The Fed has raised rates again. We look at which Singapore REITs may face greater refinancing pressure, higher funding cost, and what investors should watch. What happened? Interest rates are heading higher again. At its 16 September meeting, the US Federal Reserve raised its benchmark interest rate by 0.25 percentage points to 3.75% to 4.00%, its first rate hike since 2023. This has led to pressure on the share prices of Singapore REITs with some trading at multi-year lows, and driving up average dividend yield of Singapore REITs to 5.6%.  At the same time, it has raised the question on how different REITs will be impacted by higher interest rates. After all, some REITs may have locked in much of their debt at fixed rates and have relatively little refinancing coming up. Others could see their borrowing costs rise more quickly. At the same time, financing costs are only part of the picture. If rents and property income continue to grow,...