Weekly Overview

December 30, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate1.640.97-6.82

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-0.31-11.69-3.96-1.54
S&P 500 Index1.75-1.61-0.12-0.68
Hong Kong Hang Seng Index1.02-0.75-6.82-6.00
Ibovespa Brasil Sao Paulo Stock Exchange Index1.31-4.60-12.48-11.86
S&P BSE SENSEX Index1.45-0.14-5.04-4.83
Deutsche Boerse AG German Stock Index DAX1.49-5.67

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela29.5037.81
Ecuador15.18
Zambia12.63
Iraq12.56
Ghana12.22
Angola10.83
Ukraine10.38
Gabon10.26
El Salvador9.24
Mongolia9.04
Kenya8.99
Costa Rica7.94
Brazil7.7711.43
C?te dIvoire7.60
Argentina7.359.06
Sri Lanka7.306.86
Egypt7.25
Pakistan7.07
Jamaica6.8613.50
Azerbaijan6.84
Dominican Republic6.55
South Africa6.517.91
Lebanon6.46
Paraguay6.33
Kazakhstan6.056.45
Russia5.495.84
Indonesia5.416.26
Vietnam5.38
Colombia5.3114.29
Mexico5.227.66
Uruguay5.11
Croatia5.09
Turkey4.984.92
Peru4.894.35
Chile4.514.85
Morocco4.435.37
Malaysia4.363.37
Serbia4.30
Romania4.04
Panama4.03
Hungary3.58
China3.424.49
Philippines3.383.54
Poland2.91
Lithuania2.90
Slovak Republic2.51
Latvia2.36
Hong Kong3.54
India6.17
Israel4.60
Korea2.56
Qatar3.17
Singapore2.93
Thailand3.36
United Arab Emirates3.81



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-12-29 and 2015-12-22
NameWeekchCountry
BR Properties SA (BRPR3:BZ)14.71Brazil
BR Malls Participacoes SA (BRML3:BZ)7.37Brazil
Evergrande Real Estate Group Ltd (3333:HK)5.32China
SOHO China Ltd (410:HK)5.10China
General Growth Properties Inc (GGP:US)4.41United States
Scentre Group (SCG:AU)4.33
Iron Mountain Inc (IRM:US)4.28United States
HCP Inc (HCP:US)4.24United States
Essex Property Trust Inc (ESS:US)4.23United States
China Overseas Grand Oceans Group Ltd (81:HK)3.96Hong Kong (SAR)

Top 10 Losers In Global Real Estate Index Between 2015-12-29 and 2015-12-22
NameWeekchCountry
LSR Group PJSC (LSRG:LI)-4.48Russian Federation
PIK Group PJSC (PIKK:RM)-3.14Russian Federation
Ayala Land Inc (ALI:PM)-2.94Philippines
SM Prime Holdings Inc (SMPH:PM)-2.73Philippines
Greentown China Holdings Ltd (3900:HK)-2.46Hangzhou China
Etalon Group Ltd (ETLN:LI)-1.75Guernsey, Channel Islands
Unitech Ltd (UT:IN)-1.67India
New World Development Co Ltd (17:HK)-1.50Hong Kong (SAR)
Guangzhou R&F Properties Co Ltd (2777:HK)-1.40China
Growthpoint Properties Ltd (GRT:SJ)-1.11South Africa

Winners and Losers by Country ML Global Real Estate Index Between 2015-12-29 and 2015-12-22
NameWeekchCountry
Scentre Group (SCG:AU)4.33
Mirvac Group (MGR:AU)0.13Australia
Stockland (SGP:AU)0.43Australia
Dexus Property Group (DXS:AU)0.45Australia
GPT Group/The (GPT:AU)2.88Australia
Westfield Corp (WFD:AU)3.10Australia
Goodman Group (GMG:AU)3.81Australia
IMMOFINANZ AG (IIA:AV)2.93Austria
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)3.92Brazil
BR Malls Participacoes SA (BRML3:BZ)7.37Brazil
BR Properties SA (BRPR3:BZ)14.71Brazil
Guangzhou R&F Properties Co Ltd (2777:HK)-1.40China
Agile Property Holdings Ltd (3383:HK)0.98China
Shui On Land Ltd (272:HK)1.00China
Country Garden Holdings Co Ltd (2007:HK)1.03China
Sino-Ocean Land Holdings Ltd (3377:HK)1.67China
Longfor Properties Co Ltd (960:HK)2.77China
SOHO China Ltd (410:HK)5.10China
Evergrande Real Estate Group Ltd (3333:HK)5.32China
Klepierre (LI:FP)2.50France
Etalon Group Ltd (ETLN:LI)-1.75Guernsey, Channel Islands
Raven Russia Ltd (RUS:LN)0.05Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)-2.46Hangzhou China
New World Development Co Ltd (17:HK)-1.50Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)0.45Hong Kong (SAR)
Link REIT (823:HK)0.71Hong Kong (SAR)
China Resources Land Ltd (1109:HK)0.73Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)0.78Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)0.99Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)1.56Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)2.62Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)3.60Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)3.96Hong Kong (SAR)
Unitech Ltd (UT:IN)-1.67India
DLF Ltd (DLFU:IN)0.11India
Bumi Serpong Damai Tbk PT (BSDE:IJ)3.18Indonesia
Sumitomo Realty & Development Co Ltd (8830:JP)-0.54Japan
Mitsui Fudosan Co Ltd (8801:JP)0.26Japan
Mitsubishi Estate Co Ltd (8802:JP)1.30Japan
Daelim Industrial Co Ltd (000210:KS)0.79Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)3.91Malaysia
Ayala Land Inc (ALI:PM)-2.94Philippines
SM Prime Holdings Inc (SMPH:PM)-2.73Philippines
Ayala Corp (AC:PM)0.73Philippines
LSR Group PJSC (LSRG:LI)-4.48Russian Federation
PIK Group PJSC (PIKK:RM)-3.14Russian Federation
Growthpoint Properties Ltd (GRT:SJ)-1.11South Africa
Farglory Land Development Co Ltd (5522:TT)-1.03Taiwan
Ruentex Development Co Ltd (9945:TT)0.58Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)2.17Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)2.15Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)0.21Turkey
British Land Co PLC/The (BLND:LN)2.16United Kingdom
Segro PLC (SGRO:LN)3.29United Kingdom
Land Securities Group PLC (LAND:LN)3.40United Kingdom
Intu Properties PLC (INTU:LN)3.67United Kingdom
VEREIT Inc (VER:US)-0.12United States
Crown Castle International Corp (CCI:US)1.10United States
Liberty Property Trust (LPT:US)1.18United States
Public Storage (PSA:US)1.50United States
Federal Realty Investment Trust (FRT:US)1.50United States
Weyerhaeuser Co (WY:US)1.53United States
Simon Property Group Inc (SPG:US)1.66United States
Realty Income Corp (O:US)1.95United States
Boston Properties Inc (BXP:US)2.03United States
Regency Centers Corp (REG:US)2.10United States
Duke Realty Corp (DRE:US)2.21United States
Digital Realty Trust Inc (DLR:US)2.33United States
Equity Residential (EQR:US)2.42United States
CBRE Group Inc (CBG:US)2.42United States
AvalonBay Communities Inc (AVB:US)2.61United States
Plum Creek Timber Co Inc (PCL:US)2.63United States
Macerich Co/The (MAC:US)3.09United States
American Tower Corp (AMT:US)3.10United States
Host Hotels & Resorts Inc (HST:US)3.24United States
Kimco Realty Corp (KIM:US)3.25United States
SL Green Realty Corp (SLG:US)3.29United States
Vornado Realty Trust (VNO:US)3.52United States
Welltower Inc (HCN:US)3.55United States
Prologis Inc (PLD:US)3.57United States
Ventas Inc (VTR:US)3.75United States
UDR Inc (UDR:US)3.78United States
Essex Property Trust Inc (ESS:US)4.23United States
HCP Inc (HCP:US)4.24United States
Iron Mountain Inc (IRM:US)4.28United States
General Growth Properties Inc (GGP:US)4.41United 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


  • As corporate bond yields climb, questions hang over CRE market
  • Fishing for Opportunities in Real Estate Stocks
  • Get 8-10% Yields From Commercial Real Estate
  • Over 7% Tax Free Yields Dubai Real Estate Market Amongst the ...
  • A Discounted REIT For Yield-Hungry Investors
  • Ex-Dividend Reminder: Alexandria Real Estate, American Capital ...
  • This Stock Has A 12.64% Yield And Sells For Less Than Book
  • Financial Services: Fiduciary Standard Rule Could Have Drastic ...
  • Will 2016 bring new Treasury-yield lows?


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)699.1 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    DAIWA J-REIT OPEN (0431103B)103.5184.3
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 1 (PRAEX)102.12413.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 2 (PRENX)101.92413.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - P (PIRPX)101.52413.0
    RUSSELL GLOBAL REAL ESTATE SECURITIES FUND - C (RRSCX)64.91464.0
    RUSSELL GLOBAL REAL ESTATE SECURITIES FUND - E (RREEX)62.21464.0
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)51.53017.0
    NUVEEN REAL ESTATE INCOME FUND (JRS)31.7335.7
    DELAWARE REIT FUND - INSTITUTIONAL (DPRSX)21.3227.1
    DELAWARE REIT FUND - C (DPRCX)20.9227.1

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    NORTHERN MULTI-MANAGER - GLOBAL REAL ESTATE FUND (NMMGX)-23.5359.9
    ING INTERNATIONAL REAL ESTATE FUND - W (IIRWX)-14.1564.2
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-9.43985.0
    HANWHA LASALLE GLOBAL REITS REAL ESTATE INVESTMENT TRUST 1 REITS-FOFS - C (3558160)-7.252.7
    DWS RREEF REAL ESTATE SECURITIES FUND - B (RRRBX)-6.81426.0
    OPPENHEIMER REAL ESTATE FUND - C (ORECX)-6.41347.0
    DWS RREEF REAL ESTATE SECURITIES FUND - A (RRRAX)-6.41426.0
    DWS RREEF REAL ESTATE SECURITIES FUND - S (RRREX)-6.21426.0
    DWS RREEF REAL ESTATE SECURITIES FUND - C (RRRCX)-6.11426.0
    REMS REAL ESTATE VALUE-OPPORTUNITY FUND - PLATFORM (HLPPX)-5.6401.5


    Logistic Real Estate Yields




  • Chambersburg Crossing sold for $45 M
  • STAG Industrial Enters into New Lease Deal for Duncan Asset
  • Stronger Dollar a Plus for Imports
  • Prologis Inc (PLD) Receives "Buy" Rating from Cantor Fitzgerald
  • Three Stocks Jumping On Abnormally High Volume: Alon Blue ...
  • Up to Date Stocks News Review: Annaly Capital Management ...
  • Stocks rebound
  • STAG Industrial Enters into New Lease Deal for Duncan Asset
  • Chambersburg Crossing sold for $45 M
  • Stocks rebound as US confidence improves and oil price rises
  • Stag Industrial: This 7%+ Yielding Industrial REIT Is Worth Buying

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



    Some facts about Moscow Warehouses:

  • Business Highlights
  • Report forecasts future shifts in global logistics hubs
  • Moscow: Russian plane crash complicates Syria talks
  • Recep Tayyip Erdoğan: Portrait of a Backstabbing Pasha
  • Moscow Warehouse Rental Rates Fall to 5-Year Low
  • Sinomach , China Merchants build ' a pearl on Silk Road ' in Belarus
  • Report forecasts future shifts in global logistics hubs
  • STA review of events involving Slovenia, 2015
  • Immofinanz Balance Sheet Affected by Lower Rent Income
  • Stockmann to sell its Russian department stores to Reviva Holdings

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



    Retail Real Estate Yields



  • SELLING POINTS: Olshan expands hospitality footprint; BSP has big ...
  • Financial Services: Fiduciary Standard Rule Could Have Drastic ...
  • Irrational Exuberance: Episode 4
  • Chambersburg Crossing sold for $45 M
  • Stabilizing oil lifts European shares and bond yields
  • Shopping Center Investors, Retailers Focus On Attracting More ...
  • Shopping Center Investors, Retailers Focus On Attracting More ...
  • Gerstein Fisher Has $714000 Position in WP Glimcher Inc (WPG)
  • ING Groep Acquires 74143 Shares of WP Glimcher Inc (WPG)
  • WP Glimcher Inc (WPG) Shares Bought by ING Groep

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Nairobi's Growing Retail Space To Boosts Its Real Estate Investment ...
  • Kenya: Nairobi Among Top Investment Cities in 2016 - Study
  • Russia's stricken currency drops to 2015 low amid oil price slump
  • Peter Ippolito and Gunter Fleitz: 2015 Hall of Fame Inductees
  • Winter heat wave, of a sort, envelops usually frigid Moscow

    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

  • Dream Global: Investing In Now Mostly German Office Real Estate ...
  • Yield Alert: 12.5% at Dream Office Real Estate Investment Trst
  • Dream Office Real Estate Investment Trst: Ignore the 12.7% Dividend
  • Is it Safe to Buy Dream Office Real Estate Investment Trst for the 13 ...
  • Landlords Face Slowing Price Gains After U.S. Records Shattered
  • Aussie Bonds Gaining 45% Over Six Straight Years Keep AAA Allure
  • Chambersburg Crossing sold for $45 M
  • SELLING POINTS: Olshan expands hospitality footprint; BSP has big ...
  • Brandywine sells ex-post office near 30th St. Station to S. Korean fund

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Financial Markets Were Flat in 2015. Thank Goodness.
  • Landlords Face Slowing Price Gains After U.S. Records Shattered
  • This Stock Has A 12.64% Yield And Sells For Less Than Book
  • Will 2016 bring new Treasury-yield lows?
  • Predictions For 2016
  • Historic black church in Lincoln Park for sale as home site
  • After a Down 2015, Real-Estate Stocks Hope for Savior in Indexes
  • Financial Services: Fiduciary Standard Rule Could Have Drastic ...
  • Colony Capital's Series B Preferred Stock Shares Cross 8% Yield ...



    Index News

  • Global real estate's movers and shakers in 2015
  • Global real estate market boom accelerating
  • After a Down 2015, Real-Estate Stocks Hope for Savior in Indexes
  • Financial Markets Were Flat in 2015. Thank Goodness.
  • China's Unprecedented Real Estate Bubble Is A Ticking Time Bomb
  • Landlords Face Slowing Price Gains After U.S. Records Shattered
  • Bluerock's Total Income+ Real Estate Fund to Engage RREEF, a ...

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT16489.112.46%11.657.7766.7028.6624.11%97.64
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers5380.754.81%12.084.4336.6758.1015.19%87.72
    Goodman GroupGMG:AUAustralia Real Estate Services8319.613.57%9.329.5099.9933.2714.85%130.56
    GPT Group/TheGPT:AUAustralia REIT6356.484.63%10.2012.2499.9947.2314.67%161.53
    Dexus Property GroupDXS:AUAustralia REIT5360.345.84%11.268.1172.0265.7612.60%128.95
    Westfield CorpWFD:AUAustralia REIT14688.48-11.8612.4199.99-0.008.56%91.17
    StocklandSGP:AUAustralia REIT7293.595.75%10.934.6742.7362.857.15%91.62
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2464.75--3.360.000.10%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers648.2623.93%-3.41-0.003.36%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1901.820.27%20.896.5331.265.64-18.00%-12.16
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1369.242.01%39.253.809.6878.89-29.43%9.72
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12114.067.99%5.600.6711.9644.74141.83%182.77
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2226.572.88%10.062.0520.3828.9720.96%50.08
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8797.753.03%6.741.0515.5820.4220.34%39.43
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4777.894.87%6.930.8512.2733.7516.12%45.03
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers9092.962.53%5.510.5710.3413.948.93%17.54
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3966.323.82%6.580.6810.3325.145.72%24.44
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2198.445.75%4.690.357.4626.972.25%21.82
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2488.874.37%10.609.2587.2646.32-20.18%92.64
    KlepierreLI:FPFrance REIT14028.863.92%-9.35-0.0019.61%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers505.393.47%4.420.7216.2915.34-8.10%8.94
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers407.61--1.700.00-16.15%
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2150.83-7.050.466.52-0.003.21%-7.48
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3662.474.32%7.681.0513.6733.1827.03%56.03
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33969.162.06%7.231.6522.8214.8921.03%41.35
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19673.702.26%8.311.3716.4918.789.93%26.72
    Link REIT823:HKHong Kong (SAR) REIT13480.684.14%5.8413.1699.9924.18-0.16%233.35
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Dev 00004000 elopers2112.124.24%6.760.8412.4328.66-6.95%17.21
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9158.765.48%3.531.2234.5619.34-9.01%31.20
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2851.043.98%8.841.1412.9035.18-9.14%19.93
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6182.966.52%5.340.6512.1734.82-15.91%15.57
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1195.283.00%-0.37-0.00-19.89%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers921.620.32%9.070.535.842.90-20.77%-31.26
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3057.781.76%37.592.667.0866.16-14.74%10.74
    Unitech LtdUT:INIndia Real Estate Owners & Developers263.75-2.030.5125.12-0.00-57.73%-44.81
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2511.890.83%14.275.3237.2811.840.50%25.19
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29142.100.55%45.973.036.5925.28-0.70%-24.96
    Japan Retail Fund Investment Corp8953:JPJapan REIT4921.683.62%26.309.1334.7195.21-5.26%88.19
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25164.020.92%25.111.917.6123.10-5.35%-9.92
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers13736.400.63%18.342.0010.9111.55-15.45%-21.50
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const1991.100.15%-0.25-0.001.98%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1205.772.63%11.322.0818.3729.77-17.96%8.70
    SM Prime Holdings IncSMPH:PMPhilippines Real 00004000 Estate Owners & Developers13333.600.97%22.428.8239.3421.7528.71%57.21
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9966.510.76%22.472.7912.4217.089.77%6.62
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10771.601.20%30.035.2817.5836.043.42%16.84
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers978.7915.61%---0.0032.84%
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1999.58-23.622.6511.22-0.0016.92%-5.65
    Growthpoint Properties LtdGRT:SJSouth Africa REIT4251.445.40%15.977.0544.1586.24-9.34%94.90
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers876.4711.00%3.831.0627.6842.132.33%58.14
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1829.259.24%5.694.4878.7352.58-3.72%111.73
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1731.801.61%15.111.9412.8424.333.02%14.91
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5848.771.38%27.099.0033.2237.384.90%38.25
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3485.643.61%15.009.3462.2754.15-0.15%91.10
    Segro PLCSGRO:LNUnited Kingdom REIT4821.963.62%4.0615.4299.9914.7019.35%399.62
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13959.942.79%4.4511.8899.9912.425.90%270.66
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400012022.263.56%5.2615.2299.9918.734.94%297.59
    Intu Properties PLCINTU:LNUnited Kingdom REIT6424.334.25%15.917.4446.7667.62-0.10%88.20
    Public StoragePSA:USUnited States REIT43672.002.70%42.2518.4543.67114.0837.30%142.62
    UDR IncUDR:USUnited States REIT9928.002.93%41.3211.2427.20121.0724.26%121.04
    Digital Realty Trust IncDLR:USUnited States 11236.004.43%38.286.2216.25169.5820.63%158.01
    Essex Property Trust IncESS:USUnited States REIT16132.002.36%79.4413.5317.03187.4819.34%134.24
    Plum Creek Timber Co IncPCL:USUnited States REIT8480.003.61%37.335.5014.73134.7617.23%119.23
    Crown Castle International CorpCCI:USUnited States REIT29372.004.02%55.937.8314.00224.8415.51%188.25
    Equity ResidentialEQR:USUnited States REIT29859.002.70%34.3010.9631.9592.6115.32%95.41
    AvalonBay Communities IncAVB:USUnited States REIT25396.002.70%35.8113.5337.7896.6914.88%103.37
    Realty Income CorpO:USUnited States REIT13030.004.39%46.2911.8725.64203.2111.76%184.16
    Federal Realty Investment TrustFRT:USUnited States REIT10411.002.51%53.1413.9726.29133.3811.76%108.12
    Regency Centers CorpREG:USUnited States REIT6514.002.81%35.1611.5532.8598.809.15%95.47
    Simon Property Group IncSPG:USUnited States REIT60581.003.27%37.9911.7130.82124.238.74%115.63
    Duke Realty CorpDRE:USUnited States REIT7358.003.38%24.347.3029.9982.278.48%86.23
    Kimco Realty CorpKIM:USUnited States REIT11147.003.78%19.759.7149.1674.668.25%102.15
    Macerich Co/TheMAC:USUnited States REIT12942.003.33%7.999.8999.9926.614.50%136.73
    Prologis IncPLD:USUnited States REIT22833.003.67%19.3411.1757.7670.983.20%102.42
    Boston Properties IncBXP:USUnited States REIT19937.002.00%32.148.0224.9564.282.00%48.92
    CBRE Group IncCBG:USUnited States 11739.00-20.741.175.64-0.000.57%-24.70
    American Tower CorpAMT:USUnited States REIT42107.001.97%64.258.9913.99126.570.46%66.61
    General Growth Properties IncGGP:USUnited States REIT24216.002.77%18.859.9652.8452.21-1.49%74.54
    Vornado Realty TrustVNO:USUnited States REIT19133.002.48%41.487.5318.15102.87-3.89%65.48
    SL Green Realty CorpSLG:USUnited States REIT 0000400011521.002.52%59.596.9011.58150.17-4.39%87.60
    Welltower IncHCN:USUnited States REIT24244.004.82%27.566.3222.93132.84-6.59%111.45
    Ventas IncVTR:USUnited States REIT18817.005.59%33.475.3115.86187.10-7.01%152.31
    HCP IncHCP:USUnited States REIT17955.005.85%21.427.1933.57125.31-8.50%118.78
    VEREIT IncVER:USUnited States REIT7285.006.83%299.394.491.50999.99-8.86%999.99
    Liberty Property TrustLPT:USUnited States REIT4707.005.97%18.515.7431.01110.50-12.40%100.44
    Weyerhaeuser CoWY:USUnited States REIT15626.004.05%28.712.227.73116.28-12.72%72.41
    Iron Mountain IncIRM:USUnited States REIT5872.006.99%38.781.914.93271.07-25.39%201.66
    Host Hotels & Resorts IncHST:USUnited States REIT11973.005.02%18.862.2311.8294.68-30.92%46.55

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    VEREIT IncVER:USUnited States REIT7285.006.83%299.394.491.50999.99-8.86%999.99
    Segro PLCSGRO:LNUnited Kingdom REIT4821.963.62%4.0615.4299.9914.7019.35%399.62
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400012022.263.56%5.2615.2299.9918.734.94%297.59
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13959.942.79%4.4511.8899.9912.425.90%270.66
    Link REIT823:HKHong Kong (SAR) REIT13480.684.14%5.8413.1699.9924.18-0.16%233.35
    Iron Mountain IncIRM:USUnited States REIT5872.006.99%38.781.914.93271.07-25.39%201.66
    Crown Castle International CorpCCI:USUnited States REIT29372.004.02%55.937.8314.00224.8415.51%188.25
    Realty Income CorpO:USUnited States REIT13030.004.39%46.2911.8725.64203.2111.76%184.16
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12114.067.99%5.600.6711.9644.74141.83%182.77
    GPT Group/TheGPT:AUAustralia REIT6356.484.63%10.2012.2499.9947.2314.67%161.53

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers263.75-2.030.5125.12-0.00-57.73%-44.81
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers921.620.32%9.070.535.842.90-20.77%-31.26
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29142.100.55%45.973.036.5925.28-0.70%-24.96
    CBRE Group IncCBG:USUnited States 11739.00-20.741.175.64-0.000.57%-24.70
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers13736.400.63%18.342.0010.9111.55-15.45%-21.50
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1901.820.27%20.896.5331.265.64-18.00%-12.16
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25164.020.92%25.111.917.6123.10-5.35%-9.92
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2150.83-7.050.466.52-0.003.21%-7.48
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1999.58-23.622.6511.22-0.0016.92%-5.65
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9966.510.76%22.472.7912.4217.089.77%6.62

    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

    •  December 30, 2015· Midlincoln Research · midlincoln.com