Broker: OCBC Investment Research
Date of Report: 4 August 2025

Singapore REITs Weekly Tracker: Key Earnings, Sector Trends, and Investment Insights (August 2025)

Singapore’s REIT market has seen a flurry of earnings releases and portfolio updates as the sector navigates a challenging interest rate environment, operational headwinds, and selective opportunities for growth. The latest analysis from OCBC Investment Research covers the performance and outlook for leading S-REITs across retail, office, industrial, hospitality, healthcare, and data centre spaces, providing investors with deep insights into distribution trends, fair value estimates, and sector dynamics.

Market Overview and Sector Performance

• The FTSE ST REIT Index declined by 1.2% week-on-week, while the Straits Times Index (STI) fell 2.5% over the same period.
• 12-month forward price-to-book (P/B) for the iEdge S-REIT Index stands at 0.85x, below the 8-year average of 0.97x.
• Forward distribution yield for the iEdge S-REIT Index is 6.2%, slightly above the 8-year average of 6.1%.

Key Company Updates and Analysis

Starhill Global REIT (SGREIT)

• FY25 DPU rose 0.6% YoY to 3.65 Singapore cents, in line with expectations.
• FY26 DPU estimate cut by 0.5%; FY27 numbers introduced.
• Lower cost of equity (CoE) results in a higher fair value estimate, increasing from SGD 0.46 to SGD 0.51.
• Portfolio remains resilient despite macro headwinds.

Frasers Logistics & Commercial Trust (FLT)

• Strong 3QFY25 portfolio rental reversions of 43.4%.
• Occupancy slipped by 1.4ppt QoQ to 92.5%.
• FY25 DPU estimate maintained; FY26 DPU forecast trimmed by 2.3%.
• CoE reduced to 6.9%, with fair value slightly adjusted down to SGD 1.06.

CapitaLand India Trust (CLINT)

• 1H25 DPU grew 9.1% YoY to 3.97 Singapore cents, surpassing expectations.
• FY25 and FY26 DPU forecasts raised by 11.3% and 12.1%, respectively.
• Lower CoE pushes fair value up from SGD 1.23 to SGD 1.44.

Mapletree Pan Asia Commercial Trust (MPACT)

• 1QFY26 DPU declined 3.8% YoY to 2.01 Singapore cents, in line with forecasts.
• FY26 and FY27 DPU forecasts trimmed by 0.5% and 1.9%.
• Risk-free rate input reduced by 50bps to 2.25%.
• Fair value unchanged at SGD 1.45.

First REIT (FIRT)

• 1H25 DPU down 5.8% YoY to 1.13 Singapore cents, missing expectations.
• DPU forecasts lowered, offset by a decrease in CoE.
• Fair value remains unchanged at SGD 0.27.

CapitaLand China Trust (CLCT)

• 1H25 DPU fell sharply by 17.3% YoY to 2.49 Singapore cents, below expectations.
• FY25 and FY26 DPU forecasts slashed by 13.7% and 13%.
• Fair value estimate cut from SGD 0.765 to SGD 0.70.

CapitaLand Ascott Trust (CLAS)

• 1H25 DPS slipped 1% YoY to 2.53 Singapore cents, in line with expectations.
• Forecasts finetuned; fair value estimate increased from SGD 0.92 to SGD 1.02.
• Announced proposed divestment of Citadines Central Shinjuku Tokyo for JPY 25 billion.

Mapletree Industrial Trust (MIT)

• 1QFY26 DPU fell 4.7% YoY to 3.27 Singapore cents, meeting expectations.
• FY26 and FY27 DPU forecasts lowered by 0.8% and 2.4%.
• Lower risk-free rate and terminal growth rate bring fair value down from SGD 2.46 to SGD 2.39.

Peer Comparison: S-REITs Financial Metrics

(See full sector-by-sector breakdown and company-by-company financials in the original research for more details.)

Weekly Performance Leaders and Laggards

• Among the top weekly performers, ESR-REIT and Starhill Global REIT both posted positive returns, while Keppel Pacific Oak US REIT and Prime US REIT lagged behind with double-digit declines.
• Sector-wise, ‘Others’ eked out a small gain (+0.3%), while Healthcare and Hospitality underperformed (-2.1% and -2.3%, respectively).

Distribution Announcements and Timelines

Geographical Diversification by Asset Portfolio

REITs continue to diversify portfolios across Singapore, Asia, and globally:

• Office: Suntec REIT has 78% of its assets in Singapore, 12% in Australia & New Zealand, and 10% in the United Kingdom.
• Retail: CapitaLand Integrated Commercial Trust holds 95% in Singapore, with minor exposure to Australia & New Zealand and Europe.
• Industrial: Mapletree Industrial Trust splits its assets between Singapore (48%) and the United States (46%).
• Hospitality: CapitaLand Ascott Trust is diversified across Singapore (19%), China (3%), Asia (23%), Australia & New Zealand (10%), the UK (11%), Europe (13%), and the US (19%).
• Healthcare: Parkway Life REIT allocates 59% to Singapore and 33% to Asia.
• Data Centre: Keppel DC REIT has 66% of assets in Singapore, 15% in Europe, and smaller stakes in Asia-Pacific.

Coverage Universe and Upcoming Results

Conclusion: Navigating the S-REIT Landscape

Singapore REITs remain a vital pillar for yield-seeking investors, with sectoral differences driven by geography, asset class, and tenant strength. While some REITs face earnings pressure and headwinds from rising costs or weak sectors (notably in China and certain healthcare plays), others demonstrate resilience and growth potential through portfolio rebalancing and strategic divestments.

Investors should remain vigilant, monitor upcoming earnings releases, and carefully evaluate fair valuations, balance sheets, and forward yields as the market adapts to evolving macroeconomic conditions.