Baron Real Estate Income Fund

Welltower Inc. (WELL) is a leading health care real estate investment trust focused on senior housing, operating primarily through the seniors housing operating and triple-net lease models across the U.S., Canada, and the United Kingdom.
Welltower Inc. (WELL) has substantial opportunity for cyclical recovery and continued secular growth in its senior housing business through occupancy and rent growth, and we are optimistic about its prospects. The company also benefits from its proven ability to recycle capital at attractive rates of return, a premier health care platform, partnerships with top-tier operators, and a well-respected management team focused solely on creating value on a per-share basis.

American Tower Corporation (AMT) is the largest independent wireless tower operator worldwide, with more than 240,000 towers in 20 countries across 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 in the U.S. 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 strong organic cash flow growth. We believe American Tower will continue to acquire tower portfolios opportunistically.

Prologis, Inc. (PLD) is the world's largest owner and developer of industrial logistics real estate, operating a global portfolio of warehouses, distribution centers, and data center sites leased to e-commerce operators, retailers, and third-party logistics providers.
Prologis, Inc. (PLD) operates in industrial real estate, where, in our view, fundamentals remain attractive, and the sector should deliver among the strongest organic growth across real estate asset classes over the next several years. Stabilizing demand—driven by e-commerce growth, inventory building, and the need for infill locations to support last-mile delivery—should help absorb a sharp decline in new supply. We believe Prologis is well positioned to benefit from these favorable fundamentals, supported by its strong assets, markets, management team, and balance sheet.

Equinix, Inc. (EQIX) is the world's largest data center real estate investment trust, operating a globally interconnected platform of carrier-neutral colocation facilities serving cloud providers, network operators, and enterprises with colocation, interconnection, and edge infrastructure services.
Equinix, Inc. (EQIX) benefits from several 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 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 one of the world's largest data center real estate investment trusts, owning and operating a global portfolio of carrier-neutral colocation and hyperscale data centers serving cloud providers, enterprises, and network operators across six continents.
Digital Realty Trust, Inc. (DLR) has laid the groundwork for over 10% sustainable organic earnings growth through robust pricing power on new and existing leases combined with self-funded development growth. The company owns and develops premier data center assets largely in tier 1 markets tethered to robust customer ecosystems that will have longevity through market cycles.

The Macerich Company (MAC) is a real estate investment trust owning high-quality enclosed regional shopping malls in densely populated markets across the U.S., leased to anchors, specialty tenants, and experiential operators.
The Macerich Company (MAC) should benefit from favorable real estate fundamentals for high-quality, well-located retail properties, with tenant demand exceeding available space and generating rent growth. The recent appointment of a new CEO to lead Macerich through a multiyear business transformation should help simplify the company’s portfolio, reduce debt, and improve growth prospects. We believe the stock is undervalued and a successful conversion will result in a higher valuation multiple over time.

EastGroup Properties, Inc. (EGP) is a leading industrial real estate investment trust focused on the development and ownership of shallow-bay distribution facilities in high-growth Sun Belt markets, with a portfolio concentrated in Florida, Texas, Arizona, California, and the Southeast.
EastGroup Properties, Inc. (EGP) is in industrial real estate, which, in our view, has an attractive fundamental outlook over the next several years, with organic growth at the high end of real estate broadly. An eventual reacceleration in demand—driven by improving business confidence, the growth of e-commerce, inventory building, and the need for infill last-mile delivery locations—is poised to occur as new supply has fallen sharply. We believe it is well positioned to benefit from this expected growth, given its strong assets, markets, management, and balance sheet.

Public Storage (PSA) is the largest self-storage real estate investment trust in the U.S., owning and operating thousands of storage facilities across the country under the Public Storage brand, serving both consumer and business customers.
Public Storage (PSA) is a blue-chip company within the self-storage industry with, we believe, an excellent platform, proven management team, and pristine balance sheet. The self-storage industry is an attractive business owing to its relatively high, less cyclical, long-term growth prospects, low capital intensity, and high returns on capital. Self-storage fundamentals remain healthy versus history.

Vivmark Residential (VMRK) is a residential real estate investment trust owning a portfolio of multifamily apartment communities in high-demand urban and suburban markets across the U.S.
Vivmark Residential (VMRK) 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 demographic preferences in favor of renting. Following a period of decelerating rent growth driven by elevated new construction levels, we believe Equity Residential should begin to see stabilizing and improving rent growth in the coming years.

SBA Communications Corp. (SBAC) is the third largest independent owner of wireless towers in the U.S. and has a growing presence in Brazil, Central America, Africa, and the Philippines. SBA owns and operates nearly 35,000 towers in total.
With annual growth in wireless data bandwidth requirements of more than 25% generated by increasing consumer use of data-intensive applications, carriers are forced to continually augment their networks. To increase network density, carriers lease space for equipment on existing and new towers. We think SBA can generate additional revenue from new lease and amendment activity, leading to strong cash flow growth. We also believe SBA has many opportunities to expand internationally, particularly in Latin America, where SBA has enhanced its presence over the last few years.