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The World’s Largest Real Estate Investment Trusts (REITs)

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World's largest real estate investment trusts

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The World’s Largest Real Estate Investment Trusts (REITs)

Real estate is widely regarded as an attractive asset class for investors.

This is because it offers several benefits like diversification (due to less correlation with stocks), monthly income, and protection from inflation. The latter is known as “inflation hedging”, and stems from real estate’s tendency to appreciate during periods of rising prices.

Affordability, of course, is a major barrier to investing in most real estate. Property markets around the world have reached bubble territory, making it incredibly difficult for people to get their foot in the door.

Thankfully, there are easier ways of gaining exposure. One of these is purchasing shares in a real estate investment trust (REIT), a type of company that owns and operates income-producing real estate, and is most often publicly-traded.

What Qualifies as REIT?

To qualify as a REIT in the U.S., a company must meet several criteria:

  • Invest at least 75% of assets in real estate, cash , or U.S. Treasuries
  • Derive at least 75% of gross income from rents, interest on mortgages, or real estate sales
  • Pay at least 90% of taxable income in the form of shareholder dividends
  • Be a taxable corporation
  • Be managed by a board of directors or trustees
  • Have at least 100 shareholders after one year of operations
  • Have no more than half its shares held by five or fewer people

Investing in a REIT is similar to purchasing shares of any other publicly-traded company. There are also exchange-traded funds (ETFs) and mutual funds which may hold a basket of REITs. Lastly, note that some REITs are private, meaning they aren’t traded on stock exchanges.

The Top 10 by Market Cap

Here are the world’s 10 largest publicly-traded REITs, as of March 25, 2022.

REITMarket CapDividend YieldProperty Type
Prologis (NYSE: PLD)$116.4B2.03%Industrial
American Tower (NYSE: AMT)$109.8B2.38%Communications
Crown Castle (NYSE: CCI$76.8B3.35%Communications
Public Storage (NYSE: PSA)$65.9B2.14%Self-storage
Equinix (NYSE: EQIX)$64.4B1.74%Data centers 
Simon Property Group (NYSE: SPG)$48.9B5.07%Malls
Welltower (NYSE: WELL)$43.0B2.58%Healthcare
Digital Realty (NYSE: DLR)$40.1B3.55%Data centers
Realty Income (NYSE: O)$40.1B4.44%Commercial
AvalonBay Communities (NYSE: AVB)$34.6B2.62%Residential

As shown above, REITs focus on different sectors of the market. Understanding their differences is an important step to consider before making an investment.

For example, Prologis manages the world’s largest portfolio of logistics real estate. This includes warehouses, distribution centers, and other supply chain facilities around the globe. It’s reasonable to assume that this REIT would benefit from further growth in ecommerce—more on this near the end.

Realty Income, on the other hand, owns a portfolio of over 11,100 commercial real estate properties in the U.S. and Europe. It rents these properties out to major brands like Walgreens and 7-Eleven, which together account for 8.1% of the REIT’s annual income.

More Than Just Buildings

Cell towers and data centers may not seem like “real estate”, but they are both critical pieces of modern infrastructure that take up land.

REITs that focus on these sectors include American Tower and Crown Castle, which own wireless communications assets in the U.S. and abroad. They are likely to benefit from the increased adoption of 5G networks and the Internet of Things (IoT).

On the other hand, Equinix and Digital Realty are focused on data centers, a fast growing industry that is benefitting from digitalization. Both of these REITs work with major tech firms such as Amazon and Google.

Trends to Watch

The demand for real estate can be heavily influenced by overarching trends found around the world. One of these is population growth and urbanization, which has drastically pushed up the cost of housing in many cities around the world.

There’s also the rising prevalence of ecommerce, which has triggered a boom in demand for warehouse space. This is best captured by Amazon’s massive growth during the COVID-19 pandemic, during which the company doubled the number of its warehouse facilities.

Globally, ecommerce accounts for just 19.6% of total retail sales. Should that figure continue to rise, industrial real estate prices could be in store for robust, long-term growth.

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Misc

Infographic: The Next Characters to Enter the Public Domain

This infographic shows which popular characters will be entering the public domain over the next 15 years.

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Infographic showing which popular characters that will enter public domain in coming years

The Next Characters to Enter the Public Domain

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Copyright is a type of intellectual property right that protects authors’ original works, meaning that their art cannot be used without approval. However, copyright protections do not last forever—eventually, all original work will enter the public domain.

In this graphic, we visualize the popular characters that are set to enter the public domain in the next 15 years, using data compiled from several sources.

How Does a Character Enter the Public Domain?

The amount of time a given work is protected by copyright varies, but this window typically lasts 70 years after the author’s death or 95 years after publication. Once the copyright expires, the work enters the public domain, signaling time for anyone to enjoy and interact with them without legal repercussions.

Which Characters Will Have Their Copyrights Expire Next?

The Brothers Grimm version of Snow White has already had its copyright expire. However, Disney’s iconic Snow White and the Seven Dwarfs version will only enter public domain in 2032.

On January 1st, 2024, the Steamboat Willie versions of Mickey and Minnie Mouse entered public domain (and already, content creators are seizing the opportunity). The modern version of Mickey Mouse will follow suit in roughly 15 years.

Below is a list of popular characters that will be entering the public domain in coming years.

CharacterYear expected to enter the public domain
Sleeping Beautyalready public domain
Snow Whitealready public domain
Pinocchioalready public domain
Peter Panalready public domain
Tinkerbellalready public domain
Captain Hookalready public domain
Winnie-the-Poohalready public domain
Mickey Mouse (Steamboat Willie version)already public domain
Minnie Mouse (Steamboat Willie version)already public domain
Popeye2025
Pluto2026
Betty Boop2026
Goofy2028
Donald Duck2029
King Kong2029
Snow White and the Seven Dwarves (Disney version)2032
Superman2034
Bugs Bunny2035
Batman2035
Joker2036
Captain America2036
Wonder Woman2037
Mickey Mouse (Disney version)2037
Bambie2038

Several of Mickey’s companions—including Pluto (2026), Goofy (2028), and Donald Duck (2029)—will be entering public domain in the next five years along with Betty Boop (2026), King Kong (2029), and Bugs Bunny (2035).

The copyright on many of DC Comics’ stars—like Superman, Batman, the Joker, and Wonder Woman—will expire in the 2030s.

If you found this interesting, check out this visualization on the world’s top media franchises of all-time by revenue.

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