December 2016

 

 

REITs : Average Yield = 7.328% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Sabana REIT

Q3 – Sep16

$0.380

1.200

12.553%

$0.790

41.50%

Industrial (21)

Viva Ind Tr

Q3 – Sep16

$0.755

1.810

9.538%

$0.803

39.80%

Industrial (8) : Biz Park (59%) + Light Industrial (25%) + Hotel (10%) + Logistics (6%) by Revenue

Lippo Malls Tr

Q3 – Sep16

$0.370

0.860

9.297%

$0.392

32.70%

Retail (Indonesia) – 19

Cache Log Trust

Q3 – Sep16

$0.810

1.847

9.072%

$0.830

41.20%

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

IREIT Global

Q3 – Sep16

$0.715

1.570

8.783%

$0.639

42.50%

Offices : Germany (5)

SoilbuildBizREIT

Q3 – Sep16

$0.640

1.399

8.744%

$0.770

36.00%

Industrial (12) : Business Park 35% + Industrial 65% by NPI

AIMSAMP Cap Reit

Q2 – Sep16

$1.310

2.750

8.626%

$1.466

34.00%

Industrial (26) : Singapore + Australia

BHG Retail Reit

Q3 – Sep16

$0.655

1.290

7.878%

$0.800

30.50%

Retail (China) – 5

Frasers Com Tr

Q4 – Sep16

$1.260

2.453

7.788%

$1.520

36.00%

Singapore (55%) + Australia (45%) by NPI

Mapletree GCC Tr

2H – Sep16

$0.950

3.610

7.600%

$1.190

39.90%

Retail + Office : HK (69.4%) + China (30.6%) by NPI

OUE Com Reit

Q3 – Sep16

$0.695

1.320

7.597%

$0.890

40.80%

Office (83.1%) + Retail (16.9%) ; Singapore (79.9%) + China (20.1%) by Revenue

Ascendas-hTrust

1H – Sep16

$0.705

2.670

7.574%

$0.880

32.40%

Hotels (11) : Australia (52%) + Japan (26%) + Singapore (13%) + China (9%) by NPI

OUE Htrust

Q3 – Sep16

$0.660

1.230

7.455%

$0.800

37.30%

Hotel (77.6%) + Retail (22.4%) by NPI

CDL Htrust

Q3 – Sep16

$1.340

2.440

7.388%

$1.559

36.70%

Hotels : Singapore (62.9%) + Australia (10.1%) + Maldives (7.3%) + NZ (8.1%) + Japan (3.7%) + UK (7.9%) by NPI

Ascott Reit

Q3 – Sep16

$1.130

2.350

7.339%

$1.300

41.00%

Serviced Apts (90) : Key Mkt (87.8%) + R.O.W (12.2%) by Valuation

Cambridge Ind Tr

Q3 – Sep16

$0.540

0.987

7.311%

$0.669

36.90%

Industrial (50)

Far East HTrust

Q3 – Sep16

$0.600

1.120

7.300%

$0.928

32.80%

Hotels (65%) + Commercial (20.9%) + Serviced Apts (14.1%) by Revenue

Mapletree Log Tr

Q2 – Sep16

$1.020

1.860

7.294%

$0.990

37.60%

Industrial (124)

FHT

2H – Sep16

$0.650

2.335

7.184%

$0.829

37.70%

Hotel (9) + Serviced Apt (6) : Australia (30%) + Singapore (25%) + UK (21%) + Japan (12%) + Malaysia (7%) + Germany (5%) by NPI

Frasers L&I Tr

1H – Sep16

$0.925

1.840

7.049%

$0.908

28.20%

Industrial (Australia) – 53

StarhillGbl Reit

Q1 – Sep16

$0.740

1.300

6.986%

$0.910

35.10%

Retail (87.2%) + Office (12.8%) ; Singapore (63.4%) + Australia (21.2%) + Malaysia (12.7%) + Others (2.7%) by Revenue

Mapletree Ind Tr

Q2 – Sep16

$1.645

2.830

6.881%

$1.370

29.00%

Industrial (85)

CapitaR China Tr

Q3 – Sep16

$1.370

2.360

6.854%

$1.540

36.70%

Retail (China) – 11

First REIT

Q3 – Sep16

$1.265

2.120

6.696%

$1.029

30.00%

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

Ascendas Reit

1H – Sep16

$2.270

7.791

6.673%

$2.030

34.20%

Industrial (131) : Singapore (85%) + Australia (13%) + China (2%) by Valuation

ManulifeREIT USD

FY16 – IPO

$0.825

3.650

6.591%

$0.780

36.80%

Offices : USA (3)

Keppel DC REIT

Q3 – Sep16

$1.185

1.900

6.414%

$0.889

29.40%

Data Centres – 9 + 1 (Under Devt)

Keppel Reit

Q3 – Sep16

$1.020

1.600

6.275%

$1.410

39.00%

Office (8) : Singapore (90%) + Australia (10%) by Asset Value

CapitaCom Trust

Q3 – Sep16

$1.480

2.300

6.216%

$1.720

37.80%

Office (69%) + Retail (18%) + Hotel (13%) by Gross Rental Income

Frasers Cpt Tr

Q4 – Sep16

$1.900

2.815

6.192%

$1.930

28.30%

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

Suntec Reit

Q3 – Sep16

$1.650

2.535

6.156%

$2.102

37.80%

Office (68%) + Retail (26%) + Convention (6%) by Income

CapitaMall Trust

Q3 – Sep16

$1.885

2.780

5.905%

$1.860

35.40%

Retail (16) + Office

Mapletree Com Tr

Q2 – Sep16

$1.395

2.050

5.864%

$1.320

37.30%

Retail + Office

SPHREIT

Q4 – Aug16

$0.950

1.410

5.789%

$0.940

25.70%

Retail (2)

Fortune Reit HKD

1H – Jun16

$8.610

24.780

5.756%

$12.770

29.80%

Retail (HK) – 17

ParkwayLife Reit

Q3 – Sep16

$2.360

3.060

5.186%

$1.640

38.20%

Hospitals + Nursing Homes = 48 : Singapore 58% + Japan 42% by Gross Revenue

Saizen REIT

2H – Jun15

$0.051

2.930

0.000%

$1.210

35.00%

Residential (Japan) – 136

NOTES :

  • Mkt Price is as on 30-Dec-16
  • IREIT Global : DPU Not Paid as Semi-Annual Payout Policy
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.38ct = 1.17ct (Dec15) + 1.12ct (Sep16) + 1.01ct (Jun16) + 1.08ct (Mar16)
  • Manulife REIT : DPU Not Paid as Semi-Annual Payout Policy ; DPU = US 2.01ct (20-May-16 to 30-Sep-16)
  • OUE C-REIT : DPU Not Paid as Semi-Annual Payout Policy
  • FLT : For the Period 20-Jun-16 to 30-Sep-16
  • YTL StarHill : Above Yield is Computed using last 4Qs DPU : 5.17ct = 1.32ct (Dec15) + 1.30ct (Sep16) + 1.29ct (Jun16) + 1.26ct (Mar16)
  • FHT : Rights Issue on 9-Sep-16 for 441,549,281 @ $0.603, also entitled to DPU (for 1-Apr-16 to 30-Sep-16)
  • CDL H-Trust : Above Yield is Computed using last 4Qs DPU : 9.90ct = 3.01ct (Q415) + 4.45ct (1H16) + 2.44ct (Q116) ; DPU Not Paid as Semi-Annual Payout Policy
  • PLife : Annualised DPU = 12.24ct
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 11.30ct = 2.85ct (Dec15) + 2.75ct (Sep16) + 2.75ct (Jun16) + 2.95ct (Mar16)
  • MCT : : Q2 DPU = 1.31ct (4-Aug-16 to 30-Sep-16) + 0.74ct (1-Jul-16 to 3-Aug-16) Already Paid ; Above Yield is Computed using last 4Qs DPU : 8.18ct = 2.08ct (Dec15) + 2.05ct (Sep16) + 2.03ct (Jun16) + 2.02ct (Mar16)
  • Cambridge : Annualised DPU = 3.948ct
  • CRCT : Annualised DPU = 9.39ct ; DPU Not Paid as Semi-Annual Payout Policy
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar16) + 2.88ct (Dec15) + 2.78ct (Sep16) + 2.74ct (Jun16) = 11.13ct
  • CLT : Annualised DPU = 7.348ct
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.764ct = 2.87ct (Dec15) + 2.815ct (Sep16) + 3.040ct (Jun16) + 3.039ct (Mar16) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • VIT : Annualised DPU = 7.201ct
  • A-REIT : 2H DPU = 2.156ct (11-Aug-16 to 30-Sep-16) + 5.635ct (1-Apr-16 to 10-Aug-16) Already Paid ; Above Yield is Computed Using latest 4Qs DPU = 15.147ct = 7.356ct (2H16) + 7.791ct (1H17)
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 2.35ct (Q316) + 3.875ct (1H16) + 2.068ct (Q415) = 8.293ct
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 10.157ct = 2.75ct (Q415) + 2.535ct (Q316) + 2.501ct (Q216) + 2.371ct (Q116)
  • FCOT : Includes 0.2656ct from Capital Gains
  • FirstREIT : Annualised DPU = 8.47ct
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • Keppel DC REIT : DPU Not Paid as Semi-Annual Payout Policy
  • Sabana : Annualised DPU = 4.77ct
  • SB REIT : DPU = 1.533ct if Exclude 94.4Mil New Units Issued on 26-Sep-16 (1-for-10 @ $0.63)
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.33ct (Nov15) + 1.41ct (Aug16) + 1.36ct (May16) + 1.40ct (Feb16) =5.50ct
  • BHG REIT : Above DPU for the Period 11-Dec-15 to 30-Jun-16
  • IREIT : DPU 100% Hedged @ €1 : S$1.53 for FY16
  • MLT : Includes 0.06ct Divestment Gain for 8 Qs & 0.2ct for 4Qs from Sep-15 ie DPU = 1.79ct (Jun-16) if Excl Divestment Gains
  • 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$1.0436 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 : 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
  • 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

    
 

Shipping Trusts (non-REITs)

Trust

Period

Mkt

DPU cts

Yield

NAV

Assets Type

FSL Trust

Q3 – Sep16

$0.159

0.00

0.000%

$0.450

Shipping Trust

RickmersMaritime

Q3 – Sep16

$0.026

0.00

0.000%

$0.260

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.4467 : 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

Q3 – Sep16

$0.475

0.930

7.832%

$0.316

Infrastructure

Ascendas-iTrust

Q1 – Jun16

$1.015

1.360

5.360%

$0.650

India – Industrial Park (6)

Indiabulls Trust

2H – Mar16

$0.255

0.000

0.250%

$1.710

India – Office

HPH Trust USD

1H – Jun16

$0.435

14.000

9.696%

HK$4.71

Ports – HK (40%) + China (60%) by Revenue

RHT HealthTrust

1H – Sep16

$0.915

3.600

7.869%

$0.923

India – Healthcare (18)

Croesus Rtrust

Q1 – Sep16

$0.835

1.790

8.503%

Y71.54

Japan – Retail (11)

Asian Pay TV Tr

Q3 – Sep16

$0.375

1.625

17.333%

$0.840

Taiwan PayTV

Accordia Golf Tr

1H – Sep16

$0.630

2.450

10.730%

$1.010

Japan Golf Courses – 89

NOTES :

  • CroesusRT : DPU Not Paid as Semi-Annual Payout Policy ; Exchange Rate Y100 = S$1.2370 ; Annualised DPU = 7.1ct ; Actual Payout = 1.61ct (4-Apr-16 to 30-Jun-16) ; Hedged Rate –FY16 @ Y83.57 ; FY17 @ Y76.39 ; 1H FY18 @ Y71.05
  • Accordia : Above Yield Computed Using DPU = 6.76ct = 4.31ct (2H16 – Mar16) + 2.45ct (1H17 – Sep16)
  • APTT : Above Yield uses DPU = 6.5ct as FY16 Guidance = 6.5ct to 7ct (1.625ct/Q ; Q4 May Have Additional DPU)
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7529 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun16) = HK14.0ct + 2H (Dec15) = HK18.7ct
  • a-iTrust : DPU Not Paid as Semi-Annual Payout Policy
  • Religare : FY17 DPU Payout Reduced to 95% from current 100%
  • Indiabulls : Yield Computed Using 0ct (2H16) + 0.0638ct (1H16)
  • 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
  • Indiabulls : Maiden DPU on 1H (Sep12) Declared since Listing on 11-Jun-08