The FTSE EPRA/NAREIT Developed Index (hedged to AUD) posted a return of -2.36% for the fourth quarter and 2016 ends in positive territory with a yearly return of 5.99%. There were only a handful of “hot” stocks during the quarter, and those included US hotels, Japanese developers and US office stocks. All, coincidentally, had underperformed in 2016 before rising in the fourth quarter. Losers included Singapore REITs, US higher yield names, European retail, and German residential stocks.
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