Core Insights - Investors are prioritizing income and stability as they look towards 2026, with REITs providing steady cash flows and attractive dividends tied to real assets [1] - The economic backdrop is improving, with recent rate cuts, cooling inflation, and strong GDP growth expected to enhance demand across various property types [2] REIT Sector Overview - Industrial real estate is experiencing strong demand, particularly from e-commerce and logistics, leading to high occupancy rates and steady rent growth [4] - The office sector is showing signs of recovery, with high-quality buildings attracting tenants as companies adapt to hybrid work strategies [5] - Retail real estate has stabilized, supported by limited supply growth and rising consumer incomes, positioning retail REITs for stable income and gradual growth [6] Company Highlights - Prologis, Inc. is the largest logistics real estate owner, with approximately 1.3 billion square feet of space across 20 countries, benefiting from strong leasing momentum and high occupancy rates [7][8] - Simon Property Group operates a diversified portfolio of malls and premium outlets, reporting a 96.4% occupancy rate and a 4.8% dividend increase in Q3 2025 [10][12] - Cousins Properties focuses on Class A office buildings in high-growth Sun Belt markets, showing robust leasing activity and raising its FFO guidance for 2025 [16][17] Financial Performance - Prologis has seen a core FFO growth that exceeded expectations, with a five-year annualized dividend growth rate of 12.66% [8] - Simon Property's FFO per share increased by 5.6% year-over-year, with a strong operational performance reflected in its dividend hike [12][13] - Cousins Properties has raised its FFO per share guidance to approximately $2.82-$2.86 for 2025, indicating improved cash flow expectations [17][18] Analyst Sentiment - Analysts are optimistic about Prologis, with upward revisions in FFO estimates for 2025 and 2026 [9] - Simon Property Group has also seen positive revisions in FFO estimates, reflecting a bullish outlook [13] - Cousins Properties is experiencing upward revisions in its FFO estimates, indicating strong growth potential [18]

Group 1 - The company High Yield Landlord is offering new members a promotion of $100 off and a 30-day money-back guarantee to encourage sign-ups at the beginning of 2026 [1] - High Yield Landlord has released its Top Picks for 2026, suggesting a strategic focus on identifying promising investment opportunities for the upcoming year [1] Group 2 - Jussi Askola, the President of Leonberg Capital, leads the investing group High Yield Landlord, which specializes in REIT investing and provides real-time updates on portfolio transactions [2] - The group offers features such as three distinct portfolios (core, retirement, international), buy/sell alerts, and a chat room for direct interaction with Jussi and his team of analysts [2]

Core Insights - REIT investment has significantly declined since the Federal Reserve began raising interest rates in March 2022, leading to a lack of investor interest in real estate [1][2] - The average REIT's Price to FFO (Funds From Operations) multiple has dropped from 20.7x in December 2021 to 13.7x in December 2025, with a corresponding increase in the discount to Net Asset Value (NAV) from 6.98% to 14.84% [2][3] REIT Market Dynamics - The current unpopularity of real estate investment is characterized by multiple compression and increased discounting, indicating potential opportunities for further analysis beyond average metrics [3] - Various operational issues have contributed to the decline in share prices for many REITs, with specific companies facing multiple challenges [4] Company-Specific Analysis - **Armada Hoffler (AHH)**: Shares are trading at approximately $6.58, representing about 52% of a $12.57 consensus NAV estimate. Analysts project a 2026 FFO/share of $1.08, suggesting a potential price range of $10.70 to $14.80 if it aligns with average REIT multiples [10] - **Easterly Government Properties (DEA)**: Currently priced at $21.20, which is 65% of the consensus NAV of $32.42/share. The FFO multiple stands at 6.86x, with potential pricing ranging from $27.60 to $42.33 if market multiples are achieved [13] - **Global Medical REIT (GMRE)**: Shares are trading at $33.40, about two-thirds of the $51.11 consensus NAV. The FFO estimate is $4.08/share, with potential pricing between $43.44 and $55.90 if it reaches average market multiples [15] Investment Opportunities - The current market presents extreme discounts on REITs, driven by a multi-year trend of stock market gains and the hype surrounding Artificial Intelligence, which has overshadowed real estate investments [17] - Increased interest from private equity firms in acquiring discounted REIT portfolios indicates a growing recognition of potential value in the sector [19]

REITs 2025 年 12 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 2024-12 2025-04 2025-08 中证REITs全收益 沪深300 相关研究报告 《REITs 市场单周各板块均有所回 调，发行市场保持活跃—行业周报》 -2025.12.21 《提升全社会资源配置效率，保障房 REITs 单周表现优异—行业周报》 -2025.12.14 《稳步发展 REITs 和资产证券化， 发行市场保持活跃—行业周报》 -2025.12.7 保障房 REITs 单周表现优异，发行市场保持活跃 ——行业周报 一周行情：保障房 REITs 单周上涨 3.65%，单月累计下跌 0.83% 2025 年第 52 周，中证 REITs（收盘）指数为 783.86，同比下跌 2.59%，环比上 涨 1.39%，2024 年年初至累计上涨 3.63%，同期沪深 300 指数累计上涨 35.74%， 累计超额收益-32.11%。中证 REITs 全收益指数 1014.8，同比上涨 5.3%，环比上 涨 1.56%， 2024 年年初至今累计上涨 1 ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 28 年 月 日 房地产开发 C-REITs 周报——东久新经济扩募上市，证监会称正稳步推进商 业不动产 REITs 试点 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.56%。截至 12.26，本周（12.19- 12.26，下同）中证 REITs(收盘)指数上涨 1.39%，收于 783.9 点；中证 REITs 全收益指数上涨 1.56%，收于 1014.8 点。本周沪深 300/恒生/中债 十年期国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别上涨 1.95%/上涨 0.50%/上涨 0.06%/上涨 1.91%/上涨 0.30%/上涨 1.43%。 本年中证 REITs 全收益指数涨幅为 4.85%。截至 12.26，本年中证 REITs(收盘)指数跌幅为 0.72%，中证 REITs 全收益指数涨幅为 4.85%。 本年沪深 300/恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速 公路(申万)指数分别上涨 18.36%/上涨 28.71%/下跌 0.91%/上涨 2.55%/ 上涨 1 ...

Group 1 - The Federal Reserve implemented a 0.75% rate cut in 2025, following a 1% easing in 2024, indicating a significant shift in monetary policy [1] - The yields on 30-year U.S. treasuries are noteworthy in the context of these rate cuts, suggesting potential investment opportunities in fixed income [1] Group 2 - The author has a background in investing since high school, focusing on REITs, preferred stocks, and high-yield bonds, which reflects a long-term fundamental investment approach [1] - The investment strategy includes combining long stock positions with covered calls and cash secured puts, indicating a sophisticated approach to risk management [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional insights on ETFs and other stocks influenced by macroeconomic trends [1]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From December 22 to December 26, 2025, the secondary - market prices of China's listed public REITs showed a wave - like recovery, ending a 5 - week continuous decline. The returns of REITs were mediocre compared to other mainstream large - category assets. The return rates from high to low were: gold > crude oil > A - shares > convertible bonds > REITs > US stocks > pure bonds. Among different types of REITs, the secondary - market prices of both property - type and franchise - type REITs increased, with the property - type REITs having a higher return rate. In terms of underlying asset types, affordable housing - type REITs had the largest increase this week. [1][11] 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - category asset level**: The secondary - market prices of China's listed public REITs recovered in a wave - like manner, ending a 5 - week continuous decline. The China Securities REITs (closing) and China Securities REITs total return index closed at 783.86 and 1014.8 respectively, with weekly returns of 1.39% and 1.56%. The weighted REITs index had a weekly return of 1.83%. [11] - **At the underlying asset level**: The secondary - market prices of property - type and franchise - type REITs both rose, with return rates of 2.22% and 1.19% respectively. Among underlying asset types, affordable housing - type REITs had the largest increase, and the top three in terms of return rates were affordable housing - type, warehousing and logistics - type, and park - type, with return rates of 3.63%, 2.39%, and 2.19% respectively. [16][18] - **At the single - REIT level**: This week, 67 REITs rose and 11 REITs fell. The top three in terms of increase were CICC Chongqing Liangjiang REIT, China Asset Management Co., Ltd. China Resources Youchao REIT, and Bosera Tianjin Economic - Technological Development Area Park REIT, with increases of 7.86%, 5.99%, and 5.94% respectively. The top three in terms of decrease were ICBC Inner Mongolia Energy Clean Energy REIT, Guotai Junan Jinan Energy Heating REIT, and Harvest China Power Construction Clean Energy REIT, with decreases of 5.04%, 4.39%, and 3.87% respectively. [21] 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.14 billion yuan. The average daily turnover rate of water conservancy facilities - type REITs during the period led others. The top three in terms of trading volume were transportation infrastructure - type, consumption infrastructure - type, and warehousing and logistics - type, with trading volumes of 703 million yuan, 569 million yuan, and 435 million yuan respectively. The top three in terms of average daily turnover rate during the period were water conservancy facilities - type, municipal facilities - type, and new - type infrastructure - type, with rates of 1.56%, 1.22%, and 1.00% respectively. [23] - **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 CICC Hubei KeTou Optics Valley REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and YinHua Shaoxing Raw Water Water Conservancy REIT, with trading volumes of 260 million shares, 240 million shares, and 230 million shares respectively. The top three in terms of trading amount were China Asset Management Co., Ltd. China Resources Commercial REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and China Asset Management Co., Ltd. China Communications Construction REIT, with trading amounts of 195 million yuan, 131 million yuan, and 109 million yuan respectively. The top three in terms of turnover rate were China Asset Management Co., Ltd. Anbo Warehousing REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Jiashi Wumei Consumption REIT, with turnover rates of 19.63%, 12.60%, and 10.47% respectively. [24] 3.1.3 Main Force Net Inflow and Block Trading Situation - **Main force net inflow situation**: The total main force net inflow this week was 94.74 million yuan, and the market trading enthusiasm increased compared to last week. From the perspective of different underlying asset REITs, the top three in terms of main force net inflow during the week were consumption infrastructure - type, transportation infrastructure - type, and warehousing and logistics - type, with net inflows of 49.31 million yuan, 24.44 million yuan, and 20.91 million yuan respectively. From the perspective of single REITs, the top three in terms of main force net inflow during the week were China Asset Management Co., Ltd. China Resources Commercial REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and Jiashi Wumei Consumption REIT, with net inflows of 44.39 million yuan, 22.27 million yuan, and 12.84 million yuan respectively. [27] - **Block trading situation**: The total block trading amount this week reached 264.42 million yuan, an increase compared to last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 264.42 million yuan. The block trading amount on Thursday (December 26, 2025) was the highest during the period, reaching 149.19 million yuan. From the perspective of single REITs, the top three in terms of block trading amount during the week were Southern Runze Technology Data Center REIT, China Merchants Fund Shekou Rental Housing REIT, and Southern Wanguo Data Center REIT, with trading amounts of 42.92 million yuan, 38.70 million yuan, and 27.13 million yuan respectively, and corresponding average discount/premium rates of 0.23%, 0.08%, and 0.20% respectively. [30] 3.2 Primary Market 3.2.1 Listed Projects - As of December 26, 2025, the number of China's public REITs products reached 78, with a total issuance scale of 20.1749 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week. [34][35] 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 20 REITs in the state of being to be listed, including 15 initial - offering REITs and 5 REITs to be expanded. This week, the project status of Huatai Three Gorges Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) and Bosera Shandong Railway Investment Road and Bridge Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "accepted"; the project status of CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared". [39][40]

Core Viewpoint - Real estate investment trusts (REITs) and related ETFs have underperformed in 2023, but there is optimism for improved performance in 2026, particularly for the NEOS Real Estate High Income ETF (IYRI) which has a strong income-generating potential [1][2]. Group 1: Performance and Income Generation - The NEOS Real Estate High Income ETF (IYRI) has a distribution rate of 10.77% as of November 30, indicating its strong income-generating capabilities in a sector known for high income levels [2]. - IYRI employs an options-based strategy by selling call options on ETFs tracking the Dow Jones U.S. Real Estate Capped Index, which is a widely observed measure of U.S.-listed REITs [1][2]. Group 2: Future Outlook and Catalysts - Analysts anticipate increased mergers and acquisitions activity in the real estate sector by 2026, which could positively impact IYRI and other REITs [3]. - The demand for data centers, driven by artificial intelligence (AI), is expected to remain strong, benefiting IYRI as the Dow Jones U.S. Real Estate Capped Index includes data center REITs [4]. - Management teams are focusing on segments with recurring revenue profiles, such as Senior Housing, which could lead to favorable conditions for REITs heading into 2026 [5].

据了解，中航京能光伏REIT本次采用定向扩募方式，向特定对象发售基金份额。最终募集资金总额达 29.2215亿元（不含募集期利息），精准触及募集规模上限，共发售基金份额3.0088亿份，发售价格为 9.712元／份。 转自：新华财经 新华财经北京12月26日电 中航京能光伏封闭式基础设施证券投资基金（简称"中航京能光伏REIT"）26 日在上交所正式披露定向扩募发行情况报告书，标志着其首次扩募发售完成。 从资产结构升级角度来看，该基金在原有榆林、晶泰两大光伏项目的基础上，新增苏家河口、松山河口 两个优质水电站项目，底层资产形成"光伏+水电"的绿色能源组合，资产规模进一步扩大，稳定性与成 长性同步增强。 本次新增的苏家河口、松山河口两座水电站均位于云南省保山市腾冲市槟榔江干流，总装机容量达483 兆瓦，是保山市骨干电源项目。依托槟榔江流域水库的科学调度，资产具备显著的"蓄丰补枯"能力，可 高效平衡汛期与枯水期来水量，一定程度提升发电的稳定性。 在电力消纳方面，项目电力优先纳入云南省"西电东送"优先发电计划，剩余电量参与市场化交易，送电 通道畅通、消纳情况良好，能高效满足用户用电需求。值得一提的是，项目由保山市最 ...

SL Green Realty ( SLG ), Manhattan’s largest office landlord, currently trades at some of the lowest levels since the Financial Crisis, and despite doubling since 2023, the stock still seems to offer a solid opportunityAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I ...