Summary of REITs Conference Call Industry Overview - The conference call focused on the **REITs (Real Estate Investment Trusts)** market, particularly in the context of commercial real estate in China, highlighting the ongoing policy support and market dynamics [1][2]. Key Points and Arguments - **Policy Support**: The China Securities Regulatory Commission (CSRC) is accelerating the issuance of commercial real estate REITs, which is expected to enhance supply and attract more market participants. This shift from restricting to encouraging commercial real estate is seen as a positive development for the REITs market [2]. - **Market Performance**: The public REITs market experienced declines in October and November, with the CSI REIT Index falling by 0.52% in October and 1.48% in November. However, the decline has narrowed, with a year-to-date increase of 7.5% as of November [5]. - **Asset Stability**: Among commercial assets, retail properties are considered the most stable, while office buildings and hotels exhibit stronger cyclical characteristics. Class A cities' commercial properties are preferred over industrial parks, but they face pressure on rental rates and occupancy [3][4]. - **Investment Strategy**: The current trading logic is akin to fixed income, with recommendations to gradually accumulate fundamentally sound and reasonably valued securities. Investors are advised to focus on the combination of underlying assets and management teams, while being cautious of non-market terms that could introduce volatility [7]. Additional Important Insights - **New Projects**: Recent developments include the public offering of the China Resources REIT and the rapid expansion of the China Aviation Energy REIT, which is set to inject hydropower assets into its portfolio, enhancing overall performance stability [9][10]. - **Private REITs Growth**: The private REITs market has seen rapid development, with 27 new private REITs announced since October, primarily in energy, commercial, and industrial park sectors. This market is expected to serve as a supplementary source for public REITs [12]. - **Future Outlook**: There is optimism regarding the future of commercial real estate, especially if pilot programs can transition to regular issuance. Recent policy guidelines are expected to support further development in this sector [13]. - **Investment Opportunities**: Despite a sluggish secondary market, certain new projects, particularly in hydropower, are viewed as having potential for price appreciation. Investors are encouraged to focus on new projects and understand the underlying asset fundamentals for long-term positioning [14].

David A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment funds such as hedge funds and private credit. With over 30 years’ experience in investing, David holds a Master of Science (MS) Degree in Finance, with a concentration in Investment Analysis, from Boston University, a Certificate in Financial Planning, and ...

Market Overview - 2025 was characterized by high borrowing costs leading to flat REIT valuations and chilled investor sentiment, but signs of recovery emerged towards the end of the year with rate cuts and softened inflation [1][19] - The recovery in 2026 is expected to be steadier and built on real operating improvements rather than a rapid rebound [2] Ascendas REIT - Ascendas REIT reported a portfolio occupancy of 91.3% by September 2025, with a stable Weighted Average Lease Expiry (WALE) of 3.6 years and rental reversions increasing by 7.6% [3] - As of December 1, 2025, Ascendas REIT had a market cap of approximately S$12.95 billion, with an annualized yield of about 5.1% and an aggregate leverage of 39.8% [4] - The REIT's financial strength is highlighted by an interest coverage ratio of 3.6 times, and it is well-positioned for new acquisitions if financing costs decrease [5] CapitaLand Integrated Commercial Trust (CICT) - CICT led the retail and office REITs in Singapore, reporting S$403.9 million in gross revenue for 3Q2025, a 1.5% increase year-over-year, and a net property income (NPI) of S$294.4 million, up 1.6% [6] - The trust had a market cap of about S$17.559 billion as of December 1, 2025, with an overall occupancy rate of 97.2% [8] - CICT's distributable income increased by 12.4% to S$411.9 million in 1H2025, with a DPU of S$0.0562, reflecting positive rental reversions in both retail and office sectors [9][10] AIMS APAC REIT - AIMS APAC REIT reported a slight increase in gross revenue of 0.2% year-over-year to S$93.7 million, with a net property income of S$68.4 million, up 1.1% [11] - The REIT's DPU increased by 1.1% to S$0.04720, with a market cap of approximately S$1.177 billion as of December 1, 2025 [12] - The portfolio's occupancy was 93.3%, with a WALE of 4.2 years, supported by a diverse tenant base [12][13] Frasers Centrepoint Trust (FCT) - FCT achieved a gross revenue increase of 10.8% to S$389.6 million in FY2025, with an NPI rise of 9.7% to S$278.0 million [16] - The trust's DPU increased by 0.6% to S$0.12113, and its market cap was about S$4.64 billion as of December 1, 2025 [16] - FCT maintained a strong retail committed occupancy of 98.1% and reported a rental reversion increase of 7.8% [17][18] Investment Outlook - The expected decline in interest rates and stabilizing capitalization rates may ease valuation pressures, encouraging investors to return to income-producing assets [19][21] - The REITs identified for potential growth in the upcoming cycle share characteristics such as strong balance sheets and reliable tenants, positioning them well for recovery [21][22]

Core Insights - The article emphasizes the importance of understanding the different types of REITs and their unique characteristics rather than merely chasing high yields [2][24] - Singapore's REIT market consists of seven main property sectors, each with distinct risk-return profiles and average yields [3][5][6][8][9][10][11] REIT Sectors Overview - **Industrial REITs**: Average yield of 6.6%, driven by e-commerce growth and long-term leases with stable tenants [3][4] - **Diversified REITs**: Average yield of 6.5%, providing stability through geographic and sector diversification [5] - **Retail REITs**: Average yield of 6.0%, influenced by consumer spending and location quality, facing challenges from online shopping [6] - **Office REITs**: Average yield of 6.9%, affected by employment levels and hybrid work arrangements [8] - **Hospitality REITs**: Average yield of 6.7%, sensitive to tourism and economic cycles [9] - **Specialized REITs**: Average yield of 4.9%, benefiting from digital transformation and cloud computing growth [10] - **Healthcare REITs**: Average yield of 4.8%, supported by aging populations and stable long-term tenants [11] Quality Metrics for REITs - **Distribution Yield**: Sustainable yields between 4-8% are preferred, with a focus on distribution growth over time [12] - **Debt-to-Assets Ratio**: Aiming for below 40% for financial flexibility, with an average of 39.6% across Singapore REITs [13][14] - **Interest Coverage Ratio**: A minimum of 2.0x is necessary, with 3.0x or higher being preferable [15] - **Occupancy Rates**: Targeting above 90% for most property types, with consistency over multiple quarters [16] - **Weighted Average Lease Expiry (WALE)**: Longer WALE provides income predictability, balancing renewal risks [17] Geographic Diversification - Over 80% of Singapore REITs hold overseas assets, reducing concentration risk and providing exposure to various economic cycles [18] Red Flags to Avoid - Caution is advised for REITs with extremely high yields, declining occupancy trends, high debt levels, frequent asset sales, and inexperienced management [19][20] Portfolio Construction Strategy - A strategic approach is recommended, with core holdings in diversified REITs, targeted exposure to growth sectors, and geographic themes [21][23]

风险提示： 宏观经济政策风险，基建投资低于预期等。 报告导读： 国常会研究进一步做好节能降碳工作。我们建议关注新型电力系统建设相关机 会。国务院以新型城镇化为主题开展集体学习，再提城市更新和稳楼市等。 国常会研究进一步做好节能降碳工作。我们建议关注新型电力系统建设相关机会。 (1)12月5日召开国务院常务会议，研究进一步做好节能降碳工作。节能降碳 是推进碳达峰碳中和、加快发展方式绿色转型的重要抓手。要更高水平更高质量做好节能降碳工作，加大统筹力度，锚定总体目标，因地制宜推进，在经济发 展中促进绿色转型、在绿色转型中实现更好发展。要切实增强节能降碳内生动力，充分发挥政策效应，不断完善市场机制，有效调动全社会的积极性，加快形 成绿色生产生活方式。(2)建筑板块关注新型电力系统建设，如风电、光伏能源施工板块，分布式光伏，抽水蓄能和新型储能，虚拟电厂，氢能产业链建设 等。 国务院以新型城镇化为主题开展集体学习，再提城市更新和稳楼市等。 (1)12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格 局"为主题进行专题学习。新型城镇化是扩大内需和促进产业升级、做强国内大循环的重要载体。展望"十五五" ...

Group 1 - The individual began investing in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - Recently, the investment strategy has evolved to combine long stock positions with covered calls and cash secured puts, reflecting a more sophisticated approach to investing [1] - The investment philosophy is fundamentally long-term, with a primary focus on REITs and financials, while occasionally exploring ETFs and other stocks based on macro trade ideas [1]

Core Insights - The article emphasizes the importance of three key investment factors: Quality, Yield, and Growth, particularly focusing on dividend growth as a strategy for generating passive income [1]. Group 1: Investment Strategy - The investment approach centers around high-quality dividend growth stocks aimed at creating a sustainable and growing passive income stream [1]. - The ideal holding period for investments is described as "lifelong," indicating a long-term focus on portfolio income growth rather than short-term total returns [1]. Group 2: Analyst Background - Austin Rogers is identified as a REIT specialist with a professional background in commercial real estate, contributing to the High Yield Landlord investing group [1]. - High Yield Landlord is noted as one of the largest real estate investment communities on Seeking Alpha, providing exclusive research and resources for its members [1].

Core Viewpoint - The meeting of the Asset Securitization (ABS) Business Committee of the China Securities Investment Fund Industry Association emphasized the importance of ABS and multi-level REITs markets in promoting high-quality development and supporting the real economy, aligning with the "14th Five-Year Plan" [1][2] Group 1: Meeting Highlights - The meeting discussed the implementation of the spirit of the 20th National Congress and the "14th Five-Year Plan," focusing on high-quality development of ABS and multi-level REITs markets [1] - It was noted that ABS and multi-level REITs have significantly contributed to revitalizing existing assets, stabilizing macro leverage ratios, optimizing asset-liability structures, and broadening financing channels [1] - The meeting recognized the ongoing efforts to enhance the quality and efficiency of services to the real economy through ABS and REITs [1] Group 2: Strategic Recommendations - The meeting recommended aligning the development of the ABS market with national strategies, enhancing services for the real economy, and improving wealth management for residents [2] - It suggested actively optimizing the ABS market structure by focusing on sectors such as computing assets, data assets, green energy, and pension infrastructure [2] - The meeting called for strengthening the capabilities of industry institutions, exploring paths for financial technology empowerment, and improving asset transparency and risk management [2] Group 3: Regulatory Insights - Officials from the Securities Regulatory Commission highlighted the positive impact of ABS and multi-level REITs in revitalizing existing assets and supporting the capital market's service to the real economy [2] - Future regulatory efforts will focus on enhancing the adaptability and inclusiveness of the system, optimizing mechanisms related to valuation and market-making, and encouraging financial technology integration [2]

Group 1 - European equities have shown strong performance in 2025 after a decade of underperformance compared to U.S. stocks, influenced by factors such as the Russia-Ukraine war, dollar weakness, and attractive valuations [1] - The investment approach discussed includes a combination of long stock positions with covered calls and cash secured puts, focusing on a fundamental long-term perspective [1] Group 2 - The article does not provide any specific stock recommendations or investment advice, emphasizing that past performance does not guarantee future results [2][3]

分组1 - The article discusses Kimco Realty (KIM), highlighting its solid fundamentals, tenant portfolio, and overall high quality, but notes that the risk-reward was not attractive at the previous price point [1] - The author has over 10 years of experience researching companies across various sectors, including commodities and technology, and has transitioned to a value investing-focused YouTube channel [2] 分组2 - The article does not provide any specific financial metrics or performance data related to Kimco Realty or the broader market [4]