Industrial S-REITs deliver stable operating performance in Q3
Industrial Real Estate Investment Trusts in Singapore (S-REITs) have delivered a stable operating performance in the third quarter ended September, as occupancy remained stable with positive portfolio rental reversions.
The seven S-REITs that focus on the industrial sector are Alpha Integrated REIT (formerly known as Sabana Industrial REIT), Mapletree Logistics Trust, Mapletree Industrial Trust, ESR REIT, CapitaLand Ascendas REIT, AIMS APAC REIT and Daiwa House Logistics Trust.
Six of the seven trusts have reported their latest quarterly updates, and most have seen improvements to distributions in the latest quarter.
1. $Alpha Integrated REIT(M1GU.SI)$
Alpha Integrated REIT, which reported its results on Oct 22, saw a 38.4% year-on-year improvement in distributions per unit (DPU) for 3Q 2025 amid stronger gross revenue and NPI.
The trust logged its 19th consecutive quarter of positive rental reversions, while occupancy at its New Tech Park asset also grew to 94.7% in Sept, from 86.0% in June
2. $AIMS APAC Reit(O5RU.SI)$
Similarly, $AIMS APAC Reit(O5RU.SI)$ ’s DPU also increased by 1.1% on year to S$0.0472 for H1 FY26, on the back of higher gross revenue and NPI. The REIT had positive rental reversion of 7.7% for 1H 2025 and stable portfolio occupancy at 93.3%.
The REIT’s manager noted that the performance was underpinned by its active asset management strategy and disciplined capital management, as it continued to execute its portfolio rejuvenation strategy.
3. $ESR REIT(9A4U.SI)$
Elsewhere, ESR REIT posted a 6.8% increase in distributable income, as Gross Revenue and NPI grew 22.7% and 28.6% respectively. Occupancy remained healthy, while the REIT’s portfolio rental reversion stood at 8.4%.
The REIT’s cost of debt also fell to 3.4% per annum as of end-Sept, from 3.84% per annum in Dec 2024.
4. $Mapletree Log Tr(M44U.SI)$
Meanwhile, Mapletree Logistics Trust reported a sequential improvement in DPU which rose 0.2% quarter-on-quarter to S$ 0.01815, even though performance was weaker year-on-year. The manager noted that its portfolio operating metrics remained healthy, with 96.1% occupancy, and 2.5% positive rental reversions excluding China.
5. $Mapletree Ind Tr(ME8U.SI)$
Mapletree Industrial Trust reported a 5.6% decline in DPU for the second quarter due to the absence of one-off divestment gain, reduced income from portfolio divestment and foreign exchange headwinds.
The manager, however, noted that MINT’s operational performance was stable, underpinned by positive weighted average rental reversion in its Singapore Portfolio and an increase in its overall portfolio’s weighted average lease to expiry. It remains committed to its expansion plan into data centre markets in Europe and Asia Pacific as it rebalances the portfolio for greater resilience.
6. $CapLand Ascendas REIT(A17U.SI)$
Elsewhere, CapitaLand Ascendas REIT’s portfolio occupancy was relatively stable at 91.3%, while portfolio rental reversion was also positive at 7.6%.
In the broader Singapore market, industrial rents rose 0.5% quarter-on-quarter and 2.3% year-on-year in the third quarter of 2025, according to JTC statistics. Occupancy, meanwhile, rose 0.3 percentage points to 89.1% compared to the previous quarter.
Knight Frank Research expects industrial real estate indicators to remain resilient for the rest of this year as well as into early 2026. It noted that investor appetite for industrial properties is expected to remain healthy as interest rates fall and the financial viability of warehouses, data centres, and specialised manufacturing facilities attract more interest on the back of positive carry.
The remaining industrial trust, $Daiwa Hse Log Tr(DHLU.SI)$ , is scheduled to report its third quarter trading update on Nov 12, before trading hours.
For SG users only, a tool to boost your purchasing power and trading ideas with a Cash Boost Account!
Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with upcoming 0-commission, unlimited trading on SG, HK, and US stocks, as well as ETFs. Find out more here.
Other helpful links:
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
