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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• 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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• 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 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 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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