(By Jeroen Vreeker, Managing Director at Global Property Research)
June 2, 2023 – The GPR/APREA Composite REIT Index fell 3.6% in May, erasing its April gain. All relevant countries finished in the red, with the losses ranging from 0.2% for Thailand to 10.5% for Hong Kong. Asia Pacific REITs underperformed regional equities (-3.6% versus -1.0%) causing the year-to-date total return performances to again diverge.
The table below shows the total return performances realized in May 2023 for the various currencies available for the GPR/APREA Composite REIT Index.
EUR | JPY | LOC | USD | |
GPR/APREA Composite REIT Index | -0.2% | -1.1% | -1.7% | -3.6% |
It was also doom and gloom on a sectoral level, with losses ranging from -2.2% for Residential to -6.5% for Retail:
DIV | HCR | HOT | IND | OFF | OTH | RES | RET | |
GPR/APREA Composite REIT Index | -2.9% | -4.0% | -3.1% | -2.7% | -2.9% | n/a | -2.2% | -6.5% |
The comprehensive GPR/APREA Composite REIT Index covered 184 Asia Pacific REITs with a combined free float market capitalization of USD 264.0bn as at 31 May 2023.
USD-denominated data as per May 31, 2023
The best-performing REITs were ESR Kendall Square REIT (KOR: 15.3%), Dasin Retail Trust (CHN; 9.9%), LOTTE REIT (KOR; 9.5%), Shinhan Alpha REIT Co. Ltd. (KOR; 8.2%) and Japan Excellent (JPN; 4.4%). The worst performances came from Filinvest REIT Corp. (PHL; -22.4%), Elite Commercial REIT (SGP; -22.2%), Prime US REIT (SGP; -17.3%), Keppel Pacific Oak US REIT (SGP; -16.7%) and Fortune REIT (HKG; -6.9%).