How we compute the S-REIT yield spread
The figure on our S-REIT yield spread page is a number we compute ourselves from each REIT's own published results — it is not an SGX index and not a live market feed. This page explains exactly how, so the figure is checkable rather than a black box.
Not financial advice.
This page describes a calculation, not a recommendation. It does not rank, score, or suggest any REIT, and nothing here should be read as advice to buy, hold, or sell any security.
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. We require the full set of regular distributions for a REIT's own cadence within the trailing year (2 payments for semi-annual payers, 4 for quarterly payers) before we compute a yield for it. If a REIT's payment history can't yet cover a full trailing year — for example, only 3 of 4 quarterly payments are on record — we show no yield for that REIT rather than annualising a partial figure, which would understate the true distribution.
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.
Coverage: a small, growing proof set
The set currently covers 14 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) and ESR-REIT (9A4U) — the largest S-REITs by market capitalisation that we have fully verified so far. It is a proof set, not the whole S-REIT market, and we expand it over time as more REITs are curated and verified. We'd rather show a small, checkable set than a large 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.
Back to the S-REIT yield spread . Rates and yields here are informational only — always verify against the REIT's own investor-relations filings before acting.