Weekly Overview

Aug 26, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate-9.18-10.93-10.50-14.03

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-9.24-14.35-3.73-17.54
S&P 500 Index-10.71-11.16-9.29-12.08
Hong Kong Hang Seng Index-9.15-14.18-8.52-15.18
Ibovespa Brasil Sao Paulo Stock Exchange Index-6.24-10.56-10.92-16.06
S&P BSE SENSEX Index-6.61-8.25-5.56-8.80
Deutsche Boerse AG German Stock Index DAX-7.80-12.02-13.56

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela36.7443.81
Ukraine21.54
Ecuador13.85
Ghana10.19
Iraq9.81
Zambia9.64
Angola9.33
Mongolia8.58
Gabon8.35
Argentina8.288.73
El Salvador8.25
Kenya7.85
C?te dIvoire7.52
Costa Rica6.95
Pakistan6.80
Kazakhstan6.596.85
Russia6.506.89
Dominican Republic6.15
Azerbaijan6.13
Paraguay6.04
Lebanon5.89
Sri Lanka5.615.18
Egypt5.59
Brazil5.427.43
South Africa5.346.95
Indonesia5.095.84
Turkey5.064.94
Vietnam5.05
Uruguay4.77
Colombia4.768.63
Croatia4.72
Peru4.673.92
Malaysia4.613.63
Serbia4.57
Mexico4.445.50
Morocco4.155.10
Romania4.00
Panama3.89
Hungary3.60
China3.434.71
Philippines3.243.35
Chile3.114.17
Lithuania2.93
Poland2.82
Slovak Republic2.66
Latvia2.61
Thailand3.80
Singapore3.77
Qatar2.84
Korea2.29
Jamaica9.46
Israel4.61
India4.31
Hong Kong3.49
United Arab Emirates2.99



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-08-25 and 2015-08-17
NameWeekchCountry
IMMOFINANZ AG (IIA:AV)0.81Austria
Klepierre (LI:FP)-0.92France
Japan Retail Fund Investment Corp (8953:JP)-3.61Japan
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-5.19Turkey
BR Properties SA (BRPR3:BZ)-5.66Brazil
Dexus Property Group (DXS:AU)-5.69Australia
Mitsubishi Estate Co Ltd (8802:JP)-6.10Japan
Etalon Group Ltd (ETLN:LI)-6.25Guernsey, Channel Islands
BR Malls Participacoes SA (BRML3:BZ)-6.47Brazil
Westfield Corp (WFD:AU)-6.60Australia

Top 10 Losers In Global Real Estate Index Between 2015-08-25 and 2015-08-17
NameWeekchCountry
Ruentex Development Co Ltd (9945:TT)-22.60Taiwan
Unitech Ltd (UT:IN)-17.80India
UEM Sunrise Bhd (UEMS:MK)-17.07Malaysia
CBRE Group Inc (CBG:US)-16.72United States
DLF Ltd (DLFU:IN)-16.16India
PIK Group PJSC (PIKK:RM)-14.74Russian Federation
LSR Group PJSC (LSRG:LI)-14.54Russian Federation
Weyerhaeuser Co (WY:US)-13.45United States
Host Hotels & Resorts Inc (HST:US)-13.27United States
Prologis Inc (PLD:US)-13.09United States

Winners and Losers by Country ML Global Real Estate Index Between 2015-08-25 and 2015-08-17
NameWeekchCountry
Scentre Group (SCG:AU)-6.93
Goodman Group (GMG:AU)-7.61Australia
Stockland (SGP:AU)-7.43Australia
Mirvac Group (MGR:AU)-7.29Australia
GPT Group/The (GPT:AU)-6.92Australia
Westfield Corp (WFD:AU)-6.60Australia
Dexus Property Group (DXS:AU)-5.69Australia
IMMOFINANZ AG (IIA:AV)0.81Austria
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)-8.49Brazil
BR Malls Participacoes SA (BRML3:BZ)-6.47Brazil
BR Properties SA (BRPR3:BZ)-5.66Brazil
Klepierre (LI:FP)-0.92France
Etalon Group Ltd (ETLN:LI)-6.25Guernsey, Channel Islands
Unitech Ltd (UT:IN)-17.80India
DLF Ltd (DLFU:IN)-16.16India
Mitsui Fudosan Co Ltd (8801:JP)-9.17Japan
Sumitomo Realty & Development Co Ltd (8830:JP)-8.27Japan
Mitsubishi Estate Co Ltd (8802:JP)-6.10Japan
Japan Retail Fund Investment Corp (8953:JP)-3.61Japan
Daelim Industrial Co Ltd (000210:KS)-8.08Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)-17.07Malaysia
Ayala Land Inc (ALI:PM)-12.23Philippines
SM Prime Holdings Inc (SMPH:PM)-7.27Philippines
Ayala Corp (AC:PM)-6.93Philippines
PIK Group PJSC (PIKK:RM)-14.74Russian Federation
LSR Group PJSC (LSRG:LI)-14.54Russian Federation
Growthpoint Properties Ltd (GRT:SJ)-10.08South Africa
Ruentex Development Co Ltd (9945:TT)-22.60Taiwan
Farglory Land Development Co Ltd (5522:TT)-8.47Taiwan
Central Pattana PCL (CPN:TB)-7.23Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-5.19Turkey
CBRE Group Inc (CBG:US)-16.72United States
Weyerhaeuser Co (WY:US)-13.45United States
Host Hotels & Resorts Inc (HST:US)-13.27United States
Prologis Inc (PLD:US)-13.09United States
SL Green Realty Corp (SLG:US)-12.89United States
Vornado Realty Trust (VNO:US)-12.52United States
Iron Mountain Inc (IRM:US)-12.45United States
Liberty Property Trust (LPT:US)-12.18United States
UDR Inc (UDR:US)-12.13United States
American Tower Corp (AMT:US)-11.77United States
Boston Properties Inc (BXP:US)-11.66United States
Kimco Realty Corp (KIM:US)-11.55United States
Duke Realty Corp (DRE:US)-11.46United States
Equity Residential (EQR:US)-11.07United States
General Growth Properties Inc (GGP:US)-11.06United States
Regency Centers Corp (REG:US)-10.80United States
Macerich Co/The (MAC:US)-10.37United States
VEREIT Inc (VER:US)-9.87United States
HCP Inc (HCP:US)-9.63United States
Federal Realty Investment Trust (FRT:US)-9.55United States
Essex Property Trust Inc (ESS:US)-9.35United States
AvalonBay Communities Inc (AVB:US)-9.02United States
Plum Creek Timber Co Inc (PCL:US)-8.79United States
Health Care REIT Inc (HCN:US)-8.74United States
Public Storage (PSA:US)-8.54United States
Simon Property Group Inc (SPG:US)-8.50United States
Ventas Inc (VTR:US)-8.41United States
Crown Castle International Corp (CCI:US)-7.89United States
Digital Realty Trust Inc (DLR:US)-7.88United States
Realty Income Corp (O:US)-7.39United 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


  • Norfolk Mansion Heads For Auction After Failing to Sell
  • Could Real Estate Actually Be a Haven For Jittery Stock Investors?
  • 3 Top REIT Dividend Stocks With Huge Yields
  • In a correction, real estate prices will not fall in all cities: Saurabh ...
  • Real estate values rise as prime yields sharpen
  • China Company Bonds Seen Rising on PBOC Interest Rate, Ratio Cut
  • Australian Real Estate Market Value Hits $6 Trillion
  • Signs, Long Unheeded, Now Point to Risks in US Economy
  • Yield-Generating ETFs To Play If The Fed Stands Pat


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)192.9 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - INSTITUTIONAL (RRGIX)92.41167.0
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)81.13686.0
    VIRTUS REAL ESTATE SECURITIES - C (PHRCX)31.91427.0
    NUVEEN REAL ESTATE INCOME FUND (JRS)29.0333.5
    STANLIB GLOBAL PROPERTY FEEDER FUND - A (STINPRA)20.0185.6
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)17.82780.0
    LMP REAL ESTATE INCOME FUND INC (RIT)17.2157.2
    CSIF SWITZERLAND REAL ESTATE FUND INDEX BLUE - F (CSIFINF)13.42497.1
    UBS CH INSTITUTIONAL FUND 3 - SWISS REAL ESTATE SECURITIES SELECTION PASSIVE - I A1 (UBSSREA)12.51192.6
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - C (BLRCX)11.5894.1

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-91.54403.0
    INVESCO REAL ESTATE FUND - R5 (IARIX)-12.12186.0
    INVESCO REAL ESTATE FUND - INVESTOR (REINX)-12.02186.0
    INVESCO REAL ESTATE FUND - C (IARCX)-11.92186.0
    NEUBERGER BERMAN REAL ESTATE FUND - A (NREAX)-11.7856.4
    ING REAL ESTATE FUND - I (CRARX)-10.01359.0
    ING REAL ESTATE FUND - C (CRCRX)-8.61359.0
    NEUBERGER BERMAN US REAL ESTATE FUND - USD C ACC (NBURECA)-8.3209.2
    NEUBERGER BERMAN US REAL ESTATE FUND - USD I2 ACC (NBURI2A)-8.3209.2
    ING L INVEST GLOBAL REAL ESTATE (XUMS)-8.1315.7


    Logistic Real Estate Yields




  • The Global Equities Sell-Off: Why Investors Should Consider REIT ...
  • Global Logistic Properties to Buy 200 US Warehouses For $4.6 Billion
  • Cap Rates Approach Stability: CBRE
  • Vetr Inc. Upgrades Prologis to Strong-Buy (PLD)
  • Realogis Real Estate Logistics Fund kicks off investment phase
  • Industrial market rents relatively stable
  • Markets Rebound As China Cuts Interest Rates
  • Global Logistic Properties to Buy 200 US Warehouses For $4.6 Billion
  • The Fed's Stock-Price Correction
  • Yes, the Correction Will Affect CRE
  • DCT Industrial Trust Receives Consensus Rating of "Buy" from ...
  • THE LEASE DOCTOR: Lease timeline for tenants may vary widely

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



    Some facts about Moscow Warehouses:

  • The Morning Risk Report: Court Ruling Lets FTC Flex Cybersecurity ...
  • Adidas buys warehouse in Russia for up to $100 mln-sources
  • Victoria should follow NSW and put chemical castration of repeat ...
  • WA resources projects boost construction despite fall in home building
  • The Village Inn at Paddington bans fluorescent work clothes ...
  • The Morning Risk Report: Court Ruling Lets FTC Flex Cybersecurity ...
  • Russia recession poses financial dilemma for companies
  • Immofinanz to exit logistics sector and shift away from Russia
  • German stocks - Factors to watch on August 13
  • Austria's Immofinanz to sell logistics portfolio, focus on retail, office

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



    Retail Real Estate Yields



  • In Miami's Flagler Street Area, Investors Pay High Prices for Low ...
  • CBRE Duo Closes Sale of Three Retail Centers
  • High-net worth investors pump $35m into Woolworths retail property
  • I'm Having Indigestion With The REIT-Lover Happy Meal
  • Retailers' property purges will pump up deal flow
  • Economy, CRE Moving Beyond Headwinds
  • Ex-Shaw's redo sates public's need for more closets
  • Form 8-K Kennedy-Wilson Holdings, For: Aug 17
  • What is the Deal with the Most Dilapidated Shopping Plaza in ...
  • Zacks Upgrades WP Glimcher to Hold (WPG)

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Economic Crisis Empties Moscow Central Streets
  • Achievements in Treasure Valley business, government, education ...
  • Foreign brands influx into Phl retail market
  • Russia recession poses financial dilemma for companies
  • Swatch Group Russia to move to Delta Plaza business centre in ...

    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

  • Is Dream Office Real Estate Investment Trust's 10.4% Yield Safe?
  • TIAA-CREF Teams Up With Swedish Pension Funds to Invest in ...
  • In Miami's Flagler Street Area, Investors Pay High Prices for Low ...
  • 3 Hold-Rated Dividend Stocks: OFC, RGC, PEGI
  • Dream Office Real Estate Investment Trust: Can You Count on This ...
  • Retailers' property purges will pump up deal flow
  • Economy, CRE Moving Beyond Headwinds
  • Surge in Commercial Real-Estate Prices Stirs Bubble Worries
  • Franklin Street Properties Corp. Sees Significant Growth in Short ...

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Norfolk Mansion Heads For Auction After Failing to Sell
  • Could Real Estate Actually Be a Haven For Jittery Stock Investors?
  • TIAA-CREF Teams Up With Swedish Pension Funds to Invest in ...
  • 3 Top REIT Dividend Stocks With Huge Yields
  • In a correction, real estate prices will not fall in all cities: Saurabh ...
  • Signs, Long Unheeded, Now Point to Risks in US Economy
  • China Company Bonds Seen Rising on PBOC Interest Rate, Ratio Cut
  • Sun Communities (SUI) Passes Through 4% Yield Mark



    Index News

  • Stocks Plunge, With Dow Losing 1000 Points
  • Property Brokers Falter as Real Estate Boom Seen Cooling
  • China's key indexes close down for fifth session
  • China Anxiety Resurfaces to Torpedo Relief Rally in U.S. Stocks
  • China's Hard Landing? What To Watch Next In 6 Charts
  • Japanese Stocks Plunge Most in Two Years, Entering Correction

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT14557.402.73%10.506.9966.5728.6716.06%80.06
    Westfield CorpWFD:AUAustralia REIT14508.85--15.760.0037.22%
    Goodman GroupGMG:AUAustralia Real Estate Services7909.053.51%9.119.2999.9931.9823.10%127.21
    GPT Group/TheGPT:AUAustralia REIT5913.764.66%12.6812.1295.5859.0921.40%142.66
    Dexus Property GroupDXS:AUAustralia REIT5287.695.38%11.208.0772.0560.2616.36%116.74
    StocklandSGP:AUAustralia REIT7098.095.70%14.184.7733.6480.838.64%88.19
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers4897.925.07%11.234.1436.8756.945.42%67.26
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2941.92--7.100.002.09%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2300.870.24%23.037.4732.445.53-17.52%-23.32
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers879.762.08%36.504.3011.7875.92-21.07%9.40
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1515.391.94%16.334.0324.6831.68-38.34%-19.05
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers9247.7110.87%4.770.5611.7451.8577.79%115.88
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4604.055.05%6.440.7411.4932.5211.79%28.63
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers7983.493.35%5.730.9316.2319.200.02%8.98
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers1957.173.26%12.081.2210.1039.38-7.02%9.65
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8567.806.27%4.560.5512.0628.59-16.84%-1.48
    SOHO China Ltd410:HKChina Real Estate Owners & Developers3092.506.81%4.883.2666.8033.23-25.41%49.01
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2193.279.12%3.190.3310.3429.09-26.94%-11.43
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3172.11-5.120.5811.33-0.00-28.71%-43.24
    KlepierreLI:FPFrance REIT14880.623.35%-10.08-0.0025.11%
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers569.17--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 & Developers2186.94-6.750.436.37-0.00-5.14%-26.25
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers18107.602.44%8.031.3516.8119.5920.56%28.20
    Franshion Properties China Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3276.744.83%4.120.7317.7219.9018.03%30.79
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers29896.012.35%6.951.6023.0216.335.06%16.73
    Link REIT/The823:HKHong Kong (SAR) REIT12712.424.23%3.6512.9299.9915.444.28%349.31
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers10330.674.72%6.691.3019.4331.58-4.37%19.21
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2335.965.01%5.090.8416.5025.50-7.64%8.54
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers3090.444.07%7.781.2015.4231.66-13.13%5.44
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers5761.459.33%4.530.6514.3542.26-19.65%11.70
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1327.442.71%11.020.363.2729.86-20.04%-18.66
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers915.751.61%5.600.519.119.02-39.34%-47.55
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3310.371.63%40.533.037.4866.06-33.44%-21.16
    Unitech LtdUT:INIndia Real Estate Owners & Developers278.74--0.560.00-67.40%
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2293.350.89%11.594.7941.3310.323.85%23.17
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers33892.790.48%56.973.586.2827.3522.67%-21.40
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers31579.830.73%31.412.427.7022.9317.36%-4.15
    Japan Retail Fund Investment Corp8953:JPJapan REIT5111.613.32%29.369.9033.7297.4816.03%97.13
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers18453.570.47%26.932.7710.2912.6615.83%-8.89
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const1936.480.15%-0.25-0.00-25.98%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers983.783.31%8.851.5517.5129.29-53.84%-36.62
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers12475.401.04%21.128.2739.1621.9623.58%42.85
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers11877.481.10%34.035.6316.5437.4318.55%17.76
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers10095.340.76%25.982.9011.1619.748.75%-7.06
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1649.34-33.321.865.58-0.0077.87%29.40
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1072.0014.26%---0.00-36.14%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT5643.756.14%18.168.0344.22111.5015.06%131.89
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers797.0812.30%3.601.0529.1744.28-15.31%33.80
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1419.8310.37%5.324.4383.2755.17-20.85%91.53
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1735.021.57%9.111.9921.8414.30-7.25%-0.95
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5828.981.41%26.208.9834.2736.94-0.07%24.21
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3223.743.88%13.246.3848.1951.37-1.47%64.11
    Segro PLCSGRO:LNUnited Kingdom REIT5375.203.44%4.216.4899.9914.4529.62%411.51
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16431.712.42%4.3313.5899.9910.4824.92%323.96
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13973.313.21%5.1618.5999.9916.5624.65%375.59
    Intu Properties PLCINTU:LNUnited Kingdom REIT7185.244.01%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 REIT5375.203.44%4.216.4899.9914.4529.62%411.51
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13973.313.21%5.1618.5999.9916.5624.65%375.59
    Link REIT/The823:HKHong Kong (SAR) REIT12712.424.23%3.6512.9299.9915.444.28%349.31
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16431.712.42%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 REIT5913.764.66%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 & Developers915.751.61%5.600.519.119.02-39.34%-47.55
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3172.11-5.120.5811.33-0.00-28.71%-43.24
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers983.783.31%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 & Developers2186.94-6.750.436.37-0.00-5.14%-26.25
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2300.870.24%23.037.4732.445.53-17.52%-23.32
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers33892.790.48%56.973.586.2827.3522.67%-21.40
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3310.371.63%40.533.037.4866.06-33.44%-21.16
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1515.391.94%16.334.0324.6831.68-38.34%-19.05
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1327.442.71%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

    •  Aug 26, 2015· Midlincoln Research · midlincoln.com