In 2022, Rock-n-Data is analyzing data outside of France to conduct a study on German listed real estate companies (G-REITS). This study includes the analysis of 13 German listed real estate investment companies (SIICs or REITs).
13 German listed real estate investment companies analyzed
G-REITs were established in 2007 and have since provided investors with exposure to German residential, commercial and office real estate investments. They are publicly traded investment vehicles available to any investor seeking knowledge about real estate without the need for physical property.
All REITs analyzed were members of the European Public Real Estate Association (EPRA), the association representing the European public real estate sector. Each year, all member companies report on the association's own indicators, which make it possible to standardize the comparison of real estate companies and contribute to a better understanding of the product.
Market capitalisation of German real estate companies have reached 86 billion euros in 2021
The capitalization of German real estate companies amounts to 86 billion euros as of 31/12/2021. The residential property company Vonovia is in first place with a capitalization of more than 37 billion euros as of December 31, 2021. It is followed by Deutsche Wohnen, also invested in residential assets, which represents 17% of the overall capitalization of the REITs analyzed. In 2012, Deutsche Wohnen, acquired by Vonovia, held over 500,000 assets.
In 2021, despite an average payout ratio of 2.96%, German REITs had an average negative stock market performance of -8.30%. In addition, the macroeconomic environment is tense, with inflation in Germany at 8% year-on-year and the European Central Bank anticipates to increase interest rates in early 2022.
However, G-REITS offer a significant discount of 25% on average compared to the value of their assets at the end of 2021.
German real estate companies predominantly residential
German REITs represent over 900,000 assets, 91% of which are located in Germany. They are also heavily concentrated in residential assets, which alone account for 82% of their assets.
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