The first four Shanghai-listed commercial real estate investment trusts (REITs) recently completed the disclosure of their inaugural periodic reports after listing. During the reporting period, these four products collectively generated fund income of 387 million yuan and distributable amounts of 243 million yuan. The underlying assets generally maintained occupancy rates above 95% and rent collection rates close to 100%. As of the end of the third quarter, the average annualized cash flow distribution rate was 6.5%.