As the REIT regime has been expanding globally, best corporate governance practices in emerging Asian REIT markets have become a focus for domestic and international investors alike. Idiosyncrasies stemming from the ownership models applied in Asian economies and the fact Asian REITs are often externally managed “captive entities” highlight the importance of corporate governance of the listed real estate sector in Asia. To assist this, the Asia Pacific Real Estate Association (APREA) has developed an analytical framework aimed at scoring corporate governance practices among externally managed Asian REITs. The framework presented in this article was introduced in 2010 at APREA’s Property Leaders Forum and adapted to Singapore and Malaysia, where the first scores were disclosed in spring 2011. APREA’s goal is to publish on a yearly basis a list of top Asian REITs in terms of corporate governance, starting with Singapore, Malaysia, Hong Kong and Japan.