Analysing REITS

[CY09]

I have my own coverage on the office spaces REIT and based on SGX data, some are much lower.

On a P/B basis, it seems UK is priced at the least discount while both Singapore and US office space are priced at fairly distressed level with the US office REIT pricing at an additional factor of having dividend yields greater than 10%. For example, PRIME REIT is being priced at a forward dividend yield of 14% (assuming they only distribute 90% of income avaliable for income distribution)

Elite Commercial Reit
0.8
Keppel Pacific Oak US Reit
0.6
Keppel Reit
0.6
IReit Global
0.6
Prime US Reit
0.45
Manulife US Reit
0.45 (after reported revaluation loss of 10.9%)