The REIT sector continues to be under pressure as interest rates stay elevated.
Trump’s recently announced tariffs may also pressure the US central bank to keep rates high to combat inflation.
As a result, many REITs have seen their unit prices fall year-to-date (YTD).
However, discerning income investors should sift through these REITs to look for bargains.
Here are five Singapore REITs that saw their share prices fall by double-digit YTD.
Mapletree Industrial Trust, or MIT, is an industrial REIT with a portfolio of 141 properties across six property segments.
These assets are located in Singapore (83), the US (56), and Japan (2), and the REIT had total assets under management (AUM) of S$9.1 billion as of 31 March 2025.
The industrial REIT saw its unit price tumble 14.3% YTD to S$1.92.
For its fiscal 2025 (FY2025) ending 31 March 2025, gross revenue rose 2.1% year on year to S$711.8 million.
Net property income (NPI) inched up 2% year on year to S$531.5 million while distribution per unit (DPU) crept up 1% year on year to S$0.1357.
MIT’s portfolio occupancy rate stood at 91.6% for FY2025, dipping slightly from 92.1% in the previous quarter.
The REIT also reported a positive rental reversion of 8.1% for renewal leases for its Singapore properties.
The manager has a three-prong approach to managing vacancies at its US data centres.
The first is to relet these properties and backfill vacant spaces by engaging with potential tenants.
The second is to reposition the asset so that it can enhance its rental income, and the third is to rebalance the portfolio by divesting non-core assets.
Frasers Logistics & Commercial Trust, or FLCT, owns a portfolio of 114 properties with a portfolio value of S$6.8 billion as of 31 March 2025.
FLCT’s unit price slid 11.8% YTD to end at S$0.78, close to its 52-week low of S$0.76.
The REIT reported a mixed set of results for the first half of fiscal 2025 (1H FY2025) ending 31 March 2025.
Revenue rose 7.5% year on year to S$232.3 million while adjusted NPI inched up 1.6% year on year to S$161.3 million.
However, DPU fell by 13.8% year on year to S$0.03 because of a sharp spike in finance costs.
Despite the fall in DPU, FLCT maintained a high portfolio occupancy rate of 93.9%.
Its logistics and industrial division also saw a very strong positive rental reversion of 33% for the second quarter of FY2025.
The REIT sported an aggregate leverage of 36.1% with a moderate cost of debt of 3%.
FLCT has a debt headroom of S$447 million before it hits the 40% gearing level, allowing the REIT to take on more debt for yield-accretive acquisitions.
ESR-REIT is an industrial REIT with a portfolio of 72 properties located in Singapore (52), Australia (18), and Japan (2).
These properties have a gross floor area of around 2.5 million square metres.
ESR-REIT saw its unit price fall by 14.6% YTD to S$2.22.
The REIT delivered a downbeat performance for 2024 as gross revenue dipped 4.1% year on year to S$370.5 million.
NPI fell 4.2% year on year to S$261.7 million, and DPU tumbled nearly 18% year on year to S$0.02119.
The lower DPU was because of the divestment of non-core assets, lower capital gains distributed, and a larger unit base from a fundraising exercise conducted in 2023.
For the first quarter of 2025 (1Q 2025), ESR-REIT’s portfolio maintained a healthy occupancy rate of 91.6%, and the REIT also enjoyed a positive rental reversion of 8.6%.
During the quarter, the REIT completed the divestment of two Singaporean non-core assets at premiums to their valuations.
The manager’s focus for 2025 is to complete asset enhancement initiatives (AEIs) and redevelopments to allow them to contribute to gross revenue and NPI.
The quality of earnings is also expected to improve as the REIT derives rental income from “core” high-quality assets within its portfolio.
Lendlease Global Commercial REIT, or LREIT, has a portfolio comprising 313 @ Somerset and Jem in Singapore, along with Sky Complex in Milan, Italy.
LREIT saw its unit price fall by 15.2% YTD to reach S$0.48.
For its third quarter of fiscal 2025 (3Q FY2025) ending 31 March 2025, the REIT’s committed portfolio occupancy stood at 92.1%.
Retail rental reversion came in positive at 10.4% YTD.
The REIT also saw office rental uplift of 13% for its Singapore properties and enjoyed a high tenant retention rate of 87.9% by net lettable area.
LREIT completed an AEI for the ground floor of Building 3 of Sky Complex in Milan, transforming the space into a welcoming area for visitors.
The REIT manager is also commencing an AEI to refurbish the restroom facilities in Jem, with phased completion by 1Q 2026.
CDL Hospitality Trusts, or CDLHT, is a hospitality trust with a portfolio of 22 properties comprising 4,924 hotel rooms, 352 build-to-rent apartments, and 404 purpose-built student accommodation assets.
These assets are spread across eight countries, such as Singapore, Germany, and New Zealand.
CDLHT’s unit price has fallen by 13.2% YTD to hit S$0.76.
The hospitality trust provided a downbeat business update for 1Q 2025.
Total revenue dipped 2.8% year on year to S$63.4 million, and NPI fell by 14.2% year on year to S$30 million.
For Singapore, the average occupancy rate fell by 7.2 percentage points year on year to 75%.
Revenue per available room (RevPAR) tumbled nearly 16% year on year to S$173.
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