Weekly Overview

November 18, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate-0.06-2.49-8.58

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-3.42-6.334.83-17.41
S&P 500 Index-1.220.99-0.280.66
Hong Kong Hang Seng Index-0.39-3.01-5.41-6.45
Ibovespa Brasil Sao Paulo Stock Exchange Index1.41-0.82-6.32-9.51
S&P BSE SENSEX Index-0.66-5.46-6.06-7.66
Deutsche Boerse AG German Stock Index DAX-0.956.03

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela27.1931.05
Ecuador13.88
Zambia11.59
Ghana11.04
Iraq10.81
Gabon8.89
El Salvador8.72
Mongolia8.38
Angola8.27
Kenya8.10
C?te dIvoire7.58
Costa Rica7.52
Argentina7.498.25
Pakistan6.73
Egypt6.73
Jamaica6.6310.94
Brazil6.529.01
Lebanon6.35
Sri Lanka6.345.60
Dominican Republic6.19
Paraguay6.15
Azerbaijan6.09
Kazakhstan6.046.06
South Africa5.706.73
Vietnam5.32
Indonesia5.196.00
Uruguay5.19
Russia5.165.50
Croatia5.02
Turkey4.964.70
Colombia4.9511.44
Mexico4.766.71
Peru4.754.13
Malaysia4.443.35
Morocco4.405.26
Serbia4.23
Romania4.11
Chile4.044.38
Panama4.02
Ukraine3.62
Hungary3.58
China3.494.48
Philippines3.313.46
Lithuania2.95
Poland2.90
Latvia2.54
Slovak Republic2.50
Thailand3.96
Singapore3.82
Qatar2.91
Korea2.54
Israel4.54
India4.38
Hong Kong3.55
United Arab Emirates3.35



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-11-17 and 2015-11-10
NameWeekchCountry
BR Malls Participacoes SA (BRML3:BZ)8.11Brazil
Ruentex Development Co Ltd (9945:TT)5.93Taiwan
Mirvac Group (MGR:AU)5.63Australia
Link REIT (823:HK)5.27Hong Kong (SAR)
Weyerhaeuser Co (WY:US)5.16United States
Etalon Group Ltd (ETLN:LI)4.92Guernsey, Channel Islands
Plum Creek Timber Co Inc (PCL:US)4.80United States
Unitech Ltd (UT:IN)4.79India
UDR Inc (UDR:US)3.83United States
DLF Ltd (DLFU:IN)3.46India

Top 10 Losers In Global Real Estate Index Between 2015-11-17 and 2015-11-10
NameWeekchCountry
SOHO China Ltd (410:HK)-16.09China
PIK Group PJSC (PIKK:RM)-7.71Russia
General Growth Properties Inc (GGP:US)-6.41United States
Poly Property Group Co Ltd (119:HK)-5.42Hong Kong (SAR)
Host Hotels & Resorts Inc (HST:US)-4.76United States
SM Prime Holdings Inc (SMPH:PM)-4.45Philippines
Agile Property Holdings Ltd (3383:HK)-3.95China
Simon Property Group Inc (SPG:US)-3.92United States
Iron Mountain Inc (IRM:US)-3.85United States
Yuexiu Property Co Ltd (123:HK)-3.62Hong Kong (SAR)

Winners and Losers by Country ML Global Real Estate Index Between 2015-11-17 and 2015-11-10
NameWeekchCountry
Scentre Group (SCG:AU)2.59
Westfield Corp (WFD:AU)1.25Australia
Dexus Property Group (DXS:AU)2.24Australia
Stockland (SGP:AU)2.35Australia
GPT Group/The (GPT:AU)2.45Australia
Goodman Group (GMG:AU)3.11Australia
Mirvac Group (MGR:AU)5.63Australia
IMMOFINANZ AG (IIA:AV)-2.47Austria
BR Properties SA (BRPR3:BZ)-2.84Brazil
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)1.57Brazil
BR Malls Participacoes SA (BRML3:BZ)8.11Brazil
SOHO China Ltd (410:HK)-16.09China
Agile Property Holdings Ltd (3383:HK)-3.95China
Evergrande Real Estate Group Ltd (3333:HK)-2.27China
Shui On Land Ltd (272:HK)-1.31China
Sino-Ocean Land Holdings Ltd (3377:HK)-1.15China
Country Garden Holdings Co Ltd (2007:HK)-0.65China
Longfor Properties Co Ltd (960:HK)-0.33China
Guangzhou R&F Properties Co Ltd (2777:HK)2.75China
Klepierre (LI:FP)-0.32France
Raven Russia Ltd (RUS:LN)2.24Guernsey, Channel Islands
Etalon Group Ltd (ETLN:LI)4.92Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)-0.11Hangzhou China
Poly Property Group Co Ltd (119:HK)-5.42Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)-3.62Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)-3.31Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)-2.37Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)-1.96Hong Kong (SAR)
China Resources Land Ltd (1109:HK)0.52Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)1.77Hong Kong (SAR)
New World Development Co Ltd (17:HK)1.93Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)2.19Hong Kong (SAR)
Link REIT (823:HK)5.27Hong Kong (SAR)
DLF Ltd (DLFU:IN)3.46India
Unitech Ltd (UT:IN)4.79India
Bumi Serpong Damai Tbk PT (BSDE:IJ)-1.45Indonesia
Japan Retail Fund Investment Corp (8953:JP)-0.33Japan
Mitsubishi Estate Co Ltd (8802:JP)1.26Japan
Sumitomo Realty & Development Co Ltd (8830:JP)1.68Japan
Mitsui Fudosan Co Ltd (8801:JP)3.08Japan
Daelim Industrial Co Ltd (000210:KS)-3.52Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)-2.55Malaysia
SM Prime Holdings Inc (SMPH:PM)-4.45Philippines
Ayala Land Inc (ALI:PM)-2.97Philippines
Ayala Corp (AC:PM)-1.12Philippines
PIK Group PJSC (PIKK:RM)-7.71Russia
LSR Group PJSC (LSRG:LI)0.00Russian Federation
Growthpoint Properties Ltd (GRT:SJ)-3.22South Africa
Farglory Land Development Co Ltd (5522:TT)-0.39Taiwan
Ruentex Development Co Ltd (9945:TT)5.93Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)-0.04Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)0.45Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)3.20Turkey
Land Securities Group PLC (LAND:LN)1.30United Kingdom
Intu Properties PLC (INTU:LN)1.55United Kingdom
British Land Co PLC/The (BLND:LN)3.21United Kingdom
Segro PLC (SGRO:LN)3.27United Kingdom
General Growth Properties Inc (GGP:US)-6.41United States
Host Hotels & Resorts Inc (HST:US)-4.76United States
Simon Property Group Inc (SPG:US)-3.92United States
Iron Mountain Inc (IRM:US)-3.85United States
CBRE Group Inc (CBG:US)-2.70United States
Duke Realty Corp (DRE:US)-2.31United States
Macerich Co/The (MAC:US)-2.30United States
VEREIT Inc (VER:US)-1.84United States
Vornado Realty Trust (VNO:US)-1.61United States
Digital Realty Trust Inc (DLR:US)-1.30United States
Welltower Inc (HCN:US)-0.93United States
Liberty Property Trust (LPT:US)-0.58United States
Boston Properties Inc (BXP:US)-0.46United States
SL Green Realty Corp (SLG:US)-0.32United States
Ventas Inc (VTR:US)-0.18United States
Kimco Realty Corp (KIM:US)0.23United States
Federal Realty Investment Trust (FRT:US)0.26United States
Regency Centers Corp (REG:US)0.61United States
Crown Castle International Corp (CCI:US)0.62United States
HCP Inc (HCP:US)0.75United States
Public Storage (PSA:US)0.89United States
Prologis Inc (PLD:US)1.12United States
American Tower Corp (AMT:US)1.26United States
Equity Residential (EQR:US)1.39United States
AvalonBay Communities Inc (AVB:US)1.55United States
Essex Property Trust Inc (ESS:US)1.83United States
Realty Income Corp (O:US)3.20United States
UDR Inc (UDR:US)3.83United States
Plum Creek Timber Co Inc (PCL:US)4.80United States
Weyerhaeuser Co (WY:US)5.16United 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


  • Narendra Modi opens real estate just in time as builder yields top 20%
  • Introducing Currency Hedging to Global ex-US Real Estate
  • What Is The Bond Market Telling Us About Real Estate Prices?
  • Debt funds fail to deliver interest payments as real estate languishes
  • Dutch real estate yield compression accelerating as debt returns
  • Rental yields hit house price growth
  • 4 Things to Know About Real Estate Investments
  • Foreign Real Estate Investment in Japan Spikes 61 Percent Over ...


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)-8.0 USD mn of outflow.


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    PETERCAM B FUND - PETERCAM SECURITIES REAL ESTATE EUROPE - D (PAMEURD)59.9399.5
    NUVEEN REAL ESTATE INCOME FUND (JRS)32.5327.4
    DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFITX)19.03377.0
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (XTS5)16.3449.2
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - C (BLRCX)14.81187.0
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - I (BLRIX)14.61187.0
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - Y (BLRYX)14.51187.0
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)14.0824.9
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)12.62844.0
    ZKB IMMOBILIEN SCHWEIZ INDIREKT AKTIV - T (ZKBISIT)12.4285.4

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    VIRTUS REAL ESTATE SECURITIES - C (PHRCX)-28.11335.0
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)-27.43341.0
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-18.33951.0
    ING L INVEST GLOBAL REAL ESTATE - I$ (INGUSDI)-16.1320.1
    ING L INVEST GLOBAL REAL ESTATE (XUMS)-14.6344.9
    MORGAN STANLEY INVESTMENT FUNDS - GLOBAL PROPERTY FUND - BH (MORGPBH)-12.81228.3
    FIRST STATE INVESTMENTS ICVC - GLOBAL PROPERTY SECURITIES - A ACC EUR (FSGPSAE)-11.2268.6
    ING INTERNATIONAL REAL ESTATE FUND - W (IIRWX)-9.1599.1
    BNP PARIBAS FUND III NV- GLOBAL PROPERTY SECURITIES FUND (AAPFGL)-8.8174.6
    PARVEST REAL ESTATE SECURITIES WORLD - CLASSIC USD (BNPREWU)-7.894.0


    Logistic Real Estate Yields




  • More Interest in Build to Suits
  • Foreign Real Estate Investment in Japan Spikes 61 Percent Over ...
  • For Leasinvest Real Estate the 3 rd quarter of 2015 is in line with the ...
  • Here's a look at Dalal Street's not-so famous top investors
  • 9 Best Stock Ideas For 2016: Deep Discounts For Income And Growth
  • Chambers Street Properties Upgraded at Zacks (CSG)
  • Dream Industrial Real Estate Invest Trst Earns “Sector Perform ...
  • Scotiabank Reaffirms "Sector Perform" Rating for Pure Industrial ...
  • Colony Capital Given New $30.00 Price Target at RBC Capital (CLNY)
  • Milwaukee area CRE market is attracting national investment
  • Dream Industrial Real Estate Invest Trst's "Sector Perform" Rating ...
  • More Interest in Build to Suits

    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
  • 99 Years of ZiL: From Car Plant To Potential New Heart of Moscow?
  • Bolshoi Theater names La Scala's Vaziev as ballet director
  • Moscow Warehouse Rental Rates Fall to 5-Year Low
  • BUSINESS IN BRIEF 18/11
  • Thai companies keen to invest in Russian Far East
  • Property yields continue to fall across Europe
  • Special Report: Russian forces attempting to derail Montenegro's ...
  • Immofinanz sells logistics portfolio to Blackstone

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



    Retail Real Estate Yields



  • Asian Morning Briefing: US Stocks End Little Changed
  • 3 Stocks With a Better Dividend Than Procter & Gamble
  • 5 Essential Signs of the Best Dividend Stocks
  • Jefferies Group Reiterates Underperform Rating for British Land ...
  • More Negative Yields: A Possibility Not To Dismiss
  • Jefferies Group Research Analysts Lifts Earnings Estimates for ...
  • Queens Community Board Chairs Care About Parking More Than ...
  • Meet the women who saved Best Buy
  • For Walgreens CEO Stefano Pessina, Rite Aid Deal Is Latest Merger ...
  • The Ground Floor: Innovative REITs That Embrace Disruption

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Bill Holter: Gold Is Cheap, Gold Stocks Are Cheaper
  • Leo Schofield: too many festivals is never enough
  • BUSINESS IN BRIEF 18/11
  • As Mikhail Prokhorov's empire grows, what of the Nets?
  • B2B: World Online Retail Will Switch to ULMART Model Within 10 ...

    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

  • Should You Buy Dream Office Real Estate Investment Trst for the ...
  • Dream Office Real Estate Investment Trst Earns "Sector Perform ...
  • Bengaluru beats London, New York in office rental yield
  • New Office Leasing Picks Up in Europe
  • First work session yields no changes to Augusta administrator's ...
  • 3 Hold-Rated Dividend Stocks: BDN, APO, PM
  • REITs With High Yields up to 12.2%

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Narendra Modi opens real estate just in time as builder yields top 20%
  • Retirees: Understand The Yield Gratification Trade-Off
  • Dutch real estate yield compression accelerating as debt returns
  • Should real estate agents "fire" know-it-all homebuyers?
  • Xinyuan Real Estate: The Numbers Sound Better...
  • Sales price dip drives up residential yields
  • Alts in a time of low interest rates
  • 3 Hold-Rated Dividend Stocks: BDN, APO, PM



    Index News

  • A Global Real Estate ETF With Currency Protection
  • World's riskiest city for a property bubble is...
  • Introducing Currency Hedging to Global ex-US Real Estate
  • John Hancock Investments Launches Global Real Estate Fund
  • Asian stocks mixed after bomb scare, oil's drop
  • US Stocks End Little Changed

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15090.212.62%10.947.3066.7328.6622.63%97.85
    Westfield CorpWFD:AUAustralia REIT14377.75-11.6212.1599.99-0.0024.19%107.90
    GPT Group/TheGPT:AUAustralia REIT5902.834.69%9.7211.6699.9945.5917.41%164.00
    Goodman GroupGMG:AUAustralia Real Estate Services7569.263.69%8.708.8699.9932.1013.00%129.01
    Dexus Property GroupDXS:AUAustralia REIT5225.175.40%11.268.1172.0260.8012.33%124.67
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers4837.335.11%11.144.0936.7156.939.92%83.19
    StocklandSGP:AUAustralia REIT6670.696.08%10.254.3942.8362.320.46%86.13
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2582.77--4.340.000.66%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers921.891.88%-4.78-0.0012.27%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2283.230.23%24.757.9232.005.69-4.35%-0.64
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1647.401.69%46.614.579.8078.77-18.36%14.37
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers11977.068.40%5.240.6211.8344.02140.72%182.09
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8390.643.19%6.321.0115.9820.1630.20%50.79
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2340.372.74%10.402.1220.3828.5025.78%55.03
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8567.912.68%5.100.5310.3913.678.62%18.35
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4205.835.50%6.000.7612.6733.007.93%38.36
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2127.625.94%4.460.347.6226.497.41%27.83
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3554.554.27%5.800.5910.1724.774.93%24.83
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2253.934.83%9.458.2487.2045.64-29.67%84.49
    KlepierreLI:FPFrance REIT14058.343.81%-9.95-0.0026.03%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers591.562.96%4.590.7716.7813.59-18.00%-1.46
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers446.12--1.860.00-26.18%
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1980.54-6.390.426.57-0.00-7.91%-16.96
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33712.862.08%7.181.6522.9814.9331.86%53.36
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19091.462.33%8.061.3216.3818.7827.29%45.15
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3235.504.89%6.780.9313.7233.1519.89%50.75
    Link REIT823:HKHong Kong (SAR) REIT13731.184.07%5.9413.3699.9924.181.03%234.95
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2144.014.18%6.750.8412.4428.22-1.48%23.20
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2878.893.94%8.931.1612.9935.18-9.94%20.07
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9379.045.20%3.721.2934.6819.34-11.27%29.80
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1195.223.00%-0.37-0.00-12.66%
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers5869.126.87%4.990.6112.2234.28-13.35%18.93
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers762.620.39%7.510.445.862.93-34.77%-42.73
    DLF LtdDLFU:INIndia Real Estate Owners & Developers2978.111.81%36.452.536.9465.97-20.74%6.49
    Unitech LtdUT:INIndia Real Estate Owners & Developers272.82-2.090.5325.36-0.00-65.94%-51.90
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2289.480.91%13.004.8337.1511.834.29%31.04
    Japan Retail Fund Investment Corp8953:JPJapan REIT4789.253.63%26.199.1034.7595.074.63%99.02
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29620.312,622.547.833.156.5995.66-5.72%39.46
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25961.380.87%26.522.027.6223.07-8.86%-13.92
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers15171.180.56%20.732.2710.9511.61-11.95%-19.35
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const2066.170.14%-0.26-0.00-5.52%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1261.572.46%11.512.1118.3328.31-30.43%-4.53
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers12516.271.03%21.138.3139.3321.7617.30%48.03
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9914.290.76%22.442.7912.4317.057.26%5.07
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10573.641.22%29.605.2017.5736.11-2.84%12.01
    PIK Group PJSCPIKK:RMRussia Homebuilders2218.75-23.552.6211.13-0.0040.97%19.31
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1141.0013.39%---0.00-10.11%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT4570.975.38%16.027.1844.8286.19-3.05%102.70
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers927.0510.44%4.041.1227.7242.1823.65%80.28
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers9.58%5.494.3278.6952.59-0.81%115.75
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1941.681.44%9.972.1821.8714.3612.95%29.97
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5795.551.40%26.808.8633.0637.52-1.12%33.43
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3982.873.21%16.9110.5862.5754.2818.27%108.97
    Segro PLCSGRO:LNUnited Kingdom REIT4924.763.64%4.0515.2699.9914.7415.22%393.47
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13106.863.34%5.6016.2399.9918.7014.32%308.01
    Land Securities Group PLCLAND:LNUnited Kingdom REIT14973.402.60%4.7012.3599.9912.228.64%269.69
    Intu Properties PLCINTU:LNUnited Kingdom REIT6605.874.22%16.067.4746.5167.77-4.11%84.88
    Public StoragePSA:USUnited States REIT40070.002.94%38.7617.0243.91113.9528.19%138.06
    Plum Creek Timber Co IncPCL:USUnited States REIT8407.003.63%37.125.4814.76134.7524.32%127.47
    UDR IncUDR:USUnited States REIT9302.003.13%38.7110.5327.20121.1621.95%122.37
    Macerich Co/TheMAC:USUnited States REIT12061.003.57%7.459.2299.9926.6018.34%152.01
    Equity ResidentialEQR:USUnited States REIT28649.002.81%32.9110.5532.0692.4815.36%97.75
    AvalonBay Communities IncAVB:USUnited States REIT23975.002.86%33.8112.7737.7796.7013.96%105.38
    Essex Property Trust IncESS:USUnited States REIT14676.002.59%72.2812.3117.03187.2113.34%136.06
    Regency Centers CorpREG:USUnited States REIT6229.002.94%33.6211.0832.9698.8412.71%101.66
    Federal Realty Investment TrustFRT:USUnited States REIT10043.002.60%51.2613.6126.55133.2812.33%111.66
    Realty Income CorpO:USUnited States REIT12091.004.72%42.9711.0225.65202.8210.09%186.35
    Crown Castle International CorpCCI:USUnited States REIT28320.004.17%53.937.5814.06224.899.74%185.52
    Digital Realty Trust IncDLR:USUnited States REIT10484.004.75%35.725.8016.24169.679.36%150.31
    Kimco Realty CorpKIM:USUnited States REIT10701.003.94%18.969.4149.6374.708.29%104.43
    Simon Property Group IncSPG:USUnited States REIT57809.003.43%36.2511.1930.87124.347.65%117.37
    Duke Realty CorpDRE:USUnited States REIT6729.003.69%22.266.6830.0182.147.60%88.25
    CBRE Group IncCBG:USUnited States Real Estate Services11692.00-20.651.175.67-0.005.58%-18.64
    Prologis IncPLD:USUnited States REIT21800.003.85%18.4610.7158.0271.074.22%105.61
    SL Green Realty CorpSLG:USUnited States REIT11777.002.06%60.947.0811.62125.544.15%71.13
    Boston Properties IncBXP:USUnited States REIT18956.002.11%30.567.6324.9764.481.98%51.64
    American Tower CorpAMT:USUnited States REIT41658.001.87%63.578.9414.06118.88-0.51%59.63
    General Growth Properties IncGGP:USUnited States REIT22168.003.03%17.269.1452.9552.30-0.57%78.19
    Liberty Property TrustLPT:USUnited States REIT4853.005.79%19.095.9931.38110.53-1.86%111.72
    Vornado Realty TrustVNO:USUnited States REIT17753.002.68%38.487.0018.19103.13-2.41%71.19
    VEREIT IncVER:USUnited States REIT7240.006.88%297.534.471.50999.99-6.84%999.99
    Weyerhaeuser CoWY:USUnited States REIT15700.004.03%28.842.247.77116.23-7.00%78.92
    Ventas IncVTR:USUnited States REIT16669.006.31%29.654.7115.89187.09-13.17%150.92
    Welltower IncHCN:USUnited States REIT20826.005.61%23.675.4422.98132.79-14.80%108.07
    Iron Mountain IncIRM:USUnited States REIT6007.006.82%39.671.964.94270.55-19.64%206.95
    HCP IncHCP:USUnited States REIT15537.006.76%18.546.2233.55125.33-19.68%111.43
    Host Hotels & Resorts IncHST:USUnited States REIT12319.004.88%19.402.3011.8694.67-24.81%53.08

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    VEREIT IncVER:USUnited States REIT7240.006.88%297.534.471.50999.99-6.84%999.99
    Segro PLCSGRO:LNUnited Kingdom REIT4924.763.64%4.0515.2699.9914.7415.22%393.47
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13106.863.34%5.6016.2399.9918.7014.32%308.01
    Land Securities Group PLCLAND:LNUnited Kingdom REIT14973.402.60%4.7012.3599.9912.228.64%269.69
    Link REIT823:HKHong Kong (SAR) REIT13731.184.07%5.9413.3699.9924.181.03%234.95
    Iron Mountain IncIRM:USUnited States REIT6007.006.82%39.671.964.94270.55-19.64%206.95
    Realty Income CorpO:USUnited States REIT12091.004.72%42.9711.0225.65202.8210.09%186.35
    Crown Castle International CorpCCI:USUnited States REIT28320.004.17%53.937.5814.06224.899.74%185.52
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers11977.068.40%5.240.6211.8344.02140.72%182.09
    GPT Group/TheGPT:AUAustralia REIT5902.834.69%9.7211.6699.9945.5917.41%164.00

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers272.82-2.090.5325.36-0.00-65.94%-51.90
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers762.620.39%7.510.445.862.93-34.77%-42.73
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers15171.180.56%20.732.2710.9511.61-11.95%-19.35
    CBRE Group IncCBG:USUnited States Real Estate Services11692.00-20.651.175.67-0.005.58%-18.64
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1980.54-6.390.426.57-0.00-7.91%-16.96
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25961.380.87%26.522.027.6223.07-8.86%-13.92
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1261.572.46%11.512.1118.3328.31-30.43%-4.53
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers591.562.96%4.590.7716.7813.59-18.00%-1.46
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2283.230.23%24.757.9232.005.69-4.35%-0.64
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9914.290.76%22.442.7912.4317.057.26%5.07

    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 18, 2015· Midlincoln Research · midlincoln.com