nareit - REIT.com

Transcription

nareit - REIT.com

2006 REITWatch
8/9/06
1:36 PM
Page 1
NAREIT®
November 2011
REITWatch
®
A Monthly Statistical Report on the Real Estate Investment Trust Industry
.
National Association of Real Estate Investment Trusts®
REITs: Building Dividends & Diversification®
NAREIT Disclaimer
NAREIT® does not intend this publication to be a solicitation related to any particular company, nor does it
intend to provide investment, legal or tax advice. Investors should consult with their own investment, legal or
tax advisers regarding the appropriateness of investing in any of the securities or investment strategies discussed
in this publication. Nothing herein should be construed to be an endorsement by NAREIT of any specific
company or products or as an offer to sell or a solicitation to buy any security or other financial instrument or
to participate in any trading strategy. NAREIT expressly disclaims any liability for the accuracy, timeliness or
completeness of data in this publication. Unless otherwise indicated, all data are derived from, and apply only
to, publicly traded securities. Any investment returns or performance data (past, hypothetical or otherwise) are
not necessarily indicative of future returns or performance. Copyright 2011 by NAREIT®. NAREIT and
REITWatch are the exclusive registered marks of the National Association of Real Estate Investment Trusts®.
Please direct all questions or comments to John Barwick, Director, Industry Information & Statistics,
NAREIT®, 1875 I Street, NW, Suite 600, Washington, DC 20006 or call (202) 739-9400.
REITWATCH
TABLE OF CONTENTS
I. Indicators of U.S. REIT Investment Performance
REIT Industry Fact Sheet .................................................................................................................. 1
Investment Performance of the FTSE NAREIT US Real Estate Index Series...................................... 3
Investment Performance by Property Sector and Subsector ................................................................ 4
Selected Indicators of Equity Market Performance ............................................................................. 5
Historical Offerings of REIT Securities.............................................................................................. 6
FTSE NAREIT Equity REIT Dividend Yield vs. 10-Year Constant Maturity Treasury ..................... 7
FTSE NAREIT Equity REIT Dividend Yield Spread ........................................................................ 7
Major Stock Total Return Indexes ..................................................................................................... 8
Average Daily Dollar Trading Volume............................................................................................... 9
Comparative Total Return Investment Performance ........................................................................ 10
Comparative Total Return Investment Correlations......................................................................... 11
20-Year Average Annual Total Returns ............................................................................................ 12
Adjusted 20-Year Average Annual Total Returns.............................................................................. 12
20-Year Average Annual Total Return vs. 20-Year Standard Deviation of Annual Total Return ....... 13
FTSE NAREIT All Equity REITs Return Components................................................................... 14
S&P 500 Return Components......................................................................................................... 15
Dow Jones Wilshire 5000 Return Components ............................................................................... 16
Annual Price and Total Returns for the FTSE NAREIT US Real Estate Index Series ....................... 17
Annual Price and Total Returns by Property Sector and Subsector................................................... 18
Annual Equity Market Capitalization .............................................................................................. 19
REITs in the FTSE NAREIT All REIT Index and S&P Equity Indexes .......................................... 20
Mergers & Acquisitions Activity ...................................................................................................... 25
II. U.S. REIT Performance Statistics by Property Sector and Sub-Sector
Industrial/Office .............................................................................................................................. 27
•
Office
•
Industrial
•
Mixed
Retail............................................................................................................................................... 28
•
Shopping Centers
•
Regional Malls
•
Free Standing
Residential....................................................................................................................................... 29
•
Apartments
•
Manufactured Homes
Diversified ....................................................................................................................................... 30
Health Care ..................................................................................................................................... 30
Lodging/Resorts............................................................................................................................... 30
Self Storage...................................................................................................................................... 30
Timber ............................................................................................................................................ 30
Mortgage ......................................................................................................................................... 31
•
Home Financing
•
Commercial Financing
III. Indicators of U.S. REIT Industry Activity
REIT Payout Ratios: Dividend as a Percent of Funds from Operations............................................ 32
Summary of REIT Financial Leverage.............................................................................................. 33
IV. Indicators of Global Real Estate Investment Performance
FTSE EPRA/NAREIT Global Real Estate Index Series Investment Performance ............................. 34
V. Glossary of REITWatch Terms
This page intentionally left blank.
REIT Industry Fact Sheet
Data as of October 31, 2011, except where noted.
All data are derived from, and apply only to, publicly traded US REITs.
Industry Size
•
Total equity market capitalization = $447 billion
•
Equity REIT market capitalization = $403 billion
•
REITs own approximately $500 billion of commercial real estate assets, or 10 to 15
percent of total institutionally owned commercial real estate
•
160 REITs are in the FTSE NAREIT All REIT Index
•
142 REITs are traded on the New York Stock Exchange
•
NYSE listed REITs equity market capitalization = $437 billion
Investment Performance
Year-to-date and compound annual total returns of the FTSE NAREIT All REIT Index, the FTSE NAREIT All
Equity REIT Index and leading U.S. benchmarks for periods ending October 31, 2011:
FTSE NAREIT
All
All Equity
REITs
REITs
1
S&P
500
Russell
2000
NASDAQ
Composite1
Dow Jones
Industrial
Avgerage1
2011
6.36
7.36
1.30
-4.46
1.19
3.26
1-Year
9.52
10.16
8.09
6.71
7.06
7.52
3-Year
16.29
16.34
11.41
12.87
15.97
8.63
5-Year
-1.68
-1.00
0.25
0.68
2.55
-0.21
10-Year
10.28
10.97
3.69
7.02
4.73
2.79
15-Year
9.14
9.90
5.77
6.70
5.39
4.67
20-Year
10.44
11.22
8.13
8.67
8.32
7.04
25-Year
8.39
9.86
9.24
8.52
8.36
7.69
30-Year
10.33
12.05
11.00
9.86
9.13
9.20
35-Year
11.42
13.26
10.70
NA
10.18
7.46
1972 - 2011
9.47
11.95
9.59
NA
8.25
6.74
Data expressed in percent; highest return for the period in bold.
Price only returns.
Dividends
•
The FTSE NAREIT All REITs cash dividend yield equals 4.65% and the FTSE NAREIT
Equity REITs cash dividend yield equals 3.61%, compared to the S&P 500 dividend yield
of 2.13%.
•
REITs paid out approximately $18 billion in dividends in 2010.
•
On average, 68 percent of the annual dividends paid by REITs qualify as ordinary taxable
income, 12 percent qualify as return of capital and 20 percent qualify as long-term capital
gains.
Page 1
REIT Industry Fact Sheet
Data as of October 31, 2011, except where noted.
All data are derived from, and apply only to, publicly traded US REITs.
Leverage and Coverage Ratios
Equity REITs
•
Equity REIT debt ratio as of June 30, 2011 = 37.6%. The debt ratio is calculated by taking
REITs’ total debt and dividing it by total market capitalization. Total capitalization equals
the sum of total debt plus implied equity market capitalization (common shares plus
operating partnership units).
•
The coverage ratio of EBITDA divided by interest expense for Equity REITs is 2.8. The
fixed charge ratio of EBITDA divided by interest expense plus preferred dividends is 2.5.
•
45 Equity REITs are rated investment grade, 68 percent by equity market capitalization.
All REITs
•
Debt ratio as of June 30, 2011 = 48.2%. The debt ratio is calculated by taking REITs’ total
debt and dividing it by total market capitalization. Total capitalization equals the sum of
total debt plus implied equity market capitalization (common shares plus operating
partnership units).
•
The coverage ratio of EBITDA divided by interest expense for all REITs is 2.4. The fixed
charge ratio of EBITDA divided by interest expense plus preferred dividends is 2.2.
•
45 REITs are rated investment grade, 63 percent by equity market capitalization.
•
Average daily dollar trading volume, October 2011 = 4.8 billion
•
Average daily dollar trading volume, October 2006 = $2.2 billion
•
Average daily dollar trading volume, October 2001 = $720 million
Volume
Capital Offerings
•
REITs have raised $43.4 billion in initial, debt and equity capital offerings in 2011. $31.4
billion was raised in secondary equity common and preferred share offerings; $9.7 billion
was raised in unsecured debt offerings; $2.3 billion was raised in Initial Public Offerings.
•
Completed initial public offerings in 2011:
- American Assets Trust, Inc. (NYSE: AAT)
- Summit Hotel Properties, Inc. (NYSE: INN)
- Preferred Apartment Communities, Inc. (NYSE: APTS)
- STAG Industrial, Inc. (NYSE: STIR)
- RLJ Lodging Trust (NYSE: RLJ)
- AG Mortgage Investment Trust, Inc. (NYSE: MITT)
- Apollo Residential Mortgage, Inc. (NYSE: AMTG)
- American Capital Mortgage Investment Corp. (NYSE: MTGE)
Page 2
Exhibit 1
Investment Performance:
1
FTSE NAREIT US Real Estate Index Series
(Percent change, except where noted, as of October 31, 2011)
Period
FTSE NAREIT All REITs
Return Components
Dividend
Yield2
Total
Price
FTSE NAREIT Composite
Return Components Dividend
Yield2
Total
Price
FTSE NAREIT Real Estate 50™ 1
Return Components
Dividend
Yield2
Total
Price
FTSE NAREIT All Equity REITs
Return Components
Dividend
Yield2
Total
Price
FTSE NAREIT Equity REITs
Return Components
Dividend
Yield2
Total
Price
FTSE NAREIT Mortgage REITs
Return Components Dividend
Yield2
Total
Price
Annual (including current year to date)
2005
8.29
2.51
5.06
8.29
2.51
5.06
13.67
8.52
4.07
12.16
6.67
4.57
12.16
6.67
4.57
-23.19
-30.88
2006
34.35
28.31
4.06
34.02
27.98
4.11
35.64
30.28
3.67
35.06
29.51
3.69
35.06
29.51
3.69
19.32
8.44
10.68
9.19
2007
-17.83
-21.39
5.29
-17.83
-21.42
5.35
-16.34
-19.57
4.77
-15.69
-19.05
4.91
-15.69
-19.05
4.91
-42.35
-47.69
10.52
2008
-37.34
-41.04
8.37
-37.84
-41.56
8.32
-37.31
-40.78
7.22
-37.73
-41.12
7.56
-37.73
-41.12
7.56
-31.31
-40.46
14.47
2009
27.45
19.90
4.63
27.80
20.15
4.69
27.62
20.36
4.48
27.99
21.28
3.73
27.99
21.28
3.73
24.63
8.26
14.86
2010
27.58
21.81
4.23
27.56
21.76
4.31
26.72
21.13
4.09
27.95
23.07
3.54
27.96
23.06
3.58
22.60
7.01
13.03
2011
6.36
2.63
4.65
6.48
2.71
4.71
8.92
5.33
4.40
7.36
4.32
3.61
7.52
4.46
3.59
-2.43
-11.94
14.86
Quarter (including current quarter to date)
2010: Q4
7.67
6.41
4.23
7.67
6.40
4.31
6.54
5.34
4.09
7.43
6.39
3.54
7.44
6.39
3.58
9.85
6.02
13.03
2011: Q1
6.80
5.71
4.20
6.99
5.89
4.30
7.75
6.72
3.99
7.50
6.58
3.46
6.34
5.43
3.48
1.64
-1.16
13.07
Q2
2.94
1.79
4.32
2.87
1.70
4.40
3.43
2.34
4.15
2.90
2.00
3.44
3.63
2.71
3.44
2.45
-1.03
13.55
Q3
-14.62
-15.66
5.23
-14.51
-15.57
5.31
-13.88
-14.87
4.97
-15.07
-15.88
4.10
-14.71
-15.52
4.08
-9.86
-13.24
15.44
Q4
13.31
13.09
4.65
13.18
12.95
4.71
13.48
13.30
4.40
14.28
14.07
3.61
14.40
14.18
3.59
3.95
3.77
14.86
13.55
Month (including current month to date)
June
-2.68
-3.28
4.32
-2.75
-3.35
4.40
-2.71
-3.23
4.15
-3.07
-3.43
3.44
-3.31
-3.67
3.44
0.36
-2.61
July
0.39
0.21
4.44
0.32
0.15
4.53
0.71
0.56
4.28
1.05
0.89
3.43
1.54
1.36
3.42
-6.32
-6.70
14.89
August
-5.06
-5.35
4.70
-4.85
-5.16
4.78
-4.19
-4.53
4.49
-5.60
-5.93
3.65
-5.67
-5.98
3.64
2.15
2.07
14.61
September
-10.41
-11.07
5.23
-10.44
-11.10
5.31
-10.74
-11.33
4.97
-10.97
-11.36
4.10
-10.96
-11.35
4.08
-5.81
-8.91
15.44
October
13.31
13.09
4.65
13.18
12.95
4.71
13.48
13.30
4.40
14.28
14.07
3.61
14.40
14.18
3.59
3.95
3.77
14.86
Week (including current week to date)
7-Oct-11
-2.15
-2.21
5.35
-2.13
-2.20
5.43
-1.99
-2.06
5.07
-1.83
-1.88
4.18
-2.06
-2.12
4.17
-4.64
-4.80
16.21
14-Oct-11
6.44
6.38
5.05
6.43
6.37
5.12
6.30
6.26
4.79
6.66
6.61
3.94
6.72
6.67
3.92
4.42
4.32
15.51
21-Oct-11
3.29
3.26
4.89
3.26
3.23
4.96
3.43
3.41
4.63
3.61
3.58
3.80
3.81
3.78
3.78
0.19
0.17
15.48
28-Oct-11
6.47
6.42
4.60
6.34
6.29
4.66
6.43
6.39
4.35
6.43
6.37
3.57
6.48
6.42
3.56
5.50
5.52
14.67
31-Oct-11
-1.07
-1.07
4.65
-1.05
-1.05
4.71
-1.04
-1.04
4.40
-1.03
-1.03
3.61
-0.98
-0.98
3.59
-1.23
-1.14
14.86
-8.75
Historical (compound annual rates at month-end)
1-Year
9.52
4.65
9.66
4.73
11.57
6.85
10.16
6.20
10.34
6.33
4.47
3-Year
16.29
10.24
16.42
10.31
16.92
11.06
16.34
11.12
16.40
11.17
17.74
2.61
5-Year
-1.68
-6.61
-1.79
-6.77
-0.94
-5.62
-1.00
-5.38
-0.97
-5.35
-9.52
-20.47
10-Year
10.28
4.22
10.21
4.12
11.28
5.77
10.97
5.38
10.98
5.39
3.98
-8.02
15-Year
9.14
2.58
9.09
2.52
NA
NA
9.90
3.70
9.91
3.71
2.62
-8.74
20-Year
10.44
3.41
10.40
3.36
NA
NA
11.22
4.66
11.23
4.67
5.28
-6.55
25-Year
8.39
0.62
8.36
0.58
NA
NA
9.86
2.78
9.87
2.78
3.54
-8.33
30-Year
10.33
2.10
10.31
2.07
NA
NA
12.05
4.52
12.05
4.53
5.63
-6.31
2.83
11.40
2.80
NA
NA
13.26
5.19
13.27
5.19
6.43
-5.42
35-Year
11.42
Source: FTSE™, NAREIT®.
Notes:
The Real Estate 50 Index™ is designed to measure the performance of larger and more frequently traded Equity REITs.
2
Dividend yield quoted in percent for the period end.
1
Disclaimer: The FTSE NAREIT US Real Estate Index Series ("Indexes") is calculated by FTSE International Limited ("FTSE"). All rights in the Indexes vest in FTSE® and the National Association of Real Estate Investment Trusts® ("NAREIT").
FTSE is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. NAREIT® is a trademark of the National Association of Real Estate Investment Trusts. Neither FTSE nor NAREIT
nor their licensors shall be liable (including in negligence) for any loss arising out of use of the Indexs by any person. All data are derived from, and apply only to, publicly traded securities.
®
National Association of Real Estate Investment Trusts
®
REITs: Building Dividends and Diversification
Page 3
Exhibit 2
1
Investment Performance by Property Sector and Subsector
(Percent change, except where noted. All data as of October 31, 2011)
Total Return (%)
Dividend
Yield2
of REITs
Equity Market
Capitalization3
Implied Market
Capitalization3,4
7.36
3.61
123
403,426,956
426,495,044
13.57
20.56
11.28
11.95
-0.27
-3.72
0.48
2.93
3.95
3.90
3.69
5.55
30
8
17
5
73,239,884
18,198,953
46,579,274
8,461,658
78,391,978
18,587,636
50,097,245
9,707,097
33.41
30.78
34.64
37.37
15.50
12.78
18.69
4.14
11.63
1.43
19.85
-1.11
3.35
3.85
2.81
5.47
28
17
7
4
106,421,306
33,462,654
65,354,326
7,604,327
117,759,257
34,199,948
75,946,671
7,612,638
46.01
47.04
27.02
12.82
13.17
6.71
15.50
15.25
20.10
2.86
2.83
3.48
18
15
3
68,091,197
64,549,826
3,541,371
71,068,586
67,163,371
3,905,214
Diversified
23.75
11.10
3.82
4.09
13
31,182,444
33,905,696
Lodging/Resorts
42.77
26.02
-16.47
2.43
14
23,589,045
24,039,675
Health Care
19.20
12.28
10.05
4.93
12
52,523,963
52,790,706
Self Storage
29.29
16.64
28.80
2.96
4
26,264,805
26,424,834
4.31
12.28
4.29
3.94
4
22,114,311
22,114,311
22.60
3.95
-2.43
14.86
23
41,945,893
41,985,260
21.02
41.99
2.87
11.91
-0.51
-13.57
15.75
8.86
13
10
36,511,434
5,434,460
36,533,920
5,451,340
Property Sector/Subsector
2010
27.95
14.28
Industrial/Office
Industrial
Office
Mixed
17.04
18.89
18.41
8.75
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Timber
Home Financing
October Year to Date
Number
Source: FTSETM, NAREIT®.
Notes:
1
Data derived from the constituents of the FTSE NAREIT Composite REIT Index.
2
Dividend yield quoted in percent.
Data presented in thousands of dollars.
4
Implied market capitalization represents common shares outstanding plus operating partnership units, multiplied by share price.
3
Page 4
Exhibit 3
Selected Indicators of Equity Market Performance
(Period ending index levels and percent change, as of October 31, 2011)
Period
FTSE NAREIT
All Equity REITs
Levels
Returns
2
S&P 5001
Dow Jones Industrials
Russell 2000
Levels Returns
Levels Returns
Levels
Returns
2001
3,421.37
13.93
3,191.79
2002
3,552.10
3.82
2,486.27
2003
4,871.12
37.13
3,199.72
2004
6,409.30
31.58
3,547.62
2005
7,188.85
12.16
3,721.75
2006
9,709.31
35.06
4,309.60
2007
8,185.75
-15.69
4,546.37
2008
5,097.46
-37.73
2,864.31
2009
6,524.25
27.99
3,622.34
2010
8,347.58
27.95
4,167.98
2011
8,962.35
7.36
2,141.81
Quarter (inlcuding current quarter to date)
2010: Q1
7,177.91
10.02
3,817.45
Q2
6,886.77
-4.06
3,381.30
Q3
7,770.14
12.83
3,763.19
Q4
8,347.58
7.43
4,167.98
2011: Q1
8,973.82
7.50
4,414.70
Q2
9,234.38
2.90
4,419.08
Q3
7,842.64
-15.07
3,806.24
Q4
8,962.35
14.28
2,141.81
Month
2010: Oct
8,135.44
4.70
3,906.38
November
7,976.14
-1.96
3,906.88
December
8,347.58
4.66
4,167.98
2011: Jan
8,691.91
4.12
4,266.77
February
9,090.25
4.58
4,412.94
March
8,973.82
-1.28
4,414.70
April
9,432.70
5.11
4,545.44
May
9,526.95
1.00
4,493.99
June
9,234.38
-3.07
4,419.08
July
9,331.56
1.05
4,329.22
August
8,809.33
-5.60
4,094.05
September
7,842.64
-10.97
3,806.24
October
8,962.35
14.28
2,141.81
NASDAQ
Composite2
Levels
Returns
-11.88
-22.10
28.70
10.87
4.91
15.79
5.49
-37.00
26.46
15.06
-48.61
10,021.50
8,341.63
10,453.92
10,783.01
10,717.50
12,463.15
13,264.82
8,776.39
10,428.05
11,577.51
11,955.01
-7.11
-16.76
25.32
3.15
-0.61
16.29
6.43
-33.84
18.82
11.02
3.26
1,941.39
1,543.73
2,273.20
2,689.86
2,812.35
3,328.90
3,276.77
2,169.65
2,759.17
3,500.15
3,344.17
2.49
-20.48
47.25
18.33
4.55
18.37
-1.57
-33.79
27.17
26.85
-4.46
1,950.40
1,335.51
2,003.37
2,175.44
2,205.32
2,415.29
2,652.28
1,577.03
2,269.15
2,652.87
2,684.41
-21.05
-31.53
50.01
8.59
1.37
9.52
9.81
-40.54
43.89
16.91
1.19
5.03
3.82
4.26
4.22
4.42
4.71
4.03
2.25
3.84
3.30
2.17
-0.09
-1.21
0.44
-0.04
0.20
0.29
-0.68
-1.78
1.59
-0.54
-34.16
5.39
-11.43
11.29
10.76
5.92
0.10
-13.87
-43.73
10,856.63
9,774.02
10,788.05
11,577.51
12,319.73
12,414.34
10,913.38
11,955.01
4.11
-9.97
10.37
7.32
6.41
0.77
-12.09
9.54
3,003.36
2,705.37
3,010.78
3,500.15
3,778.03
3,717.36
2,904.55
3,344.17
8.85
-9.92
11.29
16.25
7.94
-1.61
-21.87
15.14
2,397.96
2,109.24
2,368.62
2,652.87
2,781.07
2,773.52
2,415.40
2,684.41
5.68
-12.04
12.30
12.00
4.83
-0.27
-12.91
11.14
3.83
2.95
2.52
3.30
3.45
3.16
1.93
2.17
-0.01
-0.88
-0.44
0.79
0.15
-0.30
-1.23
0.25
3.80
0.01
6.68
2.37
3.43
0.04
2.96
-1.13
-1.67
-2.03
-5.43
-7.03
-43.73
11,118.49
11,006.02
11,577.51
11,891.93
12,226.34
12,319.73
12,810.54
12,569.79
12,414.34
12,143.24
11,613.53
10,913.38
11,955.01
3.06
-1.01
5.19
2.72
2.81
0.76
3.98
-1.88
-1.24
-2.18
-4.36
-6.03
9.54
3,133.99
3,242.66
3,500.15
3,491.13
3,682.59
3,778.03
3,877.79
3,805.08
3,717.36
3,582.99
3,271.26
2,904.55
3,344.17
4.09
3.47
7.94
-0.26
5.48
2.59
2.64
-1.87
-2.31
-3.61
-8.70
-11.21
15.14
2,507.41
2,498.23
2,652.87
2,700.08
2,782.27
2,781.07
2,873.54
2,835.30
2,773.52
2,756.38
2,579.46
2,415.40
2,684.41
5.86
-0.37
6.19
1.78
3.04
-0.04
3.32
-1.33
-2.18
-0.62
-6.42
-6.36
11.14
2.61
2.79
3.30
3.38
3.41
3.45
3.30
3.05
3.16
2.80
2.22
1.93
2.17
0.10
0.18
0.51
0.08
0.03
0.04
-0.16
-0.25
0.11
-0.36
-0.58
-0.29
0.25
Historical (compound annual rates)
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
25-Year
30-Year
35-Year
10.16
16.34
-1.00
10.97
9.90
11.22
9.86
12.05
13.26
US Treasury
10-Year Note3
Yield Change
-45.17
-11.15
-12.48
-3.11
1.09
4.52
6.31
8.52
8.57
7.52
8.63
-0.21
2.79
4.67
7.04
7.69
9.20
7.46
®
Source: NAREIT , FactSet.
Indexed to 100 as of December 31, 1971.
2
Price-only returns
3
Ten-year constant maturity Treasury note
1
Page 5
6.71
12.87
0.68
7.02
6.70
8.67
8.52
9.86
NA
7.06
15.97
2.55
4.73
5.39
8.32
8.36
9.13
10.18
Exhibit 4
Historical Offerings of Securities
(As of October 31, 2011)
Period
Total
Capital
1
Number Raised
Initial
Public Offering
Capital
1
Number Raised
Secondary Equity
Common Shares Preferred Shares
Capital
Capital
1
1
Number Raised
Number Raised
Secondary Debt
Unsecured Debt
Secured Debt
Capital
Capital
1
1
Number Raised
Number Raised
Annual Totals (including current year to date)
2003
228
25,562
8
2,646
82
5,471
64
5,192
68
10,894
6
2004
266
38,482
29
7,980
79
7,338
61
5,858
97
17,306
0
1,358
0
2005
259
37,492
11
3,789
71
8,521
36
3,095
105
16,330
36
5,758
2006
204
49,018
5
2,271
75
15,695
39
4,239
82
25,261
3
1,551
2007
129
36,031
4
1,820
56
11,854
26
4,202
43
18,155
0
0
2008
82
17,991
2
491
60
11,132
9
1,195
11
5,173
0
0
2009
130
34,656
9
2,990
87
21,244
0
0
34
10,422
0
0
2010
173
47,450
9
1,975
91
23,629
17
2,617
56
19,230
0
0
2011
146
45,402
8
2,307
82
29,293
30
4,062
26
9,740
0
0
2010: Q3
41
10,610
2
341
23
5,592
3
166
13
4,510
0
0
Q4
41
14,889
1
407
22
8,748
9
1,934
9
3,800
0
0
2011: Q1
61
21,772
2
940
37
13,608
8
1,485
14
5,740
0
0
Q2
54
13,697
4
953
28
7,636
11
1,358
11
3,750
0
0
Q3
23
7,932
2
414
13
6,290
7
978
1
250
0
0
Q4
8
2,001
0
0
4
1,760
4
242
0
0
0
0
2010: Feb
9
1,936
2
401
2
407
1
128
4
1,000
0
0
March
20
4,624
0
0
8
780
1
42
11
3,802
0
0
April
22
5,708
2
402
12
3,711
2
220
6
1,375
0
0
May
14
2,186
0
0
12
1,786
0
0
2
400
0
0
June
15
3,670
1
250
8
1,942
0
0
6
1,477
0
0
July
5
2,273
0
0
3
1,638
0
0
2
635
0
0
August
12
2,773
1
30
5
826
2
117
4
1,800
0
0
September
24
5,563
1
311
15
3,128
1
50
7
2,075
0
0
Quarterly Totals
Monthly Totals
October
10
2,702
1
407
3
601
6
1,694
0
0
0
0
November
15
7,469
0
0
6
3,994
1
75
8
3,400
0
0
December
16
4,718
0
0
13
4,153
2
165
1
400
0
0
2011: Jan
19
6,916
1
648
10
3,370
3
247
5
2,650
0
0
0
February
8
2,722
1
292
7
2,431
0
0
0
0
0
March
34
12,135
0
0
20
7,807
5
1,237
9
3,090
0
0
April
17
3,139
2
257
6
1,006
7
901
2
975
0
0
May
22
5,471
1
569
11
2,445
4
457
6
2,000
0
0
June
15
5,087
1
127
11
4,185
0
0
3
775
0
0
0
July
11
4,861
1
230
7
4,107
3
523
0
0
0
August
5
1,634
1
184
2
1,175
1
25
1
250
0
0
September
7
1,438
0
0
4
1,008
3
430
0
0
0
0
October
8
2,001
0
0
4
1,760
4
242
0
0
0
0
Source: SNL Financial, NAREIT®.
Notes:
Data presented in millions of dollars.
1
Page 6
Exhibit 5:
Equity REIT Dividend Yield vs. 10-Year Constant Maturity Treasury Yield
January 1990 - October 2011
12
Percent
FTSE NAREIT Equity REITs Dividend Yield
10 Year Constant Maturity US Treasury Yield
10
8
6
4
2
0
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
Source: NAREIT®, FactSet.
Exhibit 6:
Monthly Equity REIT Dividend Yield Spread
January 1990 - October 2011
8
Percent
FTSE NAREIT All Equity REITs Less 10 Year Constant Maturity US Treasury Yield
7
6
5
Average Yield
Spread
1990 - 2011
1.01%
4
3
2
1
0
-1
-2
1990
1992
1994
1996
1998
2000
Page 7
2002
2004
2006
2008
2010
2012
Total Return Index Comparison
Monthly Returns
December 1989 - October 2011
1,200
Benchmarked at 100 as of December 31, 1989
FTSE NAREIT All Equity REITs +804.14%
S&P 500 +464.51%
Russell 2000 +502.03%
1,000
800
600
400
200
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
Page 8
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Average Daily Dollar Trading Volume
March 1990 - October 2011
7,000
Millions ($)
6,000
5,000
Acquisition of Equity Office Properties
Trust Completed, 2/9/2007
4,000
Proposed Acquisition of Equity Office
Properties Trust, 11/20/2006
3,000
2,000
1,000
0
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
Page 9
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Comparative Total Return Investment Performance
(Data in percent through October 31, 2011)
NASDAQ1
FTSE NAREIT Wilshire
Period
Equity
Series Beginning>
(Jan. 1972)
5000
Composite
Russell 2000
Standard & Poor's
100
Citigroup
500 Value
500
(Jan. 1972) (Jan. 1972) (Feb. 1985) (Jan. 1975) (Jan. 1972)
Citigroup
500 Growth
(Jan. 1975)
Utilities
Value
2000
Dow Jones1 NCREIF
Bond Indexes
ML
ML
Growth Corp/Govt Mortgage
(Sep. 1989)(Jan. 1979) (Jan. 1979) (Jan. 1979) (Dec. 1975)
Hi Yield
Corp
Industrials
NPI
(Jan. 1976) (Jan. 1972) (Dec. 1926) (Dec. 1977)
Annual Returns (including current year to date)
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
13.94
3.82
37.13
31.58
12.17
35.06
-15.69
-37.73
27.99
27.95
7.36
-10.97
-17.34
31.64
17.90
6.32
15.87
5.70
-37.23
28.57
17.49
0.55
-21.05
-31.52
50.01
8.59
1.37
9.52
9.81
-40.54
43.89
16.91
1.19
-32.65
-37.58
49.52
10.44
1.48
6.79
18.67
-41.89
53.54
19.22
6.41
-8.18
-16.61
30.35
15.02
8.70
20.78
1.99
-39.22
21.18
15.10
-1.96
-11.88
-22.10
28.70
10.87
4.91
15.79
5.49
-37.00
26.46
15.06
1.30
-16.12
-28.10
27.09
6.99
1.15
10.98
9.13
-34.92
31.57
15.05
4.45
-30.44
-29.99
26.26
24.28
16.84
20.99
19.38
-28.98
11.91
5.46
14.73
14.03
-9.14
46.03
22.25
-1.26
30.94
-9.78
-28.92
20.58
24.50
-6.77
2.49
-20.48
47.25
18.33
4.55
18.37
-1.57
-33.79
27.17
26.85
-4.46
-9.23
-28.33
48.54
14.31
5.22
13.35
7.05
-38.54
34.47
29.09
-2.17
8.43
10.95
4.54
4.15
2.52
3.84
11.33
5.40
4.84
6.83
7.50
8.14
9.42
3.29
4.74
2.63
5.31
6.96
8.30
5.76
5.67
5.25
5.28
-1.37
28.96
11.14
2.74
11.87
1.88
-26.16
58.21
15.12
4.52
-7.11
-16.76
25.32
3.15
-0.61
16.29
6.43
-33.84
18.82
11.02
3.26
7.28
6.75
9.00
14.49
20.06
16.60
15.85
-6.46
-16.85
NA
NA
Quarterly Returns
2010: Q2
Q3
Q4
2011: Q1
Q2
Q3
Q4
-4.06
12.83
7.43
7.50
2.90
-15.07
14.28
-11.12
11.51
11.67
6.37
-0.01
-15.23
11.53
-12.04
12.30
12.00
4.83
-0.27
-12.91
11.14
-11.19
14.89
11.00
5.46
-0.60
-8.00
10.33
-11.57
9.98
10.51
6.80
-1.47
-16.30
11.31
-11.43
11.29
10.76
5.92
0.10
-13.87
10.93
-11.28
12.63
11.02
5.07
1.64
-11.56
10.59
-3.74
12.35
1.09
2.74
6.14
1.55
3.60
-10.60
9.72
15.36
6.60
-2.65
-21.47
14.41
-9.92
11.29
16.25
7.94
-1.61
-21.87
15.14
-9.22
12.83
17.11
9.24
-0.59
-22.25
15.86
3.83
3.39
-2.16
0.34
2.34
4.56
0.12
2.88
0.67
0.31
0.52
2.33
2.32
0.00
-0.11
6.71
3.22
3.88
1.05
-6.06
5.99
-9.97
10.37
7.32
6.41
0.77
-12.09
9.54
3.31
3.86
4.62
NA
NA
NA
NA
Monthly Returns
2011: May
June
July
August
September
October
1.00
-3.07
1.05
-5.60
-10.97
14.28
-1.14
-1.78
-2.25
-5.99
-7.75
11.53
-1.33
-2.18
-0.62
-6.42
-6.36
11.14
-1.31
-2.00
1.62
-5.15
-4.54
10.33
-1.83
-2.11
-3.56
-6.18
-7.49
11.31
-1.13
-1.67
-2.03
-5.43
-7.03
10.93
-0.46
-1.24
-0.58
-4.75
-6.61
10.59
2.14
-0.10
-0.92
2.30
0.19
3.60
-1.79
-2.46
-3.31
-8.83
-10.92
14.41
-1.87
-2.31
-3.62
-8.70
-11.21
15.14
-1.95
-2.14
-3.92
-8.57
-11.50
15.86
1.47
-0.45
1.89
1.74
0.87
0.12
1.10
0.10
0.88
1.34
0.09
0.00
0.49
-0.97
1.16
-4.00
-3.27
5.99
-1.88
-1.24
-2.18
-4.36
-6.03
9.54
NA
NA
NA
NA
NA
NA
11.95
10.16
16.34
-1.00
10.97
9.90
11.22
9.86
12.05
13.26
10.21
8.05
12.44
0.84
5.73
6.76
8.81
9.58
11.10
11.31
8.25
7.06
15.97
2.55
4.74
5.39
8.32
8.36
9.13
10.18
11.62
11.09
20.92
6.38
5.66
7.94
11.02
11.83
NA
NA
12.08
5.61
7.91
-2.44
4.08
5.43
7.94
8.73
10.97
10.89
9.85
8.09
11.41
0.25
3.69
5.77
8.13
9.24
11.01
10.70
10.67
10.43
14.74
2.83
3.10
5.54
7.84
9.29
10.60
10.06
7.63
14.69
10.96
3.52
5.64
6.49
7.28
NA
NA
NA
13.14
3.54
9.52
-1.42
7.91
8.68
10.86
10.16
12.07
NA
11.28
6.71
12.87
0.68
7.02
6.70
8.67
8.52
9.86
NA
9.23
9.84
16.31
2.68
6.44
4.58
6.26
6.69
7.48
NA
8.38
5.15
9.46
7.24
5.89
6.62
6.96
7.37
9.16
8.28
8.42
4.54
7.53
6.56
5.57
6.36
6.60
7.39
9.57
8.34
9.18
5.17
22.96
8.04
9.16
7.07
8.30
8.43
10.86
9.83
6.74
7.52
8.63
-0.21
2.79
4.67
7.04
7.69
9.20
7.46
9.00
16.10
-1.45
3.40
7.82
9.39
7.62
7.28
8.01
NA
16.11
5.12
22.60
19.42
16.25
16.95
15.46
15.99
15.84
15.80
21.96
4.95
23.87
21.46
20.91
26.46
23.99
23.50
22.63
22.11
26.02
4.34
22.81
21.80
22.82
29.37
26.71
26.44
NA
NA
15.04
5.33
24.12
20.53
17.00
16.41
14.99
15.39
15.26
14.97
15.67
4.82
21.81
18.80
16.03
16.67
15.22
15.79
15.62
15.45
17.06
4.45
20.22
17.88
16.01
18.49
16.92
17.39
17.11
17.00
15.28
1.94
14.46
14.91
15.76
16.71
15.54
15.28
NA
NA
18.03
6.70
29.73
24.79
21.38
19.61
17.74
18.33
17.82
NA
20.17
6.92
29.09
24.41
21.25
21.57
19.72
20.28
19.88
NA
23.57
7.17
28.83
24.59
22.41
25.49
23.48
23.68
23.24
NA
5.81
1.01
5.04
4.81
4.76
4.43
4.45
4.52
5.30
5.79
6.57
0.58
3.16
2.89
2.84
2.76
2.94
3.47
5.62
6.62
9.35
2.59
16.49
14.03
11.14
10.06
8.97
9.08
9.09
9.14
15.58
4.24
19.80
17.29
15.26
16.23
14.97
15.69
15.45
15.28
7.81
0.62
16.50
14.08
10.96
9.20
8.99
8.23
7.77
NA
Compound Annual Returns
Complete History
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
25-Year
30-Year
35-Year
Annualized Volatility of Returns
Complete History
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
25-Year
30-Year
35-Year
1
17.42
6.19
40.04
33.19
25.60
22.32
20.01
18.82
17.69
17.37
Price only returns
Page 10
Comparative Total Return Investment Correlation
FTSE NAREIT
All Equity
REITs
Wilshire
5000
NASDAQ
NASDAQ
Composite1
1001
S&P 500/
Citigroup
Value
S&P
500
S&P 500/
Citigroup
Growth
S&P
Utilities
Russell 2000
Value
Russell
2000
Russell 2000 ML Corp/Govt
Growth
Bond
ML
Mortage
Domestic
High Yield
Corp Bond
Dow Jones
Industrial
Average1
Data period for upper right: October 2001 - October 2011
FTSE NAREIT
All Equity REITs
1.00
0.74
0.62
0.53
0.76
0.72
0.63
0.40
0.81
0.77
0.69
0.09
-0.02
0.68
0.67
Wilshire 5000
0.59
1.00
0.91
0.86
0.97
0.99
0.96
0.59
0.90
0.92
0.91
-0.08
-0.18
0.73
0.95
Composite1
0.46
0.89
1.00
0.98
0.85
0.92
0.94
0.47
0.83
0.90
0.94
-0.15
-0.26
0.66
0.87
NASDAQ 1001
0.38
0.86
0.97
1.00
0.78
0.87
0.93
0.44
0.74
0.82
0.88
-0.16
-0.26
0.62
0.83
S&P 500/
Citigroup Value
0.64
0.94
0.72
0.69
1.00
0.98
0.90
0.57
0.90
0.90
0.87
-0.08
-0.17
0.67
0.96
S&P 500
0.57
0.99
0.84
0.83
0.96
1.00
0.97
0.58
0.87
0.90
0.90
-0.09
-0.18
0.70
0.97
S&P 500/
Citigroup
Growth
0.47
0.96
0.88
0.89
0.87
0.97
1.00
0.56
0.80
0.86
0.89
-0.09
-0.18
0.69
0.93
S&P Utilities
0.35
0.44
0.22
0.22
0.52
0.45
0.36
1.00
0.49
0.53
0.53
0.18
0.05
0.49
0.52
Russell 2000
Value
0.74
0.85
0.76
0.66
0.84
0.81
0.73
0.41
1.00
0.98
0.93
-0.11
-0.20
0.65
0.83
Russell 2000
0.65
0.89
0.89
0.80
0.80
0.83
0.80
0.36
0.95
1.00
0.98
-0.13
-0.25
0.69
0.84
Russell 2000
Growth
0.55
0.87
0.93
0.86
0.74
0.81
0.81
0.30
0.87
0.98
1.00
-0.15
-0.28
0.69
0.83
ML Corp/Govt
Bond
0.16
0.18
0.08
0.03
0.19
0.19
0.18
0.28
0.09
0.07
0.04
1.00
0.84
0.12
-0.12
ML Mortgage
0.10
0.17
0.08
0.02
0.18
0.18
0.17
0.19
0.09
0.07
0.05
0.87
1.00
-0.02
-0.16
Domestic High
Yield Corp Bond
0.58
0.61
0.53
0.48
0.58
0.58
0.54
0.33
0.61
0.60
0.55
0.34
0.33
1.00
0.61
0.53
0.93
0.75
0.73
0.94
0.95
0.90
0.43
0.78
0.77
0.73
0.14
0.14
0.53
1.00
NASDAQ
Dow Jones
Industrial
Average1
Data period for lower left: October 1981 - October 2011
1
Price only returns.
Page 11
20-Year Average Annual Total Return
October 1991 - October 2011
Percent
7.10
ML Corp/Govt
8.50
Russell 2000 Growth
9.28
Domestic Hi-Yield
9.38
S&P Utilities
9.66
S&P 500
10.39
Wilshire 5000
11.93
NASDAQ Composite
12.16
Russell 2000 Value
12.40
13.19
0
3
6
9
12
15
Note: NASDAQ Composite returns are price only.
Adjusted 20-Year Average Annual Total Return
Percent
1.26
ML Corp/Govt
0.40
Russell 2000 Growth
0.62
Domestic Hi-Yield
0.46
S&P Utilities
0.56
S&P 500
0.60
Wilshire 5000
0.45
NASDAQ Composite
0.72
Russell 2000 Value
0.62
0.65
0.00
0.50
1.00
Total Return Divided by Standard Deviation of Total Return
Note: NASDAQ Composite returns are price only.
Page 12
1.50
20-Year Average Annual Total Return v.
20-Year Standard Deviation of Annual Total Returns
14
FTSE NAREIT All Equity
REITs
Russell 2000 Value
12
Average Annual Return
(percent)
NASDAQ Composite
Wilshire 5000
10
S&P 500
S&P Utilities
Domestic Hi-Yield
Russell 2000 Growth
8
ML Corp/Govt
6
4
8
12
16
20
Standard Deviation of Annual Returns
(percent)
1
Price only returns.
Page 13
24
28
FTSE NAREIT All Equity REITs Return Components
(Percent change, as of December 31, 2010)
Returns (%)
50
Average Annual Total Returns: 13.75%
Price
Income
Average Annual Income Returns (reinvested): 8.30%
40
30
20
10
0
-10
-20
-30
-40
-50
1972
1976
1980
1984
1988
1992
Source: NAREIT®.
Page 14
1996
2000
2004
2008
S&P 500 Return Components
50
Returns (%)
Price
Income
40
30
20
10
0
-10
-20
-30
-40
1972
1976
1980
1984
1988
1992
Page 15
1996
2000
2004
2008
Dow Jones Wilshire 50001 Return Components
Returns (%)
50
Price
Income
40
30
20
10
0
-10
-20
-30
-40
1972
1976
1980
1984
1988
1992
Source: NAREIT®, Dow Jones & Company.
Free Float Adjusted
1
Page 16
1996
2000
2004
2008
Annual Returns for the FTSE NAREIT US Real Estate Index Series
1972-2010
Year
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total
Return (%)
Index
100.00
11.19
111.19
-27.22
80.93
-42.23
46.75
36.34
63.74
48.97
94.96
19.08
113.07
-1.64
111.21
30.53
145.16
28.02
185.84
8.58
201.78
31.64
265.62
25.47
333.28
14.82
382.65
5.92
405.30
19.18
483.03
-10.67
431.49
11.36
480.49
-1.81
471.78
-17.35
389.95
35.68
529.08
12.18
593.49
18.55
703.57
0.81
709.24
18.31
839.09
35.75
1,139.10
18.86
1,353.94
-18.82
1,099.09
-6.48
1,027.92
25.89
1,294.05
15.50
1,494.65
5.22
1,572.61
38.47
2,177.53
30.41
2,839.70
8.29
3,075.06
34.35
4,131.39
-17.83
3,394.71
-37.34
2,127.27
27.45
2,711.15
27.58
3,458.89
Price
Return (%)
Index
100.00
3.84
103.84
-33.11
69.46
-49.55
35.04
22.20
42.82
36.53
58.47
10.10
64.37
-9.42
58.31
19.35
69.59
11.07
77.30
-1.02
76.51
19.19
91.19
15.11
104.97
3.53
108.67
-3.52
104.84
9.24
114.53
-19.01
92.76
1.24
93.92
-12.06
82.59
-28.49
59.05
23.10
72.69
2.87
74.78
10.58
82.69
-6.41
77.39
9.12
84.45
26.52
106.84
11.85
119.50
-23.82
91.03
-14.06
78.23
15.91
90.68
7.05
97.07
-2.15
94.98
29.34
122.85
22.87
150.94
2.51
154.73
28.31
198.53
-21.39
156.07
-41.04
92.02
19.90
110.33
21.81
134.39
FTSE NAREIT Composite
Total
Return (%)
Index
100.00
11.19
111.19
-27.22
80.93
-42.23
46.75
36.34
63.74
48.97
94.96
19.08
113.07
-1.64
111.21
30.53
145.16
28.02
185.84
8.58
201.78
31.64
265.62
25.47
333.28
14.82
382.65
5.92
405.30
19.18
483.03
-10.67
431.49
11.36
480.49
-1.81
471.78
-17.35
389.95
35.68
529.08
12.18
593.49
18.55
703.57
0.81
709.24
18.31
839.09
35.75
1,139.10
18.86
1,353.94
-18.82
1,099.09
-6.48
1,027.92
25.89
1,294.05
15.50
1,494.65
5.22
1,572.61
38.47
2,177.53
30.41
2,839.70
8.29
3,075.06
34.02
4,121.18
-17.83
3,386.30
-37.84
2,104.93
27.80
2,690.12
27.56
3,431.62
Price
Return (%)
Index
100.00
3.84
103.84
-33.11
69.46
-49.55
35.04
22.20
42.82
36.53
58.47
10.10
64.37
-9.42
58.31
19.35
69.59
11.07
77.30
-1.02
76.51
19.19
91.19
15.11
104.97
3.53
108.67
-3.52
104.84
9.24
114.53
-19.01
92.76
1.24
93.92
-12.06
82.59
-28.49
59.05
23.10
72.69
2.87
74.78
10.58
82.69
-6.41
77.39
9.12
84.45
26.52
106.84
11.85
119.50
-23.82
91.03
-14.06
78.23
15.91
90.68
7.05
97.07
-2.15
94.98
29.34
122.85
22.87
150.94
2.51
154.73
27.98
198.02
-21.42
155.60
-41.56
90.94
20.15
109.26
21.76
133.03
FTSE NAREIT Real Estate 50TM
Total
Return (%)
Index
28.66
12.20
1.86
36.30
35.00
13.67
35.64
-16.34
-37.31
27.62
26.72
100.00
128.66
144.36
147.05
200.44
270.58
307.57
417.18
349.00
218.80
279.23
353.83
Price
Return (%)
Index
19.98
5.13
-4.30
28.34
28.31
8.52
30.28
-19.57
-40.78
20.36
21.13
100.00
119.98
126.14
120.71
154.92
198.79
215.71
281.03
226.03
133.85
161.10
195.14
Note:
The FTSE NAREIT Equity REITs Index includes all Equity REITs not designated as Timber REITs.
1
Page 17
Total
Return (%)
Index
100.00
8.01
108.01
-15.52
91.25
-21.40
71.72
19.30
85.56
47.59
126.28
22.42
154.59
10.34
170.57
35.86
231.73
24.37
288.20
6.00
305.50
21.60
371.49
30.64
485.30
20.93
586.86
19.10
698.93
19.16
832.83
-3.64
802.51
13.49
910.74
8.84
991.26
-15.35
839.09
35.70
1,138.61
14.59
1,304.73
19.65
1,561.17
3.17
1,610.67
15.27
1,856.57
35.27
2,511.32
20.26
3,020.11
-17.50
2,491.53
-4.62
2,376.42
26.37
3,002.97
13.93
3,421.37
3.82
3,552.10
37.13
4,871.12
31.58
6,409.30
12.16
7,188.85
35.06
9,709.31
-15.69
8,185.75
-37.73
5,097.46
27.99
6,524.25
27.95
8,347.58
Price
Return (%)
Index
100.00
1.08
101.08
-21.78
79.07
-29.33
55.88
8.34
60.54
36.21
82.46
13.97
93.98
2.66
96.48
25.49
121.07
1.95
123.42
-2.03
120.92
11.49
134.81
21.01
163.13
9.30
178.30
9.62
195.45
10.56
216.10
-10.31
193.82
4.77
203.07
0.58
204.24
-26.45
150.21
25.47
188.47
6.40
200.54
12.95
226.51
-3.52
218.55
6.56
232.88
26.35
294.24
13.33
333.47
-22.33
259.00
-12.21
227.37
16.51
264.90
5.85
280.40
-3.12
271.66
28.48
349.02
24.35
434.01
6.67
462.98
29.51
599.59
-19.05
485.36
-41.12
285.79
21.28
346.60
23.07
426.55
1
FTSE NAREIT Equity REITs
Total
Return (%)
Index
100.00
8.01
108.01
-15.52
91.25
-21.40
71.72
19.30
85.56
47.59
126.28
22.42
154.59
10.34
170.57
35.86
231.73
24.37
288.20
6.00
305.50
21.60
371.49
30.64
485.30
20.93
586.86
19.10
698.93
19.16
832.83
-3.64
802.51
13.49
910.74
8.84
991.26
-15.35
839.09
35.70
1,138.61
14.59
1,304.73
19.65
1,561.17
3.17
1,610.67
15.27
1,856.57
35.27
2,511.32
20.26
3,020.11
-17.50
2,491.53
-4.62
2,376.42
26.37
3,002.97
13.93
3,421.37
3.82
3,552.10
37.13
4,871.12
31.58
6,409.30
12.16
7,188.85
35.06
9,709.31
-15.69
8,185.75
-37.73
5,097.46
27.99
6,524.25
27.96
8,348.46
Price
Return (%)
Index
100.00
1.08
101.08
-21.78
79.07
-29.33
55.88
8.34
60.54
36.21
82.46
13.97
93.98
2.66
96.48
25.49
121.07
1.95
123.42
-2.03
120.92
11.49
134.81
21.01
163.13
9.30
178.30
9.62
195.45
10.56
216.10
-10.31
193.82
4.77
203.07
0.58
204.24
-26.45
150.21
25.47
188.47
6.40
200.54
12.95
226.51
-3.52
218.55
6.56
232.88
26.35
294.24
13.33
333.47
-22.33
259.00
-12.21
227.37
16.51
264.90
5.85
280.40
-3.12
271.66
28.48
349.02
24.35
434.01
6.67
462.98
29.51
599.59
-19.05
485.36
-41.12
285.79
21.28
346.60
23.06
426.53
Total
Return (%)
Index
100.00
12.17
112.17
-36.26
71.50
-45.32
39.09
40.79
55.04
51.71
83.50
17.82
98.38
-9.97
88.57
16.56
103.24
16.80
120.58
7.07
129.11
48.64
191.91
16.90
224.34
7.26
240.64
-5.20
228.11
19.21
271.95
-15.67
229.34
7.30
246.09
-15.90
206.95
-18.37
168.94
31.83
222.72
1.92
226.99
14.55
260.01
-24.30
196.82
63.42
321.65
50.86
485.25
3.82
503.80
-29.22
356.60
-33.22
238.15
15.96
276.15
77.34
489.74
31.08
641.93
57.39
1,010.33
18.43
1,196.57
-23.19
919.11
19.32
1,096.72
-42.35
632.27
-31.31
434.31
24.63
541.28
22.60
663.59
Price
Return (%)
Index
100.00
4.34
104.34
-42.05
60.47
-53.96
27.84
24.51
34.66
38.41
47.97
8.16
51.89
-17.86
42.62
4.26
44.44
3.29
45.90
-5.54
43.36
31.27
56.91
5.56
60.08
-4.54
57.35
-15.33
48.55
7.64
52.26
-25.70
38.83
-5.12
36.84
-26.19
27.20
-29.18
19.26
13.93
21.94
-10.80
19.57
-0.40
19.49
-33.83
12.90
46.80
18.94
37.21
25.98
-3.57
25.05
-34.29
16.46
-40.12
9.86
3.33
10.19
46.37
14.91
14.23
17.03
38.19
23.54
7.92
25.40
-30.88
17.56
8.44
19.04
-47.69
9.96
-40.46
5.93
8.26
6.42
7.01
6.87
Annual Price and Total Returns by Property Sector and Subsector1
(Returns in Percent, 1994-2010)
Property Sector/Subsector
1994
Price
Total
Industrial/Office
Office
Industrial
Mixed
10.25
-2.67
13.37
NA
16.59
2.86
18.67
NA
16.95
28.37
8.55
NA
25.81
38.80
16.21
NA
35.89
42.85
28.99
32.73
44.42
51.80
37.22
40.79
20.91
22.56
12.76
21.01
27.49
29.01
19.02
27.90
-19.15
-22.15
-16.32
-13.52
-3.94
-5.49
1.41
-17.52
2.98
1.33
8.77
-5.46
-3.20
-0.74
-5.74
20.29
5.10
7.40
3.00
31.57
24.44
23.36
34.11
20.38
34.60
33.49
45.27
30.94
9.82
14.36
6.57
10.22
16.95
21.44
13.69
17.70
-3.77
-3.91
-2.59
2.31
2.19
3.31
3.81
3.94
2.87
12.00
12.26
10.67
19.73
19.07
26.58
29.46
28.93
34.93
9.04
8.77
11.67
16.32
16.04
18.65
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
1995
Price
Total
1996
Price Total
1997
Price
Total
1998
Price
Total
1999
Price
Total
2000
Price
Total
2001
Price
Total
2002
Price Total
2003
Price Total
2004
Price Total
2005
Price Total
2006
Price Total
2007
Price Total
2008
Price Total
2009
Price Total
2010
Price Total
-14.44
-17.35
-11.74
-8.85
-4.08
-3.08
-4.04
-7.62
3.35
4.25
3.90
-0.72
23.26
26.61
14.48
22.63
33.38
35.46
28.62
31.96
-0.41
-0.79
0.54
-0.36
7.09
6.65
7.42
8.15
-5.94
-12.74
10.23
0.88
0.87
-6.82
17.32
8.56
24.62
24.84
25.76
22.76
33.26
34.01
33.14
31.30
18.42
16.22
27.78
12.99
25.24
23.28
34.09
19.59
6.71
6.76
9.26
-0.12
12.85
13.11
15.42
7.40
34.06
39.76
24.46
22.07
39.39
45.22
28.92
28.27
-18.17 -14.86
-22.01 -18.96
-3.17
0.38
-36.66 -33.09
-53.02
-44.02
-69.38
-39.27
-50.28
-41.07
-67.47
-33.99
21.40
28.04
4.84
25.34
29.17
35.55
12.17
34.90
12.52
14.50
13.60
2.82
17.04
18.41
18.89
8.75
-10.87
-13.00
-8.17
-11.98
-4.94
-6.99
-2.62
-6.25
-18.89
-18.02
-21.22
-12.31
-11.77
-10.71
-14.58
-4.89
7.73
4.27
13.63
-0.34
17.97
15.10
23.50
8.95
20.61
19.83
22.86
12.06
30.42
29.89
31.88
23.95
13.11
9.63
16.77
13.65
21.07
17.72
24.56
21.76
38.47
34.99
43.75
27.71
46.77
43.12
52.24
35.91
33.23
29.63
16.22
26.02
40.23
36.25
45.01
32.87
6.60
3.59
11.76
-5.44
11.80
9.27
16.54
-0.49
24.00
29.73
19.19
21.13
29.01
34.87
23.83
30.74
-18.97 -15.77
-20.98 -17.68
-18.80 -15.85
-5.26 -0.43
-51.28
-42.23
-62.79
-20.32
-48.36
-38.84
-60.60
-15.09
21.57
-7.44
59.53
16.15
27.17
-1.66
62.99
25.93
28.43
25.83
30.15
29.32
33.41
30.78
34.64
37.37
-13.69
-14.37
-6.10
-8.12
-8.77
-0.87
1.81
2.88
-8.76
9.48
10.73
-2.80
25.24
26.40
12.61
34.30
35.53
20.94
2.02
1.67
6.36
9.04
8.66
13.72
-12.63
-12.87
-9.60
-5.99
-6.15
-4.06
17.65
17.22
21.51
25.90
25.49
29.99
24.08
26.50
-8.40
32.71
34.71
6.40
8.30
9.12
-6.05
13.69
14.65
-2.58
33.81
34.76
11.57
38.93
39.95
15.34
-28.08 -25.21
-28.30 -25.43
-22.24 -19.34
-29.08 -24.89
-29.33 -25.13
-24.06 -20.18
22.81
22.37
33.33
30.82
30.40
40.92
40.87
41.89
22.11
46.01
47.04
27.02
23.75
Diversified
-11.54
-6.04
12.53
21.15
22.26
33.97
13.15
21.67
-26.02
-22.11
-23.71
-14.41
15.21
24.11
4.80
12.51
-3.39
4.24
27.88
40.25
22.20
32.42
4.04
9.87
32.11
38.03
-25.40 -22.29
-31.84 -28.25
12.77
17.02
19.03
Lodging/Resorts
-12.79
-8.89
22.35
30.79
40.31
49.19
23.31
30.09
-55.01
-52.83
-24.07
-16.15
30.85
45.77
-16.33
-8.63
-7.03
-1.49
26.56
31.69
29.08
32.70
5.93
9.76
22.75
28.17
-25.98 -22.37
-62.72 -59.67
64.53
67.19
40.51
42.77
-3.54
4.12
13.93
24.87
11.87
20.39
7.57
15.77
-23.65
-17.45
-31.98
-24.83
9.97
25.84
39.11
51.85
-3.08
4.82
41.64
53.59
13.35
20.96
-4.60
1.79
35.80
44.55
-17.06 -11.98
15.76
24.62
12.71
19.20
25.20
29.29
Health Care
Self Storage
Specialty
Timber
Mortgage
Home Financing
1.31
8.90
25.41
34.40
34.51
42.84
-1.24
3.41
-10.86
-7.20
-14.19
-8.04
6.50
14.69
36.54
43.24
-5.01
0.56
30.75
38.14
24.33
29.70
21.98
26.55
36.66
40.95
-13.39
-5.22
18.26
27.64
36.59
46.12
20.54
27.33
-28.70
-24.33
-32.35
-25.70
-34.74
-31.60
-2.16
7.60
-10.62
-5.35
30.64
38.55
20.65
26.85
5.93
10.44
15.29
23.56
NA
NA
NA
8.44
3.87
19.61
19.32
14.75
30.31
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-49.52
NA
NA
-41.94
NA
NA
94.91
NA
NA
110.81
NA
NA
40.95
NA
NA
54.19
NA
NA
-10.01
NA
NA
-3.05
NA
NA
-34.12
NA
NA
-29.34
NA
NA
-40.63
NA
NA
-33.73
NA
NA
3.33
-1.60
10.13
15.96
9.16
25.60
46.37
68.36
10.17
77.34
102.03
37.37
Page 18
NA
NA
NA
NA
NA
NA
14.23
11.40
21.27
31.08
28.25
38.50
38.19
22.74
68.54
57.39
42.73
84.67
7.92
12.88
-0.09
18.43
24.91
7.45
NA
-30.88 -23.19
-33.94 -25.95
-22.82 -16.06
-3.47
2.13
-27.16 -24.82
9.89
14.56
NA
NA
-47.69 -42.35
-43.41 -38.23
-54.29 -48.79
5.05
4.44
8.37
-29.07 -25.70
1.44
24.26
31.46
NA
NA
NA
NA
-40.46 -31.31
-30.25 -20.02
-78.24 -74.84
8.26 24.63
11.18 28.19
-46.15 -40.99
Discontinued
4.31
4.31
7.01
5.04
33.88
22.60
21.02
41.99
Equity Market Capitalization
(Millions of dollars at year end)
Year
All REITs
Number
Market
of REITs Capitalization
Number
of REITs
Hybrid1
Equity
Mortgage
Market
Percent of Number
Market
Percent of Number
Market
Capitalization All REITs of REITs Capitalization All REITs of REITs Capitalization
1971
34
1,494.3
12
332.0
22.2
12
570.8
38.2
10
591.6
1972
46
1,880.9
17
377.3
20.1
18
774.7
41.2
11
728.9
1973
53
1,393.5
20
336.0
24.1
22
517.3
37.1
11
540.2
1974
53
712.4
19
241.9
34.0
22
238.8
33.5
12
231.7
1975
46
899.7
12
275.7
30.6
22
312.0
34.7
12
312.0
1976
62
1,308.0
27
409.6
31.3
22
415.6
31.8
13
482.8
1977
69
1,528.1
32
538.1
35.2
19
398.3
26.1
18
591.6
1978
71
1,412.4
33
575.7
40.8
19
340.3
24.1
19
496.4
1979
71
1,754.0
32
743.6
42.4
19
377.1
21.5
20
633.3
1980
75
2,298.6
35
942.2
41.0
21
509.5
22.2
19
846.8
1981
76
2,438.9
36
977.5
40.1
21
541.3
22.2
19
920.1
1982
66
3,298.6
30
1,071.4
32.5
20
1,133.4
34.4
16
1,093.8
1983
59
4,257.2
26
1,468.6
34.5
19
1,460.0
34.3
14
1,328.7
1984
59
5,085.3
25
1,794.5
35.3
20
1,801.3
35.4
14
1,489.4
1985
82
7,674.0
37
3,270.3
42.6
32
3,162.4
41.2
13
1,241.2
1986
96
9,923.6
45
4,336.1
43.7
35
3,625.8
36.5
16
1,961.7
1987
110
9,702.4
53
4,758.5
49.0
38
3,161.4
32.6
19
1,782.4
1988
117
11,435.2
56
6,141.7
53.7
40
3,620.8
31.7
21
1,672.6
1989
120
11,662.2
56
6,769.6
58.0
43
3,536.3
30.3
21
1,356.3
1990
119
8,737.1
58
5,551.6
63.5
43
2,549.2
29.2
18
636.3
1991
138
12,968.2
86
8,785.5
67.7
28
2,586.3
19.9
24
1,596.4
1992
142
15,912.0
89
11,171.1
70.2
30
2,772.8
17.4
23
1,968.1
1993
189
32,158.7
135
26,081.9
81.1
32
3,398.5
10.6
22
2,678.2
1994
226
44,306.0
175
38,812.0
87.6
29
2,502.7
5.6
22
2,991.3
1995
219
57,541.3
178
49,913.0
86.7
24
3,395.4
5.9
17
4,232.9
1996
199
88,776.3
166
78,302.0
88.2
20
4,778.6
5.4
13
5,695.8
1997
211
140,533.8
176
127,825.3
91.0
26
7,370.3
5.2
9
5,338.2
1998
210
138,301.4
173
126,904.5
91.8
28
4,916.2
3.6
9
6,480.7
1999
203
124,261.9
167
118,232.7
95.1
26
4,441.7
3.6
10
1,587.5
2000
189
138,715.4
158
134,431.0
96.9
22
2,652.4
1.9
9
1,632.0
2001
182
154,898.6
151
147,092.1
95.0
22
3,990.5
2.6
9
3,816.0
2002
176
161,937.3
149
151,271.5
93.4
20
7,146.4
4.4
7
3,519.4
2003
171
224,211.9
144
204,800.4
91.3
20
14,186.5
6.3
7
5,225.0
2004
190
305,025.1
150
273,629.0
89.7
33
24,774.1
8.1
7
6,622.0
2005
197
330,691.3
152
301,491.0
91.2
37
23,393.7
7.1
8
5,806.6
2006
183
438,071.1
138
400,741.4
91.5
38
29,195.3
6.7
7
8,134.3
2007
152
312,009.0
118
288,694.6
92.5
29
19,054.1
6.1
5
4,260.3
2008
136
191,651.0
113
176,237.7
92.0
20
14,280.5
7.5
3
1,132.9
2009
142
271,199.1
115
248,355.1
91.6
23
22,103.2
8.2
4
740.8
2010
153
389,295.4
126
358,908.2
92.2
27
30,387.2
7.8
--
--
Note:
Market capitalization equals share price multiplied by the number of shares outstanding and does not include Operating Partnership Units.
1
The FTSE NAREIT Hybrid REIT Index was discontinued on December 17, 2010.
Source: NAREIT®
Page 19
REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes
(Ranked by property sector/subsector and equity market capitalization in millions of dollars as of October 31, 2011)
Equity Market Capitalization
(In millions of dollars)
Number
of REITs
(1)
31
18
8
5
29
18
7
4
19
16
3
16
16
4
12
4
Ticker
Investment
Property
Company
Symbol
Sector
Subsector
(2)
(3)
(4)
(5)
Summary by Investment Sector, Property Sector and Property Subsector
Industrial/Office
Office
Industrial
Mixed
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Diversified
Lodging/Resorts
Self Storage
Health Care
Timber
29
17
12
160
Mortgage REITs
Home Financing
Industry Totals
15
26
29
70
S&P 500 Large Cap
S&P 400 Mid Cap
S&P 600 Small Cap
Total S&P REITs
S&P
REITs
(6)
1
FTSE NAREIT Percent of Percent of
All REITs
Sector
S&P REITs
(7)
(8)
(9)
Percent of
FTSE NAREIT
All REITs
(10)
59,570.7
36,639.0
14,829.4
8,102.3
82,206.0
26,541.9
48,295.4
7,368.6
62,829.1
62,829.1
0.0
19,256.4
16,587.1
25,289.3
50,699.8
22,114.3
73,241.9
46,581.3
18,199.0
8,461.7
106,437.7
33,479.1
65,354.3
7,604.3
68,124.8
64,583.4
3,541.4
31,377.0
23,628.4
26,264.8
52,524.0
22,114.3
17.60
10.82
4.38
2.39
24.28
7.84
14.27
2.18
18.56
18.56
0.00
5.69
4.90
7.47
14.98
6.53
16.39
10.42
4.07
1.89
23.82
7.49
14.62
1.70
15.24
14.45
0.79
7.02
5.29
5.88
11.75
4.95
0.0
0.0
0.0
338,552.7
43,155.6
37,584.5
5,571.1
446,868.6
0.00
0.00
0.00
100.00
9.66
8.41
1.25
100.00
210,140
90,639
37,774
338,552.7
62.07
26.77
11.16
100.00
47.03
20.28
8.45
75.76
Distribution of REITs by S&P Index
Page 20
Summary of REITs in S&P Equity Indexes
Equity Market
Capitalization1
37,619.3
21,961.0
17,250.8
16,180.2
15,999.3
15,256.9
14,412.6
13,659.9
12,572.5
10,076.7
9,636.2
9,313.3
7,089.9
6,131.3
2,980.2
210,140.1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
15
S&P 500 Constituents
Simon Property Group Inc.
Public Storage
Equity Residential
HCP Inc.
Ventas Inc.
Vornado Realty Trust
Boston Properties Inc.
Prologis Inc.
AvalonBay Communities Inc.
Host Hotels & Resorts Inc.
Weyerhaeuser Co.
Health Care REIT Inc.
Kimco Realty Corp.
Plum Creek Timber Company Inc.
Apartment Investment & Management Co.
Subtotal
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
26
S&P 400 Mid Cap Constituents
Macerich Co.
SL Green Realty Corp.
Federal Realty Investment Trust
UDR Inc.
Rayonier Inc. REIT
Essex Property Trust Inc.
Camden Property Trust
Realty Income Corp.
Alexandria Real Estate Equities Inc.
BRE Properties Inc.
Liberty Property Trust
Regency Centers Corp.
Taubman Centers Inc.
Senior Housing Properties Trust
Duke Realty Corp.
Hospitality Properties Trust
Home Properties Inc.
Weingarten Realty Investors
American Campus Communities Inc.
Mack-Cali Realty Corp.
Highwoods Properties Inc.
Equity One Inc.
Omega Healthcare Investors Inc.
Corporate Office Properties Trust
Potlatch Corp.
Cousins Properties Inc.
Subtotal
6,564.2
5,896.2
5,524.4
5,461.7
5,043.0
4,827.7
4,316.1
4,237.3
4,082.0
3,740.4
3,701.3
3,682.3
3,544.6
3,441.7
3,087.5
2,964.8
2,813.1
2,804.6
2,706.9
2,436.4
2,242.9
1,966.2
1,831.0
1,738.8
1,303.8
679.8
90,638.7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
29
S&P 600 Small Cap Constituents
National Retail Properties Inc.
Tanger Factory Outlet Centers Inc.
BioMed Realty Trust Inc.
Mid-America Apartment Communities Inc.
Kilroy Realty Corp.
Extra Space Storage Inc.
Entertainment Properties Trust
Post Properties Inc.
LaSalle Hotel Properties
Colonial Properties Trust
Diamondrock Hospitality Co.
Healthcare Realty Trust Inc.
PS Business Parks Inc.
Lexington Realty Trust
Sovran Self Storage Inc.
EastGroup Properties Inc.
Medical Properties Trust Inc.
Franklin Street Properties Corp.
LTC Properties Inc.
Acadia Realty Trust
Saul Centers Inc.
Inland Real Estate Corp.
Pennsylvania Real Estate Investment Trust
Getty Realty Corp.
Universal Health Realty Income Trust
Urstadt Biddle Properties Inc. Cl A
Parkway Properties Inc.
Kite Realty Group Trust
Cedar Realty Trust Inc
Subtotal
2,599.1
2,419.4
2,369.3
2,317.6
2,144.8
2,113.1
2,083.1
2,073.4
2,034.4
1,768.6
1,511.3
1,470.2
1,313.5
1,236.6
1,215.2
1,169.5
1,123.3
1,034.3
860.3
831.1
678.6
665.5
567.4
532.3
480.5
371.4
281.7
260.0
248.5
37,773.9
70 Total
338,552.7
Page 21
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
18
10
1
2
3
4
5
6
7
8
8
2
Property Sector: Industrial/Office
Piedmont Office Realty Trust Inc.
Douglas Emmett Inc.
Kilroy Realty Corp.
CommonWealth REIT
Brandywine Realty Trust
Government Properties Income Trust
Hudson Pacific Properties Inc.
MPG Office Trust Inc.
Pacific Office Properties Trust Inc.
Subsector Totals
S&P Subsector Total
BXP
SLG
ARE
PDM
DEI
CLI
BMR
HIW
KRC
OFC
CWH
BDN
GOV
FSP
HPP
PKY
MPG
PCE
Prologis Inc.
DCT Industrial Trust Inc.
First Industrial Realty Trust Inc.
First Potomac Realty Trust
Monmouth Real Estate Investment Corp. (Cl A)
STAG Industrial Inc.
Terreno Realty Corp.
Subsector Totals
S&P Subsector Total
PLD
DCT
EGP
FR
FPO
MNR
STAG
TRNO
1
2
3
4
5
5
3
31
15
Duke Realty Corp.
Gladstone Commercial Corp.
Mission West Properties
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
LRY
DRE
PSB
GOOD
MSW
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
18
12
Property Sector: Retail
Kimco Realty Corp.
DDR Corp
Alexander's Inc.
Equity One Inc.
Acadia Realty Trust
Saul Centers Inc.
Retail Opportunity Investment Corp.
Ramco-Gershenson Properties Trust
Excel Trust Inc.
Roberts Realty Investors Inc.
Subsector Totals
S&P Subsector Total
1
2
3
4
5
6
7
7
4
1
2
3
4
4
3
29
19
KIM
FRT
REG
DDR
WRI
SKT
ALX
EQY
AKR
BFS
IRC
ROIC
RPT
UBA
EXL
KRG
CDR
RPI
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
Mixed
Mixed
Mixed
Mixed
Mixed
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
S&P 500
S&P 400
S&P 400
S&P 400
S&P 600
S&P 400
S&P 600
S&P 400
S&P 600
S&P 600
S&P 500
S&P 600
S&P 400
S&P 400
S&P 600
S&P 500
S&P 400
S&P 400
S&P 400
S&P 600
S&P 400
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
General Growth Properties Inc.
Macerich Co.
CBL & Associates Properties Inc.
Glimcher Realty Trust
Subsector Totals
S&P Subsector Total
SPG
GGP
MAC
TCO
CBL
GRT
PEI
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
S&P 500
Realty Income Corp.
Getty Realty Corp.
Agree Realty Corp.
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
O
NNN
GTY
ADC
Equity
Equity
Equity
Equity
Free Standing
Free Standing
Free Standing
Free Standing
S&P 400
S&P 600
S&P 600
Page 22
S&P 400
S&P 400
S&P 600
14,412.6
5,896.2
4,082.0
2,931.7
2,488.7
2,436.4
2,369.3
2,242.9
2,144.8
1,738.8
1,618.6
1,224.9
1,106.2
1,034.3
448.4
281.7
121.8
2.0
46,581.3
36,639.0
30.94
12.66
8.76
6.29
5.34
5.23
5.09
4.82
4.60
3.73
3.47
2.63
2.37
2.22
0.96
0.60
0.26
0.00
100.00
13,659.9
1,216.9
1,169.5
853.0
709.6
304.0
170.7
115.2
18,199.0
14,829.4
75.06
6.69
6.43
4.69
3.90
1.67
0.94
0.63
100.00
3,701.3
3,087.5
1,313.5
184.3
175.1
8,461.7
8,102.3
73,241.9
59,570.7
43.74
36.49
15.52
2.18
2.07
100.00
7,089.9
5,524.4
3,682.3
3,543.5
2,804.6
2,419.4
2,203.5
1,966.2
831.1
678.6
665.5
476.6
371.7
371.4
325.5
260.0
248.5
16.4
33,479.1
26,541.9
4.26
1.74
1.21
0.72
0.70
0.66
0.63
0.51
0.31
0.08
10.82
4.03
0.35
4.38
1.09
0.91
0.39
3.23
1.32
0.91
0.66
0.56
0.55
0.53
0.50
0.48
0.39
0.36
0.27
0.25
0.23
0.10
0.06
0.03
0.00
10.42
3.06
0.27
0.26
0.19
0.16
0.07
0.04
0.03
4.07
2.39
0.83
0.69
0.29
0.04
0.04
1.89
17.60
16.39
21.18
16.50
11.00
10.58
8.38
7.23
6.58
5.87
2.48
2.03
1.99
1.42
1.11
1.11
0.97
0.78
0.74
0.05
100.00
2.09
1.63
1.09
1.59
1.24
0.82
0.79
0.63
0.54
0.49
0.44
0.19
0.15
0.15
0.11
0.08
0.08
0.07
0.06
0.06
0.00
7.49
37,619.3
13,792.8
6,564.2
3,544.6
2,281.8
984.3
567.4
65,354.3
48,295.4
57.56
21.10
10.04
5.42
3.49
1.51
0.87
100.00
11.11
4,237.3
2,599.1
532.3
235.7
7,604.3
7,368.6
106,437.7
82,206.0
55.72
34.18
7.00
3.10
100.00
1.25
0.77
0.16
0.83
0.71
0.58
0.25
0.20
0.20
0.11
0.08
0.07
7.84
1.94
1.05
0.17
14.27
8.42
3.09
1.47
0.79
0.51
0.22
0.13
14.62
2.18
0.95
0.58
0.12
0.05
1.70
24.28
23.82
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
16
12
Property Sector: Residential
Equity Residential
EQR
Equity
Apartments
S&P 500
17,250.8
26.71
AVB
Equity
Apartments
S&P 500
12,572.5
19.47
UDR Inc.
UDR
Equity
Apartments
S&P 400
5,461.7
8.46
ESS
Equity
Apartments
S&P 400
4,827.7
7.48
CPT
Equity
Apartments
S&P 400
4,316.1
6.68
BRE Properties Inc.
BRE
Equity
Apartments
S&P 400
3,740.4
5.79
AIV
Equity
Apartments
S&P 500
2,980.2
4.61
HME
Equity
Apartments
S&P 400
2,813.1
4.36
ACC
Equity
Apartments
S&P 400
2,706.9
4.19
MAA
Equity
Apartments
S&P 600
2,317.6
3.59
PPS
Equity
Apartments
S&P 600
2,073.4
3.21
CLP
Equity
Apartments
S&P 600
1,768.6
2.74
Associated Estates Realty Corp.
AEC
Equity
Apartments
702.4
1.09
Education Realty Trust Inc.
EDR
Equity
Apartments
667.6
1.03
Campus Crest Communities Inc.
CCG
Equity
Apartments
350.7
0.54
Preferred Apartment Communities Inc.
APTS
Equity
Apartments
33.6
0.05
Subsector Totals
64,583.4
100.00
S&P Subsector Total
62,829.1
1
2
3
3
0
19
12
Equity Lifestyle Properties Inc.
Sun Communities Inc.
UMH Properties Inc.
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
16
4
Property Sector: Diversified
Digital Realty Trust Inc.
Washington Real Estate Investment Trust
Dupont Fabros Technology Inc.
American Assets Trust Inc.
Investors Real Estate Trust
CoreSite Realty Corp.
Winthrop Realty Trust
CapLease Inc.
One Liberty Properties Inc.
Whitestone REIT Cl B
BRT Realty Trust
Pittsburgh & West Virginia Railroad
Sector Totals
S&P Sector Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
16
4
Property Sector: Lodging/Resorts
RLJ Lodging Trust
Strategic Hotels & Resorts Inc.
Pebblebrook Hotel Trust
Sunstone Hotel Investors Inc.
Hersha Hospitality Trust (Cl A)
Ashford Hospitality Trust
Chesapeake Lodging Trust
FelCor Lodging Trust Inc.
Summit Hotel Properties Inc.
Chatham Lodging Trust
MHI Hospitality Corp.
Supertel Hospitality Inc.
Sector Totals
S&P Sector Total
ELS
SUI
UMH
VNO
DLR
EPR
WRE
DFT
LXP
AAT
CUZ
IRET
COR
FUR
LSE
OLP
WSR
BRT
PW
HST
HPT
LHO
RLJ
DRH
BEE
PEB
SHO
HT
AHT
CHSP
FCH
INN
CLDT
MDH
SPPR
Equity
Equity
Equity
Manufactured Homes
Manufactured Homes
Manufactured Homes
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 600
S&P 600
S&P 400
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 400
S&P 600
S&P 600
Page 23
2,575.2
818.8
147.3
3,541.4
0.0
68,124.8
62,829.1
72.72
23.12
4.16
100.00
15,256.9
6,194.1
2,083.1
1,908.3
1,298.2
1,236.6
796.3
679.8
602.1
330.8
297.2
265.5
233.5
87.9
86.0
20.7
31,377.0
19,256.4
48.62
19.74
6.64
6.08
4.14
3.94
2.54
2.17
1.92
1.05
0.95
0.85
0.74
0.28
0.27
0.07
100.00
10,076.7
2,964.8
2,034.4
1,575.7
1,511.3
1,056.2
968.4
820.2
745.9
604.8
480.4
374.7
220.1
155.5
22.2
17.2
23,628.4
16,587.1
42.65
12.55
8.61
6.67
6.40
4.47
4.10
3.47
3.16
2.56
2.03
1.59
0.93
0.66
0.09
0.07
100.00
5.10
3.71
1.61
1.43
1.27
1.10
0.88
0.83
0.80
0.68
0.61
0.52
18.56
3.86
2.81
1.22
1.08
0.97
0.84
0.67
0.63
0.61
0.52
0.46
0.40
0.16
0.15
0.08
0.01
14.45
0.00
0.58
0.18
0.03
0.79
18.56
15.24
4.51
3.41
1.39
0.47
0.43
0.29
0.28
0.18
0.15
0.13
0.07
0.07
0.06
0.05
0.02
0.02
0.00
7.02
0.62
0.37
0.20
5.69
2.98
0.88
0.60
0.45
4.90
2.25
0.66
0.46
0.35
0.34
0.24
0.22
0.18
0.17
0.14
0.11
0.08
0.05
0.03
0.00
0.00
5.29
1
2
3
4
4
3
1
2
3
4
5
6
7
8
9
10
11
12
12
9
1
2
3
4
4
4
Property Sector: Self Storage
Public Storage
PSA
Equity
S&P 500
21,961.0
83.61
EXR
Equity
S&P 600
2,113.1
8.05
SSS
Equity
S&P 600
1,215.2
4.63
CubeSmart
CUBE
Equity
975.5
3.71
Sector Totals
26,264.8
100.00
S&P Sector Total
25,289.3
Property Sector: Health Care
HCP Inc.
Ventas Inc.
National Health Investors Inc.
LTC Properties Inc.
Sabra Healthcare REIT Inc.
Cogdell Spencer Inc.
Sector Totals
S&P Sector Total
Property Sector: Timber
Weyerhaeuser Co.
Rayonier Inc. REIT
Potlatch Corp.
Sector Totals
S&P Sector Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
17
0
Investment Sector: Mortgage
Annaly Capital Management Inc.
American Capital Agency Corp.
Chimera Investment Corp.
MFA Financial Inc.
Hatteras Financial Corp.
Invesco Mortgage Capital Inc.
Two Harbors Investment Corp.
CYS Investments Inc
Capstead Mortgage Corp.
Redwood Trust Inc.
Anworth Mortgage Asset Corp.
Armour Residential REIT Inc.
PennyMac Mortgage Investment Trust
Dynex Capital Inc.
AG Mortgage Investment Trust Inc.
American Capital Mortgage Investment Corp.
Apollo Residential Mortgage Inc.
Subsector Totals
S&P Subsector Total
1
2
3
4
5
6
7
8
9
10
11
12
12
0
29
0
Starwood Property Trust Inc.
Crexus Investment Corp.
iStar Financial Inc.
Colony Financial Inc.
Newcastle Investment Corp.
Resource Capital Corp.
Northstar Realty Finance Corp.
Apollo Commercial Real Estate Finance Inc.
RAIT Financial Trust
Arbor Realty Trust Inc.
PMC Commercial Trust
Capital Trust Inc. Cl A
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
15
26
29
70
HCP
VTR
HCN
SNH
OHI
HR
NHI
MPW
LTC
UHT
SBRA
CSA
WY
PCL
RYN
PCH
NLY
AGNC
CIM
MFA
HTS
IVR
TWO
CYS
CMO
RWT
ANH
ARR
PMT
DX
MITT
MTGE
AMTG
STWD
CXS
SFI
CLNY
NCT
RSO
NRF
ARI
RAS
ABR
PCC
CT
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 500
S&P 500
S&P 400
S&P 400
S&P 600
S&P 600
S&P 600
S&P 600
Equity
Equity
Equity
Equity
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
S&P 500
S&P 500
S&P 400
S&P 400
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
S&P 500 Large Cap
S&P 400 Mid Cap
S&P 600 Small Cap
S&P Index Total
30.81
30.46
17.73
6.55
3.49
2.80
2.36
2.14
1.64
0.91
0.72
0.39
100.00
14.98
3.62
3.58
2.08
0.77
0.41
0.33
0.28
0.25
0.19
0.11
0.08
0.05
11.75
9,636.2
6,131.3
5,043.0
1,303.8
22,114.3
22,114.3
43.57
27.73
22.80
5.90
100.00
2.85
1.81
1.49
0.39
6.53
2.16
1.37
1.13
0.29
4.95
16,328.9
4,910.8
3,091.4
2,403.4
1,932.3
1,868.1
1,314.4
1,046.9
1,022.9
912.7
852.1
541.4
474.7
352.7
182.3
181.8
167.5
37,584.5
0.0
43.45
13.07
8.23
6.39
5.14
4.97
3.50
2.79
2.72
2.43
2.27
1.44
1.26
0.94
0.49
0.48
0.45
100.00
0.00
3.65
1.10
0.69
0.54
0.43
0.42
0.29
0.23
0.23
0.20
0.19
0.12
0.11
0.08
0.04
0.04
0.04
8.41
1,751.4
732.5
626.8
482.8
482.8
399.7
378.6
288.1
199.8
92.0
81.7
55.0
5,571.1
0.0
43,155.6
0.0
31.44
13.15
11.25
8.67
8.67
7.17
6.80
5.17
3.59
1.65
1.47
0.99
100.00
0.00
0.39
0.16
0.14
0.11
0.11
0.09
0.08
0.06
0.04
0.02
0.02
0.01
1.25
0.00
9.66
62.07
26.77
11.16
100.00
47.03
20.28
8.45
75.76
446,868.6
Equity market capitalization does not include operating partnership units or preferred stock.
Page 24
7.47
4.78
4.73
2.75
1.02
0.54
0.43
4.91
0.47
0.27
0.22
5.88
16,180.2
15,999.3
9,313.3
3,441.7
1,831.0
1,470.2
1,240.7
1,123.3
860.3
480.5
378.6
204.9
52,524.0
50,699.8
210,140.1
90,638.7
37,773.9
338,552.7
160 Industry Total
1
6.49
0.62
0.36
0.33
0.25
0.14
100.00
U.S. REIT Merger and Acquisition Activity
Enterprise Value in Millions of Dollars
(2004 - 2011)
Year
Acquiror
2004 Ventas, Inc.
Aslan Realty Partners, LLC
ProLogis/Eaton Vance Corporation
Simon Property Group
General Growth Properties, Inc.
PL Retail LLC (Kimco Realty & DRA Advisors)
Target
Acquiror Type
ElderTrust
Great Lakes REIT
Keystone Property Trust
Chelsea Property Group
The Rouse Company
Price Legacy Corporation
Public REIT
Private Real Estate Company
Public REIT/Investment Advisor
Public REIT
Public REIT
Public REIT/Investment Advisor
Enterprise
Value
191
252
729
3,000
7,000
3,500
Total Public to Public
Total Public to Private
14,420
252
Total
14,672 100%
2005 Camden Property Trust
iStar Financial, Inc.
Centro Properties Limited
The Lightstone Group
ProLogis
DRA Advisors LLC
ING Clarion
DRA Advisors LLC
Summit Property Group
Falcon Financial Investment Trust
Cornerstone Realty Income Trust
Kramont Realty Trust
Prime Group Realty Trust
Catellus Development Corporation
CRT Properties, Inc.
Gables Residential Trust
Capital Automotive REIT
Public REIT
Public REIT
Public REIT
Australian LPT
Public REIT
Investment Advisor
Private Equity Joint Venture
Investment Advisor
Total
Completed
Status
19-Nov-03
21-Jan-04
3-May-04
21-Jun-04
19-Aug-04
24-Aug-04
5-Feb-04
27-Apr-04
4-Aug-04
14-Oct-04
12-Nov-04
21-Dec-04
Closed
Closed
Closed
Closed
Closed
Closed
24-Oct-04
20-Jan-05
25-Oct-04
28-Feb-05
2-Mar-05
1-Apr-05
17-Feb-05
6-Jun-05
17-Jun-05
7-Jun-05
2-Sep-05
1-Jul-05
15-Sep-05
30-Sep-05
16-Dec-05
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
3-Oct-05
4-Jan-06
19-Jan-06
7-Feb-06
4-Mar-06
8-Mar-06
31-Mar-06
31-Mar-06
7-Apr-06
2-May-06
2-May-06
5-May-06
2-Jun-06
5-Jun-06
13-Jul-06
31-Jul-06
23-Aug-06
21-Sep-06
1-Oct-06
5-Oct-06
5-Oct-06
6-Oct-06
19-Oct-06
31-Oct-06
10-Nov-06
29-Nov-06
20-Dec-06
29-Dec-06
3-Jan-07
25-Jan-07
4-Dec-06
28-Feb-07
31-Jan-07
24-Jan-07
12-Jan-07
27-Feb-07
13-Apr-07
27-Feb-07
1-Mar-07
31-Oct-07
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
98%
2%
1,100
120
566
120
1,500
3,819
890
4,900
1,800
5,725
9,090
Announced
39%
61%
14,815 100%
2006 Brandywine Realty Trust
Prentiss Properties Trust
CDP Capital-Financing Inc.
Criimi Mae Inc.
Morgan Stanley Property Fund
AMLI Residential Properties
Duke Realty Corporation
The Mark Winkler Company
CalEast Industrial Investors
CenterPoint Properties Trust
Morgan Stanley Real Estate and Onex Real Estate
Town and Country Trust
Kimco Realty Corporation
Atlantic Realty Trust
Host Marriott Corporation
Starwood Hotels and Resorts
GE Real Estate, Inc. & Trizec Properties
Arden Realty Trust
Blackstone Group LP
MeriStar Hospitality Corporation
LBA Realty LLC
Bedford Property Investors
Spirit Finance Corporation
Sun Capital Partners, Inc. (ShopKo Stores)
Mack-Cali Realty Corporation
Gale Real Estate Services Corp.
Blackstone Group LP
CarrAmerica Realty Corp.
Archstone-Smith
Deutsche WohnAnlage GmbH
Public Storage Inc.
Shurgard Storage Centers Inc.
Westmont Hospitality and Cadim Inc. (Braveheart HoldinBoykin Lodging Company
Accredited Home Lenders Holding Co.
Aames Investment Corporation
Brookfield Properties Corporation
Trizec Canada, Inc.
Blackstone Group LP and Brookfield Properties Co.
Trizec Properties, Inc.
Health Care Property Investors
CNL Retirement Properties
Centro Watt
Heritage Property Investment Trust Inc.
Kimco Realty Corporation
Pan Pacific Retail Properties
Morguard Corporation
Sizeler Property Investors, Inc.
Morgan Stanley
Glenborough Realty Trust, Inc.
Health Care REIT
Windrose Medical Properties Trust
Koll/PER LLC
AmeriVest Properties
Lexington Corporate Properties
Newkirk Realty Trust, Inc.
Reckson Associates Realty Corp.
Morgan Stanley
Saxon Capital
Babcock & Brown Real Estate Investments
BNP Residential Properties Inc.
TravelCenters of America Inc.
Geo Group
CentraCore Properties Trust
Crown Castle International Corporation
Global Signal Inc.
Developers Diversified Realty Corp.
Inland Retail Real Estate Trust, Inc.
Record Realty Trust
Government Properties Trust, Inc.
GE Capital Solutions
Trustreet Properties, Inc.
JP Morgan-Special Situation Property Fund
Columbia Equity Trust
National HealthCare Corporation
National Health Realty
Public REIT
Investment Advisor/Pension Fund
Investment Advior/Brokerage Firm
Public REIT
Real Estate Operating Partnership
Private Real Estate Joint Venture
Public REIT
Public REIT
Public non-REIT and REIT
Private Equity Firm
Public REIT
Public REIT
Private Equity Firm
Public REIT
Public REIT
JV- Public Pension Fund
Mortgage Banking Firm
Real Estate Operating Company
JV- Private Equity Firm & REOC
Public REIT
JV - Australian LPT & Private Equity Firm
Public REIT
Canadian REIT
Brokerage Firm
Public REIT
Real Estate Operating Partnership
Public REIT
Public REIT
Brokerage Firm
Investment Advisor/Brokerage Firm
Public REIT
Correctional Facility Operator
Public Tower Company
Public REIT
Australian LPT
Financial Lending Company
Pension Trust Fund
Health Care Provider (Public Company)
1,921
1,700
2,100
855
2,436
1,500
83
4,040
3,032
2,600
432
815
545
5,600
649
3,200
417
340
2,670
6,500
5,300
3,200
4,000
324
1,900
877
273
1,080
6,000
706
766
1,900
428
4,000
6,200
223
3,000
502
268
23-Oct-05
2-Mar-06
7-Dec-05
19-Dec-05
1-Dec-05
14-Nov-05
21-Dec-05
20-Feb-06
10-Feb-06
10-May-06
16-Feb-06
6-Mar-06
29-Jun-06
7-Mar-06
22-May-06
14-Sep-06
5-Jun-06
5-Jun-06
2-May-06
9-Jul-06
10-Jul-06
7-Aug-06
21-Aug-06
13-Sep-06
18-Jul-06
25-Jul-06
3-Aug-06
8-Aug-06
31-Aug-06
1-Sep-06
19-Sep-06
16-Oct-06
23-Oct-06
24-Oct-06
30-Oct-06
6-Nov-06
21-Dec-06
47,182
35,200
Total
82,381 100%
Page 25
57%
43%
U.S. REIT Merger and Acquisition Activity
Enterprise Value in Millions of Dollars
(2004 - 2011)
Year
Acquiror
Target
Acquiror Type
2007 Ventas, Inc.
Sunrise Senior Living REIT
Simon Propery Group; Farallon Capital Management
Mills Corporation
Morgan Stanley
CNL Hotels & Resorts Inc.
Brookfield Asset Management Inc.
Longview Fibre
Blackstone Group
Equity Office Properties Trust
Credit-Based Asset Servicing and Securitization LLC (C-Fieldstone Investment Corporation
Centro Properties Group
New Plan Excel Realty Trust, Inc.
Macquarie Bank Limited, Kaupthing Bank hf, et al.
Spirit Finance Corporation
Inland American Real Estate Trust Inc.
Winston Hotels, Inc.
Apollo Investment Corporation
Innkeepers USA Trust
JER Partners
Highland Hospitality
AP AIMCAP Holdings LLC
Eagle Hospitality Properties Trust, Inc.
Morgan Stanley
Crescent Real Estate Equity
Tishman Speyer/ Lehman Brothers
Archstone-Smith
Whitehall Street Global Real Estate, LP
Equity Inns, Inc.
Sentinel Omaha LLC
America First Apartment Investors
Republic Property Trust
Gramercy Capital Corp/New York
American Financial Realty Trust
Public REIT
Public REIT; Investment Advisor
Brokerage Firm
Asset Management Firm
Private Equity Firm
Mortgage Banking Firm
Australian LPT
Closed-End Investment Company
Private Equity Firm
Closed-End Investment Company
Brokerage Firm
Real Estate Company/ Brokerage Firm
Real Estate Advisory Firm
Public REIT
Public REIT
Enterprise
Value
1,036
1,350
6,702
2,150
39,000
259
6,200
3,500
460
1,500
2,000
319
6,500
22,200
2,200
532
850
1,094
10,530
87,321
Total
97,851 100%
2008 American Campus Communities
Hypo Real Estate Bank AG
Boston Properties
American Land Lease
GMH Communities Trust
Public REIT
Quadra Realty Trust
Brokerage Firm
Macklowe Properties (New York Office Portf Public REIT
Green Courte Real Estate Partners
Private Equity Firm
Completed
Status
14-Jan-07
17-Jan-07
19-Jan-07
5-Feb-07
7-Feb-07
16-Feb-07
27-Feb-07
13-Mar-07
3-Apr-07
16-Apr-07
24-Apr-07
27-Apr-07
23-May-07
29-May-07
21-Jun-07
25-Jun-07
24-Jul-07
5-Nov-07
26-Apr-07
3-Apr-07
12-Apr-07
20-Apr-07
9-Feb-07
17-Jul-07
20-Apr-07
1-Aug-07
2-Jul-07
29-Jun-07
28-Jul-07
15-Aug-07
3-Aug-07
5-Oct-07
25-Oct-07
18-Sep-07
4-Oct-07
1-Apr-08
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
Closed
12-Feb-08
29-Jan-08
24-May-08
10-Dec-08
11-Jun-08
14-Mar-08
10-Jun-08
16-Mar-09
Closed
Closed
Closed
Closed
24-Feb-10
16-Mar-10
14-Dec-10
30-Jul-10
13-Aug-10
8-Apr-11
Closed
Closed
Closed
31-Jan-11
28-Feb-11
3-Jun-11
1-Jul-11
Closed
Closed
11%
89%
1,400
179
3,950
113
5,350
292
Total
5,642 100%
2009
Announced
95%
5%
No Deals
2010 Brookfield Asset Management Inc.
Tiptree Financial Partners, LP
HCP, Inc.
Crystal River Capital, Inc.
Care Investment Trust, Inc.
HCR ManorCare, Inc.
Real Estate Advisory Firm
Public REIT
14
97
6,080
6,080
111
Total
6,191 100%
2011 AMB Property Corp.
Ventas, Inc.
ProLogis
Nationwide Health Properties, Inc.
Public REIT
Public REIT
98%
2%
16,517
7,010
23,527 100%
0%
Total
23,527 100%
Industry Totals: 2004-2011
112,813
132,266
Total
245,079 100%
Page 26
46%
54%
Industrial/Office
Share Price ($)
52 Week
31-Oct-2011
High
Low
FFO per Share
Estimates ($)
2011
2012
Price/FFO
Estimates
2011
2012
FFO
Growth (%)
2011 - 2012
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
-7.72
3.00
17.33
-19.30
-17.28
-27.79
11.48
0.64
-5.98
-1.51
-13.73
11.62
-11.42
-11.81
-88.43
-15.78
-4.08
5.60
-9.73
1.64
15.57
15.52
9.09
20.47
-3.27
12.56
8.48
NA
14.35
NA
10.41
14.66
-12.36
-52.75
-4.79
2.41
20.53
4.53
-4.88
-5.75
3.80
-16.88
-8.03
-8.81
-0.89
-3.19
NA
1.29
NA
-9.10
-5.93
-43.13
-39.82
-19.35
-1.10
-8.37
-10.63
2.84
4.42
2.02
6.59
10.34
6.80
2.67
5.98
7.14
5.49
3.74
3.82
6.41
0.00
8.63
2.33
7.42
0.58
4.85
4,082.0
2,369.3
14,412.6
1,224.9
1,618.6
1,738.8
2,488.7
1,034.3
1,106.2
2,242.9
448.4
2,144.8
2,436.4
121.8
2.0
281.7
2,931.7
5,896.2
2,587.8
4,082.0
2,423.3
16,336.3
1,314.3
1,618.6
1,845.1
3,111.8
1,034.3
1,106.2
2,359.9
483.3
2,207.8
2,795.7
137.2
9.2
281.7
2,931.7
6,028.1
2,783.7
35.7
39.3
31.2
59.8
65.6
50.6
53.8
26.3
23.1
43.6
34.7
42.5
36.5
95.0
91.2
71.6
30.5
45.7
48.7
677
2,065
1,689
2,842
672
900
1,979
323
362
1,014
145
709
1,655
355
1
103
1,162
1,173
990
43,282
35,550
154,115
22,624
12,482
20,441
35,327
3,846
8,090
29,115
1,792
23,541
44,497
771
1
1,202
19,089
73,264
29,391
1.060
1.500
1.069
1.847
0.771
1.176
1.419
0.372
0.731
1.298
0.400
1.098
1.826
0.633
0.030
0.427
0.651
1.243
0.975
-2.59
7.05
12.44
-12.17
4.32
-3.65
NA
-29.18
-3.40
4.60
13.32
34.38
-9.27
9.83
9.33
NA
-29.92
4.61
6.55
15.50
-0.44
11.91
13.81
11.94
NA
NA
9.88
NA
1.12
-23.61
-8.36
8.68
-9.07
NA
NA
-6.25
5.65
4.77
0.00
5.63
7.14
3.76
4.34
2.41
4.21
1,216.9
1,169.5
853.0
709.6
304.0
13,659.9
170.7
115.2
2,274.9
1,338.3
1,169.5
904.9
743.3
304.0
13,759.9
252.4
115.2
2,323.5
47.7
40.6
59.0
52.1
43.6
44.3
44.6
27.5
44.9
3,173
281
1,032
296
118
4,555
53
39
1,193
14,208
11,056
9,061
3,939
965
118,351
568
491
19,830
1.168
0.945
1.062
0.555
0.317
0.866
0.332
0.426
0.709
2.42
-4.03
4.86
22.55
-2.13
4.74
3.97
-1.94
1.53
25.02
-7.22
4.27
2.76
25.67
18.13
5.18
9.40
12.23
-15.44
4.59
-1.42
-1.76
-0.98
-3.00
5.54
8.91
5.94
6.68
3.31
6.08
3,087.5
184.3
3,701.3
175.1
1,313.5
1,692.3
3,175.8
184.3
3,826.1
818.5
1,702.4
1,941.4
54.1
59.2
35.1
27.7
9.9
37.2
3,699
49
1,310
76
155
1,058
39,892
790
38,720
574
7,610
17,517
1.292
0.428
1.046
0.328
0.579
0.735
Total Return (%)
YTD
1-Yr
39.82
68.97
40.65
46.88
56.82
NA
27.03
76.00
80.77
70.83
48.08
67.31
65.22
0.00
NA
NA
82.89
9.26
52.03
7.15
5.79
7.19
7.33
6.81
17.74
10.51
3.96
3.16
5.54
5.08
6.89
4.69
17.45
NA
12.88
4.83
2.08
7.59
7.66
9.29
11.10
16.11
4.78
11.34
14.04
14.04
11.41
9.62
14.88
17.22
6.80
13.27
-1.92
16.71
5.01
18.64
11.11
7.66
9.29
11.10
16.11
4.78
11.34
14.04
14.04
11.41
9.62
14.88
17.22
6.80
13.27
-1.92
16.71
5.01
18.64
11.11
-8.01
0.42
16.78
-17.09
-17.47
-27.52
19.77
-5.65
-6.33
1.09
-8.86
3.59
-10.03
-13.09
-87.77
-25.51
-11.52
2.62
-10.81
4.74
5.13
2.24
18.77
-1.48
37.23
6.02
307.04
47.46
77.78
71.23
0.00
74.07
88.24
NA
0.00
NA
51.89
7.78
6.62
8.18
7.31
5.35
26.38
NA
NA
10.27
14.84
14.34
23.13
13.95
5.93
22.72
5.29
-2.18
12.25
14.84
14.34
23.13
13.95
5.93
22.72
5.29
-2.18
12.25
-2.94
0.21
1.38
2.47
-3.25
-0.43
58.62
96.15
73.08
100.00
39.64
73.50
6.81
7.69
4.88
4.67
0.93
5.00
16.95
8.16
9.93
2.50
7.45
9.00
16.95
8.16
9.93
2.50
7.45
9.00
ARE
BMR
BXP
BDN
CWH
OFC
DEI
FSP
GOV
HIW
HPP
KRC
CLI
MPG
PCE
PKY
PDM
SLG
66.09
18.11
98.99
9.11
19.35
24.25
19.50
12.70
23.53
30.98
13.36
36.69
28.06
2.39
0.51
12.85
16.98
68.99
27.91
84.93
20.78
112.36
12.76
28.71
36.74
21.05
15.38
27.71
36.92
16.07
41.94
35.48
4.17
4.55
18.54
21.25
90.01
34.96
57.19
15.35
81.95
7.09
16.44
20.50
15.54
10.58
20.20
26.51
10.85
29.25
24.86
1.88
0.42
9.95
15.42
55.14
23.28
4.40
1.19
4.83
1.38
3.42
1.36
1.36
0.89
1.98
2.50
1.08
2.23
2.77
0.52
NA
1.70
1.53
4.76
2.23
4.60
1.28
4.89
1.37
3.45
2.14
1.37
0.92
2.04
2.68
1.19
2.46
2.68
-0.65
NA
2.19
1.48
4.32
2.26
15.04
15.22
20.48
6.62
5.66
17.87
14.37
14.27
11.89
12.40
12.41
16.47
10.13
4.64
NA
7.55
11.07
14.49
12.39
14.37
14.13
20.24
6.66
5.61
11.34
14.20
13.80
11.56
11.58
11.24
14.94
10.46
-3.71
NA
5.86
11.44
15.97
11.16
4.65
7.71
1.15
-0.64
0.85
57.56
1.22
3.37
2.84
7.12
10.37
10.23
-3.20
-225.24
NA
28.97
-3.26
-9.31
-6.21
Industrial
DCT Industrial Trust Inc.
First Industrial Realty Trust Inc.
First Potomac Realty Trust
Monmouth Real Estate Investment Corp. (Cl A)
Prologis Inc.
STAG Industrial Inc.
Terreno Realty Corp.
AVERAGE
DCT
EGP
FR
FPO
MNR
PLD
STAG
TRNO
4.96
43.61
9.85
14.21
8.40
29.76
10.74
12.45
16.75
5.83
46.91
12.67
17.12
8.85
37.26
12.91
18.60
20.02
4.02
34.76
7.36
11.32
7.50
22.63
9.72
11.94
13.66
0.37
2.96
0.83
0.95
0.68
1.23
1.05
0.18
1.03
0.39
3.11
0.85
1.13
0.67
1.69
1.11
0.72
1.21
13.46
14.75
11.87
14.97
12.44
24.19
10.25
70.14
21.51
12.85
14.03
11.61
12.61
12.63
17.63
9.67
17.23
13.53
Mixed
Duke Realty Corp.
Gladstone Commercial Corp.
Mission West Properties
AVERAGE
DRE
GOOD
LRY
MSW
PSB
12.28
16.83
32.00
7.78
53.23
24.42
15.51
19.48
36.06
8.83
63.04
28.58
9.70
14.40
26.16
6.42
46.70
20.68
1.13
1.58
2.57
0.54
4.57
2.08
1.10
1.58
2.61
0.55
4.42
2.05
10.84
10.65
12.44
14.41
11.64
12.00
11.17
10.63
12.27
14.06
12.03
12.03
OVERALL AVERAGE
Page 27
Average
Dollar
Volume
Dividend
Yield (%)
QTD
Office
Brandywine Realty Trust
CommonWealth REIT
Douglas Emmett Inc.
Government Properties Income Trust
Hudson Pacific Properties Inc.
Kilroy Realty Corp.
MPG Office Trust Inc.
Pacific Office Properties Trust Inc.
Piedmont Office Realty Trust Inc.
AVERAGE
Average
Share
Volume
5-Yr
Oct-11
Ticker
FFO
Payout (%)
2011: Q3
3-Yr
Debt/
EBITDA
2011: Q3
Name
Debt
Ratio (%)
Relative
Liquidity
Long-Term
Issuer Rating
BBBBBBABBBBBB
BBBBBBBBBBBB
BBB
BB+
B+
BBB-
BBBBBB
BBB+
Retail
Share Price ($)
52 Week
31-Oct-2011
High
Low
FFO per Share
Estimates ($)
2011
2012
Price/FFO
Estimates
2011
2012
FFO
Growth (%)
2011 - 2012
Debt/
EBITDA
2011: Q3
Oct-11
QTD
Total Return (%)
YTD
1-Yr
105.88
53.57
NA
44.44
78.57
70.00
65.69
NA
62.07
50.00
74.20
75.82
64.29
NA
75.00
62.50
90.74
91.67
70.96
15.90
7.49
23.50
9.42
6.37
6.51
4.97
15.90
6.06
10.14
7.92
5.91
2.41
NA
6.88
5.10
2.63
8.00
8.53
10.80
20.13
18.01
17.52
8.13
9.25
7.71
3.37
17.72
14.64
17.68
15.94
2.89
0.31
7.10
9.06
13.40
9.64
11.29
10.80
20.13
18.01
17.52
8.13
9.25
7.71
3.37
17.72
14.64
17.68
15.94
2.89
0.31
7.10
9.06
13.40
9.64
11.29
16.83
7.54
-38.28
-8.02
-2.09
-9.47
16.68
-9.98
0.01
-19.77
-19.06
0.17
17.88
12.80
-21.57
13.29
-3.16
0.96
-2.51
-5.47
5.97
61.84
18.65
75.82
5.83
12.56
25.03
42.86
111.11
NA
106.38
45.45
48.48
71.72
71.00
7.78
15.28
17.11
10.50
10.46
5.64
6.98
10.54
35.39
22.44
29.38
16.73
32.73
16.78
21.71
25.02
35.39
22.44
29.38
16.73
32.73
16.78
21.71
25.02
28.40
-9.41
5.64
6.10
7.68
74.07
94.12
100.00
90.35
89.64
3.61
2.41
5.58
4.58
4.04
9.78
10.54
2.85
4.07
6.81
9.78
10.54
2.85
4.07
6.81
Name
Ticker
Shopping Centers
Acadia Realty Trust
Alexander's Inc.
DDR Corp
Equity One Inc.
Excel Trust Inc.
Kimco Realty Corp.
Ramco-Gershenson Properties Trust
Retail Opportunity Investment Corp.
Roberts Realty Investors Inc.
Saul Centers Inc.
AVERAGE
AKR
ALX
CDR
DDR
EQY
EXL
FRT
IRC
KIM
KRG
RPT
REG
ROIC
RPI
BFS
SKT
UBA
WRI
20.72
433.70
3.67
12.81
17.15
10.51
88.76
7.50
17.47
4.13
9.65
40.96
11.40
1.60
35.84
28.16
17.84
23.21
43.62
21.97
456.73
6.54
15.14
20.05
13.21
90.56
9.94
20.30
5.64
13.51
47.32
11.64
2.26
48.40
28.92
20.05
26.80
47.72
17.74
333.00
2.75
10.17
14.89
8.96
74.87
6.66
14.11
3.30
7.60
33.37
9.53
1.43
31.54
22.39
15.31
19.39
34.83
0.97
22.63
-0.09
0.78
1.29
0.60
4.02
0.73
1.19
0.44
0.94
2.38
0.70
NA
2.06
1.43
1.25
1.51
2.52
1.06
23.76
0.43
1.03
1.11
0.76
4.19
0.84
1.26
0.47
0.95
2.51
0.75
NA
2.37
1.60
1.23
1.85
2.71
21.35
19.16
-41.70
16.32
13.28
17.40
22.07
10.34
14.71
9.48
10.25
17.24
16.40
NA
17.37
19.65
14.27
15.38
12.53
19.60
18.25
8.50
12.48
15.51
13.85
21.21
8.93
13.89
8.79
10.16
16.34
15.30
NA
15.12
17.59
14.53
12.53
14.27
8.96
4.99
-590.53
30.75
-14.33
25.62
4.05
15.86
5.92
7.84
0.91
5.50
7.19
NA
14.86
11.71
-1.80
22.82
-25.86
Regional Malls
CBL & Associates Properties Inc.
General Growth Properties Inc.
Glimcher Realty Trust
Macerich Co.
AVERAGE
CBL
GGP
GRT
MAC
PEI
SPG
TCO
15.38
14.70
9.16
49.76
10.26
128.44
61.23
41.28
19.24
17.38
10.32
56.20
17.16
130.80
62.62
44.82
10.91
11.33
6.51
40.21
7.12
94.71
45.82
30.94
2.13
0.91
0.46
2.65
0.99
6.87
2.71
2.39
2.01
0.96
0.75
3.15
1.74
7.27
3.05
2.70
7.23
16.23
19.90
18.77
10.38
18.70
22.56
16.25
7.65
15.31
12.29
15.82
5.90
17.67
20.04
13.53
Free Standing
Agree Realty Corp.
Getty Realty Corp.
Realty Income Corp.
AVERAGE
ADC
GTY
NNN
O
23.91
15.94
27.25
33.41
25.13
28.63
32.15
27.53
36.07
31.10
20.06
13.70
22.92
28.04
21.18
1.66
2.13
1.54
1.98
1.82
2.13
1.93
1.62
2.10
1.94
14.45
7.50
17.75
16.87
14.14
11.25
8.28
16.80
15.91
13.06
FFO
Payout (%)
2011: Q3
OVERALL AVERAGE
Page 28
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
51.3
39.9
71.8
52.0
37.9
55.4
24.5
49.0
34.4
65.7
49.7
34.1
30.8
57.2
46.8
28.4
26.9
46.1
44.5
369
4
441
3,967
961
130
586
562
4,839
236
249
977
246
1
57
1,127
87
1,151
888
7,055
1,534
1,388
45,526
15,246
1,309
49,357
4,039
75,736
889
2,140
35,850
2,692
1
2,021
30,341
1,447
24,661
16,735
0.849
0.070
0.559
1.285
0.775
0.402
0.893
0.607
1.068
0.342
0.576
0.974
0.565
0.008
0.298
1.254
0.390
0.879
0.655
2,928.0
13,890.2
1,010.7
7,115.1
591.3
45,326.2
5,085.1
10,849.5
60.3
52.0
56.3
35.0
70.6
30.4
34.5
48.4
2,616
5,165
1,187
1,570
691
2,556
864
2,093
34,594
66,689
9,313
70,401
5,680
298,322
47,199
76,028
1.516
0.484
0.946
1.073
1.001
0.793
1.332
1.021
244.0
532.3
2,599.1
4,237.3
1,903.2
32.4
16.8
37.9
31.1
29.6
70
212
1,366
1,298
736
1,554
3,260
36,138
42,002
20,738
0.659
0.612
1.390
0.991
0.913
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
3.47
2.77
9.81
1.87
5.13
5.90
3.11
7.60
4.12
5.81
6.77
4.52
3.51
0.00
4.02
2.84
5.49
4.74
4.53
831.1
2,203.5
248.5
3,543.5
1,966.2
325.5
5,524.4
665.5
7,089.9
260.0
371.7
3,682.3
476.6
16.4
678.6
2,419.4
371.4
2,804.6
1,859.9
841.3
2,203.5
253.7
3,548.3
1,967.8
340.2
5,556.4
665.5
7,118.4
292.4
399.0
3,689.5
476.6
19.9
872.7
2,761.1
371.4
2,842.2
1,901.1
-10.94
-16.30
-8.77
-2.62
-17.38
10.33
9.97
-5.10
5.46
2.04
4.37
4.02
5.85
2.49
2.86
3.87
2,281.8
13,792.8
984.3
6,564.2
567.4
37,619.3
3,544.6
9,336.3
0.46
-5.60
11.19
11.50
4.39
6.69
6.27
5.65
5.21
5.96
235.7
532.3
2,599.1
4,237.3
1,901.1
3-Yr
5-Yr
12.80
18.69
-37.62
0.46
-3.56
-3.55
11.86
-7.84
5.88
-9.20
-11.75
1.43
22.44
12.41
-12.99
21.02
-1.95
0.48
1.06
11.16
9.01
-23.52
4.67
5.65
NA
17.68
-6.47
-2.59
-4.85
-2.39
7.22
9.77
-11.12
3.42
20.19
9.24
12.08
3.48
0.89
4.91
-21.79
-22.53
-1.94
NA
5.72
-10.69
-12.68
-20.53
-15.57
-6.13
NA
-21.74
-2.11
12.72
4.48
-7.23
-7.14
-8.40
-3.07
13.02
8.24
-26.95
31.87
24.22
5.56
3.39
15.34
27.96
16.26
-24.81
37.73
36.92
16.11
32.04
68.22
36.88
30.25
4.36
30.25
28.78
32.97
-3.67
-46.05
9.06
1.89
-9.69
0.86
-39.91
6.65
2.50
-7.48
16.07
1.53
23.37
20.30
15.32
Dividend
Yield (%)
Debt
Ratio (%)
Long-Term
Issuer Rating
BB
BBBBBB+
BBB+
BBB
BBB
BBB
BB
B+
A-
BBB
BBB
Residential
Share Price ($)
52 Week
31-Oct-2011
High
Low
FFO per Share
Estimates ($)
2011
2012
Price/FFO
Estimates
2011
2012
FFO
Growth (%)
2011 - 2012
FFO
Payout (%)
2011: Q3
Name
Ticker
Apartments
Associated Estates Realty Corp.
BRE Properties Inc.
Campus Crest Communities Inc.
Education Realty Trust Inc.
Equity Residential
Preferred Apartment Communities Inc.
UDR Inc.
AVERAGE
ACC
AIV
AEC
AVB
BRE
CPT
CCG
CLP
EDR
EQR
ESS
HME
MAA
PPS
APTS
UDR
38.93
24.67
16.98
133.69
50.12
60.64
11.43
20.28
9.25
58.68
142.76
58.90
62.40
41.08
6.50
24.93
47.58
40.19
27.97
18.27
139.51
54.25
69.32
14.32
21.80
9.61
63.68
146.45
66.92
73.25
43.96
10.00
27.14
51.67
30.09
20.71
14.43
107.77
40.66
50.63
9.39
16.82
7.26
49.50
108.40
53.04
56.57
32.29
5.70
20.77
39.00
1.81
1.47
1.04
4.67
2.13
2.71
0.74
1.16
0.37
2.43
5.68
3.50
4.03
1.83
NA
1.27
2.32
1.97
1.79
1.23
5.52
2.37
3.40
0.88
1.26
0.44
2.77
6.46
3.80
4.37
1.96
NA
1.42
2.64
21.46
16.73
16.35
28.65
23.49
22.35
15.40
17.42
25.28
24.19
25.11
16.85
15.50
22.49
NA
19.67
20.73
19.74
13.78
13.79
24.23
21.18
17.84
12.96
16.06
20.82
21.19
22.11
15.48
14.27
20.92
NA
17.59
18.13
8.73
21.45
18.56
18.24
10.91
25.25
18.87
8.45
21.39
14.15
13.59
8.80
8.63
7.50
NA
11.86
14.42
80.36
44.44
62.96
78.98
76.53
122.50
94.12
46.88
55.56
58.19
78.79
71.26
67.47
36.36
NA
59.68
68.94
Manufactured Homes
Equity Lifestyle Properties Inc.
Sun Communities Inc.
UMH Properties Inc.
AVERAGE
ELS
SUI
UMH
66.13
38.08
10.04
38.08
72.10
39.92
11.32
41.11
53.25
31.16
8.73
31.05
3.53
3.13
NA
3.33
4.47
3.39
NA
3.93
18.71
12.19
NA
15.45
14.81
11.25
NA
13.03
26.37
8.32
NA
17.35
51.37
88.73
NA
70.05
Debt/
EBITDA
2011: Q3
Oct-11
QTD
Total Return (%)
YTD
1-Yr
3-Yr
5-Yr
7.26
9.34
7.35
6.95
7.32
9.94
5.51
8.61
7.58
7.83
7.85
8.20
7.39
5.90
NA
9.02
7.74
4.62
11.53
11.03
17.22
18.38
9.74
5.06
11.67
8.47
13.13
18.93
3.77
4.73
18.25
14.04
13.61
11.51
4.62
11.53
11.03
17.22
18.38
9.74
5.06
11.67
8.47
13.13
18.93
3.77
4.73
18.25
14.04
13.61
11.51
26.23
-3.18
15.93
21.44
17.96
15.21
-15.10
14.94
22.37
14.98
28.14
9.51
2.26
15.04
NA
9.49
13.01
28.08
7.78
27.61
29.58
20.57
26.52
-3.86
16.62
26.78
23.96
30.74
12.82
6.38
37.95
NA
14.55
20.41
20.32
28.78
36.37
30.38
18.95
28.38
NA
32.52
35.42
24.20
18.97
20.16
27.43
27.33
NA
16.40
26.12
13.30
-4.87
7.11
5.07
-0.78
-0.52
NA
-6.17
-4.44
6.00
5.59
4.17
4.73
0.67
NA
1.47
2.24
6.82
9.79
8.43
8.35
5.47
10.10
10.45
8.67
5.47
10.10
10.45
8.67
20.43
22.61
3.81
15.62
18.97
25.24
1.70
15.30
19.21
52.68
29.27
33.72
8.16
14.02
-1.41
6.93
OVERALL AVERAGE
Page 29
Average
Share
Volume
Average
Dollar
Volume
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
3.47
1.95
4.00
2.67
2.99
3.23
5.31
2.96
3.03
2.30
2.91
4.21
4.02
2.14
3.85
3.21
3.27
2,706.9
2,980.2
702.4
12,572.5
3,740.4
4,316.1
350.7
1,768.6
667.6
17,250.8
4,827.7
2,813.1
2,317.6
2,073.4
33.6
5,461.7
4,036.5
2,733.3
3,186.1
703.7
12,573.6
3,771.3
4,465.2
354.0
1,915.8
677.8
18,042.3
5,145.9
3,466.7
2,439.4
2,080.1
NA
5,608.2
4,477.6
33.6
61.7
48.4
25.2
31.0
34.6
32.5
48.3
34.8
32.2
32.4
44.9
37.8
33.6
NA
45.4
38.4
1,079
2,369
360
1,029
1,092
784
180
863
873
2,612
477
1,290
510
559
9
2,629
1,045
41,370
55,548
5,720
125,440
50,014
44,606
1,941
16,188
7,990
142,917
62,239
72,660
30,401
20,742
58
60,176
46,126
1.528
1.864
0.814
0.998
1.337
1.033
0.554
0.915
1.197
0.828
1.289
2.583
1.312
1.000
0.172
1.102
1.158
2.27
6.62
7.17
5.35
2,575.2
818.8
147.3
1,180.5
2,860.2
897.7
147.3
1,301.7
43.7
61.4
42.0
49.0
406
135
31
191
25,699
4,959
299
10,319
0.998
0.606
0.203
0.602
Dividend
Yield (%)
Debt
Ratio (%)
Relative
Liquidity
Long-Term
Issuer Rating
BB+
BB+
BBB+
BBB
BBB
BB+
BBB+
BBB
BBBBBB
Share Price ($)
52 Week
High
Low
31-Oct-2011
FFO per Share
Estimates ($)
2011
2012
Price/FFO
Estimates
2011
2012
FFO
Growth (%)
2011 - 2012
796.3
86.0
265.5
330.8
679.8
6,194.1
1,298.2
2,083.1
602.1
1,236.6
233.5
20.7
15,256.9
1,908.3
87.9
297.2
1,961.1
1,169.2
NA
266.1
767.4
679.8
6,507.9
1,730.4
2,083.1
750.8
1,273.9
233.5
20.7
16,238.8
1,908.3
109.1
297.2
2,269.1
42.2
NA
78.3
12.8
34.3
31.1
25.3
34.4
54.6
53.4
49.6
0.0
36.3
37.4
46.3
33.9
38.0
189
8
223
130
705
1,415
1,169
436
376
1,336
45
6
1,885
777
40
174
557
3,542
47
807
1,914
4,196
82,521
23,830
17,555
2,742
9,208
703
79
143,512
22,293
461
1,526
19,684
0.445
0.055
0.304
0.579
0.617
1.332
1.836
0.843
0.455
0.745
0.301
0.382
0.941
1.168
0.525
0.514
0.690
-22.84
11.35
11.49
-5.84
7.56
3.23
15.15
8.79
NA
6.71
6.64
12.83
5.01
9.90
4.82
5.43
6.35
5.92
7.92
5.50
9.01
10.13
6.77
6.37
3.23
6.78
204.9
16,180.2
9,313.3
1,470.2
860.3
1,123.3
1,240.7
1,831.0
378.6
3,441.7
480.5
15,999.3
4,377.0
234.7
16,417.1
9,313.3
1,470.2
860.3
1,123.3
1,240.7
1,831.0
378.6
3,441.7
480.5
15,999.3
4,399.2
55.5
33.6
42.3
47.4
13.5
33.7
3.8
36.3
47.8
32.8
17.2
42.4
33.9
342
4,523
2,401
970
203
1,076
142
1,260
497
2,476
49
2,439
1,365
1,276
166,516
116,694
17,196
5,349
10,179
6,084
21,105
4,743
54,046
1,740
124,805
44,145
0.623
1.029
1.253
1.170
0.622
0.906
0.490
1.153
1.253
1.570
0.362
0.780
0.934
78.33
NA
NA
23.03
0.00
11.29
42.67
12.90
21.13
-10.14
NA
NA
4.76
NA
5.98
-30.21
14.52
-2.19
NA
NA
-8.21
-29.41
-9.26
-4.25
-6.55
-7.84
-22.45
NA
NA
-21.27
NA
-21.30
-33.10
-15.08
3.37
6.22
5.35
2.65
0.00
5.44
7.49
1.12
1.84
0.87
2.52
1.55
0.00
2.09
0.00
0.00
2.53
604.8
155.5
480.4
1,511.3
374.7
745.9
2,964.8
10,076.7
2,034.4
22.2
968.4
1,575.7
1,056.2
220.1
820.2
17.2
1,476.8
750.0
155.5
480.4
1,511.3
376.6
777.9
2,964.8
10,230.8
2,034.4
29.6
986.1
1,589.0
1,061.0
301.6
820.2
17.2
1,505.4
71.3
46.4
39.8
37.5
70.0
42.1
41.0
31.9
23.5
76.6
19.4
43.1
44.6
37.8
60.4
88.6
48.4
589
54
141
1,791
1,351
1,292
1,035
11,348
1,064
5
557
161
1,703
150
1,753
16
1,438
4,559
557
1,807
14,113
3,438
5,037
23,024
139,733
22,529
10
9,176
2,164
8,234
1,145
10,729
11
15,392
0.754
0.358
0.376
0.934
0.918
0.675
0.777
1.387
1.107
0.045
0.948
0.137
0.780
0.520
1.308
0.065
0.693
17.32
42.84
34.24
18.44
28.21
15.26
30.93
20.75
17.68
21.15
-11.35
9.53
10.93
0.01
2.28
2.85
2.49
2.94
4.07
3.09
975.5
2,113.1
21,961.0
1,215.2
6,566.2
1,021.9
2,181.8
21,990.9
1,230.1
6,606.2
37.1
37.6
2.1
36.8
28.4
1,633
935
1,095
193
964
14,478
18,858
127,967
7,717
42,255
1.484
0.892
0.583
0.635
0.899
6.69
1.30
24.49
13.60
11.52
5.16
13.04
29.81
10.57
14.65
5.52
5.27
14.03
-2.68
5.53
4.46
6.28
3.83
3.34
4.48
6,131.3
1,303.8
5,043.0
9,636.2
5,528.6
6,131.3
1,303.8
5,043.0
9,636.2
5,528.6
29.6
20.6
12.8
27.8
22.7
1,839
397
1,105
7,266
2,652
66,046
13,138
43,407
121,809
61,100
1.077
1.008
0.861
1.264
1.052
Total Return (%)
YTD
1-Yr
80.77
NA
59.09
43.33
40.91
66.67
28.57
NA
114.33
NA
71.74
NA
54.33
86.75
190.00
62.50
74.92
7.80
NA
12.10
1.94
6.24
4.95
3.75
9.23
8.23
25.02
5.26
0.00
6.53
6.40
8.05
5.89
7.43
12.92
-1.29
8.31
16.03
12.14
13.00
6.22
14.93
2.92
20.18
10.91
1.99
10.98
2.77
5.86
4.14
8.88
12.92
-1.29
8.31
16.03
12.14
13.00
6.22
14.93
2.92
20.18
10.91
1.99
10.98
2.77
5.86
4.14
8.88
-1.80
-14.25
-29.90
25.18
-20.00
25.23
-0.70
1.66
-12.75
3.17
3.91
15.88
1.85
-2.44
-14.91
-25.91
-2.93
39.22
9.43
13.99
13.53
9.20
39.07
1.19
19.66
12.42
7.33
1.59
12.35
14.92
NA
61.54
85.12
96.77
79.25
NA
61.50
90.48
96.97
92.50
96.03
100.88
86.10
10.90
4.44
6.32
8.01
1.76
5.49
0.45
4.88
6.07
3.57
3.65
6.40
5.16
7.16
13.66
12.59
12.11
12.61
12.85
6.08
13.96
7.65
6.04
12.97
12.57
10.85
7.16
13.66
12.59
12.11
12.61
12.85
6.08
13.96
7.65
6.04
12.97
12.57
10.85
4.65
7.98
9.68
12.03
8.94
10.34
7.29
13.11
11.95
NA
15.24
9.13
21.37
8.56
7.16
3.06
10.03
2.53
51.61
44.19
18.55
79.79
14.39
-1.28
23.37
28.91
NA
43.33
19.76
117.35
33.69
17.04
6.52
33.32
NA
NA
111.11
61.54
NA
41.67
54.88
6.67
20.37
0.00
66.67
NA
NA
NA
0.00
NA
40.32
9.14
1.21
3.78
6.21
19.34
5.16
3.72
4.64
2.71
7.05
3.91
NA
NA
5.19
6.33
18.16
6.89
26.78
13.41
23.78
29.47
29.18
27.46
15.35
30.44
24.53
6.02
21.60
16.05
32.02
14.31
22.14
-1.23
20.71
15.83
19.88
22.10
17.74
18.89
14.14
17.61
20.91
15.16
16.95
11.98
12.94
5.71
17.01
11.91
46.67
51.85
68.35
67.16
58.51
6.38
6.97
0.37
4.69
4.60
31.38
18.15
NA
NA
24.76
31.38
17.01
NA
NA
24.19
0.00
6.70
NA
NA
3.35
NA
NA
NA
NA
NA
6.66
3.97
1.58
4.98
4.30
AAT
BRT
LSE
COR
CUZ
DLR
DFT
EPR
IRET
LXP
OLP
PW
VNO
WRE
WSR
FUR
20.27
6.14
3.91
16.65
6.56
62.33
20.79
44.80
7.41
7.86
16.26
12.74
82.81
28.96
11.70
9.05
22.39
23.01
7.38
6.14
17.73
9.12
64.85
26.60
49.88
9.69
10.05
17.80
14.87
98.60
34.53
14.90
13.15
26.14
16.96
5.90
3.21
12.58
5.41
48.32
19.22
35.91
6.92
5.96
13.29
9.15
69.97
25.51
10.53
8.16
18.56
1.10
NA
0.58
1.15
0.42
4.05
1.60
2.38
0.64
0.76
1.50
NA
6.14
1.95
0.92
1.47
1.76
1.29
NA
0.63
1.29
0.49
4.42
1.83
3.57
0.68
0.92
1.62
NA
5.59
2.03
1.21
1.53
1.94
18.43
NA
6.75
14.47
15.81
15.39
12.98
18.85
11.53
10.36
10.84
NA
13.49
14.83
12.72
6.17
13.04
15.71
NA
6.17
12.87
13.39
14.10
11.34
12.54
10.94
8.53
10.04
NA
14.82
14.29
9.65
5.90
11.45
17.27
NA
9.41
12.43
18.07
9.20
14.48
50.29
5.45
21.42
8.00
NA
-9.01
3.81
31.74
4.55
14.08
Health Care
Cogdell Spencer Inc.
HCP Inc.
LTC Properties Inc.
National Health Investors Inc.
Sabra Healthcare REIT Inc.
Ventas Inc.
AVERAGE
CSA
HCP
HCN
HR
LTC
MPW
NHI
OHI
SBRA
SNH
UHT
VTR
4.04
39.85
52.69
18.89
28.36
10.10
44.69
17.76
10.27
22.44
37.97
55.61
28.56
6.71
40.60
54.98
23.63
29.91
12.47
49.19
24.27
19.17
24.54
43.38
57.19
32.17
3.44
28.77
41.11
15.16
21.65
8.39
38.03
14.42
8.65
19.09
32.21
43.96
22.91
0.30
2.56
3.33
1.17
2.09
0.65
3.02
1.60
1.32
1.76
2.52
3.08
1.95
0.41
2.80
3.79
1.33
2.29
0.90
3.05
1.91
1.48
1.88
2.56
3.46
2.16
13.65
15.60
15.84
16.14
13.55
15.61
14.82
11.11
7.81
12.79
15.07
18.04
14.17
9.81
14.25
13.90
14.22
12.41
11.22
14.64
9.29
6.94
11.91
14.83
16.06
12.46
Lodging/Resorts
Ashford Hospitality Trust
Chatham Lodging Trust
Chesapeake Lodging Trust
FelCor Lodging Trust Inc.
Hersha Hospitality Trust (Cl A)
MHI Hospitality Corp.
Pebblebrook Hotel Trust
RLJ Lodging Trust
Strategic Hotels & Resorts Inc.
Summit Hotel Properties Inc.
Sunstone Hotel Investors Inc.
Supertel Hospitality Inc.
AVERAGE
AHT
CLDT
CHSP
DRH
FCH
HT
HPT
HST
LHO
MDH
PEB
RLJ
BEE
INN
SHO
SPPR
8.90
11.25
14.94
9.05
3.01
4.41
24.03
14.27
23.91
2.29
19.03
14.82
5.69
8.07
6.95
0.75
10.71
14.27
17.50
20.11
12.56
8.12
6.91
25.71
19.77
29.38
3.10
22.22
18.36
7.54
11.52
10.90
1.88
14.37
6.15
9.20
11.30
6.52
2.03
3.18
19.05
10.17
15.72
1.92
14.12
11.78
3.94
6.70
5.07
0.61
7.97
1.87
0.93
1.07
0.63
0.19
0.37
3.34
0.88
1.55
NA
0.87
1.36
0.12
0.71
0.83
0.23
1.00
1.91
1.41
1.54
0.75
0.34
0.43
3.30
1.09
2.00
NA
1.25
1.62
0.27
0.94
0.97
0.25
1.20
4.77
12.10
13.96
14.26
16.08
11.83
7.19
16.18
15.40
NA
21.84
10.93
46.45
11.45
8.38
3.26
14.27
Self Storage
CubeSmart
Public Storage
AVERAGE
CUBE
EXR
PSA
SSS
9.81
22.53
129.05
44.20
51.40
11.39
23.41
131.52
44.60
52.73
8.04
15.64
96.60
34.27
38.64
0.62
1.13
5.84
2.49
2.52
0.69
1.28
6.17
2.91
2.77
Timber
Potlatch Corp.
Rayonier Inc. REIT
Weyerhaeuser Co.
AVERAGE
PCL
PCH
RYN
WY
37.66
32.48
41.73
17.98
32.46
44.00
40.55
45.17
25.20
38.73
33.75
29.12
33.39
15.25
27.88
1.20
1.79
NA
NA
1.50
1.20
1.91
NA
NA
1.56
OVERALL AVERAGE
Page 30
Average
Dollar
Volume
2.91
0.00
6.65
3.12
2.74
4.36
2.31
6.25
7.02
5.85
8.12
3.14
3.33
5.99
9.74
7.18
4.92
QTD
Diversified
American Assets Trust Inc.
BRT Realty Trust
CapLease Inc.
CoreSite Realty Corp.
Digital Realty Trust Inc.
Dupont Fabros Technology Inc.
Investors Real Estate Trust
One Liberty Properties Inc.
Pittsburgh & West Virginia Railroad
Washington Real Estate Investment Trust
Whitestone REIT Cl B
Winthrop Realty Trust
AVERAGE
Average
Share
Volume
Implied
Market
Cap ($M)
Oct-11
Ticker
FFO
Payout (%)
2011: Q3
Equity
Market
Cap ($M)
Debt/
EBITDA
2011: Q3
Name
3-Yr
5-Yr
NA
-7.95
-29.61
14.46
-9.96
9.14
-15.36
3.12
-9.38
6.94
10.77
20.24
-2.16
-4.24
-4.28
-29.43
-3.18
NA
7.92
-12.23
NA
-18.60
28.01
51.45
15.31
-2.16
11.61
23.96
16.60
10.46
5.44
NA
-3.66
10.32
NA
-18.12
-14.40
NA
-23.29
17.48
NA
3.29
0.68
-6.58
2.39
13.00
-3.08
-1.66
NA
-15.80
-3.84
-26.11
12.75
15.52
-6.61
6.30
-1.48
3.47
-14.76
-41.51
9.28
9.00
9.49
-2.05
-33.68
16.67
9.16
-16.91
8.26
-2.81
1.94
-16.84
NA
0.36
8.98
8.46
-1.49
-24.40
17.24
12.89
-3.15
12.69
22.12
22.16
13.45
NA
13.31
10.69
21.79
10.80
26.78
13.41
23.78
29.47
29.18
27.46
15.35
30.44
24.53
6.02
21.60
16.05
32.02
14.31
22.14
-1.23
20.71
-4.90
-32.12
-17.28
-22.60
-57.24
-30.69
12.21
-19.62
-8.15
9.50
-4.49
-14.79
7.56
NA
-32.72
-53.11
-18.12
-9.59
-35.86
-12.54
-12.21
-51.06
-24.44
13.34
-9.55
2.79
-6.83
-0.36
NA
24.78
NA
-35.94
-57.18
-15.33
16.00
20.93
15.90
20.31
18.28
16.00
20.93
15.90
20.31
18.28
5.99
32.21
30.28
25.72
23.55
8.50
3.05
13.43
15.63
10.15
8.50
3.05
13.43
15.63
10.15
3.79
4.29
22.46
-2.96
6.90
Dividend
Yield (%)
Debt
Ratio (%)
Relative
Liquidity
Long-Term
Issuer Rating
BBB
BBBB
BBB+
BBB+
BBB
BBBBBBBB
BB
B+
BBBBBB-
BBBBBB-
A
BBB-
BBB
BB
BBB+
BBB-
Mortgage
Share Price ($)
52 Week
31-Oct-2011
High
Low
FFO per Share
Estimates ($)
2011
2012
Price/FFO
Estimates
2011
2012
FFO
Growth (%)
2011 - 2012
Name
Ticker
Home Financing
AG Mortgage Investment Trust Inc.
American Capital Agency Corp.
American Capital Mortgage Investment Corp.
Annaly Capital Management Inc.
Anworth Mortgage Asset Corp.
Apollo Residential Mortgage Inc.
Armour Residential REIT Inc.
Capstead Mortgage Corp.
Chimera Investment Corp.
CYS Investments Inc
Dynex Capital Inc.
Hatteras Financial Corp.
Invesco Mortgage Capital Inc.
MFA Financial Inc.
PennyMac Mortgage Investment Trust
Redwood Trust Inc.
Two Harbors Investment Corp.
AVERAGE
MITT
AGNC
MTGE
NLY
ANH
AMTG
ARR
CMO
CIM
CYS
DX
HTS
IVR
MFA
PMT
RWT
TWO
18.14
27.51
18.18
16.85
6.45
16.31
7.15
12.12
3.01
12.68
8.76
25.70
15.78
6.75
17.10
11.62
9.35
13.73
19.95
30.70
19.69
18.72
7.72
18.65
8.08
13.88
4.31
14.03
10.99
31.63
24.01
8.64
19.04
17.06
11.34
16.38
17.22
25.89
15.70
15.48
6.24
14.93
5.91
10.81
2.55
11.36
7.51
23.81
13.32
6.27
15.14
10.09
8.32
12.39
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Apollo Commercial Real Estate Finance Inc.
Arbor Realty Trust Inc.
Capital Trust Inc. Cl A
Colony Financial Inc.
Crexus Investment Corp.
iStar Financial Inc.
Newcastle Investment Corp.
Northstar Realty Finance Corp.
PMC Commercial Trust
RAIT Financial Trust
Resource Capital Corp.
Starwood Property Trust Inc.
AVERAGE
ARI
ABR
CT
CLNY
CXS
SFI
NCT
NRF
PCC
RAS
RSO
STWD
14.01
3.61
2.49
14.67
9.56
6.79
4.59
3.95
7.74
5.20
5.37
18.79
8.06
17.06
7.12
5.10
21.32
13.48
10.31
8.47
6.08
9.40
11.16
7.65
23.39
11.71
12.22
3.22
1.15
12.06
8.30
4.61
3.75
2.99
7.17
3.12
4.54
16.40
6.63
NA
-1.00
NA
NA
NA
NA
3.22
-0.94
NA
NA
NA
NA
0.43
NA
-1.25
NA
NA
NA
NA
1.56
1.36
NA
NA
NA
NA
0.56
NA
-3.61
NA
NA
NA
NA
1.43
-4.20
NA
NA
NA
NA
-2.13
NA
-2.89
NA
NA
NA
NA
2.94
2.90
NA
NA
NA
NA
0.99
NA
25.00
NA
NA
NA
NA
-51.55
-244.68
NA
NA
NA
NA
-90.41
Average
Share
Volume
Average
Dollar
Volume
Debt/
EBITDA
2011: Q3
Oct-11
QTD
Total Return (%)
YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
43.21
31.88
NA
NA
42.94
NA
NA
19.66
NA
NA
NA
NA
NA
NA
34.42
-2.99
1.51
8.86
1.32
-1.81
-0.55
6.84
5.03
8.66
4.88
8.68
2.15
11.68
-0.13
7.55
4.03
5.89
4.21
-2.99
1.51
8.86
1.32
-1.81
-0.55
6.84
5.03
8.66
4.88
8.68
2.15
11.68
-0.13
7.55
4.03
5.89
4.21
NA
10.69
NA
4.54
2.09
NA
7.28
6.84
-17.76
12.61
-12.52
-5.48
-17.15
-8.68
1.75
-17.86
7.55
-1.86
NA
16.48
NA
9.76
5.15
NA
19.48
21.62
-14.17
16.65
-7.64
0.98
-12.37
-3.06
9.57
-12.06
18.95
4.95
NA
39.70
NA
23.41
19.83
NA
4.19
23.06
16.47
NA
20.51
23.39
NA
22.21
NA
-0.99
12.18
18.54
NA
NA
NA
18.93
5.35
NA
NA
21.03
NA
NA
13.26
NA
NA
8.40
NA
-18.71
NA
8.04
2.21
20.36
1.10
14.24
14.26
0.00
18.46
14.52
17.28
17.35
12.33
15.56
20.28
14.81
11.70
8.61
17.11
12.95
182.3
4,910.8
181.8
16,328.9
852.1
167.5
541.4
1,022.9
3,091.4
1,046.9
352.7
1,932.3
1,868.1
2,403.4
474.7
912.7
1,314.4
2,210.9
NA
4,910.8
NA
16,328.9
852.1
NA
541.4
1,022.9
3,091.4
NA
352.7
1,932.3
1,890.6
2,403.4
474.7
912.7
1,314.4
2,771.4
NA
91.3
NA
85.8
88.7
NA
91.4
91.5
35.8
NA
85.0
88.6
86.3
75.8
56.7
78.9
88.4
80.3
55
6,917
103
20,167
2,447
151
2,424
1,260
12,344
1,384
274
1,161
2,803
6,557
192
688
2,482
3,612
996
189,409
1,721
325,849
15,933
2,338
16,541
14,720
35,090
16,857
2,252
28,872
40,699
43,239
3,143
7,698
22,284
45,155
0.546
3.857
0.947
1.996
1.870
1.396
3.055
1.439
1.135
1.610
0.638
1.494
2.179
1.799
0.662
0.843
1.695
1.598
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
47.16
NA
0.39
NA
19.46
6.48
NA
11.03
36.28
NA
NA
20.13
6.38
-4.50
13.00
13.54
7.66
16.67
12.78
19.70
-0.77
56.23
7.40
9.50
13.13
6.38
-4.50
13.00
13.54
7.66
16.67
12.78
19.70
-0.77
56.23
7.40
9.50
13.13
-7.34
-39.43
62.58
-22.30
-21.47
-13.17
-27.87
-10.83
-3.32
-17.75
-17.78
-6.59
-10.44
-4.71
-31.89
72.60
-16.50
-17.30
48.58
23.91
-3.25
2.21
7.22
-0.83
1.14
6.76
NA
1.99
-31.69
NA
NA
84.64
6.07
-1.94
4.98
-22.18
26.80
NA
8.58
NA
-29.23
-40.39
NA
NA
-28.44
-26.52
-13.05
-2.23
-38.27
-3.21
NA
-22.67
11.42
0.00
0.00
9.00
12.55
0.00
5.45
10.13
8.27
4.04
18.62
9.37
7.40
288.1
92.0
55.0
482.8
732.5
626.8
482.8
378.6
81.7
199.8
399.7
1,751.4
464.3
288.1
92.0
55.0
482.8
732.5
626.8
482.8
395.5
81.7
199.8
399.7
1,751.4
465.7
66.5
92.1
74.5
7.2
0.0
88.9
87.1
89.8
54.4
88.2
78.9
25.6
62.8
127
72
60
300
447
1,217
1,414
839
8
1,099
736
797
593
1,674
247
134
4,048
4,031
7,550
6,045
2,875
58
4,352
3,772
14,187
4,081
0.581
0.269
0.243
0.838
0.550
1.205
1.252
0.759
0.071
2.178
0.944
0.810
0.808
FFO
Payout (%)
2011: Q3
Page 31
Debt
Ratio (%)
Relative
Liquidity
Long-Term
Issuer Rating
B+
REIT Payout Ratios:
Dividends as a Percent of FFO
(Adjusted quarterly series, 1994:Q1-2011:Q2)
Percent
100
90
90
89
88
88
Average Payout Ratio: 72.39%
86
86
85
84
83
83
82
80
81
79
78
76
75
74
74 74
72
72 72
70
74
71 71
71
70
69
68
68 68
68
68
68
73
73
74
73
72
72
72
71
70
69
69
68
68
68
67
66
68
69
68 68
67
66
66
65
70 70
70
69 69
66
66
65
64 64
63
62
60
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Note: 1994-1999 quarters are based on partial data for the Top 100 Equity REITs.
Source: NAREIT®, SNL Financial.
Page 32
2004
2005
2006
2007
2008
2009
2010
2011
Summary of Financial Leverage by Property Sector
2011: Q2
( Publicly Traded Real Estate Investment Trusts)
Sector
Number of
Companies
Implied Market
Capitalization1
Debt Ratio
Interest
Coverage
Fixed Charge
Coverage
Industrial/Office
Office
Industrial
Mixed
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Diversified
Lodging/Resorts
Health Care
Self Storage
Timber
Equity Totals
31
18
8
5
28
17
7
4
19
16
3
14
16
13
4
3
128
86,707,001
55,866,899
20,493,175
10,346,926
114,446,194
32,256,801
74,787,934
7,401,458
68,187,089
64,480,284
3,706,805
34,635,963
27,761,565
49,783,620
23,730,616
13,280,903
418,532,950
43.2
42.9
45.2
40.5
39.1
38.8
40.0
30.5
37.4
37.1
43.0
38.1
41.4
33.2
10.6
22.1
37.6
2.92
3.42
1.34
3.11
2.29
2.54
2.10
3.74
2.41
2.42
2.22
2.73
2.76
3.38
10.01
4.32
2.77
2.64
3.14
1.23
2.48
2.14
2.21
2.03
3.20
2.30
2.32
2.00
2.35
2.25
3.15
4.07
4.32
2.49
Home Financing
Mortgage Totals
12
14
26
6,232,478
35,360,649
41,593,127
77.4
82.0
81.4
0.97
1.13
1.09
0.90
1.11
1.05
154
460,126,077
48.2
2.42
2.21
Industry Totals
Notes:
1
Implied market capitalization is the sum of Operating Partnership units plus common shares outstanding,
multiplied by share price; data presented in thousands of dollars as of period-end.
Source: NAREIT®, SNL Financial.
Page 33
FTSE EPRA/NAREIT Global Real Estate Index Series
Developed Market Investment Performance
(Percent change, as of October 31, 2011)
(All values based in U.S. dollars)
Period
Global
Return Components
Total
Price Income
North America
Return Components
Total
Price Income
2001
-3.81
-7.85
4.04
9.98
2002
2.82
-2.38
5.20
2.42
2003
40.69
33.47
7.23
37.70
2004
37.96
31.97
6.00
33.51
2005
15.35
10.67
4.69
13.21
2006
42.35
37.50
4.85
36.26
2007
-6.96
-9.98
3.02
-14.92
2008
-47.72
-50.21
2.49
-40.63
2009
38.26
31.75
6.51
32.22
2010
20.40
15.88
4.52
28.65
2011
-1.19
-4.18
2.98
7.53
Quarter (including current quarter to date)
2010: Q4
6.15
5.27
0.89
7.29
2011: Q1
3.04
2.24
0.80
6.89
Q2
2.94
1.68
1.26
3.44
Q3
-17.30
-18.00
0.70
-14.59
Q4
12.63
12.41
0.22
13.87
Month
2011: May
0.51
0.01
0.50
1.12
June
-2.48
-2.89
0.41
-3.03
July
0.73
0.59
0.14
1.44
August
-6.29
-6.61
0.32
-5.72
September
-12.40
-12.72
0.32
-10.70
October
12.63
12.41
0.22
13.87
Historical (compound annual rates at month-end)
1-Year
0.67
-3.01
10.24
3-Year
15.53
10.65
17.53
5-Year
-2.90
-6.81
-0.99
10-Year
10.88
6.17
11.41
15-Year
7.34
2.72
10.39
20-Year
8.67
4.02
13.07
Source: FTSE™, EPRA®, NAREIT®.
Asia
Return Components
Total
Price Income
Europe
Return Components
Total
Price Income
4.09
-3.79
29.65
26.88
8.09
30.89
-18.25
-43.88
25.18
23.63
4.36
5.90
6.21
8.05
6.63
5.12
5.38
3.33
3.25
7.04
5.01
3.17
-17.22
-7.15
44.83
36.85
23.37
36.49
14.80
-52.48
43.43
17.21
-11.31
-19.55
-10.58
38.47
32.24
18.63
32.15
11.67
-54.43
37.82
13.23
-13.72
2.33
3.44
6.36
4.61
4.73
4.34
3.13
1.94
5.61
3.98
2.42
-6.12
21.69
44.68
52.73
9.43
66.99
-24.50
-51.13
40.45
9.23
-0.96
-9.41
16.81
38.72
46.95
6.03
62.79
-26.63
-53.30
33.00
4.41
-4.75
3.29
4.88
5.96
5.78
3.39
4.20
2.13
2.17
7.45
4.82
3.80
6.23
5.94
2.50
-15.42
13.62
1.06
0.95
0.94
0.83
0.24
6.12
-3.61
0.27
-18.08
12.02
5.26
-4.30
-0.70
-18.80
11.80
0.87
0.69
0.97
0.72
0.21
3.02
8.89
7.67
-23.27
10.10
2.55
8.23
4.77
-23.59
9.92
0.48
0.66
2.90
0.32
0.17
0.77
-3.39
1.25
-6.05
-11.09
13.62
0.35
0.36
0.20
0.32
0.39
0.24
-0.30
-2.34
1.45
-6.28
-13.84
12.02
-0.58
-2.81
1.37
-6.69
-14.15
11.80
0.28
0.47
0.08
0.41
0.31
0.21
0.53
-1.12
-2.78
-7.94
-14.28
10.10
-0.84
-1.55
-2.86
-8.07
-14.43
9.92
1.38
0.43
0.09
0.13
0.15
0.17
-8.77
14.59
-2.11
10.36
4.77
6.84
-11.83
10.34
-5.56
6.39
1.17
3.30
-3.25
11.77
-8.39
10.67
7.94
7.06
-7.25
6.52
-12.25
6.37
3.88
2.86
6.15
12.14
-5.41
6.05
4.57
6.49
Page 34
Glossary of REITWatch terms:
REIT Name:
Full name of the company.
Ticker:
The company's stock exchange symbol.
Share Price ($):
The closing price per share on the date noted.
52-Week Share Price ($):
The high and low closing prices for the shares over the previous 52 weeks.
Price/FFO Multiples:
Price on the date indicated divided by the Thompson First Call mean FFO estimate for both 2011 and 2012. Estimates are compiled from SNL
Financial on the pricing date.
FFO per Share Estimates ($):
Thompson First Call mean FFO estimates for 2011 and 2012.
FFO Growth (%):
The percentage change between the 2011 mean FFO estimate and the 2012 mean FFO estimate as reported by Thompson First Call, and
obtained from SNL Financial.
Debt/EBITDA Multiples
Average Total Debt over the prior 2 quarters divided by the the most recent quarter's annualized EBITDA.
FFO Payout (%):
Regular cash dividends paid on the company's primary issue of common stock as a percent of funds from operations, on a per-share basis.
Dividend Yield (%):
The current indicated dividend rate annualized and divided by the current stock price.
Dividend Spread (%):
The difference between the REIT dividend yield and the 10-year constant maturity treasury yield.
Total Returns (%):
Total returns are calculated by taking the closing price for the current period, adding any dividends with an ex-dividend date in that period then
subtracting the closing price for the previous period and dividing the result by the closing price of the prior period.
Month:
The monthly total return as calculated at month-end.
Year to Date:
The total return for the calendar year through the latest month-end.
One Year:
The total return for the previous year.
Two Year:
The annualized total return for the previous 2 years.
Three Year:
Five Year:
Equity Market Capitalization ($ Millions):
Price on the date indicated times the number of common shares outstanding.
Implied Market Capitalization ($ Millions):
Price on the date indicated times the number of shares outstanding including Operating Partnership Units.
Debt Ratio (%):
A leverage ratio calculated by taking the REIT’s total debt and dividing it by the total market capitalization. Total capitalization is the sum of implied
market capitalization and total debt.
Long-Term Issuer Rating:
The long-term credit rating, as announced by Standard & Poors, and obtained from SNL Financial.
Average Share Volume:
The average number of shares traded daily over the past month, represented in thousands.
Average Daily Dollar Volume:
The average of the daily value of shares traded over the past month, represented in thousands. Daily value is computed by multiplying shares
traded by the closing price on that date.
Relative Liquidity (%):
Average daily dollar volume divided by equity market capitalization.
2006 ChartBook
7/27/06
9:15 AM
Page 3
National Association of Real Estate Investment Trusts®
REITs: Building Dividends & Diversification®
1875 I St, NW, Suite 600, Washington D.C. 20006
phone: 202-739-9400 • fax: 202-739-9401

nareit - REIT.com

Transcription

Similar documents

REITWatch®