REITs and property companies

Media City, Salford

We were one of the key bodies that persuaded the Government to introduce legislation allowing property companies to convert to REITs (real estate investment trusts). More than 80% of the listed property companies (by value) that could convert to REIT status have done so.

Shares in property companies often trade at a discount to net asset value and perform like equities in the short term. However, they are relatively inefficient in tax terms, as investors are effectively taxed twice on the profits of the company. The company is subject to corporation tax on income and capital gains, and investors are also subject to tax on dividends received and the proceeds of sale of shares in line with the position of other shares.

Therefore, conversion to REIT status can carry substantial tax benefits. REITs are essentially companies or groups of companies that manage a portfolio of real estate to earn profits for shareholders, and their special tax status means that they pay no corporation tax on the profits of their rental business, but they need to comply with a number of conditions set out in tax law.

Key facts about REITs

  • REITs must pay out 90% of their property income to shareholders every year.
  • Dividends from REITs are treated as property income to the investor, and are taxed accordingly. These dividends are subject to a withholding tax at basic rate income tax, except for certain classes of investors who can register to receive gross rather than net payments. These include charities, UK companies, and pension funds.
  • REIT shares can be held in ISAs and Child Trust Funds (CTFs), and the managers of these can receive gross distributions, making these highly tax efficient.
  • REITs must be primarily engaged in property investment, rather than in development or other non-property related activities.
  • As REITs are all listed property companies, investments in them are generally very liquid.


We do our best to keep this list up-to-date and populated with all UK REITs, but we can’t guarantee that every single UK REIT is listed here.

Assura (AGR)
Big Yellow Group (BYG)
British Land Company (BLND)
Broadgate REIT (BRL)
Capital & Counties (CAPC)
Capital & Regional (CAL)
Custodian REIT (CREI)
Derwent London (DLN)
Drum Income Plus REIT (DRIP)
Ediston Property Investments Company (EPIC)
Empiric Student Property (ESP)
F&C Real Estate Investments (FCRE)
GCP Student Living (DIGS)
Glenstone Property Group (GPRO)
Great Portland Estates (GPOR)
Hammerson (HMSO)
Hansteen Holdings (HSTN)
Highcroft Investments (HCFT)
Impact Healthcare REIT (IHR)
Intu Properties (INTU)
Land Securities (LAND)
The Local Shopping REIT (LSR)
LondonMetric Property (LMP)
McKay Securities (MCKS)
Mucklow (A & J) Group (MKLW)
NewRiver Retail (NRR)
Pacific Industrial & Logistics REIT (PILR)
Picton Property Income (PPI)
Primary Health Properties (PHP)
Real Estate Investors (RLE)
Regional REIT (RGL)
Safestore Holdings (SAFE)
Secure Income REIT (SIR)
Schroder Real Estate Investment Trust (SREI)
Shaftesbury (SHB)
Standard Life Investments Property Income Trusts (SLI)
Supermarket Income REIT (SUPR)
Target Healthcare REIT (THRL)
Town Centre Securities (TCSC)
Tritax Big Box REIT (BBOX)
Unite Group (UTG)
Walls & Futures REIT (WAFR)
Warehouse REIT (WHR)
Workspace Group (WKP)

The London Stock Exchange (LSE) provides a spreadsheet of all its listed companies, including REITs, and you can download it from the LSE website. You can then filter this spreadsheet by ‘super-sector’ to show only those investing in real estate.


We updated our website in 2015, and you may be looking for the market data and charting tools that we used to host on the 'reita' section of our site.

Unfortunately it is no longer possible to provide these, but we now list a number of useful resources where you can find commercial real estate market data.