Weekly Overview

January 14, 2016

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate-6.19-4.43

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-1.68-5.16-5.82-5.82
S&P 500 Index-3.46-3.44-4.97-4.97
Hong Kong Hang Seng Index-2.90-3.45-14.34-14.34
Ibovespa Brasil Sao Paulo Stock Exchange Index-3.43-10.09-16.68-16.68
S&P BSE SENSEX Index-2.43-0.60-9.14-9.14
Deutsche Boerse AG German Stock Index DAX-2.95-3.48

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela29.7038.74
Ecuador15.96
Zambia13.24
Ghana12.71
Iraq12.53
Angola11.38
Gabon10.71
El Salvador9.34
Kenya9.30
Mongolia9.22
Ukraine9.05
Costa Rica7.82
C?te dIvoire7.76
Brazil7.4511.15
Sri Lanka7.306.64
Egypt7.24
Pakistan6.98
Argentina6.988.83
Jamaica6.8712.70
South Africa6.598.06
Azerbaijan6.58
Dominican Republic6.50
Lebanon6.45
Paraguay6.43
Kazakhstan6.116.51
Russia5.485.89
Indonesia5.456.17
Vietnam5.34
Colombia5.3015.20
Mexico5.137.61
Turkey5.134.98
Uruguay5.10
Croatia4.93
Peru4.824.36
Morocco4.425.43
Serbia4.29
Chile4.264.72
Malaysia4.233.30
Panama3.96
Romania3.95
Hungary3.52
China3.394.33
Philippines3.303.56
Poland2.88
Lithuania2.83
Slovak Republic2.48
Thailand3.19
Singapore2.91
Qatar3.23
Korea2.57
Israel4.63
India6.21
Hong Kong3.52
Latvia
United Arab Emirates3.88



Top 10 Winners In MidLincoln Global Real Estate Index Between 2016-01-12 and 2016-01-05
NameWeekchCountry
Digital Realty Trust Inc (DLR:US)2.35United States
Realty Income Corp (O:US)0.27United States
Federal Realty Investment Trust (FRT:US)-0.09United States
Public Storage (PSA:US)-0.44United States
Regency Centers Corp (REG:US)-1.12United States
Equity Residential (EQR:US)-1.91United States
Essex Property Trust Inc (ESS:US)-2.19United States
AvalonBay Communities Inc (AVB:US)-2.90United States
UDR Inc (UDR:US)-3.07United States
Ventas Inc (VTR:US)-3.20United States

Top 10 Losers In Global Real Estate Index Between 2016-01-12 and 2016-01-05
NameWeekchCountry
CBRE Group Inc (CBG:US)-11.81United States
LSR Group PJSC (LSRG:LI)-9.77Russian Federation
Weyerhaeuser Co (WY:US)-9.63United States
Plum Creek Timber Co Inc (PCL:US)-9.37United States
VEREIT Inc (VER:US)-7.60United States
Liberty Property Trust (LPT:US)-7.35United States
Etalon Group Ltd (ETLN:LI)-7.22Guernsey, Channel Islands
SL Green Realty Corp (SLG:US)-7.17United States
Iron Mountain Inc (IRM:US)-7.17United States
Host Hotels & Resorts Inc (HST:US)-6.89United States

Winners and Losers by Country ML Global Real Estate Index Between 2016-01-12 and 2016-01-05
NameWeekchCountry
Etalon Group Ltd (ETLN:LI)-7.22Guernsey, Channel Islands
LSR Group PJSC (LSRG:LI)-9.77Russian Federation
CBRE Group Inc (CBG:US)-11.81United States
Weyerhaeuser Co (WY:US)-9.63United States
Plum Creek Timber Co Inc (PCL:US)-9.37United States
VEREIT Inc (VER:US)-7.60United States
Liberty Property Trust (LPT:US)-7.35United States
SL Green Realty Corp (SLG:US)-7.17United States
Iron Mountain Inc (IRM:US)-7.17United States
Host Hotels & Resorts Inc (HST:US)-6.89United States
Duke Realty Corp (DRE:US)-6.70United States
General Growth Properties Inc (GGP:US)-5.88United States
HCP Inc (HCP:US)-5.66United States
Vornado Realty Trust (VNO:US)-5.46United States
Simon Property Group Inc (SPG:US)-5.42United States
Boston Properties Inc (BXP:US)-4.91United States
Prologis Inc (PLD:US)-4.89United States
Macerich Co/The (MAC:US)-4.47United States
American Tower Corp (AMT:US)-4.19United States
Kimco Realty Corp (KIM:US)-3.95United States
Crown Castle International Corp (CCI:US)-3.53United States
Ventas Inc (VTR:US)-3.20United States
UDR Inc (UDR:US)-3.07United States
AvalonBay Communities Inc (AVB:US)-2.90United States
Essex Property Trust Inc (ESS:US)-2.19United States
Equity Residential (EQR:US)-1.91United States
Regency Centers Corp (REG:US)-1.12United States
Public Storage (PSA:US)-0.44United States
Federal Realty Investment Trust (FRT:US)-0.09United States
Realty Income Corp (O:US)0.27United States
Digital Realty Trust Inc (DLR:US)2.35United 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


  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • Top six Australian real estate deals to watch for 2016
  • Avison Young releases 2016 Canada, U.S., U.K. commercial real ...
  • Cominar Real Estate Investment Trust: Is This a 9.8% Yield You Can ...
  • Macy's: Recent Rally Is Only The Start
  • Starwood Property Trust: Dividend Yield Has Shot Up To 10% - I'm ...
  • Bond Yields Fall as Investors Put on the “Risk-Off” Trade
  • Booming Tribeca Real Estate Saves New York Law Bonds From Junk
  • 3 REIT Stocks to Add as U.S. Treasury Yield Falls


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)78.8 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    MORGAN STANLEY INSTITUTIONAL FUND INC - GLOBAL REAL ESTATE PORTFOLIO - A (MRLBX)43.62265.0
    DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFITX)36.93326.0
    NUVEEN REAL ESTATE INCOME FUND (JRS)28.3331.7
    DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFGEX)19.63972.0
    DWS RREEF REAL ESTATE SECURITIES FUND - B (RRRBX)18.21373.0
    PRINCIPAL REAL ESTATE INCOME FUND (PGZ)17.8131.4
    DWS RREEF REAL ESTATE SECURITIES FUND - C (RRRCX)17.61373.0
    DWS RREEF REAL ESTATE SECURITIES FUND - A (RRRAX)17.51373.0
    DWS RREEF REAL ESTATE SECURITIES FUND - S (RRREX)17.21373.0
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (XTS5)15.9446.0

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    ING REAL ESTATE FUND - I (CRARX)-43.91254.0
    ING REAL ESTATE FUND - C (CRCRX)-42.21254.0
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-28.13772.0
    NUVEEN REAL ESTATE SECURITIES FUND - C (FRLCX)-24.54622.0
    NORTHERN GLOBAL REAL ESTATE INDEX FUND (NGREX)-24.51726.0
    INVESCO REAL ESTATE FUND - R5 (IARIX)-18.02047.0
    INVESCO REAL ESTATE FUND - INVESTOR (REINX)-17.82047.0
    INVESCO REAL ESTATE FUND - C (IARCX)-17.72047.0
    NORTHERN MULTI-MANAGER - GLOBAL REAL ESTATE FUND (NMMGX)-10.4314.7
    OPPENHEIMER REAL ESTATE FUND - C (ORECX)-4.51310.0


    Logistic Real Estate Yields




  • Avison Young releases 2016 Canada, U.S., U.K. commercial real ...
  • These Real Estate Stocks Are Move-In Ready
  • Six Global Trends in Commercial Real Estate to Watch for in 2016
  • Sydney Apartment Rents Follow Prices Lower After Overbuilding
  • Global Logistic Properties Shops for Growth in China
  • Like Monthly Income? These 3 Small Caps Yield up to 9%
  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • Avison Young releases 2016 Canada, U.S., U.K. commercial real ...
  • Commercial Real Estate in 2016: Six Trends
  • FED: We're not seeing a whole lot of inflation right now
  • Cheap debt, high yields drive offshore demand for industrial property
  • Fidelity Real Estate buys two retail warehouses from Aviva

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



    Some facts about Moscow Warehouses:

  • Business Highlights
  • Achievements in Treasure Valley business, government, education ...
  • Crusading former Pentagon chief says nuke danger is growing
  • The Tax That Can Make China's Cities Safer
  • Putin: Russia, US have narrowed their differences on Syria
  • Bali Villa Dream Closer to Reality With Baby Steps to Ease Curbs
  • Trump New Favorite to Take Republican Nomination, Betfair Says
  • Sydney Apartment Rents Follow Prices Lower After Overbuilding
  • Canadian Stocks Resume Declines Amid Flight From Risk Assets
  • Brent Oil Falls Below $30 for the First Time Since April 2004

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



    Retail Real Estate Yields



  • Macy's: Recent Rally Is Only The Start
  • Avison Young releases 2016 Canada, U.S., U.K. commercial real ...
  • Commercial Real Estate in 2016: Six Trends
  • FED: We're not seeing a whole lot of inflation right now
  • Having Moved Off Zero, Western Asset Management CIO Expects ...
  • Bluerock Residential Growth REIT Acquires Two Multifamily ...
  • Avison Young releases 2016 Canada, U.S., U.K. commercial real ...
  • VEREIT: My Valuation And Letters To The CEO
  • Keep your scythe, the real green future is high-tech, democratic, and ...
  • Q4 2015 Earnings Forecast for WP Glimcher Inc Issued By SunTrust ...

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Business Briefs: Kroger nixes deal at Cumberland Mall and more ...
  • Late-Night TV Remembers David Bowie
  • Macy's announces store closures
  • Nairobi's Growing Retail Space To Boosts Its Real Estate Investment ...
  • The future of Belarus is brighter than ever before | World Finance

    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 ...
  • Does the 14% Yield at Dream Office Real Estate Investment Trst ...
  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • Avison Young releases 2016 Canada, U.S., U.K. commercial real ...
  • The Morning Risk Report: Cybersecurity Information Sharing Act ...
  • Top six Australian real estate deals to watch for 2016
  • New Jersey May Seize Atlantic City as Rebound Eludes Casinos
  • Dream Office Real Estate Investment Trst: Ignore the 12.7% Dividend
  • Commercial Real Estate in 2016: Six Trends

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • Communications Sales And Leasing A High Yield Play With A Kicker
  • Avison Young releases 2016 Canada, U.S., U.K. commercial real ...
  • 9 Dividends Stocks To China-Proof Your Portfolio
  • Macy's: Recent Rally Is Only The Start
  • New Jersey May Seize Atlantic City as Rebound Eludes Casinos
  • Bluerock Residential Growth REIT Acquires Two Multifamily ...
  • The Morning Risk Report: Cybersecurity Information Sharing Act ...



    Index News

  • Global real estate market boom accelerating
  • Stocks Take a Beating as Alarm Grows
  • Why The Best Investment In 2016 Might Be Global Real Estate
  • Treasury to track pricey real estate
  • After a Down 2015, Real-Estate Stocks Hope for Savior in Indexes
  • James Alpha Global Real Estate Investments Fund Finished 2015 in ...
  • Key Challenges And Opportunities In Asset Management: A Q&A ...

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15677.962.46%11.657.7766.7028.6624.11%97.64
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers5116.054.81%12.084.4336.6758.1015.19%87.72
    Goodman GroupGMG:AUAustralia Real Estate Services7910.343.57%9.329.5099.9933.2714.85%130.56
    GPT Group/TheGPT:AUAustralia REIT6043.794.63%10.2012.2499.9947.2314.67%161.53
    Dexus Property GroupDXS:AUAustralia REIT5096.655.84%11.268.1172.0265.7612.60%128.95
    Westfield CorpWFD:AUAustralia REIT13965.91-11.8612.4199.99-0.008.56%91.17
    StocklandSGP:AUAustralia REIT6934.805.75%10.934.6742.7362.857.15%91.62
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2455.62--3.360.000.10%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers623.6523.93%-3.41-0.003.36%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1829.610.27%20.896.5331.265.64-18.00%-12.16
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1317.252.01%39.253.809.6878.89-29.43%9.72
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12081.487.99%5.600.6711.9644.74141.83%182.77
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2220.582.88%10.062.0520.3828.9720.96%50.08
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8774.093.03%6.741.0515.5820.4220.34%39.43
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4765.044.87%6.930.8512.2733.7516.12%45.03
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers9068.512.53%5.510.5710.3413.948.93%17.54
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3955.663.82%6.580.6810.3325.145.72%24.44
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2192.535.75%4.690.357.4626.972.25%21.82
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2482.184.37%10.609.2587.2646.32-20.18%92.64
    KlepierreLI:FPFrance REIT13976.913.92%-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 & Developers395.58--1.700.00-16.15%
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2145.04-7.050.466.52-0.003.21%-7.48
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3652.624.32%7.681.0513.6733.1827.03%56.03
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33877.812.06%7.231.6522.8214.8921.03%41.35
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19620.792.26%8.311.3716.4918.789.93%26.72
    Link REIT823:HKHong Kong (SAR) REIT13444.424.14%5.8413.1699.9924.18-0.16%233.35
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Dev 00004000 elopers2106.444.24%6.760.8412.4328.66-6.95%17.21
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9134.135.48%3.531.2234.5619.34-9.01%31.20
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2843.373.98%8.841.1412.9035.18-9.14%19.93
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6166.336.52%5.340.6512.1734.82-15.91%15.57
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1192.063.00%-0.37-0.00-19.89%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers919.140.32%9.070.535.842.90-20.77%-31.26
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3023.471.76%37.592.667.0866.16-14.74%10.74
    Unitech LtdUT:INIndia Real Estate Owners & Developers260.79-2.030.5125.12-0.00-57.73%-44.81
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2481.660.83%14.275.3237.2811.840.50%25.19
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29896.910.55%45.973.036.5925.28-0.70%-24.96
    Japan Retail Fund Investment Corp8953:JPJapan REIT5049.163.62%26.309.1334.7195.21-5.26%88.19
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25815.800.92%25.111.917.6123.10-5.35%-9.92
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14092.190.63%18.342.0010.9111.55-15.45%-21.50
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const1924.470.15%-0.25-0.001.98%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1174.482.63%11.322.0818.3729.77-17.96%8.70
    SM Prime Holdings IncSMPH:PMPhilippines Real 00004000 Estate Owners & Developers13100.850.97%22.428.8239.3421.7528.71%57.21
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9792.540.76%22.472.7912.4217.089.77%6.62
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10583.571.20%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 Homebuilders1889.15-23.622.6511.22-0.0016.92%-5.65
    Growthpoint Properties LtdGRT:SJSouth Africa REIT3916.665.40%15.977.0544.1586.24-9.34%94.90
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers860.3811.00%3.831.0627.6842.132.33%58.14
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1795.679.24%5.694.4878.7352.58-3.72%111.73
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1710.961.61%15.111.9412.8424.333.02%14.91
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5807.711.38%27.099.0033.2237.384.90%38.25
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3346.423.61%15.009.3462.2754.15-0.15%91.10
    Segro PLCSGRO:LNUnited Kingdom REIT4679.633.62%4.0615.4299.9914.7019.35%399.62
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13547.882.79%4.4511.8899.9912.425.90%270.66
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011667.393.56%5.2615.2299.9918.734.94%297.59
    Intu Properties PLCINTU:LNUnited Kingdom REIT6234.704.25%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 REIT4679.633.62%4.0615.4299.9914.7019.35%399.62
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011667.393.56%5.2615.2299.9918.734.94%297.59
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13547.882.79%4.4511.8899.9912.425.90%270.66
    Link REIT823:HKHong Kong (SAR) REIT13444.424.14%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 & Developers12081.487.99%5.600.6711.9644.74141.83%182.77
    GPT Group/TheGPT:AUAustralia REIT6043.794.63%10.2012.2499.9947.2314.67%161.53

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers260.79-2.030.5125.12-0.00-57.73%-44.81
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers919.140.32%9.070.535.842.90-20.77%-31.26
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29896.910.55%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 & Developers14092.190.63%18.342.0010.9111.55-15.45%-21.50
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1829.610.27%20.896.5331.265.64-18.00%-12.16
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25815.800.92%25.111.917.6123.10-5.35%-9.92
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2145.04-7.050.466.52-0.003.21%-7.48
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1889.15-23.622.6511.22-0.0016.92%-5.65
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9792.540.76%22.472.7912.4217.089.77%6.62
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    This is a Beta Version

    Ovanes Oganisyan

    research@midlincoln.com

    •  January 14, 2016· Midlincoln Research · midlincoln.com