At the time of the latest reporting period for 3Q 2023, the majority of Singapore-listed REITs have reported lower distribution figures on a year-on-year basis.

As per what transpired in 1H 2023, these REITs are reeling from higher financing costs, which are a direct result of the rising interest rate environment.

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

REIT Distributions (millions)NPI/revenue (for business updates) YoY % growth In a nutshell Results presentation
Keppel DC REIT (3Q 2023) SGD43.9 -6.5 Lower distributable income due to higher finance costs and less favourable FOREX hedges
Keppel REIT (9M 2023) SGD148.6 -10.1 Actual distributable income saved by anniversary distribution of SGD15 million. Overall decline due to higher borrowing costs and utility charges.
Keppel Pacific Oak US REIT (3Q 2023) USD13.1 -10.7 Higher finance costs have been cited as the major contributor to the fall in distributions.
Suntec REIT (3Q 2023) SGD52.0 -13.3 Higher finance costs and a weaker AUD against the SGD contributed to the plunge in distributable income.
Mapletree Logistics Trust (2Q FY23/24) SGD112.5 4.2 Higher distributable income due to higher contribution from properties in Singapore and Hong Kong, and contribution from new acquisitions.
Far East Hospitality Trust (3Q 2023) SGD22.867 51 Higher distributable income due to significant rise in revenue from the return of visitors into Singapore.
Frasers Centrepoint Trust (FY2023) SGD207.75 -0.2 Lower distributions due to lower income from Tampines 1 due to AEI, and higher utilities, maintenance and staff costs.
Mapletree Industrial Trust (2Q FY23/24) SGD94.1 3.5 Includes compensation from compulsory acquisition and net divestment gains, amplified by higher contribution from Singapore assets.
CapitaLand Integrated Commercial Trust (3Q 2023) SGD275 (NPI) 0.6 4.6% rise in gross revenue was offset by rise in operating expenses, despite higher actual occupancy and shopper traffic.
Digital Core REIT (9M 2023) USD31.5 -8.5 Increase in utility costs and impact from the bankruptcy of a major tenant Cyxtera has affected the REIT's distributions.
Mapletree Pan Asia Commercial Trust (2Q FY23/24) SGD118 2.9 Higher revenue across all markets except China, but offset by higher utility expenses and finance costs.
CapitaLand China Trust (3Q 2023) SGD64.3 (NPI) -8.4 Revenue impeded by closure of CapitaMall Qibao and rent provisions made at CapitaMall Shuangjing, made worse by the 10.5% on-year decline in RMB versus SGD.
CDL Hospitality Trusts (3Q 2023) SGD39 23.3 Continued recovery in international travel has led to a broad improvement in operational results, despite rising finance costs.
Starhill Global REIT (1Q 23/24) SGD37.4 0.4 Loss of income from Japan divestment and forex weakness was partly offset by higher contribution from Singapore assets.
OUE Commercial REIT (3Q 2023) SGD62.7 29.8 Healthy office rent reversions, increased retail sales and a recovery in tourist arrivals contributed to the jump in NPI.
Paragon REIT (3Q 2023) SGD2.5 (Revenue) 1.2 Recovery in tourist arrivals plus higher tenant sales contributed to higher revenue for the period.
First REIT (9M 2023) SGD38.4 -1.2 Higher finance costs and the depreciation of foreign currencies against the SGD contributed to the fall in distributions.
Parkway Life REIT (3Q 2023) SGD66.5 2.8 New income from five new assets and higher contribution from Singapore properties contributed to the increase in distributable income.
Frasers Logistics & Commercial Trust (FY2023) SGD262.3 -6.9 Divestment of Cross Street Exchange, lower occupancy at Farnborough and Maxis business parks and 357 Collins Street and unfavourable forex rates contributed to the fall in distributions for the year.
AIMS APAC REIT (1H 2024) SGD36.1 7.1 Higher rents collected from logistics, warehouse and industrial assets, but offset by unfavourable AUD vs SGD.
Manulife US REIT (3Q 2023) NIL NA Leasing is gaining momentum in 3Q 2023 with positive rental reversions achieved. However, gearing remains elevated and the REIT will soon disclose a sponsor-supported rescue package.
Prime US REIT (3Q 2023) USD14.7 -23.4 Higher finance expenses coupled with absence of lease termination income contributed to the double-digit dip in distributable income.
Frasers Hospitality Trust (2H 2023) SGD25.2 26.6 Continued recovery in global tourism and growing MICE events contributed to the growth in distributions.
Elite Commercial REIT (9M 2023) GBP13.6 -25.1 Enlarged equity base, dilapidation settlement on vacant assets and increased borrowing costs contributed to the fall in distributable income.
United Hampshire US REIT (3Q  2023) USD7.1 -5.2 Manager electing to receive 100% of its base fee in cash instead of units contributed to the nominal fall in distributable income.
Lippo Malls Indonesia Retail Trust (3Q 2023) NIL NA The REIT has declared no distributions for the quarter.
Sasseur REIT (3Q 2023) SGD30.3 (EMA Rental Income) -1.5 Fall was mainly due to the depreciation of the RMB against the SGD. 3Q 2022 also had a one-off non-recurring tax refund.
ARA US Hospitality Trust (9M 2023) USD35.2 million (NPI) 7 Recovery in US lodging market and healthy US economy contributed to the increase in revenue and NPI.

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.