Life Science REIT Valuation Multiples

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals. It has seven operating segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity, Real Estate and Corporate Activities. It invests in real assets that form the backbone of the economy to deliver risk-adjusted returns to stakeholders. The company generates the majority of its revenue from Asset Management. It has a geographic presence in the UK, the United States, Australia, Canada, Brazil, India, Colombia, Germany, Other Europe, Other Asia, and other countries.

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

American Healthcare REIT Inc is a healthcare-focused real estate investment trust. It owns a diversified portfolio of clinical healthcare real estate properties, focusing on medical office buildings, skilled nursing facilities, senior housing, hospitals, and other healthcare-related facilities. It has four reportable business segments: integrated senior health campuses, outpatient medical, triple-net leased properties and SHOP. It generates majority of its revenue through Integrated Senior Health Campuses segment.

Charter Hall Group is the umbrella group of over 40 retail and institutional unlisted funds, as well as three listed REITs: Charter Hall Long WALE REIT, Charter Hall Retail REIT, and Charter Hall Social Infrastructure REIT. Investment management fees and property services fees from these investment vehicles are the main sources of revenue for Charter Hall. The aggregate portfolio across the platform has one third exposure to office, one third to logistics, and the remainder in retail, social infrastructure and listed equities. Charter Hall co-invests in many of the vehicles, so a portion of its earnings come from rent and fund distributions. The group also earns development revenue on projects that it manages, but this income stream is relatively small.

Piramal Finance Ltd main business is providing loans to customers for construction or purchase of residential property, loans against property, loans to real estate developers, loans to SMEs, Consumption loans, etc. Its loan products are Home Loan, Construction Loan, Renovation Loan, Extension Loan, Business Loans, Loan Against Property, Small Business Loan, Working Capital Loan, Personal Loan, Used Car Loan, Group Loan, Loan Against Securities, Loan Against Car, Insurance Services, Interest Rates & Disclosures, Wholesale Lending, Alternatives, etc. The company's business segments are Retail Lending, Wholesale Lending, Alternatives, and Life Insurance. The Company has identified only one reportable business segment & geographical segment as it deals mainly in lending business within India.

Rithm Capital Corp operates as a real estate investment trust that provides capital and services to the real estate and financial services industries. The company aims to generate attractive risk-adjusted returns in all interest-rate environments through a complementary portfolio of investments and operating businesses. Its investment portfolio is composed of mortgage servicing-related assets (full and excess MSRs and servicer advances), residential securities (and associated call rights) loans (including single-family rental), and consumer loans. Its operating segments are Origination and Servicing; Investment Portfolio; Residential Transitional Lending; and Asset Management.

Millrose Properties Inc is a Holding Company. The company along with its subsidiaries engages in providing operational and capital solutions for home builders and land development companies to finance the acquisition and development of land assets through its Homesite Option Purchase Platform.

Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 51% office, 21% retail, 20% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-third of fiscal 2026 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments.

State Grid Yingda Co Ltd, formerly Shanghai Zhixin Electric Co Ltd specializes in the development, production and sale of amorphous alloy transformers in China.

Fibra Mty S.A.P.I. DE C.V. acquires and manages a portfolio of first-class corporate properties with a focus on the office and industrial sectors. Its property portfolio includes Monza 2, Prometeo, Nico 1, Fortaleza, La Perla, Patria and Cienega 3 among others.

PennyMac Financial Services Inc is a specialty financial services firm with a comprehensive mortgage platform mainly focused on the production and servicing of U.S. residential mortgage loans. The firm is also engaged in managing investments related to the U.S. mortgage market and provides products and services that leverage technologies to support customers. The company operates through two reportable operating segments: production and servicing. The production segment performs loan origination, acquisition, and sale activities, while the servicing segment performs servicing and subservicing of loans, early buyout transactions, and servicing of loans sourced and managed for PMT. The majority of revenue comes from the production segment.

Keppel REIT is a commercial real estate investment trust with a SGD 11.7 billion portfolio of assets (as of Dec. 31, 2025) across Singapore, Australia, South Korea, and Japan. The majority of its assets are in Singapore, where it owns a 100% stake in Keppel Bay Tower, a 79.9% stake in Ocean Financial Centre, 66.7% stake in Marina Bay Financial Centre 3 and a 33.33% stake in Marina Bay Financial Centre 1 and 2 and One Raffles Quay. The trust is externally managed by Keppel REIT Management, a subsidiary of Keppel Capital. Parent Keppel Ltd. currently retains an approximate 38% stake in Keppel REIT.

International Public Partnerships Ltd is a closed-ended investment company. Its objective is to provide investors with stable, long-term, inflation-linked returns, based on growing dividends and the potential for capital appreciation. Its portfolio consists of transport, energy transmission, Education, gas distribution, wastewater, health, judicial, digital, and others. Its investments are in the UK, United States, Europe, Australia, Belgium, Germany, New Zealand, Canada, Ireland, and Denmark, with the U.K. accounting for the majority of shares. It has four reportable segments UK & CI, Europe (excl. UK), North America, and Australia & New Zealand.

Dream Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust. Its portfolio comprises industrial properties located in key markets across Canada, Europe and the USA. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders.The reportable operating segments of its investment properties and results of operations are segmented into the following components: Ontario, Quebec, Western Canada, Europe, the U.S., Dream Summit JV and Development JV.

IndiGrid Infrastructure Trust, formerly India Grid Trust is an infrastructure investment trust established to own inter-state power transmission assets in India. The projects comprise extra high voltage (EHV) overhead power transmission lines, comprising approximately seven 765 kV transmission lines and thirty 400 kV transmission lines. The company has two distinct reportable segments: Power Transmission and Power generation. The power Transmission segment generates the majority of revenue and is engaged in the business of owning and maintaining transmission assets. The power Generation segment includes entities in the business of generating power through renewable sources such as solar etc.

Ellington Financial Inc is a specialty finance company. Its primary investment objective is to generate attractive, risk-adjusted total returns for its shareholders by making investments. The company has two reportable segments; The Investment Portfolio Segment is focused on investing in a diverse array of financial assets, including residential and commercial mortgage loans, residential mortgage-backed securities, non-mortgage- and mortgage-related derivatives, debt and equity investments in loan origination companies, and other strategic investments, and The Longbridge Segment is focused on the origination and servicing of reverse mortgage loans. it acquires reverse mortgage loans both through its origination activities and through secondary market purchases.

Walker & Dunlop Inc is a United States-based commercial real estate finance company. It is principally engaged in originating, selling, and servicing a number of multifamily and other commercial real estate financing products that are sold under the programs of Freddie Mac, Fannie Mae, Ginnie Mae, and the Federal Housing Administration. The company is managed based on three reportable segments: Capital Markets (CM), Servicing & Asset Management (SAM), and Corporate. The company generates a majority of total revenue from gains from mortgage banking activities and servicing fees. It conducts business solely in the United States.

InterRent Real Estate Investment Trust is an open-ended real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties. The company operations are carried out throughout the region of Canada. It derives revenue from investment properties which includes rents from tenants under leases, parking, laundry and other ancillary services.

Centuria Capital Group is a real estate fund manager with assets under management of AUD 22 billion as of December 2025. A range of investment products is offered on the platform, including listed funds (primarily Centuria Industrial REIT and Centuria Office REIT), unlisted property funds, and real estate credit funds. Centuria co-invests in some of these vehicles—the group is the largest securityholder of the listed office and industrial trusts. The majority of Centuria’s earnings come from management fees on its investment products and distribution income from co-investments. The real estate investments span various sectors, with roughly a third of AUM allocated to office, another third to industrial, and the rest to retail, healthcare, agriculture, and real estate finance.

MFA Financial Inc is a specialty finance company that invests in and finances residential mortgage assets. Its principal business objective is to deliver shareholder value through the generation of distributable income and through asset performance linked to residential mortgage credit fundamentals. The company selectively invests in residential mortgage assets with a focus on credit analysis, projected prepayment rates, interest rate sensitivity and expected return. The company's reportable segments include mortgage-related assets; and Lima One.

RFA Financial Inc is a scaled and dynamic financial service platform positioned as an intersection of banking, mortgage, origination, and real estate.

Alpha Investment Inc provides capital directly to borrowers seeking financing for commercial real estate properties either for refinancing or acquisitions. The firm's loan offerings encompass originating performing commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt. The firm invests in the financing of core real estate assets that include office buildings, multi-family residences, shopping centers, and hospitality, plus ground-up entitled land developments.

Deutsche Pfandbriefbank AG or Pbb, is a European specialist bank focused on financing commercial real estate and public investments. The company's operating segments include the Real Estate Finance (REF) segment, which provides financing to professional real estate investors, and the Non-Core (NC) segment, which encompasses financing eligible for Pfandbrief cover for the provision and enhancement of public infrastructure, as well as non-earmarked financing to the public sector (budget financing). The Consolidation & Adjustments (C&A) segment reconciles the total of the segment results to the consolidated outcome, including income from the investment of allocated equity. The majority of the bank's revenue is derived from the Real Estate Finance segment.

Enity Holding AB is a specialist mortgage provider operating in the Nordic region, creating inventive and inclusive mortgage solutions for approximately 33000 customers across Sweden, Norway and Finland. It also offer savings accounts at highly competitive rates in Sweden, Norway and Germany. Through inclusive, yet sustainable and responsible mortgage lending, the company play an important role in supporting those who are often excluded by high-street banks. Its brand portfolio includes Bluestep Bank, Bank2, and 60plusbanken.

SHL Finance Co is engaged in real estate financing activities for individuals. The principal activities of the Company are to finance the purchase of houses and residential land and apartments, financing of real estate properties and financing the establishment of commercial and industrial projects.

Societe d'Equipements Domestiques et Menagers Credit EQDOM SA is engaged in financing and lending activities in Morocco. The company offers various unsecured and earmarked credit solutions such as vehicle loans, leisure loans, emergency loans, schooling loans, loans for special events, etc. Its clientele consists of civil servants, retirees from various pension funds, employees of contracted organizations, employees of non-contracted organizations, liberal professions, traders, craftsmen, and transport professionals, etc. EQDOM serves its clients through a network of branches spread across the country.

Amlak International Finance Co is engaged in the business of providing finance for real estate activities. It serves customers in Saudi Arabia. It operates through the following business segments Retail: These represent finance products granted to small and medium sized businesses under self- employed category and individuals; Corporate:These represent financing products granted to corporate, SMEs, high net worth individuals and institutional customers; and Head office: Head office is responsible for managing the surplus liquidity of the Group through short term market placements. It also provides support services to the business functions.. It derives maximum revenue from the Corporate Segment.

Valora CRI CDI FII is a Brazilian listed real estate credit fund investing primarily in real estate receivables certificates. It seeks returns benchmarked to the CDI rate and distributes income to unitholders. The fund is managed by Valora and administered by BTG Pactual; its units trade on B3 as VGIR11. Formerly named Valora RE III, it adopted its current name in March 2022.

Greystone Housing Impact Investors LP engaged in acquiring a portfolio of mortgage revenue bonds (MRBs) that are issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily housing, seniors housing, and commercial properties. It has four reportable segments, namely Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, and Market-Rate Joint Venture Investments. It generates the majority of its revenue from the Affordable Multifamily MRB Investments segment.

BRPR Corporate Offices FII is a closed-end fund. The fund is intended for individuals and legal entities residing and domiciled in Brazil, institutional investors, and Investment funds, as well as non-resident investors, subject to applicable regulations (investors in general).

Maroc Leasing SA provides lease financing for real estate and furniture. It also helps in financing lease for movable and immovable property professional, commercial and industrial.

Luxor AS is an investment company. Its objective is to create the possible long-term return for shareholders through investment for equity and foreign capital within the defined risk framework. The company operates through four segments namely Mortgage deeds, Bonds, Shares and Investment properties. Its mortgage deed portfolio comprises of single family-houses, flats, cooperative housing, holiday houses, farms, and residential and business properties. The bond portfolio includes various corporate bonds. Its investment property portfolio consists of offices, shops, warehouses and production facilities.

Brookfield Global Infrastructure Securities Income Fund is a closed-end investment fund. The investment objective of the company is to provide the unitholders with quarterly cash distributions; maximize total return for unitholders through distributions and capital appreciation, and preserve capital. It invests in a portfolio comprised of equity securities of publicly-traded infrastructure companies that own and operate infrastructure assets.

LendInvest PLC is a platform for property finance. It offers short-term, development, and buy-to-let mortgages to intermediaries, landlords and developers across the UK.

CNFinance Holdings Ltd is an equity loan service provider. It focuses on the development of small and micro-enterprises. It generates revenue in the form of interest and financing service fees on loans and interest on deposits with banks. Its primary target borrower segment is MSE owners who own real properties in Tier 1 and Tier 2 cities in China. Geographically, it has an operation in PRC.

Beeline Holdings Inc is a fintech mortgage lender and title provider transforming the home loan process into a shorter, easier path than conventional mortgage lending for Americans seeking a digital experience. The group is building a fully digital, AI-powered platform that simplifies and accelerates the home financing process.

Credifamilia Compania de Financiamiento SA is a Colombia based financing company. It is focused on offering savings and credit services for the purchase of housing. The company provides credit for Used housing, New Housing, and Remodeling of houses.

Buydepa SPA operates an online platform that facilitates the buying and selling of residential properties. It also offers an after-sales service for all pre-owned apartments, ensuring quality housing and addressing any issues that may arise.

Fundusz Hipoteczny Dom SA offers reverse mortgages services enabling oldest member who are owners of residential real estate to use its property and release its value in the form of cash benefits received.

Eurocastle Investment Ltd is a publicly traded closed-ended investment company with a focus on opportunistic real estate investments in Greece and Southern Europe. Previously centered on Italian performing and non-performing loans and real estate assets. Its portfolio includes residual interests in two Real Estate Funds in liquidation, with remaining assets comprising Net Corporate Cash for new investments. Operating solely in Europe, Eurocastle's business segments are categorized into New Investment and Legacy Italian Investments.

General Capital Ltd through its subsidiaries engaged in providing financial services. The company accepts deposits and also lends funds to borrowers over residential property. It operates through three segments: Finance: Deposit taking and property mortgage lending, and insurance premium funding, Research and Advisory: Provides investment advisory services and produces and sells investment research and publications. Corporate and Other: Corporate function and investment activities. The Finance segment generates the majority of revenue for the company.

Sancus Lending Group Ltd is an alternative finance provider, offering borrowers fast, bespoke bridging and development finance and co-funders a range of asset-backed funding opportunities. Its segments include Offshore, United Kingdom, Ireland, and Sancus Loans Limited. The Offshore segment includes the operations of Sancus Lending (Jersey) Limited, Sancus Lending (Guernsey) Limited, Sancus Lending (Gibraltar) Limited, Sancus Properties Limited, and Sancus Group Holdings Limited. The United Kingdom segment contains the operations of Sancus Lending (UK) Limited and Sancus Holdings (UK) Limited. The Ireland segment contains the operations of Sancus Lending (Ireland) Limited. The Sancus Loans Limited contains the operations of Sancus Loans Limited and Sancus Loans No.3 Limited.