Core Insights - The earnings season for Singapore Real Estate Investment Trusts (S-REITs) indicates that high-quality REITs are thriving despite a challenging macroeconomic environment, focusing on proactive portfolio rejuvenation and specialized space demand [1] - The underlying business of rent collection remains robust across various sectors, including digital, logistics, and Grade A office spaces [2] Digital Core REIT - Digital Core REIT reported a significant gross revenue increase of 72.2% year on year to US$176.2 million and a net property income (NPI) rise of 43.5% to US$88.7 million for the year ended December 31, 2025 [3][4] - The growth was driven by strategic consolidation in Frankfurt and an acquisition in Osaka, with a steady distribution per unit (DPU) of US$0.0360, yielding an annualized 6.85% at a closing price of US$0.525 [4] - The REIT achieved a portfolio occupancy of 97.3% and a positive cash rental reversion of 31%, with a notable 10-year lease signed at a 35% premium at its Linton Hall facility [5] AIMS APAC REIT - AIMS APAC REIT demonstrated resilience with a 1.4% increase in gross revenue and a 4.1% rise in NPI for the first nine months of the fiscal year ending March 31, 2026, resulting in a 2.5% YoY increase in DPU to S$0.0725 [7] - The portfolio occupancy reached 95.4%, significantly above the national average of 88.7%, showcasing effective management of its properties [8] - The REIT's defensive stability is highlighted by over 80% of rental income coming from essential industries, and it has completed asset enhancements securing long-term leases [9] Keppel REIT - Keppel REIT reported a 4.9% increase in property income to S$274.5 million, supported by prime Grade A assets, and achieved a positive rental reversion of 11.5% [11] - Despite a 6.6% decline in DPU to S$0.0523 due to an enlarged unit base from capital raising, the long-term strategy focuses on expansion through significant acquisitions [12] - The REIT's portfolio occupancy is high at 96.7%, with a perfect 100% in North Asia, indicating strong operational health and potential for future growth [13] Overall Market Trends - The common theme among these REITs is their ability to command higher rents in a competitive market, with operational health evidenced by high occupancy rates and double-digit rental reversions [14] - The long-term outlook for these dividend-paying REITs remains positive as they leverage sponsor pipelines and maintain healthy balance sheets [15]

Core Insights - Terreno Realty (TRNO) has acquired an industrial property in Santa Ana, CA, for approximately $49.5 million, with a stabilized cap rate of 5.7% [1][9] - The company is actively restructuring its portfolio by selling non-core assets and focusing on value-accretive investments to support long-term revenue growth [2][4] Property Details - The newly acquired property at 3500 West MacArthur Boulevard includes a 134,000 square foot industrial distribution building on 12.1 acres, fully leased to a major home improvement retailer [3][9] - The property features seven dock-high and three grade-level loading positions, strategically located near I-405 in Orange County, enhancing its attractiveness to potential tenants [3][9] Portfolio Strategy - TRNO employs a disciplined capital-recycling strategy, having recently sold two properties for a total of approximately $114.5 million and acquired another industrial property in Los Angeles for around $10 million [4] - As of May 6, 2025, TRNO has acquisitions worth about $49 million under contract and nearly $75.8 million under letters of intent, indicating ongoing expansion efforts [4] Market Positioning - The company is well-positioned to enhance its portfolio across six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C., which show strong demographic trends and demand for industrial real estate [5] - Despite the positive positioning, macroeconomic uncertainties and tariff issues are noted as potential concerns for the industry [5] Stock Performance - TRNO shares have increased by 5.5% over the past month, outperforming the industry average increase of 2.2% [6]

Core Insights - Terreno Realty (TRNO) announced the acquisition of an industrial property in Los Angeles for approximately $10 million, with an estimated stabilized cap rate of 6.4% [1][8] - The property, located at 11100 Hindry Avenue, consists of a 34,000 square foot industrial flex building on 1.5 acres, fully leased to four tenants until September 2028, and is strategically positioned near Los Angeles International Airport [2] Company Strategy - TRNO is actively restructuring its portfolio by divesting non-core assets and pursuing value-accretive investments, which is expected to support long-term revenue growth [3][8] - In May 2025, TRNO sold two properties for a total of approximately $114.5 million, and as of May 6, 2025, had acquisitions worth around $49 million under contract and nearly $75.8 million under letters of intent [3][8] Development Projects - As of March 31, 2025, TRNO has five properties under development or redevelopment, which will include eight buildings totaling around 0.8 million square feet, with 48% pre-leased [4] - The company also holds approximately 22.4 acres of land for future developments, with an estimated investment value of around $392.8 million [4] Market Position - TRNO is positioned to enhance its portfolio across six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C., which exhibit strong demographic trends and demand for industrial real estate [5] - Despite these expansion efforts, TRNO's shares have only increased by 1.1% year-to-date, underperforming the industry average increase of 3.6% [5]