Overall DPU growth declined 0.8% y-o-y for Singapore REITs under OCBC's coverage. Performance of office REITs seem to have outperformed its retail & industrial counterparts - posting DPU growth of 4.9% y-o-y. However, a looming office space glut is concerning to the industry and may weigh down on growth. Retail REITs continue to underperform, especially those with exposure to China due to transition issues to a VAT regime.