Office landlords stand out in S-Reits’ Q4 beat, but the drums of war loom heavy on FY2026

[SINGAPORE] Singapore-listed real estate investment trusts (S-Reits) landed slightly ahead of expectations for the fourth quarter of the 2025 financial year, anchored by a fiercely resilient domestic commercial market and prudent capital management.

But beneath the headline beat lies a complex narrative of divergence. As the dust settles on the reporting season, a clear hierarchy of winners and laggards is emerging, driven by geographic exposure, asset class, and shifting macro currents ranging from interest rate relief to Middle Eastern geopolitical tensions.

“Overall, S-Reits’ performance this reporting season has been slightly better than our expectations, with more Reits exceeding full-year estimates compared to misses,” Vijay Natarajan, vice-president of equity research at RHB Singapore, told The Business Times.