Hey fellow REIT investors! Today, I thought it’d be a good time to share something a little different — the two REITs I bought during the recent downturn, and the two REITs I’m still looking to buy this month, in May 2025, even after the slight rebound.
You might recall that just a few weeks ago, markets were rattled by the sudden tariff announcements from the US. Singapore REITs were not spared — we saw some sharp selloffs across the board. But for value investors like us, that also opened up some interesting opportunities to pick up quality REITs at more attractive prices. That said, not every decision turns out perfect — one of the REITs I bought is still trading below what I paid for it!
Fast forward to today, the CSOP iEdge S-REIT Leaders ETF — one of the broadest proxies for the Singapore REIT market — has climbed more than 8% from its recent bottom, though it’s still about 3–5% below where it was before the tariff shock. So in this post, I’ll be sharing the two REITs I still think are worth buying now.
To be very clear, this isn’t a list of “hot picks.” It’s just my personal investing journey through the volatility — what I acted on, what I missed, and what I’m still planning to do. Hopefully, it gives you some useful perspectives as you think through your own strategy, whether you’re averaging down or deploying fresh capital.
Before we dive in, let me remind you that this post is for informational purposes only and not financial advice. Always do your own research and consult a licensed financial adviser before making any investment decisions. I own some of the investments discussed, but what works for me might not work for you.
Alright, let’s get started!
Mapletree Industrial Trust – $10,000 Worth of Stability & Growth
First up — Mapletree Industrial Trust or MIT has long been one of my favourite REITs because to me, MIT is one of the rare REITs that offers both stability and growth. Stability comes from its Singapore industrial portfolio — think flatted factories, business parks, and high-tech buildings. Growth comes from its largely US data centres, which make up about half of its portfolio.
In early March 2025, there were some bearish analyst reports about potential lease expiries in those US data centres earlier in the year. And that dragged the price down to below $2.00 for the first time. But I dug into the details of these upcoming expires and explained in my previous post that I believe that MIT has time to manage the expiries, and they’ve got a good track record of execution.
During the tariff selloff, MIT Share price dipped back below $2.00, and I saw that as a clear chance to increase my stake. In fact, I took the bold step to purchase about $10,000 worth of units. This was a huge amount for me to deploy in one shot — but I felt the conviction was strong enough to warrant it at an attractive price. When you believe in the story, sometimes you’ve got to back it up.
With that in mind, I felt quite comfortable increasing my position in MIT. Since then, the price has crept back towards $2.00.
The slight increase in price is hiding the fact that the recently announced financial report for Q1 2025 was not particularly encouraging. The average portfolio occupancy fell to 91.6% from 92.1% from the previous quarter due to the non renewal of lease at one of its US data centres. As a result, its DPU was flat year-on-year.
But I’m quietly confident of its performance in the longer term. – demand for data centres in the US isn’t slowing down at all. Just look at how all 4 hyperscalers in the US, Alphabet, Amazon, Microsoft and Meta, have been doubling down on AI infrastructure investments. In addition, Advanced Micro Devices or AMD, reported data centre revenue exceeding expectations. These show that the demand for data centres are definitely not slowing.
With a dividend yield of 6.7%, and a price-to-net asset value ratio near historical lows even looking out 5 years, I’m quite comfortable holding it for the longer term.
[Source: www.REIT-tirement.com]
Mapletree Logistics Trust – Bought the Drop, But Still Waiting
Next — Mapletree Logistics Trust or MLT And here’s where things get a little less exciting.
MLT got hit really hard during the tariff selloff — from $1.34 down to $1.05. That’s nearly a 22% drop! And of course, it makes sense — as a logistics REIT with exposure to regional trade volumes, any sign of trade disruption sends alarm bells ringing. With its China properties already not doing well going into the tariff announcements, news of China imposing counter tariffs of up to 125% has spooked investors.
Now, I knew the risks, and I expected some pain. But at around $1.10, I decided to average down the unit costs of my holdings, which is currently at around $1.30. In my quick calculations, even if tariffs hurt trade, MLT has a strong network of assets, and its long-term relevance in Asia’s supply chains is still intact. Hence, I invested about $3,000.
That said, I have to admit — MLT’s share price hasn’t recovered much, even though the rest of the Singapore REITs have done well. And I’m okay sharing that with you. I know that not everything I buy will bounce immediately – and that’s okay.
MLT still faces challenges. In its Q1 2025 results, its DPU declined 11.6% year-on-year, and a less alarming decline of 2.4% quarter-on-quarter, largely due to lower contribution from its China properties which accounts for about 17% of its gross revenue.
Going forward, 50% of its leases expiring in the coming year will be from China, right when demand is still soft with oversupply in several cities. In addition, interest costs are projected to go from 2.7% to 3.0% in the next financial year. This will provide downside risk to its currently attractive dividend yield of 7.1%.
But at these depressed prices, where the price-to-net asset value ratio is at historical lows, I personally think the risk-reward is getting better — not because things have improved, but because expectations have been reset. If management can navigate this well, there’s still upside. I also take solace that even if I exclude all revenue from its China properties, the dividend yield is still close to 6% – that’s above my personal target yield. In short, I don’t see this purchase as a mistake, but I’ve to be more patient – and I’ll get paid nicely while waiting for the recovery.
What I’m Looking to Buy in May 2025
So that’s the two REITs I took action on during the recent downturn. But as we all know, sometimes you miss the perfect entry point. Prices recover quicker than expected, or you hesitate a little too long — we’ve all been there.
But even though the market has bounced back somewhat, I still see value in a couple of REITs that I didn’t manage to buy earlier. And in this next part, I’ll share the two I’m still eyeing closely — and why I believe they’re worth considering in May 2025, despite the rebound.
Parkway Life REIT – Stability Never Goes on Sale for Long
This one hurts — because I missed my chance during the downturn.
Parkway Life REIT dipped below $4.00 for a short while during the selloff. But this greedy Uncle tried to wait for $3.80 or lower… and of course, it bounced back quickly.
Now it’s back to around $4.20 — not a huge jump, but enough to make me feel like I missed the best window.
Still, I think Parkway Life is one of the steadiest REITs in the Singapore market. Its assets — hospitals and nursing homes — have super long master leases, inflation-linked rent escalations, and very little cyclical risk. Tariffs or no tariffs, the operational income should continue to grow.
And from a capital management perspective, they’re conservative with gearing of 36.1% and an average cost of debt of only 1.5%, as at Q1 2025. I’ve said this many times, but their DPU has grown uninterrupted since IPO in 2007. No big shocks, no sudden drama.
My personal view is that even at $4.20, I’m planning to buy more in May — not because it’s “cheap,” but because it’s reliable. And in uncertain times, that’s what I want in my portfolio.
Before we move on to the final REIT in this post, if you have found the content useful so far, please do this Uncle a favour and tap the ‘like’ button. Thanks for all your support for my posts over the past years! Alright, let’s get to the final REIT which I will be looking to buy in May 2025.
Far East Hospitality Trust – Are Fears on Expanding Beyond Singapore an Opportunity?
The final REIT on my radar is Far East Hospitality Trust, or FEHT. Now, this one is interesting — not just because so few investors are paying any attention to it, but also because the share prices recently made a pretty big move.
For years, FEHT has been a very Singapore-centric REIT, holding hotels and serviced residences in core tourist areas like Orchard and the city fringe. But recently, they changed their mandate to allow overseas acquisitions. And not long after that, they announced their first overseas move — the acquisition of a hotel in Nagoya, Japan.
Now, I get why that might spook some investors. Expanding overseas always brings execution risk. And the share price reflected that — dropping more than 11% even before the tariff sell-off, from around $0.60 to $0.53. Then it fell further to $0.505 during the worst of the downturn. But today, it’s recovered slightly to around $0.55, and I still think it’s attractive at this level.
Why? For one, Singapore tourism is still going strong. Events are still coming on, concerts are lining up, and hotel demand remains healthy. I don’t think the Nagoya move is necessarily a bad one either. They bought the property at a 23% discount to valuation, and Nagoya is a popular business and transit city. Almost everyone I know is planning a trip to Japan this year — maybe even me!
For Q1 2025, its average interest cost was at 3.5%, down significantly from 4.1% the previous quarter. As its debt is fully in SGD for now, and Singapore’s interest rates have been declining, I think FEHT will continue to benefit from lower interest expenses.
That said, I do agree we need to keep a close eye on how the REIT deploys its capital going forward. If they start buying lower-yielding properties in less popular cities or weaker markets, that could be a red flag. But for now, this looks like a measured, strategic first step.
But I also want to add a word of caution here — because we’re long-term investors, and we need to look beyond just the headline numbers. At first glance, FEHT’s current yield of around 7.4% looks very attractive. But a significant part of that, about 19.5% of the current DPU actually comes from past divestment gains, specifically from the earlier sale of Central Square.
Now, capital distributions like that aren’t recurring. So if we strip that out and focus only on the core operational DPU, the adjusted yield would be closer to 6%. Still very decent in today’s market — but as always, it’s important to be realistic about the sustainable yield over the longer term.
[Source: www.REIT-tirement.com]
The Dividend Uncle’s Take – Invest Through the Noise
So here’s my takeaway.
Market volatility will always be there. Whether it’s tariffs, interest rates, or the next big headline, prices will swing. But as long-term investors, we have to keep investing — selectively, patiently, and with our eyes open.
I didn’t get every call right. MLT hasn’t rebounded much. Parkway Life REIT slipped past me. But that’s okay. What matters is having a process — knowing what you want to hold, and why.
The key thing I want to share is this: I’m not waiting for the perfect market conditions before I invest. Because let’s be honest — there’s no such thing. What I try to do instead is to stay invested through the ups and downs, but remain selective and grounded in fundamentals.
That’s what being a long-term income investor is about. Not timing the bottom perfectly. Not chasing every rebound. But building a portfolio that you can hold with conviction — through whatever the market throws at us.
Alright, that’s all from me today. Holding REITs that give me income, long-term stability, and growth potential, that’s what I aim to do. And I’m happy to share both the good and the not-so-good calls here, so we can all learn and grow together.
So what about you?
Did you pick up any REITs during the downturn? Or are you still waiting on the sidelines? Let me know in the comments below — I always love hearing from you.
And if you haven’t already, do this Uncle a small favour: Like the post, subscribe, and share it with that one friend who keeps saying they’ll invest “next time the market drops.”
Until next time — stay steady, stay informed, and happy investing.
The Dividend Uncle 
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