Most people think of Social Security as money that covers the bills and not much else. But if you’ve planned well and find yourself with a little breathing room after covering the essentials, your monthly check can do more than just keep the lights on. In 2026, retirees are dealing with higher interest rates, longer lifespans and more flexible retirement lifestyles than previous generations. For those who don’t need every dollar from their Social Security payments, there are some smart ways to put that ex ...

Core Insights - The Singapore market experienced a steady climb in November 2025, with the Straits Times Index rising by 2.2% [1] - The REIT sector gained significant attention, with three notable performers, including Centurion Accommodation REIT, AIMS APAC REIT, and Frasers Logistics & Commercial Trust [1][2] REIT Performance - **Centurion Accommodation REIT (SGX: 8C8U)**: Achieved a total return of 9.4% in November, driven by market sentiment and investor appetite for new asset classes [3][4] - **AIMS APAC REIT (SGX: O5RU)**: Delivered a total return of 6.2%, with a portfolio valued at S$2.1 billion and a DPU growth of 1.1% YoY to S$0.047, supported by a stable tenant base and positive rental reversion of 7.7% [6][7] - **Frasers Logistics & Commercial Trust (SGX: BUOU)**: Reported a total return of 2.1%, with revenue rising 5.6% YoY to S$471.5 million, but faced a DPU decline of 12.5% to S$0.05950 due to higher finance costs [9][10] Market Dynamics - The REIT sector's performance highlights the contrast between speculative IPOs and established industrial landlords, with Centurion's surge reflecting IPO excitement and AIMS APAC and FLCT demonstrating strong operational fundamentals [12] - FLCT's strategic pivot away from the Melbourne CBD office market to focus on logistics is expected to provide significant debt headroom for future opportunities, with a near-fully occupied logistics asset rate of 99.7% [11]

Core Insights - REITs in Singapore are popular for their steady payouts and attractive yields, particularly in a low-interest-rate environment, but investors often make the mistake of chasing yields without understanding the associated risks [1][2] Group 1: Yield Analysis - The average dividend yield of Singapore REITs (S-REITs) was 6.2% as of September 30, 2025, which is higher than traditional bank deposits or government bonds, making them appealing to income-seeking investors [2] - EC World REIT reported an annualised distribution yield of approximately 13.1% for 2022 and 10.7% for 2023, despite facing refinancing issues [3] - Prime US REIT's annualised distribution yield was 10.5% in 1H2022, but it surged to 23.6% a year later, with management cutting cash payouts by over 90% in 2H2023 to retain cash within the REIT [4] Group 2: Risks of High Yields - High yields can indicate underlying issues, as seen in the second quarter of 2025 when 20 out of 38 S-REITs yielded above 7% while the average gearing ratio was 40% [5] - Lippo Malls Indonesia Retail Trust's annualised yield of 9.2% in FY2016 diminished over time, leading to minimal payouts by 2023 due to high interest rates and other pressures [6][8] - Manulife US REIT reported a DPU of US$0.027 in 1H2021, but by 1H2023, distributions were halted due to a deteriorating debt situation, illustrating the risks of high yields [9][10] Group 3: Investment Considerations - To avoid yield traps, investors should focus on balance-sheet strength, including metrics like gearing, interest coverage, and the nature of debt [11][12] - Portfolio quality is crucial; for instance, CapitaLand Integrated Commercial Trust maintained high occupancy rates of 98.7% for retail and 96.2% for office properties as of September 2025, indicating strong tenant demand [14][15] - A consistent distribution track record is essential; Mapletree Logistics Trust has shown steady growth in DPU over the years, which is more reassuring than sudden spikes in yield [18] Group 4: Conclusion for Investors - Sustainable payouts backed by stable cash flow and strong balance sheets are more important than just high yield percentages [19][20]

Core Insights - The podcast episode highlights the challenges faced by landlords in the current economic climate, particularly regarding rising costs that impact rental income [2][4] - Financial expert Suze Orman emphasizes that it is difficult to "bulletproof" real estate investments against various economic factors [3][5] Group 1: Economic Challenges - Rising costs of property taxes, insurance premiums, and interest rates are significantly affecting rental income for landlords [2] - The unpredictability of real estate as an investment is increasing due to external economic forces beyond individual control [4] Group 2: Investment Strategy - Orman warns that relying solely on real estate for passive income can be risky, suggesting that diversification is crucial to mitigate financial risks [5] - Alternative income-generating options recommended by Orman include dividend-paying stocks, Treasury securities, interest-generating emergency funds, and Real Estate Investment Trusts (REITs) [6]

Investment Rating - The report provides a general overview of the Singapore Real Estate Investment Trusts (SREITs) and Business Trusts, indicating a mixed performance with SREITs down 0.9% year-to-date and Developers up 2.8% [2]. Core Insights - SREITs are currently trading at a 6.18% estimated yield for 2025, which is 375 basis points higher than 10-year government bonds. The expected growth in Distribution Per Unit (DPU) for SREITs is projected at 0.3% per annum from 2024 to 2026, driven primarily by Healthcare (+9.3%) and Diversified sectors (+1.1%) [3]. - Investor sentiment remains positive regarding the data center thesis, particularly for Keppel DC REIT (KDC), with confidence in near-term rental growth. However, there are concerns about long-term visibility post-2027 for Singapore-based data centers [4]. - The report emphasizes a "barbell strategy" for investment, recommending a combination of KDC for growth and CapitaLand Integrated Commercial Trust (CICT) for defensive income to balance resilience and reflation [4]. Summary by Sections Market Overview - The combined market capitalization of the 40 listed REITs and Business Trusts in Singapore is approximately US$70.6 billion [2]. Performance Metrics - Year-to-date performance shows SREITs down 0.9% while Developers have increased by 2.8% [2]. - The report highlights specific price performances of various REITs, with Dasin Retail Trust showing a significant decline of 25% year-to-date, while BHG Retail REIT has increased by 17.8% [6]. Preferred Investments - Recommended SREITs for exposure include Keppel DC REIT, CapitaLand Integrated Commercial Trust, and CapitaLand Ascendas [5]. Price Performance Analysis - The report includes detailed price performance metrics for various REITs, indicating fluctuations over different time frames, with some REITs experiencing significant gains while others faced declines [8].