Author: kktan

 

Performance – January 2015

 

STI +0.774% : 3391.20 (Jan-15) vs 3365.15 (2014)

Rank – Capital Gains

REIT

Jan-15

Dec-14

Gain

Fortune Reit HK$

$ 8.560

$ 7.760

10.3%

FrasersCT

$ 2.070

$ 1.895

9.2%

MCT

$ 1.515

$ 1.410

7.4%

MGCT

$ 1.020

$ 0.950

7.4%

CapitaRChina

$ 1.715

$ 1.615

6.2%

Keppel DC REIT

$ 1.030

$ 0.975

5.6%

FCOT

$ 1.485

$ 1.415

4.9%

First REIT

$ 1.315

$ 1.255

4.8%

LippoMapleT

$ 0.355

$ 0.340

4.4%

AIMSAMPIReit

$ 1.470

$ 1.415

3.9%

StarHill

$ 0.830

$ 0.800

3.7%

FE-HTrust

$ 0.845

$ 0.815

3.7%

CDL Htrust

$ 1.800

$ 1.740

3.4%

Ascendasreit

$ 2.460

$ 2.380

3.4%

OUE H-Trust

$ 0.935

$ 0.905

3.3%

MIT

$ 1.530

$ 1.485

3.0%

CapitaMall

$ 2.090

$ 2.040

2.5%

CLT

$ 1.185

$ 1.160

2.2%

ParkwayLife Reit

$ 2.430

$ 2.380

2.1%

SPH REIT

$ 1.055

$ 1.040

1.4%

MapletreeLog

$ 1.200

$ 1.185

1.3%

VIT

$ 0.805

$ 0.795

1.3%

K-REIT

$ 1.235

$ 1.220

1.2%

SaizenREIT

$ 0.870

$ 0.860

1.2%

CapitaComm

$ 1.770

$ 1.755

0.9%

A-HTrust

$ 0.685

$ 0.680

0.7%

FHT

$ 0.895

$ 0.890

0.6%

Cambridge

$ 0.680

$ 0.680

0.0%

OUE C-REIT

$ 0.805

$ 0.805

0.0%

AscottREIT

$ 1.265

$ 1.270

-0.4%

SB REIT

$ 0.780

$ 0.790

-1.3%

Sabana REIT

$ 0.915

$ 0.940

-2.7%

IREIT

$ 0.860

$ 0.890

-3.4%

SuntecReit

$ 1.880

$ 1.960

-4.1%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount

  • Jan-15: End Jan-15 Mkt Price
  • Dec-14 : End Dec-14 Mkt Price
  • Gain : Capital Gains = (Jan-15 Mkt Price – Dec-14 Mkt Price) / (Dec-14 Mkt Price)

January 2015

 

Results Announcement

  • 12 Jan 15 : SPHREIT (Updated)
  • 15 Jan 15 : FirstREIT (Updated)
  • 16 Jan 15 (AM) : Cambridge (Updated)
  • 19 Jan 15 : MLT (Updated)
  • 19 Jan 15 : KeppelREIT (Updated)
  • 19 Jan 15 : KIT (Updated)
  • 20 Jan 15 : MIT (Updated)
  • 21 Jan 15 (AM) : CCT (Updated)
  • 21 Jan 15 : MCT (Updated)
  • 21 Jan 15 : SB REIT (Updated)
  • 21 Jan 15 : Sabana (Updated)
  • 21 Jan 15 : Fortune (Updated)
  • 22 Jan 15 (AM) : AscottREIT (Updated)
  • 22 Jan 15 : A-REIT (Updated)
  • 22 Jan 15 : FCOT (Updated)
  • 22 Jan 15 : Suntec (Updated)
  • 23 Jan 15 (AM) : CMT (Updated)
  • 23 Jan 15 : FCT (Updated)
  • 26 Jan 15 : OUE C-REIT (Updated)
  • 26 Jan 15 : a-iTrust (Updated)
  • 26 Jan 15 : VIT (Updated)
  • 27 Jan 15 : CLT (Updated)
  • 27 Jan 15 : PLife (Updated)
  • 27 Jan 15 : MGCT (Updated)
  • 27 Jan 15 : Cityspring (Updated)
  • 27 Jan 15 : Starhill Global (Updated)
  • 27 Jan 15 : OUE H-Trust (Updated)
  • 28 Jan 15 (AM) : CDL H-Trust (Updated)
  • 29 Jan 15 (AM) : CRCT (Updated)
  • 29 Jan 15 (AM) : AMISAMPReit (Updated)
  • 29 Jan 15 : FHT (Updated)
  • 6 Feb 15 : HPH-Trust
  • 6 Feb 15 : A-HTrust
  • 11 Feb 15 (AM) : CRT
  • 11 Feb 15 (AM) : Saizen
  • 11 Feb 15 (AM) : FE-HTrust
  • 12 Feb 15 (AM) : LMIR
  • 13 Feb 15 (AM) : PCRT
  • 24 Feb 15 (AM) : APTT

 

 

 
 

REITs : Average Yield = 6.470%

REIT 

Period 

DPU cts 

Mkt  

Yield  

NAV 

Gearing  

Assets Type

Viva Ind Tr  

Q4 – Dec14  

1.701 

$0.805  

8.384% 

$0.758  

44.30% 

Biz Park (66.8%) + Hotel (16.4%) + Light Industrial (13.5%) + Logistics (3.3%) by Valuation  

SoilbuildBizREIT  

Q4 – Dec14  

1.585 

$0.780  

8.128% 

$0.800  

35.40% 

Business Park (2) + Industrial (8)

Lippo Malls Tr  

Q3 – Sep14  

0.690 

$0.355  

7.775% 

$0.415  

28.30% 

Retail (Indonesia) – 16  

IREIT Global  

FY14 – IPO  

3.330 

$0.860  

7.744% 

$0.780  

33.20% 

Offices : Germany  

Sabana REIT  

Q4 – Dec14  

1.780 

$0.915  

7.716% 

$1.040  

38.00%

Industrial (23)  

AIMSAMP Cap Reit  

Q3 – Dec14  

2.830 

$1.470  

7.701% 

$1.535  

31.70% 

Industrial (26)  

OUE Htrust  

Q4 – Dec14  

1.780 

$0.935  

7.615% 

$0.900  

32.70% 

Hotel (69%) + Retail (31%) by Asset  

Ascendas-hTrust  

1H – Sep14  

2.507 

$0.685

7.320% 

$0.730  

38.30% 

Hotels (12) : Australia (56%) + Singapore (20%) + Japan (15%) + China (9%) by NPI  

Cambridge Ind Tr  

Q4 – Dec14  

1.252 

$0.680  

7.304% 

$0.681  

34.80% 

Industrial (50)  

Cache Log Trust  

Q4 – Dec14  

2.146 

$1.185  

7.185% 

$0.980  

34.90%

Industrial : Singapore (12) + Shanghai (1)  

Saizen REIT  

2H – Jun14  

3.100 

$0.870  

7.126% 

$1.140  

38.00% 

Residential (Japan) – 137  

FHT  

Q1 – Dec14  

2.970 

$0.895  

7.083% 

$0.861  

40.00% 

Hotel (60.7%) + Serviced Apt (39.3%)  

OUE COMMERCIAL REIT

2H – Dec14  

2.840 

$0.805  

7.056% 

$1.100  

38.30% 

Retail (10%) + Office (89%) by Revenue  

Mapletree Ind Tr  

Q3 – Dec14  

2.670 

$1.530  

6.980% 

$1.210  

32.80% 

Industrial (85)  

Ascott Reit  

2H – Dec14  

4.264 

$1.265  

6.742% 

$1.370  

38.50% 

Serviced Apts (86) : AsiaPacific (68.3%) + Europe (31.7%) by Valuation

Frasers Com Tr  

Q1 – Dec14  

2.461 

$1.485  

6.572% 

$1.560  

37.20% 

Singapore (68%) + Australia (32%) by Valuation  

Mapletree GCC Tr  

Q3 – Dec14  

1.662 

$1.020  

6.464% 

$1.060  

37.90% 

Retail + Office (China + HK)

CDL Htrust  

2H – Dec14  

5.740 

$1.800  

6.378% 

$1.645  

31.70% 

Hotels : Singapore (75.1%) + Australia (9.6%) + NZ (4.1%) + Maldives (8.1%) + Japan (2.8%) by Valuation  

Far East HTrust  

Q3 – Sep14  

1.320 

$0.845  

6.249% 

$0.976  

31.40%

Hotels (66.5%) + Serviced Apts (14.7%) + Commercial (18.8%) by Revenue  

Mapletree Log Tr  

Q3 – Dec14  

1.870 

$1.200  

6.233% 

$0.960  

34.70% 

Industrial (117)  

Keppel DC REIT  

FY15 – IPO  

6.360 

$1.030  

6.175% 

$0.870  

27.80% 

Data Centres – 8  

StarhillGbl Reit

Q4 – Dec14  

1.290 

$0.830  

6.169% 

$0.930  

28.60% 

Retail (86.4%) + Office (13.6%) ; Singapore (67.9%) + Malaysia (15.1%) + Australia (9.9%) + China (5.2%) + Japan (1.9%) by Revenue  

First REIT  

Q4 – Dec14  

2.040 

$1.315  

6.122% 

$1.018  

33.10%

Hospitals (11 – 1 in S Korea) + Hotel (Indonesia – 2) + Nursing Home (Singapore – 3)  

Ascendas Reit  

Q3 – Dec14  

3.590 

$2.460  

5.837% 

$2.030  

33.60% 

Industrial : Singapore (104) + China (2)  

CapitaR China Tr  

2H – Dec14  

4.830 

$1.715  

5.633% 

$1.580

28.70% 

Retail (China) – 10  

Frasers Cpt Tr  

Q1 – Dec14  

2.750 

$2.070  

5.525% 

$1.850  

29.30% 

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

Mapletree Com Tr  

Q3 – Dec14  

2.080 

$1.515  

5.492% 

$1.170  

37.90% 

Retail + Office  

Suntec Reit  

Q4 – Dec14

2.577 

$1.880  

5.483% 

$2.091  

34.70% 

Retail + Office  

CapitaMall Trust  

Q4 – Dec14  

2.860 

$2.090  

5.431% 

$1.790  

33.80% 

Retail (16) + Office  

SPHREIT  

Q1 – Nov14  

1.330 

$1.055  

5.043% 

$0.930  

26.00% 

Retail (2)  

Keppel Reit  

Q4 – Dec14  

1.510 

$1.235  

4.891% 

$1.400  

43.30% 

Offices : Singapore (4) + Australia (5)  

Fortune Reit HKD  

2H – Dec14  

20.800 

$8.560  

4.860% 

$11.930  

29.40% 

Retail (HK) – 17  

CapitaCom Trust  

2H – Dec14  

4.240 

$1.770  

4.791% 

$1.710  

29.30% 

Office (66%) + Retail (20%) + Hotel (14%) by Gross Rental Income

ParkwayLife Reit  

Q4 – Dec14  

2.900 

$2.430  

4.774% 

$1.600  

35.20% 

Hospitals + Nursing Homes = 41  

NOTES :

  • Mkt Price is as on 30-Jan-15
  • FHT : DPU = 2.97ct (14-Jul-14 to 31-Dec-14) vs Projected DPU = 2.82ct ; DPU Not Paid as Semi-Annual Payout Policy (1st DPU Payout on 31-Mar-15)
  • PLife : Annualised DPU = 11.6ct
  • StarHill Global : Annualised DPU = 5.12ct
  • CLT : Annualised DPU = 8.514ct
  • MGCCT : Annualised DPU = 6.593ct
  • VIT : Annualised DPU = 6.749ct
  • FCT : Above Yield is Computed using last 4Qs DPU = 11.437ct ie 2.75ct (Dec14) + 2.785ct (Sep14) + 3.022ct (Jun14) + 2.88ct (Mar14)
  • CMT : Annualised DPU = 11.35ct
  • FCOT : Annualised DPU = 9.76ct
  • A-REIT : DPU Not Paid as Semi-Annual Payout Policy
  • Sabana : Annualised DPU = 7.06ct
  • Keppel REIT : DPU = 1.25ct (1-Oct-14 to 15-Dec-14) + 0.26ct (16-Dec-14 to 31-Dec-14)
  • Cambridge : Annualised DPU = 4.967ct
  • FirstREIT : Annualised DPU = 8.05ct
  • 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
  • Saizen : DPU Not Paid as Semi-Annual Payout Policy
  • A-HTrust : DPU Not Paid as Semi-Annual Payout Policy
  • 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
  • A-REIT : DPU Semi-Annual Payout Policy fm FY15(Mar)
  • 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
  • Saizen : 5-to-1 Unit Consolidation on 5-Nov-13
  • 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
  • MLT : Includes 0.2ct Divestment Gain for 8 Qs from Q114 (Jun13)
  • SoilBuild Business Space REIT : IPO Prospectus ; DPU : FY13 = 4.37ct (1-Apr-13 to 31-Dec-13) / FY14 = 5.97ct ; Yield : FY13 = 7.47% / FY14 = 7.654% ; Gearing = 29.9% ; NAV = $0.80 ; Listing on 16-Aug-13 2pm @ $0.78
  • OUE H-Trust : IPO Prospectus ; DPU : FY13 = 4.77ct (1-Apr-13 to 31-Dec-13) / FY14 = 6.57ct ; Yield : FY13 = 7.194% / FY14 = 7.466% ; Gearing = 33.2% ; NAV = $0.903 ; Listing on 25-Jul-13 2pm @ $0.78
  • SPH REIT : IPO Prospectus ; DPU : FY13 (Aug) = 2.51ct (1-Mar-13 to 31-Aug-13) / FY14 (Aug) = 5.21ct ; Yield : FY13 = 5.578% / FY14 = 5.789% ; Gearing = 27.3% ; NAV = $0.88 ; Listing on 24-Jul-13 2pm @ $0.90
  • MGCT : IPO Prospectus ; DPU : FY14 (Mar) = 5.24ct / FY15 (Mar) = 5.69ct ; Yield : FY14 = 5.634% / FY15 = 6.118% ; Gearing = 43% ; NAV = $0.91 ; Listing on 7-Mar-13 2pm @ $0.93

    
 

Shipping Trusts (non-REITs)

Trust 

Period 

DPU cts 

Mkt  

Yield  

NAV 

Assets Type  

FSL Trust  

Q3 – Sep14 

0 

$0.136  

0.000% 

$0.400  

Shipping Trust

RickmersMaritime  

Q3 – Sep14 

0.6 

$0.290  

11.201% 

$0.580  

Shipping Trust  

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3534:US$1 fm Yahoo Finance)
  • Rickmers : 23% Payout
  • 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

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring Trust

Q3 – Dec14

0.82

$0.545

6.018%

$0.146

Infrastructure – Water + Gas + Power

Keppel Infra Tr

2H – Dec14

7.82

$1.070

7.308%

$0.890

Energy (Incineration) + Water (NEWater)

Ascendas-iTrust

Q3 – Dec14

1.16

$0.855

5.427%

$0.600

India – Industrial Park

Indiabulls Trust

2H – Mar14

0.0162

$0.106

0.298%

$0.341

India – Office

HPH Trust USD

2H – Dec13

22.3

$0.715

7.397%

HK$7.23

Ports – HK + China

Forterra Trust

1H – Jun14

$2.240

0.000%

$3.840

China – Retail + Office + Industrial

Perennial CRT

Q3 – Sep14

0.95

$0.535

7.047%

$0.750

China Retail

Religare Htrust

1H – Sep14

3.61

$1.030

7.010%

$0.867

India – Healthcare

Croesus Rtrust

Q1 – Sep14

2.08

$0.945

8.730%

Y72.57

Japan – Retail (7)

Asian Pay TV Tr

1H – Jun14

4.12

$0.910

9.066%

$0.900

Taiwan PayTV

Accordia Golf Tr

FY15 (Mar) – IPO

6.8

$0.770

8.831%

$0.921

Japan Golf Courses – 89

NOTES :

  • a-iTrust : Above DPU is based on 90% Payout ; DPU Not Paid as Semi-Annual Payout Policy
  • KIT : 1H14 DPU Payout = 3.13ct ; 2H14 DPU Payout = 4.69ct ; Above Table Uses 2H13 + 1H14 DPU = 7.82ct to Calculate Yield
  • CroesusRT : Exchange Rate Y100 = S$1.1504 ; Annualised DPU = 8.25ct
  • APTT : Above Yield uses DPU = 8.25ct ie 1H14 = 4.12ct + 2H13 = 4.13ct ; Quarterly DPU Payout from Q314 ; Q314 = 2ct ; Reaffirmed Q414 = 2.13ct
  • PCRT : Annualised Yield = 3.77ct ; Semi-Annual Dividend Payout Policy but will pay Q3 due to Conditional Offer by St James (now known as Perennial Real Estates Hldgs)
  • 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 @ $0.97
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7524:US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun14) = HK18.7ct + 2H (Dec13) = HK22.3ct
  • CitySpring : Guidance for FY15 DPU = 3.28ct ie 0.82ct / Q
  • Indiabulls : No DPU Payout as Semi-Annual Policy
  • Religare : DPU = 1.99ct (Q1) + 2.06ct (Q2) ; 1H DPU = 2.922ct if No Sponsor Waiver
  • 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
  • Forterra (TCT) : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
  • 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

 
 

 
 

Performance – December 2014

 

STI +6.242% : 3365.15 (Dec-14) vs 3167.43 (2013)

Rank – Capital Gains

REIT

Dec-14

Dec-13

Gain

SuntecReit

$ 1.960

$ 1.540

27.3%

Fortune Reit HK$

$ 7.760

$ 6.240

24.4%

CapitaRChina

$ 1.615

$ 1.330

21.4%

CapitaComm

$ 1.755

$ 1.450

21.0%

MCT

$ 1.410

$ 1.190

18.5%

First REIT

$ 1.255

$ 1.060

18.4%

MGCT

$ 0.950

$ 0.840

13.1%

MapletreeLog

$ 1.185

$ 1.055

12.3%

FCOT

$ 1.415

$ 1.270

11.4%

MIT

$ 1.485

$ 1.335

11.2%

Ascendasreit

$ 2.380

$ 2.200

8.2%

FrasersCT

$ 1.895

$ 1.760

7.7%

CapitaMall

$ 2.040

$ 1.905

7.1%

SPH REIT

$ 1.040

$ 0.980

6.1%

CDL Htrust

$ 1.740

$ 1.640

6.1%

AscottREIT

$ 1.270

$ 1.205

5.4%

Keppel DC REIT

$ 0.975

$ 0.930

4.8%

CLT

$ 1.160

$ 1.115

4.0%

OUE H-Trust

$ 0.905

$ 0.875

3.4%

K-REIT

$ 1.220

$ 1.185

3.0%

SB REIT

$ 0.790

$ 0.770

2.6%

VIT

$ 0.795

$ 0.775

2.6%

StarHill

$ 0.800

$ 0.785

1.9%

ParkwayLife Reit

$ 2.380

$ 2.350

1.3%

IREIT

$ 0.890

$ 0.880

1.1%

FHT

$ 0.890

$ 0.880

1.1%

OUE C-REIT

$ 0.805

$ 0.800

0.6%

AIMSAMPIReit

$ 1.415

$ 1.430

-1.0%

Cambridge

$ 0.680

$ 0.690

-1.4%

FE-HTrust

$ 0.815

$ 0.840

-3.0%

A-HTrust

$ 0.680

$ 0.720

-5.6%

SaizenREIT

$ 0.860

$ 0.925

-7.0%

Sabana REIT

$ 0.940

$ 1.080

-13.0%

LippoMapleT

$ 0.340

$ 0.415

-18.1%

NOTES :

  • Not Adjusted for Rights or New Issues Which May Be at a Discount
     
  • Dec-14: End Dec-14 Mkt Price
  • Dec-13 : End Dec-13 Mkt Price
  • Gain : Capital Gains = (Dec-14 Mkt Price – Dec-13 Mkt Price) / (Dec-13 Mkt Price)
  • OUE C-REIT : Listed on 25-Jan-14 2pm @ $0.88
  • FHT : Listed on 14-Jul-14 2pm @ $0.88
  • IREIT Global : Listed on 13-Aug-14 2pm @ $0.88
  • Keppel DC REIT : Listed on 11-Dec-14 2pm @ $0.93

         
 

December 2014

 

 
 

REITs : Average Yield = 6.526%

REIT

Period

DPU cts

Mkt

Yield

NAV

Gearing

Assets Type

Viva Ind Tr

Q3 – Sep14

1.687

$0.795

8.419%

$0.748

45.70%

Biz Park (77.6%) + Hotel (18.6%) + Logistics (3.8%) by Valuation

Lippo Malls Tr

Q3 – Sep14

0.690

$0.340

8.118%

$0.415

28.30%

Retail (Indonesia) – 16

AIMSAMP Cap Reit

Q2 – Sep14

2.770

$1.415

7.830%

$1.523

32.20%

Industrial (26)

SoilbuildBizREIT

Q3 – Sep14

1.546

$0.790

7.828%

$0.800

30.30%

Business Park (2) + Industrial (6)

Sabana REIT

Q3 – Sep14

1.810

$0.940

7.638%

$1.060

37.00%

Industrial (22)

IREIT Global

FY14 – IPO

3.330

$0.890

7.483%

$0.780

33.20%

Offices : Germany

Ascendas-hTrust

1H – Sep14

2.507

$0.680

7.374%

$0.730

38.30%

Hotels (12) : Australia (56%) + Singapore (20%) + Japan (15%) + China (9%) by NPI

Cache Log Trust

Q3 – Sep14

2.140

$1.160

7.319%

$0.970

35.00%

Industrial : Singapore (14) + Shanghai (1)

Cambridge Ind Tr

Q3 – Sep14

1.250

$0.680

7.293%

$0.684

33.90%

Industrial (49)

OUE Htrust

Q3 – Sep14

1.640

$0.905

7.249%

$0.900

32.70%

Hotel (69%) + Retail (31%) by Asset

Saizen REIT

2H – Jun14

3.100

$0.860

7.209%

$1.140

38.00%

Residential (Japan) – 137

Mapletree Ind Tr

Q2 – Sep14

2.600

$1.485

7.003%

$1.200

33.10%

Industrial (85)

OUE COMMERCIAL REIT

Q3 – Sep14

1.400

$0.805

6.957%

$1.050

39.80%

Retail (10.9%) + Office (89.1%) by Revenue

FHT

FY14 – IPO

3.040

$0.890

6.813%

$0.830

41.70%

Hotel (60.7%) + Serviced Apt (39.3%)

Ascott Reit

Q3 – Sep14

2.110

$1.270

6.646%

$1.350

40.00%

Serviced Apts (86) : AsiaPacific (65.7%) + Europe (34.3%) by Valuation

Mapletree GCC Tr

1H – Sep14

3.162

$0.950

6.638%

$1.042

37.70%

Retail + Office (China + HK)

Keppel DC REIT

FY15 – IPO

6.360

$0.975

6.523%

$0.870

27.80%

Data Centres – 8

Far East HTrust

Q3 – Sep14

1.320

$0.815

6.479%

$0.976

31.40%

Hotels (66.5%) + Serviced Apts (14.7%) + Commercial (18.8%) by Revenue

First REIT

Q3 – Sep14

2.020

$1.255

6.414%

$0.970

32.90%

Hospitals (10) + Hotel (Indonesia – 1) + Nursing Home (Singapore – 3)

Mapletree Log Tr

Q2 – Sep14

1.880

$1.185

6.346%

$0.950

33.30%

Industrial (113)

StarhillGbl Reit

Q3 – Sep14

1.270

$0.800

6.300%

$0.920

29.10%

Retail (86.4%) + Office (13.0%) by Revenue

Frasers Com Tr

Q4 – Sep14

2.215

$1.415

6.198%

$1.590

37.10%

Office + Retail (4)

Ascendas Reit

1H – Sep14

7.300

$2.380

6.134%

$2.070

32.60%

Industrial : Singapore (104) + China (2)

Keppel Reit

Q3 – Sep14

1.850

$1.220

6.016%

$1.390

42.10%

Offices : Singapore (5) + Australia (5)

CDL Htrust

Q3 – Sep14

2.610

$1.740

5.954%

$1.600

30.20%

Hotels : Singapore (77.1%) + Australia (10.5%) + NZ (4.5%) + Maldives (7.9%) by Valuation

Frasers Cpt Tr

Q4 – Sep14

2.785

$1.895

5.903%

$1.850

29.30%

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

CapitaR China Tr

Q3 – Sep14

2.350

$1.615

5.771%

$1.470

30.80%

Retail (China) – 10

Mapletree Com Tr

Q2 – Sep14

1.970

$1.410

5.589%

$1.160

38.00%

Retail + Office

Fortune Reit HKD

1H – Jun14

20.880

$7.760

5.381%

$10.990

31.20%

Retail (HK) – 17

SPHREIT

Q4 – Aug14

1.390

$1.040

5.346%

$0.930

26.00%

Retail (2)

CapitaMall Trust

Q3 – Sep14

2.720

$2.040

5.289%

$1.760

34.10%

Retail (16) + Office

ParkwayLife Reit

Q3 – Sep14

2.900

$2.380

4.874%

$1.600

34.60%

Hospitals + Nursing Homes = 47

CapitaCom Trust

Q3 – Sep14

2.100

$1.755

4.786%

$1.670

30.20%

Office (66%) + Retail (20%) + Hotel (14%) by Gross Rental Income

Suntec Reit

Q3 – Sep14

2.328

$1.960

4.758%

$2.033

34.40%

Retail + Office

NOTES :

  • Mkt Price is as on 31-Dec-14
  • 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
  • FortuneREIT : DPU Not Paid as Semi-Annual Payout Policy
  • Saizen : DPU Not Paid as Semi-Annual Payout Policy
  • AscottREIT : DPU Not Paid as Semi-Annual Payout Policy
  • OUE C-Trust : DPU Not Paid as Semi-Annual Payout Policy
  • CDL H-Trust : DPU Annualised DPU = 10.36ct ; DPU Not Paid as Semi-Annual Payout Policy
  • CRCT : Annualised DPU = 9.32ct ; DPU Not Paid as Semi-Annual Payout Policy
  • MGCCT : Annualised DPU = 6.306ct
  • FCT : Above Yield is Computed using last 4Qs DPU = 11.187ct ie 2.5ct (Dec13) + 2.785ct (Sep14) + 3.022ct (Jun14) + 2.88ct (Mar14)
  • CLT : Annualised DPU = 8.49ct
  • Cambridge : Annualised DPU = 4.959ct
  • SB REIT : Annualised DPU = 6.184ct
  • Suntec : Annualised DPU = 9.326ct ; Includes Capital = 0.04ct
  • VIT : Annualised DPU = 6.693ct
  • FCOT : Annualised DPU = 8.77ct
  • FirstREIT : Annualised DPU = 8.05ct
  • CMT : Annualised DPU = 10.79ct
  • Sabana : Annualised DPU = 7.18ct
  • A-HTrust : DPU Not Paid as Semi-Annual Payout Policy
  • 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
  • StarHill Global : Annualised DPU = 5.01ct
  • A-REIT : DPU Semi-Annual Payout Policy fm FY15(Mar)
  • Keppel REIT : Annualised DPU = 7.62ct
  • 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
  • PLife : Annualised DPU = 11.28ct
  • 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
  • Saizen : 5-to-1 Unit Consolidation on 5-Nov-13
  • 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
  • MLT : Includes 0.2ct Divestment Gain for 8 Qs from Q114 (Jun13)
  • SoilBuild Business Space REIT : IPO Prospectus ; DPU : FY13 = 4.37ct (1-Apr-13 to 31-Dec-13) / FY14 = 5.97ct ; Yield : FY13 = 7.47% / FY14 = 7.654% ; Gearing = 29.9% ; NAV = $0.80 ; Listing on 16-Aug-13 2pm @ $0.78
  • OUE H-Trust : IPO Prospectus ; DPU : FY13 = 4.77ct (1-Apr-13 to 31-Dec-13) / FY14 = 6.57ct ; Yield : FY13 = 7.194% / FY14 = 7.466% ; Gearing = 33.2% ; NAV = $0.903 ; Listing on 25-Jul-13 2pm @ $0.78
  • SPH REIT : IPO Prospectus ; DPU : FY13 (Aug) = 2.51ct (1-Mar-13 to 31-Aug-13) / FY14 (Aug) = 5.21ct ; Yield : FY13 = 5.578% / FY14 = 5.789% ; Gearing = 27.3% ; NAV = $0.88 ; Listing on 24-Jul-13 2pm @ $0.90
  • MGCT : IPO Prospectus ; DPU : FY14 (Mar) = 5.24ct / FY15 (Mar) = 5.69ct ; Yield : FY14 = 5.634% / FY15 = 6.118% ; Gearing = 43% ; NAV = $0.91 ; Listing on 7-Mar-13 2pm @ $0.93

    
 

Shipping Trusts (non-REITs)

Trust

Period

DPU cts

Mkt

Yield

NAV

Assets Type

FSL Trust

Q3 – Sep14

0

$0.102

0.000%

$0.400

Shipping Trust

RickmersMaritime

Q3 – Sep14

0.6

$0.280

11.322%

$0.580

Shipping Trust

NOTES :

  • All in US$ except for Rickmers and FSL Mkt Price (Yield Computed Using Latest Exchange Rate S$1.3209:US$1 fm Yahoo Finance)
  • Rickmers : 23% Payout
  • 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

DPU cts

Mkt

Yield

NAV

Assets Type

CitySpring Trust

Q2 – Sep14

0.82

$0.530

6.189%

$0.192

Infrastructure – Water + Gas + Power

Keppel Infra Tr

1H – Jun14

7.82

$1.065

7.343%

$0.930

Energy (Incineration) + Water (NEWater)

Ascendas-iTrust

1H – Sep14

2.4

$0.820

5.854%

$0.620

India – Industrial Park

Indiabulls Trust

2H – Mar14

0.0162

$0.106

0.298%

$0.341

India – Office

HPH Trust USD

2H – Dec13

22.3

$0.690

7.662%

HK$7.23

Ports – HK + China

Forterra Trust

1H – Jun14

$2.240

0.000%

$3.840

China – Retail + Office + Industrial

Perennial CRT

Q3 – Sep14

0.95

$0.535

7.047%

$0.750

China Retail

Religare Htrust

1H – Sep14

3.61

$1.000

7.220%

$0.867

India – Healthcare

Croesus Rtrust

Q1 – Sep14

2.08

$0.925

8.919%

Y72.57

Japan – Retail (7)

Asian Pay TV Tr

1H – Jun14

4.12

$0.860

9.593%

$0.900

Taiwan PayTV

Accordia Golf Tr

FY15 (Mar) – IPO

6.8

$0.750

9.067%

$0.921

Japan Golf Courses – 89

NOTES :

  • CroesusRT : Exchange Rate Y100 = S$1.1046 ; Annualised DPU = 8.25ct
  • APTT : Above Yield uses DPU = 8.25ct ie 1H14 = 4.12ct + 2H13 = 4.13ct ; Quarterly DPU Payout from Q314 ; Q314 = 2ct ; Reaffirmed Q414 = 2.13ct
  • PCRT : Annualised Yield = 3.77ct ; Semi-Annual Dividend Payout Policy but will pay Q3 due to Conditional Offer by St James (now known as Perennial Real Estates Hldgs)
  • a-iTrust : Above DPU is based on 90% Payout
  • 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 @ $0.97
  • HPH Trust : DPU in HK$ ; Mkt Price in US$ ; Yield Computed Using Latest Exchange Rate HK$7.7552:US$1 fm Yahoo Finance) ; Yield Computed Using 1H (Jun14) = HK18.7ct + 2H (Dec13) = HK22.3ct
  • KIT : 1H14 DPU Payout = 3.13ct ; 2H13 DPU Payout = 4.69ct ; Above Table Uses 2H13 + 1H14 DPU = 7.82ct to Calculate Yield
  • CitySpring : Guidance for FY15 DPU = 3.28ct ie 0.82ct / Q
  • Indiabulls : No DPU Payout as Semi-Annual Policy
  • Religare : DPU = 1.99ct (Q1) + 2.06ct (Q2) ; 1H DPU = 2.922ct if No Sponsor Waiver
  • 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
  • Forterra (TCT) : No DPU Declared since 2H11 ; Last DPU = 5ct on 1H11
  • 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

 
 

 
 

Month End Prices – 2014

       
 

REIT

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

A-HTrust

S$0.725

S$0.735

S$0.735

S$0.720

S$0.750

S$0.750

S$0.765

S$0.720

S$0.715

S$0.705

S$0.690

S$0.680

A-REIT

S$2.130

S$2.160

S$2.260

S$2.290

S$2.460

S$2.300

S$2.330

S$2.350

S$2.250

S$2.230

S$2.340

S$2.380

AIMSAMPIReit

S$1.445

S$1.335

S$1.340

S$1.415

S$1.450

S$1.440

S$1.495

S$1.465

S$1.435

S$1.490

S$1.450

S$1.415

AscottREIT

S$1.185

S$1.155

S$1.195

S$1.200

S$1.230

S$1.225

S$1.235

S$1.235

S$1.235

S$1.240

S$1.275

S$1.270

Cambridge

S$0.690

S$0.715

S$0.720

S$0.740

S$0.775

S$0.775

S$0.715

S$0.705

S$0.715

S$0.695

S$0.690

S$0.680

CapitaRChina

S$1.320

S$1.380

S$1.400

S$1.480

S$1.520

S$1.480

S$1.705

S$1.615

S$1.570

S$1.630

S$1.595

S$1.615

CCT

S$1.420

S$1.465

S$1.485

S$1.600

S$1.690

S$1.700

S$1.665

S$1.700

S$1.595

S$1.670

S$1.685

S$1.755

CDL HTrust

S$1.605

S$1.630

S$1.655

S$1.795

S$1.735

S$1.760

S$1.750

S$1.650

S$1.670

S$1.725

S$1.735

S$1.740

CLT

S$1.095

S$1.130

S$1.135

S$1.150

S$1.210

S$1.195

S$1.205

S$1.170

S$1.165

S$1.170

S$1.175

S$1.160

CMT

S$1.870

S$1.900

S$1.890

S$1.995

S$2.070

S$1.975

S$1.970

S$2.000

S$1.910

S$1.970

S$1.980

S$2.040

FE-HTrust

S$0.785

S$0.775

S$0.820

S$0.885

S$0.890

S$0.870

S$0.875

S$0.850

S$0.815

S$0.830

S$0.830

S$0.815

FHT

S$0.895

S$0.885

S$0.885

S$0.885

S$0.880

S$0.890

First REIT

S$1.040

S$1.045

S$1.075

S$1.160

S$1.190

S$1.185

S$1.220

S$1.215

S$1.230

S$1.230

S$1.240

S$1.255

Fortune

HK$5.990

HK$6.020

HK$5.890

HK$6.090

HK$6.780

HK$6.770

HK$7.340

HK$7.210

HK$6.850

HK$7.070

HK$7.690

HK$7.760

FrasersComm

S$1.250

S$1.265

S$1.255

S$1.270

S$1.360

S$1.355

S$1.405

S$1.400

S$1.350

S$1.420

S$1.470

S$1.415

FrasersCT

S$1.700

S$1.750

S$1.780

S$1.795

S$1.915

S$1.895

S$1.940

S$2.000

S$1.885

S$1.945

S$1.895

S$1.895

IREIT Global

     

S$0.895

S$0.900

S$0.895

S$0.890

S$0.890

Keppel DC REIT

S$0.93

S$1.220

Keppel REIT

S$1.125

S$1.175

S$1.140

S$1.210

S$1.305

S$1.280

S$1.270

S$1.250

S$1.190

S$1.220

S$1.240

S$0.975

LMIR

S$0.410

S$0.395

S$0.400

S$0.405

S$0.405

S$0.400

S$0.415

S$0.405

S$0.395

S$0.370

S$0.370

S$0.340

MCT

S$1.165

S$1.210

S$1.220

S$1.265

S$1.345

S$1.370

S$1.400

S$1.455

S$1.410

S$1.430

S$1.415

S$1.410

MGCT

S$0.815

S$0.840

S$0.815

S$0.845

S$0.895

S$0.865

S$0.920

S$0.945

S$0.905

S$0.945

S$0.985

S$0.950

MIT

S$1.310

S$1.350

S$1.365

S$1.440

S$1.440

S$1.430

S$1.405

S$1.440

S$1.420

S$1.475

S$1.505

S$1.485

MLT

S$1.005

S$1.035

S$1.045

S$1.100

S$1.185

S$1.165

S$1.175

S$1.175

S$1.155

S$1.175

S$1.180

S$1.185

OUE C-REIT

S$0.795

S$0.795

S$0.795

S$0.795

S$0.795

S$0.800

S$0.830

S$0.805

S$0.795

S$0.805

S$0.800

S$0.805

OUE H-Trust

S$0.875

S$0.885

S$0.845

S$0.870

S$0.885

S$0.890

S$0.905

S$0.900

S$0.910

S$0.910

S$0.905

S$0.905

PLife

S$2.260

S$2.290

S$2.440

S$2.510

S$2.370

S$2.360

S$2.390

S$2.350

S$2.310

S$2.390

S$2.350

S$2.380

Sabana

S$1.060

S$1.025

S$1.030

S$1.025

S$1.060

S$1.045

S$1.030

S$1.005

S$1.010

S$0.990

S$0.965

S$0.940

Saizen

S$0.910

S$0.880

S$0.890

S$0.895

S$0.960

S$0.940

S$0.955

S$0.955

S$0.895

S$0.915

S$0.895

S$0.860

SB REIT

S$0.750

S$0.760

S$0.780

S$0.785

S$0.800

S$0.800

S$0.810

S$0.790

S$0.795

S$0.780

S$0.790

S$0.790

SPH REIT

S$0.980

S$0.975

S$0.980

S$1.000

S$1.015

S$1.025

S$1.060

S$1.065

S$1.060

S$1.055

S$1.060

S$1.040

StarHill Gbl

S$0.765

S$0.780

S$0.790

S$0.810

S$0.835

S$0.825

S$0.825

S$0.815

S$0.790

S$0.815

S$0.810

S$0.800

Suntec

S$1.610

S$1.665

S$1.660

S$1.715

S$1.795

S$1.810

S$1.790

S$1.825

S$1.760

S$1.785

S$1.970

S$1.960

VIT

$S0.775

S$0.785

S$0.770

S$0.785

S$0.785

S$0.795

S$0.815

S$0.815

S$0.805

S$0.800

S$0.790

S$0.795

Note

  • IREIT Global Listed on 13-Aug-14 2PM @ $0.88
  • FHT Listed on 14-Jul-14 2PM @ S$0.88
  • Keppel DC REIT Listed on 11-Dec-14 2PM @ $0.93