Singapore’s largest S-REITS averaged 5.6% dividend yield in 2023: SGX

FLCT maintains the highest indicative yield, whilst CICT has the highest market value.

Singapore’s five largest real estate investment trusts (REITs) averaged 5.6% in dividend yield in 2023, according to data from the Singapore Exchange (SGX).

Amongst the ten largest S-REITs by market value, Frasers Logistic and Commercial Trust (FLCT) maintains the highest indicative yield, at 6.2%. This yield came on the back of a 5.8% decline in its unit price over the past 12 months and a 7.04 cents distribution per unit for the 2023 fiscal year, versus 7.62 cents for 2022.

Frasers Centrepoint Trust (FCT), meanwhile, saw the strongest unit price performance in 2023 with a 10.2% increase in price unit, according to the latest market update report by the SGX. 

Meanwhile, CapitaLand Integrated Commercial Trust (CICT) maintains the highest market value amongst S-REITs, at S$13.4b.

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The S-REIT sector's 10 largest trusts by market value maintained an average price-to-book (P/B) ratio of 0.93x as of 5 January 2024. On average, they were 13% lower than their 5-year P/B ratios. Only Suntec REIT was above its Refinitiv consensus estimate target price, at S$1.24 versus SS$1.15, SGX noted.

The other nine trusts were 8% below their Refinitiv consensus estimate target prices on average. 

Overall, the whole S-REIT sector saw their unit prices at an average and median of 20% and 15%. Respectively, at the end of 5 January 2024– below Refinitiv consensus estimate target prices, and with an average/median P/B ratio of 0.74x.