The REIT sector is seeing some respite from the twin challenges of high interest rates and inflation.
Last week, we featured four REITs that managed to grow their distribution per unit (DPU) aid a challenging environment.
As the earnings season rolls on, we identified more REITs that announced a year-on-year increase in DPU.
Here are another four REITs that beat the odds to post higher distributions.
CapitaLand Integrated Commercial Trust (SGX: C38U)
CapitaLand Integrated Commercial Trust, or CICT, is a retail and commercial REIT with a portfolio of 21 properties in Singapore, two in Germany, and three in Australia.
The portfolio was valued at S$25.9 billion as of 31 December 2024.
For the first half of 2025 (1H 2025), gross revenue dipped by 0.5% year on year to S$787.6 million.
The decline was because of the absence of rental income from 21 Collyer Quay, which was divested in November 2024, and lower contributions from Gallileo, which is undergoing an asset enhancement initiative (AEI).
Net property income (NPI) for CICT slid 0.4% year on year to S$579.9 million.
If the divested property is excluded, gross revenue and NPI would have risen 1.4% and 1.7%, respectively.
Despite the lower NPI, CICT saw income contributions from the newly acquired ION Orchard, which helped to boost its DPU by 3.5% year on year to S$0.0562.
CICT’s portfolio occupancy stood high at 96.3% with positive rental reversions of 7.7% for its retail portfolio and 4.8% for its office portfolio.
The REIT also reported higher tenant sales and shopper traffic for an increase of 17.9% and 23.8% year on year, respectively.
However, excluding ION Orchard, tenant sales fell by 0.2% year on year while footfall increased by 3.4% year on year.
Lendlease Global Commercial REIT (SGX: JYEU)
Lendlease Global Commercial REIT, or LREIT, has a portfolio comprising Jem (an office and retail property) and 313 @ Somerset in Singapore, and a freehold interest in Sky Complex in Milan, Italy.
These properties have a total appraised value of S$3.76 billion.
For the second half of fiscal 2025 (2H FY2025) ending 30 June 2025, gross revenue inched up 1.9% year on year to S$101 million.
NPI improved by 2.7% year on year to S$71.9 million, and DPU increased by 1.8% year on year to S$0.0177.
LREIT reported a healthy portfolio committed occupancy of 92.1% along with a retail rental reversion of 10.2% for FY2025.
However, tenant sales saw a 5.1% year-on-year dip for the full fiscal year.
Post FY2025, LREIT announced an agreement to divest the office portion of Jem for S$462 million, with the sales proceeds to be used for the repayment of debt.
Assuming debt is paid down, the REIT’s aggregate leverage will fall from 42.6% to around 35%.
Elite UK REIT (SGX: MXNU)
Elite UK REIT’s portfolio comprises 150 properties located near town centres, amenities, and transportation nodes.
The portfolio has a total asset value of £421.5 million as of 30 June 2025.
For 1H 2025, the office REIT saw revenue edge up 0.5% year on year to £18.7 million.
NPI, however, slipped 0.4% year on year to £18.67 million.
DPU came in at £0.0154, registering a 10% year-on-year increase.
The higher revenue was attributed to positive rental reversion and new rental income from the acquisition of three government properties in June 2025.
NPI dipped because of a non-recurring expense related to asset repositioning initiatives.
Elite UK REIT completed two property divestments for around £4 million, at an average of 7.9% premium above valuation.
The REIT also received planning application approval for the conversion of Lindsay House in Dundee, Scotland, into a 168-bed purpose-built student accommodation (PBSA) asset.
AIMS APAC REIT (SGX: O5RU)
AIMS APAC REIT, or AAREIT, is an industrial REIT with a portfolio of 27 properties located in Singapore (24) and Australia (3).
The total portfolio value stood at S$2.1 billion as of 31 March 2025.
The industrial REIT delivered a resilient set of earnings for the first quarter of fiscal 2026 (1Q FY2026) ending 30 June 2025.
Gross revenue inched up 0.2% year on year to S$47.4 million, but NPI dipped 1% year on year to S$34.1 million.
Distributable income managed to post a small 1.1% year-on-year increase, but with an enlarged unit base, DPU increased by 0.4% year on year to S$0.0228.
AAREIT’s portfolio occupancy stood high at 93.7% with a long WALE of 4.4 years.
The REIT also saw a positive rental reversion of 5.4% for the quarter.
The industrial REIT has a low aggregate leverage of just 28.9% with a blended financing cost of 4.3%.
AAREIT recently concluded the AEI for 15 Tai Seng Drive and upgraded the building to attract higher value tenants and capture positive rental reversion.
Another AEI is ongoing at 7 Clementi Loop and is scheduled to be completed by 2Q FY2026.
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Disclosure: Royston Yang does not own shares in any of the companies mentioned.
