Office S-REITs underperform on March

In May, iEdge S-REIT Index declined 3% in total return, reversing its 0.6% gains in April. This is amid persistent inflation, as well as the growing expectations of a June rate hike.

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But on a YoY basis, the iEdge S-REIT remained positive, with a 1.8% total return, outpacing the STI Index’s 0.3% decline, and FTSE EPRA Nareit Developed Index’s 0.9% decline.

In terms of net fund flows for the month, retail investors bought S$144 million worth of S-REITs. Meanwhile, institutional investors net sold S$85 million in the sector.

Retail S-REITs averaged 0.9% returns in May. This is the only sub-segment that averaged positive total returns. Meanwhile, office S-REITs underperformed, averaging 9.9% decline in total returns.

For the Year-to-Date period, diversified S-REITs outperformed with average total returns of 1.5%, while office S-REITs underperformed with 24.1% average declines.

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