Asia Pacific REITs Beat Broader Equities in First Quarter

by Jeroen Vreeker, Index Analyst for Global Property Research

April 7, 2021 – Asia Pacific REITs, as measured by the GPR/APREA Composite REIT Index, closed the first quarter of 2021 with a 2.5% total return performance in USD terms. This followed a 1.9% gain in March. Taiwan was the only REIT market in Asia Pacific that fell in the month. The island’s REITs were down 0.9%.

HomeCo Daily Needs REIT in Australia was added to the GPR/APREA Composite REIT Index, following the latest quarterly rebalancing of the index series.

Overall, the regional REITs outperformed the equity market, which returned 2.4% in Q1 2021 but fell 1% in March 2021. The table below shows the total return performances realised in the previous month and in the first quarter for the various currencies available for the GPR/APREA Composite REIT Index.


EURJPYLOCUSD
GPR/APREA Composite REIT Index5.2%5.7%4.3%1.9%

EURJPYLOCUSD
GPR/APREA Composite REIT Index6.7%9.7%6.4%2.5%

Taking the sector perspective, Residential recorded the biggest win with a 4.3% gain. HealthCare fell 0.5% and retail was down 0.3%. The two sectors were the worst performers in March 2021.


DIVHCRHOTINDOFFOTHRESRET
GPR/APREA Composite REIT Index2.3%-0.5%0.1%3.4%1.9%n/a4.3%-0.3%

The table below shows the total return performances realised in the first quarter for the various sectors available for the GPR/APREA Composite REIT Index.


DIVHCRHOTINDOFFOTHRESRET
GPR/APREA Composite REIT Index3.5%0.2%8.9%-1.1%5.2%n/a5.8%2.3%

The comprehensive GPR/APREA Composite REIT Index covered 176 Asia Pacific REITs with a combined free float market capitalisation of US$322.2 billion as at March 31, 2021. The index has  climbed about 40% from US$229.3 billion a year ago.