Listed Property

Dear Investor,

The Tamim Listed Property Fund was down -0.29% in May, as the broader REIT market recovered. Australian REITS were up +2.79% while global REITS were down -0.18%. The Tamim Listed Property Fund remains anchored in quality, patiently compounding income while positioning for further upside.

Australian Listed REIT Portfolio (AUD)

Investor confidence improved in May on the back of moderating inflation and increasing expectations that the Reserve Bank of Australia is approaching the beginning of an easing cycle. While the broader sector benefited from renewed buying across larger capitalisation REITs, the Fund’s more selective approach favours businesses with resilient cash flows, conservative balance sheets and attractive long-term valuations over momentum-driven market moves. This positioning continues to prioritise downside protection and sustainable income generation rather than short-term benchmark performance.

The strongest contributor during the month was HomeCo Daily Needs REIT, which benefited from continued investor demand for defensive retail assets anchored by supermarkets, healthcare and essential service tenants. The resilience of these income streams continues to support rental growth and occupancy despite a mixed consumer backdrop.

Goodman Group also delivered a strong contribution as investors once again focused on the structural growth story underpinning logistics property. Demand for high-quality distribution facilities remains robust, supported by ongoing investment in supply chain infrastructure, e-commerce and data-enabled logistics. The company continues to demonstrate strong development profitability and leasing momentum despite elevated construction costs.

Retail landlords Scentre Group and GPT Group also contributed positively during the month as leasing conditions across premium shopping centres remained healthy and tenant sales continued to improve. These businesses remain well positioned to benefit from resilient consumer traffic and stable rental collections.

Offsetting these gains were weaker performances from Dexus, where concerns surrounding office property valuations and transaction activity continued to weigh on sentiment, together with Lendlease, which remains in the midst of a strategic simplification programme. Waypoint REIT and BWP Trust also recorded modest declines despite their stable underlying operating performance.

At the end of May, the portfolio remained well diversified across Australia’s leading listed property companies, providing flexibility should further investment opportunities emerge. The Fund continues to favour high-quality retail, industrial and specialist property owners while maintaining a cautious stance towards sectors facing longer-term structural challenges.

Although the Fund underperformed the benchmark during the month, we remain confident that our emphasis on quality assets, strong management teams and sustainable cash flows will continue to generate attractive long-term risk-adjusted returns for investors.

International Property Portfolio

Global listed property was broadly flat during May as investors balanced easing inflation expectations against ongoing uncertainty surrounding the pace of global monetary policy. The international portfolio generated a modest positive return during the month, supported by resilient underlying operating performance across several key property sectors.

Industrial logistics remained one of the strongest contributors. Prologis, the world’s largest owner of logistics facilities, continues to benefit from robust leasing demand across North America and Europe. Occupancy levels remain high, rental spreads continue to expand, and customers remain focused on improving supply chain resilience despite a softer economic environment.

Digital infrastructure also remained a source of strength. Equinix and Digital Realty continue to benefit from accelerating demand for data centre capacity as cloud computing, artificial intelligence applications and enterprise digital transformation drive unprecedented investment in digital infrastructure. Although valuation multiples remain sensitive to interest rate expectations, the long-term growth outlook for these businesses remains exceptionally strong.

Within residential property, AvalonBay Communities and Equity Residential continue to report stable occupancy and healthy rental collections across major U.S. metropolitan markets. While new apartment supply has increased in selected regions, demographic trends and ongoing affordability constraints continue to support long-term rental demand.

Healthcare property also performed steadily during the month. Welltower and Ventas continue to benefit from improving occupancy across senior housing communities as demographic tailwinds strengthen. Both companies are experiencing improving operating margins as occupancy recovers and rental growth offsets higher operating costs.

The portfolio’s exposure to self-storage through Public Storage also provided resilience. The sector continues to demonstrate strong pricing power, predictable cash flows and relatively low capital expenditure requirements, making it one of the more defensive segments within listed property.

Although several holdings experienced modest valuation movements during the month, the underlying operational performance across the portfolio remained encouraging. Rental collections remain strong, occupancy rates are generally high, and management teams continue to focus on capital discipline, balance sheet strength and shareholder returns.

We continue to believe the portfolio is well positioned to benefit from the powerful structural themes shaping global real estate, including logistics modernisation, ageing populations, digital infrastructure investment and resilient residential demand. As monetary policy gradually becomes more accommodative across major economies, we believe these high-quality property businesses are well placed to deliver attractive long-term income and capital growth for investors.