Inclusion Criteria
Firms within the dataset are classified as Real Estate when their primary economic exposure is to land and property assets. Returns are driven by property-level cash flows, rent, development profits, or property-backed financing rather than by owning operating businesses or trading liquid assets. This includes direct ownership or development of residential, commercial, industrial, retail, hospitality, logistics, and living-sector properties. It also covers real estate debt strategies (commercial mortgages, construction loans, mezzanine and other property-backed credit).
