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

Invincible Investment

Market Cap: JP¥475.6b

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$4.3b

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.

AREIT

Market Cap: ₱132.2b

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

Fibra Danhos

Market Cap: Mex$39.5b

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

Montea Comm. VA

Market Cap: €1.5b

Montea NV is a listed real estate company under Belgian law (GVV/SIR) that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

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).

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¥178.5b

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).

Reysas Gayrimenkul Yatirim Ortakligi

Market Cap: ₺42.3b

Reysas Gayrimenkul Yatirim Ortakligi A.S.

Star Asia Investment

Market Cap: JP¥154.2b

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.

Wereldhave

Market Cap: €800.1m

Wereldhave N.V. (“the Company”) is an investment company that invests in real estate (shopping centers and offices).

Target Healthcare REIT

Market Cap: UK£627.7m

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£477.5m

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.

Patrimoine et Commerce

Market Cap: €381.7m

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

IMPACT Growth Real Estate Investment Trust

Market Cap: ฿14.1b

IMPACT Growth Real Estate Investment Trust (the Trust) is a real estate investment trust established under the Trust for Transaction in Capital Market Act, B.E.2550 (the Act) in accordance with the Trust Deed signed on 22 September 2014 between RMI Company Limited as the Trust Settlor and Kasikorn Asset Management Company Limited as the Trustee.

Paradigm Real Estate Investment Trust

Market Cap: RM 1.5b

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

LH Hotel Leasehold Real Estate Investment Trust

Market Cap: ฿11.6b

Operates as a real estate investment trust in Thailand.

Trastor Real Estate Investment Company

Market Cap: €291.2m

Operates as a property investment company in Greece.

Dipula Properties

Market Cap: R4.9b

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

Pasifik Gayrimenkul Yatirim Ortakligi

Market Cap: ₺10.8b

Pasifik Gayrimenkul Yatirim Ortakligi A.S.

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: €131.7m

Warehouses Estates Belgium SCA is a real estate investment trust.

Ally Freehold And Leasehold Real Estate Investment Trust

Market Cap: ฿3.8b

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

Sopharma Properties REIT

Market Cap: лв181.1m

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Bhiraj Office Leasehold Real Estate Investment Trust

Market Cap: ฿3.5b

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Bulgarian Real Estate Fund REIT

Market Cap: лв176.7m

Focuses on the development, management, and leasing of properties that have potential for cash-flow growth and capital appreciation.

Hispanotels Inversiones Socimi

Market Cap: €89.9m

Engages in the investment in hotel, office, residential, and commercial real estate property markets.

Hemaraj Industrial Property and Leasehold Fund

Market Cap: ฿2.2b

Specializes in acquiring and leasing the property.

Amata Summit Growth Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿2.1b

A real estate investment trust externally managed by Amata Summit REIT Management Co., Ltd.

Sri panwa Hospitality Real Estate Investment Trust

Market Cap: ฿1.3b

Sri panwa Hotel Property Fund specializes in investing in real estate.

Exclusive Property REIT-Sofia

Market Cap: лв21.2m

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