Fees paid to REIT managers can be a touchy subject but we will attempt to poke the subject with a stick in this issue. Firstly, we have updated our fees table of Singapore-listed REITs based on their latest annual reports for FY2020 and FY2021. In order to standardise the fees, we have highlighted them as a percentage of assets excluding acquisition and divestment fees (see big table).

Here are a few general observations. As a group, REITs with overseas assets such as the US-based office REITs and a couple of other REITs with foreign assets have the highest fees as a percentage of deposited property. So, in addition to currency risk, different risk-free rates, tax issues and unfamiliarity with the properties being based in another country, investors are paying the managers the highest fees. 

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