MONTHLY REVIEWS

• August was back to rangebound for the GPR 250 REIT Index with a -3.20% (USD) return.
• Specialised was the best performing sector, delivering 1.65%.
• Digital Realty, riding the crest of the AI boom, was the biggest contributor to specialised outperformance (5.70%)

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• The GPR 250 REIT World Index produced a net total return of 3.24% in USD.
• Office was the best performing sector, delivering 9.28%.
• Of the companies we own, the biggest positive was brought by a Data Centre REIT.

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• The GPR 250 REIT Index delivered 3.3% in US dollar terms in June
• The outperforming sectors were regional malls (7.7%), specialty (6.8%) and healthcare (6.4%)
• Once interest rates stabilise, with the expected peak at the end of the year, history reveals that real estate tends to outperform during these periods.

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• The GPR 250 REIT Index declined by -4.31% in US dollar terms
• Data centre REITs emerged as the top-performing sector, delivering a notable return of +3.23%, followed by hotel & resort REITs which gained +0.08%
• Our investments are well-positioned to weather financial challenges and take advantage of distressed opportunities

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• Global real estate, as measured by the GPR 250 REIT World Index, delivered 1.67% in USD terms, outperforming both global equities and global bonds.
• Despite the turmoil our portfolio remains robust
• There are sectors that provide shelter in our portfolio and companies that may capitalize on distress

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• The GPR 250 REIT World Index (USD) produced a net total return of -3.2%
• The concern over tenants unable to meet their fixed obligations is likely the main drivers of this sluggish performance.
• We reiterate our preference for hybrid companies that possess both offensive and defensive characteristics

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• The month of February turned out to be a bear clamp on the market’s ankle, putting a drag on January’s momentum
• The GPR 250 REIT World Index (USD) produced a net total return of -4.2%
• We reiterate our preference for hybrid companies that possess both offensive and defensive characteristics

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• With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty
• The GPR 250 REIT World Index (USD) produced a net total return of 9.2%
• REITs are expected to show a greater dispersion of intra asset class returns in 2023 than 2022.

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• With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023
• REIT fundamentals generally remained solid at the end of 2022.
• REITs are expected to show a greater dispersion of intra asset class returns in 2023 than 2022.

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November injected much needed relief into markets as volatility settled and major indices continued to move up their ascending channels for most of the month before meeting resistance at the very end. The MSCI Europe Real Estate Index (price return 7.75%) outperformed the MSCI US REIT index (price return 5.76%) in USD terms by ~2%. The GPR 250 REIT World index produced a price return of 5.72%.

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