| Top 5 best performing S-REITs in 2024 | |||||
| Name | Stock Code | Market Cap S$M | 2024 SGD Total Returns % | Dividend Yield % | PB Ratio |
| Frasers Hospitality Trust | ACV | 1,098 | 24.3 | 5.4 | 0.9 |
| Keppel DC REIT | AJBU | 4,882 | 20.6 | 4.0 | 1.6 |
| Stoneweg European REIT | CWBU | 1,242 | 20.2 | 9.2 | 0.8 |
| Elite UK REIT | MXNU | 289 | 19.0 | 8.9 | 0.7 |
| Manulife US REIT | BTOU | 221 | 15.3 | N.A. | 0.3 |
| Top 5 Institutional Net Buy S-REITs in 2024 | |||||
| Name | Stock Code | Market Cap S$M | 2024 Insti Net Inflow S$M | Dividend Yield % | PB Ratio |
| Suntec REIT | T82U | 3,506 | 114.4 | 5.7 | 0.6 |
| Acrophyte Hospitality Trust | XZL | 157 | 41.0 | 14.4 | 0.3 |
| Keppel DC REIT | AJBU | 4,882 | 21.8 | 4.0 | 1.6 |
| Manulife US REIT | BTOU | 221 | 4.8 | N.A. | 0.3 |
| Digital Core REIT | DCRU | 1,033 | 2.2 | 5.8 | 0.9 |
| Top 5 Retail Net Buy S-REITs in 2024 | |||||
| Name | Stock Code | Market Cap S$M | 2024 Retail Net Inflow S$M | Dividend Yield % | PB Ratio |
| Mapletree Logistics Trust | M44U | 6,525 | 336.0 | 6.7 | 1.0 |
| CapitaLand Ascendas REIT | A17U | 11,441 | 282.6 | 5.7 | 1.1 |
| Mapletree Pan Asia Commercial Trust | N2IU | 6,422 | 220.5 | 7.0 | 0.7 |
| Frasers Logistics and Commercial Trust | BUOU | 3,348 | 191.1 | 7.5 | 0.8 |
| Mapletree Industrial Trust | ME8U | 6,379 | 115.9 | 5.8 | 1.2 |
Source: SGX, Bloomberg (data as of 31 Dec 2024).
After a challenging year for the Singapore real estate investment trusts (S-REITs) sector, S-REITs ended 2024 in the red, with the iEdge S-REIT Index generating a total return of -6.1 per cent inclusive of distributions. The S-REIT sector is now trading at a price-to-book ratio of 0.84 times, which represents a discount of around 16 per cent as compared to its longer-term average.
In the first half of 2024, S-REITs generated a total return of -11.4 per cent, but managed to recover more than half of their losses in the second half with a 6.0 per cent total return. In September last year, the US Federal Reserve commenced its first rate reduction in four years, with the three rate cuts in 2024 bringing the end of December fed funds rate at 4.25 to 4.50 per cent (previously 5.25 to 5.50 per cent).
The full-year performance of S-REITs is in line with the FTSE EPRA Nareit Asia ex Japan Index's -5.2 per cent total return. Across major REIT markets in Asia Pacific, Australia REITs generated a 13.4 per cent total return, while Japan REITs and Hong Kong REITs generated -11.3 per cent and -19.7 per cent total returns, respectively.
Specialized S-REITs achieved the highest total returns of 9.7 per cent in 2024, maintaining their position as the top performing sub-industry for the second consecutive year, following their performance in 2023. Healthcare and Retail S-REITs were also among the top-performing sub-industries in 2024, ranking second and third, respectively. On the other hand, underperformers for the year were Industrial, Diversified and Hospitality S-REITs.
The five best performing S-REITs in 2024 in SGD terms were Frasers Hospitality Trust (+24.3 per cent total returns), Keppel DC REIT (+20.6 per cent), Stoneweg European REIT (+20.2 per cent), Elite UK REIT (+19.0 per cent), and Manulife US REIT (+15.3 per cent).
In terms of fund flows, institutional investors recorded net outflows of S$1.6 billion while retail investors recorded net inflows of S$1.6 billion. Retail investors continued to net buy S-REITs after accumulating net retail inflows of S$790 million in 2023 and S$1.5 billion in 2022.
2024 also saw S-REITs become more active in their equity fundraising (EFR), raising over S$2.8 billion, and with two S-REITs launching EFR exercises that raised over S$1 billion.
For more research and information on Singapore's REIT sector, visit sgx.com/research-education/sectors for the SREITs & Property Trusts Chartbook.
REIT Watch is a regular column on The Business Times, read the original version.
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