Iggy’s Journal: S-REIT Results From 27 to 30 October: Which Figures to Read First, and What a Headline Number Leaves Out

The Investing Iguana
10-26

Iggy’s Journal: S-REIT Results From 27 to 30 October: Which Figures to Read First, and What a Headline Number Leaves Out

Monday 26 Oct 2026 | Morning

The Numbers

S-REIT results are due from 27 to 30 October.

An illustration from the episode, with made-up numbers: a landlord’s distributable income for the half-year rises 5% to S$525,000. After it issues 80,000 new units, the payout per unit is about 49 cents, down from 50 cents. By my back-calculation that implies about 1,000,000 units and S$500,000 of income before the issue.

A second illustration: gearing moves from 35% to nearly 39%, with no new borrowing.

My Personal Take

The example works because every figure in it is true and the payout per unit still falls. Income up 5% is the number that gets reported, and the other column is the one I would want explained before reacting. A headline carries one of those numbers, and the result needs both.

📺 YouTube: https://youtu.be/lw0SSpmTUSU

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

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Comments

  • gleezy
    10-26
    gleezy
    That 35% to 39% gearing move is the bigger tell. If debt stayed flat, asset values probably got marked down, and that hits refinancing room fast.
  • MabelReed
    10-26
    MabelReed
    The dilution point is fair, but the real read is still use of proceeds. If new units fund accretive assets, a 50c to 49c dip can be noise.
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