( YTD: +1.44% | 5D: +0.00%)

28 Jan - Financial Results for the Third Quarter Financial Year 2025/2026

• Marginal quarter-on-quarter decline of 0.3% in distribution per Unit (“DPU”)
• Stable operational performance driven by improvement in Overall Portfolio average occupancy and positive rental reversions in the Singapore Portfolio
• Targeting selective divestments of S$500 million to S$600 million in North America

Quick Summary

• DPU for the Third Quarter Financial Year 2025/2026 from 1 October 2025 to 31 December 2025 (“3QFY25/26”) was 3.17 cents.

• Gross revenue and net property income for 3QFY25/26 fell by 8.0% and 7.8% year-on-year to S$163.1 million and S$122.8 million respectively. 

• This primarily reflected the absence of income from the portfolio divestment of three industrial properties in Singapore on 15 August 2025 (the “Singapore Portfolio Divestment”), as well as lower contribution from the North American Portfolio due to non-renewal of leases and the depreciation of the USD against the SGD.
  
  
• The decline was partially offset by contributions from the freehold mixed-use facility in Tokyo acquired on 29 October 2024, and the completion of the final phase of fitting-out works of the Osaka Data Centre on 2 May 2025. 
  
  
• Cash distribution declared by the joint venture, Mapletree Rosewood Data Centre Trust was lower as a result of higher borrowing costs from the repricing of matured interest rate swaps.
  
  
• Consequently, the Distribution to Unitholders and DPU for 3QFY25/26 fell by 6.9% and 7.0% year-on-year to S$90.5 million and 3.17 cents, respectively. Excluding divestment gain1, DPU would have registered a lower decline of 3.9% year-on-year.
  
  
• On a quarter-on-quarter basis, both the Distribution to Unitholders and the DPU for 3QFY25/26 declined marginally by 0.3%

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( YTD: +2.62% | 5D: +0.51%)

 29 Jan - 2025 Full Year Unaudited Financial

• 11% year-on- year (y-o-y) increase in income available for distribution to S$256.7 million for the financial year ended 31 December 2025 (FY 2025), as it marks its 20th anniversary this year.

• The increase was driven by higher gross profit, underpinned by stronger operating performance and portfolio reconstitution, and higher non-periodic items.

• Total distribution was S$233.5 million, after retaining S$23.2 million in non-periodic items to fund asset enhancement initiatives (AEIs) to drive future growth and/or for general corporate and working capital purposes.

• Distribution per Stapled Security (DPS) for FY 2025 was 6.10 Singapore cents, in line with CLAS’ commitment to deliver stable distributions.
  
  
• This translates to a DPS yield of 6.4%2 . For the six months ended 31 December 2025 (2H 2025), DPS increased 1% y-o-y to 3.58 Singapore cents. CLAS’ Stapled Securityholders can expect to receive their 2H 2025 DPS on 27 February 2026.
  
  
• Revenue and gross profit increased 3% and 4% y-o-y respectively in FY 2025. CLAS’ stronger operating performance, portfolio reconstitution and AEIs mitigated the impact of foreign currency depreciation against the Singapore dollar and property tax adjustments in FY 2024 and FY 2025.
  
  
• On a same-store basis, excluding acquisitions and divestments, revenue and gross profit grew 3% and 1% y-o-y respectively.
  
  
• CLAS’ revenue per available unit (REVPAU) for FY 2025 rose 3% y-o-y to S$161. REVPAU for 4Q 2025 also increased 2% y-o-y to S$180 on the back of higher average occupancy rates.
  
  

• CCLAS’ portfolio valuation rose 1.7% or S$130 million mainly due to stronger operating performance. CLAS’ key markets with valuation gains are Japan, France and Australia.

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( YTD: -0.84% | 5D: -0.84%)

 29 Jan - 1H FY 2025/26 Financial Results

• Stable year-on-year 1H FY25/26 gross revenue and DPU despite loss of contribution from divested Wisma Atria Office strata units
• New Toshin master lease base rent determined to be approximately 1% higher than the base rent paid under the previous lease; next rent review in June 2028
• Issued new S$100 million perpetual securities at a lower distribution rate of 3.25% per annum to replace existing tranche

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( YTD: -0.68% | 5D: -0.68%)

 30 Jan - Financial Results for the Third Quarter Financial Year 2025/2026

• 3Q FY25/26 DPU up 2.5% yoy to 2.05 Singapore cents
• Singapore NPI up 5.3% in 3Q FY25/26 and 4.8% in YTD FY25/26 on a yoy comparable basis, cushioning overseas headwinds
• VivoCity NPI up 10.1% yoy in 3Q FY25/26, with 14.7% rental uplift, sustained full committed occupancy and 4.4% yoy tenant sales growth
• Portfolio achieves positive rental reversion of 0.3% despite overseas market pressures
• Renewals of two top-ten tenants strengthen portfolio stability
• Proposed divestment of office component of Festival Walk to optimise portfolio
• Inclusion in FTSE4Good Indices validates sustainability progress

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( YTD: +1.33% | 5D: +2.70%)

 30 Jan - Unaudited Results of Keppel DC REIT for the Second Half and Full Year Ended 31 December 2025

• FY 2025 DI increased 55.2% year-on-year to $268.1 million, with DPU up 9.8% to 10.381 cents

• Strong financial performance was driven by $1.1 billion of accretive acquisitions in Tokyo and Singapore and portfolio reversion of ~45% for FY 2025

• Well positioned to capture hyperscale and artificial intelligence (AI)-driven demand, supported by healthy balance sheet and aggregate leverage of 35.3%

• Keppel DC REIT announced DI of $268.1 million for FY 2025, representing a 55.2% increase year-on- year. Growth was mainly driven by contributions from the acquisitions of Keppel DC Singapore 7 and 8 and Tokyo Data Centre 1 and 3 as well as higher contributions from contract renewals and escalations.

• The increase was partially offset by the divestments of Intellicentre Campus and Kelsterbach Data Centre, as well as the absence of a one-off dispute settlement sum received in 2024.

• DPU for FY 2025 rose 9.8% year-on-year to 10.381 cents, even after accounting for an enlarged Unitholding base following the equity fund raise in 3Q 2025.
  
  
• Based on Keppel DC REIT’s closing price of $2.25 per Unit on 31 December 2025, distribution yield would be 4.61% for FY 2025. The 2H 2025 DPU will be paid on 19 March 2026.
  
  
• As at 31 December 2025, portfolio occupancy remained high at 95.8% with a healthy portfolio weighted average lease expiry (WALE) of 6.7 years1 . Rental income from hyperscalers increased to 69.3% as at 31 December 2025 from 61.1% a year ago, underscoring Keppel DC REIT’s focus on hyperscale assets and strong demand from underlying clients.
  
  
• Strategic acquisitions, including Tokyo Data Centre 3 and full ownership of four Singapore assets – Keppel DC Singapore 3, 4, 7 and 8, further strengthened Keppel DC REIT’s portfolio in key digital hubs, complemented by a 10-year land tenure lease extension for Keppel DC Singapore 7 and 8.
  
  
• Proactive portfolio management translated into strong portfolio reversion of ~45% for the year. Operational efficiency improvements, including AI-driven optimisation, unlocked additional saleable power at Keppel DC Singapore 8, with the completion of fit outs for one new data hall targeted for 3Q 2027.

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Money and Me: The S-REIT Comeback - Income, Upgrades and What to Buy in 2026

Singapore REITs may finally be turning the corner.

Singapore REITs enter 2026 at a pivotal moment say's Kenny Loh, as interest-rate cuts revive sentiment and valuations remain below historical averages.

After delivering a near-23% gain in 2025 - their best run since 2019 - analysts expect a two-year earnings upgrade cycle driven by falling borrowing costs and rising distributions.

We unpack which REITs face refinancing risks, how balance sheets are being managed, and where higher interest coverage offers protection.

From industrial and logistics to retail, offices and data centres, we assess which property sub-sectors look resilient - and which still face headwinds.

We also ask whether current price-to-NAV discounts present compelling entry points, or if markets are still pricing in too much caution.

Joining us is Kenny Loh, REIT Specialist and Wealth Advisory Director, as we discuss strategy, risks and specific S-REITs on the radar for 2026, hosted by Michelle Martin.

Click here for the full details here