In a Sept 17 report, analyst Jonathon Koh notes that the FSTREI has in the past two weeks dropped 0.5% as infection cases rise.
Some of the outperformers on Koh’s list include OUE Commercial REIT (OUECT) (+8.5%), Far East Hospitality Trust (FEHT) (+6.8%), Cromwell European REIT (CERT) (+6.4%), Starhill Global REIT (SGREIT) (+4.9%), ESR-REIR (EREIT) (+3.2%), Prime US REIT (PRIME) (+3.0%), ALLT (+2.8%), SPH REIT (+2.7%) and Keppel Pacific Oak US REIT (KORE) (+1.3%).
These REITs were some of the new constituents added to FTSE EPRA Nareit Developed Asia Index and rallied with sizeable gains. A total of 11 S-REITs were included during the latest quarterly review conducted in September, which become effective on Sept 20.
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On the other hand, the top losers were mainly casualties of the outbreak of Delta variant, putting a small dent on the reopening theme. Hospitality REITs Frasers Hospitality REIT (FHT), CDL Hospitality Trusts (CDLHT) and Ascott Residence Trust (ART) declined 7.0%, 5.1% and 3.9% respectively. Retail REITs Suntec REIT, Sasseur REIT, Lendlease Global Commercial REIT (LREIT) and United Hampshire US REIT (UHU) declined 4.8%, 3.8%, 3.4%, 3.0% and 2.8% respectively.
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