REIT-TIREMENT

The best time to plant a tree was 20 years ago. The second best time is now.

Saturday, July 13, 2019

A New Tool to Maximize Cashback & Miles

When I've just graduated and started my first work, I am not eligible for credit card application due to annual income less than $ 30,000. Back then, it was 11 years ago, $30,000 income per annum was a challenge for fresh graduates, but as of today, it is not considered a high income. I am quite surprise that most banks do not adjust their income eligibility to match the inflation and salary increase in Singapore.
For my first credit card, I had to surf through individual credit card websites to look for its benefits, which is very tedious and time consuming. But with the boom of financial sites, we could easily read  other's review today, below are some useful sites:
1) Seedly - The Complete Guide To The Best Cashback Credit Cards In Singapore
2) MoneySmart - The 7 Best Rewards Cards in Singapore (2019)
3) MoneySmart - 8 Best Credit Cards in Singapore for Online Shopping (2019)
4) SG Budget Babe - Save more money in 2019 with the best cashback credit cards!
5) SG Budget Babe - Goodbye CIMB, Here's the next best Credit Cards in Singapore for 2019

What if I want to search by merchant that I always buy from and find out which credit card provide maximum cashback? Is it even possible ? Now, there is a site call Whatcard.sg which could provide such function. Basically you could key in merchant and choose whether either cashback or miles, refer below for screenshot:
This site is just launched on May and is still in beta phase. They are currently working on to include more merchants and credit cards. They have also plan to do stuff like reward calculator which could calculate rewards based on different cards and credit card recommender which could select a card with max. benefits.

I find this tool useful to me and I hope this could benefit to my readers too, let's go and try it out. Finally, note that this is NOT a sponsored post.

Sunday, July 07, 2019

Added SREITs Data Page and Revamped Blog Design

It has been 2 months since my last post in May, due to my work. Recently, I finally get to have some times to revamp blog design. Thanks to the guidance from K C from 30 Year Old Investor Blog, I have learnt how to download a template and modify basic html to make the blog to what you seeing now.
Also thanks to readers who have been patiently waiting for my blog updates
For those who are blogging with blogger or interested to start blogging with blogger, you could visit Gooyabi Templates and download templates for your blog. There are really a lot of templates by different styles/features for you to choose from. There are instructions to guide you for templates installation and configuration.

Besides revamped blog design, I have also added 2 pages which are:
i) SREITs Data
Adopted from previous post How to Come Out a Basic REITs Analysis Summary. I would update each SREITs data within a week whenever quarter report is released.

Due to those live prices are imported from yahoo finance, you may have "loading..." or "#N/A" problem. If you know any permanent solution, please share with me. You could make a copy through here if you are interested.

ii) SREITs Result Date
This page consolidatie SREITs result releasse date. I would update it at least once a week. Main source would be from Investing Note.

The main reason I added these 2 pages is because I would like to make this blog a one stop for my readers. I would slowly blog more about my idea of analysis. Thanks for continuous support from all my readers. Hopefully my blog is useful to all of you.



Saturday, May 11, 2019

How to Come Out a Basic REITs Analysis Summary

After previous post about data collection, now I would like to share out how to use those data to generate a Basic REITs Analysis Summary through Google Spreadsheets. I will use 3 REITs examples, which are SPH REIT from previous post, First REIT and Ascott Residence Trust.

This summary would require consolidation of a few google spreadsheets that I have shared previously. Below are the post of spreadsheets used, I would suggest you to go through first before you continue this post:
i) How to Create Your Own Basic REITs Screener
ii) Relative Valuation for REITs.
iii) How to DIY a REITs Data Collection Spreadsheet
We have data now, time to make it into information
This summary require more formula work, therefore I have added SREITs Basic Screener as overview page for formula link up. I have added a few more columns as compared to previous version, which are:
i)  Shortname - For formula to link up with specific sheet name
ii) Dividend Ex-Month - To indicate rough ex-dividend month, more useful to semi-annual type
iii) Latest Financial Period - Result quarter is by formula; annual report to be updated manually.
iv) Support / Distribution % - To know whether particular REITs come with income support

Here is the link for this google sheet. You could refer below for the overview:
Once you completed particular REIT data collection, you could copy formula from the any of 3 examples and paste into empty cells. Make sure you name the tab according to short name in order for formula to work. If you find any formula showing N/A, try delete and undo it to refresh.

Next, let's look at the analysis summary.
You would need to make a copy so that you could select the REIT counter from cell A1. Once you select, it would summarized all information from particular REIT data page. You could see some graphs where data range is at cells A61 to V72. You could print this 2 pages summary to pdf or hardcopy, I have already set the page break.

Feel free to make a copy, modify it and suit to your own use. Note that I am not a good designer on the layout, so for those who can re-design the summary into nicer layout, please feel free share with me. This is the first google spreadsheet that come with links between different tabs, you may require a bit more time to digest and familiarize. Let me know if you find any error or need any help on this spreadsheet.
And now, I have a bad news
One bad news would be, my work which is on project field, is at peak period since 2 months back. This would required me to work long hour weekday and sometimes weekend which expected to last for another 2 months. I would still try to squeeze time for writing, but I couldn't do that on weekly basis as of now. For all the readers, really thanks for your support all the way, if you have anything would like to contact me, I would definitely reply you.

Friday, May 03, 2019

Consolidation of SREIT Related Sites

When I start investing in SREITs, I could not find a place that consolidates all the SREITs related sites. Even today, I still could not find such site. I believe this is frustration that REIT investors are facing.
Now, instead of waiting, I have decided to consolidate one. Since a lot of sites cover topics more than REITs, I would consolidate based on the following criteria:
i) Have a dedicate "REIT" page to link with REIT posts
ii) Contain at least 5 REIT posts
iii) Latest REIT post is within 6 months

Sites:
1) Dollars and Sense - REITs
2) Financial Horse - REIT & Fixed Income
3) Heartland Boy - REITs

REIT Data/Screener:
1) REITScreener (Subscription)
2) Yield Savvy (Subscription)
3) My Stocks Investing Journey - REITs

Hope the above consolidated links helpful. If you find any websites that met with the 3 criteria or if you would like me to add your blog, contact me here.

Friday, April 26, 2019

How to DIY a REITs Data Collection Spreadsheet

A journey of a thousand miles begins with a single step, looking back, I have posted for total 12 topics about REITs, which you could find in REITs Investing page on top section of my blog. And now maybe is time to consolidate all ideas and put in action for data collection.
Idea + Action = Result
Before we start, let's summarize what data to be collected:
i) Debt Profile of REITs
- Gearing
- Interest Cover Ratio
- Cost of Debt
- Fixed Debt %
- Unsecured Debt %
- Weighted Average Debt Maturity
- Highest % of Debt Maturity in Same Year

ii) Lease Profile of REITS
- Occupancy
- Revenue per Available Unit
- % of Hedged/Derived Currency in SGD
- Weighted Average Lease Expiry
- Highest % of Lease Expiry in Same Year
- Weighted Average Land Lease Expiry

iii) Diversification Profile of REITs
- Major Sector Contribution
- Top Geographical Location Contribution
- Top Property Contribution
- Top Tenant Contribution
- Top 10 Tenants Contribution

iv) Basic Financial Metrics of REITs
- Distribution per Unit (DPU)
- Net Asset Value (NAV) per Unit
- Property Yield

v) Uncommon Financial Metrics of REITs
- Distribution over Management Fee
- Distribution over Capital
- Distribution Margin
- Income Support over Distribution

vi) Outstanding Shares of REITs
- Dilutive Share Increase
- REIT's Manager Shareholding

vii) Relative Valuation of REITs
- Quarter Average Price

viii) Growth Information of REITs
- NAV Growth
- DPU Growth
- Interest Cover Ratio Growth
- Property Yield Growth
- Distribution over Capital Growth
- Distribution Margin Growth

ix) Other Information
a) Income/Cash Flow/Distribution Statement
- Gross Income (Property Gross Income  + Interest Income + Realized Income from Derivative Financial Instrument/Foreign Exchange + Distribution from Associate/Joint Venture)
- Net Property Income
- Management Fees (Base + Performance)
- Financial Engineered/Income Support
- Distribution from Associate/Joint Venture
- Distribution to Unitholders

b) Balance Sheet/Other Statement
- Properties Valuation
- Interest in Associate/Joint Venture
- Net Asset Value to Unitholders, NAV
- Perpetual Securities & Preferred Stock
- Total Debts
- Outstanding Share

After list out all required data above, let's group it and put it into Google Sheets. I use SPH REIT as example for template below. Feel free to make a copy and modify for your own use through this link.

Green columns are for you to keep in data, where blue columns are formula.You could try re-arrange or modify it to suit your own use. You could also hide column C after you complete your data collection to make it look more tidy.

Note that some of the values I added formula for simple average while some are not. For those without average value, I find that latest value is more useful, for e.g. average gearing ratio or average WALE are not meaningful. This template use simple average, you could modify it to weighted average to suit your own analysis. I have added "override" column in case you find average value is not realistic.
Feel painful to collect data ?
It would be a painful process initially as you would require to collect years of data from quarter results and annual reports. But once you completed the first round, you should be able to update it every quarter within 10 minutes. Let me know if you find any error in the spreadsheet above. Hope it is helpful.

Friday, April 19, 2019

Growth Information of REITs

Often for growth profile of REITs, we look at both DPU growth and NAV growth, but are there any other metrics growth that we could look into from Basic Financial Metrics of REITs and Uncommon Financial Metrics of REITs ? Today, let's try to explore this.
1) DPU Growth
REITs could increase its DPU through organic growth or inorganic growth. Organic growth means growth without acquisition of properties, could be through positive rental reversion, increase occupancy, increase REVPAU, AEI (Asset Enhancement Initiative), etc. Inorganic growth is growth either through acquisition or development of properties. Below is list of top 5 REITs that have most DPU growth in past 5 years or since IPO:
Top 5 DPU Growth
Name
Approx. Value
Ascendas India Trust
52%
Fortune REIT
23%
Ascendas Hospitality Trust
19%
Mapletree North Asia Commercial Trust
19%
Mapletree Industrial Trust
17%
* Exclude those less than 2 years since listing.

For more on DPU growth, you could read the below:
1) Probutterfly - REIT Placements and Rights Issue – Yield Accretive vs DPU Accretive
2) The Babylonians - How do REITs grow their business? (Organic Growth)
3) The Babylonians - How do REITs grow their business? (Inorganic Growth)

2) NAV per Unit Growth
Generally, if a REIT is able to have DPU growth, then its NAV per unit would grow as well. However, there are a few exceptional cases where EC World REIT has DPU growth but NAV per unit drop; BHG Retail REIT and Keppel REIT both have DPU decrease over time but NAV per unit slightly increase. I am quite puzzled for this, appreciate if anyone could share their view on this.

Note that it is important to take the NAV value as per the trading currency to account for any foreign exchange effect. 2 REITs to take note for this matter are IREIT Global and Frasers Logistics and Industrial Trust. Below is list of top 5 REITs that have most NAV per unit growth within past 5 years or since IPO:
Top 5 NAV Growth
Name
Approx. Value
Fortune REIT
50%
Ascendas India Trust
43%
Ascendas Hospitality Trust
27%
Mapletree Commercial Trust
27%
Mapletree North Asia Commercial Trust
24%
* Exclude those less than 2 years since listing.

Do you notice both top 5 DPU growth and NAV growth are same REITs ? 
Now, let's explore other growth indicators besides DPU and NAV
We all know that for financial metrics like interest cover ratio, property yield, distribution over capital and distribution over gross revenue, the higher value the better. However, besides looking at current value, it is also important to look at past growth information of these financial metrics.

3) Interest Cover Ratio Growth (from Debt Profile of REITs)
Top 5 REITs that have highest interest cover ratio growth within past 5 years or since IPO:
Top 5 Interest Cover Ratio Growth
Name
Approx. Value
Parkway Life REIT
28%
Keppel DC REIT
27%
Ascendas Hospitality Trust
25%
Fortune REIT
19%
Capitaland Mall Trust
18%
* Exclude those less than 2 years since listing.

4) Property Yield Growth (from Basic Financial Metrics of REITs)
Top 5 REITs that have highest property yield growth within past 5 years or since IPO:
Top 5 Property Yield Growth
Name
Approx. Value
BHG Retail REIT
10%
Lippo Mall Indonesia Retail Trust
9%
Suntec REIT
5%
Soilbuild Business Space REIT
3%
First REIT
2%
* Exclude those less than 2 years since listing.

5) Distribution over Capital Growth (from Uncommon Financial Metrics of REITs)
Top 5 REITs that have highest distribution over capital growth within past 5 years or since IPO:
Top 5 Distribution over Capital Growth
Name
Approx. Value
Frasers Commercial Trust
18%
Suntec REIT
5%
BHG Retail REIT
2%
AIMS AMP Capital Industrial Trust
2%
Ascendas Hospitality Trust
1%
* Exclude those less than 2 years since listing.

6) Distribution Margin Growth (from Uncommon Financial Metrics of REITs)
Top 5 REITs that have highest distribution margin growth within past 5 years or since IPO:
Top 5 Distribution Margin Growth
Name
Approx. Value
Ascendas Hospitality Trust
40%
Frasers Commercial Trust
31%
Ascendas India Trust
14%
Capitaland Retail China Trust
11%
Keppel REIT
9%
* Exclude those less than 2 years since listing.
Investing is always a choice
What if a REIT has high financial metrics value but decreasing over time ? Is is better than a REIT with low value but increasing overtime ? In another words, do you choose a good REIT with its fundamental deteriorating slowly or do you bet on a poor fundamental REIT which shows sign of growth ? It is a tough choice isn't it ?

Friday, April 12, 2019

Relative Valuation for REITs

Relative Valuation is a method to compare a companies value to other companies by using multiples. One of the popular relative valuation multiples is price to earning ratio (P/E ratio). However, P/E ratio is not applicable to REITs as its assets are heavily in investment properties and revaluation would skew the earning.

For REITs, commonly investor would apply the concept of reversion to mean to relative valuation multiples like P/NAV, yield or yield spread (introduced by ProButtefly). There are a few sites that you could refer for detail:
1) Invest For Yourself - CapitaLand Retail China, my latest target!
2) My Stock Investing - Singapore REIT Price / NAV Range Chart Feb-2019
3) Probutterfly - What Is A Fair Price to Pay for Ascendas REIT amidst Rising Interest Rates?
4) REIT Screener (Subscription Required)
Black Line is the Mean
For this post, we would explore step by step how could we apply reversion to mean to P/NAV, dividend yield and 52 weeks price. For easy understanding, I would take AIMS AMP Capital Industrial REIT as working example.

1) Historical Stock Price
You could get stock historical price from Yahoo Finance. Search for desired counter in Yahoo Finance, click "historical data" page, then select "time period", click "apply" and then "download data". It would save into excel format. For working example, we would choose date range from 1-1-2014 to 31-12-2018.


2) Record Quarter Average Closing Price
Since REITs release finance result on quarter basis, let's group closing price into quarter basis for analysis. For date range from 1-1-2014 to 31-12-2018, you would have 20 quarters of average closing price. You could use excel formula to facilitate the calculation process, refer below screenshot for formula.

3) Record DPU and NAV per unit
This require a bit of homework, you would have to extra both DPU and NAV information from quarter presentation slide or financial statement. Even for semi-annual distribution type, you could get the DPU reserved for quarters that have no distritbuion. For NAV per unit, do read on Basic Financial Metrics of REITs, as NAV presentation by REITs is not standardized. You may want to calculate manually yourself to maintain data consistency.

4) Input data into Spreadsheet 
Now is time to put all data into spreadsheet for analysis, refer below google sheet for AIMS AMP Capital Industrial REIT Analysis. Green cells are what you suppose to key in manually. Price and 52 weeks high/low price are direct import from yahoo finance.

From the above, based on past 5 years data, you could get:
i) Average Price on Price/NAV  - $ 1.32
ii) Average Price on Dividend Yield - $ 1.32
iii) Average Price on 52 Weeks Close Price - $ 1.36 (at the point of writing this post, change according to live yahoo price)
Note that for iii, I first calculate 5 years average price percentile and apply the percentile to 52 weeks close price.

I have inserted line chart for 5 years range and also candlestick chart (improvised for mean reversion function) to check whether current price is either higher than average, lower than average or close to average.

You could make a copy and customized for your own use through link here. If you encounter "N/A" for price, try delete the price cell and undo. If you find any error or need any help, do let me know. Hope this is useful to you.

Friday, April 05, 2019

Reflection after 3 Months of Blogging

This would be a short post, which I would to like to jot down my feeling after 3 months of blogging. Since this year January, I have been consistently publishing post every Friday. Sometimes, due to work and personal stuff, I find it difficult to squeeze time for writing. However, when I have time, I would scratch my head and take a long time to think of what topic to write.
Not easy to consistently thinking of new idea to write
Now that I tried blogging, I've truly experience that this is not an easy work. Maybe for some people, they could finish a post within 1 to 2 hours. Well, this is definitely not the case for me, my average writing time per post is around 10 to 12 hours. I would always searching for pictures to insert between paragraph and avoid lengthy post with only words. Most pictures in this blog are from Pixabay or Pexels, which you could download pictures freely, must really give credits to these sites and photographers.
As far as possible, I would follow the ground rules below:
1) Consistent writing schedule, post once a week
2) Simplified post content, even non-experience person could understand easily
3) Keep post clear and concise, brief yet comprehensive
4) Less words; more pictures, tables and examples
5) Share spreadsheet for readers to have a template to start working on blog idea
6) Share links to other sites which provide more detail information or comparison
I would try not to break them
Finally, I would like to express that I am really salute to those bloggers who could continuously blog financial related articles for years. It is because to their willingness to share, persistency and discipline in which allow readers like me to learn from their knowledge and experience. If you are one of them, give yourself a round of applause.

Ok, now I admit I am cheating here and I have just bought myself a week of time for next post. Till then, see you.

Friday, March 29, 2019

Outstanding Shares of REITs

If you are a REITs investor, you would notice that almost all REIT outstanding shares increase over time. The common contributor to this increase is due to payment of fees in units instead of cash, this is usually in small volume. Share placement by either private placement, preferential offer or rights issue is another major contributor to share increase in which usually involve big volume. There are also other contributors like scrip dividend and convertible shares.

Management fee is paid in units is dilutive, reason being outstanding share increase is permanent while quarter DPU increase is temporary. A simple way to explain the effect is that the REITs need to earn more in next quarter to maintain the same DPU. The situation is worse if the REIT manager receive shares in one hand and sell it at the other hand. Below is list that REIT manager which received fee in units and sold almost same amount of units in year 2018:
i) Aims AMP Capital Industrial REIT
ii) Ascendas Hospitality Trust
iii) Cache Logistics Trust
iv) Frasers Hospitality Trust
v) IREIT Global
vi) Soilbuild Business Space REIT
vii) Suntec REIT
REIT managers could have just buy shares from open market if they like more shares in REITs
One way to quantify this share increase is through classification of the type of share increase. For me, I consider any share increase that retail investors couldn't participate as dilutive. This include any fee paid in units, private placement and convertible shares. Below is list of top 5 REITs that increase most and lease dilutive share within past 5 years or since IPO, whichever is longer, exclude those less than 2 years since listing.
Most Dilutive Share Increase
Least Dilutive Share Increase
Name
Approx. Value
Name
Approx. Value
OUE Commercial Trust
35.5%
Parkway Life
0%
Manulife US REIT
35%
Starhill Global REIT
1.3%
Frasers Logistics & Industrial Trust
31%
Dasin Retail Trust*
1.5%
Frasers Commercial Trust
27.5%
EC World REIT
1.9%
Ascendas REIT
27%
BHG Retail REIT
2.25%
* Dasin Retail Trust is Business Trust

Those high increase is due to private placement. Although retail investor could not participate in private placement, but it is not necessary a bad thing IF REIT manager is able to do it without diluting DPU. One example would be raise fund for accretive acquisition. You could read more about private placement, from The Motley Fool:
i) What You Need To Know About Private Placements
ii) Why You Should be Wary of Private Placements For REITs

Next, can we quantify % of management fee payable in unit against total management fee ? Well, it works for most REITs, but not Capitaland Mall Trust. For Capitaland Mall Trust, it pays its management fee in cash, but its joint venture RCS Trust pays management fee in units, refer below:
Extracted from Capitaland Mall Trust Financial Statement
Another important aspect of REIT outstanding share to observe is its manager shareholding. The more the manager own its REIT share, the likely its interest is align with shareholder. We could get this information from insider trade or substantial shareholder page under investor relation. For those REITs that do not disclose directly, we could check through SGX website with steps below:
1) In SGX page, select Securities -> Company Information -> Company Announcements
2) At Categories under Announcements, Select Disclosure of Interest/ Change in Interest
3) Select REIT name to filter
4) Search for keyword "Manager" then click and open the link
5) Open the attachments at bottom, you should see FORM 6.
6)  Look at the % of "Immediately after the transaction" total interest.

Below REITs which its manager own more than 5% share, as of December 2018:
Manager >= 5% Shareholding
Name
Approx. Value
Ascott Residence Trust
8.2%
Capitaland Retail China Trust
5.3%
CDL Hospitality Trusts
6.2%
First REIT
7.2%
Frasers Commercial Trust
11.7%
 Lippo Mall Indonesia Retail Trust
7.2%

Below REITs that its manager own no share, as of December 2018
i) Aims AMP Capital Industrial REIT
ii) Ascendas Hospitality Trust
iii) Cache Logistics Trust
iv) Frasers Hospitality Trust
v) IREIT Global
vi) Keppel REIT
vii) Soilbuild Business Space REIT
viii) Suntec REIT
Besides Keppel REIT, do you notice above are those in which received fee in units and sold it ?
If you would like to study deeper, you could also look check the shareholding of sponsor and manager's director's shareholding in particular REIT. These information can be found in annual report. However, I find it difficult to check sponsor shareholding as sponsor may hold REIT share through indirect interest. As for manager's director's shareholding, you could check through SGX website as manager shareholding steps, but with keyword "director" and view FORM 1.

Besides outstanding shares, there are other area to look for when investing in REITs. You could check out REITs Investing page which consolidate all my posts regarding REITs. If you find any error in my data, kindly let me know.

Friday, March 22, 2019

Uncommon Financial Metrics of REITs

Previously, I've shared bout Basic Financial Metrics of REITs. This time, I would like to share a few uncommon financial metrics that value against distribution. The reason being is, as a REIT investor, ultimately we are focusing on dividend.

In case you ask, I have not done any back test on these metrics.
1) Distribution over Management Fee
Formula: Distribution to Unitholders / (Manager's Base Fee + Performance Fee)

This measure how much dividend received for every dollar of management fee paid, the higher the value the better. You could compare whether a REIT manager is charging a high or reasonable fee for the dividend generated from properties that they manage. Refer below table for top 5 and bottom 5 based on latest 4 quarters:
Top 5
Distribution over Management Fee
Bottom 5
Distribution over Management Fee
Name
Approx. Value
Name
Approx. Value
Cromwell European REIT
20.25
Keppel REIT
3.75
Capitaland Commercial Trust
16.75
Dasin Retail Trust*
4.75
Manulife US REIT
10
Lippo Malls Indonesia Retail Trust
5
Sasseur REIT
10
Mapletree Logistics Trust
5.25
Soilbuild Business Space REIT
10
Ascendas India Trust*
5.5
* Both Dasin Retail Trust & Ascendas India Trust are business trusts

2) Distribution over Capital
Formula: Distribution to Unitholders / (Equity + Debt)
Equity to include net asset value attribute to unitholders + perpetual securities holders + preferred stock holders

This is a modified metrics of  return on capital (ROC), we replace return with distribution. This measure the effectiveness of REIT in using capitals to generate distribution. Refer below table for top 5 and bottom 5 based on latest 4 quarters:
Top 5 Distribution over Capital
Bottom 5 Distribution over Capital
Name
Approx. Value
Name
Approx. Value
Mapletree Industrial Trust
5.5
Dasin Retail Trust*
1.6
Sasseur REIT
5.4
OUE Commercial Trust
2.1
Frasers Logistics & Industrial Trust
5.1
Fortune REIT
2.4
First REIT
5
Keppel REIT
2.5
Keppel DC REIT
4.8
Far East Hospitality Trust
2.9
* Dasin Retail Trust is a business trust

3) Distribution over Gross Income (Distribution Margin)
Formula: Distribution to Unitholders / (Gross Revenue from Properties + Distributions from Associate/Joint Venture + Interest Income + Any Recurring Gain)

This measure the capability of REIT in managing its income and expense. The higher the value, the better the operational efficiency the REIT is. A low figure indicates that either the REIT expenses is high or income is low. This figure would be slightly affected if the REIT retain earning for capital use. It would also affected if REITs choose to receive management fees in units instead of cash. Refer below table for top 5 and bottom 5 based on latest 4 quarters:
Top 5 Distribution Margin
Bottom 5 Distribution Margin
Name
Approx. Value
Name
Approx. Value
OUE Hospitality Trust
70
Lippo Malls Indonesia Retail Trust
25
Parkway Life REIT
70
BHG Retail REIT
27.5
SPH REIT
67.5
Dasin Retail Trust*
30
Far East Hospitality Trust
67.5
Ascott Residence Trust
30
IREIT Global
65
Ascendas Hospitality Trust
35
* Dasin Retail Trust is a business trust

4) Income Support over Distribution
Income support is also known as rental support, it refers to the income that top-up by sponsors or properties seller in the event when actual rental income is lower than desired rental income. Besides rental top-up, income support can also be done through certain shareholders not taking any dividends, in which employed by BHG Retail REIT & Dasin Retail Trust.
BHG Retail REIT
Dasin Retail Trust
I measure income support against distribution to check the % of distribution contributed by income support. Refer below list for counters that have income support:
Income Support / Distribution
Name
Approx. %
Ascendas REIT
13.25% (Est.)
BHG Retail REIT
14.25%
Dasin Retail Trust*
44.25%
Keppel REIT
4.5%
Lippo Mall Indonesia Retail Trust
4%
OUE Commercial Trust
18.25%
Sasseur REIT
18.25% (Est.)
* Dasin Retail Trust is a business trust

Ascendas REIT value is estimated from latest financial statement below, since no detail information on income support, so assume full value as income support:
Sasseur REIT value is estimated from information extracted from IPO prospectus below, took the period of 2018.

If you read through carefully, you would notice the below:
i) Dasin Retail Trust appeared 4 times
ii) Keppel REIT appeared 3 times
iii) Lippo Mall Indonesia Retail Trust appeared 3 times
*Note that this is NOT a buy or sell recommendation.

Again,besides the above uncommon metrics, do check the basic financial metricslease profiledebt profilediversification profile as well. Take note on income support as always. If you want to create a REIT screener, you could always refer to How to Create Your Own Basic REITs Screener.