全球REITs市场前景及投资研究报告-培训课件外文版2024.6

INDUSTRIES

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MARKETSREITsmarketworldwideCHAPTER

01OverveiwValueoflistedrealestatemarketworldwideasofDecember2023,byregion(inbillionU.S.dollars)Globallistedrealestatemarketsize2023,byregionEmergingmarketsDevelopedmarkets1,6001,4001,2001,0008006004002000NorthAmerica*AsiaPacificEurope,MiddleEast&AfricaLatinAmerica4Description:NorthAmericawashometothelargestlistedrealestatemarketin2023.TheaggregatemarketsizeofthelistedcommercialrealestatemarketinCanadaandtheUnitedStatesamountedto1.4trillionU.S.dollars.Listedrealestatereferstorealestatecompaniesthatarequotedonstockexchangesandreceiveincomefromrealestateassets.ReadmoreNote(s):Worldwide;December2023Source(s):EPRALeadingrealestateinvestmenttrusts(REITs)worldwideasofApril11,2024,bymarketcapitalization(inbillionU.S.dollars)LeadingREITsworldwide2024,bymarketcapMarketcapinbillionU.S.dollars020406080100120PrologisInc(U.S)AmericanTowerCorp(U.S)WelltowerInc(U.S)111.5884.8651.3148.4747.4244.944.1642.4539.98PublicStorage(U.S)SimonPropertyGroupInc(U.S)RealtyIncomeCorp(U.S)DigitalRealtyTrustInc(U.S)CrownCastleInc(U.S)GoodmanGroup(Australia)ExtraSpaceStorageInc(U.S)VICIPropertiesInc(U.S)30.1629.32AvalonbayCommunitiesInc(U.S)WeyerhaeuserCo(U.S)26.4624.525Description:Prologis,AmericanTower,andWelltowerweretherealestateinvestmenttrusts(REITs)worldwidewiththelargestmarketcapsasofApril11,2024.AllthreeREITswereheadquarteredintheUnitedStates.Iffact,outofthe40largestREITs,onlysevenwereheadquarteredoutsidetheUnitedStates.AmongthemwereGoodmanGroup(Australia),LinkRealEstateInvestmentTrust(HongKong),SegroPlc(theUK).ReadmoreNote(s):Worldwide;April11,2024Source(s):FinancialTimes;Refinitiv;VarioussourcesMarketcapitalizationofFTSEEPRANareitDevelopedEuropeREITandnon-REITsindexasofMarch29,2024,bycountry(inbillioneuros)MarketcapFTSEEPRANareitDevelopedEuropeindexinEurope2024,bycountryNetmarketcapitalizationinbillioneurosREIT30non-REIT0102040506070UKSwedenGermanyFranceSwitzerlandBelgiumSpainNetherlandsFinlandAustriaNorwayIrelandItaly6Description:AsofMarch29,2024,themarketcapofGermancompaniesintheFTSEEPRANareitDevelopedEuropeindexwasabout31billioneuros.IntheUnitedKingdom(UK),themarketcapofREITsandnon-REITswasevenhigher,amountingtoabout64billioneuros.RealEstateInvestmentTrusts(REITs)arecompanieswhicharelistedonthestockmarketandfacilitatedirectrealestateinvestment.REITsusuallydistributeatleast90percentoftheirtaxableincometoshareholdersandinreturnpay[...]

ReadmoreNote(s):Europe;March29,2024Source(s):FTSERussellPricetoequity(PE)ratiosofrealestateinvestmenttrusts(REITs)inselectedmarketsworldwidefromMarch2020toMarch2023,bycountyPricetoequity(PE)ratiosofREITsworldwide2020-2023,bycountryNewZealandSingaporeUKU.S.JapanHongKongGermanyFranceCanadaBelgiumAustraliaMexico350%300%250%200%150%100%50%0%Mar

Jun

Aug

Dec

Mar

Jun

Aug

Sep

Oct

Nov

Dec

Jan

Mar

Apr

May

Jun

Jul14,

Aug

Sep

Oct

Nov

Dec

Jan

Mar08,

04,

31,

08,

06,

02,

18,

20,

23,

25,

28,

30,

04,

06,

09,

11,

2022

16,

18,

21,

23,

26,

28,

02,2020

2020

2020

2020

2021

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2021

2021

2021

2021

2021

2022

2022

2022

2022

2022

2022

2022

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2023

20237Description:Thepricetoearning(PE)ratiosofREITsworldwideasofMarch2023variedbetweensixand26percent,dependingonthemarket.ThePEratioisavaluationmetricandiscalculatedastheratioofthetotalmarketcaptothetotalearnings.AhigherPEratiomeansthatthemarketcaphasgrownhigherthantheearnings-asignofhighinvestorconfidencebutalsothatthemarketmaybeoverpriced.ThoughtheU.S.REITsmarkethadthehighestPEratioasofMarch2023(26),itwasalsoa[...]

ReadmoreNote(s):Worldwide;March2020toMarch2023Source(s):S&PGlobal;SimplyWallSt;ReturnrateofFTSEEPRA/NareitGlobalRealEstateIndexasofApril10,2024,byregionReturnrateofFTSEEPRA/NareitGlobalRealEstateIndexasofApril2024,byregion5-year3-year1-year25%20%15%10%5%0%-5%-10%GlobalAmericasAsiaPacificEuropeMiddleEast/Africa8Description:TheFTSEEPRA/NareitGlobalRealEstateIndexsawpositiveone-yearreturnratesinallregionsexceptinAsia-PacificasofApril11,2024.Worldwide,theindexgrewby7.48percentinoneyear.Nevertheless,thefive-yearreturnwasnegativeat-0.12percent.TheAmericaswastheonlyregionwhichregisteredapositivefive-yearreturn.TheFTSEEPRA/NareitGlobalRealEstateIndexisdesignedtotracktheperformanceoflistedrealestatecompaniesworldwide.

ReadmoreNote(s):Worldwide;April11,2024;ratesatmonth-end;basedonU.S.dollarsSource(s):NareitDividendyieldofFTSEEPRA/NareitGlobalRealEstateIndexfrom2019toApril2024,byregionDividendyieldofFTSEEPRA/NareitGlobalRealEstateIndex2019-2024,byregionGlobalAmericasAsiaPacificEuropeMiddleEast/Africa9.0%8.0%7.0%6.0%5.0%4.0%3.0%2.0%20192020202120222023YTD20249Description:TheFTSEEPRA/NareitGlobalRealEstateIndexhadthehighestdividendpayoutsintheMiddleEast/AfricaregionandthelowestonesinEurope.IntheAmericas,thedividendyieldstoodat4.32percentasofApril2024,upfrom4.02percentin2023.TheFTSEEPRA/NareitGlobalRealEstateIndexisdesignedtotracktheperformanceoflistedrealestatecompaniesworldwide.AsofApril2024,theindexmeasuredꢀnegativefive-yearreturninallregions,exceptintheAmericas.

ReadmoreNote(s):Worldwide;2019toApril10,2024;basedonU.S.dollarsSource(s):NareitAnnualpercentagechangeintheFTSENareitAllREITsindexcomparedtotheU.S.treasury10-yearyieldnoteandotherindicesfrom2019to2023FTSENareitAllREITsindexchangecomparedtootherinvestmenttypes2019-2023FTSENareitAllREITsTotalDowJonesIndustrialsU.S.treasury10-yearnote*Russell2000TotalReturnIndexesS&P500NasdaqComposite50%40%30%20%10%0%-10%-20%-30%-40%2019202020212022202310Description:TheFTSENareitAllREITsindexrosebyabout11.5percentin2023,whichwaslessthantheNasdaqComposite,S&P500,Russel2000,andDowJonesindustrialsindices.Inthesameperiod,theU.S.treasury10-yearnoteincreasedby0.02percent.TheFTSEEPRA/NareitGlobalRealEstateIndexisdesignedtotracktheperformanceoflistedrealestatecompaniesworldwide.ReadmoreNote(s):Worldwide;2019to2023;*The10-yeartreasurynoteyieldchangesinpercentagepointReadmoreSource(s):NareitCHAPTER

02TheU.S.REITsmarketNumberofrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom1975to2023NumberofREITsintheU.S.1975-20232502002332262242232222192192162172062021971951891721601531501191008275465001975

1980

1985

1990

1995

2000

2005

2010

2011

2012

2013

2014

2015

2016

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2018

2019

2020

2021

2022

202312Description:Thenumberofrealestateinvestmenttrusts(REITs)intheUnitedStatesdeclinedin2023.In2015,therewere233REITs,whichwasthehighestnumberonrecord.By2023,thenumberofREITshadfallento195.DespitethedecreaseinthenumberofREITs,themarketcaprosesignificantly.ReadmoreNote(s):UnitedStates;1975to2023Source(s):NareitMarketcapofrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2019to2023,bypropertytype(inbillionU.S.dollars)MarketcapofREITsintheU.S.2019-2023,bypropertytype20191232.491024.2118.42101.17173.1361.7220201142.75907.2129.3381.31120.6412021161520221211.38991.49151.8666.4720231310.831097.08178.0765.61FTSENareitAllEquityREITsFTSENareitEquityREITsIndustrial1307.68215.11107.12201.0267.53OfficeRetail182.9163189.9467.72Retail:ShoppingCentersRetail:RegionalMallsRetail:FreeStandingResidential55.3831.8647.74162.26111.7424.9225.655.6741.7250.7156.0277.8278.1871.51195.71141.6329.05261.12181.4740.34175.98116.7130.55183.79119.1730.76Residential:ApartmentsResidential:ManufacturedHomesResidential:SingleFamilyHomesDiversified25.0339.328.7233.8662.1245.6337.7329.1127.4913Description:TheFTSENareitAllEquityREITsindexisafree-floatadjusted,marketcapitalization-weightedindexofequityrealestateinvestmenttrusts(REITs)intheUnitedStates.AsofDecember2023,themarketcapoftheindexwas1.3trillionU.S.dollars,upfrom1.2trillionU.S.dollarsinDecember2021.Tobeincludedintheindex,the140constituentshavetohavemorethan50percentoftotalassetsinqualifyingrealestateassetsotherthanmortgagessecuredbyrealproperty.Infrastructure,[...]

ReadmoreNote(s):UnitedStates;2019to2023;asofDecemberofeachyear;equitySource(s):FTSE;NareitMedianpremiumordiscounttonetassetvalue(NAV)ofrealestateinvestmenttrust(REIT)intheUnitedStatesfromFebruary2019toFebruary2024,bypropertytypeREITsmedianpremiumtoNAVintheU.S.2019-2024,bypropertytypeProperty

typeDatacenterHealthcareFeb

'19-12.4%13.7%5%Feb

'20-3.1%9.5%Feb

'2120.3%9.9%Feb

'2213.5%8.4%Feb

'23-9.4%-1.4%13.4%-9.3%-4.8%6.8%Feb

'2415.2%-3.3%-4.2%-4.4%-4.4%-8%Casino9.8%5.3%5.4%CommunicationsSelf-storageOtherretailRegionalmallIndustrial%%%3.6%4.7%6%16.7%3.6%4.7%8.1%9.1%0.6%-31.3%-1%-35.9%-0.1%-21.4%-13.8%-6.5%-21.4%-30.4%-40.2%9.9%-17.6%4.2%-23%-9.1%-10.9%-14.3%-15%-5.4%-19.3%-16.8%-17.6%-23.7%-30.4%ShoppingcenterAllUnitedStatesREITs*Residential-15.7%-7.6%-8.2%-23.7%-8.6%-13.7%-4.2%-3.2%-7.1%-5.7%-15.1%-4.9%-2.5%-10.2%-19.9%-15.9%-17.1%-18.7%TimberHotel14Description:AsofFebruary2024,manydifferenttypesofREITsintheUnitedStatestradedwithadiscounttotheNAV.Onaverage,U.S.REITstradedwithmediandiscountsof15percent.DiversifiedREITssawtheheaviestmediandiscount,thisbeing27.1percent.DatacentersweretheonlypropertytypewhichtradedwithamedianpremiumtotheNAV(15.2percent).Thenetassetvalue(NAV)isthepriceatwhichsharesorunitsofaREITaretraded.

ReadmoreNote(s):UnitedStates;February2019toFebruary2024;*IncludestwoadditionalspecialtyREITsthatarenotreflectedinapropertytypecategory.Thesourceanalyzed"currentpubliclytradedU.S.equityrealestateinvestmenttruststhattradeon[...]

ReadmoreSource(s):S&PGlobalRatingsTotalreturnofrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2018to2023,bypropertytypeTotalreturnREITsintheU.S.2018-2023,bypropertytype201820192020-5.12%-8%202141.3%2022-24.95%-24.37%-28.58%-37.62%-13.29%-12.54%-22.91%-6.53%202311.36%13.73%19.15%2.03%FTSENareitAllEquityREITsFTSENareitEquityREITsIndustrial-4.04%-4.62%-2.51%-14.5%-4.96%-14.55%-6.99%13.93%3.09%28.66%26%43.24%62.03%22%48.71%31.42%10.65%25.03%-9.13%24.76%30.89%26.32%49.09%44.3%12.17%-18.44%-25.18%-27.64%-37.15%-10.46%-10.69%-15.34%-1.69%52.79%-21.76%OfficeRetail51.91%65.05%92.05%19.72%58.29%63.61%41.98%52.79%29.25%10.57%12.04%29.94%-1.54%7.66%Retail:ShoppingCentersRetail:RegionalMallsRetail:FreeStandingResidential-31.34%-31.95%-28.34%-31.88%-15.73%Residential:ApartmentsResidential:ManufacturedHomesResidential:SingleFamilyHomesDiversified3.7%5.87%11.43%-11.41%-12.52%2.48%20.63%-7.59%24.1%15Description:REITsintheUnitedStatessawanannualtotalreturnof11.4percentin2023,accordingtotheFTSENareitAllEquityREITsindex.Nevertheless,in2022,theindexhadanegativetotalreturnof25percent.Performanceimprovedforallpropertytypes,exceptfordiversified,freestandingretail,andinfrastructure.FTSENareitAllEquityREITsindexisafree-floatadjusted,marketcapitalization-weightedindexofequityREITsintheU.S.In2023,theindexincludedwere140constituents,withmore[...]ReadmoreNote(s):UnitedStates;2018to2023;asofDecemberofeachyearSource(s):NareitDividendyieldofrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2019toNovember2023,bypropertytypeDividendyieldREITsintheU.S.2019-2023,bypropertytypeDecember

20192.56%December

20202.35%December

20211.9%September

20223.15%November

20232.59%3.08%3.14%3.2%DataCentersTimber4.37%4.46%1.94%2.91%Residential:ManufacturedHomesResidential:SingleFamilyHomesIndustrial1.8%2.36%1.64%2.67%1.51%1.72%1.32%2.47%2.46%2.55%1.73%3.09%3.6%Residential2.54%3.21%2.19%3.2%4.1%Infrastructure2.08%2.11%2.03%2.91%4.25%4.28%4.36%4.59%4.6%Lodging/Resorts5.78%6.09%0.05%2.32%SelfStorage3.73%3.57%2.28%3.29%FTSENareitAllEquityREITsResidential:ApartmentsRetail:ShoppingCentersFTSENareitEquityREITs3.59%3.65%2.59%3.95%2.86%3.73%2.49%3.49%4.62%5.51%3.15%4.86%4.65%4.7%3.84%3.98%2.72%4.21%16Description:U.S.REITsintheFTSENareitAllEquityREITsindexyieldedbetweentwoand16percentdividenddependingonthepropertytypeasofNovember2023.HomefinancingREITshadthehighestyieldof16.04percent,comparedto4.59percentforallequityREITs.TheFTSENareitAllEquityREITsindexisafree-floatadjusted,marketcapitalization-weightedindexofequityREITsintheU.S.In2023,theitincludedwere141constituents,withmorethan50percentoftotalassetsinqualifyingreal[...]ReadmoreNote(s):UnitedStates;December2019toNovember2023Source(s):FTSE;NareitTotalreturnofthe50largestrealestateinvestmenttrusts(REITs)intheUnitedStatesasofNovember2023Totalreturnofthe50largestREITsintheU.S.2023Market

segmentMarket

cap

(in

billion

U.S.dollars)October

2023Prologis(PLD)IndustrialInfrastructureDataCentersInfrastructureSelfStorageHealthCareDataCentersRegionalMallsFreeStandingSpecialty93.0483.0468.2340.3241.9641.5-10.21%9.46%0.47%1.03%-9.41%2.06%2.76%1.72%-4.61%-4.12%-3.49%4.23%AmericanTowerCorp(AMT)EquinixInc(EQIX)CrownCastleInc(CCI)PublicStorage(PSA)WelltowerInc.(WELL)DigitalRealtyTrust(DLR)SimonPropertyGroup(SPG)RealtyIncome(O)37.2135.931.9VICIProperties(VICI)28.0223.5322.6AvalonbayCommunities(AVB)SBACommunications(SBAC)ApartmentsInfrastructure17Description:Amongthe50realestateinvestmenttrusts(REITs)withthelargestmarketcap,Prologis(PLD)andAmericanTower(AMT)recordedtotheatthetopofthelistwitharound93and83billionUSdollarseach.TheREITssectorreportedadecreasein2022,withtheafterthemarketcapreachedrecordhighthepreviousyear.Nevertheless,theyear-to-datetotalreturnsforallpropertysegmentswerenegativeasofSeptember2022.

ReadmoreNote(s):UnitedStates;November2023;50largestREITsbymarketcapSource(s):NareitDebtratioofthe50largestrealestateinvestmenttrusts(REITs)intheUnitedStatesasofNovember2023Debtratioofthe50largestREITsintheU.S.2023Debtratio40%0%10%20%30%50%60%70%80%90%100%AnnalyCapitalManagement(NLY)MedicalPropertiesTrust(MPW)BostonProperties(BXP)89.1%75.7%73.5%HealthcareRealtyTrustInc(HR)IronMountain(IRM)48.7%45.4%BrixmorPropertyGroup(BRX)VentasInc(VTR)44.7%44.6%CrownCastleInc(CCI)41.9%40.8%HealthpeakPropertiesInc(PEAK)AlexandriaRealEstateEquity(ARE)OmegaHealthcareInvestors(OHI)RealtyIncome(O)40.8%39.9%39.9%39.8%KimcoRealtyCp(KIM)18Description:Theinfrastructurerealestateinvestmenttrust(REIT)PrologiswasthelargestU.S.REITasofNovember2023,withamarketcapofalmost95.4millionU.S.dollars.Duringthisperiod,thedebttoratioofPrologiswasalmost21percent.Thedebtratiomeasuresthefinancialleverageofacompanyandiscalculatedasthethetotaldebtdividedbythesumofimpliedmarketcapitalizationandtotaldebt.ReadmoreNote(s):UnitedStates;November2023;50largestREITsbymarketcapSource(s):NareitFundsfromoperation(FFO)growthestimateofthe50largestrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2023to2024FFOgrowthestimateofthe50largestREITsintheU.S.2023-2024Fundsfromoperationgrowth0%2%4%6%8%10%12%14%16%AmericoldRealtyTrustInc(COLD)RexfordIndustrialRealty(REXR)WelltowerInc.(WELL)15.15%12.35%11.48%LifeStorage(LSI)9.46%LamarAdvertising(LAMR)IronMountain(IRM)ExtraSpaceStorage(EXR)VentasInc(VTR)8.31%7.77%7.58%7.51%7.38%EquinixInc(EQIX)OmegaHealthcareInvestors(OHI)EastgroupProperties(EGP)FirstIndustrialRealtyTrust(FR)ApartmentIncomeREIT(AIRC)7.32%7.16%7.13%6.76%19Description:Theinfrastructurerealestateinvestmenttrust(REIT)PrologiswasthelargestU.S.REITasofNovember2023,withamarketcapofalmost93millionU.S.dollars.Thefundsfromoperation(FFO)ofAmericanTowerCorpareestimatedtodecreaseby0.5percent.Nevertheless,thespecialtyREITAmericoldRealtyTrustInc.hadthehighestFFOgrowthestimateatalmost15percent.ReadmoreNote(s):UnitedStates;November2023;50largestREITsbymarketcap;*NovalueprovidedbythesourceReadmoreSource(s):NareitPricetofundsfromoperation(P/FFO)ratioestimateofthe50largestrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2022to2023PricetoFFOratioofthe50largestREITsintheU.S.2022-2023Market

segmentIndustrialMarket

cap

(in

billion

U.S.

dollars)202219.73%21.59%19.62%18.65%18.93%19.64%18.86%7.69%202318%Prologis(PLD)93.0483.0468.2341.9641.5AmericanTowerCorp(AMT)EquinixInc(EQIX)InfrastructureDataCentersSelfStorageHealthCareInfrastructureDataCentersRegionalMallsFreeStandingSpecialty17.95%22.8%14.27%23.45%12.36%13.67%9.2%PublicStorage(PSA)WelltowerInc.(WELL)CrownCastleInc(CCI)DigitalRealtyTrust(DLR)SimonPropertyGroup(SPG)RealtyIncome(O)40.3237.2135.931.914.46%17.55%18.65%23.49%20.35%11.55%13%VICIProperties(VICI)28.0223.5322.6AvalonbayCommunities(AVB)SBACommunications(SBAC)ExtraSpaceStorage(EXR)ApartmentsInfrastructureSelfStorage15.66%16.12%13.35%21.8720Description:Theinfrastructurerealestateinvestmenttrust(REIT)PrologiswasthelargestU.S.REITasofNovember2023,withamarketcapofalmost93billionU.S.dollars.In2023,thepricetofundsfromoperation(P/FFO)valueofPrologisisestimatedtoamountto18percent.TheREITssectorgrewsubstantiallyin2021,withthemarketcapreachingrecordhigh.Nevertheless,theyear-to-datetotalreturnsforallpropertysegmentswerenegativeasofSeptember2022.

ReadmoreNote(s):UnitedStates;November2023;50largestREITsbymarketcapSource(s):NareitCHAPTER

03MarketsizeMarketcapitalizationofrealestateinvestmenttrusts(REITs)inJapanfromMarch2019toDecember2023(inbillionU.S.dollars)MarketcapoftheREITsmarketinJapan2019-2023,perquarter15514513512511510595MarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDec2019

2019

2019

2019

2020

2020

2020

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2021*

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2023

202322Description:Themarketcapofrealestateinvestmenttrusts(REITs)inJapandecreaseddramaticallysince2021.AsofDecember2023,theaggregatemarketcapitalization,orthemarketvalueoftheoutstandingsharesofstocksofallREITs,amountedto107.52billionU.S.dollars.REITsarecompaniesthatownorfinancerentalrealestate.Oneoftheirmajorbenefitsisliquidity:ThoughnotallREITsarepubliclytraded,manyofthemajoronesare,whichallowsinvestorstoeasilybuyandsellshares.[...]

ReadmoreNote(s):Japan;March2019toDecember2023Source(s):Bloomberg;EPRA;FTSEMarketcapitalizationofrealestateinvestmenttrusts(REITs)inSingaporefrom1stquarter2019to4thquarter2023(inbillionU.S.dollars)MarketcapoftheREITsmarketinSingapore2019-2023,perquarter80757065605550454035MarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDec2019

2019

2019

2019

2020

2020

2020

2020

2021*

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202323Description:Themarketcapofrealestateinvestmenttrusts(REITs)inSingaporeincreasedinthefourthquarterof2023.AsofDecember2023,theaggregatemarketcapitalization,orthemarketvalueoftheoutstandingsharesofstocksofallREITs,amountedto68.96billionU.S.dollars.REITsarecompaniesthatownorfinancerentalrealestate.Oneoftheirmajorbenefitsisliquidity:ThoughnotallREITsarepubliclytraded,manyofthemajoronesare,whichallowsinvestorstoeasilybuyandsellshares.[...]

ReadmoreNote(s):Singapore;March2019toDec2023Source(s):Bloomberg;EPRA;FTSEMarketcapitalizationofrealestateinvestmenttrusts(REITs)intheUnitedKingdom(UK)fromMarch2019toDecember2023(inbillionU.S.dollars)MarketcapofREITsintheUK2019-2023,perquarter10095908580757065605550MarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDec2019

2019

2019

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2020

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2020

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2021*

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2023

202324Description:Themarketcapofrealestateinvestmenttrusts(REITs)intheUKincreasedinthefourthquarterof2023.AsofDecember2023,theaggregatemarketcapitalization,orthemarketvalueoftheoutstandingsharesofstocksofallREITs,amountedto72.61billionU.S.dollars.REITsarecompaniesthatownorfinancerentalrealestate.Oneoftheirmajorbenefitsisliquidity:ThoughnotallREITsarepubliclytraded,manyofthemajoronesare,whichallowsinvestorstoeasilybuyandsellshares.[...]

ReadmoreNote(s):UnitedKingdom;March2019toDecember2023Source(s):Bloomberg;EPRA;FTSEMarketcapitalizationofrealestateinvestmenttrusts(REITs)inAustraliafromMarch2019toDecember2023(inbillionU.S.dollars)MarketcapoftheREITsmarketinAustralia2019-2023,perquarter85756555453525MarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDec2019

2019

2019

2019

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2020

2020

2020

2021*

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2021

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2022

2022

2023

2023

2023

202325Description:Themarketcapofrealestateinvestmenttrusts(REITs)inAustraliaincreasedinthefourthquarterof2023.AsofDecember2023,theaggregatemarketcapitalization,orthemarketvalueoftheoutstandingsharesofstocksofallREITs,amountedto61.9billionU.S.dollars,downfrom80.2billionU.S.dollarsduringthemarketpeakinJune2019.REITsarecompaniesthatownorfinancerentalrealestate.Oneoftheirmajorbenefitsisliquidity:ThoughnotallREITsarepubliclytraded,manyof[...]

ReadmoreNote(s):Australia;March2019toDecember2023Source(s):Bloomberg;EPRA;FTSEMarketcapitalizationofrealestateinvestmenttrusts(REITs)inCanadafromMarch2019toDecember2023(inbillionU.S.dollars)MarketcapoftheREITsmarketinCanada2019-2023,perquarter656055504540353025MarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDec2019

2019

2019

2019

2020

2020

2020

2020

2021*

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2023

202326Description:Themarketcapofrealestateinvestmenttrusts(REITs)inCanadahasdecreaseddramaticallysince2021.AsofDecember2023,theaggregatemarketcapitalization,orthemarketvalueoftheoutstandingsharesofstocksofallREITs,amountedto38.19billionU.S.dollars,downfrom58.9billionU.S.dollarsinDecember2021.REITsarecompaniesthatownorfinancerentalrealestate.Oneoftheirmajorbenefitsisliquidity:ThoughnotallREITsarepubliclytraded,manyofthemajorones[...]

ReadmoreNote(s):Canada;March2019

toDecember2023Source(s):Bloomberg;EPRA;FTSEMarketcapitalizationofrealestateinvestmenttrusts(REITs)inFrancefromMarch2019toDecember2023(inbillionU.S.dollars)MarketcapoftheREITsmarketinFrance2019-2023,perquarter5045403530252015MarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDec2019

2019

2019

2019

2020

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2021*

2021

2021

2021

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2023

202327Description:Themarketcapofrealestateinvestmenttrusts(REITs)inFranceroseinthefourthquarterof2023.AsofDecember2023,theaggregatemarketcapitalization,orthemarketvalueoftheoutstandingsharesofstocksofallREITs,amountedto41.04billionU.S.dollars.REITsarecompaniesthatownorfinancerentalrealestate.Oneoftheirmajorbenefitsisliquidity:ThoughnotallREITsarepubliclytraded,manyofthemajoronesare,whichallowsinvestorstoeasilybuyandsellshares.[...]

ReadmoreNote(s):France;March2019toDecember2023Source(s):Bloomberg;EPRA;FTSEMarketcapitalizationofrealestateinvestmenttrusts(REITs)inHongKongfromMarch2019toDecember2023(inbillionU.S.dollars)MarketcapoftheREITsmarketinHongKong2019-2023,perquarter353025201510MarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDecMarJunSepDec2019

2019

2019

2019

2020

2020

2020

2020

2021*

2021

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2021

2022

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2023

202328Description:Themarketcapofrealestateinvestmenttrusts(REITs)inHongKongroseslightlyinthefourthquarterof2023.AsofDecember2023,theaggregatemarketcapitalization,orthemarketvalueoftheoutstandingsharesofstocksofallREITs,amountedto18.23billionU.S.dollars,downfrom33.5billionU.S.dollarsinJuneꢀ2019.REITsarecompaniesthatownorfinancerentalrealestate.Oneoftheirmajorbenefitsisliquidity:ThoughnotallREITsarepubliclytraded,manyofthemajoronesare,[...]

ReadmoreNote(s):HongKong;March2019toDecember2023