Listed A-REITs - Trading Metrics - 11 September 2023

Trading Metrics of the listed A-REITs on a sector by sector basis

Core Property has released our latest Trading Metrics Report, which has been updated to include the results from 34 ASX-listed property securites following the August 2023 reporting season. Some of the key points in the report include:
  • Falling asset values, due to an average 34 bps increase in capitalisation rates, resulting in statutory losses for many REITs.
  • Average Core earnings declined by 3.2% over the previous corresponding period.
  • FY23 distributions were on average 2.7% lower, however guidance for FY24 is for this to increase to be 5.3% lower on average, as higher finance costs flow through to earnings.
  • The listed property is currently trading on a 6.6% distribution yield (excluding fund managers) with a wide range of yields from 4.0% - 11.1%.
  • Security prices are trading at an average 25.2% discount to NTA.