REITs : Year End Data

STI +0.01% : 3167.43 (Dec-13) vs 3167.08 (2012)

  

STI +19.68% : 3167.08 (Dec-12) vs 2646.35 (2011)

2013

Dec-13

Dec-12

Change

  

2012

Dec-12

Dec-11

Change

PLife REIT

$ 2.350

$ 2.150

9.3%

FCOT

$ 1.320

$ 0.740

78.4%

SPH REIT

$ 0.980

$ 0.900

8.9%

Fortune Reit HK$

$ 6.370

$ 3.760

69.4%

Cambridge

$ 0.690

$ 0.675

2.2%

CapitaComm

$ 1.685

$ 1.055

59.7%

SaizenREIT

$ 0.925

$ 0.181

2.2%

AIMSAMPIReit

$ 1.495

$ 0.945

58.2%

First REIT

$ 1.060

$ 1.060

0.0%

K-REIT

$ 1.295

$ 0.830

56.0%

StarHill

$ 0.785

$ 0.785

0.0%

SuntecReit

$ 1.675

$ 1.075

55.8%

OUE H-Trust

$ 0.875

$ 0.880

-0.6%

CapitaRChina

$ 1.645

$ 1.150

43.0%

VIT

$ 0.775

$ 0.780

-0.6%

MCT

$ 1.215

$ 0.850

42.9%

SB REIT

$ 0.770

$ 0.780

-1.3%

Cambridge

$ 0.675

$ 0.475

42.1%

MIT

$ 1.335

$ 1.360

-1.8%

LippoMapleT

$ 0.490

$ 0.350

40.0%

Fortune Reit HK$

$ 6.240

$ 6.370

-2.0%

First REIT

$ 1.060

$ 0.760

39.5%

MCT

$ 1.190

$ 1.215

-2.1%

StarHill

$ 0.785

$ 0.565

38.9%

FCOT

$ 1.270

$ 1.320

-3.8%

FrasersCT

$ 2.000

$ 1.440

38.9%

AIMSAMPIReit

$ 1.430

$ 1.495

-4.3%

AscottREIT

$ 1.360

$ 0.990

37.4%

Sabana REIT

$ 1.080

$ 1.140

-5.3%

MapletreeLog

$ 1.145

$ 0.845

35.5%

Ascendasreit

$ 2.200

$ 2.370

-7.2%

CLT

$ 1.240

$ 0.950

30.5%

MapletreeLog

$ 1.055

$ 1.145

-7.9%

Sabana REIT

$ 1.140

$ 0.875

30.3%

SuntecReit

$ 1.540

$ 1.675

-8.1%

Ascendasreit

$ 2.370

$ 1.830

29.5%

K-REIT

$ 1.185

$ 1.295

-8.5%

SaizenREIT

$ 0.181

$ 0.140

29.3%

MGCT

$ 0.840

$ 0.930

-9.7%

MIT

$ 1.360

$ 1.075

26.5%

CLT

$ 1.115

$ 1.240

-10.1%

CapitaMall

$ 2.130

$ 1.700

25.3%

CapitaMall

$ 1.905

$ 2.130

-10.6%

CDL Htrust

$ 1.880

$ 1.545

21.7%

AscottREIT

$ 1.205

$ 1.360

-11.4%

PLife REIT

$ 2.150

$ 1.790

20.1%

FrasersCT

$ 1.760

$ 2.000

-12.0%

FE-Htrust

$ 1.005

$ 0.930

8.1%

CDL Htrust

$ 1.640

$ 1.880

-12.8%

A-Htrust

$ 0.940

$ 0.880

6.8%

CapitaComm

$ 1.450

$ 1.685

-13.9%

  

LippoMapleT

$ 0.415

$ 0.490

-15.3%

FE-HTrust

$ 0.840

$ 1.005

-16.4%

CapitaRChina

$ 1.330

$ 1.645

-19.1%

A-HTrust

$ 0.720

$ 0.940

-23.4%

 
 

STI -17.04% : 2646.35 (Dec-11) vs 3190.04 (2010)

  

STI +10.09% : 3190.04 (Dec-10) vs 2897.62 (2009)

2011

Dec-11

Dec-10

Change

  

2010

Dec-10

Dec-09

Change

PLife REIT

$ 1.790

$ 1.650

8.5%

PLife REIT

$ 1.650

$ 1.220

35.2%

First REIT

$ 0.760

$ 0.705

7.8%

CapitaComm

$ 1.500

$ 1.170

28.2%

MIT

$ 1.075

$ 1.090

-1.4%

K-REIT

$ 1.410

$ 1.100

28.2%

CLT

$ 0.950

$ 0.965

-1.6%

Fortune Reit HK$

$ 4.000

$ 3.130

27.8%

MCT

$ 0.850

$ 0.880

-3.4%

MapletreeLog

$ 0.965

$ 0.785

22.9%

FrasersCT

$ 1.440

$ 1.500

-4.0%

StarHill

$ 0.625

$ 0.525

19.0%

Fortune Reit HK$

$ 3.760

$ 4.000

-6.0%

CDL Htrust

$ 2.080

$ 1.750

18.9%

CapitaRChina

$ 1.150

$ 1.240

-7.3%

FCOT

$ 0.165

$ 0.140

17.9%

StarHill

$ 0.565

$ 0.625

-9.6%

Cambridge

$ 0.530

$ 0.450

17.8%

Sabana REIT

$ 0.875

$ 0.975

-10.3%

MIT

$ 1.090

$ 0.930

17.2%

FCOT

$ 0.740

$ 0.825

-10.3%

SuntecReit

$ 1.500

$ 1.350

11.1%

Cambridge

$ 0.475

$ 0.530

-10.4%

SaizenREIT

$ 0.165

$ 0.150

10.0%

Ascendasreit

$ 1.830

$ 2.070

-11.6%

CLT

$ 0.965

$ 0.880

9.7%

MapletreeLog

$ 0.845

$ 0.965

-12.4%

CapitaMall

$ 1.950

$ 1.800

8.3%

CapitaMall

$ 1.700

$ 1.950

-12.8%

FrasersCT

$ 1.500

$ 1.400

7.1%

AIMSAMPIReit

$ 0.945

$ 1.100

-14.1%

LippoMapleT

$ 0.530

$ 0.505

5.0%

SaizenREIT

$ 0.140

$ 0.165

-15.2%

AIMSAMPIReit

$ 0.220

$ 0.215

2.3%

AscottREIT

$ 0.990

$ 1.220

-18.9%

AscottREIT

$ 1.220

$ 1.200

1.7%

CDL Htrust

$ 1.545

$ 2.080

-25.7%

CapitaRChina

$ 1.240

$ 1.280

-3.1%

SuntecReit

$ 1.075

$ 1.500

-28.3%

Ascendasreit

$ 2.070

$ 2.220

-6.8%

CapitaComm

$ 1.055

$ 1.500

-29.7%

Sabana REIT

$ 0.975

$ 1.050

-7.1%

LippoMapleT

$ 0.350

$ 0.530

-34.0%

First REIT

$ 0.705

$ 0.815

-13.5%

K-REIT

$ 0.830

$ 1.410

-41.1%

  

Observations :

  • REIT Prices seems to alternate between +ve & -ve cycles for the past 4 years
  • There appear to be a correlation to the STI, but with over-swings

Comments :

Perhaps when STI is +ve, REIT Mgrs will take the opportunity to aggressively issue New Equities for Acquisitions and these are usually Value Destructive. This will then be followed by a cycle of consolidation where DPU drops, followed by prices drop and finally, for acquired assets to stabilize (Initial Acquisition Related Expenses will Depress DPU) and start accrue to DPU.

To date, 2014 appears to be following the above cycle. STI is +ve and a few REITs have been issuing new equities to fund acquisitions..

Action :

Make hay while he sun shines? Most REITs are not suitable for long term hold as REIT Mgrs don’t align shareholders’ interest to their own interest (increase AUM to increase their own income). So far, I can only find FCT which have DPU which increases y-o-y since listing. Other REITs have Mgrs who recalculate past DPUs using newly enlarged Share Base to mislead Unit Holders of an increasing DPU y-o-y trend…

May 1, 2014 REIT No Comments »

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