Australian real estate investment trusts (AREITs), as represented by the S&P/ASX 200 REITs Index, returned 1.8% in February, thus underperforming the S&P/ASX 200 which returned 6.0% over the month. Over the 12 months to February 2019, AREITs posted a significant total return of 18.9%, which was 11.8% higher than the S&P/ASX 200 (7.1%). February was dominated by the reporting season. One of the key messages was that “quality matters”. Across...