S-REITs with Strong Interest Coverage (ICR ≥ 4x)
11 S-REITs matching this category · updated daily
Interest Coverage Ratio (ICR) measures how many times a REIT's earnings can cover its interest expense. It answers a simple question: if rates stay high, will this REIT still comfortably pay its lenders? The MAS sets a regulatory floor of 2.5x for S-REITs, but at that level there's very little buffer — a mild earnings dip or rate-refinance shock can push a REIT into distress.
This list ranks S-REITs with ICR at or above 4.0x, roughly 60% above the regulatory minimum and comfortably above the sector median of ~3.5x. In today's higher-rate environment, ICR is arguably the most important balance-sheet signal — a 40%-geared REIT with ICR 5.0 is safer than a 35%-geared one with ICR 2.8. Together with the low-gearing list, ICR completes the risk picture: gearing tells you how much they owe, ICR tells you whether they can afford it. Quality gate applied: no paused distributions.
| # | REIT | Price | ICR (x) | Gearing | Yield | Sector |
|---|---|---|---|---|---|---|
| 1 | Parkway Life REIT | S$4.160 | 8.4x | 34.2% | 3.67% | Healthcare |
| 2 | Keppel DC REIT | S$2.320 | 7.2x | 35.1% | 4.47% | Data Centre |
| 3 | Centurion Accommodation REIT | S$1.130 | 6.0x | 31.0% | 5.79% | Hospitality |
| 4 | Daiwa House Logistics Trust | S$0.485 | 5.1x | 40.6% | 8.93% | Industrial |
| 5 | Sasseur REIT | S$0.680 | 5.0x | 25.4% | 9.03% | Retail |
| 6 | UI Boustead REIT | S$0.830 | 4.7x | 37.9% | 8.27% | Industrial |
| 7 | Frasers Logistics & Commercial Trust | S$0.975 | 4.4x | 33.7% | 6.10% | Diversified |
| 8 | NTT DC REIT | US$0.930 | 4.2x | 29.2% | 8.15% | Data Centre |
| 9 | Far East Hospitality Trust | S$0.585 | 4.0x | 33.4% | 6.32% | Hospitality |
| 10 | Mapletree Industrial Trust | S$1.940 | 4.0x | 34.0% | 6.70% | Industrial |
| 11 | Alpha Integrated REIT | S$0.510 | 4.0x | 36.1% | 6.86% | Industrial |