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Asia Pacific REITs Slumped 5.5% in October 2023

By Jerone Vreeker, Managing Director at Global Property Research

Nov 5, 2023 – Asia Pacific REITs slumped to another ss in October 2023 in USD terms, which brought the total return performance to -13.4% so far this year. As was the case in the preceding month, the relevant countries recorded losses across the board, ranging from -1.1% for Malaysia to -7.8% for Australia. The USD-denominated underperformance of Asia Pacific REITs versus regional equities further widened. Regional equities returned -4.2% last month, and the 2023 year-to-date total return performance showed -0.8%.

The table below shows the total return performances realized in the previous month for the various currencies available for the GPR/APREA Composite REIT Index.

 EURJPYLOCUSD
GPR/APREA Composite REIT Index-5.3%-4.1%-4.3%-5.5%

All reported sectors ended October 2023 in the red, with performances ranging from -4.4% for Retail to -8.5% for Hotel (-1.5%):

 DIVHCRHOTINDOFFOTHRESRET
GPR/APREA Composite REIT Index-4.7%-5.6%-8.5%-5.6%-5.7%n/a-6.1%-4.4%

The comprehensive GPR/APREA Composite REIT Index covered 183 Asia Pacific REITs with a combined free-float market capitalization of USD 237.7 billion as of October 31, 2023.