Things are looking up for the REIT sector.

The past two years have seen REITs’ distributable income take a hit from both surging inflation and higher interest rates.

With the US Federal Reserve slashing interest rates by a full percentage point last year, REIT investors must be breathing a sigh of relief.

In particular, the industrial REIT sub-sector has held up well as demand for industrial and logistics space continued to be strong post-pandemic.

Here are five attractive Singapore industrial REITs that sport distribution yields of 6.1% and above.

Mapletree Industrial Trust (SGX: ME8U)

Mapletree Industrial Trust, or MIT, is an industrial REIT with a portfolio of 56 properties in the US, 83 in Singapore, and two in Japan.

As of 31 December 2024, MIT’s total assets under management (AUM) stood at S$9.2 billion.

The industrial REIT reported a resilient set of earnings for the third quarter of fiscal 2025 (3Q FY2025) ending 31 December 2024.

Gross revenue increased 2% year on year to S$177.3 million while net property income (NPI) rose 2.6% year on year to S$133.2 million.

Distribution per unit (DPU) inched up 1.5% year on year to S$0.0341.

MIT’s trailing 12-month DPU stood at S$0.1357, giving its units a trailing distribution yield of 6.1%.

The industrial REIT maintained a robust portfolio occupancy rate of 92.1% and also recorded a positive rental reversion of 9.8% for renewal leases across all property segments in Singapore.

Mapletree Logistics Trust (SGX: M44U)

Mapletree Logistics Trust, or MLT, owns a portfolio of 183 properties across eight countries with total AUM of S$13.4 billion as of 31 December 2024.

MLT reported a downbeat set of earnings for the first nine months of fiscal 2025 (9M FY2025) ending 31 December 2024.

Gross revenue dipped by 1% year on year to S$547.4 million due to weaker regional currencies and weakness in China.

NPI slipped by 1.5% year on year to S$472.5 million while DPU fell by 10.2% year on year to S$0.06098 because of higher finance costs.

MLT’s trailing 12-month DPU came in at S$0.08309, giving its units a trailing distribution yield of 6.5%.

Despite the weaker results, investors should note that borrowing costs are easing as these only rose 0.3% quarter-on-quarter.

The REIT also saw portfolio occupancy at 96.3% while portfolio rental reversion came in positive at 3.4%, reversing the previous quarter’s decline of 0.6%.

Frasers Logistics & Commercial Trust (SGX: BUOU)

Frasers Logistics & Commercial Trust, or FLCT, is a logistics and commercial REIT with a portfolio of 112 properties across five countries.

FLCT’s AUM stood at around S$6.8 billion as of 30 September 2024.

The REIT reported a mixed set of results for its fiscal 2024 (FY2024) ending 30 September 2024.

Both revenue and NPI improved by 6.2% and 2.7%, respectively, to S$446.7 million and S$320 million.

DPU, however, tumbled 3.4% year on year to S$0.068 because of higher interest costs.

At a unit price of S$0.885, FLCT’s units offer a trailing distribution yield of 7.7%.

Despite the lower DPU, there were several positive signs that investors should note.

The REIT continued to maintain a high portfolio occupancy of 94.5%.

Also, FY2024 rental reversion came in strong at positive 38.8%.

Aggregate leverage also stood at just 33%, giving the REIT a debt headroom of S$801 million before it hits the 40% level.

AIMS APAC REIT (SGX: O5RU)

AIMS APAC REIT, or AAREIT, owns a portfolio of 28 industrial properties in Singapore (25) and Australia (3).

The portfolio’s AUM stood at S$2.2 billion as of 30 September 2024.

AAREIT reported a respectable set of earnings for the 1H FY2025 with gross revenue jumping 7.7% year on year to S$93.5 million.

NPI increased by 5.1% year on year to S$67.6 million while DPU edged up 0.4% year on year to S$0.0467.

AAREIT’s trailing 12-month DPU stood at S$0.0938, giving its units a trailing distribution yield of 7.4%.

The REIT maintained a high portfolio occupancy of 95% with a total of 194 tenants within its portfolio.

Rental reversion came in strong at positive 16.9% for 1H FY2025 and tenant retention rate was also high at 78.6%.

ESR REIT (SGX: J91U)

ESR REIT (formerly ESR-Logos REIT) owns a portfolio of 71 properties in Singapore (52), Australia (18) and Japan (1).

The total AUM stood at S$5 billion as of 30 June 2024.

ESR REIT reported a downbeat set of earnings for 1H 2024, with gross revenue and NPI tumbling 8.1% and 9.2% year on year, respectively, to S$180.9 million and S$127.8 million.

DPU tumbled 18.6% year on year to S$0.0122.

The REIT’s trailing 12-month DPU stood at S$0.02308, giving its units a trailing distribution yield of 8.9%.

ESR REIT released its 9M 2024 business update recently.

Gross revenue and NPI continued its downward trend, declining by 6.3% and 6.5%, respectively, to S$272.5 million and S$192.7 million.

However, this was offset by a high portfolio occupancy rate of 91.3% along with a positive rental reversion of 11% for 9M 2024