Q3 reporting season kicks off with growth in distributions for S-REITs
The latest earnings season for Singapore-listed Real Estate Investment Trusts (S-REITs) has commenced, with seven trusts reporting their latest financial results or business updates over the past week.
Of the seven REITs, the six that provided information on distributable income in their latest filings have all reported growth from the year-ago period. This comes on the back of mostly higher gross revenue and net property income (NPI), while the cost of borrowing has also decreased.
At least 23 other trusts are scheduled to release their results between October 28 and November 14.
Of the three pure-play Data Centre (DC) S-REITs, two reported their results last week.
1. $DigiCore Reit USD(DCRU.SI)$
Digital Core REIT started the reporting season on Oct 22, reporting distributable income of US$35.2 million for 9M FY25, up 1.9% year-on-year. This was on the back of higher gross revenue and NPI, which rose 83.9% and 49.6% respectively.
Occupancy at the REIT remained constant and high at 98.0%, and the manager noted that DC fundamentals tightened further in the quarter, as demand continues to be robust amid the growth of artificial intelligence workloads.
2. $Keppel DC Reit(AJBU.SI)$
Similarly, Keppel DC REIT also reported a 42.2% increase in NPI during the first 9 months of 2025, driven by acquisitions as well as higher contributions from contract renewals and escalations. The improved topline as well as lower finance costs contributed to its 55.5% improvement in distributable income. The REIT’s distribution per unit (DPU) for the nine-month period was up 8.8% on year.
Keppel DC REIT’s manager noted that global DC demand is projected to grow to 100 GW in 2027, from 69 GW in 2025, and the REIT is scaling strategically through hyperscale acquisitions to strengthen resilience.
3. $NTT DC REIT USD(NTDU.SI)$
NTT DC REIT — which listed on SGX in July – is scheduled to announce its first set of results on Nov 12.
Meanwhile, S-REITs with Singapore retail exposure that posted their results last week have also delivered a robust performance.
Suburban retail mall owner Frasers Centrepoint Trust (FCT) reported a 0.6% improvement in DPU for H2 2025 amid stronger gross revenue and NPI, which rose 14.3% and 12.0% respectively.
The performance was boosted by contributions from Northpoint City South Wing, which was acquired in May 2025, and Tampines 1, which completed its asset enhancement initiative in Aug 2024. FCT’s portfolio registered a healthy rental reversion of 7.8% for FY25, while shopper traffic and tenant sales also improved year-on-year.
FCT’s manager expects the retail market to continue to be supported by resilient demand, underpinned by population growth, rising household incomes and supportive government schemes.
4. $Suntec Reit(T82U.SI)$
Suntec REIT also reported a 12.5% improvement in DPU for Q3, driven by stronger operational performance of its Singapore portfolio, as well as lower financing costs. The REIT’s Singapore office and retail portfolio saw improvements in gross revenue and NPI on the back of higher rents. This more than offset the weaker performance of some properties in its Australia portfolio.
Rental reversion for Suntec City Mall in 3Q 25 stood at 8.6%, moderating from 21.6% in the previous quarter. The Manager expects a stable performance from its Singapore retail assets, with committed occupancy expected to be above 95%.
5. $Mapletree PanAsia Com Tr(N2IU.SI)$
Mapletree Pan Asia Commercial Trust (MPACT) reported a 1.5% increase in DPU for its second quarter ended September, with higher contributions from VivoCity, despite downtime from AEIs being carried out. However, gross revenue and NPI was slightly lower during the period, as the trust saw lower overseas contributions, which were further dampened by a stronger Singapore dollar.
MPACT’s finance expenses improved 16.4% year-on-year during the second quarter from favourable interest rate conditions and proactive debt reduction.
6. $OUEREIT(TS0U.SI)$
Similarly, OUE REIT reported a 19.7% decline in finance costs to S$21.6 million during the third quarter amid a declining interest rate environment and active capital management. The REIT’s revenue and NPI increased by 1.2% and 2% in 3Q 2025 on a like-for-like basis, with higher average passing rents achieved across its commecial (office and retail) porfolio.
7. $Sabana Reit(M1GU.SI)$
Elsewhere, Sabana Industrial REIT on Oct 22 reported DPU of S$0.0101 for 3Q 2025, up 38.4% on year, amid higher revenue and NPI. The REIT recorded positive rental reversion of 11.3% during the quarter, its 19th consectuive quarter of positive rental reversion. Sabana Industrial REIT was renamed Alpha Integrated REIT on Oct 23, following the appointment of its new internalised manager.
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