4 Singapore REITs That Raised Their DPU

The REIT sector continues to face headwinds in the form of elevated interest rates.

Interest rates look likely to stay “higher for longer” and will continue to pressure REITs’ distributions.

However, there is a small crop of Singapore REITs (S-REITs) that managed to buck the trend.

Here are four that managed to eke out a higher distribution per unit (DPU) despite the macroeconomic challenges.

OUE REIT is a diversified REIT with a portfolio of six high-quality office, hospitality and retail assets in Singapore.

The REIT’s total assets under management (AUM) stood at S$5.8 billion as of 31 December 2024.

OUE REIT reported a mixed set of results for the first half of 2025 (1H 2025).

Revenue and net property income (NPI) fell by 10.6% and 10.1% year on year, respectively, because of the absence of contributions from the divested Lippo Plaza Shanghai.

Stripping this out, like-for-like revenue and NPI would have dipped by just 2.7% and 2%, respectively, to S$131.1 million and S$105.3 million.

With a higher share of results from joint ventures, OUE REIT managed to increase its DPU by 5.4% year on year to S$0.0098.

The REIT continued to boast a high portfolio occupancy of 95.5% as of 30 June 2025.

OUE REIT also enjoyed a positive rental reversion of 9.1% for the second quarter of this year (2Q 2025) for its office division.

Its Mandarin Gallery retail asset saw a high committed occupancy of 99% and reported a robust positive rental reversion of 34.3%.

Sabana REIT is an industrial REIT with a portfolio of 18 properties taking up approximately 4.2 million square feet.

The REIT has an AUM of around S$1 billion as of 31 December 2024.

The REIT reported a sparkling set of earnings for 1H 2025 with gross revenue rising 7.6% year on year to S$59.3 million.

NPI climbed 23.4% year on year to S$33.5 million, and DPU shot up 26.9% year on year to S$0.017.

The better performance was because of higher occupancy and positive rental reversions.

Portfolio occupancy came in at 85.7%, higher than 2024’s 85% but dipping slightly from 1q 2025’s 86.4%.

The REIT registered a positive rental reversion of 12.6%.

Sabana REIT is also carrying out portfolio rejuvenation works at 508 Chai Chee Lane.

The main entrance drop-off point and modernisation of cargo and passenger lifts were completed by June 2025.

Keppel DC REIT is a data centre REIT with a portfolio of 24 data centres across 10 countries.

The REIT’s total AUM stood at around S$5 billion as of 30 June 2025.

Keppel DC REIT reported a strong financial performance for 1H 2025, lifted by contributions from the acquisition of two data centres in Singapore and a Tokyo data centre.