S-REITs - Week 5 - 2026

Kenny_Loh
11:51

1. Keppel DC REIT $Keppel DC Reit(AJBU.SI)$

  • Performance: Reported a massive 55.2% YoY increase in distributable income for FY2025.

  • Key Drivers: Growth was fueled by strategic acquisitions (Tokyo DC 3 and full ownership of four Singapore assets) and a significant 45% rental reversion.

  • Yield: Full-year distribution yield stood at 4.61% based on the 2025 closing price.

2. Mapletree Pan Asia Commercial Trust (MPACT) $Mapletree PanAsia Com Tr(N2IU.SI)$

  • Performance: 3Q FY25/26 DPU rose 2.5% YoY to 2.05 cents. Key Drivers: Strong performance in Singapore (NPI up 5.3%) cushioned overseas headwinds. VivoCity was a standout, with NPI rising 10.1% on the back of a 14.7% rental uplift.

  • Stability: Achieved a positive portfolio rental reversion of 0.3% and renewed two top-ten tenants.

3. Mapletree Logistics Trust (MLT) $Mapletree Log Tr(M44U.SI)$

  • Performance: 3Q FY25/26 DPU fell 7.0% YoY to 3.17 cents. Key Drivers: The decline was primarily due to divestments and the depreciation of regional currencies against the SGD. Excluding divestment gains, the DPU decline would have been 3.9%.

  • Operational: Occupancy remains stable, but the REIT is targeting further divestments of S$500–S$600 million in North America.

4. CapitaLand Ascott Trust (CLAS) $CapLand Ascott T(HMN.SI)$

  • Performance: FY2025 revenue and gross profit increased 3% and 4% YoY, respectively. 2H 2025 DPS increased 1% YoY.

  • Key Drivers: Growth was driven by stronger operating performance and portfolio reconstitution, which mitigated forex losses.

  • Metrics: Revenue per available unit (REVPAU) rose 3% YoY to S$161 for the full year.

5. Mapletree Industrial Trust (MIT) $Mapletree Ind Tr(ME8U.SI)$

  • Performance: 3Q FY25/26 DPU saw a marginal 0.3% decline quarter-on-quarter.

  • Key Drivers: Performance remained stable due to improved occupancy and positive rental reversions in Singapore, though overall DPU faced slight pressure.

‌More info can be found here: https://reitsavvy.com/insights/s-reits-week-5-2026

Kenny Loh is a distinguished MAS Private Wealth Advisor with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.

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