The SPDR STI ETF (SGX: ES3) tracks Singapore’s Straits Times Index (SGX: ^STI). In June 2026, it returned 1.8%. A fair month. Nothing to complain about. Three real estate investment trusts (REITs) did better though. CapitaLand Integrated Commercial Trust (SGX: C38U) led the pack with a 3.9% total return. Mapletree Logistics Trust (SGX: M44U) followed at 2.5%. Mapletree Pan Asia Commercial Trust (SGX: N2IU) returned 2.4%. Each pipped the index. The question worth asking is why. Share prices move on many things in a single month: sentiment, fund flows, a stray headline. So treat what follows as one reading of the results, not the final word. But a pattern does emerge when you look at what each REIT reported.

Did CICT earn its lead?

Let’s start with the strongest case. CapitaLand Integrated Commercial Trust, or CICT, reported gross revenue of S$426.7 million for the first quarter of 2026, up 8.0% year on year (YoY). Net property income (NPI) rose 7.9% to S$314.4 million....