( YTD: +15.64% | 5D: +1.67%)

23 Oct - Financial Results Presentation: 2H/FY25

• • 2H25 distribution per Unit (“DPU”) of 6.059 cents brings total DPU for FY25 to 12.113 cents
    
    
  • Robust operating performance with retail portfolio committed occupancy at 98.1%; average rental reversion at +7.8% y-o-y; higher shopper traffic and tenants’ sales, up 1.6% and 3.7% y-o-y respectively
    
    
  • Acquisition of Northpoint City South Wing for $1.17 billion and divestment of Yishun 10 Retail Podium1 for $34.5 million as part of proactive portfolio reconstitution strategy
    
    
  • Higher appraised valuation of portfolio with no change in valuation capitalisation rates
    
    
  • Awarded Regional Sector Leader (Listed) in the Asia, Retail category in the 2025 GRESB Real Estate Assessment with a 5-Star rating for the fifth consecutive year

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( YTD: +10.09% | 5D: +1.27%)

24 Oct - 3Q 2025 Operational Update

• Distributable Income 9M 2024 vs 9M 2025: +55.5%
• DPU 9M 2024 vs 9M2025: +8.8%
• Portfolio Occupancy: 95.8%
• Assets under Management: ~$5.7b
• Aggregate Leverage: 29.8%
• Cost of Debt: 2.9%

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( YTD: +31.94% | 5D: +9.20%)

24 Oct - 3Q 2025 Updates

• 3Q 2025 Net Property Income grew 16.0% y-o-y to $16.9 million
  
  
• Positive rental reversion of 11.3% in 3Q 2025, 19th consecutive quarter of positive rental reversions
  
  
• Overall portfolio occupancy of 87.0% as at 30 Sept 2025, with 92.4% of gross rental income from multitenanted properties
  
  
• New Tech Park’s occupancy increased from 86.0% as at 30 June 2025 to 94.7% as at 30 September 2025, significantly higher than Singapore’s average business park occupancy of 76.7%
  
  
• Well-positioned to deliver a double-digit percentage increase in income available for distribution per unit for FY 2025

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( YTD: +21.05% | 5D: -1.43%)

23 Oct - 3Q 2025 Operational Performance

• Revenue and NPI increased by 1.2% and 2.0% YoY in 3Q 2025 on a like-for-like basis
  
  
• Commercial segment revenue and NPI increased by 4.2% and 3.8% YoY for 3Q 2025 on a like- for-like basis(1), underpinned by 100% Singapore prime-located assets
  
  
• Hospitality segment performance remained stable. NPI marginally declined by 0.4% YoY with the shift of the F1 Singapore Grand Prix from September to October in 2025
  
  
• Finance costs declined significantly by 19.7% YoY

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( YTD: +17.09% | 5D: +3.01%)

23 Oct - 3Q 2025 Results

• Distributable income of $52.4 million for the quarter 1 July to 30 September 2025 (“3Q 25”), 13.4% higher than the period ended 30 September 2024 (“3Q 24”)
  
  
• Distribution per unit (“DPU”) to unitholders was 1.778 cents or 12.5% higher year-on-year.
  
  
• The strong year-on-year improvement was driven by the stronger operational performance of the Singapore portfolio, lower financing costs and the reversal of withholding tax provision for the Australia portfolio as the Managed Investment Trust status is maintained for FY 20251

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( YTD: +21.49% | 5D: +1.38%)

22 Oct - Half Yearly Result

• Singapore portfolio records 6.1% NPI growth in 2Q FY25/26 and 4.5% growth in 1H FY25/26 on a yoy comparable basis
  
  
• Strong performance led by VivoCity despite ongoing Basement 2 AEI
  
  
• Lower operating expenses and finance costs driven by reduced utility rates and strategic debt reduction
  
  
• 2Q FY25/26 DPU at 2.01 Singapore cents, up 1.5% yoy
  
  
• Higher commitment levels recorded in most markets; portfolio rental reversion reflects strategic prioritisation of tenant retention and cash flow stability
  
  
• VivoCity: Delivers all-round performance across earnings, occupancy, rental growth and tenant sales; Basement 2 AEI completed with new retail zone operational since late August 2025
  
  
• Completed divestment of two Japan office building

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Singapore REITs Monthly Update (19 Oct 2025)

Technical Analysis of FTSE ST REIT Index (FSTAS351020)

FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) increased from 698.89 to 710.29 (1.63%) compared to last month's update. The index has recovered steadily since the April low and is in an uptrend channel. The 200D SMA is reversed, suggesting improved market sentiment. There is now a new resistance line of about 728 and a breakout above 728 could pave the way finally to a level above previously attained in July 2023. The 50D SMA and the 200D SMA provide immediate support. Stronger support remains at 620, tested multiple times in 2024–2025. But for now, the REIT index is bullish.

• Short-term direction: Up
• Medium-term direction: Up
• Long-term direction: Up
• Immediate Support: 20D SMA, 50D SMA
• Immediate Resistance: 728 (line) 

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