MONTHLY REVIEWS

Reitway Global | Monthly Commentary | October 2023

Reitway Global | Monthly Commentary | October 2023

November 7 2023

  • The GPR 250 REIT World Index endured a challenging period, relinquishing -5.0% of its value.
  • All sectors in the GPR 250 REIT world index saw declines. The top-performing sector was Specialty, returning -0.6%.
  • Focusing on solid company earnings and guidance will help us weather the storms and navigate the ever-changing landscape of the global economy.

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Reitway Global | Monthly Commentary | September 2023

Reitway Global | Monthly Commentary | September 2023

October 10 2023

  • In September the GPR 250 REIT Index produced -6.62% (USD), testing the 2023 low last seen amid the SVB banking turmoil.
  • The leader was lodging/resorts, delivering 1.97%.
  • The Commercial Real Estate (CRE) finance council continued to find improving sentiment among real estate professionals in the latest quarterly survey.

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Reitway Global | Monthly Commentary | August 2023

Reitway Global | Monthly Commentary | August 2023

September 19 2023

  • 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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REITWAY GLOBAL | MONTHLY COMMENTARY | JULY 2023

REITWAY GLOBAL | MONTHLY COMMENTARY | JULY 2023

August 10 2023

  • 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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REITWAY GLOBAL | MONTHLY COMMENTARY | JUNE 2023

REITWAY GLOBAL | MONTHLY COMMENTARY | JUNE 2023

July 13 2023

  • 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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REITWAY GLOBAL | MONTHLY COMMENTARY | MAY 2023

REITWAY GLOBAL | MONTHLY COMMENTARY | MAY 2023

June 13 2023

  • 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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Reitway Global | Monthly Commentary | April 2023

Reitway Global | Monthly Commentary | April 2023

May 10 2023

  • 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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Reitway Global | Monthly Commentary | March 2023

Reitway Global | Monthly Commentary | March 2023

April 12 2023

  • 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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Reitway Global | Monthly Commentary | February 2023

Reitway Global | Monthly Commentary | February 2023

March 8 2023

  • 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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Reitway Global | Monthly Commentary | January 2023

Reitway Global | Monthly Commentary | January 2023

February 8 2023

  • 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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