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GIM Global Real Estate Fund Class Z underperformed the FTSE EPRA/NAREI Developed Real Estate Net Index in July. Earnings are projected to rise 6.3% in 2025 and 6.5% in 2026. Inflation remains largely in line with central‑bank targets, particularly in the eurozone. The U.S. REIT market stays appealing, trading about 8% below NAV versus a flat long‑term average, with similar earnings growth expectations for 2025 and 2026.