---
title: S-REITs - Week 16 - 2025
description: "Weekly recap of S-REITs: Key updates from Sabana Industrial REIT, Keppel Pacific Oak US REIT, Keppel DC REIT, and Far East Hospitality Trust."
---

[Skip to content](https://reitsavvy.com/insights/s-reits-week16-2025#main-content)

[![op can-4](https://reitsavvy.com/hs-fs/hubfs/op%20can-4.png?width=7114&height=2442&name=op%20can-4.png)](https://reitsavvy.com/)

![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg)

![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg)

![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg)

![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg)

- [Home](https://reitsavvy.com)
- [What's a REIT](https://reitsavvy.com/what-is-reits)
- [S-REITs Overview](https://reitsavvy.com/s-reits-overview)
- [REITsavvy Subscription](https://reitsavvy.com/reits-screener)
- [REITsavvy Screener Login](https://screener.reitsavvy.com/)
- [REITsavvy Insights](https://reitsavvy.com/insights)
- [Events](https://reitsavvy.com/events)
- [About Us](https://reitsavvy.com/about-us)

- [Home](https://reitsavvy.com)
- [What's a REIT](https://reitsavvy.com/what-is-reits)
- [S-REITs Overview](https://reitsavvy.com/s-reits-overview)
- [REITsavvy Subscription](https://reitsavvy.com/reits-screener)
- [REITsavvy Screener Login](https://screener.reitsavvy.com/)
- [REITsavvy Insights](https://reitsavvy.com/insights)
- [Events](https://reitsavvy.com/events)
- [About Us](https://reitsavvy.com/about-us)

[S-REIT Weekly Recap](https://reitsavvy.com/insights/tag/s-reit-weekly-recap), [2025](https://reitsavvy.com/insights/tag/2025)

# S-REITs - Week 16 - 2025

[By- REITsavvy Team,](https://reitsavvy.com/insights/author/reitsavvy-team)

![2025_ReitSavvy_Banner](https://reitsavvy.com/hs-fs/hubfs/2025/2025_ReitSavvy_Banner.png?width=762&height=278&name=2025_ReitSavvy_Banner.png)

Let's have a quick dive into this week REITs update from Sabana Industrial REIT, Keppel Pacific Oak US REIT, Keppel DC REIT, Far East Hospitality Trust

**S-REITs Recap - Week 16**

**14 - 20 Apr 2025**

| **Sabana Industrial REIT** |
| --- |
| **( YTD: -1.39% \| 5D: +2.90%)** |
|  15 Apr - 1Q 2025 Results - Gross revenue increased by 4.6% year-on-year (“y-o-y”) to $29.1 million, uplifted by higher occupancy at the majority of our multi-tenanted portfolio, particularly at Sabana@1TA4 and 33, 33A & 35 Penjuru Lane which saw the highest increases, and further boosted by strong rental reversions across the portfolio - NPI rose by 22.0% y-o-y to $16.0 million led by higher gross revenue while benefitting from lower overall property expenses - Income available for distribution per unit rose by 26.5% y-o-y to 0.86 cents led by the increase in NPI and partially offset by higher finance costs Capital Management - Average all-in financing cost of 4.57% - Aggregate leverage at 37.8% - Weighted average debt maturity at 2.7 years - 72.6% of borrowings on fixed rates with an average term of 2.1 years - $75.0 million due for refinancing in March 2026; Manager is holding ongoing discussions with lenders on the potential extension of loan facility Interest Exposure - Interest coverage ratio (“ICR”) of 3.1 times as at 31 March 2025 - A 10% decrease in EBITDA would result in an ICR of 2.8 times, while a 100-basis point increase in interest rates would lead to an ICR of 2.9 times Portfolio Occupancy - Overall portfolio occupancy at 86.4% as at 31 March 2025, an increase from the 85.0% as at 31 December 2024 - Occupancy rate of 151 Lorong Chuan (“New Tech Park”) increased to 85.0%, up from 82.3% as at 31 December 2024, of which NTP+ Mall’s occupancy rate was 100.0% as 31 March 2025 following the mall refresh carried out in 2H 2024 - Occupancy rate of 33, 33A & 35 Penjuru Lane rose to 86.3%, an improvement from 73.7% as at 31 December 2024 1Q 2025 New and Renewed Leases - 21 new and renewed leases concluded in 1Q 2025 totaling 348,749 sq ft - Achieved high tenant retention rate of 99.7% in 1Q 2025 - All leases expiring in FY 2025 have been activated for renewal and negotiations - Circa 60% of the leases expiring in 2025 have been renewed and/or under lease documentation Rental Reversion - Achieved double-digit rental reversion of 15.3% for 1Q 2025, following four consecutive years of positive double-digit rental reversions in FY 2021, FY 2022, FY 2023 and FY 2024 Weighted Average Lease Expiry (WALE) - Portfolio WALE by gross rental income stood at 2.7 years as at 31 March 2025 For more information, please click [here](https://sabana.listedcompany.com/newsroom/20250415_180424_M1GU_EOO3PG1TI9NDV0ZL.2.pdf) |

| ** Keppel Pacific Oak US REIT** |
| --- |
| **( YTD: -12.68% \| 5D: +0.56%)** |
| 17 Apr - 1Q 2025 Key Business and Operational Updates Income Available for Distribution for 1Q 2025 was down 19.3% year-on- year to US$9.6m mainly due to: - Lower adjusted NPI mostly as a result of lower rental income from higher free rents due to timing differences in leases completed for the respective periods. As of 31st March 2025 Financial Position - **Total Debt:** US$607.2 million - **Aggregate Leverage:** 43.7% - **Average Cost of Debt:** 4.31% p.a. - **All-in Average Cost of Debt:** 4.45% - **Interest Coverage:** 2.5x - **Weighted Average Term to Maturity:** 2.2 years - **Remarks:** 67.0%(2) of the REIT’s loans have been hedged through floating-to-fixed interest rate swaps. For further information, please click [here](https://wpcms.kepcorp.com/wm/cms-site/kpl/file/media/2025/apr/17-apr-kore-1q-2025/mrel-kore-1q-2025-business-and-operational-updates.pdf) |

| ** Keppel DC REIT** |
| --- |
| **( YTD: -6.88% \| 5D: +2.01%)** |
| 17 Apr - 1Q 2025 Operational Updates  Higher net property income mainly due to: - acquisitions of Keppel DC Singapore 7 & 8 and Tokyo Data Centre - higher contributions from contract renewals and escalations in 2024; and - partially offset by divestment of Intellicentre Campus and one-off dispute settlement sum at Keppel DC Singapore 1 received in 2024. Higher DI & DPU mainly due to contributions from: - acquisitions and - strong portfolio performance Guangdong DCs - 1Q 2025 income net off via loss allowances3. Impact to 1Q 2025 DPU of 0.249 cents Higher finance income - from Australia Data Centre Note Lower finance costs mainly due to: - interest rates decreasing and interest savings from loan repayments; and - partially offset by new loans in 2024 for acquisitions. For further information, please click [here](https://wpcms.kepcorp.com/wm/cms-site/kpl/file/media/2025/apr/17-apr-kdcr-1q-2025/mrel-kdcr-1q-2025-operational-updates.pdf) |

| ** Far East Hospitality Trust** |
| --- |
| **( YTD: -11.48% \| 5D: +3.85%)** |
| 16 Apr - Listing Manual For Sustainability-Linked Facility Agreement That DBS Trustee Limited (in its capacity as trustee of Far East H-REIT) (the “Borrower”) has entered into a JPY 2.4 billion sustainability-linked facility agreement with an institutional bank (the “Facility Agreement”) on 16 April 2025. For further information, please click [here](https://feht.listedcompany.com/newsroom/20250416_173055_Q5T_H8QED3I296WYOQMY.1.pdf) |

| **Recently Article ** |
| --- |
|   # Money and Me: How are S-REIT's doing amidst the Tariffs Turnaround? How have S-Reit's fared amist the global market turmoil? We saw this during COVID — a sharp drop followed by a V-shaped recovery in S-REITs,” says REIT specialist Kenny Loh. What are investors on the search for yield doing? As markets step back from the cliff edge following Trump’s tariff pause, are Singapore REITs on the cusp of another rebound — or is volatility here to stay? Hosted by Michelle Martin with Kenny Loh, this episode explores: How tariffs are impacting S-REITs today. What investors should know about Stoneweg European REIT’s proposed stapled trust structure. Key considerations for Paragon REIT’s upcoming privatisation vote. Where to find yield as T-bill, FD, and SSB rates decline. Core risks and strategies for income investors in 2025.    Read more - [click](https://reitsavvy.com/insights/money-and-me-how-are-s-reits-doing-amidst-the-tariffs-turnaround)[here for audio link](https://reitsavvy.com/insights/money-and-me-how-are-s-reits-doing-amidst-the-tariffs-turnaround) |

| **STI Index constituents** |
| --- |
| **REITs in STI** |
| Frasers Centrepoint Trust 18 Mar 2024 |
| CapitaLand Ascendas REIT |
| CapitaLand Integrated Commercial Trust  |
| Frasers Logistics & Commercial Trust |
| Mapletree Industrial Trust |
| Mapletree Logistics Trust |
| Mapletree Pan Asia Commercial Trust |
|   |
| **REITs in STI Reserve List** |
| Keppel DC REIT |
| Keppel REIT |
| Suntec REIT |

| **REITracker Highlights** |  |
| --- | --- |
| **REIT Name** | **Status** |
| Keppel Pacific Oak US REIT | Halt Dividend since 14 Feb 2024 |
| Manulife US REIT | Halt Dividend since 14 Aug 2023 |
| Sabana REIT | Proposed Internalization is in progress since 17 Aug 2023 |
| Lippo Malls Indonesia Retail Trust | Halt Dividend since 20 Mar 2023 |
| EC World REIT | Halt Trading since 31 March 2023 |
| Eagle Hospitality Trust | Halt Trading since 24 March 2020 |

| **Exclusive REITsavvy Newsletter** |
| --- |

##### Gain financial insights on REITs in minutes

The newsletter that keeps you up-to-date on REITs in minutes.

 

![op can-4](https://reitsavvy.com/hubfs/op%20can-4.png)

**[Insights](https://reitsavvy.com/insights)**

**[REITs Screener](https://screener.reitsavvy.com/)**

Unless otherwise specified, all return figures shown above are for illustrative purposes only, are not actual customer or model returns and are not indicative of future performance or results. Actual returns will vary greatly and depend on various factors including personal and market circumstances. Investment involves risk. It is important to note that the capital value of investments and the income from them may go down as well as up and may become valueless. Some of the statements contained in this website may be considered forward-looking statements which provide current expectations or forecasts of future events. There is no assurance that the conditions described in this website will remain in the future and actual results may differ materially. This website is for information purposes only and is not and should not be construed as an offer or the solicitation of an offer or a recommendation for the purchase or sale of any investment or subscribe for, or to participate in, any services. The information contained within this website has not been reviewed in the light of your personal circumstances. You should carefully consider whether any investment views and investment products/services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances or seek financial advice.

All advertisements on the website have not been reviewed by the Monetary Authority of Singapore. Any notification from the REITsavvy application is not a product advertisement that has been reviewed by the Monetary Authority of Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore.

Copyright © 2023-2024 REITsavvy. All Rights Reserved.

[Disclaimer & Privacy Policy |](https://reitsavvy.com/disclaimer-and-privacy-policy) [Terms of Service](https://reitsavvy.com/terms-of-service)

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "REITsavvy Team",
    "url" : "https://reitsavvy.com/insights/author/reitsavvy-team"
  },
  "dateModified" : "2025-04-20T02:00:00.359Z",
  "datePublished" : "2025-04-20T02:00:00.000Z",
  "headline" : "S-REITs - Week 16 - 2025",
  "mainEntityOfPage" : {
    "@id" : "https://reitsavvy.com/insights/s-reits-week16-2025",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject"
    }
  }
}
```