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Asia Pacific REITs Fell 2.2% In February, Goodman Group Shines

By Jeroen Vreeker, Managing Director, Global Property Research

March 4, 2023 – Asia Pacific REITs lost 2.2% in February 2024 in USD terms, which brought the total return performance at -5.7% so far this calendar year. Most of the reported GPR/APREA Composite REIT Index countries – except for Malaysia (2.0%) and Australia (0.7%) – recorded losses, ranging from -2.3% for Thailand to -7.1% for Japan. The USD-denominated underperformance of Asia Pacific REITs versus regional equities widened. Regional equities returned 4.0% last month and 2.2% in the first two months in 2024.

None of the sectors ended the month positively with Residential (-5.4%) and Diversified (-5.4%) detracting most in February 2024:

 DIVHCRHOTINDOFFOTHRESRET
GPR/APREA Composite REIT Index-5.4%-1.5%-2.8%-1.2%-4.7%n/a-5.4%-2.6%

The best-performing REITs were Goodman Group (AUS: 15.0%), CapitaLand Malaysia Trust (MYS; 12.0%), Shinhan Alpha REIT Co. Ltd. (KOR; 10.6%), Abacus Storage King (AUS; 8.0%) and Ingenia Communities Group (AUS; 7.6%). The worst performances came from Keppel Pacific Oak US REIT (SGP; -55.4%), Prime US REIT (SGP; -26.3%), Lippo Malls Indonesia Retail Trust (IDN; -18.2%), Champion REIT (HKG; -14.6%) and Centuria Office REIT (AUS; -13.4%).