For investors in Singapore's real estate investment trusts (S-REITs), March seems to have been a profitable month.
The per-unit distributions (DPU) of three real estate investment trusts (REITs) covering data centers, commercial shopping centers, and industrial properties are expected to be higher than they were a year ago.
But any seasoned income-oriented investor knows that if the underlying cash flow cannot be sustained and stable, then the current higher per-share earnings (DPU) is meaningless.
We carefully examined the latest performance of each real estate investment trust to understand the drivers of these dividends and to determine whether this growth momentum can continue.
Keppel DC REIT (SGX: AJBU) – DPU payment date: 19 March 2026
Keppel DC REIT delivered a standout FY2025, with gross revenue surging 42.2% year on year (YoY) to S$441.4 million.
Net property income (NPI) rose an even more impressive 47.2% to S$383.3 million.
The result is a DPU of S$0.10381, representing a 9.8% increase YoY.
Much of the growth was powered by acquisitions totalling approximately S$1.1 billion during the year, including Tokyo Data Centre 3 and the remaining interests in Keppel DC Singapore 7 & 8.
But this was not simply a case of buying growth.
The REIT achieved a remarkable positive rental reversion of approximately 45% for FY 2025, signalling genuine pricing power across its portfolio.
Portfolio occupancy stood at a healthy 95.8% with a weighted average lease expiry (WALE) of 6.7 years, providing strong income visibility.
Looking ahead, management remains optimistic on the data centre sector, citing artificial intelligence as a structural demand driver as global markets tighten.
At a unit price of S$2.30, the REIT offers a trailing dividend yield of approximately 4.5%.
Mapletree Pan Asia Commercial Trust (SGX: N2IU) – DPU payment date: 18 March 2026
MPACT’s results for the third quarter ended 31 December 2025 (3QFY2026) presented a curious case for income investors.
Gross revenue dipped 1.9% YoY to S$219.4 million, while NPI slipped 1.2% to S$164.9 million.
Yet DPU rose 2.5% YoY to S$0.0205.
How did the REIT manage this feat?
Two factors stood out.
First, Singapore’s strong performance – with NPI growing 5.3% YoY – cushioned weaker overseas contributions.
VivoCity, the REIT’s crown jewel, maintained full occupancy at 100%, delivered a stellar 14.7% rental reversion, and saw shopper traffic grow 2.6% to 34.1 million visitors over nine months.
Second, lower finance expenses, down 10.2% YoY, provided a meaningful tailwind as the weighted average cost of debt fell to 3.20%.
Strategically, MPACT is sharpening its focus on Singapore.
Following the divestment of Festival Walk’s office tower in February 2026 for approximately S$328.1 million, the city-state is set to contribute 66% of portfolio NPI.
The risk to watch: China properties recorded a negative rental reversion of 21.2%, though the ongoing portfolio reshaping should gradually reduce this drag.
At a unit price of S$1.42, MPACT offers an annualised dividend yield of approximately 6%.
AIMS APAC REIT(SGX: O5RU) – DPU payment date: 26 March 2026
AIMS APAC REIT, or AAREIT, may lack the headline-grabbing numbers of its larger peers, but its results for the first nine months of fiscal 2026 (9M FY2026) tell the story of a quiet compounder doing the right things.
Gross revenue rose 1.4% YoY to S$141.1 million, while NPI climbed a more robust 4.1% to S$103.7 million.
DPU increased 2.5% YoY to S$0.0725.
What stands out is the quality of income underpinning these distributions.
Portfolio occupancy improved to 95.4%, comfortably above the JTC national average of 88.7%.
The REIT achieved positive rental reversion of 8.0% for Singapore assets, with the logistics and warehouse segment posting the strongest gains at 10.5%.
Over 80% of gross rental income is derived from essential and defensive industries, including logistics, food and staples, and telecommunications.
On the balance sheet front, aggregate leverage stood at a conservative 36.6% with no near-term refinancing required, providing a reassuring buffer for income investors.
At a unit price of S$1.47, AAREIT offers an annualised dividend yield of approximately 6.7%.
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