Income Alert: Get Paid This Month with 3 Singapore Billionaire REITs

The Smart Investor11-04

Frasers Centrepoint Trust (SGX: J69U) sits in Singapore’s Straits Times Index (SGX: ^STI), while Keppel REIT (SGX: K71U) and Suntec REIT (SGX: T82U) are on the STI reserve list. Given their pedigree,...

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07:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/income-alert-get-paid-this-month-with-3-singapore-billionaire-reits/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Frasers Centrepoint Trust (SGX: J69U) sits in Singapore’s Straits Times Index (SGX: ^STI), while Keppel REIT (SGX: K71U) and Suntec REIT (SGX: T82U) are on the STI reserve list.\n\nGiven their pedigree,...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/income-alert-get-paid-this-month-with-3-singapore-billionaire-reits/\">Source 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pedigree, it’s no surprise that the trio each boast multi-billion dollar market capitalisations. \n\nHere’s another similarity: in November, all three will be delivering distributions to unitholders. \n\nYet, their latest quarterly results reveal different realities for dividend investors.\n\nKeppel REIT (SGX: K71U): 25 November 2025\nKeppel REIT presents an interesting case where headline numbers obscure underlying strength. \n\nFor the first nine months of 2025 (9M2025), property income rose 5.5% year on year (YoY) to S$204.5 million while net property income climbed an impressive 8.6% to S$161.3 million. \n\nYet, distributable income from operations declined 0.6% to S$144.6 million.\n\nThe devil lies in the details. \n\nManagement’s decision to receive 25% of fees in cash starting from FY2025, rather than in units, created this distortion. \n\nHad fees been paid entirely in units as before, distributable income would have grown 6.7% YoY to S$155.3 million — a materially different story.\n\nOperational metrics remain robust. \n\nPortfolio committed occupancy improved to 96.3% from 95.9% the previous quarter, with rental reversions of 12% achieved across over 1.4 million square feet of committed leases. \n\nThe Singapore portfolio, representing 78.5% of assets, saw higher rentals at Marina Bay Financial Centre and One Raffles Quay, lifting the share of results from associates by 15.4% YoY to S$75.4 million.\n\nThe proposed acquisition of a 75% interest in Top Ryde City Shopping Centre in Sydney for A$393.8 million marks Keppel REIT’s strategic expansion into retail. \n\nFrasers Centrepoint Trust (SGX: J69U): 28 November 2025\nFrasers Centrepoint Trust (FCT) is Singapore’s leading pure-play suburban retail REIT, owning nine suburban malls with approximately three million square feet of retail space. \n\nThe REIT manages S$8.3 billion in assets under management.\n\nFor the fiscal year ending 30 September 2025 (FY2025), FCT delivered gross revenue of S$389.6 million, up 10.8% YoY from S$351.7 million in FY2024. \n\nNet property income rose 9.7% to S$278.0 million compared to S$253.4 million a year ago. \n\nDistribution per unit (DPU) increased 0.6% to S$0.12113, up from S$0.12042 in FY2024.\n\nThe REIT’s retail portfolio committed occupancy stood at 98.1% as at 30 September 2025, down from 99.9% in the previous quarter due to Cathay Cineplexes’ exit at Causeway Point and Century Square. \n\nExcluding this impact, occupancy remained steady at 99.9%. \n\nRental reversion remained resilient at 7.8% for FY2025. \n\nShopper traffic increased 1.6% YoY, whilst tenant sales grew 3.7%.\n\nFCT’s strong performance was driven by the acquisition of Northpoint City South Wing, completed on 26 May 2025 for a little over S$1.1 billion, along with a solid retail operating performance across the portfolio. \n\nOn the flip side, the REIT divested Yishun 10 Retail Podium on 23 September 2025 as part of its proactive portfolio reconstitution strategy.\n\n\nLooking ahead, the Hougang Mall asset enhancement initiative progresses well, with over 80% leasing pre-commitment and targeted completion by September 2026. \n\nNotably, FCT strengthened its balance sheet through S$421.3 million in equity fundraising and S$200 million in perpetual securities issuance, reducing its cost of debt to 3.5% in 4Q’FY25 from 4.1% for FY2024.\n\nSuntec REIT (SGX: T82U): 28 November 2025\nLike Keppel REIT, Suntec REIT is one of the five STI reserve stocks. \n\nSuntec REIT delivered the most impressive headline DPU growth at 12.5% YoY to S$0.018 for 3Q’25. \n\nYet, this performance masks a mixed set of results. \n\nGross revenue fell 0.2% YoY to S$117.5 million while net property income declined 1.6% to S$78.5 million.\n\nThe DPU growth story relies entirely on non-operational factors: S$6 million in lower financing costs and a S$2.0 million reversal of withholding tax provisions. \n\nWhile they had an effect, these aren’t long-term drivers of distribution growth.\n\nOccupancy metrics remain respectable for Singapore: 98.5% for its Singapore offices and 99.3% for its retail. The REIT’s Australian property occupancy was 87.3%, and the UK, 92.5%. \n\nRental reversions stayed positive at 8.5% for its Singapore office segment, 8.6% for Singapore retail, and 11.9% for Australia. \n\nHowever, these haven’t translated into revenue or net property income growth.\n\nManagement’s planned asset enhancement works at Suntec City Mall in the second half of 2025, targeting returns of 30% to 40%, could provide the operational catalyst the REIT needs. \n\nUntil then, distribution growth remains a question once one-off benefits normalise.\n\nGet Smart: Sustainability is key\nFor dividend investors evaluating these November distributions, the lesson is clear: headline DPU growth can mislead. \n\nFCT offers the most sustainable profile with genuine operational growth, balance sheet improvement, and reduced financing costs. \n\nKeppel REIT demonstrates strong fundamentals temporarily obscured by fee structure changes. \n\nSuntec REIT’s impressive DPU growth relies on unsustainable financial adjustments rather than operational improvements.\n\nWhen assessing REIT distributions, prioritise net property income growth, occupancy trends, and rental reversions over headline DPU figures. \n\nAs these three billionaire REITs prepare their November distributions, investors would be wise to look beyond the payment notifications to the operational health beneath. \n\nIn the REIT sector, sustainable distributions beat one-offs every time.\n\nLooking to create a lifelong income stream? Check out our report, ‘7 Singapore Blue-Chip Stocks That Can Pay You for Life.’ We uncover a powerful lineup of dividend-paying stocks with the reliability and growth potential you need in today’s market. Don’t miss out on these dependable picks. Download your copy now and start building a secure financial future!\n\nFollow us on Facebook, Instagram and Telegram for the latest investing news and analyses!\n\nDisclosure: The Smart Investor owns shares in Frasers Centrepoint Trust.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2580224612","isCrawlerRequest":true}