MONTHLY REVIEWS

• The GPR 250 produced a return that was roughly double (10.31% USD) global equity returns as measured by the S&P Global BMI (5.3% USD)
• Industrial held the helm, with a blistering 19% (USD) return delivered for the month
• Fund positioning remains roughly the same (quality, value, structural trend riders, and blend between offensive and defensive), with a slight uptick in risk appetite

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• GPR 250 REIT World Index delivering a substantial return of +10.4% in US dollars.
• All sectors within the GPR 250 REIT World exhibited positive growth in US dollar terms.
• November's substantial returns in the GPR 250 REIT World Index signal a potential positive turn for the real estate sector.

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• 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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• 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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• 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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