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

Warehouses De Pauw

Market Cap: €5.3b

WDP develops and invests in logistics real estate warehouses and offices.

Fibra UNO

Market Cap: Mex$101.8b

We are a REIT (FIBRA) and are primarily engaged in the acquisition, development, construction, leasing, and operation of industrial, commercial, and office properties.

Shurgard Self Storage

Market Cap: €3.3b

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

Unite Group

Market Cap: UK£2.6b

Unite Students is the UK's largest owner, manager and developer of purpose-built student accommodation (PBSA) serving the country's world-leading higher education sector.

Invincible Investment

Market Cap: JP¥510.8b

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

Frasers Logistics & Commercial Trust

Market Cap: S$3.7b

Frasers Logistics & Commercial Trust (“FLCT”) is a Singapore-listed real estate investment trust with a portfolio comprising 114 industrial and commercial properties, worth approximately S$6.8 billion, diversified across five major developed markets – Australia, Germany, Singapore, the United Kingdom and the Netherlands.

CT Real Estate Investment Trust

Market Cap: CA$3.9b

CT REIT is an unincorporated, closed-end real estate investment trust established on July 15, 2013 pursuant to a declaration of trust as amended and restated as of October 22, 2013 and as further amended and restated as of April 5, 2020 and as may be further amended from time to time ("Declaration of Trust").

AREIT

Market Cap: ₱157.5b

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

RL Commercial REIT

Market Cap: ₱150.5b

A real estate company, invests in various real estate properties.

Sunway Real Estate Investment Trust

Market Cap: RM 7.7b

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.

BWP Trust

Market Cap: AU$2.7b

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.

Torunlar Gayrimenkul Yatirim Ortakligi

Market Cap: ₺72.2b

Torunlar Real Estate Investment Partnership Inc.

CPN Retail Growth Leasehold REIT

Market Cap: ฿39.8b

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

Vivenio Residencial SOCIMI

Market Cap: €995.6m

Acquires, develops, and manages residential properties for renting in Spain.

Alexander & Baldwin

Market Cap: US$1.1b

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.

Retail Estates

Market Cap: €952.7m

Retail Estates NV is a Belgian public real estate investment trust and is a niche player specialised in making out-of-town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users.

Frasers Property Thailand Industrial Freehold & Leasehold REIT

Market Cap: ฿35.5b

A real estate investment trust externally managed by TICON Management Company Limited.

Star Asia Investment

Market Cap: JP¥167.9b

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.

Powergrid Infrastructure Investment Trust

Market Cap: ₹86.1b

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

Arena REIT

Market Cap: AU$1.4b

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

Global One Real Estate Investment

Market Cap: JP¥138.0b

Global One Real Estate Investment Corporation (“GOR”) is a Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (TSE: 8958) with the ultimate goal of pursuing maximum returns for unitholders.

Equites Property Fund

Market Cap: R15.1b

Equites Property Fund Limited (“Equites”) is a South African REIT, with a clear focus on being a market leader in the logistics property market by developing and acquiring A-grade, modern logistics facilities in prime locations in South Africa and the United Kingdom.

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¥86.2b

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

Flagship Communities Real Estate Investment Trust

Market Cap: CA$630.7m

An unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated August 12, 2020 (as subsequently amended and restated, the “Declaration of Trust”) under the laws of the Province of Ontario.

Patrimoine et Commerce

Market Cap: €381.3m

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

Ascencio

Market Cap: €345.6m

A company incorporated under Belgian law, specialising in commercial property investments, and more specifically, supermarkets and retail parks.

Saint Croix Holding Immobilier SOCIMI

Market Cap: €320.6m

Saint Croix Holding Immobilier, Société Anonyme, through its subsidiaries, engages in the ownership and rental of real estate properties in Spain.

Dipula Properties

Market Cap: R6.3b

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

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.

IGB Commercial Real Estate Investment Trust

Market Cap: RM 1.5b

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

Trastor Real Estate Investment Company

Market Cap: €293.7m

Operates as a property investment company in Greece.

BriQ Properties Real Estate Investment

Market Cap: €134.2m

Acquires, manages, and invests in real estate properties.

Oman REIT Fund

Market Cap: ر.ع58.4m

n/a

Future City Leasehold Real Estate Investment Trust

Market Cap: ฿4.8b

Future Park Leasehold Property Fund specializes in real estate investments.

Prospect Logistics and Industrial Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿4.5b

n/a