Connect with us on
Connect with us on
A megatrend that emerged from the last decade and continues to gain momentum is the pivot by investors to non-traditional forms of real estate. The onset of the pandemic has notably accelerated the focus on new economy assets, including those that provide vital infrastructure to the digital economy, such as data centers and logistics. Another powerful trend is the move towards ESG initiatives.
APREA took the opportunity to convene a panel of experts during the association’s annual Asia Pacific Market Outlook 2022 conference to explore how investors are leveraging on these shifts in their investments.
Read MoreBy Hiroshi Torii
Senior Analyst, Equity Research/REITs
SMBC Nikko Securities Inc.
10 Sep 2021 is the 20th anniversary of the creation of the J-REIT market, which was born on 10 Sep 2001 with the TSE listing of Nippon Building Fund (8951, NBF) and Japan Real Estate (8952, JRE). Amid changing externals, the J-REIT market has passed through periods of stability, frenetic activity, and sluggishness, and has steadily grown in size while working to improve unresolved market issues. Total J-REIT market cap was just Y250bn (acquisition value Y320bn) at end-September 2001, but expanded to Y17.6tn (Y20.9tn) by end-August 2021.
Though the market has good and bad years in terms of performance, income gains (dividends) have built up steadily and the total return (incl dividends) over the 20 years from 10 Sep 2001 to end-August 2021 was +416%, much higher than the +166% for TOPIX. We think the size of J-REIT income gains (incl compound interest) deserves another look.
J-REITs play a crucial role as buyers of domestic real estate. The growth of the J-REIT market has not only revitalized the Japanese real estate market, but has also helped significantly improve market transparency by enhancing disclosure around property transactions and earnings. This has expanded the opportunities for a wide range of investors to access the total returns generated by J-REITs. We look for continued improvement of unresolved issues to unlock further market growth and higher profile.
In this report, we review various aspects of the J-REIT market over the past 20 years. We also look at the 20 biggest events impacting the J-REIT market over the past two decades, and rank the J-REITs based on their performance on several key metrics over the past 20 years. We also highlight issues that the J-REIT market needs to address in the next 10 years.
Read MoreWith increasing attention on the effects of climate change, decision-makers are urgently demanding climate-related information. This is reaffirmed by the introduction of mandatory climate reporting by the Singapore Exchange (SGX) and the prioritisation of climate-related disclosures in the International Sustainability Standards Board (ISSB)’s highly anticipated IFRS Sustainability Disclosure Standards proposals, both of which are based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD Recommendations). ISSB’s proposals also incorporate industry-based disclosure requirements derived from Sustainability Accounting Standards Board.
This guide seeks to help Singapore-listed companies meet SGX’s requirements for climate reporting. In addition, given the strong signals from key stakeholder groups, even non-listed companies must consider if sufficient climate-related information is available to meet stakeholder expectations, and this guide will be useful for voluntary adoption of the TCFD Recommendations as well.
To provide practical guidance on how to adopt the TCFD Recommendations, the guide features exemplary disclosures sourced from local forerunners and global exponents that illustrate how the various recommended disclosures can be met.
Also covered in the guide are the learning experiences of advanced adopters, with practical considerations gleaned from their experiences and other observations to further smoothen the journey for new adopters.
This guide is developed with the support of SGX, ISCA’s Sustainability and Climate Change Committee (SCCC) and the SCCC Sustainability Excellence Sub-Committee, in support of the Singapore Green Plan 2030.
This guide was first published in https://isca.org.sg/standards-guidance/sustainability-and-climate-change/thought-leadership/isca-climate-disclosure-guide---taking-first-steps-towards-climate-related-disclosures
Read MoreA collaboration between PwC and APREA, this report aims to provide an overview of the Indian REIT and InvIT market, and how various stakeholders can benefit by investing in these trusts. It also elaborates on regulations governing the structure of these instruments in India and compares REIT markets across major countries in the world.
Read MoreThe commercial real estate industry is navigating changing dynamics with the rise of flexible office spaces and hybrid working environments. Landlords and operators looking to capitalise on these changes, must invest in technology that enables them to optimise the user experience and reduce time to value.
The eBook will cover the decision flow of commercial landlords and multi-site flexible office providers when investing in a new technology solution for their business portfolio with common use cases:
