Results season for Singapore real estate investment trusts (S-REITs) lands at the end of October.
Following up on our earlier piece examining the top three Temasek-linked blue chips to watch this week, we are turning our attention to the next three key names on the radar.
These three S-REITs report within two days of each other.
| Company | Ticker | Reporting date |
|---|---|---|
| CapitaLand Integrated Commercial Trust (CICT) | SGX: C38U | Thursday, 29 October 2026 |
| CapitaLand Ascendas REIT (CLAR) | SGX: A17U | Thursday, 29 October 2026 |
| Mapletree Pan Asia Commercial Trust (MPACT) | SGX: N2IU | Friday, 30 October 2026 |
Temasek, a global investment company headquartered in Singapore, held a deemed interest of 21.4% in CICT as at 27 February 2026.
It held a deemed interest of 18.6% in CLAR as at 3 March 2026, and 56.91% in MPACT as at 30 June 2026.
A big shareholder doesn’t decide what lands in your account, though.
The per-unit numbers do.
Each REIT heads into this week with a different question.
Can CICT keep its DPU growth ahead of growth in its unit base?
CICT is Singapore’s largest REIT by market capitalisation.
It owns retail, office and integrated development properties, with total assets of S$28.2 billion as at 30 June 2026.
For the first half of 2026 (1H2026), gross revenue rose 7.5% year on year (YoY) to S$846.8 million, while net property income (NPI) climbed 8.7% to S$630.5 million.
Distribution per unit (DPU) grew 7.1% to S$0.0602.
Here’s the thing: CICT’s unit base grew 5.8%, and yet DPU still came out ahead.
Portfolio occupancy rose 0.4 percentage points quarter on quarter to 95.6%.
Retail occupancy hit 97.7%, above the Urban Redevelopment Authority’s (URA) islandwide figure of 93.5%.
Rental reversions stayed positive at 4.0% for retail and 6.5% for office.
So what’s new this time? Paragon.
CICT completed the S$3.9 billion acquisition on 1 July 2026, just after the half ended, so watch for its first contribution.
The sale of Asia Square Tower 2, for net proceeds of about S$2.45 billion, is expected to be completed in 2H2026.
Aggregate leverage improved to 37.4% as at 30 June 2026, and average cost of debt held steady at 2.9% – though both figures precede Paragon’s completion.
When will CLAR’s income growth reach unitholders?
CLAR is a diversified industrial REIT with 234 properties across Singapore, Australia, the US, the UK/Europe and Japan, and a portfolio valued at S$20.1 billion as at 30 June 2026.
In 1H2026, gross revenue rose 6.7% YoY to S$805.5 million, and NPI grew 6.2% to S$556.1 million.
Total distributable income expanded 8.6% to S$359.4 million.
However, DPU rose by just 0.1% YoY to S$0.07482.
Why the gap?
Equity fundraisings in 1H2025 and 1H2026 lifted the number of units entitled to distributions by 8.5%, and the new units absorbed most of the income growth.
To put it simply, CLAR earned more, but each unit’s share barely moved.
Occupancy slipped to 89.1% from 91.8% a year ago.
For context, part of the decline reflects the addition of two newly completed properties.
Excluding them, occupancy would have been 90.3%.
Rental reversions came in at 8.5% for 1H2026, and management expects them to stay positive in the high single digits for the full year.
CLAR has also announced a further S$638.1 million in acquisitions and plans to divest Kim Chuan Telecommunications Complex for S$200.4 million, representing a 32% premium to its valuation.
Aggregate leverage stood at 39.7%, the highest of the three REITs, with cost of debt at 3.5%.
Can VivoCity keep carrying MPACT?
MPACT owns 15 commercial properties across Singapore, Hong Kong, China, Japan and South Korea, with assets under management of S$15.2 billion as at 30 June 2026.
Its latest figures cover just one quarter, the first quarter of the fiscal year ending 31 March 2027 (1QFY2027).
Gross revenue fell 5.6% YoY to S$206.5 million, and NPI dropped 6.8% to S$154.8 million.
DPU declined a milder 2.5% to S$0.0196, as an 18.4% drop in finance expenses softened the blow.
VivoCity remains the bright spot.
Its NPI rose 8.9% YoY, helped by the completed Basement 2 asset enhancement, positive rental reversions of 13.5% and step-up rents.
On the flip side, the weaker spots sit mostly outside Singapore.
Portfolio committed occupancy fell to 84.4% from 89.3%. Japan, at 56.0%, and China, at 82.4%, dragged the figure lower.
Rental reversions came in at −9.1% for Festival Walk and −29.2% for China.
The absence of income from divested assets and a stronger Singapore dollar also weighed on the quarter.
That leaves the payout leaning on VivoCity and lower finance costs.
A recovery in overseas NPI would put it on firmer ground.
Watch Festival Walk’s 18,800-square-foot reconfiguration, which became operational in July 2026.
MPACT puts its return on investment at close to 50%, though on a small outlay of about HK$5.3 million.
Aggregate leverage stood at 37.7%, and cost of debt improved to 2.94%.
Get Smart: Look past the headline total
When the updates land, put the total next to the per-unit figure.
If distributable income grows faster than DPU, find out where the difference went.
CLAR’s 1H2026 results show how new units can soak up income growth.
MPACT’s 1QFY2027 results show how lower finance costs can prop up a payout even as property income falls.
Temasek’s stake tells you who owns these REITs, but the per-unit number tells you what they pay you.
So when the updates arrive, ask each one a question: did the growth reach you per unit?
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Disclosure: The Smart Investor owns units of CICT, CLAR and MPACT.
