Weekly Overview

October 27, 2015

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate1.0412.62-5.43-5.93

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index-1.508.788.95-17.26
S&P 500 Index1.847.240.605.43
Hong Kong Hang Seng Index-0.158.23-2.86-0.78
Ibovespa Brasil Sao Paulo Stock Exchange Index-0.505.30-5.60-9.11
S&P BSE SENSEX Index-0.315.81-0.751.60
Deutsche Boerse AG German Stock Index DAX6.2711.49

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela29.2832.62
Ecuador14.25
Zambia11.90
Iraq10.65
Ghana10.54
Gabon8.87
El Salvador8.66
Angola8.08
Kenya8.05
Argentina8.039.25
Mongolia8.02
Costa Rica7.36
C?te dIvoire7.24
Brazil6.849.30
Jamaica6.6510.63
Pakistan6.57
Kazakhstan6.406.64
Lebanon6.19
Dominican Republic6.05
Paraguay5.97
Egypt5.90
Azerbaijan5.84
Sri Lanka5.735.22
South Africa5.186.60
Russia5.165.82
Uruguay5.01
Indonesia4.855.64
Vietnam4.80
Colombia4.7410.73
Malaysia4.723.22
Turkey4.704.78
Croatia4.62
Peru4.574.28
Mexico4.565.64
Serbia4.12
Morocco3.894.81
Romania3.81
Panama3.77
Chile3.564.39
Hungary3.44
China3.324.34
Philippines3.153.32
Lithuania2.67
Poland2.66
Ukraine2.52
Slovak Republic2.36
Latvia2.34
Hong Kong3.35
India4.37
Israel4.59
Korea2.33
Qatar2.78
Singapore3.68
Thailand3.75
United Arab Emirates3.08



Top 10 Winners In MidLincoln Global Real Estate Index Between 2015-10-27 and 2015-10-20
NameWeekchCountry
Greentown China Holdings Ltd (3900:HK)5.03Hangzhou China
Ayala Land Inc (ALI:PM)4.96Philippines
Evergrande Real Estate Group Ltd (3333:HK)4.92China
Poly Property Group Co Ltd (119:HK)4.74Hong Kong (SAR)
SOHO China Ltd (410:HK)4.07China
General Growth Properties Inc (GGP:US)3.70United States
SM Prime Holdings Inc (SMPH:PM)3.19Philippines
Crown Castle International Corp (CCI:US)3.14United States
Bumi Serpong Damai Tbk PT (BSDE:IJ)3.10Indonesia
Longfor Properties Co Ltd (960:HK)3.08China

Top 10 Losers In Global Real Estate Index Between 2015-10-27 and 2015-10-20
NameWeekchCountry
Host Hotels & Resorts Inc (HST:US)-8.03United States
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-5.66Turkey
Growthpoint Properties Ltd (GRT:SJ)-4.53South Africa
PIK Group PJSC (PIKK:RM)-4.50Russian Federation
Ventas Inc (VTR:US)-4.47United States
Essex Property Trust Inc (ESS:US)-4.18United States
China Overseas Grand Oceans Group Ltd (81:HK)-3.79Hong Kong (SAR)
Iron Mountain Inc (IRM:US)-3.69United States
DLF Ltd (DLFU:IN)-3.51India
Daelim Industrial Co Ltd (000210:KS)-3.14Korea, Republic of (South)

Winners and Losers by Country ML Global Real Estate Index Between 2015-10-27 and 2015-10-20
NameWeekchCountry
Scentre Group (SCG:AU)2.74
Goodman Group (GMG:AU)0.63Australia
Westfield Corp (WFD:AU)0.76Australia
GPT Group/The (GPT:AU)1.14Australia
Stockland (SGP:AU)1.32Australia
Mirvac Group (MGR:AU)2.47Australia
Dexus Property Group (DXS:AU)2.75Australia
IMMOFINANZ AG (IIA:AV)-2.32Austria
Sino-Ocean Land Holdings Ltd (3377:HK)-0.43China
Country Garden Holdings Co Ltd (2007:HK)0.33China
Shui On Land Ltd (272:HK)0.46China
Agile Property Holdings Ltd (3383:HK)1.39China
Guangzhou R&F Properties Co Ltd (2777:HK)2.31China
Longfor Properties Co Ltd (960:HK)3.08China
SOHO China Ltd (410:HK)4.07China
Evergrande Real Estate Group Ltd (3333:HK)4.92China
Klepierre (LI:FP)-2.33France
Etalon Group Ltd (ETLN:LI)0.00Guernsey, Channel Islands
Raven Russia Ltd (RUS:LN)1.82Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)5.03Hangzhou China
China Overseas Grand Oceans Group Ltd (81:HK)-3.79Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)0.00Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)0.19Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)0.90Hong Kong (SAR)
China Resources Land Ltd (1109:HK)1.18Hong Kong (SAR)
New World Development Co Ltd (17:HK)1.56Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)1.76Hong Kong (SAR)
Link REIT (823:HK)2.07Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)2.92Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)4.74Hong Kong (SAR)
DLF Ltd (DLFU:IN)-3.51India
Unitech Ltd (UT:IN)-3.05India
Bumi Serpong Damai Tbk PT (BSDE:IJ)3.10Indonesia
Mitsui Fudosan Co Ltd (8801:JP)-0.15Japan
Sumitomo Realty & Development Co Ltd (8830:JP)0.41Japan
Japan Retail Fund Investment Corp (8953:JP)0.67Japan
Mitsubishi Estate Co Ltd (8802:JP)0.99Japan
Daelim Industrial Co Ltd (000210:KS)-3.14Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)2.81Malaysia
Ayala Corp (AC:PM)2.10Philippines
SM Prime Holdings Inc (SMPH:PM)3.19Philippines
Ayala Land Inc (ALI:PM)4.96Philippines
PIK Group PJSC (PIKK:RM)-4.50Russian Federation
LSR Group PJSC (LSRG:LI)-1.68Russian Federation
Growthpoint Properties Ltd (GRT:SJ)-4.53South Africa
Ruentex Development Co Ltd (9945:TT)-1.19Taiwan
Farglory Land Development Co Ltd (5522:TT)0.95Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)1.92Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)1.15Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)-5.66Turkey
British Land Co PLC/The (BLND:LN)-0.69United Kingdom
Intu Properties PLC (INTU:LN)0.01United Kingdom
Land Securities Group PLC (LAND:LN)0.05United Kingdom
Segro PLC (SGRO:LN)1.49United Kingdom
Host Hotels & Resorts Inc (HST:US)-8.03United States
Ventas Inc (VTR:US)-4.47United States
Essex Property Trust Inc (ESS:US)-4.18United States
Iron Mountain Inc (IRM:US)-3.69United States
AvalonBay Communities Inc (AVB:US)-3.13United States
Welltower Inc (HCN:US)-2.34United States
HCP Inc (HCP:US)-1.68United States
UDR Inc (UDR:US)-1.58United States
Plum Creek Timber Co Inc (PCL:US)-1.42United States
Federal Realty Investment Trust (FRT:US)-1.21United States
Boston Properties Inc (BXP:US)-0.89United States
Duke Realty Corp (DRE:US)-0.86United States
VEREIT Inc (VER:US)-0.47United States
Weyerhaeuser Co (WY:US)-0.38United States
CBRE Group Inc (CBG:US)-0.06United States
Vornado Realty Trust (VNO:US)0.02United States
Equity Residential (EQR:US)0.18United States
SL Green Realty Corp (SLG:US)0.23United States
Prologis Inc (PLD:US)0.84United States
Digital Realty Trust Inc (DLR:US)0.89United States
Liberty Property Trust (LPT:US)1.54United States
Regency Centers Corp (REG:US)1.70United States
Simon Property Group Inc (SPG:US)2.00United States
Macerich Co/The (MAC:US)2.17United States
American Tower Corp (AMT:US)2.44United States
Public Storage (PSA:US)2.55United States
Realty Income Corp (O:US)2.76United States
Kimco Realty Corp (KIM:US)2.95United States
Crown Castle International Corp (CCI:US)3.14United States
General Growth Properties Inc (GGP:US)3.70United 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


  • New York, it may be time to worry about rising interest rates
  • What Is The Bond Market Telling Us About Real Estate Prices?
  • Debt funds fail to deliver interest payments as real estate languishes
  • Investors Score High Yields for Older, Less-Expensive Rental Homes
  • Sales price dip drives up residential yields
  • Bengaluru, Mumbai, Delhi top office rental yields globally, says ...
  • Investors Real Estate Trust Named Top Dividend Stock With Insider ...
  • Annaly Capital -- Double-Digit Income in a Low-Yield World


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)43.5 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - Y (BLRYX)31.41228.0
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - I (BLRIX)31.41228.0
    BROOKFIELD GLOBAL LISTED REAL ESTATE FUND - C (BLRCX)31.31228.0
    VIRTUS REAL ESTATE SECURITIES - C (PHRCX)24.51429.0
    NUVEEN REAL ESTATE INCOME FUND (JRS)20.3341.3
    ING L INVEST - EUROPEAN REAL ESTATE (XUM3)17.2421.6
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)15.7816.0
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (MOREPUI)15.5389.4
    PRINCIPAL REAL ESTATE INCOME FUND (PGZ)15.3137.9
    PRINCIPAL GLOBAL REAL ESTATE SECURITIES FUND - P (POSPX)14.82970.0

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    NORTHERN GLOBAL REAL ESTATE INDEX FUND (NGREX)-50.51766.0
    PRUDENTIAL GLOBAL REAL ESTATE FUND - C (PURCX)-46.13523.0
    ADVANCE ALLIANCE INVESTMENT SUIT WHOLESLAE UNITS - ADVANCE GLOBAL PROPERTY - WHOLESALE (AVGPTYW)-37.2438.9
    MORGAN STANLEY INSTITUTIONAL FUND INC - US REAL ESTATE PORTFOLIO - L (MSULX)-33.4895.9
    DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND - INSTITUTIONAL (RRGIX)-30.81314.0
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-24.04232.0
    ZURICH INVEST INSTITUTIONAL FUNDS - ZIF IMMO SECURITIES GLOBAL FUND - D3 (ZIFISD3)-20.9111.1
    ADVANCE ALLIANCE WHOLESALE INVESTMENT SUITE - PROPERTY SECURITIES MULTI-BLEND - WHOLESALE (ADVPSMW)-20.31521.3
    FIRST STATE INVESTMENTS ICVC - GLOBAL PROPERTY SECURITIES - A ACC EUR (FSGPSAE)-11.8283.4
    DAVIS REAL ESTATE FUND - C (DRECX)-8.4247.0


    Logistic Real Estate Yields




  • Prologis Announces Debt Tender Offer to Purchase Up to $200 ...
  • 4 REITs Likely to Triumph This Earnings Season
  • WP Carey Raised to Strong-Buy at Zacks (WPC)
  • 12 Dividend Increases, September 21 To October 16, 2015
  • Market Update: Norfolk Southern Corporation (NYSE:NSC) - Norfolk ...
  • Biggest winner from Japan Post IPO: Abenomics
  • Dream Industrial Real Estate Invest Trst to Issue Monthly Dividend of ...
  • Dream Industrial Real Estate Invest Trst Plans C$0.06 Monthly ...
  • Prologis Announces Debt Tender Offer to Purchase Up to $200 ...
  • Vereit Given Consensus Recommendation of "Hold" by Brokerages ...
  • Terreno Realty Upgraded by Zacks to "Hold" (TRNO)
  • 4 REITs Likely to Triumph This Earnings Season

    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
  • Bolshoi Theater names La Scala's Vaziev as ballet director
  • Industrial Parks to Appear in Moscow Regional Centers
  • Immofinanz to let a third of the first phase of LOG.IQ Bucharest
  • Moscow warehouse market saw a record surge in demand for ...
  • China's Great Game: Road to a new empire
  • Louis van Gaal says he'd accept draw for Man United at CSKA ...
  • What China's One Belt and One Road Strategy Means for India, Asia ...

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



    Retail Real Estate Yields



  • Is High Street Retail The Next Big Thing for Foreign Investors?
  • Peer-to-Peer Platform Showing in Vegas
  • Groundfloor Announces Three New Tools to Expand Peer-to-Peer ...
  • Will Invesco (IVZ) Q3 Earnings Disappoint on Higher Costs?
  • National Retail Properties Receives Average Rating of "Hold" from ...
  • Leading 5 Lowest Priced Dog REITs Garner 39.18% More Gains As ...
  • Rusk Report II: A challenge to change
  • Meet the women who saved Best Buy
  • The Ground Floor: Innovative REITs That Embrace Disruption
  • Small Business Holiday Marketing Tips for 2015

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • This Week's NY Deal Sheet
  • Early movers: VRX, PNY, COST, AXP, PYPL, M & more
  • Fitch Assigns Kazakhstan's Tsesnabank 'B+' Long-term IDR; Outlook ...
  • B2B: World Online Retail Will Switch to ULMART Model Within 10 ...
  • 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 (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
  • Core real estate managers adding a little risk to portfolios to bolster ...
  • Are These Office REITs' 10%+ Yields Safe?
  • Is High Street Retail The Next Big Thing for Foreign Investors?
  • Leading 5 Lowest Priced Dog REITs Garner 39.18% More Gains As ...
  • Bengaluru, Mumbai, Delhi top office rental yields globally, says ...
  • Bengaluru beats London, New York in office rental yield

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • Sales price dip drives up residential yields
  • Annaly Capital -- Double-Digit Income in a Low-Yield World
  • Investment Diversification - Is Real Estate for You?
  • Like Yield? Cominar Real Estate Investment Trust Pays 9% Annually
  • Core real estate managers adding a little risk to portfolios to bolster ...
  • Starwood Bets $5.4 Billion That Apartment Rents Will Keep Rising



    Index News

  • Africa Scoops Five Places In Emerging Markets' Top 10 Property ...
  • Is Strategic Hotels selling at the right time?
  • US home values and rents defying global slowdown
  • MIDEAST STOCKS-Gulf markets consolidate; Dubai real estate firms ...
  • Worldwide real estate asset growth spectacular again
  • World's Second-Largest Economy In Flux
  • MIDEAST STOCKS-Saudi tumbles as energy price rises considered

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15988.422.52%11.387.6367.0528.6829.07%109.72
    Westfield CorpWFD:AUAustralia REIT15450.07-13.2413.4299.99-0.0036.13%120.56
    GPT Group/TheGPT:AUAustralia REIT6194.654.55%10.0112.0599.9945.5524.78%177.00
    Goodman GroupGMG:AUAustralia Real Estate Services7780.753.65%8.788.9599.9932.0514.87%136.38
    Dexus Property GroupDXS:AUAustralia REIT5494.935.25%11.618.3672.0160.9514.05%131.71
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers4853.845.19%10.974.0536.9256.938.43%87.62
    StocklandSGP:AUAustralia REIT6958.765.93%10.504.5142.9562.273.01%94.04
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2787.30--4.450.001.91%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers908.321.86%40.714.7911.7775.722.43%45.51
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2178.540.24%23.557.6432.445.65-8.50%2.35
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1382.581.96%16.093.9724.6731.54-32.59%3.84
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers10279.099.76%4.490.5311.8043.82108.59%156.03
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2247.452.87%9.942.0020.1228.5327.96%62.98
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8044.543.32%6.030.9315.4220.0227.24%52.96
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4500.595.17%6.380.7611.9132.9811.26%46.08
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2213.785.71%4.620.347.3626.389.39%34.82
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8801.952.60%5.220.5410.3413.578.96%23.96
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3322.154.57%5.390.5510.2024.631.22%26.97
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2703.714.02%11.299.8587.2545.39-24.19%93.46
    KlepierreLI:FPFrance REIT14756.113.77%-10.12-0.0031.83%
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers458.50--1.900.00-29.44%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers555.056.32%4.320.7016.2027.30-34.35%1.14
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1980.75-6.360.416.45-0.00-11.66%-15.27
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3084.355.13%6.470.8713.4533.1924.26%60.74
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19227.492.31%8.121.3216.2618.7621.83%45.03
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers32762.162.14%6.971.5922.8114.9221.57%48.64
    Link REIT823:HKHong Kong (SAR) REIT13543.703.92%3.9414.0699.9915.445.71%370.38
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Developers2208.234.06%6.910.8512.3028.053.62%33.37
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2963.323.85%9.191.1712.7335.38-7.33%27.90
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9855.874.95%3.911.3534.5319.35-7.85%38.43
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6228.186.47%5.270.6412.1434.10-8.32%28.96
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1233.152.91%-0.38-0.00-11.34%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers747.990.39%7.360.435.842.87-38.37%-40.71
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3484.071.58%41.902.977.0966.2015.83%43.53
    Unitech LtdUT:INIndia Real Estate Owners & Developers309.88-2.330.5925.32-0.00-55.36%-36.06
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2403.570.88%11.764.7240.1410.3510.73%45.76
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers15979.770.54%23.472.4110.2712.6715.94%11.72
    Japan Retail Fund Investment Corp8953:JPJapan REIT4948.203.59%26.489.1834.6795.0612.46%112.02
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29861.510.54%50.543.186.2927.2910.55%-10.10
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers27406.920.84%27.452.127.7223.069.72%9.36
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const2226.250.14%-0.27-0.001.47%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1286.472.48%11.422.1418.7428.32-29.50%2.45
    SM Prime Holdings IncSMPH:PMPhilippines Real Estate Owners & Developers13952.970.93%23.649.2539.1321.9936.90%70.68
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers10487.710.73%27.012.9711.0019.7218.09%18.10
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers11634.221.12%33.385.6516.9337.3912.96%30.20
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders2345.77-24.082.7111.25-0.0057.14%40.62
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers1056.0014.47%---0.00-20.56%
    Growthpoint Properties LtdGRT:SJSouth Africa REIT5217.554.94%17.477.8344.8286.307.00%116.96
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers947.8610.33%4.291.2529.1444.3240.17%105.64
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1719.879.98%5.534.6183.3655.190.78%130.11
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers2222.731.27%11.302.4121.3314.3526.98%47.67
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5936.011.38%26.639.0734.0636.752.65%43.14
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3557.293.56%14.416.8947.8151.3014.19%95.20
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16193.772.41%4.3613.6799.9910.5126.59%342.58
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13681.873.21%5.1618.5499.9916.5626.39%393.40
    Segro PLCSGRO:LNUnited Kingdom REIT5152.773.51%4.1915.9499.9914.7125.43%412.68
    Intu Properties PLCINTU:LNUnited Kingdom REIT7256.263.88%17.478.2647.2867.789.27%103.17
    Public StoragePSA:USUnited States REIT40291.002.92%40.6517.4742.98118.7033.87%151.20
    Macerich Co/TheMAC:USUnited States REIT13481.003.19%8.3310.3199.9926.5727.29%165.61
    UDR IncUDR:USUnited States REIT9278.003.13%38.6110.5027.20120.8523.70%129.44
    AvalonBay Communities IncAVB:USUnited States REIT23778.002.79%34.5313.0637.8296.3421.54%117.48
    Equity ResidentialEQR:USUnited States REIT28996.002.77%33.3310.6832.0492.3221.52%108.87
    Simon Property Group IncSPG:USUnited States REIT63799.003.10%40.0112.3530.87124.0320.13%131.33
    Essex Property Trust IncESS:USUnited States REIT14944.002.53%68.1312.8618.88172.3719.09%138.51
    General Growth Properties IncGGP:USUnited States REIT25569.002.49%20.8410.3149.4751.8918.24%95.07
    Regency Centers CorpREG:USUnited States REIT6391.002.86%35.3911.4932.47101.2217.58%112.18
    Realty Income CorpO:USUnited States REIT12481.004.54%45.1711.5425.55205.0716.79%198.55
    Duke Realty CorpDRE:USUnited States REIT7195.003.26%24.176.7427.8978.7916.29%95.11
    Kimco Realty CorpKIM:USUnited States REIT11093.003.57%18.849.9852.9767.2615.46%113.16
    Digital Realty Trust IncDLR:USUnited States REIT9901.004.67%27.825.9921.53129.9213.70%133.64
    Federal Realty Investment TrustFRT:USUnited States REIT9892.002.63%51.8113.6626.37136.2612.86%119.98
    CBRE Group IncCBG:USUnited States Real Estate Services11491.00-20.361.155.65-0.0011.04%-7.36
    Prologis IncPLD:USUnited States REIT22597.003.71%19.1411.1057.9971.018.87%115.04
    Crown Castle International CorpCCI:USUnited States REIT28630.004.13%54.527.6614.05225.176.93%187.94
    SL Green Realty CorpSLG:USUnited States REIT11951.002.02%59.927.2012.02121.046.79%76.23
    Liberty Property TrustLPT:USUnited States REIT5235.005.44%20.306.3731.38110.436.10%123.92
    American Tower CorpAMT:USUnited States REIT42019.001.85%53.389.2817.3898.754.85%63.92
    Plum Creek Timber Co IncPCL:USUnited States REIT7054.004.36%30.944.5714.77134.904.84%119.88
    Vornado Realty TrustVNO:USUnited States REIT18763.002.53%50.317.2714.45127.284.62%92.35
    Boston Properties IncBXP:USUnited States REIT18718.002.13%33.227.5622.7670.764.50%61.10
    Welltower IncHCN:USUnited States REIT23953.004.85%28.286.3322.38137.162.19%129.76
    Ventas IncVTR:USUnited States REIT18364.005.73%32.665.1915.89187.14-2.15%164.53
    HCP IncHCP:USUnited States REIT17823.005.87%19.827.3336.98116.34-6.23%123.58
    Iron Mountain IncIRM:USUnited States REIT6385.006.28%46.662.014.31293.02-10.05%236.93
    Weyerhaeuser CoWY:USUnited States REIT14927.004.27%27.702.107.58118.28-10.75%83.72
    Host Hotels & Resorts IncHST:USUnited States REIT12221.004.92%17.672.2812.9086.94-25.85%52.63
    VEREIT IncVER:USUnited States REIT7602.006.56%-4.50-0.00-29.64%

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Segro PLCSGRO:LNUnited Kingdom REIT5152.773.51%4.1915.9499.9914.7125.43%412.68
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT13681.873.21%5.1618.5499.9916.5626.39%393.40
    Link REIT823:HKHong Kong (SAR) REIT13543.703.92%3.9414.0699.9915.445.71%370.38
    Land Securities Group PLCLAND:LNUnited Kingdom REIT16193.772.41%4.3613.6799.9910.5126.59%342.58
    Iron Mountain IncIRM:USUnited States REIT6385.006.28%46.662.014.31293.02-10.05%236.93
    Realty Income CorpO:USUnited States REIT12481.004.54%45.1711.5425.55205.0716.79%198.55
    Crown Castle International CorpCCI:USUnited States REIT28630.004.13%54.527.6614.05225.176.93%187.94
    GPT Group/TheGPT:AUAustralia REIT6194.654.55%10.0112.0599.9945.5524.78%177.00
    Macerich Co/TheMAC:USUnited States REIT13481.003.19%8.3310.3199.9926.5727.29%165.61
    Ventas IncVTR:USUnited States REIT18364.005.73%32.665.1915.89187.14-2.15%164.53

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers747.990.39%7.360.435.842.87-38.37%-40.71
    Unitech LtdUT:INIndia Real Estate Owners & Developers309.88-2.330.5925.32-0.00-55.36%-36.06
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1980.75-6.360.416.45-0.00-11.66%-15.27
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29861.510.54%50.543.186.2927.2910.55%-10.10
    CBRE Group IncCBG:USUnited States Real Estate Services11491.00-20.361.155.65-0.0011.04%-7.36
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers555.056.32%4.320.7016.2027.30-34.35%1.14
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2178.540.24%23.557.6432.445.65-8.50%2.35
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1286.472.48%11.422.1418.7428.32-29.50%2.45
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1382.581.96%16.093.9724.6731.54-32.59%3.84
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers27406.920.84%27.452.127.7223.069.72%9.36

    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 27, 2015· Midlincoln Research · midlincoln.com