The Outlook for Listed Real Estate

In 2025, we see the potential for listed real estate to outperform broad equities and provide a differentiated total return compared to private real estate markets. We believe listed real estate is in the early days of a new upcycle, one in which long-term yields remain in a range, where earnings are accelerating, where listed capital market access remains abundant and where valuations can support continued returns. We expect the following characteristics for listed real estate in 2025:

• The ability to prosper in an environment of moderating central bank rates and range-bound yields 
• Accelerating organic earnings based on improving supply/demand across sectors
• Access to capital supporting potential acquisitions and upside to estimates 
• Compelling valuations and total return opportunities at this stage of the cycle