Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.</li><li>This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.</li><li>The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. </li></ul>

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. 

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

<ul>
<li>Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.</li>
<li>For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. </li>
<li>These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.</li>
</ul>


Of the 30 companies that constitute the Straits Times Index (STI), Real Estate Investment Trusts (REITs) have long been a cornerstone.
For investors seeking growth and diversification beyond the blue-chip giants, the iEdge Singapore Next 50 indices present a compelling hunting ground beyond the 30 largest companies on the SGX. 
These indices track the next 50 largest stocks after the top 30 SGX stocks ranked by market capitalization, and are home to a dynamic cohort of REITs.


REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Alpha-Centric ESG Research

Kyle Rudden

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>Keppel DC REIT's DPU rose 11.3% in 1H26, driven by positive rental reversions and higher effective interests in assets.</li><li>Digital Core REIT maintained stable DPU despite lower net property income, with 97.3% occupancy and 25% rental reversions.</li><li>NTT DC REIT's occupancy increased to 95.9%, exceeding IPO projections with 10.6% higher distributable income and 31.0% leverage.</li></ul>

Keppel DC REIT's DPU rose 11.3% in 1H26, driven by positive rental reversions and higher effective interests in assets.Digital Core REIT maintained stable DPU despite lower net property income, with 97.3% occupancy and 25% rental reversions.NTT DC REIT's occupancy increased to 95.9%, exceeding IPO projections with 10.6% higher distributable income and 31.0% leverage.

REIT Watch - Data Centre S-REITs Power Ahead on AI and Cloud Growth

Singapore

CapitaLand India Trust is a Singapore-listed property trust that invests in and develops income-producing real estate, primarily business spaces in India. Its portfolio includes IT business parks, industrial facilities, logistics parks, and data centers across major Indian cities. The trust was listed in August 2007 and is headquartered in Singapore.

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CapitaLand India Trust (CLINT SP)

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge...

Corporate Monitor Limited

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

REIT Watch - Data Centre S-REITs Power Ahead on AI and Cloud Growth

Keppel DC REIT's DPU rose 11.3% in 1H26, driven by positive rental reversions and higher effective interests in assets. Digital Core REIT...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge...

Corporate Monitor Limited

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

REITs Beyond the STI: A Review of the REIT Components of the iEdge Singapore Next 50 Indices

​Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

Golden Section Capital

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

REIT Watch - Data Centre S-REITs Power Ahead on AI and Cloud Growth

Keppel DC REIT's DPU rose 11.3% in 1H26, driven by positive rental reversions and higher effective interests in assets. Digital Core REIT...

Singapore Exchange Ltd (SGX)

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Large capitalization S-REITs are a cornerstone of the STI, but investors can find growth and diversification in the REITs of the iEdge Singapore...

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...