The four largest Singapore-listed real estate investment trusts (S-Reits) with office assets had a mixed second quarter.

CapitaLand Commercial Trust (CCT), Mapletree Commercial Trust (MCT), Suntec Reit and Keppel Reit posted an average distribution per unit (DPU) of 2.07 cents for the three months to June 30, down an average of 0.3 per cent from a year earlier.

Suntec had the highest DPU of 2.36 cents, down 4.6 per cent, largely due to its enlarged unit base, the Singapore Exchange noted.

MCT was next on 2.31 cents, up 3.6 per cent, the highest year-on-year rise among the four.

The trusts averaged a 7.9 per cent year-on-year fall in net property income to $63.5 million while gross revenue declined by an average 4.7 per cent to $85.4 million.

They averaged a total return of 19.6 per cent for the year to date, bringing their one-year returns to 20.1 per cent and 51.5 per cent for the three years.

MCT led the way with total returns of 28.6 per cent in the year to date and CCT on 26.9 per cent.

RHB has upgraded Suntec Reit to a "buy" call with a target price of $2.08, up from $1.90. OCBC Investment Research downgraded MCT to "sell" with a higher fair value estimate of $1.89 after adjustments, up from $1.85 previously. DBS has kept its "buy" call on CCT with a $2.40 target price. RHB has stuck to its "neutral" call on Keppel and upped its target price to $1.20 from $1.12.