790

36.00%

Industrial (11) : Business Park 34% + Industrial 66% by NPI

IREIT Global

Q1 – Mar16

$0.730

1.580

8.658%

$0.612

43.10%

Offices : Germany (5)

Ascendas-hTrust

2H – Mar16

$0.675

2.750

8.148%

$0.860

32.70%

Hotels (11) : Australia (54.5%) + Japan (21.3%) + Singapore (16.1%) + China (8.1%) by NPI

AIMSAMP Cap Reit

Q4 – Mar16

$1.395

2.950

8.136%

$1.478

32.40%

Industrial (26) : Singapore + Australia

Cambridge Ind Tr

Q1 – Mar16

$0.550

1.112

8.087%

$0.671

37.10%

Industrial (51)

FHT

1H – Mar16

$0.770

3.051

7.924%

$0.851

39.30%

Hotel (60.7%) + Serviced Apt (39.3%) : Australia (31%) + Singapore (29%) + UK (15%) + Japan (16%) + Malaysia (9%) by NPI

OUE COMMERCIAL REIT

Q1 – Mar16

$0.675

1.320

7.822%

$0.910

40.50%

Office (85.5%) + Retail (14.5%) by Revenue ; Singapore (78.2%) + China (21.8%) by Gross Rental Income

Frasers Com Tr

Q2 – Mar16

$1.275

2.453

7.710%

$1.530

36.20%

Singapore (63.5%) + Australia (36.5%) by NPI

Far East HTrust

Q1 – Mar16

$0.610

1.080

7.557%

$0.932

32.70%

Hotels (65.5%) + Commercial (21.0%) + Serviced Apts (13.5%) by Revenue

Mapletree GCC Tr

2H – Mar16

$1.010

3.771

7.467%

$1.239

39.50%

Retail + Office : HK (67.5%) + China (32.5%) by NPI

Ascott Reit

Q1 – Mar16

$1.090

1.760

7.326%

$1.340

38.90%

Serviced Apts (89) : Key Mkt (87.6%) + R.O.W (12.4%) by Valuation

CapitaR China Tr

Q1 – Mar16

$1.500

2.710

7.267%

$1.640

28.70%

Retail (China) – 10

Mapletree Log Tr

Q4 – Mar16

$1.000

1.800

7.200%

$1.000

39.60%

Industrial (118)

OUE Htrust

Proforma FY15 (Rights)

$0.685

4.890

7.139%

$0.810

37.80%

Hotel (79.2%) + Retail (20.8%) by NPI

CDL Htrust

Q1 – Mar16

$1.410

2.220

6.979%

$1.553

36.70%

Hotels : Singapore (61%) + Australia (11.4%) + Maldives (10.9%) + NZ (8.5%) + Japan (4.3%)+ UK (3.9%) by NPI

First REIT

Q1 – Mar16

$1.250

2.110

6.792%

$1.033

34.00%

Hospitals (12 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)

ManulifeREIT USD

FY16 – IPO

$0.810

3.650

6.713%

$0.780

36.80%

Offices : USA (3)

BHG Retail Reit

Q1 – Mar16

$0.735

1.500

6.651%

$0.800

29.50%

Retail (China) – 5

StarhillGbl Reit

Q3 – Mar16

$0.785

1.260

6.599%

$0.890

35.40%

Retail (86.3%) + Office (13.7%) ; Singapore (61.7%) + Australia (22.5%) + Malaysia (12.1%) + China (2.2%) + Japan (1.5%) by Revenue

Mapletree Ind Tr

Q4 – Mar16

$1.720

2.810

6.535%

$1.370

28.20%

Industrial (85)

Keppel Reit

Q1 – Mar16

$1.050

1.680

6.400%

$1.420

39.00%

Office : Singapore (90%) + Australia (10%) by Asset Value

Frasers L&I Tr

FY16 – IPO

$0.950

2.030

6.393%

$0.859

25.70%

Industrial (Australia) – 51

Keppel DC REIT

Q1 – Mar16

$1.110

1.670

6.018%

$0.902

29.60%

Data Centres – 9 + 1 (Under Devt)

Ascendas Reit

2H – Mar16

$2.480

7.356

5.932%

$2.020

37.20%

Industrial : Singapore (103) + Australia (27) + China (3)

CapitaCom Trust

Q1 – Mar16

$1.475

2.180

5.912%

$1.720

30.10%

Office (68%) + Retail (19%) + Hotel (13%) by Gross Rental Income

SPHREIT

Q2 – Feb16

$0.930

1.400

5.882%

$0.940

25.70%

Retail (2)

Suntec Reit

Q1 – Mar16

$1.770

2.371

5.731%

$2.114

36.00%

Retail + Office

Frasers Cpt Tr

Q2 – Mar16

$2.130

3.039

5.542%

$1.910

28.30%

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

Mapletree Com Tr

Q4 – Mar16

$1.480

2.020

5.493%

$1.300

35.10%

Retail (68.9%) + Office (31.1%) by NPI

CapitaMall Trust

Q1 – Mar16

$2.130

2.730

5.305%

$1.860

35.50%

Retail (16) + Office

Fortune Reit HKD

2H – Dec15

$9.200

23.500

5.109%

$12.760

30.10%

Retail (HK) – 17

ParkwayLife Reit

Q1 – Mar16

$2.420

2.990

4.942%

$1.650

36.40%

Hospitals + Nursing Homes = 48 : Singapore 61% + Japan 38% by Gross Revenue

Saizen REIT

2H – Jun15

$0.098

2.930

0.000%

$1.210

35.00%

Residential (Japan) – 136

NOTES :

  • Mkt Price is as on 30-Jun-16
  • Frasers Industrial & Logistics Trust : IPO Prospectus ; DPU : FY16 = 2.03ct (1-Jun-16 to 30-Sep-16) ; FY17 = 6.25ct ; Listing on 21-Jun-16 9AM @ $0.89 ; NAV Using Current Exchange Rate A$1 : S$1.0005 fm Yahoo Finance
  • Manulife REIT : IPO Prospectus ; DPU : FY16 = US3.65ct (1-May-16 to 31-Dec-16) @ 1.3592 Exchange Rate; FY17 = US5.87ct @ 1.3658 ; Gearing = 36.8% ; NAV = US$0.79 ; Listing on 20-May-16 2pm @ US$0.83
  • BHG REIT : DPU Not Paid as Semi-Annual Payout Policy ; Above DPU for the Period 11-Dec-15 to 31-Mar-16
  • IREIT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-REIT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE H-Trust : Actual DPU Payout = 1.1ct (1.47ct if Rights Shares Not Entitled) ; Above Yield Uses Proforma FY15 DPU from Rights Circular
  • A-REIT : DPU = 4.296ct (18-Dec-15 to 31-Mar-16) + 3.06ct (1-Oct-15 to 17-Dec-15) Already Paid
  • CDL H-Trust : Above Yield is Computed using last 4Qs DPU : 9.84ct = 2.22ct (Q116) + 5.37ct (2H15) + 2.25ct (Q215) ; DPU Not Paid as Semi-Annual Payout Policy
  • MLT : Includes 0.4ct Divestment Gain for 8 Qs & 0.2ct for 4Qs from Sep-15 ie DPU = 1.74ct (Mar-16) if Excl Divestment Gains
  • Cambridge : Annualised DPU = 4.448ct
  • VIT : Annualised DPU = 6.588ct
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.61ct = 1.17ct (Dec15) + 1.20ct (Sep15) + 1.16ct (Jun15) + 1.08ct (Mar16)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 11.35ct = 2.85ct (Dec15) + 2.80ct (Sep15) + 2.75ct (Jun15) + 2.95ct (Mar16)
  • MCT : Above Yield is Computed using last 4Qs DPU : 8.13ct = 2.08ct (Dec15) + 2.02ct (Sep15) + 2.01ct (Jun15) + 2.02ct (Mar16)
  • PLife : Annualised DPU = 11.96ct
  • CLT : Annualised DPU = 8.201ct
  • YTL StarHill : Above Yield is Computed using last 4Qs DPU : 5.18ct = 1.32ct (Dec15) + 1.31ct (Sep15) + 1.29ct (Jun15) + 1.26ct (Mar16)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.804ct = 2.87ct (Dec15) + 2.859ct (Sep15) + 3.036ct (Jun15) + 3.039ct (Mar16)
  • Suntec : Above Yield is Computed Using lates 4Qs DPU = 10.143ct = 2.75ct (Q415) + 2.522ct (Q315) + 2.5ct (Q215) + 2.371ct (Q116)
  • FCOT : Annualised DPU = 9.83ct ; Includes $0.6m from China Square Land for Hotel Payment
  • Sabana : Annualised DPU = 5.35ct
  • FirstREIT : Annualised DPU = 8.49ct
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar16) + 2.88ct (Dec15) + 2.98ct (Sep15) + 2.71ct (Jun15)
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Advanced DPU = 1.585ct (1-Jan-16 to 22-Mar-16) Already Paid ; Above Yield Uses Latest 4Qs DPU = 1.76ct (Mar-16) + 4.138ct (2H15) + 2.087ct (Q215)
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • CRCT : Annualised DPU = 10.28ct ; DPU Not Paid as Semi-Annual Payout Policy
  • Keppel DC REIT : DPU Not Paid as Semi-Annual Payout Policy
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.33ct (Nov15) + 1.39ct (Aug15) + 1.35ct (May15) + 1.40ct (Feb16) =5.47ct
  • IREIT : DPU 80% Hedged @ €1 : S$1.52 for FY16
  • BHG REIT : IPO Prospectus ; DPU : FY15 = 0.76ct (1-Nov-15 to 31-Dec-15) / 0.53ct if exclude sponsor waiver ; FY16 = 5.08ct / 3.56ct if exclude sponsor waiver ; Gearing = 33.5% ; NAV = $0.826 ; Listing on 11-Dec-15 2pm @ $0.80
  • Saizen : DPU Hedged @ Y85.6(Jun-15) & Y87 for 1H16 (Mar-16)
  • OUE H-Trust : Rights Circular dated 15-Mar-16 ; 33-for-100 Rights Issue @ $0.54 (TERP = $0.7092 @ $0.765) ; Proforma FY15 DPU = 4.89cts <- 5.84ct ; NAV = $0.81 <- $0.90 ; Gearing = 37.8% <- 42%
  • IREIT Global : Rights Circular ; 45-for-100 Rights Issue @ $0.468 (TERP = $0.7004 @ $0.805) ; Proforma FY14 DPU = €1.53cts (Same as Actual) ; NAV = €0.48 -> €0.41 ; Gearing 31.8% -> 43.7%
  • 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
  • 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
  • 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

    
 

Shipping Trusts (non-REITs)

Trust

Period

Mkt

DPU cts

Yield

NAV

Assets Type

FSL Trust^

Q1 – Mar16

$0.179

0.00

0.000%

$0.440

Shipping Trust

RickmersMaritime

Q1 – Mar16

$0.080

0.00

0.000%

$0.410

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3482 : US$1 fm Yahoo Finance)
  • Rickmers
    : DPU Suspended fm Q315
  • 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

Mkt

DPU cts

Yield

NAV

Assets Type

Kep Infra Tr

Q1 – Mar16

$0.495

0.93

7.515%

$0.337

Infrastructure

Ascendas-iTrust

2H – Mar16

$0.990

2.76

5.576%

$0.690

India – Industrial Park (6)

Indiabulls Trust

2H – Mar16

$0.255

0.00

0.250%

$1.710

India – Office

HPH Trust USD

2H – Dec15

$0.455

18.70

9.744%

HK$4.76

Ports – HK (41%) + China (59%) by Revenue

Religare Htrust

2H – Mar16

$0.985

3.82

7.756%

$0.927

India – Healthcare (18)

Croesus Rtrust

Q3 – Mar16

$0.815

1.86

9.252%

Y73.65

Japan – Retail (8)

Asian Pay TV Tr

Q1 – Mar16

$0.530

1.63

12.264%

$0.820

Taiwan PayTV

Accordia Golf Tr

2H – Mar16

$0.600

4.31

11.050%

$0.890

Japan Golf Courses – 89

NOTES :

  • Accordia : Above Yield Computed Using DPY = 6.63ct = 4.31ct (2H16 – Mar16) + 2.32ct (1H16 – Sep15)
  • Religare
    : FY17 DPU Payout Reduced to 95% from current 100%
  • CroesusRT : Exchange Rate Y100 = S$1.3140 ; Annualised DPU = 7.54ct ; Hedged Rate – FY16 @ Y85.01 ; FY17 @ Y83.95 ; FY18 @ Y76.43
  • APTT : Above Yield uses DPU = 6.5ct as FY16 Guidance = 6.5ct to 7ct (1.625ct/Q ; Q4 May Have Additional DPU)
  • Indiabulls : Yield Computed Using 0ct (2H16) + 0.0638ct (1H16)
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7590 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun15) = HK15.7ct + 2H (Dec15) = HK18.7ct
  • RHT : DPU Not Paid as Semi-Annual Payout Policy
  • APTT
    : FY15 Guidance = 8.25ct (Q1,Q2,Q3 = 2ct + Q4 =2.25ct)
  • Indiabulls : 5-for-1 Shares Consolidation on 25-Aug-15
  • KIT : Previously Cityspring + Offer of Units-in-Specie for Previous KIT ; Started Trading on 18 May 15
  • 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
  • Forterra : Delisted on 13-Feb-15 9AM
  • PCRT : Delisted on 5-Feb-15 9AM
  • 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

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