Singapore’s REITs delivered varied quarterly results, showcasing different strategies to navigate market conditions.
Mapletree Industrial Trust (SGX: ME8U) executed strategic divestments to strengthen its balance sheet despite revenue headwinds, Starhill Global REIT (SGX: P40U) maintained stable operations with modest growth, while Keppel REIT (SGX: K71U) demonstrated strong operational momentum and announced its first retail acquisition.
Here’s a closer look at how these Singapore-listed REITs performed in their latest reporting periods.
Mapletree Industrial Trust: Strategic Repositioning Amid Revenue Pressures
Mapletree Industrial Trust (MIT) reported second-quarter (2QFY2026) results that reflected its ongoing portfolio repositioning strategy, with gross revenue declining 6.2% year on year (YoY) to S$170.2 million and distribution per unit (DPU) falling 5.6% to S$0.032.
Excluding a one-off divestment gain from the prior year, DPU decreased a more modest 2.2%.
The financial performance was impacted by the loss of income from three Singapore properties divested in August 2025, lower contributions from the North American portfolio due to non-renewals, and foreign exchange headwinds from a weaker US dollar, though these were partially offset by higher contributions from Japan.
Despite the headline declines, several operational metrics painted a more resilient picture.
Portfolio occupancy remained stable at 91.3%, with Singapore maintaining 92.6% occupancy and Japan achieving perfect 100% occupancy, while North America stood at 87.8%.
The REIT demonstrated strong pricing power with Singapore properties achieving 6.2% weighted average rental reversion, led by general industrial buildings at 8.0%.
Most notably, management executed S$547.1 million in strategic divestments across Singapore and the US, unlocking value at a 22.1% premium over original investment cost for Singapore properties and 18.6% above market valuation for a Georgia data centre.
These divestments improved aggregate leverage to 37.3%, providing MIT with enhanced financial flexibility for future growth opportunities as it continues to benefit from strong demand in North American and Japanese data centre markets.
Starhill Global REIT: Steady Performance in Challenging Environment
The REIT delivered a stable first-quarter performance for FY2025/2026, with gross revenue edging up 0.7% YoY to S$48.3 million and net property income (NPI) rising 0.2% to S$37.9 million.
The retail-focused REIT maintained solid portfolio occupancy at 94.8%, with its retail segment achieving a robust 97.6% occupancy.
At its flagship Wisma Atria Property in Singapore, shopper traffic remained flat with a marginal 0.1% increase YoY, though tenant sales demonstrated stronger momentum with a 7.5% jump to approximately S$48 million.
The modest revenue growth was primarily driven by stronger contributions from Singapore Retail and Malaysia Properties, though these gains were largely offset by the loss of income from divested Wisma Atria Office strata units, rental arrears provision mainly for the China Property, and the depreciation of the Australian dollar against the Singapore dollar.
On the capital management front, the REIT extended its weighted average debt maturity to 3.9 years through refinancing activities in September 2025 and issued S$100 million in new perpetual securities at a competitive 3.25% fixed distribution rate in October, with proceeds earmarked to redeem existing perpetual securities in December.
Asset enhancement initiatives (AEI) continued to progress, with the conversion of part of Wisma Atria’s Level 7 car park into 3,250 square feet of leasable office space achieving returns above 8%, while at Myer Centre Adelaide, UNIQLO successfully opened its expanded duplex store in October 2025.
Keppel REIT: Strong Leasing Momentum Drives Double-Digit Rental Reversions
Keppel REIT delivered solid operational results for the first nine months of 2025 (9M2025), with property income rising 5.5% YoY to S$204.5 million and NPI climbing 8.6% to S$161.3 million.
Distributable income from operations came in at S$144.6 million, a slight 0.6% YoY decline, though this reflects the manager’s decision to receive 25% of management fees in cash starting from FY2025. (Distributable income would have grown 6.7% YoY to S$155.3 million had management fees been paid entirely in units.)
The S$9.5 billion portfolio maintained strong fundamentals with committed occupancy at 96.3% as at 30 September 2025, up from 95.9% the previous quarter, while leasing momentum remained robust with rental reversions of 12.0%.
The stronger performance was driven by contributions from 255 George Street acquired in May 2024 and higher occupancy at 2 Blue Street in Sydney.
Within the Singapore portfolio, higher rentals at Marina Bay Financial Centre and One Raffles Quay, coupled with lower borrowing costs, lifted the share of results from associates by 15.4% YoY to S$75.4 million.
Looking ahead, Keppel REIT announced its strategic expansion into retail with the proposed acquisition of a 75% interest in Top Ryde City Shopping Centre in Sydney for A$393.8 million (S$334.8 million), offering a 6.7% initial yield and 1.53% pro forma DPU accretion, with the fully-leased asset marking the REIT’s first retail acquisition.
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