Singapore REITs 2Q26 preview – Bifurcation widening

Research evidence excerpt

Singapore REITs 2Q26 preview – Bifurcation widening

n acquisition and fall in cost of debt.

Frasers Centrepoint Trust FCT FCT will provide limited financials for the 3Q26 update. We anticipate an update on the status of AEIs at Hougang Mall

(completing Sep-26) and Nex.

Frasers Logistics & Commercial Trust FLT For FLT's 3Q26 business update, FLT should continue to deliver double-digit positive reversions for its core Australian

logistics portfolio. Investors will continue to seek an update on timing of cashflows from the backfilling of the vacated Google

space at ATP and potential asset recycling opportunities following recent acquisitions.

Keppel DC REIT KDCREIT We expect mid- to high-single-digit YoY growth in 2Q26 DPU on the back of prior positive reversions, acquisitions and lower

interest costs, although we could see a partial QoQ moderation from Cardiff (1.8% of GRI) lease. Key updates would be on

acquisitions, AEI plans at SGP 1, backfilling of vacancies, interest guidance and reversion outlook.

Keppel REIT KREIT While we expect a YoY mid-single-digit % decline in 2Q26 DPU, this should be up QoQ following the impact of the equity

fund raising and contributions from the acquisition of the 1/3 stake at MBFC T3. Focus will be on divestments and the

timeline for tax transparency.

Mapletree Pan Asia Commercial Trust MPACT We expect 1Q27 DPU to be flattish YoY on the back of Fujitsu lease exit and BMW lease restructure at GWP offset by lower

borrowing costs and contributions from VivoCity AEI. Key update would be further backfilling of Google space at MBC.

Mapletree Industrial Trust MINT MINT should continue to face US vacancy and interest rate headwinds and depreciation of USD versus SGD. This should

translate to a high-single-digit YoY decline in 1Q27 DPU.