Weekly Overview

November 5, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate0.306.26-5.38

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 2015-11-03 and 2015-10-27
NameWeekchCountry
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)22.66Turkey
PIK Group PJSC (PIKK:RM)10.75Russian Federation
Evergrande Real Estate Group Ltd (3333:HK)9.55China
BR Properties SA (BRPR3:BZ)8.41Brazil
BR Malls Participacoes SA (BRML3:BZ)7.69Brazil
CBRE Group Inc (CBG:US)7.65United States
Host Hotels & Resorts Inc (HST:US)7.62United States
LSR Group PJSC (LSRG:LI)7.32Russian Federation
Weyerhaeuser Co (WY:US)6.99United States
Daelim Industrial Co Ltd (000210:KS)6.05Korea, Republic of (South)

Top 10 Losers In Global Real Estate Index Between 2015-11-03 and 2015-10-27
NameWeekchCountry
Sumitomo Realty & Development Co Ltd (8830:JP)-8.69Japan
DLF Ltd (DLFU:IN)-7.11India
Mitsui Fudosan Co Ltd (8801:JP)-7.09Japan
Unitech Ltd (UT:IN)-4.99India
Sino-Ocean Land Holdings Ltd (3377:HK)-4.96China
Japan Retail Fund Investment Corp (8953:JP)-4.93Japan
Welltower Inc (HCN:US)-4.80United States
HCP Inc (HCP:US)-4.67United States
SM Prime Holdings Inc (SMPH:PM)-4.50Philippines
Greentown China Holdings Ltd (3900:HK)-3.81Hangzhou China

Winners and Losers by Country ML Global Real Estate Index Between 2015-11-03 and 2015-10-27
NameWeekchCountry
Scentre Group (SCG:AU)-1.67
Dexus Property Group (DXS:AU)-2.52Australia
Goodman Group (GMG:AU)-0.81Australia
Westfield Corp (WFD:AU)-0.77Australia
Mirvac Group (MGR:AU)-0.48Australia
Stockland (SGP:AU)0.02Australia
GPT Group/The (GPT:AU)0.36Australia
IMMOFINANZ AG (IIA:AV)-0.39Austria
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)1.91Brazil
BR Malls Participacoes SA (BRML3:BZ)7.69Brazil
BR Properties SA (BRPR3:BZ)8.41Brazil
Sino-Ocean Land Holdings Ltd (3377:HK)-4.96China
Agile Property Holdings Ltd (3383:HK)-2.97China
SOHO China Ltd (410:HK)-2.94China
Country Garden Holdings Co Ltd (2007:HK)-2.63China
Longfor Properties Co Ltd (960:HK)2.05China
Guangzhou R&F Properties Co Ltd (2777:HK)2.50China
Shui On Land Ltd (272:HK)2.74China
Evergrande Real Estate Group Ltd (3333:HK)9.55China
Klepierre (LI:FP)-3.31France
Raven Russia Ltd (RUS:LN)1.25Guernsey, Channel Islands
Etalon Group Ltd (ETLN:LI)1.58Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)-3.81Hangzhou China
New World Development Co Ltd (17:HK)-3.54Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)-3.02Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)-2.37Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)-1.58Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)-0.90Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)-0.73Hong Kong (SAR)
China Resources Land Ltd (1109:HK)-0.70Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)-0.39Hong Kong (SAR)
Link REIT (823:HK)-0.11Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)0.43Hong Kong (SAR)
DLF Ltd (DLFU:IN)-7.11India
Unitech Ltd (UT:IN)-4.99India
Bumi Serpong Damai Tbk PT (BSDE:IJ)0.88Indonesia
Sumitomo Realty & Development Co Ltd (8830:JP)-8.69Japan
Mitsui Fudosan Co Ltd (8801:JP)-7.09Japan
Japan Retail Fund Investment Corp (8953:JP)-4.93Japan
Mitsubishi Estate Co Ltd (8802:JP)-3.80Japan
Daelim Industrial Co Ltd (000210:KS)6.05Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)4.67Malaysia
SM Prime Holdings Inc (SMPH:PM)-4.50Philippines
Ayala Land Inc (ALI:PM)-2.55Philippines
Ayala Corp (AC:PM)-1.44Philippines
LSR Group PJSC (LSRG:LI)7.32Russian Federation
PIK Group PJSC (PIKK:RM)10.75Russian Federation
Growthpoint Properties Ltd (GRT:SJ)-3.14South Africa
Farglory Land Development Co Ltd (5522:TT)0.27Taiwan
Ruentex Development Co Ltd (9945:TT)1.14Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)-3.44Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)-2.30Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)22.66Turkey
Intu Properties PLC (INTU:LN)-1.47United Kingdom
Segro PLC (SGRO:LN)-0.85United Kingdom
British Land Co PLC/The (BLND:LN)-0.09United Kingdom
Land Securities Group PLC (LAND:LN)0.42United Kingdom
Welltower Inc (HCN:US)-4.80United States
HCP Inc (HCP:US)-4.67United States
Ventas Inc (VTR:US)-2.79United States
Essex Property Trust Inc (ESS:US)-1.83United States
Liberty Property Trust (LPT:US)-1.40United States
UDR Inc (UDR:US)-1.33United States
Simon Property Group Inc (SPG:US)-1.11United States
AvalonBay Communities Inc (AVB:US)-0.67United States
General Growth Properties Inc (GGP:US)-0.59United States
Realty Income Corp (O:US)-0.34United States
Equity Residential (EQR:US)-0.23United States
Macerich Co/The (MAC:US)0.29United States
Prologis Inc (PLD:US)0.30United States
Public Storage (PSA:US)0.31United States
Duke Realty Corp (DRE:US)0.58United States
Regency Centers Corp (REG:US)0.80United States
SL Green Realty Corp (SLG:US)1.10United States
Kimco Realty Corp (KIM:US)1.19United States
Vornado Realty Trust (VNO:US)1.27United States
Digital Realty Trust Inc (DLR:US)1.44United States
VEREIT Inc (VER:US)1.67United States
Federal Realty Investment Trust (FRT:US)1.68United States
Plum Creek Timber Co Inc (PCL:US)1.98United States
Crown Castle International Corp (CCI:US)2.17United States
American Tower Corp (AMT:US)4.04United States
Boston Properties Inc (BXP:US)5.51United States
Iron Mountain Inc (IRM:US)6.05United States
Weyerhaeuser Co (WY:US)6.99United States
Host Hotels & Resorts Inc (HST:US)7.62United States
CBRE Group Inc (CBG:US)7.65United 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


  • Rental yields hit house price growth
  • What Is The Bond Market Telling Us About Real Estate Prices?
  • Dutch real estate yield compression accelerating as debt returns
  • Investors Score High Yields for Older, Less-Expensive Rental Homes
  • Debt funds fail to deliver interest payments as real estate languishes
  • Why Income Investors Should Consider German Residential Real ...
  • China's Property Junk-Bond Sector Is an Unlikely Gem
  • Bengaluru, Mumbai, Delhi top office rental yields globally, says ...
  • Fourth offshore real estate counter for bourse


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)284.2 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES - EC (AXAEDEC)33.5847.5
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)32.6847.5
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (XTS5)31.4461.5
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (MOREPUI)26.6419.3
    NUVEEN REAL ESTATE INCOME FUND (JRS)22.0339.3
    PRINCIPAL REAL ESTATE INCOME FUND (PGZ)16.0137.2
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - P (PIRPX)15.32374.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 2 (PRENX)15.12374.0
    IMMOBILIER 21 - AD (IMM21AD)14.6142.8
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 1 (PRAEX)14.52374.0

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    KEMPEN INTERNATIONAL FUNDS - GLOBAL PROPERTY FUNDAMENTAL INDEX FUND - BN (KIFGPBN)-48.6302.1
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-16.64179.0
    VIRTUS REAL ESTATE SECURITIES - C (PHRCX)-9.51410.0
    MORGAN STANLEY INSTITUTIONAL FUND INC - GLOBAL REAL ESTATE PORTFOLIO - A (MRLBX)-9.22380.0
    JPMORGAN FUNDS - GLOBAL REAL ESTATE SECURITIES USD - A (JPGRECI)-6.2163.2
    BNP PARIBAS FUND III NV- GLOBAL PROPERTY SECURITIES FUND (AAPFGL)-6.0183.8
    NEUBERGER BERMAN US REAL ESTATE FUND - SFR A ACC (NBIRCAA)-5.3201.4
    NEUBERGER BERMAN US REAL ESTATE FUND - USD I2 ACC (NBURI2A)-5.1199.0
    NEUBERGER BERMAN US REAL ESTATE FUND - USD C ACC (NBURECA)-5.0199.0
    MFS GLOBAL REAL ESTATE PORTFOLIO - SERVICE (MFSGRES)-4.4218.7


    Logistic Real Estate Yields




  • What To Expect From A McDonald's Domestic REIT
  • Guidance Investments Announces First Closure of Logistics Real ...
  • 2015 9 months and III quarter consolidated unaudited interim report
  • Zacks Upgrades Chambers Street Properties to "Hold" (CSG)
  • Fourth offshore real estate counter for bourse
  • CBRE GIP buys €240m French logistics with partner Arax
  • Starwood Property Trust Reports Results for the Quarter Ended ...
  • Why Industrial Net Lease is Hot, Hot, Hot
  • Terreno Realty (NYSE:TRNO) Declares Dividend of $0.1800.
  • Colony Capital Announces Third Quarter 2015 Financial Results
  • Zacks Upgrades Chambers Street Properties to "Hold" (CSG)
  • ZAIS Financial Corp. Reports Core Earnings of $4.8 Million, or $0.54 ...

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



    Some facts about Moscow Warehouses:

  • AIG Global Real Estate Sells Land for Moscow Warehouse Complex
  • Moscow warehouse market saw a record surge in demand for ...
  • Early movers: VRX, PNY, COST, AXP, PYPL, M & more
  • Take-Up Sets a Record, While the Vacancy Rate Is Declining Slowly ...
  • Bolshoi Theater names La Scala's Vaziev as ballet director
  • Special Report: Russian forces attempting to derail Montenegro's ...
  • Immofinanz sells logistics portfolio to Blackstone
  • China's Great Game: Road to a new empire
  • Moscow warehouse market saw a record surge in demand for ...
  • 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



  • Forest City strikes sale deals for military housing, other real estate ...
  • Finance Watch: News Digest
  • Smart Real Estate Investment Trust Releases Third Quarter 2015 ...
  • Starwood Property Trust Reports Results for the Quarter Ended ...
  • W.P. Carey Aspires To Be The Low Cost Leader
  • MetLife Profit Slumps 43% on Weaker Investment Result, Taxes
  • Tritax: the 'big box' trust with a strong yield
  • Meet the women who saved Best Buy
  • For Walgreens CEO Stefano Pessina, Rite Aid Deal Is Latest Merger ...
  • WP Glimcher Inc Plans Quarterly Dividend of $0.25 (WPG)

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • China's Coming Baby Boom And The 'Beijing Put'
  • Russian strikes take toll among Syrian civilians
  • Moscow Shoe Sellers See Sales Fall by Up to 40 Percent
  • Austrian Immofinanz shares rise on €60m historic claims settlement
  • 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

  • Bengaluru, Mumbai, Delhi top office rental yields globally, says ...
  • Bengaluru beats London, New York in office rental yield
  • Are These Office REITs' 10%+ Yields Safe?
  • Finance Watch: News Digest
  • Starwood Property Trust Reports Results for the Quarter Ended ...
  • Downtown Albany real estate attracts out-of-town buyers

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Why Income Investors Should Consider German Residential Real ...
  • Dutch real estate yield compression accelerating as debt returns
  • Sales price dip drives up residential yields
  • Forest City strikes sale deals for military housing, other real estate ...
  • Ares Commercial Real Estate Corporation Reports Third Quarter ...
  • Gundlach: 3 Investment Ideas with Double-Digit Yields
  • Starwood Property Trust Reports Results for the Quarter Ended ...
  • Real Estate Investment Tips: 3 Things to Consider in Dealing with ...



    Index News

  • World's riskiest city for a property bubble is...
  • Most cities overvalued according to UBS Global Real Estate Bubble ...
  • DGAP-News: ADLER Real Estate AG: Successful bond increase of ...
  • MIDEAST STOCKS-Gulf consolidates in thin trade
  • Australia shares skid on caution over US rate hike; NZ steady
  • World's riskiest city for a property bubble is...

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15593.972.55%11.247.5066.7328.6619.40%97.72
    Westfield CorpWFD:AUAustralia REIT14993.21-12.1112.6799.99-0.0030.55%117.23
    GPT Group/TheGPT:AUAustralia REIT6051.864.60%9.9111.8899.9945.5919.98%169.70
    Goodman GroupGMG:AUAustralia Real Estate Services7636.973.68%8.738.8999.9932.1311.36%130.76
    Dexus Property GroupDXS:AUAustralia REIT5282.525.37%11.328.1572.0060.798.38%124.01
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers4772.485.21%10.934.0136.6956.956.62%83.49
    StocklandSGP:AUAustralia REIT6742.626.05%10.304.4142.8262.32-0.70%88.30
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2773.13--4.530.00-1.32%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers954.261.82%-4.95-0.003.52%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2196.960.24%23.737.5931.985.70-8.44%-0.32
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1455.871.92%41.044.079.9278.80-29.21%12.63
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers11679.338.62%5.080.6011.8143.79134.69%179.38
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2371.532.71%10.472.1320.3428.3727.45%59.87
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8420.923.17%6.310.9915.6920.0023.08%46.63
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8946.932.58%5.300.5510.3813.677.53%20.45
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2198.385.75%4.580.347.4226.345.33%28.68
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4345.165.36%6.150.7512.2032.962.08%35.26
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3388.344.48%5.490.5710.3824.60-0.90%22.76
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2683.374.06%11.189.7587.2145.39-29.64%85.95
    KlepierreLI:FPFrance REIT14520.063.76%-10.16-0.0027.91%
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers459.42--1.900.00-27.08%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers565.276.20%4.290.6916.0826.60-32.18%0.38
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1958.27-6.280.416.53-0.00-17.99%-23.57
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33968.292.06%7.231.6522.8214.8924.31%48.96
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3084.115.13%6.470.8913.7633.1923.95%58.60
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19807.242.24%8.361.3816.5118.7323.55%44.59
    Link REIT823:HKHong Kong (SAR) REIT13687.923.88%3.9814.0399.9915.447.34%365.48
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2192.064.09%6.860.8512.3928.06-3.42%24.34
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2921.033.88%9.061.1712.9135.15-9.25%23.93
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9541.725.11%3.791.3134.5619.37-9.92%34.39
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6102.166.61%5.150.6312.2334.04-14.17%21.12
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1242.472.89%-0.39-0.00-14.33%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers768.580.38%7.570.455.942.88-37.41%-41.99
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3170.951.71%38.532.727.0665.89-6.95%21.63
    Unitech LtdUT:INIndia Real Estate Owners & Developers272.81-2.080.5225.00-0.00-69.56%-52.47
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2422.670.88%13.565.0537.2411.939.42%39.20
    Japan Retail Fund Investment Corp8953:JPJapan REIT4791.413.68%25.838.9734.7395.056.92%105.04
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers28773.660.56%45.803.026.5925.65-6.29%-25.68
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25514.400.90%25.751.987.6923.18-10.95%-11.67
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14732.510.59%21.802.2410.2812.86-11.38%-15.87
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const2389.880.13%-0.30-0.0013.84%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1381.752.29%12.362.2818.4528.30-27.52%1.04
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers13369.150.97%22.428.8239.3421.7524.61%57.45
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers10402.860.73%26.902.9611.0019.6411.73%9.64
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers11443.011.14%32.975.6617.1737.599.57%25.52
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders2523.26-26.022.9511.34-0.0063.78%43.27
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1149.0013.30%---0.00-13.40%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT4962.875.08%16.977.6044.7886.212.15%110.34
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers974.7210.05%4.411.2829.0244.3233.88%96.98
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1766.969.72%5.684.7383.2755.211.12%128.09
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers2165.921.31%10.962.3921.8114.3625.99%45.36
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5936.681.38%26.639.1234.2536.75-1.08%37.46
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services4194.353.05%17.7511.2263.2154.1434.13%127.90
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16067.692.43%4.3213.5099.9910.5020.20%333.05
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13353.853.29%5.0318.0699.9916.5518.84%383.57
    Segro PLCSGRO:LNUnited Kingdom REIT4981.543.64%4.0515.5499.9914.7418.32%406.88
    Intu Properties PLCINTU:LNUnited Kingdom REIT6936.924.07%16.677.8847.2767.852.49%95.11
    Public StoragePSA:USUnited States REIT40068.002.94%38.8017.0343.89114.0727.92%141.25
    Macerich Co/TheMAC:USUnited States REIT13440.003.20%8.3010.2899.9926.5624.03%160.31
    UDR IncUDR:USUnited States REIT9168.003.17%38.1610.3827.20120.9718.54%122.72
    Equity ResidentialEQR:USUnited States REIT28813.002.79%33.1210.6232.0792.4016.28%101.80
    AvalonBay Communities IncAVB:USUnited States REIT24378.002.81%34.3812.9937.7896.6115.98%110.16
    Simon Property Group IncSPG:USUnited States REIT63041.003.14%39.5312.2030.86124.1215.68%125.31
    Crown Castle International CorpCCI:USUnited States REIT29151.004.05%55.517.8014.05224.8214.64%192.17
    CBRE Group IncCBG:USUnited States Real Estate Services12244.00-21.691.235.67-0.0014.56%-7.29
    Digital Realty Trust IncDLR:USUnited States REIT10004.004.62%37.215.9716.04171.9113.68%158.59
    General Growth Properties IncGGP:USUnited States REIT25310.002.65%19.7010.4452.9952.2112.52%92.19
    Essex Property Trust IncESS:USUnited States REIT14649.002.60%72.1412.2917.04187.5612.31%138.94
    Regency Centers CorpREG:USUnited States REIT6396.002.86%34.5711.3932.9598.8712.17%103.59
    Kimco Realty CorpKIM:USUnited States REIT11113.003.79%19.709.7749.5974.6611.53%110.26
    Duke Realty CorpDRE:USUnited States REIT7206.003.45%23.847.1529.9982.2510.50%93.07
    Federal Realty Investment TrustFRT:USUnited States REIT10082.002.59%51.4613.6626.54133.2810.43%112.96
    Realty Income CorpO:USUnited States REIT12343.004.62%43.8711.2525.64202.689.63%188.25
    Prologis IncPLD:USUnited States REIT22623.003.71%19.1611.1157.9971.087.46%111.54
    American Tower CorpAMT:USUnited States REIT43302.001.80%66.079.2914.06118.936.59%67.68
    SL Green Realty CorpSLG:USUnited States REIT12073.002.00%60.537.2812.03121.064.71%71.44
    Boston Properties IncBXP:USUnited States REIT19522.002.05%31.477.8624.9864.514.15%56.34
    Plum Creek Timber Co IncPCL:USUnited States REIT7128.004.29%31.474.6514.78135.013.27%115.75
    Liberty Property TrustLPT:USUnited States REIT5073.005.53%19.956.2731.43110.321.84%117.81
    Vornado Realty TrustVNO:USUnited States REIT18835.002.52%40.837.4318.20102.891.14%75.57
    VEREIT IncVER:USUnited States REIT7737.006.43%1,650.264.7899.996.430.82%478.42
    Welltower IncHCN:USUnited States REIT22921.005.09%26.055.9922.99132.59-5.31%118.40
    Weyerhaeuser CoWY:USUnited States REIT15787.004.01%29.002.257.76116.29-6.46%82.76
    Iron Mountain IncIRM:USUnited States REIT6632.006.17%44.042.164.90271.73-7.27%219.49
    Ventas IncVTR:USUnited States REIT17795.005.91%31.655.0315.89187.05-7.42%158.04
    HCP IncHCP:USUnited States REIT16797.006.26%20.046.7233.53125.45-12.96%120.15
    Host Hotels & Resorts IncHST:USUnited States REIT13236.004.54%20.852.4711.8594.66-19.63%60.19

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    VEREIT IncVER:USUnited States REIT7737.006.43%1,650.264.7899.996.430.82%478.42
    Segro PLCSGRO:LNUnited Kingdom REIT4981.543.64%4.0515.5499.9914.7418.32%406.88
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13353.853.29%5.0318.0699.9916.5518.84%383.57
    Link REIT823:HKHong Kong (SAR) REIT13687.923.88%3.9814.0399.9915.447.34%365.48
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16067.692.43%4.3213.5099.9910.5020.20%333.05
    Iron Mountain IncIRM:USUnited States REIT6632.006.17%44.042.164.90271.73-7.27%219.49
    Crown Castle International CorpCCI:USUnited States REIT29151.004.05%55.517.8014.05224.8214.64%192.17
    Realty Income CorpO:USUnited States REIT12343.004.62%43.8711.2525.64202.689.63%188.25
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers11679.338.62%5.080.6011.8143.79134.69%179.38
    GPT Group/TheGPT:AUAustralia REIT6051.864.60%9.9111.8899.9945.5919.98%169.70

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers272.81-2.080.5225.00-0.00-69.56%-52.47
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers768.580.38%7.570.455.942.88-37.41%-41.99
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers28773.660.56%45.803.026.5925.65-6.29%-25.68
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1958.27-6.280.416.53-0.00-17.99%-23.57
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers14732.510.59%21.802.2410.2812.86-11.38%-15.87
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25514.400.90%25.751.987.6923.18-10.95%-11.67
    CBRE Group IncCBG:USUnited States Real Estate Services12244.00-21.691.235.67-0.0014.56%-7.29
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2196.960.24%23.737.5931.985.70-8.44%-0.32
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers565.276.20%4.290.6916.0826.60-32.18%0.38
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1381.752.29%12.362.2818.4528.30-27.52%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 5, 2015· Midlincoln Research · midlincoln.com