The Singapore Industrial REIT Scorecard: Where the Eight Names Stand
Eight SGX-listed REITs own industrial or logistics property in Singapore — from CapitaLand Ascendas at S$12.5 billion to Alpha Integrated at S$0.5 billion. Read together, their latest results to 31 March 2026 describe a market that is tight at home and…
Eight SGX-listed REITs own industrial or logistics property in Singapore — from CapitaLand Ascendas at S$12.5 billion to Alpha Integrated at S$0.5 billion. Read together, their latest results to 31 March 2026 describe a sub-sector that is tight at home and uneven abroad: the strongest rental reversions sit with the most Singapore-concentrated names, aggregate leverage spans 26.8% to 42.0% — some of it technical — and the widest yields price portfolio transition rather than quality.
The scorecard
| REIT (SGX) | Price (S$) | Mkt cap (S$B) | P/B | Yield | Occupancy | Reversion | Leverage | WALE | AUM |
|---|---|---|---|---|---|---|---|---|---|
| CapitaLand Ascendas (A17U) | 2.470 | 12.5 | 1.1 | 6.1% | 90.5% | +10.6% | 42.0%¹ | 3.8 yr | S$18.2B |
| Mapletree Logistics (M44U) | 1.180 | 6.1 | 0.9 | 6.2% | 96.9% | +3.3% | 41.1% | 2.5 yr | S$13.1B |
| Mapletree Industrial (ME8U) | 1.940 | 5.5 | 1.2 | 6.6% | 91.2% | +6.2% | 34.0%² | 4.4 yr | S$8.3B |
| Frasers Log. & Comm. (BUOU) | 0.985 | ~3.7 | ~0.9 | 6.0%³ | 96.1%⁴ | +8.8% | 33.7% | 4.9 yr | S$7.0B |
| ESR-REIT (9A4U) | 2.370 | 1.9 | 0.9 | 9.2% | 91.3% | +9.2% | 38.5%⁵ | 4.7 yr | S$5.2B |
| AIMS Apac (O5RU) | 1.560 | 1.3 | 1.2 | 6.3% | 93.6%⁶ | +7.7% | 26.8% | 4.0 yr | ~S$2.3B |
| UI Boustead (UIBU) | 0.790 | 1.1 | 0.9 | 7.4%⁷ | 92.2%⁸ | n.a.⁹ | 37.0% | 5.8 yr | S$1.9B |
| Alpha Integrated (M1GU) | 0.480 | 0.5 | 0.9 | 7.4% | 91.4% | +12.0% | 36.1% | 2.4 yr | ~S$2.1B |
¹ CapitaLand Ascendas leverage 42.0% as at 31 Mar 2026; ~37.3% after the April equity fund raising. ² Mapletree Industrial 34.0%; ~37.5% after perpetual-securities redemption. ³ Frasers Logistics yield annualised on 1HFY26 DPU at the 5 Jun close; semi-annual distributor. ⁴ Frasers Logistics portfolio occupancy; logistics/industrial 99.8%, commercial 88.4%. ⁵ ESR-REIT pro-forma post-divestment. ⁶ AIMS actual occupancy; committed 96.8%. ⁷ UI Boustead IPO forecast distribution yield. ⁸ UI Boustead portfolio committed occupancy as at 30 Apr 2026 (Singapore portfolio 97.1%). ⁹ Newly listed; no reversion history. Operational figures are each REIT’s latest reported period to 31 March 2026 — quarterly for CapitaLand Ascendas, Mapletree Logistics, Mapletree Industrial, ESR-REIT and Alpha Integrated; half-year for Frasers Logistics; full-year for AIMS Apac — except UI Boustead (listed March 2026), as at 30 April 2026. Market data: SGX close, 5 June 2026.
Scale and operations do not move together
The strongest reversions on the board belong to the names most concentrated in Singapore — Alpha Integrated at +12.0% (a fully Singapore portfolio) and ESR-REIT at +9.2% (over 80% Singapore by rental income). CapitaLand Ascendas, while globally spread, recorded +12.8% on its Singapore business-space and life-sciences leases specifically. The read is consistent: the Singapore industrial leasing market is tight, and in-place rents are catching up to it.
Diversification cuts the other way at the top. The two largest names sit at opposite ends of the reversion column — CapitaLand Ascendas at +10.6%, Mapletree Logistics at +3.3%. The gap is geographic. Mapletree Logistics carries the drag from China, where reversions are still negative even as they narrow; its blended figure understates the strength of its Singapore and developed-market leasing.
Leverage spans a wide band — and some of it is technical
AIMS Apac’s 26.8% is the lowest on the board, but it reflects S$621 million of perpetual securities treated as equity rather than debt; the headline understates economic gearing. Frasers Logistics (33.7%) and Mapletree Industrial (34.0%) carry the lowest genuine leverage, while CapitaLand Ascendas’s 42.0% is a post-acquisition peak the April equity raising is designed to bring back toward 37%.
Lease tenure tracks asset and geography, not scale
UI Boustead (5.8 years) and Frasers Logistics (4.9) hold the longest weighted-average lease expiries; the Singapore multi-tenant industrial names turn over fastest — Alpha Integrated at 2.4 years, Mapletree Logistics at 2.5. Short WALE is the price of more frequent mark-to-market, which in a rising Singapore market is working in the smaller names’ favour.
Yield is compensation, not a ranking
ESR-REIT’s 9.2% is the widest on the board and attaches to the most portfolio transition — a live divestment programme recycling capital out of short-land-lease assets. The next tier, UI Boustead and Alpha Integrated at 7.4%, pairs a lease-up story still proving itself with a micro-cap that only completed Singapore’s first manager internalisation in October. Frasers Logistics shows the inverse case within one book: its logistics and industrial assets are 99.8% occupied while its commercial sleeve lags at 88.4%, a reminder that “industrial” exposure inside a diversified REIT is often the healthier half.
The common thread is rejuvenation over expansion — divestments at premiums to valuation, capital recycled into asset enhancements and selective accretive deals, and balance sheets steered back toward target after a year of higher funding costs. Eight names that move together on a screen are running portfolios that diverge sharply on the metrics that decide where the next distribution comes from. The Singapore industrial market is the part most of them can still count on.
Source: Operational data — company business updates and FY/1H results to 31 March 2026 (UI Boustead as at 30 April 2026), with TKRE Research. Market data — SGX securities prices, close of 5 June 2026.