Core Insights - December 2025 marks a significant distribution period for Singapore REIT investors, with over S$400 million being distributed from four major REITs, indicating a strong presence in the market despite ongoing operational challenges [1] Group 1: Mapletree Pan-Asia Commercial Trust (MPACT) - MPACT increased its distribution per unit (DPU) by 1.5% year on year to S$0.0201 for 2QFY2026, marking the first increase in three years, driven by lower operating expenses and finance costs [2] - VivoCity, a key asset, reported a 14.1% rental reversion, with shopper traffic up 0.6% to 21.9 million and tenant sales growing 3.5% to nearly S$520 million, although it cannot sustain the REIT alone [3] Group 2: Mapletree Industrial Trust (MIT) - MIT's DPU declined by 5.6% year on year to S$0.032 in 2QFY2026, with a more modest underlying decrease of 2.2% after adjusting for last year's one-off divestment gain [5] - The REIT completed strategic divestments totaling S$535.3 million in Singapore at a premium of 22.1% over original cost, alongside a US$11.8 million divestment for a Georgia data center at almost 64% above the purchase price [5] - North American portfolio occupancy is at 87.8%, negatively impacting overall performance despite strong demand in the data center market [6] Group 3: Mapletree Logistics Trust (MLT) - MLT's DPU fell by 10.5% year on year to S$0.01815 for 2QFY2026, with a 4.8% decline from operations after excluding last year's divestment gains [8] - The REIT aims for S$100 to S$150 million in divestments for FY2026 to reinvest in modern assets with higher growth potential, although rental reversions in China remain a concern [9] Group 4: Frasers Logistics & Commercial Trust (FLCT) - FLCT's revenue grew by 5.6% to S$471.5 million, but a 26.4% increase in finance costs led to a 12.5% decline in DPU to S$0.0595 [10] - The logistics portfolio shows strength with 99.7% occupancy and 39.6% rental reversion, but occupancy in some areas remains below 90% [11] Group 5: Overall Market Sentiment - The distributions in December 2025 highlight the ongoing operational headwinds faced by Singapore REITs, with various strategies being employed to maintain payouts [12] - The key concern for investors is whether these REITs can achieve genuine distribution growth moving forward [13]