November has come to a close, and for the Singapore market, it was a month of steady climbing.
The benchmark Straits Times Index (SGX: ^STI) rose by 2.2% in November 2025.
However, savvy investors know that sticking strictly to the index means missing out on potential outperformers.
This month, the spotlight shifted to the REIT sector.
While one heavyweight came agonizingly close to the index’s return, two other contenders comfortably outpaced it.
Here are the top-performing REITs that kept portfolios in the green for November 2025.
Centurion Accommodation REIT (SGX: 8C8U): Total Returns 9.4%
New listings often bring a spark of excitement to the bourse, and Centurion Accommodation REIT is no exception.
Fresh off its IPO, the REIT surged to deliver a total return of 9.4% in November, comfortably crushing the STI’s 2.2% gain.
Because the REIT has just listed, there are no historical earnings or year-on-year (YoY) comparisons to dissect just yet.
For now, the stock’s movement is driven largely by market sentiment and the appetite for a new, specialized asset class in the accommodation sector.
Investors often flock to IPOs hoping for a strong debut, and Centurion has delivered exactly that in its first month.
However, without a track record of quarterly earnings, Distribution Per Unit (DPU) history, or net property income trends, this remains a play for those watching market momentum closely.
As the REIT settles into its public listing status, all eyes will be on its first set of financial results to see if the business fundamentals can sustain this initial share price enthusiasm.
AIMS APAC REIT (SGX: O5RU): Total Returns 6.2%
Industrial REITs have long been a favourite for defensive investors, and AIMS APAC REIT (AA REIT) showed us why in November.
With a portfolio valued at S$2.1 billion across 27 properties in Singapore and Australia, AA REIT delivered a resilient set of numbers for the first half of the fiscal year ending 31 March 2026 (1HFY2026).
Despite the tough economic environment, the REIT managed to grow its DPU by 1.1% YoY to S$0.047.
This stability is underpinned by a “sticky” tenant base; the top 10 tenants anchor 50% of revenue, providing strong lease visibility of 5.2 years.
Additionally, 82.5% of gross rental income comes from tenants in essential and defensive industries.
The real story here is rental growth.
The REIT achieved a positive rental reversion of 7.7%, with its logistics and warehouse assets soaring with 10.3% rental growth.
It’s clear that demand for high-quality industrial space isn’t slowing down.
Management isn’t sitting still, either – they are actively recycling capital and enhancing assets.
The REIT has completed an asset enhancement initiative (AEI) at 15 Tai Seng Drive, securing a 10-year anchor lease, while another AEI at 7 Clementi Loop was also completed, securing a 15-year master lease with a global storage and information management firm.
Furthermore, the proposed acquisition of the Framework Building near Paya Lebar MRT is projected to be DPU-accretive, adding an estimated 8.1% NPI yield.
Frasers Logistics & Commercial Trust (SGX: BUOU): Total Returns 2.1%
Frasers Logistics & Commercial Trust (FLCT) came within a whisker of the index, delivering a 2.1% return for November.
This heavyweight, with S$6.9 billion in assets under management across five developed countries, reported a mixed bag for its fiscal year ending 30 September 2025 (FY2025).
The headline numbers show revenue rising 5.6% YoY to S$471.5 million.
However, the sting came in the DPU, which fell 12.5% to S$0.05950.
The culprit? Higher finance costs from refinancing and new borrowings, which ate into the bottom line despite the manager taking more of their fees in units.
However, if you look past the interest rate headwinds, the underlying business is roaring.
The REIT’s logistics and industrial renewals achieved a remarkable +39.6% rental reversion on an average-rent-to-average-rent basis, reflecting the pricing power FLCT holds in supply-constrained locations.
The manager is also executing a portfolio pivot: FLCT exited the challenging Melbourne CBD office market by divesting 357 Collins Street, sharpening its focus on logistics.
This move provides them with significant debt headroom for future opportunities.
With a 6.3% distribution yield and near-fully occupied logistics assets at 99.7%, FLCT is positioning itself for a rebound once interest rate pressures ease.
Get Smart: The Fundamentals of Yield
November’s results offer a classic lesson in the different “flavours” of returns.
You have the speculative surge of a new IPO like Centurion, and the fundamental grind of industrial landlords like AIMS APAC and FLCT.
While high interest rates continue to pressure DPU for major players like Frasers, the operational metrics – specifically those double-digit rental reversions – tell us the underlying assets are healthier than ever.
When the market rises, it pays to look at why a stock is moving.
Is it IPO hype, or is it a landlord successfully raising rents in a tight market?
The latter usually helps you sleep better at night.
This new 10-minute read could change how you invest this year. Inside:
5 SG dividend-paying blue chips that have quietly powered through past downturns, and could reward you handsomely in the next.
Grab the free report now. It might be the most profitable thing you read today.
Disclosure: The Smart Investor owns shares of Frasers Logistics & Commercial Trust.
