The REIT sector continues to be a bastion of safety during stormy economic times.

Although REITs have been buffeted by the twin headwinds of high interest rates and soaring inflation, they have continued dishing out reliable distributions to their unitholders.

Income investors are looking at obtaining decent yields from these REITs to enable them to build and grow their wealth to better prepare for retirement.

Here are five solid Singapore REITs that are paying a distribution yield of 5.6% and above.

CapitaLand Integrated Commercial Trust

CapitaLand Integrated Commercial Trust, or CICT, is a retail and commercial REIT with a portfolio of 21 properties in Singapore, two in Germany, and three in Australia.

CICT’s total assets under management (AUM) stood at S$24.5 billion as of 31 December 2023.

The REIT reported a commendable financial performance for the first half of 2024 (1H 2024).

Gross revenue inched up 2.2% year on year to S$792 million while net property income (NPI) rose 5.4% year on year to S$582.4 million.

The REIT’s distribution per unit (DPU) increased by 2.5% year on year to S$0.0543.

CICT’s trailing 12-month DPU came in at S$0.1088, giving its units a trailing distribution yield of 5.6%.

The REIT reported a strong set of operating metrics for its third quarter of 2024 (3Q 2024) business update.

Portfolio committed occupancy stood high at 96.4% while positive rental reversions of 9.2% and 11.7% were recorded for its retail and office portfolios for the first nine months of 2024 (9M 2024), respectively.

Frasers Centrepoint Trust

Frasers Centrepoint Trust, or FCT, is a retail REIT with a portfolio of nine suburban retail malls and an office building.

AUM stood at approximately S$7.1 billion as of 30 September 2024.

The retail REIT reported a resilient set of earnings for its fiscal 2024 (FY2024) ending 30 September 2024.

Gross revenue declined by almost 5% year on year to S$351.7 million while NPI dipped by 4.6% year on year to S$253.4 million.

The fall was due to the absence of contributions from a divested mall (Changi City Point) and lower rental income from Tampines 1 Mall during its asset enhancement initiative (AEI) works.

Excluding these, gross revenue and NPI would have been higher by 3.5% and 3.4%, respectively.

DPU slid 0.9% year on year to S$0.12042, giving FCT’s units a trailing distribution yield of 5.7%.

FCT reported a very high portfolio committed occupancy of 99.7% as of FY2024 with a positive rental reversion of 7.7%.

Both FY2024 tenant sales and shopper traffic improved by 1.2% and 4.2% year on year, respectively.

CapitaLand Ascendas REIT

CapitaLand Ascendas REIT, or CLAR, is Singapore’s oldest industrial REIT.

CLAR’s portfolio comprises 229 properties spread out across Singapore, Australia, the UK, the US, and Europe with an AUM of S$16.9 billion as of 30 June 2024.

CLAR reported a mixed set of earnings for 1H 2024 as higher finance costs crimped DPU growth.

Gross revenue rose 7.2% year on year to S$770.1 million, contributed by acquisitions and newly-completed properties in 2023.

NPI increased by almost 4% year on year to S$528.4 million but DPU slipped 2.5% year on year to S$0.07524 on account of higher finance expenses.

CLAR’s trailing 12-month DPU stood at S$0.14965, giving its units a trailing 12-month distribution yield of 5.8%.

The industrial REIT’s portfolio occupancy stood at 92.1% as of 30 September 2024.

CLAR’s 3Q 2024 business update also saw a positive rental reversion of 14.4%.

Mapletree Logistics Trust

Mapletree Logistics Trust, or MLT, is an industrial REIT with a logistics focus.

MLT’s portfolio consists of 186 properties across eight countries with an AUM of S$13.4 billion as of 30 September 2024.

MLT reported a downbeat set of earnings as the REIT encountered several headwinds.

For the first half of fiscal 2025 (1H FY2025) ending 30 September 2024, gross revenue dipped by 1.1% year on year to S$365 million.

NPI also fell by 1.5% year on year to S$315.3 million.

DPU tumbled nearly 10% year on year to S$0.04095.

The weaker performance was due to lower contributions from China, absence of contributions from divested assets, and currency weakness against the Singapore dollar.

MLT’s trailing 12-month DPU stood at S$0.08559, giving its units an attractive distribution yield of 6.8%.

Despite the fall in DPU, MLT sported a high portfolio occupancy of 96%.

The manager was also active in capital recycling, having announced or completed divestments of eight properties in 1H FY2025.

A total of three acquisitions were concluded in Malaysia and Vietnam during the same period, with NPI yields ranging from 5.7% to 7.5%.

CapitaLand Ascott Trust

CapitaLand Ascott Trust, or CLAS, is Asia Pacific’s largest hospitality trust.

CLAS’ portfolio comprises 101 properties located in 45 cities within 16 countries.

The portfolio’s AUM stood at S$8.5 billion as of 30 September 2024.

CLAS also reported a mixed performance for 1H 2024 with revenue rising 11% year on year to S$386.4 million.

Distribution per stapled security (DPSS), however, dipped by 8% year on year to S$0.0255.

The hospitality trust’s trailing 12-month DPSS stood at S$0.0634, giving its units a trailing distribution yield of 7.2%.

Despite the weak performance, CLAS reported encouraging numbers for its 3Q 2024 business update.

3Q 2024 gross profit rose 8% year on year, lifted by portfolio reconstitution efforts and stronger operating performance.

Revenue per available unit edged up 3% year on year to S$158, mainly due to higher average occupancy of 79% (3Q 2023: 77%).