Investment Rating - The report provides a general overview of the Singapore Real Estate Investment Trusts (SREITs) and Business Trusts, indicating a mixed performance with SREITs down 0.9% year-to-date and Developers up 2.8% [2]. Core Insights - SREITs are currently trading at a 6.18% estimated yield for 2025, which is 375 basis points higher than 10-year government bonds. The expected growth in Distribution Per Unit (DPU) for SREITs is projected at 0.3% per annum from 2024 to 2026, driven primarily by Healthcare (+9.3%) and Diversified sectors (+1.1%) [3]. - Investor sentiment remains positive regarding the data center thesis, particularly for Keppel DC REIT (KDC), with confidence in near-term rental growth. However, there are concerns about long-term visibility post-2027 for Singapore-based data centers [4]. - The report emphasizes a "barbell strategy" for investment, recommending a combination of KDC for growth and CapitaLand Integrated Commercial Trust (CICT) for defensive income to balance resilience and reflation [4]. Summary by Sections Market Overview - The combined market capitalization of the 40 listed REITs and Business Trusts in Singapore is approximately US$70.6 billion [2]. Performance Metrics - Year-to-date performance shows SREITs down 0.9% while Developers have increased by 2.8% [2]. - The report highlights specific price performances of various REITs, with Dasin Retail Trust showing a significant decline of 25% year-to-date, while BHG Retail REIT has increased by 17.8% [6]. Preferred Investments - Recommended SREITs for exposure include Keppel DC REIT, CapitaLand Integrated Commercial Trust, and CapitaLand Ascendas [5]. Price Performance Analysis - The report includes detailed price performance metrics for various REITs, indicating fluctuations over different time frames, with some REITs experiencing significant gains while others faced declines [8].