December 2017

REITs : Average Yield = 6.234% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Lippo Malls Tr

Q3 – Sep17

$0.400

0.8600

8.600%

$0.354

28.70%

Retail (Indonesia) – 21
SoilbuildBizREIT

Q3 – Sep17

$0.670

1.3740

8.203%

$0.710

37.90%

Industrial (12) : Business Park 34% + Industrial 66% by NPI
Viva Ind Tr

Q3 – Sep17

$0.935

1.9000

8.062%

$0.788

39.60%

Industrial (9) : Biz Park (51.8%) + Light Industrial (21.1%) + Logistics (16.6%) + Hotel (10.5%) by NPI
Sabana REIT

Q3 – Sep17

$0.395

0.7900

7.924%

$0.560

36.00%

Industrial (20)
AIMSAMP Cap Reit

Q2 – Sep17

$1.360

2.5500

7.794%

$1.364

37.30%

Industrial (27) : Singapore + Australia
BHG Retail Reit

Q3 – Sep17

$0.740

1.4100

7.622%

$0.830

32.50%

Retail (China) – 5
EC World Reit

Q3 – Sep17

$0.760

1.4400

7.579%

$0.890

29.20%

Port, Warehouse & e-Commerce Infrastructure in China
IREIT Global

Q3 – Sep17

$0.775

1.4200

7.329%

$0.666

41.70%

Offices : Germany (5)
Cache Log Trust

Q3 – Sep17

$0.855

1.5410

7.151%

$0.769

43.60%

Industrial (19) : Singapore (82%) + Australia (17%) + China (1%) by Gross Revenue
ManulifeREIT USD

Q3 – Sep17

$0.905

1.6000

7.072%

$0.840

33.10%

Offices : USA (4)
ESR-REIT

Q3 – Sep17

$0.565

0.9640

6.825%

$0.632

36.70%

Industrial (48)
Ascendas-hTrust

1H – Sep17

$0.860

2.7300

6.674%

$0.890

32.60%

Hotels (11) : Australia (52%) + Japan (26%) + Singapore (13%) + China (10%) by NPI
OUE Com Reit

Q3 – Sep17

$0.720

1.1500

6.542%

$0.850

36.90%

Office (86%) + Retail (14%) by NPI ; Singapore (79%) + China (21%) by Revenue
Frasers Com Tr

Q4 – Sep17

$1.490

2.4070

6.462%

$1.580

34.70%

Singapore (54.4%) + Australia (45.6%) by NPI
FHT

2H – Sep17

$0.785

2.5137

6.404%

$0.816

32.10%

Hotel (9) + Serviced Apt (6) : Australia (38%) + Singapore (22%) + UK (18%) + Japan (9%) + Malaysia (7%) + Germany (6%) by NPI
CapitaR China Tr

Q3 – Sep17

$1.620

2.3700

6.235%

$1.610

35.40%

Retail (China) – 10
First REIT

Q3 – Sep17

$1.390

2.1400

6.173%

$1.006

32.60%

Hospitals (14 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)
OUE Htrust

Q3 – Sep17

$0.850

1.3600

6.153%

$0.760

38.10%

Hotel (78%) + Retail (22%) by NPI
StarhillGbl Reit

Q1 – Sep17

$0.775

1.2000

6.142%

$0.910

35.40%

Retail + Office : Singapore (61.1%) + Australia (23.7%) + Malaysia (11.4%) + Others (2.9%) by Revenue
Frasers L&I Tr

2H – Sep17

$1.160

3.5200

6.069%

$0.940

29.30%

Industrial (Australia) – 61
Mapletree GCC Tr

1H – Sep17

$1.230

3.7140

6.053%

$1.246

38.50%

Retail + Office : HK (69.3%) + China (30.7%) by NPI ; Retail (61.4%) + Office (36.6%) by NPI
Mapletree Ind Tr

Q2 – Sep17

$2.030

3.0000

5.911%

$1.410

30.00%

Industrial (85)
Ascendas Reit

1H – Sep17

$2.720

8.1080

5.865%

$2.130

33.10%

Industrial (131) : Singapore (85%) + Australia (15%) by Valuation
Ascott Reit

Q3 – Sep17

$1.220

1.6900

5.810%

$1.220

31.90%

Serviced Apts (74) : Asia Pacific (59.6%) + Europe (27.9%) + US (12.5%) by Assets
Mapletree Log Tr

Q2 – Sep17

$1.320

1.8870

5.718%

$1.030

33.70%

Industrial (124)
Far East HTrust

Q3 – Sep17

$0.720

1.0300

5.625%

$0.894

32.10%

Hotels 8 (65.8%) + Commercial (20.3%) + Serviced Apts 4 (13.9%) by Revenue
CDL Htrust

Q3 – Sep17

$1.690

2.2900

5.621%

$1.475

33.30%

Hotels : Singapore (57.2%) + NZ (13.1%) + Australia (9.8%) + UK (7.5%) + Maldives (6.7%) + Japan (3.3%) by NPI
Mapletree Com Tr

Q2 – Sep17

$1.620

2.2400

5.562%

$1.370

36.40%

Retail + Office
Fortune Reit HKD

1H – Jun17

$9.610

25.5300

5.313%

$13.390

28.40%

Retail (HK) – 17
Frasers Cpt Tr

Q4 – Sep17

$2.240

2.9700

5.313%

$2.020

29.00%

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

Q4 – Aug17

$1.050

1.4200

5.267%

$0.950

25.40%

Retail (2)
CapitaMall Trust

Q3 – Sep17

$2.130

2.7800

5.230%

$1.920

34.70%

Retail (16) + Office
Keppel DC REIT

Q3 – Sep17

$1.430

1.7400

4.867%

$0.960

32.10%

Data Centres – 12 + 1 (Under Devt)
Suntec Reit

Q3 – Sep17

$2.150

2.4830

4.650%

$2.090

36.80%

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

Q3 – Sep17

$1.260

1.4000

4.444%

$1.410

38.80%

Office (8) : Singapore (87%) + Australia (13%) by Asset Value
ParkwayLife Reit

Q3 – Sep17

$2.990

3.3700

4.214%

$1.680

37.30%

Hospitals + Nursing Homes = 49 : Singapore 61% + Japan 39% by Gross Revenue
CapitaCom Trust

Q3 – Sep17

$1.930

2.020

4.187%

$1.820

36.00%

Office (72%) + Retail (17%) + Hotel (11%) by Gross Rental Income

NOTES :

  • Mkt Price is as on 30-Dec-17
  • IREIT : DPU Not Paid as Semi-Annual Payout Policy
  • PLife : Above Yield is Computed Using Recurring DPU = 3.15ct ie Excl. 0.22ct Divestment Gain (3rd of 4 Tranches)
  • BHG REIT : DPU Not Paid as Semi-Annual Payout Policy
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.74ct = 2.73ct (1H18) + 3.01ct (2H17)
  • Manulife REIT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 4.71ct = 1.15ct (Q317) + 2.38ct (1H17) + 1.18ct (Q416) ; DPU Not Paid as Semi-Annual Payout Policy
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.05ct = 1.12ct (Dec16) + 1.03ct (Sep17) + 0.97ct (Jun17) + 0.93ct (Mar17)
  • FLT : Above Yield Uses 2H DPU = 3.52ct = 1.68ct (6-Jul-17 to 30-Sep-17) + Advanced DPU 1.84ct (1-Apr-17 to 5-Jul-17)
  • OUE-HTrust : Above Yield is Computed using last 4Qs DPU : 5.23ct = 1.36ct (Dec16) + 1.36ct (Sep17) + 1.21ct (Jun17) + 1.30ct (Mar17)
  • A-REIT : Above Yield is Computed Using latest 4Qs DPU = 15.953ct = 4.049ct (Q118) + 3.993ct (Q317) + 3.852ct (Q417) + 4.059ct (Q218)
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 9.997ct = 2.596ct (Q416) + 2.483ct (Q317) + 2.493ct (Q217) + 2.425ct (Q117)
  • YTL StarHill : Annualised DPU = 4.76ct
  • VIT : Annualised DPU = 7.538ct
  • CDL H-Trust : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield is Computed using last 4Qs DPU : 9.5ct = 2.29ct (Q317) + 4.1ct (1H17) + 3.11ct (Q416)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 10.6ct = 2.77ct (Dec16) + 2.55ct (Sep17) + 2.5ct (Jun17) + 2.78ct (Mar17)
  • MCT : Above Yield is Computed using last 4Qs DPU : 9.01ct = 2.28ct (Dec16) + 2.24ct (Sep17) + 2.23ct (Jun17) + 2.26ct (Mar17)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.9ct = 2.89ct (Dec16) + 2.97ct (Sep17) + 3.00ct (Jun17) + 3.040ct (Mar17) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • CLT : Annualised DPU = 6.114ct ; 18-for-100 Rights @ $0.632 on 9-Oct-17 Entitled to Accrued DPU
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 2.042ct (Q416) + 3.356ct (1H17) + 1.69ct (Q317) = 7.088ct
  • Sabana : Annualised DPU = 3.13ct
  • FirstREIT : Annualised DPU = 8.58ct
  • MLT : Advanced DPU = 1.706ct (1-Jul-17 to 21-Sep-17) + 0.181ct (22-Sep-17 to 30-Sep-17) to be paid with Q3 DPU
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 2.37ct (Q416) + 5.36ct (1H17) + 2.37ct (Q317) = 10.10ct
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar17) + 2.88ct (Dec16) + 2.78ct (Sep17) + 2.75ct (Jun17) = 11.14ct
  • MGCCT : Above Yield is Computed Using latest 4Qs DPU : 7.445ct = 3.714ct (1H18) + 3.731ct (2H17)
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • ESR REIT : Annualised DPU = 3.856ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov16) + 1.42ct (Aug17) + 1.37ct (May17) + 1.40ct (Feb17) =5.53ct
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.55 for FY17 ; 80% Hedged @ €1 : S$1.63 for FY18
  • 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
  • EC World : IPO Prospectus : DPU FY16 = 3.34ct (1-Jun-16 to 31-Dec-16) ; FY17 5.94ct ; Gearing 28.9% ; NAV $0.88 ; Listing on 28-Jul-16 2pm @ $0.81
  • 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

Q2 – Jun17

$0.090

0.00

0.000%

$0.390

Shipping Trust

NOTES :

  • All in US$ except for FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3603 : US$1 fm Yahoo Finance)
  • Rickmers : Delisted on 27-Jul-17 9am
  • FSL : 30-Jun-12 : 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

Q2 – Jun17

$0.575

0.930

6.470%

$0.307

Infrastructure
Ascendas-iTrust

1H – Sep17

$1.150

2.810

4.887%

$0.790

India – Industrial Park (7)
HPH Trust USD

1H – Jun17

$0.415

9.500

8.064%

HK$4.53

Ports – HK (38%) + China (62%) by Revenue
RHT HealthTrust

2H – Jun17

$0.840

2.370

5.419%

$0.845

India – Healthcare (18)
Asian Pay TV Tr

Q3 – Sep17

$0.590

1.625

11.017%

$0.830

Taiwan PayTV
Accordia Golf Tr

1H – Sep17

$0.685

1.650

7.650%

$0.900

Japan Golf Courses – 89
Dasin Retail Tr

Q3 – Sep17

$0.880

2.230

10.136%

$1.510

China – Retail (4)
NetLink NBN Tr

FY18 – IPO

$0.835

2.930

5.271%

$0.800

Fibre Network Infrastructure

NOTES :

  • IndiaBull : Delisted on 11-Dec-17 9am
  • CroesusRT : Delisted on 26-Oct-17
  • RHT : DPU Not Paid as Semi-Annual Payout Policy
  • Dasin : DPU Not Paid as Semi-Annual Payout Policy
  • Accordia : Above Yield Computed Using DPU = 5.24ct = 3.59ct (2H17 – Mar17) + 1.65ct (1H18 – Sep17) ;
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7995 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun17) = HK9.5ct + 2H (Dec16) = HK16.6ct
  • APTT : Above Yield uses DPU = 6.5ct as FY17 Guidance = 6.5ct ie 1.625ct / Q
  • Daisin
    : IPO Prospectus : DPU FY17 = 6.8ct (3.07ct if Exclude Waiver) ; FY18 = 7.2ct (3.78ct if Exclude Waiver) ; NAV RMB4.918 ; Gearing 27.3% Listing on 20-Jan-17 2pm @ $0.80
  • Religare : FY17 DPU Payout Reduced to 95% from current 100% ; Special DPU = 24.8ct on 28-Oct-16 fm Disposal of 51% in FHTL
  • Indiabulls : Halted from 23-Jun-16 as Free Float is Only 3% ; Yield Computed Using 0ct (2H16) + 0.0638ct (1H16)
  • 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

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