美国零售房地产行业市场前景及投资研究报告-外文版培训课件碧桂园恒大

INDUSTRIES

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MARKETSRetailrealestatemarketintheUnitedStatesCHAPTER

01OverviewValueofcommercialrealestateinvestmentintheUnitedStatesfrom2019to2023,bypropertytype(inbillionU.S.dollars)CommercialrealestateinvestmentvalueintheU.S.2019-2023,bypropertytypeMultifamilyIndustrialOfficeRetailHotelOther400350300250200150100500201920202021202220234Description:Amidaworseningeconomicclimate,thevalueofcommercialrealestateinvestmentintheUnitedStatesdecreasedin2023.Themultifamilysector,whichgrewsubstantiallysincethebeginningofthepandemic,comprisedthelargestshareofcommercialinvestment.Acrossdifferentassetclasses,ꢀinvestmentsfellbyupto60percent.ReadmoreNote(s):UnitedStates;2019to2023;alltypesofinvestmentsSource(s):CBREGroup;RealCapitalAnalyticsMarketshareofcommercialrealestateinvestmentsintheUnitedStatesfrom2020to2023,bypropertytypeShareofcommercialpropertyinvestmentsintheU.S.2020-2023,byassetclassMultifamilyIndustrialOfficeRetailHotelOther120%100%80%60%40%20%0%2.5%2.4%5.7%9.9%1.8%6.7%2.9%3.2%9.8%7.4%12.5%16.4%22.5%25.8%18.3%16.2%14.7%24.9%21.5%21.2%42.3%202141.6%202236.2%202033.7%20235Description:Multifamilyresidentialrealestatecomprisedabout34percentofthetotalcommercialpropertyinvestmentmarketin2023.Theindustrialandofficesectorsrankedsecondandthird,withapproximately25percentand15percentoftheinvestmentvolumeinthatperiod.ReadmoreNote(s):UnitedStates;2020to2023;Single-asset,portfolio,andentity-levelinvestments.Source(s):CBREGroup;RealCapitalAnalyticsYear-on-yearchangeincommercialrealestateinvestmentsintheUnitedStatesfrom2020to2023,bypropertytypeChangeincommercialpropertyinvestmentvolumesU.S.2020-2023,byassetclass2020202183.6%238.4%85.9%52.5%117%20224.7%2023-38.4%-47.1%-51.6%-43.7%-60.1%-56%Retail-42.8%-68.4%-33.5%-15.9%-27.6%-40.2%-47.5%Hotel-0.6%Total-16.7%-17.1%-18.9%-24.8%-40.5%IndustrialMultifamilyOffice55.2%71.3%Other-25%6Description:CommercialrealestateinvestmentvalueintheUnitedStatessawadrasticincreasein2021,followingtheinitialshockofthecoronaviruspandemic,butinthenexttwoyears,investmentactivityslowedagain.Overall,theꢀtotalinvestmentvolumesfellbycloseto52percent.ꢀMultifamilywastheassetclassthatsufferedthelargestdropininvestment,at60percent.ReadmoreNote(s):UnitedStates;2020to2023Source(s):CBREGroup;RealCapitalAnalyticsTotalreturnofrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2018to2023,bypropertytypeTotalreturnREITsintheU.S.2018-2023,bypropertytype201820192020-5.12%-8%202141.3%2022-24.95%-24.37%-28.58%-37.62%-13.29%-12.54%-22.91%-6.53%202311.36%13.73%19.15%2.03%FTSENareitAllEquityREITsFTSENareitEquityREITsIndustrial-4.04%-4.62%-2.51%-14.5%-4.96%-14.55%-6.99%13.93%3.09%28.66%26%43.24%62.03%22%48.71%31.42%10.65%25.03%-9.13%24.76%30.89%26.32%49.09%44.3%12.17%-18.44%-25.18%-27.64%-37.15%-10.46%-10.69%-15.34%-1.69%52.79%-21.76%OfficeRetail51.91%65.05%92.05%19.72%58.29%63.61%41.98%52.79%29.25%10.57%12.04%29.94%-1.54%7.66%Retail:ShoppingCentersRetail:RegionalMallsRetail:FreeStandingResidential-31.34%-31.95%-28.34%-31.88%-15.73%Residential:ApartmentsResidential:ManufacturedHomesResidential:SingleFamilyHomesDiversified3.7%5.87%11.43%-11.41%-12.52%2.48%20.63%-7.59%24.1%7Description:REITsintheUnitedStatessawanannualtotalreturnof11.4percentin2023,accordingtotheFTSENareitAllEquityREITsindex.Nevertheless,in2022,theindexhadanegativetotalreturnof25percent.Performanceimprovedforallpropertytypes,exceptfordiversified,freestandingretail,andinfrastructure.FTSENareitAllEquityREITsindexisafree-floatadjusted,marketcapitalization-weightedindexofequityREITsintheU.S.In2023,theindexincludedwere140constituents,withmore[...]ReadmoreNote(s):UnitedStates;2018to2023;asofDecemberofeachyearSource(s):NareitTotalretailsalesintheUnitedStatesfrom1992to2023(inbillionU.S.dollars)TotalretailsalesintheUnitedStates1992-20238,0007,0006,0005,0004,0003,0002,0001,000Year8Description:Bytheendof2023,totalretailsalesreachedapproximately7.24trillionU.S.dollars,aroundoneandhalfabillionU.S.dollarincreasefromtheyearbefore.Retailsaleshavesteadilyincreasedsince2009,astheeconomyrecoveredfromthedownwardtrendduetotherecessionfollowingthe2007-2008financialcrisis,andmostrecentlyfromtheimpactofthecoronavirus(COVID-19)crisis.ReadmoreNote(s):UnitedStates;1992to2023Source(s):USCensusBureauGrocerystoresalesintheUnitedStatesfrom1992to2023(inbillionU.S.dollars)GrocerystoresalesintheU.S.1992-20231,000900800700600500400300200100092

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239Description:Grocerystoresaleshavegrowndramaticallysincethe90’s.Since1992,saleshavemorethandoubled.ThetotalsalesgeneratedbygrocerystoresintheUnitedStatesin2023amountedto884.8billionU.S.dollars.

ReadmoreNote(s):UnitedStates;1992to2023Source(s):USCensusBureauNumberofU.S.storesofleadingretailersintheUnitedStatesin2022UnitedStates:numberofstoresoftheleadingretailers2022Numberofstores05,00010,00015,00020,00025,000DollarGeneralDollarTree19,50316,0907-Eleven12,645CVSHealthCorporationWalgreensBootsAllianceAlimentationCouche-TardAutoZone9,7288,7857,0196,1186,0875,929VerizonWirelessO'ReillyAutoPartsWalmart5,3304,867AceHardwareHealthMartSystemsAdvanceAuto4,7344,60010/statistics/196008/total-retail-stores-of-the-top-100-retailersThisstatisticshowsthenumberofstoresoftheleadingretailersintheUnitedStatesin2022.Inthatyear,DollarGeneraloperatedmorethan19,500storesthroughouttheUnitedStates.WalmartwastheleadingretailerbasedonU.S.retailsalesin2022.ReadmoreNote(s):UnitedStates;2022Source(s):Kantar;NationalRetailFederationLeading100retailersintheUnitedStatesin2022,basedonU.S.retailsales(inbillionU.S.dollars)UnitedStates:top100retailers2022,byU.S.retailsalesRetailsalesinbillionU.S.dollars050100150200250300350400450500550WalmartA499.65232.46CostcoWholesaleTheKrogerCo.TheHomeDepot164.15147.62145.94Target107.59106.18CVSHealthCorporationWalgreensBootsAllianceLowe'sCompaniesAlbertsonsCompaniesAppleStores/iTunesRoyalAholdDelhaizeUSAPublixSuperMarkets103.9189.2876.1570.6457.2154.5311Description:Thisrankingdepictstheleading100Americanretailersin2022,basedonU.S.retailsales.Onceagain,WalmartwastheleadingAmericanretailer.Thatyear,thecompanyaccountedforretailsalesofabout500billionU.S.dollars.

ReadmoreNote(s):UnitedStates;2022Source(s):Kantar;NationalRetailFederationLeadingsupermarketsintheUnitedStatesin2022,basedonretailsales(inbillionU.S.dollars)LeadingsupermarketsintheU.S.2022,basedonretailsalesSalesinbillionU.S.dollars020406080100120140160TheKrogerCo.AlbertsonsCompaniesRoyalAholdDelhaizeUSAPublixSuperMarketsAldi147.6276.1557.2154.5340.2112Description:KrogerwastheleadingsupermarketintheUnitedStatesin2022,byawidemargin.Ithadnearlydoubletheretailsalesofthenextchain,Albertsons.Foundedin1883inCincinnati,Ohio(whereitisstillheadquartered),byBernardKroger,TheKrogerCo.hasbecomethelargestsupermarketchainintheUnitedStatesandtheoneofthelargestoverallretailers,behindtheretailinggiant,Walmart.ReadmoreNote(s):UnitedStates;2022Source(s):Kantar;NationalRetailFederationCHAPTER

02InventoryandconstructionLeadingcommercialdevelopmentprospectsintheUnitedStatesfrom2017to2024,bypropertytypeCommercialdevelopmentprospectsintheU.S.2017-2024Industrial/distributionSingle-familyhousingMultifamilyhousingHotelsOfficeRetail4.03.53.02.52.01.52017201820192020202120222023202414Description:Thecommercialdevelopmentprospectsfor2024forallmentionedpropertytypesintheUnitedStatesdeclinedcomparedto2023exceptinretailandsingle-familyhousing.Thegreatestdeclineindevelopmentprospectsin2024wasobservedforofficerealestate.ReadmoreNote(s):UnitedStates;2016

to2023;1,860respondentsSource(s):PwC;UrbanLandInstituteShoppingcenterrealestateinventoryintheUnitedStatesinthe1stquarter2024,byregion(inmillionsquarefeet)VolumeofshoppingcenterpropertyintheU.S.2024,byregion2,0001,783.811,8001,6001,4001,2001,0008001,138.98774.82617.746004002000SouthWestMidwestNortheast15Description:ThesizeoftheshoppingcenterrealestateinventoryinsquarefootintheUnitedStatesin2024varieddrasticallyacrossdifferentregions.TheSouthregionhad1.8billionsquarefeetofshoppingcenterrealestate,whiletheNortheastregionhadnearlyathirdofthatvolume.ReadmoreNote(s):UnitedStatesSource(s):Cushman&WakefieldTotalsquarefeetofretailrealestateintheUnitedStatesin2023,bytypeofproperty(inmillionsquarefeet)SquarefootageofretailrealestateintheU.S.2023,bytype7,0006,518.16,0005,0004,0003,0002,0001,00002,982.18910.79Malls800.44708.15GeneralretailNeighborhoodcenterPowercentersStripcenter16Description:MostoftheretailrealestatestockintheUnitedStatesin2023wasgeneralretailspace.Thatincludessingle-tenantfreestandingcommercialbuildingswithparking,suchasdrugstores,grocerystores,andstreetfronturbanretailstores.About6.5billionofthetotal12billionsquarefeetofretailspacefellinthiscategory.Thiswasalsotheretailrealestatetypewiththelowestvacancyrate.ReadmoreNote(s):UnitedStates;2023;includesmajormarketsonly.Source(s):JLLVolumeofshoppingcenterrealestateunderconstructioninUnitedStatesin1stquarter2024,byregion(in1,000squarefeet)ShoppingcenterpropertyconstructionintheU.S.inQ12024,byregion7,0006,396.086,0005,0004,0002,947.063,0002,0001,00001,334.68949.47SouthWestNortheastMidwest17Description:Thesquarefootageofshoppingcenterrealestateunderconstructionasofthefirstquarterof2024variedacrossregionsintheUnitedStates.TheSouthregiontookthelead,withoverhalfofallshoppingcenterrealestateunderconstruction.

ReadmoreNote(s):UnitedStates;Q12024;*provisionalvaluesReadmoreSource(s):Cushman&WakefieldRetailrealestateunderconstructionintheUnitedStatesin4thquarter2021and4thquarter2023,bytype(inmillionsquarefeet)RetailrealestateunderconstructionintheU.S.2021-2023,bytypeMillionsquarefeetQ42023Q42022Q4202102468101211.1ShoppingcenterMalls10.65.42.54.93.81.8Powercenters1.91.418Description:Asofthefourthquarterof2023,therewere11.1millionsquarefeetofshoppingcentersunderconstructionintheUnitedStates.Mallscomprisedafurther2.5millionsquarefeetofretailconstruction.ReadmoreNote(s):UnitedStates;2021to2023;asofQ4ofeachyearSource(s):CoStar;JLLAverageconstructioncostsofretailshoppingfacilitiesintheUnitedStatesin4thquarterof2022,bycity(inU.S.dollarpersquarefoot)RetailshoppingfacilityconstructioncostsintheU.S.2022,bycityCostinU.S.dollarspersquarefootStrip250Center050100150200300350400450500550498NewYorkSanFranciscoHonoluluSeattle473318325410405233305300293148LasVegasChicago200170LosAngelesPortland263263223193195WashingtonBoston253250135Phoenix235183190Denver19Description:Asoflate2022,NewYorkhadsomeofthehighestconstructioncostsforcenterretailshoppingfacilities,atabout473U.S.dollarspersquarefoot.Meanwhile,Denverhadoneofthelowestcostsinthecountry,withanaveragecostfortheconstructionofaretailstripwouldaverageabout183U.S.dollarspersquarefootinDenver.ReadmoreNote(s):UnitedStates;4thquarterof2022Source(s):RiderLevettBucknallCHAPTER

03InvestmentmarketLeadingcommercialrealestateinvestmentprospectsintheUnitedStatesfrom2017to2024,bypropertytypeCommercialpropertyinvestmentprospectsintheU.S.2017-2024Industrial/distributionSingle-familyhousingMultifamilyhousingOfficeHotelsRetail4.03.83.63.43.23.02.82.62.42.22.02017201820192020202120222023202421Description:Thecommercialinvestmentprospectsfor2024formultifamilyhousing,single-family,andretailpropertyintheUnitedStatesimprovedcomparedto2023whilethoseofindustrialandofficepropertiesreducedinthesameperiod.Thegreatestimprovementininvestmentprospectsin2024wasobservedforretail.ReadmoreNote(s):UnitedStates;2016

to2023;1,860respondentsSource(s):PwCRecommendationstobuy,holdorsellretailrealestateintheUnitedStatesin2024,bypropertytypeRecommendationstobuy,holdorsellretailrealestateintheU.S.in2024,bytypeShareofrespondentsBuy

Hold

Sell40%0%20%60%80%100%4.7%120%Neighbourhood/communityshoppingcentersLifestyles/entertainmentcentersPowercenters52.3%43%33.9%52.5%13.6%28.2%56.4%15.4%18%Urban/high-streetretailRegionalmalls19.3%62.7%17.9%39.3%42.8%Outletcenters9.1%63.6%27.3%22Description:TherecommendationstobuyretailrealestateofdifferenttypesintheUnitedStatesin2024weresignificantlylowerthanthosetosellorholdexceptforneighborhoodandcommunityshoppingcenters.Accordingto52.3percentofindustryexpertrespondents,community/neighborhoodshoppingcentersaregoodretailpropertiestobuyin2024.Ontheotherhand,over42.8percentofexpertsrecommendedsellingregionalmallsin2024.

ReadmoreNote(s):UnitedStates;2023;1,860respondents;Industryexperts:investors,fundmanagers,developers,propertycompanies.Source(s):PwC;UrbanLandInstituteRecommendationstobuy,hold,orsellaretailpropertyintheUnitedStatesin2024,bycityRecommendationstobuy,hold,orsellaretailpropertyintheU.S.2024,bycityShareofrespondentsBuyHoldSell0%20%44%40%60%80%100%6%120%WestPalmBeachChattanoogaNashville50%43%42%38%38%35%31%43%50%56%14%15%9%13%9%8%6%CharlestonMemphisSanAntonioAustin38%50%60%56%61%61%62%24%LasVegasHoustonMiamiDallas/FortWorthRaleigh/Durham31%30%29%28%27%10%10%54%19%23Description:TherecommendationstobuyretailpropertyinleadingretailrealestatelocationsintheUnitedStatesin2024werehighestinWestPalmBeach.Accordingto44percentofindustryexpertrespondents,WestPalmBeachwouldbeagoodplacetopurchaseretailpropertyin2024.However,77percentofrespondentsrecommendedholdingontotheretailpropertyinSaltLakeCity.ThehighestrecommendationstosellretailpropertywereforIndianapolisandMadisonby40percentof[...]

ReadmoreNote(s):UnitedStates;2023;1,860respondents;Industryexperts,includinginvestors,fundmanagers,developers,propertycompanies,lenders,brokers,advisers,andconsultantsSource(s):PwC;UrbanLandInstituteCoStarCommercialRepeat-SalesIndex(CCRSI)forretailrealestateintheUnitedStatesfromMarch1996toMarch2024RetailrealestaterepeatsalesindexintheU.S.1996-2024,perquarterEqual-weighedValue-weighed35030025020015010050024Description:TheCoStarCommercialRepeat-SalesIndex(CCRSI)forretailrealestateintheUnitedStatesincreasedslightlyinMarch2024comparedtothesamemonththeyearbefore.Thevalue-weighedindexismorerepresentativeofthehigh-valuedealsincoremarkets,whiletheequal-weighedindexismoreinfluencedbythelower-priceddealsthatcomprisethehighershareoftransactions.Theindexmeasuresthedevelopmentofsalespricesofretailproperties,with2000chosenasabaseyear.[...]

ReadmoreNote(s):UnitedStates;Mach1996toMarch2024Source(s):CoStarCoStarCommercialRepeat-SalesIndex(CCRSI)forretailrealestateintheUnitedStatesfromMarch2000toMarch2024,byregionRetailrealestaterepeatsalesindexintheU.S.2000-2024,byregionMidwestNortheastSouthWest4003503002502001501005025Description:TheCoStarCommercialRepeat-SalesIndex(CCRSI)forretailrealestateintheUnitedStateswasthehighestintheNortheastregion.Nevertheless,at348indexpointsasofMarch2024,thatwasthesecond-highestvalueonrecord.Theindexmeasuresthedevelopmentofsalespricesofretailproperties,with2000chosenasabaseyear.Avalueof200meansthatsalespriceshavedoubledsince2000.

ReadmoreNote(s):UnitedStates;Mach1996toMarch2024Source(s):CoStarLeadingmetropolitanareasforretailrealestateinvestmentsintheUnitedStatesin2023,byinvestmentvolume(inmillionU.S.dollars)RetailpropertyinvestmentvolumesinmajormetropolitanareasintheU.S.2023Investment

volumePercentage

increaseGreaterNewYorkSanAntonioCharlotteTampa60915380.8-10.7-21.2-22.8-34.4-36.6-36.8-37.1-39.9-40.2717967BaltimorePhoenix4931369857LasVegasHouston174819041891AtlantaChicago26Description:GreaterNewYorkwastheonlymetrointheU.S.wherethevalueofretailrealestateinvestmentgrewyear-on-yearin2023.ThevalueofcapitalallocatedtoretailrealestateinGreaterNewYorkwasoversixbillionU.S.dollars,anincreaseofaboutonepercentfrom2022.AtlantaandChicagoalsoreceivedasubstantialamountofinvestment(approximatelytwobillionU.S.dollars),butthatwasadeclineofaboutꢀ40percentyear-on-year.Theretailsectorwasꢀoneoftheassetclasseshitworst[...]

ReadmoreNote(s):UnitedStates;Q42023Source(s):CBREGroup;RealCapitalAnalyticsCommercialrealestatecapitalizationratesintheUnitedStatesfrom2012to2023withaforecastuntil2026,bypropertytypeCommercialrealestatecapratesintheU.S.2012-2023withaforecastuntil2024RetailOfficeIndustrialMultifamily8.0%7.5%7.0%6.5%6.0%5.5%5.0%4.5%4.0%3.5%3.0%2012201320142015201620172018201920202021202220232024*2025*2026*27Description:RetailpropertieshadthehighestcapratesintheUnitedStatesin2023,followedbyoffices.Thecaprateforofficerealestatewas6.54percentinthefourthquarteroftheyearandwasforecasttorisefurtherto7.39percentin2024,reflectingthedeclineofofficepropertyvalues.Capratesmeasuretheexpectedrateofreturnoninvestmentpropertiesandarecalculatedbydividingthenetoperatingincomeofthepropertybythecurrentassetvalue.Whileahighercaprateindicatesahigher[...]

ReadmoreNote(s):UnitedStates;2012to2023;asofQ4ofeachyear;*ForecastasofQ32023ReadmoreSource(s):CBREGroup;RealCapitalAnalyticsLeadingretailrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2019to2023,bymarketcapitalization(inbillionU.S.dollars)MarketcapofleadingretailREITsintheU.S.2019-2023201946.7224.399.12202026.8220.596.257.736.6202152.4340.5115.1112.8202238.5739.7813.0910.778.18202346.6141.5713.2112.398.4SimonPropertyGroup,Inc.(SPG)RealtyIncomeCorporation(O)KimcoRealtyCorporation(KIM)RegencyCentersCorporation(REG)FederalRealtyInvestmentTrust(FRT)NNNREIT(NNN)10.99.8910.67.85BrixmorPropertyGroup,Inc.(BRX)AgreeRealtyCorporation(ADC)SpiritRealtyCapital,Inc.(SRC)KiteRealtyGroupTrust(KRG)6.543.144.721.624.533.553.791.217.554.985.944.756.796.285.584.616.996.336.175.0128Description:AsofDecember29,2023,thetenleadingretailrealestateinvestmenttrusts(REITs)intheUnitedStateshadacombinedmarketcapitalizationofabout155billionU.S.dollars.AllREITsinthelistsawtheirmarketcapsincreasein2023.ThelargestretailREIT,PropertySimon,sawitsmarketcaprisefrom38.6billionU.S.dollarsto46.6billionU.S.dollarsbetweenDecember2022andDecember2023.DespitetheREITsectorcompressingin2022,thethreeyear-returnsofmostREITsremained[...]

ReadmoreNote(s):UnitedStates;November2019,November2020,December2021,December2022,December2023;REITsintheFTSENareitAllREITsIndexandS&PEquityIndexesSource(s):NareitLeadingretailrealestateinvestmenttrusts(REITs)intheUnitedStatesinFebruary2024,by1-,3-,and5-yearreturnsMostprofitableretailrealestateinvestmenttrusts(REITs)intheU.S.20241-year3-year27.88%13.79%14.79%15.7%-0.66%4.87%-%5-year11.94%-11.2%4.88%1.51%-7.04%1.56%-%TangerInc59.56%45.66%36.79%29.2%18.07%14.95%8.41%8.21%7%MacerichWhitestoneREITSimonPropertyGroupAcadiaRealtyUrbanEdgePropertiesPhillipsEdison&CompanyInventrustPropertiesSITECenters33.1%4.69%7.72%13.28%4.51%7.98%CTORealtyGrowthInc5.95%29Description:Inthe12monthsuptoFebruary2024,theshoppingcenterREITTangerwastheretailrealestateREITwiththehighestreturnintheUnitedStates.However,notallretailREITssawpositivereturns.SomeoftheꢀlargestretailrealestateInvestmenttrusts(REITs)sawmajorlossesduringtheyear.ReadmoreNote(s):UnitedStates;February28,2024Source(s):NareitPricetofundsfromoperation(P/FFO)ratioestimateofthe20largestretailrealestateinvestmenttrusts(REITs)intheUnitedStatesfrom2024to2025LargestretailREITsintheU.S.,basedonP/FFOratio2024-20252024

(in

percentage)13.892025

(in

percentage)15.23SITECentersPhillipsEdison&CompanyFederalRealtyInvsRegencyCenters15.0114.3814.8514.114.7714.04InventrustPropertiesFourCornersPropertyTrustTangerInc14.7213.8814.3813.8313.9113.27AgreeRealty13.4713.02UrbanEdgePropertiesAcadiaRealty13.4612.4212.8912.33EssentialPropertiesRealtyTrustRealtyIncome12.9112.2612.2911.88NNNREITInc12.3111.8730Description:TheshoppingcenterREITSITECentersisestimatedtoreachthehighestpricetofundsfromoperation(P/FFO)intheUnitedStatesin2025.AccordingtotheMarch2024estimate,theP/FFOvalueofSITECenters,oneoftheꢀREITswiththelargestcapsinthecountry,willreach13.9percentin2024and15.2percentin2025.P/FFOmeasurestheratioofthesharepricetothemeancashflowfromoperations.Ahighratiosuggeststhatthestockispricedhighercomparedtothecompany'scashflow[...]

ReadmoreNote(s):UnitedStates;February29,2024;20largestretailREITsbymarketcapSource(s):NareitDividendyieldofthe20largestretailrealestateinvestmenttrusts(REITs)intheUnitedStatesasofFebruary2024LargestretailREITsintheU.S.,basedondividendyield2024Dividendyield0%1%2%3%4%5%6%7%8%GettyRealtyRealtyIncome6.83%5.91%FourCornersPropertyTrustNNNREITInc5.71%5.55%5.39%5.13%AgreeRealtySimonPropertyGroupKimcoRealtyCp4.86%4.82%4.77%BrixmorPropertyGroupEssentialPropertiesRealtyTrustKiteRealtyGroupTrustRetailOpportunity4.67%4.64%4.39%4.33%AcadiaRealtyRegencyCenters31Description:Theretailrealestateinvestmenttrust(REIT)ꢀGettyRealty-afreestandingretailREIT-hadthehighestdividendyieldamongthe20largestretailREITsintheUnitedStatesinFebruary2024.Besidesfreestandingretail,therankingalsoincludesshoppingcentersandregionmallREITs.SimonPropertyGroup,theretailREITwiththelargestmarketcap,whichspecializesinregionalmalls,hadadividendyieldof5.13percent.ReadmoreNote(s):UnitedStates;February28,2024;20largestretailREITsbymarketcapSource(s):NareitMedianpremiumordiscounttonetassetvalue(NAV)ofrealestateinvestmenttrust(REIT)intheUnitedStatesfromFebruary2019toFebruary2024,bypropertytypeREITsmedianpremiumtoNAVintheU.S.2019-2024,bypropertytypeProperty

typeDatacenterHealthcareFeb

'19-12.4%13.7%5%Feb

'20-3.1%9.5%Feb

'2120.3%9.9%Feb

'2213.5%8.4%Feb

'23-9.4%-1.4%13.4%-9.3%-4.8%6.8%Feb

'2415.2%-3.3%-4.2%-4.4%-4.4%-8%Casino9.8%5.3%5.4%CommunicationsSelf-storageOtherretailRegionalmallIndustrial%%%3.6%4.7%6%16.7%3.6%4.7%8.1%9.1%0.6%-31.3%-1%-35.9%-0.1%-21.4%-13.8%-6.5%-21.4%-30.4%-40.2%9.9%-17.6%4.2%-23%-9.1%-10.9%-14.3%-15%-5.4%-19.3%-16.8%-17.6%-23.7%-30.4%ShoppingcenterAllUnitedStatesREITs*Residential-15.7%-7.6%-8.2%-23.7%-8.6%-13.7%-4.2%-3.2%-7.1%-5.7%-15.1%-4.9%-2.5%-10.2%-19.9%-15.9%-17.1%-18.7%TimberHotel32Description:AsofFebruary2024,manydifferenttypesofREITsintheUnitedStatestradedwithadiscounttotheNAV.Onaverage,U.S.REITstradedwithmediandiscountsof15percent.DiversifiedREITssawtheheaviestmediandiscount,thisbeing27.1percent.DatacentersweretheonlypropertytypewhichtradedwithamedianpremiumtotheNAV(15.2percent).Thenetassetvalue(NAV)isthepriceatwhichsharesorunitsofaREITaretraded.

ReadmoreNote(s):UnitedStates;February2019toFebruary2024;*IncludestwoadditionalspecialtyREITsthatarenotreflectedinapropertytypecategory.Thesourceanalyzed"currentpubliclytradedU.S.equityrealestateinvestmenttruststhattradeon[...]

ReadmoreSource(s):S&PGlobalRatingsCHAPTER

04LeasingmarketAveragerentofretailrealestateintheUnitedStatesin4thquarter2023,bypropertytype(inU.S.dollarspersquarefoot)AveragerentofretailrealestateintheU.S.2023,bypropertytype40353025201510533.3526.3824.6923.8223.8122.680MallsPowercentersTotalretailGeneralretailNeighborhoodcenterStripcenter34Description:MallshadthemostexpensiverentalspaceamongthedifferenttypesofretailrealestateintheUnitedStatesin2023.Asofthefourthquarteroftheyear,theaveragerentinmallswas33.35U.S.dollarspersquarefoot,comparedto24.69U.S.dollarsforallretail.Generalretailspace,definedassingle-tenantfreestandingcommercialbuildingswithparking,