March 2018

REITs : Average Yield = 6.392%

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

SoilbuildBizREIT

Q4 – Dec17

$0.650

1.3830

8.511%

$0.640

40.60%

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

Q4 – Dec17

$0.885

1.8570

8.324%

$0.765

39.80%

Industrial (9) : Biz Park (52.2%) + Light Industrial (20.6%) + Logistics (16.6%) + Hotel (10.6%) by NPI
Lippo Malls Tr

Q4 – Dec17

$0.385

0.7900

8.208%

$0.320

33.70%

Retail (Indonesia) – 23
EC World Reit

Q4 – Dec17

$0.740

1.5040

8.130%

$0.910

29.20%

Port, Warehouse & e-Commerce Infrastructure in China
CromwellReit EUR

FY18 – IPO

$0.550

4.3000

7.818%

$0.530

36.80%

Offices + Industrial : Europe (74)
Sabana REIT

Q4 – Dec17

$0.425

0.8300

7.741%

$0.530

38.20%

Industrial (20)
AIMSAMP Cap Reit

Q3 – Dec17

$1.360

2.6200

7.684%

$1.351

33.80%

Industrial (27) : Singapore + Australia
Cache Log Trust

Q4 – Dec17

$0.835

1.5970

7.650%

$0.716

36.30%

Industrial (19) : Singapore (83%) + Australia (16%) + China (1%) by Gross Revenue
IREIT Global

2H – Dec17

$0.790

2.8800

7.291%

$0.682

40.30%

Offices : Germany (5)
BHG Retail Reit

2H – Dec17

$0.770

2.7300

7.091%

$0.830

32.20%

Retail (China) – 5
ESR-REIT

Q4 – Dec17

$0.535

0.9290

6.946%

$0.593

39.60%

Industrial (48)
FHT

Q1 – Dec17

$0.770

1.3107

6.809%

$0.787

33.00%

Hotel (9) + Serviced Apt (6) : Australia (40%) + Singapore (21%) + UK (13%) + Japan (15%) + Malaysia (6%) + Germany (5%) by NPI
Kep-KBS Reit USD

FY18 – IPO

$0.880

5.9700

6.784%

$0.840

36.00%

Offices : USA (11)
Ascendas-hTrust

Q3 – Dec17

$0.815

1.4100

6.761%

$0.860

33.20%

Hotels (11) : Australia (54%) + Japan (24%) + Singapore (13%) + China (8%) by NPI
Frasers Com Tr

Q1 – Dec17

$1.430

2.4000

6.657%

$1.550

34.80%

Singapore (50.2%) + Australia (49.8%) by NPI
OUE Com Reit

2H – Dec17

$0.705

2.2900

6.624%

$0.910

37.30%

Office (84.3%) + Retail (15.7%) by NPI ; Singapore (79.2%) + China (20.8%) by Revenue
Frasers L&I Tr

Q1 – Dec17

$1.090

1.8000

6.606%

$0.910

30.90%

Industrial (Australia) – 61
Mapletree GCC Tr

Q3 – Dec17

$1.150

1.8680

6.552%

$1.228

39.30%

Retail + Office : HK (68.8%) + China (31.2%) by NPI ; Retail (61.4%) + Office (37.1%) by NPI
CapitaR China Tr

2H – Dec17

$1.580

4.7400

6.392%

$1.590

28.40%

Retail (China) – 10
StarhillGbl Reit

Q2 – Dec17

$0.730

1.1700

6.356%

$0.910

35.30%

Retail (88.7%) + Office (11.3%) : Singapore (62.5%) + Australia (22.1%) + Malaysia (13.2%) + Others (2.2%) by Revenue
Ascott Reit

2H – Dec17

$1.130

3.7300

6.271%

$1.210

36.20%

Serviced Apts (75) : Asia Pacific (62.3%) + Europe (26.1%) + US (11.6%) by Assets
OUE Htrust

Q4 – Dec17

$0.825

1.2700

6.230%

$0.760

38.80%

Hotel (79%) + Retail (21%) by NPI
First REIT

Q4 – Dec17

$1.380

2.1500

6.210%

$1.015

33.60%

Hospitals (15 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)
Mapletree Log Tr

Q3 – Dec17

$1.230

1.9070

6.202%

$1.050

37.80%

Industrial (124)
Ascendas Reit

Q3 – Dec17

$2.630

3.9700

6.057%

$2.030

35.20%

Industrial (132) : Singapore (84%) + Australia (16%) by Valuation
Mapletree Com Tr

Q3 – Dec17

$1.570

2.3000

5.752%

$1.370

36.30%

Retail + Office
Mapletree Ind Tr

Q3 – Dec17

$2.030

2.8800

5.675%

$1.420

33.80%

Industrial (85) + US Data Centres (14)
Far East HTrust

Q4 – Dec17

$0.695

0.9700

5.612%

$0.869

34.40%

Hotels 8 (66%) + Commercial (21.8%) + Serviced Apts 4 (12.2%) by Revenue
SPHREIT

Q1 – Nov17

$0.995

1.3400

5.558%

$0.940

25.40%

Retail (2)
Frasers Cpt Tr

Q1 – Dec17

$2.190

3.0000

5.484%

$2.020

29.40%

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

2H – Dec17

$1.690

5.1200

5.456%

$1.530

32.60%

Hotels : Singapore (55.7%) + NZ (12.2%) + Australia (87%) + UK (10.1%) + Maldives (5.2%) + Japan (2.4%) + Germany (5.7%)by NPI
ManulifeREIT USD

2H – Dec17

$0.930

2.5700

5.423%

$0.800

33.70%

Offices : USA (5)
CapitaMall Trust

Q4 – Dec17

$2.080

2.9000

5.365%

$1.920

34.20%

Retail (16) + Office
Suntec Reit

Q4 – Dec17

$1.890

2.6040

5.294%

$2.093

36.40%

Office (68%) + Retail (27%) + Convention (5%) by Income
Fortune Reit HKD

2H – Dec17

$9.710

25.2500

5.201%

$14.050

27.40%

Retail (HK) – 17
Keppel DC REIT

2H – Dec17

$1.440

3.4900

4.847%

$0.930

32.10%

Data Centres – 13 + 1 (Under Devt)
Keppel Reit

Q4 – Dec17

$1.210

1.4300

4.727%

$1.400

38.70%

Office (8) : Singapore (81.2%) + Australia (18.8%) by Income
ParkwayLife Reit

Q4 – Dec17

$2.800

3.3800

4.500%

$1.730

36.40%

Hospitals + Nursing Homes = 49 : Singapore 61.2% + Japan 38.4% by Gross Revenue
CapitaCom Trust

2H – Dec17

$1.830

4.100

4.481%

$1.740

37.30%

Office (74%) + Retail (15%) + Hotel (11%) by Gross Rental Income

NOTES :

  • Mkt Price is as on 31-Mar-18
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 3.9ct = 0.97ct (Dec17) + 1.03ct (Sep17) + 0.97ct (Jun17) + 0.93ct (Mar17)
  • Manulife REIT : For the Period 30-Jun-17 to 31-Dec-17
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.51ct = 2.73ct (1H18) + 1,7ct (Q417) + 1.41ct (Q318)
  • AIMSAMPReit : DPU = 0.71ct (1-Dec-17 to 31-Dec-17) + 1.91ct (1-Oct-17 to 30-Nov-17) Advanced DPU Paid ; Above Yield is Computed using last 4Qs DPU : 10.45ct = 2.62ct (Dec17) + 2.55ct (Sep17) + 2.5ct (Jun17) + 2.78ct (Mar17)
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 4.67ct = 2.29ct (2h17) + 2.38ct (1H17)
  • CRCT : Above Yield Uses Latest 4Qs DPU = 4.74ct (2H17) + 5.36ct (1H17) = 10.10ct ; 2H17 DPU = 0.83ct (7-Dec-17 to 31-Dec-17) + 3.91ct (1-Oct-17 to 6-Dec-17) Advanced DPU Already Paid
  • OUE-HTrust : Above Yield is Computed using last 4Qs DPU : 5.14ct = 1.27ct (Dec17) + 1.36ct (Sep17) + 1.21ct (Jun17) + 1.30ct (Mar17)
  • YTL StarHill : Annualised DPU = 4.64ct
  • FLT : DPU Not Paid as Semi-Annual Payout Policy
  • CDL H-Trust : Above Yield is Computed using last 4Qs DPU : 9.22ct = 5.12ct (2H17) + 4.1ct (1H17)
  • VIT : Annualised DPU = 7.367ct
  • PLife : Above Yield is Computed Using Recurring DPU = 3.15ct ie Excl. 0.23ct Divestment Gain (4th of 4 Tranches)
  • AscottREIT : Above Yield Uses Latest 4Qs DPU = 3.356ct (1H17) + 3.73ct (2H17) = 7.086ct
  • Sabana : Annualised DPU = 3.29ct
  • MGCCT : Above Yield is Computed Using latest 4Qs DPU : 7.535ct = 3.714ct (1H18) + 3.731ct (2H17) ; DPU Not Paid as Semi-Annual Payout Policy
  • A-REIT : Above Yield is Computed Using latest 4Qs DPU = 15.93ct = 4.049ct (Q118) + 3.97ct (Q318) + 3.852ct (Q417) + 4.059ct (Q218) ; DPU Not Paid as Semi-Annual Payout Policy
  • FHT : DPU Not Paid as Semi-Annual Payout Policy
  • MCT : Above Yield is Computed using last 4Qs DPU : 9.03ct = 2.30ct (Dec17) + 2.24ct (Sep17) + 2.23ct (Jun17) + 2.26ct (Mar17)
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 10.005ct = 2.604ct (Q417) + 2.483ct (Q317) + 2.493ct (Q217) + 2.425ct (Q117)
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar17) + 2.9ct (Dec17) + 2.78ct (Sep17) + 2.75ct (Jun17) = 11.16ct
  • MIT : DPU = 2.88ct = 1.89ct (2-Nov-17 to 31-Dec-17) + 0.99ct (1-Oct-17 to 1-Nov-17) Advanced DPU already Paid
  • FCT : Above Yield is Computed using last 4Qs DPU : 12.01ct = 3.00ct (Dec17) + 2.97ct (Sep17) + 3.00ct (Jun17) + 3.040ct (Mar17) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • MLT : DPU = 2.088ct = 1.907ct (1-Oct-17 to 31-Dec-17) + 0.181ct (22-Sep-17 to 30-Sep-17)
  • FCOT : Annualised DPU = 9.52ct
  • FirstREIT : Annualised DPU = 8.57ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov17) + 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

Q4 – Dec17

$0.085

0.00

0.000%

$0.270

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

Q4 – Dec17

$0.535

0.930

6.953%

$0.290

Infrastructure
Ascendas-iTrust

Q3 – Dec17

$1.010

1.640

6.495%

$0.790

India – Industrial Park (7)
HPH Trust USD

2H – Dec17

$0.295

11.100

8.953%

HK$4.51

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

Q3 – Dec17

$0.810

1.220

6.025%

$0.839

India – Healthcare (18)
Asian Pay TV Tr

Q4 – Dec17

$0.530

1.625

12.264%

$0.830

Taiwan PayTV
Accordia Golf Tr

Q3 – Dec17

$0.645

1.700

7.519%

$0.890

Japan Golf Courses – 89
Dasin Retail Tr

2H – Dec17

$0.880

4.150

9.432%

$1.530

China – Retail (4)
NetLink NBN Tr

FY18 – IPO

$0.815

2.930

5.400%

$0.810

Fibre Network Infrastructure

NOTES :

  • IndiaBull : Delisted on 11-Dec-17 9am
  • CroesusRT : Delisted on 26-Oct-17
  • Accordia : Above Yield Computed Using DPU = 4.85ct = 1.7ct (Q318 – Dec17) + 1.65ct (1H18 – Sep17) + 1.5ct (Q417 – Mar17)
  • APTT : Above Yield uses DPU = 6.5ct as FY18 Guidance = 6.5ct ie 1.625ct / Q
  • 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 (Dec17) = HK11.1ct
  • a-iTrust : DPU Not Paid as Semi-Annual Payout Policy
  • Dasin : DPU Not Paid as Semi-Annual Payout Policy
  • 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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