Baron Real Estate Income Fund (BRIIX)

Prologis, Inc. (PLD) is a real estate investment trust that owns a $40 billion global industrial portfolio. It was formed through the 2011 merger of AMB and legacy ProLogis.
In our view, industrial real estate has attractive fundamentals, with organic growth that is among the highest across all real estate asset types. Strengthening demand, driven by the growth of e-commerce (2/3 of retail growth), and the need for infill locations to service "last mile" delivery, continues to absorb elevated supply deliveries. Given Prologis's assets, markets, management, and balance sheet, we believe the company is well-positioned to continue benefiting from this favorable fundamental backdrop.

Invitation Homes, Inc. (INVH) is the largest single-family home rental and management company in the U.S. with over 80,000 homes across 13 markets and 9 states.
Invitation Homes owns single-family rental homes in high density and premier markets in the U.S. The company maintains internal repair and maintenance teams, allowing ample opportunity to reduce turn/leasing times and associated costs while driving rent growth against a backdrop of housing undersupply in the U.S. As the largest operator in the sector, Invitation Homes continues to look for opportunities to scale its platform in existing markets by acquiring homes and potentially partnering with builders to off-take newly built homes.

American Tower Corp. (AMT) is the largest independent wireless tower operator worldwide, with more than 170,000 towers in 17 countries on five continents.
Increasing demand for wireless voice and data coverage is driving leasing activity for wireless carriers. Because zoning for new towers is difficult to obtain, leasing on an existing tower (tenant colocation) is typically the best option. American Tower has been expanding internationally, bringing the U.S. tower model to new markets. We expect new tenants and higher colocation activity to drive continued strong organic cash flow growth. In addition, we believe American Tower will continue to acquire tower portfolios opportunistically.

Equinix, Inc. (EQIX) is a network neutral operator of 200 data centers across 52 metros and 24 countries in North America, Europe, and Asia-Pacific. It provides highly reliable facilities and offers low latency interconnection to and among business partners, networks, and cloud service providers.
We believe Equinix continues to benefit from several key long-term secular trends, including growth in internet traffic, IT outsourcing, cloud computing, and mobility. As data and customer needs become more global, Equinix should also benefit from its leading global data center platform with 200 centers in over 50 cities. 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.

Hudson Pacific Properties, Inc. (HPP) is an office REIT with a 15 million square foot portfolio located mostly in California (75% San Francisco, 17% Los Angeles, 7% Greater Seattle).
Hudson Pacific Properties is a high-quality office REIT that owns office properties in markets with high barriers to entry. Office real estate fundamentals on the West Coast are superior to those in many East Coast markets, in our view. The company has several levers for growth, including rent bumps, lease-up potential, leases maturing at below market rents, an accretive development pipeline, and an active acquisition pipeline. We believe the valuation is attractive, with the stock trading at a discount.

GDS Holdings Limited (GDS) is a China-based operator of data centers with over 50 data centers, five markets, and approximately 200,000 square meters in service. More than 50% of its revenue comes from  top Chinese internet companies
We believe that as the preferred provider to Alibaba and Tencent, GDS is poised to benefit from the exploding growth in cloud computing in China. Cloud adoption is still in the early stages in China, and GDS is capturing more than its fair share of incremental deployments due to its proven track record and carrier-neutral value proposition.

MGM Resorts International (MGM) is a casino hospitality company with properties in Macau, Las Vegas, and other regions across the U.S. 80% of its EBITDA is in the U.S., while 20% is from Macau. The company owns a 68% stake in gaming REIT MGM Growth Properties and a 56% stake in MGM China.
MGM Resorts has an attractive pipeline of projects, in our view, with ongoing upgrades to its recently opened casino in Massachusetts, the completion of its redeveloped Park MGM casino in Las Vegas, and the ramping of its MGM Cotai casino. Combined with its MGM 2020 plan, which should add further EBITDA growth, we think these projects should add significant value. While the company is levered, we believe it will lower leverage organically as the new projects open and the company continues to return capital to shareholders through increased dividends and share buybacks.

Kilroy Realty Corporation (KRC) is a REIT that owns a $9 billion West Coast office portfolio in key markets that include San Francisco, San Diego, Los Angeles, and Seattle. CEO John Kilroy owns 1.2%, or $80 million, of total stock.
West Coast office real estate fundamentals are healthy, as record demand growth is exceeding modest new supply growth, leading to increasing market rents. Rents have reaccelerated in San Francisco and Seattle and continue to grow in LA and San Diego. Kilroy is expecting to grow cash flow significantly over the next several years from organic opportunities and an accretive development pipeline. We believe the stock is attractively priced at a discount to NAV.

Alexandria Real Estate Equities, Inc. (ARE) is the largest pure-play landlord and developer for the life sciences industry. The company designs and improves space for lease to pharmaceutical, biotech, and life sciences companies, scientific research institutions, universities, and government institutions.
In our opinion, Alexandria Real Estate is positioned to benefit from the aging U.S. population, ongoing health care needs, new drugs, and more capital infusions into biotech and health care. Core portfolio growth is driven by a mark-to-market growth opportunity, annual rent bumps, and occupancy gains. We think Alexandria has the potential to double in size by building out its development, redevelopment, and land holding pipeline.

Brookfield Infrastructure Partners L.P. (BIP) is one of the largest owners and operators of diversified global infrastructure businesses, including utilities, transport, energy, and data infrastucture.
Brookfield Infrastructure owns high-quality assets with contracted cash and growing cash flows. Brookfield has a stable and growing dividend yield and ample opportunity to grow cash flow through embedded contracted increases supplemented by a funnel of acquisitions given the significant capital required to maintain and expand critical infrastructure and stressed government budgets globally. We believe the company can sustainably earn 12% to 15% returns on equity and grow cash flow by 5-9% annually. Lastly, we have great confidence in Brookfield's proven management team.