S-REITs tracker
How do S-REITs compare on yield, debt and value?
In the oven
Yield, gearing, price-to-NAV, interest cover, cost of debt, occupancy, lease expiry and DPU growth for each REIT, split by property type and by Singapore vs overseas.
How to read the result
Technical
Gearing is total debt over total assets. MAS caps it at 50%, subject to an interest coverage floor.
Plain English
Gearing tells you how much of the building is paid for with borrowed money.
Technical
Price-to-NAV below 1.0x means units trade below the book value of the properties.
Plain English
Under 1.0x, you're paying less than the REIT says its buildings are worth.
A worked example
Compare a data-centre REIT with a retail REIT: different yields, different gearing, different reasons.
What it can't tell you
- Figures come from quarterly reports, so they're updated by hand each quarter.
- NAV depends on property valuations, which are appraisals, not prices.
- A high yield can mean the market expects a cut.
From the carousel: Retail, office or data centres?
For education only. Not financial advice.