Core Insights - March is expected to be a rewarding month for Singapore REIT (S-REITs) unitholders, with three REITs set to pay higher distributions per unit (DPU) compared to the previous year [1] Group 1: Keppel DC REIT - Keppel DC REIT reported a significant FY2025, with gross revenue increasing by 42.2% year on year to S$441.4 million and net property income (NPI) rising by 47.2% to S$383.3 million, resulting in a DPU of S$0.10381, a 9.8% increase YoY [2] - The growth was largely driven by acquisitions totaling approximately S$1.1 billion, including Tokyo Data Centre 3 and remaining interests in Keppel DC Singapore 7 & 8 [2] - The REIT achieved a positive rental reversion of approximately 45% for FY2025, indicating strong pricing power, with portfolio occupancy at 95.8% and a weighted average lease expiry (WALE) of 6.7 years [3] Group 2: MPACT - MPACT's results for the third quarter ended 31 December 2025 showed a gross revenue decline of 1.9% YoY to S$219.4 million, while NPI decreased by 1.2% to S$164.9 million, yet DPU increased by 2.5% YoY to S$0.0205 [4] - The strong performance in Singapore, with NPI growing 5.3% YoY, helped offset weaker overseas contributions, and VivoCity maintained full occupancy at 100% with a rental reversion of 14.7% [5] - Lower finance expenses, down 10.2% YoY, contributed positively, with the weighted average cost of debt falling to 3.20% [5] Group 3: AIMS APAC REIT (AAREIT) - AAREIT reported a gross revenue increase of 1.4% YoY to S$141.1 million and NPI growth of 4.1% to S$103.7 million, with DPU rising by 2.5% YoY to S$0.0725 [7] - Portfolio occupancy improved to 95.4%, above the national average of 88.7%, with positive rental reversion of 8.0% for Singapore assets, particularly in logistics and warehouse segments [8] - The aggregate leverage stood at a conservative 36.6%, with no near-term refinancing required, providing a buffer for income stability [9] Group 4: Investment Insights - All three REITs are increasing DPU, but the underlying drivers vary significantly, with Keppel DC REIT's growth fueled by acquisitions and rental reversion, while MPACT's performance is attributed to capital management and strategic divestments [10] - AAREIT demonstrates that steady occupancy and focus on defensive industries can yield consistent income growth without the need for aggressive strategies [11]