{"id":34305,"date":"2025-07-08T16:06:11","date_gmt":"2025-07-08T08:06:11","guid":{"rendered":"https:\/\/aprea.asia\/?page_id=34305"},"modified":"2025-08-13T09:20:35","modified_gmt":"2025-08-13T01:20:35","slug":"aprea-member-reit-reports","status":"publish","type":"page","link":"https:\/\/www.aprea.asia\/ja\/aprea-member-reit-reports\/","title":{"rendered":"APREA\u4f1a\u54e1REIT\u30ec\u30dd\u30fc\u30c8"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"34305\" class=\"elementor elementor-34305\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-09afde3 e-flex e-con-boxed e-con e-parent\" data-id=\"09afde3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4fb2776 elementor-widget elementor-widget-heading\" data-id=\"4fb2776\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">APREA Member REIT Reports<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-55b6f15 e-flex e-con-boxed e-con e-parent\" data-id=\"55b6f15\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-c4457c4 e-con-full e-flex e-con e-child\" data-id=\"c4457c4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-937159a e-con-full e-flex e-con e-child\" data-id=\"937159a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element 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class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<nav aria-label=\"Menu\" class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-vertical e--pointer-underline e--animation-fade\">\n\t\t\t\t<ul id=\"menu-1-55845b8\" class=\"elementor-nav-menu sm-vertical\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-34265\"><a href=\"https:\/\/www.aprea.asia\/ja\/about-reits-center\/\" itemprop=\"url\" class=\"elementor-item\">About REITs Center<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-34304\"><a href=\"https:\/\/www.aprea.asia\/ja\/aprea-reit-publications\/\" itemprop=\"url\" class=\"elementor-item\">APREA REIT Publications<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-34316\"><a href=\"https:\/\/www.aprea.asia\/ja\/aprea-member-reit-reports\/\" itemprop=\"url\" class=\"elementor-item\">APREA Member REIT Reports<\/a><\/li>\n<li 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tabindex=\"-1\">APREA Member REIT Reports<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-34441\"><a href=\"https:\/\/www.aprea.asia\/ja\/aprea-c-reits-roundup\/\" itemprop=\"url\" class=\"elementor-item\" tabindex=\"-1\">APREA C-REITs Roundup<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-34442\"><a href=\"https:\/\/www.aprea.asia\/ja\/reit-center-news\/\" itemprop=\"url\" class=\"elementor-item\" tabindex=\"-1\">REIT News<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-34380\"><a href=\"https:\/\/www.aprea.asia\/ja\/reits-events\/\" itemprop=\"url\" class=\"elementor-item\" tabindex=\"-1\">REIT Events<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-34359\"><a href=\"https:\/\/www.aprea.asia\/ja\/reits-video\/\" itemprop=\"url\" class=\"elementor-item\" tabindex=\"-1\">REIT 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.elementor-element-f4a9361 *\/.elementor-34307 .elementor-element.elementor-element-f4a9361 ul li{\n    list-style: disc;\n}\n.elementor-34307 .elementor-element.elementor-element-f4a9361 ol li{\n    list-style: auto;\n}\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"34307\" class=\"elementor elementor-34307 e-loop-item e-loop-item-38658 post-38658 knowledge-hub type-knowledge-hub status-publish hentry kh_category-reits-center\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-4f938903 e-con-full e-flex e-con e-parent\" data-id=\"4f938903\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40c0d0bc elementor-widget elementor-widget-n-accordion\" data-id=\"40c0d0bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:300,&quot;sizes&quot;:[]},&quot;max_items_expended&quot;:&quot;one&quot;}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1080\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1080\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Trend in foreign ownership of J-REIT units <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1080\" class=\"elementor-element elementor-element-2456ab05 e-con-full e-flex e-con e-child\" data-id=\"2456ab05\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f4a9361 elementor-widget elementor-widget-theme-post-content\" data-id=\"f4a9361\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-content.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<p>By Shai Greenberg; Hiroshi Takahashi; Akira Ota<\/p>\n\n\n\n<p>Purpose<\/p>\n\n\n\n<p>This study examines trends in the foreign ownership ratio of Japanese real estate investment trusts (REITs) from 2014 to 2023. Using panel regressions, it explores how firm characteristics, macroeconomic factors and policy interventions shape foreign investment patterns, offering insights for managers, investors and policymakers.<\/p>\n\n\n\n<p>Design\/methodology\/approach<\/p>\n\n\n\n<p>Using panel regression (fixed and random effects) on 33 J-REITs, this study analyses firm-level, asset type, sponsorship and macro-financial factors as well as the impact of inclusion in the FTSE EPRA\/NAREIT Global Index effect on foreign ownership.<\/p>\n\n\n\n<p>Findings<\/p>\n\n\n\n<p>Market capitalization, yen appreciation, hotel sector exposure and global index inclusion are positively associated with foreign ownership, whereas higher leverage, Bank of Japan J-REIT purchases, stronger ROA, higher policy rates and logistics sector exposure are negatively associated.<\/p>\n\n\n\n<p>Practical implications<\/p>\n\n\n\n<p>The findings provide actionable insights: for investors, market size, sector and index inclusion signal liquidity and accessibility; for J-REITs, asset risk\u2013return characteristics, sector choice and leverage discipline matter; for policymakers, index engagement and monetary policy influence foreign capital flows.<\/p>\n\n\n\n<p>Originality\/value<\/p>\n\n\n\n<p>To the best of our knowledge, this is the first study to apply panel regression to foreign ownership of J-REITs, highlighting sectoral and macro-financial drivers and providing evidence from the world&#8217;s third-largest REIT market.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a09f835 elementor-align-right elementor-widget elementor-widget-button\" data-id=\"3a09f835\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.aprea.asia\/ja\/knowledge-hub\/trend-in-foreign-ownership-of-j-reit-units\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW FULL ARTICLE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"34307\" class=\"elementor elementor-34307 e-loop-item e-loop-item-36314 post-36314 knowledge-hub type-knowledge-hub status-publish hentry kh_category-c-reits-roundup kh_category-reits-center\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-4f938903 e-con-full e-flex e-con e-parent\" data-id=\"4f938903\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40c0d0bc elementor-widget elementor-widget-n-accordion\" data-id=\"40c0d0bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:300,&quot;sizes&quot;:[]},&quot;max_items_expended&quot;:&quot;one&quot;}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1080\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1080\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> APREA C-REITs Roundup (July 2025) <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1080\" class=\"elementor-element elementor-element-2456ab05 e-con-full e-flex e-con e-child\" data-id=\"2456ab05\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f4a9361 elementor-widget elementor-widget-theme-post-content\" data-id=\"f4a9361\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-content.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<p class=\"\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">C-REITs returns fell marginally by 0.3% M-o-M in July to underperform the region\u2019s REITs, as well as the SSE Composite, which rose 3.7% in the same period. Offshore listed Chinese REITs also rose by over 6% for a second consecutive month.<\/li>\n\n\n\n<li class=\"\">Chinese stocks have bounced off their April lows, with ample domestic liquidity sustaining the rally. Markets are reacting positively to recent government moves to curb excessive price wars and overcapacity in some sectors, which could ease deflation and boost corporate earnings. The increase in risk appetite have likely prompted a rotation out of more defensive stocks, like REITs.<\/li>\n\n\n\n<li class=\"\">The major REIT sectors corrected, with rental housing suffering the largest drop of over 3%. Industrial parks and logistics sectors remained relatively resilient.<\/li>\n<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a09f835 elementor-align-right elementor-widget elementor-widget-button\" data-id=\"3a09f835\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.aprea.asia\/ja\/knowledge-hub\/aprea-c-reits-roundup-july-2025\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW FULL ARTICLE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"34307\" class=\"elementor elementor-34307 e-loop-item e-loop-item-36144 post-36144 knowledge-hub type-knowledge-hub status-publish hentry kh_category-market-outlook kh_category-reits-center\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-4f938903 e-con-full e-flex e-con e-parent\" data-id=\"4f938903\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40c0d0bc elementor-widget elementor-widget-n-accordion\" data-id=\"40c0d0bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:300,&quot;sizes&quot;:[]},&quot;max_items_expended&quot;:&quot;one&quot;}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1080\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1080\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> B&amp;I\u00a0Capital\u00a0Asian\u00a0Market\u00a0Outlook\u00a0&#8211;\u00a0August\u00a02025 <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1080\" class=\"elementor-element elementor-element-2456ab05 e-con-full e-flex e-con e-child\" data-id=\"2456ab05\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f4a9361 elementor-widget elementor-widget-theme-post-content\" data-id=\"f4a9361\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-content.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<p class=\"\"><strong>Asian&nbsp;Market&nbsp;Outlook&nbsp;&#8211;&nbsp;August&nbsp;2025&nbsp;(B&amp;I&nbsp;Capital)<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>Macro Overview<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Favorable backdrop for\u00a0Asian\u00a0REITs<\/strong>\u00a0as inflation cools in Asia ex-Japan and peaks in Japan.<\/li>\n\n\n\n<li class=\"\">Weak US labor data and tariff induced economic instability signal potential Fed easing.<\/li>\n\n\n\n<li class=\"\">Stable to declining inflation across Asia supports RE demand, with high occupancy and rising rents in most sectors.<\/li>\n\n\n\n<li class=\"\">Asian\u00a0RE securities may act as equity safe havens in a weak USD environment.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Japan<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>BOJ closer to rate hike<\/strong>\u00a0amid elevated inflation assessments.<\/li>\n\n\n\n<li class=\"\">JREITs have aggressively sold less competitive assets to fund\u00a0<strong>unit buybacks<\/strong>, maintaining performance despite rate concerns.<\/li>\n\n\n\n<li class=\"\"><strong>Rent growth offsets interest expense<\/strong>; preference remains for Office, Hotel, Diversified, and Logistics REITs.<\/li>\n\n\n\n<li class=\"\">Construction cost increases and regulatory tightening (e.g., Chiyoda ward) may dampen Developer sentiment.<\/li>\n\n\n\n<li class=\"\">Large developers&#8217; Q1 results are expected strong, but short-term catalysts are limited.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Australia<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>RBA held rates steady<\/strong>, but recent trimmed mean inflation suggests easing is likely.<\/li>\n\n\n\n<li class=\"\">FY2025 earnings should\u00a0<strong>meet\/exceed guidance<\/strong>, though FY2026 guidance may be conservative due to slower rate cuts.<\/li>\n\n\n\n<li class=\"\"><strong>Goodman Group<\/strong>\u00a0may underdeliver on guidance due to slow JV\/tenant signings for data centers.<\/li>\n\n\n\n<li class=\"\"><strong>Office\u00a0market\u00a0shows recovery<\/strong>, with peaking vacancy\/incentives\u2014positive for names like Charter Hall, Dexus, and Mirvac.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Hong Kong<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Positive momentum across sectors<\/strong>: Lower HIBOR supports funding, stock\u00a0market\u00a0and IPO activity improving, which has historically led to increase in office space demand.<\/li>\n\n\n\n<li class=\"\"><strong>Luxury retail leads sales growth<\/strong>; residential sector benefits from easing buyer restrictions.<\/li>\n\n\n\n<li class=\"\">Proposal for a\u00a0<strong>\u201cProperty Purchase\u00a0Capital\u00a0Connect\u201d<\/strong>\u00a0could boost demand by 45k units.<\/li>\n\n\n\n<li class=\"\">Preference for\u00a0<strong>Retail REITs<\/strong>\u00a0(e.g., Link REIT, Fortune REIT) and\u00a0<strong>HK Land<\/strong>\u00a0for its\u00a0capital\u00a0return focus and NAV narrowing strategy.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Singapore<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Continued\u00a0<strong>capital\u00a0raises<\/strong>\u00a0(e.g., CICT\u2019s USD 500m for CapitaSpring) reflect proactive acquisition strategies.<\/li>\n\n\n\n<li class=\"\">Falling inflation (&lt;1%) supports\u00a0<strong>lower refinancing costs<\/strong>\u00a0and likely boosts equity demand for REITs.<\/li>\n\n\n\n<li class=\"\">Sector fundamentals remain strong despite some selling pressure to fund\u00a0capital\u00a0raises to create opportunities.<\/li>\n\n\n\n<li class=\"\"><strong>Centurion<\/strong>\u00a0is marketing a new REIT backed by\u00a0<strong>worker dormitory and student accommodation<\/strong>, likely to draw strong interest.<\/li>\n<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a09f835 elementor-align-right elementor-widget elementor-widget-button\" data-id=\"3a09f835\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.aprea.asia\/ja\/knowledge-hub\/bi-capital-asian-market-outlook-august-2025\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW FULL ARTICLE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"34307\" class=\"elementor elementor-34307 e-loop-item e-loop-item-35256 post-35256 knowledge-hub type-knowledge-hub status-publish hentry kh_category-market-outlook kh_category-reits-center\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-4f938903 e-con-full e-flex e-con e-parent\" data-id=\"4f938903\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40c0d0bc elementor-widget elementor-widget-n-accordion\" data-id=\"40c0d0bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:300,&quot;sizes&quot;:[]},&quot;max_items_expended&quot;:&quot;one&quot;}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1080\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1080\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Asian Market Outlook &#8211; July 2025 (B&amp;I Capital) <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1080\" class=\"elementor-element elementor-element-2456ab05 e-con-full e-flex e-con e-child\" data-id=\"2456ab05\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f4a9361 elementor-widget elementor-widget-theme-post-content\" data-id=\"f4a9361\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-content.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<p class=\"\"><strong>Overview:<\/strong>&nbsp;Asian real estate securities are up 17.53% YTD&nbsp;in&nbsp;USD, supported by recovering REITs\/Developers, positive FX, and falling rates reigniting investor interest. Lower borrowing costs&nbsp;in&nbsp;Asia ex-Japan enable earnings upgrades and accretive acquisitions, while a weak USD, low growth, and falling rates continue to support positioning&nbsp;in&nbsp;the sector.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Japan:<\/strong>\u00a0JREITs up 11.9% since January but still trade at a 13% NAV discount. Ongoing asset sales and buybacks continue, while BOJ remains cautious amid US-Japan trade tensions. Fundamentals\u00a0in\u00a0Office and Hotels remain strong, and rising construction costs are limiting new supply.<\/li>\n\n\n\n<li class=\"\"><strong>Australia:<\/strong>\u00a0The RBA is expected to cut rates later this year, with inflation within target and labour markets softening and part-time jobs declining. We are maintaining overweights\u00a0in\u00a0Residential-Diversified, Retail, and Self-Storage. Macro data is expected to drive prices ahead of August earnings.<\/li>\n\n\n\n<li class=\"\"><strong>Hong Kong:<\/strong>\u00a0HK real estate stocks rose over 20%\u00a0in\u00a0H1 2025, supported by falling rates, recovering retail, residential and tourism activity, and underweight investor positioning. HK Land has led gains on asset sales, buybacks, and dividend enhancement, while large-cap developers remain at wide NAV discounts.<\/li>\n\n\n\n<li class=\"\"><strong>Singapore:<\/strong>\u00a0Large-cap SREITs are trading at 2025 highs, supported by falling rates reducing refinancing costs and enabling DPU-accretive deals. The recent NTT Global Data Center REIT IPO was 2.5x oversubscribed with an initial 7.5% yield. New residential cooling measures are unlikely to materially impact the sector.<\/li>\n<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a09f835 elementor-align-right elementor-widget elementor-widget-button\" data-id=\"3a09f835\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.aprea.asia\/ja\/knowledge-hub\/asian-market-outlook-july-2025-bi-capital\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW FULL ARTICLE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"34307\" class=\"elementor elementor-34307 e-loop-item e-loop-item-35253 post-35253 knowledge-hub type-knowledge-hub status-publish hentry kh_category-reits-center\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-4f938903 e-con-full e-flex e-con e-parent\" data-id=\"4f938903\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40c0d0bc elementor-widget elementor-widget-n-accordion\" data-id=\"40c0d0bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:300,&quot;sizes&quot;:[]},&quot;max_items_expended&quot;:&quot;one&quot;}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1080\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1080\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h3 class=\"e-n-accordion-item-title-text\"> Asia Pacific Logistics Occupier Survey 2025 (CBRE) <\/h3><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1080\" class=\"elementor-element elementor-element-2456ab05 e-con-full e-flex e-con e-child\" data-id=\"2456ab05\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f4a9361 elementor-widget elementor-widget-theme-post-content\" data-id=\"f4a9361\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-content.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"337\" src=\"https:\/\/aprea.asia\/wp-content\/uploads\/2025\/07\/Asia_Pacific_Logistics_Occupier_Survey_2025_-_CBRE.jpg\" alt=\"\" class=\"wp-image-35254\" srcset=\"https:\/\/www.aprea.asia\/wp-content\/uploads\/2025\/07\/Asia_Pacific_Logistics_Occupier_Survey_2025_-_CBRE.jpg 600w, https:\/\/www.aprea.asia\/wp-content\/uploads\/2025\/07\/Asia_Pacific_Logistics_Occupier_Survey_2025_-_CBRE-300x169.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p class=\"\">The 2025 CBRE Asia Pacific Logistics Occupier Survey reveals a landscape of cautious optimism among occupiers, shaped by ongoing geopolitical tensions and shifting global trade dynamics. While short-term business confidence has dipped\u2014particularly due to tariff uncertainties and regulatory challenges\u2014long-term expansion plans remain intact.<\/p>\n\n\n\n<p class=\"\">Key findings highlight a growing trend toward diversification of supply chains, an increase in outsourcing, and a pivot toward asset-light strategies to mitigate risk and manage costs. Occupiers are showing strong interest in emerging economies, with India standing out for its robust occupier sentiment, while mainland China continues to grapple with oversupply despite signs of stabilisation.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a09f835 elementor-align-right elementor-widget elementor-widget-button\" data-id=\"3a09f835\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.aprea.asia\/ja\/knowledge-hub\/asia-pacific-logistics-occupier-survey-2025-cbre-2\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">VIEW FULL ARTICLE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t<div class=\"e-load-more-anchor\" data-page=\"1\" data-max-page=\"13\" data-next-page=\"https:\/\/www.aprea.asia\/ja\/wp-json\/wp\/v2\/pages\/34305\/page\/2\/\"><\/div>\n\t\t\t\t<nav class=\"elementor-pagination\" aria-label=\"Pagination\">\n\t\t\t<span class=\"page-numbers prev\"><<\/span>\n<span aria-current=\"page\" class=\"page-numbers current\"><span class=\"elementor-screen-only\">\u30da\u30fc\u30b8<\/span>1<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/www.aprea.asia\/ja\/wp-json\/wp\/v2\/pages\/34305\/page\/2\/\"><span class=\"elementor-screen-only\">\u30da\u30fc\u30b8<\/span>2<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/www.aprea.asia\/ja\/wp-json\/wp\/v2\/pages\/34305\/page\/3\/\"><span class=\"elementor-screen-only\">\u30da\u30fc\u30b8<\/span>3<\/a>\n<span class=\"page-numbers dots\">&hellip;<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/www.aprea.asia\/ja\/wp-json\/wp\/v2\/pages\/34305\/page\/13\/\"><span class=\"elementor-screen-only\">\u30da\u30fc\u30b8<\/span>13<\/a>\n<a class=\"page-numbers next\" href=\"https:\/\/www.aprea.asia\/ja\/wp-json\/wp\/v2\/pages\/34305\/page\/2\/\">><\/a>\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>APREA\u4f1a\u54e1\u30ea\u30fc\u30c8\u30ec\u30dd\u30fc\u30c8\u691c\u7d22\u30d5\u30a3\u30eb\u30bf\u30fc<\/p>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-34305","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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