Oliver believes the next reduction in space demand could be at least 20 per cent. A 2017 study by researchers at the National University of Singapore cited several examples such as a controversial 2011 purchase of an office tower by the city's Keppel REIT from its parent . Office asset values could drop as landlords divest assets to meet liquidity events including unitholder redemptions and capital requirements. He had a wonderful ride with BWP. It has since reduced the shiortfall from its peak to 17 per cent. That compares to the 10-year government bond yield at 0.87 per cent and the Reserve Bank cash rate of 0.10 per cent. If residential property was a good investment, do you think Satterley and Peet and Mirvac and all these developers would be selling off the land? Like VAP, its also diverse by category with industrial/office, retail and residential being the largest three sectors. But Dugald Higgins, head of real assets and listed strategies at Zenith Investment Partners, who has also been working from home, says that while it must be done during a health emergency, the long-term outcome is sub-optimal and not a conducive environment for collaboration and culture, particularly for mentoring and training younger staff. Im in the process of converting individual holdings into broad LIC/ETF holdings, though I still want some thematic plays like property, emerging markets etc. Fascinating summary, thanks for the effort and info. This article provides the list of the top stocks, ranked on the basis of the highest returns generated during the 2023 year-to-date (YTD). Another important aspect of leases is contracted rental increases. And these vacancies tend to take a lot longer to fill than your average suburban house! But thats up to LIC management to figure out! "Importantly, the yield needs to be maintained, and so investors need to look a little under the bonnet to understand what type of properties they are investing in.". For example, Whitefield has around 10% of its portfolio in REITs. Fitch Ratings expects these changes to drive REIT's long-term performance and strategy.Resilient Results; Strategic Responses Key: Results . Currently, Centuria trades on a dividend yield of 7.4%. Given the size, location and value of Westfield centres, this REIT is currently the 17th biggest listed company in Australia! Get my latest content and tips delivered to your inbox. Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication. In plain English, most of their earnings have to be rental income not funds management fees or development profits. Our stress test show the majority of our rated office AREITs are pretty sturdy in the face of weakening demand over the next two years. Sods law strikes again. Cheers SOL. Australia's REITs have been exposed to significant structural changes across their retail, office and industrial portfolios since the onset of the coronavirus pandemic. Angel operates without an office with a staff spread from Bundaberg, which is more than 360 kilometres north of Brisbane, to Albury-Wodonga, on the Victorian-NSW border. The Trust owns a portfolio of quality office assets situated in core submarkets throughout Australia. REITs own the essential buildings that many of us use or work in every day. They have a decent spread of tenants including Nick Scali, Harvey Norman, Bunnings Warehouse, Baby Bunting and many more. Ive looked occasionally but its not something I worry too much about. Also you missed out on rff rural funds group, that owns farming land. The most common commercial property were all familiar with is Retail. The best way to check this out is looking at their annual report and looking at their income/expenses breakdown which can give you an idea of the fee % (when measured against market cap) if youd like to look at it that way. As with Centurias office REIT, this is the largest purely industrial rent-collecting REIT on the ASX. 360 Capital Group (TGP) Australia. This is an opportunity. REITs gaining larger ground in Indian Real Estate - Colliers India Report. just checked share sight and the annual return is 22.5% per year which is pretty good. This category includes production plants, distribution centres and factories. The share prices of leading REITs with a high exposure to office property received a sharp boost this month when a possible cure for COVID-19 was announced, raising optimism for a return to the office. Only technology stocks performed worse, down 34.8 per cent, in a year in . These tend to be created as destinations with lots of entertainment and dining options, in addition to regular retail shops. Another great post. The average lease expiry is 12.2 years, meaning theres a long horizon of locked-in income. While we strive to give the most accurate data and information available, the publisher of REITsWeek makes no warranties, expressed or implied, to anyone who uses this website including free and paying subscribers. **Includes associates of Centuria Capital Group. This can be valuable since then it is no longer reliant on the performance of one property type doing well and its rental income is spread out across a larger pool of assets. As you were reading, many of you were probably thinking, but isnt this just like picking stocks? And the answer is, more or less, yes. CapitaLand Integrated Commercial Trust to list 3.938% notes due 2030, Parkway Life REIT redeems 0.57% notes due 2023, CDL Hospitality Trust takes on SGD120 million sustainability-linked facility, Total returns of Asia REITs worsened in May 2023 according to Global Property Research indexes, Vicinity Centres divests 50% stake in Broadmeadows Central, Keppel DC REITs current chief investment officer to take on role as CEO on 28 July 2023, Fortune REIT unitholders overwhelmingly approve buy-back mandate at AGM, Lippo Malls Indonesia Retail Trust to skip dividends issue on SGD120 million perpetual securities, Starhill Global REIT fully redeems 3.4% notes due in 2023. However, the industry is down 4.6% over the past year. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. Over 70% of their rental income comes from multi-national, ASX listed and government tenants. Clearly, financially strong tenants are a lower risk proposition than Bobs Budget Botox who is just starting out with a loan from his Uncle. This was shown at the height of the pandemic, where some AREITs reduced or suspended distributions, raised equity or hybrid capital, or cut non-essential capex and development spend, and limited or delayed slated acquisitions. Many big real estate investment firms offer direct investment into in their unlisted funds, which are typically much smaller and invest in a couple of holdings or sometimes a single large property. Thanks for the support! Login or sign-up for a free 25-day trial here. Property sectors less affected by the present crisis, such as medical, logistics, large format such as Bunnings Warehouse and non-discretionary retail, have been less volatile, says Paul Moran, principal of Moran Financial Partners. Thanks Dan. Another top post. This is an interesting idea for Aussie investors. Im simply providing some examples. Like most REITs, Aventus looks to add value through sensible acquisitions and re-positioning its current portfolio to its highest use. The listed property sector, known as the A-REITs, suffered a 25.1 per cent decline last year, according to Bloomberg data. 27.76K Follower s Summary When the oppression of the pandemic on labor became too much to bear, laborers revolted; remote work's convenience and flexibility have created an office exodus.. We may not own our REITs forever, but right now were happy owning some as theyre relatively predictable and provide an attractive level of growing income. Businesses sign up to leases for multi-year periods : 5 years, 10 years, and even longer in some cases. The mess was eventually cleared up and these days REITs are typically much more conservative with debt than before. This typically means investing in good quality properties with strong tenants and favourable lease terms, then passing the rental income stream on to shareholders. The test: With a current yield of 4.3%, this seems low (implying expensive assets) for what is generally a higher yielding asset class. Im big on WHF already which means Im already big on REITs without trying. Our view is that our rated office AREITs are better placed than secondary-grade issuers to confront structural and cyclical pressures. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses. The longer term picture is less certain, he says. The portfolio has a 100% occupancy rate and very long leases, with 78% of leases locked in until 2030 or later. Office valuations face higher interest rates and capitalization rates. The seven office-focused Australian REITs (AREITs) we rate showed resilience to our stress tests on rental and asset-value declines. Its a bit of a mouthful but its very important! In the report, Fitch noted that office valuations across the country for the financial year ended in June 2021 were relatively stable compared to FY20, with only slight reductions in capitalisation rates across the REITs. As opposed to hoping it goes up in price, so to speak ???????? As they invest elsewhere banks will continue to be a smaller part of the portfolio, but there does come a time then become cheap and worth buying into again. Debate about the future of offices also poses some tough questions for investors about the growth prospects for real estate investment trusts investing in office property, particularly high-rise central business district offices. Forecast yields for major funds, such as Dexus. COF is Australias largest pure play office REIT (A-REIT) and is included in the S&P/ASX300 Index. (adsbygoogle = window.adsbygoogle || []).push({}); REITsWeek is a publisher of news and data on REITs, and securitised real estate investments. But why would somebody invest in REITs versus a regular company or an index fund? For most of us, REITs are relatively easy to understand and can provide a high yield in a low interest rate environment. Thanks to low and falling interest rates, REITs have had a tailwind for a number of years. They also have a reasonably high occupancy rate of over 98%. Right now VAS is 7.17% REITs. I also wanted a bit more property exposure to reduce the bank-heavy focus of LICs and ETFs banks have just had a terrible week, and I think it will only get worse with these fines it wont end with Westpac, NAB has previously self-reported AML/CTF shortcomings which havent been dealt with yet. Both hold 30 REITs. REITs provide investors with a way to invest in real estate without having to purchase and manage the properties themselves. Their properties offer self-storage to individuals and businesses, vehicle storage, as well as climate-controlled wine storage. Centuria invests mostly in well-located fringes of cities, to avoid areas which can be saturated with office space, like the CBD. Well look at the types of REITs available, the pros and cons, as well as the risks involved. I basically wont buy VAP unless the price sinks to about $75/ share. Further, most of the major office REITs increased incentives to tenants, and this will weigh on effective rents going forward, Fitch posits. The technical storage or access that is used exclusively for anonymous statistical purposes. That said, issuers do hold additional capital management levers including equity raisings, reduction of distributions and the introduction of third-party capital to continue operating within their gearing ranges. Yeah Im totally with you there. Updated: February 2022. Meanwhile, enduring work-from-home habits will require shifts in broader strategies. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Contact Us | Advertise | Errors/Corrections/Feedback | About Us | Disclaimer | Terms of Service | Support | Privacy Policy | Refund 2016-2023 FKnol.com. An investor may want more exposure than this for various reasons. We believe this trend of a "flight to quality" will persist and offer protection to landlords with purpose-built, refurbished, prime-grade office buildings. DJRE currently trades on a dividend yield of 3.7% (or it appears 3.2% after fees). Theme: Newsup by Themeansar. But the value of real estate helps reduce the risk of a REIT investment being a complete disaster. Fitch Ratings-Sydney-29 June 2023: Office valuations will be the key focus in Australian REITs' results for the financial year ending June 2023 (FY23), as the sector grapples with uncertainties and structural changes amid the rise in flexible working . Many trends were already playing out prior to the pandemic, such as co-working, mixed-use developments and flexible arrangements. As for Centuria Capital Group ( ASX: CNI ), which runs the above 2 real estate investment trusts (REITs) as well as investing in unlisted . Self-storage REITs develop storage spaces of various shapes and sizes and then rent them out to collect an income. Real estate investment trusts (REITs) are exactly as they sound investment trusts that invest in real estate. Another depressant is weakened business confidence amid inflationary pressures and a higher cost of debt. Fitch believes that this will be aided by their higher weighting towards premium and Grade A office buildings, which are more easily adapted to new demand for space and health requirements, and their longer weighted-average lease expiries, which give them time to adapt. I look at the numbers, pros and cons, things to consider, and whos best suited to take on a side hustle. Its up to you of course, but remember that what you paid 6 years ago shouldnt sway your decisions today. Most companies youll see in the residential business are developers, not long term investors. But theyre certainly not without risk. Youll also see them called listed property trusts. S&P Global Ratings' credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). By Marc Rapport - Jun 21, 2023 at 8:15AM Key Points Office owners have been hammered as remote work continues to. Nice work on BWP, Ive looked at it in the past. Further, the publisher of REITsWeek does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on this website. Each REIT will be different, but a few I follow are reporting slightly lower earnings due to rate rises. No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poors Financial Services LLC or its affiliates (collectively, S&P). A simple Aussie index fund has a similar yield (and greater when franking credits are included), which comes with far greater diversification and arguably better growth prospects. We test whether financial cushions can withstand three scenarios on lease renewal rates: at 60%, 70% and 80%, over fiscals 2023-2025. Centuria Office REIT: COF: Units: 10/12/2014: Cromwell Property Group: CMW: Stapled: 1/02/1973: Charter Hall Education Trust: CQE: Units: 1/05/2003: Charter Hall Retail . Indian REIT market is currently evolving and holds significant potential for growth. Perhaps, But Go in with Eyes Wide Open. But as I see it, investing in a couple of REITs is unlikely to be as hit-and-miss as choosing individual businesses looking for the next big growth idea. There are no specific REIT rules in Australia and they can be both publicly and non-publicly listed and sector-specific (ex. thanks for the re visit Dave! 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