Core Insights - In a high-interest-rate environment, many REITs have seen a decline in their distribution per unit (DPU), but strong REITs have managed to increase their DPU while maintaining low gearing ratios and healthy interest coverage ratios [1][16]. Group 1: Parkway Life REIT - Parkway Life REIT is recognized as one of Singapore's most defensive REITs, focusing on healthcare assets with a portfolio valued at S$2.46 billion, primarily consisting of hospitals and medical centers [3][4]. - For 1H2025, Parkway Life raised its DPU by 1.5% YoY to S$0.0765 per share, supported by a distributable income of S$49.9 million, which is up 9.5% YoY [4][6]. - The REIT has a low gearing ratio of 35.4% and an impressive interest coverage ratio (ICR) of 9.1 times, indicating strong financial health [5][6]. Group 2: Keppel DC REIT - Keppel DC REIT is a pure-play data center REIT benefiting from strong digitalization and AI demand, raising its DPU by 8.8% YoY to S$0.767 per share for 9M2025 [7][10]. - Distributable income surged by 55.5% YoY due to higher contributions from contract renewals and new acquisitions, with a strong occupancy rate of 95.8% [8][9]. - The REIT maintains a disciplined capital structure with a leverage ratio of 29.8% and an ICR of 6.6 times, with over 50% of contracts having built-in rental escalations [9][10]. Group 3: Capitaland Integrated Commercial Trust (CICT) - CICT, Singapore's largest REIT, reported a net property income growth of 1.4% YoY to S$874.2 million for 9M2025, with an overall occupancy rate of 97.2% [11][12]. - The REIT achieved positive rental reversions of 7.8% and 6.5% YoY for its retail and office properties, respectively, and increased its DPU by 3.5% YoY to S$0.0562 per share for 1H2025 [13][14]. - CICT has a strong balance sheet with a leverage ratio of 39.2% and an ICR of 3.5 times, positioning it well for refinancing opportunities [13][14]. Group 4: Investment Implications - All three REITs demonstrate positive momentum in growing their distributable income and distributions, supported by strong balance sheets that mitigate refinancing risks [16]. - The ability to sustain distribution payouts through challenging market conditions is attributed to their low leverage and healthy financial positions [16][17].

Core Insights - Aedifica's interim financial report for Q3 2025 highlights robust operational performance, with significant results exceeding budget expectations [2][4] Financial Performance - EPRA Earnings reached €185.8 million, reflecting a 4% increase compared to September 30, 2024, equating to €3.91 per share [5] - Rental income rose to €271.8 million, an 8% increase year-over-year [5] - A like-for-like rental income increase of 3.1% was recorded in the first nine months of 2025 [5] Portfolio and Investments - The real estate portfolio is valued at €6.2 billion as of September 30, 2025 [2] - Aedifica manages 615 healthcare properties serving 48,900 end users across seven countries [5] - The valuation of investment properties increased by 0.4% in Q3 and 0.8% year-to-date on a like-for-like basis [5] - A total of 33 properties were divested for €125 million as part of a strategic asset rotation program [5] - New investments announced in 2025 amount to €163 million, including 14 new projects and 8 acquisitions [5] Financial Stability - The company maintains a solid balance sheet with a debt-to-assets ratio of 41.2% as of September 30, 2025 [3][5] - There is €614 million of headroom on committed credit lines available for CAPEX and liquidity needs [5] - The average cost of debt, including commitment fees, stands at 2.2% [5] Outlook and Ratings - The estimated EPRA Earnings per share for the full 2025 financial year have been increased to approximately €5.10, up from €5.01, excluding transaction costs related to the exchange offer [5] - The proposed dividend for the 2025 financial year is reconfirmed at €4.00 per share (gross) [5] - S&P has reaffirmed Aedifica's BBB credit rating and placed it on CreditWatch with positive implications following the agreement with Cofinimmo [5]

Core Insights - The S&P 500 has a low dividend yield of 1.2%, making it challenging to find attractive yield stocks [1] - Energy Transfer, Healthpeak Properties, and Verizon are highlighted as top choices for income-seeking investors, with yields ranging from 6.8% to 8% [1] Energy Transfer - Energy Transfer offers the highest yield at 8%, supported by stable cash flows, with 90% of earnings from fee-based sources [3] - The company generated nearly $4.3 billion in distributable cash flow in the first half of the year, covering $2.3 billion in distributions and retaining $2 billion for reinvestment [3][4] - It plans to fund $5 billion in growth capital projects this year and has a strong investment-grade balance sheet, with a leverage ratio in the lower half of its 4.0-4.5 times target [4] - Growth capital projects are expected to enhance cash flows, and the company aims to increase its payout by 3% to 5% annually [5][8] Healthpeak Properties - Healthpeak Properties has a yield of 6.8% and pays dividends monthly, appealing to those seeking regular passive income [6] - The REIT owns a diversified portfolio of healthcare properties leased to high-quality healthcare companies under long-term contracts, providing a stable income stream [7]