SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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 <div class='content-caption'>ARA-LOGOS-CEO</div>
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Why would you stay mediocre when you can be extraordinary?

This is the motto that spurs real estate veteran Karen Lee to pursue excellence and reach for the stars.

“A former boss gave me this advice – in business, don’t be mediocre,” recalled Lee, the CEO of the manager of SGX-listed ARA LOGOS Logistics Trust. “The mediocre will accept the market, or the status quo, as given, but the great will do better than the market.”

Another wise observation from her 82-year-old father still resonates with her: “Anything is possible if you set your mind to it – if you never try, you will never know.”

For Lee, these exhortations remain touchstones till today. “This is what drives me, and what I share with my team to inspire them to achieve their targets,” she added.

Lee has more than two decades of experience in the real estate industry, including industrial real estate development, asset and investment management, business development, leasing, marketing and property management.

She was appointed the Chief Executive Officer of ARA LOGOS Logistics Trust Management Ltd, the manager of ARA LOGOS Logistics Trust, in August this year. Before this appointment, she was the Head of Asset and Investment Management for LOGOS’s Southeast Asian business. Prior to joining LOGOS, between 2008 and 2018, Lee held a senior management role in Ascendas REIT.

Her career journey in real estate began in 1999 with Jurong Town Corporation (JTC), Singapore’s largest industrial landlord, after she graduated with a Bachelor of Science in Economics with Honours, and Master of Science in Real Estate, from the National University of Singapore.

“It was those years in JTC that helped me understand the industry landscape, and solidified my real estate calling,” she said.

“Many people think real estate is all about brick-and-mortar structures, but it’s actually much more than that – it extends beyond the physical into the unseen, and includes the businesses of tenants, which span different industries with all their colour, as well as relationships with tenants, who are our customers.”

Leveraging Strengths

Listed on SGX Mainboard since 2010, ARA LOGOS Logistics Trust (ALOG), previously known as Cache Logistics Trust, is a real estate investment trust that invests in income-producing real estate used for logistics purposes and real estate-related assets in the Asia Pacific. Its portfolio comprises 27 high-quality logistics warehouse properties located in established logistics clusters across Singapore and Australia.

In March 2020, ARA Asset Management, a leading Asia-Pacific real assets fund manager, completed its acquisition of a majority stake in LOGOS, a logistics real estate specialist across Asia Pacific. Post-acquisition, LOGOS operates as ARA’s exclusive logistics real estate platform and ALOG’s Sponsor. In April 2020, Cache Logistics Trust was rebranded as ARA LOGOS Logistics Trust.

LOGOS has over 6.7 million square metres of property owned and under development, and a completed value of S$14 billion across 24 ventures. As a vertically integrated business, LOGOS manages every aspect of logistics real estate, from sourcing land or facilities, to undertaking development and asset management, on behalf of some of the world’s leading global real estate investors.

“ALOG can now leverage the combined complementary strengths of ARA and LOGOS, realising key benefits such as an enlarged network in key and new high-growth markets, enhanced complementary capabilities and resources, as well as increased attractiveness to a larger pool of institutional investors,” Lee noted.

In October, underscoring the beneficial relationship between ALOG and its Sponsor, the trust unveiled its maiden acquisition under LOGOS’s sponsorship.

The proposed acquisition, which has a total purchase price of more than S$400 million, comprises five logistics properties located in Brisbane, and two fund investments that own a combined portfolio of five logistics assets in New South Wales and Victoria.

Following these acquisitions and fund investments, ALOG's deposited property value will increase by 28.2% to S$1.7 billion on a pro forma basis as at 30 June 2020, from about S$1.3 billion. The portfolio value attributable to Australia is also expected to rise to 47.6% from 32.5%.

“This is a transformational acquisition for ALOG as it expands our footprint across key economic hubs in the East Coast of Australia, and paves the way for our next chapter of growth under LOGOS’s sponsorship,” Lee noted.

And asset acquisitions will continue to drive the trust’s expansion over the next few years, she added.

“ALOG has an Asia-Pacific mandate – we will continue to leverage on our Sponsor’s robust pipeline – totalling S$14 billion – across key markets in Asia Pacific, as well as its expertise, and adopt a disciplined, proactive approach when sourcing for opportunities to grow the trust.”

Resilient Fundamentals

ALOG’s balance sheet also remains resilient. As at 30 September 2020, the trust had a well-balanced debt maturity profile, with aggregate leverage ratio of 40.5%, an interest coverage ratio of 3.7 times, and a weighted average debt maturity of 3.3 years. There are no refinancing requirements until December 2021.

“We continue to proactively manage our portfolio and capital structure to safeguard the long-term sustainability of our unitholders’ interests,” Lee added.

The trust also has deep, established tenant relationships that support its strong retention rate – ALOG’s portfolio occupancy rate remains high at 97%, despite prevailing soft market conditions, and its weighted average lease expiry (WALE) by net lettable area stands at 2.6 years.

Lee is focused on further improving the trust’s WALE, a closely watched industry metric. “Our priority is to reduce ALOG’s trading yield or equity cost, so we can acquire assets at more accretive levels,” she said.

“We’re working hard to boost the specs of our real estate assets – such as customising the specs to meet the needs of our tenants, for example, converting ambient warehouse to air-conditioned ones. This enables us to add value, which spurs tenants to extend their leases and become more sticky.”

The logistics industry’s robust fundamentals also add to ALOG’s bright prospects. The trust’s diversified and high-quality tenant base spans various industry and trade sectors, underpinning the trust’s cashflows and stable operational performance.

“We’re continuing to see stable leasing appetite from existing and prospective tenants for warehouse and prime logistics space across our portfolio, particularly from large-scale end-users, following a flight to quality and the shift to better locations,” Lee said. “This has been underpinned by higher demand from e-commerce, food logistics and third-party logistics players.”

Key growth drivers for the sector include the rise of online transactions and shifts in supply chain management. “We observed that businesses are looking to de-risk, either by diversifying their sources of raw materials or by stockpiling, following the impact of COVID-19 lockdowns. These trends can be seen across Australia and Singapore,” she added.

At the end of the day, this 47-year-old mother of two derives immense satisfaction from the knowledge that she is contributing to the improvement and growth of ALOG’s business.

“For the management of any REIT, there’s always that element of accountability and responsibility, to ensure we deliver on our promises, not only to our unitholders, but also to our tenants,” she added.

Building cohesion and grooming talent in her team are also key focus areas. “I’m likewise accountable to my team mates, and we’re on this transformational journey, not as individuals, but together as a team,” she said with a smile.

This is why trust, integrity and respect are among the key principles that she upholds, and tries to instill in her daughter, 15, and son, 11.

“These are core values in life – the ones that form the basis of your code of ethics, and the foundation of all your relationships – whether professional or personal.” 
 

ARA LOGOS Logistics Trust

Listed on Singapore Exchange on 12 April 2010, ARA LOGOS Logistics Trust (ALOG) is a real estate investment trust that invests in quality income-producing industrial real estate used for logistics purposes, as well as real estate-related assets in the Asia Pacific. As at 30 September 2020, ALOG’s portfolio comprises 27 high-quality logistics warehouse properties strategically located in established logistics clusters in Singapore and Australia. The portfolio has a total gross floor area of approximately 9.0 million square feet valued at approximately S$1.26 billion. 
ALOG is managed by ARA LOGOS Logistics Trust Management Ltd, a wholly owned subsidiary of LOGOS. ARA Asset Management Ltd is a majority shareholder of LOGOS, which operates as ARA’s global logistics real estate platform. LOGOS is a leading logistics property group in Asia Pacific, with over 6.7 million sqm of property owned and under development, and a completed value of S$14 billion across 24 ventures.

The company website is: www.aralogos-reit.com. 
Click <a href="https://www.sgx.com/securities/equities/K2LU">here </a>for the company's StockFacts page. 
For the three months ended 30 September 2020 results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/ONPAM0T5WM09J5WP/636402_ALOG%20-%203Q%20FY20%20Business%20Updates%20-%20Press%20Release.PDF">here</a>. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="///C:/Users/tanje/Desktop/Working%20Files/kopi-C/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
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    ARA-LOGOS-CEO


Why would you stay mediocre when you can be extraordinary?

This is the motto that spurs real estate veteran Karen Lee to pursue excellence and reach for the stars.

“A former boss gave me this advice – in business, don’t be mediocre,” recalled Lee, the CEO of the manager of SGX-listed ARA LOGOS Logistics Trust. “The mediocre will accept the market, or the status quo, as given, but the great will do better than the market.”

Another wise observation from her 82-year-old father still resonates with her: “Anything is possible if you set your mind to it – if you never try, you will never know.”

For Lee, these exhortations remain touchstones till today. “This is what drives me, and what I share with my team to inspire them to achieve their targets,” she added.

Lee has more than two decades of experience in the real estate industry, including industrial real estate development, asset and investment management, business development, leasing, marketing and property management.

She was appointed the Chief Executive Officer of ARA LOGOS Logistics Trust Management Ltd, the manager of ARA LOGOS Logistics Trust, in August this year. Before this appointment, she was the Head of Asset and Investment Management for LOGOS’s Southeast Asian business. Prior to joining LOGOS, between 2008 and 2018, Lee held a senior management role in Ascendas REIT.

Her career journey in real estate began in 1999 with Jurong Town Corporation (JTC), Singapore’s largest industrial landlord, after she graduated with a Bachelor of Science in Economics with Honours, and Master of Science in Real Estate, from the National University of Singapore.

“It was those years in JTC that helped me understand the industry landscape, and solidified my real estate calling,” she said.

“Many people think real estate is all about brick-and-mortar structures, but it’s actually much more than that – it extends beyond the physical into the unseen, and includes the businesses of tenants, which span different industries with all their colour, as well as relationships with tenants, who are our customers.”

Leveraging Strengths

Listed on SGX Mainboard since 2010, ARA LOGOS Logistics Trust (ALOG), previously known as Cache Logistics Trust, is a real estate investment trust that invests in income-producing real estate used for logistics purposes and real estate-related assets in the Asia Pacific. Its portfolio comprises 27 high-quality logistics warehouse properties located in established logistics clusters across Singapore and Australia.

In March 2020, ARA Asset Management, a leading Asia-Pacific real assets fund manager, completed its acquisition of a majority stake in LOGOS, a logistics real estate specialist across Asia Pacific. Post-acquisition, LOGOS operates as ARA’s exclusive logistics real estate platform and ALOG’s Sponsor. In April 2020, Cache Logistics Trust was rebranded as ARA LOGOS Logistics Trust.

LOGOS has over 6.7 million square metres of property owned and under development, and a completed value of S$14 billion across 24 ventures. As a vertically integrated business, LOGOS manages every aspect of logistics real estate, from sourcing land or facilities, to undertaking development and asset management, on behalf of some of the world’s leading global real estate investors.

“ALOG can now leverage the combined complementary strengths of ARA and LOGOS, realising key benefits such as an enlarged network in key and new high-growth markets, enhanced complementary capabilities and resources, as well as increased attractiveness to a larger pool of institutional investors,” Lee noted.

In October, underscoring the beneficial relationship between ALOG and its Sponsor, the trust unveiled its maiden acquisition under LOGOS’s sponsorship.

The proposed acquisition, which has a total purchase price of more than S$400 million, comprises five logistics properties located in Brisbane, and two fund investments that own a combined portfolio of five logistics assets in New South Wales and Victoria.

Following these acquisitions and fund investments, ALOG's deposited property value will increase by 28.2% to S$1.7 billion on a pro forma basis as at 30 June 2020, from about S$1.3 billion. The portfolio value attributable to Australia is also expected to rise to 47.6% from 32.5%.

“This is a transformational acquisition for ALOG as it expands our footprint across key economic hubs in the East Coast of Australia, and paves the way for our next chapter of growth under LOGOS’s sponsorship,” Lee noted.

And asset acquisitions will continue to drive the trust’s expansion over the next few years, she added.

“ALOG has an Asia-Pacific mandate – we will continue to leverage on our Sponsor’s robust pipeline – totalling S$14 billion – across key markets in Asia Pacific, as well as its expertise, and adopt a disciplined, proactive approach when sourcing for opportunities to grow the trust.”

Resilient Fundamentals

ALOG’s balance sheet also remains resilient. As at 30 September 2020, the trust had a well-balanced debt maturity profile, with aggregate leverage ratio of 40.5%, an interest coverage ratio of 3.7 times, and a weighted average debt maturity of 3.3 years. There are no refinancing requirements until December 2021.

“We continue to proactively manage our portfolio and capital structure to safeguard the long-term sustainability of our unitholders’ interests,” Lee added.

The trust also has deep, established tenant relationships that support its strong retention rate – ALOG’s portfolio occupancy rate remains high at 97%, despite prevailing soft market conditions, and its weighted average lease expiry (WALE) by net lettable area stands at 2.6 years.

Lee is focused on further improving the trust’s WALE, a closely watched industry metric. “Our priority is to reduce ALOG’s trading yield or equity cost, so we can acquire assets at more accretive levels,” she said.

“We’re working hard to boost the specs of our real estate assets – such as customising the specs to meet the needs of our tenants, for example, converting ambient warehouse to air-conditioned ones. This enables us to add value, which spurs tenants to extend their leases and become more sticky.”

The logistics industry’s robust fundamentals also add to ALOG’s bright prospects. The trust’s diversified and high-quality tenant base spans various industry and trade sectors, underpinning the trust’s cashflows and stable operational performance.

“We’re continuing to see stable leasing appetite from existing and prospective tenants for warehouse and prime logistics space across our portfolio, particularly from large-scale end-users, following a flight to quality and the shift to better locations,” Lee said. “This has been underpinned by higher demand from e-commerce, food logistics and third-party logistics players.”

Key growth drivers for the sector include the rise of online transactions and shifts in supply chain management. “We observed that businesses are looking to de-risk, either by diversifying their sources of raw materials or by stockpiling, following the impact of COVID-19 lockdowns. These trends can be seen across Australia and Singapore,” she added.

At the end of the day, this 47-year-old mother of two derives immense satisfaction from the knowledge that she is contributing to the improvement and growth of ALOG’s business.

“For the management of any REIT, there’s always that element of accountability and responsibility, to ensure we deliver on our promises, not only to our unitholders, but also to our tenants,” she added.

Building cohesion and grooming talent in her team are also key focus areas. “I’m likewise accountable to my team mates, and we’re on this transformational journey, not as individuals, but together as a team,” she said with a smile.

This is why trust, integrity and respect are among the key principles that she upholds, and tries to instill in her daughter, 15, and son, 11.

“These are core values in life – the ones that form the basis of your code of ethics, and the foundation of all your relationships – whether professional or personal.” 
 

ARA LOGOS Logistics Trust

Listed on Singapore Exchange on 12 April 2010, ARA LOGOS Logistics Trust (ALOG) is a real estate investment trust that invests in quality income-producing industrial real estate used for logistics purposes, as well as real estate-related assets in the Asia Pacific. As at 30 September 2020, ALOG’s portfolio comprises 27 high-quality logistics warehouse properties strategically located in established logistics clusters in Singapore and Australia. The portfolio has a total gross floor area of approximately 9.0 million square feet valued at approximately S$1.26 billion.  
ALOG is managed by ARA LOGOS Logistics Trust Management Ltd, a wholly owned subsidiary of LOGOS. ARA Asset Management Ltd is a majority shareholder of LOGOS, which operates as ARA’s global logistics real estate platform. LOGOS is a leading logistics property group in Asia Pacific, with over 6.7 million sqm of property owned and under development, and a completed value of S$14 billion across 24 ventures.

The company website is: www.aralogos-reit.com.  
Click here for the company's StockFacts page.  
For the three months ended 30 September 2020 results, click here. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



ARA LOGOS Logistics Trust Embarks on New Growth Chapter

Two Key Industries Underpinning Singapore’s Strongest YTD Performers

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<ul>
<li>
MOF, IRAS &amp; MAS have announced new measures for S-REITs – 1) distribution timeline extensions to qualify for tax transparency, 2) leverage limit raised from 45% to 50% and 3) defer implementation of a new minimum interest coverage ratio (ICR) requirement to 2022. 
	 </li>
	<li>
The measures are expected to support S-REIT managers in their capital management, adding further flexibility to manage cash flows. Focus will be on DPUs and industry outlooks as S-REITs report quarter earnings over the next few weeks. 
	 </li>
	<li>
The FTSE ST REIT Index opened up 3% on 17 April, after declining 20% in the 2020 YTD through to 16 April, trimming its longer term 10 year annualised total returns to 8%, which has been in-line with regional REIT Indices.
</li>
</ul>
 

 To support S-REITs during these challenging times, <a href="https://www.mas.gov.sg/news/media-releases/2020/new-measures-to-help-reits-navigate-operating-challenges-posed-by-covid-19">MOF, IRAS and MAS have jointly announced new measures</a> on 16 April. These new measures include:

<ol>
<li>Extension of timeline for S-REITs to distribute at least 90% of their taxable income from 3 months to 12 months (after the end of FY2020) to qualify for tax transparency;</li>
	<li>Increasing leverage limit from 45% to 50%; and</li>
	<li>Defer of implementation of a new minimum interest coverage ratio (ICR) requirement to 1 Jan 2022.</li>
</ol>
The new measures, together with enhanced share issue limit announced by SGX RegCo last week, will provide S-REITs more flexibility to access various funding options and manage cash flows. With active capital management by REIT managers, S-REITs have maintained an average Debt to Asset ratio of 35.3%, based on latest company data as of 31 March 2020. Raising the leverage limit may provide S-REITs more flexibility to manage their capital structure.

List of 10 S-REITs with highest debt-to-asset ratios

<table class="table table-striped"><tbody>
<tr>
<td>Name</td>
			<td>SGX Code</td>
			<td>Mkt Cap S$M</td>
			<td>2020 YTD daily turnover S$’000</td>
			<td>17 Apr Morning Session Price Change %</td>
			<td>Debt to Assets ratio %</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			1,196
			</td>
			<td>
			8,652
			</td>
			<td>
			5.9%
			</td>
			<td>
			41.5
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			2,218
			</td>
			<td>
			1,765
			</td>
			<td>
			4.9%
			</td>
			<td>
			40.3
			</td>
		</tr>
<tr>
<td>
			CACHE LOGISTICS TRUST
			</td>
			<td>
			K2LU
			</td>
			<td>
			573
			</td>
			<td>
			1,502
			</td>
			<td>
			2.9%
			</td>
			<td>
			40.1
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			UD1U
			</td>
			<td>
			423
			</td>
			<td>
			1,984
			</td>
			<td>
			0.8%
			</td>
			<td>
			39.3
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			Q5T
			</td>
			<td>
			927
			</td>
			<td>
			2,242
			</td>
			<td>
			5.3%
			</td>
			<td>
			39.2
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			BWCU
			</td>
			<td>
			507
			</td>
			<td>
			1,255
			</td>
			<td>
			1.6%
			</td>
			<td>
			38.7
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			CMOU
			</td>
			<td>
			762
			</td>
			<td>
			3,070
			</td>
			<td>
			3.2%
			</td>
			<td>
			38.5
			</td>
		</tr>
<tr>
<td>
			SOILBUILD BUSINESS SPACE REIT
			</td>
			<td>
			SV3U
			</td>
			<td>
			469
			</td>
			<td>
			980
			</td>
			<td>
			2.7%
			</td>
			<td>
			38.2
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1,594
			</td>
			<td>
			8,190
			</td>
			<td>
			2.5%
			</td>
			<td>
			37.7
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			3,723
			</td>
			<td>
			23,855
			</td>
			<td>
			6.8%
			</td>
			<td>
			37.7
			</td>
		</tr>
<tr>
<td>Average</td>
			<td> </td>
			<td> </td>
			<td> </td>
			<td>3.6%</td>
			<td>39.1</td>
		</tr>
<tr>
<td>Median</td>
			<td> </td>
			<td> </td>
			<td> </td>
			<td>3.0%</td>
			<td>39.0</td>
		</tr>
</tbody></table>
Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price Change based on S$-terms. Note Debt/Asset metrics taken from Company data as of 31 March 2020.

S-REITs 10-year annualised returns remains above global REITs average

In the 2020 year-to-date through to 16 April, the FTSE ST REIT Index declined 19.8%, in line with the average 22.2% decline among global REIT indices. Annualised 10 year total returns of FTSE ST REIT Index was also trimmed to 8.0% but remained slightly above the average of 7.2% for global REIT indices.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-04/Annualised%2010%20year.PNG' alt='Annualised 10 Year Total Return' />
 </figure>
 <div class='content-caption'>Annualised 10 Year Total Return</div>
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<html><body>The FTSE ST REIT Index is currently trading at a Price-to-Book ratio of 0.96x (below its 10 year average of 1.01x) and a forward dividend yield spread of 5.15% against Singapore 10 year Benchmark Government Bond Yield, above the STI forward dividend yield spread of 3.92%.</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-04/FTSE%20ST%20REIT%20Index%20Yield.PNG' alt='FTSE ST REIT Index Yield ' />
 </figure>
 <div class='content-caption'>FTSE ST REIT Index Yield </div>
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S-REITs with majority of their retail properties Singapore

These 7 S-REITs averaged a decline of 29.2% for the 2020 year to date session through to 16 April. In the morning session of 17 April, they rebounded an average of 5.3% from the previous day.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td colspan="2">
			Mkt Cap S$M
			</td>
			<td>
			Geographic Breakdown by Asset Portfolio
			</td>
			<td>
			YTD Price Return % as of 16 April
			</td>
			<td>
			Price Return on 17 April Morning Session %
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td colspan="2">
			C38U
			</td>
			<td>
			6,553
			</td>
			<td>
			100% SG
			</td>
			<td>
			-28.0%
			</td>
			<td>
			6.8%
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td colspan="2">
			T82U
			</td>
			<td>
			3,723
			</td>
			<td>
			89% SG, 11% AU
			</td>
			<td>
			-28.3%
			</td>
			<td>
			6.8%
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td colspan="2">
			N2IU
			</td>
			<td>
			5,873
			</td>
			<td>
			100% SG
			</td>
			<td>
			-25.9%
			</td>
			<td>
			5.6%
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td colspan="2">
			J69U
			</td>
			<td>
			2,265
			</td>
			<td>
			100% SG
			</td>
			<td>
			-28.1%
			</td>
			<td>
			7.4%
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td colspan="2">
			SK6U
			</td>
			<td>
			2,185
			</td>
			<td>
			81% SG, 19% AU
			</td>
			<td>
			-26.2%
			</td>
			<td>
			3.2%
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td colspan="2">
			P40U
			</td>
			<td>
			1,064
			</td>
			<td>
			68.7% SG, 15.9% AU, 12.6% MY, 2.8% CN &amp; JP
			</td>
			<td>
			-33.1%
			</td>
			<td>
			4.1%
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMMERCIAL REIT
			</td>
			<td colspan="2">
			JYEU
			</td>
			<td>
			710
			</td>
			<td>
			71.5% SG, 28.5% Italy
			</td>
			<td>
			-34.9%
			</td>
			<td>
			3.3%
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td colspan="2">
			 
			</td>
			<td>
			 
			</td>
			<td>
			-29.2%
			</td>
			<td>
			5.3%
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td>
			 
			</td>
			<td colspan="2">
			 
			</td>
			<td>
			 
			</td>
			<td>
			-28.1%
			</td>
			<td>
			5.6%
			</td>
		</tr>
</tbody></table>
Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price change based on S$-terms. Note geographic breakdown by asset portfolio taken from Company data as 31 March 2020.

 All eyes on upcoming S-REITs quarterly earnings

S-REITs are expected to release their March quarterly earnings in the coming weeks and focus outlooks on multiple areas, from continued maintenance of strong tenant relationships, to utilising balance sheets for the most effective cash flows. The new measure also requires S-REITs to disclose leverage ratios and ICRs in annual reports and interim financial results, to provide investors with timely information on their risk profiles.

Refer to weekly <a href="https://www.sgxacademy.com/economiccalendar/">Economic Calendar</a> for the latest S-REITs earnings schedule.
</body></html>





MOF, IRAS &amp; MAS have announced new measures for S-REITs – 1) distribution timeline extensions to qualify for tax transparency, 2) leverage limit raised from 45% to 50% and 3) defer implementation of a new minimum interest coverage ratio (ICR) requirement to 2022. 
	 
	
The measures are expected to support S-REIT managers in their capital management, adding further flexibility to manage cash flows. Focus will be on DPUs and industry outlooks as S-REITs report quarter earnings over the next few weeks.  
	 
	
The FTSE ST REIT Index opened up 3% on 17 April, after declining 20% in the 2020 YTD through to 16 April, trimming its longer term 10 year annualised total returns to 8%, which has been in-line with regional REIT Indices.


 

 To support S-REITs during these challenging times, MOF, IRAS and MAS have jointly announced new measures on 16 April. These new measures include:


Extension of timeline for S-REITs to distribute at least 90% of their taxable income from 3 months to 12 months (after the end of FY2020) to qualify for tax transparency;
	Increasing leverage limit from 45% to 50%; and
	Defer of implementation of a new minimum interest coverage ratio (ICR) requirement to 1 Jan 2022.

The new measures, together with enhanced share issue limit announced by SGX RegCo last week, will provide S-REITs more flexibility to access various funding options and manage cash flows. With active capital management by REIT managers, S-REITs have maintained an average Debt to Asset ratio of 35.3%, based on latest company data as of 31 March 2020. Raising the leverage limit may provide S-REITs more flexibility to manage their capital structure.

List of 10 S-REITs with highest debt-to-asset ratios



Name
			SGX Code
			Mkt Cap S$M
			2020 YTD daily turnover S$’000
			17 Apr Morning Session Price Change %
			Debt to Assets ratio %
		


			ESR-REIT
			
			
			J91U
			
			
			1,196
			
			
			8,652
			
			
			5.9%
			
			
			41.5
			
		


			OUE COMMERCIAL REIT
			
			
			TS0U
			
			
			2,218
			
			
			1,765
			
			
			4.9%
			
			
			40.3
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			573
			
			
			1,502
			
			
			2.9%
			
			
			40.1
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			423
			
			
			1,984
			
			
			0.8%
			
			
			39.3
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			927
			
			
			2,242
			
			
			5.3%
			
			
			39.2
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			507
			
			
			1,255
			
			
			1.6%
			
			
			38.7
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			762
			
			
			3,070
			
			
			3.2%
			
			
			38.5
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			SV3U
			
			
			469
			
			
			980
			
			
			2.7%
			
			
			38.2
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1,594
			
			
			8,190
			
			
			2.5%
			
			
			37.7
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,723
			
			
			23,855
			
			
			6.8%
			
			
			37.7
			
		

Average
			 
			 
			 
			3.6%
			39.1
		

Median
			 
			 
			 
			3.0%
			39.0
		

Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price Change based on S$-terms. Note Debt/Asset metrics taken from Company data as of 31 March 2020.

S-REITs 10-year annualised returns remains above global REITs average

In the 2020 year-to-date through to 16 April, the FTSE ST REIT Index declined 19.8%, in line with the average 22.2% decline among global REIT indices. Annualised 10 year total returns of FTSE ST REIT Index was also trimmed to 8.0% but remained slightly above the average of 7.2% for global REIT indices.



      
    
    Annualised 10 Year Total Return

The FTSE ST REIT Index is currently trading at a Price-to-Book ratio of 0.96x (below its 10 year average of 1.01x) and a forward dividend yield spread of 5.15% against Singapore 10 year Benchmark Government Bond Yield, above the STI forward dividend yield spread of 3.92%.


      
    
    FTSE ST REIT Index Yield 


S-REITs with majority of their retail properties Singapore

These 7 S-REITs averaged a decline of 29.2% for the 2020 year to date session through to 16 April. In the morning session of 17 April, they rebounded an average of 5.3% from the previous day.




			Name
			
			
			SGX Code
			
			
			Mkt Cap S$M
			
			
			Geographic Breakdown by Asset Portfolio
			
			
			YTD Price Return % as of 16 April
			
			
			Price Return on 17 April Morning Session %
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			6,553
			
			
			100% SG
			
			
			-28.0%
			
			
			6.8%
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			3,723
			
			
			89% SG, 11% AU
			
			
			-28.3%
			
			
			6.8%
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			5,873
			
			
			100% SG
			
			
			-25.9%
			
			
			5.6%
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			2,265
			
			
			100% SG
			
			
			-28.1%
			
			
			7.4%
			
		


			SPH REIT
			
			
			SK6U
			
			
			2,185
			
			
			81% SG, 19% AU
			
			
			-26.2%
			
			
			3.2%
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1,064
			
			
			68.7% SG, 15.9% AU, 12.6% MY, 2.8% CN &amp; JP
			
			
			-33.1%
			
			
			4.1%
			
		


			LENDLEASE GLOBAL COMMERCIAL REIT
			
			
			JYEU
			
			
			710
			
			
			71.5% SG, 28.5% Italy
			
			
			-34.9%
			
			
			3.3%
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			-29.2%
			
			
			5.3%
			
		


			Median
			
			
			 
			
			
			 
			
			
			 
			
			
			-28.1%
			
			
			5.6%
			
		

Source: Thomson Reuters, Company data (Data as of 16 April 2020). Price change based on S$-terms. Note geographic breakdown by asset portfolio taken from Company data as 31 March 2020.

 All eyes on upcoming S-REITs quarterly earnings

S-REITs are expected to release their March quarterly earnings in the coming weeks and focus outlooks on multiple areas, from continued maintenance of strong tenant relationships, to utilising balance sheets for the most effective cash flows. The new measure also requires S-REITs to disclose leverage ratios and ICRs in annual reports and interim financial results, to provide investors with timely information on their risk profiles.

Refer to weekly Economic Calendar for the latest S-REITs earnings schedule.



New Significant Supportive Measures for S-REITs 

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 </li>
	<li>
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 </li>
	<li>Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.</li>
</ul>
 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 <a href="https://links.sgx.com/FileOpen/SPH%20REIT%20-%20Press%20Release%20Q2FY20.ashx?App=Announcement&amp;FileID=603461">earnings</a>. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Date
			</td>
		</tr>
<tr>
<td>
			Soilbuild Business Space REIT
			</td>
			<td>
			16-Apr-20
			</td>
		</tr>
<tr>
<td>
			ParkwayLife REIT                                                           
			</td>
			<td>
			22-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Frasers Centrepoint Trust                                     
			</td>
			<td>
			23-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree Industrial Trust                                          
			</td>
			<td>
			27-Apr-20
			</td>
		</tr>
<tr>
<td>
			Mapletree North Asia Commercial Trust                
			</td>
			<td>
			29-Apr-20
			</td>
		</tr>
<tr>
<td>
			 Lendlease Global Commercial REIT                          
			</td>
			<td>
			5-May-20
			</td>
		</tr>
</tbody></table>
 

For updated earnings releases by other REITs, check out the weekly <a href="https://www.sgxacademy.com/economiccalendar/">Economic Calendar</a>.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Market Cap (S$)
			</td>
			<td>
			Date
			</td>
			<td>
			Date Type
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			1,930,503,296
			</td>
			<td>
			1-Apr-20
			</td>
			<td>
			Released
			</td>
		</tr>
<tr>
<td>
			FIRST REIT
			</td>
			<td>
			551,995,136
			</td>
			<td>
			10-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SOILBUILD BUSINESS SPACE REIT
			</td>
			<td>
			398,129,504
			</td>
			<td>
			16-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			3,160,128,512
			</td>
			<td>
			17-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			444,553,344
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMP IND REIT
			</td>
			<td>
			279,067,136
			</td>
			<td>
			20-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			3,837,041,920
			</td>
			<td>
			21-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			5,225,866,752
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REIT
			</td>
			<td>
			1,857,357,312
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL TRUST
			</td>
			<td>
			307,313,472
			</td>
			<td>
			22-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			1,981,422,976
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			FRASERS COMMERCIAL TRUST
			</td>
			<td>
			1,033,832,640
			</td>
			<td>
			23-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND MALL TRUST
			</td>
			<td>
			5,978,050,560
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			5,890,423,808
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND COMMERCIAL TRUST
			</td>
			<td>
			5,406,626,816
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			3,317,148,672
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CAPITALAND RETAIL CHINA TRUST
			</td>
			<td>
			1,381,844,992
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			858,982,528
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			831,022,272
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			720,795,840
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CACHE LOGISTICS TRUST
			</td>
			<td>
			509,525,984
			</td>
			<td>
			24-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST
			</td>
			<td>
			1,282,978,688
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			1,045,450,560
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST
			</td>
			<td>
			788,035,584
			</td>
			<td>
			25-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			4,886,224,896
			</td>
			<td>
			27-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			9,660,561,408
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			</td>
			<td>
			2,510,982,400
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST
			</td>
			<td>
			2,394,727,168
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			</td>
			<td>
			1,866,202,752
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS
			</td>
			<td>
			904,039,232
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST
			</td>
			<td>
			706,573,504
			</td>
			<td>
			30-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMMERCIAL REIT
			</td>
			<td>
			543,808,384
			</td>
			<td>
			5-May-20
			</td>
			<td>
			Confirmed
			</td>
		</tr>
<tr>
<td>
			OUE COMMERCIAL REIT
			</td>
			<td>
			1,806,473,856
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			441,592,608
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			BHG RETAIL REIT
			</td>
			<td>
			259,839,936
			</td>
			<td>
			8-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			DASIN RETAIL TRUST
			</td>
			<td>
			531,875,200
			</td>
			<td>
			11-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			869,067,392
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			SASSEUR REIT
			</td>
			<td>
			671,260,032
			</td>
			<td>
			13-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			331,949,568
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			ARA US HOSPITALITY TRUST
			</td>
			<td>
			181,549,872
			</td>
			<td>
			15-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			PRIME US REIT
			</td>
			<td>
			631,062,336
			</td>
			<td>
			31-May-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			UNITED HAMPSHIRE US REIT
			</td>
			<td>
			239,239,344
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 12 March 2020
			</td>
		</tr>
<tr>
<td>
			ELITE COMMERCIAL REIT
			</td>
			<td>
			197,670,896
			</td>
			<td>
			Unknown
			</td>
			<td>
			Listed 6 Feb 2020
			</td>
		</tr>
</tbody></table>
 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20
</body></html>





SGX lists a total of 45 REITs and trusts with a combined market cap of over S$100 billion. Two REITs - United Hampshire US REIT and Elite Commercial REIT - listed on SGX earlier this year. 
	 
	
SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. 
	 
	Another six REITs – Soilbuild Business Space REIT, ParkwayLife REIT, Frasers Centrepoint Trust, Mapletree Industrial Trust, Mapletree North Asia Commercial Trust, and Lendlease Global Commercial REIT – have confirmed they will unveil results for the quarter ended 31 March 2020 over the next three weeks.

 

 

SGX lists a total of 45 REITs and trusts with a combined market capitalisation of over S$100 billion. Two REITs that listed on SGX so far this year were United Hampshire US REIT – Asia’s first US grocery-anchored shopping centre and self-storage REIT, and Elite Commercial REIT, SGX’s first UK-focused REIT.

SPH REIT kicked off the current financial reporting season for Singapore REITs on 1 April with the release of its fiscal 2Q ended 29 February 2020 earnings. Another six REITs have confirmed that they will unveil results for the quarter ended 31 March 2020 on the following dates:




			Name
			
			
			Date
			
		


			Soilbuild Business Space REIT
			
			
			16-Apr-20
			
		


			ParkwayLife REIT                                                           
			
			
			22-Apr-20
			
		


			 Frasers Centrepoint Trust                                     
			
			
			23-Apr-20
			
		


			Mapletree Industrial Trust                                          
			
			
			27-Apr-20
			
		


			Mapletree North Asia Commercial Trust                
			
			
			29-Apr-20
			
		


			 Lendlease Global Commercial REIT                          
			
			
			5-May-20
			
		

 

For updated earnings releases by other REITs, check out the weekly Economic Calendar.

The table below details released, confirmed and estimated dates of earnings reports of the REITs and trusts listed on SGX, sorted by date.




			Name
			
			
			Market Cap (S$)
			
			
			Date
			
			
			Date Type
			
		


			SPH REIT
			
			
			1,930,503,296
			
			
			1-Apr-20
			
			
			Released
			
		


			FIRST REIT
			
			
			551,995,136
			
			
			10-Apr-20
			
			
			Estimated
			
		


			SOILBUILD BUSINESS SPACE REIT
			
			
			398,129,504
			
			
			16-Apr-20
			
			
			Confirmed
			
		


			KEPPEL REIT
			
			
			3,160,128,512
			
			
			17-Apr-20
			
			
			Estimated
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			444,553,344
			
			
			20-Apr-20
			
			
			Estimated
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			279,067,136
			
			
			20-Apr-20
			
			
			Estimated
			
		


			KEPPEL DC REIT
			
			
			3,837,041,920
			
			
			21-Apr-20
			
			
			Estimated
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			5,225,866,752
			
			
			22-Apr-20
			
			
			Estimated
			
		


			PARKWAYLIFE REIT
			
			
			1,857,357,312
			
			
			22-Apr-20
			
			
			Confirmed
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			307,313,472
			
			
			22-Apr-20
			
			
			Estimated
			
		


			FRASERS CENTREPOINT TRUST
			
			
			1,981,422,976
			
			
			23-Apr-20
			
			
			Confirmed
			
		


			FRASERS COMMERCIAL TRUST
			
			
			1,033,832,640
			
			
			23-Apr-20
			
			
			Estimated
			
		


			CAPITALAND MALL TRUST
			
			
			5,978,050,560
			
			
			24-Apr-20
			
			
			Estimated
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			5,890,423,808
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			5,406,626,816
			
			
			24-Apr-20
			
			
			Estimated
			
		


			SUNTEC REIT
			
			
			3,317,148,672
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CAPITALAND RETAIL CHINA TRUST
			
			
			1,381,844,992
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ESR-REIT
			
			
			858,982,528
			
			
			24-Apr-20
			
			
			Estimated
			
		


			STARHILL GLOBAL REIT
			
			
			831,022,272
			
			
			24-Apr-20
			
			
			Estimated
			
		


			AIMS APAC REIT
			
			
			720,795,840
			
			
			24-Apr-20
			
			
			Estimated
			
		


			CACHE LOGISTICS TRUST
			
			
			509,525,984
			
			
			24-Apr-20
			
			
			Estimated
			
		


			ASCENDAS INDIA TRUST
			
			
			1,282,978,688
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MANULIFE US REIT
			
			
			1,045,450,560
			
			
			25-Apr-20
			
			
			Estimated
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			788,035,584
			
			
			25-Apr-20
			
			
			Estimated
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			4,886,224,896
			
			
			27-Apr-20
			
			
			Confirmed
			
		


			ASCENDAS REIT
			
			
			9,660,561,408
			
			
			29-Apr-20
			
			
			Estimated
			
		


			MAPLETREE NORTH ASIA COMMERCIAL TRUST
			
			
			2,510,982,400
			
			
			29-Apr-20
			
			
			Confirmed
			
		


			ASCOTT RESIDENCE TRUST
			
			
			2,394,727,168
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS LOGISTICS &amp; INDUSTRIAL TRUST
			
			
			1,866,202,752
			
			
			30-Apr-20
			
			
			Estimated
			
		


			CDL HOSPITALITY TRUSTS
			
			
			904,039,232
			
			
			30-Apr-20
			
			
			Estimated
			
		


			FRASERS HOSPITALITY TRUST
			
			
			706,573,504
			
			
			30-Apr-20
			
			
			Estimated
			
		


			LENDLEASE GLOBAL COMMERCIAL REIT
			
			
			543,808,384
			
			
			5-May-20
			
			
			Confirmed
			
		


			OUE COMMERCIAL REIT
			
			
			1,806,473,856
			
			
			8-May-20
			
			
			Estimated
			
		


			EC WORLD REIT
			
			
			441,592,608
			
			
			8-May-20
			
			
			Estimated
			
		


			BHG RETAIL REIT
			
			
			259,839,936
			
			
			8-May-20
			
			
			Estimated
			
		


			DASIN RETAIL TRUST
			
			
			531,875,200
			
			
			11-May-20
			
			
			Estimated
			
		


			CROMWELL EUROPEAN REIT
			
			
			869,067,392
			
			
			13-May-20
			
			
			Estimated
			
		


			SASSEUR REIT
			
			
			671,260,032
			
			
			13-May-20
			
			
			Estimated
			
		


			IREIT GLOBAL
			
			
			331,949,568
			
			
			15-May-20
			
			
			Estimated
			
		


			ARA US HOSPITALITY TRUST
			
			
			181,549,872
			
			
			15-May-20
			
			
			Estimated
			
		


			PRIME US REIT
			
			
			631,062,336
			
			
			31-May-20
			
			
			Estimated
			
		


			UNITED HAMPSHIRE US REIT
			
			
			239,239,344
			
			
			Unknown
			
			
			Listed 12 March 2020
			
		


			ELITE COMMERCIAL REIT
			
			
			197,670,896
			
			
			Unknown
			
			
			Listed 6 Feb 2020
			
		

 Source: Bloomberg &amp; SGX (data as of 8 Apr 20)

Note: Manulife US REIT is traded in USD, IREIT Global is traded in EUR, with their SGD equivalents shown in the table

Note: Excluded from the list are RHT Health Trust, a pure cash trust that has been suspended since 28 Nov 19, and Eagle Hospitality Trust, which requested for an indefinite trading suspension from 24 Mar 20



CapitaLand Ascendas REIT / Equity Bottom-Up

SGX is one of Asia’s regional hub for Real Estate Investment Trusts (REITs) &amp; Property Trusts. Based on the FTSE ST REIT Index, the dividend yield for Singapore REITs have been 4.2 – 6.8% over a period of 5 years (Source: Bloomberg, 2014-2018). Over 80% of Singapore REITs &amp; Property Trusts own offshore assets across Asia Pacific, US &amp; Europe.&nbsp;
As of end Sep 2019, SGX lists 44 REITs &amp; Property Trusts with a combined market capitalisation of over S$100 billion, representing c.12% of Singapore’s overall market
SGX’s REITs &amp; Property Trusts offer wide diversity across property sub-segments REIT Indices:
<ul>
<li>FTSE ST REIT Index: 37 out of the 44 trusts represented</li>
<li>iEdge S-REIT Index: 36 out of the 44 trusts represented</li>
</ul>
<h2>Key Statistics At a Glance</h2>
<ul>
<li>Average dividend yield of 6.2%</li>
<li>Average 3-year annualised total return of 10.8%</li>
<li>Average gearing ratio of 34.5%</li>
<li>10 year market cap CAGR of 22%</li>
</ul>

SGX is one of Asia’s regional hub for Real Estate Investment Trusts (REITs) &amp; Property Trusts. Based on the FTSE ST REIT Index, the dividend yield for Singapore REITs have been 4.2 – 6.8% over a period of 5 years (Source: Bloomberg, 2014-2018). Over 80% of Singapore REITs &amp; Property Trusts own offshore assets across Asia Pacific, US &amp; Europe.&nbsp;
As of end Sep 2019, SGX lists 44 REITs &amp; Property Trusts with a combined market capitalisation of over S$100 billion, representing c.12% of Singapore’s overall market
SGX’s REITs &amp; Property Trusts offer wide diversity across property sub-segments REIT Indices:

FTSE ST REIT Index: 37 out of the 44 trusts represented
iEdge S-REIT Index: 36 out of the 44 trusts represented

Key Statistics At a Glance

Average dividend yield of 6.2%
Average 3-year annualised total return of 10.8%
Average gearing ratio of 34.5%
10 year market cap CAGR of 22%


Chartbook: SREITs & Property Trusts -  October 2019

Singapore

ARA LOGOS Logistics Trust operates as a real estate investment trust. The Company invests in logistics warehouse properties. ARA LOGOS Logistics Trust serves customers in Singapore.

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