How we compute the S-REIT yield spread

What the number is

The headline figure is a cap-weighted aggregate of each REIT's trailing-12-month distribution yield. Every input — distributions, unit prices, unit counts — is taken from that REIT's own investor-relations publications and combined with plain arithmetic. We don't license or reproduce any SGX index, and we don't pull a live quote: everything here is computed from disclosed, dated source documents.

Per-REIT trailing yield

For each REIT, we sum the actual regular distributions it paid over the trailing 12 months and divide by its latest disclosed unit price:

trailing yield = (sum of regular distributions, trailing 12 months) ÷ latest disclosed unit price

• Each period's full distribution counts. When a periodic payout is split into tranches around a share placement — an early "advance" plus the later balance — we fold both into that period's DPU. Distributions recorded outside the regular cycle are excluded: one-off specials (e.g. a top-up funded by a divestment gain) and an advance relating to a future period's fund-raising, so they don't distort the recurring figure.
• Anchored on payment date. A distribution counts toward the trailing window based on the date it was actually paid to unitholders, not the accounting period it relates to.

Cadence-aware completeness

REITs pay distributions on different schedules — semi-annually or quarterly — and some split a payment into instalments that do not match the schedule. So we do not count payments; we add up the months of accounting period each payment covers, and publish a yield only when the payments in the trailing window cover exactly 12 months. A REIT whose in-window payments cover 9 or 15 months gets no yield rather than a figure that would understate or overstate the true distribution. This replaced a count-the-payments rule in August 2026: counting cannot tell a genuine three-quarter gap from a payment that was split in two.

Cap-weighting

Once each REIT has a trailing yield, we combine them into a single aggregate weighted by market capitalisation (latest unit price × units outstanding), so a larger REIT moves the aggregate more than a smaller one. A REIT without a qualifying yield (see above) or with a suppressed yield (see below) is excluded from both the numerator and the denominator — it doesn't drag the aggregate down or get treated as zero.

Prices are dated snapshots, not live

Live SGX market data is licence-gated. Because we source facts from each REIT's own results and compute the yield ourselves, no market-data licence attaches to this figure — but it also means the unit price behind each yield is a dated snapshot, not a real-time quote. Every price we show carries its "as of" date and links out to the issuer so you can check the current quote yourself before relying on it.

Material-event suppression

If a rights issue, DPU cut, merger, or major divestment has occurred since we last verified a REIT's figures, we suppress that REIT's yield — showing it as under review rather than a stale number — until we re-curate its distributions, price, and unit count against fresh source documents.

Suppression covers every figure that depends on the unaffected inputs, not just the yield: because an event such as an equity fund raising changes the number of units in issue, we also withhold that REIT's market capitalisation until the unit count is re-verified, rather than publish one computed from a superseded unit base. A suppressed REIT is excluded from the cap-weighted aggregate entirely — which is why the spread page states how many of the REITs we track actually fed the figure.

Coverage: the set we have fully verified

The set currently covers 24 REITs — Mapletree Logistics Trust (M44U), Keppel DC REIT (AJBU), CapitaLand Integrated Commercial Trust (C38U), CapitaLand Ascendas REIT (A17U), Frasers Centrepoint Trust (J69U), Frasers Logistics & Commercial Trust (BUOU), CapitaLand Ascott Trust (HMN), Suntec REIT (T82U), Keppel REIT (K71U), ParkwayLife REIT (C2PU), CapitaLand China Trust (AU8U), Mapletree Industrial Trust (ME8U), Mapletree Pan Asia Commercial Trust (N2IU), ESR-REIT (9A4U), First REIT (AW9U), Starhill Global REIT (P40U), OUE REIT (TS0U), Far East Hospitality Trust (Q5T), AIMS APAC REIT (O5RU), Daiwa House Logistics Trust (DHLU), Sasseur REIT (CRPU), Alpha Integrated REIT (M1GU), UI Boustead REIT (UIBU) and Centurion Accommodation REIT (8C8U) — the S-REITs we have fully verified, weighted toward the largest. It is not a ranking and not the whole S-REIT market: some larger S-REITs are absent, and the set includes smaller ones we have verified. We'd rather show a checkable set than a bigger one we haven't verified.

Sourcing

Every figure — distributions, unit prices, unit counts — comes from that REIT's own investor-relations publications (issuer domains, typically results announcements and financial statements), never from sgx.com. Each figure on this site carries its source document and its date, so you can trace any number back to where it came from.