REITs

SREITs Fundamental Review @ 28 September 2025

Overview



* CapitaLand India Trust is a Business Trust

Key Statistics

* All S-REITs with foreign currency exposure are converted to SGD for Market Cap comparison.

** Dividend yields are grouped based on the REIT’s Major Sector classification.

<p><b><span style="font-size: large">Related Parties' Shareholdings</span></b></p>
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        <img border="0" data-original-height="1064" data-original-width="1426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjEKThERIjOJtqbDI1TjfSNw7huFL46NmTtZfrOogwX8jDZBiV91WBBqA1aZyZBf1NtUMg0LTqunNQTUmg64xec5MVOKbtEi3-iZjg3eVUoey92sk2eJUeNUW5084M7dSnWHIxprjh9TnLWfZSn5WAG7RHasvN1T1lMbqgW0mxf_8Xt9Ia6zBswV4S7EpE/s16000/SHARE.png" />
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<p><b><span style="font-size: large">Lease Profile</span></b></p>
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<p>* For lease tenures longer than 99 years (or freehold), they are treated as 99 years in the Weighted Average Land Lease Expiry calculation for consistency.</p>

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<p><b><span style="font-size: large">Debt Profile</span></b></p>
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<p><b><span style="font-size: large">Diversification Profile</span></b></p>
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<p><b><span style="font-size: large">Key Financial Metrics</span></b></p>
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<p><span style="font-size: x-large"><b>Distribution Components</b></span></p>
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<p><b><span style="font-size: x-large">52 Weeks Range, Dividend Yield &amp; P/NAV</span></b></p>
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<p>Below is the list of REITs with <b>2 out of 8 </b>being <b>+2SD/+1SD</b> Dividend Yield and <b>-2SD/-1SD </b>P/NAV over the past 1 year, 3 years, 5 years or 10 years:</p>
<ol>
    <li>CDL Hospitality Trusts</li>
    <li>Digital Core REIT, USD</li>
    <li>EC World REIT</li>
    <li>IREIT Global</li>
    <li><b>Keppel Pacific Oak US REIT, USD</b></li>
    <li>Lippo Malls Indonesia Retail Trust</li>
    <li>Manulife US REIT, USD</li>
</ol>
<p>* MCFK counters are <b>bolded</b></p>
<p><br /></p>

<p><b><span style="font-size: x-large">Wrap-Up</span></b></p>
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<p>S-REIT prices edged higher this month, supported by the first rate cut of the year. The median Price-to-NAV rose to 0.82, with 11 REITs now trading above book value. Dividend yields held steady at a median of 6.29%, with 6 REITs offering yields above 8%. On the weaker side, 4 REITs remain suspended from distributions, while 1 continues to distribute only about 10% of its available income.</p>
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<p><span style="margin: 0px;padding: 0px">Looking ahead, attention turns to the upcoming FOMC meeting at the end of October, where markets broadly expect another rate cut based on <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank">CME FedWatch</a> projections.</span></p>
<p><br /></p>

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            <p>For more information, check out:</p>
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            <p><a href="https://www.reit-tirement.com/p/sreits-dashboard.html" target="_blank">S-REITs Dashboard</a> - Detailed information on individual Singapore REIT</p>
            <p><a href="https://www.reit-tirement.com/p/sreit-data.html" target="_blank">S-REITs Data</a> - Overview and detail of Singapore REITs</p>
            <p><a href="https://www.reit-tirement.com/p/s-reits-comparison.html" target="_blank">S-REIT Comparison</a> - Comparison among Singapore REITs</p>
            <p><a href="https://www.reit-tirement.com/p/reits-analysis.html" target="_blank">REIT Review</a> - List of previous REIT review posts</p>
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        <p>*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.</p>
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