Weekly Overview

February 3, 2016

MidLincoln Research

Real Estate Weekly

Emerging Markets Sector Reports

MidLincoln Real Estate Global Index

basketnameweekchmonthchytdchyearch
ML Global Real Estate1.98-8.53-15.86

Select Equity Indexes Yields

nameweekchmonthchytdchyearch
Russian Trading System Cash Index7.07-7.31-3.54-1.03
S&P 500 Index3.32-5.81-6.01-2.79
Hong Kong Hang Seng Index2.37-17.64-11.29-20.68
Ibovespa Brasil Sao Paulo Stock Exchange Index6.68-18.87-6.41-13.51
S&P BSE SENSEX Index1.42-9.63-4.52-14.91
Deutsche Boerse AG German Stock Index DAX0.22-9.17

Select Bond Yields (Eurobonds)

NcountryAvg Sovereign YieldAvg Corporate Yield
Venezuela34.5449.32
Ecuador17.81
Zambia14.93
Ghana14.25
Iraq13.97
Angola12.66
Gabon11.31
Mongolia10.45
El Salvador10.18
Ukraine9.32
Kenya9.03
C?te dIvoire8.21
Costa Rica7.97
Sri Lanka7.597.11
Azerbaijan7.56
Argentina7.459.74
Pakistan7.43
Egypt7.43
Brazil7.2911.81
Kazakhstan6.977.50
Dominican Republic6.97
Jamaica6.8914.30
South Africa6.798.69
Lebanon6.67
Paraguay6.39
Russia5.766.09
Indonesia5.676.61
Vietnam5.60
Colombia5.5316.05
Mexico5.488.18
Uruguay5.26
Turkey5.064.80
Peru4.974.43
Croatia4.67
Serbia4.47
Morocco4.445.89
Chile4.294.91
Malaysia4.283.26
Panama4.09
Romania3.91
Hungary3.59
China3.324.53
Philippines3.233.51
Poland3.05
Lithuania2.80
Slovak Republic2.38
Thailand3.08
Singapore2.71
Qatar3.60
Korea2.40
Israel4.53
India7.70
Hong Kong3.39
Latvia
United Arab Emirates4.20



Top 10 Winners In MidLincoln Global Real Estate Index Between 2016-02-02 and 2016-01-26
NameWeekchCountry
BR Malls Participacoes SA (BRML3:BZ)14.88Brazil
Ruentex Development Co Ltd (9945:TT)13.13Taiwan
Sumitomo Realty & Development Co Ltd (8830:JP)12.80Japan
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)12.28Brazil
SOHO China Ltd (410:HK)11.60China
Farglory Land Development Co Ltd (5522:TT)10.32Taiwan
BR Properties SA (BRPR3:BZ)10.17Brazil
Daelim Industrial Co Ltd (000210:KS)9.68Korea, Republic of (South)
Mitsui Fudosan Co Ltd (8801:JP)9.42Japan
Greentown China Holdings Ltd (3900:HK)9.12Hangzhou China

Top 10 Losers In Global Real Estate Index Between 2016-02-02 and 2016-01-26
NameWeekchCountry
SL Green Realty Corp (SLG:US)-12.89United States
Essex Property Trust Inc (ESS:US)-7.95United States
Vornado Realty Trust (VNO:US)-6.76United States
Welltower Inc (HCN:US)-6.35United States
CBRE Group Inc (CBG:US)-6.11United States
AvalonBay Communities Inc (AVB:US)-5.38United States
Equity Residential (EQR:US)-5.19United States
Host Hotels & Resorts Inc (HST:US)-4.61United States
Boston Properties Inc (BXP:US)-4.59United States
HCP Inc (HCP:US)-3.27United States

Winners and Losers by Country ML Global Real Estate Index Between 2016-02-02 and 2016-01-26
NameWeekchCountry
Scentre Group (SCG:AU)3.26
Westfield Corp (WFD:AU)3.77Australia
Stockland (SGP:AU)3.82Australia
Dexus Property Group (DXS:AU)3.85Australia
Goodman Group (GMG:AU)4.34Australia
GPT Group/The (GPT:AU)4.44Australia
Mirvac Group (MGR:AU)4.77Australia
IMMOFINANZ AG (IIA:AV)3.87Austria
BR Properties SA (BRPR3:BZ)10.17Brazil
Multiplan Empreendimentos Imobiliarios SA (MULT3:BZ)12.28Brazil
BR Malls Participacoes SA (BRML3:BZ)14.88Brazil
Longfor Properties Co Ltd (960:HK)0.55China
Country Garden Holdings Co Ltd (2007:HK)3.23China
Evergrande Real Estate Group Ltd (3333:HK)4.01China
Sino-Ocean Land Holdings Ltd (3377:HK)4.28China
Shui On Land Ltd (272:HK)6.50China
Agile Property Holdings Ltd (3383:HK)6.52China
Guangzhou R&F Properties Co Ltd (2777:HK)8.91China
SOHO China Ltd (410:HK)11.60China
Klepierre (LI:FP)-0.01France
Raven Russia Ltd (RUS:LN)2.45Guernsey, Channel Islands
Etalon Group Ltd (ETLN:LI)3.33Guernsey, Channel Islands
Greentown China Holdings Ltd (3900:HK)9.12Hangzhou China
New World Development Co Ltd (17:HK)-1.16Hong Kong (SAR)
Shimao Property Holdings Ltd (813:HK)0.52Hong Kong (SAR)
Link REIT (823:HK)0.59Hong Kong (SAR)
Shanghai Industrial Holdings Ltd (363:HK)1.35Hong Kong (SAR)
China Jinmao Holdings Group Ltd (817:HK)4.26Hong Kong (SAR)
Yuexiu Property Co Ltd (123:HK)4.81Hong Kong (SAR)
China Overseas Grand Oceans Group Ltd (81:HK)4.98Hong Kong (SAR)
China Overseas Land & Investment Ltd (688:HK)5.87Hong Kong (SAR)
China Resources Land Ltd (1109:HK)6.84Hong Kong (SAR)
Poly Property Group Co Ltd (119:HK)6.84Hong Kong (SAR)
Bumi Serpong Damai Tbk PT (BSDE:IJ)1.52Indonesia
Mitsubishi Estate Co Ltd (8802:JP)5.96Japan
Mitsui Fudosan Co Ltd (8801:JP)9.42Japan
Sumitomo Realty & Development Co Ltd (8830:JP)12.80Japan
Daelim Industrial Co Ltd (000210:KS)9.68Korea, Republic of (South)
UEM Sunrise Bhd (UEMS:MK)8.38Malaysia
Ayala Corp (AC:PM)6.17Philippines
Ayala Land Inc (ALI:PM)6.71Philippines
SM Prime Holdings Inc (SMPH:PM)7.19Philippines
PIK Group PJSC (PIKK:RM)3.92Russian Federation
LSR Group PJSC (LSRG:LI)6.90Russian Federation
Growthpoint Properties Ltd (GRT:SJ)7.30South Africa
Farglory Land Development Co Ltd (5522:TT)10.32Taiwan
Ruentex Development Co Ltd (9945:TT)13.13Taiwan
Lippo Karawaci Tbk PT (LPKR:IJ)3.85Tangerang, Jawa Barat, 15811 Indonesia
Central Pattana PCL (CPN:TB)-1.43Thailand
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO:TI)6.06Turkey
Land Securities Group PLC (LAND:LN)1.53United Kingdom
British Land Co PLC/The (BLND:LN)2.00United Kingdom
Intu Properties PLC (INTU:LN)2.14United Kingdom
Segro PLC (SGRO:LN)4.23United Kingdom
SL Green Realty Corp (SLG:US)-12.89United States
Essex Property Trust Inc (ESS:US)-7.95United States
Vornado Realty Trust (VNO:US)-6.76United States
Welltower Inc (HCN:US)-6.35United States
CBRE Group Inc (CBG:US)-6.11United States
AvalonBay Communities Inc (AVB:US)-5.38United States
Equity Residential (EQR:US)-5.19United States
Host Hotels & Resorts Inc (HST:US)-4.61United States
Boston Properties Inc (BXP:US)-4.59United States
HCP Inc (HCP:US)-3.27United States
UDR Inc (UDR:US)-2.93United States
Simon Property Group Inc (SPG:US)-2.12United States
Ventas Inc (VTR:US)-2.11United States
Prologis Inc (PLD:US)-1.46United States
Duke Realty Corp (DRE:US)-1.35United States
American Tower Corp (AMT:US)-1.21United States
Macerich Co/The (MAC:US)-0.88United States
Liberty Property Trust (LPT:US)-0.45United States
Federal Realty Investment Trust (FRT:US)0.17United States
Public Storage (PSA:US)0.69United States
Digital Realty Trust Inc (DLR:US)1.36United States
Regency Centers Corp (REG:US)1.40United States
Kimco Realty Corp (KIM:US)1.65United States
VEREIT Inc (VER:US)2.12United States
Weyerhaeuser Co (WY:US)2.34United States
Plum Creek Timber Co Inc (PCL:US)2.77United States
Crown Castle International Corp (CCI:US)3.11United States
Iron Mountain Inc (IRM:US)3.14United States
Realty Income Corp (O:US)4.03United States
General Growth Properties Inc (GGP:US)4.79United 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


  • Look to REITs for 4% to 5% Yields in 2016 -- Strategist
  • Why My Money Is on US Real Estate Right Now
  • Global Real Estate Value Hits $217 Trillion In 2015, 2.7 Times World ...
  • Vancouver Property Yields Drop to Manhattan Levels, CBRE Reports
  • 2016 could be a down year for South Florida&##39;s economy
  • High yielding 'Big Box' trust bucks property slowdown
  • What to consider when investing in real estate equity
  • Key risks for UK real estate in 2016
  • Yields and Profit Strategies for Real Estate Investors


    Weekly Fund flow into Real Estate focused funds and REITS showed (Previous Week)359.6 USD mn of inflow


    Top 10 Real Estate Focused Funds or REITS by Inflows
    Fund Namefund flow mn$Total Assets mn$
    DFA REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFREX)166.96440.0
    DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFGEX)102.64004.0
    DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO - INSTITUTIONAL (DFITX)75.23456.0
    NUVEEN REAL ESTATE INCOME FUND (JRS)38.7325.4
    MORGAN STANLEY INVESTMENT FUNDS - EUROPEAN PROPERTY FUND - A (XTS5)29.6447.6
    NORTHERN GLOBAL REAL ESTATE INDEX FUND (NGREX)11.51736.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 1 (PRAEX)10.92357.0
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - R 2 (PRENX)10.52357.0
    DAIWA J-REIT OPEN (0431103B)10.2188.7
    PRINCIPAL INVESTORS FUND INC - REAL ESTATE SECURITIES FUND - P (PIRPX)9.92357.0

    Top 10 Real Estate Focused Funds or REITS by Outflow
    Fund Namefund flow mn$Total Assets mn$
    ING GLOBAL REAL ESTATE FUND/UNITED STATES - B (IGBAX)-26.73688.0
    CSIF SWITZERLAND REAL ESTATE FUND INDEX BLUE - F (CSIFINF)-11.62407.0
    ING L INVEST GLOBAL REAL ESTATE (XUMS)-11.1334.6
    CSIF ASIA REAL ESTATE INDEX D - D (CSIFARE)-10.0126.0
    PARVEST REAL ESTATE SECURITIES WORLD - CLASSIC USD (BNPREWU)-9.161.5
    MORGAN STANLEY INVESTMENT FUNDS - GLOBAL PROPERTY FUND - BH (MORGPBH)-8.81102.6
    AXA WORLD FUNDS - FRAMLINGTON EUROPE REAL ESTATE SECURITIES (AW4J)-7.9842.9
    IAM-IMMO SECURITIES FUND - A (IAMIMSC)-7.0256.8
    DWS RREEF REAL ESTATE SECURITIES FUND - A (RRRAX)-6.61361.0
    DWS RREEF REAL ESTATE SECURITIES FUND - S (RRREX)-6.51361.0


    Logistic Real Estate Yields




  • 2016 could be a down year for South Florida's economy
  • Prologis (PLD) Reports Increase in Equity Commitment to China ...
  • Australia's Real Estate Tycoons See Gains In 2015
  • Corporations moving their headquarters to Chicago arrive with only ...
  • 17 Dividend Increases, January 25-January 29, 2016
  • LOGOS wraps up $210m deal for cold storage portfolio
  • Liberty Property's Big Dividend: Safe And Unloved
  • Moody's: Industrial S-REITS will continue overseas acquisitions in ...
  • CBRE Group, Inc. Reports Robust Revenue and Adjusted Earnings ...
  • Stag Industrial: Is The Sudden CFO Departure A Red Flag?
  • Spotlight On STAG Industrial
  • Stag Industrial: Weird Market Meltdown Has Boosted Dividend Yield ...

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



    Some facts about Moscow Warehouses:

  • The Bouvier Affair
  • The best destinations and hotels for a stag weekend in Europe
  • Achievements in Treasure Valley business, government, education ...
  • 'The Capital of Empty Spaces': Dealing with the shrinking of the ...
  • The 50 greatest hotels in the world
  • The Bouvier Affair
  • Immofinanz finalizes logistics portfolio sale for EUR 305 mln
  • Immofinanz finalizes sale of logistics portfolio to Blackstone
  • Editor's Choice: Bulls and bears
  • Vienna Airport reviews 2015 and predicts 2016

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



    Retail Real Estate Yields



  • 2016 could be a down year for South Florida's economy
  • A development gravy train? Bronx rail yards could yield 2M sf of dev ...
  • Bank Stocks Slide, Warnings Signs Persist
  • Performance Update On My Top REIT Ideas For 2016 - January ...
  • Moody's assigns Baa1 rating to Wereldhave N.V.; stable outlook
  • CBRE Group, Inc. Reports Robust Revenue and Adjusted Earnings ...
  • High yielding 'Big Box' trust bucks property slowdown
  • Blackstone sizes up Masters
  • Avison Young Issues 2016 Commercial Real Estate Forecast
  • Raise the Minimum Wage

    Retail stock per 1000 persons



    Some Facts about Moscow Retail

  • Fitch Affirms 6 Foreign-Owned Russian Banks
  • Kreps DeMaria Public Relations & Marketing Opens New York Office ...
  • Oil Collapse Hits Fashion Markets
  • Immofinanz finalizes logistics portfolio sale for EUR 305 mln
  • Mulling Macy's makeover in downtown Spokane

    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

  • Is Dream Office Real Estate Investment Trst a Secure Income ...
  • Liberty Property's Big Dividend: Safe And Unloved
  • 2016 could be a down year for South Florida's economy
  • Does the 14% Yield at Dream Office Real Estate Investment Trst ...
  • Yields fall as office blocks prove popular investment location
  • Yahoo to cut nearly 1600 workers as Mayer fights for turnaround
  • A development gravy train? Bronx rail yards could yield 2M sf of dev ...
  • Sydney office towers still offer best returns globally, despite tighter ...

    Global Ofice Yields


    Source: MidLincoln Research

    Residential Real Estate Yields

  • 2016 could be a down year for South Florida's economy
  • Look to REITs for 4% to 5% Yields in 2016 -- Strategist
  • Why My Money Is on US Real Estate Right Now
  • Liberty Property's Big Dividend: Safe And Unloved
  • Nashville Neighborhood Insider: Home Renovation Projects
  • What's Happening, 2016?
  • Caves Valley Partners submits high bid for former SSA complex on ...
  • Successful Land Sale: Nebraska, Kansas Trust Sale Yields $17.155 ...



    Index News

  • Legal & General IM expands index funds range
  • Makkah, Madinah real estate index up 7% in 2015- Alpha1Estates
  • Yahoo lays off 15% of staff after posting a massive loss
  • What's Happening, 2016?
  • Wall Street's 1% Show Breadth of Market Malaise in Selloff
  • Why The Best Investment In 2016 Might Be Global Real Estate
  • Turkish Real Estate Company Via Said to Hire Citi, HSBC for IPO

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Scentre GroupSCG:AUREIT15899.382.46%11.657.7766.7028.6624.11%97.64
    Mirvac GroupMGR:AUAustralia Real Estate Owners & Developers5188.314.81%12.084.4336.6758.1015.19%87.72
    Goodman GroupGMG:AUAustralia Real Estate Services8022.063.57%9.329.5099.9933.2714.85%130.56
    GPT Group/TheGPT:AUAustralia REIT6129.154.63%10.2012.2499.9947.2314.67%161.53
    Dexus Property GroupDXS:AUAustralia REIT5168.635.84%11.268.1172.0265.7612.60%128.95
    Westfield CorpWFD:AUAustralia REIT14163.15-11.8612.4199.99-0.008.56%91.17
    StocklandSGP:AUAustralia REIT7032.745.75%10.934.6742.7362.857.15%91.62
    IMMOFINANZ AGIIA:AVAustria Real Estate Owners & Developers2463.94--3.360.000.10%
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers627.7923.93%-3.41-0.003.36%
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1841.760.27%20.896.5331.265.64-18.00%-12.16
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1326.002.01%39.253.809.6878.89-29.43%9.72
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12038.417.99%5.600.6711.9644.74141.83%182.77
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2212.662.88%10.062.0520.3828.9720.96%50.08
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers8742.823.03%6.741.0515.5820.4220.34%39.43
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4748.054.87%6.930.8512.2733.7516.12%45.03
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers9036.182.53%5.510.5710.3413.948.93%17.54
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3941.563.82%6.580.6810.3325.145.72%24.44
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2184.715.75%4.690.357.4626.972.25%21.82
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2473.334.37%10.609.2587.2646.32-20.18%92.64
    KlepierreLI:FPFrance REIT14024.263.92%-9.35-0.0019.61%
    Etalon Group LtdETLN:LIGuernsey, Channel Islands Real Estate Owners & Developers505.393.47%4.420.7216.2915.34-8.10%8.94
    Raven Russia LtdRUS:LNGuernsey, Channel Islands Real Estate Owners & Developers396.09--1.700.00-16.15%
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2137.40-7.050.466.52-0.003.21%-7.48
    China Jinmao Holdings Group Ltd817:HKHong Kong (SAR) Real Estate Owners & Developers3639.604.32%7.681.0513.6733.1827.03%56.03
    China Overseas Land & Investment Ltd688:HKHong Kong (SAR) Real Estate Owners & Developers33757.052.06%7.231.6522.8214.8921.03%41.35
    China Resources Land Ltd1109:HKHong Kong (SAR) Real Estate Owners & Developers19550.852.26%8.311.3716.4918.789.93%26.72
    Link REIT823:HKHong Kong (SAR) REIT13396.504.14%5.8413.1699.9924.18-0.16%233.35
    Yuexiu Property Co Ltd123:HKHong Kong (SAR) Real Estate Owners & Dev 00004000 elopers2098.934.24%6.760.8412.4328.66-6.95%17.21
    New World Development Co Ltd17:HKHong Kong (SAR) Real Estate Owners & Developers9101.575.48%3.531.2234.5619.34-9.01%31.20
    Shanghai Industrial Holdings Ltd363:HKHong Kong (SAR) Real Estate Owners & Developers2833.243.98%8.841.1412.9035.18-9.14%19.93
    Shimao Property Holdings Ltd813:HKHong Kong (SAR) Real Estate Owners & Developers6144.356.52%5.340.6512.1734.82-15.91%15.57
    Poly Property Group Co Ltd119:HKHong Kong (SAR) Real Estate Owners & Developers1187.813.00%-0.37-0.00-19.89%
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers915.860.32%9.070.535.842.90-20.77%-31.26
    DLF LtdDLFU:INIndia Real Estate Owners & Developers2978.581.76%37.592.667.0866.16-14.74%10.74
    Unitech LtdUT:INIndia Real Estate Owners & Developers256.91-2.030.5125.12-0.00-57.73%-44.81
    Bumi Serpong Damai Tbk PTBSDE:IJIndonesia Real Estate Owners & Developers2511.530.83%14.275.3237.2811.840.50%25.19
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29339.460.55%45.973.036.5925.28-0.70%-24.96
    Japan Retail Fund Investment Corp8953:JPJapan REIT4955.023.62%26.309.1334.7195.21-5.26%88.19
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25334.450.92%25.111.917.6123.10-5.35%-9.92
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers13829.430.63%18.342.0010.9111.55-15.45%-21.50
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const1914.910.15%-0.25-0.001.98%
    UEM Sunrise BhdUEMS:MKMalaysia Real Estate Owners & Developers1220.682.63%11.322.0818.3729.77-17.96%8.70
    SM Prime Holdings IncSMPH:PMPhilippines Real 00004000 Estate Owners & Developers13082.520.97%22.428.8239.3421.7528.71%57.21
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9778.840.76%22.472.7912.4217.089.77%6.62
    Ayala Land IncALI:PMPhilippines Real Estate Owners & Developers10568.771.20%30.035.2817.5836.043.42%16.84
    LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers978.7915.61%---0.0032.84%
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1827.16-23.622.6511.22-0.0016.92%-5.65
    Growthpoint Properties LtdGRT:SJSouth Africa REIT4008.645.40%15.977.0544.1586.24-9.34%94.90
    Farglory Land Development Co Ltd5522:TTTaiwan Real Estate Owners & Developers859.4811.00%3.831.0627.6842.132.33%58.14
    Ruentex Development Co Ltd9945:TTTaiwan Real Estate Owners & Developers1793.799.24%5.694.4878.7352.58-3.72%111.73
    Lippo Karawaci Tbk PTLPKR:IJTangerang, Jawa Barat, 15811 Indonesia Real Estate Owners & Developers1731.551.61%15.111.9412.8424.333.02%14.91
    Central Pattana PCLCPN:TBThailand Real Estate Owners & Developers5882.371.38%27.099.0033.2237.384.90%38.25
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3429.443.61%15.009.3462.2754.15-0.15%91.10
    Segro PLCSGRO:LNUnited Kingdom REIT4685.703.62%4.0615.4299.9914.7019.35%399.62
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13565.462.79%4.4511.8899.9912.425.90%270.66
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011682.533.56%5.2615.2299.9918.734.94%297.59
    Intu Properties PLCINTU:LNUnited Kingdom REIT6242.794.25%15.917.4446.7667.62-0.10%88.20
    Public StoragePSA:USUnited States REIT43672.002.70%42.2518.4543.67114.0837.30%142.62
    UDR IncUDR:USUnited States REIT9928.002.93%41.3211.2427.20121.0724.26%121.04
    Digital Realty Trust IncDLR:USUnited States 11236.004.43%38.286.2216.25169.5820.63%158.01
    Essex Property Trust IncESS:USUnited States REIT16132.002.36%79.4413.5317.03187.4819.34%134.24
    Plum Creek Timber Co IncPCL:USUnited States REIT8480.003.61%37.335.5014.73134.7617.23%119.23
    Crown Castle International CorpCCI:USUnited States REIT29372.004.02%55.937.8314.00224.8415.51%188.25
    Equity ResidentialEQR:USUnited States REIT29859.002.70%34.3010.9631.9592.6115.32%95.41
    AvalonBay Communities IncAVB:USUnited States REIT25396.002.70%35.8113.5337.7896.6914.88%103.37
    Realty Income CorpO:USUnited States REIT13030.004.39%46.2911.8725.64203.2111.76%184.16
    Federal Realty Investment TrustFRT:USUnited States REIT10411.002.51%53.1413.9726.29133.3811.76%108.12
    Regency Centers CorpREG:USUnited States REIT6514.002.81%35.1611.5532.8598.809.15%95.47
    Simon Property Group IncSPG:USUnited States REIT60581.003.27%37.9911.7130.82124.238.74%115.63
    Duke Realty CorpDRE:USUnited States REIT7358.003.38%24.347.3029.9982.278.48%86.23
    Kimco Realty CorpKIM:USUnited States REIT11147.003.78%19.759.7149.1674.668.25%102.15
    Macerich Co/TheMAC:USUnited States REIT12942.003.33%7.999.8999.9926.614.50%136.73
    Prologis IncPLD:USUnited States REIT22833.003.67%19.3411.1757.7670.983.20%102.42
    Boston Properties IncBXP:USUnited States REIT19937.002.00%32.148.0224.9564.282.00%48.92
    CBRE Group IncCBG:USUnited States 11739.00-20.741.175.64-0.000.57%-24.70
    American Tower CorpAMT:USUnited States REIT42107.001.97%64.258.9913.99126.570.46%66.61
    General Growth Properties IncGGP:USUnited States REIT24216.002.77%18.859.9652.8452.21-1.49%74.54
    Vornado Realty TrustVNO:USUnited States REIT19133.002.48%41.487.5318.15102.87-3.89%65.48
    SL Green Realty CorpSLG:USUnited States REIT 0000400011521.002.52%59.596.9011.58150.17-4.39%87.60
    Welltower IncHCN:USUnited States REIT24244.004.82%27.566.3222.93132.84-6.59%111.45
    Ventas IncVTR:USUnited States REIT18817.005.59%33.475.3115.86187.10-7.01%152.31
    HCP IncHCP:USUnited States REIT17955.005.85%21.427.1933.57125.31-8.50%118.78
    VEREIT IncVER:USUnited States REIT7285.006.83%299.394.491.50999.99-8.86%999.99
    Liberty Property TrustLPT:USUnited States REIT4707.005.97%18.515.7431.01110.50-12.40%100.44
    Weyerhaeuser CoWY:USUnited States REIT15626.004.05%28.712.227.73116.28-12.72%72.41
    Iron Mountain IncIRM:USUnited States REIT5872.006.99%38.781.914.93271.07-25.39%201.66
    Host Hotels & Resorts IncHST:USUnited States REIT11973.005.02%18.862.2311.8294.68-30.92%46.55

    Top 10 Real Estate Picks With Highest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    VEREIT IncVER:USUnited States REIT7285.006.83%299.394.491.50999.99-8.86%999.99
    Segro PLCSGRO:LNUnited Kingdom REIT4685.703.62%4.0615.4299.9914.7019.35%399.62
    British Land Co PLC/TheBLND:LNUnited Kingdom REIT 0000400011682.533.56%5.2615.2299.9918.734.94%297.59
    Land Securities Group PLCLAND:LNUnited Kingdom REIT13565.462.79%4.4511.8899.9912.425.90%270.66
    Link REIT823:HKHong Kong (SAR) REIT13396.504.14%5.8413.1699.9924.18-0.16%233.35
    Iron Mountain IncIRM:USUnited States REIT5872.006.99%38.781.914.93271.07-25.39%201.66
    Crown Castle International CorpCCI:USUnited States REIT29372.004.02%55.937.8314.00224.8415.51%188.25
    Realty Income CorpO:USUnited States REIT13030.004.39%46.2911.8725.64203.2111.76%184.16
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers12038.417.99%5.600.6711.9644.74141.83%182.77
    GPT Group/TheGPT:AUAustralia REIT6129.154.63%10.2012.2499.9947.2314.67%161.53

    Top 10 Real Estate Picks With Lowest Score

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Unitech LtdUT:INIndia Real Estate Owners & Developers256.91-2.030.5125.12-0.00-57.73%-44.81
    China Overseas Grand Oceans Group Ltd81:HKHong Kong (SAR) Real Estate Owners & Developers915.860.32%9.070.535.842.90-20.77%-31.26
    Mitsubishi Estate Co Ltd8802:JPJapan Real Estate Owners & Developers29339.460.55%45.973.036.5925.28-0.70%-24.96
    CBRE Group IncCBG:USUnited States 11739.00-20.741.175.64-0.000.57%-24.70
    Sumitomo Realty & Development Co Ltd8830:JPJapan Real Estate Owners & Developers13829.430.63%18.342.0010.9111.55-15.45%-21.50
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers1841.760.27%20.896.5331.265.64-18.00%-12.16
    Mitsui Fudosan Co Ltd8801:JPJapan Real Estate Owners & Developers25334.450.92%25.111.917.6123.10-5.35%-9.92
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers2137.40-7.050.466.52-0.003.21%-7.48
    PIK Group PJSCPIKK:RMRussian Federation Homebuilders1827.16-23.622.6511.22-0.0016.92%-5.65
    Ayala CorpAC:PMPhilippines Real Estate Owners & Developers9778.840.76%22.472.7912.4217.089.77%6.62
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    This is a Beta Version

    Ovanes Oganisyan

    research@midlincoln.com

    •  February 3, 2016· Midlincoln Research · midlincoln.com