Asia Pacific REITs Record Fourth Consecutive Monthly Gain, Industrials Rise 15%

by Jeroen Vreeker, Index Analyst for Global Property Research

Asia Pacific REITs were up for the fourth consecutive month in July after registering a 3% gain during the month. The industrial sector’s outperformance boosted the regional REITs. They did not, however, manage to outperform local equities which added 4.6%. 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 -2.2% 0.9% 0.6% 3.0%

Looking at the sector performances, Industrial (15.1%) was the best performing sector of the month, while Residential (5.8%) and Diversified (2.6%) posted gains. Other sectors recorded losses ranging from -0.7% for HealthCare to -8.3% for Hotel:


DIV HCR HOT IND OFF OTH RES RET
GPR/APREA Composite REIT Index 2.6% -0.7% -8.3% 15.1% -1.7% n/a 5.8% -2.9%

Given the removal of Eagle Hospitality Trust in Singapore due to its shares having halted trading for more than three consecutive months, and Japan’s Sakura Sogo REIT Investment Corp due to its merger with and into Star Asia Investment Corporation, the GPR/APREA Composite REIT Index continued to cover 165 Asia Pacific REITs with a combined free-float market capitalisation of US$266.2 billion as at July 31, 2020. 

The country performances were a mixed bag. Besides the gains for Singapore (6.3%), Australia (3.6%), Japan (2.3%) and Taiwan (2.0%) there were negatives for Malaysia (-2.3%), Hong Kong (-2.6%), China (-3.2%) and Thailand (-5.5%). Please find below the performances in USD terms  of the GPR/APREA Composite REIT Index and country sub-set indices:

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