Weekly Overview

January 27, 2016

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate-1.37-10.92-10.19

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index5.50-11.82-9.91-11.46
S&P 500 Index-0.17-8.92-9.03-7.05
Hong Kong Hang Seng Index-2.05-13.36-13.35-20.04
Ibovespa Brasil Sao Paulo Stock Exchange Index0.25-13.59-12.27-22.41
S&P BSE SENSEX Index0.59-5.66-5.85-13.51
Deutsche Boerse AG German Stock Index DAX2.25-9.24-9.37

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela32.8943.86
Ecuador18.08
Zambia14.66
Ghana14.43
Iraq13.50
Angola11.95
Gabon11.59
El Salvador9.60
Kenya9.40
Mongolia9.35
Ukraine8.50
Costa Rica7.92
C?te dIvoire7.91
Brazil7.4611.55
Sri Lanka7.256.59
Argentina7.229.38
Egypt7.16
Azerbaijan7.02
Pakistan7.01
Jamaica6.9114.03
Dominican Republic6.84
South Africa6.848.45
Lebanon6.54
Kazakhstan6.466.77
Paraguay6.39
Russia5.836.15
Colombia5.6518.21
Indonesia5.516.26
Mexico5.507.95
Vietnam5.31
Uruguay5.28
Turkey5.074.73
Peru5.044.40
Croatia4.95
Chile4.404.79
Morocco4.385.44
Serbia4.38
Malaysia4.253.37
Panama4.10
Romania3.98
Hungary3.64
China3.314.36
Philippines3.303.54
Poland2.90
Lithuania2.86
Slovak Republic2.39
Thailand3.09
Singapore2.80
Qatar3.44
Korea2.46
Israel4.63
India7.62
Hong Kong3.48
Latvia
United Arab Emirates4.12



Top 10 Winners In MidLincoln Global Real Estate Index Between 2016-01-26 and 2016-01-19
NameWeekchCountry
Host Hotels & Resorts Inc (HST:US)8.19United States
VEREIT Inc (VER:US)6.79United States
Daelim Industrial Co Ltd (000210:KS)6.62Korea, Republic of (South)
GPT Group/The (GPT:AU)6.23Australia
Scentre Group (SCG:AU)6.18
Westfield Corp (WFD:AU)5.71Australia
Crown Castle International Corp (CCI:US)5.17United States
Digital Realty Trust Inc (DLR:US)4.57United States
Japan Retail Fund Investment Corp (8953:JP)4.54Japan
Realty Income Corp (O:US)4.13United States

Top 10 Losers In Global Real Estate Index Between 2016-01-26 and 2016-01-19
NameWeekchCountry
China Overseas Grand Oceans Group Ltd (81:HK)-11.93Hong Kong (SAR)
Greentown China Holdings Ltd (3900:HK)-11.64Hangzhou China
Evergrande Real Estate Group Ltd (3333:HK)-11.27China
Shimao Property Holdings Ltd (813:HK)-11.09Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)-10.57Hong Kong (SAR)
Sino-Ocean Land Holdings Ltd (3377:HK)-9.95China
Agile Property Holdings Ltd (3383:HK)-9.71China
Poly Property Group Co Ltd (119:HK)-8.90Hong Kong (SAR)
New World Development Co Ltd (17:HK)-8.63Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)-8.46Hong Kong (SAR)

Winners and Losers by Country ML Global Real Estate Index Between 2016-01-26 and 2016-01-19
NameWeekchCountry
Scentre Group (SCG:AU)6.18
Goodman Group (GMG:AU)2.49Australia
Mirvac Group (MGR:AU)2.49Australia
Stockland (SGP:AU)2.74Australia
Dexus Property Group (DXS:AU)3.47Australia
Westfield Corp (WFD:AU)5.71Australia
GPT Group/The (GPT:AU)6.23Australia
IMMOFINANZ AG (IIA:AV)-1.31Austria
BR Malls Participacoes SA (BRML3:BZ)-7.39Brazil
BR Properties SA (BRPR3:BZ)-6.40Brazil
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)-0.48Brazil
Evergrande Real Estate Group Ltd (3333:HK)-11.27China
Sino-Ocean Land Holdings Ltd (3377:HK)-9.95China
Agile Property Holdings Ltd (3383:HK)-9.71China
Shui On Land Ltd (272:HK)-6.53China
Longfor Properties Co Ltd (960:HK)-6.23China
Guangzhou R&F Properties Co Ltd (2777:HK)-5.36China
SOHO China Ltd (410:HK)-2.81China
Country Garden Holdings Co Ltd (2007:HK)-2.52China
Klepierre (LI:FP)3.58France
Etalon Group Ltd (ETLN:LI)-7.12Guernsey, Channel Islands
Raven Russia Ltd (RUS:LN)-4.32Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)-11.64Hangzhou China
China Overseas Grand Oceans Group Ltd (81:HK)-11.93Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)-11.09Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)-10.57Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)-8.90Hong Kong (SAR)
New World Development Co Ltd (17:HK)-8.63Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)-8.46Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)-7.70Hong Kong (SAR)
China Resources Land Ltd (1109:HK)-6.12Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)-4.84Hong Kong (SAR)
Link REIT (823:HK)-1.74Hong Kong (SAR)
Bumi Serpong Damai Tbk PT (BSDE:IJ)-5.63Indonesia
Sumitomo Realty & Development Co Ltd (8830:JP)-6.34Japan
Mitsui Fudosan Co Ltd (8801:JP)-6.23Japan
Mitsubishi Estate Co Ltd (8802:JP)-6.18Japan
Japan Retail Fund Investment Corp (8953:JP)4.54Japan
Daelim Industrial Co Ltd (000210:KS)6.62Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)-5.76Malaysia
Ayala Corp (AC:PM)-3.27Philippines
Ayala Land Inc (ALI:PM)-0.78Philippines
SM Prime Holdings Inc (SMPH:PM)0.72Philippines
LSR Group PJSC (LSRG:LI)-6.45Russian Federation
PIK Group PJSC (PIKK:RM)-1.09Russian Federation
Growthpoint Properties Ltd (GRT:SJ)3.77South Africa
Farglory Land Development Co Ltd (5522:TT)-5.43Taiwan
Ruentex Development Co Ltd (9945:TT)-5.21Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)-0.79Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)-0.05Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)0.12Turkey
Intu Properties PLC (INTU:LN)0.83United Kingdom
Land Securities Group PLC (LAND:LN)1.80United Kingdom
Segro PLC (SGRO:LN)3.11United Kingdom
British Land Co PLC/The (BLND:LN)3.69United Kingdom
Plum Creek Timber Co Inc (PCL:US)-3.57United States
Weyerhaeuser Co (WY:US)-2.83United States
Essex Property Trust Inc (ESS:US)-2.59United States
CBRE Group Inc (CBG:US)-1.96United States
AvalonBay Communities Inc (AVB:US)-0.20United States
Liberty Property Trust (LPT:US)-0.10United States
Ventas Inc (VTR:US)0.56United States
Equity Residential (EQR:US)0.71United States
Boston Properties Inc (BXP:US)0.85United States
Vornado Realty Trust (VNO:US)1.00United States
Public Storage (PSA:US)1.21United States
Federal Realty Investment Trust (FRT:US)1.22United States
HCP Inc (HCP:US)1.34United States
American Tower Corp (AMT:US)1.72United States
UDR Inc (UDR:US)1.95United States
Simon Property Group Inc (SPG:US)2.01United States
Prologis Inc (PLD:US)2.07United States
Macerich Co/The (MAC:US)2.18United States
Duke Realty Corp (DRE:US)2.62United States
Regency Centers Corp (REG:US)2.87United States
SL Green Realty Corp (SLG:US)3.12United States
General Growth Properties Inc (GGP:US)3.52United States
Iron Mountain Inc (IRM:US)3.95United States
Kimco Realty Corp (KIM:US)4.01United States
Realty Income Corp (O:US)4.13United States
Digital Realty Trust Inc (DLR:US)4.57United States
Crown Castle International Corp (CCI:US)5.17United States
VEREIT Inc (VER:US)6.79United States
Host Hotels & Resorts Inc (HST:US)8.19United 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


  • Global Real Estate Value Hits $217 Trillion In 2015, 2.7 Times World ...
  • Real estate looks bright in 2016 despite mixed December data
  • Macquarie favours Australian real estate trusts over utilities ...
  • Brexit, eurozone debt and rate rises are key risks to UK real estate ...
  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • High yielding 'Big Box' trust bucks property slowdown
  • Cominar Real Estate Investment Trust: Is This a 9.8% Yield You Can ...
  • Forget Rate Worries, Buy These Top-Ranked Real Estate ETFs


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)-570.0 USD mn of outflow.


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    NUVEEN REAL ESTATE INCOME FUND (JRS)39.9324.5
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)29.1818.6
    UBS CH INSTITUTIONAL FUND 3 - SWISS REAL ESTATE SECURITIES SELECTION PASSIVE - I A1 (UBSSREA)25.31227.3
    ING L INVEST - EUROPEAN REAL ESTATE (XUM3)24.1381.4
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (XTS5)19.9431.6
    CSIF SWITZERLAND REAL ESTATE FUND INDEX BLUE - F (CSIFINF)15.42412.0
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)5.82834.0
    STANDARD LIFE INVESTMENTS GLOBAL SICAV - GLOBAL REIT FOCUS FUND - DCEUR (SLGRDCE)4.7115.4
    STANDARD LIFE INVESTMENTS GLOBAL SICAV - GLOBAL REIT FOCUS FUND - D (SLGRFOD)4.7115.4
    BNP PARIBAS FUND III NV- GLOBAL PROPERTY SECURITIES FUND (AAPFGL)4.6114.1

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    DFA REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFREX)-170.46230.0
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)-133.83074.0
    DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFGEX)-95.03835.0
    DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFITX)-50.23263.0
    VIRTUS REAL ESTATE SECURITIES - C (PHRCX)-43.11198.0
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES - EC (AXAEDEC)-10.6818.6
    GUIDESTONE FUNDS - REAL ESTATE SECURITIES FUND - GS4 (GREZX)-10.6237.0
    SARATOGA JAMES ALPHA GLOBAL REAL ESTATE FUND - C (JACRX)-10.6338.6
    MANAGERS REAL ESTATE SECURITIES FUND (MRESX)-9.2320.2
    MANNING & NAPIER FUND INC - REAL ESTATE SERIES - I (MNRIX)-7.3200.8


    Logistic Real Estate Yields




  • News Analysis: Milan has greatest appeal in Italy for int'l investments ...
  • Prologis Inc (PLD) Issues FY16 Earnings Guidance
  • 12 Dividend Increases: January 18 To January 22, 2016
  • Prologis Inc (PLD) Given New $45.00 Price Target at Stifel Nicolaus
  • Starwood European Real Este Fin Ltd (SWEF) Declares Dividend of ...
  • €790m transacted on the Hungarian commercial real estate market
  • Cheap debt, high yields drive offshore demand for industrial property
  • Moody's: Industrial S-REITS will continue overseas acquisitions in ...
  • High yielding 'Big Box' trust bucks property slowdown
  • Pure Industrial Real Estate Trust (AAR.UN) To Go Ex-Dividend on ...
  • LegacyTexas Financial Group, Inc. Reports Fourth Quarter and Full ...
  • Stag Industrial: Weird Market Meltdown Has Boosted Dividend Yield ...

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



    Some facts about Moscow Warehouses:

  • Serendipity leads South Beaver woman to vodka import business
  • Achievements in Treasure Valley business, government, education ...
  • Business Highlights
  • The 50 greatest hotels in the world
  • Editor's Choice: Bulls and bears
  • Islamic State creeps east
  • Editor's Choice: Bulls and bears
  • Non-oil sector to revitalize Azerbaijani revenues
  • Vienna Airport reviews 2015 and predicts 2016
  • Christmas gone and presents

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



    Retail Real Estate Yields



  • United Bank announces quarterly earnings
  • 3 Top Stocks for Retirees to Buy
  • Colliers: Medical Office is Very Healthy
  • Is It Time To Add These Chinese Dividend Stocks?
  • MetLife commercial-property lending reaches record $14.3 billion in ...
  • Macquarie favours Australian real estate trusts over utilities ...
  • High yielding 'Big Box' trust bucks property slowdown
  • Net Lease Big Box Properties Outperform Market
  • Avison Young Issues 2016 Commercial Real Estate Forecast
  • Inland's McGuinness: Brick-and-mortar retailers fighting back ...

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Moscow Malls Vacancy Rate Exceeds 8 Percent
  • Macy's announces store closures
  • Nairobi's Growing Retail Space To Boosts Its Real Estate Investment ...
  • Business Briefs: Kroger nixes deal at Cumberland Mall and more ...
  • Non-oil sector to revitalize Azerbaijani revenues

    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

  • Yields fall as office blocks prove popular investment location
  • Does the 14% Yield at Dream Office Real Estate Investment Trst ...
  • W. P. Carey: A Durable REIT Priced to Buy
  • Colliers: Medical Office is Very Healthy
  • Macquarie favours Australian real estate trusts over utilities ...
  • County introduces new tax to give homeless allowance
  • Dream Office Real Estate Investment Trst (D.UN) to Issue Monthly ...
  • MetLife commercial-property lending reaches record $14.3 billion in ...

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Global Real Estate Value Hits $217 Trillion In 2015, 2.7 Times World ...
  • Junk Bonds Are Back—And We Should All Be Terrified
  • New Residential Investment (NRZ) Is Today's Strong On High ...
  • W. P. Carey: A Durable REIT Priced to Buy
  • Best 3 Yielding Buy-Rated Stocks: LTC, BCE, GEO
  • 3 Top Stocks for Retirees to Buy
  • Byron Wien: Here's Why I'm Not Optimistic for 2016
  • Is It Time To Add These Chinese Dividend Stocks?



    Index News

  • ​Where home prices are suffering: luxury sales
  • United Bank announces quarterly earnings
  • Investors await Federal Reserve signal on interest rates
  • Makkah, Madinah real estate index up 7% in 2015- Alpha1Estates
  • Global Stocks Sink Amid China 'Doom' Fears
  • Why The Best Investment In 2016 Might Be Global Real Estate
  • Continued Optimism Among California Developers According to ...

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15892.682.46%11.657.7766.7028.6624.11%97.64
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers5186.124.81%12.084.4336.6758.1015.19%87.72
    Goodman GroupGMG:AUAustralia Real Estate Services8018.683.57%9.329.5099.9933.2714.85%130.56
    GPT Group/TheGPT:AUAustralia REIT6126.564.63%10.2012.2499.9947.2314.67%161.53
    Dexus Property GroupDXS:AUAustralia REIT5166.465.84%11.268.1172.0265.7612.60%128.95
    Westfield CorpWFD:AUAustralia REIT14157.18-11.8612.4199.99-0.008.56%91.17
    StocklandSGP:AUAustralia REIT7029.785.75%10.934.6742.7362.857.15%91.62
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2449.22--3.360.000.10%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers618.3023.93%-3.41-0.003.36%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1813.940.27%20.896.5331.265.64-18.00%-12.16
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1305.972.01%39.253.809.6878.89-29.43%9.72
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12054.497.99%5.600.6711.9644.74141.83%182.77
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2215.622.88%10.062.0520.3828.9720.96%50.08
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8754.493.03%6.741.0515.5820.4220.34%39.43
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4754.394.87%6.930.8512.2733.7516.12%45.03
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers9048.252.53%5.510.5710.3413.948.93%17.54
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3946.823.82%6.580.6810.3325.145.72%24.44
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2187.635.75%4.690.357.4626.972.25%21.82
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2476.634.37%10.609.2587.2646.32-20.18%92.64
    KlepierreLI:FPFrance REIT13940.483.92%-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 & Developers394.11--1.700.00-16.15%
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2140.25-7.050.466.52-0.003.21%-7.48
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3644.464.32%7.681.0513.6733.1827.03%56.03
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33802.132.06%7.231.6522.8214.8921.03%41.35
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19576.962.26%8.311.3716.4918.789.93%26.72
    Link REIT823:HKHong Kong (SAR) REIT13414.394.14%5.8413.1699.9924.18-0.16%233.35
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Dev 00004000 elopers2101.744.24%6.760.8412.4328.66-6.95%17.21
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9113.735.48%3.531.2234.5619.34-9.01%31.20
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2837.023.98%8.841.1412.9035.18-9.14%19.93
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6152.556.52%5.340.6512.1734.82-15.91%15.57
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1189.403.00%-0.37-0.00-19.89%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers917.090.32%9.070.535.842.90-20.77%-31.26
    DLF LtdDLFU:INIndia Real Estate Owners & Developers2986.951.76%37.592.667.0866.16-14.74%10.74
    Unitech LtdUT:INIndia Real Estate Owners & Developers257.64-2.030.5125.12-0.00-57.73%-44.81
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2498.760.83%14.275.3237.2811.840.50%25.19
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29666.890.55%45.973.036.5925.28-0.70%-24.96
    Japan Retail Fund Investment Corp8953:JPJapan REIT5010.313.62%26.309.1334.7195.21-5.26%88.19
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25617.180.92%25.111.917.6123.10-5.35%-9.92
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers13983.770.63%18.342.0010.9111.55-15.45%-21.50
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const1941.930.15%-0.25-0.001.98%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1216.692.63%11.322.0818.3729.77-17.96%8.70
    SM Prime Holdings IncSMPH:PMPhilippines Real 00004000 Estate Owners & Developers13074.880.97%22.428.8239.3421.7528.71%57.21
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9773.130.76%22.472.7912.4217.089.77%6.62
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10562.591.20%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 Homebuilders1835.25-23.622.6511.22-0.0016.92%-5.65
    Growthpoint Properties LtdGRT:SJSouth Africa REIT3972.135.40%15.977.0544.1586.24-9.34%94.90
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers858.4311.00%3.831.0627.6842.132.33%58.14
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1791.619.24%5.694.4878.7352.58-3.72%111.73
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1722.751.61%15.111.9412.8424.333.02%14.91
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5888.781.38%27.099.0033.2237.384.90%38.25
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3371.883.61%15.009.3462.2754.15-0.15%91.10
    Segro PLCSGRO:LNUnited Kingdom REIT4662.173.62%4.0615.4299.9914.7019.35%399.62
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13497.352.79%4.4511.8899.9912.425.90%270.66
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011623.873.56%5.2615.2299.9918.734.94%297.59
    Intu Properties PLCINTU:LNUnited Kingdom REIT6211.454.25%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
    Federal Realty Investment TrustFRT:USUnited States REIT10411.002.51%53.1413.9726.29133.3811.76%108.12
    Realty Income CorpO:USUnited States REIT13030.004.39%46.2911.8725.64203.2111.76%184.16
    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 REIT4662.173.62%4.0615.4299.9914.7019.35%399.62
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011623.873.56%5.2615.2299.9918.734.94%297.59
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13497.352.79%4.4511.8899.9912.425.90%270.66
    Link REIT823:HKHong Kong (SAR) REIT13414.394.14%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 & Developers12054.497.99%5.600.6711.9644.74141.83%182.77
    GPT Group/TheGPT:AUAustralia REIT6126.564.63%10.2012.2499.9947.2314.67%161.53

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers257.64-2.030.5125.12-0.00-57.73%-44.81
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers917.090.32%9.070.535.842.90-20.77%-31.26
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29666.890.55%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 & Developers13983.770.63%18.342.0010.9111.55-15.45%-21.50
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1813.940.27%20.896.5331.265.64-18.00%-12.16
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25617.180.92%25.111.917.6123.10-5.35%-9.92
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2140.25-7.050.466.52-0.003.21%-7.48
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1835.25-23.622.6511.22-0.0016.92%-5.65
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9773.130.76%22.472.7912.4217.089.77%6.62
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    This is a Beta Version

    Ovanes Oganisyan

    research@midlincoln.com

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