The latest earnings season for Singapore-listed Real Estate Investment Trust (S-REITs) has commenced, with seven trusts reporting their latest financial results or business updates last week.
Another 30 S-REITs have also announced that their latest earnings will be scheduled for release between July 28 and Aug 14. Among the 37 S-REITs, 31 are reporting quarterly or half-year financial results, four will provide quarterly business updates, and two will provide full-year financial results.
$Sabana Reit(M1GU.SI)$ , $DigiCore Reit USD(DCRU.SI)$ , $Mapletree Log Tr(M44U.SI)$ (MLT) and $OUEREIT(TS0U.SI)$ kicked off the current earnings season last Wednesday (July 23), followed by $Suntec Reit(T82U.SI)$ and $Frasers Cpt Tr(J69U.SI)$ (FCT) on Thursday (July 24), as well as $Keppel DC Reit(AJBU.SI)$ on Friday.
Of the REITs that have announced their earnings so far, most have reported stable operating performances, with some improvements in distributions per unit (DPU) observed in the latest reporting period.
REIT managers, however, remain watchful over the impact of trade tensions and tariffs going forward and are focused on portfolio and capital management efforts while eyeing opportunities.
1. $Sabana Reit(M1GU.SI)$
Sabana REIT’s DPU rose 26.9% year-on-year to S$0.017 in H1 2025, on the back of higher gross revenue and net property income (NPI). The manager said that the strong performance was supported by improved occupancy at certain properties and positive rental reversions across the portfolio.
However, it noted that rising geopolitical tensions, the uncertain trade outlook, and cost pressures are headwinds, and its priority is to optimize portfolio occupancy rate while mitigating operational costs to attract and retain cost conscious tenants.
2. $DigiCore Reit USD(DCRU.SI)$
Elsewhere, Digital Core REIT reported stable DPU of US$0.018 in the first half of 2025, amid higher gross revenue and NPI. The Reit manager noted that data centre fundamentals continue to tighten across core global markets, and it remains focused on capitalizing on the favourable industry backdrop to create durable value for unitholders.
In the first half of 2025, Digital Core REIT repurchased a total of 1.8 million units at an average price of US$0.565, generating DPU accretion of approximately 0.1%. The units were held as treasury units and were subsequently cancelled.
3. $OUEREIT(TS0U.SI)$
OUE REIT reported a 5.4% improvement in DPU for the first half of 2025, following a significant decline in finance costs, which fell 17.3% on year. The REIT’s revenue and NPI fell slightly during the period on a like-for-like basis as its resilient Singapore commercial portfolio partially offset lower hospitality contributions.
OUE REIT’s manager noted that its disciplined capital management, coupled with the decline in the Singapore Overnight Rate Average (SORA), has enabled the lower financing costs, supporting DPU growth.
4. $Suntec Reit(T82U.SI)$
Other S-REITs with Singapore assets have also noted improvements in their financing costs.
Suntec REIT reported a 3.7% improvement in DPU for H1, with its Singapore office, retail and convention portfolios continuing to deliver strong operating performances. The manager also noted that financing costs for Suntec REIT declined amid refinancing efforts, as well as the paring down of debt with divestment proceeds from Suntec strata office units.
5. $Frasers Cpt Tr(J69U.SI)$
Similarly, FCT said that its cost of debt was improving, declining to 3.7% in 3Q25, down from 4.1% a year ago.
The REIT’s committed occupancy remained stable and high, at 99.9%, with shopper traffic and tenants’ sales improving 2.1% and 4.4% respectively, compared to the prior-year period. Its manager also noted that limited supply and healthy demand continue to underpin the Singapore suburban retail market.
6. $Mapletree Log Tr(M44U.SI)$
Elsewhere, MLT reported stable operating metrics with 95.7% occupancy and 2.1% positive rental reversions.
Gross revenue and NPI fell 2.4% and 2.1% respectively on year, mainly due to foreign exchange impact and loss of contribution from 12 divested properties. On a constant currency basis, the portfolio’s operational performance was stable.
Excluding divestment gains, DPU from operations rose 0.5% quarter-on-quarter, reflecting stable operational performance. However, its DPU was lower year-on-year, amid weaker regional currencies and the absence of a one-off divestment gain.
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