A decade represents a considerable timeframe within the investment landscape.

Throughout such a period, investors will likely encounter economic contractions, shifts in interest rates, and downturns within property sectors. Unforeseen events are also a distinct possibility.

Given the intention to maintain a position in a real estate investment trust (REIT) through 2036, the current yield alone is insufficient for my investment criteria.

My focus is on acquiring assets of high quality, sustaining robust occupancy levels, and demonstrating the capacity to increase rental income. A resilient financial foundation is equally critical.

The track record of management and its capacity to identify prudent portfolio expansion opportunities are also significant factors.

Presented below are three Singapore REITs that I would consider adding to my portfolio today with a decade-long investment horizon.

Defining the Attributes of a Long-Term REIT Holding

For an investment horizon spanning ten years, my analysis extends beyond the distribution yield.

The essential criteria include ownership of premium assets, consistent occupancy figures, and achieving positive rental reversions. A dependable distribution per unit (DPU) alongside manageable debt levels is also paramount.

The sponsor's and management's track record in expanding the portfolio without excessive risk-taking is another critical element I evaluate.

For me, the longevity of the asset and the potential for DPU growth outweigh the allure of the current headline yield.

CapitaLand Integrated Commercial Trust (SGX: C38U) – The Steady Income Foundation

CapitaLand Integrated Commercial Trust (CICT) represents my choice for defensive exposure among these three.

In the first half of 2026, its DPU increased by 7.1% year on year (YoY) to S$0.0602.

Portfolio occupancy reached 95.6%, with CICT reporting positive rental reversions of 4.0% for its retail segment and 6.5% for its office properties. Its aggregate leverage was recorded at 37.4%.

With an annualised distribution yield of around 5%, CICT is not the highest-yielding REIT available in the market.

However, that is not the primary consideration.

I find the combination of increasing income, positive rental growth, and a balance sheet providing the trust with investment capacity to be highly compelling.

For a decade-long hold, this constitutes the ideal foundation.

CapitaLand Ascendas REIT (SGX: A17U) – The Engine for Structural Expansion

CapitaLand Ascendas REIT, or CLAR, would be my selection for structural growth.

In 1H2026, its distribution per unit remained consistent at S$0.07482, while its distributable income grew by 8.6% YoY to S$359.4 million.

The scale of portfolio expansion is particularly noteworthy to me.

As of 30 June 2026, the portfolio demonstrated a weighted average lease expiry (WALE) of 4.0 years and an occupancy rate of 89.1%.

CLAR also benefits from the robust backing of its sponsor, CapitaLand Investment, providing avenues for growth via both acquisitions and development projects.

Offering an annualised distribution yield of approximately 6%, CLAR provides both current income and substantial growth potential for the upcoming decade.

Mapletree Logistics Trust (SGX: M44U) – The Diversified Growth Vehicle

Mapletree Logistics Trust, or MLT, would be my selection for diversified compounding.

Its extensive portfolio encompasses 175 properties across nine Asia-Pacific markets, offering exposure to a wide array of economies and tenant bases.

In the first quarter of FY2026/27, its DPU saw a slight increase of 0.2% YoY to S$0.01816.

This level of diversification is appealing because a downturn in one specific market won't necessarily impact the entire portfolio's performance.

MLT continues to actively recycle capital through strategic acquisitions and divestments.

For a long-term investment horizon, this provides MLT with multiple avenues to enhance its portfolio and increase its income over time.

The Rationale Behind Avoiding Simply the Highest-Yielding REITs

A 9% yield might seem attractive at first glance, but if the DPU consistently declines, that income stream may prove unsustainable.

A high yield can often serve as a cautionary signal. It might indicate underlying concerns about the REIT's debt levels, property quality, or the future reliability of its distributions.

My preference lies in owning a REIT that offers a moderate yield but has the potential to increase its DPU consistently over time.

This is where the concept of yield on cost becomes particularly relevant. If a REIT can consistently raise its DPU, the yield based on your initial purchase price can become significantly more attractive over the years.

When considering a ten-year investment, my focus is on projecting what the distribution might be in 2036, rather than just evaluating its current payout.

Key Metrics to Monitor Annually

It's essential to keep a close watch on DPU, rental reversions, and occupancy rates.

Investors should also track the REIT's leverage ratio, interest coverage, and the overall cost of its debt. These indicators can offer valuable insights into the health of the balance sheet.

Furthermore, reviewing the net asset value (NAV) per unit and keeping abreast of any acquisitions, divestments, or asset enhancement initiatives (AEIs) is important.

A buy-and-hold strategy should not translate into a buy-and-ignore approach.

Scenarios That Would Prompt an Early Sale

A single poor year in the market would not trigger a sale on my part.

However, a sustained and significant decline in DPU would warrant a closer examination, especially if the issue appears to be structural in nature.

Investors should also reassess their position if the REIT's leverage becomes excessively high, asset quality begins to deteriorate, or management executes poor acquisition decisions.

Frequent equity fundraising that dilutes the value of existing unitholders would also be a significant concern.

The ten-year timeframe is not a rigid commitment. I would divest if the fundamental investment thesis no longer remains valid.

A Long-Term Perspective: Think in Decades, Not Distribution Cycles

An attractive yield in the present does not guarantee a robust income stream a decade from now.

Instead, investors should concentrate on the quality of the properties, the potential for rental growth, and the strength of the balance sheet.

It is also crucial that management makes prudent decisions with the capital at its disposal.

Focus on these fundamentals, and the income you receive today could evolve into something substantially more significant ten years down the line.