S-Reits’ Q3 results mixed as higher financing costs, currency headwinds dampen distribution growth

SINGAPORE-LISTED real estate investment trusts (S-Reits) have mostly reported topline growth for the third quarter. But higher interest rates and currency headwinds have taken a chunk out of distributable income to unitholders.

Of the 34 S-Reits that reported gross revenue figures for the quarter, 28 saw an improvement – mostly on the back of a global lifting of pandemic-related curbs. Among the 33 that reported net property income (NPI) data, 26 did better year on year.

The S-Reits that posted topline declines were those whose assets are mostly overseas.