Frasers Centrepoint Trust is part of Singapore's Straits Times Index, whereas Keppel REIT and Suntec REIT are on the STI reserve list.
It's no surprise these REITs feature substantial multi-billion dollar market caps.
All three are set to issue distributions to unitholders in November.
However, their latest quarterly reports present diverse scenarios for dividend seekers.
Keppel REIT: 25 November 2025
Keppel REIT's primary figures conceal its underlying potential.
In the first nine months of 2025, property income increased by 5.5% year-over-year (YoY) to S$204.5 million, with net property income rising significantly by 8.6% to S$161.3 million.
Nevertheless, distributable income from operations dropped by 0.6% to S$144.6 million.
The discrepancy stems from management's decision to accept 25% of fees in cash beginning in FY2025 instead of in units.
If fees continued to be paid entirely in units, distributable income would have grown 6.7% YoY to S$155.3 million.
Operational metrics remain strong.
Portfolio occupancy improved to 96.3% from the previous quarter’s 95.9%, with rental reversions of 12% achieved over 1.4 million square feet of committed leases.
The Singapore portfolio, which accounts for 78.5% of assets, experienced higher rents at Marina Bay Financial Centre and One Raffles Quay, propelling associate results by 15.4% YoY to S$75.4 million.
Keppel REIT’s strategy includes acquiring a 75% stake in Sydney’s Top Ryde City Shopping Centre for A$393.8 million, marking its advance into retail.
Frasers Centrepoint Trust: 28 November 2025
Frasers Centrepoint Trust (FCT) is the leading suburban retail REIT in Singapore, with ownership of nine malls totaling approximately three million square feet in retail space.
The REIT manages S$8.3 billion in assets.
For FY2025, ending on 30 September, FCT recorded a gross revenue of S$389.6 million, a 10.8% increase YoY from S$351.7 million in FY2024.
Net property income rose 9.7% to S$278.0 million, compared to S$253.4 million the previous year.
DPU ascended by 0.6% to S$0.12113, from S$0.12042 in FY2024.
The REIT’s retail portfolio saw a committed occupancy of 98.1% as of 30 September 2025, down from 99.9% in the prior quarter due to Cathay Cineplexes’ exit at Causeway Point and Century Square.
Without this impact, occupancy would have steadied at 99.9%.
Rental reversions sustained at 7.8% for FY2025.
Shopper traffic increased 1.6% YoY, while tenant sales rose 3.7%.
FCT’s noteworthy performance was mainly driven by the acquisition of Northpoint City South Wing on 26 May 2025 for over S$1.1 billion, along with strong retail operations portfolio-wide.
The REIT also divested Yishun 10 Retail Podium on 23 September 2025 as part of its strategic portfolio reshaping.
Future outlook includes ongoing enhancements at Hougang Mall, with over 80% leasing pre-commitment and anticipated completion by September 2026.
FCT bolstered its financial foundation through S$421.3 million in equity fundraising and S$200 million in perpetual securities issuance, reducing its debt cost in 4Q’FY25 to 3.5% from 4.1% for FY2024.
Suntec REIT: 28 November 2025
Like Keppel REIT, Suntec REIT is one of the five STI reserve stocks.
Suntec REIT reported the highest DPU growth at 12.5% YoY to S$0.018 for 3Q’25, but this conceals varied results.
Gross revenue slightly dropped 0.2% YoY to S$117.5 million, while net property income decreased by 1.6% to S$78.5 million.
The DPU growth leans on non-operational factors: S$6 million from lowered financing costs and a S$2.0 million reversal of withholding tax provisions.
Though impactful, these aren't long-term growth catalysts.
Occupancy metrics remain commendable, with Singapore offices at 98.5% occupancy and retail at 99.3%. Australian property occupancy stands at 87.3%, and the UK at 92.5%.
Rental reversions were positive at 8.5% for Singapore office, 8.6% for Singapore retail, and 11.9% for Australia.
However, these haven't translated into revenue or net property income growth.
Plans for asset enhancement at Suntec City Mall in the second half of 2025, aiming for returns of 30% to 40%, could provide the necessary operational boost.
Until then, distribution growth remains under scrutiny as temporary benefits normalize.
Key Takeaway: Sustainability Matters
For dividend-focused investors considering these November distributions, the lesson is clear: headline DPU growth can be misleading.
FCT offers the most sustainable profile with real operational growth, enhanced balance sheet strength, and reduced financing expenses.
Keppel REIT shows robust fundamentals overshadowed by fee structure adjustments.
Suntec REIT’s impressive DPU growth hinges on non-recurring financial tactics rather than genuine operational advancements.
It is essential for REIT investors to focus on net property income growth, occupancy trends, and rental reversions rather than simply DPU numbers.
As these three monumental REITs prepare for their November payouts, investors should look beyond the payment notifications to the operational strengths lurking beneath.
In the REIT industry, sustainable distributions consistently outperform one-off gains.
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