Real estate investment companies that reinvest (no dividend)?

[Ken Andries]

Hi all,

While the US has interesting investment vehicles like REITs that pay out massive dividends, as a non-US investor I would pay both US dividend tax and local dividend tax on those dividends. Given that a large chunk of the dividend yield of such traditional investments goes to taxes I was wondering if there's any US real estate companies/funds that reinvest their profits rather than pay out a dividend?