NEARLY half of the Singapore-listed real estate investment trusts (S-Reits) have reported a year-on-year (y-o-y) decline in distribution per unit (DPU) for the latest period ended Dec 31, 2022.

But even as S-Reit managers – and investors – keep their fingers crossed for an end to interest-rate hikes, the data suggests it might get worse before it gets better: nearly two-thirds of the real estate investment trusts (Reits) have seen their DPU retreat compared to the preceding quarter or half-year periods.

This implies that while S-Reits are still doing better than they did in the previous year, momentum is not on the side of the optimists – and DPU looks headed for further decline ahead.