Group 1 - The article discusses the benefits of joining the High Yield Landlord investment community, which focuses on real estate investment trusts (REITs) and offers exclusive research and portfolios [1] - Austin Rogers is identified as a REIT specialist with a background in commercial real estate, emphasizing high-quality dividend growth stocks for generating passive income [1] - The investment strategy highlighted is centered on long-term portfolio income growth rather than total returns, indicating a focus on sustainable income generation [1] Group 2 - The article mentions a beneficial long position in several companies, including BX, EGP, GOOGL, NEE, and PSA, indicating a positive outlook on these stocks [2] - There is an indication of a potential initiation of a long position in ELS within the next 72 hours, suggesting an active investment strategy [3]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Report's Core View - From April 21 to April 25, 2025, the secondary - market prices of China's listed public REITs overall declined, with a weighted REITs index return of - 1.13%. Compared with other mainstream asset classes, REITs underperformed [1][11]. - The trading volume of public REITs increased week - on - week, and the average daily turnover rate of warehousing and logistics REITs led. The total net inflow of main funds was 99.65 million yuan, indicating high market trading enthusiasm [2][32]. - The total amount of block trades decreased week - on - week. There were block trades on 5 trading days this week, with a total block - trade turnover of 373.4 million yuan [3]. - Southern SF Logistics REIT was listed on April 21, 2025. The status of the initial offering project of "CICC Yizhuang Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Passed", and the status of the expansion project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [4]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.13%, lower than those of US stocks (6.73%), A - shares (1.1%), convertible bonds (2.77%), etc. The return ranking from high to low was: US Treasury bonds > convertible bonds > A - shares > crude oil > pure bonds > gold > REITs [11]. - **At the underlying asset level**: Both equity - type and franchise - type REITs declined, with franchise - type REITs having a smaller decline. Among different underlying asset types, transportation infrastructure REITs had the highest increase this week, followed by consumer and municipal facility REITs [16][17]. - **At the single - REIT level**: This week, 19 REITs rose and 46 declined. The top three in terms of increase were CICC Chongqing Liangjiang REIT, E Fund Huawai Market REIT, and Hua'an Waigaoqiao REIT. After excluding the newly listed Southern SF Logistics REIT, the top three in terms of annualized volatility were CICC Chongqing Liangjiang REIT, Hua'an Bailian Consumption REIT, and China Fortune Joy City Commercial REIT [22]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs increased week - on - week. The warehousing and logistics REITs had the highest average daily turnover rate. The top three in terms of trading volume were warehousing and logistics, transportation infrastructure, and industrial park infrastructure REITs. The top three in terms of average daily turnover rate were warehousing and logistics, ecological and environmental protection, and water conservancy facilities REITs [26]. - **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 SF Logistics REIT, Soochow Sucheng Industrial Park REIT, and Harvest JD Warehousing Infrastructure REIT. The top three in terms of trading value were Southern SF Logistics REIT, CICC Anhui Expressway REIT, and Soochow Sucheng Industrial Park REIT. The top three in terms of turnover rate were Southern SF Logistics REIT, Harvest JD Warehousing Infrastructure REIT, and Huatai Nanjing Jianye REIT [29]. 3.1.3 Main Fund Inflow and Block Trade Situation - **Main fund inflow situation**: The total net inflow of main funds was 99.65 million yuan, indicating high market trading enthusiasm. The top three underlying asset types in terms of net inflow of main funds were warehousing and logistics, transportation infrastructure, and consumer infrastructure REITs. The top three single REITs in terms of net inflow of main funds were Southern SF Logistics REIT, China Resources Commercial REIT, and CICC Anhui Expressway REIT [32]. - **Block trade situation**: The total amount of block trades decreased week - on - week. There were block trades on 5 trading days this week, with a total block - trade turnover of 373.4 million yuan. The highest single - day block - trade turnover was on April 23, 2025, reaching 123.43 million yuan. The top three single REITs in terms of block - trade turnover were China Resources Commercial REIT, China Fortune Capital Outlets REIT, and China Fortune Joy City Commercial REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of April 25, 2025, the number of China's public REITs products reached 65, with a total issuance scale of 17.3026 billion yuan. Among them, transportation infrastructure REITs had the largest issuance scale, reaching 6.8771 billion yuan, followed by industrial park infrastructure REITs with an issuance scale of 2.7062 billion yuan [38]. - Southern SF Logistics REIT was listed on April 21, 2025 [39]. 3.2.2 Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 23 REITs in the pipeline, including 13 initial offering REITs and 10 expansion REITs. - The status of the initial offering project of "CICC Yizhuang Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Passed", and the status of the expansion project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [42].

REIT Performance Overview - The REIT sector experienced a total return of -4.92% in March, underperforming the Dow Jones Industrial Average (-4.1%) but faring better than the S&P 500 (-5.6%) and NASDAQ (-8.1%) [1] - The Vanguard Real Estate ETF (VNQ) outperformed the average REIT with a return of -2.58% in March and a year-to-date return of +2.69% compared to -3.36% for the average REIT [1] - The spread between the 2025 FFO multiples of large cap REITs (18.1x) and small cap REITs (12.9x) increased, indicating that investors are paying 40.3% more for each dollar of FFO from large cap REITs [1] Performance by Market Capitalization - Micro cap REITs underperformed significantly with a return of -16.19%, while large cap REITs returned -2.04%, mid caps -2.63%, and small caps -4.16% [3] - Year-to-date, large cap REITs have outperformed small caps by 568 basis points [3] Property Type Performance - Only 33.33% of REIT property types had a positive total return in March, with a 14% spread between the best (Casino +2.40%, Single Family Housing +2.00%) and worst performing property types (Office -11.60%, Hotel -11.11%) [5] - In the first quarter of 2025, Data Centers (-16.35%), Office (-15.95%), and Hotels (-15.74%) were the worst performers, while Health Care (+10.87%), Casino (+10.24%), and Timber (+9.56%) led the sector [6] Average Returns by Property Type - The average returns for various property types in March were as follows: - Office: -11.60% - Hotel: -11.11% - Casino: +2.40% - Single Family Housing: +2.00% - REIT Average: -4.92% [6] Price/FFO Multiples - The average P/FFO for the REIT sector decreased from 14.3x to 13.9x in March, with 27.8% of property types experiencing multiple expansion and 66.7% seeing contraction [8] - Data Centers (25.2x), Land (23.8x), and Multifamily (20.5x) have the highest average multiples, while Hotels (6.2x) and Offices (8.4x) are the only types with single-digit FFO multiples [8] Individual Security Performance - Peakstone Realty Trust (PKST) was the best performing REIT in March with a return of +13.10%, followed by Crown Castle (CCI) at +12.44% and CareTrust REIT (CTRE) at +11.77% [10] - Wheeler REIT (WHLR) continued its decline with a staggering -75.88% return in March, marking a -95.31% drop in the first three months of 2025 [11] Dividend Yield Insights - High dividend yields are a significant attraction for investors in the REIT sector, especially as many REITs are trading below their NAV, leading to opportunities for attractive yields [15]

Core Insights - NNN REIT is presented as a compelling investment opportunity for long-term investors due to its unique qualities that are not shared by its peers [1] - The valuation of NNN REIT remains attractive, similar to previous assessments [1] Company Overview - NNN REIT focuses on dividend investing, which is highlighted as a pathway to financial freedom [1] - The author emphasizes the importance of financial modeling, commercial and financial due diligence, and negotiation in assessing company health [1] Investment Strategy - The article promotes dividend investing as a straightforward and accessible method for building long-term wealth [1] - The author's motivation for sharing insights is to facilitate collective learning and growth in the realm of dividend investing [1]

Investment Rating - The report maintains an "Increase" rating for the C-REITs sector [5][6]. Core Insights - The C-REITs market is expected to benefit from a low interest rate environment and ongoing macroeconomic recovery in 2025, presenting investment opportunities [5]. - The report highlights that the C-REITs sector has already undergone valuation recovery in 2024, making timing crucial for secondary market investments [5]. - Weak-cycle assets continue to attract attention due to risk aversion, suggesting a focus on asset resilience and secondary market prices [5]. REITs Index Performance - The CSI REITs total return index increased by 0.84% this week, closing at 1074.3 points as of April 18 [10][12]. - Year-to-date, the CSI REITs total return index has risen by 11.00%, ranking first among various indices [2][10]. - The report notes that the real estate (Shenwan) index had the highest weekly increase of 3.40% [10]. REITs Secondary Market Performance - The secondary market for C-REITs showed an upward trend, with a total market capitalization of approximately 188.15 billion yuan and an average market cap of about 2.9 billion yuan per REIT [3][12]. - Among the listed REITs, 52 increased in value while 12 decreased, with an average weekly increase of 1.49% [3][12]. - The best-performing sectors included consumption infrastructure and warehousing logistics, while ecological and transportation infrastructure lagged [3][12]. REITs Trading Activity - The housing security sector exhibited the highest trading activity, with an average daily trading volume of 2.032 million shares and a turnover rate of 0.8% [4][12]. - The top three REITs by turnover rate were Guotai Junan Lingang Innovation Industrial Park REIT, E Fund Shen High-Speed REIT, and Huatai Jiangsu Traffic Control REIT, each with a turnover rate of around 1.7% [4]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed a continuous trend, with the top three being Huaxia China Communications Construction REIT (11.6%), Ping An Guangzhou Guanghe REIT (10.9%), and Zhongjin Anhui Traffic Control REIT (9%) [4][12]. - The price-to-net asset value (P/NAV) ratio for listed REITs ranged from 0.7 to 1.7, with the top three being E Fund China Electric Power Clean Energy REIT, Huaxia Beijing Housing Security REIT, and Huaxia Shichuang Outlets REIT, all at 1.7 [4].

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index increased by 0.84% this week, while the Shanghai Composite Index rose by 0.59%, and the CSI 500 index fell by 0.37% [3][16] - The report highlights significant market activities, including the announcement of a second expansion for the Bosera Shekou Industrial Park REIT and the submission of the Huaxia Kaide Commercial Asset REIT to the Shanghai Stock Exchange [5][9] - The overall trading volume for REITs decreased to 2.85 billion, a decline of 3.4% from the previous week, with an average daily turnover rate of 0.7% [6] Summary by Sections Market Dynamics - Key events include the announcement of the second expansion for the Bosera Shekou Industrial Park REIT, the submission of the Huaxia Kaide Commercial Asset REIT, and the high demand for the Huatai Suzhou Hengtai Rental Housing REIT, which saw a subscription rate of 222.46 times the initial offering [5][9] - The report notes that the overall market for REITs is experiencing fluctuations, with 56 REITs rising and 8 falling this week [20] Market Performance - The REITs index's performance is contrasted with other indices, showing a positive trend in REITs compared to a mixed performance in broader market indices [16][20] - The report indicates that the REITs market is characterized by a low correlation with government bonds, suggesting a unique investment profile [16] Trading Activity - The report details the trading activity, noting a decrease in trading volume and highlighting specific sectors within the REITs market, such as the significant increase in trading for the consumption sector [6][20] - The report emphasizes the importance of monitoring macroeconomic conditions and policy environments for potential investment opportunities [6]

Core Insights - The article emphasizes the comprehensive research services provided by iREIT® and HOYA Capital, focusing on various income-oriented investment vehicles such as REITs, BDCs, MLPs, and Preferreds [1][2]. Group 1: Company Overview - iREIT® and HOYA Capital lead an investment group that offers extensive coverage of REITs and other income-oriented alternatives, supported by a team of analysts with over 100 years of combined experience [2]. - Brad Thomas, a key figure in the investment group, has over 30 years of experience in real estate investing, having been involved in transactions exceeding $1 billion in commercial real estate [3]. Group 2: Research and Data Services - The iREIT® Tracker provides data on more than 250 tickers, including quality scores, buy targets, and trim targets, aimed at assisting investors in making informed decisions [1].

Investment Rating - The report does not provide a specific investment rating for the industry [2]. Core Insights - The REITs index decreased by 1.18% this week, while the Shanghai Composite Index fell by 2.87% and the CSI 500 Index dropped by 4.52% [6][19]. - The report highlights a correlation between REITs and various bond indices, with REITs showing a correlation of -0.08 with 10-year government bonds and 0.27 with the Shanghai Composite Index [19]. - Recent market activity includes announcements of dividends from several REITs and the initiation of inquiries for new REITs, indicating ongoing market engagement [12][18]. Industry Overview - The industry consists of 64 listed companies with a total market capitalization of 1871.44 billion yuan and a circulating market value of 858.19 billion yuan [2]. - The trading volume for REITs increased this week, with a total trading amount of 29.5 billion yuan, reflecting a 10.6% increase [9]. Market Performance - This week, 40 REITs experienced price increases, while 24 saw declines, with the largest gain being 6.45% for the Huaxia Beijing Affordable Housing REIT and the largest drop being 5.06% for the Hongtu Yantian Port REIT [23]. - The report notes that the REITs market is characterized by a strong correlation with the corresponding stock sectors, particularly in the logistics and consumption sectors [28][30].

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index decreased by 1.18% this week, while the Shanghai Composite Index fell by 2.87% and the CSI 500 Index dropped by 4.52% [6][19] - The overall market for REITs remains active, with a trading volume of 2.95 billion yuan, reflecting a 10.6% increase [9] - The report highlights the strong allocation attributes of REITs in the long term, suggesting investors pay attention to sector rotation and expansion opportunities [9] Industry Overview - The industry consists of 64 listed companies with a total market capitalization of 187.144 billion yuan and a circulating market value of 85.819 billion yuan [2] - The report notes significant events, including dividend announcements from multiple REITs and the initiation of inquiries for new REITs [12][18] Market Performance - The report details the performance of various indices, indicating that the REITs index has a correlation of 0.27 with the Shanghai Composite Index and 0.33 with the CSI 500 Index [19] - The report also mentions that 40 REITs experienced price increases while 24 saw declines, with the largest gain being 6.45% for the Huaxia Beijing Affordable Housing REIT [23] Trading Activity - The report indicates an increase in trading activity for REITs, with a daily average turnover rate of 0.7%, up by 0.1 percentage points [9] - Specific sectors such as ecological protection and rental housing showed significant trading increases, with the ecological protection sector up by 48.6% [9] Project Approval Progress - The report outlines the approval status of various REIT projects, indicating that some are in the inquiry stage while others have received feedback [18]

Core Viewpoint - The public REITs market is experiencing a downward trend with decreased market activity, but affordable housing REITs show strong resilience and growth potential [1][2][3] Market Performance - The CSI REITs Index fell by 1.36% to 856.7 points, while the CSI REITs Total Return Index decreased by 1.18% to 1065.4 points, indicating a lack of short-term confidence in REIT products [1] - Affordable housing REITs increased by 0.40%, highlighting their stability amidst market volatility, with notable performers including Huaxia Beijing Affordable Housing REIT (+3.67%), Huaxia Dayuecheng Commercial REIT (+3.19%), and Yinhua Shaoxing Raw Water REIT (+2.61%) [1] Industry Segmentation - There is a clear structural differentiation in the REITs market, with industrial park, warehousing logistics, and ecological environmental REITs declining by 2.14%, 2.96%, and 1.11% respectively, while affordable housing, consumer, and energy REITs saw increases of 0.27%, 0.09%, and 0.54% [2] - The market's preference for stable and anti-cyclical assets is evident, particularly in light of tariff impacts on coastal warehousing logistics REITs, which have performed poorly [2] Market Dynamics and Future Outlook - Recent developments include the launch of the first public rental housing REIT in Jiangsu, indicating growing market recognition of rental housing assets, and a high dividend payout from E Fund Guangzhou Development Zone REIT [3] - The market is expected to maintain narrow fluctuations in the short term, with a continued strong trend in stable sectors such as affordable housing, consumption, and water conservancy, while avoiding cyclical industries directly affected by tariffs [3]