This study aims to measure the impact of firm-specific factors, including market capitalization, funds from operations, gearing ratio, market-to-book ratio, and macroeconomic factors, particularly, inflation and interest rates on listed Australian REIT performance from 2012 to 2021. Using Return on Asset (ROA) as the dependent variable and determining the results of the influences from explanatory variables through the multiple regression method. This study has two important findings: first, the gearing ratio has a significant negative impact on the A-REIT performance, indicating that A-REIT’s low gearing ratio is a key to more benevolent performance. Second, in contrast, the inflation rate has a significant positive association, indicating that A-REIT is found capable to be a hedging inflation instrument.

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