REITs continue to be attractive income-generating stocks for investors who are seeking a regular, dependable dividend.
The requirement for this asset class to pay out at least 90% of its earnings as distributions makes them perfect for income-seeking investors.
Although the sector has faced headwinds such as high interest rates and rampant inflation in the last three years, many REITs continue to churn out distributions for their unitholders.
We singled out five Singapore REITs with distribution yields of 5.4% or above that you can consider adding to your buy watchlist.
Mapletree Logistics Trust (SGX: M44U)
Mapletree Logistics Trust, or MLT, is a logistics-focused REIT with a portfolio of 178 properties across eight countries.
The REIT’s total assets under management (AUM) stood at S$13 billion as of 30 June 2025.
MLT reported a downbeat set of earnings as the REIT encountered several headwinds during its latest fiscal quarter ending 30 June 2025 (1Q FY2026).
For 1Q FY2026, gross revenue dipped 2.4% year on year to S$177.4 million, principally because of the loss of rental contribution from 12 divested properties and weakness in regional currencies.
Net property income (NPI) slipped 2.1% year on year to S$153.4 million.
Finance costs, unfortunately, crept up by 2.3% year on year, causing distribution per unit (DPU) to fall by 12.4% year on year to S$0.01812.
Note that the absence of a divestment gain in the previous corresponding period also contributed to the large year-on-year DPU decline.
If adjusted for this gain, DPU would have risen 0.5% quarter-on-quarter.
MLT’s trailing 12-month DPU stood at S$0.07797, giving its units a trailing distribution yield of 6.8%.
Despite the lower DPU, MLT maintained a high portfolio occupancy of 95.7% and also logged a positive rental reversion of 2.1% across its portfolio.
Its new redevelopment project at 5A Joo Koon Circle has 60% committed occupancy with another 25% under active negotiation, and this property should contribute to gross revenue in the months ahead.
Mapletree Industrial Trust (SGX: ME8U)
Mapletree Industrial Trust, or MIT, is an industrial REIT with a portfolio of 55 properties in the US, 83 in Singapore, and two in Japan.
The total AUM of the REIT stood at S$9 billion as of 30 June 2025.
MIT reported a mixed set of earnings for 1Q FY2026.
Gross revenue inched up 0.3% year on year to S$175.9 million, contributed by recent acquisitions and new lease renewals.
NPI crept up 0.8% year on year to S$133.6 million, but DPU slid 4.7% year on year to S$0.0327.
The weaker result was because of the absence of a divestment gain in 1Q FY2025, coupled with lower distributions from a joint venture of the REIT.
MIT’s trailing 12-month DPU stood at S$0.1341, giving its units a trailing distribution yield of 6.6%.
Portfolio occupancy stood high at 91.4% and the REIT reported a weighted average positive rental reversion of 8.2% for its Singapore portfolio for the quarter.
Digital Core REIT (SGX: DCRU)
Digital Core REIT, or DCR, is a data centre REIT with a portfolio of 11 data centres worth US$1.7 billion.
The REIT reported a resilient set of earnings for the first half of 2025 (1H 2025).
Gross revenue shot up 84.2% year on year to US$88.9 million, boosted by acquisitions and higher occupancy.
NPI improved by 52.2% year on year to US$46.3 million, but DPU remained constant year on year at US$0.018.
DCR’s trailing 12-month DPU stood at US$0.036, giving its units a trailing distribution yield of 7%.
The REIT had an aggregate leverage of 38.3% with an average cost of debt of 3.4%.
This gearing level provides sufficient debt headroom for acquisitions from its sponsor, Digital Realty Trust (NYSE: DLR), to provide access to a US$15 billion sponsor pipeline.
Suntec REIT (SGX: T82U)
Suntec REIT owns a portfolio with stakes in Singapore retail and commercial properties such as One Raffles Quay, Suntec City Mall, and Suntec City Convention Centre.
The REIT also owns stakes in commercial properties in the UK and Australia.
Suntec REIT saw its 1H 2025 gross revenue rise 3.3% year on year to S$234.5 million.
NPI increased by 5.6% year on year to S$159.5 million, and DPU rose 3.7% year on year to S$0.03155.
Suntec REIT’s trailing 12-month DPU stood at S$0.06305, giving its units a trailing distribution yield of 5.4%.
The REIT’s Singapore portfolio saw a high committed occupancy of 99% for its office division, and 98% for its retail wing.
Rental reversion was also strongly positive at 10% and 17.2%, respectively.
CapitaLand Ascott Trust (SGX: HMN)
CapitaLand Ascott Trust, or CLAS, is a hospitality trust with a portfolio of 101 properties located in 45 cities across 16 countries.
The trust’s AUM stood at S$8.8 billion as of 30 June 2025.
CLAS reported a mixed set of earnings for 1H 2025.
Revenue inched up 3% year on year to S$398.5 million while gross profit increased by 6% year on year to S$182.5 million.
Distribution per stapled security (DPSS), however, slipped 1% year on year to S$0.0253.
The trust’s trailing 12-month DPSS stood at S$0.0608, giving its units a trailing distribution yield of 6.8%.
However, the manager communicated that core distributable income, which excludes the effects of exchange rates, rose 1% year on year to S$91.6 million.
CLAS completed over S$500 million of divestments at up to 55% premium to book value, and also conducted acquisitions of five assets in Japan (3), Singapore (1) and the US (1) during 1H 2025.
As the STI hits record highs, long-term investors are asking: can dividends keep up?
In this special National Day webinar, we dive into the earnings outlook for Singapore’s top dividend stocks and what to expect in the months ahead. Secure your free seat here and stay ahead of the curve.
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Disclosure: Royston Yang owns shares of Suntec REIT, Mapletree Industrial Trust and Digital Core REIT.
