Weekly Overview

April 27, 2016

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate-0.432.593.30

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index2.914.7723.123.88
S&P 500 Index0.522.041.37-0.61
Hong Kong Hang Seng Index1.693.93-2.43-13.93
Ibovespa Brasil Sao Paulo Stock Exchange Index-0.603.7222.052.57
S&P BSE SENSEX Index-0.132.01-1.10-12.19
Deutsche Boerse AG German Stock Index DAX3.203.84-3.44

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela31.3336.48
Ecuador12.98
Ghana12.52
Iraq11.66
Zambia11.60
Mongolia9.97
Angola9.83
Ukraine9.53
Gabon8.85
El Salvador8.56
Kenya7.62
C?te dIvoire6.98
Costa Rica6.87
Lebanon6.33
Pakistan6.32
Sri Lanka6.29
Azerbaijan6.26
Jamaica6.2411.43
Egypt6.17
Argentina5.997.53
Dominican Republic5.82
Paraguay5.77
Kazakhstan5.626.25
Brazil5.5710.11
South Africa5.386.53
Vietnam4.68
Russia4.574.63
Indonesia4.485.12
Mexico4.434.89
Uruguay4.38
Turkey4.363.88
Colombia4.305.90
Croatia4.15
Serbia4.15
Peru3.963.61
Malaysia3.822.58
Hungary3.70
Romania3.66
Morocco3.614.86
Panama3.37
Chile3.243.70
China2.893.21
Poland2.68
Philippines2.632.81
Lithuania2.47
Slovak Republic2.01
Thailand2.81
Singapore2.50
Qatar3.11
Korea2.26
Israel3.84
India5.01
Hong Kong2.68
Latvia
United Arab Emirates3.81



Top 10 Winners In MidLincoln Global Real Estate Index Between 2016-04-26 and 2016-04-19
NameWeekchCountry
Etalon Group Ltd (ETLN:LI)7.69
Sumitomo Realty & Development Co Ltd (8830:JP)5.97
Intu Properties PLC (INTU:LN)5.34
Land Securities Group PLC (LAND:LN)4.63
British Land Co PLC/The (BLND:LN)4.26
SL Green Realty Corp (SLG:US)4.13
Mitsui Fudosan Co Ltd (8801:JP)3.44
Mitsubishi Estate Co Ltd (8802:JP)3.27
Iron Mountain Inc (IRM:US)2.74
Central Pattana PCL (CPN:TB)2.40

Top 10 Losers In Global Real Estate Index Between 2016-04-26 and 2016-04-19
NameWeekchCountry
Realty Income Corp (O:US)-5.83
Lippo Karawaci Tbk PT (LPKR:IJ)-5.41
UEM Sunrise Bhd (UEMS:MK)-5.24
LSR Group PJSC (LSRG:LI)-5.23
Mirvac Group (MGR:AU)-5.11
Daelim Industrial Co Ltd (000210:KS)-5.01
China Overseas Grand Oceans Group Ltd (81:HK)-4.98
Shimao Property Holdings Ltd (813:HK)-4.86
Stockland (SGP:AU)-4.32
Greentown China Holdings Ltd (3900:HK)-4.18

Winners and Losers by Country ML Global Real Estate Index Between 2016-04-26 and 2016-04-19
NameWeekchCountry
Realty Income Corp (O:US)-5.83
Lippo Karawaci Tbk PT (LPKR:IJ)-5.41
UEM Sunrise Bhd (UEMS:MK)-5.24
LSR Group PJSC (LSRG:LI)-5.23
Mirvac Group (MGR:AU)-5.11
Daelim Industrial Co Ltd (000210:KS)-5.01
China Overseas Grand Oceans Group Ltd (81:HK)-4.98
Shimao Property Holdings Ltd (813:HK)-4.86
Stockland (SGP:AU)-4.32
Greentown China Holdings Ltd (3900:HK)-4.18
Agile Property Holdings Ltd (3383:HK)-3.91
Westfield Corp (WFD:AU)-3.77
Ayala Land Inc (ALI:PM)-3.76
Host Hotels & Resorts Inc (HST:US)-3.72
Ayala Corp (AC:PM)-3.25
Longfor Properties Co Ltd (960:HK)-3.01
VEREIT Inc (VER:US)-2.94
Guangzhou R&F Properties Co Ltd (2777:HK)-2.89
Ventas Inc (VTR:US)-2.72
Welltower Inc (HCN:US)-2.71
GPT Group/The (GPT:AU)-2.64
Public Storage (PSA:US)-2.53
Sino-Ocean Land Holdings Ltd (3377:HK)-2.45
Farglory Land Development Co Ltd (5522:TT)-2.26
HCP Inc (HCP:US)-2.10
Simon Property Group Inc (SPG:US)-2.07
Macerich Co/The (MAC:US)-2.02
Goodman Group (GMG:AU)-1.99
Poly Property 00004000 Group Co Ltd (119:HK)-1.88
UDR Inc (UDR:US)-1.82
China Jinmao Holdings Group Ltd (817:HK)-1.78
Yuexiu Property Co Ltd (123:HK)-1.75
Equity Residential (EQR:US)-1.70
General Growth Properties Inc (GGP:US)-1.70
Essex Property Trust Inc (ESS:US)-1.67
Scentre Group (SCG:AU)-1.63
Growthpoint Properties Ltd (GRT:SJ)-1.30
Country Garden Holdings Co Ltd (2007:HK)-1.29
Ruentex Development Co Ltd (9945:TT)-1.29
Federal Realty Investment Trust (FRT:US)-1.24
China Resources Land Ltd (1109:HK)-1.23
Regency Centers Corp (REG:US)-1.03
PIK Group PJSC (PIKK:RM)-1.03
AvalonBay Communities Inc (AVB:US)-1.02
Shui On Land Ltd (272:HK)-0.97
Japan Retail Fund Investment Corp (8953:JP)-0.88
Shanghai Industrial Holdings Ltd (363:HK)-0.79
CBRE Group Inc (CBG:US)-0.78
IMMOFINANZ AG (IIA:AV)-0.74
Bumi Serpong Damai Tbk PT (BSDE:IJ)-0.72
Duke Realty Corp (DRE:US)-0.71
American Tower Corp (AMT:US)-0.69
Crown Castle International Corp (CCI:US)-0.60
Raven Russia Ltd (RUS:LN)-0.52
Boston Properties Inc (BXP:US)-0.45
China Overseas Land & Investment Ltd (688:HK)-0.42
New World Development Co Ltd (17:HK)-0.40
Prologis Inc (PLD:US)-0.35
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-0.31
Kimco Realty Corp (KIM:US)-0.31
Klepierre (LI:FP)-0.18
Plum Creek Timber Co Inc (PCL:US)0.00
Vornado Realty Trust (VNO:US)0.60
SM Prime Holdings Inc (SMPH:PM)0.61
SOHO China Ltd (410:HK)0.76
Weyerhaeuser Co (WY:US)0.81
Liberty Property Trust (LPT:US)0.98
Evergrande Real Estate Group Ltd (3333:HK)1.16
Segro PLC (SGRO:LN)1.32
Dexus Property Group (DXS:AU)1.57
Link REIT (823:HK)1.97
Central Pattana PCL (CPN:TB)2.40
Iron Mountain Inc (IRM:US)2.74
Mitsubishi Estate Co Ltd (8802:JP)3.27
Mitsui Fudosan Co Ltd (8801:JP)3.44
SL Green Realty Corp (SLG:US)4.13
British Land Co PLC/The (BLND:LN)4.26
Land Securities Group PLC (LAND:LN)4.63
Intu Properties PLC (INTU:LN)5.34
Sumitomo Realty & Development Co Ltd (8830:JP)5.97
Etalon Group Ltd (ETLN:LI)7.69

                         

                                   

Source: Midlincoln Research



Chart: Asset Structure

Some perspective on how real estate dwarfs the rest of the asset universe

Source: marketwatch

Table of Contents:


Real Estate Yields and News

  • Real Estate Funds Fundflow


    Logistic Real Estate Yields

  • Some facts about Moscow Warehouses


    Retail Real Estate Yields

  • Some facts about Moscow Retail


    Office Real Estate Yields

  • Chart of office yeilds


    Residential Real Estate Yields

    MidLincoln Global Real Estate Index Composition and Stats

  • Top 10 Real Estate Picks with highest score
  • Top 10 Real Estate Picks with lowest score





    Real Estate Flows, Yields and News


  • Moody's: Yield-hungry investors seek European commercial real ...
  • Real Estate Investments: The search for yield?
  • Real Estate & High-Yield Corp Bond: Two ETFs Trading with ...
  • 3 Factors Likely to Impact Real Estate Investing in 2016
  • Mortgage REIT Showdown: A Comparison Of 5 High-Yield Trusts
  • Mortgage REITs are enjoying a renaissance
  • TABLE-Japanese insurers' investment plans for fiscal year through ...
  • Moody's: Yield-hungry investors seek European commercial real ...


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)13.6 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    PICTET CH INSTITUTIONAL - SWISS REAL ESTATE FUNDS - I DY CHF (PISWREI)8.3361.8
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 2 (PRENX)7.92504.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - P (PIRPX)7.32504.0
    MI-FONDS CH - SWISSIMMO - A (MIFSWIA)0.1162.5
    OASIS PROPERTY EQUITY FUND - D ZAR (OASPROD)0.044.0
    JANUS SELECTION - GLOBAL REAL ESTATE - BYEN (JANSRYB)0.00.6
    EFA OPM PROPERTY FUND - R ACC (CFPRORA)0.00.0
    EFA OPM PROPERTY FUND - B INC (EOPPRBI)0.00.0
    GROUPAMA ASSET MANAGEMENT - GROUPAMA EUROPE ACTIONS IMMOBILIER HEDGE (GMEAIHG)0.016.2
    T ROWE PRICE FUNDS SICAV - GLOBAL REAL ESTATE SECURITIES FUND - A (TRGRESA)0.036.8

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    PRUDENTIAL US REAL ESTATE FUND - Z (PJEZX)-3.041.3
    PRUDENTIAL US REAL ESTATE FUND - C (PJECX)-2.941.3
    PRUDENTIAL US REAL ESTATE FUND - B (PJEBX)-2.941.3
    JANUS CAPITAL FUNDS PLC - GLOBAL REAL ESTATE FUND - E EUR INC (JANEEUI)-0.2137.5
    INVESCO GLOBAL REAL ESTATE INCOME FUND - C (ASRCX)-0.2966.0
    JANUS CAPITAL FUNDS PLC - GLOBAL REAL ESTATE FUND - AEUR ACC (JANRA2E)-0.2137.5
    JANUS CAPITAL FUNDS PLC - GLOBAL REAL ESTATE FUND - A AUD INC (JANAAUI)-0.193.5
    DUNHAM REAL ESTATE STOCK FUND - C (DCREX)-0.143.6
    HANWHA ASIA REITS FUND OF FUNDS (3967742)-0.16.4
    JANUS CAPITAL FUNDS PLC - GLOBAL REAL ESTATE FUND - B$ ACC (JANREB2)-0.1123.2


    Logistic Real Estate Yields




  • Moody's: Yield-hungry investors seek European commercial real ...
  • Today's Top Supply Chain and Logistics News From WSJ
  • All on-demand models are not created equally
  • Japan Post Holdings Sets Its Sights on More Acquisitions
  • Prologis Inc (PLD) Downgraded to Hold at Zacks Investment Research
  • GIC scoops up buys amid global downturn
  • Liberty Property Trust's (LPT) CEO Bill Hankowsky on Q1 2016 ...
  • Today's Top Supply Chain and Logistics News From WSJ
  • How To Get A 15 Year Old Interested In Investing
  • All on-demand models are not created equally
  • Bank of the Sierra Parent Posts Higher Profits
  • Interstate bidders slug it out for Bendigo retail investment

    Some facts about warehousing segment: This chart shows average warehousing stock per 1000 persons for select countries



    Some facts about Moscow Warehouses:

  • The Marijuana Business Is Really the Real Estate Business
  • McGuire Real Estate and Savills World Research Release the 2016 ...
  • Panama Papers reveal how TWELVE world leaders hide their ...
  • Lindsay Lohan's latest tabloid stunt? Happiness: Menon
  • Moscow Warehouse Rental Rates Fall to 5-Year Low
  • Raven Russia (LON:RUS) Morning Trade Volumes
  • The VII Northern Dimension Forum comes to an end
  • RUB 6.0 bln Logistics Park Planned in Moscow Region
  • Ulmart plans to invest $250 mln to complete construction of ten ...
  • Russian investment to reach USD 4 bln

    Current yields are soft compared to their historical averages for Moscow assets (Warehouse Yields)



    Retail Real Estate Yields



  • Moody's: Yield-hungry investors seek European commercial real ...
  • Simon Says: 'Malls Far From Extinct, Safe From E-Commerce For Now'
  • 3 Factors Likely to Impact Real Estate Investing in 2016
  • CenterState Banks' (CSFL) CEO John Corbett on Q1 2016 Results ...
  • City on fast pace toward reaching consultant's apartment projection
  • Chicago real estate stocks recover after rocky start to year
  • All on-demand models are not created equally
  • Eastgroup Properties' (EGP) CEO Marshall Loeb on Q1 2016 ...
  • Chip Cards Cause Headaches at Stores Across America
  • The C-Suite Speaks: For Low-Income Earners, the Recession Never ...

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • The Marijuana Business Is Really the Real Estate Business
  • Displaced Tenants to Reassess Moscow Rental Market
  • U.S. Bank Profits, BOE, China, Retailers: Week Ahead April 9-16
  • Swiss stocks - Factors to watch on March 29
  • Danielle Wightman-Stone

    Current yields are soft compared to their historical averages for Moscow assets (Retail Yields)



    Some facts about Russian Retail: Modern food retail penetration in Russia remains far lower than its European and Asian counterparts



    Some facts about Russian consumers: while its net ajusted disposable income per houshold in the same group is above average



    Office Real Estate Yields

  • Spotlight Shining On China Real Estate In Market That Refuses To ...
  • Moody's: Yield-hungry investors seek European commercial real ...
  • 3 Factors Likely to Impact Real Estate Investing in 2016
  • Investors Snap Up UK Debt as 'Brexit' Fears Ease
  • Chinese Expand Global Property Buying
  • Aberlin Springs developers seed a new model for community ...
  • Trustmark Corporation Announces First Quarter 2016 Financial ...

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Moody's: Yield-hungry investors seek European commercial real ...
  • Spotlight Shining On China Real Estate In Market That Refuses To ...
  • 3 Factors Likely to Impact Real Estate Investing in 2016
  • Mortgage REITs are enjoying a renaissance
  • Investors Snap Up UK Debt as 'Brexit' Fears Ease
  • Mortgage REIT Showdown: A Comparison Of 5 High-Yield Trusts
  • TABLE-Japanese insurers' investment plans for fiscal year through ...



    Index News

  • In REIT Industry Shift, Veteran Investors Lose Clout
  • Singapore Inc. Revamping Leadership Amid Volatile Markets
  • Might U.K., U.S. Exhibit Leadership in Addressing State Capture and ...
  • Acuity Brands Set to Join the S&P 500; ViaSat to Join S&P MidCap ...
  • Real estate enters global index
  • Real Estate Panic? Home Sales Fall, Prices Keep Rising
  • Asian stocks drop ahead of central bank meetings

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Digital Realty Trust IncDLR:USREIT12829.004.03%71.616.879.59288.5937.80%267.95
    Public StoragePSA:USREIT44466.002.81%41.2218.2444.25115.8337.12%159.56
    PIK Group PJSCPIKK:RMHomebuilders2496.28-14.883.2521.84-0.0033.74%44.28
    Central Pattana PCLCPN:TBReal Estate Owners & Developers7112.971.26%31.6810.2632.3939.9230.44%74.64
    Scentre GroupSCG:AUREIT18928.824.53%9.048.6896.0240.9528.15%159.66
    Realty Income CorpO:USREIT14934.004.01%56.1813.8124.58225.2826.76%224.02
    Guangzhou R&F Properties Co Ltd2777:HKReal Estate Owners & Developers4495.2413.31%5.150.6612.8268.5521.56%101.35
    Farglory Land Development Co Ltd5522:TTReal Estate Owners & Developers1017.848.88%5.091.2223.9745.2019.48%87.14
    Dexus Property GroupDXS:AUREIT6199.585.34%6.858.2699.9936.5819.08%172.97
    Kimco Realty CorpKIM:USREIT11838.003.57%13.5410.0774.3748.3417.37%130.12
    Regency Centers CorpREG:USREIT7496.002.69%51.4612.3323.96138.4315.27%129.78
    Duke Realty CorpDRE:USREIT7689.003.24%25.588.0831.5982.8814.42%106.89
    SM Prime Holdings IncSMPH:PMReal Estate Owners & Developers13845.411.02%22.879.0539.5723.3313.75%57.36
    GPT Group/TheGPT:AUREIT6856.644.55%10.1212.7899.9946.0512.48%178.27
    American Tower CorpAMT:USREIT44482.001.95%65.619.2014.02127.9412.27%92.20
    Prologis IncPLD:USREIT24049.003.67%32.3410.2531.69118.6912.21%133.83
    Federal Realty Investment TrustFRT:USREIT10874.002.45%46.5414.1930.49114.0212.12%113.67
    Simon Property Group IncSPG:USREIT63106.003.14%33.9011.7334.60106.4511.06%121.79
    UDR IncUDR:USREIT9649.003.27%598.3210.331.73999.9910.79%999.99
    Goodman GroupGMG:AUReal Estate Services9435.493.35%7.498.2699.9925.0910.06%141.52
    AvalonBay Communities IncAVB:USREIT24929.002.97%34.7413.0937.68103.189.06%118.76
    Japan Retail Fund Investment Corp8953:JPREIT6116.343.20%30.5410.6434.8497.738.52%114.13
    Evergrande Real Estate Group Ltd3333:HKReal Estate Owners & Developers10455.897.65%7.040.547.6753.868.09%66.16
    Crown Castle International CorpCCI:USREIT29557.004.04%60.397.8913.07243.987.31%207.54
    BR Properties SABRPR3:BZReal Estate Owners & Developers829.6320.30%-4.13-0.007.13%
    Link REIT823:HKREIT14098.793.94%6.1213.6599.9924.116.79%251.40
    Iron Mountain IncIRM:USREIT7608.005.39%52.642.524.79283.735.89%245.35
    Equity ResidentialEQR:USREIT25779.002.86%47.469.5120.04135.745.71%117.60
    Daelim Industrial Co Ltd000210:KSNon-Residential Bldg Const2727.170.33%16.720.331.975.525.49%-0.16
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZReal Estate Owners & Developers2994.490.19%29.139.9134.025.535.40%19.40
    Liberty Property TrustLPT:USREIT5124.005.41%21.236.5430.81114.855.28%133.29
    Westfield CorpWFD:AUREIT16226.583.43%6.9312.9999.9923.775.11%212.98
    Weyerhaeuser CoWY:USREIT24634.003.85%30.432.357.72117.164.58%102.61
    DLF LtdDLFU:INReal Estate Owners & Developers3320.221.61%40.992.917.1065.993.66%39.34
    General Growth Properties IncGGP:USREIT25515.002.63%20.0810.6352.9452.813.63%92.88
    Ventas IncVTR:USREIT20909.005.08%40.096.2515.59203.663.42%186.16
    VEREIT IncVER:USREIT8071.006.17%-5.18-0.002.60%
    Essex Property Trust IncESS:USREIT14747.002.84%61.9112.2519.79175.821.47%138.75
    StocklandSGP:AUREIT7858.415.68%8.854.7053.1150.270.87%98.98
    Macerich Co/TheMAC:USREIT11504.003.53%92.259.4410.23325.640.56%247.77
    Plum Creek Timber Co IncPCL:USREIT4.82%---0.00
    BR Malls Participacoes SABRML3:BZReal Estate Owners & Developers2197.461.37%1,631.105.6599.991.37-0.42%568.53
    Segro PLCSGRO:LNREIT4512.253.75%4.5412.4799.9917.03-0.55%290.18
    Ayala CorpAC:PMReal Estate Owners & Developers10323.230.74%23.002.7712.0417.02-1.87%7.77
    Boston Properties IncBXP:USREIT20053.001.99%33.137.9023.8565.93-2.32%57.90
    KlepierreLI:FPREIT14722.794.09%-9.74-0.00-2.59%
    Welltower IncHCN:USREIT24729.004.96%30.556.2620.49151.53-3.61%141.44
    Bumi Serpong Damai Tbk PTBSDE:IJReal Estate Owners & Developers2816.460.77%17.125.9434.7013.18-3.92%30.42
    Mirvac GroupMGR:AUReal Estate Owners & Developers5395.235.08%8.694.6653.6244.15-4.05%88.61
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TIReal Estate Services3980.323.25%11.426.3455.5237.12-4.75%80.04
    Growthpoint Properties LtdGRT:SJREIT4828.025.35%18.187.6542.0897.26-5.35%119.39
    Vornado Realty TrustVNO:USREIT18243.002.61%29.047.2725.0375.79-7.81%67.56
    Shui On Land Ltd272:HKReal Estate Owners & Developers2152.472.40%17.562.1412.1942.14-8.53%31.82
    Land Securities Group PLCLAND:LNREIT12904.772.90%4.2111.2899.9912.21-8.91%270.60
    Intu Properties PLCINTU:LNREIT5970.434.47%7.786.9889.7234.78-8.98%111.31
    Etalon Group LtdETLN:LIReal Estate Owners & Developers654.372.68%7.911.0112.7721.20-11.53%18.11
    British Land Co PLC/TheBLND:LNREIT10697.203.93%4.7913.8699.9918.82-11.83%295.14
    Ayala Land IncALI:PMReal Estate Owners & Developers10732.931.39%28.334.9617.5139.38-12.35%19.79
    LSR Group PJSCLSRG:LIReal Estate Owners & Developers1074.0010.49%---0.00-13.19%
    HCP IncHCP:USREIT16103.006.67%18.956.2833.14126.40-13.56%130.61
    Longfor Properties Co Ltd960:HKReal Estate Owners & Developers8275.063.88%5.961.1218.7923.12-14.36%25.18
    Country Garden Holdings Co Ltd2007:HKReal Estate Owners & Developers8948.714.99%6.080.508.2230.34-14.47%21.59
    New World Development Co Ltd17:HKReal Estate Owners & Developers9343.115.41%4.201.1427.1422.72-14.83%34.41
    SL Green Realty CorpSLG:USREIT10801.002.70%46.836.1813.20126.44-15.41%80.98
    China Overseas Land & Investment Ltd688:HKReal Estate Owners & Developers31719.402.44%6.891.6423.8016.81-18.33%18.97
    Mitsui Fudosan Co Ltd8801:JPReal Estate Owners & Developers25588.530.98%22.681.777.8022.23-19.03%-8.10
    Mitsubishi Estate Co Ltd8802:JPReal Estate Owners & Developers28005.770.63%56.162.835.0435.38-20.11%-32.27
    UEM Sunrise BhdUEMS:MKReal Estate Owners & Developers1185.542.91%18.172.6714.6952.87-20.30%32.68
    CBRE Group IncCBG:USReal Estate Services10154.00-16.960.935.48-0.00-20.80%-28.70
    Lippo Karawaci Tbk PTLPKR:IJReal Estate Owners & Developers1771.460.34%43.172.646.1214.68-21.16%-39.96
    Host Hotels & Resorts IncHST:USREIT11590.005.16%21.142.1710.26109.08-21.19%80.60
    China Jinmao Holdings Group Ltd817:HKReal Estate Owners & Developers3068.263.59%5.901.0317.4621.18-22.94%13.38
    Agile Property Holdings Ltd3383:HKReal Estate Owners & Developers2237.313.27%10.360.343.2833.88-23.31%7.07
    IMMOFINANZ AGIIA:AVReal Estate Owners & Developers2356.32--3.460.00-23.38%
    SOHO China Ltd410:HKReal Estate Owners & Developers2627.83-31.6416.8953.38-0.00-23.54%1.78
    China Resources Land Ltd1109:HKReal Estate Owners & Developers17407.362.95%7.561.2816.9322.30-24.61%10.64
    Ruentex Development Co Ltd9945:TTReal Estate Owners & Developers1609.33-5.813.6462.65-0.00-24.73%35.69
    Sumitomo Realty & Development Co Ltd8830:JPReal Estate Owners & Developers15035.630.63%17.581.9511.0911.08-25.31%-17.14
    Shimao Property Holdings Ltd813:HKReal Estate Owners & Developers4790.626.54%5.060.5410.6733.09-35.90%6.38
    Yuexiu Property Co Ltd123:HKReal Estate Owners & Developers1806.684.25%11.570.534.5849.17-36.14%9.62
    Greentown China Holdings Ltd3900:HKReal Estate Owners & Developers1603.10-12.690.403.15-0.00-36.77%-42.73
    Raven Russia LtdRUS:LNReal Estate Owners & Developers316.60--1.420.00-38.16%
    Sino-Ocean Land Holdings Ltd3377:HKReal Estate Owners & Developers3497.203.46%10.500.736.9536.33-39.89%-3.53
    Shanghai Industrial Holdings Ltd363:HKReal Estate Owners & Developers2514.384.51%7.030.9914.0831.71-40.71%1.63
    China Overseas Grand Oceans Group Ltd81:HKReal Estate Owners & Developers738.51-6.720.355.21-0.00-44.11%-42.04
    Poly Property 00004000 Group Co Ltd119:HKReal Estate Owners & Developers996.11--0.310.00-52.58%
    Unitech LtdUT:INReal Estate Owners & Developers197.89-1.530.3925.49-0.00-66.11%-38.57

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    UDR IncUDR:USREIT9649.003.27%598.3210.331.73999.9910.79%999.99
    BR Malls Participacoes SABRML3:BZReal Estate Owners & Developers2197.461.37%1,631.105.6599.991.37-0.42%568.53
    British Land Co PLC/TheBLND:LNREIT10697.203.93%4.7913.8699.9918.82-11.83%295.14
    Segro PLCSGRO:LNREIT4512.253.75%4.5412.4799.9917.03-0.55%290.18
    Land Securities Group PLCLAND:LNREIT12904.772.90%4.2111.2899.9912.21-8.91%270.60
    Digital Realty Trust IncDLR:USREIT12829.004.03%71.616.879.59288.5937.80%267.95
    Link REIT823:HKREIT14098.793.94%6.1213.6599.9924.116.79%251.40
    Macerich Co/TheMAC:USREIT11504.003.53%92.259.4410.23325.640.56%247.77
    Iron Mountain IncIRM:USREIT7608.005.39%52.642.524.79283.735.89%245.35
    Realty Income CorpO:USREIT14934.004.01%56.1813.8124.58225.2826.76%224.02

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Greentown China Holdings Ltd3900:HKReal Estate Owners & Developers1603.10-12.690.403.15-0.00-36.77%-42.73
    China Overseas Grand Oceans Group Ltd81:HKReal Estate Owners & Developers738.51-6.720.355.21-0.00-44.11%-42.04
    Lippo Karawaci Tbk PTLPKR:IJReal Estate Owners & Developers1771.460.34%43.172.646.1214.68-21.16%-39.96
    Unitech LtdUT:INReal Estate Owners & Developers197.89-1.530.3925.49-0.00-66.11%-38.57
    Mitsubishi Estate Co Ltd8802:JPReal Estate Owners & Developers28005.770.63%56.162.835.0435.38-20.11%-32.27
    CBRE Group IncCBG:USReal Estate Services10154.00-16.960.935.48-0.00-20.80%-28.70
    Sumitomo Realty & Development Co Ltd8830:JPReal Estate Owners & Developers15035.630.63%17.581.9511.0911.08-25.31%-17.14
    Mitsui Fudosan Co Ltd8801:JPReal Estate Owners & Developers25588.530.98%22.681.777.8022.23-19.03%-8.10
    Sino-Ocean Land Holdings Ltd3377:HKReal Estate Owners & Developers3497.203.46%10.500.736.9536.33-39.89%-3.53
    Daelim Industrial Co Ltd000210:KSNon-Residential Bldg Const2727.170.33%16.720.331.975.525.49%-0.16
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    This is a Beta Version

    Ovanes Oganisyan

    research@midlincoln.com

    •  April 27, 2016· Midlincoln Research · midlincoln.com