S-REITs Recap - Week 44 (2025)

Kenny_Loh
11-03

💡Keppel Pacific Oak US REIT (YTD +12.20% | 5D +2.22%) $KepPacOakReitUSD(CMOU.SI)$ $ 3Q 2025 update: Occupancy stable at 88% with strong leasing momentum (168k sf, +36% rental reversion). Refinancing progress ahead, securing early commitments for 59% of 2026 loans. Signs of US office market stabilisation; REIT targets to resume distributions in 1H 2026 with a conservative payout.‌

💡CapitaLand Integrated Commercial Trust (YTD +22.80% | 5D –1.25%) 3Q 2025 business update: Rent reversion +7.8% (Retail) and +6.8% (Office). Portfolio occupancy 97.2%, WALE 3.2 years, leverage 39.2%, and cost of debt 3.3%. $CapLand IntCom T(C38U.SI)$

‌💡Mapletree Logistics Trust (YTD +5.51% | 5D +3.08%) 2Q FY25/26 results: DPU +0.2% QoQ, portfolio occupancy 96.1%, rental reversion +2.5% (ex-China). Cost of debt lowered; 69% of GFA green-certified, solar capacity +52% YoY to 108 MWp. $Mapletree Log Tr(M44U.SI)$

💡 First REIT (YTD +9.80% | 5D –1.75%) 9M 2025 update: Revenue –2.0% YoY, DPU 1.65c (–7.3% YoY), mainly due to Indonesian Rupiah depreciation. Gearing at 41.4%, ICR 3.8x, and no refinancing needs until 2026.‌

💡 Keppel REIT (YTD +20.69% | 5D +1.94%) $Keppel Reit(K71U.SI)$ 3Q 2025 results: NPI +8.6%, rental reversion +12%, occupancy 96.3%. Announced 75% acquisition of Top Ryde City Shopping Centre, expanding into retail. All portfolio assets now green-certified.‌

💡Lippo Malls Indonesia Retail Trust (Dividend Halted) $Lippo Malls Tr(D5IU.SI) 3Q 2025: Portfolio occupancy 84.4%, rental reversion +4.6%. Gearing improved to 43.3% post-rights issue to repay loans and fund upgrades.‌

💡 Starhill Global REIT (YTD +16.00% | 5D +0.00%) 1Q FY25/26: Gross revenue S$48.3m (+0.7% YoY), NPI S$37.9m (+0.2% YoY). Portfolio occupancy 94.8%, WALE 7.4 years, leverage 36.7%, cost of debt 3.9%.‌

💡 Mapletree Industrial Trust (YTD –3.62% | 5D –2.29%) 2Q FY25/26: DPU 3.18c (–7.3% YoY) as divestments and FX headwinds reduced income. Revenue –6.2%, NPI –7.8%. Higher contributions from Japan and Osaka data centres helped cushion the impact. $Mapletree Ind Tr(ME8U.SI)$

Modified in.11-03
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