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

REIT FY 2023 DPU (c) YOY growth (%) In a nutshell Primary source
Cromwell European REIT (FY 2023) 15.7 -4.1 Asset sales and absence of income from Maxima due to improvement works, and higher finance costs contributed to the fall in DPU.
BHG Retail REIT (FY 2023) 0.43 -63 Lower revenue and net property income, compounded by higher financing costs and a weaker RMB vs the SGD contributed to the massive slide in DPU for the year.
IREIT Global (FY 2023) 1.87 -19.0 Rise in revenue and net property income but the fall in distribution per unit due to the effects of capital retention and an enlarged unit base.
United Hampshire US REIT (FY 2023) 4.79 -18.5 Growth in revenue and net property income, but fall in distribution due to management fee and retained capital reserve, compounded by higher financing costs.
ARA US Hospitality Trust (FY 2023) 3.43 +12.3 Rising revenue and net property income stemming from a continued recovery in occupancies across the portfolio led to a rise in DPS for the year.
Prime US REIT (FY 2023) 4.86 -25.8 Fall in revenue and net property income, compounded by rising interest costs contributed to the fall in DPU.
Sasseur REIT (FY 2023) 6.249 -4.6 Stronger SGD versus the RMB, coupled with higher finance costs and tax fees dampened distributions for the year despite rise in revenue.
First REIT (FY 2023) 2.48 -6.1 Higher revenue and net property income but lower DPU due to a weaker IDR vs SGD and higher financing costs.
Elite Commercial REIT (FY 2023) 3.42(p) -28.9 Higher revenue for the year due to rent escalations. However, increased borrowing costs, vacant assets and an enlarged unit base contributed to the fall in DPU.
Keppel Pacific Oak US REIT (FY 2023) NIL NIL The REIT has decided to halt distributions amid challenging operating conditions.
Frasers Hospitality Trust (FY 2023) 4.09 +25.1 Rise in distribution was due to higher net property income and proceeds of gains from the divestment of Central Square.
Manulife US REIT (FY 2023) NIL NIL Slight improvement seen in the REIT's occupancy by the end of the FY, but distributions are still tentatively halted till 31 December 2025 as per its recapitalisation plans.
CapitaLand Integrated Commercial Trust (FY 2023) 10.75 +1.6 Higher contribution from Raffles City Singapore and full-year contributions from acquisitions completed in 2022 gave rise to higher revenue and distributable income for the year.
Paragon REIT (FY 2023) 5.02 -9.1 Slight increases in gross revenue and net property income for the year. However, higher financing costs resulted in a decrease in DPU.
Parkway Life REIT (FY 2023) 14.77 +2.7 Gross revenue and NPI increased mainly due to contribution from nursing homes acquired in September 2022 and October 2023, and higher rent from the Singapore properties under the new master lease agreements.
Digital Core REIT (FY 2023) 3.7 -7.0 Fall in DPU as a result of lower revenue and NPI for FY2023 when compared to what was reported in FY2022. This is likely tied to tenant troubles, which are being resolved but plagued the REIT for much of the FY.
CapitaLand Ascendas REIT (FY 2023) 15.16 -4.0 Despite higher revenue and net property income there was a fall in DPU due to an enlarged unit base following an equity fundraising exercise.
Lendlease Global Commercial REIT (1H 2024) 2.10 -14.5 Large fall in DPU has been attributed to higher financing costs given the rise in interest rates. The REIT's gearing is still north of 40%.
ESR-LOGOS REIT (FY 2023) 2.564 -14.5 Higher revenue and net property income recorded for the year. However, the large fall in DPU came due to an enlarged unit base given an equity fundraising exercise.
AIMS APAC REIT (9M FY 2024) 6.99 -4.1 Revenue and net property income for the reporting period increased respectively. The fall in DPU has been attributed to an enlarged unit base following an equity fundraising exercise in 2023.
CDL Hospitality Trusts (FY 2023) 5.7 +1.2 Strong pent-up demand, driven by events across Singapore but was impacted due to higher financing costs due to rising interest rates.
Starhill Global REIT (1H 2023) 1.78 -2.2 A one-off leasing commission fee relating to the lease renewal with Toshin at Ngee Ann City, and higher financing costs affected distribution to unitholders for the half.
Keppel REIT (FY 2023) 5.8 -2 Higher rentals were recorded for the REIT's Singapore properties. However, higher borrowing costs impacted DPU for the year.
CapitaLand China Trust (FY 2023) 6.74 -10.1 Record weakness of the RMB when compared to the SGD significantly impacted distribution to unitholders during the year, despite the recovery in retail spending.
Mapletree Pan Asia Commercial Trust (3Q FY23/24) 2.20 -9.1 DPU dragged down by stronger SGD against the HKD, higher utility costs across the portfolio and higher financing costs due to the rise in interest rates.
OUE Commercial REIT (FY 2023) 2.09 -1.4 Fall in DPU reflects the absence of capital distribution, which arose due to the partial divestment of OUE Bayfront, that was paid out in the prior period.
CapitaLand Ascott Trust (FY 2023) 6.57 +16 Stronger operating performance seen in existing properties plus contributions from new assets resulted in a 20% increase in gross revenue.
Keppel DC REIT (FY 2023) 9.383 -8.1 Lower distributable income due to higher property expenses, higher financing costs, less favourable forex hedges, and loss allowance accounted in for troubled China assets.
Mapletree Industrial Trust (3Q FY23/24) 3.36 -0.9 Amount available for distribution to unitholders actually increased year-on-year during the period, on the back of higher revenue. However DPU fell slightly due to enlarged unit base.
Mapletree Logistics Trust (3Q FY23/24) 2.253 +1.2 Increased borrowing costs and lower contribution from China offset by higher contribution from Singapore assets and newly acquired properties that were inducted in 1Q FY23/24.
Suntec REIT
(FY 2023)
7.135 -19.7 Fall in distributable income mainly due to higher financing costs, a weaker AUD versus the SGD, and lower contribution from Southgate Complex in Melbourne.
Sabana REIT
(FY 2023)
2.76 -9.5 10% of the total income available for distribution retained for capital management in view of costs related to the impending internalisation.

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.