Asia Pacific Capital Markets Hub 2024 - 2025

Table 2: Total Return

Representative Indicator ： Tokyo SE REIT Index 2024 ： -4.6% 2023 ： -0.3% 2022 ： -4.8% Japan Representative Indicator: Tokyo SE REIT Index 2024: -4.6% 2023: -0.3% 2022: -4.8% Singapore Representative Indicator: iEdge S-REIT Index 2024: 3.0% 2023: 7.0% 2022: -11.9% Hong Kong (China) Representative Indicator: Hang Seng REIT Index 2024: -16.4% 2023: -23.0% 2022: -23.7% Japan

2021: 20.0% 2020: -13.4%

2019 ： 26.5% 2019: 26.5%

2021 ： 20.0%

2020 ： -13.4%

2021: 6.2% 2020: -2.2%

2019: 27.4%

2021: 0.1% 2020: -13.5%

2019: 7.0%

Source: Singapore Exchange, based on local currency

Figure 11: Total Return Rate in the Singapore REIT Market by Property Type (2024)

-10% -8% -6% -4% -2% 0% 2%

4% 6%

8% 10% 12%

Industrial/Logistics

Industrial/Logistics

-7.9%

Diversified

Diversified

-5.6%

Hotel

Hotel

-5.4%

Office

Office

-5.1%

Retail

Retail

-2.1%

Source: website of Singapore Exchange, compiled by Cushman & Wakefield.

Healthcare

6.9%

Specialized (Data Center)

9.7%

19