In 2024, the 30 leading real estate investment managements worldwide combined held nearly ****trillion U.S. dollars in assets under management (AUM). The U.S.-based investment management fund Blackstone, which led the ranking, accounted for *** billion U.S. dollars in AUM.

A list of the top 50 Heitman Real Estate Securities Llc holdings showing which stocks are owned by Heitman Real Estate Securities Llc's hedge fund.

The top 20 real estate management companies held about 780 billion U.S. dollars' worth of European assets under management as of December 31, 2024. UBS Asset Management was the company with the largest value of AUM, accounting for approximately 113.3 billion U.S. dollars in AUM.

As of December 2024, the private real estate fund market in Japan was estimated at **** trillion Japanese yen. The estimated amount of assets under management of private funds, including privately placed REITs, increased from ** trillion yen in the previous year.

A list of the top 50 Hoya Capital Real Estate LLC holdings showing which stocks are owned by Hoya Capital Real Estate LLC's hedge fund.

Firms in the Real Estate Investment Trusts industry manage publicly listed trusts, focusing largely on commercial property. These trusts typically trade as stapled securities listed on the ASX. Real Estate Investment Trusts (REITs) in the industry purchase and manage retail, office, industrial and other types of property. REITs generate rental income by leasing properties to businesses and investment income through developing or selling properties. Rental income generated by REITs is relatively stable, while investment income can fluctuate significantly every year. Despite volatile operating conditions in recent years, industry firms have benefited from growth in the number of businesses and low borrowing costs over the two years through 2021-22, enabling many industry REITs to expand their property portfolios. Nonetheless, aggressive cash rate hikes, particularly during 2022-23, impacted the industry's performance by increasing borrowing costs and constraining expansion efforts. Industry-wide revenue has been growing at an annualised 0.9% over the past five years and is expected to total $20.9 billion in 2024-25, when revenue will rise by an estimated 1.7%. The industry has faced volatile trading conditions in recent years, with the COVID-19 pandemic creating significant demand disruptions in key product segments, including retail and office property markets. Industry enterprises have inched downwards in recent years due to acquisition activity among some of the industry's larger firms. Nonetheless, several new REITs have been listed on the ASX over the past few years, supporting growth in industry establishments. REITs are set to benefit from rising demand for commercial property over the coming years. Economic conditions will stabilise, with demand for retail and office property poised to climb. Some industrial companies are set to reshore manufacturing activities or retain more inventory to ensure the reliability of supply chains. This trend will boost demand for industrial property. Rising demand across key property segments will enable REITs to implement rent increases, supporting revenue growth and industry profitability over the period. Overall, industry revenue is forecast to grow at an annualised 3.8% over the five years through 2029-30 to total $25.2 billion.

A list of the top 50 Divco West Real Estate Services LLC holdings showing which stocks are owned by Divco West Real Estate Services LLC's hedge fund.

As of August 2025, Euroclear was the largest fund manager among global fund managers by assets under management (AUM), managing around **** trillion U.S. dollars. BlackRock came in second, with approximately **** trillion US dollars in assets under management. Meanwhile, Schwab ranked third, managing fund assets worth ***** trillion US dollars. Types of investment funds. Investment funds are an important part of financial planning and investing. There are several different types of investment funds offered by fund managers, each with their own purpose and asset types. Mutual funds pool money from many investors and use that money to purchase a portfolio of stocks, bonds, and other securities. Index funds are a type of mutual fund that tracks a market index, like the S&P 500. Exchange-traded funds (ETFs) are a type of mutual fund, that is continuously traded on a stock exchange. ETFs often track market indexes or sectors. Real estate investment trusts (REITs) provide both retail and institutional investors with exposure to income-generating real estate assets such as office buildings, apartments and hotels, without having to fully invest in an individual property. The benefits of investment funds. The main advantage of investment funds is that they provide instant portfolio diversification. Rather than choosing just a few stocks or bonds, funds allow you to invest in a wide variety of different securities in one purchase. This helps reduce risk, as poor performance of one holding has less impact on the overall fund. Funds also provide access to professional management and research. Managers can take advantage of opportunities and insights that an individual investor may not have the ability to leverage. Finally, funds offer convenience. Investors won't be required to constantly rebalance portfolios. While costs and fees are a consideration, investment funds can be an excellent hands-off way for both retail and institutional investors to benefit from the market while spreading risk over many asset classes and securities.

The Canadian Real Estate Investment Trust (REIT) industry has faced challenges in recent years. Despite these headwinds, a decline in interest rates spurred by the Bank of Canada has started to positively impact the industry. With reduced borrowing costs, REITs are getting an opportunity to alleviate their financial burdens by financing new acquisitions and refinancing existing debts more economically. As a result, REITs are expected to have a more favorable financial position. However, the easing of bond yields by these lower interest rates is merely compensating for the decreased revenue, making the REITs' dividend yield look more appealing to investors. Through the end of 2025, industry revenue has dipped at a CAGR of 4.4% to reach $9.8 billion, when revenue will climb 4.2%. The residential segment of the REIT market is flourishing as it aligns with population growth and continues to meet housing demands, making it an attractive investment option because of its stability and constant performance. Technology advancements in AI and Proptech are enhancing the REIT sector by providing valuable data sets and optimizing operational efficiency. This improved efficiency invariably leads to decreased operational costs and maximized property values, causing profit to climb. In turn, the enhanced transparency and real-time data access create an increased investor demand, attracting a broader range of investors and strengthening trust in the sector. The industry will return to growth through the end of 2030, with industry revenue climbing at a CAGR of 2.4% to reach $11.0 billion in 2030. Immigration and population growth are expected to continue to shape the Canadian REIT industry. The continued influx of immigrants will strengthen demand for housing and retail spaces, directly benefiting the residential REIT sector. In addition, surging demand for data centers driven by rising cloud adoption, AI workloads and big data will provide REITs with opportunities to diversify portfolios, capture higher yields and reduce exposure to more volatile sectors. However, challenges remain, particularly in the office segment, which is facing declining demand because of the adoption of remote and hybrid work models and may require strategies for repositioning or divesting obsolete assets.

As of *************, Nippon Building Fund Inc. was the largest real estate investment trust (REIT) listed on the Tokyo Stock Exchange (TSE), with a market capitalization of about over ************ Japanese yen. Nippon Prologis REIT, Inc. followed with a market capitalization of ***** billion yen. What are REITs? REITs are investment vehicles that own income-producing real estate and pay out the income generated from their properties to shareholders in the form of dividends. Japan’s public REIT market was established in 2001 and has since expanded to one of the largest in the world, with a market capitalization of **** trillion Japanese yen in 2024. REIT market in Japan In 2024, there were ** publicly traded REITs in Japan, also called J-REITs. They owned around *** properties worth close to **** trillion Japanese yen based on acquisition value. By comparison, around ** privately placed REITs in Japan held properties worth *** trillion yen. Assets under management of private REITs only made up a small share of the private real estate investment funds market in Japan, which was estimated at ** trillion yen in 2023.

Carbon-Smart Real Estate Listing Market Outlook

According to our latest research, the global carbon-smart real estate listing market size reached USD 2.2 billion in 2024, reflecting a growing emphasis on sustainability and eco-friendly property management. The market is projected to expand at a robust CAGR of 18.7% from 2025 to 2033, with the market size forecasted to reach USD 11.8 billion by 2033. This impressive growth is primarily driven by heightened awareness of climate change, evolving regulatory frameworks, and a strong demand for transparent, carbon-efficient property information. As the real estate sector continues to prioritize decarbonization, carbon-smart listings are rapidly transitioning from a niche offering to a mainstream necessity.

The primary growth factor fueling the carbon-smart real estate listing market is the increasing global focus on sustainability and environmental responsibility. Governments, investors, and consumers are placing higher value on properties that meet stringent carbon reduction standards, and this is translating into a surge in demand for platforms that can accurately track, verify, and present data on energy efficiency, carbon emissions, and green certifications. Real estate agencies and property owners are leveraging these platforms to differentiate their assets, attract eco-conscious buyers, and comply with emerging regulations. Moreover, the proliferation of green building standards, such as LEED and BREEAM, is prompting a paradigm shift in how properties are marketed and valued, further accelerating the adoption of carbon-smart listings.

Technological advancements are another significant driver of market expansion. The integration of advanced software solutions, artificial intelligence, and IoT-enabled smart building management systems is enabling real-time monitoring and reporting of energy consumption and carbon outputs. These innovations not only streamline compliance with environmental regulations but also provide actionable insights for property optimization. As a result, both new developments and existing properties are increasingly being upgraded to support carbon-smart features, fostering a virtuous cycle of innovation and investment. Additionally, the rise of digital platforms and real-time data analytics is making it easier for stakeholders to access, interpret, and act upon carbon performance metrics, thereby enhancing market transparency and trust.

Financial incentives and evolving investment criteria are also catalyzing market growth. Institutional investors and real estate funds are increasingly incorporating ESG (Environmental, Social, and Governance) factors into their due diligence processes, with carbon-smart properties often commanding premium valuations and lower risk profiles. This shift is encouraging property owners and developers to invest in carbon-efficient upgrades and certifications, knowing that such enhancements can directly impact asset liquidity and long-term value. Furthermore, government-backed incentives, such as tax breaks and grants for green building initiatives, are lowering the barriers to entry for both new and existing market participants, further broadening the appeal and accessibility of carbon-smart real estate listings.

From a regional perspective, North America and Europe remain at the forefront of the carbon-smart real estate listing market, driven by mature regulatory environments, high levels of environmental awareness, and substantial investment in green infrastructure. However, the Asia Pacific region is rapidly emerging as a key growth engine, buoyed by urbanization, rising energy costs, and increasing government mandates for sustainable development. Latin America and the Middle East & Africa are also witnessing gradual adoption, supported by international partnerships and growing recognition of the economic and environmental benefits of carbon-smart property management. As market penetration deepens across these regions, the global landscape is expected to become increasingly competitive and dynamic.

Property Type Analysis

Fractional Property Investing Platform Market Outlook

As per our latest research, the global fractional property investing platform market size reached USD 2.8 billion in 2024, demonstrating robust growth driven by digital transformation in real estate investment. The market is expected to expand at a compound annual growth rate (CAGR) of 16.2% from 2025 to 2033, reaching an estimated USD 12.5 billion by 2033. This impressive growth trajectory is fueled by increasing investor interest in accessible, diversified, and technology-enabled real estate investment opportunities worldwide.

One of the primary growth factors propelling the fractional property investing platform market is the democratization of real estate investment. Traditionally, real estate investment required significant capital and expertise, often restricting participation to high-net-worth individuals and institutional investors. However, the rise of digital platforms has enabled fractional ownership, allowing a broader spectrum of investors—including millennials and retail investors—to participate in property markets with smaller ticket sizes. This inclusivity is further enhanced by the integration of blockchain and smart contract technologies, which streamline transactions, ensure transparency, and reduce operational complexities. As a result, these platforms are rapidly gaining traction among new-age investors seeking diversification and liquidity in their portfolios.

Another significant driver is the evolving regulatory landscape and growing institutional acceptance of fractional property investment. Governments and financial regulators in major markets are progressively introducing frameworks to safeguard investor interests and standardize platform operations. This regulatory clarity is encouraging institutional investors, such as family offices and private equity funds, to explore fractional property investments as part of their alternative asset strategies. Moreover, the COVID-19 pandemic accelerated the adoption of digital investment platforms, as traditional property visits and transactions faced severe disruptions. The shift towards remote and digital-first solutions has permanently altered investor expectations, further cementing the role of technology-driven platforms in the real estate sector.

Technological advancements are also playing a pivotal role in shaping the future of the fractional property investing platform market. Platforms are leveraging artificial intelligence, big data analytics, and machine learning to enhance property selection, risk assessment, and investor matching processes. These innovations not only improve user experience but also increase trust among investors by providing data-driven insights and minimizing information asymmetry. Additionally, the proliferation of mobile applications and user-friendly interfaces is expanding the market's reach to tech-savvy investors, particularly in emerging economies where smartphone penetration is high. The convergence of these technological trends is expected to unlock new growth avenues and foster sustained market expansion over the forecast period.

From a regional perspective, North America currently dominates the fractional property investing platform market, accounting for the largest share in 2024. The region’s leadership is underpinned by a mature fintech ecosystem, favorable regulatory environment, and high investor awareness. However, Asia Pacific is emerging as the fastest-growing market, driven by rapid urbanization, rising middle-class wealth, and increasing digital adoption. Europe follows closely, benefiting from strong institutional participation and supportive government policies. Meanwhile, Latin America and the Middle East & Africa are witnessing gradual adoption, supported by local fintech innovations and cross-border investment flows. This regional diversification underscores the global appeal and scalability of fractional property investing platforms.

Component Analysis

The component segment of the fractional property investing platform market is bifurcated into platforms and services, each playing a critical role in the overall ecosystem. The platform sub-segment comprises the core digital infrastructure that facilitates property listing, investor onboarding, transaction management, and portfolio tracking. These platforms are increasingly leveraging cloud computing, blockchain, and advanced analytics to deliv

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The Saudi Arabian interior design market, valued at $3.66 billion in 2025, is experiencing robust growth, projected to expand at a compound annual growth rate (CAGR) of 4.81% from 2025 to 2033. This expansion is fueled by several key factors. The Kingdom's ambitious Vision 2030 initiative, focused on economic diversification and infrastructure development, is a major driver. Significant investments in both residential and commercial construction projects, including hotels, hospitals, educational institutions, and office spaces, are creating considerable demand for interior design services. Furthermore, a rising middle class with increased disposable income is fueling demand for high-quality home interiors, contributing to the residential segment's growth. The growing tourism sector also plays a significant role, driving demand for aesthetically pleasing and functional designs in hospitality spaces. While precise figures for segment-specific market shares are unavailable, it's reasonable to infer that the commercial sector, given large-scale infrastructure projects, commands a substantial portion, likely exceeding the residential sector's share. Competition is relatively high, with numerous local and international firms operating in the market, evidenced by the list of companies included, suggesting a dynamic landscape characterized by both established players and emerging firms. The market's sustained growth is expected to continue throughout the forecast period, driven by consistent government spending on infrastructure and the private sector's investment in real estate. However, potential headwinds exist. Economic fluctuations and global market uncertainty could influence investment decisions, potentially impacting growth trajectory. Furthermore, the availability of skilled labor and adherence to building regulations and sustainability standards can also affect the industry's expansion. Despite these potential challenges, the long-term outlook for the Saudi Arabian interior design market remains positive, promising significant opportunities for established players and newcomers alike. The market's evolution will be shaped by increasing demand for sustainable designs, the adoption of cutting-edge technologies in design and implementation, and a continued focus on delivering high-quality and aesthetically pleasing spaces across various sectors. This comprehensive report provides an in-depth analysis of the burgeoning Saudi Arabia interior design market, covering the period from 2019 to 2033. With a focus on the estimated year 2025 and a forecast period extending to 2033, this study offers invaluable insights for investors, industry professionals, and anyone seeking to understand this dynamic sector. The report utilizes data from the historical period (2019-2024) and incorporates key market developments such as significant investments and acquisitions. High-search volume keywords like Saudi Arabia interior design market size, Saudi Arabia interior design trends, Saudi Arabian interior design companies, and residential interior design Saudi Arabia are strategically integrated throughout. Recent developments include: October 2023: Saudi Arabia’s Aljazira Capital and Osus Real Estate Co. launched a private closed-end real estate investment fund with a target investment volume of more than USD 453.2 Million focused on developing residential, hotel, office, and commercial properties in northern Riyadh, expanding the business of Interior design market., March 2022: Saudi Arabia PIF acquired a controlling stake in interior design and specialty contracting firm Depa with an investment of USD 480 Million. Depa Group exists as an interior contractor, is listed on the Nasdaq Dubai, and is headquartered in the United Arab Emirates.. Key drivers for this market are: Expansion of Real Estate in the Country, Increasing Rate of Urbanization. Potential restraints include: Expansion of Real Estate in the Country, Increasing Rate of Urbanization. Notable trends are: Increasing Demand for Residential Real Estate.

Renewable Infrastructure REIT Market Outlook

According to our latest research, the global Renewable Infrastructure REIT market size reached USD 39.7 billion in 2024, propelled by robust investor appetite for sustainable assets and expanding renewable energy portfolios. The market is projected to grow at a CAGR of 11.6% during the forecast period, reaching USD 108.6 billion by 2033. This impressive growth is fueled by increasing demand for clean energy, favorable regulatory frameworks, and the rising integration of renewable energy assets into institutional investment portfolios.

The primary growth driver for the Renewable Infrastructure REIT market is the accelerating global transition towards decarbonization and sustainability. Governments across major economies are implementing stringent emission reduction targets and incentivizing the deployment of renewable energy assets. This regulatory momentum, combined with growing climate awareness among investors, is catalyzing the development and listing of REITs focused on solar, wind, hydroelectric, biomass, and geothermal infrastructure. The consistent growth in renewable energy installations worldwide, coupled with the need for large-scale capital inflows, makes REITs an attractive vehicle for both asset owners and investors seeking stable returns with environmental impact.

Another significant growth factor is the maturation of renewable energy technologies and the declining cost of generation. As solar and wind technologies achieve grid parity in many regions, the cash flows from renewable assets are becoming more predictable and attractive for REIT structures. This financial stability, combined with the diversification benefits that renewable infrastructure provides to real estate investment portfolios, is drawing institutional capital at an unprecedented pace. Furthermore, the increasing sophistication of asset management practices and the emergence of hybrid REIT models are enabling more efficient aggregation and monetization of distributed renewable assets, further expanding the market’s potential.

The growing participation of retail investors, facilitated by the democratization of investment platforms and the rise of ESG-focused financial products, is also contributing to market expansion. Renewable Infrastructure REITs offer retail investors access to large-scale, income-generating clean energy projects that were previously accessible only to institutional investors. The transparent and regulated nature of REITs, combined with the long-term power purchase agreements (PPAs) underpinning renewable projects, provides a compelling risk-return profile for a broad range of investors. Additionally, the proliferation of green finance initiatives and sustainable investment mandates among pension funds and sovereign wealth funds is expected to further accelerate capital inflows into this sector.

Regionally, North America and Europe are currently leading the Renewable Infrastructure REIT market, accounting for the majority of global investment activity and asset deployment. North America, driven by the United States, benefits from a mature REIT ecosystem and a rapidly expanding renewable energy sector. Europe, with its ambitious decarbonization agenda and supportive regulatory environment, is witnessing a surge in both utility-scale and distributed renewable projects entering REIT structures. Meanwhile, Asia Pacific is emerging as a high-growth region, supported by large-scale renewable energy targets in China, India, and Southeast Asia. Latin America and the Middle East & Africa, while still nascent, are showing increasing interest as governments and private sector players ramp up their renewable energy commitments.

Asset Type Analysis

The Renewable Infrastructure REIT market is segmented by asset type into solar, wind, hydroelectric, biomass, geothermal, and others, each contributing uniquely to the sector’s overall growth and risk diversification. Solar assets represent the largest share within this segment, owing to the rapid decline in photovoltaic technology costs and widespread policy support for solar energy installations. Solar REITs are particularly attractive due to their scalability, predictable cash flows from long-term PPAs, and suitability for both utility-scale and distributed generation projects. Investors are increasingly drawn to solar REITs for their ability to generate stable, inflation-hedged income streams while supporting the glob

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Debt Financing Market Size 2025-2029

The debt financing market size is forecast to increase by USD 7.89 billion at a CAGR of 6.4% between 2024 and 2029.

The market is experiencing significant growth, driven by the tax advantages of debt financing for businesses. The ability to deduct interest payments from taxable income makes debt financing an attractive option for companies seeking capital. Another key trend in the market is the increasing collaboration and mergers and acquisitions (M&A) activity, which often involves the use of debt financing to fund transactions. However, it is important to note that collateral may be necessary for some forms of debt financing, adding layer of complexity to the process.
Companies seeking to capitalize on these opportunities must navigate the challenges of securing adequate collateral and managing debt levels to maintain financial health and wellness. Effective debt management strategies, such as optimizing debt structures and maintaining strong credit ratings, will be essential for companies looking to succeed in this dynamic market. Debt financing is a significant component of the regional capital markets, with financial institutions, banks, and insurance companies serving as major players.

What will be the Size of the Debt Financing Market during the forecast period?

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The market encompasses various debt instruments issued by entities to secure funds for business operations and growth. Market dynamics are influenced by several factors, including interest rate cycles, monetary policy, and economic growth. Basel Accords and the Financial Stability Board set standards for financial institutions' risk management and capital adequacy, impacting debt issuance. Government debt, securitization transactions, and various debt instruments like interest rate swaps, loan-to-value ratios, and credit-linked notes, shape the market landscape. Market volatility, driven by factors such as business cycles, credit spreads, and risk appetite, influences investor sentiment. Debt sustainability, fiscal policy, and ESG investing are increasingly important considerations for issuers and investors.
Asset managers are focusing on leveraging technology and data analytics to improve operational efficiency and meet the evolving needs of investors. The market is, however, not without challenges, with regulatory compliance and interest rate risks being major concerns. Overall, the income asset management market in North America is poised for steady growth, driven by the demand for debt financing and wealth management solutions, and the increasing adoption of advanced analytics and ETFs.

How is this Debt Financing Industry segmented?

The debt financing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Source

  Private
  Public


Type

  Long-term
  Short-term
  Long-term


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    China
    Japan
    South Korea


  Middle East and Africa



  South America

By Source Insights

The private segment is estimated to witness significant growth during the forecast period. Debt financing is a popular financing method for businesses seeking to expand operations while maintaining ownership. Private debt financing, in particular, has gained significant traction among financial specialists worldwide due to its importance in funding small- and mid-sized organizations globally. The demand for debt financing by startups has increased annually, leading to the sector's substantial growth over the last five years. This financing option's flexibility enables businesses to customize their financing solutions to address specific needs, making it an allure for numerous organizations. Private debt financing encompasses various instruments such as Real Estate Debt, Term Loans, Leveraged Buyouts, Asset Securitization, Infrastructure Financing, Loan Servicing, and more.

Financial Leverage, Debt Covenants, Credit Risk, and Interest Rate Risk are essential considerations in this sector. Hedge Funds, Collateralized Loan Obligations, High Yield Debt, and Investment Grade Debt are alternative investment areas. Private Equity, Syndicated Loans, Venture Debt, Bridge Financing, and Mezzanine Financing are also integral components. Financial Institutions offer various debt financing solutions, including Capital Markets, Expansion Financing, Growth Capital, Debt Refinancing, and Debt Consolidation. Financial Modeling, Return on Investment, and Risk Management are crucial aspects of debt financing. Debt Advisory, Financial Engineering, and Debt Capital Markets are essential services in this field. Small Business Loans,

The shopping center REIT Curbline Properties Corpis estimated to reach the highest price to funds from operation (P/FFO) in the United States in 2025. According to the February 2025 estimate, the P/FFO value of Curbline Properties Corpis, one of the REITs with the largest caps in the country, will reach ***** percent in 2025 and ***** percent in 2026. P/FFO measures the ratio of the share price to the mean cash flow from operations. A high ratio suggests that the stock is priced higher compared to the company's cash flow - a sign of high investor confidence. Nevertheless, a high ratio also suggests that a stock may be overpriced.

Revenue for apartment lessors has expanded through the end of 2025. Apartment lessors collect rental income from rental properties, where market forces largely determine their rates. The supply of apartment rentals has grown more slowly than demand, which has elevated rental rates for lessors' benefit. As the Federal Reserve hiked interest rates 11 times between March 2022 and January 2024, homeownership was pushed beyond the reach of many, resulting in a tighter supply and increased demand for rental properties. Despite three interest rate cuts in 2024, mortgage rates have remained stubbornly high in 2025, encouraging consumers to rent. Revenue has climbed at a CAGR of 2.6% over the past five years and is expected to reach $295.3 billion by the end of 2025. This includes an anticipated 1.4% gain in 2025 alone. The increasing unaffordability of housing is caused by the steady climb of mortgage rates and high prices maintained by a low supply. Supply has been held down as buyers who locked in low rates stay put, and investment groups hold a strategic number of their properties empty as investments. Industry profit has remained elevated because of solid demand for apartment rentals. Through the end of 2030, the apartment rental industry's future performance will be shaped by varying factors. The apartment supply in the US, which hit a record in 2024, is expected to taper off, which will push rental prices and occupancy rates up to the lessors' benefit. Other factors, such as interest rate cuts, decreasing financial barriers to homeownership and a high rate of urbanization, will also significantly impact the industry. With an estimated 80.7% of the US population living in urban areas, demand for apartment rentals will strengthen, although rising rental prices could force potential renters to cheaper suburbs. Demand will continue to outpace supply growth, prompting a climb in revenue. Revenue is expected to swell at a CAGR of 1.7% over the next five years, reaching an estimated $321.9 billion in 2030.

Accumulated-Depreciation Time Series for Nippon Accommodations Fund Inc. NAF is a J-REIT that invests in "Accommodation Assets," which it defines as real estate that is mainly used/may be used for residence or hotels. Based on the Act on Investment Trusts and Investment Corporations (hereinafter "Investment Trust Act"), NAF was established on October 12, 2005, and was listed on the Real Estate Investment Trust Securities Market (J-REIT Market) of the Tokyo Stock Exchange on August 4, 2006 (securities code number: 3226). Since being listed, NAF has continued to acquire properties and the assets under management at the end of the period under review consisted of 138 properties at a total acquisition price of ¥343,774 million (assets at time of listing: 27 properties at a total acquisition price of ¥101,385 million).