Chartbook: SREITs & Property Trusts

SGX Research
June 2020

Singapore Exchange
Singapore is one of Asia’s largest REIT & Property Trusts markets
OVER 80% (38) OF SINGAPORE REITS & TRUSTS HAVE DIVERSIFIED PROPERTY
PROPERTY TRUSTS HOLD OVERSEAS ASSETS SUB-SEGMENTS (% BY TRUST COUNT)

No. of trusts Market Cap Avg. Div Yield Avg. P/B 1 yr SDAV
44 S$98B 7.2% 0.9x S$330m 6 2%7% 20%
Industrial REITs
Hospitality REITs
18% Diversified REITs
20
14% Retail REITs
 Singapore has 44 REITs & Property Trusts with a combined
Office REITs
market capitalisation of S$98 billion, representing c.12% of 18
25% 14% Specialized REITs
Singapore’s overall listed stocks
Health Care REITs
 SREITs have a regulated gearing ratio limit of 50%
 The REITs & Property Trusts offer wide diversity across Singapore Overseas Singapore & Overseas
property sub-segments (chart on the right)
 REIT Indices: Trusts that have Pan Asian Exposure (based on asset portfolio)
 FTSE ST REIT Index: 37 out of the 44 trusts Refer to page 24, for trusts with exposure to non-Asian markets.
represented
China - 10 trusts
 iEdge S-REIT Index: 35 out of the 44 trusts South Korea - 4 trusts
represented
Japan - 8 trusts
Hong Kong - 2 trusts
Key Statistics At a Glance
Vietnam - 2 trusts
 Average dividend yield of 7.2% Malaysia - 6 trusts
 Average 10-year annualised total return of 8.3%
 Average gearing ratio of 36.1%* Philippines - 1 trust
 10 year market cap CAGR of 15% Singapore - 26 trusts

Indonesia - 3 trusts
India – 1 trust
*Based on latest quarter filings Note: There may be trusts
Source: Bloomberg, SGX, data as of 31 May 2020. with property exposure to
For more about REITs, read more. more than 1 market.

Note: Property Trusts are Business Trusts that have property assets. For more details on Business Trusts, click here. Some of these include Stapled Trusts which are
stapled securities. Stapled securities are created when two securities with different legal structures are traded as one, retaining the rights or obligations attached to
2
each of the individual security. See page 19 for list of REITs, property trusts, and stapled securities.
 Total Return Indices*
280
Base of 100 as of Sep 2010

240

200

160

120

80
May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20

iEdge S-REIT Total Return Index FTSE ST REIT Index Straits Times Total Return Index

Price Return Indices

160

150

140
Base of 100 as of Sep 2010

130

120

110

100

90

80

70
May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20
iEdge S-REIT Index FTSE ST REIT Index Straits Times Index
*Total Return Index assumes Reinvested Gross Dividends
Figures indexed at 100 as of Sep 2010 (base date of iEdge S-REIT Index)
Source: Bloomberg, SGX, data as of 31 May 2020

3
Correlation Matrix Between SREITs and Other Asset Classes
Correlation Matrix FTSE ST REIT iEdge S-REIT Asia ex Japan Asia Ex Japan Asia Bonds US REITs US US Bonds Global REITs Global Equities Global Bonds
(Jan 2012- May 2020) Index Index REITs Equities Equities

FTSE ST REIT Index 1.00 1.00 0.93 0.74 0.72 0.69 0.71 0.64 0.82 0.75 0.68

iEdge S-REIT Index 1.00 1.00 0.94 0.73 0.74 0.71 0.74 0.67 0.83 0.78 0.69
Asia ex Japan REITs 0.93 0.94 1.00 0.77 0.89 0.81 0.88 0.82 0.94 0.87 0.77
Asia Ex Japan Equities 0.74 0.73 0.77 1.00 0.67 0.53 0.78 0.56 0.76 0.87 0.62
Asia Bonds 0.72 0.74 0.89 0.67 1.00 0.83 0.95 0.97 0.94 0.89 0.81
US REITs 0.69 0.71 0.81 0.53 0.83 1.00 0.80 0.73 0.91 0.77 0.53
US Equities 0.71 0.74 0.88 0.78 0.95 0.80 1.00 0.89 0.95 0.98 0.75
US Bonds 0.64 0.67 0.82 0.56 0.97 0.73 0.89 1.00 0.85 0.80 0.85
Global REITs 0.82 0.83 0.94 0.76 0.94 0.91 0.95 0.85 1.00 0.94 0.73
Global Equities 0.75 0.78 0.87 0.87 0.89 0.77 0.98 0.80 0.94 1.00 0.72

Global Bonds 0.68 0.69 0.77 0.62 0.81 0.53 0.75 0.85 0.73 0.72 1.00

Asia Indices US Indices Global Indices

1) FTSE ST REIT Index 1) US REITs (MSCI US REIT Index) 1) Global REIT (FTSE EPRA/NAREIT Global REITs Index)
2) iEdge S-REIT Index 2) US Equities (S&P 500 Index) 2) Global Equities (MSCI ACWI Index)
3) Asia ex Japan REITs (FTSE EPRA/NAREIT Asia ex Japan Index) 3) US Bonds (Bloomberg Barclays US 3) Global Bonds (Bloomberg Barclays Global Aggregate
4) Asia ex Japan Equities (MSCI Asia ex Japan Index) Aggregate Index) Index)
5) Asia Bonds (JP Morgan Asia Credit Index)

Figures refer to price correlation

Source: Bloomberg, SGX, data as of 31 May 2020

4
FTSE ST REIT Index – Quarterly Dividend Distribution
16.0 40%
15.2
15.0
14.3 30%
14.2
13.8 13.8 14.0
14.0 13.7
13.4
13.2 13.2 13.1 20%
13.0 12.7 12.8 12.7 12.8
12.6 12.6
12.4
12.2 12.2 12.3 12.1 12.2 12.2
11.8 10%
12.0 11.5 11.5
11.0 11.0 11.1
10.9
11.0 10.6 10.6 10.6 0%
10.4
10.1 9.9
9.8
10.0 9.5
9.4 -10%
9.2
8.9
9.0 8.7
8.4 8.3 8.4
8.2 -20%
7.7 7.9
8.0

-30%
7.0

6.0 -40%
4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 1Q
08 09 10 11 12 13 14 15 16 17 18 19 20

FTSE ST REIT Index DPU (S$) Q-o-Q FTSE ST REIT Index Price Change (RHS)

Source: Bloomberg, SGX

Quarterly dividends of the FTSE ST REIT Index extracted from Bloomberg as of latest available quarter, 31 March 2020

5
FTSE ST REIT Index: Q-o-Q Distribution Growth FTSE ST REIT Index: Y-o-Y Distribution Growth
80.0% 15.0%
70.4%
65.9%
60.7% 10.7%
60.0%
52.3% 10.0% 9.0%
45.6% 46.0% 45.1%
44.2%
40.9%
40.0% 36.45%
32.8% 33.4% 5.2%
32.1%
29.4% 5.0% 4.1%
27.0%

20.3%19.7% 2.5%
20.0% 15.9% 1.2%
13.8%
11.0% 11.9%
6.1% 5.2% 0.0%
4.0%
2.1%
0.0%
-2.2%
-6.7% -6.3% -3.4%
-9.3% -5.0% -4.3%
-12.9% -12.3% -11.3%
-20.0% -15.7% -14.9%
-18.8%
-23.5% -24.4% -24.2%
-24.5%
-25.7% -27.0% -7.9%
-27.9%
-32.4% -32.2% -33.7% -10.0% -9.1%
-40.0% -35.3%
-38.0%
-42.7%
-45.6%

-60.0% -15.0%
4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q1Q
08 09 10 11 12 13 14 15 16 17 18 19 20 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Bloomberg, SGX

Quarterly dividends of the FTSE ST REIT Index extracted from Bloomberg as of latest available quarter, 31 March 2020
YoY Distribution Growth is based on the FTSE ST REIT Index’s total full year dividends

6
SREITS & Property Trusts have Highest Yields vs other Asset Classes

Average of the 44 S-REITs and Property Trusts¹ 7.2%

STI Index¹ 5.0%

MAS Benchmark Govt Bond 10 Year² 0.8%

Singapore Fixed Deposit Rate³ 0.6%

MAS Core Inflation Rate⁴ -0.3%

-1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

¹Based on 12M Average Dividend Yield

²Based on 10 Year Yield
³12M Bank fixed deposit rates from MAS as of 30 April 2020
⁴MAS Core Inflation based on 30 April 2020 figures
Source: Bloomberg, SGX, data as of 31 May 2020

7
 Yield Spread at 461 bps vs 10 year average FTSE ST REIT Index
of 405 bps Long-term P/B Ratio and Dividend Yield
14.0 1.3 17%

1.2
12.0 15%
1.1
10 year avg. of 1.0x
10.0 1.0 13%

0.9
8.0 11%

0.8

6.0 9%
0.7

10 year avg. of 405 bps 0.6

4.0 7%

0.5
2.0 5%
0.4

0.0 0.3 3%

Index Price to Book (P/B Ratio) P/B +1 SD

FTSE ST REIT Index Forward Dividend Yield SG 10y Benchmark Govt Bond Yield
P/B -1 SD 10 Year Avg P/B
Yield Spread 10 Year Average Yield Spread Index Dividend Yield (RHS)

Source: Bloomberg, SGX, data as of 31 May 2020

Forward dividend yield is based on Bloomberg consensus forecasts 8
SREITs & Property Trusts – Average Dividend Yields By Sub-Segments
Hospitality
7.7%
(6)

Retail (11) 7.4%

Diversified
7.2%
(6)

Industrial (9) 7.1%

Office (8) 7.1%

Health Care
6.6%
(3)

Specialized
3.0%
(1)

1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

Source: Bloomberg, SGX, data as of 31 May 2020.
Sub-segments based on REITAS’s classification, click here for more.
Note: RHT Health Trust is a cash trust, its dividend yield is not included in the calculation under Health Care REITs.

9
SREITs & Property Trusts have grown at a CAGR of 15% across 10 years
Combined Market Cap of Sector
at end of each year (S$M)
120000

100000

80000

60000

40000

20000

0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Bloomberg, SGX, data as of end 2019

10
SREITs Offer One of the Highest Dividend Yields and Lower Volatility
 FTSE ST REIT Index: 37 out of the 44 trusts represented
Average distribution yield of all 44 trusts: 7.2%  iEdge S-REIT Index: 35 out of the 44 trusts represented

6.0%
ASX 200 A-REIT Index

5.5%

5.0% Straits Times Index

FTSE ST REIT Index US REIT Index
Dividend Yld (%)

iEdge S-REIT Index

Tokyo SE REIT Index
4.5%
ASX 200
Taiwan SE Weighted Index
Hang Seng Index
4.0%
Thailand SET Index

3.5%

3.0% MSCI AC Asia Pacific Index

MSCI AC Asia Ex. Japan Index Dow Jones Industrial

2.5% MSCI ACWI Index

Nikkei 225
2.0%
25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0%

90D Volatility
Source: Bloomberg, SGX, data as of 31 May 2020

11
Major REIT Indices Performance
Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE ST REIT Index 7.4 5.9 -9.4 0.3 4.7
iEdge S-REIT Index 7.2 6.0 -8.6 1.8 4.7
ASX 200 A-REIT Index 5.9 13.7 -20.1 -16.8 5.9
Hang Seng REIT Index -2.5 -13.1 -27.4 -32.1 7.0
MSCI US REIT Index 4.6 3.9 -20.8 -14.3 4.9
Tokyo SE REIT Index 5.3 9.0 -19.4 -7.8 4.5

Asia Pacific Equity Indices Performance

Name 7D 30D YTD 1YR Dividend Yield (%)
FTSE Straits Times Index 0.5 -3.3 -20.8 -16.5 5.0
ASX 200 Index 4.7 9.8 -12.3 -5.7 4.3
FTSE Bursa Malaysia KLCI Index 2.6 4.8 -5.6 -7.4 4.3
Hang Seng China Enterprises Index 1.7 -4.2 -13.8 -4.8 4.0
Hang Seng Index 0.3 -6.3 -17.9 -12.2 4.1
Jakarta SE Composite Index 4.6 0.9 -23.6 -21.8 3.4
Korea SE KOSPI Index 3.0 4.2 -7.4 1.6 2.3
Nikkei 225 Index 7.3 11.5 -6.6 8.5 2.0
Shanghai SE Composite Index 1.5 -0.1 -6.3 0.7 2.4
Shenzhen SE Composite Index 2.1 1.6 4.0 17.9 1.1
Stock Exchange of Thailand SET Index 3.1 3.4 -12.9 -14.0 3.7
Taiwan SE Weighted Index 1.2 -0.4 -8.5 9.2 4.2

Based on Total Return in local currency terms unless otherwise stated

Source: Bloomberg, SGX, data as of 31 May 2020

12
Monthly Total Returns – May 2020
AIMS APAC REIT 12.3
ARA LOGOS Logistics Trust -2.8
ARA US Hospitality Trust -9.4
Ascendas India Trust 11.8
Ascendas Real Estate Investment Trust 5.4
Ascott Residence Trust 7.3
BHG Retail REIT -6.3
CapitaLand Commercial Trust 8.7
CapitaLand Mall Trust 7.9
CapitaLand Retail China Trust -3.7
CDL Hospitality Trusts -2.6
Cromwell European Real Estate Investment Trust 15.2
Dasin Retail Trust 0.6
EC World Real Estate Investment Trust 6.2
Elite Commercial REIT 0.7
ESR-REIT 10.3
Far East Hospitality Trust -4.8
First Real Estate Investment Trust 13.1
Frasers Centrepoint Trust 14.1
Frasers Hospitality Trust -4.3
Frasers Logistics & Commercial Trust 4.7
IREIT Global 5.1
Keppel DC REIT 9.4
Keppel Pacific Oak US REIT 14.8
Keppel REIT 0.9
Lendlease Global Commercial REIT 16.5
Lippo Malls Indonesia Retail Trust -5.4
Manulife US Real Estate Investment Trust 14.5
Mapletree Commercial Trust 2.0
Mapletree Industrial Trust 7.9
Mapletree Logistics Trust 13.9
Mapletree North Asia Commercial Trust -11.1
OUE Commercial Real Estate Investment Trust -4.9
Parkway Life Real Estate Investment Trust 5.2
Prime US REIT 0.7
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 1.5
Sasseur Real Estate Investment Trust 10.7
Soilbuild Business Space REIT 2.6
SPH REIT 1.8
Starhill Global REIT -3.0
Suntec Real Estate Investment Trust 5.0
United Hampshire US REIT -2.4

-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0

Source: Bloomberg, SGX, data as of 31 May 2020. Based on Total Returns (%). Trusts which listed within the period are not included.
RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.
Eagle Hospitality Trust is excluded as it is suspended. 13
YTD Total Returns
AIMS APAC REIT -8.1
ARA LOGOS Logistics Trust -25.2
ARA US Hospitality Trust -53.4
Ascendas India Trust -8.1
Ascendas Real Estate Investment Trust 6.5
Ascott Residence Trust -27.8
BHG Retail REIT -11.2
CapitaLand Commercial Trust -10.4
CapitaLand Mall Trust -16.1
CapitaLand Retail China Trust -17.3
CDL Hospitality Trusts -39.5
Cromwell European Real Estate Investment Trust -12.5
Dasin Retail Trust -1.1
EC World Real Estate Investment Trust -5.1
Elite Commercial REIT 0.0
ESR-REIT -27.1
Far East Hospitality Trust -32.1
First Real Estate Investment Trust -7.1
Frasers Centrepoint Trust -12.0
Frasers Hospitality Trust -33.3
Frasers Logistics & Commercial Trust -7.0
IREIT Global -8.3
Keppel DC REIT 24.6
Keppel Pacific Oak US REIT -4.5
Keppel REIT -11.6
Lendlease Global Commercial REIT -26.9
Lippo Malls Indonesia Retail Trust -37.5
Manulife US Real Estate Investment Trust -15.8
Mapletree Commercial Trust -15.2
Mapletree Industrial Trust 7.1
Mapletree Logistics Trust 20.0
Mapletree North Asia Commercial Trust -25.9
OUE Commercial Real Estate Investment Trust -30.4
Parkway Life Real Estate Investment Trust 6.6
Prime US REIT -19.7
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust -27.1
Sasseur Real Estate Investment Trust -6.1
Soilbuild Business Space REIT -21.9
SPH REIT -22.1
Starhill Global REIT -32.0
Suntec Real Estate Investment Trust -18.0
United Hampshire US REIT 0.0
-60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0

Source: Bloomberg, SGX, data as of 31 May 2020. Based on Total Returns (%). Trusts which listed within the period are not included.
RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.
Eagle Hospitality Trust is excluded as it is suspended. 14
1 Year Total Returns
AIMS APAC REIT -2.2
ARA LOGOS Logistics Trust -23.5
ARA US Hospitality Trust -53.2
Ascendas India Trust 13.6
Ascendas Real Estate Investment Trust 13.4
Ascott Residence Trust -17.9
BHG Retail REIT -11.8
CapitaLand Commercial Trust -5.4
CapitaLand Mall Trust -12.3
CapitaLand Retail China Trust -7.4
CDL Hospitality Trusts -37.5
Cromwell European Real Estate Investment Trust -1.5
Dasin Retail Trust -1.9
EC World Real Estate Investment Trust -5.5
ESR-REIT -24.7
Far East Hospitality Trust -18.7
First Real Estate Investment Trust -3.6
Frasers Centrepoint Trust 3.7
Frasers Hospitality Trust -31.3
Frasers Logistics & Commercial Trust 4.1
IREIT Global 3.5
Keppel DC REIT 74.5
Keppel Pacific Oak US REIT 7.9
Keppel REIT -6.5
Lippo Malls Indonesia Retail Trust -29.8
Manulife US Real Estate Investment Trust 1.4
Mapletree Commercial Trust 8.9
Mapletree Industrial Trust 35.3
Mapletree Logistics Trust 47.2
Mapletree North Asia Commercial Trust -33.0
OUE Commercial Real Estate Investment Trust -15.5
Parkway Life Real Estate Investment Trust 20.8
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust -17.7
Sasseur Real Estate Investment Trust 11.5
Soilbuild Business Space REIT -29.0
SPH REIT -16.8
Starhill Global REIT -30.9
Suntec Real Estate Investment Trust -15.4
-60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0

Source: Bloomberg, SGX, data as of 31 May 2020. Based on Total Returns (%). Trusts which listed within the period are not included.
RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.
Eagle Hospitality Trust is excluded as it is suspended. 15
3 Year Annualised Total Returns
AIMS APAC REIT 3.4
ARA LOGOS Logistics Trust -8.5
Ascendas India Trust 13.7
Ascendas Real Estate Investment Trust 12.1
Ascott Residence Trust 0.4
BHG Retail REIT -0.3
CapitaLand Commercial Trust 7.5
CapitaLand Mall Trust 6.2
CapitaLand Retail China Trust 0.5
CDL Hospitality Trusts -10.3
Dasin Retail Trust 7.7
EC World Real Estate Investment Trust 2.7
ESR-REIT -6.5
Far East Hospitality Trust -2.9
First Real Estate Investment Trust -5.7
Frasers Centrepoint Trust 10.3
Frasers Hospitality Trust -8.1
Frasers Logistics & Commercial Trust 10.1
IREIT Global 6.1
Keppel DC REIT 32.6
Keppel REIT 3.2
Lippo Malls Indonesia Retail Trust -25.2
Manulife US Real Estate Investment Trust 7.8
Mapletree Commercial Trust 14.8
Mapletree Industrial Trust 20.7
Mapletree Logistics Trust 27.3
Mapletree North Asia Commercial Trust -2.7
OUE Commercial Real Estate Investment Trust -9.5
Parkway Life Real Estate Investment Trust 15.0
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust -1.9
Soilbuild Business Space REIT -10.3
SPH REIT -1.0
Starhill Global REIT -9.3
Suntec Real Estate Investment Trust -2.2
-30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0

Source: Bloomberg, SGX, data as of 31 May 2020. Based on Total Returns (%). Trusts which listed within the period are not included.
RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.
Eagle Hospitality Trust is excluded as it is suspended. 16
5 Year Annualised Total Returns
AIMS APAC REIT 4.2
ARA LOGOS Logistics Trust -7.1
Ascendas India Trust 16.0
Ascendas Real Estate Investment Trust 12.0
Ascott Residence Trust 1.4
CapitaLand Commercial Trust 7.7
CapitaLand Mall Trust 3.8
CapitaLand Retail China Trust 1.0
CDL Hospitality Trusts -4.7
ESR-REIT -5.1
Far East Hospitality Trust -3.5
First Real Estate Investment Trust -3.0
Frasers Centrepoint Trust 8.2
Frasers Hospitality Trust -4.7
IREIT Global 8.6
Keppel DC REIT 26.8
Keppel REIT 3.2
Lippo Malls Indonesia Retail Trust -11.1
Mapletree Commercial Trust 11.1
Mapletree Industrial Trust 18.3
Mapletree Logistics Trust 19.2
Mapletree North Asia Commercial Trust 1.6
OUE Commercial Real Estate Investment Trust -4.0
Parkway Life Real Estate Investment Trust 13.4
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust -8.7
Soilbuild Business Space REIT -7.5
SPH REIT 0.8
Starhill Global REIT -5.6
Suntec Real Estate Investment Trust 1.5

-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0

Source: Bloomberg, SGX, data as of 31 May 2020. Based on Total Returns (%). Trusts which listed within the period are not included.
RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.
Eagle Hospitality Trust is excluded as it is suspended. 17
10 Year Annualised Total Returns
AIMS APAC REIT 11.3

ARA LOGOS Logistics Trust 2.2

Ascendas India Trust 10.9

Ascendas Real Estate Investment Trust 12.0

Ascott Residence Trust 6.6

CapitaLand Commercial Trust 10.5

CapitaLand Mall Trust 6.1

CapitaLand Retail China Trust 8.1

CDL Hospitality Trusts 0.8

ESR-REIT 5.6

First Real Estate Investment Trust 11.7

Frasers Centrepoint Trust 12.7

Keppel REIT 6.8

Lippo Malls Indonesia Retail Trust -1.7

Mapletree Logistics Trust 17.1

Parkway Life Real Estate Investment Trust 15.4

Starhill Global REIT 5.2

Suntec Real Estate Investment Trust 7.6

-5.0 0.0 5.0 10.0 15.0 20.0

Source: Bloomberg, SGX, data as of 31 May 2020. Based on Total Returns (%). Trusts which listed within the period are not included.
RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.
Eagle Hospitality Trust is excluded as it is suspended. 18
Institution & Retail Fund Flow – May 2020
Stock Stock
Top 10 Institution Net Buy (+) Trusts (S$M) May 2020 Top 10 Institution Net Sell (-) Trusts (S$M) May 2020
Code Code
Mapletree Logistics Trust M44U 79.0 Mapletree North Asia Comm Trust RW0U (25.4)
Ascendas REIT A17U 31.8 Mapletree Commercial Trust N2IU (9.0)
Suntec REIT T82U 19.9 CapitaLand Retail China Trust AU8U (8.7)
ESR-REIT J91U 13.8 Keppel REIT K71U (6.4)
Frasers Logistics & Commercial Trust BUOU 8.0 Lendlease Global Commercial REIT JYEU (6.1)
CapitaLand Mall Trust C38U 5.3 Aims APAC REIT O5RU (5.5)
Frasers Centrepoint Trust J69U 5.1 Far East Hospitality Trust Q5T (4.5)
Capitaland Commercial Trust C61U 5.0 Prime Us REIT OXMU (4.1)
Ascott Residence Trust HMN 2.6 Cromwell European REIT CNNU (4.1)
SPH REIT SK6U 2.5 Mapletree Industrial Trust ME8U (4.0)

Stock Stock
Top 10 Retail Net Buy (+) Trusts (S$M) May 2020 Top 10 Retail Net Sell (-) Trusts (S$M) May 2020
Code Code
Mapletree North Asia Comm Trust RW0U 21.8 Mapletree Logistics Trust M44U (14.0)
CapitaLand Retail China Trust AU8U 6.6 ESR-REIT J91U (11.5)
Cromwell European REIT CNNU 4.9 Keppel Dc REIT AJBU (9.1)
Lendlease Global Commercial REIT JYEU 4.9 Ascendas REIT A17U (8.8)
Aims APAC REIT O5RU 4.3 Frasers Logistics & Commercial Trust BUOU (8.6)
Starhill Global REIT P40U 3.8 Suntec REIT T82U (8.5)
Prime US REIT OXMU 3.7 CapitaLand Commercial Trust C61U (7.0)
Far East Hospitality Trust Q5T 3.3 Mapletree Commercial Trust N2IU (3.2)
Mapletree Industrial Trust ME8U 2.9 Frasers Centrepoint Trust J69U (2.3)
OUE Commercial RIET TS0U 2.8 First REIT AW9U (2.2)

For more on fund flow, click here

Source: SGX, data as of 31 May 2020.
Definition: Institutional fund flow is derived by subtracting retail account flow and MMLP flow from TOTAL flows. Retail fund flow is derived by subtracting
institutional flow and MMLP flow from TOTAL flows. Definition: Net buy/sell amount is derived by subtracting total sell amount from total buy amount

19
Key Statistics for SREITs & Property Trusts
Mthly Institution Mthy Retail
Type of Property Market Cap Div Yield 1yr Avg Daily Debt/Asset
Name Stock code P/B Net Buy (+) / Net Buy (+) /
Sub-segment (S$M) (%) Turnover (S$,000) (%)
Net Sell (-) (S$M) Net Sell (-) (S$M)
AIMS APAC REIT O5RU Industrial 897 7.5 2,735 34.8 0.9 (5.5) 4.3
ARA LOGOS LOGISTICS TRUST K2LU Industrial 560 9.7 1,219 40.1 0.9 (2.3) 2.1
ARA US HOSPITALITY TRUST^# XZL Hospitality 309 10.9 417 41.0 1.0 (0.8) 0.7
ASCENDAS INDIA TRUST^ CY6U Diversified 1,628 6.0 2,613 28.0 1.3 (0.3) (1.4)
ASCENDAS REIT A17U Industrial 11,325 5.1 44,946 36.2 1.5 31.8 (8.8)
ASCOTT RESIDENCE TRUST^# HMN Hospitality 2,971 7.9 7,942 35.4 0.9 2.6 (1.5)
BHG RETAIL REIT BMGU Retail 301 6.6 548 35.3 0.7 0.0 (0.0)
CAPITALAND COMMERCIAL TRUST C61U Office 6,758 5.1 26,832 35.5 1.0 5.0 (7.0)
CAPITALAND MALL TRUST C38U Retail 7,491 5.8 34,688 33.3 1.0 5.3 (0.3)
CAPITALAND RETAIL CHINA TRUST AU8U Retail 1,590 7.6 4,551 35.8 0.8 (8.7) 6.6
CDL HOSPITALITY TRUSTS^# J85 Hospitality 1,156 9.5 4,790 35.4 0.6 (2.1) 1.8
CROMWELL EUROPEAN REIT CNNU Diversified 1,825 8.9 3,012 34.5 0.9 (4.1) 4.9
DASIN RETAIL TRUST^ CEDU Retail 522 8.5 179 36.2 0.6 0.0 (0.0)
EC WORLD REIT BWCU Industrial 554 8.8 1,149 38.6 0.8 0.4 (0.4)
ELITE COMMERCIAL REIT MXNU Office 437 7.11 1,278 32.0 N/A (0.0) 0.0
ESR-REIT J91U Industrial 1,318 9.3 5,852 41.7 0.9 13.8 (11.5)
FAR EAST HOSPITALITY TRUST^# Q5T Hospitality 968 7.7 1,568 39.5 0.6 (4.5) 3.3
FIRST REIT AW9U Health Care 710 9.4 2,038 34.5 0.9 2.2 (2.2)
FRASERS CENTREPOINT TRUST J69U Retail 2,721 4.4 8,244 33.3 1.1 5.1 (2.3)
FRASERS HOSPITALITY TRUST^# ACV Hospitality 903 5.3 714 36.0 0.7 (2.0) 1.5
FRASERS LOGISTICS & COMMERCIAL TRUST BUOU Industrial 2,529 6.3 10,360 35.0 1.1 8.0 (8.6)
IREIT GLOBAL UD1U Office 460 7.8 838 38.0 0.8 (0.7) 0.6

# Denotes
Above list excludes Eagle Hospitality Trust and RHT Health Trust as trading is suspended. RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust.
Stapled Trusts. ¹Elite Com REIT, Lendlease Global Com REIT, Prime US REIT and United Hampshire US REIT yields are based on the IPO prospectus
^ Denotes Property Trusts Source: Company latest info for Debt/Asset and Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 31 May 2020

20
 Mthly Institution Mthy Retail
Type of Property Sub- Market Cap Div Yield 1yr Avg Daily Turnover Debt/Asset
Name Stock code P/B Net Buy (+) / Net Buy (+) /
segment (S$M) (%) (S$,000) (%)
Net Sell (-) (S$M) Net Sell (-) (S$M)
KEPPEL DC REIT AJBU Specialized 4,197 3.0 14,225 32.2 2.2 (1.5) (9.1)
KEPPEL PACIFIC OAK US REIT CMOU Office 976 8.2 1,986 36.9 0.9 1.3 (1.8)
KEPPEL REIT K71U Office 3,628 5.2 9,368 36.2 0.8 (6.4) (1.4)
LENDLEASE GLOBAL COMMERCIAL REIT JYEU Retail 784 5.8 4,840 35.9 N/A (6.1) 4.9
LIPPO MALLS INDONESIA RETAIL TRUST D5IU Retail 398 13.2 821 42.1 0.6 (0.2) (0.3)
MANULIFE US REIT BTOU Office 1,846 7.2 5,374 37.7 1.0 0.3 (1.9)
MAPLETREE COMMERCIAL TRUST N2IU Diversified 6,626 4.0 31,617 33.3 1.1 (9.0) (3.2)
MAPLETREE INDUSTRIAL TRUST ME8U Industrial 5,988 4.5 17,781 37.6 1.7 (4.0) 2.9
MAPLETREE LOGISTICS TRUST M44U Industrial 7,799 4.0 27,392 39.3 1.7 79.0 (14.0)
MAPLETREE NORTH ASIA COMMERCIAL
RW0U Diversified 2,704 8.5 13,288 39.3 0.6 (25.4) 21.8
TRUST
OUE COMMERCIAL REIT TS0U Office 2,081 8.6 1,370 40.2 0.6 (3.3) 2.8
PARKWAYLIFE REIT C2PU Health Care 2,099 3.8 2,109 38.5 1.8 (0.4) 1.5
PRIME US REIT OXMU Office 1,110 7.41 1,470 33.7 0.8 (4.1) 3.7
SABANA SHARIAH COMP IND REIT M1GU Industrial 348 8.8 469 31.5 0.6 (0.0) 0.3
SASSEUR REIT CRPU Retail 959 7.8 1,967 28.5 0.9 (1.7) 1.6
SOILBUILD BUSINESS SPACE REIT SV3U Diversified 493 10.0 831 38.5 0.7 0.5 (0.6)
SPH REIT SK6U Retail 2,291 5.5 2,394 29.3 0.7 2.5 (2.0)
STARHILL GLOBAL REIT P40U Retail 1,063 9.2 1,657 36.7 0.6 (3.9) 3.8
SUNTEC REIT T82U Diversified 4,140 5.5 20,149 39.9 0.7 19.9 (8.5)
UNITED HAMPSHIRE US REIT ODBU Retail 429 7.41 780 37.0 0.7 (0.1) (0.0)

Above list excludes Eagle Hospitality Trust and RHT Health Trust as trading is suspended. RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust.
# Denotes ¹ARA US HTrust, Elite Com REIT, Lendlease Global Com REIT, Prime US REIT and United Hampshire US REIT yields are based on the IPO prospectus
Stapled Trusts.
Source: Company latest info for Debt/Asset and Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 31 May 2020
^ Denotes Property Trusts

21
SREITs & Property Trusts – Sponsor, DPU details
DPU DPU DPU
Name Sponsor FYE Date announced Ex-date Record date Pay date
(Freq) Currency (cents)
AIMS APAC REIT AIMS Financial Group Mar Quarterly SGD 2.00 12-May-20 19-May-20 20-May-20 29-Jun-20
ARA LOGOS Logistics Trust LOGOS Property Dec Quarterly SGD 0.997 28-Apr-20 06-May-20 08-May-20 29-May-20
ARA US HOSPITALITY TRUST^# ARA Real Estate Investors 23 Dec Semi-annual USD 4.206 19-Feb-20 27-Feb-20 28-Feb-20 27-Mar-20
ASCENDAS INDIA TRUST^ Ascendas Land International Dec Semi-annual SGD 0.64 30-Jan-20 18-Feb-20 19-Feb-20 27-Feb-20
ASCENDAS REIT CapitaLand Singapore (BP&C) Dec Semi-annual SGD 3.507 31-Jan-20 07-Feb-20 10-Feb-20 04-Mar-20
ASCOTT RESIDENCE TRUST^# The Ascott Limited Dec Semi-annual SGD 4.18 31-Jan-20 27-Dec-19 30-Dec-19 10-Feb-20
BHG RETAIL REIT Beijing Hualian Department Store Dec Semi-annual SGD 1.79 25-Feb-20 10-Mar-20 11-Mar-20 30-Mar-20
CAPITALAND COMMERCIAL TRUST CapitaLand Dec Semi-annual SGD 3.86 22-Jan-20 29-Jan-20 30-Jan-20 28-Feb-20
CAPITALAND MALL TRUST CapitaLand Dec Quarterly SGD 0.85 30-Apr-20 11-May-20 12-May-20 05-Jun-20
CAPITALAND RETAIL CHINA TRUST CapitaLand Dec Semi-annual SGD 3.61 07-Feb-20 14-Feb-20 17-Feb-20 30-Mar-20
CDL HOSPITALITY TRUSTS^# Millennium & Copthorne Hotels Jan Semi-annual SGD 4.86 30-Jan-20 06-Feb-20 07-Feb-20 26-Feb-20
CROMWELL EUROPEAN REIT Cromwell Property Group Dec Semi-annual EUR 2.03 25-Feb-20 03-Mar-20 04-Mar-20 30-Mar-20
DASIN RETAIL TRUST^ Zhongshan Dasin Real Estate Dec Semi-annual SGD 2.06 28-Feb-20 13-Mar-20 16-Mar-20 30-Mar-20
EC WORLD REIT Forchn Holdings Group Dec Quarterly SGD 1.158 12-May-20 12-Jun-20 15-Jun-20 26-Jun-20
Elite Partners, Ho Lee Group,
ELITE COMMERCIAL REIT Dec Semi-annual GBP - - - - -
Sunway RE Capital
ESR-REIT ESR Dec Quarterly SGD 0.5 23-Apr-20 30-Apr-20 04-May-20 24-Jun-20
FAR EAST HOSPITALITY TRUST^# Far East Organization Dec Quarterly SGD 0.95 14-Feb-20 21-Feb-20 24-Feb-20 27-Mar-20
FIRST REIT Lippo Karawaci Dec Quarterly SGD 1.86 06-May-20 13-May-20 14-May-20 18-Jun-20
FRASERS CENTREPOINT TRUST Frasers Property Limited Sep Semi-annual SGD 1.61 23-Apr-20 30-Apr-20 04-May-20 29-May-20
FRASERS HOSPITALITY TRUST^# Frasers Property Limited Jan Semi-annual SGD 0.33 08-May-20 15-May-20 18-May-20 29-Jun-20
FRASERS LOGISTICS & COMMERCIAL
Frasers Property Limited Sep Semi-annual SGD 1.86 30-Mar-20 13-Apr-20 14-Apr-20 26-Jun-20
TRUST

# DenotesStapled Trusts. Trading is suspended for Eagle HTrust and RHT Health Trust, hence excluded from list above.
^ Denotes Property Trusts Source: Bloomberg, Company, SGX, as of 31 May 2020

22
 DPU DPU DPU
Name Sponsor FYE Date announced Ex-date Record date Pay date
(Freq) Currency (cents)
IREIT GLOBAL Tikehau Capital & CDL Dec Semi-annual SGD 2.71 12-Feb-20 19-Feb-20 20-Feb-20 27-Feb-20

KEPPEL DC REIT Keppel Teleco & Transportation Dec Semi-annual SGD 1.95 21-Jan-20 29-Jan-20 30-Jan-20 03-Mar-20
KEPPEL PACIFIC OAK US REIT Keppel Capital and KPA Dec Semi-annual USD 1.06 21-Jan-20 30-Jan-20 31-Jan-20 30-Mar-20

KEPPEL REIT Keppel Land Limited Dec Quarterly SGD 1.40 22-Apr-20 29-Apr-20 30-Apr-20 29-May-20

LENDLEASE GLOBAL COMMERCIAL REIT Lendlease Corporation June Semi-annual SGD 1.29 10-Feb-20 17-Feb-20 18-Feb-20 16-Mar-20

LIPPO MALLS INDONESIA RETAIL TRUST Lippo Karawaci Dec Quarterly SGD 0.12 30-Apr-20 11-May-20 12-May-20 28-May-20

MANULIFE US REIT Manulife Dec Semi-annual USD 1.45 05-Feb-20 12-Feb-20 13-Feb-20 27-Mar-20

MAPLETREE COMMERCIAL TRUST Mapletree Investments Mar Quarterly SGD 0.91 22-Apr-20 29-Apr-20 30-Apr-20 29-May-20
MAPLETREE INDUSTRIAL TRUST Mapletree Investments Mar Quarterly SGD 2.85 27-Apr-20 05-May-20 06-May-20 04-Jun-20

MAPLETREE LOGISTICS TRUST Mapletree Investments Mar Quarterly SGD 2.048 23-Apr-20 30-Apr-20 04-May-20 12-Jun-20

MAPLETREE NORTH ASIA COMMERCIAL TRUST Mapletree Investments Mar Semi-annual SGD 0.496 29-Apr-20 08-May-20 11-May-20 24-Jun-20

OUE COMMERCIAL REIT OUE Limited Dec Semi-annual SGD 1.10 30-Jan-20 06-Feb-20 07-Feb-20 06-Mar-20

PARKWAYLIFE REIT Parkway Holdings Limited Dec Quarterly SGD 3.32 22-Apr-20 29-Apr-20 30-Apr-20 29-May-20

PRIME US REIT KBS Asia Partners Dec Semi-annual USD 3.15 12-Feb-20 19-Feb-20 20-Feb-20 30-Mar-20
SABANA SHARIAH COMP IND REIT Vibrant Group Dec Semi-annual SGD 0.75 23-Jan-20 31-Jan-20 03-Feb-20 27-Feb-20

SASSEUR REIT Sasseur Cayman Dec Quarterly SGD 1.334 14-May-20 28-May-20 29-May-20 26-Jun-20

SOILBUILD BUSINESS SPACE REIT Soilbuild Group Dec Quarterly SGD 0.883 16-Apr-20 23-Apr-20 24-Apr-20 22-May-20

SPH REIT Singapore Press Holdings Aug Quarterly SGD 0.3 01-Apr-20 08-Apr-20 09-Apr-20 13-May-20

STARHILL GLOBAL REIT YTL Corporation June Semi-annual SGD 1.13 29-Jan-20 05-Feb-20 06-Feb-20 28-Feb-20

SUNTEC REIT Suntec City Development Dec Quarterly SGD 1.76 22-Apr-20 29-Apr-20 30-Apr-20 28-May-20
UOB Global Capital and The
UNITED HAMPSHIRE US REIT Dec Semi-annual USD - - - - -
Hampshire Companies

# DenotesStapled Trusts. Trading is suspended for Eagle HTrust and RHT Health Trust, hence excluded from list above.
^ Denotes Property Trusts Source: Bloomberg, Company, SGX, as of 31 May 2020

23
SREITs & Property Trusts – Geographic Breakdown by Asset Portfolio
South Rest of New United Rest of United
Name Singapore Hong Kong China Malaysia Vietnam Indonesia Japan India Australia
Korea Asia Zealand Kingdom Europe States
ASCENDAS INDIA TRUST^ - - - - - - - - 100% - - - - - -
CROMWELL EUROPEAN REIT - - - - - - - - - - - - - 100% -
MAPLETREE COMMERCIAL TRUST 100% - - - - - - - - - - - - - -
MAPLETREE NORTH ASIA COMMERCIAL
- 61% 22% - - - - 17% - - - - - - -
TRUST
SOILBUILD BUSINESS SPACE REIT 83% - - - - - - - - - 17% - - - -
SUNTEC REIT 89% - - - - - - - - - 11% - - - -
Average for Diversified (6) 91% 66% 23% - - - - 11% 100% - 14% - - 100% -
FIRST REIT 3% - - - - 97% 1% - - - - - - - -
PARKWAYLIFE REIT 62% - - 0% - - - 38% - - - - - - -
RHT HEALTH TRUST^* - - - - - - - - - - - - - - -
Average Health Care (3) 32% - - 0% - 97% 1% 38% - - - - - - -
ARA US HOSPITALITY TRUST^# - - - - - - - - - - - - - - 100%
ASCOTT RESIDENCE TRUST^# 17% - 7% 1% 4% 2% 3% 20% - 2% 13% - 7% 12% 12%
CDL HOSPITALITY TRUSTS^# 65% - - - - - - 3% - 5% 5% 7% 7% 9% -
EAGLE HOSPITALITY TRUST^#* - - - - - - - - - - - - - - 100%
FAR EAST HOSPITALITY TRUST^# 100% - - - - - - - - - - - - - -
FRASERS HOSPITALITY TRUST^# 36% - - 6% - - - 9% - - 30% - 14% 5% -
Average for Hospitality (6) 55% - 7% 3% 4% 2% 3% 11% - 3% 16% 7% 9% 9% 70%
AIMS APAC REIT 85% - - - - - - - - - 15% - - - -
ASCENDAS REIT 71% - - - - - - - - - 13% - 6% - 10%
ARA LOGOS LOGISTICS TRUST 68% - - - - - - - - - 32% - - - -
EC WORLD REIT - - 100% - - - - - - - - - - - -
ESR-REIT 100% - - - - - - - - - - - - - -

FRASERS LOGISTICS & COMMERCIAL TRUST 21% - - - - - - - - - 48% - 6% 25% -

MAPLETREE INDUSTRIAL TRUST 76% - - - - - - - - - - - - - 24%

MAPLETREE LOGISTICS TRUST 29% 30% 8% 6% 2% - 6% 13% - - 7% - - - -
SABANA SHARIAH COMP IND REIT 100% - - - - - - - - - - - - - -
Average for Industrial (9) 77% 30% 54% 6% 2% - 5% 10% - - 25% - 6% 42% 14%

# Denotes
Note: Geographic breakdown percentages are rounded to a whole number.
Stapled Trusts. *Eagle Hospitality Trust and RHT Health Trust are currently suspended.
^ Denotes Property Trusts Source: Company latest info for Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 31 May 2020 24
 South Rest of New United Rest of United
Name Singapore Hong Kong China Malaysia Vietnam Indonesia Japan India Australia
Korea Asia Zealand Kingdom Europe States

CAPITALAND COMMERCIAL TRUST 92% - - - - - - - - - - - - 8% -

ELITE COMMERCIAL REIT - - - - - - - - - - - - 100% - -

IREIT GLOBAL - - - - - - - - - - - - - 100% -

KEPPEL REIT 81% - - - - - 4% - - - 16% - - - -

KEPPEL PACIFIC OAK US REIT - - - - - - - - - - - - - - 100%

MANULIFE US REIT - - - - - - - - - - - - - - 100%

OUE COMMERCIAL REIT 91% - 9% - - - - - - - - - - - -

PRIME US REIT - - - - - - - - - - - - - - 100%

Average for Office (8) 80% - 9% - - - 4% - - - 26% - 54% 54% 100%

BHG RETAIL REIT - - 100% - - - - - - - - - - - -

CAPITALAND MALL TRUST 100% - - - - - - - - - - - - - -

CAPITALAND RETAIL CHINA TRUST - - 100% - - - - - - - - - - - -

DASIN RETAIL TRUST^ - - 100% - - - - - - - - - - - -

FRASERS CENTREPOINT TRUST 100% - - - - - - - - - - - - - -

LENDLEASE GLOBAL COMMERCIAL REIT 72% - - - - - - - - - - - - 29% -

LIPPO MALLS INDONESIA RETAIL TRUST - - - - - 100% - - - - - - - - -

SASSEUR REIT - - 100% - - - - - - - - - - - -

SPH REIT 81% - - - - - - - - - 19% - - - -

STARHILL GLOBAL REIT 69% - 1% 13% - - - 2% - - 15% - - - -

UNITED HAMPSHIRE US REIT - - - - - - - - - - - - - - 100%

Average for Retail (11) 87% - 80% 12% - 100% - 2% - - 11% - - 29% 100%

KEPPEL DC REIT 63% - - 1% - - - - - - 11% - 5% 20% -

Average for Specialized (1) 63% - - 1% - - - - - - 11% - 5% 20% -

Note: Geographic breakdown percentages are rounded to a whole number.

*RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust and trading is suspended.
# Denotes
Source: Company latest info for Geographical breakdown by portfolio value, other data from Bloomberg, SGX, as of 31 May 2020
Stapled Trusts.
^ Denotes Property Trusts
25
S-REITs in Focus For May 2020
Market Dialogues (Read the below articles at: https://www2.sgx.com/research-education/market-dialogues)
05 May 2020
10 in 10 with Prime US REIT - Primed for Robust Growth OXMU

19 May 2020
10 in 10 with Cromwell European REIT - Gateway Into Pan-Europe CNNU

Market Updates (Read the below articles at: https://www2.sgx.com/research-education/market-updates)

14 May 2020
MCT, Suntec REIT & MNACT Report March Quarter Results

21 May 2020
CCT, Keppel REIT & OUE C-REIT Report March Quarter Results

Money Mind 2020/2021:

Ep 7: Managing Adversity
16 May 2020 11:00PM

Emerging markets are fighting a health crisis - but could the economic fallout prove to be even more deadly? Small firms
go digital to plug the cash flow gap. And, down but not out: why S-Reits are poised to make a comeback. Watch the full
video at CNA: https://www.channelnewsasia.com/news/video-on-demand/money-mind-fy2021/managing-adversity-
12740186
For more SGX Research, please visit: https://www2.sgx.com/research-education
REITs ETF

27
Why REITs ETF
Low Cost
Lower Execution Fees
Convenience and lower cost of
transacting once via ETF vs
individual REITs
Tighter Bid-Ask Spreads
Liquidity–spreads of Lion-Phillip S-
REIT bid-ask spread 32bps, smaller
than basket spread of 60bps.
Professionally Well-Diversified
Managed Portfolio
Automatic Rebalancing Instant Diversification
REITs which become bigger and/or Instant diversification across various
more liquid are included in the ETF industries and geographical regions
over time. On rebalancing, profit is REITs via REITs ETFs.
also taken on REITs which have Example of industry breakdown for REITs ETF
appreciated in value.
Corporate Actions
In a SREIT ETF, investors do not need
to worry about corporate action (rights
issue, stock splits etc.) as the ETF
manager will make these decisions on
behalf of unit holders.
28
 3 REITs ETFs on SGX with S$413M AUM
Phillip SGX APAC Dividend NikkoAM-StraitsTrading Asia
Lion-Phillip S-REIT ETF
Leaders REIT ETF Ex Japan REIT ETF
Benchmark iEdge APAC ex Japan Dividend FTSE EPRA Nareit Asia ex Japan Morningstar® Singapore
Leaders REIT Index Net Total Return REIT Index REIT Yield Focus IndexSM
Geographical breakdown of Australia: 49% Singapore: 78%, Singapore: 100%
underlying REITS Singapore: 34% Hong Kong: 16%
Hong Kong: 15% Malaysia: 4%
Thailand: 2% Thailand: 1%
AUM1 S$20mil S$218mil S$175mil

Number of Holdings 30 29 27

12 Month 5.34% 4.52% 5.17%

Dividend yield (%)
Distribution Frequency Semi-Annual Quarterly Semi-Annual

Average bid-ask spread 49 bps (SGD) 42 bps (SGD) 36 bps (SGD)

52 bps (USD) 76 bps (USD)
Total Expense Ratio 0.91% p.a. 0.60% p.a. 0.60% p.a.
Listing date 20th October 2016 29th March 2017 30th October 2017
Stock code BYJ (SGD) and CFA (SGD) and CLR (SGD)
BYI (USD) COI (USD)
Bloomberg code PAREITS SP (SGD) AXJREIT SP (SGD) SREITS SP
PAREIT SP (USD) AXJREUS SP (USD)

Source: Bloomberg SGX & ETF Manager’s websites, as of 5th June 2020
 sgx.com/research

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