Broker Name: OCBC Investment Research Private Limited
Date of Report: 8 December 2025
Excerpt from OCBC Investment Research report.
Report Summary
- Several S-REITs announced key developments, including First REIT’s divestment of a non-core asset at a premium, and Manulife US REIT’s new “Growth and Value Up Plan” to diversify beyond US office and improve financial flexibility.
- The FTSE ST REIT Index declined by 1% week-on-week, while the STI rose 0.2% during the same period; forward price-to-book and yield multiples remain slightly below 8-year averages, reflecting cautious market sentiment.
- Peer comparison tables show average current and forward yields for REITs across segments (office, retail, industrial, lodging, healthcare, data centre) generally ranging from 5% to above 8%, with leverage (D/A) averaging around 40%.
- Sector performance was mixed: “Others” and “Healthcare” outperformed, while “Data Centre” and “Hospitality” lagged during the week.
- Geographical breakdown indicates Singapore REIT portfolios remain diversified, with substantial overseas exposure in the US, Europe, Australia, and China across various sub-sectors.
- Several REITs announced upcoming distribution payments in December 2025.
Above is an excerpt from a report by OCBC Investment Research Private Limited. Clients of OCBC Investment Research can be the first to access the full report from the OCBC Investment Research website: https://www.ocbc.com/personal-banking/investments/research-insights
