Since the 1990s, REIT legislation has expanded significantly across the world as public equity has been recognized as an important and efficient source of capital for real estate globally. REIT or legislation that is “REIT-like” now exists in more than 30 countries including developed markets such as France and Hong Kong and in emerging markets such as Malaysia and Thailand. Many additional countries are considering REIT legislation, including China. The expansion of REIT legislation across the globe has been important even where it has not been implemented as it has increased awareness of, and demand for, listed real estate equity, improving transparency and business strategies.

Global Real Estate Securities Strategies can be focused on income by targeted REITs or can include investment in listed Real Estate Operating Companies (“REOCs”) that develop real estate globally and provide access to growing economies.

A number of non-traditional property types listed in the U.S. including healthcare, biotech lab space, timber, data centers, tower companies, as well as real estate finance or mortgage investment firms, provide additional diversification opportunities.

We have managed our U.S. Equity REIT Strategy focused on traditional property sectors and equity REITs since 2000. Additionally, we manage a U.S. All REIT Strategy which invests in the finance and non-traditional property sectors. We also have experience with U.S. REIT Preferred Equity and sector specific mandates.

Though the Netherlands has one of the earliest REIT structures in the world, many countries across Europe are more recent adopters and a number of additional countries are considering adding or improving legislation. As a result, publicly listed equity is underrepresented as a proportion of investment grade real estate in Europe and offers significant opportunities for market expansion as real estate is recapitalized in the future.

Real estate equity is listed in Australia and Japan, as well as Hong Kong and Singapore where companies have property exposure in China and the emerging economies of Southeast Asia. REIT legislation and proposals in China and a number of ASEAN countries will expand the set of investment opportunities in the future.