The iEdge S-REIT Index ended the third quarter of 2021 relatively flat with 0.2 per cent total returns, in line with global REIT markets which declined towards the latter half of the quarter due to steepening of yield curves. This brings the index year-to-date total returns to 4.5 per cent. There are 20 trusts which outperformed the index in Q3 2021, including ten of the 11 trusts that entered the FTSE EPRA Nareit Global Developed Index following the most recent September review. The top five performing trusts, which were all recent index inclusions, were: OUE Commercial REIT (14.2 per cent), Starhill Global REIT (12.4 per cent), ARA LOGOS Logistics Trust (10.1 per cent), Far East Hospitality Trust (9.9 per cent), and ESR-REIT (9.3 per cent). These five trusts received net institution