The REIT sector continues to be a source of dependable dividends for income investors.
REITs are also seeing some light at the end of a long tunnel with interest rates easing slightly and inflation falling sharply to a four-year low of 0.5% for March 2025.
With sentiment still weak for the sector, income investors can find well-run REITs with solid distribution yields.
Here are four Singapore REITs sporting distribution yields of 5.7% or more.
Mapletree Logistics Trust (SGX: M44U)
Mapletree Logistics Trust, or MLT, is an industrial REIT with a portfolio of 180 properties spanning eight countries with total assets under management (AUM) of S$13.3 billion as of 31 March 2025.
MLT saw headwinds that caused its revenue and distribution per unit (DPU) to weaken.
For fiscal 2025 (FY2025) ending 31 March 2025, gross revenue dipped 0.9% year on year to S$727 million.
The lower revenue was due to lower contributions from China, the absence of contributions from divested properties, and continued weakness in regional currencies versus the Singapore dollar.
Property expenses rose 2.8% year on year, causing net property income (NPI) to fall by 1.5% year on year to S$625.3 million.
DPU tumbled 10.6% year on year to S$0.08053.
Shares of MLT provide a trailing distribution yield of 7.1%.
Portfolio occupancy stayed high at 96.2% for the logistics REIT despite the fall in DPU.
Its portfolio also enjoyed a positive rental reversion of 5.1% for the latest quarter.
MLT completed the acquisition of three properties in Vietnam (2) and Malaysia (1) during FY2025.
It also redeveloped a property at 5A Joo Koon Circle for S$205 million, with completion expected in May 2025.
The industrial REIT also divested 14 properties with older specifications and limited redevelopment potential, with an average 17% premium to valuation.
CapitaLand Ascendas REIT (SGX: A17U)
CapitaLand Ascendas REIT, or CLAR, is Singapore’s oldest industrial REIT.
The REIT’s portfolio comprises 229 properties across Singapore, the US, Australia, Europe, and the UK, and is worth S$16.8 billion as of 31 December 2024.
CLAR reported an upbeat set of earnings for 2024.
Gross revenue rose 2.9% year on year to S$1.5 billion while NPI increased by 2.6% year on year to S$1.05 billion.
DPU inched up 0.3% year on year to S$0.15205.
At S$2.66, the industrial REIT’s units offer a trailing distribution yield of 5.7%.
CLAR’s portfolio occupancy stood high at 92.8% at the end of last year, although this was down from 94.2% in the previous year.
The portfolio continued to enjoy a positive rental reversion of 11.6%.
CLAR saw the acquisition and development of two properties in the US for S$248.2 million last year.
The industrial REIT also has eight ongoing projects worth S$803.6 million undergoing refurbishment or redevelopment to improve returns on the existing portfolio.
OUE REIT (SGX: TS0U)
OUE REIT is a diversified REIT that owns a portfolio of six high-quality office, hospitality, and retail assets located in Singapore.
These assets are worth S$5.8 billion as of 31 December 2024.
For 2024, the REIT reported a 3.7% year-on-year increase in revenue, contributed in part by the successful asset enhancement initiative (AEI) at Crowne Plaza Singapore.
NPI, however, dipped by 0.4% year on year to S$234 million.
DPU came in at S$0.0206, down 1.4% year on year, as finance costs jumped 13.9% year on year to S$106.5 million.
OUE REIT’s units are offering a trailing distribution yield of 7.4%.
For the first quarter of 2025 (1Q 2025), the REIT’s revenue fell by 11.9% year on year to S$66 million while NPI tumbled 12.1% year on year to S$53.2 million.
This was because of the divestment of Lippo Plaza in Shanghai, coupled with lower contributions from the hospitality segment.
On a like-for-like basis, excluding the divestment of this asset, revenue and NPI would have fallen by 3.9% and 4.1%, respectively.
Frasers Logistics & Commercial Trust (SGX: BUOU)
Frasers Logistics & Commercial Trust, or FLCT, is an industrial and commercial REIT with a portfolio of 114 properties spread across Singapore, Australia, the UK, Germany, and the Netherlands.
Its portfolio stood at S$6.8 billion as of 31 December 2024.
For fiscal 2024 (FY2024) ending 30 September 2024, revenue rose 6.2% year on year to S$446.7 million, but adjusted NPI inched up 2.7% year on year to S$320 million.
DPU declined by 3.4% year on year to S$0.068.
FLCT’s units offer a trailing distribution yield of 7.6% at a unit price of S$0.89.
The logistics and commercial REIT reported an encouraging business update for its first quarter of fiscal 2025 (1Q FY2025).
Portfolio occupancy stood high at 94.3%, and the portfolio registered a positive rental reversion of 41.8%.
Aggregate leverage was low at 36.2% while the trailing three-month cost of debt was just 3.1%.
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Disclosure: Royston Yang owns shares of Frasers Logistics & Commercial Trust.
