OREANDA-NEWS. The retail REIT sector includes companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls, outlet malls, neighbourhood and community shopping centres.

There are eight Retail Real Estate Investment Trusts listed on Singapore Exchange (SGX), with a combined market capitalisation of S\$22.3 billion. These eight Retail REITs generated an average 6.6% price gain in the year thus far and 16.2% over the last 12 months. Including dividends, their average 1-year total return came up to 22.6%. All eight stocks generated price gains in the year thus far, ranging from 1.4% for SPH REIT to 13.5% for Mapletree Commercial Trust.

The five best performers year-to-date were Mapletree Commercial Trust, CapitaMall Trust, Fortune REIT, Frasers Centrepoint Trust and Starhill Global REIT. These five REITs have a combined market capitalisation of S\$17.4 billion and averaged an 8.4% YTD gain. Mapletree Commercial, Frasers Centrepoint, CapitaMall have all their assets located in Singapore, while more than 70% of Starhill’s portfolio is based in Singapore.

Please note that the Retail REIT categorisation is based on the Global Industry Classification Standard (GICS). Hence, the group does not include the otherwise categorised Diversified REITs, which also invest in retail-related properties. The table below details the eight retail REITs, sorted according to market capitalisation.

Name SGX Code Price as of 3 April 2014 Price as of 31 Dec 2014 S\$ Last Price S\$ % Price Change YTD % Price Change [1 year] Dividends Distributed LTM S\$ % Total Returns [1 year]
CapitaMall Trust C38U 1.955 2.040 2.220 8.8 13.6 0.108 19.1
Mapletree Commercial Trust N2IU 1.230 1.410 1.600 13.5 30.1 0.080 36.5
Fortune REIT F25U 0.964 1.326 1.428 7.7 48.1 0.070* 55.3
SPH REIT SK6U 0.990 1.040 1.055 1.4 6.6 0.055 12.1
Frasers Centrepoint Trust J69U 1.785 1.895 2.020 6.6 13.2 0.114 19.6
Starhill Global REIT P40U 0.790 0.800 0.845 5.6 7.0 0.051 13.4
CapitaRetail China Trust AU8U 1.385 1.615 1.690 4.6 22.0 0.098 29.1
Lippo Malls Indonesia Retail Trust D5IU 0.400 0.340 0.355 4.4 -11.3 0.028 -4.4
Average:         6.6 16.2   22.6

Source: SGX StockFacts *Based on ex-dividend date **Based on HKD-SGD Exchange rate on respective distribution dates (3 February: 1 HKD= 0.1736 SGD) (7th August: 1 HKD = 0.1615 SGD)
 

Name SGX Code Mkt Cap S\$M P/E % Div Yield 52 Week High S\$ 52 Week Low S\$
CapitaMall Trust C38U 7684 12.4 4.8 2.260 1.885
Mapletree Commercial Trust N2IU 3366 9.4 5.0 1.615 1.215
Fortune REIT F25U 2679 4.0 5.0 1.564 1.027
SPH REIT SK6U 2660 14.4 4.4 1.100 0.985
Frasers Centrepoint Trust J69U 1850 10.5 5.7 2.090 1.760
Starhill Global REIT P40U 1820 16.9 5.9 0.850 0.775
CapitaRetail China Trust AU8U 1398 9.9 5.5 1.735 1.370
Lippo Malls Indonesia Retail Trust D5IU 874 17.3 7.4 0.420 0.305

Source: SGX StockFacts

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\$ 7.7 billion and the stock trades at a price-to-earnings ratio of 12.4. The five substantial shareholders are Pyramex Investments Pte Ltd., CapitaLand Limited, Singapore Labour Foundation, Endowment Arm, BlackRock, Inc. and Alphaplus Investments Pte Ltd.

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 price-to-earnings ratio of 9.4. The five substantial shareholders 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.

Fortune REIT

Fortune Real Estate Investment Trust, through its subsidiaries, engages in the ownership and investment of retail shopping malls in Hong Kong. As of December 31, 2008, it holds a portfolio of 11 retail malls and properties located in Hong Kong. Fortune Real Estate Investment Trust was founded in 2003 and is based in Singapore, Singapore. Fortune Real Estate Investment Trust has a market capitalisation of S\$ 2.7 billion and the stock trades at a price-to-earnings ratio of 4.0. The five substantial shareholders are CK Hutchison Holdings Limited, Ballston Profits Limited, Schroder Investment Management Limited, Schroder Investment Management (Singapore) Ltd and Schroder Investment Management (Hong Kong) Limited.

SPH REIT

SPH REIT was launched on 24 July 2013 and is based in Singapore, Singapore. SPH REIT is a Singapore-based Real Estate Investment Trust ("REIT") established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets. SPH REIT has a market capitalisation of S\$ 2.7 billion and the stock trades at a price-to-earnings ratio of 14.4. The five substantial shareholders are Singapore Press Holdings Limited, Norges Bank Investment Management, NTUC Income Insurance Co-Operative Ltd., Asset Management Arm, NTUC Fairprice Co-operative Limited and BNY Mellon Asset Management.

Frasers Centrepoint Trust

Frasers Centrepoint Trust is real estate investment trust launched and managed by Frasers Centrepoint Asset Management Ltd. It invests in real estate markets across the globe. The fund primarily invests in income-producing properties used primarily for retail purposes. Frasers Centrepoint Trust was formed on June 5, 2006 and is domiciled in Singapore. Frasers Centrepoint Trust has a market capitalisation of S\$ 1.9 billion and the stock trades at a price-to-earnings ratio of 10.5. The five substantial shareholders are Frasers Centrepoint Limited, Schroder Investment Management Limited, Schroder Investment Management (Singapore) Ltd, Capital Research and Management Company and Frasers Centrepoint Asset Management Ltd..

Starhill Global REIT

Starhill Global Real Estate Investment Trust invests in real estate assets, primarily retail and office properties, in Japan, Singapore, and China. The REIT was formerly known as Macquarie Prime Real Estate Investment Trust and changed its name to Starhill Global Real Estate Investment Trust in December 2008. Starhill Global Real Estate Investment Trust was formed on August 08, 2005 and is based in Singapore, Singapore. Starhill Global Real Estate Investment Trust has a market capitalisation of S\$ 1.8 billion and the stock trades at a price-to-earnings ratio of 16.9. The five substantial shareholders are YTL Corporation Berhad, American International Group, Inc., Insurance Investments, State Street Global Advisors, Inc., Royal Bank of Canada, Banking & Securities Investments and The Vanguard Group, Inc..

CapitaRetail China Trust


CapitaRetail China Trust operates as a real estate investment trust in Singapore. It invests in a portfolio of retail real estate properties located primarily in the People’s Republic of China, Hong Kong, and Macau. The trust’s portfolio include eight shopping malls located in Beijing; Shanghai; Zhengzhou, Henan Province; Huhhot, Inner Mongolia; and Wuhu, Anhui Province. CapitaRetail China Trust was formed on October 23, 2006 and is based in Singapore. CapitaRetail China Trust has a market capitalisation of S\$ 1.4 billion and the stock trades at a price-to-earnings ratio of 9.9. The five substantial shareholders are CapitaLand Limited, HSBC Global Asset Management (UK) Limited, Matthews International Capital Management, LLC, American International Group, Inc., Insurance Investments and Capital Research and Management Company.

Lippo Malls Indonesia Retail Trust

Lippo Malls Indonesia Retail Trust is a real estate investment trust sponsored by Pt. Lippo Karawaci Tbk, Investment Arm. The fund is managed by Lippo-Mapletree Indonesia Retail Trust Management Ltd. The fund engages in owning and investing in real estate. It primarily invests in retail and retail-related purposes. The fund was formerly known as Lippo-Mapletree Indonesia Retail Trust. Lippo Malls Indonesia Retail Trust was formed on August 8, 2007 and is domiciled in Singapore. Lippo Malls Indonesia Retail Trust has a market capitalisation of S\$ 0.9 billion and the stock trades at a price-to-earnings ratio of 17.3. The five substantial shareholders are Lion Global Investors Limited, Bridgewater International Ltd, Tong, Jinquan, Stichting Pensioenfonds ABP and Nomura Asset Management Co., Ltd..