Office, industrial, and apartments are different listed books. On the fact sheet as of 31 December 2025, the 2025 year-to-date total return was negative 13.99 percent for office, 17.05 percent for industrial, and negative 8.56 percent for apartments. Dividend yields on that sheet were 4.82 percent, 3.58 percent, and 4.12 percent. The fact sheet counts 16 office constituents and 12 industrial constituents. The separate constituent file, also as of 31 December 2025, counts 18 office REITs and 13 industrial REITs. Those two office counts are not forced to match.
reit.comreit.com
On the constituent file, equity REIT market capitalization was 1,374,122.4 million dollars across 155 equity REITs. Office was 41,988.7 million dollars. Industrial was 174,873.1 million dollars. Apartments were 116,850.1 million dollars. Calculated from that file only, office was 3.1 percent, industrial was 12.7 percent, and apartments were 8.5 percent of the 1,374,122.4 million dollar equity total. The fact sheet's All Equity figure of 1.369 trillion dollars is a different equity universe and is not the denominator.
reit.comreit.com
Industrial operations are still tight, and the China asset inside a large U.S. logistics REIT is small. In the Prologis fourth-quarter 2025 supplement, the Total U.S. line is 3,638 buildings and 756,016 thousand square feet owned and managed. Owned-and-managed occupancy on the Total U.S. line was 95.6 percent. The China line is 180 buildings, 53,290 thousand owned-and-managed square feet, and a Prologis share of 8,336 thousand square feet. The percent-of-total column prints 1.1. China owned-and-managed occupancy on that line is 91.2 percent.
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Apartments are a same-store expense story, not the industrial occupancy story. For the full year 2025 versus 2024, Equity Residential same-store revenues increased 2.6 percent, same-store expenses increased 3.7 percent, and same-store NOI increased 2.2 percent. The full-year same-store apartment count was 73,465. Full-year physical occupancy was 96.4 percent. The 2025 average rental rate was 3,203 dollars.
s1.q4cdn.com
National rental occupancy demand is a quarterly vacancy print, not a REIT occupancy. In the third quarter of 2026 the rental vacancy rate was 7.6 percent, above 7.1 percent in the third quarter of 2025 and above 7.3 percent in the second quarter of 2026. The median asking rent for vacant-for-rent units was 1,541 dollars. The South was 9.2 percent. Principal cities were 8.8 percent.
census.gov
Chinese capital on the page that was opened is residential foreign-buyer demand, not a share of listed REIT equity. Foreign buyers purchased 56 billion dollars of U.S. existing homes from April 2024 through March 2025 and 78,100 properties. China was 15 percent of foreign purchases, 11,700 homes, and 13.7 billion dollars. Calculated from 13.7 and 56, the China dollar share of that foreign-buyer total was 24.5 percent.
nar.realtor
Imported building systems are a minority China flow, and Canada is the lift supplier. In 2024, U.S. imports of HS 842810 lifts and skip hoists were 282,372.80 thousand dollars from the world, 151,954.98 thousand dollars from Canada, and 34,350.81 thousand dollars from China. China's calculated share of those lift and skip-hoist imports was 12.2 percent. Canada's calculated share of those lift and skip-hoist imports was 53.8 percent. The heading is lifts and skip hoists, which is broader than passenger elevators already installed in buildings.
wits.worldbank.org
On the not-seasonally-adjusted rent-of-primary-residence series, the August 2022 index was 373.283 and the September 2022 index was 376.569. From those two prints, rent of primary residence rose a calculated 0.9 percent from August to September. That calculated month is not the tripwire. The September 2026 news release prints a seasonally adjusted sentence: The index for owners' equivalent rent rose 0.3 percent in September, and the index for rent increased 0.2 percent. The 0.2 percent figure is the short monthly print. It is not the calculated not-seasonally-adjusted move from 448.997 to 450.402.
data.bls.govbls.gov
The week-1 building path is a controller, not a rent index. CISA advisory ICSA-22-349-16 covers Siemens APOGEE PXC and TALON TC building automation. Versions prior to 3.5.5 on the BACnet series can let a low-privilege authenticated user download credentials. The commercial-facilities real estate subsector includes office and apartment buildings. No day count of an outage is on either page.
cisa.govcisa.gov
A China trade stop hits new imported equipment and a residential foreign-buyer flow. It does not, on the pages opened, remove a measured slice of listed office, industrial, or apartment equity. The opened China capital figure is the NAR residential flow of 13.7 billion dollars.
nar.realtor
Inside one large industrial REIT, assets located in China are the 8,336 thousand square feet of Prologis share. A cross-check of 8,336 divided by total Prologis share square feet of 773,176 is 1.078 percent, which rounds to the printed percent-of-total of 1.1. Calculated owned-and-managed square-foot share, 53,290 divided by 1,207,391, is 4.4 percent. That is a U.S. landlord's assets in China, not Chinese buyers of U.S. REITs.
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Spare parts and new machines are the trade exposure. HS 8415 air-conditioning machines were 15,389,532.83 thousand dollars from the world, 7,586,328.75 thousand dollars from Mexico, and 3,063,424.87 thousand dollars from China. China's calculated share was 19.9 percent. Mexico's calculated share was 49.3 percent. HS 853710 boards and panels, a heading the page truncates at numerical-control panels and that is broader than building switchgear, were 18,928,775.98 thousand dollars from the world and 1,264,919.97 thousand dollars from China. China's calculated share was 6.7 percent.
wits.worldbank.orgwits.worldbank.org
Taiwan is a zero on the building-system lines that were opened, not an installed-base share. The United States did not import lifts and skip hoists from TWN in 2024, did not import air-conditioning machines from TWN in 2024, did not import HS 853710 boards and panels from TWN in 2024, and did not import thermostats from TWN in 2024. Other Asia, nes is a different partner. On lifts it was 169.92 thousand dollars. On boards and panels it was 604,471.08 thousand dollars. Neither row is Taiwan.
wits.worldbank.orgwits.worldbank.orgwits.worldbank.orgwits.worldbank.orgwits.worldbank.orgwits.worldbank.org
The domestic week-1 break is the controller and the access path. The commercial-facilities sector operates on open public access, and the majority of the facilities are privately owned. Real estate examples on that page are office and apartment buildings, condominiums, mixed-use facilities, and self-storage. A controller compromise is the direct path. A rent-roll outage is a later enterprise path.
cisa.govcisa.gov
Rent does not have to gap in week 1 for the building to be the problem. The September 2026 news release says the index for rent increased 0.2 percent. The latest not-seasonally-adjusted month on the series page, August 2026 at 448.997 to September 2026 at 450.402, is a calculated 0.3 percent and is not that news-release sentence. The 2022 monthly analog is the calculated 0.9 percent and is not the tripwire. The quarterly occupancy-demand analog is the move from 7.3 percent rental vacancy in the second quarter of 2026 to 7.6 percent in the third quarter. The quarter stays labeled as a quarter beside the monthly rent print.
bls.govdata.bls.govcensus.gov