Global Real Estate Strong Past Earnings Growth, P/E Ratio Below 20

Unite Group

Market Cap: UK£3.4b

Unite was founded in 1991 in Bristol and has grown to become the UK's largest owner, manager, and developer of PBSA serving the country's world-leading higher education sector.

Shurgard Self Storage

Market Cap: €3.2b

Engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

Invincible Investment

Market Cap: JP¥512.3b

INV was established in January 2002 in accordance with the Investment Trust and Investment Corporation Act (Act No.

Granite Real Estate Investment Trust

Market Cap: CA$4.7b

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe.

Dream Industrial Real Estate Investment Trust

Market Cap: CA$3.7b

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties.

AREIT

Market Cap: ₱144.1b

AREIT, Inc. (AREIT) was incorporated on September 4, 2006 as a real estate company.

Fibra Danhos

Market Cap: Mex$44.7b

We are a Mexican trust constituted, primarily, to develop, own, lease, operate, and acquire iconic and premier-quality real estate assets in Mexico.

Prodea Real Estate Investment Company Société Anonyme

Market Cap: €1.5b

Prodea Real Estate Investment Company Société Anonyme is the largest real estate investment company in Greece, listed on the Athens Stock Exchange (ATHEX).

BWP Trust

Market Cap: AU$2.6b

Established and listed on the Australian Securities Exchange (‘ASX’) in 1998, BWP Trust (‘BWP’ or ‘the Trust’) is a real estate investment trust investing in and managing commercial properties throughout Australia.

Sunway Real Estate Investment Trust

Market Cap: RM 7.2b

Sunway Real Estate Investment Trust (Sunway REIT or Trust) is one of the largest diversified real estate investment trusts (REITs) in Malaysia with a diverse portfolio strategically located across award-winning integrated townships in key locations in Greater Kuala Lumpur, Penang, Perak and Johor.

CPN Retail Growth Leasehold REIT

Market Cap: ฿43.8b

CPN Retail Growth Leasehold REIT (“CPNREIT”) was established on 1 December 2017 from the conversion from CPN Retail Growth Leasehold Property Fund (“CPNRF”).

Infraestructura Viable de

Market Cap: Mex$25.0b

Operates as a trust administrator.

Alexander & Baldwin

Market Cap: US$1.3b

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers.

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥183.6b

Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) was established on July 14, 2016 under the “Act on Investment Trust and Investment Corporation” (“Investment Trust Law”), and was listed on the REIT Securities Market of the Tokyo Stock Exchange on September 14, 2017 (securities code: 3481).

Star Asia Investment

Market Cap: JP¥163.9b

Star Asia Investment Corporation (SAR) was established as a diversified real estate investment trust on December 1, 2015, under the Act on Investment Trusts and Investment Corporations (Act No.

Arena REIT

Market Cap: AU$1.6b

An ASX200 listed property group that develops, owns and manages social infrastructure properties across Australia.

Reysas Gayrimenkul Yatirim Ortakligi

Market Cap: ₺41.6b

Reysas Gayrimenkul Yatirim Ortakligi A.S.

Powergrid Infrastructure Investment Trust

Market Cap: ₹87.5b

An infrastructure investment trust, owns, constructs, operates, maintains, and invests in power projects and power transmission assets in India.

Target Healthcare REIT

Market Cap: UK£582.4m

UK listed Target Healthcare REIT plc (THRL) is an externally managed Real Estate Investment Trust which provides shareholders with an attractive level of income, together with the potential for capital and income growth, from investing in a diversified portfolio of modern, purpose-built care homes.

Warehouse REIT

Market Cap: UK£480.1m

Warehouse REIT is a UK Real Estate Investment Trust that invests in UK warehouses, focused on multi-let assets in industrial hubs across the UK.

Al Rajhi REIT Fund

Market Cap: ر.س2.3b

The Al Rajhi REIT is a Sharia compliant fund, listed on Tadawul, with the objective of generating periodic income, through investing in income-generating real estate assets in Saudi Arabia.

Takara Leben Real Estate Investment

Market Cap: JP¥85.8b

Takara Leben Real Estate Investment Corporation (TLR) was established on September 11, 2017, with MIRARTH Real Estate Investment Advisory Co., Ltd.

Care Property Invest

Market Cap: €446.8m

Care Property Invest nv/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law.

Patrimoine et Commerce

Market Cap: €392.4m

A real estate company, engages in the acquisition, development, and operation of commercial real estate properties in France.

LH Hotel Leasehold Real Estate Investment Trust

Market Cap: ฿13.1b

Operates as a real estate investment trust in Thailand.

Paradigm Real Estate Investment Trust

Market Cap: RM 1.6b

Operates as a real estate investment trust that invests in a portfolio of real estate assets.

Trastor Real Estate Investment Company

Market Cap: €318.2m

Operates as a property investment company in Greece.

Halk Gayrimenkul Yatirim Ortakligi

Market Cap: ₺14.5b

Operates as a subsidiary of Turkiye Halk Bankasi A.S.

IGB Commercial Real Estate Investment Trust

Market Cap: RM 1.4b

IGB Commercial REIT (IGBCR) was listed on the Main Market of Bursa Malaysia Securities Berhad (Bursa) on 20 September 2021.

Dipula Properties

Market Cap: R5.2b

Dipula Properties (formerly Dipula Income Fund) is a prominent, diversified South Africa-focused REIT with a long-standing track record of sustainable value creation.

AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿8.2b

Focuses on investing in freehold right of land, cold storage buildings, and immovable assets related to cold storage and warehouses in Thailand.

Spear Reit

Market Cap: R3.2b

Spear REIT Limited (“Spear”) listed as a Real Estate Investment Trust (“REIT”) on the main board of the Johannesburg Stock Exchange (“JSE”) and is the only regionally-focused REIT listed on the JSE that predominantly invests in high-quality income-generating assets in the Western Cape.

Warehouses Estates Belgium S.C.A

Market Cap: €136.6m

Warehouses Estates Belgium SCA is a real estate investment trust.

Future City Leasehold Real Estate Investment Trust

Market Cap: ฿5.0b

Future Park Leasehold Property Fund specializes in real estate investments.

BriQ Properties Real Estate Investment

Market Cap: €131.0m

Acquires, manages, and invests in real estate properties.

Ally Freehold And Leasehold Real Estate Investment Trust

Market Cap: ฿4.2b

Bualuang K.E.Retail Leasehold Real Estate Investment Trust specializes in real estate investments.