Weekly Overview

November 11, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate0.296.26-5.37

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-0.5411.548.36-21.83
S&P 500 Index1.597.822.194.26
Hong Kong Hang Seng Index-1.104.04-3.94-5.51
Ibovespa Brasil Sao Paulo Stock Exchange Index-2.84-2.48-8.28-16.04
S&P BSE SENSEX Index-2.130.32-2.87-4.21
Deutsche Boerse AG German Stock Index DAX1.3814.63

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela26.0829.42
Ecuador14.01
Zambia11.08
Iraq10.47
Ghana10.45
Gabon8.48
Mongolia8.35
El Salvador8.28
Kenya7.87
Angola7.58
Argentina7.438.04
Costa Rica7.32
C?te dIvoire7.22
Pakistan6.65
Jamaica6.5711.22
Kazakhstan6.386.67
Sri Lanka6.325.60
Lebanon6.24
Brazil6.238.61
Dominican Republic6.04
Paraguay6.04
Azerbaijan6.02
Egypt5.96
South Africa5.416.61
Vietnam5.36
Uruguay5.03
Indonesia5.035.86
Russia4.985.46
Croatia4.79
Colombia4.7711.00
Malaysia4.703.29
Turkey4.584.47
Peru4.523.97
Mexico4.516.51
Morocco4.164.97
Serbia4.00
Romania3.89
Panama3.81
Chile3.794.30
Hungary3.43
China3.404.36
Philippines3.223.49
Lithuania2.68
Poland2.66
Ukraine2.52
Latvia2.47
Slovak Republic2.33
Thailand3.87
Singapore3.66
Qatar2.83
Korea2.45
Israel4.48
India4.33
Hong Kong3.45
United Arab Emirates3.18



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-11-10 and 2015-11-03
NameWeekchCountry
Plum Creek Timber Co Inc (PCL:US)12.24United States
Evergrande Real Estate Group Ltd (3333:HK)7.19China
BR Malls Participacoes SA (BRML3:BZ)4.19Brazil
China Jinmao Holdings Group Ltd (817:HK)4.01Hong Kong (SAR)
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)3.07Brazil
Shanghai Industrial Holdings Ltd (363:HK)0.93Hong Kong (SAR)
LSR Group PJSC (LSRG:LI)0.68Russian Federation
Longfor Properties Co Ltd (960:HK)0.51China
Agile Property Holdings Ltd (3383:HK)0.43China
China Overseas Grand Oceans Group Ltd (81:HK)0.36Hong Kong (SAR)

Top 10 Losers In Global Real Estate Index Between 2015-11-10 and 2015-11-03
NameWeekchCountry
Unitech Ltd (UT:IN)-12.79India
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-11.67Turkey
DLF Ltd (DLFU:IN)-11.53India
Daelim Industrial Co Ltd (000210:KS)-10.92Korea, Republic of (South)
Growthpoint Properties Ltd (GRT:SJ)-9.92South Africa
Land Securities Group PLC (LAND:LN)-9.76United Kingdom
HCP Inc (HCP:US)-9.72United States
Intu Properties PLC (INTU:LN)-9.68United Kingdom
Lippo Karawaci Tbk PT (LPKR:IJ)-8.79Tangerang, Jawa Barat, 15811 Indonesia
Westfield Corp (WFD:AU)-8.74Australia

Winners and Losers by Country ML Global Real Estate Index Between 2015-11-10 and 2015-11-03
NameWeekchCountry
Scentre Group (SCG:AU)-7.97
Westfield Corp (WFD:AU)-8.74Australia
GPT Group/The (GPT:AU)-8.45Australia
Stockland (SGP:AU)-7.81Australia
Mirvac Group (MGR:AU)-7.68Australia
Dexus Property Group (DXS:AU)-6.88Australia
Goodman Group (GMG:AU)-6.00Australia
IMMOFINANZ AG (IIA:AV)-7.90Austria
BR Properties SA (BRPR3:BZ)-1.91Brazil
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)3.07Brazil
BR Malls Participacoes SA (BRML3:BZ)4.19Brazil
Sino-Ocean Land Holdings Ltd (3377:HK)-3.89China
Country Garden Holdings Co Ltd (2007:HK)-1.39China
Guangzhou R&F Properties Co Ltd (2777:HK)-1.14China
Shui On Land Ltd (272:HK)-0.93China
SOHO China Ltd (410:HK)-0.04China
Agile Property Holdings Ltd (3383:HK)0.43China
Longfor Properties Co Ltd (960:HK)0.51China
Evergrande Real Estate Group Ltd (3333:HK)7.19China
Klepierre (LI:FP)-4.58France
Raven Russia Ltd (RUS:LN)-6.69Guernsey, Channel Islands
Etalon Group Ltd (ETLN:LI)0.00Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)-1.36Hangzhou China
Shimao Property Holdings Ltd (813:HK)-5.63Hong Kong (SAR)
Link REIT (823:HK)-4.31Hong Kong (SAR)
New World Development Co Ltd (17:HK)-3.58Hong Kong (SAR)
China Resources Land Ltd (1109:HK)-3.08Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)-1.39Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)-0.04Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)-0.04Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)0.36Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)0.93Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)4.01Hong Kong (SAR)
Unitech Ltd (UT:IN)-12.79India
DLF Ltd (DLFU:IN)-11.53India
Bumi Serpong Damai Tbk PT (BSDE:IJ)-4.39Indonesia
Mitsui Fudosan Co Ltd (8801:JP)-3.09Japan
Sumitomo Realty & Development Co Ltd (8830:JP)-2.20Japan
Japan Retail Fund Investment Corp (8953:JP)-1.39Japan
Mitsubishi Estate Co Ltd (8802:JP)-1.25Japan
Daelim Industrial Co Ltd (000210:KS)-10.92Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)-4.14Malaysia
Ayala Land Inc (ALI:PM)-5.49Philippines
Ayala Corp (AC:PM)-3.24Philippines
SM Prime Holdings Inc (SMPH:PM)-3.21Philippines
PIK Group PJSC (PIKK:RM)-7.88Russian Federation
LSR Group PJSC (LSRG:LI)0.68Russian Federation
Growthpoint Properties Ltd (GRT:SJ)-9.92South Africa
Farglory Land Development Co Ltd (5522:TT)-3.19Taiwan
Ruentex Development Co Ltd (9945:TT)-1.47Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)-8.79Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)-0.68Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-11.67Turkey
Land Securities Group PLC (LAND:LN)-9.76United Kingdom
Intu Properties PLC (INTU:LN)-9.68United Kingdom
British Land Co PLC/The (BLND:LN)-7.99United Kingdom
Segro PLC (SGRO:LN)-7.34United Kingdom
HCP Inc (HCP:US)-9.72United States
Macerich Co/The (MAC:US)-8.70United States
Welltower Inc (HCN:US)-8.33United States
Iron Mountain Inc (IRM:US)-7.76United States
General Growth Properties Inc (GGP:US)-6.48United States
Ventas Inc (VTR:US)-6.45United States
Realty Income Corp (O:US)-6.38United States
American Tower Corp (AMT:US)-5.95United States
Weyerhaeuser Co (WY:US)-5.86United States
Vornado Realty Trust (VNO:US)-5.06United States
Kimco Realty Corp (KIM:US)-4.93United States
Prologis Inc (PLD:US)-4.88United States
Duke Realty Corp (DRE:US)-4.82United States
Simon Property Group Inc (SPG:US)-4.76United States
VEREIT Inc (VER:US)-4.57United States
Liberty Property Trust (LPT:US)-4.09United States
Regency Centers Corp (REG:US)-3.89United States
Crown Castle International Corp (CCI:US)-3.78United States
Boston Properties Inc (BXP:US)-3.57United States
CBRE Group Inc (CBG:US)-3.15United States
AvalonBay Communities Inc (AVB:US)-2.94United States
SL Green Realty Corp (SLG:US)-2.40United States
Equity Residential (EQR:US)-2.38United States
Essex Property Trust Inc (ESS:US)-2.18United States
UDR Inc (UDR:US)-2.15United States
Public Storage (PSA:US)-1.84United States
Digital Realty Trust Inc (DLR:US)-1.84United States
Host Hotels & Resorts Inc (HST:US)-1.71United States
Federal Realty Investment Trust (FRT:US)-0.84United States
Plum Creek Timber Co Inc (PCL:US)12.24United 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


  • Introducing Currency Hedging to Global ex-US Real Estate
  • 4 Things to Know About Real Estate Investments
  • A Conversation With Martin Cohen
  • What Is The Bond Market Telling Us About Real Estate Prices?
  • Rental Yields Aiding Dubai, Abu Dhabi Property Markets in 2015
  • Rental yields hit house price growth
  • Dutch real estate yield compression accelerating as debt returns
  • Debt funds fail to deliver interest payments as real estate languishes
  • Real estate trusts sell-off looks overdone


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)223.7 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    MORGAN STANLEY INVESTMENT FUNDS - GLOBAL PROPERTY FUND - BH (MORGPBH)54.81281.7
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES - EC (AXAEDEC)34.8857.8
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)34.5857.8
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)29.43445.0
    ING L INVEST GLOBAL REAL ESTATE - I$ (INGUSDI)28.8342.2
    NUVEEN REAL ESTATE INCOME FUND (JRS)22.1333.1
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - C (BLRCX)19.81210.0
    ING L INVEST GLOBAL REAL ESTATE (XUMS)19.4372.4
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - I (BLRIX)18.71210.0
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - Y (BLRYX)18.71210.0

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    DWS RREEF REAL ESTATE SECURITIES FUND - A (RRRAX)-31.41420.0
    DWS RREEF REAL ESTATE SECURITIES FUND - C (RRRCX)-31.01420.0
    DWS RREEF REAL ESTATE SECURITIES FUND - S (RRREX)-30.91420.0
    DWS RREEF REAL ESTATE SECURITIES FUND - B (RRRBX)-30.31420.0
    OPPENHEIMER REAL ESTATE FUND - C (ORECX)-18.31337.0
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-13.34057.0
    BNP PARIBAS FUND III NV- GLOBAL PROPERTY SECURITIES FUND (AAPFGL)-10.7180.0
    DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - INSTITUTIONAL (RRGIX)-9.11266.0
    RUSSELL GLOBAL REAL ESTATE SECURITIES FUND - E (RREEX)-8.71524.0
    RUSSELL GLOBAL REAL ESTATE SECURITIES FUND - C (RRSCX)-8.41524.0


    Logistic Real Estate Yields




  • Prologis Announces Pricing of Tender Offer and Increases Maximum ...
  • Property yields continue to fall across Europe
  • Zacks Upgrades W.P. Carey to "Strong-Buy" (WPC)
  • Investor Profiles: Danes set about diversifying
  • Chambers Street Properties Rating Increased to Hold at Zacks (CSG)
  • Guidance Investments Announces First Closure of Logistics Real ...
  • Dream Industrial Real Estate Invest Trst Stock Rating Reaffirmed by ...
  • Prologis Announces Pricing of Tender Offer and Increases Maximum ...
  • Land Securities Group plc Rating Reiterated by Deutsche Bank ...
  • Silvergate Bank Reports Third Quarter 2015 Results
  • Research Analysts' Recent Ratings Changes for Brandywine Realty ...
  • Why Industrial Net Lease is Hot, Hot, Hot

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



    Some facts about Moscow Warehouses:

  • Moscow warehouse market saw a record surge in demand for ...
  • Early movers: VRX, PNY, COST, AXP, PYPL, M & more
  • Bolshoi Theater names La Scala's Vaziev as ballet director
  • Take-Up Sets a Record, While the Vacancy Rate Is Declining Slowly ...
  • Moscow Warehouse Rental Rates Fall to 5-Year Low
  • Property yields continue to fall across Europe
  • Thai companies keen to invest in Russian Far East
  • Special Report: Russian forces attempting to derail Montenegro's ...
  • Blowback: Saudi Arabia vs. Russia in Syria
  • China's Great Game: Road to a new empire

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



    Retail Real Estate Yields



  • A Conversation With Martin Cohen
  • The Morning Ledger: Lease Accounting Rules May Have $2 Trillion ...
  • Asian Morning Briefing: US Stocks Inch Higher
  • Investors Must Consider Prices, Job Market, and Yield When ...
  • 2 Department Store Giants Looking Extremely Cheap Before Earnings
  • Armada Hoffler Properties Rating Lowered to Hold at Zacks (AHH)
  • Majority of Consumers Susceptible to Holiday Giving Scams, AARP ...
  • For Walgreens CEO Stefano Pessina, Rite Aid Deal Is Latest Merger ...
  • Meet the women who saved Best Buy
  • Net Lease Column: The Art of the Deal

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • China Starting Uralkali Antitrust Probe Weeks Before Price Talks
  • As Mikhail Prokhorov's empire grows, what of the Nets?
  • Q&A with Dr. Dmitry Gordeev, Fairbridge Properties
  • Property yields continue to fall across Europe
  • Biggest Wealth Fund Selling Government Bonds in Property Drive

    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

  • Bengaluru, Mumbai, Delhi top office rental yields globally, says ...
  • Bengaluru beats London, New York in office rental yield
  • 4 Things to Know About Real Estate Investments
  • Melcor Real Estate Investment Trust Raised to Buy at Canaccord ...
  • Prospect Capital Invests $9.0 Million in Orchard Village Apartments ...
  • Bengaluru, Mumbai, Delhi top office rental yields globally, says ...
  • Bengaluru beats London, New York in office rental yield
  • 4 Things to Know About Real Estate Investments

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • 4 Things to Know About Real Estate Investments
  • A Conversation With Martin Cohen
  • Rental Yields Aiding Dubai, Abu Dhabi Property Markets in 2015
  • Dutch real estate yield compression accelerating as debt returns
  • Sales price dip drives up residential yields
  • Prospect Capital Invests $9.0 Million in Orchard Village Apartments ...
  • 3 Hold-Rated Dividend Stocks: MFA, TRGP, TK



    Index News

  • World's riskiest city for a property bubble is...
  • Introducing Currency Hedging to Global ex-US Real Estate
  • Most cities overvalued according to UBS Global Real Estate Bubble ...
  • 4 Things to Know About Real Estate Investments
  • Healthcare REITs: Near-Term Growing Pains?
  • China Rebalancing Takes Hold as Output Slows, Retail Jumps

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT14833.832.65%10.807.2066.6728.6216.67%90.09
    Westfield CorpWFD:AUAustralia REIT14503.61-11.6912.2199.99-0.0024.32%106.02
    GPT Group/TheGPT:AUAustralia REIT5850.664.71%9.6811.6199.9945.5914.15%158.94
    Dexus Property GroupDXS:AUAustralia REIT5147.085.46%11.158.0271.9360.889.31%119.90
    Goodman GroupGMG:AUAustralia Real Estate Services7484.803.71%8.648.8199.9932.058.14%122.46
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers4567.255.39%10.573.8836.7156.972.21%74.26
    StocklandSGP:AUAustralia REIT6506.156.20%10.044.3042.8362.25-3.66%80.31
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2675.92--4.370.000.74%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers944.551.87%-4.90-0.0013.85%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2235.710.24%23.827.7632.585.72-4.45%-1.04
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1515.561.87%42.144.2310.0478.80-22.33%13.31
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12203.248.25%5.320.6311.8443.89146.06%185.41
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8390.213.19%6.300.9915.7120.1027.12%45.57
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2329.932.76%10.322.1020.3528.4822.57%50.02
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8480.002.71%5.030.5210.3413.636.06%13.94
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2132.555.92%4.460.337.4026.405.61%23.89
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3388.084.48%5.510.5710.3424.680.97%19.43
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4060.225.73%5.770.7112.3133.06-3.69%24.84
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2609.374.17%10.909.5287.3445.45-29.65%81.18
    KlepierreLI:FPFrance REIT14043.473.85%-9.93-0.0025.86%
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers439.99--1.830.00-27.81%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers563.816.22%4.360.7116.2827.12-32.18%-4.20
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1871.69-6.020.396.48-0.00-16.33%-26.93
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers18688.092.38%7.891.3016.4818.7823.45%39.75
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers32248.272.17%6.861.5722.8914.8921.58%41.43
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3070.075.16%6.440.8813.6633.2316.61%46.00
    Link REIT823:HKHong Kong (SAR) REIT13163.864.24%5.6912.8399.9924.130.16%233.02
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2191.894.09%6.880.8512.3528.14-2.76%19.79
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2934.863.87%9.101.1812.9735.22-9.01%19.01
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9262.455.27%3.681.2734.5119.39-11.91%27.25
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1199.802.99%-0.37-0.00-12.81%
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers5752.337.01%4.880.5912.0934.21-16.72%13.64
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers733.170.40%7.220.435.962.89-37.45%-46.89
    DLF LtdDLFU:INIndia Real Estate Owners & Developers2924.101.84%35.892.637.3366.04-16.68%9.73
    Unitech LtdUT:INIndia Real Estate Owners & Developers262.19-2.020.5125.25-0.00-68.45%-56.29
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2326.600.91%13.004.8537.3111.837.68%32.76
    Japan Retail Fund Investment Corp8953:JPJapan REIT4794.983.64%26.159.0834.7295.198.38%101.08
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29422.290.54%47.373.126.5925.58-3.00%-29.27
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25638.730.88%26.111.997.6222.98-8.00%-14.57
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14906.430.57%20.312.2210.9311.58-8.49%-17.36
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const2187.540.14%-0.28-0.00-1.34%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1340.892.33%12.172.2318.3228.36-28.41%-4.96
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers13487.800.95%22.738.9439.3321.5928.08%55.21
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9852.220.77%25.612.8211.0119.726.71%0.77
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10856.771.19%30.345.3317.5736.101.31%13.58
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders2388.21-25.042.8211.26-0.0058.09%33.25
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1159.0013.18%---0.00-10.82%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT4762.835.20%16.607.4444.8286.320.32%103.80
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers915.5410.61%4.171.2129.0244.2416.33%74.36
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1707.609.98%5.534.6083.1855.190.54%122.32
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1956.141.45%9.882.1521.7614.3314.74%29.88
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5824.021.40%26.808.9133.2537.520.47%33.37
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3932.613.21%16.9110.6963.2254.2832.55%122.08
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT12727.133.41%4.8517.4199.9916.5414.57%374.16
    Segro PLCSGRO:LNUnited Kingdom REIT4803.583.72%3.9615.0999.9914.7313.93%394.70
    Land Securities Group PLCLAND:LNUnited Kingdom REIT14894.592.61%4.6912.2699.9912.2411.07%268.97
    Intu Properties PLCINTU:LNUnited Kingdom REIT6558.474.24%15.997.5347.0967.80-2.28%85.56
    Public StoragePSA:USUnited States REIT39717.002.97%38.4216.8743.91114.1126.46%134.99
    Macerich Co/TheMAC:USUnited States REIT12345.003.49%7.629.4499.9926.5922.01%153.81
    Plum Creek Timber Co IncPCL:USUnited States REIT8022.003.81%35.415.2314.77134.9118.29%121.50
    UDR IncUDR:USUnited States REIT8958.003.25%37.2810.1427.20121.1615.72%115.74
    Equity ResidentialEQR:USUnited States REIT28256.002.85%32.4610.4132.0792.5114.14%95.20
    AvalonBay Communities IncAVB:USUnited States REIT23610.002.90%33.3012.5837.7896.5712.25%102.24
    Digital Realty Trust IncDLR:USUnited States REIT10622.004.68%36.185.8816.25169.3211.70%150.03
    Simon Property Group IncSPG:USUnited States REIT60169.003.29%37.7311.6530.88124.1311.04%117.26
    Federal Realty Investment TrustFRT:USUnited States REIT10017.002.61%51.1313.5726.54133.4510.74%108.54
    Essex Property Trust IncESS:USUnited States REIT14413.002.64%70.9812.0917.03187.3910.69%133.07
    Crown Castle International CorpCCI:USUnited States REIT28147.004.20%53.607.5314.05225.1210.32%184.83
    CBRE Group IncCBG:USUnited States Real Estate Services12017.00-21.231.205.65-0.0010.17%-16.47
    Regency Centers CorpREG:USUnited States REIT6192.002.96%33.4111.0132.9598.899.02%96.40
    Kimco Realty CorpKIM:USUnited States REIT10676.003.95%18.929.3949.6374.738.34%102.72
    General Growth Properties IncGGP:USUnited States REIT23686.002.83%18.44td>9.7752.9852.197.35%83.02
    Duke Realty CorpDRE:USUnited States REIT6888.003.61%22.796.8329.9782.275.09%83.48
    Realty Income CorpO:USUnited States REIT11716.004.87%41.6410.6825.65202.795.04%180.77
    SL Green Realty CorpSLG:USUnited States REIT11815.002.05%61.147.1111.63125.344.68%69.44
    Boston Properties IncBXP:USUnited States REIT19043.002.10%30.707.6724.9864.472.56%50.25
    Prologis IncPLD:USUnited States REIT21559.003.89%18.2610.5958.0071.032.40%102.10
    Vornado Realty TrustVNO:USUnited States REIT18043.002.63%39.117.1218.21102.86-0.27%70.62
    American Tower CorpAMT:USUnited States REIT41141.001.89%62.788.8314.06118.65-0.61%58.27
    Liberty Property TrustLPT:USUnited States REIT4881.005.75%19.206.0331.41110.40-1.68%109.86
    VEREIT IncVER:USUnited States REIT7375.006.77%303.114.561.50999.99-3.34%999.99
    Weyerhaeuser CoWY:USUnited States REIT14929.004.24%27.422.137.77116.26-11.20%74.35
    Welltower IncHCN:USUnited States REIT21020.005.55%23.895.4922.98132.59-12.07%108.55
    Ventas IncVTR:USUnited States REIT16699.006.30%29.704.7215.89187.11-12.37%149.87
    Iron Mountain IncIRM:USUnited States REIT6248.006.56%41.262.044.94270.67-16.61%206.68
    HCP IncHCP:USUnited States REIT15421.006.82%18.406.1733.53125.49-19.04%110.52
    Host Hotels & Resorts IncHST:USUnited States REIT12935.004.65%20.382.4111.8394.77-21.04%54.11

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    VEREIT IncVER:USUnited States REIT7375.006.77%303.114.561.50999.99-3.34%999.99
    Segro PLCSGRO:LNUnited Kingdom REIT4803.583.72%3.9615.0999.9914.7313.93%394.70
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT12727.133.41%4.8517.4199.9916.5414.57%374.16
    Land Securities Group PLCLAND:LNUnited Kingdom REIT14894.592.61%4.6912.2699.9912.2411.07%268.97
    Link REIT823:HKHong Kong (SAR) REIT13163.864.24%5.6912.8399.9924.130.16%233.02
    Iron Mountain IncIRM:USUnited States REIT6248.006.56%41.262.044.94270.67-16.61%206.68
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12203.248.25%5.320.6311.8443.89146.06%185.41
    Crown Castle International CorpCCI:USUnited States REIT28147.004.20%53.607.5314.05225.1210.32%184.83
    Realty Income CorpO:USUnited States REIT11716.004.87%41.6410.6825.65202.795.04%180.77
    GPT Group/TheGPT:AUAustralia REIT5850.664.71%9.6811.6199.9945.5914.15%158.94

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers262.19-2.020.5125.25-0.00-68.45%-56.29
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers733.170.40%7.220.435.962.89-37.45%-46.89
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29422.290.54%47.373.126.5925.58-3.00%-29.27
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1871.69-6.020.396.48-0.00-16.33%-26.93
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14906.430.57%20.312.2210.9311.58-8.49%-17.36
    CBRE Group IncCBG:USUnited States Real Estate Services12017.00-21.231.205.65-0.0010.17%-16.47
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25638.730.88%26.111.997.6222.98-8.00%-14.57
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1340.892.33%12.172.2318.3228.36-28.41%-4.96
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers563.816.22%4.360.7116.2827.12-32.18%-4.20
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2235.710.24%23.827.7632.585.72-4.45%-1.04

    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

    •  November 11, 2015· Midlincoln Research · midlincoln.com