Group 1 - The approach has garnered over 500 five-star reviews from satisfied members who are experiencing benefits [1] - The company invests thousands of hours and over $100,000 annually into researching profitable investment opportunities [1] - The leader of the investing group High Yield Landlord shares a real-money REIT portfolio and transactions in real-time [1] Group 2 - Jussi Askola, the President of Leonberg Capital, is a value-oriented investment expert with a focus on REIT investing [1] - The group offers features such as three portfolios (core, retirement, international), buy/sell alerts, and a chat room for direct access to analysts [1]

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from a personal blog to a value investing-oriented YouTube channel, emphasizing research on hundreds of companies [1] - The analyst expresses a particular interest in metals and mining stocks, while also being knowledgeable in consumer discretionary, staples, REITs, and utilities [1]

Core Insights - The article emphasizes the importance of investing in blue-chip REITs, particularly those listed on the Straits Times Index, for reliable dividends and steady income during retirement [1][2]. Group 1: CapitaLand Integrated Commercial Trust (CICT) - CICT is a retail and commercial REIT with a portfolio of 26 properties across Singapore, Germany, and Australia, with total assets under management (AUM) of S$25.9 billion as of December 31, 2024 [3]. - The REIT has shown consistent growth in distribution per unit (DPU), which increased by 3.5% year on year to S$0.0562 for the first half of 2025, despite a slight decline in gross revenue and net property income (NPI) [4]. - CICT's retail and office portfolios experienced positive rental reversions of 7.7% and 4.8%, respectively, with high occupancy rates of 96.3% as of June 30, 2025 [5]. Group 2: CapitaLand Ascendas REIT (CLAR) - CLAR is an industrial REIT with a diversified portfolio of 229 properties across multiple countries, with an AUM of S$16.8 billion as of June 30, 2025 [7]. - For the first half of 2025, CLAR reported a gross revenue of S$754.8 million, down 2% year on year, while NPI decreased by 0.9% to S$523.4 million [8]. - The DPU fell by 0.6% year on year to S$0.07477, but the REIT maintained a healthy portfolio occupancy of 91.8% and a positive rental reversion of 9.5% [8]. Group 3: Keppel DC REIT - Keppel DC REIT focuses on data centers, with a portfolio of 24 data centers across 10 countries and an AUM of approximately S$5 billion as of June 30, 2025 [10]. - The REIT experienced significant growth, with gross revenue increasing by 34.4% year on year to S$211.3 million and NPI rising by 37.8% to S$182.8 million for the first half of 2025 [11]. - DPU increased by 12.8% year on year to S$0.05133, supported by a remarkable portfolio reversion of around 51% [11]. Group 4: Frasers Centrepoint Trust (FCT) - FCT is a retail REIT with a portfolio of nine suburban retail malls and an office building in Singapore, with an AUM of around S$7.1 billion as of March 31, 2025 [13]. - For the first half of fiscal 2025, FCT reported a gross revenue of S$184.4 million and NPI of S$133.7 million, reflecting year-on-year increases of 7.1% and 7.3%, respectively [14]. - The REIT achieved a high retail committed portfolio occupancy of 99.9% and saw increases in shopper traffic and tenant sales by 2.1% and 4.4% year on year [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The weakening of the diversion effect of large - scale assets has helped REITs stabilize, and the valuation has回调 to the historical center. The net subscription yield of REITs offline in 2025 is 3.45%. In the second half of September, 10 REITs announced dividend plans, and 1 REIT will be lifted from the restricted - sale period after the holiday. The discount rate of the initial offering valuation of REITs has narrowed, and the cultural and tourism category led in the bidding this month [3][5][36]. 3. Summary According to the Directory 3.1 Diversion Effect Weakens to Help REITs Stabilize, Valuation回调 to Historical Center - **Market Performance**: In September 2025, the CSI REITs index fell 1.82%, with the decline narrowing compared to August. The diversion effect of large - scale assets weakened, and the asset shortage narrative continued. All types of REITs indexes fell, but the decline generally narrowed. The energy sector had the shallowest decline, and the decline of rental housing and consumer sectors narrowed significantly. The daily average turnover rate of Shanghai and Shenzhen REITs was 0.43%, halved compared to the beginning of the year [3][9][14]. - **Yield and Valuation**: As of September 26, 2025, the dividend yield of equity - type REITs was 3.96%, with a spread of 2.08% against the 10 - year Treasury yield and - 0.67% against the dividend yield of high - dividend stocks. Except for the consumer category, the percentile of the dividend yield (TTM) of each asset type increased compared to the end of August. The valuations of equity - type and concession - type REITs both回调 to around the 50% historical percentile. The latest IRR of each asset increased compared to the end of August [26][30][31]. 3.2 Three REITs Launched Offerings in September, and the Offline Subscription Yield in 2025 was 3.45% - **New Offerings**: In September 2025, 3 REITs were under offline inquiry, with a total estimated issuance scale of 5.12 billion yuan. As of September 26, there were 74 listed REITs in Shanghai and Shenzhen, with a total market value of 219 billion yuan [40]. - **Offline Subscription Yield**: Since 2025, excluding extreme values, the offline subscription income of REITs in 0.5 - billion - yuan/1 - billion - yuan cash accounts totaled 1.7234 million/3.4468 million yuan, with an offline subscription yield of 3.45% [45]. 3.3 Ten REITs Announced Dividend Plans in the Second Half of the Month, and One REIT will be Lifted from the Restricted - Sale Period after the Holiday - **Dividend Plans**: In the second half of September 2025, 10 REITs announced dividend plans, including华安张江产业园REIT,平安宁波交投REIT, etc. [50]. - **Restricted - Sale Period Lifting**:部分战略配售份额 of华夏合肥高新产园REIT will be lifted from the restricted - sale period on October 10, 2025, with 35 million shares to be lifted [48]. 3.4 The Discount Rate of REITs' Initial Offering Valuation Narrowed, and the Cultural and Tourism Category Led in the Bidding this Month - **Pending and Under - Review Projects**: As of September 26, 2025, 3 REITs were registered but not issued, and 11 were under review at the exchange. A new public - utility initial offering project was accepted this month [55]. - **Valuation Update**: The latest valuations of the underlying assets of 3 newly registered REITs did not change compared to the feedback reply drafts. The discount rates of the initial offering valuations of the latest 3 initial offerings all narrowed [60][61]. - **Bidding and Proposed Application Update**: In the second half of September 2025, the bidding information of 3 REITs was updated, involving 2 cultural and tourism projects. Yunnan Stone Forest Tourism Group Co., Ltd. and Chengdu Dujiangyan Investment Development Group Co., Ltd. planned to issue REITs for their cultural and tourism assets [65][68].

Core Insights - The NEOS Real Estate High Income ETF (BATS: IYRI) is a covered call ETF focused on real estate, specifically equity REITs [1] - The ETF aims to provide income through a somewhat unconventional approach by utilizing covered call strategies on real estate assets [1] Group 1 - The ETF is designed to enhance income generation by employing a covered call strategy, which involves selling call options on the underlying equity REITs [1] - The underlying assets of the ETF are primarily equity REITs, which are known for their potential to provide stable income through dividends [1] - The ETF's structure is intended to appeal to investors seeking exposure to real estate while also looking for enhanced income through options strategies [1] Group 2 - Roberts Berzins, a financial management expert with over a decade of experience, has contributed to the institutionalization of the REIT framework in Latvia [1] - His efforts include developing national financing guidelines for state-owned enterprises and frameworks to channel private capital into affordable housing [1] - Berzins holds a CFA Charter and an ESG investing certificate, indicating a strong background in financial analysis and sustainable investing [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The REITs market remained weak this week, with the CSI REITs Total Return Index down 0.65% week - on - week. It is expected to record losses for three consecutive months from July to September. Since the second half of 2025, REITs have underperformed, with an overall correction of about 5%. In contrast, gold, silver, and some stock indices have shown good performance [1][8]. - In the secondary market, except for energy facilities, other seven types of REITs assets closed in the red. The trading activity of REITs continued to decline, and attention should be paid to the potential trading pressure of upcoming解禁 projects. In the primary market, the CSRC approved three new REITs offerings on September 22 [1][3]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price: Almost all declined, with few rising securities - This week, REITs weakened. Except for energy facilities, other seven types of assets closed in the red, with sector declines ranging from 0.4% to 1.3%. Consumer facilities and rental housing, which were popular in the first half of the year, led the decline. Rental housing has had the largest correction of 8.32% since July [13]. - The highway sector's August operating data showed differentiation, with better performance in the eastern economically active regions. The park sector was relatively resilient, and some projects had income distribution adjustment mechanisms [15][16]. - In the consumer infrastructure sector, only CICC China Greentown Commercial Assets closed up, while others averaged a 1.39% decline. Jiashi Wumart, despite a 2.70% decline, is worthy of attention due to its location in Beijing and performance compensation mechanism [18]. 3.1.2 Liquidity: Trading sentiment continued to weaken - The trading activity of REITs continued to decline this week. The average daily trading volume, turnover, and turnover rate decreased by 13.24%, 19.96%, and 0.09 percentage points respectively compared with the previous week [21]. - By sector, the new - type facilities, municipal environmental protection, and energy facilities had relatively high average daily turnover rates, while consumer facilities had the lowest. The trading activity of all sectors declined [24]. 3.1.3 Valuation: In a weak market, continue to focus on individual securities with high distribution rates and guarantee clauses - In terms of ChinaBond valuation yields, warehousing and logistics (4.96%), transportation facilities (4.80%), and industrial parks (4.68%) had higher valuation yields. From the perspective of cash distribution rates, industrial parks (4.40%), consumer facilities (4.29%), and warehousing and logistics (4.09%) had relatively high distribution rates in the property - type projects [30]. 3.2 Primary Market - On September 22, the CSRC approved the initial offerings of three REITs: CITIC Construction Investment Shenyang International Software Park, Huaxia Anbo Warehouse Logistics, and Huaxia CNOOC Commercial Assets. Huaxia CNOOC Commercial Assets completed the price inquiry on September 26 and is expected to start fundraising on October 13. CITIC Construction Investment Shenyang International Software Park plans to conduct price inquiry on September 29 and start fundraising on October 13, which is the first public REIT in Northeast China [3].

Investment Rating - The report maintains a cautious outlook on the C-REITs sector, indicating a "C" rating for investment [1] Core Views - The C-REITs market is expected to benefit from a low interest rate environment in 2025, presenting allocation opportunities. However, the report suggests that the valuation recovery has already occurred since 2024, leading to three main investment strategies: focusing on policy themes with resilient and undervalued projects, recognizing the market's acknowledgment of weak-cycle assets, and paying attention to original rights holders with ample asset reserves for future growth [5] REITs Index Performance - The CSI REITs total return index decreased by 0.65% this week, closing at 1064.4 points, while the CSI REITs (closing) index fell by 0.82% to 831.4 points. Year-to-date, the CSI REITs total return index has increased by 9.97% [1][2][11] REITs Secondary Market Performance - The secondary market for C-REITs showed an overall decline, with a total market capitalization of approximately 218.76 billion yuan and an average market value of about 3 billion yuan per REIT. Out of the listed REITs, 10 increased in value while 63 decreased, resulting in an average weekly decline of 0.87% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs continues to show divergence, with the top three being Huaxia China Communications REIT (9.7%), Ping An Guangzhou Guanghe REIT (9.1%), and CICC Hubei Keti Guanggu REIT (7.8%). The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being E Fund Huawi Agricultural Market REIT at 1.8 [4] Trading Activity - The data center sector exhibited the highest trading activity, with an average daily trading volume of 1.049 million shares and an average turnover rate of 0.4%. The trading volume for various sectors showed varying levels of activity, with the data center sector leading [3][16]

Market Overview - The secondary market for publicly listed REITs in China experienced a slight decline, with the weighted REITs index closing at 184.79 and a weekly return rate of -0.77% [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Oil > A-shares > Convertible Bonds > Pure Bonds > US Stocks > REITs [4] Project Attributes - Both property rights and franchise REITs saw a decrease in secondary market prices, while only energy-related REITs experienced an increase [5] - The top three performing underlying asset types in terms of return rates were energy, ecological and environmental protection, and warehousing and logistics [5] - Among the publicly offered REITs, there were 10 that increased in value, 1 that remained stable, and 63 that decreased [5] - The top three REITs by increase in value were Bosera Tian Kai Industrial Park REIT, CITIC Construction National Electric Power New Energy REIT, and CICC Lian Dong Science and Technology REIT [5] Trading Volume and Turnover Rate - The total trading volume for publicly offered REITs was 1.86 billion yuan, with new infrastructure REITs leading in average daily turnover rate [5] - The average daily turnover rate for all listed REITs was 0.45% [5] - The top three REITs by trading volume were Southern Runze Technology Data Center REIT, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT; the top three by trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Traffic Control REIT [5] Net Inflow and Block Trading - The total net inflow of main funds was 26.88 million yuan, indicating a decrease in market trading enthusiasm [6] - The top three REITs by net inflow were Park Infrastructure, New Infrastructure, and Consumer Basic Social REITs [6] - The total amount of block trading reached 42.11 million yuan, which was lower than the previous week [7] - The highest single-day block trading amount was 14.34 million yuan on September 25, 2025 [7] - The top three REITs by block trading amount were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and CITIC Construction Mingyang Intelligent New Energy REIT [7] Primary Market - No new REIT products were launched during the week [8] - Three REIT projects had their status updated [9]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From September 22 to September 26, 2025, the secondary - market prices of China's listed public REITs declined slightly compared to the previous week. Among mainstream asset classes, REITs had a relatively lower return rate. Only energy - type REITs showed an increase in price, while other types generally declined. The trading volume, turnover rate, and net inflow of institutional funds also showed different trends among different underlying asset types and individual REITs. There were no new REIT products listed in the primary market this week, but the status of 3 REIT projects was updated [1][11]. 3. Summary According to the Table of Contents 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: China's listed public REITs had a negative return rate of - 0.77% this week. Compared with other mainstream asset classes, the return rate ranking from high to low was: gold > crude oil > A - shares > convertible bonds > pure bonds > US stocks > REITs [11]. - **At the underlying asset level**: Both equity - type and franchise - type REITs' secondary - market prices declined. The weighted index of equity - type REITs was 157.26 with a return rate of - 0.89%, and that of franchise - type REITs was 118.06 with a return rate of - 0.59%. Among different underlying asset types, only energy - type REITs rose, with a return rate of 0.03%. The top three underlying asset types in terms of return rate were energy, ecological and environmental protection, and warehousing and logistics, with weighted indices of 153.78, 124.00, and 124.86 respectively, and return rates of 0.03%, - 0.08%, and - 0.46% [17][19]. - **At the single - REIT level**: Among the 74 REITs, 10 rose, 1 remained unchanged, and 63 declined. The top three in terms of increase were Bosera Jinkai Industrial Park REIT, CSC Guodian New Energy REIT, and CICC Liandong Science and Technology Innovation REIT, with increases of 1.64%, 0.98%, and 0.71% respectively. The top three in terms of decline were CICC Chongqing Liangjiang REIT, Huaxia Joy City Commercial REIT, and Jiashi Wumei Consumption REIT, with declines of 3.95%, 2.99%, and 2.7% respectively [24]. 3.1.2 Transaction Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 1.86 billion yuan, and the average daily turnover rate of new infrastructure - type REITs was the highest. The top three in terms of trading volume were transportation infrastructure, energy infrastructure, and park infrastructure, with trading volumes of 488 million, 299 million, and 274 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, ecological and environmental protection, and energy infrastructure, with rates of 1.08%, 0.79%, and 0.52% respectively [25]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Runze Technology Data Center REIT, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT, with trading volumes of 160 million, 150 million, and 140 million shares respectively. The top three in terms of trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Expressway REIT, with trading amounts of 124 million, 94 million, and 81 million yuan respectively. The top three in terms of turnover rate were Huatai Jiangsu Expressway REIT, Huaxia Huadian Clean Energy REIT, and ICBC Mengneng Clean Energy REIT, with rates of 6.84%, 6.46%, and 6.34% respectively [28]. 3.1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 26.88 million yuan, indicating a decline in market trading enthusiasm. At the underlying asset level, the top three in terms of net inflow were park infrastructure, new infrastructure, and consumption infrastructure, with net inflows of 15.51 million, 10.59 million, and 7.95 million yuan respectively. At the single - REIT level, the top three were Chuangjin Hexin Shounong REIT, Southern Runze Technology Data Center REIT, and Huaxia Huarun Commercial REIT, with net inflows of 14.67 million, 10.93 million, and 8.37 million yuan respectively [32]. - **Block trading situation**: The total block trading amount this week was 42.11 million yuan, a decrease compared to the previous week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on September 25, 2025, reaching 14.34 million yuan. The top three in terms of block trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and CSC Mingyang Smart New Energy REIT, with trading amounts of 17.99 million, 7.81 million, and 7.01 million yuan respectively [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of September 26, 2025, there were 74 public REIT products in China, with a total issuance scale of 19.4332 billion yuan. Among them, transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.1835 billion yuan. There were no new REIT products listed this week [37][38]. 3.2.2 Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 12 initial - offering REITs and 5 to - be - expanded REITs. This week, the project status of Huaxia Zhonghai Commercial Asset Closed - end Infrastructure Securities Investment Fund, CSC Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, and Huaxia Anbo Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund was updated to "approved" [41][42].

Core Insights - REITs and related ETFs have shown limited movement following the Federal Reserve's interest rate cut, suggesting that the impact was already factored into the market [1] - The ALPS Active REIT ETF is noteworthy due to its significant allocation to retail REITs, which are showing a more favorable outlook than previously anticipated [2][3] Retail REIT Performance - According to Nareit's quarterly REIT Industry Tracker, retail property operations have remained robust, with year-over-year increases in funds from operations (FFO) and net operating income (NOI) of 5.1%, and same-store net operating income (SS NOI) rising by 4.0% as of Q2 2025 [3] - The average retail occupancy rate stands at 96.6%, the highest among traditional property types, indicating strong demand [3] Dividend Outlook - The trailing 12-month dividend yield for REITs is 3.12%, suggesting potential for growth in dividends as interest rates decline [3][4] - Retail REITs have maintained disciplined balance sheets, with an average leverage ratio of 34.6% and a significant portion of fixed-rate and unsecured debt [5] Strength in Mall REITs - Mall REITs are identified as potential strengths within the retail real estate sector, with a notable percentage of U.S. malls receiving high grades from Green Street [6][7] - Approximately 25% of malls are rated A or better, indicating a positive outlook for these properties, while over half are rated B- or worse, suggesting challenges for lower-rated malls [7]