Singapore REITs and property trusts have started the year with a mix of steady payouts and cautious optimism, as earnings from the first quarter of 2025 roll in.
Two of Singapore’s leading property players CapitaLand Investment (SGX: 9CI) and Mapletree Industrial Trust (SGX: ME8U) have released their latest earnings.
Alongside them, Elite UK REIT (SGX: MXNU), a smaller SGX-listed trust with UK government-backed tenants, also reported a solid quarter that’s worth a closer look.
Here’s what investors need to know.
CapitaLand Investment’s Revenue Falls 24% in Q1 2025
CapitaLand Investment Limited (CLI) reported revenue of S$496 million for the first quarter of 2025 (Q1 2025), down 24% from the same period a year ago. The decline was primarily due to the deconsolidation of CapitaLand Ascott Trust (SGX: HMN), removing its contribution from CLI’s consolidated financials.
Under the surface, operational momentum remained healthy.Revenue from its real estate investment business rose 6% year-on-year, led by growth in CLI’s fund management and lodging platform businesses.
CLI went ex-dividend for a S$0.12 final dividend, and its share price dipped 8% after going ex-dividend.
Mapletree Industrial Trust Grows DPU to 13.57 Cents
Mapletree Industrial Trust (MIT) announced a DPU of S$0.01357 for fiscal FY2024/2025, up 0.5% year-on-year.
Although foreign exchange headwinds and higher expenses added pressure, MIT’s well-diversified portfolio—spanning data centres, hi-tech buildings, and industrial assets—continued to support strong occupancy and steady income. The trust also remains focused on long-term asset enhancement and selective development projects.
Elite UK REIT Reports Higher DPU and Operational Strength
Elite UK REIT delivered a robust set of results. For Q1 2025, the REIT declared a DPU of 0.76 pence, a 9.6% increase year-on-year, driven by interest and tax savings.
The REIT maintains a high 93.5% occupancy rate, with a tenant base anchored by UK government agencies.
Financial metrics also improved across the board: borrowing costs fell to 4.8%, net gearing declined to 42.2%, and the interest coverage ratio rose to 2.6 times. Elite also reported positive rental reversions across multiple assets, and has begun formal lease renewal discussions—a key step toward sustaining future income.
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Disclosure: Joanna Sng of The Smart Investor owns shares of Mapletree Industrial Trust.
