# what are reits and what are they optimising for?

RIETs (Real Estate Investment Trusts) are companies that own and operate income-generating real estate assets, such as commercial or residential properties, and trade on public stock exchanges. They differ from other real estate investments as they offer investors the opportunity to invest in real estate without actually owning the property. RIETs typically generate income from rent or capital appreciation of the underlying assets.

The top 3 RIETs in South Africa, by market capitalization, are Growthpoint Properties, Redefine Properties, and NEPI Rockcastle. Attacq is a South African-based RIET that focuses on developing and investing in real estate assets across sub-Saharan Africa, with a particular focus on retail and office properties.

| REIT | Market Capitalization (ZAR) | Portfolio Value (ZAR) | Gross Lettable Area (m²) | Occupancy Rate | Trading Density (ZAR/m²) | Trading Density Change | Reversion Rate | Valuation Movement | Core Focus |
|-|-|-|-|-|-|-|-|-|-|
| Growthpoint | 49.8 billion | 132.1 billion | 5,869,222 | 95.30% | 6,822 | -1.10% | 6.80% | 3.30% | Diversified REIT |
| Redefine | 29.2 billion | 87.3 billion | 2,513,028 | 93.10% | 5,190 | -4.10% | 7.60% | 4.60% | Diversified REIT |
| NEPI Rockcastle | 28.3 billion | 54.2 billion | 1,498,175 | 95.00% | 6,446 | 0.00% | N/A | N/A | Retail-focused REIT |
| Hyprop | 14.3 billion | 35.6 billion | 1,121,384 | 89.90% | 7,679 | 0.00% | 5.50% | -0.40% | Retail-focused REIT |
| Vukile Property | 13.7 billion | 31.7 billion | 1,049,292 | 94.00% | 5,800 | -2.20% | 4.00% | 4.10% | Diversified REIT |
| Attacq | 6.0 billion | 18.0 billion | 834,252 | 90.30% | N/A | N/A | 0.00% | 2.70% | Retail and office-focused REIT |