CIBC NotesApril 2023 Performance
In the month of April (to April 28), Canadian REITs were down ~2% on an unweighted basis, while the broader S&P/TSX Composite Index increased by ~3% over the same period, as shown in the table in Exhibit 10. The top-performing REITs/REOCs on the month were Boardwalk REIT (+5%), Canadian Apartment REIT (+5%) and Invesque (+5%), while Slate Office REIT (-39%) and Inovalis REIT (-12%) lagged.
Year to date, asset class performance is as follows: Office (-24%), Hotel (-7%), Diversifieds
(-5%), Retail (-1%), Seniors (+1%), Apartments (+9%), and Industrial (+16%). Year to date,
the top-performing REITs (as shown in the bar chart in Exhibit 9) are Dream Industrial REIT
(+29%), Dream Residential REIT (+27%), Granite REIT (+24%), and Boardwalk REIT
(+18%), while Slate Office (-49%), True North Commercial REIT (-45%) and Artis (-19%)
have lagged.