Market Update for February 2019
Asia Pacific REITs Advance with Thailand and Malaysia the Best Performers
By Jeroen Vreeker, Analyst, Global Property Research
Further to the removal of Dolmen City REIT (Pakistan) that no longer met the size criteria, the comprehensive GPR/APREA Composite REIT Index covered 165 Asia Pacific REITs as at 28 February 2019.
In February, Asia Pacific REITs lost 0.3% in USD terms, underperforming equities, with the comparable MSCI AC Asia Pacific Index adding 1.4%. The table below shows the total return performances realized in the previous month for the various currencies available for the GPR/APREA Composite REIT Index.
|GPR/APREA Composite REIT Index||0.5%||2.0%||1.4%||-0.3%|
At sector level, Other (1.8%), Diversified (0.8%) and Office (0.0%) posted gains in February 2019. Industrial (-0.7%), Retail (-0.7%), Hotel (-1.0%), HealthCare (-1.9%), and Residential (-4.9%) recorded losses.
|GPR/APREA Composite REIT Index||0.8%||-1.9%||-1.0%||-0.7%||0.0%||1.8%||-4.9%||-0.7%|
The loss for the GPR/APREA Composite REIT Index was due to declines experienced in heavy weights Australia (-0.1%) and Japan (-1.7%), as returns for other country carve-outs were positive. Thailand (3.5%) and Malaysia (2.3%) were the best performers, while there were also wins for China (1.1%), Taiwan (1.0%), and Singapore (0.6%). Please find below the performances in USD terms of the GPR/APREA Composite REIT Index and country sub-set indices:
USD-denominated data as per 28 February 2019