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.

Asia’s leading multi-asset exchange

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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

Sabana Industrial REIT / Equity Bottom-Up

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<ul>
<li>
Globally, Hotel REITs, Retail REITs &amp; Office REITs led REIT Sectors in the 2021 YTD, after seeing the most declines in 2020. Data Centres, which led in 2020, are the least performer in the 2021 YTD. Global Industrial REITs and regional Healthcare REITs, less negatively impacted by the K-shaped economics of the past 12 months, were more consistent performers. 
	 </li>
	<li>
S-REITs averaged 7% gains in the 2021 YTD, bringing their 12 month average gain to 18%, in-line with median total return of all APAC-listed REITS at 17%. S-REITs currently average a 5.6% dividend yield, with as many as nine of the S-REITs maintaining yields at 7% or above, while also generating double-digit percentage returns over the past 12 months. 
	 </li>
	<li>During this earnings season to date, 17 S-REIT’s have averaged DPU growth of 25%, with SPH REIT, Mapletree Commercial Trust, AIMS APAC REIT, ARA LOGOS Logistics Trust and Frasers Centrepoint Trust, among the S-REITS posting the highest YoY DPU growth. S-REITs reporting or providing business updates this week include Manulife US REIT, EC World REIT, Cromwell European REIT, United Hampshire REIT and Sasseur REIT. </li>
</ul>
 

A key driver for Global REIT performances in 2020 and the 2020 year-to-date, has been the type of property, or property sector, that makes up the REIT portfolio. Across the globe, social and economic lockdowns, social distancing and safe workplace practices weighed the Hospitality REITs, Retail Reits and Office REITs in 2020, while demand for technology-driven solutions saw Data Centres outpace. Imminent vaccine rollouts were confimed in early November, and 2021 has so far seen 1.3 billion vaccine doses administered. This has seen last years’ laggards - Hospitality REITs, Retail Reits and Office REITs – lead the global REIT market, whilst last year’s Data Centre outperformers have so far ranked as 2021’s laggards. However, virus resurgences, mutation strains, and unhurried return to international travels, means that the REIT subsector moves in the 2021 year-to-date have been somewhat measured. While global Hospitality REITs generated a median decline of 30% in 2020, the recovery in the 2021 year-to-date year has been partial, with a 13% gain. Likewise the 17% median return of global Data Centres in 2020 has not been erased, rather trimmed by a median 1% decline in the 2021 year-to-date. Hence while investors may have rotated among the REIT subsectors, subsector performances have not been reversed. 
Globally, Industrial REITs have posted median gains in both 2020 and the 2021 year-to-date, with warehouse, business parks and logisitc efficiency supported by the e-commerce, technology and consumer goods industries. Industrial REITs can play important roles in international and manufacturing supply chains, which have been relatively resilient over the past 12 months. Across the region, Healthcare REITs were the more resilient REIT type, when comparing perfomances of the the 2021 year-to-date with 2020. S-REITs have averaged 7% gains in the 2021 year-to-date bringing their 12 month average gain to 18%. This has been exactly in-line with the median total return of all APAC-listed REITS at 18%. 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			Total Return QTD %
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			12M Total Return %
			</td>
			<td>
			Sector
			</td>
			<td>
			Debt/Asset %
			</td>
			<td>
			P/B (x)
			</td>
			<td>
			Div. Yield %
			</td>
		</tr>
<tr>
<td>
			ARA LOGOS LOGISTICS TRUST
			</td>
			<td>
			K2LU
			</td>
			<td>
			1129
			</td>
			<td>
			9
			</td>
			<td>
			34
			</td>
			<td>
			63
			</td>
			<td>
			Industrial
			</td>
			<td>
			37
			</td>
			<td>
			1.5
			</td>
			<td>
			7.5
			</td>
		</tr>
<tr>
<td>
			LENDLEASE GLOBAL COMM REIT
			</td>
			<td>
			JYEU
			</td>
			<td>
			921
			</td>
			<td>
			-3
			</td>
			<td>
			10
			</td>
			<td>
			44
			</td>
			<td>
			Diversified
			</td>
			<td>
			35
			</td>
			<td>
			1.0
			</td>
			<td>
			5.0
			</td>
		</tr>
<tr>
<td>
			SABANA SHARIAH COMP IND REIT
			</td>
			<td>
			M1GU
			</td>
			<td>
			442
			</td>
			<td>
			8
			</td>
			<td>
			25
			</td>
			<td>
			41
			</td>
			<td>
			Industrial
			</td>
			<td>
			36
			</td>
			<td>
			0.8
			</td>
			<td>
			6.6
			</td>
		</tr>
<tr>
<td>
			FRASERS LOGISTICS &amp; COMM TRUST
			</td>
			<td>
			BUOU
			</td>
			<td>
			5040
			</td>
			<td>
			1
			</td>
			<td>
			4
			</td>
			<td>
			40
			</td>
			<td>
			Diversified
			</td>
			<td>
			35
			</td>
			<td>
			1.3
			</td>
			<td>
			4.8
			</td>
		</tr>
<tr>
<td>
			CDL HOSPITALITY TRUSTS*
			</td>
			<td>
			J85
			</td>
			<td>
			1534
			</td>
			<td>
			1
			</td>
			<td>
			1
			</td>
			<td>
			40
			</td>
			<td>
			Hospitality
			</td>
			<td>
			39
			</td>
			<td>
			0.9
			</td>
			<td>
			4.0
			</td>
		</tr>
<tr>
<td>
			CROMWELL EUROPEAN REIT
			</td>
			<td>
			OFKU/QTRU
			</td>
			<td>
			2146
			</td>
			<td>
			7
			</td>
			<td>
			4
			</td>
			<td>
			38
			</td>
			<td>
			Diversified
			</td>
			<td>
			38
			</td>
			<td>
			0.9
			</td>
			<td>
			7.3
			</td>
		</tr>
<tr>
<td>
			SASSEUR REIT
			</td>
			<td>
			CRPU
			</td>
			<td>
			1119
			</td>
			<td>
			4
			</td>
			<td>
			15
			</td>
			<td>
			37
			</td>
			<td>
			Retail
			</td>
			<td>
			28
			</td>
			<td>
			1.0
			</td>
			<td>
			7.1
			</td>
		</tr>
<tr>
<td>
			PARKWAYLIFE REIT
			</td>
			<td>
			C2PU
			</td>
			<td>
			2595
			</td>
			<td>
			6
			</td>
			<td>
			13
			</td>
			<td>
			36
			</td>
			<td>
			Health Care
			</td>
			<td>
			38
			</td>
			<td>
			2.1
			</td>
			<td>
			3.4
			</td>
		</tr>
<tr>
<td>
			AIMS APAC REIT
			</td>
			<td>
			O5RU
			</td>
			<td>
			1011
			</td>
			<td>
			11
			</td>
			<td>
			16
			</td>
			<td>
			33
			</td>
			<td>
			Industrial
			</td>
			<td>
			34
			</td>
			<td>
			0.9
			</td>
			<td>
			5.8
			</td>
		</tr>
<tr>
<td>
			FAR EAST HOSPITALITY TRUST*
			</td>
			<td>
			Q5T
			</td>
			<td>
			1201
			</td>
			<td>
			-3
			</td>
			<td>
			1
			</td>
			<td>
			31
			</td>
			<td>
			Hospitality
			</td>
			<td>
			42
			</td>
			<td>
			0.8
			</td>
			<td>
			3.8
			</td>
		</tr>
<tr>
<td>
			MAPLETREE NORTH ASIA COMM TRUST
			</td>
			<td>
			RW0U
			</td>
			<td>
			3640
			</td>
			<td>
			3
			</td>
			<td>
			13
			</td>
			<td>
			27
			</td>
			<td>
			Diversified
			</td>
			<td>
			42
			</td>
			<td>
			0.9
			</td>
			<td>
			5.7
			</td>
		</tr>
<tr>
<td>
			ASCOTT RESIDENCE TRUST*
			</td>
			<td>
			HMN
			</td>
			<td>
			3304
			</td>
			<td>
			-1
			</td>
			<td>
			0
			</td>
			<td>
			27
			</td>
			<td>
			Hospitality
			</td>
			<td>
			36
			</td>
			<td>
			1.1
			</td>
			<td>
			2.9
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4442
			</td>
			<td>
			-1
			</td>
			<td>
			12
			</td>
			<td>
			23
			</td>
			<td>
			Office
			</td>
			<td>
			35
			</td>
			<td>
			0.9
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			ASCENDAS INDIA TRUST**
			</td>
			<td>
			CY6U
			</td>
			<td>
			1612
			</td>
			<td>
			-5
			</td>
			<td>
			4
			</td>
			<td>
			22
			</td>
			<td>
			Diversified
			</td>
			<td>
			34
			</td>
			<td>
			1.3
			</td>
			<td>
			6.2
			</td>
		</tr>
<tr>
<td>
			KEPPEL PACIFIC OAK US REIT
			</td>
			<td>
			CMOU
			</td>
			<td>
			922
			</td>
			<td>
			1
			</td>
			<td>
			12
			</td>
			<td>
			22
			</td>
			<td>
			Office
			</td>
			<td>
			38
			</td>
			<td>
			0.9
			</td>
			<td>
			8.4
			</td>
		</tr>
<tr>
<td>
			PRIME US REIT
			</td>
			<td>
			OXMU
			</td>
			<td>
			1201
			</td>
			<td>
			-2
			</td>
			<td>
			13
			</td>
			<td>
			22
			</td>
			<td>
			Office
			</td>
			<td>
			34
			</td>
			<td>
			1.0
			</td>
			<td>
			6.9
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			J69U
			</td>
			<td>
			4077
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			21
			</td>
			<td>
			Retail
			</td>
			<td>
			35
			</td>
			<td>
			1.1
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			EC WORLD REIT
			</td>
			<td>
			BWCU
			</td>
			<td>
			589
			</td>
			<td>
			2
			</td>
			<td>
			4
			</td>
			<td>
			21
			</td>
			<td>
			Industrial
			</td>
			<td>
			38
			</td>
			<td>
			0.8
			</td>
			<td>
			7.3
			</td>
		</tr>
<tr>
<td>
			CAPITALAND INTEGRATED COMM TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			13794
			</td>
			<td>
			-2
			</td>
			<td>
			-1
			</td>
			<td>
			21
			</td>
			<td>
			Diversified
			</td>
			<td>
			41
			</td>
			<td>
			1.1
			</td>
			<td>
			4.0
			</td>
		</tr>
<tr>
<td>
			STARHILL GLOBAL REIT
			</td>
			<td>
			P40U
			</td>
			<td>
			1229
			</td>
			<td>
			-1
			</td>
			<td>
			14
			</td>
			<td>
			20
			</td>
			<td>
			Retail
			</td>
			<td>
			36
			</td>
			<td>
			0.7
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			ESR-REIT
			</td>
			<td>
			J91U
			</td>
			<td>
			1401
			</td>
			<td>
			2
			</td>
			<td>
			3
			</td>
			<td>
			19
			</td>
			<td>
			Industrial
			</td>
			<td>
			42
			</td>
			<td>
			1.0
			</td>
			<td>
			7.5
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			4280
			</td>
			<td>
			-3
			</td>
			<td>
			-5
			</td>
			<td>
			18
			</td>
			<td>
			Specialized
			</td>
			<td>
			37
			</td>
			<td>
			2.3
			</td>
			<td>
			3.6
			</td>
		</tr>
<tr>
<td>
			FRASERS HOSPITALITY TRUST*
			</td>
			<td>
			ACV
			</td>
			<td>
			1050
			</td>
			<td>
			3
			</td>
			<td>
			4
			</td>
			<td>
			18
			</td>
			<td>
			Hospitality
			</td>
			<td>
			38
			</td>
			<td>
			0.8
			</td>
			<td>
			2.2
			</td>
		</tr>
<tr>
<td>
			ARA US HOSPITALITY TRUST*
			</td>
			<td>
			XZL
			</td>
			<td>
			391
			</td>
			<td>
			-1
			</td>
			<td>
			18
			</td>
			<td>
			17
			</td>
			<td>
			Hospitality
			</td>
			<td>
			49
			</td>
			<td>
			0.9
			</td>
			<td>
			N/A
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			4320
			</td>
			<td>
			-1
			</td>
			<td>
			5
			</td>
			<td>
			17
			</td>
			<td>
			Diversified
			</td>
			<td>
			44
			</td>
			<td>
			0.7
			</td>
			<td>
			5.0
			</td>
		</tr>
<tr>
<td>
			UNITED HAMPSHIRE US REIT
			</td>
			<td>
			ODBU
			</td>
			<td>
			455
			</td>
			<td>
			2
			</td>
			<td>
			10
			</td>
			<td>
			16
			</td>
			<td>
			Retail
			</td>
			<td>
			36
			</td>
			<td>
			0.9
			</td>
			<td>
			7.0
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMM TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			6997
			</td>
			<td>
			2
			</td>
			<td>
			2
			</td>
			<td>
			15
			</td>
			<td>
			Diversified
			</td>
			<td>
			34
			</td>
			<td>
			1.3
			</td>
			<td>
			4.3
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			6513
			</td>
			<td>
			2
			</td>
			<td>
			-2
			</td>
			<td>
			15
			</td>
			<td>
			Industrial
			</td>
			<td>
			37
			</td>
			<td>
			1.7
			</td>
			<td>
			4.4
			</td>
		</tr>
<tr>
<td>
			SPH REIT
			</td>
			<td>
			SK6U
			</td>
			<td>
			2406
			</td>
			<td>
			0
			</td>
			<td>
			5
			</td>
			<td>
			14
			</td>
			<td>
			Retail
			</td>
			<td>
			30
			</td>
			<td>
			0.9
			</td>
			<td>
			3.9
			</td>
		</tr>
<tr>
<td>
			IREIT GLOBAL
			</td>
			<td>
			UD1U
			</td>
			<td>
			606
			</td>
			<td>
			1
			</td>
			<td>
			3
			</td>
			<td>
			13
			</td>
			<td>
			Office
			</td>
			<td>
			35
			</td>
			<td>
			0.9
			</td>
			<td>
			7.4
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			8481
			</td>
			<td>
			4
			</td>
			<td>
			0
			</td>
			<td>
			13
			</td>
			<td>
			Industrial
			</td>
			<td>
			38
			</td>
			<td>
			1.5
			</td>
			<td>
			4.2
			</td>
		</tr>
<tr>
<td>
			ELITE COMM REIT
			</td>
			<td>
			MXNU
			</td>
			<td>
			580
			</td>
			<td>
			-1
			</td>
			<td>
			9
			</td>
			<td>
			13
			</td>
			<td>
			Office
			</td>
			<td>
			42
			</td>
			<td>
			1.0
			</td>
			<td>
			8.0
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			12672
			</td>
			<td>
			0
			</td>
			<td>
			3
			</td>
			<td>
			8
			</td>
			<td>
			Industrial
			</td>
			<td>
			38
			</td>
			<td>
			1.4
			</td>
			<td>
			4.7
			</td>
		</tr>
<tr>
<td>
			OUE COMM REIT
			</td>
			<td>
			TS0U
			</td>
			<td>
			2198
			</td>
			<td>
			3
			</td>
			<td>
			9
			</td>
			<td>
			8
			</td>
			<td>
			Diversified
			</td>
			<td>
			40
			</td>
			<td>
			0.7
			</td>
			<td>
			6.0
			</td>
		</tr>
<tr>
<td>
			MANULIFE US REIT
			</td>
			<td>
			BTOU
			</td>
			<td>
			1571
			</td>
			<td>
			1
			</td>
			<td>
			4
			</td>
			<td>
			8
			</td>
			<td>
			Office
			</td>
			<td>
			41
			</td>
			<td>
			1.0
			</td>
			<td>
			7.4
			</td>
		</tr>
<tr>
<td>
			CAPITALAND CHINA TRUST
			</td>
			<td>
			AU8U
			</td>
			<td>
			2069
			</td>
			<td>
			-1
			</td>
			<td>
			-2
			</td>
			<td>
			7
			</td>
			<td>
			Diversified
			</td>
			<td>
			35
			</td>
			<td>
			0.9
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			DASIN RETAIL TRUST**
			</td>
			<td>
			CEDU
			</td>
			<td>
			569
			</td>
			<td>
			0
			</td>
			<td>
			-4
			</td>
			<td>
			-4
			</td>
			<td>
			Retail
			</td>
			<td>
			38
			</td>
			<td>
			0.5
			</td>
			<td>
			5.4
			</td>
		</tr>
<tr>
<td>
			BHG RETAIL REIT
			</td>
			<td>
			BMGU
			</td>
			<td>
			287
			</td>
			<td>
			2
			</td>
			<td>
			4
			</td>
			<td>
			-6
			</td>
			<td>
			Retail
			</td>
			<td>
			36
			</td>
			<td>
			0.6
			</td>
			<td>
			3.5
			</td>
		</tr>
<tr>
<td>
			LIPPO MALLS INDONESIA RETAIL TRUST
			</td>
			<td>
			D5IU
			</td>
			<td>
			506
			</td>
			<td>
			1
			</td>
			<td>
			8
			</td>
			<td>
			-44
			</td>
			<td>
			Retail
			</td>
			<td>
			42
			</td>
			<td>
			0.7
			</td>
			<td>
			4.4
			</td>
		</tr>
<tr>
<td>
			FIRST REIT
			</td>
			<td>
			AW9U
			</td>
			<td>
			426
			</td>
			<td>
			15
			</td>
			<td>
			26
			</td>
			<td>
			-61
			</td>
			<td>
			Health Care
			</td>
			<td>
			49
			</td>
			<td>
			0.5
			</td>
			<td>
			16.0
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td> </td>
			<td>
			 
			</td>
			<td>
			2
			</td>
			<td>
			7
			</td>
			<td>
			18
			</td>
			<td> </td>
			<td>
			37.8
			</td>
			<td>
			1.0
			</td>
			<td>
			5.6
			</td>
		</tr>
<tr>
<td>
			Median
			</td>
			<td> </td>
			<td>
			 
			</td>
			<td>
			1
			</td>
			<td>
			4
			</td>
			<td>
			19
			</td>
			<td> </td>
			<td>
			37.5
			</td>
			<td>
			0.9
			</td>
			<td>
			5.0
			</td>
		</tr>
</tbody></table>
 Note * Stapled Trust, ** Business Trust

Source: SREITs &amp; Property Trust Chartbook, Refinitiv and Bloomberg (Performance data as 7 May 2021, Div yield, P/B as of 31 April 2021)
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Globally, Hotel REITs, Retail REITs &amp; Office REITs led REIT Sectors in the 2021 YTD, after seeing the most declines in 2020. Data Centres, which led in 2020, are the least performer in the 2021 YTD. Global Industrial REITs and regional Healthcare REITs, less negatively impacted by the K-shaped economics of the past 12 months, were more consistent performers.  
	 
	
S-REITs averaged 7% gains in the 2021 YTD, bringing their 12 month average gain to 18%, in-line with median total return of all APAC-listed REITS at 17%. S-REITs currently average a 5.6% dividend yield, with as many as nine of the S-REITs maintaining yields at 7% or above, while also generating double-digit percentage returns over the past 12 months. 
	 
	During this earnings season to date, 17 S-REIT’s have averaged DPU growth of 25%, with SPH REIT, Mapletree Commercial Trust, AIMS APAC REIT, ARA LOGOS Logistics Trust and Frasers Centrepoint Trust, among the S-REITS posting the highest YoY DPU growth. S-REITs reporting or providing business updates this week include Manulife US REIT, EC World REIT, Cromwell European REIT, United Hampshire REIT and Sasseur REIT. 

 

A key driver for Global REIT performances in 2020 and the 2020 year-to-date, has been the type of property, or property sector, that makes up the REIT portfolio. Across the globe, social and economic lockdowns, social distancing and safe workplace practices weighed the Hospitality REITs, Retail Reits and Office REITs in 2020, while demand for technology-driven solutions saw Data Centres outpace. Imminent vaccine rollouts were confimed in early November, and 2021 has so far seen 1.3 billion vaccine doses administered. This has seen last years’ laggards - Hospitality REITs, Retail Reits and Office REITs – lead the global REIT market, whilst last year’s Data Centre outperformers have so far ranked as 2021’s laggards.  However, virus resurgences, mutation strains, and unhurried return to international travels, means that the REIT subsector moves in the 2021 year-to-date have been somewhat measured. While global Hospitality REITs generated a median decline of 30% in 2020, the recovery in the 2021 year-to-date year has been partial, with a 13% gain. Likewise the 17% median return of global Data Centres in 2020 has not been erased, rather trimmed by a median 1% decline in the 2021 year-to-date. Hence while investors may have rotated among the REIT subsectors, subsector performances have not been reversed.  
Globally, Industrial REITs have posted median gains in both 2020 and the 2021 year-to-date, with warehouse, business parks and logisitc efficiency supported by the e-commerce, technology and consumer goods industries. Industrial REITs can play important roles in international and manufacturing supply chains, which have been relatively resilient over the past 12 months. Across the region, Healthcare REITs were the more resilient REIT type, when comparing perfomances of the the 2021 year-to-date with 2020.  S-REITs have averaged 7% gains in the 2021 year-to-date bringing their 12 month average gain to 18%. This has been exactly in-line with the median total return of all APAC-listed REITS at 18%. 




			Name
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Total Return QTD %
			
			
			YTD Total Return %
			
			
			12M Total Return %
			
			
			Sector
			
			
			Debt/Asset %
			
			
			P/B (x)
			
			
			Div. Yield %
			
		


			ARA LOGOS LOGISTICS TRUST
			
			
			K2LU
			
			
			1129
			
			
			9
			
			
			34
			
			
			63
			
			
			Industrial
			
			
			37
			
			
			1.5
			
			
			7.5
			
		


			LENDLEASE GLOBAL COMM REIT
			
			
			JYEU
			
			
			921
			
			
			-3
			
			
			10
			
			
			44
			
			
			Diversified
			
			
			35
			
			
			1.0
			
			
			5.0
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			442
			
			
			8
			
			
			25
			
			
			41
			
			
			Industrial
			
			
			36
			
			
			0.8
			
			
			6.6
			
		


			FRASERS LOGISTICS &amp; COMM TRUST
			
			
			BUOU
			
			
			5040
			
			
			1
			
			
			4
			
			
			40
			
			
			Diversified
			
			
			35
			
			
			1.3
			
			
			4.8
			
		


			CDL HOSPITALITY TRUSTS*
			
			
			J85
			
			
			1534
			
			
			1
			
			
			1
			
			
			40
			
			
			Hospitality
			
			
			39
			
			
			0.9
			
			
			4.0
			
		


			CROMWELL EUROPEAN REIT
			
			
			OFKU/QTRU
			
			
			2146
			
			
			7
			
			
			4
			
			
			38
			
			
			Diversified
			
			
			38
			
			
			0.9
			
			
			7.3
			
		


			SASSEUR REIT
			
			
			CRPU
			
			
			1119
			
			
			4
			
			
			15
			
			
			37
			
			
			Retail
			
			
			28
			
			
			1.0
			
			
			7.1
			
		


			PARKWAYLIFE REIT
			
			
			C2PU
			
			
			2595
			
			
			6
			
			
			13
			
			
			36
			
			
			Health Care
			
			
			38
			
			
			2.1
			
			
			3.4
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			1011
			
			
			11
			
			
			16
			
			
			33
			
			
			Industrial
			
			
			34
			
			
			0.9
			
			
			5.8
			
		


			FAR EAST HOSPITALITY TRUST*
			
			
			Q5T
			
			
			1201
			
			
			-3
			
			
			1
			
			
			31
			
			
			Hospitality
			
			
			42
			
			
			0.8
			
			
			3.8
			
		


			MAPLETREE NORTH ASIA COMM TRUST
			
			
			RW0U
			
			
			3640
			
			
			3
			
			
			13
			
			
			27
			
			
			Diversified
			
			
			42
			
			
			0.9
			
			
			5.7
			
		


			ASCOTT RESIDENCE TRUST*
			
			
			HMN
			
			
			3304
			
			
			-1
			
			
			0
			
			
			27
			
			
			Hospitality
			
			
			36
			
			
			1.1
			
			
			2.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4442
			
			
			-1
			
			
			12
			
			
			23
			
			
			Office
			
			
			35
			
			
			0.9
			
			
			4.6
			
		


			ASCENDAS INDIA TRUST**
			
			
			CY6U
			
			
			1612
			
			
			-5
			
			
			4
			
			
			22
			
			
			Diversified
			
			
			34
			
			
			1.3
			
			
			6.2
			
		


			KEPPEL PACIFIC OAK US REIT
			
			
			CMOU
			
			
			922
			
			
			1
			
			
			12
			
			
			22
			
			
			Office
			
			
			38
			
			
			0.9
			
			
			8.4
			
		


			PRIME US REIT
			
			
			OXMU
			
			
			1201
			
			
			-2
			
			
			13
			
			
			22
			
			
			Office
			
			
			34
			
			
			1.0
			
			
			6.9
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			4077
			
			
			0
			
			
			0
			
			
			21
			
			
			Retail
			
			
			35
			
			
			1.1
			
			
			4.3
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			589
			
			
			2
			
			
			4
			
			
			21
			
			
			Industrial
			
			
			38
			
			
			0.8
			
			
			7.3
			
		


			CAPITALAND INTEGRATED COMM TRUST
			
			
			C38U
			
			
			13794
			
			
			-2
			
			
			-1
			
			
			21
			
			
			Diversified
			
			
			41
			
			
			1.1
			
			
			4.0
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			1229
			
			
			-1
			
			
			14
			
			
			20
			
			
			Retail
			
			
			36
			
			
			0.7
			
			
			4.6
			
		


			ESR-REIT
			
			
			J91U
			
			
			1401
			
			
			2
			
			
			3
			
			
			19
			
			
			Industrial
			
			
			42
			
			
			1.0
			
			
			7.5
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4280
			
			
			-3
			
			
			-5
			
			
			18
			
			
			Specialized
			
			
			37
			
			
			2.3
			
			
			3.6
			
		


			FRASERS HOSPITALITY TRUST*
			
			
			ACV
			
			
			1050
			
			
			3
			
			
			4
			
			
			18
			
			
			Hospitality
			
			
			38
			
			
			0.8
			
			
			2.2
			
		


			ARA US HOSPITALITY TRUST*
			
			
			XZL
			
			
			391
			
			
			-1
			
			
			18
			
			
			17
			
			
			Hospitality
			
			
			49
			
			
			0.9
			
			
			N/A
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			4320
			
			
			-1
			
			
			5
			
			
			17
			
			
			Diversified
			
			
			44
			
			
			0.7
			
			
			5.0
			
		


			UNITED HAMPSHIRE US REIT
			
			
			ODBU
			
			
			455
			
			
			2
			
			
			10
			
			
			16
			
			
			Retail
			
			
			36
			
			
			0.9
			
			
			7.0
			
		


			MAPLETREE COMM TRUST
			
			
			N2IU
			
			
			6997
			
			
			2
			
			
			2
			
			
			15
			
			
			Diversified
			
			
			34
			
			
			1.3
			
			
			4.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			6513
			
			
			2
			
			
			-2
			
			
			15
			
			
			Industrial
			
			
			37
			
			
			1.7
			
			
			4.4
			
		


			SPH REIT
			
			
			SK6U
			
			
			2406
			
			
			0
			
			
			5
			
			
			14
			
			
			Retail
			
			
			30
			
			
			0.9
			
			
			3.9
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			606
			
			
			1
			
			
			3
			
			
			13
			
			
			Office
			
			
			35
			
			
			0.9
			
			
			7.4
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			8481
			
			
			4
			
			
			0
			
			
			13
			
			
			Industrial
			
			
			38
			
			
			1.5
			
			
			4.2
			
		


			ELITE COMM REIT
			
			
			MXNU
			
			
			580
			
			
			-1
			
			
			9
			
			
			13
			
			
			Office
			
			
			42
			
			
			1.0
			
			
			8.0
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			12672
			
			
			0
			
			
			3
			
			
			8
			
			
			Industrial
			
			
			38
			
			
			1.4
			
			
			4.7
			
		


			OUE COMM REIT
			
			
			TS0U
			
			
			2198
			
			
			3
			
			
			9
			
			
			8
			
			
			Diversified
			
			
			40
			
			
			0.7
			
			
			6.0
			
		


			MANULIFE US REIT
			
			
			BTOU
			
			
			1571
			
			
			1
			
			
			4
			
			
			8
			
			
			Office
			
			
			41
			
			
			1.0
			
			
			7.4
			
		


			CAPITALAND CHINA TRUST
			
			
			AU8U
			
			
			2069
			
			
			-1
			
			
			-2
			
			
			7
			
			
			Diversified
			
			
			35
			
			
			0.9
			
			
			4.6
			
		


			DASIN RETAIL TRUST**
			
			
			CEDU
			
			
			569
			
			
			0
			
			
			-4
			
			
			-4
			
			
			Retail
			
			
			38
			
			
			0.5
			
			
			5.4
			
		


			BHG RETAIL REIT
			
			
			BMGU
			
			
			287
			
			
			2
			
			
			4
			
			
			-6
			
			
			Retail
			
			
			36
			
			
			0.6
			
			
			3.5
			
		


			LIPPO MALLS INDONESIA RETAIL TRUST
			
			
			D5IU
			
			
			506
			
			
			1
			
			
			8
			
			
			-44
			
			
			Retail
			
			
			42
			
			
			0.7
			
			
			4.4
			
		


			FIRST REIT
			
			
			AW9U
			
			
			426
			
			
			15
			
			
			26
			
			
			-61
			
			
			Health Care
			
			
			49
			
			
			0.5
			
			
			16.0
			
		


			Average
			
			 
			
			 
			
			
			2
			
			
			7
			
			
			18
			
			 
			
			37.8
			
			
			1.0
			
			
			5.6
			
		


			Median
			
			 
			
			 
			
			
			1
			
			
			4
			
			
			19
			
			 
			
			37.5
			
			
			0.9
			
			
			5.0
			
		

 Note * Stapled Trust, ** Business Trust

Source: SREITs &amp; Property Trust Chartbook, Refinitiv and Bloomberg (Performance data as 7 May 2021, Div yield, P/B as of 31 April 2021)



Frasers Logistics & Commercial Trust (FLT SP)

Lendlease Global Commercial REIT (LREIT SP)

Recent S-REIT Performances, Yields & DPU Growth  