CICT : Capland IntCom Tr - 3rd quarter business updates is out! Gross Revenue is up 1.5 percent to 403.9m. NPI is up 1.6 percent to 294.4m. Occupancy rate 97.2 percent, seem not bad

  CapitaLand Integrated Commercial Trust (CICT) - 3rd quarter business updates is out! Gross Revenue is up 1.5 percent to 403.9m. NPI is up 1.6 percent to 294.4m. Occupancy rate 97.2 percent,  seem not bad!

Gearing is 39.2%. Seem slightly better 1.3ppts vs Jun 2025.

Wale 3.2 years.

Positive rental reversion of 7.8% for retail and 6.5% for office.

No dpu declared for this quarter updates!

I think the results updates seem not bad!

I can see the reit sector is recovering! Most probably the worst is over!

Pls dyodd. 

Went to Raffles City basement for dinner at this Japanese restaurant! Nice beef recommended to try!

Gyukatsu Kyoto Katsugyu

 252 North Bridge Road, #B1-63/64,

Raffles City Shopping Centre, Singapore 179103

CapLand India - 3rd quarter results update is out. Total Revenue and NPI is up 10 percent to 225.2m and 172.1m.Gearing 40.9 percent , seems quite good

 CapLand India  - 3rd quarter results update is out.  Total Revenue and NPI is up 10 percent to 225.2m and 172.1m.Gearing 40.9 percent , seems quite good! 

15% Positive rental reversion.

It seems too good to be true! We will know when it reports the FY results!

At 1.20, yield is about 5.9%, seem not bad! 

Pls dyodd. 

Mapletree Ind Tr - 2nd quarter results is out! DPU is down 5.6 percent to 3.18 cents. Gross revenue is down 6.2 percent to 170.2m.NPI is down 7.8 percent to 124m. I think results is not too bad!

 The price has fallen off from 2.22 to closed 9 cents lowered at 2.13 after the results was released! It seems that market doesn't like the latest financial numbers! DPU decreased 5.6% to 3.18 cents. The only silver lining spotted was, the weighted average lease to expiry (WALE)of the Overall Portfolio

increased quarter-on-quarter to 4.6 years from 4.5 years in the preceding quarter.

Gross revenue and net property income for 2QFY25/26 decreased by 6.2% and 7.8% 

year-on-year to S$170.2 million and S$124.0 million respectively. This mainly reflected the 

reduced income from the portfolio divestment of three industrial properties in Singapore (the 

“Singapore Portfolio Divestment”) on 15 August 2025 as well as the lower contribution from 

the North American Portfolio from non-renewal of leases and the depreciation of USD against SGD.

The decline was partially moderated by higher contributions from the freehold mixed-

use facility in Tokyo acquired on 29 October 2024, and the completion of the final phase of 

fitting-out works of the Osaka Data Centre on 2 May 2025.

Consequently, the Distribution to Unitholders for 2QFY25/26 was S$90.7 million, 5.3% lower 

than the corresponding quarter last year. The Distribution to Unitholders was also affected by

the lower cash distribution declared by the joint venture, Mapletree Rosewood Data Centre 

Trust due to higher borrowing costs from the repricing of matured interest rate swaps. 

Correspondingly, DPU fell by 5.6% year-on-year to 3.18 cents in 2QFY25/26 mainly due to the 

absence of the distribution of net divestment gain from the Tanglin Halt Cluster. XD 5th November,  paydate 10 December 2025.

Average Overall Portfolio occupancy was 91.3% in 2QFY25/26, marginally lower than the 

previous quarter of 91.4%.

Singapore Portfolio registered an average rental rate of S$2.27 per square foot per month with 

a weighted average rental reversion rate of about 6.2%. 

As at 30 September 2025, the weighted average lease to expiry of the Overall Portfolio 

increased quarter-on-quarter to 4.6 years from 4.5 years in the preceding quarter. This was 

mainly due to a five-year lease renewal in the North American Portfolio. Since July 2025, 

approximately 184,300 square feet of leases or 2.6% of MIT’s North American Portfolio’s net 

lettable area were executed with a weighted average rental reversion rate of about 3%.

Following the completion of the Singapore Portfolio Divestment, the net proceeds were used 

to repay outstanding borrowings in the interim, which resulted in a lower aggregate leverage 

ratio and increased debt headroom for MIT. This strategic divestment optimises MIT’s portfolio 

composition while enhancing its financial flexibility to pursue new investment opportunities for 

sustainable returns.

Gearing reduced from 40.1% to 37.3%. 

Pls dyodd. 

CapLand Ascott Tr - 3Q 2025 gross profit increased 1% year-on-year (y-o-y).For 9M 2025, gross profit increased 4% y-o-y; on a same-store basis, the increased was 2%

  3Q 2025 gross profit increased 1% year-on-year (y-o-y) 

• Stronger operating performance, portfolio reconstitution and 

asset enhancement initiatives (AEI) drove the increase, mitigating 

the impact of depreciation of foreign currencies against the SGD

• On a same-store basis, excluding acquisitions and divestments1

between 3Q 2024 and 3Q 2025, gross profit was 2% lower y-o-y

due to a one-off land tax adjustment relating to a property in Australia

• For 9M 2025, gross profit increased 4% y-o-y; on a same-store basis, the increased was 2%.

Gearing 39.3%.

ICR 3.1x.

Mapletree Log Tr -2Q FY25/26 Distribution per Unit (“DPU”) rose 0.2% quarter-on-quarter to 18.15 cents. YOY basis, DPU is down 10.5 percent to 3.627 cents

 On a year-on-year (“y-o-y”) basis, 2Q FY25/26 gross revenue and NPI were 3.2% and 3.3% lower, 

mainly due to foreign exchange impact from weaker regional currencies relative to the Singapore 

Dollar. On a constant currency basis, gross revenue and NPI would have registered lower declines 

of 0.9% and 1.0% respectively, primarily due to loss of contribution from 13 divested properties, 

partially offset by growth from the existing portfolio and contribution from a newly completed 

redevelopment project in Singapore.

Borrowing costs declined 4.0% y-o-y driven by proactive refinancing efforts and paring down of debt 

with proceeds from divestments. This helped cushion the absence of divestment gains, which 

contributed S$6.1 million in 2Q FY24/25. Accordingly, the amount distributable to Unitholders 

declined 9.6% y-o-y and DPU was 10.5% lower on an enlarged unit base. Excluding divestment 

gains, adjusted DPU from operations registered a moderate decline of 4.8% y-o-y.

2Q FY25/26 Distribution per Unit (“DPU”) rose 0.2% quarter-on-quarter underpinned by 

continued resilient operational performance 

• Healthy portfolio operating metrics – 96.1% occupancy and 2.5% positive rental reversions

excluding China. 

XD 4th November. 

Pls dyodd. 

CapitaLand Integrated Commercial Trust (CICT) - 3rd quarter business updates is out! Gross Revenue is up 1.5 percent to 403.9m. NPI is yp 1.6 percent to 294.4m. Occupancy rate 97.2 percent, seem not bad

 CapitaLand Integrated Commercial Trust (CICT) - 3rd quarter business updates is out! Gross Revenue is up 1.5 percent to 403.9m. NPI is up 1.6 percent to 294.4m. Occupancy rate 97.2 percent,  seem not bad!

Gearing is 39.2%. Seem slightly better 1.3ppts vs Jun 2025.

Wale 3.2 years.

Positive rental reversion of 7.8% for retail and 6.5% for office.

No dpu declared for this quarter updates!

I think the results updates seem not bad!

I can see the reit sector is recovering! Most probably the worst is over!

Pls dyodd. 

Boustead - Will she be able to rise up to cover the Gapped at 1.83

Indeed,  she has risen up to 1.83 but was short-lived and price has again come down to 1.73. 

Don't know what to buy , just nibbled small units today at 1.74.

First Half results was released a few days ago! Net profit was slightly lowered abd dividend of 1.5 cents declared same as last year. XD 20 November. Paydate 1 December. 

Pls dyodd.

27th October 2025:

 Boustead  - Will she be able to rise up to cover the Gapped at 1.83!

Once the Gapped has been covered,  she will likely continue to rise higher towards 1.90 than 1.95 and above!

The listing of the real estate assets is waiting for the IPO approval status from the Singapore Exchange. 

If IPO listing approved,  price may run up again!

Not a call to buy or sell!

Pls dyodd. 

Mapletree Ind Tr - Hosey! A nice breakout at 2.17 and is now trading at 2.18 likely to rise up to test 2.23 and above

Mapletree Ind Tr  - Hosey! A nice breakout at 2.17 and is now trading at 2.18 likely to rise up to test 2.23 and above!

Beyond 2.23, she may rise further higher towards 2.30 than 2.36.

Results will be out on 29th October 2025.

Stay tune!

Pls dyodd.

6 September 2025:

First Half results will be out on 29th Oct. Dividend is coming,  nice!

Mapletree Ind Tr  - 98 percent chance Fed may cut rate on 17 Sept 2025, awesome!

Nibbled a bit at 1.92 and last few days at 2.03 when people are fearful! 

Annual dividend is about 13 cents.  Yield is more than 6%. 

Pls dyodd. 

25th August 2025:

 Mapletree Ind Tr  - 85 percent chance Fed may cut rate in September. Reit sector likely benefit!

Nibbled small units at 2.03 taking cue interest rate likely cut in September may help to lower borrowing costs and thus help to lift the NPI and Dpu payout. 

chart wise,  she may rise up to test 2.09.

Next  2.13 and follow by 2.20.

Pls dyodd.

28th July 2025:

 Mapletree Ind Tr  - 1st quarter results is out.  GROSS revenue is up 0.3 percent to 175.8m vs 175.2. NPI is up 0.8 percent to 133m vs 132m, DPU is down 1.5 percent to 3.27 vs 3.32 cents last year. I think the results is not bad. Much better than my DPU expectations of 3.2 cents.

XD 4th August.  Paydate 8th September 2025.

Occupancy rate is stable at 91.4% vs 91.6% last year. 

Gearing is down from 40% to 37%. Very healthy Gearing level.

Pls dyodd. 

Keppel DC Reit - 9M 2025 performance with distributable income up 55.5% to $195.3M and DPU rising 8.8% to 7.67 cents

  Luckily I have locked in profit at 2.42.Price has weaken to 2.36 this morning,  she may go down to test 2.30 and below!

Pls dyodd. 

24 October 2025:

9M 2025 performance with distributable income up 55.5% to $195.3M and DPU rising 8.8% to 7.67 cents (or 11.7% on an adjusted basis). Gross revenue grew 37.7% year-on-year, driven by acquisitions (notably Keppel DC Singapore 7 & 8 and Tokyo DC 1) and positive rental escalations, partly offset by prior divestments. The REIT’s balance sheet remains solid, with aggregate leverage improving slightly to 29.8% and cost of debt at a low 2.9%.

QOQ basis, dpu infact is lowered than previous quarter if you take 7.67 cents less 5.133 declared for first Half.  Dpu for 3rd quarter is 2.537 which is lowered than 5.133 divide 2 = 2.5665 cents. 

Data centre continue to see growth into 2027 estimating 100GW . AI may help to drive the demand estimating about 30%. 

Suntec Reit - DPU increased to 1.778 cents or 12.5% higher, nice sets of financial numbers

 – Suntec REIT reports improved distributable income of $52.4 million 

for the quarter 1 July to 30 September 2025 (“3Q 25”), 13.4% higher than the period ended 30 

September 2024 (“3Q 24”). Distribution per unit (“DPU”) to unitholders was 1.778 cents or 12.5% 

higher year-on-year. 

The strong year-on-year improvement was driven by the stronger operational performance of

the Singapore portfolio, lower financing costs and the reversal of withholding tax provision for 

the Australia portfolio as the Managed Investment Trust status is maintained for FY 20251.

Traffic and sales is expected to improve in 4Q 25, buoyed by the festive holidays and efforts 

to drive strategic partnerships with leading IPs and social media platforms. Committed 

occupancy is expected to improve further with proactive lease management. Stable 

performance is expected at Suntec City Mall, supported by high occupancy and past quarters 

of positive rent reversions.

Frasers Cpt Tr - 2H25 distribution per Unit (“DPU”) of 6.059 cents brings total DPU for FY25 to 12.113 cents. Results seem stable

 New F&B outlet opening in November.  Swee!

ToriQ opening in November at Hougang Mall,  nice!

New shops Chagee and Skechers shoes shops opening at Hougang Mall.  Seem good!

More new shops opening like Owndays spectacles etc.

23 October 2025:

 FCT delivers strong FY25 results driven by acquisition of Northpoint 

City South Wing and resilient operating performance 

 2H25 distribution per Unit (“DPU”) of 6.059 cents brings total DPU for FY25 to 12.113 cents

 Robust operating performance with retail portfolio committed occupancy at 98.1%; average rental 

reversion at +7.8% y-o-y; higher shopper traffic and tenants’ sales, up 1.6% and 3.7% y-o-y respectively

 Acquisition of Northpoint City South Wing for $1.17 billion and divestment of Yishun 10 Retail Podium1

for $34.5 million as part of proactive portfolio reconstitution strategy 

 Higher appraised valuation of portfolio with no change in valuation capitalisation rates

 Awarded Regional Sector Leader (Listed) in the Asia, Retail category in the 2025 GRESB Real Estate 

Assessment with a 5-Star rating for the fifth consecutive year.