IT HAS been tough times for Singapore-listed real estate investment trusts (S-Reits), as high interest rates continue to weigh on distributions and investor sentiment remains dour amid the macroeconomic uncertainty.

While more than three-quarters of the trusts that disclosed distribution-per-unit (DPU) figures in their latest earnings reports posted year-on-year declines, the hospitality-focused Reits have bucked the downtrend.

The five hospitality trusts listed on the Singapore Exchange (SGX) posted an average growth of 21 per cent in DPU for FY2023.