At the time of the latest reporting period for 1H 2023, the majority of Singapore-listed REITs have reported lower distribution figures on a year-on-year basis.

A large number of the REITs are reeling from higher financing costs, which are a direct result of the rising interest rate environment.

A number of REITs with overseas assets have also been affected by the strengthening of the SGD when compared to the local currency where its assets are located.

Fundamental data from the various disclosures are also updated into the Singapore REITs table.

REIT DPU (c) YoY % growth In a nutshell Results presentation
Sabana REIT (1H 2023) 1.61 1.3 Positive rent reversions given strong demand and occupancy. Financial result shadowed by looming showdown at EGM.
Keppel DC REIT (1H 2023) 5.051 0.1 Higher finance costs and higher facilities expenses have contributed to the nil growth in DPU.
Keppel REIT (1H 2023) 2.90 -2.4 Higher finance costs and higher property expenses have contributed to the fall in DPU.
Mapletree Logistics Trust (1Q 23/24) 2.271 0.1 Increased borrowing costs and a stronger SGD have contributed to tepid growth in DPU.
ESR-LOGOS REIT (1H 2023) 1.378 -5.6 Lower DPU was mainly due to the equity fundraising exercises that were carried out in February and April 2023.
Suntec REIT (1H 2023) 3.476 -27.7 Higher finance costs, lower contribution from Australian assets, and a stronger SGD have contributed to the plunge in DPU.
Parkway Life REIT (1H 2023) 7.29 3.3 Higher revenue from Singapore hospitals due to straight-lining of rental income and additional revenue from newly acquired assets resulted in higher DPU.
Keppel Pacific Oak US REIT (1H 2023) 2.5 -17.2 Higher financing costs and absence of income from disposed assets contributed to the fall in DPU.
Mapletree Industrial Trust (1Q 23/24) 3.39 -2.9 Higher property expenses and higher borrowing costs, coupled with a tepid growth in revenue have contributed to the lower DPU.
OUE Commercial REIT (1H 2023) 1.05 -2.8 Higher finance costs and the absence of income support for OUE Downtown office have contributed towards lower DPU.
AIMS AMP APAC REIT (1Q 2024) 2.31 1.3 Healthy leasing momentum and positive rental reversions contributed to the higher DPU.
CapitaLand China Trust (1H 2023) 4.10 -8.8 Positive leasing momentum despite the slower-than-expected economic growth but RMB weakness contributed to drop in DPU.
Starhill Global REIT (FY 22/23) 3.8 0 Foreign exchange weakness when compared to SGD and loss of income from divestment contributed to the nil growth in DPU.
CapitaLand Ascott Trust (FY 22) 5.67 31 Strong operating performance of portfolio given the return of travellers, and higher rent growth in master leases and student accommodation business.
Digital Core REIT (1H 2023) 1.92 -6.8 Higher property expenses and massive jump in financing costs due to higher interest rate and gearing have contributed to the fall in DPU.
CDL Hospitality Trusts (FY 22) 3.59 17.3 Strong operating performance given the return of leisure travellers and also corporate guests, which led to higher ReVPAR across its assets and the higher DPS.
Far East Hospitality Trust (1H 2023) 1.92 24.7 Robust 96.9% increase ReVPAR for the financial period plus proceeds from the divestment of Central Squre contributed to higher DPS.
Mapletree Pan Asia Commercial Trust (1Q 23/24) 2.18 -3.1 Higher operating revenue from Singapore assets, but higher operating expenses and higher interest costs have led to lower DPU for the quarter.
CapitaLand Ascendas REIT (1H 2023) 7.719 -2.0 Higher net property income but DPU was impacted by a larger unit base due to the private placement and higher financing costs.
CapitaLand Integrated Commercial Trust (1H 2023) 5.30 1.5 Higher occupancies for office and retail assets contributed to positive rental reversions and higher revenue for the period, resulting in increased DPU.
First REIT (1H 2023) 1.24 -6.1 Rental income up marginally by about 0.4% but DPU was impacted by higher SGD against foreign currencies, higher financing costs and increased property expenses.
Daiwa House Logistics Trust (1H 2023) 2.61 0.4 Portfolio performance improved in terms of occupancy but lower revenue and net property income due to weaker JPY against SGD.
IREIT Global (1H 2023) 0.93 -23.8 Decrease in rental income compounded by increase in property operating expenses and higher finance costs. DPU fall worsened by enlarged unit base following fundraising exercise.
Elite Commercial REIT (1H 2023) 1.94 6.4 Higher DPU due to increase in revenue from inflation-linked leases clauses, and lower financing costs due to lower gearing achieved.
Lendlease Global Commercial REIT (FY 2023) 4.7 -3.2 Increase in gross revenue was offset by a significant increase in property operating expenses and higher borrowings costs due to elevated interest rates.
Paragon REIT (1H 2023) 2.42 -15.7 Lower DPU mainly due to higher interest costs, which increased by more than 100% year-on-year.
ARA US Hospitality Trust (1H 2023) 1.501 5 Higher DPS due to increase in gross revenue and significant uplift in RevPAR during the operating period.
BHG Retail REIT (1H 2023) 0.35 -54 Lower DPU due to slump in revenue and net property income, worsened by rising finance costs and a weaker RMB against the SGD.
Lippo Malls Indonesia REIT (2Q 2023) 0 NA In further signs of trouble ahead, the REIT has declared no distributions for the period, given that it has also ceased distributions to holders of SGD140 million and SGD120 million perpetual securities.
Prime US REIT (1H 2023) 2.46 -30.1 Lower DPU due to double digit dips in revenue and net property income, and worsened by a jump in refinancing costs, plus a wekaening of the RMB against the SGD.
EC World REIT (2Q 2023) 0.926 -33.2 Lower revenue due to lower vacancy at its assets, worsened by higher property operating expenses and significantly elevated financing costs.
Sasseur REIT (1H 2023) 3.322 -2.6 Higher outlet sales, but lower DPU due to higher financing costs and unfavourable exchange rates between the RMB and the SGD.
United Hampshire US REIT (1H 2023) 2.65 -8.9 Lower DPU despite higher revenue due to retained capital that will be deployed for asset enhancement initiatives.
Manulife US REIT (1H 2023) 0 NA Nil DPU declared for 1H 2023 due to breach of banks' unencumbered gearing ratio. All loans re-classified as current liabilities now that gearing has exceeded the 50% limit.
Comwell European REIT (1H 2023) 7.79 -10.4 Lower DPU despite higher net property income due to higher interest costs and lost income from assets under redevelopment.

Source: Result disclosures from respective REITs

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.