April 2023 trading metrics

April 2023 trading metrics
Core Property's Trading Metrics report provides a review of what is happening in the listed property sector with key trading metrics. Some of the key points in the report include:
  • The listed property sector delivered a total return of +0.5% in the March 2023 quarter, with returns impacted by interest rate concerns. The RBA has held the cash rate steady in April 2023, providing some relief for the commercial property market after 10 months of consecutive rate rises.
  • The sector has remained active with recent transactions including Elanor Investors' acquisition of the Challenger $3.4 billion real estate platform, and HMC Capital's acquisition of 11 healthcare assets valued at $1.2 billion. Capital raisings were announced by Healthco Healthcare & Wellness REIT and National Storage REIT; and key management changes were undertaken at Mirvac, Vicinity, GPT and GDI.
  • Distribution yields currently average 6.0%, with a wide range of yields from 4.1% - 10.3%.
  • Security prices are trading at an average 21% discount to NTA.
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