by Jeroen Vreeker, Global Property Research

Asia Pacific REITs Cut 6-month Winning Streak In November 

Asia Pacific REITs took a pause on their six-month winning streak to post a 1.2% loss in USD terms in November. REITs, again, underperformed equities with the comparable MSCI AC Asia Pacific Index registering a 0.5% growth. With no additions or deletions throughout the month, the GPR/APREA Composite REIT Index continued to cover 167 Asia Pacific REITs as at 29 November 2019. The table below shows the total return performances realised in the previous month for the various currencies available for the GPR/APREA Composite REIT Index.


EUR JPY LOC USD
GPR/APREA Composite REIT Index -0.1% 0.0% -0.1% -1.2%

The industrial sector turned out to be a positive outlier with a 0.3% gain. The remaining sectors returned losses: HealthCare (-0.3%), Residential (-0.9%), Hotel (-1.3%), Office (-1.4%), Diversified (-1.6%) and Retail (-1.6%). These were all representative of the negative momentum in November 2019.


DIV HCR HOT IND OFF OTH RES RET
GPR/APREA Composite REIT Index -1.6% -0.3% -1.3% 0.3% -1.4% n/a -0.9% -1.6%

The November 2019 loss for the GPR/APREA Composite REIT Index was due to negative performances for Hong Kong (-3.3%), Thailand (-2.8%), Japan (-2.3%) and Singapore (-0.9%). Meanwhile, the best performers were Malaysia (3.0%), China (1.6%), Taiwan (1.1%) and Australia (0.7%). Please find below the performances in USD terms of the GPR/APREA Composite REIT Index and country subset indices:

USD-denominated data as per 29 November 2019