REIT Recap | 3 S-REITs Deliver DPU Growth! Would Fraser & Keppel Continue?
Three Singapore REITs released their earnings today — and all reported year-on-year growth in distributable income (DPU).
1. $Mapletree PanAsia Com Tr(N2IU.SI)$ YTD +26.63%
MPACT was the only one among the three to record a decline in revenue and NPI, mainly due to the divestment of several Japan and Singapore assets.
Still, its Singapore portfolio, led by VivoCity, stood out with +6.1% NPI growth, offsetting overseas weakness.
Operating expenses fell 5.8%, while finance costs dropped 16.4%, thanks to effective cost control and debt management.
Revenue: S$218.49M (-3.2% y-o-y)
NPI: S$163.9M (-2.2% y-o-y)
DPU: 2.01 SG cents (+1.5% y-o-y)
Occupancy: 88.9% ｜ WALE: 2.2 years
2. $Sabana Reit(M1GU.SI)$ YTD +29.52%
Sabana posted the strongest DPU growth (+38.4%), well ahead of peers, reflecting robust industrial leasing demand and strong asset performance.
Revenue: S$29.9M (+5.3% y-o-y)
NPI: S$16.9M (+16% y-o-y)
DPU: 1.01 SG cents (+38.4% y-o-y)
Occupancy: 87% ｜ WALE: 2.2 years ｜ Leverage: 38.0%
It marked its 19th consecutive quarter of positive rental reversion, reaching +11.3% this quarter. Key driver: New Tech Park, with occupancy surging to 94.7%.
72.6% of total borrowings are hedged to fixed rates — another layer of stability.
3. $DigiCore Reit USD(DCRU.SI)$ YTD -10.68%
Despite revenue soaring +83.9%, net profit fell 21.7%, as rapid expansion brought higher depreciation and financing costs.
Still, its data-center portfolio continues to shine with near-full occupancy and long-term leases securing steady cash flow.
Revenue: US$132.4M (+83.9% y-o-y)
NPI: US$67.7M (+49.6% y-o-y)
Distributable income: US$35.2M (+1.9% y-o-y)
Occupancy: 98% ｜ WALE: 4.7 years ｜ Leverage: 38.5%
With more S-REITs and SG corporates reporting this week —
Will the DPU growth trend continue across the sector?
Could a rate-cut environment further boost S-REIT performance?
And will AJBU keep its streak of earnings beats?
REWARDS
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Will the DPU growth trend continue across the sector?
Could a rate-cut environment further boost S-REIT performance?
And will AJBU keep its streak of earnings beats?
REWARDS
All valid comments will receive 5 Tiger Coins (5-50 coins; depend on comment quality)
Tag your friends to win another 5 Tiger Coins
@nomadic_m @koolgal @Aqa @Universe宇宙 @HelenJanet @LMSunshine @SPACE ROCKET @rL @GoodLife99 @koolgal @Shyon @Zarkness
MPACT’s revenue and NPI dipped from divestments, but I view it as a short-term move as it refines its portfolio. VivoCity continues to perform well with steady footfall and rental growth, proving quality retail assets still hold strength. Cost reductions also show solid management and should support future DPU stability.
DigiCore’s strong revenue growth reflects robust data center demand, though higher costs trimmed profit. I see long-term strength here, especially if rates ease in 2025. Overall, with positive DPU momentum and potential rate cuts ahead, I remain optimistic about S-REITs with disciplined management.
@Tiger_SG @TigerStars @Tiger_comments
This can be attributed to lower borrowing costs due to rate cuts, directly boosting distributable income or DPU.
As interest rates are falling from our local banks as well as Singapore bonds and treasury bills, SReits' nice, juicy DPUs become more attractive for investors.
Despite this year 's big rally, SReits are not overvalued. In fact they are trading at compelling valuation, especially when viewed through the lens of recovery and rhythm.
Many SReits are trading below or near book value with P/B ratios around 0.8 to 1.1, making some of them undervalued.
So it is time to get back in the SReits as the rebound continues. Not only do investors receive capital growth, they also earn attractive DPUs which is a great source of passive income.
@Tiger_SG @Tiger_comments @TigerClub @CaptainTiger @TigerStars
A rate cut environment is definitely favourable to SREITs in driving down borrowing cost and hopefully this will translate to higher DPU.
I believe AJBU will keep its streak of earning beats. AI and technology have been in the spotlight since covid which will help to drive the demand for data centres. Thus, with strong demand to provide rental income against a backdrop of reduced borrowing costs, AJBU should do well. @SR050321 @LuckyPiggie @Success88 @Fenger1188 @Wayneqq @HelenJanet @Universe宇宙 come join
Check them in the history - “community distribution“
Both Fraser Centrepoint Trust (J69U) and Keppel REIT (K71U) have solid portfolios, with growth dependent on market conditions and asset management, but external shocks could impact performance
DPU growth is likely to continue, but it varies by sector, with logistics potentially outperforming others amid rising interest rates
A rate-cut environment would lower borrowing costs and make S-REITs more attractive, boosting profitability and DPU growth
Strong performance of Keppel DC REIT (AJBU) depends on Japanese property demand and currency management, with continued earnings beats possible if conditions remain favorable
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@Huat99
@Snowwhite
With rate cuts coming, probably worth taking a look to picking up some REIT, especially if the USA president makes a mess and causes some hiccups all over the world
Reits don’t do that unless they cut their dividend. Dividend investors smash a reit or any dividend stock that cuts their dividend.
But my reits are down so I’m accumulating. Thing is, they are only down on the basis of unrealized gains, but all are still up on the dividends they have paid me. Not over 1000%, like some growth stocks, but at least minimum 20%.
2nd, hospitality REIT like Capland Ascott cos everyone is in revenge travelling
and Office REIT, Keppel REIT. Many big companies are recalling staffs to report back to office and is cancelling or reducing WFH benefit..
收入：2990萬新元（同比+5.3%)
NPI：1690萬新元（同比+16%)
DPU：1.01新加坡元（同比+38.4%)
入住：87%｜那些：2.2年|槓桿：38.0%
它標誌着它的租金連續第19個季度實現正增長，達到+11.3%這個季度。主要驅動力：新科技園，入住率飆升至94.7%.
借款總額的72.6%以固定利率對衝，這是另一層穩定性。
儘管如此，以怡豐城爲首的新加坡投資組合仍脫穎而出+6.1%NPI增長，抵消海外疲軟。
營業費用下降5.8%財務成本下降16.4%，得益於有效的成本控制和債務管理。
收入：2.1849億新元（-3.2%同比-同比)
NPI：1.639億新元（-2.2%同比-同比)
DPU：2.01新加坡元（同比+1.5%)