Equity Residential (EQR) is the largest U.S. apartment REIT, with over 75,000 units and a portfolio valued at over $35 billion, focused largely on coastal markets such as New York City, Washington, D.C., Los Angeles, Boston, and San Francisco.
Equity Residential is a blue-chip apartment REIT, with high-quality assets in markets with high barriers to entry, a proven management team, a state-of-the-art operating platform, and a strong balance sheet. Tenant demand for apartments remains strong, driven by low housing inventories and changing demographics. Following a period of decelerating rent growth driven by elevated new construction levels, we think Equity Residential should begin to see stabilizing rent growth.

American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with more than 240,000 towers in 20 countries on five continents.
Increasing demand for wireless data coverage is driving leasing activity by wireless carriers, with mobile data growing more than 25% per year. Since zoning for new towers is difficult to obtain, leasing on an existing tower (tenant colocation) or modifying existing equipment (amendment) is typically the best option. American Tower has been expanding internationally as well. We expect new tenants and higher colocation activity to drive continued strong organic cash flow growth. We believe American Tower will continue to acquire tower portfolios opportunistically.

Welltower Inc. (WELL) is a $45 billion diversified health care owner, primarily in senior housing (assisted and independent living). Core to its strategy is to partner with top-tier operators and health systems while providing operators access to its proprietary data analytics platform.
We are optimistic about the prospects for Welltower given the substantial opportunity for cyclical recovery and continued secular growth in its senior housing business through occupancy and rent growth coupled with the company's ability to recycle capital at attractive rates of returns, premier health care platform, partnerships with top tier operators, and well-respected management team focused solely on creating value on a per-share basis.

AvalonBay Communities, Inc. (AVB) is a REIT that owns, develops, redevelops, acquires, and manages over 80,000 high-quality apartment communities valued at more than $40 billion in high-barrier-to-entry U.S. coastal markets. 
AvalonBay is a best-in-class apartment REIT, with a high-quality portfolio, a healthy balance sheet, and a seasoned management team. While near-term comparable fundamentals may remain challenged after outsized growth years, we believe the company will drive cash flow growth longer term through rent growth on its core portfolio and accretive external growth activities (development and acquisitions).

Equinix, Inc. (EQIX) is a network neutral operator of 260 data centers across 70 metro areas and 33 countries in North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers.
We believe Equinix benefits from several key long-term secular trends, including increasing internet traffic, IT outsourcing, cloud computing, AI, and mobility. As data and customer needs become more global, Equinix should also be able to leverage its leading global data center platform. We believe Equinix can continue to grow through new data center development, rent increases, and the addition of value-added services supplemented by accretive acquisitions that increase market penetration and reach. 

Digital Realty Trust, Inc. (DLR) is a leading global provider of large-scale data center services to enterprises, cloud providers, and network operators. The company has 310 data centers in over 50 metro areas around the globe, with 51% of revenue in North America and the remainder in other regions worldwide.
Digital Realty enjoys strong growth prospects driven by cloud adoption, IT/data center outsourcing, and emerging AI applications. With a recurring revenue model, a sticky customer base with long-term leases, scale advantages, and a strong management team, we think Digital Realty is well positioned to take share. It offers a comprehensive suite of services through its acquisitions of Telx Group (network dense interconnection provider), Equicity (eight European assets), DuPont Fabros (U.S.-based wholesale operator), Ascenty (Brazil-based operator), and InterXion (Europe).

Invitation Homes, Inc. (INVH) is the largest single-family home rental and management company in the U.S., with over 85,000 homes across 16 markets and nine states.
Invitation Homes owns single-family rental homes in high density and premier markets in the U.S. The company maintains internal repair and maintenance teams, allowing ample opportunity to reduce turn/leasing times and associated costs while driving outsized rent growth against a backdrop of housing undersupply in the U.S. As the largest operator in the sector, Invitation Homes continues to look for opportunities to scale its platform in existing markets by acquiring homes and partnering with builders to off-take newly built homes.

American Homes 4 Rent (AMH) is one of two publicly traded single-family home rental operators. The company owns over 58,000 rental homes across 22 states, with an average monthly rent of approximately $2,000 and average size of 2,000 square feet.
We believe American Homes 4 Rent is well positioned for growth through M&A and "build to rent" development in a fragmented industry, given its superior balance sheet and operating platform. Partnerships with homebuilders to acquire new homes and additional rental units against a backdrop of housing undersupply could also drive growth. The company is working on expense optimization by reducing turnover and leasing time and costs.

Prologis, Inc. (PLD) is the world's largest industrial REIT, with a $100 billion global portfolio. 
In our view, industrial real estate has attractive fundamentals, with organic growth among the highest across all real estate asset types. Strengthening demand, driven by the growth of e-commerce, inventory building, and the need for infill locations to service "last mile" delivery, continues to absorb elevated supply deliveries. Given Prologis's assets, markets, management, and balance sheet, we believe the company is well positioned to continue benefiting from this favorable fundamental backdrop.

Healthpeak Properties, Inc.

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