The REIT sector continues to churn out reliable distributions that income investors can rely on.
This is despite the twin headwinds of inflation and elevated interest rates that battered the asset class over the past two years.
Of course, having a reputable sponsor and a portfolio of high-quality properties helps a REIT to stay resilient amid these challenges.
It also helps if these REITs pay a solid distribution yield as you wait for better days.
Here are three dependable Singapore REITs that are yielding 5.3% or higher.
Mapletree Logistics Trust (SGX: M44U)
Mapletree Logistics Trust, or MLT, is an industrial REIT with a portfolio of 180 properties across eight countries.
The REIT’s assets under management (AUM) stood at S$13.3 billion as of 31 March 2025.
MLT has a strong sponsor in Mapletree Investments Pte Ltd, an investment firm that manages S$77.5 billion of property assets as of 31 March 2025.
For the fiscal year ending 31 March 2025 (FY2025), MLT saw gross revenue dip by 0.9% year on year to S$727 million.
Net property income (NPI) slipped 1.5% year on year to S$625.3 million.
The weak performance was because of lower revenue contributions from China, the absence of contributions from divested properties, and regional currency weakness against the Singapore Dollar.
Borrowing costs rose 7.5% year on year to S$156.9 million, resulting in distribution per unit (DPU) tumbling 10.6% year on year to S$0.08053.
Based on MLT’s unit price of S$1.09, its shares offer a trailing distribution yield of 7.4%.
The logistics REIT continued to sport a healthy portfolio occupancy rate of 96.2% as of 31 March 2025.
Portfolio rental reversion also came in positive at 5.1%, and would have been higher at 6.9% if not for the drag from China.
MLT’s aggregate leverage stood at 40.7% with a low weighted average annualised interest rate of 2.7%.
The REIT conducted three acquisitions during FY2025, scooping up properties in Malaysia (1) and Vietnam (2).
These properties have initial NPI yields of between 5.7% to 7.5%.
The manager also divested 14 properties with older specifications and limited redevelopment potential, all at premiums to their book values.
MLT’s redevelopment of a property at 5A Joo Koon Circle is expected to be completed by this month and will increase the gross floor area to 887,000 square feet, up from just 391,000 square feet.
Frasers Centrepoint Trust (SGX: J69U)
Frasers Centrepoint Trust, or FCT, is a retail REIT with a portfolio of nine suburban retail malls and an office building in Singapore.
These assets are worth around S$7.1 billion as of 31 March 2025, and the retail portfolio has approximately 2.7 million square feet of net lettable area.
FCT has a reputable sponsor in property developer Frasers Property Limited (SGX: TQ5).
FCT reported a commendable set of earnings for the first half of its fiscal 2025 (1H FY2025) ending 31 March 2025.
Gross revenue rose 7.1% year on year to S$184.4 million, with contributions from renewal and new leases signed.
NPI improved by 7.3% year on year to S$133.7 million while DPU inched up 0.5% year on year to S$0.06054.
FCT’s trailing 12-month DPU stood at S$0.12074, giving its units a trailing 12-month distribution yield of 5.5% at a unit price of S$2.21.
The retail REIT’s retail portfolio occupancy stood very high at 99.5%, dipping just slightly from the 99.9% logged last year.
1H FY2025 also saw a positive rental reversion of 9%, better than the prior year’s 7.5%.
What’s more, shopper traffic and tenant sales for the half-year both increased by 1% and 3.3%, respectively.
FCT introduced 41 new-to-portfolio tenants in 1H FY2025, such as Munchi Pancakes, Nanyang Bliss, and Dim Sum Place.
The REIT has commenced the asset enhancement initiative (AEI) for Hougang Mall last month.
This is a phased AEI, which is targeted to be completed by the third quarter of 2026 (3Q 2026) with a target return on investment of 7%.
CapitaLand Integrated Commercial Trust (SGX: C38U)
CapitaLand Integrated Commercial Trust, or CICT, is a retail and commercial REIT with a portfolio of 23 Singapore properties, two German properties, and three Australian properties.
Its total AUM stood at S$26 billion as of 31 December 2024.
CICT reported a solid set of earnings for 2024 with gross revenue and NPI rising 1.7% and 3.4% year on year, respectively.
DPU improved by 1.2% year on year to S$0.1088, giving the REIT’s units a trailing distribution yield of 5.3%.
CICT released an encouraging business update for the first quarter of 2025 (1Q 2025).
Portfolio occupancy stood high at 96.4%, and rental reversion came in positive at 10.4% and 5.4% for CICT’s retail and office portfolios, respectively.
Tenant sales and shopper traffic also demonstrated strong, double-digit growth of 17.5% and 23% year on year, respectively, for 1Q 2025.
1Q 2025 revenue and NPI eased marginally because of the divestment of 21 Collyer Quay.
But on a like-for-like basis, CICT’s gross revenue and NPI would have been up by 1.1% and 1.4%, respectively.
CICT’s AEIs at IMM Building should be completed by 3Q 2025, while its AEI at Gallileo (in Germany) is targeting phased handover from the second half of this year.
With the release of the Urban Redevelopment Authority’s broader plans for Tampines Regional Centre, the manager will commence planning for Tampines Mall AEI from 4Q 2025.
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Disclosure: Royston Yang does not own shares in any of the companies mentioned.
