HIGHER financing costs continued to wreak havoc on Singapore-listed real estate investment trusts (S-Reits) in the first half of 2023. Market watchers believe the worst is yet to be.

Of the 37 S-Reits and property trusts that reported distribution per unit (DPU) figures for the period ended June, only 11 managed to eke out a year-on-year improvement.

The remaining 26 posted declines in DPU. Three Reits – Dasin Retail Trust : CEDU 0%, Lippo Malls Indonesia Retail Trust : D5IU 0%, and Manulife US Reit : BTOU 0% – stopped distributions in the latest period.