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

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in July

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: 221.25px;"> </td><td style="width: 170.797px;">SUN</td><td style="width: 166.969px;">ALLT</td><td style="width: 166.984px;">SSREIT</td></tr><tr><td style="width: 221.25px;">Period</td><td style="width: 170.797px;">1H21</td><td style="width: 166.969px;">2Q21</td><td style="width: 166.984px;">1H21</td></tr><tr><td style="width: 221.25px;">Gross Revenue (S$ m)</td><td style="width: 170.797px;">166.8 (+11.6% YoY)</td><td style="width: 166.969px;">35.4 (+22.1% YoY)</td><td style="width: 166.984px;">39.1 (+14.1% YoY)</td></tr><tr><td style="width: 221.25px;">NPI (S$ m)</td><td style="width: 170.797px;">112.6 (+23.9% YoY)</td><td style="width: 166.969px;">30.5 (+39.2% YoY)</td><td style="width: 166.984px;">25.7 (+23.2% YoY)</td></tr><tr><td style="width: 221.25px;">DPU (S$ c)</td><td style="width: 170.797px;">4.154 (+26.1% YoY)</td><td style="width: 166.969px;">1.217 (-8.2% YoY)</td><td style="width: 166.984px;">1.48 (+214.9% YoY)</td></tr><tr><td style="width: 221.25px;">NAV per Unit (S$)</td><td style="width: 170.797px;">2.062</td><td style="width: 166.969px;">0.67</td><td style="width: 166.984px;">0.52</td></tr><tr><td style="width: 221.25px;">P/B (x)</td><td style="width: 170.797px;">0.71</td><td style="width: 166.969px;">1.30</td><td style="width: 166.984px;">0.82</td></tr><tr><td style="width: 221.25px;">Occupancy (%)</td><td style="width: 170.797px;">2Q21:93.8 (SG Retail)92.1 (SG Office)93.9 (AU Office)100 (UK Office)</td><td style="width: 166.969px;">2Q21:98.2</td><td style="width: 166.984px;">1H21:83.4</td></tr><tr><td style="width: 221.25px;">Reversion (%)</td><td style="width: 170.797px;">2Q21:+2.1 (Suntec City Office)-7.2 (Suntec City Mall)</td><td style="width: 166.969px;">1H21:+2.4</td><td style="width: 166.984px;">1H21:+11.8</td></tr><tr><td style="width: 221.25px;">Gearing (%)</td><td style="width: 170.797px;">43.1</td><td style="width: 166.969px;">39.5</td><td style="width: 166.984px;">34.9</td></tr><tr><td style="width: 221.25px;">Cost of Debt (%)</td><td style="width: 170.797px;">2.41</td><td style="width: 166.969px;">2.92</td><td style="width: 166.984px;">3.4</td></tr><tr><td style="width: 221.25px;">1 Yr Fwd Yield (%)</td><td style="width: 170.797px;">5.85</td><td style="width: 166.969px;">5.98</td><td style="width: 166.984px;">6.74</td></tr><tr><td style="width: 221.25px;">Debt Hedged (%)</td><td style="width: 170.797px;">64</td><td style="width: 166.969px;">65.8</td><td style="width: 166.984px;">60.4</td></tr><tr><td style="width: 221.25px;">Target Price</td><td style="width: 170.797px;">N/A</td><td style="width: 166.969px;">N/A</td><td style="width: 166.984px;">N/A</td></tr><tr><td style="width: 221.25px;">Rating</td><td style="width: 170.797px;">N/A</td><td style="width: 166.969px;">N/A</td><td style="width: 166.984px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) SUNALLTSSREITPeriod1H212Q211H21Gross Revenue (S$ m)166.8 (+11.6% YoY)35.4 (+22.1% YoY)39.1 (+14.1% YoY)NPI (S$ m)112.6 (+23.9% YoY)30.5 (+39.2% YoY)25.7 (+23.2% YoY)DPU (S$ c)4.154 (+26.1% YoY)1.217 (-8.2% YoY)1.48 (+214.9% YoY)NAV per Unit (S$)2.0620.670.52P/B (x)0.711.300.82Occupancy (%)2Q21:93.8 (SG Retail)92.1 (SG Office)93.9 (AU Office)100 (UK Office)2Q21:98.21H21:83.4Reversion (%)2Q21:+2.1 (Suntec City Office)-7.2 (Suntec City Mall)1H21:+2.41H21:+11.8Gearing (%)43.139.534.9Cost of Debt (%)2.412.923.41 Yr Fwd Yield (%)5.855.986.74Debt Hedged (%)6465.860.4Target PriceN/AN/AN/ARatingN/AN/AN/A

ASEAN Builder's Scoop (22Jul21) - SUN Office Portfolio Offset Retail Weakness

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> to divest office strata units for S$197m; Acquire London building for GBP353m (S$667.2m)</h3><ul><li>SUN is divesting a portfolio of strata units at Suntec City Office for S$197m and acquiring a Grade-A office building located in the heart of city of London for GBP353m (S$667.2m). The Suntec City Office units are being divested at an 8.9% premium over the independent valuation of S$180.9m for the 78,491sqft of space, with a net gain on divestment of S$13.9m. The net property income yield was 3.1%</li><li>The London property is the Minster Building, an 11-storey Grade-A office development with ancillary retail built in 1990 and refurbished in 2018. It has a NPI yield of 4.5% (based on passing income as at 31Mar21 divided by the total acquisition outlay) and a long WALE of 12.3 years. The building has a committed occupancy of 96.7% with the office component being 96.2% leased to quality office tenants from diversified sectors, and WALE of 11.3 years. The retail component has a committed occupancy of 100% and a WALE of 19.6 years. The property has a two-year income guarantee for vacant spaces and retail leases, and an approximately one-year income guarantee for the co-working lease</li><li>Post these transactions, AUM will grow from S$11.5bn to S$11.7bn across 10 properties in Singapore (70.7% of AUM), Australia (16.8% of AUM) and the United Kingdom (12.5% of AUM). SUN continues to be anchored by office sector, which will contribute more than 85% of total income. The office portfolio WALE will be lengthened to 5.55 years, while the retail portfolio WALE will be extended to 3.18 years</li><li>On a FY20 pro-forma basis, after considering the proceeds from divestments of ~S$280.0m (9 Penang Road and SC Office strata units), GBP175.0m (~S$330.8m) of GBP-denominated loan at an indicative interest rate of 2.7% pa, and ~ S$70.0m perpetual securities at fixed rate coupon of 4.25% pa, this transaction is expected to be +3.6% DPU accretive and +0.7% NAV accretive to unitholders. Gearing will decrease to 43.8% from 44.3% as at 31Dec20 on a pro-forma basis. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/216/078/original/image003+%282%29.png?1625017360" class="editor-image img-responsive" data-smartkarma-image-id="216078"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/216/081/original/image004.png?1625017400" class="editor-image img-responsive" data-smartkarma-image-id="216081"></figure></section></section></li></ul>

SingaporeSuntec REIT (SUN SP) to divest office strata units for S$197m; Acquire London building for GBP353m (S$667.2m)SUN is divesting a portfolio of strata units at Suntec City Office for S$197m and acquiring a Grade-A office building located in the heart of city of London for GBP353m (S$667.2m). The Suntec City Office units are being divested at an 8.9% premium over the independent valuation of S$180.9m for the 78,491sqft of space, with a net gain on divestment of S$13.9m. The net property income yield was 3.1%The London property is the Minster Building, an 11-storey Grade-A office development with ancillary retail built in 1990 and refurbished in 2018. It has a NPI yield of 4.5% (based on passing income as at 31Mar21 divided by the total acquisition outlay) and a long WALE of 12.3 years. The building has a committed occupancy of 96.7% with the office component being 96.2% leased to quality office tenants from diversified sectors, and WALE of 11.3 years. The retail component has a committed occupancy of 100% and a WALE of 19.6 years. The property has a two-year income guarantee for vacant spaces and retail leases, and an approximately one-year income guarantee for the co-working leasePost these transactions, AUM will grow from S$11.5bn to S$11.7bn across 10 properties in Singapore (70.7% of AUM), Australia (16.8% of AUM) and the United Kingdom (12.5% of AUM). SUN continues to be anchored by office sector, which will contribute more than 85% of total income. The office portfolio WALE will be lengthened to 5.55 years, while the retail portfolio WALE will be extended to 3.18 yearsOn a FY20 pro-forma basis, after considering the proceeds from divestments of ~S$280.0m (9 Penang Road and SC Office strata units), GBP175.0m (~S$330.8m) of GBP-denominated loan at an indicative interest rate of 2.7% pa, and ~ S$70.0m perpetual securities at fixed rate coupon of 4.25% pa, this transaction is expected to be +3.6% DPU accretive and +0.7% NAV accretive to unitholders. Gearing will decrease to 43.8% from 44.3% as at 31Dec20 on a pro-forma basis. 

ASEAN Builder's Scoop (30Jun21) - SUN Busy Year with +3.6% DPU Accretion Deals

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151" rel="noopener">Suntec REIT (SUN SP)</a> divests 30% of 9 Penang Road; Booked 30% development gain</h3><ul><li>SUN has sold its 30% interest in 9 Penang Road, formerly known as Park Mall, to Haiyi Holdings at an agreed property value of S$295.5m or S$2,468psf based on the property’s NLA. Haiyi Holdings, which redeveloped the site together with SUN and SingHaiyi Group (SHG SP), already held a 35% stake in the JV before buying out SUN's interest. The agreed property value represents a 5.7% premium over the latest valuation of S$931.8m and 30.3% higher than the total development cost of S$756.0m</li><li>The ten-storey development consists of two office towers and ancillary retail with a NLA of ~399,000sqft. The committed occupancy was 98.7% as at 31Mar21 with the two office towers fully leased to UBS AG</li><li>After taking into account the divestment related expenses (including the divestment fee payable to the Manager), the net proceeds from the divestment would be ~S$88.2m, resulting in an estimated net gain of ~S$66.5m. This represents a 305% return on investment if calculating net divestment profit as a percentage of cost of investment. The net proceeds of the divestment may be used to pare down bank borrowings and/or fund future acquisitions</li><li>Post divestment, SUN continues to be anchored by resilient office segment, which will contribute more than 80% to the REIT’s total income contribution with Singapore properties constituting ~75% of total AUM</li><li>On a stabilized basis, the NPI yield is 3.3% for this divestment. On a FY20 pro-forma basis, the acquisitions are expected to be +0.15% NAV accretive to unitholders. DPU will remain flattish at S$7.402c. Gearing will decrease to 42.9% from 44.4% as at 31Mar21 on a pro-forma basis. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/213/614/original/image015.png?1623894864" class="editor-image img-responsive" data-smartkarma-image-id="213614"></figure></section></li></ul>

SingaporeSuntec REIT (SUN SP) divests 30% of 9 Penang Road; Booked 30% development gainSUN has sold its 30% interest in 9 Penang Road, formerly known as Park Mall, to Haiyi Holdings at an agreed property value of S$295.5m or S$2,468psf based on the property’s NLA. Haiyi Holdings, which redeveloped the site together with SUN and SingHaiyi Group (SHG SP), already held a 35% stake in the JV before buying out SUN's interest. The agreed property value represents a 5.7% premium over the latest valuation of S$931.8m and 30.3% higher than the total development cost of S$756.0mThe ten-storey development consists of two office towers and ancillary retail with a NLA of ~399,000sqft. The committed occupancy was 98.7% as at 31Mar21 with the two office towers fully leased to UBS AGAfter taking into account the divestment related expenses (including the divestment fee payable to the Manager), the net proceeds from the divestment would be ~S$88.2m, resulting in an estimated net gain of ~S$66.5m. This represents a 305% return on investment if calculating net divestment profit as a percentage of cost of investment. The net proceeds of the divestment may be used to pare down bank borrowings and/or fund future acquisitionsPost divestment, SUN continues to be anchored by resilient office segment, which will contribute more than 80% to the REIT’s total income contribution with Singapore properties constituting ~75% of total AUMOn a stabilized basis, the NPI yield is 3.3% for this divestment. On a FY20 pro-forma basis, the acquisitions are expected to be +0.15% NAV accretive to unitholders. DPU will remain flattish at S$7.402c. Gearing will decrease to 42.9% from 44.4% as at 31Mar21 on a pro-forma basis. 

ASEAN Builder's Scoop (17Jun21) - SUN Booked 30% Devt Gain on 9 Penang Rd Sale

Capitaland Integrated Commercial Trust / Equity Bottom-Up

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ON May 16, Singapore announced tighter measures to combat the increased number of local Covid-19 cases. The four weeks of tightened measures left malls, eateries and offices quieter as the country defaulted to working from home and dining-in at F&amp;B establishments were prohibited.

SGX lists 10 S-Reits with exposure to Singapore's office and/or retail segment. Despite lower footfall in the past four weeks (May 14 to June 10) due to Phase 2 (Heightened Alert) measures, these 10 S-Reits generated average total returns of 6.5 per cent, outperforming the 5.6 per cent average of the overall S-Reits sector and the Straits Times Index's 3.6 per cent total return.

Together, the 10 S-Reits received net inflows of S$43.9 million from institutional investors. Among them, the three highest recipients of institutional net inflows were CapitaLand Integrated Commercial Trust (CICT), Suntec Reit and Frasers Centrepoint Trust (FCT).

CICT, the largest S-Reit, is predominantly Singapore-focused and has a portfolio of 11 retail, eight office and five integrated development assets. Across its portfolio, the trust saw 30.7 per cent decline in shopper traffic (comparing periods of May 10 to 23 and April 26 to May 9) and return of office community fell to 15.0 per cent (in the week ended May 21). 
To support retail tenants and shoppers, CICT provided rental waivers and operational support for retailers to continue online sales through CapitaLand's digital platforms and extended carpark grace periods. As at March 31, the trust maintains committed occupancy rates of 97.1 per cent and 94.8 per cent for its Singapore retail and office assets respectively. 
Suntec Reit's S$11.7 billion portfolio includes retail and office assets in Singapore (four), Australia (five) and the United Kingdom (one).

The Reit believes that while hybrid working arrangements are likely to continue, physical offices will remain relevant as companies value the need to build corporate culture and foster employee collaboration.

Hence it expects revenue from its Singapore office assets to be stable, underpinned by strong rent reversions in the past 11 quarters.

Suntec City Mall, the Reit's largest income contributor, saw uneven retail recovery in Q12021, led by categories such as F&amp;B, wellness, supermarket, homeware, kids' fashion and toys. As at March 31, the Reit maintains committed occupancy rates of 91.5 per cent and 96.1 per cent for its Singapore retail and office assets respectively.

FCT, a pure play on Singapore's suburban retail sector, has a current portfolio of 10 retail malls with total asset under management (AUM) of S$6.4 billion.

The trust noted that these suburban assets, which were among the first to benefit from recovery exiting the circuit breaker in June 2020, are predominantly at well-connected locations, with large catchment serving more than half of Singapore's population, and provides sustainable relevance to shoppers.

FCT maintains a portfolio occupancy rate of 96.1 per cent, as at March 31.

Waterway Point, in which FCT has a 40 per cent interest, announced the securing of its maiden S$589 million green loan in May, which will enjoy a reduction in margin on its second year, if Waterway Point retains its current Green Mark Gold Plus certification status issued by the Building and Construction Authority (BCA).  REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/retail-and-office-s-reits-outperform-despite-tighter-covid-19-measures">read</a> the original version.
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    REIT watch


ON May 16, Singapore announced tighter measures to combat the increased number of local Covid-19 cases. The four weeks of tightened measures left malls, eateries and offices quieter as the country defaulted to working from home and dining-in at F&amp;B establishments were prohibited.

SGX lists 10 S-Reits with exposure to Singapore's office and/or retail segment. Despite lower footfall in the past four weeks (May 14 to June 10) due to Phase 2 (Heightened Alert) measures, these 10 S-Reits generated average total returns of 6.5 per cent, outperforming the 5.6 per cent average of the overall S-Reits sector and the Straits Times Index's 3.6 per cent total return.

Together, the 10 S-Reits received net inflows of S$43.9 million from institutional investors. Among them, the three highest recipients of institutional net inflows were CapitaLand Integrated Commercial Trust (CICT), Suntec Reit and Frasers Centrepoint Trust (FCT).

CICT, the largest S-Reit, is predominantly Singapore-focused and has a portfolio of 11 retail, eight office and five integrated development assets. Across its portfolio, the trust saw 30.7 per cent decline in shopper traffic (comparing periods of May 10 to 23 and April 26 to May 9) and return of office community fell to 15.0 per cent (in the week ended May 21).  
To support retail tenants and shoppers, CICT provided rental waivers and operational support for retailers to continue online sales through CapitaLand's digital platforms and extended carpark grace periods. As at March 31, the trust maintains committed occupancy rates of 97.1 per cent and 94.8 per cent for its Singapore retail and office assets respectively.  
Suntec Reit's S$11.7 billion portfolio includes retail and office assets in Singapore (four), Australia (five) and the United Kingdom (one).

The Reit believes that while hybrid working arrangements are likely to continue, physical offices will remain relevant as companies value the need to build corporate culture and foster employee collaboration.

Hence it expects revenue from its Singapore office assets to be stable, underpinned by strong rent reversions in the past 11 quarters.

Suntec City Mall, the Reit's largest income contributor, saw uneven retail recovery in Q12021, led by categories such as F&amp;B, wellness, supermarket, homeware, kids' fashion and toys. As at March 31, the Reit maintains committed occupancy rates of 91.5 per cent and 96.1 per cent for its Singapore retail and office assets respectively.

FCT, a pure play on Singapore's suburban retail sector, has a current portfolio of 10 retail malls with total asset under management (AUM) of S$6.4 billion.

The trust noted that these suburban assets, which were among the first to benefit from recovery exiting the circuit breaker in June 2020, are predominantly at well-connected locations, with large catchment serving more than half of Singapore's population, and provides sustainable relevance to shoppers.

FCT maintains a portfolio occupancy rate of 96.1 per cent, as at March 31.

Waterway Point, in which FCT has a 40 per cent interest, announced the securing of its maiden S$589 million green loan in May, which will enjoy a reduction in margin on its second year, if Waterway Point retains its current Green Mark Gold Plus certification status issued by the Building and Construction Authority (BCA).   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Retail and office S-Reits outperform despite tighter Covid-19 measures

Singapore

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.

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

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.

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.

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.

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.

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

Japan Hotel REIT Investment Corporation is a real estate investment trust(REIT) which invests in securitized real estate products. The Company mainly invests in real estate properties used in hotels.

United Urban Investment Corporation is a real estate investment trust (REIT). The Company directly invests in real estate properties such as shopping centers, offices, hotels, and residential buildings.

ORIX JREIT Inc. is a real estate investment trust (REIT) which invests in securitized real estate products.  The Company directly invests in real estate properties such as offices, rental housings, and hotels.

Invincible Investment Corp is a real estate investment trust (REIT) which  invests in securitized real estate products. TGR Investment invests in income  producing residential and office buildings.

Medical Properties Trust Inc. is a self-advised real estate investment trust formed to acquire and develop net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers, and other single-discipline healthcare facilities such as heart hospitals.

The Geo Group Inc. operates private correctional facilities located mostly in the United States, but also in Australia, Canada, New Zealand, and South Africa.  The Company offers educational programs, vocational training, and rehabilitation therapy services.

KLCC Property Holdings Bhd comprises of units in a Real Estate Investment Trust (KLCC REIT) stapled together with the ordinary shares of KLCC Property Holdings Berhad. The Stapled Security, through the subsidiaries of KLCC Property Holdings Berhad, is engaged in providing facility management services and car parking management services.

Sekisui House Reit, Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business office buildings and are located in Tokyo, Osaka and Nagoya area. Sekisui House Reit, Inc. also invests in commercial properties in foreign countries.

Sunstone Hotel Investors, Inc. is a hospitality and lodging real estate investment trust that owns primarily upper scale and upscale hotels in the United States. The Company's hotels are operated under various branded names.

Highwoods Properties, Inc., with its operating partnership and subsidiaries, develops, manages, leases and acquires suburban office and industrial properties. Highwoods has expanded into markets throughout the southeastern and midwestern United States.

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.

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