Singapore Exchange

SGX Research

Chartbook: SREITs & Property Trusts

April 2019

SGX is one of Asia’s largest REIT & Property Trusts markets

No. of trusts Market Cap Avg. Div Yield Avg. P/B 1 yr SDAV

42 S$97.8B 6.4% 1.0 S$166.4m

Singapore - 27 trusts

Japan - 8 trusts

China - 10 trustsSouth Korea - 3 trusts

Vietnam - 2 trusts

Indonesia - 3 trusts

Malaysia - 6 trusts

Hong Kong - 3 trusts

Philippines - 1 trust

India – 1 trust

Trusts that have Pan Asian Exposure (based on asset portfolio)SGX also lists trusts with exposure to non-Asian markets, refer to page 20 for more.

SGX lists 42 REITs & Property Trusts with a combined market capitalisation of over S$97 billion, representing c.10% of Singapore’s overall market

S-REITs have a regulated gearing ratio limit of 45% (for more)

SGX’s REITs & Property Trusts offer wide diversity across property sub-segments (chart on the right)

REIT Indices: FTSE ST REIT Index: 35 out of the 42 trusts

represented iEdge S-REIT Index: 36 out of the 42 trusts

represented

Key Statistics At a Glance Average dividend yield of 6.4% Average 3-year annualised total return of 10.2% Average gearing ratio of 33.0%* 10 year market cap CAGR of 22%

*Based on latest quarter filingsSource: Bloomberg, SGX, data as of 29 Mar 2019.For more about REITs, read more.

2

22%

14%

14%24%

17%

2%7%Industrial REITs

Hospitality REITs

Diversified REITs

Retail REITs

Office REITs

Specialized REITs

Health Care REITs

19

15

8

Singapore & Overseas Overseas Singapore

Trusts have diversified property sub-segments (% by trust count)

Note: Property Trusts are Business Trusts that have property assets. For more details on Business Trusts, click here. Some of these include Stapled Trusts which are stapled securities. Stapled securities are created when two securities with different legal structures are traded as one, retaining the rights or obligations attached to each of the individual security. See page 20 for list of REITs, property trusts, and stapled securities.

80% (34) of trusts have exposure to overseas properties

Note: There may be trusts with property exposure to

more than 1 market.

3

Total Return Indices*

*Total Return Index assumes Reinvested Gross DividendsFigures indexed at 100 as of Sep 2010 (base date of iEdge S-REIT Index)Source: Bloomberg, SGX, data as of 29 Mar 2019

80

100

120

140

160

180

200

220

Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19

Bas

e o

f 1

00

as

of

Sep

20

10

iEdge S-REIT Total Return Index FTSE ST REIT Index Straits Times Total Return Index

4

Price Return Indices

Figures indexed at 100 as of Sep 2010 (base date of iEdge S-REIT Index)Source: Bloomberg, SGX, data as of 29 Mar 2019

80

90

100

110

120

130

140

Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19

iEdge S-REIT Index FTSE ST REIT Index Straits Times Index

Bas

e o

f 1

00

as

of

Sep

20

10

5

Correlation Matrix Between SREITs and Other Asset Classes

Asia Indices1) FTSE ST REIT Index2) iEdge S-REIT Index3) Asia ex Japan REITs (FTSE EPRA/NAREIT Asia ex Japan Index)4) Asia ex Japan Equities (MSCI Asia ex Japan Index)5) Asia Bonds (JP Morgan Asia Credit Index)

US Indices1) US REITs (MSCI US REIT Index)2) US Equities (S&P 500 Index)3) US Bonds (Bloomberg Barclays US Aggregate Index)

Global Indices1) Global REIT (FTSE EPRA/NAREIT Global REITs Index)2) Global Equities (MSCI ACWI Index)3) Global Bonds (Bloomberg Barclays Global Aggregate Index)

Correlation Matrix (Jan 2012- Mar 2019)

FTSE ST REIT Index

iEdge S-REIT Index

Asia ex Japan REITs

Asia Ex Japan Equities

Asia Bonds US REITs US Equities US Bonds Global REITs Global Equities Global Bonds

FTSE ST REIT Index 1.00 1.00 0.89 0.73 0.58 0.52 0.57 0.52 0.69 0.65 0.53

iEdge S-REIT Index 1.00 1.00 0.90 0.73 0.61 0.55 0.60 0.55 0.72 0.67 0.52

Asia ex Japan REITs 0.89 0.90 1.00 0.79 0.86 0.75 0.83 0.82 0.91 0.83 0.65

Asia Ex Japan Equities 0.73 0.73 0.79 1.00 0.65 0.45 0.77 0.59 0.75 0.87 0.65

Asia Bonds 0.58 0.61 0.86 0.65 1.00 0.88 0.93 0.99 0.96 0.86 0.64

US REITs 0.52 0.55 0.75 0.45 0.88 1.00 0.79 0.90 0.89 0.72 0.43

US Equities 0.57 0.60 0.83 0.77 0.93 0.79 1.00 0.89 0.96 0.97 0.59

US Bonds 0.52 0.55 0.82 0.59 0.99 0.90 0.89 1.00 0.93 0.80 0.63

Global REITs 0.69 0.72 0.91 0.75 0.96 0.89 0.96 0.93 1.00 0.93 0.64

Global Equities 0.65 0.67 0.83 0.87 0.86 0.72 0.97 0.80 0.93 1.00 0.61

Global Bonds 0.53 0.52 0.65 0.65 0.64 0.43 0.59 0.63 0.64 0.61 1.00

Figures refer to price correlationSource: Bloomberg, SGX, data as of 29 Mar 2019

6

FTSE ST REIT Index – Quarterly Dividend Distribution

Source: Bloomberg, SGXQuarterly dividends of the FTSE ST REIT Index extracted from Bloomberg as of latest available quarter, 29 Mar 2019

12.7

9.2

15.2

9.8

14.2

7.7

13.2

8.2

10.4

8.4

12.2

8.3

11.0

8.4

12.8

8.7

12.7

9.4

12.6

10.6

13.7

7.9

12.6

9.5

13.8

10.1

11.5

12.2

10.6

12.3

11.5

13.8

12.1

11.0

13.2

9.9

14.0

10.6

11.8

12.2

10.9

14.3

13.4

8.9

12.2

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$6.0

$7.0

$8.0

$9.0

$10.0

$11.0

$12.0

$13.0

$14.0

$15.0

$16.0

4Q08

4Q09

4Q10

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

4Q18

1Q19

FTSE ST REIT Index DPU (S$) Q-o-Q FTSE ST REIT Index Price Change (RHS)

7

FTSE ST REIT Index: Q-o-Q Distribution Growth

-7.9%

-9.1%

4.1%

10.7%

-3.4%

9.0%

1.2%

-4.3%

5.2%

-2.2%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FTSE ST REIT Index: Y-o-Y Distribution Growth

Source: Bloomberg, SGXQuarterly dividends of the FTSE ST REIT Index extracted from Bloomberg as of latest available quarter, 29 Mar 2019YoY Distribution Growth is based on the FTSE ST REIT Index’s total full year dividends

-27.9%

65.9%

-35.3%

44.2%

-45.6%

70.4%

-38.0%

27.0%

-18.8%

45.6%

-32.4%

32.8%

-23.5%

52.3%

-32.2%

46.0%

-25.7%

33.4%

-15.7%

29.4%

-42.7%

60.7%

-24.4%

45.1%

-27.0%

13.8%

6.1%

-12.9%

15.9%

-6.7%

20.3%

-12.3%-9.3%

19.7%

-24.5%

40.9%

-24.2%

11.0%

4.0%

-11.3%

32.1%

-6.3%

-33.7%

36.45%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

4Q08

4Q09

4Q10

4Q11

4Q12

4Q13

4Q14

4Q15

4Q16

4Q17

4Q18

8

S-REITS & Property Trusts have Highest Yields vs other Asset Classes

¹Based on 12M Average Dividend Yield²Based on 10 Year Yield³Bank fixed deposit rates from MAS⁴MAS Core Inflation based on Feb 2019 FiguresSource: Bloomberg, SGX, data as of 29 Mar 2019

6.4%

4.2%

2.1%

0.6%

1.5%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Average of the 42 S-REITs and Property Trusts¹

STI Index¹

MAS Benchmark Govt Bond 10 Year²

Singapore Fixed Deposit Rate³

MAS Core Inflation Rate⁴

9

Yield Spread at 260 bps vs long term average of 360 bps

FTSE ST REIT IndexLong-term P/B Ratio and Dividend Yield

Source: Bloomberg, SGX, data as of 29 Mar 2019

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Sep

-17

Mar

-18

Sep

-18

Mar

-19

FTSE ST REIT Index Dividend Yield SG 10y Benchmark Govt Bond Yield

Yield Spread Long Term Average Yield Spread

LT avg. of 360 bps

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

Dec

-07

Sep

-08

Jun

-09

Mar

-10

Dec

-10

Sep

-11

Jun

-12

Mar

-13

Dec

-13

Sep

-14

Jun

-15

Mar

-16

Dec

-16

Sep

-17

Jun

-18

Mar

-19

Index Price to Book (P/B Ratio) P/B +1 SD

P/B -1 SD Long-term Avg P/B

Index Dividend Yield (RHS)

10

SREITs & Property Trusts – Average Dividend Yields By Sub-Segments

Source: Bloomberg, SGX, data as of 29 Mar 2019.Sub-segments based on REITAS’s classification, for more. Note: RHT Health Trust is a cash trust, its dividend yield is not included in the calculation under Health Care REITs.

6.7%

6.6%

6.5%

6.3%

6.3%

6.3%

4.9%

3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%

Industrial (9)

Retail (10)

Health Care (3)

Office (7)

Diversified (6)

Hospitality (6)

Specialised (1)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

11

SGX’s SREITs & Property Trusts cluster has grown at a CAGR of 22% across 10 years

Source: Bloomberg, SGX, data as of 29 Mar 2019

Combined Market Cap of Sector at end of each year (S$M)

12

SREITs Offer One of the Highest Dividend Yields and Lower Volatility

Source: Bloomberg, SGX, data as of 29 Mar 2019

FTSE ST REIT Index

iEdge S-REIT Index

ASX 200 A-REIT Index

Tokyo SE REIT Index

Hang Seng REIT Index

Nikkei 225

Straits Times Index

ASX 200

US REIT Index

Dow Jones Industrial

Thailand SET Index

Taiwan SE Weighted Index

MSCI ACWI Index

MSCI AC Asia Pacific Index

MSCI AC Asia Ex. Japan Index

Hang Seng Index

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0%

Div

iden

d Y

ield

(%

)

90D Volatility

13

Major REIT Indices Performance

Based on Total Return unless otherwise stated

Name 7D 30D YTD 1YR Dividend Yield (%)

FTSE ST REIT Index 0.9 3.0 12.4 11.8 4.6

iEdge S-REIT Index 0.8 3.0 13.2 13.5 5.4

Hang Seng REIT Index 2.6 4.5 16.3 18.5 5.0

ASX 200 A-REIT Index 0.8 6.2 14.8 26.2 4.5

MSCI US REIT Index 1.3 3.5 16.3 20.8 4.1

Tokyo Stock Exchange REIT Index 0.7 3.0 8.7 17.6 3.8

Source: Bloomberg, SGX, data as of 29 Mar 2019

Name 7D 30D YTD 1YR Dividend Yield (%)

FTSE Straits Times Index 0.0 -0.9 5.1 -2.8 4.2

ASX 200 Index -0.2 1.3 11.4 13.6 4.8

FTSE Bursa Malaysia KLCI Index -1.1 -3.3 -1.9 -8.5 3.4

Hang Seng Index -0.2 1.2 12.8 0.0 3.5

Hang Seng China Enterprises Index -1.2 -0.7 12.4 -1.3 3.6

Jakarta SE Composite Index -0.9 -0.9 4.4 6.7 2.1

Korea SE KOSPI Index -2.1 -4.2 4.9 -10.3 2.0

Nikkei 225 Index -1.2 -0.9 6.9 2.2 2.1

Shanghai SE Composite Index -0.4 4.6 23.9 0.2 2.2

Shenzhen SE Composite Index -0.3 10.0 33.7 -6.3 1.1

Stock Exchange of Thailand SET Index -0.5 -0.9 5.8 -4.3 3.2

Taiwan SE Weighted Index 0.0 2.4 9.4 2.0 4.3

Asia Pacific Equity Indices Performance

14

Monthly Total Returns – March 2019

Source: Bloomberg, SGX, data as of 29 Mar 2019. Based on Total Returns (%).Trusts which listed within the period are not included. RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.

1.41.7

5.33.9

3.51.2

4.20.0

-0.87.5

3.20.1

4.22.1

0.09.4

-8.35.5

3.9-0.7

0.75.5

0.02.0

4.94.5

-2.51.8

6.85.0

5.85.6

4.00.7

1.70.0

4.82.5

1.95.0

1.0

-10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0

AIMS AMP Capital Industrial REIT

Ascendas Hospitality Trust

Ascendas India Trust

Ascendas REIT

Ascott Residence Trust

BHG Retail REIT

Cache Logistics Trust

CapitaLand Commercial Trust

CapitaLand Mall Trust

CapitaLand Retail China Trust

CDL Hospitality Trusts

Cromwell European REIT

Dasin Retail Trust

EC World REIT

ESR-REIT

Far East Hospitality Trust

First REIT

Fortune REIT

Frasers Centrepoint Trust

Frasers Commercial Trust

Frasers Hospitality Trust

Frasers Logistics & Industrial Trust

IREIT Global

Keppel DC REIT

Keppel REIT

Keppel-KBS US REIT

Lippo Malls Indonesia Retail Trust

Manulife US REIT

Mapletree Commercial Trust

Mapletree Industrial Trust

Mapletree Logistics Trust

Mapletree North Asia Commercial Trust

OUE Commercial REIT

OUE Hospitality Trust

Parkway Life REIT

Sabana Shari'ah Compliant Industrial REIT

Sasseur REIT

Soilbuild Business Space REIT

SPH REIT

Starhill Global REIT

Suntec REIT

15

Year-To-Date Total Returns – 3M 2019

Source: Bloomberg, SGX, data as of 29 Mar 2019. Based on Total Returns (%).Trusts which listed within the period are not included. RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.

8.714.3

10.213.2

13.0-0.9

9.513.5

6.019.4

15.114.9

6.012.4

7.617.5

2.617.4

11.19.8

5.012.6

6.713.9

14.518.9

9.815.1

16.112.6

17.617.6

16.010.2

12.310.8

25.08.6

6.49.1

11.1

-5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0

AIMS AMP Capital Industrial REIT

Ascendas Hospitality Trust

Ascendas India Trust

Ascendas REIT

Ascott Residence Trust

BHG Retail REIT

Cache Logistics Trust

CapitaLand Commercial Trust

CapitaLand Mall Trust

CapitaLand Retail China Trust

CDL Hospitality Trusts

Cromwell European REIT

Dasin Retail Trust

EC World REIT

ESR-REIT

Far East Hospitality Trust

First REIT

Fortune REIT

Frasers Centrepoint Trust

Frasers Commercial Trust

Frasers Hospitality Trust

Frasers Logistics & Industrial Trust

IREIT Global

Keppel DC REIT

Keppel REIT

Keppel-KBS US REIT

Lippo Malls Indonesia Retail Trust

Manulife US REIT

Mapletree Commercial Trust

Mapletree Industrial Trust

Mapletree Logistics Trust

Mapletree North Asia Commercial Trust

OUE Commercial REIT

OUE Hospitality Trust

Parkway Life REIT

Sabana Shari'ah Compliant Industrial REIT

Sasseur REIT

Soilbuild Business Space REIT

SPH REIT

Starhill Global REIT

Suntec REIT

16

1 Year Total Returns

Source: Bloomberg, SGX, data as of 29 Mar 2019. Based on Total Returns (%).Trusts which listed within the period are not included. RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.

12.416.3

22.817.5

11.2-4.4

-3.411.2

20.76.5

2.2-1.8

8.511.9

8.77.2

-23.010.8

14.710.1

2.014.8

1.79.7

11.8-8.8

-44.7-0.9

27.210.8

26.224.4

-11.2-6.1

9.37.8

3.72.9

11.56.6

8.8

-50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0

AIMS AMP Capital Industrial REIT

Ascendas Hospitality Trust

Ascendas India Trust

Ascendas REIT

Ascott Residence Trust

BHG Retail REIT

Cache Logistics Trust

CapitaLand Commercial Trust

CapitaLand Mall Trust

CapitaLand Retail China Trust

CDL Hospitality Trusts

Cromwell European REIT

Dasin Retail Trust

EC World REIT

ESR-REIT

Far East Hospitality Trust

First REIT

Fortune REIT

Frasers Centrepoint Trust

Frasers Commercial Trust

Frasers Hospitality Trust

Frasers Logistics & Industrial Trust

IREIT Global

Keppel DC REIT

Keppel REIT

Keppel-KBS US REIT

Lippo Malls Indonesia Retail Trust

Manulife US REIT

Mapletree Commercial Trust

Mapletree Industrial Trust

Mapletree Logistics Trust

Mapletree North Asia Commercial Trust

OUE Commercial REIT

OUE Hospitality Trust

Parkway Life REIT

Sabana Shari'ah Compliant Industrial REIT

Sasseur REIT

Soilbuild Business Space REIT

SPH REIT

Starhill Global REIT

Suntec REIT

17

3 Year Annualised Total Returns

Source: Bloomberg, SGX, data as of 29 Mar 2019. Based on Total Returns (%).Trusts which listed within the period are not included. RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.

9.8

13.6

17.7

12.6

11.4

2.2

6.1

16.2

9.7

9.9

16.4

7.2

10.1

-0.5

14.3

12.1

12.3

7.1

11.2

19.0

15.3

-7.5

17.0

16.9

21.2

19.2

4.0

10.8

12.8

-0.9

3.6

9.1

4.9

11.1

-10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0

AIMS AMP Capital Industrial REITAscendas Hospitality Trust

Ascendas India TrustAscendas REIT

Ascott Residence TrustBHG Retail REIT

Cache Logistics TrustCapitaLand Commercial Trust

CapitaLand Mall TrustCapitaLand Retail China Trust

CDL Hospitality TrustsESR-REIT

Far East Hospitality TrustFirst REIT

Fortune REITFrasers Centrepoint TrustFrasers Commercial Trust

Frasers Hospitality TrustIREIT Global

Keppel DC REITKeppel REIT

Lippo Malls Indonesia Retail TrustMapletree Commercial Trust

Mapletree Industrial TrustMapletree Logistics Trust

Mapletree North Asia Commercial TrustOUE Commercial REITOUE Hospitality Trust

Parkway Life REITSabana Shari'ah Compliant Industrial REIT

Soilbuild Business Space REITSPH REIT

Starhill Global REITSuntec REIT

18

5 Year Annualised Total Returns

Source: Bloomberg, SGX, data as of 29 Mar 2019. Based on Total Returns (%).Trusts which listed within the period are not included. RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.

9.0

11.7

15.7

11.7

7.3

0.5

11.7

10.4

9.3

7.1

1.7

3.3

5.3

18.0

12.2

10.7

8.3

-5.7

15.9

16.6

14.1

18.0

2.9

5.6

9.0

-6.7

3.7

7.1

5.0

8.9

-10.0 -5.0 0.0 5.0 10.0 15.0 20.0

AIMS AMP Capital Industrial REIT

Ascendas Hospitality Trust

Ascendas India Trust

Ascendas REIT

Ascott Residence Trust

Cache Logistics Trust

CapitaLand Commercial Trust

CapitaLand Mall Trust

CapitaLand Retail China Trust

CDL Hospitality Trusts

ESR-REIT

Far East Hospitality Trust

First REIT

Fortune REIT

Frasers Centrepoint Trust

Frasers Commercial Trust

Keppel REIT

Lippo Malls Indonesia Retail Trust

Mapletree Commercial Trust

Mapletree Industrial Trust

Mapletree Logistics Trust

Mapletree North Asia Commercial Trust

OUE Commercial REIT

OUE Hospitality Trust

Parkway Life REIT

Sabana Shari'ah Compliant Industrial REIT

Soilbuild Business Space REIT

SPH REIT

Starhill Global REIT

Suntec REIT

19

10 Year Annualised Total Returns

Source: Bloomberg, SGX, data as of 29 Mar 2019. Based on Total Returns (%).Trusts which listed within the period are not included. RHT Health Trust is excluded as it has divested its portfolio on 15 Jan 19 and is now a cash trust.

17.4

15.9

15.1

19.1

18.6

11.7

15.2

19.2

17.1

18.9

23.4

20.7

22.8

16.8

11.6

22.4

20.2

14.4

19.1

0.0 5.0 10.0 15.0 20.0 25.0

AIMS AMP Capital Industrial REIT

Ascendas India Trust

Ascendas REIT

Ascott Residence Trust

CapitaLand Commercial Trust

CapitaLand Mall Trust

CapitaLand Retail China Trust

CDL Hospitality Trusts

ESR-REIT

First REIT

Fortune REIT

Frasers Centrepoint Trust

Frasers Commercial Trust

Keppel REIT

Lippo Malls Indonesia Retail Trust

Mapletree Logistics Trust

Parkway Life REIT

Starhill Global REIT

Suntec REIT

20

Key Statistics for 42 SREITs & Property Trusts

Source: Company Data, Bloomberg, SGX, as of 29 Mar 2019

Name Stock code Type of PropertySub-segment

Market Cap (S$M)

Div Yield (%)

1yr Avg Daily Turnover (S$,000)

Debt/Asset (%)

P/B Geographical breakdown by portfolio value(Source: Latest company info)

AIMS AMP CAPITAL INDUSTRIAL REIT O5RU Industrial 981 7.1 885 33.4 1.0 84.7% Singapore, 15.3% Australia

ASCENDAS HOSPITALITY TRUST^# Q1P Hospitality 999 6.8 729 30.8 0.9 36.7% AU, 36% JP, 10.3% KR, 17% SG

ASCENDAS INDIA TRUST^ CY6U Diversified 1,236 5.8 1,018 26.7 1.3 100% India

ASCENDAS REIT A17U Industrial 9,053 5.4 25,435 34.0 1.4 79% SG, AU 14%, 7% UK

ASCOTT RESIDENCE TRUST A68U Hospitality 2,564 6.1 3,098 35.9 1.0 27.3% EU, 20.3% SG, 12.8% JP, 12.5% US, 10% CN, 5.7% VN, 5.3% AU, 3% PH, 2.1% ID, 1% MY

BHG RETAIL REIT BMGU Retail 346 7.5 30 25.5 0.8 100% China

CACHE LOGISTICS TRUST K2LU Industrial 802 7.9 1,760 35.9 1.0 71% Singapore, 29% Australia

CAPITALAND COMMERCIAL TRUST C61U Office 7,273 4.5 20,298 27.0 1.1 95% Singapore, 5% Germany

CAPITALAND MALL TRUST C38U Retail 8,778 4.8 23,326 31.5 1.2 100% Singapore

CAPITALAND RETAIL CHINA TRUST AU8U Retail 1,568 6.5 1,885 34.8 1.0 100% China

CDL HOSPITALITY TRUSTS^# J85 Hospitality 1,966 5.7 3,150 34.1 1.1 62.5% SG, 16.2% EU, 13% Oceania, 8.3% others

CROMWELL EUROPEAN REIT CNNU Diversified 1,635 8.0 1,355 32.6 1.0 100% Europe

DASIN RETAIL TRUST^ CEDU Retail 492 8.3 256 31.7 0.6 100% China

EC WORLD REIT BWCU Industrial 604 8.1 239 31.3 0.9 100% China

ESR-REIT J91U Industrial 1,712 7.1 1,004 41.6 1.2 100% Singapore

FAR EAST HOSPITALITY TRUST^# Q5T Hospitality 1,326 5.7 1,161 38.1 0.8 100% Singapore

FIRST REIT AW9U Health Care 782 8.7 1,239 34.5 1.0 96.8% ID, 2.6% SG, 0.6% KR

FORTUNE REIT F25U Retail 3,395 5.0 138 20.8 0.6 100% Hong Kong

FRASERS CENTREPOINT TRUST J69U Retail 2,208 5.1 2,279 28.6 1.1 100% Singapore

FRASERS COMMERCIAL TRUST ND8U Office 1,334 6.5 2,140 28.2 0.9 54% SG, 39%AU, 7% UK

FRASERS HOSPITALITY TRUST^# ACV Hospitality 1,386 6.5 758 33.5 1.0 35% SG, 33% AU, 14% UK, 8% JP, 6% MY, 4% GER

FRASERS LOGISTICS & INDUSTRIAL TRUST

BUOU Industrial 2,348 6.2 5,165 34.4 1.3 67% Australia, 33% Europe

21

# Denotes Stapled Trusts.

^ Denotes Property Trusts

Name Stock code Type of PropertySub-segment

Market Cap (S$M)

Div Yield (%)

1yr Avg Daily Turnover (S$,000)

Debt/Asset (%)

P/B Geographical breakdown by portfolio value(Source: Latest company info)

IREIT GLOBAL UD1U Office 472 7.8 215 36.5 1.0 100% Germany

KEPPEL DC REIT AJBU Specialized 2,028 4.9 3,823 31.3 1.4 51% SG, 15% AU, 32.6% EU, 1.4% MY

KEPPEL REIT K71U Office 4,391 4.3 6,369 29.4 0.9 83% Singapore, 17% Australia

KEPPEL-KBS US REIT CMOU Office 778 8.6 789 34.8 0.9 100% United States

LIPPO MALLS INDONESIA RETAIL TRUST D5IU Retail 570 10.4 1,473 34.3 0.7 100% Indonesia

MANULIFE US REIT BTOU Office 1,485 6.5 1,800 37.0 1.0 100% United States

MAPLETREE COMMERCIAL TRUST N2IU Diversified 5,462 4.8 9,377 34.6 1.3 100% Singapore

MAPLETREE INDUSTRIAL TRUST ME8U Industrial 4,244 5.1 6,694 29.3 1.4 90.3% SG, 9.7% US

MAPLETREE LOGISTICS TRUST M44U Industrial 5,289 5.4 9,769 37.6 1.3 32.1% SG, 30% HK, 12.1% JP, 8.1% CN, 8.3% AU, 5.9% KR, 2.8% MY, 0.7% VN

MAPLETREE NORTH ASIA COMMERCIAL TRUST

RW0U Diversified 4,190 5.6 6,701 36.2 1.0 64% HK, 25% CN, 11% JP

OUE COMMERCIAL REIT TS0U Office 1,487 6.2 397 37.5 0.7 86% Singapore, 14% China

OUE HOSPITALITY TRUST^# SK7 Hospitality 1,329 6.9 1,198 38.5 1.0 100% Singapore

PARKWAYLIFE REIT C2PU Health Care 1,767 4.4 1,710 36.1 1.6 62.4% SG, 37.2% JP, 0.4% MY

RHT HEALTH TRUST^* RF1U Health Care 13 N.M. 976 29.3 N.M. N.A.

SABANA SHARIAH COMP IND REIT M1GU Industrial 448 7.5 483 36.6 0.7 100% Singapore

SASSEUR REIT CRPU Retail 921 7.5¹ 652 29.0 0.8 100% China

SOILBUILD BUSINESS SPACE REIT SV3U Diversified 653 8.6 791 37.3 1.0 91.2% Singapore, 8.8% Australia

SPH REIT SK6U Retail 2,714 5.3 1,245 26.2 1.1 100% Singapore2

STARHILL GLOBAL REIT P40U Retail 1,592 6.1 1,840 35.4 0.8 69.5% SG, 16.2% AU, 11.6% MY, 2.7% CN & JP

SUNTEC REIT T82U Diversified 5,227 5.1 12,733 36.7 0.9 89% SG, 11% AU

*RHT Health Trust divested its portfolio on 15 Jan 19, it is now considered a cash trust¹Sasseur REIT dividend yields are based on the IPO prospectus

2SPH REIT Revenue breakdown by Geography not including AU Property which was acquired on 21 Dec 18Source: Company Data, Bloomberg, SGX, as of 29 Mar 2019

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