OCBC Investment Research Private Limited

19 May 2025

Weekly S-REITs Tracker: Quality Bias Amid a Mixed Outlook

This report provides a post-mortem analysis of the recently concluded 1Q25 results and business updates for Singapore REITs (S-REITs). The preference in terms of major sub-sectors, ranked from most to least preferred, is as follows: retail, logistics and industrials (with data centers being the most preferred within this segment), office, and hospitality. [[1]]

Key Takeaways

• S-REITs possess defensive characteristics due to locked-in leases, ensuring relatively stable and visible cash flows. Some leases incorporate rental escalation clauses linked to inflation. [[1]]
• S-REITs are susceptible to macroeconomic conditions, with real estate asset classes influenced by consumer and business confidence and investment decisions. [[1]]
• A selective stock-picking approach is recommended, focusing on quality S-REITs that demonstrate distribution per unit (DPU) growth and are supported by strong sponsors. [[1]]
• Key considerations include strong financial positions, healthy weighted average lease expiry (WALE) terms, and significant Singapore asset exposure. [[1]]

Top Picks

• CapitaLand Ascendas REIT (CLAR) [CLAR SP; FV: SGD3.21] [[1]]
• CapitaLand Integrated Commercial Trust (CICT) [CICT SP; FV: SGD2.35] [[1]]
• Keppel DC REIT (KDCREIT) [KDCREIT SP; FV: SGD2.35] [[1]]
• Parkway Life REIT (PLIFE) [PREIT SP; FV: SGD4.65] [[2]]

Recent Developments

• Mapletree Industrial Trust (MINT): Proposed divestment of three industrial properties in Singapore to an unrelated third party, expected to be completed in 3Q25. The sale consideration is SGD535.3m, representing a 2.6% premium above the portfolio’s aggregate valuation of SGD521.5m as of 31 Mar 2025. Net proceeds will be used to reduce debt, pending new investment opportunities. Pro forma FY25 DPU would have been 2.2% lower at 13.27 Singapore cents if the divestment had been completed on 1 Apr 2024. [[2]]
• IREIT Global (IREIT): Priced SGD85m in aggregate principal amount of 6% senior unsecured notes due 22 May 2028. Net proceeds will fund CAPEX for the repositioning of the Berlin Campus. [[2]]
• Mapletree Logistics Trust (MLT): Completed the divestment of 1 Genting Lane in Singapore. [[3]]

Market Performance

• The FTSE ST REIT Index decreased by 0.5% week-on-week, while the STI increased by 0.6% over the same period. [[3]]

Peer Comparison of Singapore REITs

The following table summarizes a peer comparison of Singapore REITs, including key metrics such as price, market capitalization, float, fiscal year-end (FYE), distribution per unit (DPU), yield, year-to-date (YTD) return, debt-to-asset ratio (D/A), and price-to-book ratio (P/B). [[2]] [[3]]

Office REITs

• IREIT Global: Price SGD 0.240, Market Cap SGD 322.8m, Float 65.9%, FYE Dec, Curr DPU 1.45 cents, Fwd DPU 2.18 cents, Curr Yield 6.1%, Fwd Yield 9.1%, YTD Return -11.3%, D/A 37.7%, P/B 0.44x. [[2]]
• Keppel REIT: Price SGD 0.855, Market Cap SGD 3,317.8m, Float 65.9%, FYE Dec, Curr DPU 5.50 cents, Fwd DPU 5.60 cents, Curr Yield 6.4%, Fwd Yield 6.5%, YTD Return 1.6%, D/A 42.1%, P/B 0.69x. [[2]]
• Manulife US REIT: Price USD 0.065, Market Cap SGD 115.5m, Float 90.2%, FYE Dec, YTD Return -27.0%, D/A 59.4%, P/B 0.28x. [[2]]
• OUE REIT: Price SGD 0.280, Market Cap SGD 1,541.9m, Float 37.1%, FYE Dec, Curr DPU 2.00 cents, Fwd DPU 2.10 cents, Curr Yield 7.1%, Fwd Yield 7.5%, YTD Return 2.3%, D/A 40.6%, P/B 0.48x. [[2]]
• Suntec REIT: Price SGD 1.140, Market Cap SGD 3,349.1m, Float 57.4%, FYE Dec, Curr DPU 6.40 cents, Fwd DPU 6.70 cents, Curr Yield 5.6%, Fwd Yield 5.9%, YTD Return 0.1%, D/A 43.4%, P/B 0.57x. [[2]]
• Keppel Pacific Oak US REIT: Price USD 0.194, Market Cap SGD 202.6m, Float 84.0%, FYE Dec, YTD Return -5.4%, D/A 43.7%, P/B 0.28x. [[2]]
• Prime US REIT: Price USD 0.141, Market Cap SGD 184.5m, Float 75.3%, FYE Dec, Curr DPU 0.20 cents, Fwd DPU 2.50 cents, Curr Yield 1.4%, Fwd Yield 17.7%, YTD Return -16.9%, D/A 46.8%, P/B 0.26x. [[2]]
• Elite UK REIT: Price GBP 0.305, Market Cap SGD 179.7m, Float 77.9%, FYE Dec, Curr DPU 3.00 cents, Fwd DPU 3.00 cents, Curr Yield 9.8%, Fwd Yield 9.8%, YTD Return 8.5%, D/A 42.2%, P/B 0.76x. [[2]]

Retail REITs

• BHG Retail REIT: Price SGD 0.460, Market Cap SGD 239.0m, Float 67.5%, FYE Dec, YTD Return 2.8%, D/A 39.6%, P/B 0.64x. [[3]]
• CapitaLand Integrated Commercial Trust: Price SGD 2.060, Market Cap SGD 15,067.1m, Float 76.0%, FYE Dec, Curr DPU 11.10 cents, Fwd DPU 11.70 cents, Curr Yield 5.4%, Fwd Yield 5.7%, YTD Return 8.5%, D/A 38.7%, P/B 0.97x. [[3]]
• CapitaLand China Trust: Price SGD 0.685, Market Cap SGD 1,191.9m, Float 58.1%, FYE Dec, Curr DPU 5.30 cents, Fwd DPU 5.40 cents, Curr Yield 7.7%, Fwd Yield 7.9%, YTD Return -1.2%, D/A 42.6%, P/B 0.61x. [[3]]
• Frasers Centrepoint Trust: Price SGD 2.190, Market Cap SGD 4,429.0m, Float 60.3%, FYE Sep, Curr DPU 12.10 cents, Fwd DPU 12.30 cents, Curr Yield 5.5%, Fwd Yield 5.6%, YTD Return 7.0%, D/A 38.6%, P/B 0.98x. [[3]]
• Lendlease Global Commercial REIT: Price SGD 0.495, Market Cap SGD 1,211.1m, Float 72.0%, FYE Jun, Curr DPU 3.60 cents, Fwd DPU 3.80 cents, Curr Yield 7.3%, Fwd Yield 7.7%, YTD Return -6.8%, D/A 38.0%, P/B 0.67x. [[3]]
• Lippo Malls Indo Retail Trust: Price SGD 0.014, Market Cap SGD 107.8m, Float 41.2%, FYE Dec, YTD Return -22.2%, D/A 44.2%, P/B 0.25x. [[3]]
• Mapletree Pan Asia Commercial Trust: Price SGD 1.210, Market Cap SGD 6,378.0m, Float 55.1%, FYE Mar, Curr DPU 8.10 cents, Fwd DPU 8.30 cents, Curr Yield 6.7%, Fwd Yield 6.9%, YTD Return 3.3%, D/A 37.7%, P/B 0.68x. [[3]]
• Starhill Global REIT: Price SGD 0.505, Market Cap SGD 1,160.2m, Float 61.9%, FYE Jun, Curr DPU 3.80 cents, Fwd DPU 3.80 cents, Curr Yield 7.5%, Fwd Yield 7.5%, YTD Return 4.7%, D/A 36.6%, P/B 0.71x. [[3]]
• Sasseur REIT: Price SGD 0.635, Market Cap SGD 797.3m, Float 42.2%, FYE Dec, Curr DPU 6.00 cents, Fwd DPU 6.30 cents, Curr Yield 9.4%, Fwd Yield 9.9%, YTD Return -2.5%, D/A 25.9%, P/B 0.77x. [[3]]
• United Hampshire US REIT: Price USD 0.445, Market Cap SGD 262.8m, Float 70.6%, FYE Dec, Curr DPU 4.40 cents, Fwd DPU 4.90 cents, Curr Yield 9.9%, Fwd Yield 11.0%, YTD Return -2.2%, D/A 39.2%, P/B 0.59x. [[3]]

Industrial REITs

• AIMS APAC REIT: Price SGD 1.260, Market Cap SGD 1,028.9m, Float 67.9%, FYE Mar, Curr DPU 9.60 cents, Fwd DPU 9.80 cents, Curr Yield 7.6%, Fwd Yield 7.8%, YTD Return 4.8%, D/A 28.9%, P/B 1.01x. [[3]] [[4]]
• CapitaLand Ascendas REIT: Price SGD 2.630, Market Cap SGD 11,573.4m, Float 82.3%, FYE Dec, Curr DPU 15.20 cents, Fwd DPU 15.80 cents, Curr Yield 5.8%, Fwd Yield 6.0%, YTD Return 5.4%, D/A 38.9%, P/B 1.16x. [[3]] [[4]]
• ESR-REIT: Price SGD 2.210, Market Cap SGD 1,774.4m, Float 100.0%, FYE Dec, Curr DPU 21.20 cents, Fwd DPU 21.70 cents, Curr Yield 9.6%, Fwd Yield 9.8%, YTD Return -12.4%, D/A 41.9%, P/B 8.04x. [[3]] [[4]]
• Frasers Logistics & Comm Trust: Price SGD 0.835, Market Cap SGD 3,147.6m, Float 96.2%, FYE Sep, Curr DPU 6.00 cents, Fwd DPU 5.90 cents, Curr Yield 7.2%, Fwd Yield 7.1%, YTD Return -5.1%, D/A 36.1%, P/B 0.77x. [[3]] [[4]]
• Mapletree Industrial Trust: Price SGD 1.960, Market Cap SGD 5,589.4m, Float 73.9%, FYE Mar, Curr DPU 13.50 cents, Fwd DPU 13.40 cents, Curr Yield 6.9%, Fwd Yield 6.8%, YTD Return -8.3%, D/A 40.1%, P/B 1.15x. [[3]] [[4]]
• Mapletree Logistics Trust: Price SGD 1.110, Market Cap SGD 5,624.1m, Float 67.9%, FYE Mar, Curr DPU 7.60 cents, Fwd DPU 7.60 cents, Curr Yield 6.8%, Fwd Yield 6.8%, YTD Return -9.7%, D/A 40.7%, P/B 0.85x. [[3]] [[4]]
• Sabana REIT: Price SGD 0.365, Market Cap SGD 410.6m, Float 79.1%, FYE Dec, YTD Return 5.7%, D/A 37.8%, P/B 0.74x. [[3]] [[4]]
• Daiwa House Logistics Trust: Price SGD 0.555, Market Cap SGD 387.9m, Float 86.0%, FYE Dec, Curr DPU 4.90 cents, Fwd DPU 4.80 cents, Curr Yield 8.8%, Fwd Yield 8.6%, YTD Return -0.4%, D/A 41.1%, P/B 0.79x. [[3]] [[4]]

Hospitality REITs

• Acrophyte Hospitality Trust: Price USD 0.225, Market Cap SGD 130.5m, Float 56.4%, FYE Dec, Curr DPU 1.70 cents, Fwd DPU 1.80 cents, Curr Yield 7.6%, Fwd Yield 8.0%, YTD Return 16.9%, D/A 42.3%, P/B 0.32x. [[3]] [[4]]
• CapitaLand Ascott Trust: Price SGD 0.860, Market Cap SGD 3,282.3m, Float 60.0%, FYE Dec, Curr DPU 6.00 cents, Fwd DPU 6.20 cents, Curr Yield 7.0%, Fwd Yield 7.2%, YTD Return 2.9%, D/A 39.9%, P/B 0.77x. [[3]] [[4]]
• CDL Hospitality Trusts: Price SGD 0.785, Market Cap SGD 994.0m, Float 69.2%, FYE Dec, Curr DPU 5.40 cents, Fwd DPU 5.70 cents, Curr Yield 6.9%, Fwd Yield 7.3%, YTD Return -5.6%, D/A 41.8%, P/B 0.54x. [[3]] [[4]]
• Far East Hospitality Trust: Price SGD 0.565, Market Cap SGD 1,142.2m, Float 45.7%, FYE Dec, Curr DPU 3.80 cents, Fwd DPU 3.80 cents, Curr Yield 6.7%, Fwd Yield 6.7%, YTD Return -4.0%, D/A 31.2%, P/B 0.62x. [[3]] [[4]]

Healthcare REITs

• First REIT: Price SGD 0.255, Market Cap SGD 536.3m, Float 54.4%, FYE Dec, Curr DPU 2.40 cents, Fwd DPU 2.50 cents, Curr Yield 9.4%, Fwd Yield 9.8%, YTD Return 4.6%, D/A 40.7%, P/B 0.93x. [[3]] [[4]]
• Parkway Life REIT: Price SGD 4.120, Market Cap SGD 2,687.8m, Float 66.9%, FYE Dec, Curr DPU 15.10 cents, Fwd DPU 18.00 cents, Curr Yield 3.7%, Fwd Yield 4.4%, YTD Return 10.5%, D/A 36.1%, P/B 1.70x. [[3]] [[4]]

Data Centre REITs

• Keppel DC REIT: Price SGD 2.140, Market Cap SGD 4,828.5m, Float 80.9%, FYE Dec, Curr DPU 10.10 cents, Fwd DPU 10.90 cents, Curr Yield 4.7%, Fwd Yield 5.1%, YTD Return -1.5%, D/A 30.2%, P/B 1.40x. [[3]] [[4]]
• Digital Core REIT: Price USD 0.520, Market Cap SGD 675.2m, Float 66.6%, FYE Dec, Curr DPU 3.60 cents, Fwd DPU 3.80 cents, Curr Yield 6.9%, Fwd Yield 7.3%, YTD Return -7.5%, D/A 38.0%, P/B 0.67x. [[3]] [[4]]

Other REITs

• Stoneweg European REIT: Price EUR 1.500, Market Cap SGD 841.2m, Float 86.8%, FYE Dec, Curr DPU 13.20 cents, Fwd DPU 13.60 cents, Curr Yield 8.8%, Fwd Yield 9.1%, YTD Return -0.6%, D/A 42.9%, P/B 0.76x. [[3]] [[4]]

Business Trusts

Real Estate

• CapitaLand India Trust Price SGD 0.975, Market Cap SGD 1,317.9m, Float 94.4%, FYE Mar, Curr DPU 7.20, Fwd DPU 8.30, Curr Yield 7.4%, Fwd Yield 8.5%, YTD Return -6.0%, D/A 41.5%, P/B 0.71 [[3]] [[4]]
• Dasin Retail Trust Price SGD 0.020, Market Cap SGD 16.1m, Float 83.0%, FYE Dec, YTD Return -37.5%, D/A 39.3%, P/B 0.02 [[3]] [[4]]

Infrastructure

• Asian Pay Television Trust Price SGD 0.082, Market Cap SGD 148.1m, Float 78.9%, FYE Dec, YTD Return 12.0%, D/A 56.9%, P/B 0.22 [[3]] [[4]]
• Keppel Infrastructure Trust Price SGD 0.400, Market Cap SGD 2,434.0m, Float 83.1%, FYE Dec, Curr DPU 4.00, Curr Yield 10.0%, YTD Return -8.6%, D/A 40.8%, P/B 2.78 [[3]] [[4]]
• NetLink NBN Trust Price SGD 0.910, Market Cap SGD 3,546.2m, Float 75.1%, FYE Mar, Curr DPU 5.40, Fwd DPU 5.50, Curr Yield 5.9%, Fwd Yield 6.0%, YTD Return 4.6%, D/A 28.3%, P/B 1.44 [[3]] [[4]]

Port and Shipping

• First Ship Lease Trust Price SGD 0.041, Market Cap SGD 72.5m, Float 27.1%, FYE Dec, YTD Return -16.3%, D/A 22.8%, P/B 1.58 [[3]] [[4]]
• Hutchison Port Holdings Price USD 0.158, Market Cap SGD 1,376.4m, Float 72.3%, FYE Dec, Curr DPU 1.50, Fwd DPU 1.57, Curr Yield 9.5%, Fwd Yield 10.0%, YTD Return 2.0%, D/A 23.4%, P/B 0.43 [[3]] [[4]]

Weekly Top 5 Performers (%)

• Acrophyte Hospitality Trust: 17.9 [[3]]
• Elite UK REIT: 9.8 [[3]]
• Manulife US REIT: 3.4 [[3]]
• Mapletree Logistics Trust: 3.2 [[3]]
• BHG Retail REIT: 2.8 [[3]]

Weekly Bottom 5 Performers (%)

• Frasers Centrepoint Trust: -3.5 [[3]]
• Daiwa House Logistics Trust: -2.6 [[3]]
• Parkway Life REIT: -2.6 [[3]]
• Keppel Pacific Oak US REIT: -2.5 [[3]]
• Keppel DC REIT: -2.3 [[3]]

Weekly Sector Performance (%)

• Hospitality: 2.1 [[3]]
• Industrial: 0.3 [[3]]
• Office: -0.1 [[3]]
• Others: -1.7 [[3]]
• Data Centre: -1.8 [[3]]
• Healthcare: -2.5 [[3]]
• Retail: -9.2 [[3]]

Coverage Universe

The following table details the coverage universe, including broker rating and next results release date. [[3]]

• CapitaLand Ascendas REIT: CLAR SP, Price SGD 2.63, Fair Value 3.21, Rating BUY, Next results release 28/07/2025 [[3]]
• CapitaLand Ascott Trust: CLAS SP, Price SGD 0.860, Fair Value 0.920, Rating BUY, Next results release 24/07/2025 [[3]]
• CapitaLand India Trust: CLINT SP, Price SGD 0.975, Fair Value 1.23, Rating BUY, Next results release 28/07/2025 [[3]]
• CapitaLand Integrated Comm: CICT SP, Price SGD 2.06, Fair Value 2.35, Rating BUY, Next results release 11/08/2025 [[3]]
• CapitaLand China Trust: CLCT SP, Price SGD 0.685, Fair Value 0.715, Rating BUY, Next results release 28/07/2025 [[3]]
• First REIT: FIRT SP, Price SGD 0.255, Fair Value 0.270, Rating BUY, Next results release 26/07/2025 [[3]]
• Frasers Centrepoint Trust: FCT SP, Price SGD 2.19, Fair Value 2.50, Rating BUY, Next results release 28/07/2025 [[3]]
• Frasers Logistics & Comm Trust: FLT SP, Price SGD 0.835, Fair Value 1.07, Rating BUY, Next results release 06/08/2025 [[3]]
• Keppel DC REIT: KDCREIT SP, Price SGD 2.14, Fair Value 2.35, Rating BUY, Next results release 24/07/2025 [[3]] [[4]]
• Keppel REIT: KREIT SP, Price SGD 0.855, Fair Value 0.920, Rating BUY, Next results release 28/07/2025 [[3]] [[4]]
• Mapletree Pan Asia Comm Trust: MPACT SP, Price SGD 1.21, Fair Value 1.45, Rating BUY, Next results release 28/07/2025 [[3]] [[4]]
• Mapletree Industrial Trust: MINT SP, Price SGD 1.96, Fair Value 2.46, Rating BUY, Next results release 23/07/2025 [[3]] [[4]]
• Mapletree Logistics Trust: MLT SP, Price SGD 1.11, Fair Value 1.47, Rating BUY, Next results release 22/07/2025 [[3]] [[4]]
• OUE REIT: OUEREIT SP, Price SGD 0.280, Fair Value 0.315, Rating BUY, Next results release 22/07/2025 [[3]] [[4]]
• Parkway Life REIT: PREIT SP, Price SGD 4.12, Fair Value 4.65, Rating BUY, Next results release 24/07/2025 [[3]] [[4]]
• Starhill Global REIT: SGREIT SP, Price SGD 0.505, Fair Value 0.460, Rating HOLD, Next results release 28/07/2025 [[3]] [[4]]
• Stoneweg European REIT: SERT SP, Price EUR 1.50, Fair Value 1.81, Rating BUY, Next results release 06/08/2025 [[3]] [[4]]
• Suntec REIT: SUN SP, Price SGD 1.14, Fair Value 1.14, Rating HOLD, Next results release 23/07/2025 [[3]] [[4]]

Distribution Details

Key distribution details for various REITs. [[4]]

• Frasers Centrepoint Trust: SGD 6.138 cents, announced 25 Mar 2025, Ex-date 2 Apr 2025, Record date 3 Apr 2025, Pay date 30 May 2025. [[4]]
• Suntec REIT: SGD 1.563 cents, announced 24 Apr 2025, Ex-date 2 May 2025, Record date 5 May 2025, Pay date 30 May 2025. [[4]]
• Mapletree Pan Asia Comm: SGD 0.010 cents, announced 25 Apr 2025, Ex-date 2 May 2025, Record date 5 May 2025, Pay date 6 Jun 2025. [[4]]
• NetLink NBN Trust: SGD 2.680 cents, announced 15 May 2025, Ex-date 28 May 2025, Record date 29 May 2025, Pay date 11 Jun 2025. [[4]]
• Mapletree Logistics Trust: SGD 0.484 cents, announced 23 Apr 2025, Ex-date 30 Apr 2025, Record date 2 May 2025, Pay date 13 Jun 2025. [[4]]
• Mapletree Industrial Trust: SGD 0.110 cents, announced 30 Apr 2025, Ex-date 8 May 2025, Record date 9 May 2025, Pay date 13 Jun 2025. [[4]]
• Frasers Logistics & Comm Trust: SGD 1.850 cents, announced 7 May 2025, Ex-date 19 May 2025, Record date 20 May 2025, Pay date 18 Jun 2025. [[4]]
• AIMS APAC REIT: SGD 2.361 cents, announced 7 May 2025, Ex-date 16 May 2025, Record date 19 May 2025, Pay date 25 Jun 2025. [[4]]
• First REIT: SGD 0.530 cents, announced 29 Apr 2025, Ex-date 14 May 2025, Record date 15 May 2025, Pay date 26 Jun 2025. [[4]]

Geographical Breakdown by Asset Portfolio

The geographical breakdown by asset portfolio for various REITs, detailing the percentage of assets located in different regions. [[5]]

Office REITs

• IREIT Global: 100% Rest of Europe [[5]]
• Keppel REIT: 78% Singapore, 4% Rest of Asia, 18% Australia & New Zealand [[5]]
• Manulife US REIT: 100% United States [[5]]
• OUE REIT: 100% Singapore [[5]]
• Suntec REIT: 78% Singapore, 12% Australia & New Zealand, 10% United Kingdom [[5]]
• Keppel Pacific Oak US REIT: 100% United States [[5]]
• Prime US REIT: 100% United States [[5]]
• Elite Commercial REIT: 100% United Kingdom [[5]]

Retail REITs

• BHG Retail REIT: 100% China [[5]]
• CapitaLand Integrated Commercial Trust: 95% Singapore, 3% Australia & New Zealand, 3% Rest of Europe [[5]]
• CapitaLand China Trust: 100% China [[5]]
• Frasers Centrepoint Trust: 100% Singapore [[5]]
• Lendlease Global Commercial REIT: 90% Singapore, 10% Rest of Europe [[5]]
• Lippo Malls Indonesia Retail Trust: 100% Rest of Asia [[5]]
• Mapletree Pan Asia Commercial Trust: 53% Singapore, 27% Hong Kong, 10% China, 9% Rest of Asia [[5]]
• Starhill Global REIT: 71% Singapore, 1% China, 16% Rest of Asia, 12% Australia & New Zealand [[5]]
• Sasseur REIT: 100% China [[5]]
• United Hampshire US REIT: 100% United States [[5]]

Industrial REITs

• AIMS APAC REIT: 70% Singapore, 31% Australia & New Zealand [[5]]
• CapitaLand Ascendas REIT: 66% Singapore, 13% Australia & New Zealand, 10% Rest of Europe, 11% United States [[5]]
• ESR-REIT: 75% Singapore, 10% Rest of Asia, 16% Australia & New Zealand [[5]]
• Frasers Logistics & Commercial Trust: 13% Singapore, 47% Australia & New Zealand, 11% United Kingdom, 30% Rest of Europe [[5]]
• Mapletree Industrial Trust: 47% Singapore, 7% Rest of Asia, 46% United States [[5]]
• Mapletree Logistics Trust: 20% Singapore, 23% Hong Kong, 19% China, 32% Rest of Asia, 7% Australia & New Zealand [[5]]
• Sabana Industrial REIT: 100% Singapore [[5]]
• Daiwa House Logistics Trust: 100% Rest of Asia [[5]]

Hospitality REITs

• Acrophyte Hospitality Trust: 100% United States [[5]]
• CapitaLand Ascott Trust: 19% Singapore, 3% China, 24% Rest of Asia, 10% Australia & New Zealand, 11% United Kingdom, 13% Rest of Europe, 19% United States [[5]]
• CDL Hospitality Trusts: 64% Singapore, 7% Rest of Asia, 7% Australia & New Zealand, 15% United Kingdom, 7% Rest of Europe [[5]]
• Far East Hospitality Trust: 100% Singapore [[5]]

Healthcare REITs

• First REIT: 3% Singapore, 97% Rest of Asia [[5]]
• Parkwaylife REIT: 65%