Weekly Overview

August 20, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate1.20-5.33-1.45-5.33

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-0.69-10.304.72-10.30
S&P 500 Index0.88-1.032.11-1.03
Hong Kong Hang Seng Index-1.36-6.740.58-6.74
Ibovespa Brasil Sao Paulo Stock Exchange Index-3.78-11.03-5.58-11.03
S&P BSE SENSEX Index1.22-1.511.99-1.51
Deutsche Boerse AG German Stock Index DAX-3.13-6.63-6.63

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela36.1042.63
Ukraine21.05
Ecuador13.01
Ghana9.98
Zambia9.63
Iraq9.48
Angola8.59
Argentina8.438.55
Mongolia8.28
Gabon8.12
El Salvador8.10
Kenya7.68
C?te dIvoire7.41
Costa Rica7.04
Pakistan6.78
Kazakhstan6.316.59
Russia6.256.57
Dominican Republic6.17
Paraguay6.02
Azerbaijan5.89
Lebanon5.87
Sri Lanka5.865.19
Egypt5.54
Brazil5.527.35
South Africa5.166.73
Indonesia5.015.76
Vietnam4.92
Turkey4.894.77
Uruguay4.72
Croatia4.72
Colombia4.668.36
Serbia4.60
Peru4.553.82
Malaysia4.383.43
Mexico4.335.15
Morocco4.185.04
Romania4.01
Panama3.85
Hungary3.62
China3.444.75
Philippines3.243.36
Chile3.064.19
Lithuania2.98
Poland2.87
Slovak Republic2.66
Latvia2.61
Thailand3.83
Singapore3.70
Qatar2.80
Korea2.37
Jamaica9.06
Israel4.70
India4.17
Hong Kong3.54
United Arab Emirates2.90



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-08-13 and 2015-08-07
NameWeekchCountry
LSR Group PJSC (LSRG:LI)7.22Russian Federation
BR Malls Participacoes SA (BRML3:BZ)6.93Brazil
Etalon Group Ltd (ETLN:LI)4.84Guernsey, Channel Islands
IMMOFINANZ AG (IIA:AV)4.79Austria
HCP Inc (HCP:US)4.39United States
BR Properties SA (BRPR3:BZ)3.96Brazil
PIK Group PJSC (PIKK:RM)3.38Russian Federation
Crown Castle International Corp (CCI:US)3.05United States
Klepierre (LI:FP)3.01France
Sumitomo Realty & Development Co Ltd (8830:JP)2.75Japan

Top 10 Losers In Global Real Estate Index Between 2015-08-13 and 2015-08-07
NameWeekchCountry
Unitech Ltd (UT:IN)-13.43India
DLF Ltd (DLFU:IN)-12.33India
Bumi Serpong Damai Tbk PT (BSDE:IJ)-9.72Indonesia
Lippo Karawaci Tbk PT (LPKR:IJ)-7.53Tangerang, Jawa Barat, 15811 Indonesia
Shui On Land Ltd (272:HK)-7.52China
UEM Sunrise Bhd (UEMS:MK)-7.50Malaysia
Shimao Property Holdings Ltd (813:HK)-6.07Hong Kong (SAR)
Ruentex Development Co Ltd (9945:TT)-5.52Taiwan
Sino-Ocean Land Holdings Ltd (3377:HK)-5.43China
SM Prime Holdings Inc (SMPH:PM)-5.39Philippines

Winners and Losers by Country ML Global Real Estate Index Between 2015-08-13 and 2015-08-07
NameWeekchCountry
Scentre Group (SCG:AU)-3.58
Mirvac Group (MGR:AU)-1.38Australia
GPT Group/The (GPT:AU)-0.99Australia
Dexus Property Group (DXS:AU)-0.96Australia
Westfield Corp (WFD:AU)-0.67Australia
Stockland (SGP:AU)-0.57Australia
Goodman Group (GMG:AU)0.70Australia
IMMOFINANZ AG (IIA:AV)4.79Austria
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)2.28Brazil
BR Properties SA (BRPR3:BZ)3.96Brazil
BR Malls Participacoes SA (BRML3:BZ)6.93Brazil
Shui On Land Ltd (272:HK)-7.52China
Sino-Ocean Land Holdings Ltd (3377:HK)-5.43China
Agile Property Holdings Ltd (3383:HK)-4.90China
Longfor Properties Co Ltd (960:HK)-4.61China
Evergrande Real Estate Group Ltd (3333:HK)-3.99China
Country Garden Holdings Co Ltd (2007:HK)-2.40China
SOHO China Ltd (410:HK)-1.56China
Guangzhou R&F Properties Co Ltd (2777:HK)-1.37China
Klepierre (LI:FP)3.01France
Raven Russia Ltd (RUS:LN)1.44Guernsey, Channel Islands
Etalon Group Ltd (ETLN:LI)4.84Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)1.26Hangzhou China
Shimao Property Holdings Ltd (813:HK)-6.07Hong Kong (SAR)
New World Development Co Ltd (17:HK)-5.01Hong Kong (SAR)
Franshion Properties China Ltd (817:HK)-4.90Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)-4.19Hong Kong (SAR)
China Resources Land Ltd (1109:HK)-4.07Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)-3.37Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)-3.37Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)-1.85Hong Kong (SAR)
Link REIT/The (823:HK)-1.85Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)0.26Hong Kong (SAR)
Unitech Ltd (UT:IN)-13.43India
DLF Ltd (DLFU:IN)-12.33India
Bumi Serpong Damai Tbk PT (BSDE:IJ)-9.72Indonesia
Mitsubishi Estate Co Ltd (8802:JP)0.19Japan
Japan Retail Fund Investment Corp (8953:JP)0.92Japan
Mitsui Fudosan Co Ltd (8801:JP)1.42Japan
Sumitomo Realty & Development Co Ltd (8830:JP)2.75Japan
Daelim Industrial Co Ltd (000210:KS)-1.77Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)-7.50Malaysia
SM Prime Holdings Inc (SMPH:PM)-5.39Philippines
Ayala Corp (AC:PM)-3.40Philippines
Ayala Land Inc (ALI:PM)-3.33Philippines
PIK Group PJSC (PIKK:RM)3.38Russian Federation
LSR Group PJSC (LSRG:LI)7.22Russian Federation
Growthpoint Properties Ltd (GRT:SJ)-5.00South Africa
Ruentex Development Co Ltd (9945:TT)-5.52Taiwan
Farglory Land Development Co Ltd (5522:TT)-3.49Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)-7.53Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)2.00Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-3.65Turkey
Land Securities Group PLC (LAND:LN)0.52United Kingdom
British Land Co PLC/The (BLND:LN)0.68United Kingdom
Segro PLC (SGRO:LN)1.49United Kingdom
Intu Properties PLC (INTU:LN)2.35United Kingdom
Duke Realty Corp (DRE:US)-1.05United States
VEREIT Inc (VER:US)-0.69United States
Simon Property Group Inc (SPG:US)-0.49United States
Weyerhaeuser Co (WY:US)-0.23United States
Health Care REIT Inc (HCN:US)-0.22United States
Federal Realty Investment Trust (FRT:US)-0.04United States
Macerich Co/The (MAC:US)0.00United States
Realty Income Corp (O:US)0.17United States
General Growth Properties Inc (GGP:US)0.29United States
Plum Creek Timber Co Inc (PCL:US)0.29United States
Essex Property Trust Inc (ESS:US)0.41United States
Regency Centers Corp (REG:US)0.44United States
Boston Properties Inc (BXP:US)0.45United States
Liberty Property Trust (LPT:US)0.57United States
American Tower Corp (AMT:US)0.60United States
Ventas Inc (VTR:US)0.67United States
Iron Mountain Inc (IRM:US)0.85United States
Prologis Inc (PLD:US)1.20United States
Digital Realty Trust Inc (DLR:US)1.26United States
AvalonBay Communities Inc (AVB:US)1.28United States
UDR Inc (UDR:US)1.40United States
Host Hotels & Resorts Inc (HST:US)1.42United States
CBRE Group Inc (CBG:US)1.49United States
Kimco Realty Corp (KIM:US)1.65United States
Public Storage (PSA:US)1.79United States
SL Green Realty Corp (SLG:US)1.82United States
Vornado Realty Trust (VNO:US)2.02United States
Equity Residential (EQR:US)2.13United States
Crown Castle International Corp (CCI:US)3.05United States
HCP Inc (HCP:US)4.39United States

                         

                                   

Source: Midlincoln Research



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


  • 3 Top REIT Dividend Stocks With Huge Yields
  • On the edge: Are prices of Indian real estate heading for a 50% crash?
  • Australian Real Estate Market Value Hits $6 Trillion
  • Barclays: It's a Buying Opportunity for High-Yielding Stocks
  • Tokyo building boom causes debt fatigue as Sumitomo yields rise
  • Yields Of 11% To 32.56% From Monthly Pay Dividend SML Dogs As ...
  • High-net worth investors pump $35m into Woolworths retail property
  • Event yields big bounty for the Calgary Food Bank
  • Ex-Dividends To Watch: 3 Stocks Going Ex-Dividend Tomorrow: XIN ...


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)68.0 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - Y (BLRYX)62.6911.9
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - I (BLRIX)62.6911.9
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - C (BLRCX)62.5911.9
    NUVEEN REAL ESTATE INCOME FUND (JRS)29.1341.2
    NORTHERN GLOBAL REAL ESTATE INDEX FUND (NGREX)21.11802.0
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)17.4811.9
    LMP REAL ESTATE INCOME FUND INC (RIT)16.4157.9
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (XTS5)9.9474.1
    BNP PARIBAS FUND III NV- GLOBAL PROPERTY SECURITIES FUND (AAPFGL)9.4189.4
    DFA REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFREX)7.26964.0

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    MORGAN STANLEY INVESTMENT FUNDS - GLOBAL PROPERTY FUND - BH (MORGPBH)-30.11305.1
    NUVEEN REAL ESTATE SECURITIES FUND - C (FRLCX)-25.64928.0
    NORTHERN MULTI-MANAGER - GLOBAL REAL ESTATE FUND (NMMGX)-22.1699.8
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-21.74639.0
    NEUBERGER BERMAN REAL ESTATE FUND - A (NREAX)-17.6890.0
    INVESTMENT SOLUTIONS PROPERTY EQUITY FUND - A (INVSOLP)-10.5312.5
    ING REAL ESTATE FUND - R (CRWRX)-9.51399.0
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)-8.63717.0
    DELTA LLOYD L - GLOBAL PROPERTY FUND - IC (DELGPIC)-7.9474.2
    ING REAL ESTATE FUND - C (CRCRX)-7.81399.0


    Logistic Real Estate Yields




  • U.S. Top Country for Asian Outbound Property Investment, London ...
  • Global Logistic Properties to Buy 200 US Warehouses For $4.6 Billion
  • Prologis Downgraded by Vetr Inc. to "Buy" (PLD)
  • Private Equity Investors Broaden Geographic, Property Focus in Asia
  • Investor Sentiment Strong as J-REITs Drive Japan's Commercial ...
  • SEGRO plc to Issue Dividend of GBX 5 on October 2nd (SGRO)
  • Investec Takes Out Brisbane Warehouse At 7.8% Yield
  • Insider Trading Alert - FR, IBM And HRZN Traded By Insiders
  • Weekly Investment Analysts' Ratings Changes for Terreno Realty ...
  • Global Logistic Properties to Buy 200 US Warehouses For $4.6 Billion
  • With Property Prices Hitting New Peaks, Where Do Brokers See ...
  • REIT Focus: Duke Realty Corporation (DRE)

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



    Some facts about Moscow Warehouses:

  • Adidas buys warehouse in Russia for up to $100 mln-sources
  • Adidas buys warehouse in Russia for up to $100 million
  • Russia recession poses financial dilemma for companies
  • German stocks - Factors to watch on August 13
  • Moscow Warehouse Rental Rates Fall to 5-Year Low
  • Russia recession poses financial dilemma for companies
  • Immofinanz to exit logistics sector and shift away from Russia
  • Austria's Immofinanz to sell logistics portfolio, focus on retail, office
  • Research Analysts' Upgrades for August, 17th (RIHT, RXII, SEDG ...
  • German stocks - Factors to watch on August 13

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



    Retail Real Estate Yields



  • High-net worth investors pump $35m into Woolworths retail property
  • Debt-Laden 'Zombie Companies' Will Sink US
  • FED MINUTES LEAK
  • U.S. Federal Reserve Meeting Minutes for July 29 (Text)
  • Quarterly Filings: One More Gem
  • 3 Top REIT Dividend Stocks With Huge Yields
  • Rev. Jesse Jackson joins parents in hunger strike over new Dyett ...
  • Opinion: Bankruptcy is the only way out
  • Letters: Inching toward wrong single player health model
  • Grow from Your Strengths

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Russia's Slowing, Sinking Economy
  • Asian investors start to desert London property market due to strong ...
  • Russia recession poses financial dilemma for companies
  • Despite Crisis, Moscow Beats Out Paris as Europe's Largest ...
  • Moscow Commercial Real Estate Construction May Fall Threefold

    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

  • Office space rentals to yield positive growth in 2015: RICS
  • Surge in Commercial Real-Estate Prices Stirs Bubble Worries
  • FED MINUTES LEAK
  • U.S. Federal Reserve Meeting Minutes for July 29 (Text)
  • Quarterly Filings: One More Gem
  • Siegel: Middle class losing out in big cities
  • International Money Is Stretching Out the Recovery Cycle
  • With Property Prices Hitting New Peaks, Where Do Brokers See ...

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • 3 Top REIT Dividend Stocks With Huge Yields
  • Apartment Investment & Management (AIV) Shares Cross 3% Yield ...
  • Ex-Dividends To Watch: 3 Stocks Going Ex-Dividend Tomorrow: XIN ...
  • Maplewood International REIT Announces Continued Strong ...
  • MetLife CIO Steven Goulart Is Bringing Risky Back
  • FED MINUTES LEAK
  • Barclays: It's a Buying Opportunity for High-Yielding Stocks
  • What To Hold: 3 Hold-Rated Dividend Stocks PMT, SIR, PDM
  • Resource Capital Corp. Cut to "Sell" at Zacks (RSO)



    Index News

  • Real estate investment trusts steam ahead
  • Commodity Stocks Will Be Winners in the Long Term
  • Midday Update: Global Equity Markets Stumble on China, Plunging ...
  • New Equal-Weight ETF for Real Estate Exposure
  • The Trigger for the Upcoming Stock Crash
  • Sovran Self Storage Set to Join the S&P MidCap 400; ePlus to be ...
  • Political odd couple: Ivanka Trump and Chelsea Clinton

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT14999.632.73%10.506.9966.5728.6716.06%80.06
    Westfield CorpWFD:AUAustralia REIT14949.61--15.760.0037.22%
    Goodman GroupGMG:AUAustralia Real Estate Services8149.323.51%9.119.2999.9931.9823.10%127.21
    GPT Group/TheGPT:AUAustralia REIT6093.424.66%12.6812.1295.5859.0921.40%142.66
    Dexus Property GroupDXS:AUAustralia REIT5448.335.38%11.208.0772.0560.2616.36%116.74
    StocklandSGP:AUAustralia REIT7313.725.70%14.184.7733.6480.838.64%88.19
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers5046.715.07%11.234.1436.8756.945.42%67.26
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2854.76--7.100.002.09%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2382.890.24%23.037.4732.445.53-17.52%-23.32
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers911.122.08%36.504.3011.7875.92-21.07%9.40
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1569.411.94%16.334.0324.6831.68-38.34%-19.05
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers9247.8310.87%4.770.5611.7451.8577.79%115.88
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4604.115.05%6.440.7411.4932.5211.79%28.63
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers7983.593.35%5.730.9316.2319.200.02%8.98
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers1957.193.26%12.081.2210.1039.38-7.02%9.65
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8567.916.27%4.560.5512.0628.59-16.84%-1.48
    SOHO China Ltd410:HKChina Real Estate Owners & Developers3092.546.81%4.883.2666.8033.23-25.41%49.01
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2193.299.12%3.190.3310.3429.09-26.94%-11.43
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3172.15-5.120.5811.33-0.00-28.71%-43.24
    KlepierreLI:FPFrance REIT14439.743.35%-10.08-0.0025.11%
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers568.63--2.250.00-25.71%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers569.656.15%4.430.7316.4827.24-48.20%-29.64
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2186.97-6.750.436.37-0.00-5.14%-26.25
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers18107.832.44%8.031.3516.8119.5920.56%28.20
    Franshion Properties China Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3276.784.83%4.120.7317.7219.9018.03%30.79
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers29896.402.35%6.951.6023.0216.335.06%16.73
    Link REIT/The823:HKHong Kong (SAR) REIT12712.594.23%3.6512.9299.9915.444.28%349.31
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers10330.804.72%6.691.3019.4331.58-4.37%19.21
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2335.995.01%5.090.8416.5025.50-7.64%8.54
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers3090.484.07%7.781.2015.4231.66-13.13%5.44
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers5761.529.33%4.530.6514.3542.26-19.65%11.70
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1327.462.71%11.020.363.2729.86-20.04%-18.66
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers915.761.61%5.600.519.119.02-39.34%-47.55
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3358.301.63%40.533.037.4866.06-33.44%-21.16
    Unitech LtdUT:INIndia Real Estate Owners & Developers282.77--0.560.00-67.40%
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2334.750.89%11.594.7941.3310.323.85%23.17
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers32752.360.48%56.973.586.2827.3522.67%-21.40
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers30517.230.73%31.412.427.7022.9317.36%-4.15
    Japan Retail Fund Investment Corp8953:JPJapan REIT4939.623.32%29.369.9033.7297.4816.03%97.13
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers17832.650.47%26.932.7710.2912.6615.83%-8.89
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const1936.810.15%-0.25-0.00-25.98%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1016.933.31%8.851.5517.5129.29-53.84%-36.62
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers12560.221.04%21.128.2739.1621.9623.58%42.85
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers11958.231.10%34.035.6316.5437.4318.55%17.76
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers10163.980.76%25.982.9011.1619.748.75%-7.06
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1717.44-33.321.865.58-0.0077.87%29.40
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1072.0014.26%---0.00-36.14%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT5719.196.14%18.168.0344.22111.5015.06%131.89
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers794.8212.30%3.601.0529.1744.28-15.31%33.80
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1415.8110.37%5.324.4383.2755.17-20.85%91.53
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1766.341.57%9.111.9921.8414.30-7.25%-0.95
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5840.791.41%26.208.9834.2736.94-0.07%24.21
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3197.053.88%13.246.3848.1951.37-1.47%64.11
    Segro PLCSGRO:LNUnited Kingdom REIT5370.143.44%4.216.4899.9914.4529.62%411.51
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16416.252.42%4.3313.5899.9910.4824.92%323.96
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13960.163.21%5.1618.5999.9916.5624.65%375.59
    Intu Properties PLCINTU:LNUnited Kingdom REIT7178.484.01%16.928.0147.3467.855.68%83.22
    Macerich Co/TheMAC:USUnited States REIT12723.003.24%7.849.9699.9925.4026.53%150.40
    Public StoragePSA:USUnited States REIT36764.003.20%37.0915.9442.98118.6925.10%128.94
    Essex Property Trust IncESS:USUnited States REIT14985.002.53%68.3212.8918.87172.8523.32%125.98
    CBRE Group IncCBG:USUnited States Real Estate Services12668.00-24.901.335.34-0.0022.92%-17.37
    UDR IncUDR:USUnited States REIT9025.003.19%33.9110.4330.76108.1722.14%106.43
    Equity ResidentialEQR:USUnited States REIT27962.002.88%31.1010.4133.4789.5720.27%91.48
    AvalonBay Communities IncAVB:USUnited States REIT23401.002.84%31.3513.1141.8289.0319.76%98.53
    General Growth Properties IncGGP:USUnited States REIT24648.002.44%20.099.9349.4349.0217.94%75.56
    Simon Property Group IncSPG:USUnited States REIT59021.003.25%38.0411.6330.57123.6316.92%112.35
    Regency Centers CorpREG:USUnited States REIT6016.003.04%33.3210.8132.44101.2915.57%95.25
    Kimco Realty CorpKIM:USUnited States REIT10461.003.79%17.769.4152.9867.3114.58%96.38
    Federal Realty Investment TrustFRT:USUnited States REIT9440.002.75%49.4413.0426.38135.9613.22%105.38
    Crown Castle International CorpCCI:USUnited States REIT28320.003.87%53.817.5514.03208.2412.46%160.19
    Realty Income CorpO:USUnited States REIT11166.004.80%43.2210.9125.24207.4611.88%180.62
    Duke Realty CorpDRE:USUnited States REIT6805.003.45%22.866.3727.8778.8711.55%74.69
    Ventas IncVTR:USUnited States REIT22560.004.66%38.886.2916.18181.189.10%146.84
    Health Care REIT IncHCN:USUnited States REIT23875.004.86%28.196.3122.38137.008.08%118.54
    SL Green Realty CorpSLG:USUnited States REIT11669.002.07%127.097.145.62263.087.15%128.02
    Plum Creek Timber Co IncPCL:USUnited States REIT7216.004.26%39.044.8112.32166.316.30%125.16
    Digital Realty Trust IncDLR:USUnited States REIT8977.005.14%25.235.4321.52129.685.73%110.97
    Boston Properties IncBXP:USUnited States REIT18538.002.15%32.907.4922.7770.745.37%45.24
    Prologis IncPLD:USUnited States REIT21617.003.88%19.1011.4459.9074.114.52%98.69
    American Tower CorpAMT:USUnited States REIT42434.001.76%53.909.3717.3894.864.50%42.11
    Vornado Realty TrustVNO:USUnited States REIT18294.002.60%49.057.0914.45127.533.53%75.73
    Liberty Property TrustLPT:USUnited States REIT5058.005.63%25.186.1524.42141.762.34%122.61
    Iron Mountain IncIRM:USUnited States REIT6224.006.44%45.531.964.30293.21-0.05%231.20
    HCP IncHCP:USUnited States REIT18365.005.69%20.427.5536.97116.19-0.23%111.78
    Weyerhaeuser CoWY:USUnited States REIT15935.003.74%29.572.257.61110.59-2.97%64.93
    Host Hotels & Resorts IncHST:USUnited States REIT14452.004.16%20.902.7012.9286.94-9.65%48.58
    VEREIT IncVER:USUnited States REIT7810.006.38%-4.62-0.00-31.57%

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Segro PLCSGRO:LNUnited Kingdom REIT5370.143.44%4.216.4899.9914.4529.62%411.51
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13960.163.21%5.1618.5999.9916.5624.65%375.59
    Link REIT/The823:HKHong Kong (SAR) REIT12712.594.23%3.6512.9299.9915.444.28%349.31
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16416.252.42%4.3313.5899.9910.4824.92%323.96
    Iron Mountain IncIRM:USUnited States REIT6224.006.44%45.531.964.30293.21-0.05%231.20
    Realty Income CorpO:USUnited States REIT11166.004.80%43.2210.9125.24207.4611.88%180.62
    Crown Castle International CorpCCI:USUnited States REIT28320.003.87%53.817.5514.03208.2412.46%160.19
    Macerich Co/TheMAC:USUnited States REIT12723.003.24%7.849.9699.9925.4026.53%150.40
    Ventas IncVTR:USUnited States REIT22560.004.66%38.886.2916.18181.189.10%146.84
    GPT Group/TheGPT:AUAustralia REIT6093.424.66%12.6812.1295.5859.0921.40%142.66

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers915.761.61%5.600.519.119.02-39.34%-47.55
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3172.15-5.120.5811.33-0.00-28.71%-43.24
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1016.933.31%8.851.5517.5129.29-53.84%-36.62
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers569.656.15%4.430.7316.4827.24-48.20%-29.64
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2186.97-6.750.436.37-0.00-5.14%-26.25
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2382.890.24%23.037.4732.445.53-17.52%-23.32
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers32752.360.48%56.973.586.2827.3522.67%-21.40
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3358.301.63%40.533.037.4866.06-33.44%-21.16
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1569.411.94%16.334.0324.6831.68-38.34%-19.05
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1327.462.71%11.020.363.2729.86-20.04%-18.66

    Global Real Estate Index



    Source: Midlincoln

    Global Real Estate Index vs. S&P 500



    Source: Midlincoln

    This is a Beta Version

    Ovanes Oganisyan

    research@midlincoln.com

    •  May 19, 2015· Midlincoln Research · midlincoln.com