June 2023 Performance
In the month of June (to June 27), Canadian REITs were down ~3% on an unweighted basis, trailing the broader S&P/TSX Composite Index, as shown in the table in Exhibit 6. The top-performing REITs/REOCs on the month were Flagship REIT (+7%), Slate Grocery REIT (+6%) and Tricon (+3%), while Northwest Healthcare REIT (-18%) and Dream Office REIT
(-14%) lagged.
Year to date, asset class performance is as follows: Office (-31%), Retail (-11%), Diversified (-11%), Hotel (-10%), Seniors (+2%), Apartments (+6%), and Industrial (+6%). Year to date, the top-performing REITs (as shown in the bar chart in Exhibit 5) are Boardwalk REIT (+23%), Dream Residential REIT (+19%), Dream Industrial REIT (+15%), and Canadian
Apartment REIT (+14%), while True North Commercial REIT (-58%), Slate Office REIT (-54%) and Northwest Healthcare (-33%) lagged.