10 largest Australian REITs to watch
REITs, or real estate investment trusts, are companies that own or finance income-generating property assets, offering retail investors an easy and comparatively liquid way to gain exposure to the property sector.
REIT is an acronym for the term 'real estate investment trust' – a company that owns or finances a portfolio of property assets that generate income in the form of rent.
A-REITs: what you need to know
A REIT is akin to a mutual fund, in that it brings together funds supplied by multiple investors to channel towards income-generating assets. REITs differ from other types of investment funds, however, in confining themselves to real estate assets.
One of the chief advantages of REITs is that they provide small-scale retail investors with a quick and convenient means of acquiring exposure to the property market.
Real estate assets are generally large and illiquid, making it both costly and time-consuming for investors to acquire or dispose of them. With a REIT, however, investors can simply grab an equity stake in a company that holds or funds such real estate assets, giving them the ability to invest small sums in a tradable financial asset that is far more liquid than a house or an office complex.
Shares in most REITs are publicly traded on securities exchanges, making them highly liquid instruments that can be purchased and sold with ease.
The ease of investing in REITs has helped 'democratise' property investment by making it accessible to mom-and-pop investors. Prior to the launch of REITs in the US in the 1960s, investment in commercial real estate was considered the exclusive preserve of institutional investors and high-net-worth individuals.
Other advantages of REITs include professional management teams overseeing day-to-day property operations, consistently high occupancy rates of over 90%, and moderate gearing levels typically ranging between 10% and 30%.
While they confine themselves to real estate investment, REITs cover a broad range of property types, including residential apartments, hotels, healthcare facilities, office complexes, shopping centres and warehouses.
REITs also invest in infrastructure assets, including fibre cables, energy pipelines and cell towers.
REITs first emerged in the US in the 1960s, after Congress made an amendment to the Cigar Excise Tax Extension in 1960 that allowed investors to purchase shares in commercial real estate portfolios.
They first reached Australia's shores in 1971 with the launch of the General Property Trust. The REIT market saw rapid growth over subsequent decades, reaching $43 billion in 2002, before doubling over the following decade to $90 billion by 2012.
As of March 2023, the market capitalisation of REITs in Australia was $144.5 billion, according to figures from Statista.com. REITs in Australia are not confined to investment in domestic properties but are also permitted to take stakes in offshore real estate assets.
Here is a list of 10 of the largest REITs listed on the ASX, for those investors who hope to use them as a channel for gaining exposure to the property market both in Australia and abroad.
10 largest A-REITs to watch
Here is a list of 10 of the largest REITs listed on the ASX for those investors who hope to use them as a channel for gaining exposure to the property market in Australia and abroad.
The following A-REITs are not investment recommendations. They are simply the largest by market capitalisation on the ASX.
Remember, past performance is not an indicator of future returns.
Goodman Group (ASX: GMG)
Goodman Group is Australia’s largest real estate investment trust (REIT), with a global footprint spanning logistics and industrial properties across 14 countries.
The group has been a key beneficiary of the e-commerce boom, with high-profile tenants including Amazon, DHL and Walmart. In recent months, Goodman has continued its development pipeline with a focus on data centres, last-mile logistics and infrastructure to support AI and cloud computing.
With a strategy focused on urban infill locations and sustainability, Goodman remains a blue-chip option for investors seeking exposure to the intersection of property, technology and supply chain trends. Its impressive scale, high occupancy rates and robust development pipeline help justify its premium valuation within the REIT sector.
Goodman Group has a market capitalisation of $55.39 billion.
Unibail-Rodamco-Westfield (EPA: URW)
Unibail-Rodamco-Westfield owns and operates some of the most iconic shopping destinations across Europe and the US, including Westfield centres in London, Los Angeles and Paris.
While the company’s global retail exposure took a hit during the pandemic, 2024 saw a steady recovery in footfall and tenant demand. The group is now actively deleveraging through strategic asset sales and reinvesting into premium properties.
For investors seeking value in global real estate with an appetite for turnaround plays, URW presents an interesting proposition. Its discounted valuation and strong retail footprint could offer upside if it successfully navigates structural shifts in the retail sector.
Unibail-Rodamco-Westfield has a market capitalisation of $17.16 billion.
Vicinity Centres (ASX: VCX)
Vicinity Centres is one of Australia’s leading retail-focused REITs, with a portfolio of over 60 shopping centres including flagship assets like Chadstone in Melbourne.
The company has been strategically repositioning its assets to offer more mixed-use developments and experience-based retail, while also embracing digitisation and sustainable design.
Retail may not be the hottest asset class in town, but Vicinity’s pivot towards premium, high-traffic destinations has helped it remain resilient. With a solid balance sheet and consistent occupancy rates, it offers stable income potential for yield-focused investors keeping an eye on the consumer recovery.
Vicinity Centres has a market capitalisation of $10.13 billion.
GPT Group (ASX: GPT)
GPT Group holds a diversified property portfolio encompassing retail centres, premium office towers, and industrial assets.
The company is known for its conservative management approach and strong ESG credentials. In 2025, GPT is focusing on growing its logistics exposure, divesting underperforming assets, and enhancing its funds management platform.
For investors after broad sector exposure through a single REIT, GPT stands out for its balance of defensive income and selective growth. Its mix of high-quality urban properties and expanding industrial footprint makes it a solid long-term core holding.
GPT Group has a market capitalisation of $8.49 billion.
Mirvac Group (ASX: MGR)
Mirvac Group is a diversified REIT with operations spanning commercial property, residential development and build-to-rent housing.
Known for its premium office assets in Sydney and Melbourne, the group has been reshaping its portfolio in recent years to reduce office exposure and enhance residential pipeline resilience, particularly in the high-demand rental sector.
Mirvac’s strength lies in its integrated model – it develops, owns and manages its assets – allowing it to unlock value across the property cycle. With housing affordability in the spotlight, its pivot into build-to-rent could be a savvy move that attracts longer-term investor interest.
Mirvac Group has a market capitalisation of $8.40 billion.
Dexus (ASX: DXS)
Dexus is a heavyweight in Australia’s office and industrial property markets, with assets including premium CBD towers and logistics hubs.
The REIT has been actively repositioning its portfolio in response to changing office demand post-pandemic, investing more heavily in healthcare property, funds management and development partnerships.
Although office exposure may give some investors pause, Dexus’s diversification strategy and experience managing through market cycles provides confidence. Those seeking exposure to institutional-grade real estate and a growing alternative asset platform may find value here.
Dexus has a market capitalisation of $7.53 billion.
National Storage (ASX: NSR)
National Storage REIT is Australia and New Zealand’s largest self-storage provider, offering flexible storage solutions to businesses and individuals.
With over 230 centres and growing, NSR has benefited from structural tailwinds such as population growth, urban densification, and the rise of e-commerce.
Its business model offers defensive earnings and scalability, which has proven especially attractive to investors during times of market uncertainty. With consistent demand and room for expansion, National Storage has cemented itself as a leader in an increasingly institutionalised asset class.
National Storage REIT has a market capitalisation of $3.01 billion.
Charter Hall Long (ASX: CLW)
Charter Hall Long WALE REIT (CLW) focuses on properties with long-term leases to high-quality tenants, including government departments, logistics operators, and healthcare providers.
The trust’s weighted average lease expiry (WALE) sits at over 10 years – significantly higher than many peers – offering income stability and minimal short-term leasing risk.
With rising interest rates putting pressure on highly leveraged REITs, CLW’s conservative gearing and long lease profile have proven reassuring to income-seeking investors. It’s a steady performer in an uncertain rate environment, appealing to those looking for reliable cash flows.
Charter Hall Long WALE REIT has a market capitalisation of $2.63 billion.
Region Group (ASX: RGN)
Region Group, formerly known as SCA Property Group, specialises in convenience-based retail centres anchored by supermarkets like Woolworths and Coles.
Its portfolio includes more than 100 centres across Australia, often in non-metro or suburban areas with high local foot traffic.
In a market where discretionary spending may be under pressure, Region’s focus on essential retail offers a defensive income stream. With strong tenant covenants and low portfolio vacancy, the trust suits investors seeking stability over high-risk growth.
Region Group has a market capitalisation of $2.56 billion.
Homeco Daily (ASX: HDN)
HomeCo Daily Needs REIT invests in convenience and essential services retail – think supermarkets, medical centres, and childcare facilities.
It has been growing through strategic acquisitions and developments, with a focus on high-growth outer suburban areas. Its anchor tenants are often national brands, and its properties are designed to meet community-based everyday needs.
With a simple, repeatable strategy and strong population-linked demand drivers, HomeCo Daily Needs offers investors a way to tap into resilient consumer activity. It’s a compelling REIT for those seeking low-volatility income from non-cyclical tenants.
HomeCo Daily Needs REIT has a market capitalisation of $2.50 billion.
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