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Five Best- and Least-Performing Singapore REITs in 2015

Five Best- and Least-Performing Singapore REITs in 2015

  • SGX lists 28 REITs and six stapled trusts, which have a combined market capitalisation of S$61.8 billion, and average a dividend yield of 7.2%. This compares with an average dividend yield of 4.0% for the MSCI World Real Estate Investment Trust Index, which has a combined market capitalisation of US$827.4 billion.
  • The 34 trusts averaged a negative total return of 2.0% over the 2015 calendar year, which brought their three-year annualised total return to 2.3%.
  • The five best performers among the 34 Singapore-listed trusts in 2015 were: Saizen REIT (+36.1%), Ascendas Hospitality Trust (+17.5%), Fortune REIT (+14.8%), Mapletree Industrial Trust (+9.7%) and Keppel DC REIT (+7.6%). The five averaged a total return of 17.1% over the calendar year.
  • The five least-performing trusts in 2015 were: Keppel REIT (-20.0%), Capitaland Commercial Trust (-18.9%), CDL Hospitality Trusts (-18.9%), Sabana Shariah Compliant Industrial REIT (-17.3%) and Suntec REIT (-16.4%). The five averaged a total negative return of 18.3% over the past year.

Real Estate Investment Trusts (REITs) raise capital to purchase primarily real estate assets, usually with a view to generating income for unit holders of the fund. It allows individual investors to access real property assets, and share the benefits and risks of owning a portfolio of properties, which typically distribute income at regular intervals.

SGX lists 28 REITs and six stapled trusts, which have a combined market capitalisation of S$61.8 billion, and average a dividend yield of 7.2%. This compares with an average dividend yield of 4.0% for the MSCI World Real Estate Investment Trust Index, which has 68 constituents and a combined market capitalisation of US$827.4 billion.

The 34 trusts averaged a negative total return of 2.0% over the 2015 calendar year, which brought their three-year annualised total return to 2.3%. This compares with 12-month and three-year annualised total returns of 10.6% and 14.2% respectively in Singapore dollar terms for the MSCI World REIT Index.

The five best performers among the 34 Singapore-listed trusts in 2015 were: Saizen REIT (+36.1%), Ascendas Hospitality Trust (+17.5%), Fortune REIT (+14.8%), Mapletree Industrial Trust (+9.7%) and Keppel DC REIT (+7.6%). The five averaged a total return of 17.1% over the calendar year.

The five least-performing trusts in 2015 were: Keppel REIT (-20.0%), Capitaland Commercial Trust (-18.9%), CDL Hospitality Trusts (-18.9%), Sabana Shariah Compliant Industrial REIT (-17.3%) and Suntec REIT (-16.4%). The five averaged a total negative return of 18.3% over the past year.

The table below details the 34 trusts and is sorted by market capitalisation. Note that clicking on a stock name will direct you to its profile page on SGX StockFacts.

Name SGX Code Market Cap in S$mln Total Return 2015 % 3 Year Annualized Total Return % Last Price (S$) Last Div Per Unit Net (S$) Div Frequency Dvd Ind Yld %
CapitaLand Mall Trust C38U 6,764 -0.3 1.7 1.925 0.02980 Quarterly 6.2
Ascendas REIT A17U 5,845 3.4 4.7 2.250 0.03057 Semi-annual 7.1
CapitaLand Commercial Trust C61U 3,957 -18.9 -2.1 1.365 0.04310 Semi-annual 6.4
Suntec REIT T82U 3,921 -16.4 3.5 1.580 0.02522 Quarterly 6.5
Keppel REIT K71U 3,007 -20.0 -5.0 0.940 0.01700 Quarterly 7.3
Mapletree Commercial Trust N2IU 2,768 -2.6 8.0 1.305 0.02020 Quarterly 6.2
Fortune REIT F25U 2,748 14.8 12.7 7.750* 0.04295* Semi-annual 5.9
Mapletree Industrial Trust ME8U 2,731 9.7 11.6 1.535 0.02790 Quarterly 7.3
Mapletree Greater China Commercial Trust RW0U 2,501 3.1 N/A 0.905 0.03499 Semi-annual 7.6
Mapletree Logistics Trust M44U 2,459 -10.9 1.7 0.990 0.01860 Quarterly 7.5
SPH REIT SK6U 2,407 -3.2 N/A 0.955 0.01390 Quarterly 5.8
Ascott Residence Trust A68U 1,812 -0.7 2.4 1.175 0.03847 Semi-annual 6.5
Frasers Centrepoint Trust J69U 1,692 3.0 3.2 1.840 0.02859 Quarterly 6.2
Starhill Global REIT P40U 1,658 0.4 4.6 0.755 0.01310 Quarterly 6.9
Parkway Life REIT C2PU 1,392 3.3 6.2 2.290 0.03360 Quarterly 5.8
CDL Hospitality Trusts J85 1,303 -18.9 -6.3 1.325 0.04690 Semi-annual 7.1
CapitaLand Retail China Trust AU8U 1,265 -1.8 1.4 1.490 0.05370 Semi-annual 7.2
Far East Hospitality Trust Q5T 1,172 -12.9 -6.9 0.660 0.01200 Quarterly 7.2
Frasers Hospitality Trust ACV 1,019 -7.9 N/A 0.765 0.01575 Semi-annual 8.9
OUE Hospitality Trust SK7 1,008 -8.2 N/A 0.755 0.01720 Quarterly 7.0
Frasers Commercial Trust ND8U 991 -4.1 5.4 1.270 0.01607 Quarterly 6.9
First REIT AW9U 896 1.5 9.8 1.190 0.02080 Quarterly 6.9
Keppel DC REIT AJBU 896 7.6 N/A 1.020 0.03560 Annual 7.0
Lippo Malls Indonesia Retail Trust D5IU 881 1.0 -8.0 0.315 0.00770 Quarterly 9.6
AIMS AMP Capital Industrial REIT O5RU 876 5.1 4.5 1.375 0.02800 Quarterly 8.1
Ascendas Hospitality Trust Q1P 838 17.5 -0.2 0.750 0.02660 Semi-annual 6.1
OUE Commercial REIT TS0U 836 -3.9 N/A 0.660 0.02000 Semi-annual 7.2
Cache Logistics Trust K2LU 807 -14.5 -2.7 0.905 0.00900 Quarterly 9.5
Cambridge Industrial Trust J91U 733 -10.6 0.6 0.565 0.01204 Quarterly 8.5
Soilbuild Business Space REIT SV3U 715 5.4 N/A 0.760 0.01625 Quarterly 8.4
Viva Industrial Trust T8B 607 -2.4 N/A 0.715 0.01041 Quarterly 9.6
Sabana Shariah Compliant Industrial REIT M1GU 520 -17.3 -7.5 0.715 0.01770 Quarterly 9.9
IREIT Global UD1U 423 -4.5 N/A 0.690 0.02210 Semi-annual 6.4
Saizen REIT T8JU 313 36.1 13.4 1.090 0.02930 Semi-annual 5.4
Average     -2.0 2.3       7.2

Source: SGX, Bloomberg & SGX StockFacts (data as of 4 January 2016)

*Fortune REIT denoted in HKD

Note Keppel DC REIT listed on 12 Dec 2014, dividend frequency takes into account sole distribution in July 2015

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Geoff Howie
Geoff Howie

Mr Howie is the Singapore Exchange's Market Strategist - and the key contributor to the educational content and market insights of SGX My Gateway. He is also part of the Associate Faculty at SIM University,  educating students on the fundamentals of investing. 

He previously held lead broking and strategist roles across the Asia Pacific offices of a large international futures broker. Outside of his 15 year career in the financial markets he has also served as the Treasury Adviser to the Leader of the Queensland Liberal Party in Queensland Parliament.

Following High School in Hong Kong, he attended University of Queensland, receiving a Bachelors and Master's degree in Economics, the latter extending into deferred PhD work after receiving the highest grading for first-mover research and modelling conducted on the Shanghai economy.

Mr Howie's other notable achievements include receiving two Hong Kong Securities Institute Outstanding Achievers awards for the 2005 year.