REITWatch®

Transcription

REITWatch®

NAREIT®
REITWatch
May 2016
(Data as of April 30, 2016)
®
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 2016 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, Senior Director, Industry Information, NAREIT®, 1875 I Street, NW, Suite 600,
Washington, DC 20006 or call (202) 739-9400.
REITWATCH
TABLE OF CONTENTS
I. Indicators of US 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 REITs Dividend Yield vs. 10-Year Constant Maturity Treasury ................ 7
FTSE NAREIT Equity REITs 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
Wilshire 5000 Return Components ................................................................................................ 16
Annual Price and Total Returns by Investment Sector ................................................................... 17
Annual Price and Total Returns by Property Sector ....................................................................... 18
Annual Price and Total Returns by Property Subsector ................................................................. 19
Annual Equity Market Capitalization ............................................................................................. 20
REITs in the FTSE NAREIT All REIT Index and S&P Equity Indexes ........................................ 21
Mergers & Acquisitions Activity ................................................................................................... 26
II. US REIT Performance Statistics by Property Sector and Subsector
Industrial/Office ............................................................................................................................. 28

Office

Industrial

Mixed
Retail .............................................................................................................................................. 29

Shopping Centers

Regional Malls

Free Standing
Residential ...................................................................................................................................... 30

Apartments

Manufactured Homes
Diversified ...................................................................................................................................... 31
Health Care ..................................................................................................................................... 31
Lodging/Resorts ............................................................................................................................. 31
Self Storage .................................................................................................................................... 31
Timber ............................................................................................................................................ 31
Mortgage ........................................................................................................................................ 32

Home Financing

Commercial Financing
III. Indicators of US REIT Industry Activity
REIT Payout Ratios: Dividend as a Percent of Funds from Operations ......................................... 33
REIT Dividends and Funds from Operations by Property Sector/Subsector .................................. 34
US REIT Industry Balance Sheet ................................................................................................... 35
Summary of REIT Financial Leverage ........................................................................................... 36
IV. Indicators of Global Real Estate Investment Performance
FTSE EPRA/NAREIT Global Real Estate Index Series Investment Performance ........................ 37
V. Glossary of REITWatch Terms
This page intentionally left blank.
National Association of Real Estate Investment Trusts ®
REIT Industry Fact Sheet
Data as of April 29, 2016, except where noted.
Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs.
Industry Size

FTSE NAREIT All REITs equity market capitalization = $972 billion

FTSE NAREIT All Equity REITs equity market capitalization = $914 billion

REITs own approximately $1.8 trillion of commercial real estate assets, including listed and non-listed
public Equity and Mortgage REITs

219 REITs are in the FTSE NAREIT All REITs Index

193 REITs trade on the New York Stock Exchange

NYSE listed REITs equity market capitalization = $915 billion
Investment Performance
Year-to-date and compound annual total returns of the FTSE NAREIT All REITs Index, the FTSE NAREIT All Equity REITs Index,
and leading US benchmarks for periods ending April 29, 2016:
FTSE NAREIT
Dow Jones
All
REITs
All
Equity REITs
S&P
500
Russell
2000
NASDAQ
Composite
Industrial
Average
2016: YTD
4.09
3.92
1-Year
7.39
8.11
1.74
0.03
-4.27
2.83
1.21
-5.94
-2.19
3-Year
6.57
2.25
6.97
11.26
7.53
14.17
8.82
5-Year
9.96
10.05
11.02
6.98
12.05
9.52
10-Year
6.25
6.72
6.91
5.42
8.58
7.34
15-Year
10.78
11.23
5.48
7.22
5.58
6.00
20-Year
10.39
10.94
7.92
7.48
7.19
8.41
25-Year
10.70
11.26
9.29
9.37
9.58
7.54
30-Year
9.15
10.35
9.99
8.58
8.77
7.96
35-Year
10.25
11.78
11.05
9.59
9.24
8.58
40-Year
11.65
13.27
11.03
-
10.44
7.47
1972 - 2016
9.77
12.00
10.29
-
8.67
6.99
Data in percent; highest return for the period in bold.
Returns in italics are price-only.
Dividends
Yield Comparison
- FTSE NAREIT All REITs:
4.28%
- FTSE NAREIT All Equity REITs: 3.86%
- S&P 500:
2.18%

Public listed REITs paid out approximately $46.5 billion and public non-listed REITs paid out approximately $4.5 billion
in dividends during 2015.

On average, 66 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 12 percent qualify
as return of capital and 22 percent qualify as long-term capital gains.
1
National Association of Real Estate Investment Trusts ®
REIT Industry Fact Sheet
Data as of April 29, 2016, except where noted.
Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs.
Leverage and Coverage Ratios
(Data as of 2015: Q4)
Equity REITs

Debt Ratio: 33.4%

Coverage Ratio: 4.1x

Fixed Charge Ratio: 3.7x

46 Equity REITs are rated investment grade, 68 percent by equity market capitalization.
All REITs

Debt Ratio: 43.6%

Coverage Ratio: 3.8x

Fixed Charge Ratio: 3.5x

46 REITs are rated investment grade, 62 percent by equity market capitalization.
- Debt ratio equals total debt divided by total market capitalization. Total market capitalization is the sum of total
debt and implied equity market capitalization (common shares plus operating partnership units).
- Coverage ratio equals EBITDA divided by interest expense.
- Fixed charge ratio equals EBITDA divided by interest expense plus preferred dividends.
Average Daily Dollar Trading Volume

April 2016: $6.0 billion


Capital Offerings
IPOs
Secondary Common
Secondary Preferred
2016: YTD
Number
Capital
of Offerings
Raised ($M)
1
1,208
28
8,688
6
603
Secondary Debt
22
12,885
Total
57
23,384
2
Exhibit 1
Investment Performance:
FTSE NAREIT US Real Estate Index Series
April 29, 2016
FTSE NAREIT All REITs
Period
Returns (%)
Total
Price
FTSE NAREIT Composite
Dividend
2
Yield
Returns (%)
Total
Price
Dividend
2
Yield
FTSE NAREIT Real Estate 50™ 1 FTSE NAREIT All Equity REITs
Returns (%)
Total
Price
Dividend
2
Yield
Returns (%)
Total
Price
Dividend
2
Yield
FTSE NAREIT Equity REITs
Returns (%)
Total
Price
Dividend
2
Yield
FTSE NAREIT Mortgage REITs
Returns (%)
Total
Price
Dividend
2
Yield
Annual (including current year to date)
2011
2012
2013
2014
2015
2016
7.28
20.14
3.21
27.15
2.29
4.09
2.37
14.98
-1.15
21.93
-1.95
2.97
4.83
4.38
4.43
4.00
4.30
4.28
7.30
19.73
2.34
27.23
2.05
4.04
2.34
14.54
-2.03
22.00
-2.20
2.92
4.90
4.46
4.51
4.06
4.33
4.30
9.45
18.05
-0.53
28.73
4.40
3.18
4.69
13.37
-4.44
23.86
0.42
2.30
4.60
4.09
4.17
3.77
3.74
3.76
8.28
19.70
2.86
28.03
2.83
3.92
4.32
15.61
-0.80
23.44
-0.98
2.93
3.82
3.51
3.91
3.56
3.85
3.86
8.29
18.06
2.47
30.14
3.20
3.47
4.32
13.86
-1.33
25.25
-0.68
2.48
3.83
3.70
4.09
3.65
3.92
3.94
-2.42
19.89
-1.96
17.88
-8.88
6.05
-15.14
5.83
-12.42
6.30
-18.48
2.75
14.82
12.93
10.31
10.66
12.15
11.61
Quarter (including current quarter to date)
2015: Q1
Q2
Q3
Q4
2016: Q1
Q2
4.05
-8.93
0.76
7.13
5.86
-1.66
3.11
-9.91
-0.35
5.92
4.89
-1.83
3.80
4.34
4.44
4.30
4.19
4.28
3.86
-8.95
0.73
7.13
5.75
-1.62
2.92
-9.94
-0.38
5.92
4.78
-1.77
3.84
4.38
4.48
4.33
4.21
4.30
4.18
-9.40
2.42
7.99
5.38
-2.09
3.31
-10.31
1.37
6.91
4.62
-2.22
3.55
4.09
4.10
3.74
3.66
3.76
3.98
-9.06
0.99
7.68
5.84
-1.81
3.14
-9.94
-0.02
6.61
4.99
-1.96
3.37
3.87
3.97
3.85
3.76
3.86
4.75
-9.95
2.00
7.26
6.00
-2.39
3.87
-10.81
0.97
6.17
5.13
-2.52
3.43
3.99
4.03
3.92
3.81
3.94
2.35
-7.27
-2.96
-1.06
4.26
1.72
-0.10
-9.84
-5.46
-4.26
1.28
1.45
10.56
11.46
12.00
12.15
11.83
11.61
-0.26
1.19
-3.48
-0.29
9.99
-1.66
-0.52
0.49
-3.61
-0.51
9.37
-1.83
4.23
4.30
4.47
4.51
4.19
4.28
-0.11
1.13
-3.62
-0.25
10.00
-1.62
-0.37
0.43
-3.74
-0.49
9.38
-1.77
4.26
4.33
4.50
4.54
4.21
4.30
-0.32
2.04
-3.51
-0.77
10.06
-2.09
-0.62
1.47
-3.61
-1.02
9.66
-2.22
3.91
3.74
3.87
3.95
3.66
3.76
-0.17
1.31
-3.52
-0.43
10.17
-1.81
-0.45
0.73
-3.64
-0.66
9.68
-1.96
3.77
3.85
4.00
4.05
3.76
3.86
-0.52
1.84
-3.35
-0.42
10.14
-2.39
-0.82
1.26
-3.49
-0.68
9.68
-2.52
3.87
3.92
4.07
4.11
3.81
3.94
0.92
-1.80
-5.25
2.69
7.16
1.72
0.75
-4.31
-5.44
2.51
4.48
1.45
11.92
12.15
12.78
12.47
11.83
11.61
4.26
4.19
4.21
4.20
4.27
4.28
-1.21
3.32
-0.39
0.34
-1.61
0.04
-1.26
2.93
-0.43
0.31
-1.64
0.00
4.28
4.21
4.23
4.22
4.29
4.30
-1.15
3.28
-0.21
-0.16
-1.64
-0.24
-1.18
3.00
-0.26
-0.18
-1.65
-0.28
3.73
3.66
3.67
3.68
3.75
3.76
-1.23
3.37
-0.39
0.25
-1.66
-0.03
-1.27
3.08
-0.43
0.23
-1.69
-0.07
3.81
3.76
3.78
3.78
3.85
3.86
-1.39
3.39
-0.59
0.24
-1.88
-0.02
-1.43
3.07
-0.60
0.21
-1.91
-0.06
3.88
3.82
3.84
3.84
3.92
3.94
-0.84
2.54
-0.36
1.74
-0.73
1.33
-1.11
0.44
-0.45
1.72
-0.74
1.19
12.01
11.86
11.92
11.66
11.75
11.61
7.23
6.22
471.47
139.05
78.78
54.61
41.71
33.71
28.27
24.34
2.76
1.81
184.87
68.78
41.76
29.92
23.29
19.06
16.13
13.98
8.83
6.49
9.50
6.36
11.01
-
4.80
2.47
5.21
1.78
5.82
-
8.11
6.97
10.05
6.72
11.23
10.94
11.26
10.35
11.78
13.27
4.10
3.11
6.12
2.44
6.04
5.17
5.12
3.69
4.71
5.63
7.86
7.25
10.12
6.71
11.21
10.93
11.26
10.34
11.78
13.26
3.81
3.25
6.07
2.36
5.98
5.13
5.09
3.67
4.68
5.61
-4.92
-2.04
4.77
-1.54
5.90
4.84
5.78
4.27
5.65
6.75
-15.25
-12.26
-6.90
-12.79
-6.58
-6.65
-6.08
-7.57
-6.26
-5.09
Month
2015: Nov
Dec
2016: Jan
Feb
Mar
Apr
Week (including current week to date)
24-Mar-16
1-Apr-16
8-Apr-16
15-Apr-16
22-Apr-16
29-Apr-16
-1.21
3.31
-0.41
0.36
-1.62
0.00
-1.26
2.92
-0.45
0.33
-1.64
-0.04
Historical (compound annual rates at month-end)
1-Year
7.39
3-Year
6.57
5-Year
9.96
10-Year
6.25
15-Year
10.78
20-Year
10.39
25-Year
10.70
30-Year
9.15
35-Year
10.25
40-Year
11.65
Source: FTSE™, NAREIT®.
2.92
2.16
5.29
1.34
5.04
4.17
4.02
1.79
2.45
3.47
Notes:
The FTSE NAREIT Real Estate 50™ is designed to measure the performance of larger and more frequently traded REITs.
Dividend yield quoted in percent for the period end.
1
2
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.
REIT.comTM
All Things REITTM
REITs: Building Dividends and Diversification ®
3
Exhibit 2
Investment Performance by Property Sector and Subsector
April 29, 2016
Sector
Number of
Constituents
2015
Total Return (%)
April
2016: YTD
Dividend
Yield (%)
Market Capitalization ($)1
Equity
Implied
FTSE NAREIT All Equity REITs
165
2.83
-1.81
3.92
3.86
914,231,010
954,559,240
846,184,256
156
3.20
-2.39
3.47
3.94
806,138,350
Industrial
11
2.64
1.15
7.71
3.81
51,378,086
53,439,652
Office
26
0.29
2.82
3.26
3.30
93,181,189
103,130,607
Retail
Shopping Centers
Regional Malls
Free Standing
31
17
8
6
4.56
4.72
4.23
5.88
-2.62
-1.56
-3.11
-3.24
5.37
6.31
2.39
14.85
3.59
3.45
3.42
4.41
212,895,307
71,806,941
110,056,495
31,031,871
228,572,875
73,362,986
124,126,154
31,083,735
Residential
Apartments
Manufactured Homes
Single Family Homes
21
15
3
3
17.07
16.45
25.65
1.77
-6.30
-6.59
-5.47
-0.89
-3.02
-3.48
1.81
-1.91
3.17
3.22
3.16
2.10
124,192,439
107,310,829
9,966,943
6,914,668
129,109,981
110,649,171
10,654,906
7,805,904
Diversified
14
-0.49
-0.07
1.26
4.73
45,038,872
47,391,130
Lodging/Resorts
17
-24.42
-5.37
0.40
5.68
41,317,691
41,711,873
Health Care
17
-7.25
0.27
4.08
5.61
94,772,364
95,606,835
Self Storage
5
40.65
-10.68
-0.98
2.85
62,547,722
63,942,132
Timber
4
-6.97
3.54
9.07
3.91
30,276,846
30,276,846
Infrastructure
5
3.74
2.03
6.48
3.12
77,815,815
78,098,139
Data Centers
6
1.54
-0.13
14.14
2.98
46,487,501
48,929,400
Specialty
8
1.69
1.69
16.77
6.04
34,327,179
34,349,771
38
-8.88
1.72
6.05
11.61
53,863,388
54,293,738
26
12
-9.75
-5.99
1.59
2.09
9.20
-2.57
12.47
9.10
39,983,239
13,880,149
40,023,538
14,270,200
Home Financing
Source: FTSETM, NAREIT®.
Notes:
1
Implied market capitalization is calculated as common shares outstanding plus operating partnership units, multiplied by share price. Data
presented in thousands of dollars.
4
Exhibit 3
Selected Indicators of Equity Market Performance
(Period ending index levels and percent change)
April 29, 2016
Period
FTSE NAREIT
All Equity REITs
Levels
Returns
S&P 500
Levels
Returns
Dow Jones
Industrials
Levels
Returns
Russell 2000
Levels
Returns
NASDAQ
Composite
Levels
Returns
US Treasury
10-Year Note1
Yield
Change
2006
9,709.31
35.06
2,186.13
15.79
20,164.25
19.05
3,328.90
18.37
2,468.60
10.28
4.71
0.32
2007
8,185.75
-15.69
2,306.23
5.49
21,955.77
8.88
3,276.77
-1.57
2,728.97
10.55
4.04
-0.67
2008
5,097.46
-37.73
1,452.98
-37.00
14,945.17
-31.93
2,169.65
-33.79
1,636.66
-40.03
2.25
-1.79
2009
6,524.25
27.99
1,837.50
26.46
18,335.23
22.68
2,759.17
27.17
2,378.33
45.32
3.85
1.60
2010
8,347.58
27.95
2,114.29
15.06
20,913.80
14.06
3,500.15
26.85
2,806.89
18.02
3.30
-0.55
2011
9,039.07
8.28
2,158.94
2.11
22,666.87
8.38
3,353.99
-4.18
2,783.67
-0.83
1.89
-1.41
2012
10,819.84
19.70
2,504.44
16.00
24,987.40
10.24
3,902.37
16.35
3,269.46
17.45
1.78
-0.11
2013
11,128.83
2.86
3,315.59
32.39
32,397.14
29.65
5,417.36
38.82
4,581.05
40.12
3.04
1.26
2014
14,247.97
28.03
3,769.44
13.69
35,650.39
10.04
5,682.50
4.89
5,256.55
14.75
2.17
-0.87
2015
14,650.51
2.83
3,821.60
1.38
35,726.03
0.21
5,431.67
-4.41
5,622.56
6.96
2.27
0.10
2016
15,224.70
3.92
3,888.13
1.74
36,736.72
2.83
5,433.14
0.03
5,382.26
-4.27
1.83
-0.44
Quarter (inlcuding current quarter to date)
2014: Q3
12,615.85
-2.48
3,592.25
1.13
33,887.13
1.87
5,178.71
-7.36
4,973.26
2.24
2.52
-0.01
Q4
14,247.97
12.94
3,769.44
4.93
35,650.39
5.20
5,682.50
9.73
5,256.55
5.70
2.17
-0.35
2015: Q1
14,815.12
3.98
3,805.27
0.95
35,766.56
0.33
5,927.72
4.32
5,455.74
3.79
1.94
-0.23
Q2
13,472.42
-9.06
3,815.85
0.28
35,661.51
-0.29
5,952.67
0.42
5,566.61
2.03
2.35
0.41
Q3
13,605.29
0.99
3,570.17
-6.44
33,172.48
-6.98
5,243.24
-11.92
5,171.97
-7.09
2.06
-0.29
Q4
14,650.51
7.68
3,821.60
7.04
35,726.03
7.70
5,431.67
3.59
5,622.56
8.71
2.27
0.21
2016: Q1
15,505.92
5.84
3,873.11
1.35
36,511.70
2.20
5,349.19
-1.52
5,485.95
-2.43
1.78
-0.49
Q2
15,224.70
-1.81
3,888.13
0.39
36,736.72
0.62
5,433.14
1.57
5,382.26
-1.89
1.83
0.05
0.11
Month
2015: Apr
14,081.98
-4.95
3,841.78
0.96
35,926.96
0.45
5,776.54
-2.55
5,502.64
0.86
2.05
May
14,050.82
-0.22
3,891.18
1.29
36,412.59
1.35
5,908.42
2.28
5,654.68
2.76
2.12
0.07
Jun
13,472.42
-4.12
3,815.85
-1.94
35,661.51
-2.06
5,952.67
0.75
5,566.61
-1.56
2.35
0.23
-0.15
Jul
14,144.31
4.99
3,895.80
2.10
35,848.13
0.52
5,883.49
-1.16
5,727.02
2.88
2.20
Aug
13,321.15
-5.82
3,660.75
-6.03
33,627.04
-6.20
5,513.76
-6.28
5,343.22
-6.70
2.21
0.01
Sep
13,605.29
2.13
3,570.17
-2.47
33,172.48
-1.35
5,243.24
-4.91
5,171.97
-3.20
2.06
-0.15
Oct
14,485.70
6.47
3,871.33
8.44
36,022.77
8.59
5,538.65
5.63
5,660.04
9.44
2.16
0.10
Nov
14,461.00
-0.17
3,882.84
0.30
36,276.86
0.71
5,718.81
3.25
5,732.25
1.28
2.21
0.05
Dec
14,650.51
1.31
3,821.60
-1.58
35,726.03
-1.52
5,431.67
-5.02
5,622.56
-1.91
2.27
0.06
2016: Jan
14,134.87
-3.52
3,631.96
-4.96
33,801.70
-5.39
4,954.04
-8.79
5,183.11
-7.82
1.94
-0.33
Feb
14,074.39
-0.43
3,627.06
-0.13
34,054.29
0.75
4,953.82
0.00
5,129.98
-1.03
1.74
-0.20
Mar
15,505.92
10.17
3,873.11
6.78
36,511.70
7.22
5,349.19
7.98
5,485.95
6.94
1.78
0.04
Apr
15,224.70
-1.81
3,888.13
0.39
36,736.72
0.62
5,433.14
1.57
5,382.26
-1.89
1.83
0.05
Historical (compound annual rates)
1-Year
8.11
1.21
2.25
-5.94
-2.19
3-Year
6.97
11.26
8.82
7.53
14.17
12.05
5-Year
10.05
11.02
9.52
6.98
10-Year
6.72
6.91
7.34
5.42
8.58
15-Year
11.23
5.48
6.00
7.22
5.58
20-Year
10.94
7.92
8.41
7.48
7.19
25-Year
11.26
9.29
7.54
9.37
9.58
30-Year
10.35
9.99
7.96
8.58
8.77
35-Year
11.78
11.05
8.58
9.59
9.24
40-Year
13.27
11.03
7.47
-
10.44
Source: NAREIT®, FactSet.
Ten-year constant maturity Treasury note
Returns in italics are price-only.
1
5
Exhibit 4
Historical Offerings of Securities
April 29, 2016
Initial
Public Offerings
Total
Period
Number
Capital
Raised1
Number
Capital
Raised1
Secondary Equity
Common Shares
Preferred Shares
Number
Capital
Raised1
Number
Capital
Raised1
Secondary Debt
Unsecured
Number
Capital
Raised1
Annual Totals (including current year to date)
2008
82
17,991
2
491
60
11,132
9
1,195
11
5,173
2009
130
34,656
9
2,990
87
21,244
0
0
34
10,422
2010
173
47,450
9
1,975
91
23,629
17
2,617
56
19,230
2011
164
51,280
8
2,307
92
31,075
31
4,108
33
13,790
2012
254
73,326
8
1,822
106
35,143
71
10,631
69
25,730
2013
254
76,958
19
5,707
121
35,756
28
4,755
86
30,739
2014
218
63,642
5
3,984
102
24,106
24
4,618
87
30,934
2015
162
59,293
7
1,423
75
23,433
8
2,236
72
32,201
2016
57
23,384
1
1,208
28
8,688
6
603
22
12,885
Quarterly Totals
2015: Q1
53
22,087
4
932
24
11,114
3
1,441
22
8,600
Q2
54
18,284
2
436
29
7,438
2
391
21
10,020
Q3
24
8,678
0
0
8
1,740
1
288
15
6,650
Q4
31
10,244
1
55
14
3,141
2
117
14
6,931
2016: Q1
38
15,133
0
0
20
6,617
4
541
14
7,975
Q2
19
8,251
1
1,208
8
2,072
2
62
8
4,910
2014: Jul
12
3,118
0
0
8
1,718
0
0
4
1,400
Aug
12
3,049
0
0
4
695
1
88
7
2,266
Sep
33
9,889
0
0
16
4,871
3
218
14
4,800
Oct
15
3,851
0
0
8
849
2
1,349
5
1,654
Nov
19
6,922
2
3,221
7
1,335
2
240
8
2,125
Dec
8
1,690
0
0
8
1,690
0
0
0
0
2015: Jan
26
8,518
1
529
11
2,723
2
66
12
5,200
Feb
9
7,245
2
288
6
5,581
1
1,375
0
0
Mar
18
6,324
1
115
7
2,809
0
0
10
3,400
Apr
17
6,259
1
299
10
3,409
2
391
4
2,160
Monthly Totals
May
17
6,594
1
137
5
163
0
0
11
6,295
Jun
20
5,430
0
0
14
3,865
0
0
6
1,565
Jul
6
2,010
0
0
3
910
0
0
3
1,100
Aug
10
2,968
0
0
5
830
1
288
4
1,850
Sep
8
3,700
0
0
0
0
0
0
8
3,700
Oct
14
4,470
1
55
4
1,098
2
117
7
3,200
Nov
11
5,209
0
0
4
1,478
0
0
7
3,731
Dec
6
566
0
0
6
566
0
0
0
0
2016: Jan
17
8,087
0
0
6
1,537
1
300
10
6,250
Feb
5
2,677
0
0
2
1,227
0
0
3
1,450
Mar
16
4,369
0
0
12
3,853
3
241
1
275
Apr
19
8,251
1
1,208
8
2,072
2
62
8
4,910
Source: SNL Financial, NAREIT®.
Notes:
Data presented in millions of dollars.
1
6
7
8
9
Comparative Total Return Investment Performance
April 29, 2016
(Data in percent)
FTSE NAREIT
NASDAQ1
Dow Jones
Period
Equity
Industrials1
US Total
Stock Market
Series Beginning>
(Jan. 1972)
(Dec. 1926)
(Jan. 1972)
Composite
(Jan. 1972)
Russell 2000
Standard & Poor's
100
Citigroup
500 Value
(Feb. 1985)
(Jan. 1975)
500
Citigroup
500 Growth
Utilities
Value
2000
(Jan. 1972)
(Jan. 1975)
(Sep. 1989)
(Jan. 1979)
(Jan. 1979)
Bond Indexes
NCREIF
Growth
ML
Corp/Govt
ML
Mortgage
Hi Yield
Corp
NPI
(Jan. 1979)
(Dec. 1975)
(Jan. 1976)
(Jan. 1972)
(Dec. 1977)
Annual Returns (including current year to date)
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
35.06
-15.69
-37.73
27.99
27.95
8.28
19.70
2.86
28.03
2.83
3.92
16.29
6.43
-33.84
18.82
11.02
5.53
7.26
26.50
7.52
-2.23
2.00
15.77
5.62
-37.23
28.57
17.49
1.08
16.38
33.47
12.47
0.44
1.54
9.52
9.81
-40.54
43.89
16.91
-1.80
15.91
38.32
13.40
5.73
-4.63
6.79
18.67
-41.89
53.54
19.22
2.70
16.82
34.99
17.94
8.43
-5.49
20.80
1.99
-39.22
21.18
15.10
-0.48
17.68
31.99
12.36
-3.13
4.35
15.79
5.49
-37.00
26.46
15.06
2.11
16.00
32.39
13.69
1.38
1.74
11.01
9.13
-34.92
31.57
15.05
4.65
14.61
32.75
14.89
5.52
-0.74
20.99
19.38
-28.98
11.91
5.46
19.91
1.29
13.21
28.98
-4.85
12.77
23.48
-9.78
-28.92
20.58
24.50
-5.50
18.05
34.52
4.22
-7.47
3.86
18.37
-1.57
-33.79
27.17
26.85
-4.18
16.35
38.82
4.89
-4.41
0.03
13.35
7.05
-38.54
34.47
29.09
-2.91
14.59
43.30
5.60
-1.38
-3.73
3.81
7.30
4.95
4.84
6.83
8.61
5.09
-2.68
6.48
0.30
3.94
5.30
6.99
8.30
5.76
5.67
6.14
2.59
-1.39
6.07
1.46
2.13
11.85
1.87
-26.16
58.21
15.12
4.98
15.81
7.44
2.45
-4.47
7.40
16.60
15.85
-6.46
-16.85
13.11
14.26
10.55
10.98
11.82
13.33
-
Quarterly Returns
2014: Q4
2015: Q1
Q2
Q3
Q4
2016: Q1
Q2
12.94
3.98
-9.06
0.99
7.68
5.84
-1.81
4.58
-0.26
-0.88
-7.58
7.00
1.49
0.50
5.23
1.80
0.12
-7.27
6.27
0.91
0.62
5.40
3.48
1.75
-7.35
8.38
-2.75
-1.94
4.61
2.30
1.46
-4.91
9.86
-2.39
-3.18
4.78
-0.69
0.24
-8.25
6.05
2.20
2.11
4.93
0.95
0.28
-6.44
7.04
1.35
0.39
5.06
2.47
0.31
-4.83
7.86
0.53
-1.27
13.19
-5.17
-5.80
5.40
1.07
15.56
-2.41
9.40
1.98
-1.20
-10.73
2.88
1.70
2.12
9.73
4.32
0.42
-11.92
3.59
-1.52
1.57
10.06
6.63
1.98
-13.06
4.32
-4.68
1.00
1.90
1.90
-2.05
1.23
-0.74
3.50
0.42
1.79
1.00
-0.79
1.31
-0.06
1.95
0.17
-1.00
2.52
0.00
-4.86
-2.07
3.35
3.92
3.04
3.57
3.14
3.09
2.91
-
Monthly Returns
2015: Nov
Dec
2016: Jan
Feb
Mar
Apr
-0.17
1.31
-3.52
-0.43
10.17
-1.81
0.32
-1.66
-5.50
0.30
7.08
0.50
0.55
-2.02
-5.68
-0.03
7.03
0.62
1.09
-1.98
-7.86
-1.21
6.84
-1.94
0.34
-1.53
-6.84
-1.82
6.73
-3.18
0.51
-1.68
-4.88
0.55
6.85
2.11
0.30
-1.58
-4.96
-0.13
6.78
0.39
0.12
-1.52
-5.04
-0.79
6.72
-1.27
-2.14
2.17
4.93
1.94
8.03
-2.41
2.84
-5.27
-6.72
0.68
8.29
2.12
3.25
-5.02
-8.79
0.00
7.98
1.57
3.66
-4.77
-10.83
-0.71
7.66
1.00
-0.33
-0.42
1.51
0.89
1.06
0.42
-0.16
-0.03
1.24
0.39
0.31
0.17
-2.22
-2.52
-1.61
0.57
4.44
3.92
-
12.00
8.11
6.97
10.05
6.72
11.23
10.94
11.26
10.35
11.78
13.27
6.99
-0.37
6.20
6.77
4.57
3.42
5.97
7.54
7.96
8.58
7.47
10.33
-0.28
10.67
10.45
6.95
6.13
7.96
9.43
9.82
10.78
11.26
8.79
-3.36
12.78
10.69
7.47
5.58
7.19
9.58
8.77
9.24
10.44
12.34
-1.65
14.56
12.55
9.82
5.83
9.82
11.86
11.75
-
11.90
0.28
9.56
9.90
5.35
4.97
7.42
9.02
9.67
10.98
11.22
10.29
1.21
11.26
11.02
6.91
5.48
7.92
9.29
9.99
11.05
11.03
10.94
1.73
12.71
12.02
8.35
5.86
8.14
9.29
10.03
10.84
10.52
8.09
13.67
9.38
12.23
8.66
5.04
7.96
8.41
-
12.83
-3.71
6.50
6.77
4.61
8.05
9.09
10.87
9.92
11.53
-
11.29
-5.94
7.53
6.98
5.42
7.22
7.48
9.37
8.58
9.59
-
9.40
-8.27
8.50
7.15
6.14
6.11
5.42
7.42
6.84
7.30
-
7.66
2.86
2.24
3.94
5.04
5.14
5.70
6.23
6.59
8.24
7.62
7.75
2.54
2.56
3.03
4.88
4.92
5.60
6.06
6.69
8.59
7.70
9.02
-1.12
2.54
5.41
7.35
7.75
7.03
8.32
8.17
-
-
15.20
4.53
11.38
11.67
14.25
14.22
14.99
14.21
15.09
14.94
14.79
15.75
4.09
11.39
12.54
15.66
15.01
15.76
14.73
15.44
15.32
15.29
21.23
4.85
13.34
14.12
17.81
19.40
23.96
22.25
22.19
21.59
21.15
24.80
5.15
13.74
14.16
18.25
21.25
26.42
24.72
24.90
24.80
24.80
14.92
3.89
11.07
12.62
16.39
15.83
16.03
14.98
15.45
15.20
14.93
15.25
4.05
11.19
12.09
15.22
14.67
15.39
14.44
15.21
15.04
14.90
15.99
4.33
11.73
12.01
14.73
14.22
16.00
15.10
16.00
15.86
15.86
14.91
3.97
14.09
12.39
13.80
15.32
15.84
15.00
-
17.38
4.41
14.35
15.80
19.80
18.86
17.93
16.67
17.44
17.11
-
19.53
4.87
15.11
16.52
19.84
19.44
20.04
18.70
19.44
19.22
-
22.71
5.48
16.40
17.59
20.42
20.77
23.53
22.04
22.56
22.38
-
5.99
0.77
3.43
3.23
3.91
4.21
4.10
4.20
4.36
5.66
6.03
6.25
0.47
2.36
2.05
2.58
2.66
2.64
2.83
3.35
5.54
6.27
8.46
2.43
6.16
6.62
10.68
9.88
9.15
8.43
8.60
-
-
Compound Annual Returns
Complete History
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
25-Year
30-Year
35-Year
40-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
40-Year
1
17.07
4.71
14.39
15.51
25.28
22.28
20.38
18.82
17.99
17.15
16.89
Price only returns
10
Comparative Total Return Investment Correlation
FTSE
NAREIT All
DJ US Total
Equity REITs Stock Market
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
Growth
ML
Corp/Govt
Bond
ML
Mortage
Domestic
High Yield
Corp Bond
Dow Jones
Industrial
Average1
Period For Upper Right: April 2006 - April 2016
FTSE NAREIT
All Equity
REITs
1.000
0.769
0.714
0.671
0.775
0.758
0.711
0.478
0.811
0.776
0.720
0.215
0.075
0.726
0.721
DJ US Total
Stock Market
0.586
1.000
0.958
0.918
0.977
0.997
0.978
0.505
0.927
0.942
0.931
0.015
-0.107
0.748
0.965
0.453
0.891
1.000
0.983
0.902
0.948
0.959
0.430
0.882
0.925
0.939
-0.033
-0.144
0.721
0.893
NASDAQ 1001
0.384
0.862
0.972
1.000
0.850
0.914
0.944
0.431
0.803
0.855
0.881
-0.019
-0.130
0.709
0.856
S&P 500/
Citigroup Value
0.617
0.949
0.745
0.717
1.000
0.981
0.923
0.478
0.924
0.912
0.876
0.004
-0.112
0.704
0.970
NASDAQ
Composite1
S&P 500
0.559
0.989
0.842
0.831
0.962
1.000
0.980
0.515
0.907
0.919
0.904
0.023
-0.094
0.731
0.976
S&P 500/
Citigroup
Growth
0.472
0.962
0.875
0.881
0.867
0.970
1.000
0.530
0.855
0.889
0.897
0.042
-0.072
0.730
0.943
S&P Utilities
0.384
0.410
0.207
0.205
0.483
0.424
0.339
1.000
0.410
0.417
0.412
0.341
0.225
0.432
0.494
Russell 2000
Value
0.736
0.852
0.742
0.657
0.842
0.806
0.722
0.389
1.000
0.985
0.943
-0.022
-0.133
0.689
0.873
Russell 2000
0.642
0.890
0.875
0.794
0.808
0.824
0.785
0.331
0.954
1.000
0.986
-0.042
-0.161
0.712
0.870
Russell 2000
Growth
0.541
0.875
0.925
0.854
0.749
0.802
0.796
0.280
0.870
0.977
1.000
-0.061
-0.183
0.717
0.844
ML Corp/Govt
Bond
0.164
0.064
-0.010
0.010
0.069
0.084
0.091
0.300
-0.002
-0.029
-0.051
1.000
0.809
0.199
0.015
ML Mortgage
0.085
0.056
-0.014
0.009
0.061
0.078
0.086
0.221
-0.022
-0.044
-0.061
0.868
1.000
0.020
-0.083
0.595
0.611
0.550
0.494
0.582
0.581
0.544
0.322
0.628
0.618
0.580
0.208
0.158
1.000
0.660
0.526
0.933
0.748
0.739
0.947
0.955
0.900
0.407
0.777
0.764
0.723
0.039
0.050
0.530
1.000
Domestic High
Yield Corp
Bond
Dow Jones
Industrial
Average1
Period For Lower Left: April 1986 - April 2016
1
Price only returns.
11
20-Year Average Annual Total Return
April 1996 - April 2016
Percent
5.77
ML Corp/Govt
7.52
Domestic Hi-Yield
8.00
Russell 2000 Growth
9.57
S&P 500
9.62
DJ US TSM
9.99
S&P Utilities
10.33
NASDAQ Composite
11.23
Russell 2000 Value
12.88
13.55
0
3
6
9
12
15
Note: NASDAQ Composite returns are price only.
Adjusted 20-Year Average Annual Total Return
April 1996 - April 2016
Percent
1.51
ML Corp/Govt
0.69
Domestic Hi-Yield
0.33
Russell 2000 Growth
0.51
S&P 500
0.51
DJ US TSM
0.49
S&P Utilities
0.40
NASDAQ Composite
0.51
Russell 2000 Value
0.57
0.59
0.00
0.25
0.50
0.75
1.00
1.25
Total Return Divided by Standard Deviation of Total Return
Note: NASDAQ Composite returns are price only.
12
1.50
1.75
20-Year Average Annual Total Return v.
20-Year Standard Deviation of Annual Total Returns
October
April 1996
1992 -- April
October
2016
2012
14
FTSE
NAREIT
All All
Equity
FTSE
NAREIT
Equity
REITs
REITs
FTSE
NAREIT
AllAll
REITs
FTSE
NAREIT
REITs
12
12
Average Annual Return (%)
Russell 2000 Value
Russell 2000 Value
S&P Utilities
10
S&P 500
10
NASDAQ Composite
DJ US
TSMNASDAQ Composite
S&P
Utilities
S&P 500
DJ US TSM
8
Russell 2000 Growth
Domestic Hi-Yield
8
Russell 2000 Growth
6
ML Corp/Govt
Domestic Hi-Yield
46
04
58
11 Price only returns.
10
12
15
16
20
Standard Deviation of Annual Returns (%)
13
25
24
30
28
Annual Returns
1972 - 2015
50
Returns (%)
Price
Average Annual Total Returns: 13.59%
Income
Average Annual Income Returns (reinvested): 7.81%
40
30
20
10
0
-10
-20
-30
-40
-50
1972
Source:
1976
FTSETM,
1980
1984
1988
1992
1996
NAREIT®.
14
2000
2004
2008
2012
S&P 500
Annual Returns
1972 - 2015
50
Returns (%)
Average Annual Total Returns: 11.85%
Price
Income
40
30
20
10
0
-10
-20
-30
-40
1972
1976
1980
1984
1988
1992
1996
15
2000
2004
2008
2012
Dow Jones US Total Stock Market
Annual Returns
1972 - 2015
50
Returns (%)
Price
Average Annual Total Return: 11.98%
Income
40
30
20
10
0
-10
-20
-30
-40
1972
1976
1980
1984
1988
1992
1996
16
2000
2004
2008
2012
Annual Returns for the FTSE NAREIT US Real Estate Index Series
1972-2015
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
2011
2012
2013
2014
2015
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
7.28
3,710.61
20.14
4,458.10
3.21
4,601.14
27.15
5,850.23
2.29
5,984.18
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
2.37
137.57
14.98
158.18
-1.15
156.35
21.93
190.65
-1.95
186.93
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
7.30
3,682.29
19.73
4,408.71
2.34
4,511.90
27.23
5,740.43
2.05
5,858.14
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
2.34
136.14
14.54
155.93
-2.03
152.76
22.00
186.36
-2.20
182.27
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
9.45
18.05
-0.53
28.73
4.40
100.00
128.66
144.36
147.05
200.44
270.58
307.57
417.18
349.00
218.80
279.23
353.83
387.25
457.14
454.71
585.32
611.08
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
4.69
13.37
-4.44
23.86
0.42
100.00
119.98
126.14
120.71
154.92
198.79
215.71
281.03
226.03
133.85
161.10
195.14
204.29
231.60
221.31
274.12
275.27
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
8.28
9,039.07
19.70 10,819.84
2.86 11,128.83
28.03 14,247.97
2.83 14,650.51
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
4.32
444.96
15.61
514.43
-0.80
510.33
23.44
629.96
-0.98
623.76
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
8.29
9,040.81
18.06 10,673.56
2.47 10,936.91
30.14 14,233.18
3.20 14,688.11
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
4.32
444.95
13.86
506.60
-1.33
499.85
25.25
626.05
-0.68
621.76
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
-2.42
647.56
19.89
776.34
-1.96
761.12
17.88
897.23
-8.88
817.59
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
-15.14
5.83
5.83
6.17
-12.42
5.40
6.30
5.74
-18.48
4.68
Annual Price and Total Returns by Property Sector
1994 - 2015
(Returns in Percent)
Office
Total
Price
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2.86
38.79
51.82
29.01
-17.35
4.26
35.45
6.65
-6.29
34.01
23.28
13.11
45.22
-18.96
-41.07
35.55
18.41
-0.76
14.15
5.57
25.86
0.29
-2.68
28.34
42.85
22.56
-22.14
-3.11
26.62
-0.79
-12.74
24.84
16.22
6.76
39.76
-22.01
-44.02
28.04
14.50
-4.21
10.26
2.06
22.06
-2.59
Industrial
Total
Price
18.66
16.21
37.22
19.02
-11.74
3.90
28.62
7.42
17.32
33.13
34.10
15.41
28.92
0.38
-67.47
12.17
18.89
-5.16
31.28
7.40
21.00
2.64
13.37
8.55
28.99
12.76
-16.32
-4.03
14.48
0.53
10.23
25.76
27.78
10.76
24.46
-3.17
-69.38
4.84
13.60
-8.74
26.89
4.05
17.03
-1.27
Retail
Total
Price
2.98
5.10
34.61
16.95
-4.74
-11.77
17.97
30.41
21.07
46.77
40.23
11.80
29.02
-15.77
-48.36
27.17
33.41
12.20
26.74
1.86
27.62
4.56
-3.94
-3.20
24.43
9.83
-10.87
-18.89
7.72
20.61
13.11
38.46
33.23
6.60
24.00
-18.97
-51.28
21.57
28.43
8.27
22.58
-1.67
22.84
0.89
Residential
Total
Price
2.31
11.99
29.46
16.31
-8.11
9.48
34.30
9.04
-5.99
25.90
32.71
13.69
38.93
-25.21
-24.89
30.82
46.01
15.37
6.94
-5.36
40.04
17.07
-3.77
3.80
19.72
9.04
-13.69
1.81
25.25
2.02
-12.63
17.65
24.08
8.31
33.80
-28.08
-29.08
22.81
40.87
11.82
3.60
-8.69
35.25
13.55
Diversified
Total
Price
-6.04
21.16
33.96
21.67
-22.11
-14.41
24.10
12.52
4.24
40.25
32.41
9.87
38.03
-22.29
-28.25
17.02
23.75
2.82
12.20
4.33
27.18
-0.49
-11.54
12.54
22.25
13.15
-26.02
-23.71
15.21
4.80
-3.38
27.87
22.20
4.04
32.10
-25.40
-31.84
12.77
19.03
-1.32
7.63
-0.29
21.77
-5.27
Health Care
Total
Price
4.12
24.88
20.40
15.76
-17.45
-24.83
25.84
51.86
4.82
53.59
20.96
1.79
44.55
2.13
-11.98
24.62
19.20
13.63
20.35
-7.06
33.32
-7.25
-3.54
13.93
11.87
7.56
-23.65
-31.98
9.97
39.11
-3.08
41.65
13.35
-4.61
35.81
-3.47
-17.06
15.76
12.71
7.62
14.50
-11.41
26.62
-12.07
Lodging/Resorts
Total
Price
-8.89
30.79
49.19
30.09
-52.83
-16.14
45.77
-8.63
-1.49
31.69
32.70
9.76
28.16
-22.37
-59.67
67.19
42.77
-14.31
12.53
27.18
32.50
-24.42
18
-12.79
22.35
40.32
23.30
-55.01
-24.05
30.83
-16.32
-7.04
26.57
29.08
5.93
22.75
-25.98
-62.72
64.53
40.51
-16.38
9.33
23.07
28.12
-27.52
Self Storage
Total
Price
8.90
34.40
42.85
3.41
-7.20
-8.03
14.69
43.24
0.56
38.14
29.70
26.55
40.94
-24.82
5.05
8.37
29.29
35.22
19.94
9.49
31.44
40.65
1.31
25.42
34.51
-1.25
-10.85
-14.20
6.50
36.55
-5.01
30.75
24.33
21.98
36.66
-27.16
1.44
4.44
25.20
31.04
16.21
5.92
27.21
36.23
Timber
Total
Price
7.65
37.05
7.86
8.57
-6.97
3.77
32.58
4.54
4.78
-10.64
Infrastructure
Total
Price
29.91
4.80
20.15
3.74
28.25
3.30
17.86
0.58
Data Centers
Total
Price
Specialty
Total
Price
-
-
-
-
1.54
1.35
1.69
1.36
Mortgage
Total
Price
-24.30
63.42
50.86
3.82
-29.22
-33.22
15.96
77.35
31.08
57.39
18.43
-23.19
19.32
-42.35
-31.31
24.63
22.60
-2.42
19.89
-1.96
17.88
-8.88
-33.81
46.82
37.17
-3.58
-34.29
-40.10
3.35
46.32
14.22
38.23
7.90
-30.87
8.43
-47.69
-40.46
8.26
7.01
-15.14
5.83
-12.42
6.30
-18.48
Annual Price and Total Returns by Property Subsector
1994 - 2015
(Returns in Percent)
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Shopping Centers
Total
Price
Retail
Regional Malls
Total
Price
Free Standing
Total
Price
Apartments
Total
Price
1.33
7.40
33.49
21.44
-6.99
-10.71
15.10
29.89
17.72
43.12
36.25
9.27
34.87
-17.68
-38.84
-1.66
30.78
-0.73
25.02
4.99
29.96
4.72
8.77
3.00
45.27
13.69
-2.62
-14.58
23.50
31.87
24.56
52.24
45.01
16.54
23.83
-15.85
-60.60
62.99
34.64
22.00
28.21
-0.98
32.64
4.23
-5.46
31.56
30.95
17.70
-6.25
-4.89
8.94
23.95
21.76
35.92
32.87
-0.49
30.74
-0.43
-15.09
25.93
37.37
0.43
22.46
7.29
9.66
5.88
2.19
12.26
28.93
16.04
-8.77
10.72
35.53
8.66
-6.15
25.49
34.72
14.65
39.95
-25.43
-25.13
30.40
47.04
15.10
6.93
-6.20
39.62
16.45
-5.49
-0.74
23.37
14.36
-13.00
-18.03
4.27
19.83
9.63
34.99
29.63
3.59
29.74
-20.98
-42.23
-7.44
25.83
-4.48
20.40
1.21
25.39
1.01
1.41
-5.74
34.10
6.58
-8.17
-21.22
13.63
22.87
16.76
43.75
37.70
11.76
19.19
-18.80
-62.79
59.53
30.15
18.23
24.56
-3.95
28.46
0.83
-17.52
20.28
20.38
10.22
-11.97
-12.31
-0.34
12.06
13.65
27.70
26.03
-5.44
23.65
-5.26
-20.32
16.15
29.32
-4.94
16.57
1.81
3.22
1.19
-3.91
3.94
19.07
8.77
-14.37
2.87
26.40
1.68
-12.88
17.22
26.50
9.12
34.77
-28.30
-29.33
22.37
41.89
11.63
3.62
-9.48
34.88
12.96
19
Residential
Manufactured Homes
Total
Price
3.31
10.68
34.93
16.17
-0.86
-2.80
20.94
13.72
-4.05
29.99
6.40
-2.58
15.35
-19.34
-20.18
40.92
27.02
20.38
7.10
10.46
46.20
25.65
-2.59
2.87
26.58
9.33
-6.10
-8.77
12.62
6.37
-9.61
21.51
-8.40
-6.04
11.57
-22.24
-24.06
33.33
22.11
15.48
3.22
6.25
40.62
21.57
Single Family Homes
Total
Price
1.77
1.67
Mortgage
Home Financing
Total
Price
Total
Price
9.16
102.02
28.25
42.73
24.91
-25.95
14.75
-38.23
-20.02
28.19
21.02
-0.87
16.38
-12.69
19.38
-9.75
-1.60
68.36
11.40
22.74
12.89
-33.94
3.87
-43.41
-30.25
11.18
5.04
-14.41
1.94
-22.92
6.68
-20.11
25.60
37.37
38.50
84.67
7.45
-16.06
30.31
-48.79
-74.84
-40.99
41.99
-11.34
42.98
41.77
14.46
-5.99
10.13
10.17
21.27
68.53
-0.10
-22.82
19.61
-54.29
-78.24
-46.15
33.88
-18.54
31.06
31.89
5.78
-13.19
Equity Market Capitalization
(Millions of dollars at year end)
Year
All REITs
Number
Market
of REITs Capitalization
1
Number
of REITs
Hybrid
Equity
Mortgage
Market
Percent of Number
Market
Percent of Number
Market
Percent of
Capitalization All REITs of REITs Capitalization All REITs of REITs Capitalization All REITs
1971
34
1,494.3
12
332.0
22.2
12
570.8
38.2
10
591.6
39.6
1972
46
1,880.9
17
377.3
20.1
18
774.7
41.2
11
728.9
38.8
1973
53
1,393.5
20
336.0
24.1
22
517.3
37.1
11
540.2
38.8
1974
53
712.4
19
241.9
34.0
22
238.8
33.5
12
231.7
32.5
1975
46
899.7
12
275.7
30.6
22
312.0
34.7
12
312.0
34.7
1976
62
1,308.0
27
409.6
31.3
22
415.6
31.8
13
482.8
36.9
1977
69
1,528.1
32
538.1
35.2
19
398.3
26.1
18
591.6
38.7
1978
71
1,412.4
33
575.7
40.8
19
340.3
24.1
19
496.4
35.1
1979
71
1,754.0
32
743.6
42.4
19
377.1
21.5
20
633.3
36.1
1980
75
2,298.6
35
942.2
41.0
21
509.5
22.2
19
846.8
36.8
1981
76
2,438.9
36
977.5
40.1
21
541.3
22.2
19
920.1
37.7
1982
66
3,298.6
30
1,071.4
32.5
20
1,133.4
34.4
16
1,093.8
33.2
1983
59
4,257.2
26
1,468.6
34.5
19
1,460.0
34.3
14
1,328.7
31.2
1984
59
5,085.3
25
1,794.5
35.3
20
1,801.3
35.4
14
1,489.4
29.3
1985
82
7,674.0
37
3,270.3
42.6
32
3,162.4
41.2
13
1,241.2
16.2
19.8
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
18.4
1988
117
11,435.2
56
6,141.7
53.7
40
3,620.8
31.7
21
1,672.6
14.6
11.6
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
7.3
1991
138
12,968.2
86
8,785.5
67.7
28
2,586.3
19.9
24
1,596.4
12.3
1992
142
15,912.0
89
11,171.1
70.2
30
2,772.8
17.4
23
1,968.1
12.4
1993
189
32,158.7
135
26,081.9
81.1
32
3,398.5
10.6
22
2,678.2
8.3
1994
226
44,306.0
175
38,812.0
87.6
29
2,502.7
5.6
22
2,991.3
6.8
1995
219
57,541.3
178
49,913.0
86.7
24
3,395.4
5.9
17
4,232.9
7.4
1996
199
88,776.3
166
78,302.0
88.2
20
4,778.6
5.4
13
5,695.8
6.4
1997
211
140,533.8
176
127,825.3
91.0
26
7,370.3
5.2
9
5,338.2
3.8
1998
210
138,301.4
173
126,904.5
91.8
28
4,916.2
3.6
9
6,480.7
4.7
1999
203
124,261.9
167
118,232.7
95.1
26
4,441.7
3.6
10
1,587.5
1.3
2000
189
138,715.4
158
134,431.0
96.9
22
2,652.4
1.9
9
1,632.0
1.2
2001
182
154,898.6
151
147,092.1
95.0
22
3,990.5
2.6
9
3,816.0
2.5
2002
176
161,937.3
149
151,271.5
93.4
20
7,146.4
4.4
7
3,519.4
2.2
2.3
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
2.2
2005
197
330,691.3
152
301,491.0
91.2
37
23,393.7
7.1
8
5,806.6
1.8
2006
183
438,071.1
138
400,741.4
91.5
38
29,195.3
6.7
7
8,134.3
1.9
2007
152
312,009.0
118
288,694.6
92.5
29
19,054.1
6.1
5
4,260.3
1.4
2008
136
191,651.0
113
176,237.7
92.0
20
14,280.5
7.5
3
1,132.9
0.6
2009
142
271,199.1
115
248,355.1
91.6
23
22,103.2
8.2
4
740.8
0.3
2010
153
389,295.4
126
358,908.2
92.2
27
30,387.2
7.8
--
--
--
2011
160
450,500.6
130
407,528.9
90.5
30
42,971.7
9.5
--
--
--
2012
172
603,415.3
139
544,414.9
90.2
33
59,000.3
9.8
--
--
--
2013
202
670,334.1
161
608,276.6
90.7
41
62,057.4
9.3
--
--
--
2014
216
907,427.5
177
846,410.3
93.3
39
61,017.2
6.7
--
--
--
2015
223
938,852.0
182
886,487.5
94.4
41
52,364.6
5.6
--
--
--
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®
20
REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes
April 29, 2016
Number
of REITs
(1)
27
11
33
18
8
7
21
15
3
0
17
20
5
17
4
3
6
10
Ticker
Investment
Company
Symbol
Sector
(2)
(3)
(4)
Summary by Investment Sector, Property Sector and Property Subsector
Office
Industrial
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Single Family Homes
Diversified
Lodging/Resorts
Self Storage
Health Care
Timber
Infrastructure
Data Centers
Specialty
42
27
15
219
Mortgage REITs
Home Financing
Industry Totals
Property
Subsector
(5)
S&P
REITs
(6)
Equity Market Capitalization ($M)1
FTSE NAREIT Percent of Percent of
% of FTSE NAREIT
All REITs
Sector
S&P REITs
All REITs
(7)
(8)
(9)
(10)
63,391.7
47,086.1
182,260.1
52,848.7
107,006.3
22,405.1
104,477.9
104,477.9
0.0
0.0
21,896.2
22,779.0
56,895.4
84,812.1
29,863.3
76,839.6
24,889.6
24,786.6
93,411.6
51,378.1
214,318.9
71,900.0
110,056.5
32,362.4
124,192.4
107,310.8
9,966.9
6,914.7
46,582.0
41,426.5
62,547.7
94,772.4
30,276.9
77,823.8
46,487.5
34,560.1
8.56
6.36
24.60
7.13
14.44
3.02
14.10
14.10
0.00
0.00
2.96
3.07
7.68
11.45
4.03
10.37
3.36
3.35
9.61
5.29
22.05
7.40
11.32
3.33
12.78
11.04
1.03
0.00
4.79
4.26
6.43
9.75
3.11
8.01
4.78
3.56
928.6
928.6
0.0
740,906.2
54,303.0
40,072.3
14,230.7
972,080.9
0.13
0.13
0.00
100.00
5.59
4.12
1.46
100.00
544,231
149,909
46,767
740,906.2
73.45
20.23
6.31
100.00
55.99
15.42
4.81
76.22
Distribution of REITs by S&P Index
26
35
29
90
S&P 500 Large Cap
S&P 400 Mid Cap
S&P 600 Small Cap
Total S&P REITs
21
April 29, 2016
Summary of REITs in S&P Equity Indexes
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 500 Constituents
Simon Property Group, Inc.
American Tower Corporation
Public Storage
Crown Castle International Corp
Weyerhaeuser Company
Equity Residential
General Growth Properties, Inc.
Welltower, Inc.
AvalonBay Communities, Inc.
Prologis, Inc.
Equinix, Inc.
Ventas, Inc.
Boston Properties, Inc.
Vornado Realty Trust
HCP, Inc.
Realty Income Corporation
Essex Property Trust, Inc.
Macerich Company
Host Hotels & Resorts, Inc.
Kimco Realty Corporation
Federal Realty Investment Trust
Extra Space Storage Inc.
SL Green Realty Corp.
Iron Mountain, Inc.
UDR, Inc.
Apartment Investment and Management Company Class A
Subtotal
Equity Market Cap ($M)
62,521.2
44,318.0
42,264.1
29,024.2
25,379.5
24,776.7
24,769.5
24,653.9
24,198.5
23,797.0
22,593.5
20,876.7
19,768.0
18,023.4
15,732.4
14,776.3
14,462.0
12,016.5
11,961.7
11,558.9
10,770.2
10,487.7
10,464.1
9,627.2
9,149.2
6,260.5
544,230.7
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
30
31
32
33
34
35
35
S&P 400 Mid Cap Constituents
Duke Realty Corporation
Mid-America Apartment Communities, Inc.
Regency Centers Corporation
Camden Property Trust
Alexandria Real Estate Equities, Inc.
Omega Healthcare Investors, Inc.
National Retail Properties, Inc.
Kilroy Realty Corporation
American Campus Communities, Inc.
Liberty Property Trust
Lamar Advertising Company Class A
Douglas Emmett, Inc
Weingarten Realty Investors
Highwoods Properties, Inc.
Taubman Centers, Inc.
Senior Housing Properties Trust
EPR Properties
Sovran Self Storage, Inc.
Equity One, Inc.
Hospitality Properties Trust
Corrections Corporation of America
DCT Industrial Trust Inc.
Communications Sales & Leasing Inc
Tanger Factory Outlet Centers, Inc.
Post Properties, Inc.
Healthcare Realty Trust Incorporated
Rayonier Inc.
LaSalle Hotel Properties
Urban Edge Properties
First Industrial Realty Trust, Inc.
Corporate Office Properties Trust
Mack-Cali Realty Corporation
Care Capital Properties, Inc.
WP GLIMCHER, Inc
Potlatch Corporation
Subtotal
7,546.2
7,202.6
7,193.6
6,974.9
6,820.5
6,316.5
6,172.2
5,976.0
5,830.5
5,157.2
5,069.3
4,781.2
4,574.6
4,454.6
4,183.2
4,173.5
4,155.3
4,143.7
3,987.3
3,876.5
3,559.8
3,555.3
3,497.5
3,362.3
3,108.7
3,094.9
3,054.2
2,696.1
2,574.5
2,522.5
2,427.7
2,274.5
2,231.6
1,930.3
1,429.6
149,908.9
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
Medical Properties Trust, Inc.
PS Business Parks, Inc.
Education Realty Trust, Inc.
GEO Group Inc
Acadia Realty Trust
CoreSite Realty Corporation
Kite Realty Group Trust
Cousins Properties Incorporated
Lexington Realty Trust
Retail Opportunity Investments Corp.
EastGroup Properties, Inc.
Parkway Properties, Inc.
American Assets Trust, Inc.
DiamondRock Hospitality Company
LTC Properties, Inc.
Pennsylvania Real Estate Investment Trust
Chesapeake Lodging Trust
Sabra Health Care REIT, Inc.
Government Properties Income Trust
Saul Centers, Inc.
Franklin Street Properties Corp.
Summit Hotel Properties, Inc.,
Capstead Mortgage Corporation
Agree Realty Corporation
Universal Health Realty Income Trust
CareTrust REIT Inc
Getty Realty Corp.
Cedar Realty Trust, Inc.
Urstadt Biddle Properties Inc. Class A
Subtotal
3,165.6
2,577.8
2,514.3
2,374.9
2,374.6
2,296.1
2,258.4
2,188.4
2,071.6
1,942.8
1,930.1
1,827.9
1,801.3
1,788.3
1,741.5
1,585.6
1,469.2
1,373.7
1,344.9
1,122.1
1,064.0
987.2
928.6
799.4
726.3
725.6
657.2
582.8
546.5
46,766.7
90 Total
740,906.2
22
April 29, 2016
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
27
12
Property Sector: Office
Boston Properties, Inc.
Alexandria Real Estate Equities, Inc.
Kilroy Realty Corporation
Douglas Emmett, Inc
Highwoods Properties, Inc.
Gramercy Property Trust
Paramount Group, Inc.
Equity Commonwealth
Piedmont Office Realty Trust, Inc. Class A
Columbia Property Trust, Inc.
Brandywine Realty Trust
Hudson Pacific Properties, Inc.
Corporate Office Properties Trust
Empire State Realty Trust, Inc. Class A
Select Income REIT
New York REIT, Inc.
Franklin Street Properties Corp.
NorthStar Realty Europe Corp.
TIER REIT, Inc.
First Potomac Realty Trust
Easterly Government Properties, Inc.
City Office REIT, Inc.
Sector Totals
S&P Sector Total
1
2
3
4
5
6
7
8
9
10
11
11
7
Property Sector: Industrial
Prologis, Inc.
DCT Industrial Trust Inc.
PS Business Parks, Inc.
First Industrial Realty Trust, Inc.
EastGroup Properties, Inc.
STAG Industrial, Inc.
Rexford Industrial Realty, Inc.
Terreno Realty Corporation
Monmouth Real Estate Investment Corporation Class A
Sector Totals
S&P Sector Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
18
13
Property Sector: Retail
Federal Realty Investment Trust
Brixmor Property Group, Inc.
Regency Centers Corporation
DDR Corp.
Equity One, Inc.
Retail Properties of America, Inc. Class A
Tanger Factory Outlet Centers, Inc.
Acadia Realty Trust
Retail Opportunity Investments Corp.
Ramco-Gershenson Properties Trust
Saul Centers, Inc.
Cedar Realty Trust, Inc.
Urstadt Biddle Properties Inc. Class A
Wheeler Real Estate Investment Trust, Inc.
Subsector Totals
S&P Subsector Total
1
2
3
4
5
6
7
8
8
6
1
2
3
4
5
6
7
7
4
33
23
BXP
SLG
ARE
KRC
DEI
HIW
GPT
PGRE
EQC
PDM
CXP
BDN
HPP
OFC
CLI
ESRT
CUZ
SIR
PKY
NYRT
GOV
FSP
NRE
TIER
FPO
DEA
CIO
PLD
DRE
LPT
DCT
PSB
FR
EGP
STAG
REXR
TRNO
MNR
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
S&P 500
S&P 500
S&P 400
S&P 400
S&P 400
S&P 400
S&P 400
S&P 400
S&P 600
S&P 600
S&P 600
S&P 600
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 400
S&P 400
S&P 400
S&P 600
S&P 400
S&P 600
KIM
FRT
BRX
REG
DDR
WRI
EQY
RPAI
SKT
UE
AKR
KRG
ROIC
RPT
BFS
CDR
UBA
WHLR
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
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 500
Simon Property Group, Inc.
Macerich Company
Taubman Centers, Inc.
CBL & Associates Properties, Inc.
WP GLIMCHER, Inc
Rouse Properties, Inc.
Subsector Totals
S&P Subsector Total
SPG
GGP
MAC
TCO
CBL
WPG
PEI
RSE
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
S&P 500
S&P 500
S&P 500
S&P 400
Realty Income Corporation
National Retail Properties, Inc.
Spirit Realty Capital, Inc.
STORE Capital Corporation
Seritage Growth Properties Class A
Agree Realty Corporation
Getty Realty Corp.
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
O
NNN
SRC
STOR
SRG
ADC
GTY
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Free Standing
Free Standing
Free Standing
Free Standing
Free Standing
Free Standing
Free Standing
23
S&P 400
S&P 400
S&P 400
S&P 400
S&P 400
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
S&P 400
S&P 600
S&P 500
S&P 400
S&P 600
S&P 600
19,768.0
10,464.1
6,820.5
5,976.0
4,781.2
4,454.6
3,551.3
3,538.7
3,526.4
2,897.1
2,753.5
2,619.2
2,617.6
2,427.7
2,274.5
2,212.0
2,188.4
2,068.0
1,827.9
1,606.6
1,344.9
1,064.0
751.7
715.3
486.3
445.9
230.4
93,411.6
63,391.7
21.16
11.20
7.30
6.40
5.12
4.77
3.80
3.79
3.78
3.10
2.95
2.80
2.80
2.60
2.43
2.37
2.34
2.21
1.96
1.72
1.44
1.14
0.80
0.77
0.52
0.48
0.25
100.00
2.67
1.41
0.92
0.81
0.65
0.60
23,797.0
7,546.2
5,157.2
3,555.3
2,577.8
2,522.5
1,930.1
1,358.8
1,213.7
979.4
740.0
51,378.1
47,086.1
46.32
14.69
10.04
6.92
5.02
4.91
3.76
2.64
2.36
1.91
1.44
100.00
3.21
1.02
0.70
0.48
0.35
0.34
0.26
11,558.9
10,770.2
7,487.5
7,193.6
6,286.4
4,574.6
3,987.3
3,782.7
3,362.3
2,574.5
2,374.6
2,258.4
1,942.8
1,401.7
1,122.1
582.8
546.5
93.1
71,900.0
52,848.7
16.08
14.98
10.41
10.01
8.74
6.36
5.55
5.26
4.68
3.58
3.30
3.14
2.70
1.95
1.56
0.81
0.76
0.13
100.00
1.56
1.45
62,521.2
24,769.5
12,016.5
4,183.2
1,984.5
1,930.3
1,585.6
1,065.7
110,056.5
107,006.3
56.81
22.51
10.92
3.80
1.80
1.75
1.44
0.97
100.00
8.44
3.34
1.62
0.56
14,776.3
6,172.2
5,010.9
3,615.8
1,330.5
799.4
657.2
32,362.4
22,405.1
214,318.9
182,260.1
45.66
19.07
15.48
11.17
4.11
2.47
2.03
100.00
0.33
0.31
0.30
0.25
0.18
0.14
8.56
6.36
0.97
0.62
0.54
0.45
0.35
0.32
0.30
0.26
0.15
0.08
0.07
7.13
0.26
0.21
14.44
1.99
0.83
2.03
1.08
0.70
0.61
0.49
0.46
0.37
0.36
0.36
0.30
0.28
0.27
0.27
0.25
0.23
0.23
0.23
0.21
0.19
0.17
0.14
0.11
0.08
0.07
0.05
0.05
0.02
9.61
2.45
0.78
0.53
0.37
0.27
0.26
0.20
0.14
0.12
0.10
0.08
5.29
1.19
1.11
0.77
0.74
0.65
0.47
0.41
0.39
0.35
0.26
0.24
0.23
0.20
0.14
0.12
0.06
0.06
0.01
7.40
6.43
2.55
1.24
0.43
0.20
0.20
0.16
0.11
11.32
0.11
0.09
3.02
1.52
0.63
0.52
0.37
0.14
0.08
0.07
3.33
24.60
22.05
April 29, 2016
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
15
10
1
2
3
3
0
1
2
3
3
0
21
10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
17
3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
20
6
1
2
3
4
5
5
3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
17
12
Property Sector: Residential
Equity Residential
AvalonBay Communities, Inc.
UDR, Inc.
Camden Property Trust
Apartment Investment and Management Company Class A
American Campus Communities, Inc.
Post Properties, Inc.
Education Realty Trust, Inc.
Monogram Residential Trust Inc
Independence Realty Trust, Inc.
NexPoint Residential Trust Inc
Preferred Apartment Communities, Inc.
Bluerock Residential Growth REIT, Inc. Class A
Subsector Totals
S&P Subsector Total
Equity LifeStyle Properties, Inc.
Sun Communities, Inc.
UMH Properties, Inc.
Subsector Totals
S&P Subsector Total
American Homes 4 Rent Class A
Colony Starwood Homes
Silver Bay Realty Trust Corp.
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
Property Sector: Diversified
Vornado Realty Trust
VEREIT, Inc. Class A
W. P. Carey Inc.
NorthStar Realty Finance Corp.
Washington Real Estate Investment Trust
Alexander's, Inc.
American Assets Trust, Inc.
Global Net Lease Inc
Investors Real Estate Trust
Winthrop Realty Trust
One Liberty Properties, Inc.
Gladstone Commercial Corporation
Whitestone REIT
Armada Hoffler Properties, Inc.
BRT Realty Trust
HMG/Courtland Properties, Inc.
Sector Totals
S&P Sector Total
Property Sector: Lodging/Resorts
Host Hotels & Resorts, Inc.
Apple Hospitality REIT Inc
Sunstone Hotel Investors, Inc.
RLJ Lodging Trust
Ryman Hospitality Properties, Inc.
Pebblebrook Hotel Trust
DiamondRock Hospitality Company
Xenia Hotels & Resorts, Inc.
FelCor Lodging Trust Incorporated
Summit Hotel Properties, Inc.,
Hersha Hospitality Trust Class A
Chatham Lodging Trust
Ashford Hospitality Trust, Inc.
Ashford Hospitality Prime, Inc.
Sotherly Hotels Inc.
InnSuites Hospitality Trust
Condor Hospitality Trust, Inc.
Sector Totals
S&P Sector Total
Property Sector: Self Storage
Public Storage
CubeSmart
Sovran Self Storage, Inc.
National Storage Affiliates Trust
Sector Totals
S&P Sector Total
Property Sector: Health Care
Welltower, Inc.
Ventas, Inc.
HCP, Inc.
Healthcare Trust of America, Inc. Class A
Medical Properties Trust, Inc.
Healthcare Realty Trust Incorporated
National Health Investors, Inc.
Physicians Realty Trust
Care Capital Properties, Inc.
LTC Properties, Inc.
Sabra Health Care REIT, Inc.
New Senior Investment Group Inc
Universal Health Realty Income Trust
CareTrust REIT Inc
Community Healthcare Trust, Inc.
Sector Totals
S&P Sector Total
EQR
AVB
ESS
UDR
MAA
CPT
AIV
ACC
PPS
EDR
MORE
IRT
NXRT
APTS
BRG
ELS
SUI
UMH
AMH
SFR
SBY
VNO
VER
WPC
NRF
LXP
WRE
ALX
AAT
GNL
IRET
FUR
OLP
GOOD
WSR
AHH
BRT
HMG
HST
HPT
APLE
LHO
SHO
RLJ
RHP
PEB
DRH
XHR
CHSP
FCH
INN
HT
CLDT
AHT
AHP
SOHO
IHT
CDOR
PSA
EXR
CUBE
SSS
NSA
HCN
VTR
HCP
OHI
SNH
HTA
MPW
HR
NHI
DOC
CCP
LTC
SBRA
SNR
UHT
CTRE
CHCT
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
S&P 500
S&P 500
S&P 500
S&P 500
S&P 400
S&P 400
S&P 500
S&P 400
S&P 400
S&P 600
Manufactured Homes
Manufactured Homes
Manufactured Homes
Single Family Homes
Single Family Homes
Single Family Homes
Equity
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
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 400
S&P 400
S&P 600
S&P 600
S&P 600
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 500
S&P 400
Equity
Equity
Equity
Equity
Equity
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 400
S&P 400
S&P 600
S&P 600
S&P 600
S&P 600
24
24,776.7
24,198.5
14,462.0
9,149.2
7,202.6
6,974.9
6,260.5
5,830.5
3,108.7
2,514.3
1,710.6
336.2
301.0
275.1
210.1
107,310.8
104,477.9
5,746.3
3,955.9
264.7
9,966.9
0.0
3,881.7
2,506.3
526.6
6,914.7
0.0
124,192.4
104,477.9
23.09
22.55
13.48
8.53
6.71
6.50
5.83
5.43
2.90
2.34
1.59
0.31
0.28
0.26
0.20
100.00
18,023.4
8,037.6
6,317.6
2,218.1
2,071.6
1,953.6
1,944.2
1,801.3
1,432.0
737.0
463.0
391.2
371.4
362.3
346.6
100.3
10.9
46,582.0
21,896.2
57.65
39.69
2.66
100.00
56.14
36.25
7.62
100.00
3.34
3.27
1.95
1.23
0.97
0.94
0.84
0.79
0.42
0.34
14.10
2.55
2.49
1.49
0.94
0.74
0.72
0.64
0.60
0.32
0.26
0.18
0.03
0.03
0.03
0.02
11.04
0.00
0.59
0.41
0.03
1.03
0.00
0.40
0.26
0.05
0.71
14.10
12.78
38.69
17.25
13.56
4.76
4.45
4.19
4.17
3.87
3.07
1.58
0.99
0.84
0.80
0.78
0.74
0.22
0.02
100.00
2.43
1.85
0.83
0.65
0.23
0.21
0.20
0.20
0.19
0.15
0.08
0.05
0.04
0.04
0.04
0.04
0.01
0.00
4.79
11,961.7
3,876.5
3,320.7
2,696.1
2,673.3
2,649.0
2,641.1
1,986.1
1,788.3
1,717.5
1,469.2
1,025.9
987.2
857.6
815.3
533.7
318.6
77.1
21.0
10.7
41,426.5
22,779.0
28.87
9.36
8.02
6.51
6.45
6.39
6.38
4.79
4.32
4.15
3.55
2.48
2.38
2.07
1.97
1.29
0.77
0.19
0.05
0.03
100.00
1.61
0.52
42,264.1
10,487.7
5,203.3
4,143.7
449.0
62,547.7
56,895.4
67.57
16.77
8.32
6.62
0.72
100.00
5.70
1.42
24,653.9
20,876.7
15,732.4
6,316.5
4,173.5
3,770.5
3,165.6
3,094.9
2,614.7
2,442.0
2,231.6
1,741.5
1,373.7
898.6
726.3
725.6
234.6
94,772.4
84,812.1
26.01
22.03
16.60
6.66
4.40
3.98
3.34
3.27
2.76
2.58
2.35
1.84
1.45
0.95
0.77
0.77
0.25
100.00
3.33
2.82
2.12
0.85
0.56
0.28
0.24
2.96
0.36
0.24
0.20
0.13
3.07
0.56
7.68
0.43
0.42
0.30
0.24
0.19
0.10
0.10
11.45
1.23
0.40
0.34
0.28
0.28
0.27
0.27
0.20
0.18
0.18
0.15
0.11
0.10
0.09
0.08
0.05
0.03
0.01
0.00
0.00
4.26
4.35
1.08
0.54
0.43
0.05
6.43
2.54
2.15
1.62
0.65
0.43
0.39
0.33
0.32
0.27
0.25
0.23
0.18
0.14
0.09
0.07
0.07
0.02
9.75
April 29, 2016
1
2
3
4
4
3
Property Sector: Timber
Rayonier Inc.
Potlatch Corporation
CatchMark Timber Trust, Inc. Class A
Sector Totals
S&P Sector Total
1
2
3
4
5
6
6
3
Property Sector: Infrastructure
American Tower Corporation
Crown Castle International Corp
Communications Sales & Leasing Inc
InfraREIT, Inc.
CorEnergy Infrastructure Trust, Inc.
Power REIT
Sector Totals
S&P Sector Total
1
2
3
4
5
6
6
2
Property Sector: Data Centers
Equinix, Inc.
Digital Realty Trust, Inc.
CyrusOne, Inc.
DuPont Fabros Technology, Inc.
QTS Realty Trust, Inc. Class A
CoreSite Realty Corporation
Sector Totals
S&P Sector Total
1
2
3
4
5
6
7
8
9
10
10
5
Property Sector: Specialty
Iron Mountain, Inc.
Gaming and Leisure Properties, Inc.
Lamar Advertising Company Class A
EPR Properties
Corrections Corporation of America
OUTFRONT Media Inc.
GEO Group Inc
Farmland Partners, Inc.
American Farmland Company
Gladstone Land Corp.
Sector Totals
S&P Sector Total
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
27
28
27
1
Investment Sector: Mortgage
Annaly Capital Management, Inc.
American Capital Agency Corp.
Two Harbors Investment Corp.
New Residential Investment Corp.
Chimera Investment Corporation
MFA Financial, Inc.
Hatteras Financial Corp.
Invesco Mortgage Capital Inc.
CYS Investments, Inc.
Redwood Trust, Inc.
PennyMac Mortgage Investment Trust
Capstead Mortgage Corporation
ARMOUR Residential REIT, Inc.
American Capital Mortgage Investment Corp.
Altisource Residential Corp. Class B
New York Mortgage Trust, Inc.
Anworth Mortgage Asset Corporation
Apollo Residential Mortgage, Inc.
Western Asset Mortgage Capital Corporation
AG Mortgage Investment Trust, Inc.
Dynex Capital, Inc.
Great Ajax Corp.
Orchid Island Capital, Inc.
ZAIS Financial Corp.
Ellington Residential Mortgage REIT
Cherry Hill Mortgage Investment Corp.
Five Oaks Investment Corp.
Subsector Totals
S&P Subsector Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
15
0
42
1
Starwood Property Trust, Inc.
Blackstone Mortgage Trust, Inc. Class A
Colony Capital, Inc. Class A
Apollo Commercial Real Estate Finance, Inc.
iStar Inc.
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
Ladder Capital Corp. Class A
Resource Capital Corp.
Ares Commercial Real Estate Corporation
Arbor Realty Trust, Inc.
Newcastle Investment Corp.
RAIT Financial Trust
Owens Realty Mortgage, Inc.
CIM Commercial Trust Corporation
Jernigan Capital, Inc.
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
26
35
29
83
WY
RYN
PCH
CTT
AMT
CCI
CSAL
HIFR
CORR
PW
Equity
Equity
Equity
Equity
S&P 500
S&P 400
S&P 400
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 500
S&P 400
EQIX
DLR
CONE
DFT
QTS
COR
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
IRM
GLPI
LAMR
EPR
CXW
OUT
GEO
FPI
AFCO
LAND
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
NLY
AGNC
TWO
NRZ
CIM
MFA
HTS
IVR
CYS
RWT
PMT
CMO
ARR
MTGE
RESI
NYMT
ANH
AMTG
WMC
MITT
DX
AJX
ORC
ZFC
EARN
CHMI
OAKS
STWD
BXMT
CLNY
ARI
STAR
HASI
LADR
RSO
ACRE
ABR
NCT
RAS
ORM
CMCT
JCAP
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
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
S&P 600
S&P 400
S&P 400
S&P 400
S&P 600
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
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
83.82
10.09
4.72
1.37
100.00
3.43
0.41
0.19
44,318.0
29,024.2
3,497.5
722.3
253.9
8.0
77,823.8
76,839.6
56.95
37.29
4.49
0.93
0.33
0.01
100.00
5.98
3.92
0.47
22,593.5
12,875.3
3,493.1
2,924.0
2,305.5
2,296.1
46,487.5
24,889.6
48.60
27.70
7.51
6.29
4.96
4.94
100.00
3.05
9,627.2
6,462.8
5,069.3
4,155.3
3,559.8
2,961.1
2,374.9
129.3
116.7
103.6
34,560.1
24,786.6
27.86
18.70
14.67
12.02
10.30
8.57
6.87
0.37
0.34
0.30
100.00
1.30
9,870.3
6,407.5
2,859.9
2,788.1
2,684.0
2,559.2
1,535.2
1,460.0
1,230.8
1,064.3
1,002.5
928.6
847.8
741.7
650.6
568.7
472.5
434.4
415.9
380.0
319.6
216.3
210.7
116.0
112.1
106.6
89.0
40,072.3
928.6
24.63
15.99
7.14
6.96
6.70
6.39
3.83
3.64
3.07
2.66
2.50
2.32
2.12
1.85
1.62
1.42
1.18
1.08
1.04
0.95
0.80
0.54
0.53
0.29
0.28
0.27
0.22
100.00
4,575.3
2,562.0
1,974.9
930.8
745.5
742.4
725.9
376.8
341.7
340.4
288.2
276.3
169.8
121.3
59.5
14,230.7
0.0
54,303.0
928.6
32.15
18.00
13.88
6.54
5.24
5.22
5.10
2.65
2.40
2.39
2.03
1.94
1.19
0.85
0.42
100.00
544,230.7
149,908.9
46,766.7
740,906.2
219 Industry Total
1
S&P 600
25,379.5
3,054.2
1,429.6
413.5
30,276.9
29,863.3
972,080.9
Equity market capitalization does not include operating partnership units or preferred stock.
25
4.03
10.37
0.31
3.36
0.68
0.56
0.48
0.32
3.35
2.61
0.31
0.15
0.04
3.11
4.56
2.99
0.36
0.07
0.03
0.00
8.01
2.32
1.32
0.36
0.30
0.24
0.24
4.78
0.99
0.66
0.52
0.43
0.37
0.30
0.24
0.01
0.01
0.01
3.56
0.13
1.02
0.66
0.29
0.29
0.28
0.26
0.16
0.15
0.13
0.11
0.10
0.10
0.09
0.08
0.07
0.06
0.05
0.04
0.04
0.04
0.03
0.02
0.02
0.01
0.01
0.01
0.01
4.12
0.00
0.47
0.26
0.20
0.10
0.08
0.08
0.07
0.04
0.04
0.04
0.03
0.03
0.02
0.01
0.01
1.46
0.13
5.59
73.45
20.23
6.31
100.00
55.99
15.42
4.81
76.22
0.13
100.00
US REIT Merger and Acquisition Activity
Deal Value in Millions of Dollars
(2004 - 2016)
Year
Acquiror
2004 Ventas, Inc.
Aslan Realty Partners, LLC
ProLogis/Eaton Vance Corporation
Simon Property Group
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
Deal
Value
191
252
729
3,000
7,000
3,500
Total Public to Public
Total Public to Private
14,420
252
Total
14,672
2005 Camden Property Trust
iStar Financial, Inc.
Colonial Properties Trust
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
Completed
Completed
Completed
Completed
Completed
Completed
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
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
3-Oct-05
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
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
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
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
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
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
2006 Brandywine Realty Trust
Prentiss Properties Trust
CDP Capital-Financing Inc.
Criimi Mae Inc.
Morgan Stanley Property Fund
AMLI Residential Properties
The Mark Winkler Company
CalEast Industrial Investors
CenterPoint Properties Trust
Morgan Stanley Real Estate and Onex Real Estate
Town and Country Trust
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)
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 Holdings LP)
Boykin 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.
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
47,182
35,200
Total
57%
43%
82,381
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-BASS)
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
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
26
11%
89%
US REIT Merger and Acquisition Activity
Deal Value in Millions of Dollars
(2004 - 2016)
Year
Acquiror
2008 American Campus Communities
Hypo Real Estate Bank AG
Boston Properties
American Land Lease
Target
Acquiror Type
GMH Communities Trust
Quadra Realty Trust
Macklowe Properties (NYC Office Portfolio)
Green Courte Real Estate Partners
Public REIT
Brokerage Firm
Public REIT
Private Equity Firm
Deal
Value
1,400
179
3,950
113
5,350
292
Total
5,642
2009
Announced
Completed
Status
12-Feb-08
29-Jan-08
24-May-08
10-Dec-08
11-Jun-08
14-Mar-08
10-Jun-08
16-Mar-09
Completed
Completed
Completed
Completed
24-Feb-10
16-Mar-10
14-Dec-10
30-Jul-10
13-Aug-10
8-Apr-11
Completed
Completed
Completed
31-Jan-11
28-Feb-11
27-Dec-11
3-Jun-11
1-Jul-11
2-Apr-12
Completed
Completed
Completed
6-Sep-12
16-Oct-12
26-Nov-12
14-Dec-12
22-Jan-13
31-Oct-12
27-Feb-13
28-Feb-13
Completed
Completed
Completed
Completed
22-Jan-13
30-Jan-13
24-Apr-13
28-May-13
3-Jun-13
1-Jul-13
25-Jul-13
23-Oct-13
9-Dec-13
17-Jul-13
23-May-13
15-Oct-13
5-Nov-13
1-Oct-13
3-Jan-14
31-Jan-14
7-Feb-14
1-Apr-14
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
2-Jun-14
31-Oct-14
5-Aug-14
2-Sep-14
9-Sep-14
16-Sep-14
31-Oct-14
24-Nov-14
16-Jan-15
18-Feb-15
3-Dec-14
29-Jan-15
20-Jan-15
15-Jan-15
1-Apr-15
10-Jun-15
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
10-Apr-15
22-Apr-15
11-May-15
15-Jun-15
22-Jun-15
1-Jul-15
29-Jul-15
8-Sep-15
8-Oct-15
16-Oct-15
22-Oct-15
8-Nov-15
3-Dec-15
21-Sep-15
31-Jul-15
7-Aug-15
17-Sep-15
1-Oct-15
7-Oct-15
17-Dec-15
4-Nov-15
11-Dec-15
27-Jan-16
2-Mar-16
27-Jan-16
19-Feb-16
29-Feb-16
5-Jan-16
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
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
6,080
111
Total
2011 AMB Property Corp.
Ventas, Inc.
Ventas, Inc.
Public REIT
Public REIT
Public REIT
24,162
American Realty Capital Trust, Inc.
Emeritus; Blackstone JV (Portfolio Acquisition)
Archstone-Smith Trust, Inc.
American Realty Capital Trust III, Inc.
Public REIT
Public REIT
Public REIT
Public REIT
2,887
1,730
6,476
2,325
13,418 100%
0
0%
Total
13,418
Spirit Realty Capital, Inc.
CreXus Investment Corp.
MPG Office Trust, Inc.
CapLease, Inc.
Colonial Properties Trust
American Realty Capital Trust IV, Inc.
Corporate Property Associates 16
Cole Real Estate Investments, Inc.
BRE Properties, Inc.
Non-traded REIT
Public REIT
Real Estate Operating Company
Public REIT
Public REIT
Public REIT
Public REIT
Public REIT
Public REIT
2,835
876
1,938
2,048
4,112
2,207
4,041
10,281
6,141
29,706
4,773
Total
2014 Ventas, Inc.
EDENS, Inc.
NorthStar Realty Finance Corp.
Select Income REIT
GoldenTree Asset Management LP
Washington Prime Group Inc.
Griffin Capital Essential Asset REIT, Inc.
16,517
7,010
635
24,162 100%
0%
Total
2013 Cole Credit Property Trust II, Inc.
Brookfield Office Properties Inc.
American Realty Capital Properties, Inc.
W. P. Carey Inc.
Public REIT
Public REIT
Public REIT
Asset Manager
Public REIT
Public REIT
Public REIT
2,297
620
3,881
2,987
456
4,323
2,822
16,309
1,076
Total
17,385
Excel Trust, Inc.
Associated Estates Realty Corporation
Trade Street Residential, Inc.
SmartStop Self Storage, Inc.
Home Properties, Inc.
Gramercy Property Trust Inc.
Industrial Income Trust Inc.
Strategic Hotels & Resorts, Inc.
BioMed Realty Trust
Campus Crest Communities, Inc.
Landmark Apartment Trust, Inc.
Plum Creek Timber Company, Inc.
American Residential Properties, Inc.
Starwood Waypoint Residential Trust
Asset Manager
Asset Manager
Public REIT
Public REIT
Asset Manager
Public REIT
Public REIT
Asset Manager
Asset Manager
Private Equity Firm
Investor Group
Public REIT
Public REIT
Public Real Estate Company
94%
6%
1,021
1,690
287
855
5,156
1,489
4,555
5,648
7,866
1,900
1,900
8,462
1,415
1,592
15,648
28,188
Total
2016 Brookfield Asset Management, Inc.
Apollo Commercial Real Estate Finance, Inc.
ARMOUR Residential REIT, Inc.
Apple Hospitality REIT, Inc.
86%
14%
34,479
American Realty Capital Healthcare Trust, Inc.
AmREIT, Inc.
Griffin-American Healthcare REIT II, Inc.
Cole Corporate Income Trust, Inc.
Origen Financial, Inc.
Glimcher Realty Trust
Aviv REIT, Inc.
Signature Office REIT Inc.
2015 The Blackstone Group LP
Brookfield Asset Management Inc.
Independence Realty Trust, Inc
Lone Star Investment Advisors, LLC
Chambers Street Properties
Global Logistic Properties Limited
The Blackstone Group LP
The Blackstone Group LP
Harrison Street Real Estate Capital
Starwood Capital Group / Milestone Apartments REIT
American Homes 4 Rent
Colony American Homes, Inc.
98%
2%
6,191
ProLogis
Nationwide Health Properties, Inc.
Cogdell Spencer, Inc.
2012 Realty Income Corp.
HCP, Inc.
AvalonBay Communities, Inc. / Equity Residential
14
97
6,080
36%
64%
43,836
Rouse Properties, Inc.
Apollo Residential Mortgage, Inc.
JAVELIN Mortgage Investment Corp.
Hatteras Financial Corp.
Apple REIT Ten, Inc.
Asset Manager
Public REIT
Public REIT
Public REIT
Public REIT
Public REIT
2,800
641
85
1,788
1,300
2,031
5,844
2,800
Total
25-Feb-16
26-Feb-16
2-Mar-16
11-Apr-16
14-Apr-16
29-Apr-16
68%
32%
8,644
Industry Totals: 2004-2016
194,374
169,104
Total
363,477
27
53%
47%
6-Apr-16
Pending
Pending
Completed
Pending
Pending
Pending
Name
Ticker
Share Price ($)
52 Week
High
Low
29-Apr-2016
FFO per Share
Estimates ($)
2016
2017
Price/FFO
Estimates
2016
2017
FFO
Growth (%)
2016 - 2017
FFO
Payout (%)
2015: Q4
Debt/
EBITDA
2015: Q4
Apr-16
QTD
Total Return (%)
YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
Office
Alexandria Real Estate Equity
Boston Property
Brandywine Rlty
City Office REIT
Columbia Property Trust Inc
Corporate Office Properties
Cousins Property
Douglas Emmett
Easterly Government Properties
Empire State Realty Trust
Equity Commonwealth
First Potomac Realty Trust
Franklin Street Properties
Gramercy Property Trust
Highwoods Prop
Hudson Pacific Properties
Kilroy Realty
Mack Cali Realty
NEW YORK REIT INC
NorthStar Realty Europe
Paramount Group
Parkway Properties
Piedmont Office Realty Trust Cl A
Select Income REIT
SL Green Realty
TIER REIT
AVERAGE
ARE
BXP
BDN
CIO
CXP
OFC
CUZ
DEI
DEA
ESRT
EQC
FPO
FSP
GOV
GPT
HIW
HPP
KRC
CLI
NYRT
NRE
PGRE
PKY
PDM
SIR
SLG
TIER
92.95
128.86
14.95
11.23
22.30
25.68
10.35
32.45
18.45
18.51
27.91
8.41
10.62
18.92
8.47
46.73
29.25
64.81
25.56
9.83
11.93
16.70
16.45
19.91
23.15
105.08
15.08
30.91
94.87
134.70
15.19
13.12
27.45
26.85
10.88
33.09
19.00
18.88
29.67
12.00
11.96
20.22
8.71
47.89
31.68
73.45
26.39
11.76
13.90
19.22
18.53
20.42
23.82
123.72
18.30
33.54
71.65
108.18
11.29
10.35
19.81
20.04
7.99
24.95
15.29
14.67
25.27
8.08
8.81
12.87
6.47
36.82
22.97
47.38
16.90
8.90
8.42
14.38
11.97
16.74
17.82
80.54
12.78
24.49
5.52
5.90
1.01
1.14
1.60
2.01
0.90
1.74
1.22
1.02
1.03
1.02
1.04
2.39
0.71
3.25
1.71
3.41
2.06
0.38
0.84
1.26
1.62
2.97
7.65
2.14
5.98
6.33
1.40
1.24
1.61
2.09
0.95
1.85
1.24
1.10
1.06
0.91
1.07
2.32
0.76
3.49
1.93
3.66
2.12
0.41
0.95
1.35
1.70
3.06
7.01
2.22
16.85
21.84
14.80
9.83
13.96
12.81
11.50
18.60
15.18
18.17
27.16
8.29
10.21
7.90
11.97
14.37
17.11
19.02
12.44
25.64
19.86
13.03
12.29
7.79
13.73
14.97
15.56
20.35
10.65
9.09
13.88
12.28
10.87
17.57
14.82
16.89
26.34
9.22
9.93
8.16
11.14
13.40
15.19
17.72
12.07
24.17
17.57
12.20
11.69
7.57
14.98
14.13
8.32
7.29
38.93
8.18
0.63
4.30
5.83
5.91
2.40
7.57
3.14
-10.10
2.88
-3.17
7.38
7.31
12.62
7.37
3.03
6.09
13.01
6.83
5.14
2.95
-8.36
5.82
53.47
50.78
38.46
0.00
88.71
34.78
51.22
84.62
35.42
0.00
100.00
70.37
126.47
51.83
45.45
43.75
31.91
32.76
55.15
51.22
102.04
37.27
48.65
53.67
7.21
5.47
24.78
9.65
6.55
4.30
1.95
8.64
3.74
4.92
4.23
5.15
12.00
6.43
6.18
6.50
16.64
11.59
27.31
5.63
5.82
2.90
9.28
8.15
8.60
8.54
2.27
1.40
6.56
0.58
1.41
-2.13
-0.29
7.77
-0.38
5.59
-1.10
-7.17
1.86
8.55
0.24
-2.26
1.14
4.75
9.47
-2.29
2.84
4.70
5.04
-1.97
2.67
8.46
12.20
2.59
2.27
1.40
6.56
0.58
1.41
-2.13
-0.29
7.77
-0.38
5.59
-1.10
-7.17
1.86
8.55
0.24
-2.26
1.14
4.75
9.47
-2.29
2.84
4.70
5.04
-1.97
2.67
8.46
12.20
2.59
3.77
1.55
11.84
-4.03
-3.64
18.87
10.80
4.83
8.74
2.96
0.65
-25.00
6.54
26.17
11.14
8.28
4.68
3.00
10.90
-13.23
2.44
-7.18
6.59
6.69
22.75
-6.30
3.59
4.35
4.17
0.41
7.27
-5.81
-10.50
2.00
9.96
17.25
22.58
4.88
10.71
-16.97
-3.56
1.61
19.82
13.05
-0.80
-6.71
46.57
4.06
-6.77
6.06
19.36
11.25
-11.98
-7.40
5.02
12.58
10.34
4.41
0.31
0.89
10.68
8.87
-15.21
-5.62
-2.14
8.92
10.98
7.08
1.03
0.79
3.58
1.34
7.21
3.67
6.02
7.99
8.33
-1.52
5.49
12.51
4.51
-7.56
0.67
0.46
9.77
17.20
12.09
-1.59
2.01
5.00
6.77
5.19
3.44
2.02
4.01
8.37
5.38
4.28
3.09
2.71
4.77
1.84
3.58
7.13
7.16
9.09
5.19
3.64
2.74
2.16
2.35
4.68
2.51
2.28
4.56
4.22
8.64
2.74
4.77
4.35
6,820.5
19,768.0
2,619.2
230.4
2,753.5
2,427.7
2,188.4
4,781.2
445.9
2,212.0
3,526.4
486.3
1,064.0
1,344.9
3,551.3
4,454.6
2,617.6
5,976.0
2,274.5
1,606.6
751.7
3,538.7
1,827.9
2,897.1
2,068.0
10,464.1
715.3
3,459.7
6,820.5
22,078.4
2,642.1
264.9
2,753.5
2,522.1
2,188.4
5,647.6
732.7
4,916.9
3,526.4
508.3
1,064.0
1,344.9
3,563.3
4,590.1
4,264.3
6,090.3
2,543.3
1,734.9
751.7
4,401.4
1,907.4
2,897.1
2,068.0
10,857.7
715.3
3,829.5
37.8
31.7
47.5
64.6
39.6
50.0
26.1
40.2
25.9
25.4
32.8
51.5
46.0
52.2
41.1
36.9
35.5
27.9
49.4
30.1
71.0
38.9
49.7
42.5
57.4
42.3
60.7
42.8
409
575
1,541
183
582
500
2,160
1,089
49
998
697
177
279
723
2,289
558
649
583
596
652
232
1,068
987
611
293
871
227
725
37,734
73,940
22,087
2,049
12,643
13,083
22,422
34,292
911
18,059
19,429
1,534
2,999
13,210
19,355
26,356
18,973
36,627
14,401
6,430
2,746
17,249
15,174
12,219
6,785
87,936
3,236
20,070
0.553
0.374
0.843
0.889
0.459
0.539
1.025
0.717
0.204
0.816
0.551
0.315
0.282
0.982
0.545
0.592
0.725
0.613
0.633
0.400
0.365
0.487
0.830
0.422
0.328
0.840
0.452
0.585
Industrial
DCT Industrial Trust
Duke Realty Corp
Eastgroup Properties
First Industrial Realty Trust
Monmouth REIT Cl A
Prologis
PS Business Parks
Rexford Industrial Realty
STAG Industrial
Terreno Realty
AVERAGE
DCT
DRE
EGP
FR
LPT
MNR
PLD
PSB
REXR
STAG
TRNO
40.37
21.87
59.75
22.94
34.90
11.50
45.41
95.76
18.77
19.96
22.77
35.82
41.03
22.63
61.42
23.39
36.68
11.99
46.01
101.76
19.21
22.20
23.81
37.28
31.31
17.61
50.11
18.69
27.30
9.10
35.57
70.34
12.69
15.09
19.39
27.93
2.13
1.18
3.97
1.42
2.47
0.69
2.56
5.34
0.86
1.52
1.04
2.11
2.25
1.25
4.18
1.51
2.52
0.81
2.62
5.60
0.96
1.64
1.16
2.23
18.98
18.49
15.06
16.14
14.15
16.73
17.71
17.95
21.93
13.13
21.86
17.47
17.96
17.50
14.28
15.20
13.86
14.29
17.35
17.10
19.55
12.15
19.57
16.26
5.69
5.62
5.44
6.16
2.04
17.09
2.06
4.92
12.16
8.09
11.69
7.36
57.14
85.71
63.83
34.46
73.08
94.12
45.80
64.29
98.57
94.12
71.11
4.14
6.36
6.38
3.93
4.71
6.53
6.07
1.15
6.45
11.43
5.80
5.72
2.28
-2.97
-1.03
0.88
4.30
-3.28
2.78
-4.73
3.36
-1.41
-2.90
-0.25
2.28
-2.97
-1.03
0.88
4.30
-3.28
2.78
-4.73
3.36
-1.41
-2.90
-0.25
8.81
5.04
8.57
4.52
14.01
11.61
6.85
10.37
15.58
10.95
1.47
8.89
26.19
15.63
8.94
19.41
6.24
18.41
17.48
29.20
30.63
-1.26
10.47
16.48
12.68
11.96
2.04
11.11
-1.50
8.95
6.25
10.33
3.06
9.80
7.47
16.25
12.39
9.70
14.58
5.47
13.30
8.15
13.49
17.19
9.23
11.98
2.87
3.29
4.02
3.31
5.44
5.57
3.70
3.13
2.88
6.96
3.16
4.03
3,555.3
7,546.2
1,930.1
2,522.5
5,157.2
740.0
23,797.0
2,577.8
1,213.7
1,358.8
979.4
4,670.7
3,718.4
7,622.5
1,930.1
2,621.3
5,280.7
740.0
24,589.0
3,277.3
1,251.8
1,429.2
979.4
4,858.2
31.1
31.6
36.7
36.9
40.1
44.0
33.5
7.7
30.9
42.8
28.2
33.0
1,438
2,759
193
1,388
1,052
164
3,128
146
823
438
209
1,067
57,559
61,406
11,601
31,529
36,031
1,912
140,058
14,391
15,169
8,837
4,757
34,841
1.619
0.814
0.601
1.250
0.699
0.258
0.589
0.558
1.250
0.650
0.486
0.798
32.33
34.63
25.49
2.13
2.22
15.74
14.78
6.29
58.95
7.68
1.77
1.77
5.66
8.43
5.03
7.70
4.25
3,810.3
4,127.2
39.9
824
24,346
0.646
OVERALL AVERAGE
28
Long-Term
Issuer Rating
BBBABBBBBB
BBB-
BBB-
BBBBBBBBB
BBBBBB
BB+
BBBBBB
BBBBBB-
BBBBBB
BBBBBB
BBB+
A-
Retail
Name
Ticker
Share Price ($)
52 Week
29-Apr-2016
High
Low
FFO per Share
Estimates ($)
2016
2017
Price/FFO
Estimates
2016
2017
FFO
Growth (%)
2016 - 2017
FFO
Payout (%)
2015: Q4
Debt/
EBITDA
2015: Q4
Apr-16
QTD
Total Return (%)
YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
Shopping Centers
Acadia Realty
Brixmor Property Group
Cedar Realty Trust
DDR Corp
Equity One Inc
Federal Realty Invs
Kimco Realty Cp
Ramco-Gershenson Properties
Regency Centers
Retail Opportunity
Retail Properties of America
Saul Centers
Tanger Factory Outlet Center
Urstadt Biddle Pptys
Wheeler Real Estate Investment Trust Inc
AVERAGE
AKR
BRX
CDR
DDR
EQY
FRT
KIM
KRG
RPT
REG
ROIC
RPAI
BFS
SKT
UE
UBA
WRI
WHLR
33.70
25.25
6.92
17.50
28.30
152.08
28.12
27.23
17.71
73.70
19.67
15.99
53.18
35.08
25.94
20.56
36.92
1.41
34.40
35.46
26.76
7.36
17.83
29.00
158.96
29.05
28.25
18.11
77.12
20.14
16.55
58.87
37.22
26.40
21.46
38.17
2.38
36.06
28.46
21.10
5.90
14.75
22.71
124.96
22.26
22.93
14.84
57.09
15.43
13.19
47.65
29.67
20.12
17.43
30.43
1.14
28.34
1.57
2.07
0.55
1.23
1.36
5.71
1.57
2.05
1.37
3.24
1.05
1.03
3.14
2.32
1.25
1.15
2.29
0.17
1.84
1.68
2.16
0.59
1.28
1.48
6.18
1.66
2.16
1.43
3.46
1.11
1.03
3.26
2.49
1.35
1.30
2.41
0.20
1.96
21.41
12.20
12.66
14.21
20.75
26.65
17.91
13.27
12.97
22.76
18.81
15.50
16.94
15.11
20.72
17.96
16.13
8.13
16.89
20.07
11.67
11.76
13.65
19.12
24.62
16.99
12.62
12.36
21.32
17.71
15.56
16.34
14.11
19.23
15.77
15.34
7.05
15.85
6.68
4.49
7.62
4.11
8.49
8.28
5.44
5.20
4.93
6.74
6.17
-0.38
3.66
7.12
7.71
13.83
5.20
15.38
6.70
68.57
44.12
35.71
53.91
75.86
68.61
68.57
46.98
61.76
72.39
68.00
66.25
56.58
48.31
66.67
91.07
60.53
61.99
10.34
6.84
7.05
5.06
6.25
4.63
2.39
6.11
5.35
5.76
6.71
6.72
6.03
2.50
6.84
2.07
4.97
14.68
6.13
-4.07
-0.50
-4.29
-1.63
-1.26
-2.54
-1.42
-0.71
-1.77
-1.54
-2.24
0.88
1.20
-2.73
0.39
-1.86
-1.60
14.18
-0.64
-4.07
-0.50
-4.29
-1.63
-1.26
-2.54
-1.42
-0.71
-1.77
-1.54
-2.24
0.88
1.20
-2.73
0.39
-1.86
-1.60
14.18
-0.64
2.39
-0.31
-1.55
5.08
5.05
4.73
7.22
7.27
7.91
8.96
10.93
9.44
5.58
9.23
11.51
8.19
7.85
-22.91
4.81
13.28
11.90
1.92
7.18
18.97
16.74
21.28
8.56
6.51
20.90
22.04
10.75
9.36
8.84
18.78
4.46
17.48
-32.03
10.38
9.74
5.82
2.27
7.47
12.13
10.03
5.29
5.28
13.04
14.55
6.20
9.35
1.30
2.39
7.23
-31.62
5.03
14.06
7.59
7.07
11.83
14.82
11.99
10.26
12.02
13.40
16.44
7.51
8.05
6.16
11.69
10.92
2.97
3.88
2.89
4.34
3.11
2.47
3.63
4.22
4.74
2.71
3.66
4.14
3.54
3.71
3.08
5.06
3.95
14.89
4.28
2,374.6
7,487.5
582.8
6,286.4
3,987.3
10,770.2
11,558.9
2,258.4
1,401.7
7,193.6
1,942.8
3,782.7
1,122.1
3,362.3
2,574.5
546.5
4,574.6
93.1
3,994.4
2,504.6
7,618.4
585.3
6,292.8
3,987.3
10,912.3
11,585.3
2,310.2
1,437.2
7,205.0
2,182.7
3,782.7
1,510.6
3,539.5
2,734.0
546.5
4,628.5
98.8
4,081.2
35.0
43.5
53.1
45.4
27.8
20.4
32.1
44.0
44.6
22.7
34.2
38.3
37.5
30.9
33.3
36.1
33.6
58.3
37.3
537
1,226
180
2,113
727
317
2,324
421
379
417
493
1,152
31
790
524
69
553
134
688
18,273
31,159
1,264
37,032
20,501
49,001
66,019
11,632
6,782
31,000
9,673
18,537
1,643
28,705
13,318
1,426
20,788
177
20,385
0.770
0.416
0.217
0.589
0.514
0.455
0.571
0.515
0.484
0.431
0.498
0.490
0.146
0.854
0.517
0.261
0.454
0.190
0.465
Regional Malls
CBL & Associates Properties
General Growth Properties
Macerich
Rouse Properties
Simon Property Group
Taubman Centers
WP GLIMCHER
AVERAGE
CBL
GGP
MAC
PEI
RSE
SPG
TCO
WPG
11.68
28.03
76.08
22.94
18.47
201.17
69.45
10.49
54.79
18.31
30.17
85.94
23.48
18.61
209.10
78.75
15.08
59.93
9.40
24.37
72.53
16.70
13.12
171.00
66.67
7.41
47.65
2.40
1.55
4.09
1.86
1.98
10.85
3.65
1.79
3.52
2.41
1.67
4.43
1.97
2.15
11.74
4.02
1.82
3.78
4.88
18.12
18.59
12.36
9.34
18.53
19.01
5.87
13.34
4.85
16.78
17.19
11.63
8.58
17.13
17.30
5.75
12.40
0.46
8.00
8.18
6.24
8.82
8.17
9.88
2.05
6.48
37.32
60.71
36.21
66.67
66.47
53.19
53.43
11.19
7.24
2.53
38.12
8.15
5.63
6.96
11.40
-1.85
-5.10
-3.99
4.99
0.49
-3.14
-2.50
10.54
-0.07
-1.85
-5.10
-3.99
4.99
0.49
-3.14
-2.50
10.54
-0.07
-3.37
3.69
-4.87
6.05
28.59
4.37
-8.72
1.55
3.41
-29.79
5.10
1.15
5.61
9.44
14.62
-0.41
-23.60
-2.24
-16.56
10.08
8.38
7.62
2.59
9.66
-1.87
2.84
-3.61
14.41
12.80
12.44
16.75
7.95
10.12
9.08
2.71
3.58
3.66
2.92
3.18
3.43
9.53
4.76
1,984.5
24,769.5
12,016.5
1,585.6
1,065.7
62,521.2
4,183.2
1,930.3
13,757.1
2,326.2
24,951.1
12,842.4
1,776.8
1,065.7
72,944.7
5,923.8
2,295.4
15,515.8
65.5
37.3
27.9
51.0
67.0
24.6
28.8
61.2
45.4
1,261
3,068
971
614
381
1,173
329
1,398
1,149
14,930
88,618
76,012
13,869
6,984
241,602
22,912
14,021
59,869
0.752
0.358
0.633
0.875
0.655
0.386
0.548
0.726
0.617
Free Standing
Agree Realty
Getty Realty
National Retail Properties
Realty Income
Seritage Growth Properties
Spirit Realty Capital
Store Capital REIT
AVERAGE
ADC
GTY
NNN
O
SRG
SRC
STOR
38.78
19.68
43.76
59.20
53.37
11.43
25.67
35.98
40.60
20.46
46.84
63.74
56.47
11.68
26.95
38.11
27.80
15.26
33.99
43.38
33.84
9.04
19.79
26.16
2.56
1.53
2.35
2.87
0.86
1.56
1.95
2.78
1.66
2.48
3.03
0.92
1.69
2.09
15.16
12.86
18.64
20.65
13.27
16.48
16.18
13.97
11.86
17.65
19.52
12.46
15.16
15.10
8.47
8.50
5.65
5.77
6.52
8.69
7.26
77.50
31.17
88.78
80.49
0.00
89.47
71.05
62.64
5.36
2.76
4.46
5.22
6.77
7.75
6.29
5.52
0.81
-0.76
-4.35
-4.98
6.80
1.60
-0.81
-0.24
0.81
-0.76
-4.35
-4.98
6.80
1.60
-0.81
-0.24
15.45
16.25
11.48
16.22
33.35
15.87
11.80
17.20
33.41
21.26
18.97
31.89
8.43
28.12
23.68
15.24
2.74
7.99
10.34
7.09
8.68
17.58
-0.08
16.08
16.18
12.44
4.80
5.08
3.98
4.03
1.41
6.12
4.21
4.23
799.4
657.2
6,172.2
14,776.3
1,330.5
5,010.9
3,615.8
4,623.2
812.9
657.2
6,172.2
14,814.7
2,620.8
5,010.9
3,615.8
4,814.9
34.8
35.8
26.6
28.3
26.3
48.2
35.1
33.6
136
81
882
1,655
252
8,447
1,601
1,865
5,308
1,621
40,088
102,126
13,437
95,917
41,727
42,889
0.664
0.247
0.650
0.691
1.010
1.914
1.154
0.904
39.68
42.28
32.56
2.28
2.44
15.87
14.85
6.75
60.43
7.15
-0.42
-0.42
7.10
9.72
5.14
10.98
4.39
6,494.5
7,008.9
38.5
1,050
34,730
0.595
OVERALL AVERAGE
29
Long-Term
Issuer Rating
BBBBBBBBB
ABBB+
BBBBBB
BBBBBBBBB+
BBB
BBB-
A
BBB-
BBB+
BBB+
BB+
Residential
Name
Ticker
Apartments
American Campus Communities
Apartment Inv Management
Avalonbay Communities
Bluerock Residential Growth REIT
Camden Property
Education Realty Trust
Equity Residential
Essex Prop Trust
Independence Realty Trust
Mid-America Apartment Comm
Monogram Residential Trust Inc
NEXPOINT RESIDENTIAL
Post Properties
Preferred Apartment Communities
UDR
AVERAGE
ACC
AIV
AVB
BRG
CPT
EDR
EQR
ESS
IRT
MAA
MORE
NXRT
PPS
APTS
UDR
Manufactured Homes
Equity Lifestyle Properties
Sun Communities
UMH Properties
AVERAGE
Single Family Homes
American Homes 4 Rent
Colony Starwood Homes
Silver Bay Realty Trust
AVERAGE
OVERALL AVERAGE
Share Price ($)
52 Week
29-Apr-2016
High
Low
FFO per Share
Estimates ($)
2016
2017
Price/FFO
Estimates
2016
2017
FFO
Growth (%)
2016 - 2017
FFO
Payout (%)
2015: Q4
Debt/
EBITDA
2015: Q4
Apr-16
QTD
Total Return (%)
YTD
1-Yr
3-Yr
Dividend
Yield (%)
5-Yr
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
44.75
40.06
176.79
10.94
80.73
39.77
68.07
220.45
7.17
95.71
10.13
14.06
57.36
12.34
34.92
60.88
47.09
42.19
190.20
13.93
84.09
41.94
81.97
244.29
9.00
102.74
10.29
15.30
62.37
13.66
38.56
66.51
32.26
34.85
159.08
9.18
69.45
28.08
68.07
192.26
6.18
72.81
7.76
10.81
53.58
9.82
31.14
52.36
2.22
2.30
8.23
0.68
4.77
1.72
3.15
10.98
0.83
5.87
0.43
1.59
3.16
0.88
1.78
3.24
2.41
2.48
8.91
0.95
4.94
1.97
3.31
11.87
0.89
6.23
0.49
1.77
3.37
1.36
1.90
3.52
20.16
17.43
21.48
16.01
16.93
23.18
21.63
20.08
8.62
16.30
23.74
8.87
18.13
13.96
19.63
17.74
18.55
16.18
19.84
11.50
16.34
20.18
20.54
18.57
8.10
15.36
20.53
7.94
17.04
9.10
18.43
15.88
8.69
7.69
8.26
39.27
3.64
14.87
5.30
8.09
6.44
6.08
15.63
11.67
6.41
53.39
6.52
13.46
55.56
51.72
63.45
58.33
63.79
60.05
56.92
94.74
51.68
93.75
62.42
56.41
85.71
67.68
65.87
6.72
4.96
5.01
9.85
4.47
4.68
5.36
5.25
9.40
5.70
11.96
13.58
4.27
9.65
2.80
6.91
-4.97
-4.21
-7.05
1.45
-4.00
-3.53
-9.28
-5.73
1.54
-5.59
2.74
7.41
-3.98
-2.68
-8.66
-3.10
-4.97
-4.21
-7.05
1.45
-4.00
-3.53
-9.28
-5.73
1.54
-5.59
2.74
7.41
-3.98
-2.68
-8.66
-3.10
9.25
0.99
-3.30
-4.14
6.12
6.98
-6.20
-7.29
-1.12
7.24
4.59
9.12
-2.28
-4.09
-5.61
0.68
16.06
9.71
10.74
-11.60
11.62
23.16
5.93
1.95
-14.18
33.08
10.73
5.70
3.49
19.26
9.98
9.04
4.08
12.37
13.42
7.77
11.13
12.91
15.16
16.29
8.24
18.67
16.47
12.41
8.84
11.51
10.19
9.08
13.58
8.22
13.47
11.87
9.99
12.68
9.96
10.85
3.58
3.30
3.05
10.60
3.72
3.72
2.96
2.90
10.04
3.43
2.96
5.86
3.28
6.24
3.38
4.60
5,830.5
6,260.5
24,198.5
210.1
6,974.9
2,514.3
24,776.7
14,462.0
336.2
7,202.6
1,710.6
301.0
3,108.7
275.1
9,149.2
7,154.1
5,893.4
6,575.1
24,199.9
223.6
7,127.9
2,525.9
25,758.8
14,950.2
358.8
7,601.0
1,710.6
301.0
3,115.6
278.6
10,028.9
7,376.6
35.8
37.4
20.5
61.7
29.0
23.2
21.8
24.7
72.2
32.2
48.0
71.7
21.7
71.4
24.0
39.7
805
1,114
695
124
625
458
1,991
459
183
428
1,100
95
512
104
1,810
700
36,616
45,569
127,504
1,354
51,389
18,496
142,454
104,103
1,297
42,431
11,050
1,328
29,760
1,313
66,269
45,396
0.628
0.728
0.527
0.644
0.737
0.736
0.575
0.720
0.386
0.589
0.646
0.441
0.957
0.477
0.724
0.634
ELS
SUI
UMH
68.49
67.87
9.80
48.72
73.30
71.82
10.65
51.92
52.19
60.88
9.08
40.72
3.25
3.72
0.62
2.53
3.45
4.06
0.76
2.76
21.06
18.23
15.93
18.41
19.84
16.72
12.98
16.51
6.12
9.01
22.76
12.63
51.37
90.28
163.64
101.76
5.66
3.46
8.94
6.02
-5.83
-5.22
-1.21
-4.09
-5.83
-5.22
-1.21
-4.09
3.34
-0.04
-1.27
0.68
32.97
13.65
4.89
17.17
22.33
15.19
3.34
13.62
21.17
18.08
6.27
15.17
2.48
3.83
7.35
4.55
5,746.3
3,955.9
264.7
3,322.3
6,239.9
4,150.3
264.7
3,551.6
25.7
36.1
55.8
39.2
455
618
61
378
32,098
43,088
602
25,263
0.559
1.089
0.227
0.625
AMH
SFR
SBY
15.82
24.37
14.60
18.26
17.10
26.28
16.88
20.09
13.21
20.18
12.22
15.20
0.91
1.58
0.80
1.09
1.07
2.02
0.88
1.32
17.41
15.47
18.33
17.07
14.85
12.06
16.56
14.49
17.19
28.25
10.67
18.71
29.41
60.00
44.71
8.21
35.79
11.11
18.37
-0.50
-1.54
-1.68
-1.24
-0.50
-1.54
-1.68
-1.24
-4.74
8.59
-5.95
-0.70
-5.16
-2.35
-2.59
-3.37
-7.04
-7.04
-
1.26
3.61
3.56
2.81
3,881.7
2,506.3
526.6
2,304.9
4,740.4
2,506.3
559.2
2,602.0
37.1
68.9
51.2
52.4
1,226
306
181
571
19,331
7,547
2,624
9,834
0.498
0.301
0.498
0.432
53.06
57.79
45.39
2.83
3.10
17.74
15.77
14.09
69.31
8.42
-2.98
-2.98
0.48
8.43
11.36
11.78
4.34
5,913.9
6,148.1
41.4
636
37,439
0.604
30
Long-Term
Issuer Rating
BBB
BBBABBB+
BBBABBB
BBB
BBB
BBB+
Name
Ticker
Share Price ($)
52 Week
High
Low
29-Apr-2016
FFO per Share
Estimates ($)
2016
2017
Price/FFO
Estimates
2016
2017
FFO
Growth (%)
2016 - 2017
FFO
Payout (%)
2015: Q4
Debt/
EBITDA
2015: Q4
Apr-16
QTD
Total Return (%)
YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
Long-Term
Issuer Rating
Diversified
Alexanders Inc
American Assets Trust Inc.
Armada Hoffler Properties
BRT Realty Trust
Gladstone Commercial
GLOBAL NET LEASE
HMG/Courtland Properties
Investors Real Estate Trust
NorthStar Realty Finance
One Liberty
VEREIT
Vornado Realty
W. P. Carey Inc.
Washington Real Estate Inv
Whitestone REIT
Winthrop Realty Trust
AVERAGE
ALX
AAT
AHH
BRT
GOOD
GNL
HMG
IRET
LXP
NRF
OLP
VER
VNO
WPC
WRE
WSR
FUR
382.67
39.67
11.70
7.04
16.83
8.47
10.49
6.02
8.78
12.79
23.42
8.88
95.73
61.09
28.67
13.43
12.72
44.02
435.03
43.53
11.88
7.23
18.06
9.32
14.57
8.39
9.42
38.18
24.08
9.27
104.59
64.73
29.56
14.79
17.04
50.57
354.10
34.61
9.51
5.41
12.82
6.47
9.23
5.97
6.61
8.57
19.59
7.07
80.15
51.87
23.93
9.87
12.44
38.72
22.49
1.88
0.93
1.53
0.76
1.06
2.50
1.84
0.78
5.22
4.28
1.72
1.36
3.57
23.42
2.09
1.01
1.57
0.60
1.07
2.56
1.90
0.78
5.51
4.38
1.78
1.39
3.70
17.02
21.10
12.55
11.00
7.90
8.28
5.12
12.73
11.38
18.33
14.28
16.68
9.86
12.79
16.34
18.98
11.54
10.75
10.12
8.24
5.00
12.33
11.40
17.38
13.95
16.07
9.67
12.44
4.14
11.17
8.80
2.29
-21.97
0.52
2.33
3.26
-0.16
5.42
2.34
3.82
1.98
1.84
56.36
55.56
77.27
0.00
96.15
84.52
51.52
67.24
45.99
80.93
0.00
109.62
60.43
7.31
6.40
5.57
16.43
7.36
6.41
10.86
10.58
5.37
15.57
6.37
41.04
5.13
5.78
3.06
10.58
10.24
0.56
-0.63
4.00
2.59
3.52
-0.38
12.82
-17.08
2.09
-2.52
4.51
0.11
1.38
-1.85
-1.85
7.60
-3.12
0.69
0.56
-0.63
4.00
2.59
3.52
-0.38
12.82
-17.08
2.09
-2.52
4.51
0.11
1.38
-1.85
-1.85
7.60
-3.12
0.69
0.73
4.13
13.45
12.46
19.32
9.76
4.08
-11.80
11.92
-22.61
11.20
13.87
-3.54
5.17
7.11
16.36
-1.93
5.28
-7.92
2.20
21.68
2.44
4.09
-4.83
-9.61
2.69
-53.90
12.07
3.39
-5.02
2.61
21.47
0.91
-10.28
-1.13
11.40
8.26
-0.33
4.57
-6.98
-8.95
-5.68
1.38
7.82
-13.50
9.57
1.08
4.92
1.37
12.49
1.83
7.16
15.82
2.18
7.30
24.80
-2.30
3.93
20.42
16.51
5.24
17.63
2.55
8.06
10.89
10.01
4.18
2.52
6.15
0.00
8.91
6.99
4.77
8.64
7.74
12.51
7.00
4.65
2.63
6.38
4.19
8.49
5.11
5.93
1,944.2
1,801.3
346.6
100.3
371.4
1,432.0
10.9
737.0
2,071.6
2,218.1
391.2
8,037.6
18,023.4
6,317.6
1,953.6
362.3
463.0
2,740.1
1,944.2
2,511.4
519.2
100.3
371.4
1,447.3
10.9
820.6
2,105.1
2,242.0
391.2
8,248.6
19,134.2
6,317.6
1,953.6
369.0
463.0
2,879.4
35.1
30.6
44.8
87.9
63.9
47.9
14.4
48.7
53.5
77.9
49.6
52.3
36.2
42.4
41.2
60.5
49.2
5
203
163
5
105
599
3
566
1,103
1,925
29
6,137
676
249
491
130
158
738
1,824
7,874
1,863
34
1,748
5,192
27
3,919
9,620
25,006
640
54,866
64,537
15,329
14,295
1,679
2,008
12,380
0.094
0.437
0.538
0.034
0.471
0.363
0.252
0.532
0.464
1.127
0.163
0.683
0.358
0.243
0.732
0.463
0.434
0.435
Health Care
Care Capital Properties
CareTrust REIT
Community Healthcare Trust
HCP
Healthcare Realty Trust
Healthcare Trust Of America Inc
LTC Properties
Medical Properties Trust
National Health Investors
New Senior Investment Group
Omega Healthcare Investors
Physicians Realty Trust
Sabra Health Care REIT
Universal Health Rlty Income
Ventas Inc
Welltower Inc.
AVERAGE
CCP
CTRE
CHCT
HCP
HR
HTA
LTC
MPW
NHI
SNR
OHI
DOC
SBRA
SNH
UHT
VTR
HCN
26.67
12.72
18.20
33.83
30.28
28.89
46.39
13.31
68.09
10.80
33.77
18.13
21.09
17.58
54.60
62.12
69.42
33.29
35.61
13.79
20.15
40.75
30.99
29.71
47.18
13.92
69.14
16.29
37.03
18.86
29.58
20.45
56.80
69.40
72.41
36.59
24.19
9.70
15.90
26.13
22.11
22.69
38.89
9.86
54.10
8.27
27.46
14.06
15.16
13.62
43.54
48.43
53.68
26.34
2.89
1.08
1.56
2.77
1.67
1.64
3.02
1.29
4.89
1.39
3.25
1.04
2.23
1.89
4.19
4.56
2.46
2.82
1.18
1.73
2.78
1.75
1.73
3.16
1.28
5.14
1.52
3.33
1.20
2.27
1.90
4.27
4.72
2.55
9.23
11.83
11.64
12.23
18.18
17.59
15.36
10.30
13.92
7.77
10.38
17.46
9.47
9.32
14.82
15.24
12.80
9.47
10.75
10.54
12.17
17.30
16.68
14.68
10.39
13.24
7.13
10.13
15.14
9.28
9.27
14.56
14.70
12.22
-2.60
10.08
10.36
0.50
5.04
5.44
4.64
-0.85
5.17
8.99
2.48
15.31
2.07
0.50
1.80
3.62
4.53
68.67
64.00
110.29
75.00
75.64
72.97
66.67
47.22
81.25
86.15
102.27
69.49
114.71
86.00
68.87
87.77
79.81
5.35
5.46
0.78
5.51
6.18
4.28
7.27
3.09
11.35
5.91
5.58
5.77
7.34
5.15
6.33
6.04
5.71
-0.63
0.16
-1.57
3.84
-1.97
-1.80
2.93
2.54
2.36
4.85
-2.70
-2.42
4.98
0.50
-2.93
-1.33
0.12
0.41
-0.63
0.16
-1.57
3.84
-1.97
-1.80
2.93
2.54
2.36
4.85
-2.70
-2.42
4.98
0.50
-2.93
-1.33
0.12
0.41
-10.85
17.73
0.82
-10.11
8.04
8.21
9.29
17.75
13.37
12.52
-0.05
10.37
7.07
24.46
10.50
11.50
3.43
7.89
7.47
-10.78
23.95
16.74
12.08
2.52
7.83
-28.19
-0.07
15.38
-23.62
-4.62
15.82
8.43
1.37
2.95
-9.34
5.17
10.17
5.00
0.30
6.26
7.02
-5.32
-7.72
6.24
0.84
2.32
1.74
2.01
11.36
15.38
8.87
12.84
15.27
12.16
1.48
10.91
9.67
10.67
10.06
6.41
5.35
4.91
6.80
3.96
4.08
4.66
6.61
5.29
9.63
6.87
4.96
7.78
8.87
4.73
4.70
4.96
5.92
2,231.6
725.6
234.6
15,732.4
3,094.9
3,770.5
1,741.5
3,165.6
2,614.7
898.6
6,316.5
2,442.0
1,373.7
4,173.5
726.3
20,876.7
24,653.9
5,574.8
2,231.6
725.6
234.6
15,934.5
3,094.9
3,826.2
1,741.5
3,169.5
2,614.7
898.6
6,618.9
2,512.3
1,373.7
4,173.5
726.3
21,076.6
24,653.9
5,623.9
37.3
42.8
12.3
37.9
33.5
32.4
27.2
54.8
28.8
71.6
34.2
24.2
51.5
49.9
28.8
37.4
35.2
37.6
435
530
178
3,860
472
1,025
149
1,536
180
291
1,063
2,416
370
1,517
33
2,032
1,768
1,050
11,472
6,799
3,228
131,919
14,368
29,720
6,890
20,263
12,119
3,102
36,973
44,406
7,483
27,042
1,841
127,120
122,712
35,733
0.514
0.937
1.376
0.839
0.464
0.788
0.396
0.640
0.464
0.345
0.585
1.818
0.545
0.648
0.254
0.609
0.498
0.689
Lodging/Resorts
Apple Hospitality REIT
Ashford Hospitality Prime
Ashford Hospitality Trust
Chatham Lodging Trust
Condor Hospitality Trust
Diamondrock Hospitality
FelCor Lodging
Hersha Hospitality Trust
Host Hotels & Resorts
Innsuites Hospitality Tr
Pebblebrook Hotel Trust
RLJ Lodging Trust
Ryman Hospitality Properties
Sotherly Hotels Inc
Summit Hotel Properties
Sunstone Hotel Investors
XENIA HOTELS & RESORTS INC
AVERAGE
APLE
AHP
AHT
CLDT
CHSP
CDOR
DRH
FCH
HT
HPT
HST
IHT
LHO
PEB
RLJ
RHP
SOHO
INN
SHO
XHR
18.93
11.19
5.59
21.31
24.63
2.18
8.91
7.16
19.29
25.59
15.82
2.52
23.90
27.64
21.07
51.53
5.32
11.40
12.81
15.38
16.61
20.68
16.20
9.35
28.69
32.50
2.85
13.80
11.21
28.28
31.03
21.29
2.95
38.31
46.24
31.89
58.32
8.47
14.53
15.97
24.33
22.84
16.38
9.68
4.58
16.91
22.78
0.73
7.77
5.83
16.51
21.77
12.82
2.08
20.15
21.99
17.16
43.53
4.97
9.28
10.13
12.73
13.89
1.76
1.76
1.62
2.52
2.52
1.08
0.96
2.69
3.86
1.68
2.99
2.79
2.73
5.34
1.25
1.31
1.25
2.26
2.24
1.82
1.85
1.72
2.67
2.55
1.13
1.01
2.86
3.98
1.73
2.98
2.87
2.80
5.67
1.33
1.40
1.34
2.38
2.34
10.79
6.36
3.45
8.46
9.76
8.28
7.46
7.16
6.62
9.44
8.00
9.91
7.71
9.65
4.26
8.68
10.26
6.82
7.95
10.43
6.06
3.26
7.98
9.67
7.86
7.06
6.74
6.43
9.15
8.02
9.65
7.53
9.09
4.00
8.12
9.59
6.46
7.62
3.42
5.04
5.76
5.95
0.95
5.29
5.78
6.34
3.00
3.23
-0.16
2.74
2.26
6.20
6.40
6.83
6.91
5.54
4.53
76.92
30.77
45.90
125.00
54.05
73.77
51.67
53.44
38.10
30.92
17.24
54.34
10.08
13.31
10.63
6.17
4.54
3.05
4.07
8.05
7.03
7.92
2.70
4.36
4.94
4.35
4.80
12.23
1.67
1.03
2.70
5.98
-3.94
-4.11
-12.38
-0.05
-6.92
13.41
-11.96
-11.15
-9.61
-1.75
-5.27
6.38
-5.57
-4.92
-7.91
0.10
3.50
-4.76
-8.50
-1.54
-3.85
-3.94
-4.11
-12.38
-0.05
-6.92
13.41
-11.96
-11.15
-9.61
-1.75
-5.27
6.38
-5.57
-4.92
-7.91
0.10
3.50
-4.76
-8.50
-1.54
-3.85
-3.19
-22.15
-9.61
6.66
-0.62
74.32
-6.50
-0.17
-10.18
2.08
4.38
20.66
-3.33
-0.04
-1.15
1.25
-12.26
-3.40
2.94
2.13
2.09
-26.45
-28.97
-18.28
-17.89
-11.06
-31.21
-33.83
-21.25
-7.37
-17.66
13.57
-30.62
-33.01
-25.10
-5.65
-32.16
-9.92
-8.61
-25.82
-19.54
-4.79
10.30
6.19
-37.79
-0.09
7.70
-2.73
2.62
-1.10
11.16
1.93
3.56
1.24
10.46
12.41
9.10
6.18
2.14
-0.45
11.32
11.70
-29.09
-2.40
3.27
0.41
8.75
0.55
6.94
0.49
8.07
15.52
17.22
4.78
7.26
4.02
6.34
3.57
8.59
6.19
6.50
0.00
5.61
3.35
5.81
7.97
5.06
0.40
7.53
5.50
6.26
5.82
6.39
4.12
1.56
7.15
5.19
3,320.7
318.6
533.7
815.3
1,469.2
10.7
1,788.3
1,025.9
857.6
3,876.5
11,961.7
21.0
2,696.1
1,986.1
2,649.0
2,641.1
77.1
987.2
2,673.3
1,717.5
2,071.3
3,320.7
367.6
647.7
815.3
1,469.2
17.4
1,788.3
1,030.2
902.3
3,876.5
12,108.7
30.3
2,699.6
1,992.6
2,667.9
2,641.1
88.8
993.1
2,673.3
1,717.9
2,092.4
22.2
63.7
84.0
43.7
34.1
87.6
37.8
57.8
54.7
45.4
25.2
18.7
34.7
38.6
36.6
35.1
76.2
39.4
29.9
39.0
45.2
501
250
492
164
254
10
1,782
650
419
881
10,593
2
1,340
786
658
261
36
395
1,921
383
1,089
9,565
2,772
2,840
3,437
6,379
19
16,705
5,010
8,501
23,236
166,229
5
32,549
21,696
14,329
13,322
183
4,516
25,500
5,831
18,131
0.288
0.870
0.532
0.422
0.434
0.176
0.934
0.488
0.991
0.599
1.390
0.026
1.207
1.092
0.541
0.504
0.237
0.457
0.954
0.340
0.624
Self Storage
CubeSmart
Extra Space Storage
National Storage Affiliates Trust
Public Storage
Sovran Self Storage
AVERAGE
CUBE
EXR
NSA
PSA
SSS
29.61
84.95
19.52
244.81
106.22
97.02
33.30
93.58
21.52
276.27
117.95
108.52
22.74
65.04
11.61
182.98
86.13
73.70
1.39
3.70
1.05
9.76
5.50
4.28
1.56
4.13
1.16
10.57
6.10
4.70
21.25
22.97
18.65
25.09
19.30
21.45
18.99
20.56
16.83
23.16
17.41
19.39
11.88
11.72
10.83
8.33
10.84
10.72
50.00
155.26
169.57
69.11
67.46
102.28
3.53
10.02
6.49
0.13
3.91
4.82
-11.08
-9.11
-7.92
-11.25
-9.20
-9.71
-11.08
-9.11
-7.92
-11.25
-9.20
-9.71
-2.68
-3.04
15.10
-0.52
0.58
1.89
31.72
32.83
59.67
34.38
25.83
36.89
22.34
29.18
17.78
19.72
22.26
24.54
35.54
19.61
24.22
25.98
2.84
2.78
4.10
2.78
3.58
3.22
5,203.3
10,487.7
449.0
42,264.1
4,143.7
12,509.5
5,267.3
10,965.2
1,227.1
42,320.9
4,161.7
12,788.4
19.5
23.7
34.6
1.6
18.7
19.6
1,157
871
201
737
236
641
36,719
78,117
4,095
195,504
26,587
68,204
0.706
0.745
0.912
0.463
0.642
0.693
Timber
CatchMark Timber Trust
Potlatch Corp. REIT
Rayonier
Weyerhaeuser
AVERAGE
CTT
PCH
RYN
WY
10.61
35.22
24.68
32.12
25.66
12.20
36.76
26.35
33.00
27.08
9.74
24.54
18.63
22.22
18.78
0.64
0.64
0.69
0.69
16.49
16.49
15.30
15.30
7.77
7.77
-
7.21
7.98
4.52
4.72
6.11
-2.03
11.81
0.00
3.68
3.36
-2.03
11.81
0.00
3.68
3.36
-5.07
18.07
12.41
8.35
8.44
-4.27
0.14
0.72
6.34
0.73
-5.81
-13.95
5.31
-4.82
2.19
-1.66
10.37
3.63
4.71
4.26
4.05
3.86
4.22
413.5
1,429.6
3,054.2
25,379.5
7,569.2
413.5
1,429.6
3,054.2
25,379.5
7,569.2
29.1
33.8
23.3
26.1
28.1
69
198
387
4,534
1,297
753
6,629
9,579
143,459
40,105
0.182
0.464
0.314
0.565
0.381
BB
BBBBBB-
Infrastructure
American Tower Corp
Communications Sales & Leasing
CorEnergy Infrastructure Trust
Crown Castle Intl Corp
InfraREIT
Power REIT
AVERAGE
AMT
CSAL
CORR
CCI
HIFR
PW
104.88
23.23
21.29
86.88
16.58
4.85
42.95
106.23
30.24
35.00
88.41
33.94
6.20
50.00
83.66
15.41
11.50
76.58
15.10
4.00
34.37
5.69
2.59
3.94
4.68
1.21
3.62
6.45
2.63
4.06
5.04
1.17
3.87
18.43
8.96
5.40
18.55
13.76
13.02
16.27
8.82
5.24
17.23
14.20
12.35
13.33
1.54
3.01
7.65
-3.11
4.48
37.10
96.77
122.95
71.95
0.00
65.75
5.69
5.45
4.31
6.12
3.56
9.53
5.78
2.95
4.40
5.87
0.44
-2.76
0.96
1.98
2.95
4.40
5.87
0.44
-2.76
0.96
1.98
8.70
27.73
51.73
1.54
-9.05
8.12
14.79
13.17
-14.00
-28.65
8.35
-44.47
-23.10
-14.78
9.52
-10.51
6.75
-22.69
-4.23
16.61
-6.46
16.91
-14.67
3.10
1.95
10.33
14.09
4.07
6.03
0.00
6.08
44,318.0
3,497.5
253.9
29,024.2
722.3
8.0
12,970.6
44,318.0
3,497.5
253.9
29,024.2
1,004.6
8.0
13,017.7
29.5
55.5
55.1
29.1
37.7
60.3
44.5
1,915
732
172
1,885
268
1
829
200,955
16,940
3,541
164,497
4,472
5
65,068
0.453
0.484
1.395
0.567
0.619
0.066
0.597
BBB-
Data Centers
CoreSite Realty
CyrusOne
Digital Realty Trust
DuPont Fabros Technology
Equinix Inc
QTS Realty Trust
AVERAGE
COR
CONE
DLR
DFT
EQIX
QTS
74.93
44.13
87.98
39.82
330.35
48.42
104.27
76.29
45.66
91.40
42.17
333.62
50.03
106.53
44.98
29.22
61.52
25.08
250.33
35.19
74.39
3.52
2.50
5.57
2.73
11.39
2.62
4.72
4.03
2.91
6.04
2.99
15.33
2.93
5.71
21.29
17.64
15.79
14.60
29.01
18.51
19.47
18.61
15.14
14.57
13.30
21.55
16.51
16.61
14.39
16.46
8.36
9.76
34.64
12.13
15.96
52.50
0.00
68.85
78.97
50.08
2.14
5.61
6.12
5.98
6.28
5.23
7.03
-3.33
-0.58
-1.75
-0.11
2.20
0.58
7.03
-3.33
-0.58
-1.75
-0.11
2.20
0.58
33.11
18.90
17.54
26.70
9.88
8.17
19.05
61.29
41.01
45.71
35.22
37.60
37.76
43.10
32.42
26.93
13.61
22.68
19.84
23.10
41.51
13.30
14.76
29.61
24.79
2.83
3.44
4.00
4.72
2.12
2.97
3.35
2,296.1
3,493.1
12,875.3
2,924.0
22,593.5
2,305.5
7,747.9
3,559.3
3,493.1
13,124.6
3,524.2
22,593.5
2,634.7
8,154.9
14.5
31.8
37.1
31.8
25.9
30.6
28.6
315
859
1,028
840
510
512
677
22,504
37,735
91,060
34,624
166,199
24,988
62,852
0.980
1.080
0.707
1.184
0.736
1.084
0.962
B+
BBB
BBBB
B+
Specialty
American Farmland
Corrections Corp of America
EPR Properties
Farmland Partners REIT
Gaming & Leisure Properties
Geo Group
Gladstone Land
Iron Mountain
Lamar Advertising
Outfront Media
AVERAGE
AFCO
CXW
EPR
FPI
GLPI
GEO
LAND
IRM
LAMR
OUT
6.91
30.42
65.88
10.79
32.79
32.03
10.37
36.53
62.04
21.69
30.95
7.74
36.61
67.06
12.37
38.18
38.49
12.19
37.60
62.72
28.82
34.18
5.09
24.62
49.57
9.85
24.82
26.08
7.02
24.56
50.13
18.18
23.99
0.34
2.62
4.75
0.45
2.93
2.87
0.58
2.13
4.93
2.02
2.36
0.42
2.79
5.04
0.56
3.08
3.08
0.62
2.42
5.23
2.17
2.54
20.14
11.62
13.87
24.07
11.20
11.15
18.00
17.15
12.58
10.72
15.05
16.29
10.89
13.06
19.38
10.65
10.40
16.64
15.09
11.86
10.00
13.43
23.64
6.73
6.23
24.16
5.11
7.19
8.22
13.60
6.05
7.25
10.82
76.26
121.11
81.25
100.00
58.62
87.45
3.14
5.13
18.47
6.85
5.27
14.93
7.33
3.20
49.07
12.60
10.03
-5.09
-0.63
0.56
6.05
-5.77
3.39
7.73
0.88
2.80
2.00
10.03
-5.09
-0.63
0.56
6.05
-5.77
3.39
7.73
0.88
2.80
2.00
-0.84
16.77
15.01
-0.47
20.53
15.82
22.18
37.42
4.75
0.98
13.21
-11.22
21.73
-4.90
-1.01
-9.06
-9.91
12.99
12.43
-19.83
-0.98
0.46
12.04
2.36
-9.28
7.94
13.91
4.57
12.81
13.84
13.17
12.28
16.29
13.68
1.81
7.10
5.83
4.73
6.83
8.12
4.77
5.31
4.84
6.27
5.56
116.7
3,559.8
4,155.3
129.3
6,462.8
2,374.9
103.6
9,627.2
5,069.3
2,961.1
3,456.0
139.3
3,559.8
4,155.3
174.4
6,462.8
2,374.9
103.6
9,627.2
5,069.3
2,961.1
3,462.8
16.1
32.5
36.2
51.9
43.7
50.7
62.3
46.1
28.1
43.0
41.1
79
520
344
90
3,951
485
31
2,446
458
886
929
534
16,260
22,647
966
127,704
16,189
315
83,552
28,295
19,001
31,546
0.458
0.457
0.545
0.747
1.976
0.682
0.304
0.868
0.558
0.642
0.724
40.32
45.54
32.00
2.95
3.16
13.11
12.19
6.29
70.30
7.39
-0.68
-0.68
7.58
0.04
4.32
10.00
5.30
5,111.5
5,203.4
40.4
928
32,529
0.626
OVERALL AVERAGE
31
BBB-
BB+
BB
BBB+
BBB
BBB
BB+
B
BBB+
BBBBBB
BB+
BBBBBBBBBBB+
BBB
B
BBBBB+
B+
BBB
A
BBB
BBBB+
BB+
BB+
BB
BBB+
BBBB-
Mortgage
Name
Home Financing
AG Mortgage Investment Trust
Altisource Residential
American Capital Agency Corp.
American Capital Mortgage Investment
Annaly Capital Management
Anworth Mortgage Asset
Apollo Residential Mortgage
ARMOUR Residential REIT
Capstead Mortgage
Cherry Hill Mortgage Investment
Chimera Investment
CYS Investments
Dynex Capital
Ellington Residential Mortgage REIT
Five Oaks Investment Corp
Great Ajax
Hatteras Financial
Invesco Mortgage Capital
MFA Financial
New Residential Investment Corp.
New York Mortgage Trust
Orchid Island Capital
PennyMac Mortgage Investment Trust
Redwood Trust
Two Harbors Investment
Western Asset Mortgage Capital
ZAIS Financial Corp
AVERAGE
Ticker
MITT
RESI
AGNC
MTGE
NLY
ANH
AMTG
ARR
CMO
CHMI
CIM
CYS
DX
EARN
OAKS
AJX
HTS
IVR
MFA
NRZ
NYMT
ORC
PMT
RWT
TWO
WMC
ZFC
Apollo Commercial Real Estate Finance
ARI
Arbor Realty Trust
ABR
Ares Commercial Real Estate
ACRE
Blackstone Mortgage Trust
BXMT
CIM Commercial Trust
CMCT
Colony Capital
CLNY
Hannon Armstrong Sustainable Infrastructure Capital
HASI
iStar Inc.
STAR
Jernigan Capital
JCAP
Ladder Capital
LADR
Newcastle Invt Corp
NCT
Owens Realty Mortgage Inc
ORM
RAIT Financial Trust
RAS
Resource Capital
RSO
Starwood Property Trust Inc.
STWD
AVERAGE
Share Price ($)
52 Week
29-Apr-2016
High
Low
FFO per Share
Estimates ($)
2016
2017
Price/FFO
Estimates
2016
2017
FFO
Growth (%)
2016 - 2017
FFO
Payout (%)
2015: Q4
Debt/
EBITDA
2015: Q4
Apr-16
QTD
Total Return (%)
YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
13.39
11.62
18.37
14.83
10.42
4.72
13.56
21.28
9.72
14.21
14.20
8.11
6.50
12.27
6.05
13.62
15.89
12.85
6.91
12.10
5.20
9.68
13.59
12.96
7.83
9.97
14.55
11.64
19.35
18.97
20.86
17.62
10.55
5.33
16.01
24.72
11.93
17.87
15.20
8.99
7.97
16.51
10.68
14.38
18.25
16.11
7.97
17.78
8.04
14.22
20.75
17.08
10.71
15.59
17.62
14.85
10.78
8.65
16.03
12.26
8.69
3.89
9.66
17.53
7.87
12.65
11.39
6.26
5.50
10.13
3.96
9.16
11.15
9.81
5.78
9.86
3.98
7.77
11.21
9.36
7.07
8.83
12.72
9.33
-0.94
0.60
1.90
1.16
2.12
0.69
1.98
0.68
1.02
0.28
0.57
1.96
0.95
1.93
0.67
1.98
0.73
1.13
-12.43
7.83
7.48
7.01
5.78
9.96
6.13
7.65
4.93
42.25
8.34
7.25
8.55
6.34
10.28
6.11
7.12
12.03
-129.41
-6.10
3.16
-17.98
-8.93
-3.13
0.21
7.35
-19.35
-
92.50
16.92
15.69
31.79
19.28
59.54
11.15
16.38
72.70
20.34
25.21
6.94
21.16
18.01
19.88
17.04
48.24
26.44
11.93
26.33
28.87
2.45
-3.17
-0.32
1.02
1.56
1.29
1.04
0.06
-1.72
0.35
4.49
-0.37
-2.26
2.51
9.09
21.72
11.12
5.50
0.88
4.04
9.70
-5.42
3.22
-0.92
-1.39
-0.80
-2.48
2.27
2.45
-3.17
-0.32
1.02
1.56
1.29
1.04
0.06
-1.72
0.35
4.49
-0.37
-2.26
2.51
9.09
21.72
11.12
5.50
0.88
4.04
9.70
-5.42
3.22
-0.92
-1.39
-0.80
-2.48
2.27
8.17
-3.95
10.79
9.17
14.37
12.00
17.53
4.09
14.17
13.08
11.81
17.52
5.59
3.10
16.29
14.89
24.69
7.26
7.87
3.44
2.67
3.22
-7.74
0.42
-0.46
1.92
-0.93
7.82
-19.78
-32.85
1.37
-5.39
16.90
5.20
-1.45
6.43
-7.09
-7.92
11.32
4.04
-6.93
-13.29
-32.84
3.16
-0.62
-5.59
-0.43
-18.47
-21.53
-16.50
-26.12
-18.25
-16.35
-17.72
-6.18
-8.40
-7.90
-8.45
-6.28
-6.29
-2.54
1.52
-4.05
-12.58
0.13
11.22
0.08
-4.19
-14.72
-6.51
-4.45
2.22
4.80
5.40
-8.03
-11.52
-3.23
-4.69
-0.23
-3.49
5.76
1.43
2.99
-3.85
5.12
8.42
7.05
3.83
0.21
2.11
10.77
10.34
5.84
3.00
8.62
4.78
14.19
5.16
13.06
10.79
11.52
12.71
14.16
15.23
10.70
13.79
13.52
12.82
12.92
14.67
11.90
7.05
11.33
12.45
11.58
15.21
18.46
17.36
13.83
8.64
11.75
18.05
11.00
12.74
380.0
650.6
6,407.5
741.7
9,870.3
472.5
434.4
847.8
928.6
106.6
2,684.0
1,230.8
319.6
112.1
89.0
216.3
1,535.2
1,460.0
2,559.2
2,788.1
568.7
210.7
1,002.5
1,064.3
2,859.9
415.9
116.0
1,484.2
380.0
650.6
6,407.5
741.7
9,870.3
472.5
434.4
847.8
928.6
106.6
2,684.0
1,230.8
319.6
112.1
89.0
224.8
1,535.2
1,478.3
2,559.2
2,788.1
568.7
210.7
1,002.5
1,064.3
2,859.9
415.9
129.5
1,485.7
87.1
64.7
89.6
84.6
87.3
93.1
88.4
93.0
93.8
82.9
81.9
90.3
90.6
92.0
96.6
65.2
91.4
90.4
80.4
80.1
93.1
90.0
78.8
82.0
78.5
85.9
79.7
85.6
121
324
2,760
449
8,510
499
230
442
810
12
1,134
1,167
220
22
63
27
2,565
956
1,628
2,342
529
291
563
327
2,519
392
58
1,073
1,603
3,767
51,397
6,641
88,125
2,335
3,112
9,531
7,949
164
15,686
9,552
1,476
272
378
338
39,528
11,871
11,105
27,782
2,597
3,053
7,531
4,199
19,586
3,894
863
12,383
0.422
0.579
0.802
0.895
0.893
0.494
0.716
1.124
0.856
0.154
0.584
0.776
0.462
0.243
0.424
0.156
2.575
0.813
0.434
0.996
0.457
1.449
0.751
0.394
0.685
0.936
0.744
0.734
15.93
6.68
12.00
27.48
18.61
17.68
19.40
9.80
11.31
11.91
4.34
16.44
3.04
11.88
19.36
13.72
17.95
7.29
13.08
31.25
21.00
26.29
21.32
14.77
21.57
18.49
5.44
17.12
6.55
17.60
24.50
17.61
15.13
6.04
9.02
22.66
14.61
15.17
16.36
7.64
10.86
9.60
2.90
12.98
1.90
9.32
16.93
11.41
1.99
0.61
2.55
2.05
-0.04
0.84
1.52
1.36
2.08
0.63
2.60
2.21
0.23
0.64
1.64
1.43
8.01
10.99
10.79
8.61
-282.75
3.61
7.82
-33.28
7.66
10.66
10.59
7.99
49.17
4.72
7.24
14.00
4.52
3.08
1.94
7.69
-675.00
-23.48
7.89
-96.19
97.44
28.57
63.00
6.82
14.31
11.19
15.67
6.50
7.83
11.12
9.97
14.66
1.58
12.03
8.86
10.04
-2.27
-1.33
9.59
2.31
3.05
5.43
0.94
1.45
-27.59
-4.34
3.09
2.94
-0.13
5.60
2.27
0.07
-2.27
-1.33
9.59
2.31
3.05
5.43
0.94
1.45
-27.59
-4.34
3.09
2.94
-0.13
5.60
2.27
0.07
-4.91
-4.47
7.37
5.07
21.34
-7.02
4.23
-16.45
-22.61
-1.75
9.41
23.03
20.03
-3.42
-3.40
1.76
3.82
6.54
15.25
-2.51
0.53
-26.15
8.42
-27.62
-43.05
-19.80
-8.85
25.60
-46.74
-20.90
-11.46
-9.80
6.78
3.08
-2.98
11.70
6.27
-0.79
26.49
-5.69
6.77
-21.65
-11.15
3.95
1.90
10.14
11.44
6.93
4.76
6.45
0.37
22.18
-8.75
-0.77
9.92
6.27
11.55
8.98
8.67
9.02
4.70
9.05
6.19
0.00
12.38
9.24
11.06
1.95
11.84
14.14
9.92
8.58
930.8
340.4
341.7
2,562.0
121.3
1,974.9
742.4
745.5
59.5
725.9
288.2
169.8
276.3
376.8
4,575.3
948.7
930.8
340.4
341.7
2,562.0
121.3
2,359.4
748.0
745.5
59.5
725.9
288.2
169.8
276.3
376.8
4,575.3
974.7
59.0
76.8
72.8
73.6
61.6
55.5
81.1
0.0
78.2
32.6
93.2
82.4
52.8
63.1
598
79
100
443
2
632
130
313
116
155
230
17
548
146
1,799
354
9,531
531
1,156
11,882
30
10,803
2,499
2,981
1,401
1,868
981
267
1,599
1,683
34,177
5,426
1.024
0.156
0.338
0.464
0.024
0.547
0.337
0.400
2.355
0.257
0.340
0.157
0.579
0.447
0.747
0.545
32
Long-Term
Issuer Rating
B+
BB
REIT Payout Ratios:
Dividends as a Percent of FFO
1994: Q1 - 2015: Q4
95
Percent
90
90
89
88
88
85
86
86
85
84
83
83
82
80
81
79
78
75
Average Payout Ratio: 71.1%
76
75
74
74
74
74
72
72 72
70
75
74
71 71
71
70
69
68
68 68
68
68
68
73
73
73
72
72
72
71
71
70
69
69
68
70
69 69
68
68
67
68
69
68
68 68
67
66
66
66
65
70 70
66
65
68
66
68
65
65
65
64
64 64
63
68
67
65 64
63 63
62
62
61
60
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Source: NAREIT®, SNL Financial.
33
2006
2007
2008
2009
64
2010
2011
2012
2013
2014
2015
64
Summary of Dividends and FFO by Property Sector
December 31, 2015
Sector
Number of
Companies
Implied
Market Cap ($M)
Total
Dividends ($M)
2015: Q4
Funds From
Operations ($M)
Payout
Ratio (%)
Total
Dividends ($M)
2015: YTD
Funds From
Operations ($M)
Payout
Ratio (%)
Office
Industrial
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Single Family Homes
Diversified
Lodging/Resorts
Health Care
Self Storage
Timber
Infrastructure
Data Centers
Specialty
Equity REITs
28
11
34
19
8
7
23
16
3
4
17
20
17
5
5
6
6
10
184
98,284
50,004
222,535
70,990
121,647
29,898
133,040
116,644
10,570
5,827
49,349
42,302
92,225
64,784
19,701
74,057
40,222
26,949
913,451
810
625
2,454
683
1,428
343
1,010
885
84
41
761
655
1,370
522
232
643
355
458
9,894
1,466
716
3,317
1,034
1,836
447
1,581
1,424
113
43
663
1,034
883
592
1,079
406
501
12,238
55.3
87.2
74.0
66.0
77.8
76.8
63.9
62.1
74.4
96.0
114.8
63.3
155.2
88.2
59.6
87.5
91.3
80.8
4,297
2,207
8,603
2,806
4,501
1,295
3,928
3,463
331
134
2,712
2,557
6,442
1,951
869
2,211
1,456
1,804
39,037
5,852
2,871
12,395
3,977
6,800
1,617
6,107
5,423
466
218
3,082
4,279
4,975
2,271
3,612
1,892
1,976
49,327
73.4
76.9
69.4
70.6
66.2
80.1
64.3
63.9
70.9
62.3
88.0
59.8
129.5
85.9
61.2
77.0
91.3
79.1
Home Financing
Mortgage REITs
13
28
41
14,682
37,627
52,309
342
1,414
1,756
-
-
1,267
5,575
6,842
-
-
Notes:
Implied market cap is the sum of Operating Partnership units plus common shares outstanding, multiplied by share price.
1
34
U.S. Public REIT Industry Balance Sheet
Stock Exchange-Listed and Non-Listed REITs
(Based on financial reports as of December 31, 2013)
Stock Exchange-Listed
Number of Firms
Non-Listed
Equity
Mortgage
Equity
Mortgage
172
48
69
20
Industry
Total
Listed
Non-Listed
(Percent of total)
309
(Billions of dollars)
71.2
28.8
(Percent of total)
Total Assets
732
477
73
4
1,286
94.0
6.0
Total Liabilities plus Mezzanine
412
413
34
2
861
95.8
4.2
Total Shareholder Equity
320
64
39
2
425
90.4
9.6
Total Liabilities plus Shareholder Equity
732
477
73
4
1,286
94.0
6.0
Estimated Gross Asset Value
1,099
477
105
4
1,6851
93.5
6.5
Equity Market Capitalization
743
71
-
-
814
100.0
-
As of June 30, 2014
Source: SNL Financial, NAREIT.
1Does not include assets of private REITs or non-consolidated joint ventures.
35
Summary of Financial Leverage by Property Sector
2015: Q4
(Publicly Traded Real Estate Investment Trusts)
Sector
Number of
Companies
Implied Market
Capitalization
Debt Ratio
Interest
Coverage
Fixed Charge
Coverage
Office
Industrial
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Single Family Homes
Diversified
Lodging/Resorts
Health Care
Self Storage
Timber
Infrastructure
Data Centers
Specialty
Equity Totals
28
11
34
19
8
7
23
16
3
4
17
20
17
5
5
6
6
10
182
106,346,745
50,003,545
222,534,765
70,989,551
121,647,074
29,898,140
134,086,838
117,082,744
10,569,835
6,434,259
49,349,067
42,301,987
92,224,701
64,783,680
28,038,864
74,056,947
40,221,946
26,949,136
930,898,222
38.1
33.0
32.8
34.5
31.8
32.6
29.1
27.9
31.4
44.3
47.5
39.0
37.9
9.1
26.9
31.3
28.6
39.4
33.4
3.82
5.22
4.42
5.22
4.12
3.63
4.86
5.24
4.79
1.97
3.00
5.46
2.59
12.35
3.15
4.12
3.04
3.26
4.08
3.61
4.76
4.09
4.68
3.91
3.33
4.62
5.06
4.26
1.79
2.63
4.78
2.50
6.06
2.85
3.72
2.55
3.17
3.72
Home Financing
Mortgage Totals
13
28
41
14,682,224
37,626,598
52,308,823
68.0
87.5
84.9
2.22
2.95
2.79
1.91
2.77
2.57
223
983,207,045
43.6
3.79
3.47
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.
36
FTSE EPRA/NAREIT Global Real Estate Index Series
Developed Markets
(Percent change, as of April 29, 2016)
(All values based in US dollars)
Period
Global
Return Components
Total
Price
Dividend
Yield
2007
-6.96
-9.98
3.74
2008
-47.72
-50.21
6.86
2009
38.26
31.75
3.92
2010
20.40
15.88
3.66
2011
-5.82
-9.40
4.20
2012
28.65
23.79
3.62
2013
4.39
0.72
3.73
2014
15.89
11.73
3.35
2015
0.05
-3.41
3.60
2016
5.40
4.28
3.60
Quarter (including current quarter to date)
2015: Q2
-6.67
-7.62
3.57
Q3
-1.42
-2.25
3.63
Q4
4.40
3.48
3.60
2016: Q1
5.43
4.59
3.55
Q2
-0.04
-0.30
3.60
Month
2015: Nov
-2.17
-2.44
3.55
Dec
0.93
0.48
3.60
2016: Jan
-4.25
-4.39
3.75
Feb
0.49
0.23
3.76
Mar
9.58
9.14
3.55
Apr
-0.04
-0.30
3.60
Historical (compound annual rates at month-end)
1-Year
2.79
-0.79
3-Year
3.82
0.17
5-Year
7.39
3.50
10-Year
4.62
0.64
15-Year
9.78
5.35
20-Year
8.37
3.87
Source: FTSE™, EPRA®, NAREIT®.
North America
Return Components
Dividend
Total
Price
Yield
Asia
Return Components
Total
Price
Dividend
Yield
Europe
Return Components
Total
Price
Dividend
Yield
-14.92
-40.63
32.22
28.65
8.19
18.14
1.27
28.15
1.81
3.85
-18.25
-43.88
25.18
23.63
4.11
13.82
-2.56
23.23
-2.00
2.83
4.84
7.79
3.83
3.70
3.93
3.79
4.18
3.65
3.91
3.96
14.80
-52.48
43.43
17.21
-19.61
45.52
4.37
0.22
-7.25
10.20
11.67
-54.43
37.82
13.23
-22.56
40.35
1.21
-2.97
-10.17
9.12
2.84
5.72
3.76
3.42
4.28
3.14
3.01
2.84
3.28
3.16
-24.50
-51.13
40.45
9.23
-12.34
30.70
16.21
10.41
6.67
2.94
-26.63
-53.30
33.00
4.41
-16.01
24.51
11.64
6.49
3.33
1.47
3.60
7.15
4.48
4.16
5.02
4.29
3.87
3.22
3.09
3.15
-9.98
1.56
6.71
6.21
-2.21
-10.83
0.54
5.64
5.33
-2.37
4.01
4.03
3.91
3.84
3.96
-1.79
-10.30
2.54
5.89
4.07
-2.66
-10.95
1.58
5.05
3.87
2.98
3.22
3.28
3.24
3.16
-3.26
3.80
0.09
2.18
0.75
-4.67
3.26
-0.29
1.42
0.05
3.15
3.03
3.09
3.10
3.15
-0.49
1.43
-3.40
-0.19
10.15
-2.21
-0.78
0.87
-3.56
-0.47
9.74
-2.37
3.88
3.91
4.06
4.10
3.84
3.96
-3.35
0.98
-5.24
4.07
7.37
4.07
-3.68
0.53
-5.35
3.68
7.04
3.87
3.23
3.28
3.44
3.32
3.24
3.16
-5.60
-0.71
-5.57
-2.74
11.25
0.75
-5.72
-0.81
-5.64
-2.77
10.55
0.05
2.97
3.09
3.22
3.32
3.10
3.15
6.98
6.30
9.24
6.38
10.88
11.25
2.99
2.30
5.15
2.01
5.89
5.69
-4.23
-2.91
4.73
3.39
8.14
5.72
-7.37
-5.99
1.24
-0.13
4.38
2.14
0.98
9.94
6.48
2.19
10.08
8.99
-2.10
6.21
2.33
-1.83
5.85
4.85
37
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 FactSet mean FFO estimate for the current and following year.
FFO per Share Estimates ($):
FactSet mean FFO estimate for the current and following year.
FFO Growth (%):
The percentage change between the current and following year mean FFO estimate as reported by FactSet.
Debt/EBITDA Multiples
Average Total Debt over the prior 2 quarters divided by the the most recent quarter's annualized EBITDA.
FFO Payout (%):
Regular cash dividends paid on the company's primary issue of common stock as a percent of funds from operations, on a per-share basis.
Dividend Yield (%):
The current indicated dividend rate annualized and divided by the current stock price.
Dividend Spread (%):
The difference between the REIT dividend yield and the 10-year constant maturity treasury yield.
Total Returns (%):
Total returns are calculated by taking the closing price for the current period, adding any dividends with an ex-dividend date in that period then
subtracting the closing price for the previous period and dividing the result by the closing price of the prior period.
Month:
The monthly total return as calculated at month-end.
Year to Date:
The total return for the calendar year through the latest month-end.
One Year:
The total return for the previous year.
Two Year:
The annualized total return for the previous 2 years.
Three Year:
Five Year:
Equity Market Capitalization ($ 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
REITs: Building Dividends & Diversification®
1875 I St, NW, Suite 600, Washington D.C. 20006
phone: 202-739-9400 • fax: 202-739-9401

REITWatch®

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