Core Insights - The REIT sector is appealing for income investors due to its requirement to distribute at least 90% of earnings for tax benefits, making it essential to evaluate the growth of these distributions in line with inflation [1] Group 1: CapitaLand Integrated Commercial Trust (CICT) - CICT has a portfolio of 26 properties with an AUM of S$25.9 billion as of 31 December 2024, supported by its sponsor CapitaLand Investment Limited [3][4] - For 1H 2025, CICT reported gross revenue of S$787.6 million, a decrease of 0.5% year on year, while net property income (NPI) fell by 0.4% to S$579.9 million [5] - The distribution per unit (DPU) increased by 3.5% year on year to S$0.0562, with a recent acquisition of a 55% interest in CapitaSpring's office tower expected to raise pro-forma DPU to S$0.0568 [5][6] Group 2: Frasers Centrepoint Trust (FCT) - FCT manages a portfolio of nine suburban malls and an office building, with an AUM of approximately S$7.1 billion as of 30 June 2025, backed by Frasers Property Limited [7] - FCT's DPU increased by 0.5% year on year to S$0.06054, supported by a 7.1% rise in gross revenue to S$184.4 million [9] - The recent acquisition of Northpoint City South Wing for S$1.17 billion is expected to boost FY2024 DPU by 2% [8][9] Group 3: Mapletree Logistics Trust (MLT) - MLT has a portfolio of 178 properties with an AUM of S$13 billion as of 30 June 2025, sponsored by Mapletree Investments Pte Ltd [10] - For 1Q FY2026, MLT reported a gross revenue decline of 2.4% year on year to S$177.4 million, with DPU down 12.4% to S$0.01812 [11] - MLT is actively involved in capital recycling, selling older assets and redeveloping properties to enhance its portfolio [11][12] Group 4: Digital Core REIT (DCR) - DCR focuses on data centres with a portfolio of 11 properties and an AUM of US$1.7 billion, achieving a high occupancy rate of 98% as of 30 June 2025 [13] - For 1H 2025, DCR's gross revenue surged by 84.2% year on year to US$88.9 million, while NPI increased by 52.2% to US$46.3 million [14] - Despite flat DPU year on year at US$0.018 due to higher finance costs, DCR maintains a leverage ratio of 38.3%, allowing for potential future acquisitions [14]