---
title: S-REITs - Week 18 - 2025
description: Weekly recap of S-REITs for 2025, covering key updates on performance, strategic moves, and financial health of major REITs like CapitaLand Ascott Trust, Stoneweg European REIT, and more.
---

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

# S-REITs - Week 18 - 2025

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

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Let's have a quick dive into this week REITs update from CapitaLand Ascott Trust, Stoneweg European REIT, Frasers Centrepoint Trust, Lippo Mall Indonesia Retail Trust, Elite UK REIT, Sasseur REIT , CapitaLand Integrated Commercial Trust, IREIT Global, Far East Hospitality Trust

**S-REITs Recap - Week 18**

**28 Apr - 4 May 2025**

| **CapitaLand Ascott Trust** |
| --- |
| **( YTD: -1.72% \| 5D: +1.79%)** |
| 28 Apr - Business Updates For The First Quarter Ended 31 March 2025 - 1Q 2025 gross profit rose 4% year-on-year (y-o-y) - Gross profit from new properties in 1Q 2025 has replaced the gross profit lost from divestments in 2024 - Swift redeployment of divestment proceeds minimised the impact on CLAS’ income - On a same-store basis, excluding acquisitions and divestments between 1Q 2024 and 1Q 20251 , gross profit was 1% higher y-o-y - Stronger performance from properties renovated in 2024 contributed to the growth in 1Q 2025 - +5% in gross profit from master leases mainly due to the acquisition of lyf Funan Singapore; same-store gross profit was 5% lower y-o-y due to lower variable rent and higher expenses - +12% in gross profit from MCMGI mainly due to stronger performance in UK and Belgium - +5% in gross profit from management contracts of longer-stay properties; on a same-store basis, it was 10% higher y-o-y mainly due to stronger performance of the student accommodation portfolio - -4% in gross profit from management contracts of hospitality properties mainly due to divestments; same-store gross profit was 4% lower y-o-y as higher revenue was offset by higher expenses - +4% portfolio RevPAU3 mainly due to higher average occupancy of 77% (1Q 2024: 73%) For more information, please click [here](https://investor.capitalandascotttrust.com/newsroom/20250428_064728_HMN_H4Y27Q8A538JGAHX.1.pdf) |

| ** Stoneweg European REIT** |
| --- |
| **( YTD: -5.06% \| 5D: +4.90%)** |
| 28 Apr - 1Q 2025 Business Update Capital Management - No debt maturing until late 2026 - Level of fixed/hedged cover has been extended to end 2027 (73%) and the new cap/collar structure allows SERT to benefit as 3M Euribor continues to decline Strategic - The manager is now fully integrated with the new sponsor, introduced in early 2025 via 25+ meetings with 150+ investors, analysts and market participants and major media interviews - Proposed stapling of a new BT to the REIT provides tax efficiencies and strategic flexibility for the future - Rigorously assessing Sponsor’s pipeline for logistics and data centre projects Unit price and investor support - At a yield of ~9%, strengthening Euro and ~25% discount to NAV/unit in current bear market, SERT continues to be relatively attractive with strong investor support - The unit buyback programme has been well-received , demonstrating the Board's confidence For further information, please click [here](https://www.stonewegeuropeanreit.com.sg/wp-content/uploads/2025/04/SERT_1Q2025_Presentation_28April2025.pdf)   30 Apr - Share Buy Back For further information, please click [here](https://investor.stonewegeuropeanreit.com.sg/news.html/id/2549940) |

| ** Frasers Centrepoint Trust** |
| --- |
| **( YTD: +7.11% \| 5D: -0.88%)** |
| 29 Apr - 1H 2025 Results - 1H25 gross revenue rose 7.1% y-o-y to $184.4 million and net property income (“NPI”) was 7.3% higher at $133.7 million, driven by higher rental income from renewed and new leases signed. - Distribution to unitholders was 4.9% higher y-o-y, mainly due to higher NPI, full six-month contribution from the acquisition of an additional 24.5% interest in Gold Ridge Pte. Ltd. and better performance from Waterway Point and NEX. - FCT’s financial position is healthy with an aggregate leverage of 38.6% as at 31 March 2025.  - The average cost of borrowing for 1H25 was 3.9%, a decline from 4.0% in 1Q25. Interest coverage ratio as at 31 March 2025 stood at 3.28 times. - FCT’s retail portfolio registered committed occupancy of 99.5%1 , unchanged compared to the previous quarter. The revenue and NPI of the retail portfolio were steady across the portfolio properties. - The average portfolio rental reversion for 1H25 was +9.0%1 (on an average-to-average basis) compared with +7.5%2 for 1H24. Shopper traffic of the retail portfolio in 1H25 grew 1.0% y-o-y1 and tenants’ sales rose 3.3% y-o-y1 . - The asset enhancement initiative (“AEI”) at Hougang Mall has commenced in April 2025. At present, 64% of the AEI spaces has already been pre-committed. Works are expected to complete by calendar 3Q 2026. - As part of its continuous efforts to curate and refresh its retail offerings, FCT has committed 41 new-to- portfolio tenants, including new-to-market brands, across its malls in 1H25. - New-to-market brands include hot pot chain Shu Da Xia Hotpot at Tampines 1 and the smartphone and consumer electronics brand Honor at Causeway Point. - In May, FCT will introduce lifestyle retail chain KKV and regional hotpot dining concept Lead General Hot Pot at Tiong Bahru Plaza, along with trendy lifestyle store Oh!Some at Tampines 1. - Other upcoming new-to-portfolio brands include crowd-favourite Nanyang cuisine chain Oriental Kopi at NEX; casual restaurant concept PuTien Mama under the one-Michelin-Star PuTien restaurant chain at Tiong Bahru Plaza; and popular tea shop Chagee at NEX. For further information, please click [here](https://fct.frasersproperty.com/newsroom/20250429_072723_J69U_QTEE4TO50HRSNWLE.3.pdf) |

| ** Lippo Mall Indonesia Retail Trust** |
| --- |
| **( YTD: -27.78% \| 5D: +0.00%) Halt Dividend since 20 Mar 2023** |
| 28 Apr - 1Q 2025 Result - The Trust’s underlying performance in Indonesia Rupiah (“IDR”) recorded a 3.3% increase in rental revenue to Rp331.6 billion and a 4.9% increase in gross revenue to Rp602.6 billion, up from Rp321.0 billion and Rp574.4 billion respectively in the same period a year ago (“1Q 2024”). - Net property income (“NPI”) also edged up 1.0% to Rp352.1 billion from Rp348.6 billion, largely due to a net reversal for impairment loss on trade receivables following successful collection from a certain credit impaired tenant. - This was partially offset by higher property operating and maintenance expenses and other property operating expenses, in line with increased operational activities. - In Singapore Dollar (“SGD”), a 3.4% depreciation of IDR to SGD1, saw rental revenue dipped by a marginal 0.2% to S$27.5 million in 1Q 2025. - On the other hand, gross revenue rose 1.4% to S$49.9 million for the period, supported by a 67.4% jump in carpark income following the entry into a new carpark management arrangement, which yielded higher gross carpark income compared to the net income structure under the previous agreement. - NPI in SGD slipped 2.4% to S$29.2 million in 1Q 2025 from S$29.9 million in 1Q 2024. For further information, please click [here](https://lmir.listedcompany.com/newsroom/20250428_174459_D5IU_YEG04SMCNGZB9V8R.2.pdf) |

| ** Elite UK REIT** |
| --- |
| **( YTD: -1.69% \| 5D: +0.00%)** |
| 30 Apr - 1Q 2025 Update - In 1Q 2025, Elite UK REIT’s distributable income increased 10.2% year-on-year to £4.8 million, while Distribution per Unit (“DPU”) rose 9.6%4 year-on-year to 0.76 pence in 1Q 2025 and Net Asset Value (“NAV”) per unit increased 2.6%5 year-on year to 40 pence as at 31 March 2025 on a like-for-like basis. - Financial performance in 1Q 2025 improved year-on-year largely due to improved cash efficiency, lower interest expenses, higher rental from properties that had registered positive rental reversions6, as well as dilapidation settlement and lease surrender premium amounts totalling £1.6 million. - The REIT taken early steps into our expanded investment mandate with planning applications submitted for Lindsay House, Dundee and Peel Park, Blackpool. Given their quality locations and favourable market dynamics, there is latent value to be unlocked for Lindsay House as a purpose-built student accommodation and a potential monetisation opportunity for Peel Park, Blackpool as a data centre development site. - In 1Q 2025, Elite UK REIT’s revenue increased 0.6% year-on-year to £9.3 million, due to a full quarter of reversionary rent from Dallas Court, Salford (30% increase) and from Theatre Buildings, Billingham (5% increase). - A 24% rental reversion for the medical centre tenant at Ladywell House, Edinburgh, was also achieved. In addition, a one-off dilapidation settlement and lease surrender premium of £1.6 million was received during 1Q 2025. As a result, net property income increased 24.4% year-on-year to £10.4 million. - The proportion of debt on fixed rates or hedged increased to 88% in 1Q 2025 from 86% in 1Q 2024, while borrowing costs reduced to 4.8% from 4.9% over the same period. With rental income that is received in advance, the Manager improved cash efficiency by deploying the prepaid rent to reduce borrowings. - Net gearing ratio 7 improved to 42.2% as at 31 March 2025 from 42.5% as at 31 December 2024, trending towards the Manager’s long-term target of less than 40%. - Interest coverage ratio improved to 2.6x from 2.5x as at 31 December 2024. Elite UK REIT has no further refinancing requirements until 2027 and in-built 2-year extension options offer runway to navigate future refinancing for the best long-term outcome. - With higher interest deduction and higher capital allowances claims from sustainability enhancement works, tax expense also decreased by 13.6% year-on-year. - Given that 100% of the REIT’s debt are sustainability-linked loans, improvements in the assets’ energy performance would help optimise borrowing costs. Asset Management Initiatives - During 1Q 2025, the Manager completed the divestment of Crown Buildings, Caerphilly at £710,000, representing an 18% premium to valuation. Following the divestment of Crown Buildings, Caerphilly, Elite UK REIT’s portfolio occupancy saw a 120 basis points improvement in occupancy rate to 93.5% from 92.3% a year ago and is set to improve further to 95.2% with the completion of divestments announced in 2024. - Weighted average lease expiry is 3.1 years as at 31 March 2025. The Manager has formally commenced dialogue with tenants on the upcoming 2028 lease renewals in advance, with the joint objectives of extending and diversifying leases expiring in 2028. All leases are on a triple-net basis and Elite UK REIT’s assets serve as mission-critical social infrastructure supporting the UK Government’s social agenda. For further information, please click [here](https://investor.eliteukreit.com/newsroom/20250430_173814_MXNU_UXC2GORYQL3QUMJ7.1.pdf) |

| ** Sasseur REIT** |
| --- |
| **( YTD: -6.62% \| 5D: +1.60%)** |
| 30 Apr - Cessation of CEO - **Ms. Cecilia Tan**, the Chief Executive Officer ("CEO") of the Manager, Ms. Tan will not continue her employment with the Manager to pursue other professional interests. Her last day with the Manager will be 28 October 2025. For further information, please click [here](https://investor.sasseurreit.com/newsroom/20250430_183817_CRPU_VNBTU7NKNAS7EK9D.1.pdf) |

| ** CapitaLand Integrated Commercial Trust** |
| --- |
| **( YTD: +11.40% \| 5D: +0.47%)** |
| 2 May - Sale Of 45% Interest In Glory Sr Trust Which Holds The Serviced Residence Component Of Capitaspring For further information, please click [here](https://investor.cict.com.sg/newsroom/20250502_182459_C38U_1C3ZAP3LQL0I0HP2.1.pdf) |

| ** IREIT Global** |
| --- |
| **( YTD: -17.54% \| 5D: +0.00%)** |
| 29 Apr - 1Q 2025 Business Update - **Portfolio Commited Occupancy:** 88.7% (88.5% as at 31 Dec 2024) - **WALE:** 5.7 years (5.9 years as at 31 Dec 2024) - **Leverage:** 37.7% (37.6% as at 31 Dec 2024) - **Weighted Average Interest Rate:** 1.9% (1.9% as at 31 Dec 2024) - Aggregate leverage stood at 37.7% as a result of the voluntary partial loan repayment of €5.0m in relation to the Spanish Portfolio, offset by lower cash balance from the distribution payment and loan repayment. - 98.5% of the bank borrowings have been hedged with interest rate swaps and interest rate caps. - Ongoing negotiations with incumbent banks to refinance borrowings for German and Spanish Portfolios. For further information, please click [here](https://investor.ireitglobal.com/newsroom/20250429_184143_UD1U_5ARN1VBYU7KIJXZD.1.pdf) |

| ** Far East Hospitality Trust** |
| --- |
| **( YTD: -9.02% \| 5D: +0.00%)** |
| 30 Apr - 1Q 2025 Business Updates Key Highlights - Gross revenue for 1Q 2025 decreased 6.8% year-on-year mainly due to lower master lease revenue from the Hotels and Serviced Residences, arising from the absence of major events compared to the same period last year. - This was partially offset by stronger performance from the Commercial Premises, where revenue rose 4.9% year-on- year, supported by improved occupancy. - Coupled with higher property taxes, net property income was lower by 8.3% year-on-year to S$23.0 million. - Weighted average cost of debt improved to 3.5% as at 31 March 2025, down from 4.1% for FY 2024. - 57.4% of borrowings on fixed rates. - A 25 basis points increase or decrease in interest rates on variable rate debt is expected to have an impact of S$0.8 million on distribution or about 0.04 cents on distribution per Stapled Security on a proforma basis1 (based on FY 2024 taxable distribution). - S$9.7 million of the S$18.0 million incentive fee received from the divestment of Central Square in March 2023 remains available to cushion any potential increase in interest expenses. For further information, please click [here](https://feht.listedcompany.com/newsroom/20250430_063547_Q5T_49B6OSIS1WLAJ4R3.1.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 |

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