The latest earnings from the S-REITs universe have been a mixed bag. Some REITs continue to perform poorly with no clear sign of a turnaround, some have seemingly bottomed while some have clearly performed better year-on-year. Here, we identify 6 REITs that have delivered stronger year-on-year results and take a closer look at why they stand out among the nearly 50 S-REITs.
| Name | Ticker (SGX) | 1Y Share price performance (%) | Distribution Yield (%) |
| ESR-REIT | 9A4U | +3% | 7% |
| AIMS APAC REIT | O5RU | +19% | 5.4% |
| CapitaLand Integrated Commercial Trust | C38U | +23% | 4.8% |
| Parkway Life REIT | C2PU | +5% | 3.3% |
| Keppel DC REIT | AJBU | +7% | 4.3% |
| CapitaLand India Trust | CY6U | +28% | 6.1% |
1) ESR REIT (SGX:9A4U)
ESR REIT’s FY2025 total DPU up 3.4% YoY and core DPU up 7.6% YoY. 2H2025 DPU rose 7.1%.
Gross revenue and net property income grew 20.4% and 25.6% respectively. Rental reversions was 11.7%, led by logistics and high-specifications industrial sectors, with occupancy at 91.1% and long land lease of 43.6 years. Gearing at 43.4%; with pro-forma gearing at 38.5% post divestment completion and lower all-in-cost of debt at 3.35%, down from 3.84% a year ago.
ESR REIT reported a portfolio of 70 properties with total assets of approximately S$5.9 billion. The REIT is aiming to grow its assets under management (AUM) to S$8 billion over the next five years.
ESR REIT will retain its core focus in Singapore, which is expected to continue representing more than 50% of portfolio value, while selectively pursuing compelling international opportunities.
ESR REIT aims to maintain prudent leverage, with a target gearing range in the mid-30% to low 40% range.
ESR REIT unveiled a total return strategy, targeting 8-10% total unitholder return, focusing on organic growth via AEIs & redevelopments, selective acquisitions from Sponsor pipeline, and active portfolio management.
Why it’s a better pick: Industrial/logistics demand remains strong across APAC with positive rental reversions and acquisitions driving revenue & NPI growth, underpinning DPU resilience and future growth potential.
2) AIMS APAC REIT (SGX: O5RU)
AAREIT’S DPU rose 2.5% YoY for 9MFY 2026 while net property income rose 4.1% YoY. Distributions to Unitholders increased by 3.1% YoY. And portfolio occupancy rose to 95.4%, with rental reversions at 8.0%.
The portfolio is supported by 188 tenants diversified across multiple trade sectors, with 82.7% of gross rental income (GRI) from tenants in essential and defensive industries. The diversified portfolio provides income stability and rental growth opportunities amidst continued volatility in the global economy. Geographically, 76.4% of GRI is from Singapore with the remaining income from Australia and anchored by long-term leases.
AAREIT is well placed for further acquisitions and organic growth initiatives, supported by a resilient balance sheet with aggregate leverage of 36.6%.
Why it’s a better pick: Strong industrial leasing demand, positive rental reversions and stable occupancy support incremental distribution growth even in softer macro conditions.
3) CapitaLand Integrated Commercial Trust (SGX: C38U)
CICT’s 2H/FY2025 DPU increased 9.4% while full-year DPU increase worked out to 6.4%. Gross revenue rose by 4.7% YoY in 2H 2025 while net property income grew 6.8%. This increase was primarily driven by contributions from CapitaSpring and stronger performance from existing properties, partially offset by the divestment of 21 Collyer Quay. Consequently, 94% of asset under management is in Singapore.
Portfolio committed occupancy remained robust at 96.9%, led by retail (98.7%), integrated development (97.7%) and office (95.7%).
Singapore retail and office portfolios continued to see healthy demand, recording positive rent reversions of 6.6% each on an average signed-and-expiring rent basis in FY 2025. Tenant retention rates remained healthy, 83.7% for retail and 72.7% for office.
CICT continues to strengthen its tenant mix and drive shopper traffic by introducing new F&B and lifestyle concepts. They include brands that are new to Singapore market or new to portfolio. For example, Bugis+ welcomed the iconic American chain Chick-fil-A.
Why it’s a better pick: Strong Retail portfolio. Diversified office + retail portfolio with strong rental reversions and occupancy in Singapore’s CBD helps sustain distributions.
4) Parkway Life REIT (SGX: C2PU)
PLife’s FY2025 DPU rose 2.5% YoY, extending its track record of DPU growth.
FY2025 gross revenue and net property income increased 7.6% and 8.0% YoY respectively, supported by portfolio expansion and organic rental growth as operating performance strengthened over the year, partially offset by foreign currency movements, which remain well managed through established hedging strategies.
PLife REIT also has a healthy gearing ratio of 33.4%.
Its Singapore hospital portfolio continues to form the cornerstone of its earnings profile, providing stable income through long-term master lease arrangements with built-in rental escalation mechanisms. Under the existing lease structure, minimum rent is set to increase by 24.3% from the actual rent payable in the preceding financial year with CPI fixed at 0.9%. This is as a result of better operating performance.
PLife REIT also diversified into Europe as a third key growth market after Singapore and Japan. The REIT owned 74 properties across Singapore, Japan and France, with a weighted average lease expiry of approximately 14.5 years by gross revenue and approximately 90% of rental income enjoying downside protection, supporting strong long-term income visibility.
Why it’s a better pick: Healthcare REITs are defensive with long master leases and built-in escalations. PLife REIT also has a geographically diversified portfolio, attempting to provide stable, predictable DPU growth through economic cycles.
5) Keppel DC REIT (SGX: AJBU)
KDCR’s FY2025 DPU was up 9.8% YoY and 2H DPU up 7.1%. The strong financial performance was driven by $1.1 billion of accretive acquisitions in Tokyo and Singapore and portfolio reversion of ~45% for FY2025. KDCR has a healthy balance sheet with an aggregate leverage of 35.3%.
Portfolio occupancy remained high at 95.8% with a healthy portfolio weighted average lease expiry (WALE) of 6.7 years. Rental income from hyperscalers increased to 69.3% from 61.1% a year ago, underscoring Keppel DC REIT’s focus on hyperscale assets and strong demand from underlying clients.
Why it’s a better pick: Well-positioned to capture hyperscale and artificial intelligence (AI)-driven demand in hyperscale data centre demand and can carry out accretive acquisitions in Singapore/Japan
6) CapitaLand India Trust (SGX: CY6U)
CLINT’s DPU Growth for H2 FY2025 was 22% YoY with full year DPU increasing by 15%.
Net property income grew 16% YoY for FY2025. Margin on Net Property Income improved YoY from 74.0% to 76.4%, driven by proactive portfolio management to maximise efficiency and drive leasing. CLINT’s portfolio asset valuations saw a 19% YoY increase on a like-for-like basis, excluding the divestments of CyberVale, Chennai and CyberPearl, Hyderabad.
CLINT achieved a committed portfolio occupancy of 91% and registered strong rental reversions of 21% over the last 12 months.
CLINT’s gearing stood at 39.6%. Of CLINT’s total borrowings, 72.6% are on fixed interest rates, and 53% are hedged into INR.
CLINT is also actively reconstituting its portfolio to strengthen its asset base, boost returns, and increase financial flexibility. As of early 2026, these efforts are focused on divesting mature, non-core assets to reinvest in high-growth, high-yielding sectors like data centres and modern IT parks.
Why it’s a better pick: Strong operational performance in India with completed developments. Clint has multiple growth levers supporting long-term earnings trajectory. Strategic portfolio reconstitution unlocks value and enables capital redeployment to higher yielding investments.
Why these 6 REITs are the better picks
Obviously, any stock or REIT that delivers stronger year-on-year performance would probably be a better pick than those that do not. Rising DPU in a high-rate environment reflects strong fundamentals such as healthy occupancy rates, positive rental reversions, and stable capital management.
Some of these REITs are stronger performers, with Industrial/data centre and healthcare REITs often outperforming during periods of macro volatility due to structural demand.
Diversification across property types (logistics, office, healthcare, data, emerging markets) also helps with balancing yield and growth, enhancing resilience.
P.S. if you’re interested in REITs and want to build a dividend portfolio, join Chris at his next live webinar to learn from someone who has retired doing just that.
