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Timbercreek Global Real Estate Income Fund

Manager Commentary

The Timbercreek Global Real Estate Income Fund is pleased to provide you with a quarterly update which highlights the Fund's performance, portfolio changes and market commentary from the Portfolio Manager.

Third Quarter 2018 Highlights

  • Heading into the final three months of 2018, the global economy remains resilient and is projected to increase +3.7% this year and next despite the recent spike in volatility and sell-off in equity prices. This projection has positively influenced the demand within the commercial and residential space. 
  • In Canada, same property net operating income (NOI) growth accelerated year-over-year to +3.2%, its best since 2008 and was led by apartments, senior housing and retail REITs1.
  • The Fund generated a -0.9% total return (CAD) in the quarter and is up 2.8% (CAD) through the first nine months of 2018. 
  • The Fund’s exposure to REIT preferred shares and direct real estate investments positively contributed to performance, gaining +2.3% (CAD) and +0.8% (CAD) respectively and outpacing common equities.  We believe direct real estate and preferred shares dampen volatility and provide the Fund with an attractive dividend yield.

1Scotiabank

For further commentary, please click on the link below.

Quarterly Manager Commentary

Global Real Estate Securities investments are managed by Timbercreek Investment Management Inc.