Weekly Overview

November 24, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate2.53-0.92-6.27-10.02

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index8.722.8113.97-15.25
S&P 500 Index1.630.551.341.12
Hong Kong Hang Seng Indextd>0.52-3.11-4.92-6.07
Ibovespa Brasil Sao Paulo Stock Exchange Index2.781.16-3.71-14.15
S&P BSE SENSEX Index0.22-5.99-5.86-8.99
Deutsche Boerse AG German Stock Index DAX3.542.76

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela27.6632.49
Ecuador14.81
Zambia11.77
Iraq10.94
Ghana10.90
Gabon9.14
El Salvador8.80
Mongolia8.53
Kenya8.40
Angola8.13
Costa Rica7.61
C?te dIvoire7.53
Argentina7.418.42
Egypt6.92
Pakistan6.79
Lebanon6.60
Jamaica6.5711.39
Brazil6.419.10
Sri Lanka6.305.60
Paraguay6.20
Dominican Republic6.20
Azerbaijan6.15
Kazakhstan6.056.09
South Africa5.536.74
Vietnam5.41
Indonesia5.145.96
Russia5.125.49
Uruguay5.04
Colombia4.9612.40
Croatia4.81
Turkey4.794.73
Peru4.754.18
Mexico4.746.65
Morocco4.405.40
Malaysia4.323.28
Serbia4.16
Chile4.044.49
Panama4.01
Romania4.00
Hungary3.54
China3.424.45
Philippines3.313.46
Lithuania2.86
Poland2.83
Latvia2.49
Slovak Republic2.49
Hong Kong3.49
India4.47
Israel4.52
Ukraine
Korea2.49
Qatar3.02
Singapore3.77
Thailand3.85
United Arab Emirates3.52



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-11-24 and 2015-11-17
NameWeekchCountry
Greentown China Holdings Ltd (3900:HK)17.55Hangzhou China
China Overseas Grand Oceans Group Ltd (81:HK)15.46Hong Kong (SAR)
Lippo Karawaci Tbk PT (LPKR:IJ)11.24Tangerang, Jawa Barat, 15811 Indonesia
Sino-Ocean Land Holdings Ltd (3377:HK)8.84China
Daelim Industrial Co Ltd (000210:KS)7.78Korea, Republic of (South)
Guangzhou R&F Properties Co Ltd (2777:HK)7.22China
Mirvac Group (MGR:AU)7.18Australia
Dexus Property Group (DXS:AU)6.92Australia
Goodman Group (GMG:AU)6.19Australia
Evergrande Real Estate Group Ltd (3333:HK)6.13China

Top 10 Losers In Global Real Estate Index Between 2015-11-24 and 2015-11-17
NameWeekchCountry
Etalon Group Ltd (ETLN:LI)-6.17Guernsey, Channel Islands
DLF Ltd (DLFU:IN)-4.87India
Land Securities Group PLC (LAND:LN)-3.49United Kingdom
British Land Co PLC/The (BLND:LN)-3.23United Kingdom
Klepierre (LI:FP)-2.52France
New World Development Co Ltd (17:HK)-2.47Hong Kong (SAR)
Segro PLC (SGRO:LN)-2.39United Kingdom
Intu Properties PLC (INTU:LN)-2.17United Kingdom
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-2.09Turkey
Farglory Land Development Co Ltd (5522:TT)-1.85Taiwan

Winners and Losers by Country ML Global Real Estate Index Between 2015-11-24 and 2015-11-17
NameWeekchCountry
Scentre Group (SCG:AU)5.50
GPT Group/The (GPT:AU)5.15Australia
Stockland (SGP:AU)5.29Australia
Westfield Corp (WFD:AU)5.47Australia
Goodman Group (GMG:AU)6.19Australia
Dexus Property Group (DXS:AU)6.92Australia
Mirvac Group (MGR:AU)7.18Australia
IMMOFINANZ AG (IIA:AV)4.51Austria
BR Properties SA (BRPR3:BZ)-1.46Brazil
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)3.79Brazil
BR Malls Participacoes SA (BRML3:BZ)5.13Brazil
SOHO China Ltd (410:HK)-1.19China
Longfor Properties Co Ltd (960:HK)2.57China
Shui On Land Ltd (272:HK)4.10China
Country Garden Holdings Co Ltd (2007:HK)4.14China
Agile Property Holdings Ltd (3383:HK)5.38China
Evergrande Real Estate Group Ltd (3333:HK)6.13China
Guangzhou R&F Properties Co Ltd (2777:HK)7.22China
Sino-Ocean Land Holdings Ltd (3377:HK)8.84China
Klepierre (LI:FP)-2.52France
Etalon Group Ltd (ETLN:LI)-6.17Guernsey, Channel Islands
Raven Russia Ltd (RUS:LN)-0.86Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)17.55Hangzhou China
New World Development Co Ltd (17:HK)-2.47Hong Kong (SAR)
Link REIT (823:HK)0.54Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)0.97Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)2.28Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)2.48Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)2.96Hong Kong (SAR)
China Resources Land Ltd (1109:HK)3.62Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)4.41Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)5.12Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)15.46Hong Kong (SAR)
DLF Ltd (DLFU:IN)-4.87India
Unitech Ltd (UT:IN)1.77India
Bumi Serpong Damai Tbk PT (BSDE:IJ)1.16Indonesia
Mitsui Fudosan Co Ltd (8801:JP)0.34Japan
Sumitomo Realty & Development Co Ltd (8830:JP)0.44Japan
Mitsubishi Estate Co Ltd (8802:JP)3.85Japan
Japan Retail Fund Investment Corp (8953:JP)4.19Japan
Daelim Industrial Co Ltd (000210:KS)7.78Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)4.62Malaysia
Ayala Corp (AC:PM)1.08Philippines
Ayala Land Inc (ALI:PM)3.33Philippines
SM Prime Holdings Inc (SMPH:PM)4.73Philippines
PIK Group PJSC (PIKK:RM)1.47Russian Federation
LSR Group PJSC (LSRG:LI)3.84Russian Federation
Growthpoint Properties Ltd (GRT:SJ)4.59South Africa
Farglory Land Development Co Ltd (5522:TT)-1.85Taiwan
Ruentex Development Co Ltd (9945:TT)1.93Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)11.24Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)-0.15Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-2.09Turkey
Land Securities Group PLC (LAND:LN)-3.49United Kingdom
British Land Co PLC/The (BLND:LN)-3.23United Kingdom
Segro PLC (SGRO:LN)-2.39United Kingdom
Intu Properties PLC (INTU:LN)-2.17United Kingdom
Host Hotels & Resorts Inc (HST:US)-0.92United States
Simon Property Group Inc (SPG:US)0.22United States
Digital Realty Trust Inc (DLR:US)0.25United States
Equity Residential (EQR:US)0.60United States
Kimco Realty Corp (KIM:US)0.73United States
SL Green Realty Corp (SLG:US)0.77United States
Federal Realty Investment Trust (FRT:US)0.79United States
American Tower Corp (AMT:US)0.93United States
Iron Mountain Inc (IRM:US)0.94United States
Boston Properties Inc (BXP:US)1.00United States
Regency Centers Corp (REG:US)1.48United States
General Growth Properties Inc (GGP:US)2.07United States
Realty Income Corp (O:US)2.09United States
Crown Castle International Corp (CCI:US)2.22United States
AvalonBay Communities Inc (AVB:US)2.45United States
Essex Property Trust Inc (ESS:US)2.52United States
Liberty Property Trust (LPT:US)2.59United States
Public Storage (PSA:US)2.77United States
UDR Inc (UDR:US)2.79United States
Duke Realty Corp (DRE:US)3.08United States
Vornado Realty Trust (VNO:US)3.38United States
Macerich Co/The (MAC:US)3.70United States
VEREIT Inc (VER:US)4.00United States
Prologis Inc (PLD:US)4.18United States
Plum Creek Timber Co Inc (PCL:US)4.36United States
Weyerhaeuser Co (WY:US)4.62United States
CBRE Group Inc (CBG:US)5.34United States
Ventas Inc (VTR:US)5.45United States
HCP Inc (HCP:US)5.69United States
Welltower Inc (HCN:US)5.81United 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


  • Better yield, quality real estate make Milwaukee attractive market
  • Cominar Real Estate Investment Trust: Is the 9.7% Yield Safe?
  • Narendra Modi opens real estate just in time as builder yields top 20%
  • Introducing Currency Hedging to Global ex-US Real Estate
  • MOVING BACK TO CORE: Fund Managers Shifting Real Estate ...
  • Dutch real estate yield compression accelerating as debt returns
  • Why Income Investors Should Consider German Residential Real ...
  • Niche Funds for Yield Seekers
  • Investors face pain in Brisbane, Melbourne as rental yields march ...


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)-269.1 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)29.3337.1
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (XTS5)26.2488.0
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (MOREPUI)24.2455.1
    PRINCIPAL REAL ESTATE INCOME FUND (PGZ)20.1135.2
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)17.6861.0
    DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFGEX)16.84045.0
    PICTET CH INSTITUTIONAL - SWISS REAL ESTATE FUNDS - I DY CHF (PISWREI)10.4315.3
    ALLIANZ FONCIER - C &/OR D (AGFFONC)10.2417.7
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)9.12949.0
    DFA REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFREX)6.46526.0

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)-64.73383.0
    VIRTUS REAL ESTATE SECURITIES - C (PHRCX)-37.31337.0
    ROBECO CAPITAL GROWTH FUNDS - PROPERTY EQUITIES - D EUR (FHQL)-28.9361.7
    ROBECO HIGH DIVIDEND PROPERTY EQUITIES - C EUR (ROHDPCE)-28.5361.7
    ROBECO HIGH DIVIDEND PROPERTY EQUITIES - B EUR (ROHDPBE)-28.4361.7
    ROBECO CAPITAL GROWTH FUNDS - PROPERTY EQUITIES - M USD (RGCGPMU)-25.9337.3
    ING L INVEST GLOBAL REAL ESTATE (XUMS)-19.8335.8
    ING L INVEST GLOBAL REAL ESTATE - I$ (INGUSDI)-19.0313.2
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-15.14072.0
    BNP PARIBAS INVESTMENT PARTNERS - REAL ESTATE SECURITIES EUROPE - N (PAREEPN)-10.9642.7


    Logistic Real Estate Yields




  • SC Investment Management Granted Singapore Capital Markets ...
  • Special Focus 2015: Real Estate
  • $52K gift from Triad firm boosts Forsyth Tech's heavy equipment ...
  • Real estate transactions in Bucharest to exceed EUR 800 mln this year
  • Prologis: Primed For Long-Term Growth
  • OUTLOOK BRIEFING Cash-rich investors struggle to deploy funds ...
  • For Poor Countries, Well-Worn Path to Development Turns Rocky
  • Smaller commercial properties gaining sales momentum
  • View from the top of the real estate market: Exciting or scary?
  • Fannie and Freddie Updates, Multifamily News; Zillow and Google ...
  • Suffolk Bancorp Lifted to Strong-Buy at Zacks Investment Research ...
  • Prologis: Primed For Long-Term Growth

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



    Some facts about Moscow Warehouses:

  • Did This Billionaire Get Swindled Out of Millions in an Elaborate Art ...
  • 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?
  • Moscow Warehouse Rental Rates Fall to 5-Year Low
  • In South Florida, More Builders Buy in Bulk
  • Special Report: Russian forces attempting to derail Montenegro's ...
  • Interim report of Atria Plc 1 January - 30 September 2015
  • Immofinanz sells logistics portfolio to Blackstone
  • Immofinanz to let a third of the first phase of LOG.IQ Bucharest

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



    Retail Real Estate Yields



  • The One Asset Every Investor Should Own
  • Alternative investments: Are they worth the cost?
  • Champion Real Estate Company Purchases Historic KTown ...
  • Hong Kong Office Market on Record Streak Led by Chinese
  • Holiday pop-up shops a new addition at Suburban Square
  • Get Stable Yields of 5.5% From These Retail REITs
  • The C-Suite Speaks: Black Friday Forebodings?
  • AARP shows majority of consumers susceptible to holiday-giving ...
  • Rise of e-commerce 'sheds' drives up industrial property values
  • Updates from Mitie, Bonmarché and Segro

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Dubai excels over Shanghai, Madrid, Istanbul in innovation
  • Immofinanz on track to deliver Metroffice in Q2 2016, says the ...
  • CVC Capital Partners and Canada Pension Plan Investment Board ...
  • Mapic's “Best Redeveloped Shopping Centre” goes for Immochan ...
  • Austrian Immofinanz to settle further historic legal claims

    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

  • Better yield, quality real estate make Milwaukee attractive market
  • Dream Office Real Estate Investment Trst: Is the 12% Yield at Risk?
  • Hong Kong Office Market on Record Streak Led by Chinese
  • Should You Buy Dream Office Real Estate Investment Trst for the ...
  • Mountain View office complex next to transit center sells for ~$1300 ...
  • The One Asset Every Investor Should Own

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Why Income Investors Should Consider German Residential Real ...
  • PPS Dividend Yield Pushes Above 3%
  • Top Monthly Pay Dividend Dog Hits 56.6% Yield November 20
  • Better yield, quality real estate make Milwaukee attractive market
  • MOVING BACK TO CORE: Fund Managers Shifting Real Estate ...
  • Mountain View office complex next to transit center sells for ~$1300 ...
  • The One Asset Every Investor Should Own
  • Champion Real Estate Company Purchases Historic KTown ...
  • CLNY Dividend Yield Pushes Above 8%



    Index News

  • A Global Real Estate ETF With Currency Protection
  • World's riskiest city for a property bubble is...
  • Vanguard International Equity Index Funds – Vanguard Global ex ...
  • Introducing Currency Hedging to Global ex-US Real Estate
  • U.S. Real Estate: The Lay of the Land
  • U.S. Stocks Erase Drop as Energy Leads After Russian Jet Downing
  • Farmland: a Growing Investment Option

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15621.722.56%11.177.4266.4328.6025.36%97.76
    Westfield CorpWFD:AUAustralia REIT14834.76-12.0812.4999.99-0.0025.98%105.84
    GPT Group/TheGPT:AUAustralia REIT6060.914.62%9.8511.8199.9945.5121.28%165.39
    Dexus Property GroupDXS:AUAustralia REIT5390.605.31%11.468.1971.4760.8517.12%126.53
    Goodman GroupGMG:AUAustralia Real Estate Services7774.503.64%8.819.0099.9932.0716.91%130.87
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers5096.844.92%11.584.2536.7056.9715.56%86.20
    StocklandSGP:AUAustralia REIT6829.876.02%10.364.4142.5762.372.45%85.57
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2703.99--4.490.000.89%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers879.622.01%-4.46-0.002.36%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2294.830.23%24.357.7931.995.60-10.88%-9.09
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1677.251.69%46.444.559.8078.48-23.67%6.72
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12671.977.94%5.550.6611.8944.07142.85%181.81
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2371.712.71%10.552.1520.3828.5923.55%50.52
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8331.383.18%6.281.0015.9219.9714.99%33.15
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4419.435.26%6.300.7812.3833.145.73%33.50
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2213.785.76%4.650.347.3126.782.92%20.92
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3708.864.09%6.050.6110.0824.742.03%19.36
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8685.312.64%5.180.5410.4213.680.10%7.57
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2207.204.93%9.258.1087.5745.60-34.78%77.69
    KlepierreLI:FPFrance REIT13721.843.89%-9.79-0.0024.23%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers555.053.16%4.350.7116.3213.75-25.79%-11.52
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers444.16--1.850.00-29.22%
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2206.81-7.130.476.59-0.00-0.75%-12.74
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33461.892.09%7.121.6222.7514.8820.81%39.87
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3400.994.66%7.130.9713.6033.2318.62%46.87
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19272.272.31%8.141.3416.4618.8016.25%31.92
    Link REIT823:HKHong Kong (SAR) REIT13790.794.05%5.9613.3099.9924.142.18%232.06
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2160.234.15%6.800.8412.3528.22-7.43%14.89
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2935.323.87%9.101.1712.8635.22-11.30%16.22
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9112.915.35%3.621.2434.2519.37-11.93%26.62
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers5959.286.77%5.070.6112.0334.32-19.32%10.52
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1176.373.05%-0.37-0.00-22.37%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers836.380.35%8.230.485.832.88-30.70%-41.67
    DLF LtdDLFU:INIndia Real Estate Owners & Developers2877.011.87%35.362.517.1066.12-26.23%0.18
    Unitech LtdUT:INIndia Real Estate Owners & Developers279.55-2.150.5425.12-0.00-63.96%-52.44
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2324.700.91%13.124.9637.8011.94-0.70%24.47
    Japan Retail Fund Investment Corp8953:JPJapan REIT4942.223.53%26.929.3534.7395.03-0.63%90.76
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers30118.130.53%48.433.166.5225.67-3.68%-31.37
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25645.620.88%26.091.997.6322.96-9.02%-15.97
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14835.030.58%20.192.1910.8511.71-11.19%-20.27
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const2221.780.14%-0.27-0.00-0.39%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1311.022.44%11.602.1318.3628.30-31.58%-7.96
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers13263.360.97%22.378.8039.3421.7024.33%51.55
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers10022.340.76%22.662.7812.2717.2210.58%5.96
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10911.051.19%30.515.3517.5436.310.02%11.90
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders2250.90-24.202.7211.24-0.0032.80%8.39
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1185.0012.90%---0.00-4.75%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT4741.135.28%16.347.3244.8086.28-3.42%99.86
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers902.7210.80%3.911.0927.8842.2315.20%69.94
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1847.109.25%5.684.4678.5252.542.29%116.22
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers2189.531.28%11.172.4421.8414.3017.64%31.16
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5826.131.40%26.808.9133.2537.52-2.14%30.38
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3858.213.34%16.2410.2362.9954.2412.17%101.71
    Segro PLCSGRO:LNUnited Kingdom REIT4827.483.69%3.9915.1699.9914.7214.95%394.18
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT12737.593.42%5.4716.0799.9918.7113.30%308.87
    Land Securities Group PLCLAND:LNUnited Kingdom REIT14514.232.74%4.5812.0999.9912.556.90%267.39
    Intu Properties PLCINTU:LNUnited Kingdom REIT6516.344.28%15.857.4947.2667.84-4.25%83.54
    Public StoragePSA:USUnited States REIT41182.002.86%39.8417.4943.90113.9432.66%139.21
    Plum Creek Timber Co IncPCL:USUnited States REIT8774.003.48%38.735.7214.77134.7826.37%125.74
    UDR IncUDR:USUnited States REIT9561.003.04%39.7910.8227.19120.9624.77%121.68
    AvalonBay Communities IncAVB:USUnited States REIT24563.002.78%34.6413.0937.7996.3017.20%105.20
    Essex Property Trust IncESS:USUnited States REIT15046.002.53%74.1012.6217.03187.4716.54%135.49
    Equity ResidentialEQR:USUnited States REIT28820.002.79%33.1110.6132.0492.3816.25%96.11
    Federal Realty Investment TrustFRT:USUnited States REIT10123.002.58%51.6613.7226.56133.2814.15%110.88
    Regency Centers CorpREG:USUnited States REIT6322.002.89%34.1211.2432.9498.6113.87%99.85
    Realty Income CorpO:USUnited States REIT12343.004.62%43.8711.2525.64202.6811.90%184.90
    Crown Castle International CorpCCI:USUnited States REIT28948.004.08%55.137.7514.06224.939.92%182.33
    Macerich Co/TheMAC:USUnited States REIT12508.003.44%7.729.5799.9926.569.86%141.21
    Digital Realty Trust IncDLR:USUnited States REIT10510.004.74%35.815.8216.25169.749.69%148.42
    CBRE Group IncCBG:USUnited States Real Estate Services12317.00-21.761.235.65-0.009.05%-18.51
    Duke Realty CorpDRE:USUnited States REIT6936.003.58%22.956.8829.9882.168.84%86.58
    Kimco Realty CorpKIM:USUnited States REIT10779.003.91%19.109.4849.6374.688.52%102.28
    Prologis IncPLD:USUnited States REIT22712.003.69%19.2411.1658.0071.008.29%106.60
    Simon Property Group IncSPG:USUnited States REIT57935.003.42%36.3311.2230.88124.258.25%115.60
    SL Green Realty CorpSLG:USUnited States REIT11868.002.04%61.417.1411.63125.284.66%68.70
    Boston Properties IncBXP:USUnited States REIT19146.002.09%30.877.7124.9864.522.53%49.70
    Liberty Property TrustLPT:USUnited States REIT4978.005.65%19.586.1531.41110.631.46%112.47
    Vornado Realty TrustVNO:USUnited States REIT18353.002.59%39.787.2418.20103.03-0.64%69.36
    General Growth Properties IncGGP:USUnited States REIT22627.002.96%17.629.3352.9552.16-0.66%75.38
    American Tower CorpAMT:USUnited States REIT42044.001.85%64.159.0214.06118.68-1.37%55.77
    Weyerhaeuser CoWY:USUnited States REIT16425.003.85%30.172.347.76116.15-3.93%78.36
    VEREIT IncVER:USUnited States REIT7529.006.61%309.434.651.50999.99-5.47%999.99
    Ventas IncVTR:USUnited States REIT17578.005.99%31.264.9715.90187.25-9.36%151.08
    Welltower IncHCN:USUnited States REIT22036.005.30%25.055.7622.99132.77-9.67%109.59
    HCP IncHCP:USUnited States REIT16421.006.40%19.596.5733.54125.38-14.51%113.36
    Iron Mountain IncIRM:USUnited States REIT6060.006.76%40.021.974.92270.54-19.36%204.63
    Host Hotels & Resorts IncHST:USUnited States REIT12206.004.93%19.232.2811.8694.80-26.05%49.93

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    VEREIT IncVER:USUnited States REIT7529.006.61%309.434.651.50999.99-5.47%999.99
    Segro PLCSGRO:LNUnited Kingdom REIT4827.483.69%3.9915.1699.9914.7214.95%394.18
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT12737.593.42%5.4716.0799.9918.7113.30%308.87
    Land Securities Group PLCLAND:LNUnited Kingdom REIT14514.232.74%4.5812.0999.9912.556.90%267.39
    Link REIT823:HKHong Kong (SAR) REIT13790.794.05%5.9613.3099.9924.142.18%232.06
    Iron Mountain IncIRM:USUnited States REIT6060.006.76%40.021.974.92270.54-19.36%204.63
    Realty Income CorpO:USUnited States REIT12343.004.62%43.8711.2525.64202.6811.90%184.90
    Crown Castle International CorpCCI:USUnited States REIT28948.004.08%55.137.7514.06224.939.92%182.33
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12671.977.94%5.550.6611.8944.07142.85%181.81
    GPT Group/TheGPT:AUAustralia REIT6060.914.62%9.8511.8199.9945.5121.28%165.39

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers279.55-2.150.5425.12-0.00-63.96%-52.44
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers836.380.35%8.230.485.832.88-30.70%-41.67
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers30118.130.53%48.433.166.5225.67-3.68%-31.37
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14835.030.58%20.192.1910.8511.71-11.19%-20.27
    CBRE Group IncCBG:USUnited States Real Estate Services12317.00-21.761.235.65-0.009.05%-18.51
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25645.620.88%26.091.997.6322.96-9.02%-15.97
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2206.81-7.130.476.59-0.00-0.75%-12.74
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers555.053.16%4.350.7116.3213.75-25.79%-11.52
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2294.830.23%24.357.7931.995.60-10.88%-9.09
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1311.022.44%11.602.1318.3628.30-31.58%-7.96

    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 24, 2015· Midlincoln Research · midlincoln.com