3 Singapore REITs That Just Reported: Mapletree Industrial Trust, Starhill Global REIT, and Keppel REIT Ltd

The Smart Investor

2025/10/31

Singapore’s REITs delivered varied quarterly results, showcasing different strategies to navigate market conditions. Mapletree Industrial Trust (SGX: ME8U) executed strategic divestments to ...

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different strategies to navigate market conditions. \n\nMapletree Industrial Trust (SGX: ME8U) executed strategic divestments to ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/3-singapore-reits-that-just-reported-mapletree-industrial-trust-starhill-global-reit-and-keppel-reit-ltd/\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CFA","symbol_name":"VictoryShares US 500 Volatility Wtd 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Trust (SGX: ME8U) executed strategic divestments to strengthen its balance sheet despite revenue headwinds, Starhill Global REIT (SGX: P40U) maintained stable operations with modest growth, while Keppel REIT (SGX: K71U) demonstrated strong operational momentum and announced its first retail acquisition. \n\nHere’s a closer look at how these Singapore-listed REITs performed in their latest reporting periods.\n\nMapletree Industrial Trust: Strategic Repositioning Amid Revenue Pressures\nMapletree Industrial Trust (MIT) reported second-quarter (2QFY2026) results that reflected its ongoing portfolio repositioning strategy, with gross revenue declining 6.2% year on year (YoY) to S$170.2 million and distribution per unit (DPU) falling 5.6% to S$0.032. \n\nExcluding a one-off divestment gain from the prior year, DPU decreased a more modest 2.2%. \n\nThe financial performance was impacted by the loss of income from three Singapore properties divested in August 2025, lower contributions from the North American portfolio due to non-renewals, and foreign exchange headwinds from a weaker US dollar, though these were partially offset by higher contributions from Japan. \n\nDespite the headline declines, several operational metrics painted a more resilient picture. \n\nPortfolio occupancy remained stable at 91.3%, with Singapore maintaining 92.6% occupancy and Japan achieving perfect 100% occupancy, while North America stood at 87.8%. \n\nThe REIT demonstrated strong pricing power with Singapore properties achieving 6.2% weighted average rental reversion, led by general industrial buildings at 8.0%. \n\nMost notably, management executed S$547.1 million in strategic divestments across Singapore and the US, unlocking value at a 22.1% premium over original investment cost for Singapore properties and 18.6% above market valuation for a Georgia data centre. \n\nThese divestments improved aggregate leverage to 37.3%, providing MIT with enhanced financial flexibility for future growth opportunities as it continues to benefit from strong demand in North American and Japanese data centre markets.\n\nStarhill Global REIT: Steady Performance in Challenging Environment\nThe REIT delivered a stable first-quarter performance for FY2025/2026, with gross revenue edging up 0.7% YoY to S$48.3 million and net property income (NPI) rising 0.2% to S$37.9 million. \n\nThe retail-focused REIT maintained solid portfolio occupancy at 94.8%, with its retail segment achieving a robust 97.6% occupancy. \n\n\nAt its flagship Wisma Atria Property in Singapore, shopper traffic remained flat with a marginal 0.1% increase YoY, though tenant sales demonstrated stronger momentum with a 7.5% jump to approximately S$48 million. \n\nThe modest revenue growth was primarily driven by stronger contributions from Singapore Retail and Malaysia Properties, though these gains were largely offset by the loss of income from divested Wisma Atria Office strata units, rental arrears provision mainly for the China Property, and the depreciation of the Australian dollar against the Singapore dollar. \n\nOn the capital management front, the REIT extended its weighted average debt maturity to 3.9 years through refinancing activities in September 2025 and issued S$100 million in new perpetual securities at a competitive 3.25% fixed distribution rate in October, with proceeds earmarked to redeem existing perpetual securities in December. \n\nAsset enhancement initiatives (AEI) continued to progress, with the conversion of part of Wisma Atria’s Level 7 car park into 3,250 square feet of leasable office space achieving returns above 8%, while at Myer Centre Adelaide, UNIQLO successfully opened its expanded duplex store in October 2025.\n\nKeppel REIT: Strong Leasing Momentum Drives Double-Digit Rental Reversions\nKeppel REIT delivered solid operational results for the first nine months of 2025 (9M2025), with property income rising 5.5% YoY to S$204.5 million and NPI climbing 8.6% to S$161.3 million. \n\nDistributable income from operations came in at S$144.6 million, a slight 0.6% YoY decline, though this reflects the manager’s decision to receive 25% of management fees in cash starting from FY2025. (Distributable income would have grown 6.7% YoY to S$155.3 million had management fees been paid entirely in units.) \n\nThe S$9.5 billion portfolio maintained strong fundamentals with committed occupancy at 96.3% as at 30 September 2025, up from 95.9% the previous quarter, while leasing momentum remained robust with rental reversions of 12.0%. \n\nThe stronger performance was driven by contributions from 255 George Street acquired in May 2024 and higher occupancy at 2 Blue Street in Sydney.\n\nWithin the Singapore portfolio, higher rentals at Marina Bay Financial Centre and One Raffles Quay, coupled with lower borrowing costs, lifted the share of results from associates by 15.4% YoY to S$75.4 million. \n\nLooking ahead, Keppel REIT announced its strategic expansion into retail with the proposed acquisition of a 75% interest in Top Ryde City Shopping Centre in Sydney for A$393.8 million (S$334.8 million), offering a 6.7% initial yield and 1.53% pro forma DPU accretion, with the fully-leased asset marking the REIT’s first retail acquisition.\n\nIf you want to retire with a constant stream of dividends, these 5 stocks might be all you need. We’ve found 5 SG stocks that have kept paying (and growing) through inflation, rate hikes, and recessions. See what they are with our latest free report for SGX dividend investors. Click here to get instant access.\n\nFollow us on Facebook, Instagram and Telegram for the latest investing news and analyses!","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}