I use rolling P/E because it is derived from the actual net earnings for the last reported 4 quarters or 2 half-years. Which makes it more current.
Fraser Cpt Tr shows the lowest ND/E of 0.376x, has the highest CAGR for earnings at 44.98% and lowest Rolling PE of 6.053x among pure local reits. On a side note, it has lower div yield of 5.196% and Price to books slightly more than 1.
Fortune Reit also falls within my criteria. It has a lower P/E of 4.15x and a price to book of 0.6307x. We should take into account some discount to its nav for its pure foreign property play(eg Lippomall, Saizen etc) and forex risk. CAGR for earnings is at a decent 21.81%.
StarhillGbl Reit although exposed to predominately Singapore properties(Wisma and Takashimaya) has around 35% overseas properties(Malaysia, Australia and Japan) contributing to its earnings. Not as attractive as Fraser Cpt Tr(P/E & ND/E wise) but trading below books at 0.8536x.
This is pretty much a give and take situation. The reit that has the highest earnings growth rate and falls within my net debt and P/E criteria is Fraser Cpt Tr. Coincidentally, it is also a sponsored pure local reit which I personally prefer. Only problem is its Price/Nav. I always have a habit of buying into reits with Price/Nav of less than 1. Each to his/her own.