November 2023 Performance
In the month of November (to November 28), Canadian REITs were up ~3% on an
unweighted basis, trailing the broader S&P/TSX Composite Index, as shown in the table in
Exhibit 14. Extendicare (+18.8%), Tricon (+18.4%) and Dream Office (+15%) posted positive
gains, while American Hotel (-48.6%) and Inovalis (-44.8%) lagged.
Year to date, asset class performance is as follows: Hotel (-71%), Office (-57%), Diversified
(-16%), Retail (-9%), Industrial (-6%), Seniors (-5%), and Apartments (~0%). Year to date, the
top-performing REITs (as shown in the bar chart in Exhibit 13) are Chartwell (+35.8%),
Boardwalk REIT (+35.7%), Extendicare (+12.8%), and Dream Industrial (+10.7%), while Slate
Office REIT (-80%), and True North Commercial (-76%) lagged. The table in Exhibit 14
summarizes the S&P/TSX Composite Index return attribution, while the bar chart in Exhibit 11
provides the total returns by property type in 2023 thus far.