REIT Watch - Healthcare S-REITs record mixed DPU performance, but deliver operational stability amid currency headwinds

A total of 22 Singapore real estate investment trusts (S-REITs) have released their financial results or business updates for the periods ended 31 December 2025, with another 13 expected to report in the coming weeks. Among them, Healthcare S-REITs ParkwayLife REIT and First REIT have both published their full-year results.

ParkwayLife REIT achieved DPU growth supported by increased revenue from its expanded portfolio. In contrast, First REIT's DPU declined, primarily due to FX weakness in the Indonesian Rupiah and Japanese Yen. Despite this, First REIT's core operations remained healthy, with Indonesia and Singapore properties delivering local‑currency rental growth.

▶️ Find out more about the full‑year earnings of the 2 Healthcare S‑REITs: bit.ly/4klvKgG

S-REITs Week 6 2026 Recap 📊

Mixed performance across the sector this week as major REITs released FY2025 and 3Q results:
🔹 AIMS APAC REIT: Strong 3Q performance with NPI up 4.1% YoY. Portfolio occupancy rose to 95.4% with healthy 8.0% rental reversions.
🔹 CapitaLand Ascendas REIT (CLAR): FY2025 distributable income grew 1.4% YoY. However, DPU dipped slightly to 15.005 cents due to an enlarged unit base from recent fundraising.
🔹 Digital CORE REIT: FY2025 DPU stood at 3.60 U.S. cents. The REIT expanded its footprint into Japan with a 20% interest acquisition in an Osaka data center.
🔹 First REIT: Results supported by built-in rental escalations in Indonesia/Singapore, maintaining a robust 100% occupancy.
🔹 CapitaLand China Trust: Focused on portfolio reconstitution, successfully divesting CapitaMall Yuhuating at a premium.

https://reitsavvy.com/insights/s-reits-week-6-2026

Since breaking above US$2,000 in February 2024, gold prices have surged to above US$5,000 by early 2026, driven by sustained central-bank accumulation, heightened geopolitical uncertainty, and renewed discussion around a potential revaluation of U.S. gold reserves, among other things.

Yet for many investors, critical questions remain: Have I already missed the move? Is gold now experiencing a late-cycle, speculative surge - or are we still in the early stages of a multi-year repricing driven by deeper structural forces?

This seminar examines the drivers behind gold’s recent performance, and explores whether the present rally may represent the early phase of a longer-term shift in the global monetary and financial system.

Register with the link below:
https://nudge.sg/webinar.php?wid=85410253803&a_aid=kennyloh@fapl.sg

𝐒-𝐑𝐄𝐈𝐓𝐬 𝐚𝐫𝐞 𝐛𝐚𝐜𝐤, 𝐛𝐮𝐭 𝐭𝐡𝐞 "𝐄𝐚𝐬𝐲 𝐌𝐨𝐧𝐞𝐲" 𝐞𝐫𝐚 𝐢𝐬 𝐨𝐯𝐞𝐫 🏠📈

I recently sat down with Michelle Martin on MONEY FM 89.3 to discuss why the 2026 recovery isn't a "rising tide" for all boats. We are seeing a massive performance gap between what I call the "Survivors" and the "Thrivers."

𝑲𝒆𝒚 𝒕𝒂𝒌𝒆𝒂𝒘𝒂𝒚𝒔 𝒇𝒓𝒐𝒎 𝒐𝒖𝒓 𝒔𝒆𝒔𝒔𝒊𝒐𝒏:
✅ The Singapore Shield: Why local assets are outperforming global ones.
✅ The Growth Alpha: Why low debt isn't enough anymore—you need asset relevance (Data Centres & Suburban Retail).
✅ The Refinancing Wall: How the leaders are turning debt into a tailwind.

In 2026, you can't just buy the index. You have to buy the "Engine."

🎧 Listen to the full deep dive below:
https://reitsavvy.com/insights/money-and-me-s-reits-are-back-but-not-all-recoveries-are-equal

Guide to Choosing the Best Term Life Insurance in Singapore
(with Premium Prices)
Get the exact coverage you need – and nothing you don’t.

While we work hard and do our best to give our loved ones the very best life possible, we also need to acknowledge that there are some things beyond our control.

If the worst were to happen, we want to make sure that we have done everything in our power to make sure that our loved ones will still be well taken care of – even if we are no longer around.

Thus, ensuring that we are adequately protect against the risk of death is an important part of responsible financial planning. One of the most effective and cost-effective financial instruments favoured by financial advisers is the known as term life insurance policies.

This resource seeks to explain how term life policies work, what features to look out for, and a premium cost comparison to better understand how much such coverage would cost you.

https://digital.fa.com.sg/term-comparison.php?a_aid=kennyloh@fapl.sg#contactsection

Gong Xi Fa Cai! 🧧

Wishing you a Year of the Horse filled with 'Huat' and high yields! 📈

Hope you like my CNY 'Financial Architect' avatar! If you want to see how I’m engineering passive income and estate plans this year, take a peek at kennyloh.net.

Cheers to a prosperous year ahead!

Data Centre S-REITs Stay Resilient on AI tailwinds

Pure-play data centre (DC) real estate investment trusts in Singapore (S-REITs) have delivered resilient financial performance in their latest results ended December with high occupancy and strong rental reversion amid cloud and artificial intelligence (AI) adoption.

The three pure-play DC S-REITs - Keppel DC REIT, Digital Core REIT and NTT DC REIT - also saw stronger distributable income in the latest reporting period, on the back of higher revenue.

▶️ Find out more on the performance of pure-play DC S-REITs in their latest results ended December 2025: bit.ly/4kSIH27

The Fallacy of Headline DPU

For years, investors are fixated on "headline DPU" as the primary indicator of performance. Yet this figure can be and is often distorted by non-recurring items or temporary capital management strategies such as accounting adjustments for non-cash items, divestment gains, capital distributions etc. None of these truly reflect consistent management excellence. They reflect timing and accounting.

The true test of management excellence is the quality and consistency of DPU from Operations—organic, recurring rental cashflows capable of withstanding economic cycles.

https://reitsavvy.com/insights/what-the-mei-debate-really-means-for-s-reits-managers

Navigating U.S. Estate Tax on U.S. Stock Holdings: A Guide for Singapore Investors

https://engage.fa.com.sg/kennyloh/navigating-u-s-estate-tax-on-u-s-stock-holdings-a-guide-for-singapore-investors/

Investors who are new to REITs investing, I explain the Pro & Cons on REITs investing vs physical property investing. There is a video to explain the difference in detail.

Enjoy! https://engage.fa.com.sg/kennyloh/reits-vs-real-estate-investing-in-singapore-key-differences-and-pros-cons/