In early 2026, the market consensus was that interest rates would drift downward and give Real Estate Investment Trusts (REITs) substantial relief on financing costs. That narrative has shifted noticeably over the past two months. In Singapore, the Singapore Overnight Rate Average (SORA) has reversed its downward trend. After hitting a low of 1.01% in April 2026, the 3-month compounded SORA has crept back up to around 1.15%–1.20%. The 1-month compounded SORA has shown a similar upward tick, moving from 1.10% to 1.30%. Analyst expectations for where SORA eventually settles have also been marked higher. Earlier this year, UOB analysts projected that SORA would bottom out by Q2 and rise toward a steady state of 1.39%–1.50% by year-end. OCBC management similarly anchored their full-year guidance around a benchmark SORA of 1.40%. With global inflation proving sticky and the US 10-Year Treasury yield spiking past 4.7% to 5.3% in August, the easing cycle for rates seems to have found its cyclical floor....