OREANDA-NEWS. April 10, 2015. Real Estate Investment Trusts (REITs) are traded on major exchanges just like stocks. REITs invest in a wide range of diversified real estate assets such as office, residential, retail, hospitality, industrial properties or hi-tech parks. REITs listed on SGX that distribute at least 90% of their distributable income to unit holders are granted tax transparency by IRAS and taxed only in the hands of unit holders.

There are 28 REITs and six stapled trusts listed on the Singapore Exchange (SGX), and they are divided into eight sub-industries. In the first quarter of 2015, Healthcare REITs was the best performing sub-industry, with an average total return of 6.8%. This was followed by Retail REITs, which generated an average total return of 6.5%, and Specialized REITs, which offered an average total return of 5.6%.


The combined market capitalisation of the 28 REITs and six Stapled Trusts listed on SGX is S\\$ 69.8 billion. Together, they maintain an average dividend yield of 6.3%.

In the first quarter of 2015, the 34 trusts averaged a gain of 4.1% on a dividend-adjusted basis, compared with 2.1% in the same period last year. In the year thus far, the trusts generated an average total return of 5.0%.

The five that generated the highest price gains in 1Q were Mapletree Commercial Trust (+15.0%), First Real Estate Investment Trust (+13.3%), Mapletree Greater China Commercial Trust (+9.5%), CapitaMall Trust (+9.2%) and Ascendas Real Estate Investment Trust (+8.8%). In the first quarter, these five stocks also averaged a price gain of 10.2% and offer an average dividend yield of 5.4%.

The table below details the 28 REITs and six Stapled Trusts listed on the SGX.

Name SGX Code Mkt Cap S\\$M % Price Change [1Q15] % Change – Div. Adj. [1Q15] % Change – Div. Adj. [1Q14] % Change – Div. Adj. [YTD] % Change – Div. Adj. [1 Year] Div Yield  (%) Primary Industry
Mapletree Commercial Trust N2IU 3,390 13.5 15.0 4.2 15.4 38.6 4.9 Retail REITs
First Real Estate Investment Trust AW9U 1,028 11.6 13.3 3.3 13.7 36.4 5.8 Healthcare REITs
Mapletree Greater China Commercial Trust RW0U 2,863 9.5 9.5 -3.0 11.1 38.7 5.9 Diversified REITs
CapitaMall Trust C38U 7,792 7.8 9.2 0.6 11.7 21.4 4.9 Retail REITs
Ascendas Real Estate Investment Trust A17U 6,327 8.8 8.8 4.4 10.5 20.4 5.7 Industrial REITs
Mapletree Industrial Trust ME8U 2,752 6.4 8.2 4.2 7.9 21.6 6.8 Industrial REITs
Frasers Centrepoint Trust J69U 1,878 6.6 8.1 2.6 9.7 21.2 5.5 Retail REITs
Frasers Commercial Trust ND8U 1,025 6.0 7.8 0.5 8.1 27.8 5.7 Office REITs
Fortune Real Estate Investment Trust F25U 2,716 5.0 7.6 -2.7 8.8 45.4 5.1 Retail REITs
AIMS AMP Capital Industrial REIT O5RU 934 5.3 7.4 -1.1 7.0 15.4 7.0 Industrial REITs
Mapletree Logistics Trust M44U 3,018 5.1 6.6 1.1 4.5 22.6 6.2 Industrial REITs
Cambridge Industrial Trust J91U 903 4.4 6.3 6.1 6.3 5.4 7.0 Industrial REITs
Starhill Global REIT P40U 1,820 4.4 6.0 2.3 7.3 13.0 6.0 Retail REITs
OUE Hospitality Trust SK7 1,260 3.9 5.9 -0.2 7.0 19.0 7.2 Hotel and Resort REITs
Keppel DC REIT AJBU 909 5.6 5.6 - 5.6 - - Specialized REITs
Soilbuild Business Space REIT SV3U 665 2.5 4.6 3.3 5.2 13.7 7.7 Diversified REITs
CDL Hospitality Trusts J85 1,719 0.9 4.2 4.5 3.9 9.3 6.2 Hotel and Resort REITs
Saizen Real Estate Investment Trust T8JU 245 0.0 3.7 -0.2 4.3 3.5 7.3 Residential REITs
Cache Logistics Trust K2LU 923 1.3 3.2 3.8 3.6 11.8 7.3 Industrial REITs
OUE Commercial Real Estate Investment Trust TS0U 702 -0.6 2.9 - 3.5 8.0 7.1 Office REITs
CapitaCommercial Trust C61U 5,157 0.6 2.9 5.4 2.0 19.9 4.8 Office REITs
CapitaRetail China Trust AU8U 1,393 -0.3 2.6 8.8 5.8 27.1 5.9 Retail REITs
Viva Industrial Trust T8B 507 1.3 2.0 0.7 3.3 15.3 8.5 Office REITs
Lippo Malls Indonesia Retail Trust D5IU 964 1.5 1.9 -2.3 4.8 -4.6 7.9 Retail REITs
Ascott Residence Trust A68U 1,930 -2.0 1.3 2.3 2.1 9.7 6.5 Residential REITs
SPH REIT SK6U 2,690 0.0 1.3 1.9 3.7 13.4 5.7 Retail REITs
Frasers Hospitality Trust ACV 1,067 0.6 0.6 - 0.6 - - Hotel and Resort REITs
Parkway Life Real Estate Investment Trust C2PU 1,470 -0.8 0.4 5.1 3.3 2.7 4.8 Healthcare REITs
Ascendas Hospitality Trust Q1P 768 0.0 0.0 2.1 1.5 3.5 8.0 Hotel and Resort REITs
Far East Hospitality Trust Q5T 1,431 -1.8 -0.3 -0.6 0.3 1.9 6.4 Hotel and Resort REITs
Keppel REIT K71U 3,876 -1.6 -1.4 -2.1 0.2 13.6 5.0 Office REITs
Sabana Shariah Compliant Industrial Real Estate Investment Trust M1GU 658 -4.3 -2.4 -2.6 -1.8 -6.8 8.1 Industrial REITs
Suntec Real Estate Investment Trust T82U 4,675 -5.4 -4.1 10.9 -3.6 13.1 5.1 Diversified REITs
IREIT Global UD1U 332 -12.4 -9.7 - -8.5 - 5.8 Office REITs
Average     2.4 4.1 2.1 5.0 16.2 6.3  

Source: S&P Capital IQ (Data as of 7 April 2015)

Mapletree Commercial Trust

Mapletree Commercial Trust was formed on August 25, 2005 and is based in Singapore. Mapletree Commercial Trust is a Singapore-focused REIT established with the principal investment objective of investing on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Commercial Trust has a market capitalisation of S\\$ 3.4 billion and the stock trades at a P/E ratio of 9.4. The five biggest substantial shareholders of Mapletree Commercial Trust are The HarbourFront Pte Ltd., HarbourFront Place Pte. Ltd., Schroder Investment Management Limited, American International Group, Inc., Insurance Investments and NTUC Fairprice Co-operative Limited.

First Real Estate Investment Trust

First Real Estate Investment Trust is a REIT fund launched and managed by Bowsprit Capital Corporation Limited. It invests in the real estate markets of Asia including Indonesia, Singapore, China, Malaysia, Thailand, and Hong Kong. The fund seeks to invest in the diversified portfolio of real estate related assets operating healthcare and/or healthcare-related purposes. First Real Estate Investment Trust was formed on October 19, 2006 and is domiciled in Singapore.

First Real Estate Investment Trust has a market capitalisation of S\\$ 1.0 billion and the stock trades at a P/E ratio of 10.2. The five biggest substantial shareholders of First Real Estate Investment Trust are PT Lippo Karawaci Tbk, Lion Global Investors Limited, PT Menara Tirta Indah, Bowsprit Capital Corporation Limited and Poo, Tan Keh.

Mapletree Greater China Commercial Trust

Mapletree Greater China Commercial Trust engages in the investment of various real estate properties for commercial purposes in the Greater China region. It invests in real estate properties for retail and/or office purposes, as well as other real estate-related assets. The company is based in Singapore.

Mapletree Greater China Commercial Trust has a market capitalisation of S\\$ 2.9 billion and the stock trades at a P/E ratio of 7.9. The five biggest substantial shareholders of Mapletree Greater China Commercial Trust are Norges Bank Investment Management, CBRE Clarion Securities, BNY Mellon Asset Management, Columbia Wanger Asset Management, LLC and Kokusai Asset Management Co., Ltd..

CapitaMall Trust

CapitaMall Trust (CMT) is a publicly owned real estate investment arm of CapitaLand Ltd. The firm invests in income producing retail properties. It invests in the real estate markets of Singapore. CapitaMall Trust was founded in October, 2001 and is based in Singapore.

CapitaMall Trust has a market capitalisation of S\\$ 7.8 billion and the stock trades at a P/E ratio of 12.5. The five biggest substantial shareholders of CapitaMall Trust are Pyramex Investments Pte Ltd., CapitaLand Limited, Singapore Labour Foundation, Endowment Arm, BlackRock, Inc. and Alphaplus Investments Pte Ltd.

Ascendas Real Estate Investment Trust

Ascendas Real Estate Investment Trust is a real estate investment trust launched and managed by Ascendas Funds Management (S) Limited. The fund invests in the real estate markets of Singapore and China. It invests in business and science Parks properties, Hi-Specs Industrial properties/Data Centres, Light Industrial properties/Flatted Factories, Logistics & Distribution Centres, and Warehouse Retail Facilities. Ascendas Funds Management (S) Limited was formed on October 9, 2002 and is based in Singapore, Singapore.

Ascendas Real Estate Investment Trust has a market capitalisation of S\\$ 6.3 billion and the stock trades at a P/E ratio of 14.0. The five biggest substantial shareholders of Ascendas Real Estate Investment Trust are Ascendas Funds Management (S) Limited, BlackRock, Inc., Matthews International Capital Management, LLC, CI Investments Inc., and Veritas Asset Management LLP.