Positive rental reversions support S-Reits’ recent resilience
But distributions remain mixed, due to portfolio occupancy, currency fluctuations and financing costs
In the third quarter of 2026, most Singapore real estate investment trusts (S-Reits) reported positive rental reversions as a dominant theme, according to financial results released by the end of September. Despite this positive trend, distributions remained mixed due to factors such as portfolio occupancy, currency fluctuations, and financing costs.
The top five most-traded S-Reits all reported positive rental reversions, with CapitaLand Integrated Commercial Trust (CICT), Keppel DC Reit, and Mapletree Logistics Trust (MLT) recording increases in net property income (NPI) and/or distribution per unit (DPU). CICT's NPI for the first nine months of 2026 rose 10.4% year on year to S$965.4 million, driven by contributions from Paragon, Gallileo, and CapitaSpring's step-up acquisition.
Keppel DC Reit reported one of the highest rental reversions in the sector at 14% for secured leases (excluding renewals yet to commence), accompanied by strong growth in distributable income and DPU. Mapletree Logistics Trust maintained a positive average rental reversion of 2.1% (4.2% excluding its China portfolio) for Q2 FY2027, with Singapore leases recording a 5.3% increase.
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