Singapore REITs encountered challenges during the first half of 2025, grappling with elevated interest rates that heightened financing costs and affected valuations.

Despite this, five REITs achieved higher distributions per unit (DPUs), showcasing resilient portfolio management and robust operational fundamentals.

Here’s how these five REITs rewarded investors despite a tough macroeconomic environment.

CapitaLand Integrated Commercial Trust

CapitaLand Integrated Commercial Trust (CICT) reported a 3.5% year-on-year (YoY) increase in DPU to S$0.0562 for the first half of 2025, even though revenue slightly declined by 0.5% to S$787.6 million.

Net Property Income (NPI) decreased by 0.4% to S$579.9 million, but distributable income surged by 12.4% YoY to S$411.9 million, driven by contributions from the ION Orchard acquisition and lower interest expenses.

Committed occupancy remained high at 96.3% as of 30 June 2025, with the retail portfolio achieving a 7.7% rental reversion in the first half, while the office portfolio posted a 4.8% rental reversion.

CICT remains optimistic about its asset management enhancement initiatives (AEIs) for Lot One and Tampines Mall, with an estimated combined cost of S$61 million, targeting a 7% return on investment for both projects.

The acquisition of the remaining 55% stake in CapitaSpring's office tower aims to strengthen CICT’s position in Singapore's tight office market.

CICT benefits from recovering retail traffic and steady office demand. The trust has successfully merged leasing, AEIs, and portfolio reconstitution to grow its assets and DPU, with noteworthy projects including the S$48 million AEI at IMM Building and selective high-yield ventures such as CapitaSpring.

CICT continues to enhance portfolio quality through strategic divestments and reinvestments, aiming to deliver long-term value.

Keppel DC REIT

Keppel DC REIT, a data centre REIT, manages a portfolio of 24 data centres across 10 countries. As of 30 June 2025, the REIT's total assets under management (AUM) stood at approximately S$5 billion.

For the first half of 2025, revenue jumped 34.4% YoY to S$211.3 million, with NPI rising 37.8% YoY to S$182.8 million. DPU increased by 12.8% YoY to S$0.05133, backed by strong portfolio performance and recent acquisitions.

Positive rental reversion was reported at 51%, as the demand for data centres remained robust amid tight supply in Singapore. Management anticipates this positive trend will continue over the next 24 months.

As of 30 June 2025, portfolio occupancy remained strong at 95.8%, with a weighted average lease expiry (WALE) of 6.9 years.

In September 2025, Keppel DC REIT announced the acquisition of Tokyo Data Centre 3 for JPY 82.1 billion (approximately S$707 million). The facility is fully leased to a leading global hyperscaler with annual rent escalations over its 15-year term.

Keppel DC REIT continues to benefit from digitalisation trends and resilient demand for data hosting, underpinning stable growth and long-term value creation.

Elite Commercial REIT

Elite UK REIT, a Singapore-listed real estate investment trust, focuses on commercial properties in the United Kingdom. The REIT recently declared a 10% YoY increase in DPU to GBP 0.0154 (S$0.027).

As of 30 June 2025, Elite UK REIT’s portfolio occupancy was solid at 95.0%, benefitting from stable, long-term leases with government tenants. The WALE stands at 2.9 years, with a niche focus on long leases and mission-critical tenants, providing a reliable income stream and future leasing flexibility.

While currency movements between GBP and SGD can affect distributions for Singapore dollar unitholders, Elite UK REIT maintains a resilient portfolio, combining stable occupancy, solid lease structures, and careful currency management to deliver consistent returns.

AIMS APAC REIT

AIMS APAC REIT (AA REIT) invests in industrial, logistics, and business park properties across the Asia-Pacific region. The REIT owns a diversified portfolio of 40 properties in these sectors.

For the fiscal year ending 31 March 2025, AA REIT reported a DPU of S$0.096, increasing by 2.6% YoY. As of 30 June 2025, the overall portfolio occupancy was 93.7%, or 96.5% on a committed basis excluding AEIs and tenant transitions.

AA REIT maintains a WALE of 4.4 years, supported by a diversified tenant base. The REIT continues to unlock value through proactive asset upgrades: AEIs at 7 Clementi Loop are scheduled for completion by 2QFY2026, and 15 Tai Seng Drive has successfully completed with a targeted NPI yield above 7.0%.

On the portfolio front, AA REIT completed the divestment of 3 Toh Tuck Link, with proceeds earmarked for debt repayment and redeployment into higher-yielding assets.

AA REIT benefits from strong demand for high-spec logistics and industrial space in Singapore, and its focus on properties in these sectors within the Asia-Pacific region provides a niche competitive advantage. Active management and strategic property enhancements support steady income growth and resilient DPU.

Suntec REIT

Suntec REIT, a retail and commercial REIT, owns stakes in properties across Singapore, the UK, and Australia. For the first half of 2025, Suntec REIT saw DPU increase by 3.7% YoY to S$0.03155.

Committed occupancy for the Singapore portfolio stood strong at 99% for the office division and 98% for retail. Rent reversion was favourable at 10% and 17.2% for office and retail, respectively.

In Australia, the trust experienced a positive rental reversion of 22.9%, although committed occupancy slightly dipped from 89.1% to 88.6%.

The REIT's retail segment remained steady in the first half of 2025, with Suntec City Mall's committed occupancy improving to 98.0% and rent reversions reaching 18.0%, despite a minor decline in shopper traffic and tenant sales in the second quarter.

Management’s proactive leasing efforts are expected to keep Suntec City Mall resilient despite emerging headwinds.