Mapletree Logistics Trust and MPACT report lower DPU: REITs Weekly Watch

What happened?

An index of Singapore REITs fell in the past week, as a jump in US government bond yields and a slew disappointing earnings reports weighed on the sector.  

The CSOP iEdge S-REIT Leaders Index ETF closed lower for the week at S$0.783, declining 3.0% from its close in the previous week of $0.807.

The US 10-year government bond yield rose to above 4.2%, its highest level in close to three months, as investors moderated their expectations of sharp interest rate cuts by the US Federal Reserve. In Singapore, the 10-year Singapore government bond yield rose to as high as 2.93%, before easing back to 2.83% on 25 October. 

A number of REITS reported a sharp decline in their dividend per unit in the third quarter of 2024, driving concerns about the impact of elevated interest rates on their distributions. On the other hand, REITs with datacentre assets, including Digital Core REIT, saw an improvement in their distributions. 

Singapore REITs Top Performers

• Lippo Malls Indonesia Retail Trust
• Keppel DC REIT
• Digital Core REIT
• Prime US REIT
• First REIT

Singapore REITs Worst Performers

• Acrophyte Hospitality Trust
• Mapletree Pan Asia Commercial Trust
• OUE REIT
• BHG Retail Trust
• Sabana Industrial REIT

Check out our Singapore REIT screener to discover the best REIT for your portfolio.

REIT news of the week

• Mapletree Pan Asia Commercial Trust 2Q25 DPU fell 11.6% to 1.98 cents, due to divestment of Mapletree Anson and weaker JPY and RMB. It recognized S$120m revaluation loss on 3 Japan assets, as the single tenant at Fujitsu Makuhari Building gave notice of non-renewal after Mar 26.
• Mapletree Logistics Trust 2Q25 DPU fell 10.6% year-on-year to 2.027 cents on 1.8% decline in revenue and increased borrowing costs. Revenue was impacted by lower China revenue, absence of contribution from divested assets and weakness in JPY, KRW and VND. Read our analysis here. 
• Suntec REIT 3Q24 DPU of 1.58 cents was 11.9% lower than 3Q23 due to absence of capital distribution. Stronger operating performance at Singapore and Melbourne offices was offset by weaker contributions from London and Adelaide.  
• Digital Core REIT 9M24 distributable income rose 9.7% to US$34.5m. It backfilled 60% of the two L.A. properties, at 130% of the in-place rent from 1 Oct. About 40% of the leases have been renewed, at a positive 10.5% rental reversion.
• OUE REIT 3Q24 net property income fell 3.7% to S$60.3m, due to lower hotel revenue and prior year’s property tax adjustment. Singapore office and retail saw high rental reversions and occupancy, while Shanghai remains weak.

The Big Important Story 

Mapletree Logistic Trust DPU falls by 10.6%: Our Quick Take

Mapletree Logistics Trust distribution per unit fell 10.6% year-on-year to 2.027 cents in 2Q FY24/25.

Blog Posts on Singapore REITs 

• ParkwayLife REIT 3Q2024 Business Update by My Sweet Retirement
• Keppel DC REIT (SGX: AJBU): 2024 Third Quarter Business Update by Dividend Paradise
• Earnings Predictions for the Week: Frasers Centrepoint Trust, Mapletree REITs, iFAST, Tractor Supply by Towards Financial Independence
• Is AIMS APAC REIT A Good Buy? [Fundamental Analysis] by Consulting Daniel
• 7 things I learned from a closed-door dialogue with CapitaLand Integrated Commercial Trust by The Fifth Person
• 4 Singapore REITs That Announced Acquisitions and Divestments: Are They an Attractive Buy? by The Smart Investor
• A Look into Mapletree Logistics Trust’s Q2 & 1H FY2024/25 Results by The Singaporean Investor
• Top 3 Mistakes To Avoid When Investing In REITs Listed In Singapore by Consulting Daniel
• CapitaLand India Trust’s Q3 FY2024 Business Update: What You Need to Know by The Singaporean Investor
• What Investors Need to Know About Keppel REIT’s Latest Earnings by ProsperUs
• Parkway Life REIT’s Strategic Move into Europe: Why Investors Should Pay Attention? by ProsperUs
• My Takeaways from Mapletree Logistics Trust 2Q 2024/25 Earnings Call by Towards Financial Independence
• Mapletree Logistics Trust DPU falls by 10.6%: Our Quick Take by Beansprout
• First Ever Equity Fund Raising By ParkwayLife REIT by ~~Towards Barista FIRE~~
• Suntec REIT’s Q3 and 9M FY2024 Business Update: Key Aspects to Take Note of by The Singaporean Investor
• Opportunities in Mapletree Logistics Trust Despite China Operations Challenge by ProsperUs
• Mapletree Pan Asia Commercial Trust’s Q2 and 1H FY2024/25 Results: What You Need to Know by The Singaporean Investor
• Singapore REITs: Mapletree Pan Asia Disappoints, Frasers Centrepoint Delivers by Towards Financial Independence
• My Review of Frasers Centrepoint Trust’s 2H and Full-Year Results for FY2023/24 by The Singaporean Investor
• Key Highlights from CapitaLand Ascendas REIT’s Q3 FY2024 Business Update by The Singaporean Investor
• Keppel DC REIT's 3QFY24 Result Review by REIT-TIREMENT
• Parkway Life REIT's 3Q FY24 Result Review by REIT-TIREMENT  

Credit to Vince from REIT-Tirement for compiling Singapore REIT blog posts and videos

 Videos on Singapore REITs 

• Keppel DC Reit Q3 Results by Master Leong
• Capitaland Ascott Trust (HMN) Annual Report 2023: A First Look by One-Eyed_Investor
• Capitaland Ascott Trust (HMN) 1H 2024 Results (21 Oct 2024) by One-Eyed_Investor
• RUN Before RTS Derails Frasers Centrepoint Trust’s Dividend Stream? by The Dividend Uncle
• Keppel Reit Q3 Results by Master Leong
• SG REIT Roars Back! Here’s Everything You Need To Know! [Chills 192 ft Willie Keng] by The Financial Coconut TFC
• Keppel REIT and Keppel DC REIT. Investing $20,000 In These REITs? by AK71SG
• MLT Results Discussion by Master Leong
• MPACT Results Its Very Bad Oh Noooo~~~ by Master Leong
• Iggy Reviews Keppel DC Reit 3Q 2024 Update by Iggy the Investing Iguana
• Suntec Reit Q3 Results by Master Leong
• Mapletree Logistics Trust(M44U) 2Q FY 24/25 Financial Results: China drags performance (24 Oct 2024) by One-eyed_investor
• Iggy Reviews Mapletree Logistics Trust 3Q 2024 Update by Iggy the Investing Iguana
• FCT Super Solid Results! by Master Leong
• Ascendas Reit Update by Master Leong

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