Glossary

Plain-English definitions of the metrics we show across the site.

DPU— Distribution Per Unit

Dollar amount each unit holder receives per distribution period. Quarterly for most S-REITs; monthly for a few.

NAV— Net Asset Value

Book value of the REIT's assets minus liabilities, divided by units outstanding. Compared against market price to derive premium/discount.

FFO— Funds From Operations

Net income excluding non-cash items (depreciation, fair-value gains). The number from which DPU is paid.

Payout ratio— DPU / FFO

How much of operating cash flow is paid out. Below 90% leaves a buffer; closer to 100% means cuts are more likely on any cash-flow shock.

Coverage ratio— FFO / DPU paid

Inverse of payout ratio. Above 1.1× means the REIT comfortably covers what it pays.

Gearing— Debt / total assets

Leverage ratio. SG regulatory cap is 50% (45% historically); staying under 40% gives refinancing flexibility.

Occupancy— Leased portfolio %

Share of property gross floor area or units currently leased. Above 90% is the SG market norm.

WALE— Weighted Average Lease Expiry

How many years on average until current leases expire, weighted by rental income. Longer is more predictable.

Cut risk score— REIT Lens composite

0–100 score combining payout, coverage, occupancy, gearing thresholds. Higher = lower risk of a distribution cut.

Aristocrat— 10+ years uninterrupted

REIT that has paid distributions every year for at least 10 consecutive years with no cuts.