SGX REIT Screener — 2026-05-30 04:23 UTC

8C8U

Centurion Accommodation REIT

Real Estate · 3 years data ·

S1: —

S2: 1/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.92×	—	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+25.5%		● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+60.4%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+2070.6%	—	● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	5.83×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+60.4%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.58×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.6%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

C2PU

Parkway Life Real Estate Investment Trust

Real Estate · 5 years data · ●1 Yellow

S1: —

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	0.73×		● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+7.7%		● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+84.3%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3337.8%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	9.44×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+84.3%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.81×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.6%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

P40U

Starhill Global Real Estate Investment Trust

Real Estate · 5 years data · ●3 Yellow

S1: —

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.43×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+1.2%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+67.7%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3584.3%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.09×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+67.7%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.68×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+0.3%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

UIBU

UIBREIT

Real Estate · 3 years data · ●3 Yellow

S1: —

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	0.79×	—	● Yellow (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-1.5%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+70.5%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3648.7%	—	● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	8.11×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+70.5%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.68×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.99×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.3%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

CRPU

Sasseur Real Estate Investment Trust

Real Estate · 5 years data · ●1 Yellow

S1: —

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.68×		● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-2.2%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+92.5%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+2507.5%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	6.04×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+92.5%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.91×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.95×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.7%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

C38U

CapitaLand Integrated Commercial Trust

Real Estate · 5 years data · ●3 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.17×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+2.1%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+73.5%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3650.1%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.83×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+73.5%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.67×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+3.7%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

M44U

Mapletree Logistics Trust

Real Estate · 5 years data · ●3 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.96×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-2.7%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+72.8%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4067.8%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.52×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+72.8%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.73×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.96×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.7%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

ME8U

Mapletree Industrial Trust

Real Estate · 5 years data · ●1 Red ●1 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.96×		● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-5.5%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+64.1%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+2964.9%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	5.18×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+64.1%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.68×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.95×		● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+6.9%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

HMN

CapitaLand Ascott Trust

Real Estate · 5 years data · ●2 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.09×		● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+3.5%		● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+46.0%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3818.3%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.74×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+46.0%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.37×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+8.4%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

9A4U

ESR REIT

Real Estate · 5 years data · ●1 Red ●2 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	9.29×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+20.4%		● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+68.6%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4794.2%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.82×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+68.6%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.67×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+12.5%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

O5RU

AIMS APAC REIT

Real Estate · 5 years data · ●2 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	0.94×		● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+2.2%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+67.1%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+2807.7%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.99×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+67.1%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.64×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.0%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

SEB

Stoneweg Europe Stapled Trust

Real Estate · 5 years data · ●3 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.10×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+0.8%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+59.9%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4173.4%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.78×		● Yellow (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+59.9%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.57×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.97×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.7%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

SET

Stoneweg Europe Stapled Trust

Real Estate · 5 years data · ●3 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.10×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+0.8%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+59.9%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4173.4%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.78×		● Yellow (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+59.9%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.57×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.97×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.7%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

M1GU

Alpha Integrated Real Estate Investment Trust

Real Estate · 5 years data · ●2 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	0.96×		● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+6.0%		● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+52.0%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4008.4%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.48×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+52.0%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.49×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+8.6%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AW9U

First Real Estate Investment Trust

Real Estate · 5 years data · ●3 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	2.23×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-1.6%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+87.0%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4176.9%		● Yellow (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	5.12×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+87.0%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.82×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.90×		● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.2%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

DHLU

Daiwa House Logistics Trust

Real Estate · 3 years data · ●1 Red ●1 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.09×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+1.2%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+76.0%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4561.3%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	5.54×		● Green (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+76.0%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.69×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.97×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.1%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

ODBU

United Hampshire US Real Estate Investment Trust

Real Estate · 5 years data · ●3 Yellow

S1: —

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	2.10×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-1.5%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+62.9%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3946.7%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.77×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+62.9%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.60×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.98×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.7%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AJBU

Keppel DC REIT

Real Estate · 5 years data · ●4 Yellow

S1: —

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	0.61×		● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+42.2%		● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+78.2%		● Yellow (1)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3473.6%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	6.71×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+78.2%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.75×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+21.5%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

TS0U

OUE Real Estate Investment Trust

Real Estate · 5 years data · ●1 Red ●3 Yellow

S1: —

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	5.99×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-7.4%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+73.8%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3348.4%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.63×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+73.8%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.74×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.93×		● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+12.8%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

N2IU

Mapletree Pan Asia Commercial Trust

Real Estate · 5 years data · ●1 Red ●4 Yellow

S1: —

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	2.24×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-4.4%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+67.9%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3602.5%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.64×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+67.9%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.75×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.90×		● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+11.8%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BUOU

Frasers Logistics & Commercial Trust

Real Estate · 4 years data · ●1 Red ●3 Yellow

S1: —

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.47×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+5.6%		● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+71.9%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3600.8%		● Yellow (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.97×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+71.9%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.63×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.2%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

Q5T

Far East Hospitality Trust

Real Estate · 4 years data · ●5 Yellow

S1: —

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	2.92×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+2.5%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+76.9%		● Yellow (1)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+2960.4%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.62×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+76.9%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.75×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+14.8%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

D5IU

Landmark REIT

Real Estate · 5 years data · ●2 Red ●2 Yellow

S1: —

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	3.05×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+5.4%		● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+58.8%		● Yellow (1)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4317.0%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	1.99×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+58.8%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.53×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.7%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

A17U

CapitaLand Ascendas REIT

Real Estate · 5 years data · ●5 Yellow

S1: —

S2: 8/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.43×		● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+1.0%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+69.4%		● Yellow (1)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4020.8%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.58×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+69.4%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.63×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.4%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

K71U

Keppel REIT

Real Estate · 5 years data · ●2 Red ●1 Yellow

S1: —

S2: 8/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	0.49×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+4.9%		● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+78.7%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3764.6%		● Yellow (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	1.69×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+78.7%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.55×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+3.9%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

NTDU

NTT DC REIT USD

Real Estate · 4 years data · ●1 Red ●3 Yellow

S1: —

S2: 8/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	18.99×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+6.1%		● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+35.1%		● Yellow (1)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+2887.3%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	4.52×		● Green (0)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+35.1%		● Yellow (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.09×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.83×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+20.2%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

T82U

Suntec Real Estate Investment Trust

Real Estate · 5 years data · ●2 Red ●3 Yellow

S1: —

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.50×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+1.7%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+66.8%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3729.2%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	1.68×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+66.8%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.53×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.3%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AU8U

CapitaLand China Trust

Real Estate · 5 years data · ●3 Red ●2 Yellow

S1: —

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-27.84×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-11.1%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+60.7%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3785.8%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.13×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+60.7%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.60×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.79×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+3.3%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

DCRU

Digital Core REIT

Real Estate · 4 years data · ●3 Red ●2 Yellow

S1: —

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	1.96×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+72.2%		● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+44.1%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3523.1%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.62×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+44.1%		● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.42×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+45.2%		● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

J69U

Frasers Centrepoint Trust

Real Estate · 5 years data ·

S1: —

S2: 10/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	—		● N/A (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	—		● N/A (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	—		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	—		● N/A (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	—		● N/A (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	—		● N/A (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	—		● N/A (1)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	—		● N/A (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.2%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

JYEU

Lendlease Global Commercial REIT

Real Estate · 5 years data · ●4 Red ●1 Yellow

S1: —

S2: 10/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	2.29×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-6.5%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+61.7%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4204.8%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.39×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+61.7%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.62×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.93×		● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+58.7%		● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

CMOU

KORE US REIT

Real Estate · 5 years data · ●3 Red ●3 Yellow

S1: —

S2: 10/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-18.88×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+1.8%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+52.0%		● Yellow (1)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4397.1%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.49×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+52.0%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.49×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.99×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.4%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

J85

CDL Hospitality Trusts

Real Estate · 4 years data · ●3 Red ●3 Yellow

S1: —

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-3.97×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	+2.8%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+48.5%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3993.4%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.21×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+48.5%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.33×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+6.0%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BMGU

BHG Retail REIT

Real Estate · 5 years data · ●4 Red ●2 Yellow

S1: —

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-8.47×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-9.6%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+52.1%		● Yellow (1)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+3351.3%		● Green (0)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	1.69×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+52.1%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.49×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.83×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.0%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

MXNU

Elite UK REIT

Real Estate · 4 years data · ●2 Red ●5 Yellow

S1: —

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	2.65×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-2.0%		● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+90.1%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4194.2%		● Yellow (1)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.35×		● Yellow (1)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+90.1%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.79×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.85×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+18.1%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

XZL

Acrophyte Hospitality Trust

Real Estate · 5 years data · ●4 Red ●2 Yellow

S1: —

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-1.21×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-6.0%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+56.0%		● Green (0)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4270.0%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	1.75×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+56.0%		● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.02×		● Yellow (1)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.90×		● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.2%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

OXMU

Prime US REIT

Real Estate · 5 years data · ●5 Red ●1 Yellow

S1: —

S2: 12/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	3.12×		● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-6.1%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+45.6%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4431.5%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	1.74×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+45.6%		● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.50×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.80×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.5%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BTOU

Manulife US Real Estate Investment Trust

Real Estate · 5 years data · ●7 Red ●1 Yellow

S1: —

S2: 16/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-0.35×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-32.0%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+46.7%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+5904.2%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	2.03×		● Red (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+46.7%		● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.42×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.55×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+17.6%		● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

UD1U

IREIT Global

Real Estate · 5 years data · ●7 Red ●1 Yellow

S1: —

S2: 17/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-0.24×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-33.3%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+61.1%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4457.9%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.72×		● Yellow (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+61.1%		● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.53×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.67×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+26.0%		● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

8U7U

IREIT Global

Real Estate · 5 years data · ●7 Red ●1 Yellow

S1: —

S2: 17/20

○ Weak Screen Match↑ summary

Module A — Earnings & Distribution Quality
A1	Cash Conversion	-0.24×		● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	—	—	● N/A (1)▶
Non-Operating Income — Dividends paid as a ratio of operating cash flow — above 100% means the REIT is distributing more than it generates. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Revenue & NPI Momentum
B1	Revenue Growth YoY	-33.3%		● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+61.1%		● Red (2)▶
Operating Leverage — Net property income margin (GP/Revenue) trend — declining margins signal rising property costs or vacancy. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Gearing & Leverage
C1	Net Debt / EBITDA	+4457.9%		● Red (2)▶
Net Debt / EBITDA — Debt / Total Assets — MAS regulatory cap is 50%. Below 35% gives ample headroom for acquisitions. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	3.72×		● Yellow (2)▶
Receivables vs Revenue Δ — EBITDA / Interest Expense — ability to service debt. Below 2.5x is a warning sign. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+61.1%		● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.53×		● Green (0)▶
NI / GP Stability — Deviation of operating margin from its historical median — strips out fair value gains that distort NI for REITs. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.67×		● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+26.0%		● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

SGX — REIT Screener

Yield vs Gearing Map

Stage 2 Quality Analysis

Centurion Accommodation REIT

Parkway Life Real Estate Investment Trust

Starhill Global Real Estate Investment Trust

UIBREIT

Sasseur Real Estate Investment Trust

CapitaLand Integrated Commercial Trust

Mapletree Logistics Trust

Mapletree Industrial Trust

CapitaLand Ascott Trust

ESR REIT

AIMS APAC REIT

Stoneweg Europe Stapled Trust

Stoneweg Europe Stapled Trust

Alpha Integrated Real Estate Investment Trust

First Real Estate Investment Trust

Daiwa House Logistics Trust

United Hampshire US Real Estate Investment Trust

Keppel DC REIT

OUE Real Estate Investment Trust

Mapletree Pan Asia Commercial Trust

Frasers Logistics & Commercial Trust

Far East Hospitality Trust

Landmark REIT

CapitaLand Ascendas REIT

Keppel REIT

NTT DC REIT USD

Suntec Real Estate Investment Trust

CapitaLand China Trust

Digital Core REIT

Frasers Centrepoint Trust

Lendlease Global Commercial REIT

KORE US REIT

CDL Hospitality Trusts

BHG Retail REIT

Elite UK REIT

Acrophyte Hospitality Trust

Prime US REIT

Manulife US Real Estate Investment Trust

IREIT Global

IREIT Global

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