Alpha-Centric ESG Research

Kyle Rudden

Thematic (Sector/Industry)

<ul><li>New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding <em>mandatory</em> Scope 3 emissions reporting.</li><li>The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.</li><li>Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.</li></ul>

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.Motivated by a strong "business case" for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.</li><li>CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.</li><li>MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.</li></ul>

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management.CLAR reported S$1.6 billion in acquisitions, including a Japan data centre, with portfolio occupancy at 90.5%.MLT and MINT focus on portfolio rejuvenation through divestments and acquisitions, targeting modern assets and data centres.

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Lendlease Global Commercial REIT / Equity Bottom-Up

Lendlease Global Commercial REIT (LREIT SP)

<ul><li>S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings.</li><li>Lendlease Global Commercial REIT's ADT rose 164% in H2, with total returns of 25.7% and a S$0.72 target price.</li><li>AIMS APAC REIT's ADTV more than doubled in H2, delivering 17.6% total returns, with a S$1.52 target price.</li></ul>

S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings.Lendlease Global Commercial REIT's ADT rose 164% in H2, with total returns of 25.7% and a S$0.72 target price.AIMS APAC REIT's ADTV more than doubled in H2, delivering 17.6% total returns, with a S$1.52 target price.

REIT Watch - Five S-Reits that saw strong growth in trading activity in H2 2025

<ul><li>Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy.</li><li>Alpha Integrated REIT's DPU increased by 38.4% year-on-year, while ESR REIT's distributable income rose by 6.8%.</li><li>Mapletree Industrial Trust's DPU declined by 5.6% due to absence of divestment gain and foreign exchange headwinds.</li></ul>

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy.Alpha Integrated REIT's DPU increased by 38.4% year-on-year, while ESR REIT's distributable income rose by 6.8%.Mapletree Industrial Trust's DPU declined by 5.6% due to absence of divestment gain and foreign exchange headwinds.

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.</li><li>The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.</li><li>Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.</li></ul>

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

Singapore

AIMS APAC REIT is a real estate investment trust that invests in and manages a diversified portfolio of income-producing industrial, logistics, and business park properties across the Asia-Pacific region. It provides leasing and rental services for assets used in warehousing, distribution, business park, light industrial, high-tech, and manufacturing activities. The company is headquartered in Singapore and was incorporated in 2006.

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AIMS APAC REIT (AAREIT SP)

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management. CLAR...

Singapore Exchange Ltd (SGX)

REIT Watch - Five S-Reits that saw strong growth in trading activity in H2 2025

S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings. Lendlease Global Commercial...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy. Alpha Integrated...

Singapore Exchange Ltd (SGX)

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

P/E

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S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

​New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...

Kyle Rudden

REIT Watch – Industrial S-REITs maintain operational resilience while undertaking portfolio rejuvenation

Industrial S-REITs in Singapore show resilient performance with positive rental reversions and proactive leasing and capital management. CLAR...

Singapore Exchange Ltd (SGX)

REIT Watch - Five S-Reits that saw strong growth in trading activity in H2 2025

S-REITs' combined average daily traded value increased to over S$240 million in H2 2025, driven by new listings. Lendlease Global Commercial...

Singapore Exchange Ltd (SGX)

REIT Watch - Industrial S-REITs deliver stable operating performance in Q3

Industrial S-REITs in Singapore showed stable performance in Q3 2025, with positive rental reversions and stable occupancy. Alpha Integrated...

Singapore Exchange Ltd (SGX)

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025. The S-REIT sector maintains...

Singapore Exchange Ltd (SGX)

New SGX climate-related disclosure requirements based on ISSB's standards are more stringent than current requirements, most notably regarding...