11月6日，中信建投沈阳国际软件园封闭式基础设施证券投资基金(基金代码：508029，以下简称"中信 建投沈阳国际软件园REITS")在上海证券交易所上市交易，成为东北地区首支成功发行上市的公募 REITS。这一里程碑事件不仅标志着沈阳国际软件园资本运作与产业升级融合之路迈入新征程，更宣告 东北地区基础设施投融资改革翻开全新篇章，为区域数字经济发展注入长效资本动力，点燃东北振兴新 引擎。 科创引擎：10.98亿资本赋能产业生态 中信建投沈阳国际软件园REITS首发基金份额共计3亿份，募集资金合计10.98亿元。首发入池的13 栋产 业楼宇坐落于沈阳市浑南区核心科创板块，包括沈阳国际软件园昂立信息园A、B座、软件园D、E区项 目和软件园B、F区项目，产权建筑面积共计20.12万平方米，基础设施项目以研发办公为主要业态，运 营时间均超过5年，已进入运营稳定期。运营管理团队具有20余年产业园区建设运营经验，构建了全周 期、全要素的产业生态服务体系，为资产长期稳健运营提供坚实保障。 资本破局：REITs赋能东北科创生态 科技园区建设和运营具有资金投入大、回报周期长的显著特征，如何有效解决资金问题是科技园区可持 续发展 ...

Core Insights - The launch of the CITIC Construction Investment Shenyang International Software Park REIT marks a significant step in China's public REITs market, supporting the national regional development strategy and the revitalization of Northeast China [1][2] Group 1: REIT Overview - The CITIC Construction Investment Shenyang International Software Park REIT is the first public REIT in China to implement the Northeast revitalization strategy, officially listed on the Shanghai Stock Exchange on November 6 [1] - The underlying assets of the REIT are located in Hunnan District, Shenyang, comprising 13 industrial buildings with a total ownership area of approximately 201,200 square meters, primarily focused on research and office operations [1] - The project has been operational for over five years, demonstrating stable operational capabilities and asset resilience, with a weighted average occupancy rate of around 84% over the past three years [1] Group 2: Market Response and Implications - The REIT received significant attention from the capital market during its issuance, with an offline subscription oversubscription rate of 83 times, indicating strong investor confidence in the asset quality and future revenue prospects [1][2] - As the 77th public REIT in the market, its introduction enriches the regional layout of industrial park assets within China's public REITs market and provides a standardized, market-oriented investment channel for capital market participation in Northeast revitalization [2] - The successful implementation of this product exemplifies the potential of private enterprises in infrastructure construction and operation, enhancing confidence among various market participants in the economic development of Northeast China [2]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 10.906 billion CNY, representing a year-on-year increase of 163.73% [2] - The net profit attributable to shareholders was 330 million CNY, marking a turnaround from losses [2] - The increase in revenue and profit is primarily due to the rise in sales recognition from real estate operations [2] Financial Costs - Financial expenses increased due to the expansion of interest-bearing liabilities and increased interest expenses [2] - The company has managed to reduce overall financing costs compared to the previous year due to improved liquidity in the financial market [2] Investment and Returns - The main source of investment income for 2024 is expected to come from the issuance of public REITs related to Baowan Logistics [2] - The company is actively promoting asset securitization to enhance its asset management capabilities [2] Long-term Investments - Long-term equity investments are concentrated in areas related to the main business, including real estate development partnerships and logistics investments [3] Credit Impairment - Credit impairment mainly arises from losses on other receivables, influenced by market conditions and policy adjustments [4] Real Estate Development - The gross profit margin for real estate development in the first half of 2025 was 19.27%, an increase from the previous year, driven by improved project delivery in key regions [5] Logistics Operations - The average warehouse utilization rate for Baowan Logistics was 91.1%, an increase of 4.1 percentage points year-on-year, despite overall market pressures [6] - Rental rates have faced downward pressure due to intensified industry competition [6] Market Conditions - The company is closely monitoring the impact of U.S.-China tariff policies on warehousing demand, particularly from e-commerce clients [7] Renewable Energy Investments - The company’s renewable energy operations are primarily through its stake in China Nuclear Technology, which operates 117 power stations with a total capacity of 2,030 MW [8][9] Dividend Policy - The company emphasizes the importance of capital reserves for long-term development and project investments, indicating a cautious approach to increasing dividends [9]

Core Insights - The report highlights a significant divergence in performance across various sectors within the public REITs market for Q3 2025, with utility, rental housing, and consumer sectors showing robust growth, while logistics and transportation sectors are underperforming [4][14] - The overall market experienced a V-shaped rebound in October, driven by the central bank's resumption of public bond trading, leading to a notable increase in trading volume and a recovery in valuations [5][14] Sector Performance Summary - **Utility Sector**: Demonstrated exceptional performance with EBITDA growth exceeding 10% year-on-year, indicating strong demand and operational efficiency [4][14] - **Rental Housing and Consumer Sectors**: Both sectors showed steady performance with positive year-on-year growth in revenue, EBITDA, and distributable amounts, reflecting resilience in consumer spending [4][14] - **Logistics and Transportation Sectors**: These sectors faced significant challenges, with over 80% of companies in the industrial park sector reporting declines in performance, and only a few companies in the transportation sector achieving growth [4][14] - **Energy Sector**: Overall performance declined, with most projects reporting significant year-on-year decreases in revenue and EBITDA, except for a few standout companies [4][14] Market Trends - **Dividend Yields**: The latest dividend yield for property REITs rose to 4.06%, with a spread of 2.27% over the 10-year government bond yield, indicating a favorable investment environment for income-seeking investors [5][14] - **Valuation Recovery**: Valuations for property and operating rights REITs have rebounded to the 66% and 72% percentiles, respectively, suggesting a recovery in investor confidence [5][14] - **New REITs Performance**: A significant disparity in the performance of newly established REITs was noted, with only 14% of those established in 2025 meeting their expected distributable amounts [4][14] Company-Specific Insights - **Ding Tai Gao Ke (301377)**: Reported a revenue of 1.457 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 29.13%, with a notable profit increase of 63.94% [13] - **Rongchang Bio (09995.HK)**: Achieved a revenue of 1.72 billion yuan in the first three quarters of 2025, a 42.3% increase year-on-year, with a significant reduction in net losses [15][16] - **Zhong Tung Gao Xin (000657)**: Announced plans for capacity expansion in response to high demand for PCB drill bits, with a projected increase in monthly production capacity [20][21]

Group 1: Market Overview - The Q3 2025 performance of public REITs shows significant differentiation, with utility sectors performing best, while warehousing, logistics, and transportation sectors are underperforming [2][3] - The market experienced a rebound in October, with leading assets showing significant gains and a widening interest margin, with valuations recovering to above the 60th percentile [3][10] - The latest dividend yield for property REITs has risen to 4.06%, with a spread of 2.27% over the 10Y government bond yield, indicating improved performance in utility and consumer sectors [3][10] Group 2: Sector Performance - Utility, affordable rental housing, and consumer sectors have shown positive year-on-year growth in revenue, EBITDA, and distributable amounts, with the utility sector's EBITDA growing over 10% [2][3][13] - The industrial park sector has seen the most significant decline, with over 80% of individual securities experiencing performance drops, and EBITDA and distributable amounts declining by over 10% [2][3][13] - The transportation sector has limited high-performing securities, with only Anhui Expressway and Hebei Expressway showing comprehensive growth [2][3][13] Group 3: Company-Specific Insights - Ding Tai Gao Ke reported a revenue of 1.457 billion yuan for Q1-Q3 2025, a year-on-year increase of 29.13%, with Q3 revenue reaching 553 million yuan, up 32.94% year-on-year [12] - The company has improved its gross margin to 40.62% for Q1-Q3 2025, benefiting from product structure optimization and price increases [15] - The PCB industry is experiencing strong demand, with the company planning to accelerate capacity expansion to meet the growing needs [15][19]

1. Market Performance - The CSI REITs Total Return Index closed at 1045.73 points this week (October 27 - 31, 2025), up 0.06% weekly, continuing last week's stabilization trend. The market fluctuated during the week, with a 0.44% drop on Monday, a cumulative 1.1% increase on Tuesday and Wednesday driven by the central bank's restart of treasury bond trading information, and a cumulative 0.59% retracement on Thursday and Friday after the concentrated disclosure of the third - quarter reports. From a monthly perspective, the total return index has declined for four consecutive months, and the market remains weak [1][9]. - This week, 49 REITs closed higher and 27 closed lower, and the trading activity of REITs increased. As of Friday, the total market value of 76 listed REITs in China reached 220.6 billion yuan, with a circulating market value of 110.4 billion yuan [2][9]. - In terms of major asset classes, although the overall performance of REITs was average this week, four types of REITs, including consumer facilities, rental housing, municipal environmental protection, and new - type facilities, showed obvious recovery and outperformed the Shanghai - Shenzhen 300, CSI 500, and CSI 1000. The Hang Seng Tech and SHFE Gold declined by more than 2.5% [12]. 2. Sector - by - Sector Analysis 2.1 Municipal Environmental Protection - The sector exceeded expectations, with better recovery in charging prices or processing volumes. As the heating season approaches, heating - related projects are worth attention. For example, the available distribution amount of the Fuguo Shouchuang Water Service REIT in the third quarter increased by 30.12% year - on - year, mainly due to better accounts receivable collection in the Shenzhen project than in the same period last year, an increase in sewage treatment volume by 1.23% year - on - year, and an increase in the average sewage treatment unit price by 7.05% year - on - year [16][20]. - The available distribution amount of the China Aviation Capital Shougang Green Energy REIT in the third quarter increased by 97.4% year - on - year, mainly due to the collection of garbage treatment fees by the Beijing Urban Management Commission, an increase in national subsidy payments compared with the same period last year, and an increase in the amount of domestic garbage treatment [21]. 2.2 Data Centers - The sector is strong under the AIDC intelligent computing power boom, and the computing power demand is expected to remain strong in the future. There are currently only 2 REITs in this sector. Although the projects have a single tenant and a long - term lease, the tenants are China's three major telecommunications operators, with high reliability. At current prices, the distribution rates of the two REITs are below 4%, and Runze Technology is slightly higher than Wan Guo [3][24]. 2.3 Consumer Facilities - The sector enters the performance sprint period at the end of the year. The performance in the third quarter was generally stable, and the annualized distribution rate in the third quarter ranged from 3.59% (Huaxia Huarun Commercial) to 5.53% (E Fund Huawai Market). It is recommended to focus on projects with high distribution rates, stable rental performance, and good consumption scenarios, such as E Fund Huawai Market, Huaan Bailian Consumption, Jashi Wumei Consumption, and Huaxia Shouchuang Outlets [26]. 2.4 Rental Housing - The sector's performance is stable, with a high occupancy rate. Multiple projects are in the process of expansion. The annualized distribution rate in the third quarter ranged from 2.69% (Red Clay Innovation Shenzhen Affordable Housing) to 4.02% (Huitianfu Shanghai Real Estate Rental Housing). After the bond market stabilizes, it can be the first choice for investment [32]. 2.5 Industrial Parks - The sector continued to face pressure in the third quarter, with the distribution rate ranging from 1.90% (Jianxin Zhongguancun) to 5.73% (Huaxia Hefei High - tech). The projects are significantly differentiated, and it is recommended to focus on park bonds with an occupancy rate starting with "9" [36]. 2.6 Warehousing and Logistics - The sector is still affected by the impact of new supply. Projects with a large proportion of related - party leases can resist certain demand competition. It is recommended to focus on Red Clay Innovation Yantian Port, Jashi JD Warehouse Infrastructure, and Southern SF Logistics, which have a relatively high proportion of related - party leases [47]. 2.7 Transportation Facilities - The sector is significantly affected by surrounding competing projects. The passenger and freight traffic of road assets in the eastern region has recovered better overall. It is recommended to focus on road assets in the eastern region [16][50]. 2.8 Energy - The sector's performance is generally under pressure due to factors such as wind, light, and water resources, as well as market - based trading and other pressures. Some projects have carried out factoring to ensure current dividends [16]. 3. Other Important News - This week, the REITs with relatively large increases were Cinda Principal Agricultural ( + 4.22%), Southern Wan Guo Data Center ( + 4.09%), and CICC Yinli Consumption ( + 3.85%); the REITs with relatively large decreases were Huaxia Hefei High - tech ( - 7.78%), China Merchants Science and Technology Innovation ( - 4.74%), and E Fund Guangzhou Development Industrial Park ( - 4.19%) [59]. - The trading activity of REITs increased this week, with the average daily trading volume of 618 million yuan, the average daily trading volume of 149 million shares, and the average daily turnover rate of 0.61%, with a month - on - month change of + 13.68%, + 18.74%, and + 0.09 percentage points respectively [63]. - There are 5 projects to be unlocked in November 2025, including CICC Liandong Science and Technology Innovation (2025/11/5, 39.09%), Yin Hua Shaoxing Raw Water and Water Conservancy (2025/11/8, 18.06%), Huatai Jiangsu Expressway Control (2025/11/15, 55%), China Merchants Expressway (2025/11/21, 55.78%), and CICC Anhui Expressway Control (2025/11/22, 37.29%). Attention should be paid to the potential trading pressure brought by the recent unlocking projects [2][65]. - As of October 31, 2025, there are about 4 - 5 potential REIT issuance projects remaining this year, including 1 project that has been issued but not yet listed, 1 project that is currently being issued, 7 projects that have received feedback from the exchange, 1 project that has been accepted by the exchange, and 1 project that has been declared to the exchange [70].

Core Insights - Nanjing Transportation REIT has successfully completed its first year, marking a significant milestone in the development of public REITs in China, particularly in infrastructure investment [1][2][3] - The REIT has demonstrated robust performance with a daily average traffic flow of over 40,000 vehicles and a 9% annual revenue growth, reflecting the vitality of the economic artery it represents [1][5] Group 1: Operational Achievements - The REIT has conducted three rounds of profit distribution, totaling 31.815 million yuan, showcasing its commitment to returning value to investors [2][5] - The collaboration between Nanjing Transportation Group, Nanjing Highway Group, and Huaxia Fund has strengthened the operational management and asset value of the REIT [3][4] - Traffic management initiatives have led to a 10.2% improvement in overall traffic efficiency during peak holiday periods, enhancing the travel experience for the public [3][4] Group 2: Financial Performance - For the period from November 2024 to September 2025, the average daily traffic flow reached 41,000 vehicles, a year-on-year increase of 7.35%, with total toll revenue of 459 million yuan, reflecting a 9.04% growth [5] - The REIT has maintained a high distribution ratio, with dividends distributed amounting to 31.815 million yuan, representing over 99% of the available distributable amount [5][6] Group 3: Market Recognition - The REIT has seen strong demand in its issuance, with subscription rates of 19.163% for public investors and 12.848% for institutional investors, indicating high market confidence in its underlying asset value [6][7] - Since its listing, the REIT has outperformed the CSI REITs Total Return Index with a market increase of 30.84%, highlighting its attractiveness as an investment [7] - The company has established a transparent investor relations framework, enhancing communication with stakeholders through various channels [7][8]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q3 2025, utility - type assets performed best, rental - housing and consumer - type assets were stable, while warehousing & logistics and transportation - type assets were weak and differentiated, and the industrial park sector still had a large year - on - year decline, with only partial quarter - on - quarter decline narrowing; the energy sector also declined significantly overall [3]. - In October, the market rebounded with increasing trading volume, high - performance assets led the gains, the interest spread widened significantly, and the valuation recovered to above the 60th percentile [3]. - The premium rate space on the first - day listing narrowed, and the expansion and registration of Huaxia China Resources Youchao REIT were completed [3]. 3. Summary by Relevant Catalogs 3.1 Weak - cycle Performance is Robust and Strong - cycle Sector is Generally Under Pressure - Except for the energy sector, "weak - cyclical" varieties had overall stable performance in Q3. Utility, consumer, and rental - housing sectors achieved year - on - year positive growth in revenue, EBITDA, and distributable amount. The energy sector, affected by factors such as electricity price liberalization, seasonal fluctuations, and unit maintenance, generally saw a decline in performance (except for Huaxia TBEA New Energy REIT) [8]. - In contrast, "strong - cyclical" assets were generally under pressure. The industrial park sector had a significant decline in performance, with EBITDA and distributable amount declining by over 10% year - on - year, and over 80% of individual bonds experiencing performance decline. The transportation sector's overall performance decline widened, while the overall decline in revenue and EBITDA of the warehousing & logistics sector was small and showed a converging trend [8]. 3.2 Sub - sector Analysis 3.2.1 Rental - housing - Rental - housing rents had little overall fluctuation but were slightly differentiated; the occupancy rate and collection rate remained at a high level. Xiamen Anju had continuous quarter - on - quarter rent growth for 4 quarters, while Chengtou Kuanting Rental - housing and Shekou Rental Housing had continuous rent declines. Beijing Baozhangfang's overall rent declined after expansion, and its collection rate slightly decreased in Q3 2025 [12]. - Xiamen Anju had excellent performance, with revenue, EBITDA, and distributable amount showing year - on - year positive growth for 4 consecutive quarters, and its EBITDA profit margin was relatively high. Chengtou Kuanting had positive growth in revenue and EBITDA in the past 2 quarters, with a Q3 increase of 7% - 8%. Huaxia China Resources Youchao's revenue and EBITDA both declined year - on - year in Q3 [16]. 3.2.2 Utility - Shougang Biomass benefited from the expansion of kitchen waste sources and the improvement of power generation efficiency. The disposal volume of kitchen waste and the online power generation increased by 27.7% and 22.8% year - on - year respectively. Capital Water Service's Hefei project's sewage treatment fee increased by 2.9% year - on - year after the price adjustment approval. Shaoxing Water Supply's water supply in Q3 was significantly higher than that in Q1 - Q2 [17]. - Shougang Biomass's revenue, EBITDA, and distributable amount increased by 12.4%, 20.0%, and 97.4% year - on - year respectively. Capital Water Service's revenue, EBITDA, and distributable amount increased by 7.7%, 10.6%, and 30.1% year - on - year respectively. Except for Jinan Heating, which had no revenue in Q3, the financial indicators of Shougang Biomass, Capital Water Service, and Shaoxing Water Supply generally reached the highest levels in the past five quarters [22]. 3.2.3 Consumer - In the shopping mall segment, except for Bailian Consumer, whose rent declined by over 30% year - on - year and quarter - on - quarter in Q3 due to the low initial rent of the newly introduced anchor tenant, the rents of other shopping malls increased year - on - year and quarter - on - quarter. In the outlet segment, the off - season characteristics were obvious in Q3, and the overall associated income declined. In the community business segment, Wumei Consumer's operation was stable. Huawei Agricultural Market leased part of its roof for the construction of a distributed photovoltaic power station and introduced new types of merchants [26]. - In Q3 2025, the revenue and EBITDA of shopping malls increased quarter - on - quarter. JINMAO Commercial's revenue increased by over 10% year - on - year. Except for Huawei Agricultural Market, whose distributable amount declined significantly quarter - on - quarter (- 15.1%), the distributable amount of other consumer REITs generally increased or remained flat year - on - year and quarter - on - quarter [27]. 3.2.4 Warehousing & Logistics - In the market - oriented leasing segment, rents declined year - on - year across the board, and only Yantian Port and GLP improved quarter - on - quarter. Shenzhen International saw a decline in both volume and price. In the affiliated - party full - lease segment, rents and occupancy rates were relatively stable, and Jiuzhitong Medicine's pallet utilization rate improved quarter - on - quarter [31]. - Overall, the warehousing & logistics sector was cold, with only a few projects showing a slight quarter - on - quarter improvement. Only JD Warehousing and Jiuzhitong Medicine, which were affiliated - party full - lease projects, had a slight quarter - on - quarter increase in revenue and EBITDA. The EBITDA and distributable amount of Baowan Logistics, Waigaoqiao, and ESR Warehousing & Logistics declined by over 10% quarter - on - quarter [37]. 3.2.5 Energy - Except for TBEA New Energy, the settlement (online) electricity volume of the energy sector declined year - on - year in Q3. Different energy types had different reasons for the decline, such as the decrease in water inflow in the hydropower sector and the poor light resources in the photovoltaic sector in some regions [39][41]. - In terms of electricity price, the average settlement electricity price of Shenzhen Energy declined year - on - year in Q3. The electricity price of hydropower had large seasonal fluctuations. The electricity price of Jingneng Photovoltaic's Yulin project increased, while that of the Jingtai project declined. TBEA New Energy's electricity price remained stable. The electricity price of onshore wind power was differentiated [45]. - In Q3 2025, only TBEA New Energy achieved year - on - year growth in revenue, EBITDA, and distributable amount. The performance of State Power Investment New Energy was under pressure due to the significant decline in power generation, and its distributable amount was negative. Shenzhen Energy's performance also declined significantly due to the decline in both volume and price of power sales [49]. 3.2.6 Industrial Park - In Q3 2025, 47% of industrial park REITs' occupancy rates dropped to the lowest levels in the past five periods or since listing, but the decline was small. Some projects' strategies of trading price for volume were effective. Most REITs' collection rates increased year - on - year and quarter - on - quarter, with an average collection rate of 91.3% in Q3 [50]. - At the fund level, the revenue and EBITDA of industrial park REITs generally declined year - on - year and quarter - on - quarter in Q3. The distributable amount of industrial park REITs declined year - on - year across the board, and 44% increased quarter - on - quarter [52][57].

Core Insights - Nanjing Transportation REIT has successfully completed its first year, marking a significant milestone in the development of public REITs in China, particularly in infrastructure investment [1][3][14] - The REIT has demonstrated robust performance with a 9% annual revenue growth and a daily average traffic flow of over 40,000 vehicles, reflecting strong economic activity [2][13] Group 1: Financial Performance - The REIT has achieved a cumulative toll revenue of 459 million yuan, representing a year-on-year increase of 9.04% [13] - The fund has distributed a total of 31.815 million yuan in dividends across three distributions, maintaining a distribution ratio of at least 99% of the available distributable amount [13][14] - The secondary market performance has been strong, with a 30.84% increase since listing, outperforming the CSI REITs total return index, which increased by 13.18% [14] Group 2: Operational Efficiency - The REIT has implemented various measures to enhance operational efficiency, including a 10.2% improvement in traffic flow efficiency during peak holiday periods [8][10] - Innovative technologies such as AI-based parking management systems and smart traffic monitoring have been introduced to improve service quality and safety [10][12] Group 3: Market Recognition and Investor Relations - The REIT has received significant market recognition, with subscription rates for public and private investors reaching 2.515 times the intended fundraising scale [14] - The company emphasizes transparency in investor relations, hosting events that attract numerous investment institutions, thereby setting a benchmark for investor engagement in public REITs [16] Group 4: Strategic Vision - The company aims to leverage the REIT platform to enhance asset liquidity and facilitate a positive investment cycle, contributing to the broader economic landscape [16] - Future plans include expanding fundraising efforts and continuing to innovate within the REIT framework to maximize value for investors [16]

Core Insights - Nanjing Transportation REIT has successfully completed its first year, marking a significant milestone in the development of public REITs in China, particularly in infrastructure investment [1][11] - The REIT has demonstrated robust operational performance, with daily traffic averaging over 40,000 vehicles and a 9% annual revenue growth, reflecting the vitality of the economic artery it serves [1][7] - The REIT has distributed a total of 31.815 million yuan in dividends to investors, showcasing its commitment to delivering tangible returns [1][11] Group 1: Operational Performance - The REIT has achieved a daily average traffic flow of 41,000 vehicles from November 2024 to September 2025, representing a year-on-year increase of 7.35% [7] - Cumulative toll revenue reached 459 million yuan during the same period, with a year-on-year growth of 9.04%, indicating a strong freight corridor function and an optimized revenue structure [7] - The REIT has implemented effective traffic management strategies, resulting in a 10.2% improvement in overall traffic efficiency during peak holiday periods [4][6] Group 2: Management and Innovation - The collaboration between Nanjing Transportation Group, Nanjing Highway Group, and Huaxia Fund has strengthened the operational capabilities of the REIT, ensuring safe and efficient asset management [4] - Innovative technologies such as AI-based traffic monitoring systems and drone-assisted inspections have been introduced to enhance operational efficiency and safety [6] - The REIT has upgraded service facilities, including a new "Driver's Home" and a four-star mother-baby room, improving the overall travel experience for users [4][6] Group 3: Investor Relations and Market Performance - The REIT has seen a strong market response, with subscription rates for public and offline investors reaching 19.163% and 12.848%, respectively, indicating high confidence in its underlying asset value [11] - Since its listing, the REIT's secondary market performance has outpaced the CSI REITs Total Return Index, with a growth of 30.84% compared to 13.18% for the index [12] - The REIT has prioritized transparent investor relations, engaging with stakeholders through regular reports and open days, which has fostered trust and confidence in its governance practices [12]