Investors often view the Straits Times Index (SGX: ^STI) as the definitive pulse of the local market, but April 2026 told a tale of two different cities. On one hand, the benchmark dipped 2% as macro headwinds weighed on sentiment; on the other, a specialised group of REITs delivered high-single-digit returns that defied the downward trend. Frasers Logistics & Commercial Trust (SGX: BUOU) delivered a total return of 7.9% for the month, while Keppel DC REIT (SGX: AJBU) and Frasers Centrepoint Trust (SGX: J69U) returned 7.8% and 6.8%, respectively. Each one outpaced the STI by close to 9 percentage points or more. So what was the market rewarding? A look at their April releases reveals three traits in common: visible operating growth, genuine pricing power, and balance-sheet discipline. Frasers Logistics & Commercial Trust (SGX: BUOU), or FLCT FLCT owns 113 logistics, industrial, business park and office properties across Australia, Germany, Singapore, the United Kingdom and the Netherlands. Logistics and industrial assets account for 75.1% of the S$7.0 billion portfolio....