study_id71266_reits-market-worldwide.pptx

INDUSTRIES & MARKETS
REITs market worldwide

Table of Contents
1
01 Overveiw
04
Global listed real estate market size 2023, by region
05
Leading REITs globally 2023 by market cap
06
Market cap FTSE EPRA Nareit Developed Europe index in Europe 2023, by country
07
Price to equity (PE) ratios of REITs worldwide 2020-2023, by country
08
Return rate of FTSE EPRA/Nareit Global Real Estate Index as of March 2023, by region
09
Dividend yield of FTSE EPRA/Nareit Global Real Estate Index 2019-2023, by region
10
FTSE Nareit All REITs index change compared to other investment types 2019-2022
02 The U.S. REITs market
12
Number of REITs in the U.S. 1975-2022
13
Market cap of REITs in the U.S. 2019-2022, by property type
14
REITs median premium to NAV in the U.S. 2019-2023, by property type
15
Total return REITs in the U.S. 2018-2022, by property type
16
Dividend yield REITs in the U.S. 2019-2023, by property type
17
Total return of the 50 largest REITs in the U.S. 2023
18
Debt ratio of the 50 largest REITs in the U.S. 2023-2024
19
FFO growth estimate of the 50 largest REITs in the U.S. 2023-2024
20
Price to FFO ratio of the 50 largest REITs in the U.S. 2022-2023
03 Market size
22
Market cap of the REITs market in Japan 2020-2023
23
Market cap of the REITs market in Singapore 2020-2023
24
Market cap of REITs in the UK 2020-2023
25
Market cap of the REITs market in Australia 2020-2023
26
Market cap of the REITs market in Canada 2020-2023
27
Market cap of the REITs market in France 2020-2023
28
Market cap of the REITs market in Hong Kong 2020-2023
29
Market cap of the REITs market in Belgium 2020-2023
30
Market cap of the REITs market in Mexico 2020-2023
04 Largest REITs
32
KPIs of the largest real estate investment trusts (REITs) in Japan 2023
33
KPIs of the largest real estate investment trusts (REITs) in Singapore 2023
34
KPIs of the largest real estate investment trusts (REITs) in the UK 2023
35
KPIs of the largest real estate investment trusts (REITs) in Australia 2023
36
KPIs of the largest real estate investment trusts (REITs) in Canada 2023
37
KPIs of the largest real estate investment trusts (REITs) in France 2023
38
KPIs of the largest real estate investment trusts (REITs) in Hong Kong 2023
39
KPIs of the largest real estate investment trusts (REITs) in Belgium 2023
40
KPIs of the largest real estate investment trusts (REITs) in Mexico 2023
41
KPIs of the largest real estate investment trusts (REITs) in the Netherlands 2023

Table of Contents
2
05 PE ratios and forecast by segment
43
PE ratios and earnings growth forecast of REITs in Japan in 2023, by market
44
PE ratios and earnings growth forecast of REITs in Singapore in 2023, by market
45
PE ratios and earnings growth forecast of REITs in Great Britain in 2023, by market
46
PE ratios and earnings growth forecast of REITs in Australia in 2023, by market
47
PE ratios and earnings growth forecast of REITs in Canada in 2023, by market
48
PE ratios and earnings growth forecast of REITs in France in 2023, by market
49
PE ratios and earnings growth forecast of REITs in Hong Kong in 2023, by market
50
PE ratios and earnings growth forecast of REITs in Belgium in 2023, by market
51
PE ratios and earnings growth forecast of REITs in Mexico in 2023, by market
52
PE ratios and earnings growth forecast of REITs in the Netherlands in 2023, by market

Description: North America was home to the largest listed real estate market in 2023. The aggregate market size of the listed commercial real estate market in Canada and the United States amounted to 1.4 trillion U.S. dollars. Listed real estate refers to real estate companies
that are quoted on stock exchanges and receive income from real estate assets. Read more
Note(s): Worldwide; December 2023
Source(s): EPRA
0
200
400
600
800
1,000
1,200
1,400
1,600
North America* Asia Pacific Europe, Middle East & Africa Latin America
Value
in
billion
U.S.
dollars
Emerging markets Developed markets
4
Value of listed real estate market worldwide as of December 2023, by region
(in billion U.S. dollars)
Global listed real estate market size 2023, by region

Description: Prologis Inc, American Tower Corp, and Equinix INC were the real estate investment trusts (REITs) worldwide with the largest market caps as of March 2023. All three REITs were headquartered in the United States. If fact, out of the 40 largest REITs, only were
headquartered outside the United States. These were Goodman Group (Australia), Link Real Estate Investment Trust (Hong Kong), Segro Plc (the UK), and Scentre Group (Australia). Read more
Note(s): Worldwide; March 2023
Source(s): Financial Times; Refinitiv; Various sources
117.23
94.29
65.45
57
53.57
42.6
40.57
36.95
34.25
30.86
28.12
24.9
24.39
24.16
23.69
0 20 40 60 80 100 120 140
Prologis Inc (U.S.)
American Tower Corp (U.S.)
Equinix Inc (U.S.)
Crown Castle Inc (U.S.)
Public Storage (U.S.)
Realty Income Corp (U.S.)
Simon Property Group Inc (U.S.)
Welltower Inc (U.S.)
VICI Properties Inc (U.S.)
Digital Realty Trust (U.S.)
SBA Communications Corp (U.S.)
Alexandria Real Estate Equities Inc (U.S.)
Goodman Group (Australia)
Avalonbay Communities Inc (U.S.)
Equity Residential (U.S.)
Market cap in billion U.S. dollars
5
Leading real estate investment trusts (REITs) worldwide as of March 2023, by
market capitalization (in billion U.S. dollars)
Leading REITs globally 2023 by market cap

Description: As of February 2023, the German non-REITs in the FTSE EPRA Nareit Developed Europe index had a market capitalization of over about 28 billion euros. REITs had a market cap of about 500 million euros. In the United Kingdom (UK), the market cap of REITs
was over 60 billion euros. Real Estate Investment Trusts (REITs) are companies which are listed on the stock market and facilitate direct real estate investment. REITs usually distribute at least 90 percent of its taxable income to shareholders [...] Read more
Note(s): Europe; February 2023
Source(s): FTSE Russell
0 10 20 30 40 50 60 70
UK
Germany
Sweden
Belgium
France
Switzerland
Netherlands
Spain
Finland
Austria
Norway
Ireland
Italy
REIT non-REIT
Net market capitalization in billion euros
6
Market capitalization of FTSE EPRA Nareit Developed Europe REIT and non-
REITs index as of February 2023, by country (in billion euros)
Market cap FTSE EPRA Nareit Developed Europe index in Europe 2023, by country

Description: The price to earning (PE) ratios of REITs worldwide as of March 2023 varied between six and 26 percent, depending on the market. The PE ratio is a valuation metric and is calculated as the ratio of the total market cap to the total earnings. A higher PE ratio means
that the market cap has grown higher than the earnings - a sign of high investor confidence but also that the market may be overpriced. Though the U.S. REITs market had the highest PE ratio as of March 2023 (26), it was also a [...] Read more
Note(s): Worldwide; March 2020 to March 2023
Source(s): S&P Global; Simply Wall St; Statista
0%
50%
100%
150%
200%
250%
300%
350%
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
PE
ratio
New Zealand Singapore UK U.S. Japan Hong Kong Germany France Canada Belgium Australia Mexico
7
Price to equity (PE) ratios of real estate investment trusts (REITs) in selected
markets worldwide from March 2020 to March 2023, by county
Price to equity (PE) ratios of REITs worldwide 2020-2023, by country

Description: The FTSE EPRA/Nareit Global Real Estate Index saw negative one-year return rates in all regions globally as of March 2023. Worldwide, the index dropped by 14.43 percent in one year. Nevertheless, the five-year return was positive at 1.84 percent. Europe faced
the largest one-year drop in return at 31.14 percent. The Americas region was the only one which registered positive five- and three-year returns. The FTSE EPRA/Nareit Global Real Estate Index is designed to track the performance of [...] Read more
Note(s): Worldwide; March 13, 2023; rates at month-end; based on U.S. dollars
Source(s): Nareit
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Global Americas AsiaPacific Europe Middle East/Africa
Compound
annual
return
rate
5-year 2-year 1-year
8
Return rate of FTSE EPRA/Nareit Global Real Estate Index as of March 2023,
by region
Return rate of FTSE EPRA/Nareit Global Real Estate Index as of March 2023, by region

Description: The FTSE EPRA/Nareit Global Real Estate Index saw the highest dividend yields in the Middle East/Africa region and in the lowest yields in the Americas region. In the Americas, the dividend yield stood at 4.2 percent as of March 2023, up from 2.66 percent in
2022. The FTSE EPRA/Nareit Global Real Estate Index is designed to track the performance of listed real estate companies worldwide. As of March 2023, the index measured negative five-year return in all regions, except in the Americas. Read more
Note(s): Worldwide; 2019 to March 13, 2023; based on U.S. dollars
Source(s): Nareit
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
2019 2020 2021 2022 YTD March 2023
Dividend
yield
Global Americas AsiaPacific Europe Middle East/Africa
9
Dividend yield of FTSE EPRA/Nareit Global Real Estate Index from 2019 to
March 2023, by region
Dividend yield of FTSE EPRA/Nareit Global Real Estate Index 2019-2023, by region

Description: The FTSE Nareit All REITs index decreased by about 25 percent in 2022, which was less than the Nasdaq Composite index but more than S&P 500, Russel 2000, and Dow Jones industrials. In the same period, the U.S. treasury 10-year note increased by 2.43
percent. The FTSE EPRA/Nareit Global Real Estate Index is designed to track the performance of listed real estate companies worldwide. Read more
Note(s): Worldwide; 2019 to 2022; * The 10-year treasury note yield changes in percentage point Read more
Source(s): Nareit
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
2019 2020 2021 2022
Annual
percentage
change
FTSE Nareit All REITs Total U.S. treasury 10-year note* S&P 500
Dow Jones Industrials Russell 2000 Total Return Indexes Nasdaq Composite
10
Annual percentage change in the FTSE Nareit All REITs index compared to
the U.S. treasury 10-year yield note and other indices from 2019 to 2022
FTSE Nareit All REITs index change compared to other investment types 2019-2022

The U.S. REITs market
CHAPTER 02

Description: The number of real estate investment trusts (REITs) in the United States has remained fairly stable in recent years. In 2022, there were 206 REITs, down from 217 REITs in the previous year. Despite the decrease in the number of REITs, the market cap rose
significantly. Read more
Note(s): United States; 1975 to 2022
Source(s): Nareit
46
75
82
119
219
189
197
153
160
172
202
216
233
224 222 226
219 223
217
206
0
50
100
150
200
250
1975 1980 1985 1990 1995 2000 2005 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Number
of
REITs
12
Number of real estate investment trusts (REITs) in the United States from
1975 to 2022
Number of REITs in the U.S. 1975-2022

Description: The FTSE Nareit All Equity REITs index is a free-float adjusted, market capitalization-weighted index of equity real estate investment trusts (REITs) in the United States. As of December 2022, the market cap of the index was almost 1.12 trillion U.S. dollars, down
from 1.6 trillion U.S. dollars in December 2021. To be included in the index, the 148 constituents have to have more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. [...] Read more
Note(s): United States; 2019 to 2022; as of December of each year
Source(s): FTSE; Nareit
2019 2020 2021 2022
FTSE Nareit All Equity REITs 1232.49 1142.75 1615 1211.38
FTSE Nareit Equity REITs 1024.2 907.2 1307.68 991.49
Industrial 118.42 129.33 215.11 151.86
Office 101.17 81.31 107.12 66.47
Retail 173.13 120.6 201.02 182.91
Retail: Shopping Centers 61.72 41 67.53 63
Retail: Regional Malls 55.38 31.86 55.67 41.72
Retail: Free Standing 56.02 47.74 77.82 78.18
Residential 195.71 162.26 261.12 175.98
Residential: Apartments 141.63 111.74 181.47 116.71
Residential: Manufactured Homes 29.05 24.92 40.34 30.55
Residential: Single Family Homes 25.03 25.6 39.3 28.72
Diversified 62.12 45.63 37.73 29.11
Lodging/Resorts 48.35 32.17 39.76 33.17
13
Market cap of real estate investment trusts (REITs) in the United States from
2019 to 2022, by property type (in billion U.S. dollars)
Market cap of REITs in the U.S. 2019-2022, by property type

Description: As of February 2023, many different types of REITs in the United States traded with a discount to the NAV. On average, U.S. REITs traded with median discounts of 16.8 percent. Office REITs saw the heaviest median discount, this being 47.6 percent. However,
other property type REITs traded with a median premium to the NAV, such as casinos (13.4 percent) and other retail (6.8 percent). Real estate investment trusts (REITs), are companies that own or finance real estate. The net asset value [...] Read more
Note(s): United States; February 2019 to February 2023; *Includes two additional specialty REITs that are not reflected in a property type category. The source analyzed "current publicly traded U.S. equity real estate investment trusts that trade on [...] Read more
Source(s): S&P Global Ratings
Property type Feb '19 Feb '20 Feb '21 Feb '22 Feb '23
Office -16.3% -24.5% -32.6% -27.4% -47.6%
Hotel -8.6% -30.4% -5.7% -19.9% -30.4%
Timber -23.7% -21.4% -7.1% -10.2% -23.7%
Regional mall -31.3% -35.9% -40.2% -17.6% -23%
Diversified -3.2% -14.5% -7.5% -9.7% -21%
Shopping center -15.7% -21.4% -13.7% -15.1% -19.3%
Residential -8.2% -6.5% -3.2% -2.5% -17.6%
All United States REITs* -7.6% -13.8% -4.2% -4.9% -16.8%
Farmland % % % 28.9% -12.6%
Data center -12.4% -3.1% 20.3% 13.5% -9.4%
Communications % % % 3.6% -9.3%
Industrial -1% -0.1% 9.9% 4.2% -5.4%
Self-storage 4.7% 6% 16.7% 4.7% -4.8%
Healthcare 13.7% 9.5% 9.9% 8.4% -1.4%
14
Median premium or discount to net asset value (NAV) of real estate investment trust
(REIT) in the United States from February 2019 to February 2023, by property type
REITs median premium to NAV in the U.S. 2019-2023, by property type

Description: REITs in the United States saw a total return of over 43 percent in 2021, according to the FTSE Nareit All Equity REITs index. Nevertheless, as of December 2022, the index had a negative total return of 24 percent. Though also at a loss, specialty, free standing
retail, and lodging or resort REITs performed relatively better. FTSE Nareit All Equity REITs index is a free-float adjusted, market capitalization-weighted index of equity REITs in the U.S. In 2022, the index included were 148 constituents, [...] Read more
Note(s): United States; 2018 to 2022; as of December of each year
Source(s): Nareit
2018 2019 2020 2021 2022
FTSE Nareit All Equity REITs -4.04% 28.66% -5.12% 41.3% -24.95%
FTSE Nareit Equity REITs -4.62% 26% -8% 43.24% -24.37%
Industrial -2.51% 48.71% 12.17% 62.03% -28.58%
Office -14.5% 31.42% -18.44% 22% -37.62%
Retail -4.96% 10.65% -25.18% 51.91% -13.29%
Retail: Shopping Centers -14.55% 25.03% -27.64% 65.05% -12.54%
Retail: Regional Malls -6.99% -9.13% -37.15% 92.05% -22.91%
Retail: Free Standing 13.93% 24.76% -10.46% 19.72% -6.53%
Residential 3.09% 30.89% -10.69% 58.29% -31.34%
Residential: Apartments 3.7% 26.32% -15.34% 63.61% -31.95%
Residential: Manufactured Homes 11.43% 49.09% -1.69% 41.98% -28.34%
Residential: Single Family Homes -11.41% 44.3% 52.79% 52.79% -31.88%
Diversified -12.52% 24.1% -21.76% 29.25% -15.73%
Lodging/Resorts -12.82% 15.65% -23.6% 18.22% -15.31%
15
Total return of real estate investment trusts (REITs) in the United States from
2018 to 2022, by property type
Total return REITs in the U.S. 2018-2022, by property type

Description: U.S. REITs in the FTSE Nareit All Equity REITs index yielded between two and 16 percent dividend depending on the property type as of November 2023. Home financing REITs had the highest yield of 16.04 percent, compared to 4.59 percent for all equity REITs.
The FTSE Nareit All Equity REITs index is a free-float adjusted, market capitalization-weighted index of equity REITs in the U.S. In 2023, the it included were 141 constituents, with more than 50 percent of total assets in qualifying real [...] Read more
Note(s): United States; December 2019 to November 2023
Source(s): FTSE; Nareit
December 2019 December 2020 December 2021 September 2022 November 2023
Data Centers 2.56% 2.35% 1.9% 3.15% 2.59%
Timber 4.37% 4.46% 1.94% 2.91% 3.08%
Residential: Manufactured Homes 1.8% 2.36% 1.64% 2.67% 3.14%
Residential: Single Family Homes 1.51% 1.72% 1.32% 2.47% 3.2%
Industrial 2.46% 2.55% 1.73% 3.09% 3.6%
Residential 2.54% 3.21% 2.19% 3.2% 4.1%
Infrastructure 2.08% 2.11% 2.03% 2.91% 4.25%
Lodging/Resorts 5.78% 6.09% 0.05% 2.32% 4.28%
Self Storage 3.73% 3.57% 2.28% 3.29% 4.36%
FTSE Nareit All Equity REITs 3.59% 3.65% 2.59% 3.95% 4.59%
Residential: Apartments 2.86% 3.73% 2.49% 3.49% 4.6%
Retail: Shopping Centers 4.62% 5.51% 3.15% 4.86% 4.65%
FTSE Nareit Equity REITs 3.84% 3.98% 2.72% 4.21% 4.7%
Health Care 4.84% 4.83% 4.05% 5.26% 5.21%
16
Dividend yield of real estate investment trusts (REITs) in the United States
from 2019 to November 2023, by property type
Dividend yield REITs in the U.S. 2019-2023, by property type

Description: Among the 50 real estate investment trusts (REITs) with the largest market cap, Prologis (PLD) and American Tower (AMT) recorded to the at the top of the list with around 93 and 83 billion US dollars each. The REITs sector reported a decrease in 2022, with the
after the market cap reached record high the previous year. Nevertheless, the year-to-date total returns for all property segments were negative as of September 2022. Read more
Note(s): United States; November 2023; 50 largest REITs by market cap
Source(s): Nareit
Market segment Market cap (in billion U.S.
dollars)
October 2023 QTD YTD 1-year
Prologis (PLD) Industrial 93.04 -10.21% -10.21% -8.7% -6.41%
American Tower Corp (AMT) Infrastructure 83.04 9.46% 9.46% -13.71% -11.12%
Equinix Inc (EQIX) Data Centers 68.23 0.47% 0.47% 12.99% 31.28%
Crown Castle Inc (CCI) Infrastructure 40.32 1.03% 1.03% -28.57% -26.46%
Public Storage (PSA) Self Storage 41.96 -9.41% -9.41% -12.05% -19.92%
Welltower Inc. (WELL) Health Care 41.5 2.06% 2.06% 30.52% 41.44%
Digital Realty Trust (DLR) Data Centers 37.21 2.76% 2.76% 28.11% 29.63%
Simon Property Group (SPG) Regional Malls 35.9 1.72% 1.72% -1.82% 7.46%
Realty Income (O) Free Standing 31.9 -4.61% -4.61% -21.96% -19.91%
VICI Properties (VICI) Specialty 28.02 -4.12% -4.12% -10.49% -8.35%
Avalonbay Communities (AVB) Apartments 23.53 -3.49% -3.49% 5.57% -1.68%
SBA Communications (SBAC) Infrastructure 22.6 4.23% 4.23% -24.74% -21.65%
Extra Space Storage (EXR) Self Storage 21.87 -14.8% -14.8% -27.26% -39.09%
Weyerhaeuser (WY) Timber 21.02 -6.43% -6.43% -3.14% -2.38%
17
Total return of the 50 largest real estate investment trusts (REITs) in the
United States as of November 2023
Total return of the 50 largest REITs in the U.S. 2023

Description: The infrastructure real estate investment trust (REIT) Prologis was the largest U.S. REIT as of November 2023, with a market cap of almost 95.4 million U.S. dollars. During this period, the debt to ratio of Prologis was almost 21 percent. The debt ratio measures the
financial leverage of a company and is calculated as the the total debt divided by the sum of implied market capitalization and total debt. Read more
Note(s): United States; November 2023; 50 largest REITs by market cap; * No value provided by the source Read more
Source(s): Nareit
89.1%
75.7%
73.5%
48.7%
45.4%
44.7%
44.6%
41.9%
40.8%
40.8%
39.9%
39.9%
39.8%
39.1%
38.6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Annaly Capital Management (NLY)
Medical Properties Trust (MPW)
Boston Properties (BXP)
Healthcare Realty Trust Inc (HR)
Iron Mountain (IRM)
Brixmor Property Group (BRX)
Ventas Inc (VTR)
Crown Castle Inc (CCI)
Healthpeak Properties Inc (PEAK)
Alexandria Real Estate Equity (ARE)
Omega Healthcare Investors (OHI)
Realty Income (O)
Kimco Realty Cp (KIM)
Lamar Advertising (LAMR)
Simon Property Group (SPG)
Debt ratio
18
Debt ratio of the 50 largest real estate investment trusts (REITs) in the United
States as of November 2023
Debt ratio of the 50 largest REITs in the U.S. 2023-2024

Description: The infrastructure real estate investment trust (REIT) Prologis was the largest U.S. REIT as of November 2023, with a market cap of almost 93 million U.S. dollars. The funds from operation (FFO) of American Tower Corp are estimated to decrease by 0.5 percent.
Nevertheless, the specialty REIT Americold Realty Trust Inc. had the highest FFO growth estimate at almost 15 percent. Read more
Note(s): United States; November 2023; 50 largest REITs by market cap; * No value provided by the source Read more
Source(s): Nareit
15.15%
12.35%
11.48%
9.46%
8.31%
7.77%
7.58%
7.51%
7.38%
7.32%
7.16%
7.13%
6.76%
6.55%
6.2%
0% 2% 4% 6% 8% 10% 12% 14% 16%
Americold Realty Trust Inc (COLD)
Rexford Industrial Realty (REXR)
Welltower Inc. (WELL)
Life Storage (LSI)
Lamar Advertising (LAMR)
Iron Mountain (IRM)
Extra Space Storage (EXR)
Ventas Inc (VTR)
Equinix Inc (EQIX)
Omega Healthcare Investors (OHI)
Eastgroup Properties (EGP)
First Industrial Realty Trust (FR)
Apartment Income REIT (AIRC)
American Homes 4 Rent (AMH)
Invitation Homes (INVH)
Funds from operation growth
19
Funds from operation (FFO) growth estimate of the 50 largest real estate
investment trusts (REITs) in the United States from 2023 to 2024
FFO growth estimate of the 50 largest REITs in the U.S. 2023-2024

Description: The infrastructure real estate investment trust (REIT) Prologis was the largest U.S. REIT as of November 2023, with a market cap of almost 93 billion U.S. dollars. In 2023, the price to funds from operation (P/FFO) value of Prologis is estimated to amount to 18
percent. The REITs sector grew substantially in 2021, with the market cap reaching record high. Nevertheless, the year-to-date total returns for all property segments were negative as of September 2022. Read more
Note(s): United States; November 2023; 50 largest REITs by market cap
Source(s): Nareit
Market segment Market cap (in billion U.S. dollars) 2022 2023
Prologis (PLD) Industrial 93.04 19.73% 18%
American Tower Corp (AMT) Infrastructure 83.04 21.59% 17.95%
Equinix Inc (EQIX) Data Centers 68.23 19.62% 22.8%
Public Storage (PSA) Self Storage 41.96 18.65% 14.27%
Welltower Inc. (WELL) Health Care 41.5 18.93% 23.45%
Crown Castle Inc (CCI) Infrastructure 40.32 19.64% 12.36%
Digital Realty Trust (DLR) Data Centers 37.21 18.86% 13.67%
Simon Property Group (SPG) Regional Malls 35.9 7.69% 9.2%
Realty Income (O) Free Standing 31.9 14.46% 11.55%
VICI Properties (VICI) Specialty 28.02 17.55% 13%
Avalonbay Communities (AVB) Apartments 23.53 18.65% 15.66%
SBA Communications (SBAC) Infrastructure 22.6 23.49% 16.12%
Extra Space Storage (EXR) Self Storage 21.87 20.35% 13.35%
Weyerhaeuser (WY) Timber 21.02 N/A N/A
20
Price to funds from operation (P/FFO) ratio estimate of the 50 largest real
estate investment trusts (REITs) in the United States from 2022 to 2023
Price to FFO ratio of the 50 largest REITs in the U.S. 2022-2023

Description: The market cap of real estate investment trusts (REITs) in Japan decreased slightly in March 2023 compared to the market peak in August 2021. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all
REITs, amounted to 15.2 trillion Japanese yen. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows [...] Read more
Note(s): Japan; March 2020 to March 2023
Source(s): S&P Global; Simply Wall St
12.5
13.5
14.5
15.5
16.5
17.5
18.5
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
trillion
Japanese
yen
22
Market capitalization of real estate investment trusts (REITs) in Japan from
March 2020 to March 2023 (in trillion Japanese yen)
Market cap of the REITs market in Japan 2020-2023

Description: The market cap of real estate investment trusts (REITs) in Singapore decreased slightly in March 2023 compared to the market peak in April 2022. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all
REITs, amounted to 102 billion Singapore dollars. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows [...] Read more
Note(s): Singapore; March 2020 to March 2023
85
90
95
100
105
110
115
120
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
Singapore
dollars
23
Market capitalization of real estate investment trusts (REITs) in Singapore
from March 2020 to March 2023 (in billion Singapore dollars)
Market cap of the REITs market in Singapore 2020-2023

Description: The market cap of real estate investment trusts (REITs) in the UK decreased substantially in March 2023 compared to the market peak in December 2021. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of
stocks of all REITs, amounted to 58 billion British pounds. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which [...] Read more
Note(s): United Kingdom; March 2020 to March 2023
45
50
55
60
65
70
75
80
85
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
British
pounds
24
Market capitalization of real estate investment trusts (REITs) in the United
Kingdom (UK) from March 2020 to March 2023 (in billion GBP)
Market cap of REITs in the UK 2020-2023

Description: The market cap of real estate investment trusts (REITs) in Australia decreased slightly in March 2023 compared to the market peak in December 2021. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of
all REITs, amounted to 144.5 billion Australian dollars. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which [...] Read more
Note(s): Australia; March 2020 to March 2023
110
120
130
140
150
160
170
180
190
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
Australian
dollars
25
Market capitalization of real estate investment trusts (REITs) in Australia from
March 2020 to March 2023 (in billion Australian dollars)
Market cap of the REITs market in Australia 2020-2023

Description: The market cap of real estate investment trusts (REITs) in Canada decreased slightly in March 2023 compared to the market peak in October 2021. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all
REITs, amounted to 85.5 billion Canadian dollars. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows [...] Read more
Note(s): Canada; March 2020 to March 2023
50
60
70
80
90
100
110
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
Canadian
dollars
26
Market capitalization of real estate investment trusts (REITs) in Canada from
March 2020 to March 2023 (in billion Canadian dollars)
Market cap of the REITs market in Canada 2020-2023

Description: The market cap of real estate investment trusts (REITs) in France decreased significantly in March 2023 compared to the market peak in March 2020. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of
all REITs, amounted to 41.6 billion euros. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows [...] Read more
Note(s): France; March 2020 to March 2023
30
35
40
45
50
55
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
euros
27
Market capitalization of real estate investment trusts (REITs) in France from
March 2020 to March 2023 (in billion euros)
Market cap of the REITs market in France 2020-2023

Description: The market cap of real estate investment trusts (REITs) in Hong Kong decreased in March 2023 compared to the market peak in March 2020. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all
REITs, amounted to 208.6 billion Hong Kong dollars. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows [...] Read more
Note(s): Hong Kong; March 2020 to March 2023
155
175
195
215
235
255
275
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
Hong
Kong
dollars
28
Market capitalization of real estate investment trusts (REITs) in Hong Kong
from March 2020 to March 2023 (in billion Hong Kong dollars)
Market cap of the REITs market in Hong Kong 2020-2023

Description: The market cap of real estate investment trusts (REITs) in Belgium decreased substantially in March 2023 compared to the market peak in April 2022. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of
all REITs, amounted to 19.5 billion euros. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows [...] Read more
Note(s): Belgium; March 2020 to March 2023
16.0
17.0
18.0
19.0
20.0
21.0
22.0
23.0
24.0
25.0
26.0
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
euros
29
Market capitalization of real estate investment trusts (REITs) in Belgium from
March 2020 to March 2023 (in billion euros)
Market cap of the REITs market in Belgium 2020-2023

Description: The market cap of real estate investment trusts (REITs) in Mexico increased substantially in in the second half of 2022. As of March 2023, the aggregate market capitalization, or the market value of the outstanding shares of stocks of all REITs, amounted to almost
505 billion Mexican pesos. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows investors to easily [...] Read more
Note(s): Mexico; March 2020 to March 2023
200
250
300
350
400
450
500
550
Mar
08,
2020
Jun
04,
2020
Aug
31,
2020
Dec
08,
2020
Mar
06,
2021
Jun
02,
2021
Aug
18,
2021
Sep
20,
2021
Oct
23,
2021
Nov
25,
2021
Dec
28,
2021
Jan
30,
2022
Mar
04,
2022
Apr
06,
2022
May
09,
2022
Jun
11,
2022
Jul 14,
2022
Aug
16,
2022
Sep
18,
2022
Oct
21,
2022
Nov
23,
2022
Dec
26,
2022
Jan
28,
2023
Mar
02,
2023
Market
cap
in
billion
Mexican
pesos
30
Market capitalization of real estate investment trusts (REITs) in Mexico from
March 2020 to March 2023 (in billion Mexican pesos)
Market cap of the REITs market in Mexico 2020-2023

Description: Nippon Building Fund Inc was the real estate investment trust (REIT) with the largest market cap in Japan as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was approximately 7.03 billion U.S. dollars during
that period. Nippon Building Fund also had the highest revenue, EBITDA margin, and the third-highest five-year return on investment (ROI) among all companies in the ranking. Nevertheless, Japan Metropolitan Fund Investment Corp [...] Read more
Note(s): Japan; March 2023; companies listed on the country's stock exchange
Market cap (in billion U.S.
dollars)
PE ratio Revenue (in million U.S. dollars) EBITDA Margin (TTM) (in
percentage)
Nippon Building Fund Inc 7.03 20.98 728.08 61.2
Nippon Prologis REIT Inc 5.8 34.4 397.62 56.55
Japan Real Estate Investment Corp 5.66 23.58 541.83 58.46
Japan Metropolitan Fund Investment Corp 5.2 21.79 597.41 46.46
Nomura Real Estate Master Fund Inc 5.14 27.19 559.63 53.12
GLP J-REIT 4.94 25.76 363.09 55.11
Daiwa House REIT Investment Corp 4.7 28.26 435.99 52.22
Orix JREIT Inc 3.63 23.49 364.58 53.88
United Urban Investment Corp 3.37 24.02 355.46 53.2
Advance Residence Investment Corp 3.33 29.78 252.73 55.33
32
Key performance indicators (KPIs) of the largest real estate investment trusts
by market cap in Japan in 2023
KPIs of the largest real estate investment trusts (REITs) in Japan 2023

Description: CapitaLand Integrated Commercial Trust was the real estate investment trust (REIT) with the largest market cap in Singapore as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was approximately 9.31 billion
U.S. dollars during that period. CapitaLand Integrated Commercial Trust also had the highest revenue and the third-highest five-year return on investment among all companies in the ranking. Nevertheless, Suntec Real [...] Read more
Note(s): Singapore; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
CapitaLand Integrated Commercial Trust 9.31 17.34 1.07 65.26
Ascendas Real Estate Investment Trust 8.74 15.46 1 64.17
Mapletree Pan Asia Commercial Trust 6.65 N/A N/A N/A
Mapletree Logistics Trust 5.97 10.53 0.55 72.37
Mapletree Industrial Trust 4.71 14.51 0.5 61.48
Frasers Logistics & Commercial Trust 3.48 6.42 0.33 66.76
Suntec Real Estate Investment Trust 3.02 8.77 0.32 60.24
Frasers Centrepoint Trus 2.79 18.08 0.26 61.63
CapitaLand Ascott Trust 2.59 16.34 0.46 40.88
Keppel DC REIT 2.57 14.95 0.21 78.99
33
by market cap in Singapore in 2023
KPIs of the largest real estate investment trusts (REITs) in Singapore 2023

Description: Segro PLC, a London-headquartered owner, asset manager, and developer of industrial and logistics real estate, was the real estate investment trust (REIT) with the largest market cap trading on the London Stock Exchange in England as of March 2023. The
market cap, or the aggregate value of the total outstanding shares of the company was almost 11.9 billion U.S. dollars during that period. Safestore Holdings PLC had the highest five-year return on investment (ROI) among all companies [...] Read more
Note(s): United Kingdom; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
Segro PLC 11.85 N/A 805.58 62.03
Land Securities Group PLC 5.91 12.19 912.75 60.55
British Land Company PLC 4.96 7.46 522.6 55.3
Unite Group PLC 4.69 10.96 312.24 63.29
Derwent London PLC 3.47 N/A 299.59 63.99
Tritax Big Box REIT PLC 3.31 N/A 248.06 88.79
Big Yellow Group PLC 2.65 4.88 220.76 65.27
Safestore Holdings PLC 2.56 4.62 255.88 58.12
LXI REIT 2.26 11.85 130.77 86.74
Londonmetric Property PLC 2.2 7.4 170.27 87.41
34
by market cap in the United Kingdom (UK) in 2023
KPIs of the largest real estate investment trusts (REITs) in the UK 2023

Description: Goodman Group was the real estate investment trust (REIT) with the largest market cap in Australia as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was approximately 24.5 billion U.S. dollars during that
period. Goodman Group also had the second-highest five-year return on investment among all companies in the ranking. Nevertheless, Stockland Corporation Ltd topped the ranking in terms of dividend yield. Charter Hall Long WALE [...] Read more
Note(s): Australia; March 2023; companies listed on the country's stock exchange
dollars)
PE ratio Revenue (in billion U.S. dollars) EBITDA Margin (TTM) (in
percentage)
Goodman Group 24.53 14.79 1.4 47.98
Scentre Group 10.23 50.83 1.65 63.15
Vicinity Centres 6.28 12.62 0.83 62.02
Stockland Corporation Ltd 6.02 10.11 1.89 25.84
Dexus 5.91 10.74 0.55 53.02
GPT Group 5.88 18.61 0.55 62.57
Mirvac Group 5.82 15.53 1.21 35.45
Charter Hall Group 4.11 10.04 0.68 52.15
Charter Hall Long WALE REIT 2.19 6.9 0.15 70.19
National Storage Reit 2 5.56 0.21 57.3
35
by market cap in Australia in 2023
KPIs of the largest real estate investment trusts (REITs) in Australia 2023

Description: Canadian Apartment Properties was the real estate investment trust (REIT) with the largest market cap in Canada as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was almost 6.1 billion U.S. dollars during
that period. Canadian Apartment Properties also had the highest price-to-earnings (PE ratio) and the second-highest revenue after Choice Properties. Nevertheless, Granite headed the ranking in terms of five-year return on [...] Read more
Note(s): Canada; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
Canadian Apartment Properties Real Estate
Investment Trust
6.08 539.82 740.86 61.03
RioCan Real Estate Investment Trust 4.81 28.54 892.8 53.97
Granite Real Estate Investment Trust 3.86 8.68 320.15 76.03
Choice Properties Real Estate Investment
Trust
3.54 14.29 930.12 67.74
SmartCentres Real Estate Investment Trust 2.93 9.59 591.79 56.63
Dream Industrial Real Estate Investment
Trust
2.79 5.53 271.82 63.23
First Capital Real Estate Investment Trust 2.75 -- 509.78 55.23
Allied Properties Real Estate Investment
Trust
2.6 20.86 382.07 52.36
H&R Real Estate Investment Trust 2.57 4.49 613.89 61.56
36
by market cap in Canada in 2023
KPIs of the largest real estate investment trusts (REITs) in Canada 2023

Description: Segro PLC, a London-headquartered owner, asset manager, and developer of industrial and logistics real estate, was the real estate investment trust (REIT) with the largest market cap trading on the Euronext Paris stock exchange in France as of March 2023. The
market cap, or the aggregate value of the total outstanding shares of the company was almost 11.9 billion U.S. dollars during that period. Segro also had the highest five-year return on investment (ROI) among all companies in the [...] Read more
Note(s): France; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
Segro PLC 11.85 N/A 805.58 62.03
Gecina SA 8.88 47.76 665.54 78.64
Klepierre SA 7.29 16.48 1520 66.8
Covivio SA 6.14 9.31 1040 84.74
Icade SA 3.88 67.32 1930 36.51
Societe Fonciere Lyonnaise SA 3.82 25.07 217.48 85.01
Covivio Hotels SCA 2.75 5.46 259.48 122.56
Altarea SCA 2.72 7.94 3200 10.36
Carmila SA 2.23 9.56 474.03 64.99
Argan SA 2.08 19.29 177.66 89.93
37
by market cap in France in 2023
KPIs of the largest real estate investment trusts (REITs) in France 2023

Description: Link Real Estate Investment Trust was the real estate investment trust (REIT) with the largest market cap in Hong Kong as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was almost 16.64 billion U.S. dollars
during that period. Link Real Estate Investment Trust also had the highest revenue and five-year return on investment (ROI) among all companies in the ranking. Nevertheless, Langham Hospitality Investments Ltd had the highest [...] Read more
Note(s): Hong Kong; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
Link Real Estate Investment Trust 16.64 7.61 1.51 71.26
Champion Real Estate Investment Trust 2.68 N/A 334.45 65.1
Fortune Real Estate Investment Trust 1.73 8.96 225.42 66.32
Yuexiu Real Estate Investment Trust 1.52 N/A 270.71 60.72
Hui Xian Real Estate Investment Trust 1.04 N/A 341.13 55.4
Sunlight Real Estate Investment Trust 0.74 N/A 100.28 67.6
Regal Real Estate Investment Trust 0.54 3.32 82.31 82.83
Spring Real Estate Investment Trust 0.47 8.25 78.48 62.64
Prosperity Real Estate Investment Trust 0.45 16.79 55.95 65.14
Langham Hospitality Investments Ltd 0.44 8.15 42.31 92.12
38
by market cap in Hong Kong in 2023
KPIs of the largest real estate investment trusts (REITs) in Hong Kong 2023

Description: Warehouses de Pauw was the real estate investment trust (REIT) with the largest market cap in Belgium as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was almost 6.2 billion U.S. dollars during that period.
Warehouses de Pauw also had the highest price-to-earnings (PE) ratio, revenue, and second-highes five-year return on investment (ROI) among all companies in the ranking. Nevertheless, Intervest Offices & Warehouses topped [...] Read more
Note(s): Belgium; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
Warehouses de Pauw 6.18 15.34 351.62 88.76
Aedifica 3.29 8.91 288.76 77.91
Cofinimmo 2.91 5.51 388.19 59.61
Montea 1.46 6.09 96.65 100.62
Xior Student Housing 1.13 4.93 120.3 68.71
Retail Estates 1.04 4.84 139.83 74.99
Intervest Offices & Warehouses 0.62 10.22 75.99 87.48
Care Property Invest 0.55 4.2 54.52 78.62
Wereldhave Belgium 0.54 9.07 73.31 69.18
Nextensa 0.49 6.49 144.62 34.74
39
by market cap in Belgium in 2023
KPIs of the largest real estate investment trusts (REITs) in Belgium 2023

Description: Fibra Uno Administracion SA de CV was the real estate investment trust (REIT) with the largest market cap in Mexico as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was almost 5.5 billion U.S. dollars
during that period. Fibra Uno Administracion also had the highest revenue and the second highest yield among all companies in the ranking. Nevertheless, CFECapital S de RL de CV had the highest EBITDA margin, with earnings before [...] Read more
Note(s): Mexico; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
Fibra Uno Administracion SA de CV 5.47 5.7 1320 75.9
Inmobiliaria Colonial SOCIMI SA 3.73 5.03 375.19 74.33
Prologis Property Mexico SA de CV 3.66 7.59 305.74 63.31
Concentradora Fibra Danhos SA de CV 2.04 16.38 304.09 64.68
CI Banco SA Institucion de Banca Multiple
FF/00939
1.43 2.63 225.35 72.47
Macquarie Mexico Real Estate Management
SA de CV
1.33 8.44 224.9 79.11
CFECapital S de RL de CV 1.31 3.8 350.34 98.64
Fibra Mty SAPI de CV 1.14 8.28 82.8 75.54
Concentradora Fibra Hotelera Mexicana SA
de CV
0.5 9.8 259.04 28.56
Fibra Plus 0.26 43.23 38.5 49.52
40
(REITs) by market cap in Mexico in 2023
KPIs of the largest real estate investment trusts (REITs) in Mexico 2023

Description: Unibail-Rodamco-Westfield was the real estate investment trust (REIT) with the largest market cap in the Netherlands as of March 2023. The market cap, or the aggregate value of the total outstanding shares of the company was approximately 8.4 billion U.S.
dollars during that period. Unibail-Rodamco-Westfield also had the highest revenue and price-to-earnings ratio. Nevertheless, Vastned Retail had the highest EBITDA margin, with earnings before interest, taxes, depreciation, and [...] Read more
Note(s): Netherlands; March 2023; companies listed on the country's stock exchange
dollars)
percentage)
Unibail-Rodamco-Westfield 8.41 60.96 3180 55.2
Eurocommercial Properties 1.31 4.31 260.64 66.38
Wereldhave 0.64 10.47 172.39 59.64
NSI 0.49 N/A 75.57 71.92
Vastned Retail 0.44 12.04 70.35 78.47
41
by market cap in the Netherlands in 2023
KPIs of the largest real estate investment trusts (REITs) in the Netherlands 2023

PE ratios and forecast by
segment
CHAPTER 05

Description: The price to earning (PE) ratios of REITs in Japan was slightly higher than the PE ratio of the total market and real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all
REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate [...] Read more
Note(s): Japan; March 2023
PE ratio Forecast annual growth
Total market 15.7 8.70%
Real estate 15.6 6.10%
REITs 25.1 2.10%
Healthcare REITs 30.1 N/A
Office REITs 21.9 N/A
Retail REITs 22.1 N/A
Diversified REITs 22.7 2.10%
Industrial REITs 29 N/A
Hotel and resort REITs 78.9 N/A
Residential REITs 28 N/A
43
Price to equity (PE) ratios and annual earnings growth forecast of real estate
investment trusts (REITs) in Japan as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Japan in 2023, by market

Description: The price to earning (PE) ratios of REITs in Singapore was slightly higher than the PE ratio of the total market and real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all
Note(s): Singapore; March 2023
Real estate 12.8 -0.30%
REITs 15.2 0.80%
Healthcare REITs 30.6 25.20%
Office REITs 22.3 3.80%
Specialized REITs 18.5 10.30%
Retail REITs 17.5 3.10%
Diversified REITs 14.2 3%
Industrial REITs 13.4 -2.60%
Hotel and resort REITs 10.7 -13%
44
investment trusts (REITs) in Singapore as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Singapore in 2023, by market

Description: The price to earning (PE) ratios of REITs in Great Britain was slightly higher than the PE ratio of the total market and real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not
all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate [...] Read more
Note(s): United Kingdom (Great Britain); March 2023
All REITs 13.7 45.7%
Industrial REITs -33.9 73%
Healthcare REITs 14.1 24.1%
Residential REITs 7.9 -14.3%
Specialized REITs 4.8 -26.55
45
investment trusts (REITs) in Great Britain as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Great Britain in 2023, by market

Description: The price to earning (PE) ratios of REITs in Australia was lower than the PE ratio of the total market and the real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs
are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate income [...] Read more
Note(s): Australia; March 2023
Real estate 15 8.80%
REITs 14.4 7.90%
Healthcare REITs 11.9 12%
Specialized REITs 9.7 0.40%
Retail REITs 17 12.50%
Industrial REITs 15.5 5.40%
Hotel and resort REITs 8.2 -10.10%
Residential REITs 17.4 18.60%
46
investment trusts (REITs) in Australia as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Australia in 2023, by market

Description: The price to earning (PE) ratios of REITs in Canada was lower than the PE ratio of the total market and the real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs
Note(s): Canada; March 2023
REITs 10.8 5.20%
Healthcare REITs 8.3 -10.50%
Specialized REITs 7.7
Diversified REITs 6.5 -50.50%
Hotel and resort REITs -4.7 128.90%
Residential REITs 9.9 30.50%
47
investment trusts (REITs) in Canada as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Canada in 2023, by market

Description: The price to earning (PE) ratios of REITs in France was lower than of the total market, but slightly higher than the real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all
Note(s): France; March 2023
REITs 13 16.80%
Specialized REITs -12.4 N/A
Hotel and resort REITs 5.4 N/A
48
investment trusts (REITs) in France as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in France in 2023, by market

Description: The price to earning (PE) ratios of REITs in Hong Kong was slightly higher than the PE ratio of the total market and real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all
Note(s): Hong Kong; March 2023
Total market 10.4 17%
REITs 13.6 14.30%
Office REITs -308.2 50.40%
Diversified REITs -13.5 101.90%
49
investment trusts (REITs) in Hong Kong as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Hong Kong in 2023, by market

Description: The price to earning (PE) ratios of REITs in Belgium was lower than the PE ratio of the total market and the real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs
Note(s): Belgium; March 2023
Total market 15.5 16%
Real estate 8.7 -0.80%
REITs 8.1 -11.40%
Healthcare REITs 7.2 -3.50%
Retail REITs 5.6 N/A
Diversified REITs 7 N/A
50
investment trusts (REITs) in Belgium as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Belgium in 2023, by market

Description: The price to earning (PE) ratios of REITs in Mexico was lower than the PE ratio of the total market and the real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though not all REITs
Note(s): Mexico; March 2023
Real estate 9.9 -24%
REITs 9.5 -26.70%
Office REITs 10.2 -17.20%
Specialized REITs 46.8 N/A
Retail REITs 3.1 -31.90%
Diversified REITs 5.6 -27.50%
51
investment trusts (REITs) in Mexico as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in Mexico in 2023, by market

Description: The price to earning (PE) ratios of REITs in the Netherlands was slightly higher than the PE ratio of the total market and real estate sector as of March 2023. REITs are companies that own or finance rental real estate. One of their major benefit is liquidity: Though
not all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any [...] Read more
Note(s): Netherlands; March 2023
NL market 16.7 14.50%
Real estate 9.1 19%
REITs 20.6 27.90%
Office REITs -14.6 80.30%
52
Price to equity (PE) ratios and annual earnings growth forecast of real estate investment
trusts (REITs) in the Netherlands as of March 2023, by market segment
PE ratios and earnings growth forecast of REITs in the Netherlands in 2023, by market

Sources
53
EPRA
Financial Times
FTSE
FTSE Russell
Nareit
Refinitiv
S&P Global
S&P Global Ratings
Simply Wall St
Statista
Various sources

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