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.
澳交所信託(ASX REITs)週二收盤微跌，而其他股市則收漲。
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%.
本基金尋求於東歐地區註冊的主要權益關聯發行人的長期升值投資。$S&P/ASX 200 A-REIT OPIC (OXPJ.AU)$ 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，讓我們先來看看今天最重要的參與者都做了什麼。
How did the major ASX REITs fare today?
今天澳交所(REITs)的主要參與者表現如何？
Here is a snapshot of how the ASX REITs performed on Tuesday.
以下是澳交所(REITs)在星期二的表現快照。
In order of descending market capitalisation:
按照市值從高到低的順序：
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集團（ASX：GMG）股票收盤下跌0.21%，至33.36美元。
Scentre Group（ASX：SCG）股票收盤下跌0.28%，至3.54美元。
Stockland Corporation Ltd（ASX：SGP）股票收盤上漲0.19%，至5.21美元。
Vicinity Centres（ASX：VCX）股票收盤下跌0.44%，至2.28美元。
GPt集團（ASX：GPT）股票收於5.09美元，下跌0.20%。
Expert explains the pros of investing in ASX REITs
專家解釋了在ASX REITs進行投資的優點。
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上發表的一篇文章中表示，REITs使投資者能夠在不直接擁有物理房地產的情況下參與商業地產市場。
Commercial property includes office towers, shopping malls, industrial warehouses, residential developments, and self-storage units.
商業地產包括辦公樓、購物中心、工業倉庫、住宅開發項目和自存儲單元。
The potential benefits of REITs include income generation, portfolio diversification, and liquidity.
REITs的潛在好處包括產生收入、組合多樣化和流動性。
On income generation, Maguchu explains:
關於收入的產生，Maguchu解釋道：
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產生的淨收入可能是穩定且可預測的。它包括所持物業的租金收入減去借款的利息成本。
爲了符合稅收豁免條件，A-REITs通常將大部分收入作爲分紅派給股東。
作爲收入重心的投資者，A-REITs 是一個潛在的選擇，因爲A-REITs 在歷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 提供了對ASX股票、債券和其他資產類別的多樣化投資。
This can lower overall portfolio risk because the performance of ASX REITS is less correlated to other asset classes, he said.
這可以降低整體投資組合的風險，因爲ASX REITs 的表現與其他資產類別的相關性較低，他說。
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 僅投資於一種類型的物業，比如購物中心，如果多樣化是首要考慮因素，投資者需要考慮這一點。
REITs are also a cheap way to buy property and can be sold quickly, with access to funds within two days.
REITs 也是一種廉價的購買房地產的方式，可以快速出售，在兩天內即可獲得資金。
This compares to a typical four to six-week sales campaign and a six-week settlement period for physical property.
與典型的四到六週的銷售活動和六週的房產結算期相比，這是很快的。
ASX REITs are also professionally managed, while physical property requires at least some input from the landlord.
ASX REITs 也是由專業管理的，而實體房地產至少需要房東的參與。
State Street also considers them an inflation hedge because real estate values have historically risen with inflation.
State Street 還認爲它們是對抗通脹的一種避險手段，因爲房地產價值在歷史上與通脹一起上漲。
Here are the risks of REITs
以下是房地產投資信託的風險
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房地產信託的風險包括受到房地產市場衰退、利率期貨上升以及管理風險的影響。
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，經濟衰退、物業供應過剩和租金下降都可能對房地產投資信託造成負面影響。鑑於房地產投資信託利用槓桿買入資產，它們對升高或較高的利率也很敏感。
He says:
他說：
Rising interest rates can increase borrowing costs and make yield-focused investments like A-REITs less attractive, potentially reducing their unit prices.
利率上升會增加借貸成本，使像A-REITs這樣以收益爲重點的投資變得不那麼有吸引力，可能會降低其單位價格。
REIT values can be volatile, just like ASX shares, and can be influenced positively or negatively by the equity market's momentum.
房地產投資信託的價值可能會波動，就像ASX股票一樣，可能會受到股票市場動量的積極或消極影響。
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.
它們也提供的潛在資本增值低於實物物業。這是因爲ASX房地產信託通常會分配大部分淨租金收入，留下很少資金用於新投資。
Maguchu comments:
Maguchu評論說：
This, therefore, reduces the potential for capital growth except in the case of property market upturns.
因此，在房地產市場上升的情況下，這減少了資本增長的潛力。
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!
最後，儘管信託的專業管理可以被視爲投資者的好處，但這僅限於經理們擅長他們所做的事情的情況下！
Maguchu says:
Maguchu說：
Poor management decisions can lead to sub-optimal property purchases and leasing strategies in a competitive market.
在競爭激烈的市場中，糟糕的管理決策可能導致次優的房地產購買和租賃策略。
