Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 241.969px;"> </td><td style="width: 241.969px;">CLCT</td><td style="width: 242.062px;">AIT</td></tr><tr><td style="width: 241.969px;">Period</td><td style="width: 241.969px;">1H21</td><td style="width: 242.062px;">1H21</td></tr><tr><td style="width: 241.969px;">Gross Revenue (S$m)</td><td style="width: 241.969px;">176.9 (74.2% YoY)</td><td style="width: 242.062px;">95.4 (-4% YoY)</td></tr><tr><td style="width: 241.969px;">NPI (S$m)</td><td style="width: 241.969px;">120.3 (84.4% YoY)</td><td style="width: 242.062px;">77.3 (+5% YoY)</td></tr><tr><td style="width: 241.969px;">DPU (S$ c)</td><td style="width: 241.969px;">4.23 (40.1% YoY)</td><td style="width: 242.062px;">0.042 (-9% YoY)</td></tr><tr><td style="width: 241.969px;">NAV per Unit (S$)</td><td style="width: 241.969px;">1.57</td><td style="width: 242.062px;">1.1</td></tr><tr><td style="width: 241.969px;">P/B (x)</td><td style="width: 241.969px;">0.86</td><td style="width: 242.062px;">1.32</td></tr><tr><td style="width: 241.969px;">Occupancy (%)</td><td style="width: 241.969px;">95.4 (Retail)94.0 (Business Park)</td><td style="width: 242.062px;">90</td></tr><tr><td style="width: 241.969px;">Reversion (%)</td><td style="width: 241.969px;">-2.1 (Retail)+6.7 (Business Park)</td><td style="width: 242.062px;">+8 (Bangalore)+12 (Chennai)+7-16% (Hyderabad)+21 (Pune)</td></tr><tr><td style="width: 241.969px;">Gearing (%)</td><td style="width: 241.969px;">35.9</td><td style="width: 242.062px;">33</td></tr><tr><td style="width: 241.969px;">Cost of Debt (%)</td><td style="width: 241.969px;">2.57</td><td style="width: 242.062px;">5.3</td></tr><tr><td style="width: 241.969px;">1 Yr Fwd Yield (%)</td><td style="width: 241.969px;">6.67</td><td style="width: 242.062px;">6.41</td></tr><tr><td style="width: 241.969px;">Debt Hedged (%)</td><td style="width: 241.969px;">78</td><td style="width: 242.062px;">77</td></tr><tr><td style="width: 241.969px;">Target Price</td><td style="width: 241.969px;">N/A</td><td style="width: 242.062px;">N/A</td></tr><tr><td style="width: 241.969px;">Rating</td><td style="width: 241.969px;">N/A</td><td style="width: 242.062px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) CLCTAITPeriod1H211H21Gross Revenue (S$m)176.9 (74.2% YoY)95.4 (-4% YoY)NPI (S$m)120.3 (84.4% YoY)77.3 (+5% YoY)DPU (S$ c)4.23 (40.1% YoY)0.042 (-9% YoY)NAV per Unit (S$)1.571.1P/B (x)0.861.32Occupancy (%)95.4 (Retail)94.0 (Business Park)90Reversion (%)-2.1 (Retail)+6.7 (Business Park)+8 (Bangalore)+12 (Chennai)+7-16% (Hyderabad)+21 (Pune)Gearing (%)35.933Cost of Debt (%)2.575.31 Yr Fwd Yield (%)6.676.41Debt Hedged (%)7877Target PriceN/AN/ARatingN/AN/A

ASEAN Builder's Scoop (29Jul21) - CLCT Consecutive Quarterly Improvements

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 242.047px;"> </td><td style="width: 241.969px;">FCT</td><td style="width: 241.984px;">EREIT</td></tr><tr><td style="width: 242.047px;">Period</td><td style="width: 241.969px;">3Q21</td><td style="width: 241.984px;">2Q21</td></tr><tr><td style="width: 242.047px;">Gross Revenue (S$ m)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">59.5 (+6.25% YoY)</td></tr><tr><td style="width: 242.047px;">NPI (S$ m)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">42.9 (+9.4% YoY)</td></tr><tr><td style="width: 242.047px;">DPU (S$ c)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">0.754 (13.9% YoY)</td></tr><tr><td style="width: 242.047px;">NAV per Unit (S$)</td><td style="width: 241.969px;">2.31 (Based on 1H21 NAV)</td><td style="width: 241.984px;">0.398</td></tr><tr><td style="width: 242.047px;">P/B (x)</td><td style="width: 241.969px;">1.04 (Based on 1H21 NAV)</td><td style="width: 241.984px;">1.1</td></tr><tr><td style="width: 242.047px;">Occupancy (%)</td><td style="width: 241.969px;">96.4</td><td style="width: 241.984px;">91.7</td></tr><tr><td style="width: 242.047px;">Reversion (%)</td><td style="width: 241.969px;">Not Disclosed</td><td style="width: 241.984px;">-0.2</td></tr><tr><td style="width: 242.047px;">Gearing (%)</td><td style="width: 241.969px;">33.9</td><td style="width: 241.984px;">42.9</td></tr><tr><td style="width: 242.047px;">Cost of Debt (%)</td><td style="width: 241.969px;">2.2</td><td style="width: 241.984px;">3.24</td></tr><tr><td style="width: 242.047px;">1 Yr Fwd Yield (%)</td><td style="width: 241.969px;">5.02</td><td style="width: 241.984px;">7.05</td></tr><tr><td style="width: 242.047px;">Debt Hedged (%)</td><td style="width: 241.969px;">59</td><td style="width: 241.984px;">75</td></tr><tr><td style="width: 242.047px;">Target Price</td><td style="width: 241.969px;">S$2.89</td><td style="width: 241.984px;">N/A</td></tr><tr><td style="width: 242.047px;">Rating</td><td style="width: 241.969px;">BUY</td><td style="width: 241.984px;">Under Review</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) FCTEREITPeriod3Q212Q21Gross Revenue (S$ m)Not Disclosed59.5 (+6.25% YoY)NPI (S$ m)Not Disclosed42.9 (+9.4% YoY)DPU (S$ c)Not Disclosed0.754 (13.9% YoY)NAV per Unit (S$)2.31 (Based on 1H21 NAV)0.398P/B (x)1.04 (Based on 1H21 NAV)1.1Occupancy (%)96.491.7Reversion (%)Not Disclosed-0.2Gearing (%)33.942.9Cost of Debt (%)2.23.241 Yr Fwd Yield (%)5.027.05Debt Hedged (%)5975Target PriceS$2.89N/ARatingBUYUnder Review

ASEAN Builder's Scoop (23Jul21) - FCT Resilient Amidst Phase-2 Setback

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'>S-Reits & Property Trusts not in the FTSE EPRA Nareit Global Index Series</div>
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INDEX inclusion is often a key milestone for companies as it contributes to improved investor visibility which translates into potential investability, passive funds tracking, and enhanced liquidity.

The FTSE EPRA Nareit Global Real Estate Index Series is one of many benchmarks tracking the performance of S-Reits and property trusts.

The index series, jointly developed by FTSE Russell with the European Public Real Estate Association (EPRA) and the National Association of Real Estate Investment Trusts (Nareit), is a widely followed global benchmark with an estimated US$340 billion of assets under management actively benchmarked or passively tracking the indices.

According to the latest index factsheet (as at May 20, 2021), there are 19 S-Reits and property trusts in the FTSE EPRA Nareit Global Index. Quarterly index reviews are in March, June, September and December, based on data at the close of business of the Monday four weeks prior to the review effective date.

Based on the index methodology, index inclusion is subject to but not limited to, meeting various requirements such as sector, size, liquidity and free float. These include being listed on an official stock exchange, companies in the core business of real estate or deriving at least 75 per cent of Ebitda from relevant real estate activities and having a minimum free float of 5 per cent.

Securities are tested for liquidity semi-annually in March and September and non-constituents must meet a minimum liquidity turnover at least 0.05 per cent of their shares in issue based on their median daily trading volume per month, in 10 of the 12 months prior to the review.

The size rule is a relative measure expressed as a percentage of the regional free float index market capitalisation.

Non-constituents are required to meet certain thresholds for inclusion.

A recent change in ground rules is the lowering of investable market cap threshold for the Developed Asia series - announced to be reduced from 0.3 to 0.1 per cent.

Referring to its June 30, 2021 factsheet, the FTSE EPRA Nareit Developed Asia Index's market cap is at US$423 billion and a 0.1 per cent threshold would assume a free-float market cap criterion of around US$423 million at 0.1 per cent, versus US$1.27 billion at 0.3 per cent.

With the change, more mid-cap Reits could potentially be included in the index, subject to meeting all index requirements. Of the 40 actively traded S-Reits and property trusts, there are 21 trusts which are not part of the index series today.

Other products listed on the SGX and tracking FTSE EPRA Nareit Index Series include the NikkoAM-StraitsTrading Asia ex-Japan Reit ETF NikkoAM-STC Asia REIT: CFA 0% which tracks the FTSE EPRA Nareit Asia ex-Japan Reits 10% Capped Index and the SGX FTSE EPRA Nareit Asia ex-Japan Index Futures. 

REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/looking-beyond-the-index">read </a>the original version.
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    S-Reits & Property Trusts not in the FTSE EPRA Nareit Global Index Series


INDEX inclusion is often a key milestone for companies as it contributes to improved investor visibility which translates into potential investability, passive funds tracking, and enhanced liquidity.

The FTSE EPRA Nareit Global Real Estate Index Series is one of many benchmarks tracking the performance of S-Reits and property trusts.

The index series, jointly developed by FTSE Russell with the European Public Real Estate Association (EPRA) and the National Association of Real Estate Investment Trusts (Nareit), is a widely followed global benchmark with an estimated US$340 billion of assets under management actively benchmarked or passively tracking the indices.

According to the latest index factsheet (as at May 20, 2021), there are 19 S-Reits and property trusts in the FTSE EPRA Nareit Global Index. Quarterly index reviews are in March, June, September and December, based on data at the close of business of the Monday four weeks prior to the review effective date.

Based on the index methodology, index inclusion is subject to but not limited to, meeting various requirements such as sector, size, liquidity and free float. These include being listed on an official stock exchange, companies in the core business of real estate or deriving at least 75 per cent of Ebitda from relevant real estate activities and having a minimum free float of 5 per cent.

Securities are tested for liquidity semi-annually in March and September and non-constituents must meet a minimum liquidity turnover at least 0.05 per cent of their shares in issue based on their median daily trading volume per month, in 10 of the 12 months prior to the review.

The size rule is a relative measure expressed as a percentage of the regional free float index market capitalisation.

Non-constituents are required to meet certain thresholds for inclusion.

A recent change in ground rules is the lowering of investable market cap threshold for the Developed Asia series - announced to be reduced from 0.3 to 0.1 per cent.

Referring to its June 30, 2021 factsheet, the FTSE EPRA Nareit Developed Asia Index's market cap is at US$423 billion and a 0.1 per cent threshold would assume a free-float market cap criterion of around US$423 million at 0.1 per cent, versus US$1.27 billion at 0.3 per cent.

With the change, more mid-cap Reits could potentially be included in the index, subject to meeting all index requirements. Of the 40 actively traded S-Reits and property trusts, there are 21 trusts which are not part of the index series today.

Other products listed on the SGX and tracking FTSE EPRA Nareit Index Series include the NikkoAM-StraitsTrading Asia ex-Japan Reit ETF NikkoAM-STC Asia REIT: CFA 0% which tracks the FTSE EPRA Nareit Asia ex-Japan Reits 10% Capped Index and the SGX FTSE EPRA Nareit Asia ex-Japan Index Futures. 

REIT Watch is a weekly column on The Business Times, read the original version.



<h2>Singapore </h2><h3>Commercial properties set for big change; Long-term reduction in supply likely</h3><ul><li>Offices in the CBD, especially older buildings, need to evolve. Both the Central Business District Incentive (CBDI) Scheme and Strategic Development Incentive (SDI) Scheme were introduced to incentivise the redevelopment of older buildings to more productive mixed-use developments. Under the CBDI scheme, qualifying properties are allowed to intensify their GFA by 25-30%, depending on the proposed land use. Meanwhile, the SDI is intended to redevelop precincts in strategic areas across Singapore, such as Orchard Road, the CBD and Marina Centre</li><li>Since the circuit-breaker period, URA has received nine outline applications under the CBDI Scheme, of which six have been given in-principle approval. Three outline applications under the SDI Scheme were also given in-principle approval. The take-up of these schemes are also likely to result in the long-term reduction of office stock in the CBD, which plays a part in the government's decentralisation strategy to have more offices located outside the city centre, CBRE said.</li></ul><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/216/388/original/image018.png?1625188834" class="editor-image img-responsive" data-smartkarma-image-id="216388"></figure></section>

Singapore Commercial properties set for big change; Long-term reduction in supply likelyOffices in the CBD, especially older buildings, need to evolve. Both the Central Business District Incentive (CBDI) Scheme and Strategic Development Incentive (SDI) Scheme were introduced to incentivise the redevelopment of older buildings to more productive mixed-use developments. Under the CBDI scheme, qualifying properties are allowed to intensify their GFA by 25-30%, depending on the proposed land use. Meanwhile, the SDI is intended to redevelop precincts in strategic areas across Singapore, such as Orchard Road, the CBD and Marina CentreSince the circuit-breaker period, URA has received nine outline applications under the CBDI Scheme, of which six have been given in-principle approval. Three outline applications under the SDI Scheme were also given in-principle approval. The take-up of these schemes are also likely to result in the long-term reduction of office stock in the CBD, which plays a part in the government's decentralisation strategy to have more offices located outside the city centre, CBRE said.

ASEAN Builder's Scoop (2Jul21) - CBD Office Reduction in LT Supply

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/prime-us-reit" target="_blank" data-smartkarma-citation="entities:28144" rel="noopener">Prime US REIT (PRIME SP)</a> to acquire two properties in California and Florida; DPU accretive by +2.4% but -1.2% NAV dilutive</h3><ul><li>PRIME, through KBS Realty Advisors, has entered into a purchase agreement with Sorrento Towers North to acquire Sorrento Towers (located at 5355 &amp; 5375 Mira Sorrento Place, San Diego, California) and a purchase agreement with CP OTC to acquire the property One Town Center (located at One Town Center, Boca Raton, Florida). Sorrento Towers is a freehold property comprised of two, seven-story, Class-A office towers and sits above a three-level podium garage with an occupancy rate of 95.6%, NLA of 296,327sqft and WALE By NLA of 6.6 years. One Town Center is a freehold 10-storey Class-A office tower and a five-storey attached parking garage with an occupancy rate of 94.7%, NLA of 191,294sqft and WALE by NLA of 6.2 years</li><li>The aggregate purchase consideration payable for the Acquisitions is US$245.5m, comprising US$146.0m for Sorrento Towers and US$99.5m for One Tower Center. Sorrento Towers would be acquired at valuation, whilst One Town Center will be acquired at a discount of 2.5% of its appraised value, representing an aggregate discount of 1%. The estimated total cost for the acquisitions is US$247.71m, including fees, which will be funded by a combination of loans and a private placement of new units (to raise gross proceeds of at least US$80.0m)</li><li>The Acquisitions will expand the REIT’s footprint in two new target markets, San Diego and Boca Raton. Post-acquisitions, no single market will contribute more than 11.7% of PRIME’s enlarged portfolio Cash Rental Income. In aggregate, the acquisitions have a long WALE of 6.5 years by NLA and 6.6 years by Cash Rental Income, with minimal proportion of leases expiring before 2025</li><li>100% of the leases at Sorrento Towers and One Town Center, based on Cash Rental Income for the month of Mar21, offers visible organic growth having a built-in rental escalation with a weighted average built-in escalation rate of c.3% pa. Moreover, both Sorrento Towers and One Town Center have positive office market dynamics with in-place rents that are currently below market</li><li>At the purchase price, the implied capitalisation rate for Sorrento Towers and One Town Center is approximately 5.3% and 5.8%, respectively. On a pro-forma 1Q21 basis, the WALE of the enlarged portfolio will increase to 4.5 years by NLA and 4.6 years by Cash Rental Income. On a pro-forma FY20 basis, the acquisitions are expected to be +2.4% DPU accretive, but -1.2% NAVPU dilutive. Gearing will increase to 39.1% from 33.8% as at 31Mar21 on a pro-forma basis.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/214/962/original/image003+%282%29.png?1624498042" class="editor-image img-responsive" data-smartkarma-image-id="214962"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/214/963/original/image004.png?1624498057" class="editor-image img-responsive" data-smartkarma-image-id="214963"></figure></section>

SingaporePrime US REIT (PRIME SP) to acquire two properties in California and Florida; DPU accretive by +2.4% but -1.2% NAV dilutivePRIME, through KBS Realty Advisors, has entered into a purchase agreement with Sorrento Towers North to acquire Sorrento Towers (located at 5355 &amp; 5375 Mira Sorrento Place, San Diego, California) and a purchase agreement with CP OTC to acquire the property One Town Center (located at One Town Center, Boca Raton, Florida). Sorrento Towers is a freehold property comprised of two, seven-story, Class-A office towers and sits above a three-level podium garage with an occupancy rate of 95.6%, NLA of 296,327sqft and WALE By NLA of 6.6 years. One Town Center is a freehold 10-storey Class-A office tower and a five-storey attached parking garage with an occupancy rate of 94.7%, NLA of 191,294sqft and WALE by NLA of 6.2 yearsThe aggregate purchase consideration payable for the Acquisitions is US$245.5m, comprising US$146.0m for Sorrento Towers and US$99.5m for One Tower Center. Sorrento Towers would be acquired at valuation, whilst One Town Center will be acquired at a discount of 2.5% of its appraised value, representing an aggregate discount of 1%. The estimated total cost for the acquisitions is US$247.71m, including fees, which will be funded by a combination of loans and a private placement of new units (to raise gross proceeds of at least US$80.0m)The Acquisitions will expand the REIT’s footprint in two new target markets, San Diego and Boca Raton. Post-acquisitions, no single market will contribute more than 11.7% of PRIME’s enlarged portfolio Cash Rental Income. In aggregate, the acquisitions have a long WALE of 6.5 years by NLA and 6.6 years by Cash Rental Income, with minimal proportion of leases expiring before 2025100% of the leases at Sorrento Towers and One Town Center, based on Cash Rental Income for the month of Mar21, offers visible organic growth having a built-in rental escalation with a weighted average built-in escalation rate of c.3% pa. Moreover, both Sorrento Towers and One Town Center have positive office market dynamics with in-place rents that are currently below marketAt the purchase price, the implied capitalisation rate for Sorrento Towers and One Town Center is approximately 5.3% and 5.8%, respectively. On a pro-forma 1Q21 basis, the WALE of the enlarged portfolio will increase to 4.5 years by NLA and 4.6 years by Cash Rental Income. On a pro-forma FY20 basis, the acquisitions are expected to be +2.4% DPU accretive, but -1.2% NAVPU dilutive. Gearing will increase to 39.1% from 33.8% as at 31Mar21 on a pro-forma basis.

ASEAN Builder's Scoop (24Jun21) - PRIME Acquires US Offices

Singapore

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE C-REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

Fortune REIT is a real estate investment trust that invests in a portfolio of retail shopping malls located in Hong Kong.

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

Far East Hospitality Trust is a hospitality stapled group comprising Far East H-REIT and Far East H-BT. Far East H-REIT is a Singapore-based real estate investment trust, which invests in hospitality assets and Far East H-BT, a Singapore-based business trust which will be dormant as of the Listing Date.

Cromwell Real Estate Investment Trust is a real estate investment trust with a commercial portfolio of offices and light industrial /  logistics assets across Europe.

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

MORI HILLS REIT INVESTMENT CORPORATION is a real estate investment trust (REIT). The Company invests in real estate properties such as commercial and office buildings.

Mori Hills REIT Investment Corporation (3234 JP)

Retail Opportunity Investments Corp. is a fully integrated and self-managed real estate investment trust ("REIT").  The Company specializes in the acquisition, ownership and management of necessity-based community, and neighborhood shopping centers in the western and eastern regions of the United States anchored by national and regional supermarkets and drugstores.

Retail Opportunity Investments Corp. (ROIC US)

American Assets Trust Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT. The Company owns, operates, acquires and develops retail and office properties in markets primarily in Southern California, Northern California and Hawaii.

Comforia Residential REIT, Inc. is a real estate investment trust (REIT). The company invests in leasing city apartments mainly in Tokyo area.

MORI TRUST Sogo Reit, Inc. is a real estate investment trust (REIT), which invests in income producing properties.  The Company mainly invests in office buildings in metropolitan area and local cities.

Getty Realty Corporation owns and leases properties in the Northeastern and Middle Atlantic states. These properties, consisting of service stations, convenience stores and petroleum marketing terminals are leased to Getty Petroleum Marketing Inc. Getty Realty Holding is also a marketer of heating oil in Pennsylvania and Maryland.

Activia Properties, Inc. is a real estate investment trust (J-REIT). The company mainly invests in commercial and office buildings in the Tokyo metropolitan area.

DiamondRock Hospitality Company is a self-advised real estate investment trust. The Company owns, acquires, and invests in upper scale and upscale hotel properties located in North America.  DiamondRock also invests in premium limited-service and extended-stay hotel properties in urban locations.

RLJ Lodging Trust is a self-advised and self-administered Maryland real estate investment trust. The Trust invests primarily in premium-branded, focused-service and compact full-service hotels. RLJ Lodging owns hotels in multiple states and the District of Columbia.

Empire State Realty Trust Inc. is a real estate investment trust. The trust owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area.

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

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ESR-LOGOS REIT (EREIT SP)

ASEAN Builder's Scoop (29Jul21) - CLCT Consecutive Quarterly Improvements

CLCT consecutive quarterly improvements; AIT healthy collections, robust reversions; EREIT unvexed by Phase 2; Phils remaining tax reforms still...

SCCM Asia Research

ASEAN Builder's Scoop (23Jul21) - FCT Resilient Amidst Phase-2 Setback

FCT resilient amidst phase-2 setback; EREIT operations remain healthy; SSREIT removing syariah compliance; 2Q21 Industrial rents, prices up; APLN...

SCCM Asia Research

REIT Watch - Looking beyond the index

INDEX inclusion is often a key milestone for companies as it contributes to improved investor visibility which translates into...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (2Jul21) - CBD Office Reduction in LT Supply

GCB deals YTD surpassed 2020; HDB prices 2.1% shy of 2Q13 peak; Indo shuts down malls; SIRI begins accepting cryptos; Phils tourist arrivals sanked

SCCM Asia Research

ASEAN Builder's Scoop (24Jun21) - PRIME Acquires US Offices

PRIME acquires US offices, +2.4% DPU accretion; CAPL obtains PE manager license in China; Carpark lot is latest trending asset class; BSP launching...

SCCM Asia Research

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