Author: kktan

 

June 2017

REITs : Average Yield = 6.579% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Viva Ind Tr

Q1 – Mar17

$0.885

1.854

8.496%

$0.792

39.20%

Industrial (9) : Biz Park (50.4%) + Light Industrial (23.4%) + Logistics (15.4%) + Hotel (10.8%) by NPI
SoilbuildBizREIT

Q1 – Mar17

$0.720

1.4890

8.272%

$0.720

37.50%

Industrial (12) : Business Park 31% + Industrial 69% by NPI
Lippo Malls Tr

Q1 – Mar17

$0.445

0.890

8.000%

$0.374

32.20%

Retail (Indonesia) – 20
Cache Log Trust

Q1 – Mar17

$0.915

1.8000

7.978%

$0.780

43.10%

Industrial (19) : Singapore (84%) + Australia (15%) + China (1%) by Gross Revenue
EC World Reit

Q1 – Mar17

$0.810

1.541

7.716%

$0.900

28.60%

Port, Warehouse & e-Commerce Infrastructure in China
Sabana REIT

Q1 – Mar17

$0.465

0.8800

7.677%

$0.590

36.10%

Industrial (21)
IREIT Global

Q1 – Mar17

$0.760

1.440

7.579%

$0.660

42.10%

Offices : Germany (5)
BHG Retail Reit

Q1 – Mar17

$0.740

1.3900

7.514%

$0.820

32.50%

Retail (China) – 5
AIMSAMP Cap Reit

Q4 – Mar17

$1.480

2.780

7.466%

$1.390

36.10%

Industrial (27) : Singapore + Australia
ManulifeREIT USD

Q1 – Mar17

$0.900

1.6500

7.333%

$0.830

34.20%

Offices : USA (3)
Frasers Com Tr

Q2 – Mar17

$1.425

2.506

7.130%

$1.540

35.90%

Singapore (50.8%) + Australia (49.2%) by NPI
OUE Com Reit

Q1 – Mar17

$0.715

1.2300

7.119%

$0.860

36.20%

Office (82.6%) + Retail (17.4%) ; Singapore (79.9%) + China (20.1%) by Revenue
FHT

1H – Mar17

$0.725

2.532

6.985%

$0.768

33.40%

Hotel (9) + Serviced Apt (6) : Australia (47%) + Singapore (23%) + UK (11%) + Japan (8%) + Malaysia (6%) + Germany (5%) by NPI
OUE Htrust

Q1 – Mar17

$0.745

1.3000

6.980%

$0.760

38.10%

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

Q1 – Mar17

$1.155

1.510

6.941%

$1.270

41.10%

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

2H – Mar17

$0.825

3.0100

6.885%

$0.920

32.20%

Hotels (11) : Australia (51%) + Japan (29%) + Singapore (14%) + China (6%) by NPI
ESR-REIT

Q1 – Mar17

$0.590

1.004

6.807%

$0.634

37.80%

Industrial (49)
Mapletree GCC Tr

2H – Mar17

$1.080

3.7310

6.797%

$1.301

39.20%

Retail + Office : HK (69.3%) + China (30.7%) by NPI ; Retail (61.7%) + Office (36.6%) by NPI
First REIT

Q1 – Mar17

$1.340

2.140

6.478%

$1.006

31.00%

Hospitals (13 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)
Frasers L&I Tr

1H – Mar17

$1.080

3.4900

6.463%

$0.950

28.90%

Industrial (Australia) – 54
StarhillGbl Reit

Q3 – Mar17

$0.780

1.180

6.449%

$0.910

35.30%

Retail + Office : Singapore (62.5%) + Australia (23.0%) + Malaysia (12.5%) + Others (2.0%) by Revenue
Far East HTrust

Q1 – Mar17

$0.670

0.9300

6.239%

$0.903

32.30%

Hotels (65.2%) + Commercial (23.1%) + Serviced Apts (11.7%) by Revenue
Mapletree Log Tr

Q4 – Mar17

$1.195

1.860

6.226%

$1.020

38.50%

Industrial (127)
Mapletree Ind Tr

Q4 – Mar17

$1.860

2.8800

6.194%

$1.410

29.20%

Industrial (86)
CDL Htrust

Q1 – Mar17

$1.655

2.420

6.163%

$1.530

36.80%

Hotels : Singapore (58.2%) + Australia (10.2%) + Maldives (9.4%) + NZ (15.1%) + Japan (3.6%) + UK (3.6%) by NPI
CapitaR China Tr

Q1 – Mar17

$1.640

2.7400

6.146%

$1.550

36.40%

Retail (China) – 11
Ascendas Reit

Q4 – Mar17

$2.610

3.852

5.991%

$2.040

33.80%

Industrial (129) : Singapore (86%) + Australia (14%) by Valuation
CapitaCom Trust

Q1 – Mar17

$1.660

2.4000

5.783%

$1.720

38.10%

Office (73%) + Retail (17%) + Hotel (10%) by Gross Rental Income
CapitaMall Trust

Q1 – Mar17

$1.975

2.730

5.635%

$1.860

35.30%

Retail (16) + Office
SPHREIT

Q2 – Feb17

$1.000

1.4000

5.510%

$0.940

25.70%

Retail (2)
Frasers Cpt Tr

Q2 – Mar17

$2.140

3.040

5.507%

$1.930

29.40%

Retail (6) + 31.17% of Hektar (MREIT)
Mapletree Com Tr

Q4 – Mar17

$1.595

2.2600

5.404%

$1.380

36.30%

Retail + Office
Keppel DC REIT

Q1 – Mar17

$1.290

1.890

5.395%

$0.943

27.90%

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

Q1 – Mar17

$1.870

2.4250

5.378%

$2.120

37.70%

Office (69%) + Retail (28%) + Convention (3%) by Income
Fortune Reit HKD

2H – Dec16

$9.480

24.450

5.158%

$12.900

29.50%

Retail (HK) – 17
Keppel Reit

Q1 – Mar17

$1.145

1.4500

5.066%

$1.420

38.40%

Office (8) : Singapore (89%) + Australia (11%) by Asset Value
ParkwayLife Reit

Q1 – Mar17

$2.680

3.280

4.567%

$1.680

37.60%

Hospitals + Nursing Homes = 49 : Singapore 60% + Japan 40% by Gross Revenue
Saizen REIT

2H – Jun15

$0.033

2.930

0.000%

$1.210

35.00%

Residential (Japan) – 136

NOTES :

  • Mkt Price is as on 30-Jun-17
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.18ct = 1.12ct (Dec16) + 1.12ct (Sep16) + 1.01ct (Jun16) + 0.93ct (Mar17)
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.68ct = 3.01ct (2H17) + 2.67ct (1H17)
  • IREIT Global : DPU Not Paid as Semi-Annual Payout Policy
  • EC World : Annualised DPU = 6.25ct
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 5.09ct = 1.23ct (Q117) + 2.5ct (2H16) + 1.36ct (Q216) ; Advanced DPU = 1ct (1-Jan-17 to 16-Mar-17)
  • Sabana : Annualised DPU = 3.57ct
  • Manulife REIT : DPU Not Paid as Semi-Annual Payout Policy
  • VIT : Annualised DPU = 7.519ct
  • YTL StarHill : Above Yield is Computed using last 4Qs DPU : 5.03ct = 1.26ct (Dec16) + 1.30ct (Sep16) + 1.29ct (Jun16) + 1.18ct (Mar17)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 11.05ct = 2.77ct (Dec16) + 2.75ct (Sep16) + 2.75ct (Jun16) + 2.78ct (Mar17)
  • MGCCT : Above Yield is Computed Using latest 4Qs DPU = 7.341ct = 3.61ct (1H17) + 3.731ct 2H17)
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 10.057ct = 2.596ct (Q416) + 2.535ct (Q316) + 2.501ct (Q216) + 2.425ct (Q117)
  • CDL H-Trust : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield is Computed using last 4Qs DPU : 10.2ct = 2.42ct (Q117) + 5.55ct (2H16) + 2.23ct (Q216)
  • A-REIT : DPU Payout = 1.959ct (16-Feb-17 to 31-Mar-17) as Advanced DPU = 5.886ct (1-Oct-16 to 15-Feb-17) Already Paid ; Above Yield is Computed Using latest 4Qs DPU = 15.636ct = 7.791ct (1H17) + 3.993ct (Q317) + 3.852ct (Q417)
  • MCT : Above Yield is Computed using last 4Qs DPU : 8.62ct = 2.28ct (Dec16) + 2.05ct (Sep16) + 2.03ct (Jun16) + 2.26ct (Mar17)
  • PLife : Above Yield is Computed Using Recurring DPU = 3.06ct ie Excl. 0.22ct Divestment Gain (1st of 4 Tranches)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.785ct = 2.89ct (Dec16) + 2.815ct (Sep16) + 3.040ct (Jun16) + 3.040ct (Mar17) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • ESR-REIT : Annualised DPU = 4.016ct (Name changed from Cambridge to ESR-REIT with effective of 21 Jun 2017)
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 4.73ct (2H16) + 2.61ct (Q216) + 2.74ct (Q117) = 10.08ct
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 4.392ct (2H16) + 2.115ct (Q216) + 2.74ct (Q117) = 8.017ct
  • FCOT : Annualised DPU = 10.16ct ; Includes $867k from Capital Gains (Hotel)
  • CLT : Annualised DPU = 7.3ct
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar17) + 2.88ct (Dec16) + 2.78ct (Sep16) + 2.74ct (Jun16) = 11.13ct
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • Keppel DC REIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Uses DPU = 1.74ct (Excludes One-Off Capital Distribution = 0.15ct) for Yield Computation
  • FirstREIT : Annualised DPU = 8.68ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov16) + 1.41ct (Aug16) + 1.36ct (May16) + 1.40ct (Feb17) =5.51ct
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.55 for FY17
  • 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

Q1 – Mar17

$0.078

0.00

0.000%

$0.390

Shipping Trust
RickmersMaritime

Q4 – Dec16

$0.026

0.00

0.000%

$0.210

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3759 : US$1 fm Yahoo Finance)
  • Rickmers : DPU Suspended fm Q315 ; Trading suspension on 15 Nov 2016, pending resolution of restructuring efforts
  • 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

Q1 – Mar17

$0.565

0.930

6.584%

$0.311

Infrastructure
Ascendas-iTrust

2H – Mar17

$1.135

2.960

5.216%

$0.810

India – Industrial Park (7)
Indiabulls Trust

2H – Mar16

$0.255

0.000

0.250%

$1.710

India – Office
HPH Trust USD

2H – Dec16

$0.430

16.600

9.116%

HK$4.57

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

Q3 – Dec16

$0.895

1.250

5.587%

$0.838

India – Healthcare (18)
Croesus Rtrust

Q3 – Mar17

$1.180

2.050

7.042%

Y76.43

Japan – Retail (11)
Asian Pay TV Tr

Q1 – Mar17

$0.570

1.625

11.404%

$0.870

Taiwan PayTV
Accordia Golf Tr

2H – Mar17

$0.715

3.590

8.448%

$0.910

Japan Golf Courses – 89
Dasin Retail Tr

FY17 – IPO

$0.805

6.800

8.447%

$1.023

China – Retail

NOTES :

  • CroesusRT : Exchange Rate Y100 = S$1.2277 ; Annualised DPU = 8.31ct ; Hedged Rate – FY17 @ Y83.57 ; FY18 @ Y76.39 ; FY19 @ Y72.72
  • HPH Trust : DPU Not Declared as Semi-Annual Payout Policy ; DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.8064 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun16) = HK14.0ct + 2H (Dec16) = HK16.6ct
  • APTT : Above Yield uses DPU = 6.5ct as FY17 Guidance = 6.5ct ie 1.625ct / Q
  • RHT : 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
  • 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)
  • 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

Performance – May 2017

STI +11.46% : 3210.82 (May-17) vs 2880.76 (Dec-16)

Rank – Capital Gains

REIT

May-17

Dec-16

Gain

CDL Htrust

$ 1.625

$ 1.340

21.3%

Ascendasreit

$ 2.620

$ 2.270

15.4%

MapletreeLog

$ 1.170

$ 1.020

14.7%

CapitaRChina

$ 1.555

$ 1.370

13.5%

Lippo Malls Tr

$ 0.415

$ 0.370

12.2%

CapitaComm

$ 1.660

$ 1.480

12.2%

Mapletree GCC Tr

$ 1.065

$ 0.950

12.1%

FrasersCT

$ 2.120

$ 1.900

11.6%

VIT

$ 0.840

$ 0.755

11.3%

SuntecReit

$ 1.835

$ 1.650

11.2%

ParkwayLife Reit

$ 2.620

$ 2.360

11.0%

MIT

$ 1.825

$ 1.645

10.9%

MCT

$ 1.545

$ 1.395

10.8%

A-HTrust

$ 0.780

$ 0.705

10.6%

Sabana

$ 0.420

$ 0.380

10.5%

FrasersComm

$ 1.390

$ 1.260

10.3%

Keppel DC REIT

$ 1.295

$ 1.185

9.3%

CLT

$ 0.885

$ 0.810

9.3%

Frasers Htrust

$ 0.710

$ 0.650

9.2%

Fortune Reit HK$

$ 9.360

$ 8.610

8.7%

Fraser LT

$ 1.005

$ 0.925

8.6%

AIMSAMP Cap Reit

$ 1.420

$ 1.310

8.4%

K-REIT

$ 1.105

$ 1.020

8.3%

BHG REIT

$ 0.705

$ 0.655

7.6%

OUE H-Trust

$ 0.710

$ 0.660

7.6%

SB REIT

$ 0.685

$ 0.640

7.0%

Cambridge

$ 0.575

$ 0.540

6.5%

Manulife

$ 0.875

$ 0.825

6.1%

FE-HTrust

$ 0.635

$ 0.600

5.8%

CapitaMall

$ 1.990

$ 1.885

5.6%

SPHREIT

$ 1.000

$ 0.950

5.3%

IREIT Global

$ 0.750

$ 0.715

4.9%

StarhillGbl Reit

$ 0.775

$ 0.740

4.7%

First REIT

$ 1.320

$ 1.265

4.3%

EC World

$ 0.785

$ 0.760

3.3%

OUE C-REIT

$ 0.700

$ 0.695

0.7%

AscottREIT

$ 1.125

$ 1.130

-0.4%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount
  • May-17 : End May-17 Mkt Price
  • Dec-16 : End Dec-16 Mkt Price
  • Gain : Capital Gains = (May-17 Mkt Price – Dec-16 Mkt Price) / (Dec-16 Mkt Price)

May 2017

 
 

Results Announcement

  • 2 May 17 (AM) : Manulife
  • 3 May 17 : FSL
  • 4 May 17 : LMIRT
  • 4 May 17 : OUE H-Trust
  • 5 May 17 (AM) : FLT
  • 5 May 17 : OUE C-REIT
  • 9 May 17 : Sabana
  • 11 May 17 : IREIT
  • 11 May 17 : EC World
  • 11 May 17 : A-HTrust
  • 12 May 17 (AM) : APTT
  • 12 May 17 (AM) : FE-HTrust
  • 12 May 17 (AM) : CRT
  • 12 May 17 : BHG
  • 22 May 17 (AM) : RHT
  • 25 May 17 : Accordia

 
 

 
 

 
 

 
 

REITs : Average Yield = 6.788% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Viva Ind Tr

Q1 – Mar17

$0.840

1.854

8.951%

$0.792

39.20%

Industrial (9) : Biz Park (50.4%) + Light Industrial (23.4%) + Logistics (15.4%) + Hotel (10.8%) by NPI

SoilbuildBizREIT

Q1 – Mar17

$0.685

1.4890

8.695%

$0.720

37.50%

Industrial (12) : Business Park 31% + Industrial 69% by NPI

Lippo Malls Tr

Q1 – Mar17

$0.415

0.890

8.578%

$0.374

32.20%

Retail (Indonesia) – 20

Sabana REIT

Q1 – Mar17

$0.420

0.8800

8.500%

$0.590

36.10%

Industrial (21)

Cache Log Trust

Q1 – Mar17

$0.885

1.800

8.249%

$0.780

43.10%

Industrial (19) : Singapore (84%) + Australia (15%) + China (1%) by Gross Revenue

EC World Reit

Q1 – Mar17

$0.785

1.5410

7.962%

$0.900

28.60%

Port, Warehouse & e-Commerce Infrastructure in China

BHG Retail Reit

Q1 – Mar17

$0.705

1.390

7.887%

$0.820

32.50%

Retail (China) – 5

AIMSAMP Cap Reit

Q4 – Mar17

$1.420

2.7800

7.782%

$1.390

36.10%

Industrial (27) : Singapore + Australia

IREIT Global

Q1 – Mar17

$0.750

1.440

7.680%

$0.652

42.10%

Offices : Germany (5)

ManulifeREIT USD

Q1 – Mar17

$0.875

1.6500

7.543%

$0.830

34.20%

Offices : USA (3)

OUE Htrust

Q1 – Mar17

$0.710

1.300

7.324%

$0.760

38.10%

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

Frasers Com Tr

Q2 – Mar17

$1.390

2.5057

7.309%

$1.540

35.90%

Singapore (50.8%) + Australia (49.2%) by NPI

Ascendas-hTrust

2H – Mar17

$0.780

3.010

7.282%

$0.920

32.20%

Hotels (11) : Australia (51%) + Japan (29%) + Singapore (14%) + China (6%) by NPI

OUE Com Reit

Q1 – Mar17

$0.700

1.2300

7.271%

$0.860

36.20%

Office (82.6%) + Retail (17.4%) ; Singapore (79.9%) + China (20.1%) by Revenue

FHT

1H – Mar17

$0.710

2.532

7.133%

$0.768

33.40%

Hotel (9) + Serviced Apt (6) : Australia (47%) + Singapore (23%) + UK (11%) + Japan (8%) + Malaysia (6%) + Germany (5%) by NPI

Ascott Reit

Q1 – Mar17

$1.125

1.5100

7.126%

$1.270

41.10%

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

Cambridge Ind Tr

Q1 – Mar17

$0.575

1.004

6.984%

$0.634

37.80%

Industrial (49)

Frasers L&I Tr

1H – Mar17

$1.005

3.4900

6.945%

$0.950

28.90%

Industrial (Australia) – 54

Mapletree GCC Tr

2H – Mar17

$1.065

3.731

6.893%

$1.301

39.20%

Retail + Office : HK (69.3%) + China (30.7%) by NPI ; Retail (61.7%) + Office (36.6%) by NPI

Far East HTrust

Q1 – Mar17

$0.635

0.9300

6.583%

$0.903

32.30%

Hotels (65.2%) + Commercial (23.1%) + Serviced Apts (11.7%) by Revenue

First REIT

Q1 – Mar17

$1.320

2.140

6.576%

$1.006

31.00%

Hospitals (13 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)

StarhillGbl Reit

Q3 – Mar17

$0.775

1.1800

6.490%

$0.910

35.30%

Retail + Office : Singapore (62.5%) + Australia (23.0%) + Malaysia (12.5%) + Others (2.0%) by Revenue

CapitaR China Tr

Q1 – Mar17

$1.555

2.740

6.482%

$1.550

36.40%

Retail (China) – 11

Mapletree Log Tr

Q4 – Mar17

$1.170

1.8600

6.359%

$1.020

38.50%

Industrial (127)

Mapletree Ind Tr

Q4 – Mar17

$1.825

2.880

6.312%

$1.410

29.20%

Industrial (86)

CDL Htrust

Q1 – Mar17

$1.625

2.420

6.277%

$1.530

36.80%

Hotels : Singapore (58.2%) + Australia (10.2%) + Maldives (9.4%) + NZ (15.1%) + Japan (3.6%) + UK (3.6%) by NPI

Ascendas Reit

Q4 – Mar17

$2.620

3.852

5.968%

$2.040

33.80%

Industrial (129) : Singapore (86%) + Australia (14%) by Valuation

CapitaCom Trust

Q1 – Mar17

$1.660

2.4000

5.783%

$1.720

38.10%

Office (73%) + Retail (17%) + Hotel (10%) by Gross Rental Income

CapitaMall Trust

Q1 – Mar17

$1.990

2.730

5.593%

$1.860

35.30%

Retail (16) + Office

Mapletree Com Tr

Q4 – Mar17

$1.545

2.2600

5.579%

$1.380

36.30%

Retail + Office

Frasers Cpt Tr

Q2 – Mar17

$2.120

3.040

5.559%

$1.930

29.40%

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

SPHREIT

Q2 – Feb17

$1.000

1.4000

5.510%

$0.940

25.70%

Retail (2)

Suntec Reit

Q1 – Mar17

$1.835

2.425

5.481%

$2.120

37.70%

Office (69%) + Retail (28%) + Convention (3%) by Income

Keppel DC REIT

Q1 – Mar17

$1.295

1.8900

5.375%

$0.943

27.90%

Data Centres – 12 + 1 (Under Devt)

Keppel Reit

Q1 – Mar17

$1.105

1.450

5.249%

$1.420

38.40%

Office (8) : Singapore (89%) + Australia (11%) by Asset Value

Fortune Reit HKD

2H – Dec16

$9.360

24.450

5.224%

$12.900

29.50%

Retail (HK) – 17

ParkwayLife Reit

Q1 – Mar17

$2.620

3.280

4.672%

$1.680

37.60%

Hospitals + Nursing Homes = 49 : Singapore 60% + Japan 40% by Gross Revenue

Saizen REIT

2H – Jun15

$0.033

2.930

0.000%

$1.210

35.00%

Residential (Japan) – 136

NOTES :

  • Mkt Price is as on 31-May-17
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.18ct = 1.12ct (Dec16) + 1.12ct (Sep16) + 1.01ct (Jun16) + 0.93ct (Mar17)
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.68ct = 3.01ct (2H17) + 2.67ct (1H17)
  • IREIT Global : DPU Not Paid as Semi-Annual Payout Policy
  • EC World : Annualised DPU = 6.25ct
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 5.09ct = 1.23ct (Q117) + 2.5ct (2H16) + 1.36ct (Q216) ; Advanced DPU = 1ct (1-Jan-17 to 16-Mar-17)
  • Sabana : Annualised DPU = 3.57ct
  • Manulife REIT : DPU Not Paid as Semi-Annual Payout Policy
  • VIT : Annualised DPU = 7.519ct
  • YTL StarHill : Above Yield is Computed using last 4Qs DPU : 5.03ct = 1.26ct (Dec16) + 1.30ct (Sep16) + 1.29ct (Jun16) + 1.18ct (Mar17)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 11.05ct = 2.77ct (Dec16) + 2.75ct (Sep16) + 2.75ct (Jun16) + 2.78ct (Mar17)
  • MGCCT : Above Yield is Computed Using latest 4Qs DPU = 7.341ct = 3.61ct (1H17) + 3.731ct 2H17)
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 10.057ct = 2.596ct (Q416) + 2.535ct (Q316) + 2.501ct (Q216) + 2.425ct (Q117)
  • CDL H-Trust : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield is Computed using last 4Qs DPU : 10.2ct = 2.42ct (Q117) + 5.55ct (2H16) + 2.23ct (Q216)
  • A-REIT : DPU Payout = 1.959ct (16-Feb-17 to 31-Mar-17) as Advanced DPU = 5.886ct (1-Oct-16 to 15-Feb-17) Already Paid ; Above Yield is Computed Using latest 4Qs DPU = 15.636ct = 7.791ct (1H17) + 3.993ct (Q317) + 3.852ct (Q417)
  • MCT : Above Yield is Computed using last 4Qs DPU : 8.62ct = 2.28ct (Dec16) + 2.05ct (Sep16) + 2.03ct (Jun16) + 2.26ct (Mar17)
  • PLife : Above Yield is Computed Using Recurring DPU = 3.06ct ie Excl. 0.22ct Divestment Gain (1st of 4 Tranches)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.785ct = 2.89ct (Dec16) + 2.815ct (Sep16) + 3.040ct (Jun16) + 3.040ct (Mar17) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • Cambridge : Annualised DPU = 4.016ct
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 4.73ct (2H16) + 2.61ct (Q216) + 2.74ct (Q117) = 10.08ct
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 4.392ct (2H16) + 2.115ct (Q216) + 2.74ct (Q117) = 8.017ct
  • FCOT : Annualised DPU = 10.16ct ; Includes $867k from Capital Gains (Hotel)
  • CLT : Annualised DPU = 7.3ct
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar17) + 2.88ct (Dec16) + 2.78ct (Sep16) + 2.74ct (Jun16) = 11.13ct
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • Keppel DC REIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Uses DPU = 1.74ct (Excludes One-Off Capital Distribution = 0.15ct) for Yield Computation
  • FirstREIT : Annualised DPU = 8.68ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov16) + 1.41ct (Aug16) + 1.36ct (May16) + 1.40ct (Feb17) =5.51ct
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.55 for FY17
  • 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

Q1 – Mar17

$0.082

0.00

0.000%

$0.390

Shipping Trust

RickmersMaritime

Q4 – Dec16

$0.026

0.00

0.000%

$0.210

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3833 : US$1 fm Yahoo Finance)
  • Rickmers : DPU Suspended fm Q315 ; Trading suspension on 15 Nov 2016, pending resolution of restructuring efforts
    Suspends
  • 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

Q1 – Mar17

$0.545

0.930

6.826%

$0.311

Infrastructure

Ascendas-iTrust

2H – Mar17

$1.105

2.960

5.357%

$0.810

India – Industrial Park (7)

Indiabulls Trust

2H – Mar16

$0.255

0.000

0.250%

$1.710

India – Office

HPH Trust USD

2H – Dec16

$0.405

16.600

9.699%

HK$4.57

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

RHT HealthTrust

Q3 – Dec16

$0.890

1.250

5.618%

$0.838

India – Healthcare (18)

Croesus Rtrust

Q3 – Mar17

$1.015

2.050

8.187%

Y76.43

Japan – Retail (11)

Asian Pay TV Tr

Q1 – Mar17

$0.580

1.625

11.207%

$0.870

Taiwan PayTV

Accordia Golf Tr

2H – Mar17

$0.735

3.590

8.218%

$0.910

Japan Golf Courses – 89

Dasin Retail Tr

FY17 – IPO

$0.800

6.800

8.500%

$1.023

China – Retail

NOTES :

  • CroesusRT : Exchange Rate Y100 = S$1.2475 ; Annualised DPU = 8.31ct ; Hedged Rate – FY17 @ Y83.57 ; FY18 @ Y76.39 ; FY19 @ Y72.72
  • HPH Trust : DPU Not Declared as Semi-Annual Payout Policy ; DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.79 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun16) = HK14.0ct + 2H (Dec16) = HK16.6ct
  • APTT : Above Yield uses DPU = 6.5ct as FY17 Guidance = 6.5ct ie 1.625ct / Q
  • RHT : 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
  • 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)
  • 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)
  • 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

Performance – April 2017

STI +10.23% : 3175.44 (Apr-17) vs 2880.76 (Dec-16)

Rank – Capital Gains

REIT

Apr-17

Dec-16

Gain

Sabana

$ 0.455

$ 0.380

19.7%

CapitaRChina

$ 1.590

$ 1.370

16.1%

CDL Htrust

$ 1.550

$ 1.340

15.7%

Lippo Malls Tr

$ 0.425

$ 0.370

14.9%

MCT

$ 1.595

$ 1.395

14.3%

Ascendasreit

$ 2.560

$ 2.270

12.8%

Mapletree GCC Tr

$ 1.070

$ 0.950

12.6%

Frasers Htrust

$ 0.730

$ 0.650

12.3%

FrasersCT

$ 2.110

$ 1.900

11.1%

MapletreeLog

$ 1.130

$ 1.020

10.8%

A-HTrust

$ 0.780

$ 0.705

10.6%

CapitaComm

$ 1.625

$ 1.480

9.8%

Fraser LT

$ 1.010

$ 0.925

9.2%

BHG REIT

$ 0.715

$ 0.655

9.2%

OUE H-Trust

$ 0.720

$ 0.660

9.1%

MIT

$ 1.790

$ 1.645

8.8%

ParkwayLife Reit

$ 2.560

$ 2.360

8.5%

Cambridge

$ 0.585

$ 0.540

8.3%

VIT

$ 0.815

$ 0.755

7.9%

SuntecReit

$ 1.770

$ 1.650

7.3%

CLT

$ 0.865

$ 0.810

6.8%

First REIT

$ 1.350

$ 1.265

6.7%

AIMSAMP Cap Reit

$ 1.395

$ 1.310

6.5%

FrasersComm

$ 1.340

$ 1.260

6.3%

Fortune Reit HK$

$ 9.060

$ 8.610

5.2%

Keppel DC REIT

$ 1.240

$ 1.185

4.6%

CapitaMall

$ 1.970

$ 1.885

4.5%

IREIT Global

$ 0.745

$ 0.715

4.2%

StarhillGbl Reit

$ 0.770

$ 0.740

4.1%

K-REIT

$ 1.060

$ 1.020

3.9%

SB REIT

$ 0.665

$ 0.640

3.9%

SPHREIT

$ 0.985

$ 0.950

3.7%

Manulife

$ 0.840

$ 0.825

1.8%

OUE C-REIT

$ 0.700

$ 0.695

0.7%

EC World

$ 0.760

$ 0.760

0.0%

FE-HTrust

$ 0.600

$ 0.600

0.0%

AscottREIT

$ 1.095

$ 1.130

-3.1%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount
  • Apr-17 : End Apr-17 Mkt Price
  • Dec-16 : End Dec-16 Mkt Price
  • Gain : Capital Gains = (Apr-17 Mkt Price – Dec-16 Mkt Price) / (Dec-16 Mkt Price)

April 2017

Results Announcement

  • 10 Apr 17 : SPHREIT
  • 12 Apr 17 : SB REIT
  • 17 Apr 17 : FirstREIT
  • 17 Apr 17 : Keppel DC REIT
  • 17 Apr 17 : KIT
  • 19 Apr 17 (AM) : CCT
  • 19 Apr 17 : KeppelREIT
  • 20 Apr 17 : CMT
  • 20 Apr 17 : CLT
  • 21 Apr 17 (AM) : FCOT
  • 21 Apr 17 (AM) : AscottREIT
  • 21 Apr 17 : CRCT
  • 24 Apr 17 : MIT
  • 24 Apr 17 : HPH-Trust
  • 25 Apr 17 (AM) : Cambridge
  • 25 Apr 17 (AM) : PLife
  • 25 Apr 17 (AM) : FCT
  • 25 Apr 17 : A-REIT
  • 25 Apr 17 : MCT
  • 26 Apr 17 (AM) : CDL H-Trust
  • 26 Apr 17 (AM) : Suntec
  • 26 Apr 17 : MGCCT
  • 26 Apr 17 : a-iTrust
  • 27 Apr 17 (AM) : AIMSAMPReit
  • 27 Apr 17 (AM) : Indiabulls
  • 27 Apr 17 : YTL Starhill
  • 27 Apr 17 : MIT
  • 28 Apr 17 (AM) : FHT
  • 28 Apr 17 (AM) : VIT
  • 2 May 17 (AM) : Manulife
  • 3 May 17 : FSL
  • 4 May 17 : LMIRT
  • 4 May 17 : OUE H-Trust
  • 5 May 17 (AM) : FLT
  • 5 May 17 : OUE C-REIT
  • 9 May 17 : Sabana
  • 11 May 17 : IREIT
  • 11 May 17 : EC World
  • 12 May 17 (AM) : APTT
  • 12 May 17 (AM) : FE-HTrust
  • 25 May 17 : Accordia

REITs : Average Yield = 6.826% (Excludes Saizen)

REIT

Period

Mkt

DPU cts

Yield

NAV

Gearing

Assets Type

Viva Ind Tr

Q1 – Mar17

$0.815

1.854

9.226%

$0.792

39.20%

Industrial (9) : Biz Park (50.4%) + Light Industrial (23.4%) + Logistics (15.4%) + Hotel (10.8%) by NPI
SoilbuildBizREIT

Q1 – Mar17

$0.665

1.4890

8.956%

$0.720

37.50%

Industrial (12) : Business Park 31% + Industrial 69% by NPI
IREIT Global

2H – Dec16

$0.745

3.150

8.456%

$0.627

41.60%

Offices : Germany (5)
Cache Log Trust

Q1 – Mar17

$0.865

1.800

8.439%

$0.780

43.10%

Industrial (19) : Singapore (84%) + Australia (15%) + China (1%) by Gross Revenue
Lippo Malls Tr

Q4 – Dec16

$0.425

0.870

8.188%

$0.390

31.50%

Retail (Indonesia) – 20
AIMSAMP Cap Reit

Q4 – Mar17

$1.395

2.7800

7.921%

$1.390

36.10%

Industrial (27) : Singapore + Australia
Sabana REIT

Q4 – Dec16

$0.455

0.880

7.692%

$0.740

43.20%

Industrial (21)
EC World Reit

Q4 – Dec16

$0.760

1.4630

7.658%

$0.930

27.60%

Port, Warehouse & e-Commerce Infrastructure in China
Frasers Com Tr

Q2 – Mar17

$1.340

2.506

7.582%

$1.540

35.90%

Singapore (50.8%) + Australia (49.2%) by NPI
OUE Htrust

Q4 – Dec16

$0.720

1.360

7.556%

$0.770

38.10%

Hotel (77%) + Retail (23%) by NPI
OUE Com Reit

2H – Dec16

$0.700

2.500

7.400%

$0.930

39.60%

Office (82.4%) + Retail (17.6%) ; Singapore (80.4%) + China (19.6%) by Revenue
Ascott Reit

Q1 – Mar17

$1.095

1.5100

7.321%

$1.270

41.10%

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

2H – Dec16

$0.715

2.600

7.273%

$0.850

31.00%

Retail (China) – 5
Far East HTrust

Q4 – Dec16

$0.600

1.120

7.217%

$0.909

32.10%

Hotels (66.5%) + Commercial (20.8%) + Serviced Apts (12.7%) by Revenue
Ascendas-hTrust

Q3 – Dec16

$0.780

1.640

7.192%

$0.850

33.30%

Hotels (11) : Australia (56%) + Japan (24%) + Singapore (12%) + China (8%) by NPI
FHT

1H – Mar17

$0.730

2.5321

6.937%

$0.768

33.40%

Hotel (9) + Serviced Apt (6) : Australia (47%) + Singapore (23%) + UK (11%) + Japan (8%) + Malaysia (6%) + Germany (5%) by NPI
Frasers L&I Tr

Q1 – Dec16

$1.010

1.740

6.891%

$0.941

29.70%

Industrial (Australia) – 54
Cambridge Ind Tr

Q1 – Mar17

$0.585

1.004

6.865%

$0.634

37.80%

Industrial (49)
Mapletree GCC Tr

2H – Mar17

$1.070

3.731

6.861%

$1.301

39.20%

Retail + Office : HK (69.3%) + China (30.7%) by NPI ; Retail (61.7%) + Office (36.6%) by NPI
ManulifeREIT USD

Q4 – Dec16

$0.840

3.5500

6.845%

$0.840

33.80%

Offices : USA (3)
Mapletree Log Tr

Q4 – Mar17

$1.130

1.860

6.584%

$1.020

38.50%

Industrial (127)
CDL Htrust

Q1 – Mar17

$1.550

2.420

6.581%

$1.530

36.80%

Hotels : Singapore (58.2%) + Australia (10.2%) + Maldives (9.4%) + NZ (15.1%) + Japan (3.6%) + UK (3.6%) by NPI
StarhillGbl Reit

Q3 – Mar17

$0.770

1.180

6.532%

$0.910

35.30%

Retail + Office : Singapore (62.5%) + Australia (23.0%) + Malaysia (12.5%) + Others (2.0%) by Revenue
Mapletree Ind Tr

Q4 – Mar17

$1.790

2.8800

6.436%

$1.410

29.20%

Industrial (86)
First REIT

Q1 – Mar17

$1.350

2.140

6.430%

$1.006

31.00%

Hospitals (13 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)
CapitaR China Tr

Q1 – Mar17

$1.590

2.740

6.340%

$1.550

36.40%

Retail (China) – 11
Ascendas Reit

Q4 – Mar17

$2.560

3.852

6.108%

$2.040

33.80%

Industrial (129) : Singapore (86%) + Australia (14%) by Valuation
CapitaCom Trust

Q1 – Mar17

$1.625

2.4000

5.908%

$1.720

38.10%

Office (73%) + Retail (17%) + Hotel (10%) by Gross Rental Income
Suntec Reit

Q1 – Mar17

$1.770

2.425

5.682%

$2.120

37.70%

Office (69%) + Retail (28%) + Convention (3%) by Income
CapitaMall Trust

Q1 – Mar17

$1.970

2.730

5.650%

$1.860

35.30%

Retail (16) + Office
Keppel DC REIT

Q1 – Mar17

$1.240

1.890

5.613%

$0.943

27.90%

Data Centres – 12 + 1 (Under Devt)
SPHREIT

Q2 – Feb17

$0.985

1.4000

5.594%

$0.940

25.70%

Retail (2)
Frasers Cpt Tr

Q2 – Mar17

$2.110

3.040

5.585%

$1.930

29.40%

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

Q1 – Mar17

$1.060

1.450

5.472%

$1.420

38.40%

Office (8) : Singapore (89%) + Australia (11%) by Asset Value
Mapletree Com Tr

Q4 – Mar17

$1.595

2.260

5.404%

$1.380

36.30%

Retail + Office
Fortune Reit HKD

2H – Dec16

$9.060

24.450

5.397%

$12.900

29.50%

Retail (HK) – 17
ParkwayLife Reit

Q1 – Mar17

$2.560

3.280

4.781%

$1.680

37.60%

Hospitals + Nursing Homes = 49 : Singapore 60% + Japan 40% by Gross Revenue
Saizen REIT

2H – Jun15

$0.035

2.930

0.000%

$1.210

35.00%

Residential (Japan) – 136

NOTES :

  • Mkt Price is as on 28-Apr-17
  • VIT : Annualised DPU = 7.519ct
  • YTL StarHill : Above Yield is Computed using last 4Qs DPU : 5.03ct = 1.26ct (Dec16) + 1.30ct (Sep16) + 1.29ct (Jun16) + 1.18ct (Mar17)
  • AIMSAMPReit : Above Yield is Computed using last 4Qs DPU : 11.05ct = 2.77ct (Dec16) + 2.75ct (Sep16) + 2.75ct (Jun16) + 2.78ct (Mar17)
  • MGCCT : Above Yield is Computed Using latest 4Qs DPU = 7.341ct = 3.61ct (1H17) + 3.731ct 2H17)
  • Suntec : Above Yield is Computed Using latest 4Qs DPU = 10.057ct = 2.596ct (Q416) + 2.535ct (Q316) + 2.501ct (Q216) + 2.425ct (Q117)
  • CDL H-Trust : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield is Computed using last 4Qs DPU : 10.2ct = 2.42ct (Q117) + 5.55ct (2H16) + 2.23ct (Q216)
  • A-REIT : DPU Payout = 1.959ct (16-Feb-17 to 31-Mar-17) as Advanced DPU = 5.886ct (1-Oct-16 to 15-Feb-17) Already Paid ; Above Yield is Computed Using latest 4Qs DPU = 15.636ct = 7.791ct (1H17) + 3.993ct (Q317) + 3.852ct (Q417)
  • MCT : Above Yield is Computed using last 4Qs DPU : 8.62ct = 2.28ct (Dec16) + 2.05ct (Sep16) + 2.03ct (Jun16) + 2.26ct (Mar17)
  • PLife : Above Yield is Computed Using Recurring DPU = 3.06ct ie Excl. 0.22ct Divestment Gain (1st of 4 Tranches)
  • FCT : Above Yield is Computed using last 4Qs DPU : 11.785ct = 2.89ct (Dec16) + 2.815ct (Sep16) + 3.040ct (Jun16) + 3.040ct (Mar17) ; Jun16 DPU Incl. $2.1M Retained in Prior Qs
  • Cambridge : Annualised DPU = 4.016ct
  • CRCT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 4.73ct (2H16) + 2.61ct (Q216) + 2.74ct (Q117) = 10.08ct
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Yield Uses Latest 4Qs DPU = 4.392ct (2H16) + 2.115ct (Q216) + 2.74ct (Q117) = 8.017ct
  • FCOT : Annualised DPU = 10.16ct ; Includes $867k from Capital Gains (Hotel)
  • CLT : Annualised DPU = 7.3ct
  • CMT : Above Yield Uses Latest 4Qs DPU = 2.73ct (Mar17) + 2.88ct (Dec16) + 2.78ct (Sep16) + 2.74ct (Jun16) = 11.13ct
  • CCT : DPU Not Paid as Semi-Annual Payout Policy
  • Keppel DC REIT : DPU Not Paid as Semi-Annual Payout Policy ; Above Uses DPU = 1.74ct (Excludes One-Off Capital Distribution = 0.15ct) for Yield Computation
  • FirstREIT : Annualised DPU = 8.68ct
  • SPHREIT : Above Yield is Computed using last 4Qs DPU = 1.34ct (Nov16) + 1.41ct (Aug16) + 1.36ct (May16) + 1.40ct (Feb17) =5.51ct
  • IREIT Global : DPU 100% Hedged @ €1 : S$1.55 for FY17
  • EC World : Annualised DPU = 5.82ct
  • FE-HTrust : Above Yield is Computed using last 4Qs DPU : 4.33ct = 1.12ct (Dec16) + 1.12ct (Sep16) + 1.01ct (Jun16) + 1.08ct (Mar16)
  • Manulife REIT : DPU = US 3.55ct (20-May-16 to 31-Dec-16)
  • FLT : DPU Not Paid as Semi-Annual Payout Policy
  • A-HTrust : Above Yield is Computed Using latest 4Qs DPU = 5.61ct = 1.64ct (Q317) + 2.67ct (1H17) + 1.3ct (Q416) ; DPU Not Paid as Semi-Annual Payout Policy
  • FHT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-REIT : Above Yield is Computed using last 4Qs DPU : 5.18ct = 2.5ct (2H16) + 2.68ct (1H16)
  • Sabana : Annualised DPU = 3.5ct
  • 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 – Dec16

$0.103

0.00

0.000%

$0.390

Shipping Trust
RickmersMaritime

Q4 – Dec16

$0.026

0.00

0.000%

$0.210

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3969 : US$1 fm Yahoo Finance)
  • Rickmers : DPU Suspended fm Q315 ; Trading suspension on 15 Nov 2016, pending resolution of restructuring efforts
    Suspends
  • 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

Q1 – Mar17

$0.520

0.930

7.154%

$0.311

Infrastructure
Ascendas-iTrust

2H – Mar17

$1.150

2.960

5.148%

$0.810

India – Industrial Park (7)
Indiabulls Trust

2H – Mar16

$0.255

0.000

0.250%

$1.710

India – Office
HPH Trust USD

2H – Dec16

$0.405

16.600

9.714%

HK$4.57

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

Q3 – Dec16

$0.945

1.250

5.291%

$0.838

India – Healthcare (18)
Croesus Rtrust

1H – Dec16

$0.975

3.600

7.323%

Y77.89

Japan – Retail (11)
Asian Pay TV Tr

Q4 – Dec16

$0.515

1.625

12.621%

$0.850

Taiwan PayTV
Accordia Golf Tr

1H – Sep16

$0.745

2.450

9.074%

$1.010

Japan Golf Courses – 89
Dasin Retail Tr

FY17 – IPO

$0.805

6.800

8.447%

$1.023

China – Retail

NOTES :

  • HPH Trust : DPU Not Declared as Semi-Annual Payout Policy ; DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7782 : US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun16) = HK14.0ct + 2H (Dec16) = HK16.6ct
  • APTT : Above Yield uses DPU = 6.5ct as FY17 Guidance = 6.5ct ie 1.625ct / Q
  • CroesusRT : Exchange Rate Y100 = S$1.2497 ; Annualised DPU = 7.14ct ; Hedged Rate –FY16 @ Y83.57 ; FY17 @ Y76.39 ; 1H FY18 @ Y71.05
  • RHT : 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
  • 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)
  • 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)
  • 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