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

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REITs

By Gerald Wong, CFA • 26 Oct 2024 • 0 min read

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.

REITs Top and Worst Performers 25 oct 2024
In this article

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 share price performance 261024.jpg
 

Singapore REITs Top Performers

REITs Top Performers 25 oct 2024

Singapore REITs Worst Performers

REITs Worst Performers 25 oct 2024

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.

Mapletree Log Tr distrubution per unit falls

Blog Posts on Singapore REITs 

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

 Videos on Singapore REITs 

Join the Beansprout Telegram group and REIT Investment Community on Facebook for the latest insights on Singapore REITs. 

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