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Hey fellow REIT investors — if there’s one thing I’ve learned this year, it’s this: vibes don’t lie. Markets may be rational on paper, but people? People will tell you everything you need to know — with their eyes, their feet, and their body language.

That’s exactly what I witnessed three weeks ago at the REITs Symposium 2025.

Yes, it’s been a while since the event — but I’ve been letting the impressions marinate, comparing what I saw to what the market’s been doing since. And some of those vibes? They’re starting to look like early indicators.

Forget price charts and financial models for a moment. I’m talking about crowd energy. Booth traffic. Which REITs had a queue of curious investors… and which ones you could walk right up to without even saying “excuse me.”

Today, I’m going to walk you through what I saw — booth by booth, vibe by vibe — and what I think it says about retail investor confidence, which REITs may be regaining trust, and which ones might be losing their most loyal investors.

What really surprised me was that it wasn’t the big boys drawing the most attention. In fact, some of the so-called smaller REITs had investors crowding around like they’d just found a hidden gem. Then of course there are the booths backed by big-name sponsors like CapitaLand and Mapletree — always packed, but not without their weak links. Some REITs were ghost towns, but a few completely surprised me with the buzz they were generating. Let’s start with that the ones that had everything to prove — and what I think retail investors, collectively as a whole, might be trying to tell us.

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 REITs discussed, but what works for me might not work for you.

Alright, let’s get started. 

The Underdogs: Some Felt Forgetten

Ok, let’s start with the quiet corners.

Suntec REIT, despite being a well-known name, barely drew a crowd. I actually had a chat with the team at their booth — and my sense is that they didn’t seem particularly concerned about investor worries about their high gearing levels or the poor share price performance. There didn’t seem to be any urgency to meaningfully reduce the debt levels anytime soon. If investors were hoping for reassurance, it wasn’t on offer. No wonder the booth was quiet.

Prime US REIT and BHG REIT? Even worse. Their booths were practically empty. But honestly, maybe that’s not too surprising. Prime is still trapped in the storm clouds over US office properties, and BHG faces weak China consumer sentiment and governance concerns. The macro headwinds are strong — and retail investors seem to have simply walked away.

The Underdogs: And Some Gained Fans

But here’s where things got interesting with 4 REITs drawing the crowds.

First, Stoneweg European REIT — one of the top performers in 2024. And no surprise there. Investors weren’t just drawn by past returns, but by the access they got — the top management team was right there at the booth, both the C.E.O. and C.O.O., fielding questions from anyone who came by. That kind of transparency and accessibility? It’s rare… and it builds trust.

What’s also attractive is the nature of the REIT itself. Buying into Stoneweg is like owning a diversified portfolio of income-producing commercial and light industrial properties across Western Europe — with strong exposure to Spain and Italy. In fact, they could be looking to new sectors like data centres as well. With interest rates in Europe now easing, and investor sentiment on the continent improving, the timing feels just right. No wonder there was a crowd of people gathered around the booth — many likely sensing a rare combination of macro tailwinds and management transparency. 

Second, United Hampshire US REIT (or UHREIT). It may have been tucked away at one corner of the symposium floor, but that didn’t stop investors from finding it. In fact, quite a few made their way over — perhaps curious about what many had written off too soon. The REIT’s portfolio of suburban grocery-anchored strip malls and self-storage facilities is about as steady as they come. These aren’t flashy assets, but they cater to everyday needs, and their revenue has been remarkably stable — a quick glance at the financials confirms how little topline has moved.

What really dragged on distributions was interest expense, not operational weakness. But here’s the thing — those interest costs have stabilised over the past few months, providing some breathing space. So perhaps, just perhaps, what I was witnessing was retail investors picking up the scent of a turnaround story — a stable ship that had been caught in a storm, now finally seeing clearer skies ahead.

Third, Sasseur REIT, the China outlet REIT, which actually drew more attention than CapitaLand China Trust. That’s right — investors were curious, asking questions, listening closely. Why? Perhaps it’s the more defensive outlet mall model, or the REIT’s ability to maintain distributions despite broader China weakness. But then there’s more. What really seemed to impress people was how Sasseur is pulling off a 9.7% yield with just 25.9% gearing — an unusual combination that screams efficiency and discipline.

And then there’s the story. The sponsor isn’t your typical property giant — they’re deep into art and culture, and it shows. The outlet malls are thoughtfully designed, with cultural elements embedded into the space to make the experience feel premium and unique. The reps at the booth explained this angle surprisingly well, and judging from the engaged crowd, it clearly resonated. It’s not just yield — it’s yield with a narrative.

Finally, Elite Commercial REIT also saw a surprisingly strong crowd. For a UK office REIT — in this market? That raised my eyebrows a little. But speaking with the reps and observing the materials they laid out, I could see the appeal. The REIT still boasts a unique tenant profile, with almost 100% occupancy leased to the UK government. However, the real overhang is the lease expiry profile: a whopping 97% of leases are set to expire in 2028. That’s the kind of statistic that usually sends investors running for the hills.

But here’s the twist — the management shared that lease renewal negotiations are being done progressively, and about 25% of these discussions could be wrapped up within the next few months. Risks clearly remain, but this opens the door to a more controlled, phased outcome, rather than a cliff-edge scenario. In addition, the management seemed confident of its strategies in case vacancies happen – relet, reposition, or recycle – it even has a ring to it. From the body language of investors crowding around, it felt like people were sniffing out early signs of storm clouds starting to part — or at least a better-than-feared resolution.

Now, while the smaller REITs had some surprising crowd favorites, what about the big-name players? After all, when a sponsor like CapitaLand, Mapletree, or Keppel shows up — they don’t just bring one REIT, they bring the whole family.

But here’s the twist. Even among these giants, there were clear differences in investor interest… and some signals that not all is well under the hood.

Before that, can I ask a small favour?

This Uncle has never crossed more than a few likes on a post before — and I think this one may deserve to be the first one? I’ve walked the whole expo floor, squeezed through the crowds, and talked to reps until my voice nearly gave out… all so I can bring you these ground-level insights that most analysts miss.

So if you’ve found anything useful or interesting so far, give this post a like — let’s see if this can be the first ever The Dividend Uncle post to have good ‘likes’ statistics. I’ll be refreshing that Like button like my Mum checking 4D results. Steady?

Alright — now, let’s head back to the other booths and see what the big boys were up to.

The REIT Families With Heavyweight Sponsors 

If you walked into the REITs Symposium without knowing a single stock ticker, all you had to do was observe the booth size. Because the booths with 3 or 4 REITs within the family are impressive? It practically screamed which REITs the market trusts.

These are the big boys. CapitaLand and Mapletree booths were buzzing non-stop. Investors were practically queuing up to ask questions, collect brochures, and hear what the reps had to say. It wasn’t just a casual stroll-by. These were investors leaning in, taking notes, asking about yields and acquisitions — like they were ready to put money to work.

Now why does that matter?

Because in a world where interest rates have been swinging like a pendulum, and headlines about REIT risks dominate social media, this level of engagement is a market signal — no, scratch that — a sentiment spike. Retail investors are clearly saying: “These sponsors still have our confidence.”

And to be fair, CapitaLand and Mapletree have earned it. CapitaLand’s lineup — CICT, Ascendas, Ascott, CLCT — offers diversification across malls, industrial, hospitality, and even data centres. You could build half a REIT portfolio just with their stable. Mapletree? Same thing. MIT and MLT remain popular for income investors. No surprise their booths were packed.

But here’s the nuance: even within these powerhouses, not everything is rosy. CLCT, for instance, is under pressure from weak China consumer sentiment and lingering concerns about mainland property valuations. MLT has global diversification, yes, but it’s feeling the heat from rising trade tariffs and logistics uncertainty. The crowd size doesn’t mean every REIT under these sponsors is doing well — it means investors still believe in the sponsor’s ability to adapt, restructure, and deliver over time.

Now contrast that with Keppel’s corner.

The booth had noticeably thinner crowds. And this stood out. Keppel manages multiple REITs too — Keppel DC, Keppel REIT, and Keppel Infrastructure Trust. But investor interest was lukewarm. People browsed, picked up a brochure, maybe asked a question or two, then moved on. The energy just wasn’t there.

Could it be the after-effects of Keppel DC’s lease renewal drama? Or Keppel Infrastructure Trust being out of place? Even the reps at the booth don’t seem particularly familiar? Either way, it was a sharp contrast to the buzzing confidence over at CapitaLand and Mapletree’s booths.

Key Takeaway?

Sponsor branding matters — but what investors are really drawn to is clarity and conviction. CapitaLand and Mapletree didn’t just show up with brochures — they showed up with investor goodwill. 

The Dividend Uncle’s Take – Rare Window For Watching Investors’ Interest

Look — I know some investors dismiss events like the REITs Symposium as P.R. showcases. But if you listened closely and observed carefully, the vibes told a deeper story. Some booths were flooded with interest, others were ghost towns. And when you match those vibes with the REITs’ fundamentals, you’ll see: retail investors aren’t always late to the party. Sometimes, they’re early — sniffing out signs of a turnaround before it shows up in the numbers.

It was clear to me that trust in the sponsor matters a lot. CapitaLand and Mapletree may have REITs facing headwinds like CLCT or MLT, but retail investors still showed up because of their track record. Meanwhile, REITs like UHREIT and Elite — which many had written off — are starting to get a second look, as stability returns and specific risks look more manageable. Even Sasseur’s mix of low gearing and high yield had investors intrigued, with reps doing a good job selling the art-meets-retail story.

This wasn’t a prediction post. But it was a rare window into what retail investors are feeling, and in this market, sentiment is often the spark that lights the fuse. Don’t ignore it.

Alright, that’s all for today. At the end of the day, vibes don’t lie. You can sense where the optimism is quietly building, and where investors have simply given up hope. 

If you found these observations helpful, give this post a like so it gets shown to more long-term investors like us. And let me know in the comments — were you at the REITs Symposium too? Did any booth surprise you? I’d love to hear your take. I’ll see you in the next one.