Weekly Overview

October 20, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate0.005.94-8.20-7.77

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-0.446.6510.61-19.13
S&P 500 Index0.803.86-1.237.79
Hong Kong Hang Seng Index1.535.98-2.71-0.70
Ibovespa Brasil Sao Paulo Stock Exchange Index-3.830.39-5.12-14.85
S&P BSE SENSEX Index1.835.02-0.443.42
Deutsche Boerse AG German Stock Index DAX0.442.50

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela30.4233.82
Ecuador15.60
Zambia12.18
Iraq11.19
Ghana10.75
Gabon8.96
El Salvador8.87
Angola8.67
Argentina8.259.02
Kenya8.20
Mongolia8.07
Costa Rica7.49
C?te dIvoire7.32
Jamaica6.7911.38
Pakistan6.76
Kazakhstan6.516.80
Brazil6.359.18
Dominican Republic6.29
Lebanon6.24
Paraguay6.21
Azerbaijan5.89
Sri Lanka5.785.27
Egypt5.77
Russia5.416.13
South Africa5.286.79
Indonesia5.025.82
Vietnam4.92
Turkey4.915.15
Uruguay4.88
Colombia4.7310.59
Croatia4.70
Malaysia4.703.24
Peru4.594.37
Mexico4.585.75
Serbia4.29
Morocco3.985.08
Romania3.81
Panama3.77
Chile3.554.47
Hungary3.51
China3.334.44
Philippines3.233.44
Poland2.69
Lithuania2.66
Ukraine2.52
Slovak Republic2.46
Latvia2.35
Hong Kong3.40
India4.43
Israel4.68
Korea2.34
Qatar2.80
Singapore3.73
Thailand3.77
United Arab Emirates3.11



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-10-20 and 2015-10-13
NameWeekchCountry
LSR Group PJSC (LSRG:LI)9.45Russian Federation
Evergrande Real Estate Group Ltd (3333:HK)7.52China
Shui On Land Ltd (272:HK)7.39China
SOHO China Ltd (410:HK)7.08China
Growthpoint Properties Ltd (GRT:SJ)6.67South Africa
Greentown China Holdings Ltd (3900:HK)6.46Hangzhou China
Unitech Ltd (UT:IN)5.46India
Lippo Karawaci Tbk PT (LPKR:IJ)5.08Tangerang, Jawa Barat, 15811 Indonesia
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)4.94Turkey
Public Storage (PSA:US)4.64United States

Top 10 Losers In Global Real Estate Index Between 2015-10-20 and 2015-10-13
NameWeekchCountry
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)-7.09Brazil
UEM Sunrise Bhd (UEMS:MK)-4.68Malaysia
Ayala Land Inc (ALI:PM)-4.68Philippines
Mitsui Fudosan Co Ltd (8801:JP)-4.48Japan
DLF Ltd (DLFU:IN)-3.61India
BR Properties SA (BRPR3:BZ)-3.37Brazil
China Jinmao Holdings Group Ltd (817:HK)-2.63Hong Kong (SAR)
Mitsubishi Estate Co Ltd (8802:JP)-2.44Japan
BR Malls Participacoes SA (BRML3:BZ)-1.70Brazil
Agile Property Holdings Ltd (3383:HK)-1.37China

Winners and Losers by Country ML Global Real Estate Index Between 2015-10-20 and 2015-10-13
NameWeekchCountry
Scentre Group (SCG:AU)1.49
Westfield Corp (WFD:AU)1.38Australia
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)-7.09Brazil
BR Properties SA (BRPR3:BZ)-3.37Brazil
BR Malls Participacoes SA (BRML3:BZ)-1.70Brazil
Agile Property Holdings Ltd (3383:HK)-1.37China
Sino-Ocean Land Holdings Ltd (3377:HK)-0.85China
Guangzhou R&F Properties Co Ltd (2777:HK)0.13China
Country Garden Holdings Co Ltd (2007:HK)1.67China
Longfor Properties Co Ltd (960:HK)2.97China
SOHO China Ltd (410:HK)7.08China
Shui On Land Ltd (272:HK)7.39China
Evergrande Real Estate Group Ltd (3333:HK)7.52China
Greentown China Holdings Ltd (3900:HK)6.46Hangzhou China
China Jinmao Holdings Group Ltd (817:HK)-2.63Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)-1.30Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)-0.96Hong Kong (SAR)
China Resources Land Ltd (1109:HK)-0.47Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)0.40Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)1.47Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)2.72Hong Kong (SAR)
Link REIT (823:HK)2.80Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)4.10Hong Kong (SAR)
DLF Ltd (DLFU:IN)-3.61India
Unitech Ltd (UT:IN)5.46India
Bumi Serpong Damai Tbk PT (BSDE:IJ)1.54Indonesia
Mitsui Fudosan Co Ltd (8801:JP)-4.48Japan
Mitsubishi Estate Co Ltd (8802:JP)-2.44Japan
Japan Retail Fund Investment Corp (8953:JP)2.37Japan
Daelim Industrial Co Ltd (000210:KS)1.89Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)-4.68Malaysia
Ayala Land Inc (ALI:PM)-4.68Philippines
Ayala Corp (AC:PM)-0.86Philippines
SM Prime Holdings Inc (SMPH:PM)1.36Philippines
LSR Group PJSC (LSRG:LI)9.45Russian Federation
Growthpoint Properties Ltd (GRT:SJ)6.67South Africa
Farglory Land Development Co Ltd (5522:TT)0.63Taiwan
Ruentex Development Co Ltd (9945:TT)2.06Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)5.08Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)-0.09Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)4.94Turkey
Land Securities Group PLC (LAND:LN)4.59United Kingdom
HCP Inc (HCP:US)0.77United States
Welltower Inc (HCN:US)0.86United States
Weyerhaeuser Co (WY:US)0.90United States
Ventas Inc (VTR:US)1.30United States
Host Hotels & Resorts Inc (HST:US)1.78United States
Boston Properties Inc (BXP:US)2.04United States
Crown Castle International Corp (CCI:US)2.50United States
AvalonBay Communities Inc (AVB:US)2.76United States
Equity Residential (EQR:US)2.98United States
American Tower Corp (AMT:US)3.43United States
Prologis Inc (PLD:US)3.54United States
Simon Property Group Inc (SPG:US)3.68United States
Vornado Realty Trust (VNO:US)4.00United States
Public Storage (PSA:US)4.64United 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


  • Debt funds fail to deliver interest payments as real estate languishes
  • New York, it may be time to worry about rising interest rates
  • How the Liberal win will affect interest rates, taxes and real estate
  • Collect $1000 in Monthly Rent From Cominar Real Estate ...
  • Bengaluru, Mumbai, Delhi top office rental yields globally, says ...
  • Investors Real Estate Trust Named Top Dividend Stock With Insider ...
  • Investors Score High Yields for Older, Less-Expensive Rental Homes


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)119.5 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    NUVEEN REAL ESTATE INCOME FUND (JRS)27.8338.3
    ING L INVEST - EUROPEAN REAL ESTATE (XUM3)22.6397.7
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)21.02930.0
    ING L INVEST GLOBAL REAL ESTATE (XUMS)20.7354.2
    PRINCIPAL REAL ESTATE INCOME FUND (PGZ)16.7137.4
    ING L INVEST GLOBAL REAL ESTATE - I$ (INGUSDI)15.2311.1
    AXA WORLD FUNDS - FRAMLINGTON GLOBAL REAL ESTATE SECURITIES - A (AXAWAAU)13.1164.2
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)13.1786.9
    DAIWA J-REIT OPEN (0431103B)13.0180.0
    JPMORGAN FUNDS - GLOBAL REAL ESTATE SECURITIES USD - A (JPGRECI)11.4170.5

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - INSTITUTIONAL (RRGIX)-56.01333.0
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-23.34222.0
    DELTA LLOYD L - GLOBAL PROPERTY FUND - IC (DELGPIC)-7.5473.5
    DELTA LLOYD L - GLOBAL PROPERTY FUND - B CAPITALISATION (DELGPBC)-7.5473.5
    BNP PARIBAS FUND III NV- GLOBAL PROPERTY SECURITIES FUND (AAPFGL)-7.5186.0
    OPPENHEIMER REAL ESTATE FUND - C (ORECX)-6.41388.0
    DWS RREEF REAL ESTATE SECURITIES FUND - S (RRREX)-6.01470.0
    RUSSELL GLOBAL REAL ESTATE SECURITIES FUND - E (RREEX)-5.9td>1575.0
    RUSSELL GLOBAL REAL ESTATE SECURITIES FUND - C (RRSCX)-5.61575.0
    ING REAL ESTATE FUND - R (CRWRX)-5.51368.0


    Logistic Real Estate Yields




  • Biggest winner from Japan Post IPO: Abenomics
  • The Carlyle Group LP (NASDAQ:CG) Sunil Kaul Hires as Head for ...
  • Keep It Fresh: Re-evaluating the Food Manufacturing Supply Chain
  • SEGRO plc Stock Rating Reaffirmed by Numis Securities Ltd (SGRO)
  • CBRE acquires logistics portfolio in Europe for EUR350m
  • Prologis Given New $49.00 Price Target at Morgan Stanley (PLD)
  • LegacyTexas Financial Group, Inc. Reports Third Quarter 2015 ...
  • Fundamentals Remain Strong for US Real Estate
  • 5 Monthly Dividend Stocks To Pay Your Bills In Retirement
  • GFH to acquire $125 million industrial real estate portfolio in United ...
  • Brandywine Realty Trust Downgraded by Zacks (BDN)
  • Bank of the Sierra Posts 24% Higher 3Q Earnings

    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
  • Blackstone, Carlyle, KKR and TPG Jointly Host Inaugural Veterans ...
  • Moscow Warehouse Space Absorption Rises 27 Pct in 9M'2015
  • Local "Start Up" profiles Ferndale company, more on public TV
  • Local “Start Up” profiles Ferndale company, more on public TV
  • China's Great Game: Road to a new empire
  • Billa leases 20000 sq m at Bykovo logistics park
  • Ukraine Logistics, Warehouse Markets Remain Suppressed by ...
  • What China's One Belt and One Road Strategy Means for India, Asia ...
  • RUB 1.5 Bln Logistics Park under Development in Moscow Region

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



    Retail Real Estate Yields



  • Applying Analytics to Real Estate Assets
  • MOVES-UBS, BNP Paribas, William Blair, Warburg Pincus
  • Skeptics suggest China's slump deeper than acknowledged
  • First Midwest Bancorp, Inc. Announces 2015 Third Quarter Results
  • REFILE-MOVES-BNP Paribas, William Blair, ING Groep, Amundi
  • Biggest winner from Japan Post IPO: Abenomics
  • Small Business Holiday Marketing Tips for 2015
  • The Ground Floor: Innovative REITs That Embrace Disruption
  • Exclusive: Q&A with Real Estate Legend Laurence Geller
  • Breakfast links: I think I can

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • BRIEF-Russia's PIK says Q3 total cash collections up 30.5 pct y/y
  • Humacyte Raises $150 Million Series B Financing
  • Fitch Affirms 3 Russian Banks; Revises BSPB's Outlook to Stable
  • Morning MoneyBeat: Wall Street Readies for Retail Sales
  • Three new partners join Dentons' Russian practice

    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 ...
  • Is Dream Office Real Estate Investment Trust's 10.7% Yield ...
  • Applying Analytics to Real Estate Assets
  • Are These Office REITs' 10%+ Yields Safe?
  • REITs Promise Shelter in a Stormy Market
  • Blackstone Builds on Apartment Foray With Manhattan Invasion
  • First Midwest Bancorp, Inc. Announces 2015 Third Quarter Results

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Get Yields up to 8% From Residential Real Estate
  • REITs Promise Shelter in a Stormy Market
  • Blackstone Builds on Apartment Foray With Manhattan Invasion
  • Like Yield? Cominar Real Estate Investment Trust Pays 9% Annually
  • REIT-bound: Yield-Generating ETFs More Attractively Valued
  • New York, it may be time to worry about rising interest rates
  • Why McDonald's stock will never trade below $100 again
  • Yellen, yuan and yields: Global economies are more closely linked ...



    Index News

  • iShares FTSE EPRA/NAREIT Global Real Estate ex-U.S. Index Fund ...
  • Worldwide real estate asset growth spectacular again
  • There is Nothing Innovative About Displacement
  • MF Starts Rise While Permits Fall
  • Rabobank Global Pork Quarterly Q4: Exchange Rates Increasingly ...
  • China's Stock Market Crash and Gold
  • Prologis (PLD) is Reiterated by Barclays to Overweight, Raises Price ...

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15393.722.63%10.917.3066.9128.6926.70%107.82
    Westfield CorpWFD:AUAustralia REIT14952.06-13.0313.3099.99-0.0037.69%123.16
    GPT Group/TheGPT:AUAustralia REIT5997.384.71%9.6611.5999.9945.5022.71%174.95
    Dexus Property GroupDXS:AUAustralia REIT5284.035.46%11.128.0071.9460.7214.53%132.49
    Goodman GroupGMG:AUAustralia Real Estate Services7535.233.79%8.478.6499.9932.1011.82%133.88
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers4691.995.39%10.563.9036.9356.925.44%85.15
    StocklandSGP:AUAustralia REIT6735.446.15%10.124.3142.5962.242.63%93.76
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2779.10--4.330.003.82%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2112.030.24%22.717.3632.415.45-7.51%4.06
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers830.352.05%37.014.3611.7875.87-9.09%37.97
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1336.492.04%15.473.8224.6931.56-38.26%-1.05
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers9904.6510.17%4.320.5111.8143.93100.62%148.46
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2257.812.86%9.972.0320.3628.5127.53%62.86
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers7804.003.42%5.850.9115.5620.0121.88%48.02
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2183.485.79%4.550.347.4726.3417.07%42.76
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4520.135.15%6.400.7812.1932.9616.29%51.46
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8860.392.60%5.250.5510.4813.6512.31%27.61
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3247.354.67%5.270.5410.2524.611.92%27.93
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2636.654.13%10.999.5887.1745.39-30.04%87.95
    KlepierreLI:FPFrance REIT14716.083.87%-9.85-0.0034.18%
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers447.66--1.860.00-31.93%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers555.056.32%4.130.6716.2226.10-36.31%-1.69
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1885.94-6.050.406.61-0.00-12.55%-15.56
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3056.775.18%6.410.8813.7333.2028.27%65.22
    China Overseas Land &mmp; Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers32953.422.12%7.011.6022.8214.8623.02%50.12
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19004.132.34%8.021.3216.4618.7721.31%44.94
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2208.264.06%6.910.8512.3028.054.38%34.25
    Link REIT823:HKHong Kong (SAR) REIT13354.973.98%3.8913.6999.9915.483.80%363.74
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9705.165.02%3.851.3334.5519.33-7.12%39.33
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6120.656.59%5.170.6312.1934.07-7.70%29.81
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2879.233.94%8.931.1512.8835.18-8.25%27.31
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1195.353.00%-0.37-0.00-15.15%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers777.420.38%7.650.455.882.91-34.50%-36.94
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3615.671.52%43.473.087.0966.0716.14%42.25
    Unitech LtdUT:INIndia Real Estate Owners & Developers320.04-2.410.6125.31-0.00-54.96%-35.64
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2341.690.90%11.454.7441.4010.317.52%44.20
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers15574.530.56%22.682.3310.2712.7014.69%11.41
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29257.680.56%49.063.096.3027.4712.84%-6.02
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers26755.380.87%26.552.057.7223.1010.83%11.52
    Japan Retail Fund Investment Corp8953:JPJapan REIT4820.753.72%25.568.8834.7495.089.71%110.40
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const2331.290.13%-0.29-0.0015.23%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1251.382.56%11.042.0918.9328.26-29.43%3.15
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers13509.280.79%22.649.0940.1517.8929.28%61.10
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers11170.911.18%31.715.4417.1637.4210.46%29.75
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers10131.000.76%25.812.8511.0419.6210.33%11.60
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders2340.98-23.802.6711.22-0.0073.43%57.27
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1074.0014.23%---0.00-20.21%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT5319.444.99%17.307.7544.8086.3313.53%123.78
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers933.7710.50%4.221.2429.3844.3132.85%98.75
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1692.2610.16%5.444.5283.0955.27-1.89%127.45
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers2190.411.29%11.132.4321.8314.3632.28%53.76
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5858.591.41%26.208.9834.2736.943.79%45.23
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3766.003.35%15.327.3247.7851.3227.06%107.27
    Segro PLCSGRO:LNUnited Kingdom REIT5047.213.61%4.0815.4999.9914.7329.47%416.20
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16091.942.44%4.3013.4899.9910.4929.20%345.30
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13696.023.23%5.1218.4199.9916.5429.15%396.56
    Intu Properties PLCINTU:LNUnited Kingdom REIT7212.513.94%17.238.1447.2467.8913.07%107.39
    Public StoragePSA:USUnited States REIT39288.002.99%39.6417.0442.99118.5235.50%153.79
    Macerich Co/TheMAC:USUnited States REIT13194.003.12%8.1410.3399.9925.4028.79%169.37
    Essex Property Trust IncESS:USUnited States REIT15595.002.43%71.1013.4218.87172.7728.34%145.31
    UDR IncUDR:USUnited States REIT9427.003.08%35.0310.7730.75107.8927.63%127.66
    AvalonBay Communities IncAVB:USUnited States REIT24546.002.71%32.8813.7541.8289.1026.20%120.67
    Simon Property Group IncSPG:USUnited States REIT62546.003.07%40.3112.3230.56123.7522.38%132.81
    Equity ResidentialEQR:USUnited States REIT28945.002.78%32.1910.7833.4989.4921.80%109.01
    Federal Realty Investment TrustFRT:USUnited States REIT10014.002.60%52.4413.8326.37136.3420.27%126.97
    Duke Realty CorpDRE:USUnited States REIT7257.003.24%24.386.8027.8978.9919.62%98.55
    Regency Centers CorpREG:USUnited States REIT6285.002.91%34.8011.3032.47101.2719.54%114.90
    Kimco Realty CorpKIM:USUnited States REIT10775.003.68%18.299.6952.9867.3117.25%115.67
    CBRE Group IncCBG:USUnited States Real Estate Services11498.00-22.601.205.31-0.0017.02%-3.85
    General Growth Properties IncGGP:USUnited States REIT24657.002.59%20.099.9449.4852.0317.01%94.85
    Realty Income CorpO:USUnited States REIT12146.004.67%43.9511.2325.55205.2516.20%199.47
    Digital Realty Trust IncDLR:USUnited States REIT9814.004.71%27.585.9321.50129.9014.71%134.96
    Prologis IncPLD:USUnited States REIT22408.003.74%18.9811.0158.0170.9912.00%118.44
    SL Green Realty CorpSLG:USUnited States REIT11947.002.03%130.007.305.62263.9010.02%145.96
    Boston Properties IncBXP:USUnited States REIT18886.002.11%33.527.6322.7670.737.37%63.76
    Welltower IncHCN:USUnited States REIT24526.004.73%28.966.4822.38136.987.17%133.99
    Vornado Realty TrustVNO:USUnited States REIT18759.002.53%50.307.2714.45127.266.29%94.13
    Liberty Property TrustLPT:USUnited States REIT5155.005.52%25.666.2724.43141.646.13%142.97
    Crown Castle International CorpCCI:USUnited States REIT27759.003.94%52.757.4014.03207.845.04%170.58
    American Tower CorpAMT:USUnited States REIT41020.001.90%52.119.0617.3999.014.87%65.58
    Plum Creek Timber Co IncPCL:USUnited States REIT7155.004.30%38.714.7712.32166.454.65%141.14
    Ventas IncVTR:USUnited States REIT19195.005.47%33.085.3516.17180.952.14%162.60
    Iron Mountain IncIRM:USUnited States REIT6630.006.05%48.452.094.31293.121.04%246.45
    HCP IncHCP:USUnited States REIT18129.005.77%20.167.4637.00116.32-3.60%125.99
    Weyerhaeuser CoWY:USUnited States REIT14984.004.26%27.802.117.59118.43-9.01%85.63
    Host Hotels & Resorts IncHST:USUnited States REIT13287.004.52%19.212.4812.9186.83-15.69%61.26
    VEREIT IncVER:USUnited States REIT7638.006.52%-4.52-0.00-27.55%

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Segro PLCSGRO:LNUnited Kingdom REIT5047.213.61%4.0815.4999.9914.7329.47%416.20
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13696.023.23%5.1218.4199.9916.5429.15%396.56
    Link REIT823:HKHong Kong (SAR) REIT13354.973.98%3.8913.6999.9915.483.80%363.74
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16091.942.44%4.3013.4899.9910.4929.20%345.30
    Iron Mountain IncIRM:USUnited States REIT6630.006.05%48.452.094.31293.121.04%246.45
    Realty Income CorpO:USUnited States REIT12146.004.67%43.9511.2325.55205.2516.20%199.47
    GPT Group/TheGPT:AUAustralia REIT5997.384.71%9.6611.5999.9945.5022.71%174.95
    Crown Castle International CorpCCI:USUnited States REIT27759.003.94%52.757.4014.03207.845.04%170.58
    Macerich Co/TheMAC:USUnited States REIT13194.003.12%8.1410.3399.9925.4028.79%169.37
    Ventas IncVTR:USUnited States REIT19195.005.47%33.085.3516.17180.952.14%162.60

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers777.420.38%7.650.455.882.91-34.50%-36.94
    Unitech LtdUT:INIndia Real Estate Owners & Developers320.04-2.410.6125.31-0.00-54.96%-35.64
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1885.94-6.050.406.61-0.00-12.55%-15.56
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29257.680.56%49.063.096.3027.4712.84%-6.02
    CBRE Group IncCBG:USUnited States Real Estate Services11498.00-22.601.205.31-0.0017.02%-3.85
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers555.056.32%4.130.6716.2226.10-36.31%-1.69
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1336.492.04%15.473.8224.6931.56-38.26%-1.05
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1251.382.56%11.042.0918.9328.26-29.43%3.15
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2112.030.24%22.717.3632.415.45-7.51%4.06
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers15574.530.56%22.682.3310.2712.7014.69%11.41

    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

  •  October 20, 2015· Midlincoln Research · midlincoln.com