Thinking About Buying ASX REITs? Expert Outlines the Pros and Cons
Thinking About Buying ASX REITs? Expert Outlines the Pros and Cons
If you're thinking of investing in REITs, Clive Maguchu from State Street Global Advisors has some advice. ASX REITs, or real estate investment trusts, finished slightly in the red on Tuesday, while with the rest of the market finished in the green.
澳交所信托(ASX REITs)周二收盘微跌，而其他股市则收涨。
The $S&P/ASX 200 A-REIT OPIC (OXPJ.AU)$ finished down 0.028%, while the $S&P/ASX 200 (.XJO.AU)$ finished up 0.30%.
本基金寻求于东欧地区注册的主要权益关联发行人的长期升值投资。$S&P/ASX 200 A-REIT OPIC (OXPJ.AU)$ finished down 0.028%, while the $S&P/ASX 200 (.XJO.AU)$ finished up 0.30%.
Over the past 12 months, REITs have risen by 27.34%, while the ASX 200 has lifted by 11.40%.
Over the past 12 months, REITs have risen by 27.34%, while the ASX 200 has lifted by 11.40%.
If you're thinking of investing in REITs, Clive Maguchu from State Street Global Advisors has some advice.
If you're thinking of investing in REITs, Clive Maguchu from State Street Global Advisors has some advice.
But before we get to that, let's look at what the biggest players did today.
但在此之前，让我们先来看看今天最重要的参与者都做了什么。
How did the major ASX REITs fare today?
今天澳交所(REITs)的主要参与者表现如何？
Here is a snapshot of how the ASX REITs performed on Tuesday.
以下是澳交所(REITs)在星期二的表现快照。
In order of descending market capitalisation:
按照市值从高到低的顺序：
Goodman Group (ASX: GMG) shares finished down 0.21% to $33.36
Scentre Group (ASX: SCG) shares finished down 0.28% to $3.54
Stockland Corporation Ltd (ASX: SGP) shares finished up 0.19% to $5.21
Vicinity Centres (ASX: VCX) shares finished down 0.44% to $2.28
GPT Group (ASX: GPT) shares finished down 0.20% to $5.09.
Goodman集团（ASX：GMG）股票收盘下跌0.21%，至33.36美元。
Scentre Group（ASX：SCG）股票收盘下跌0.28%，至3.54美元。
Stockland Corporation Ltd（ASX：SGP）股票收盘上涨0.19%，至5.21美元。
Vicinity Centres（ASX：VCX）股票收盘下跌0.44%，至2.28美元。
GPt集团（ASX：GPT）股票收于5.09美元，下跌0.20%。
Expert explains the pros of investing in ASX REITs
专家解释了在ASX REITs进行投资的优点。
In an article published on asx.com.au, Maguchu said REITs allow investors to gain exposure to the commercial property market without directly owning physical real estate.
Maguchu在asx.com.au上发表的一篇文章中表示，REITs使投资者能够在不直接拥有物理房地产的情况下参与商业地产市场。
Commercial property includes office towers, shopping malls, industrial warehouses, residential developments, and self-storage units.
商业地产包括办公楼、购物中心、工业仓库、住宅开发项目和自存储单元。
The potential benefits of REITs include income generation, portfolio diversification, and liquidity.
REITs的潜在好处包括产生收入、组合多样化和流动性。
On income generation, Maguchu explains:
关于收入的产生，Maguchu解释道：
The net income generated by A-REITs can potentially be consistent and predictable. It includes rental income from the properties held, less interest costs from borrowings.
To qualify for tax exemptions, A-REITs typically distribute the majority of their income to shareholders as dividends.
This makes A-REITs a potential option for income-focused investors as A-REITs have historically provided more income than shares ...
A-REITs产生的净收入可能是稳定且可预测的。它包括所持物业的租金收入减去借款的利息成本。
为了符合税收豁免条件，A-REITs通常将大部分收入作为分红派给股东。
作为收入重心的投资者，A-REITs 是一个潜在的选择，因为A-REITs 在历史上提供的收入比股票更多...
Maguchu says ASX REITs provide diversification from ASX shares, bonds, and other asset classes.
Maguchu 表示，ASX REITs 提供了对ASX股票、债券和其他资产类别的多样化投资。
This can lower overall portfolio risk because the performance of ASX REITS is less correlated to other asset classes, he said.
这可以降低整体投资组合的风险，因为ASX REITs 的表现与其他资产类别的相关性较低，他说。
However, he notes that some REITs are only invested in one type of property, such as shopping centres, and investors need to take this into account if diversification is a priority.
然而，他指出，一些REITs 仅投资于一种类型的物业，比如购物中心，如果多样化是首要考虑因素，投资者需要考虑这一点。
REITs are also a cheap way to buy property and can be sold quickly, with access to funds within two days.
REITs 也是一种廉价的购买房地产的方式，可以快速出售，在两天内即可获得资金。
This compares to a typical four to six-week sales campaign and a six-week settlement period for physical property.
与典型的四到六周的销售活动和六周的房产结算期相比，这是很快的。
ASX REITs are also professionally managed, while physical property requires at least some input from the landlord.
ASX REITs 也是由专业管理的，而实体房地产至少需要房东的参与。
State Street also considers them an inflation hedge because real estate values have historically risen with inflation.
State Street 还认为它们是对抗通胀的一种避险手段，因为房地产价值在历史上与通胀一起上涨。
Here are the risks of REITs
以下是房地产投资信托的风险
On the flip side, the risks of ASX REITs include impacts from a property market downturn, higher interest rates, and management risks.
另一方面，ASX房地产信托的风险包括受到房地产市场衰退、利率期货上升以及管理风险的影响。
Maguchu says economic downturns, an oversupply of properties, and falling rents can negatively impact REITs. Given that REITs use gearing to buy assets, they are also sensitive to rising or higher interest rates.
Maguchu表示，经济衰退、物业供应过剩和租金下降都可能对房地产投资信托造成负面影响。鉴于房地产投资信托利用杠杆买入资产，它们对升高或较高的利率也很敏感。
He says:
他说：
Rising interest rates can increase borrowing costs and make yield-focused investments like A-REITs less attractive, potentially reducing their unit prices.
利率上升会增加借贷成本，使像A-REITs这样以收益为重点的投资变得不那么有吸引力，可能会降低其单位价格。
REIT values can be volatile, just like ASX shares, and can be influenced positively or negatively by the equity market's momentum.
房地产投资信托的价值可能会波动，就像ASX股票一样，可能会受到股票市场动量的积极或消极影响。
They also offer less potential capital appreciation than physical property. This is because ASX REITs typically distribute the majority of their net rental income, leaving little funds for new investments.
它们也提供的潜在资本增值低于实物物业。这是因为ASX房地产信托通常会分配大部分净租金收入，留下很少资金用于新投资。
Maguchu comments:
Maguchu评论说：
This, therefore, reduces the potential for capital growth except in the case of property market upturns.
因此，在房地产市场上升的情况下，这减少了资本增长的潜力。
Finally, while the professional management of REITs can be viewed as a benefit for investors, this is only the case if the managers are good at what they do!
最后，尽管信托的专业管理可以被视为投资者的好处，但这仅限于经理们擅长他们所做的事情的情况下！
Maguchu says:
Maguchu说：
Poor management decisions can lead to sub-optimal property purchases and leasing strategies in a competitive market.
在竞争激烈的市场中，糟糕的管理决策可能导致次优的房地产购买和租赁策略。
