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Asia Pacific REITs Reverse Gains Made In January As Hotels, Retail Fall

Asia Pacific REITs Reverse Gains Made In January As Hotels, Retail Fall

Healthcare and residential REITs fell less

By Jeroen Vreeker, Managing Director at Global Property Research

March 2, 2023- February’s market action was a reversal from January 2023’s. The GPR/APREA Composite REIT Index declined (-4.5%) in the calendar year’s second month, in sharp contrast to the 5.1% gain realised in January 2023. The table below shows the total return performances in the previous month for the various currencies available.

GPR/APREA Composite REIT Index-2.2%0.0%-0.9%-4.5%

The sector performances were representative of the negative momentum with losses ranging from Healthcare (-1.3%) to Hotel (-6.2%) and Retail (-6.2%):

GPR/APREA Composite REIT Index-3.5%-1.3%-6.2%-4.2%-3.5%n/a-2.0%-6.2%

The decline in the respective country indices contributed to the regional benchmark’s loss most notably China (-6.3%) and Thailand (-10.5%) faring worse than average. Please find below the performances in USD terms of the GPR/APREA Composite REIT Index and country sub-set indices:

The best-performing REITs were US Masters Residential Property Fund (AUS: 6.1%), Parkway Life REIT (SGP; 5.2%), National Storage REIT (AUS; 4.4%), ARA US Hospitality Trust (SGP; 3.9%) and Comforia Residential REIT (JPN; 3.6%).

The worst performances came from Prime US REIT (SGP; -17.9%), Lippo Malls Indonesia Retail Trust (IDN; -17.6%), Ingenia Communities Group (AUS; -16.9%), CPN Retail Growth Leasehold REIT (THA; -16.2%), and Link REIT (HKG; -15.4%).