The first half of 2025 has been a challenging one for Singapore REITs. At the start of the year, CME FedWatch projections suggested a possible rate cut by March. However, the U.S. Federal Reserve held firm, keeping interest rates unchanged to date. In April, the announcement of US reciprocal tariffs triggered a pullback in S-REIT prices. While a 90-day extension was later granted, the looming 9 July deadline continues to weigh on sentiment. As of 30 June, the iEdge S-REIT Index is still hovering around its starting point for the year. Now, let’s take a closer look at how individual S-REITs have performed over the past six months in terms of total return.