The Straits Times Index (SGX: ^STI) has had a remarkable run in 2025, rising by over 21% year-to-date (YTD) as of 15 December 2025.
The same cannot be said about real estate investment trusts (REITs).
Singapore’s blue-chip REITs have had a mixed 2025, navigating interest rate shifts, overseas headwinds, and changing consumer habits.
That said, beneath the headlines, a trio of stalwarts did better than most.
Mapletree Pan Asia Commercial Trust (SGX: N2IU): Total Returns 27.5% YTD
Mapletree Pan Asia Commercial Trust, or MPACT, owns a portfolio of retail and office properties across Singapore, Hong Kong, China, Japan, and South Korea, with assets under management of approximately S$15.7 billion.
Recent results were a mixed bag, though.
For the first half of the fiscal year ending 31 March 2026 (1HFY2026), MPACT’s gross revenue dipped 5.4% year-on-year (YoY) to S$437.1 million, while net property income (NPI) fell 5% to S$329.9 million.
Distribution per unit (DPU) slipped by 1.2% YoY to S$0.0402, due to lower overseas contributions.
Portfolio committed occupancy stood at 88.9% as of 30 September 2025, while rental reversion was relatively flat for 1HFY2026, reflecting management’s strategic focus on tenant retention and cash flow stability.
VivoCity’s robust 14.1% rental reversion offset weaker overseas markets, primarily in China, including Hong Kong.
At VivoCity, shopper traffic increased 0.6% YoY to 21.9 million visitors in 1HFY2026, while tenant sales grew 3.5% to over S$519 million.
Festival Walk in Hong Kong saw shopper traffic rise 6.1% to 15.6 million, though tenant sales declined 2.6% to HK$1.7 billion.
As a whole, the REIT’s revenue decline was primarily driven by the divestment of Mapletree Anson, and two Japan office buildings, namely TS Ikebukuro Building and AIA Shin-Yokohama Building.
Lower operating expenses and finance costs, driven by reduced utility rates and strategic debt reduction, helped to cushion the DPU decline.
The REIT reported a slight increase in DPU for 2QFY2026 of 1.5% YoY, which may be why there is optimism that the REIT has turned the corner.
CapitaLand Integrated Commercial Trust (SGX: C38U): Total Returns 26.6% YTD
CapitaLand Integrated Commercial Trust, or CICT, is Singapore’s largest commercial S-REIT with a diversified portfolio of retail, office, and integrated development properties across Singapore, Germany, and Australia.
The REIT’s recent results paint a picture of resilience.
For the first nine months of 2025 (9M 2025), CICT reported gross revenue of S$1.2 billion, up 0.1 YoY and NPI of around S$874 million, an increase of 0.2% YoY.
Additional gains came from contributions from its 50% stake in ION Orchard in October 2024.
The REIT continues to boast solid portfolio operating metrics.
The committed occupancy rate stood at 97.2% while the year-to-date rental reversion came in positive at 7.8% for its retail division and 6.5% for its office sector.
The retail segment reported strong gains, with 19.2% YoY increase in tenant sales while shopper traffic rose by 24.8% YoY.
Both metrics benefited from the inclusion of ION Orchard, without which tenant sales and shopper footfall would be 1% and 4.5% YoY, respectively.
Frasers Logistics & Commercial Trust (SGX: BUOU): Total Returns 17.9%
Frasers Logistics & Commercial Trust, or FLCT, boasts a diversified portfolio of logistics, industrial, and commercial properties across Australia, Europe, and Singapore.
The REIT has assets of S$6.9 billion under management.
Like MPACT, FLCT reported a mixed set of results for its fiscal year ended 31 September 2025 (FY2025).
Revenue rose 5.6% YoY from S$446.7 million in FY2024 to S$471.5 million in FY2025.
Adjusted NPI climbed 1.9% YoY to S$326.1 million.
However, DPU fell 12.5% YoY to S$0.0595 per unit due to a combination of higher finance expenses and the lack of FY2024’s capital divestment gains.
Aggregate leverage stood at 35.7%, providing debt headroom for future acquisitions.
FY2025 was marked by strong leasing momentum.
FLCT achieved a positive rental reversion of 29.5%.
Highlights included a 24.8% rental uplift for its logistics and industrial properties in New South Wales and a 35.1% gain in Victoria.
Get Smart: Operational discipline trumps market noise
A strong 12-month performance is nice, but it’s just the beginning.
MPACT is recycling capital from weaker overseas assets while doubling down on VivoCity’s proven formula.
CICT’s acquisition of ION Orchard puts another feather in the cap for the REIT’s investment in prime Singapore retail.
FLCT’s 29.5% rental reversion provides hope that it can turn the corner on DPU declines.
Ultimately, for dividend investors, the lesson is straightforward: the true benefit is from the sustainability of the DPU, which will be proven over time.
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Disclosure: The Smart Investor owns all the shares mentioned.
