Nareit

NAREIT
REITWatch
April 2015
(Data as of March 31, 2015)
A Monthly Statistical Report on the Real Estate Investment Trust Industry
National Association of Real Estate Investment Trusts

REITs: Building Dividends & Diversification
NAREIT Disclaimer
NAREIT does not intend this publication to be a solicitation related to any particular company,
nor does it intend to provide investment, legal or tax advice. Investors should consult with their
own investment, legal or tax advisers regarding the appropriateness of investing in any of the
securities or investment strategies discussed in this publication. Nothing herein should be
construed to be an endorsement by NAREIT of any specific company or products or as an offer to
sell or a solicitation to buy any security or other financial instrument or to participate in any trading
strategy. NAREIT expressly disclaims any liability for the accuracy, timeliness or completeness of
data in this publication. Unless otherwise indicated, all data are derived from, and apply only to,
publicly traded securities. Any investment returns or performance data (past, hypothetical or
otherwise) are not necessarily indicative of future returns or performance. Copyright 2014 by
NAREIT. NAREIT and REITWatch are the exclusive registered marks of the National
Association of Real Estate Investment Trusts. Please direct all questions or comments to John
Barwick, Director, Industry Information & Statistics, NAREIT, 1875 I Street, NW, Suite 600,
Washington, DC 20006 or call (202) 739-9400.
REITWATCH
TABLE OF CONTENTS
I. Indicators of US REIT Investment Performance

REIT Industry Fact Sheet ................................................................................................................. 1
Investment Performance of the FTSE NAREIT US Real Estate Index Series ................................. 3
Investment Performance by Property Sector and Subsector ............................................................. 4
Selected Indicators of Equity Market Performance .......................................................................... 5
Historical Offerings of REIT Securities ........................................................................................... 6
FTSE NAREIT Equity REITs Dividend Yield vs. 10-Year Constant Maturity Treasury ................ 7
FTSE NAREIT Equity REITs Dividend Yield Spread..................................................................... 7
Major Stock Total Return Indexes .................................................................................................... 8
Average Daily Dollar Trading Volume ............................................................................................ 9
Comparative Total Return Investment Performance ...................................................................... 10
Comparative Total Return Investment Correlations ....................................................................... 11
20-Year Average Annual Total Returns ......................................................................................... 12
Adjusted 20-Year Average Annual Total Returns .......................................................................... 12
20-Year Average Annual Total Return vs. 20-Year Standard Deviation of Annual Total Return . 13
FTSE NAREIT All Equity REITs Return Components ................................................................. 14
S&P 500 Return Components......................................................................................................... 15
Wilshire 5000 Return Components ................................................................................................ 16
Annual Price and Total Returns by Investment Sector ................................................................... 17
Annual Price and Total Returns by Property Sector ....................................................................... 18
Annual Price and Total Returns by Property Subsector ................................................................. 19
Annual Equity Market Capitalization ............................................................................................. 20
REITs in the FTSE NAREIT All REIT Index and S&P Equity Indexes ........................................ 21
Mergers & Acquisitions Activity ................................................................................................... 26
II. US REIT Performance Statistics by Property Sector and Subsector

Industrial/Office ............................................................................................................................. 28
Office
Industrial
Mixed
Retail .............................................................................................................................................. 29
Shopping Centers
Regional Malls
Free Standing
Residential ...................................................................................................................................... 30
Apartments
Manufactured Homes
Diversified ...................................................................................................................................... 31
Health Care ..................................................................................................................................... 31
Lodging/Resorts ............................................................................................................................. 31
Self Storage .................................................................................................................................... 31
Timber ............................................................................................................................................ 31
Mortgage ........................................................................................................................................ 32
Home Financing
Commercial Financing
III. Indicators of US REIT Industry Activity

REIT Payout Ratios: Dividend as a Percent of Funds from Operations ......................................... 33
REIT Dividends and Funds from Operations by Property Sector/Subsector .................................. 34
US REIT Industry Balance Sheet ................................................................................................... 35
Summary of REIT Financial Leverage ........................................................................................... 36
IV. Indicators of Global Real Estate Investment Performance

FTSE EPRA/NAREIT Global Real Estate Index Series Investment Performance ........................ 37
V. Glossary of REITWatch Terms
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REIT Industry Fact Sheet
Data as of March 31, 2015, except where noted.
Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs.
Industry Size
FTSE NAREIT All REITs equity market capitalization = $966 billion
FTSE NAREIT All Equity REITs equity market capitalization = $900 billion
REITs own approximately $1.7 trillion of commercial real estate assets, including listed and non-listed
public Equity and Mortgage REITs
220 REITs are in the FTSE NAREIT All REITs Index
191 REITs trade on the New York Stock Exchange
NYSE listed REITs equity market capitalization = $916 billion
Investment Performance
Year-to-date and compound annual total returns of the FTSE NAREIT All REITs Index, the FTSE NAREIT All Equity REITs Index,
and leading US benchmarks for periods ending March 31, 2015:
FTSE NAREIT
All
REITs
All
Equity REITs
S&P
500
Russell
2000
NASDAQ
Composite1
Dow Jones
Industrial
Avgerage1
2015: YTD
4.05
3.98
0.95
4.32
3.48
-0.26
1-Year
21.85
22.68
12.73
8.21
16.72
8.01
3-Year
14.11
14.05
16.11
16.27
16.60
10.40
5-Year
15.43
15.60
14.47
14.57
15.37
10.36
10-Year
8.78
9.54
8.01
8.82
9.38
5.40
15-Year
12.42
12.80
4.15
7.19
0.46
3.30
20-Year
11.29
11.74
9.39
9.62
9.37
7.53
25-Year
11.02
11.60
9.79
10.03
10.17
7.82
30-Year
9.43
11.03
11.05
9.95
10.02
9.20
35-Year
11.55
12.76
11.99
11.66
10.90
9.32
40-Year
12.08
13.73
11.65
10.99
8.17
1972 - 2015
9.97
12.25
10.51
8.96
7.17
Data in percent; highest return for the period in bold.

1
Price only returns.
Dividends
Yield Comparison
- FTSE NAREIT All REITs:
3.80%
- FTSE NAREIT All Equity REITs: 3.37%

- S&P 500:
2.02%
Public listed REITs paid out approximately $42 billion and public non-listed REITs paid out approximately $4 billion
in dividends during 2014.
On average, 68 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 13 percent qualify
as return of capital and 19 percent qualify as long-term capital gains.

REIT Industry Fact Sheet
Data as of March 31, 2015, except where noted.
Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs.
Leverage and Coverage Ratios

(Data as of 2014: Q3)
Equity REITs
Debt Ratio: 33.5%
Coverage Ratio: 4.1x
Fixed Charge Ratio: 3.8x
62 Equity REITs are rated investment grade, 67 percent by equity market capitalization.
All REITs
Debt Ratio: 40.2%
Coverage Ratio: 4.0x
Fixed Charge Ratio: 3.6x
62 REITs are rated investment grade, 62 percent by equity market capitalization.

- Debt ratio equals total debt divided by total market capitalization. Total market capitalization is the sum of total
debt and implied equity market capitalization (common shares plus operating partnership units).
- Coverage ratio equals EBITDA divided by interest expense.
- Fixed charge ratio equals EBITDA divided by interest expense plus preferred dividends.
Average Daily Dollar Trading Volume
March 2015: $7.4 billion
Capital Offerings
IPOs
2015: YTD
Number
Capital
of Offerings
Raised ($M)
4
932
Secondary Common
24
11,114
Secondary Preferred
1,441
Secondary Debt
22
8,600
Total
53
22,087
Exhibit 1
Investment Performance:
FTSE NAREIT US Real Estate Index Series
FTSE NAREIT All REITs
Period
Returns (%)
Total
Price
Dividend
2
Yield
FTSE NAREIT Composite

Returns (%)
Total
Price
Dividend
2
Yield
March 31, 2015

FTSE NAREIT Real Estate 50 1 FTSE NAREIT All Equity REITs
Returns (%)
Total
Price
Dividend
2
Yield
Returns (%)
Total
Price
Dividend
2
Yield
FTSE NAREIT Equity REITs

Returns (%)
Total
Price
Dividend
2
Yield
FTSE NAREIT Mortgage REITs

Returns (%)
Total
Price
Dividend
2
Yield
Annual (including current year to date)

2010
2011
2012
2013
2014
2015
27.58
7.28
20.14
3.21
27.15
4.05
21.81
2.37
14.98
-1.15
21.93
3.11
4.23
4.83
4.38
4.43
4.00
3.80
27.56
7.30
19.73
2.34
27.23
3.86
21.76
2.34
14.54
-2.03
22.00
2.92
4.31
4.90
4.46
4.51
4.06
3.84
26.72
9.45
18.05
-0.53
28.73
4.18
21.13
4.69
13.37
-4.44
23.86
3.31
4.09
4.60
4.09
4.17
3.77
3.55
27.95
8.28
19.70
2.86
28.03
3.98
23.07
4.32
15.61
-0.80
23.44
3.14
3.54
3.82
3.51
3.91
3.56
3.37
27.96
8.29
18.06
2.47
30.14
4.75
23.06
4.32
13.86
-1.33
25.25
3.87
3.58
3.83
3.70
4.09
3.65
3.43
22.60
-2.42
19.89
-1.96
17.88
2.35
7.01
-15.14
5.83
-12.42
6.30
-0.10
13.03
14.82
12.93
10.31
10.66
10.56
Quarter (including current quarter to date)

2013: Q4
2014: Q1
Q2
Q3
Q4
2015: Q1
0.31
8.57
6.97
-2.63
12.44
4.05
-0.87
7.47
5.85
-3.65
11.25
3.11
4.43
4.14
4.03
4.31
4.00
3.80
-0.14
8.76
7.02
-2.64
12.27
3.86
-1.32
7.64
5.90
-3.66
11.08
2.92
4.51
4.20
4.06
4.34
4.06
3.84
-1.34
9.09
7.22
-2.01
12.31
4.18
-2.41
8.09
6.18
-2.96
11.22
3.31
4.17
3.83
3.76
3.99
3.77
3.55
-0.17
8.52
7.13
-2.48
12.94
3.98
-1.17
7.55
6.15
-3.37
11.90
3.14
3.91
3.64
3.52
3.75
3.56
3.37
-0.71
9.98
6.98
-3.14
14.20
4.75
-1.76
8.92
5.97
-4.08
13.12
3.87
4.09
3.91
3.76
3.99
3.65
3.43
0.15
11.16
5.91
-4.29
4.61
2.35
-2.74
8.45
3.38
-6.72
1.66
-0.10
10.31
9.94
9.70
10.94
10.66
10.56
8.72
2.30
1.09
5.59
-2.58
1.15
8.52
2.04
0.46
5.47
-2.78
0.56
3.99
3.90
4.00
3.66
3.78
3.80
8.67
2.33
0.96
5.71
-2.72
1.00
8.48
2.06
0.33
5.58
-2.94
0.43
4.01
3.93
4.06
3.75
3.90
3.84
8.47
2.85
0.67
6.28
-3.00
1.06
8.30
2.56
0.12
6.17
-3.25
0.57
3.70
3.59
3.77
3.43
3.58
3.55
8.99
2.34
1.26
6.17
-3.04
1.01
8.81
2.07
0.75
6.05
-3.26
0.54
3.45
3.40
3.56
3.27
3.41
3.37
9.94
1.96
1.87
6.71
-3.48
1.71
9.76
1.68
1.37
6.57
-3.70
1.22
3.65
3.60
3.65
3.32
3.49
3.43
5.14
2.22
-2.66
-0.46
1.83
0.98
4.80
1.91
-4.82
-0.65
1.67
-1.09
10.48
10.34
10.66
10.65
10.48
10.56
3.78
3.87
3.83
3.66
3.81
3.80
-1.06
-3.42
1.91
5.23
-2.78
0.31
-1.11
-3.48
1.83
5.12
-3.08
0.28
3.90
4.00
3.93
3.75
3.85
3.84
-1.28
-3.18
1.80
5.32
-2.75
0.11
-1.32
-3.25
1.73
5.19
-2.96
0.09
3.58
3.65
3.59
3.44
3.56
3.55
-1.19
-3.51
2.01
5.38
-2.93
0.33
-1.23
-3.58
1.93
5.27
-3.12
0.30
3.41
3.50
3.44
3.28
3.38
3.37
-1.39
-3.62
2.45
5.61
-3.03
0.57
-1.41
-3.68
2.36
5.53
-3.24
0.54
3.49
3.58
3.50
3.34
3.44
3.43
0.68
-2.12
0.55
3.21
-0.62
0.03
0.55
-2.12
0.49
3.10
-2.49
0.03
10.48
10.71
10.66
10.34
10.56
10.56
22.93
12.76
15.00
9.17
12.58
-
18.38
8.41
10.37
4.38
7.09
-
22.68
14.05
15.60
9.54
12.80
11.74
11.60
11.03
12.76
13.73
18.38
10.04
11.48
5.00
7.22
5.71
4.99
4.19
5.12
5.91
23.95
14.18
15.74
9.61
12.85
11.78
11.63
11.05
12.78
13.75
19.44
9.99
11.50
5.01
7.22
5.72
4.99
4.20
5.13
5.91
8.54
9.14
10.62
-1.27
9.38
6.97
6.58
4.51
6.86
7.26
-2.07
-2.39
-2.13
-12.53
-3.47
-4.71
-5.48
-7.35
-5.22
-4.64
Month
2014: Oct
Nov
Dec
2015: Jan
Feb
Mar
Week (including current week to date)

27-Feb-15
6-Mar-15
13-Mar-15
20-Mar-15
27-Mar-15
31-Mar-15
-1.10
-3.25
1.90
5.21
-2.79
0.32
-1.14
-3.31
1.80
5.11
-3.08
0.29
Historical (compound annual rates at month-end)

1-Year
21.85
16.98
3-Year
14.11
9.34
5-Year
15.43
10.47
10-Year
8.78
3.61
15-Year
12.42
6.31
20-Year
11.29
4.82
25-Year
11.02
3.87
30-Year
9.43
1.86
35-Year
11.55
3.35
40-Year
12.08
3.68
Source: FTSE, NAREIT.
21.50
13.63
468.96
138.53
78.52
54.44
41.58
33.61
28.19
24.28
16.64
8.85
186.13
69.15
41.97
30.06
23.40
19.15
16.20
14.04
Notes:
The FTSE NAREIT Real Estate 50 is designed to measure the performance of larger and more frequently traded REITs.
2
Dividend yield quoted in percent for the period end.
1
Disclaimer: The FTSE NAREIT US Real Estate Index Series ("Indexes") is calculated by FTSE International Limited ("FTSE"). All rights in the Indexes vest in FTSE and the National Association of Real Estate Investment Trusts
("NAREIT"). FTSE is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. NAREIT is a trademark of the National Association of Real Estate Investment Trusts. Neither
FTSE nor NAREIT nor their licensors shall be liable (including in negligence) for any loss arising out of use of the Indexs by any person. All data are derived from, and apply only to, publicly traded securities.
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REITs: Building Dividends and Diversification
Exhibit 2
Investment Performance by Property Sector and Subsector
March 31, 2015
Sector
Number of
Constituents
2014
Total Return (%)

March
2015: YTD
Dividend
Yield (%)
Market Capitalization ($)1

Equity
Implied
FTSE NAREIT All Equity REITs
161
28.03
1.01
3.98
3.37
899,784,695
937,405,310
153
30.14
1.71
4.75
3.43
801,651,422
839,272,037
Industrial/Office
Industrial
Office
Mixed
35
8
21
6
24.26
21.00
25.86
23.11
1.67
1.22
2.25
-0.36
4.92
1.50
6.71
2.71
3.12
3.39
2.81
4.26
146,218,472
33,486,726
94,881,629
17,850,118
155,586,756
33,989,262
102,887,319
18,710,175
Retail
Shopping Centers
Regional Malls
Free Standing
34
19
8
7
27.62
29.96
32.64
9.66
2.21
2.24
2.34
1.78
5.84
5.14
5.78
7.40
3.07
3.25
2.90
3.25
220,192,820
71,472,869
114,247,606
34,472,346
236,061,485
72,857,976
128,676,277
34,527,232
Residential
Apartments
Manufactured Homes
17
14
3
40.04
39.62
46.20
3.67
3.83
1.48
7.87
7.80
8.92
3.05
3.03
3.36
117,964,827
109,549,440
8,415,387
121,919,887
112,969,005
8,950,882
Diversified
31
27.18
1.23
3.97
4.14
113,101,798
119,467,977
Lodging/Resorts
16
32.50
-1.04
-4.42
3.57
52,974,243
53,655,858
Health Care
16
33.32
0.45
2.97
4.44
102,083,808
103,052,829
Self Storage
31.44
1.64
9.16
2.84
49,115,453
49,527,245
Timber
8.57
-3.33
-3.85
3.68
30,452,071
30,452,071
Infrastructure
20.15
-4.30
-0.41
2.60
67,681,202
67,681,202
37
17.88
0.98
2.35
10.56
60,689,069
60,733,792
27
10
19.38
14.46
0.92
1.13
1.65
4.71
11.56
7.30
46,445,393
14,243,676
46,484,059
14,249,732

Home Financing
Source: FTSETM, NAREIT.

Notes:
1
Implied market capitalization is calculated as common shares outstanding plus operating partnership units, multiplied by share price. Data
presented in thousands of dollars.
Exhibit 3
Selected Indicators of Equity Market Performance
(Period ending index levels and percent change)
March 31, 2015
Period
FTSE NAREIT
All Equity REITs
Levels
Returns
S&P 500
Levels
Returns
Dow Jones
Industrials1
Levels
Returns
Russell 2000
Levels
Returns
NASDAQ
Composite1
Levels
Returns
US Treasury
10-Year Note2
Yield
Change

2005
7,188.85
12.16
1,887.94
4.91
10,717.50
-0.61
2,812.35
4.55
2,205.32
1.37
4.39
2006
9,709.31
35.06
2,186.13
15.79
12,463.15
16.29
3,328.90
18.37
2,415.29
9.52
4.71
0.15
0.32
2007
8,185.75
-15.69
2,306.23
5.49
13,264.82
6.43
3,276.77
-1.57
2,652.28
9.81
4.04
-0.67
2008
5,097.46
-37.73
1,452.98
-37.00
8,776.39
-33.84
2,169.65
-33.79
1,577.03
-40.54
2.25
-1.79
2009
6,524.25
27.99
1,837.50
26.46
10,428.05
18.82
2,759.17
27.17
2,269.15
43.89
3.85
1.60
2010
8,347.58
27.95
2,114.29
15.06
11,577.51
11.02
3,500.15
26.85
2,652.87
16.91
3.30
-0.55
2011
9,039.07
8.28
2,158.94
2.11
12,217.56
5.53
3,353.99
-4.18
2,605.15
-1.80
1.89
-1.41
2012
10,819.84
19.70
2,504.44
16.00
13,104.14
7.26
3,902.37
16.35
3,019.51
15.91
1.78
-0.11
2013
11,128.83
2.86
3,315.59
32.39
16,576.66
26.50
5,417.36
38.82
4,176.59
38.32
3.04
1.26
2014
14,247.97
28.03
3,769.44
13.69
17,823.07
7.52
5,682.50
4.89
4,736.05
13.40
2.17
-0.87
2015
14,815.12
3.98
3,805.27
0.95
17,776.12
-0.26
5,927.72
4.32
4,900.88
3.48
1.94
-0.23
Quarter (inlcuding current quarter to date)

2013: Q2
11,446.85
-2.13
2,850.66
2.91
14,909.60
2.27
4,521.24
3.08
3,403.25
4.15
2.52
0.65
Q3
11,147.52
-2.61
3,000.18
5.24
15,129.67
1.48
4,982.85
10.21
3,771.48
10.82
2.64
0.12
Q4
11,128.83
-0.17
3,315.59
10.51
16,576.66
9.56
5,417.36
8.72
4,176.59
10.74
3.04
0.40
2014: Q1
12,076.48
8.52
3,375.51
1.81
16,457.66
-0.72
5,477.96
1.12
4,198.99
0.54
2.73
-0.31
Q2
12,937.07
7.13
3,552.18
5.23
16,826.60
2.24
5,590.12
2.05
4,408.18
4.98
2.53
-0.20
Q3
12,615.85
-2.48
3,592.25
1.13
17,042.90
1.29
5,178.71
-7.36
4,493.39
1.93
2.52
-0.01
Q4
14,247.97
12.94
3,769.44
4.93
17,823.07
4.58
5,682.50
9.73
4,736.05
5.40
2.17
-0.35
2015: Q1
14,815.12
3.98
3,805.27
0.95
17,776.12
-0.26
5,927.72
4.32
4,900.88
3.48
1.94
-0.23
Month
2014: Mar
12,076.48
0.35
3,375.51
0.84
16,457.66
0.83
5,477.96
-0.68
4,198.99
-2.53
2.73
0.07
Apr
12,438.10
2.99
3,400.46
0.74
16,580.84
0.75
5,265.52
-3.88
4,114.56
-2.01
2.67
-0.06
-0.19
May
12,800.55
2.91
3,480.29
2.35
16,717.17
0.82
5,307.72
0.80
4,242.62
3.11
2.48
Jun
12,937.07
1.07
3,552.18
2.07
16,826.60
0.65
5,590.12
5.32
4,408.18
3.90
2.53
0.05
Jul
12,941.18
0.03
3,503.19
-1.38
16,563.30
-1.56
5,251.76
-6.05
4,369.77
-0.87
2.58
0.05
Aug
13,365.00
3.27
3,643.34
4.00
17,098.45
3.23
5,512.17
4.96
4,580.27
4.82
2.35
-0.23
Sep
12,615.85
-5.61
3,592.25
-1.40
17,042.90
-0.32
5,178.71
-6.05
4,493.39
-1.90
2.52
0.17
Oct
13,749.90
8.99
3,679.99
2.44
17,390.52
2.04
5,520.09
6.59
4,630.74
3.06
2.35
-0.17
Nov
14,071.20
2.34
3,778.96
2.69
17,828.24
2.52
5,525.04
0.09
4,791.63
3.47
2.18
-0.17
Dec
14,247.97
1.26
3,769.44
-0.25
17,823.07
-0.03
5,682.50
2.85
4,736.05
-1.16
2.17
-0.01
2015: Jan
15,126.47
6.17
3,656.28
-3.00
17,164.95
-3.69
5,499.72
-3.22
4,635.24
-2.13
1.68
-0.49
Feb
14,666.73
-3.04
3,866.42
5.75
18,132.70
5.64
5,826.22
5.94
4,963.53
7.08
2.00
0.32
Mar
14,815.12
1.01
3,805.27
-1.58
17,776.12
-1.97
5,927.72
1.74
4,900.88
-1.26
1.94
-0.06
Historical (compound annual rates)

1-Year
22.68
12.73
8.01
8.21
16.72
3-Year
14.05
16.11
10.40
16.27
16.60
5-Year
15.60
14.47
10.36
14.57
15.37
10-Year
9.54
8.01
5.40
8.82
9.38
15-Year
12.80
4.15
3.30
7.19
0.46
20-Year
11.74
9.39
7.53
9.62
9.37
25-Year
11.60
9.79
7.82
10.03
10.17
30-Year
11.03
11.05
9.20
9.95
10.02
35-Year
12.76
11.99
9.32
11.66
10.90
40-Year
13.73
11.65
8.17
10.99
Source: NAREIT, FactSet.

Price-only returns
2
Ten-year constant maturity Treasury note
1
Historical Offerings of Securities

March 31, 2015
Initial
Public Offerings
Total
Period
Number
Capital
Raised1
Number
Capital
Raised1
Secondary Equity
Common Shares
Preferred Shares
Number
Capital
Raised1
Number
Capital
Raised1
Secondary Debt
Unsecured
Number
Capital
Raised1
Annual Totals (including current year to date)

2007
129
36,031
1,820
56
11,854
26
4,202
43
2008
82
17,991
491
60
11,132
1,195
11
18,155
5,173
2009
130
34,656
2,990
87
21,244
34
10,422
2010
173
47,450
1,975
91
23,629
17
2,617
56
19,230
2011
164
51,280
2,307
92
31,075
31
4,108
33
13,790
2012
254
73,326
1,822
106
35,143
71
10,631
69
25,730
2013
254
76,958
19
5,707
121
35,756
28
4,755
86
30,739
2014
218
63,642
3,984
102
24,106
24
4,618
87
30,934
2015
53
22,087
932
24
11,114
1,441
22
8,600
2013: Q4
61
16,396
2,626
26
5,164
362
26
8,243
2014: Q1
41
11,158
701
20
3,383
630
16
6,444
Q2
78
23,965
61
31
9,565
13
2,093
33
12,245
Q3
57
16,056
28
7,284
306
25
8,466
Q4
42
12,463
3,221
23
3,874
1,589
13
3,779
2015: Q1
53
22,087
932
24
11,114
1,441
22
8,600
2013: Jun
14
5,029
2,464
690
1,875
Quarterly Totals
Monthly Totals
Jul
13
3,750
1,207
1,290
1,252
Aug
13
4,709
39
2,020
2,650
Sep
19
6,591
1,681
12
4,910
Oct
26
7,582
2,463
12
2,655
224
2,240
Nov
23
5,767
12
1,730
11
4,038
Dec
12
3,046
163
780
138
1,965
2014: Jan
18
4,433
12
1,903
2,530
Feb
2,099
366
26
1,707
Mar
17
4,626
701
1,114
604
2,207
Apr
26
6,488
61
11
2,233
333
10
3,860
May
30
10,090
12
5,281
1,547
11
3,263
Jun
22
7,387
2,052
213
12
5,123
Jul
12
3,118
1,718
1,400
Aug
12
3,049
695
88
2,266
Sep
33
9,889
16
4,871
218
14
4,800
Oct
15
3,851
849
1,349
1,654
2,125
Nov
19
6,922
3,221
1,335
240
Dec
1,690
1,690
2015: Jan
26
8,518
529
11
2,723
66
12
5,200
Feb
7,245
288
5,581
1,375
Mar
18
6,324
115
2,809
10
3,400
Source: SNL Financial, NAREIT.

Notes:
Data presented in millions of dollars.
Exhibit 5:
Equity REIT Dividend Yield vs. 10-Year Constant Maturity Treasury Yield
January 1990 - March 2015
12
Percent
FTSE NAREIT Equity REITs Dividend Yield
10 Year Constant Maturity US Treasury Yield
10
0
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2010
2012
2014
Exhibit 6:
Monthly Equity REIT Dividend Yield Spread
January 1990 - March 2015
8
Percent
FTSE NAREIT All Equity REITs Less 10 Year Constant Maturity US Treasury Yield
7
6
5
Average Yield
Spread
1990 - 2015
1.06%
4
3
2
1
0
-1
-2
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
Total Return Index Comparison

Monthly Returns
December 1989 - March 2015
Benchmarked at 100 as of December 31, 1989
1,600
FTSE NAREIT All Equity REITs +1394.57%

S&P 500 +902.95%
Russell 2000 +967.13%
1,400
1,200
1,000
800
600
400
200
0
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Average Daily Dollar Trading Volume

March 1990 - March 2015
7,000
Millions ($)
6,000
5,000
4,000
3,000
Stock
exchange-listed
REITs become
eligible f or
inclusion in S&P
stock indexes
2,000
1,000
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Comparative Total Return Investment Performance

March 31, 2015
(Data in percent)
FTSE NAREIT
Dow Jones
NASDAQ
Period
Equity
Industrials1
US Total
Stock Market
Series Beginning>
(Jan. 1972)
(Dec. 1926)
(Jan. 1972)
Composite
(Jan. 1972)
Russell 2000
Standard & Poor's
100
Citigroup
500 Value
(Feb. 1985)
(Jan. 1975)
500
Citigroup
500 Growth
Utilities
Value
2000
(Jan. 1972)
(Jan. 1975)
(Sep. 1989)
(Jan. 1979)
(Jan. 1979)
Bond Indexes
NCREIF
Growth
ML
Corp/Govt
ML
Mortgage
Hi Yield
Corp
NPI
(Jan. 1979)
(Dec. 1975)
(Jan. 1976)
(Jan. 1972)
(Dec. 1977)
Annual Returns (including current year to date)

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
12.16
35.06
-15.69
-37.73
27.99
27.95
8.28
19.70
2.86
28.03
3.98
-0.61
16.29
6.43
-33.84
18.82
11.02
5.53
7.26
26.50
7.52
-0.26
6.38
15.77
5.62
-37.23
28.57
17.49
1.08
16.38
33.47
12.47
1.80
1.37
9.52
9.81
-40.54
43.89
16.91
-1.80
15.91
38.32
13.40
3.48
1.49
6.79
18.67
-41.89
53.54
19.22
2.70
16.82
34.99
17.94
2.30
5.82
20.80
1.99
-39.22
21.18
15.10
-0.48
17.68
31.99
12.36
-0.69
4.91
15.79
5.49
-37.00
26.46
15.06
2.11
16.00
32.39
13.69
0.95
4.00
11.01
9.13
-34.92
31.57
15.05
4.65
14.61
32.75
14.89
2.47
16.84
20.99
19.38
-28.98
11.91
5.46
19.91
1.29
13.21
28.98
-5.17
4.71
23.48
-9.78
-28.92
20.58
24.50
-5.50
18.05
34.52
4.22
1.98
4.55
18.37
-1.57
-33.79
27.17
26.85
-4.18
16.35
38.82
4.89
4.32
4.15
13.35
7.05
-38.54
34.47
29.09
-2.91
14.59
43.30
5.60
6.63
2.52
3.83
7.27
4.95
4.84
6.83
8.61
5.09
-2.68
6.48
1.90
2.62
5.32
6.96
8.30
5.76
5.67
6.14
2.59
-1.39
6.07
1.00
2.74
11.85
1.87
-26.16
58.21
15.12
4.98
15.81
7.44
2.45
2.52
20.06
16.60
15.85
-6.46
-16.85
13.11
14.26
10.55
10.98
11.82
-
Quarterly Returns
2013: Q3
Q4
2014: Q1
Q2
Q3
Q4
2015: Q1
-2.61
-0.17
8.52
7.13
-2.48
12.94
3.98
1.48
9.56
-0.72
2.24
1.29
4.58
-0.26
6.17
10.11
2.01
4.85
-0.06
5.23
1.80
10.82
10.74
0.54
4.98
1.93
5.40
3.48
10.61
11.62
0.10
7.06
5.19
4.61
2.30
3.84
9.83
2.26
4.60
0.25
4.78
-0.69
5.24
10.51
1.81
5.23
1.13
4.93
0.95
6.60
11.15
1.39
5.82
1.92
5.06
2.47
0.19
2.79
10.09
7.77
-3.96
13.19
-5.17
7.59
9.30
1.78
2.38
-8.58
9.40
1.98
10.21
8.72
1.12
2.05
-7.36
9.73
4.32
12.80
8.17
0.48
1.72
-6.13
10.06
6.63
0.34
-0.18
2.11
2.07
0.26
1.90
1.90
1.08
-0.47
1.58
2.43
0.15
1.79
1.00
2.28
3.58
2.98
2.41
-1.87
-1.00
2.52
2.59
2.53
2.74
2.91
2.63
3.04
-
Monthly Returns
2014: Oct
Nov
Dec
2015: Jan
Feb
Mar
8.99
2.34
1.26
6.17
-3.04
1.01
2.04
2.52
-0.03
-3.69
5.64
-1.97
2.75
2.42
-0.01
-2.78
5.80
-1.03
3.06
3.47
-1.16
-2.13
7.08
-1.26
2.69
4.32
-2.34
-2.07
7.04
-2.41
1.88
2.28
0.54
-4.44
5.49
-1.48
2.44
2.69
-0.25
-3.00
5.75
-1.58
2.94
3.04
-0.96
-1.67
5.98
-1.67
8.05
1.21
3.52
2.37
-6.40
-1.04
6.99
-0.46
2.73
-4.16
4.64
1.69
6.59
0.09
2.85
-3.22
5.94
1.74
6.20
0.65
2.97
-2.28
7.20
1.80
1.03
0.80
0.07
2.72
-1.33
0.54
0.96
0.69
0.13
0.81
-0.19
0.39
1.19
-0.73
-1.45
0.66
2.41
-0.55
12.25
22.68
14.05
15.60
9.54
12.80
11.74
11.60
11.03
12.76
13.73
7.17
8.01
10.40
10.36
5.40
3.30
7.53
7.82
9.20
9.32
8.17
10.60
12.24
16.35
14.75
8.53
4.68
9.60
9.98
10.96
11.92
11.94
9.08
16.72
16.60
15.37
9.38
0.46
9.37
10.17
10.02
10.90
10.99
12.82
20.52
16.30
17.22
11.32
-0.10
12.03
12.80
-
12.19
9.12
15.34
13.14
6.93
5.23
8.92
9.31
10.63
11.86
12.09
10.51
12.73
16.11
14.47
8.01
4.15
9.39
9.79
11.05
11.99
11.65
11.20
16.11
16.85
15.77
9.02
2.96
9.60
10.00
11.15
11.78
10.88
7.93
11.09
12.55
12.95
8.48
6.74
8.31
8.28
-
13.42
4.43
14.79
12.54
7.53
10.10
10.86
11.28
11.18
13.39
-
11.92
8.21
16.27
14.57
8.82
7.19
9.62
10.03
9.95
11.66
-
10.04
12.06
17.74
16.58
10.02
4.17
7.89
8.31
8.30
9.56
-
7.82
6.26
3.47
4.83
4.99
5.74
6.09
6.67
7.45
8.44
7.87
7.91
5.48
2.51
3.63
4.89
5.59
5.99
6.57
7.50
8.69
-
9.34
2.00
7.46
8.59
8.18
7.83
7.76
8.94
9.18
-
15.20
2.39
9.80
12.03
13.70
14.32
14.82
14.31
15.07
14.95
14.90
15.80
2.60
9.66
13.33
15.19
15.62
15.52
14.92
15.41
15.52
15.36
21.33
3.26
11.12
14.91
17.42
23.24
23.83
22.63
22.09
21.80
21.16
25.03
3.30
11.33
14.60
17.93
25.15
26.33
25.24
25.03
25.03
25.03
14.96
2.63
10.06
13.57
15.97
15.95
15.85
15.12
15.41
15.14
14.97
15.29
2.50
9.45
12.86
14.70
15.04
15.16
14.59
15.18
15.06
14.97
16.03
2.60
9.38
12.58
14.12
15.37
15.74
15.27
16.00
16.00
15.97
14.98
4.41
13.36
11.87
13.57
16.27
15.76
15.03
-
17.43
4.32
12.93
17.35
19.71
18.70
17.66
17.09
17.34
17.09
-
19.60
4.44
13.22
17.61
19.68
19.93
19.80
19.11
19.33
19.25
-
22.81
4.73
13.92
18.16
20.15
22.51
23.33
22.41
22.43
22.49
-
5.56
1.04
3.42
3.36
3.99
4.25
4.21
4.24
4.56
5.53
5.61
6.33
0.58
2.28
2.13
2.64
2.72
2.73
2.93
3.60
6.27
6.33
8.46
1.32
4.32
6.22
10.38
9.98
8.98
8.95
8.55
-
Compound Annual Returns

Complete History
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
25-Year
30-Year
35-Year
40-Year
Annualized Volatility of Returns

Complete History
1-Year
3-Year
5-Year
10-Year
15-Year
20-Year
25-Year
30-Year
35-Year
40-Year
1
17.10
3.66
12.46
15.55
25.14
22.16
20.10
18.91
17.82
17.10
16.90
Price only returns

10
Comparative Total Return Investment Correlation

FTSE
NAREIT All
DJ US Total
Equity REITs Stock Market
NASDAQ
NASDAQ
Composite1
1001
S&P 500/
Citigroup
Value
S&P
500
S&P 500/
Citigroup
Growth
S&P
Utilities
Russell 2000
Value
Russell
2000
Russell 2000
Growth
ML
Corp/Govt
Bond
ML
Mortage
Domestic
High Yield
Corp Bond
Dow Jones
Industrial
Average1
Period For Upper Right: March 2005 - March 2015

FTSE NAREIT
All Equity
REITs
1.00
0.77
0.71
0.65
0.78
0.75
0.70
0.46
0.82
0.78
0.72
0.18
0.06
0.73
0.71
DJ US Total
Stock Market
0.58
1.00
0.95
0.91
0.98
1.00
0.98
0.50
0.93
0.94
0.93
0.00
-0.11
0.75
0.96
0.45
0.89
1.00
0.98
0.90
0.94
0.95
0.42
0.89
0.93
0.94
-0.04
-0.15
0.72
0.89
NASDAQ 1001
0.38
0.86
0.97
1.00
0.84
0.90
0.94
0.40
0.81
0.86
0.89
-0.04
-0.14
0.71
0.85
S&P 500/
Citigroup Value
0.61
0.95
0.74
0.71
1.00
0.98
0.92
0.48
0.92
0.91
0.87
-0.01
-0.11
0.70
0.97
NASDAQ
Composite1
S&P 500
0.55
0.99
0.84
0.83
0.96
1.00
0.98
0.51
0.91
0.92
0.90
0.01
-0.09
0.73
0.97
S&P 500/
Citigroup
Growth
0.46
0.96
0.87
0.88
0.87
0.97
1.00
0.52
0.86
0.89
0.90
0.03
-0.07
0.74
0.94
S&P Utilities
0.38
0.41
0.21
0.20
0.49
0.43
0.34
1.00
0.42
0.43
0.43
0.31
0.21
0.44
0.48
Russell 2000
Value
0.74
0.85
0.74
0.66
0.84
0.81
0.72
0.40
1.00
0.99
0.95
-0.05
-0.14
0.68
0.87
Russell 2000
0.64
0.89
0.88
0.80
0.81
0.82
0.79
0.34
0.95
1.00
0.99
-0.06
-0.16
0.71
0.86
Russell 2000
Growth
0.54
0.87
0.93
0.86
0.75
0.80
0.80
0.29
0.87
0.98
1.00
-0.07
-0.18
0.72
0.84
ML Corp/Govt
Bond
0.16
0.10
0.01
0.02
0.10
0.12
0.13
0.29
0.02
-0.01
-0.03
1.00
0.82
0.19
-0.01
ML Mortgage
0.08
0.09
0.00
0.01
0.09
0.11
0.12
0.21
0.00
-0.02
-0.04
0.87
1.00
0.03
-0.09
0.60
0.61
0.55
0.49
0.58
0.58
0.54
0.33
0.62
0.61
0.58
0.23
0.19
1.00
0.65
0.52
0.93
0.74
0.73
0.95
0.95
0.90
0.41
0.78
0.76
0.72
0.07
0.08
0.53
1.00
Domestic High
Yield Corp
Bond
Dow Jones
Industrial
Average1
Period For Lower Left: March 1985 - March 2015

1
Price only returns.

11
20-Year Average Annual Total Return

Percent
6.17
ML Corp/Govt
8.57
Domestic Hi-Yield
10.43
S&P Utilities
11.74
S&P 500
12.08
DJ US Total Stock Market
12.11
Russell 2000 Growth
13.96
Russell 2000 Value
14.73
NASDAQ Composite
15.62
16.37

0
12
16
20
Note: NASDAQ Composite returns are price only.

Adjusted 20-Year Average Annual Total Return

Percent
1.53
ML Corp/Govt
0.60
Domestic Hi-Yield
S&P Utilities
0.50
S&P 500
0.53
0.53

0.39
Russell 2000 Growth
0.53
Russell 2000 Value
0.44
NASDAQ Composite
0.51
0.51

0.00
0.25
0.50
0.75
1.00
1.25
Total Return Divided by Standard Deviation of Total Return
Note: NASDAQ Composite returns are price only.
12
1.50
1.75
20-Year Average Annual Total Return v.

20-Year Standard Deviation of Annual Total Returns
October
March 1995
1992 - March
October
2015
2012
18
14
Russell 2000 Value
FTSE NAREIT All Equity

REITs
16
12
Average Annual Return (%)
DJ US Total
Stock
Market
S&P
500
NASDAQ
Composite
14
Russell 2000 Value
S&P Utilities
12
10
Russell 2000 Growth

S&P 500
S&P Utilities
Domestic Hi-Yield
10
8
Domestic Hi-Yield
8
ML Corp/Govt ML Corp/Govt
04
5 8
11 Price only returns.
10
12
15
16
20
20
Standard Deviation of Annual Returns (%)
13
25
24 30
35
28

Annual Returns
1972 - 2014
50
Returns (%)
Price
Average Annual Total Returns: 13.84%
Income
Average Annual Income Returns (reinvested): 7.90%
40
30
20
10
-10
-20
-30
-40
-50
1972
Source:
1976
FTSETM,
1980
1984
1988
1992
NAREIT.
14
1996
2000
2004
2008
2012
S&P 500
Annual Returns
1972 - 2014
50
Returns (%)
Average Annual Total Returns: 12.09%
Price
Income
40
30
20
10
-10
-20
-30
-40
1972
1976
1980
1984
1988
1992
15
1996
2000
2004
2008
2012
Dow Jones US Total Stock Market

Annual Returns
1972 - 2014
50
Returns (%)
Price
Average Annual Total Return: 12.25%
Income
40
30
20
10
-10
-20
-30
-40
1972
1976
1980
1984
1988
1992
16
1996
2000
2004
2008
2012
Annual Returns for the FTSE NAREIT US Real Estate Index Series
1972-2014
Year
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Total
Return (%)
Index
100.00
11.19
111.19
-27.22
80.93
-42.23
46.75
36.34
63.74
48.97
94.96
19.08
113.07
-1.64
111.21
30.53
145.16
28.02
185.84
8.58
201.78
31.64
265.62
25.47
333.28
14.82
382.65
5.92
405.30
19.18
483.03
-10.67
431.49
11.36
480.49
-1.81
471.78
-17.35
389.95
35.68
529.08
12.18
593.49
18.55
703.57
0.81
709.24
18.31
839.09
35.75
1,139.10
18.86
1,353.94
-18.82
1,099.09
-6.48
1,027.92
25.89
1,294.05
15.50
1,494.65
5.22
1,572.61
38.47
2,177.53
30.41
2,839.70
8.29
3,075.06
34.35
4,131.39
-17.83
3,394.71
-37.34
2,127.27
27.45
2,711.15
27.58
3,458.89
7.28
3,710.61
20.14
4,458.10
3.21
4,601.14
27.15
5,850.23
Price
Return (%)
Index
100.00
3.84
103.84
-33.11
69.46
-49.55
35.04
22.20
42.82
36.53
58.47
10.10
64.37
-9.42
58.31
19.35
69.59
11.07
77.30
-1.02
76.51
19.19
91.19
15.11
104.97
3.53
108.67
-3.52
104.84
9.24
114.53
-19.01
92.76
1.24
93.92
-12.06
82.59
-28.49
59.05
23.10
72.69
2.87
74.78
10.58
82.69
-6.41
77.39
9.12
84.45
26.52
106.84
11.85
119.50
-23.82
91.03
-14.06
78.23
15.91
90.68
7.05
97.07
-2.15
94.98
29.34
122.85
22.87
150.94
2.51
154.73
28.31
198.53
-21.39
156.07
-41.04
92.02
19.90
110.33
21.81
134.39
2.37
137.57
14.98
158.18
-1.15
156.35
21.93
190.65
FTSE NAREIT Composite

Total
Return (%)
Index
100.00
11.19
111.19
-27.22
80.93
-42.23
46.75
36.34
63.74
48.97
94.96
19.08
113.07
-1.64
111.21
30.53
145.16
28.02
185.84
8.58
201.78
31.64
265.62
25.47
333.28
14.82
382.65
5.92
405.30
19.18
483.03
-10.67
431.49
11.36
480.49
-1.81
471.78
-17.35
389.95
35.68
529.08
12.18
593.49
18.55
703.57
0.81
709.24
18.31
839.09
35.75
1,139.10
18.86
1,353.94
-18.82
1,099.09
-6.48
1,027.92
25.89
1,294.05
15.50
1,494.65
5.22
1,572.61
38.47
2,177.53
30.41
2,839.70
8.29
3,075.06
34.02
4,121.18
-17.83
3,386.30
-37.84
2,104.93
27.80
2,690.12
27.56
3,431.62
7.30
3,682.29
19.73
4,408.71
2.34
4,511.90
27.23
5,740.43
Price
Return (%)
Index
100.00
3.84
103.84
-33.11
69.46
-49.55
35.04
22.20
42.82
36.53
58.47
10.10
64.37
-9.42
58.31
19.35
69.59
11.07
77.30
-1.02
76.51
19.19
91.19
15.11
104.97
3.53
108.67
-3.52
104.84
9.24
114.53
-19.01
92.76
1.24
93.92
-12.06
82.59
-28.49
59.05
23.10
72.69
2.87
74.78
10.58
82.69
-6.41
77.39
9.12
84.45
26.52
106.84
11.85
119.50
-23.82
91.03
-14.06
78.23
15.91
90.68
7.05
97.07
-2.15
94.98
29.34
122.85
22.87
150.94
2.51
154.73
27.98
198.02
-21.42
155.60
-41.56
90.94
20.15
109.26
21.76
133.03
2.34
136.14
14.54
155.93
-2.03
152.76
22.00
186.36
FTSE NAREIT Real Estate 50TM

Total
Return (%)
Index
28.66
12.20
1.86
36.30
35.00
13.67
35.64
-16.34
-37.31
27.62
26.72
9.45
18.05
-0.53
28.73
100.00
128.66
144.36
147.05
200.44
270.58
307.57
417.18
349.00
218.80
279.23
353.83
387.25
457.14
454.71
585.32
Price
Return (%)
Index
19.98
5.13
-4.30
28.34
28.31
8.52
30.28
-19.57
-40.78
20.36
21.13
4.69
13.37
-4.44
23.86
100.00
119.98
126.14
120.71
154.92
198.79
215.71
281.03
226.03
133.85
161.10
195.14
204.29
231.60
221.31
274.12
17
Total
Return (%)
Index
100.00
8.01
108.01
-15.52
91.25
-21.40
71.72
19.30
85.56
47.59
126.28
22.42
154.59
10.34
170.57
35.86
231.73
24.37
288.20
6.00
305.50
21.60
371.49
30.64
485.30
20.93
586.86
19.10
698.93
19.16
832.83
-3.64
802.51
13.49
910.74
8.84
991.26
-15.35
839.09
35.70
1,138.61
14.59
1,304.73
19.65
1,561.17
3.17
1,610.67
15.27
1,856.57
35.27
2,511.32
20.26
3,020.11
-17.50
2,491.53
-4.62
2,376.42
26.37
3,002.97
13.93
3,421.37
3.82
3,552.10
37.13
4,871.12
31.58
6,409.30
12.16
7,188.85
35.06
9,709.31
-15.69
8,185.75
-37.73
5,097.46
27.99
6,524.25
27.95
8,347.58
8.28
9,039.07
19.70 10,819.84
2.86 11,128.83
28.03 14,247.97
Price
Return (%)
Index
100.00
1.08
101.08
-21.78
79.07
-29.33
55.88
8.34
60.54
36.21
82.46
13.97
93.98
2.66
96.48
25.49
121.07
1.95
123.42
-2.03
120.92
11.49
134.81
21.01
163.13
9.30
178.30
9.62
195.45
10.56
216.10
-10.31
193.82
4.77
203.07
0.58
204.24
-26.45
150.21
25.47
188.47
6.40
200.54
12.95
226.51
-3.52
218.55
6.56
232.88
26.35
294.24
13.33
333.47
-22.33
259.00
-12.21
227.37
16.51
264.90
5.85
280.40
-3.12
271.66
28.48
349.02
24.35
434.01
6.67
462.98
29.51
599.59
-19.05
485.36
-41.12
285.79
21.28
346.60
23.07
426.55
4.32
444.96
15.61
514.43
-0.80
510.33
23.44
629.96

Total
Return (%)
Index
100.00
8.01
108.01
-15.52
91.25
-21.40
71.72
19.30
85.56
47.59
126.28
22.42
154.59
10.34
170.57
35.86
231.73
24.37
288.20
6.00
305.50
21.60
371.49
30.64
485.30
20.93
586.86
19.10
698.93
19.16
832.83
-3.64
802.51
13.49
910.74
8.84
991.26
-15.35
839.09
35.70
1,138.61
14.59
1,304.73
19.65
1,561.17
3.17
1,610.67
15.27
1,856.57
35.27
2,511.32
20.26
3,020.11
-17.50
2,491.53
-4.62
2,376.42
26.37
3,002.97
13.93
3,421.37
3.82
3,552.10
37.13
4,871.12
31.58
6,409.30
12.16
7,188.85
35.06
9,709.31
-15.69
8,185.75
-37.73
5,097.46
27.99
6,524.25
27.96
8,348.46
8.29
9,040.81
18.06 10,673.56
2.47 10,936.91
30.14 14,233.18
Price
Return (%)
Index
100.00
1.08
101.08
-21.78
79.07
-29.33
55.88
8.34
60.54
36.21
82.46
13.97
93.98
2.66
96.48
25.49
121.07
1.95
123.42
-2.03
120.92
11.49
134.81
21.01
163.13
9.30
178.30
9.62
195.45
10.56
216.10
-10.31
193.82
4.77
203.07
0.58
204.24
-26.45
150.21
25.47
188.47
6.40
200.54
12.95
226.51
-3.52
218.55
6.56
232.88
26.35
294.24
13.33
333.47
-22.33
259.00
-12.21
227.37
16.51
264.90
5.85
280.40
-3.12
271.66
28.48
349.02
24.35
434.01
6.67
462.98
29.51
599.59
-19.05
485.36
-41.12
285.79
21.28
346.60
23.06
426.53
4.32
444.95
13.86
506.60
-1.33
499.85
25.25
626.05

Total
Return (%)
Index
100.00
12.17
112.17
-36.26
71.50
-45.32
39.09
40.79
55.04
51.71
83.50
17.82
98.38
-9.97
88.57
16.56
103.24
16.80
120.58
7.07
129.11
48.64
191.91
16.90
224.34
7.26
240.64
-5.20
228.11
19.21
271.95
-15.67
229.34
7.30
246.09
-15.90
206.95
-18.37
168.94
31.83
222.72
1.92
226.99
14.55
260.01
-24.30
196.82
63.42
321.65
50.86
485.25
3.82
503.80
-29.22
356.60
-33.22
238.15
15.96
276.15
77.34
489.74
31.08
641.93
57.39
1,010.33
18.43
1,196.57
-23.19
919.11
19.32
1,096.72
-42.35
632.27
-31.31
434.31
24.63
541.28
22.60
663.59
-2.42
647.56
19.89
776.34
-1.96
761.12
17.88
897.23
Price
Return (%)
Index
100.00
4.34
104.34
-42.05
60.47
-53.96
27.84
24.51
34.66
38.41
47.97
8.16
51.89
-17.86
42.62
4.26
44.44
3.29
45.90
-5.54
43.36
31.27
56.91
5.56
60.08
-4.54
57.35
-15.33
48.55
7.64
52.26
-25.70
38.83
-5.12
36.84
-26.19
27.20
-29.18
19.26
13.93
21.94
-10.80
19.57
-0.40
19.49
-33.83
12.90
46.80
18.94
37.21
25.98
-3.57
25.05
-34.29
16.46
-40.12
9.86
3.33
10.19
46.37
14.91
14.23
17.03
38.19
23.54
7.92
25.40
-30.88
17.56
8.44
19.04
-47.69
9.96
-40.46
5.93
8.26
6.42
7.01
6.87
-15.14
5.83
5.83
6.17
-12.42
5.40
6.30
5.74
Annual Price and Total Returns by Property Sector

1994 - 2014
(Returns in Percent)
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Industrial/Office
Total
Price
Total
Price
Residential
Total
Price
Diversified
Total
Price
Health Care
Total
Price
Lodging/Resorts
Total
Price
Self Storage
Total
Price
Total
Price
Infrastructure
Total
Price
Mortgage
Total
Price
16.59
25.80
44.43
27.49
-14.44
3.35
33.38
7.09
0.87
33.26
25.24
12.85
39.39
-14.86
-50.28
29.17
17.04
-1.47
19.12
5.97
24.26
2.98
5.10
34.61
16.95
-4.74
-11.77
17.97
30.41
21.07
46.77
40.23
11.80
29.02
-15.77
-48.36
27.17
33.41
12.20
26.74
1.86
27.62
-3.94
-3.20
24.43
9.83
-10.87
-18.89
7.72
20.61
13.11
38.46
33.23
6.60
24.00
-18.97
-51.28
21.57
28.43
8.27
22.58
-1.67
22.84
2.31
11.99
29.46
16.31
-8.11
9.48
34.30
9.04
-5.99
25.90
32.71
13.69
38.93
-25.21
-24.89
30.82
46.01
15.37
6.94
-5.36
40.04
-6.04
21.16
33.96
21.67
-22.11
-14.41
24.10
12.52
4.24
40.25
32.41
9.87
38.03
-22.29
-28.25
17.02
23.75
2.82
12.20
4.33
27.18
4.12
24.88
20.40
15.76
-17.45
-24.83
25.84
51.86
4.82
53.59
20.96
1.79
44.55
2.13
-11.98
24.62
19.20
13.63
20.35
-7.06
33.32
-8.89
30.79
49.19
30.09
-52.83
-16.14
45.77
-8.63
-1.49
31.69
32.70
9.76
28.16
-22.37
-59.67
67.19
42.77
-14.31
12.53
27.18
32.50
8.90
34.40
42.85
3.41
-7.20
-8.03
14.69
43.24
0.56
38.14
29.70
26.55
40.94
-24.82
5.05
8.37
29.29
35.22
19.94
9.49
31.44
7.65
37.05
7.86
8.57
3.77
32.58
4.54
4.78
29.91
4.80
20.15
-24.30
63.42
50.86
3.82
-29.22
-33.22
15.96
77.35
31.08
57.39
18.43
-23.19
19.32
-42.35
-31.31
24.63
22.60
-2.42
19.89
-1.96
17.88
10.25
16.94
35.90
20.90
-19.16
-4.07
23.26
-0.41
-5.95
24.62
18.42
6.71
34.06
-18.17
-53.02
21.40
12.52
-5.16
14.88
2.33
20.19
Retail
-3.77
3.80
19.72
9.04
-13.69
1.81
25.25
2.02
-12.63
17.65
24.08
8.31
33.80
-28.08
-29.08
22.81
40.87
11.82
3.60
-8.69
35.25
-11.54
12.54
22.25
13.15
-26.02
-23.71
15.21
4.80
-3.38
27.87
22.20
4.04
32.10
-25.40
-31.84
12.77
19.03
-1.32
7.63
-0.29
21.77
-3.54
13.93
11.87
7.56
-23.65
-31.98
9.97
39.11
-3.08
41.65
13.35
-4.61
35.81
-3.47
-17.06
15.76
12.71
7.62
14.50
-11.41
26.62
18
-12.79
22.35
40.32
23.30
-55.01
-24.05
30.83
-16.32
-7.04
26.57
29.08
5.93
22.75
-25.98
-62.72
64.53
40.51
-16.38
9.33
23.07
28.12
1.31
25.42
34.51
-1.25
-10.85
-14.20
6.50
36.55
-5.01
30.75
24.33
21.98
36.66
-27.16
1.44
4.44
25.20
31.04
16.21
5.92
27.21
Timber
28.25
3.30
17.86
-33.81
46.82
37.17
-3.58
-34.29
-40.10
3.35
46.32
14.22
38.23
7.90
-30.87
8.43
-47.69
-40.46
8.26
7.01
-15.14
5.83
-12.42
6.30
Annual Price and Total Returns by Property Subsector

1994 - 2014
(Returns in Percent)
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Industrial
Total
Price
Industrial/Office
Office
Total
Price
Total
18.66
16.21
37.22
19.02
-11.74
3.90
28.62
7.42
17.32
33.13
34.10
15.41
28.92
0.38
-67.47
12.17
18.89
-5.16
31.28
7.40
21.00
2.86
38.79
51.82
29.01
-17.35
4.26
35.45
6.65
-6.29
34.01
23.28
13.11
45.22
-18.96
-41.07
35.55
18.41
-0.76
14.15
5.57
25.86
40.79
27.91
-8.85
-0.72
31.97
8.15
8.56
31.30
19.59
7.40
28.28
-33.09
-33.99
34.90
8.75
2.67
20.81
5.56
23.11
13.37
8.55
28.99
12.76
-16.32
-4.03
14.48
0.53
10.23
25.76
27.78
10.76
24.46
-3.17
-69.38
4.84
13.60
-8.74
26.89
4.05
17.03
-2.68
28.34
42.85
22.56
-22.14
-3.11
26.62
-0.79
-12.74
24.84
16.22
6.76
39.76
-22.01
-44.02
28.04
14.50
-4.21
10.26
2.06
22.06
Price
Shopping Centers
Total
Price
Retail
Regional Malls
Total
Price
Free Standing
Total
Price
Residential
Apartments
Manufactured Homes
Total
Price
Total
Price
32.74
21.01
-13.52
-7.62
22.63
-0.36
0.87
22.76
12.99
-0.12
22.08
-36.66
-39.27
25.34
2.82
-2.76
15.04
0.80
17.60
1.33
7.40
33.49
21.44
-6.99
-10.71
15.10
29.89
17.72
43.12
36.25
9.27
34.87
-17.68
-38.84
-1.66
30.78
-0.73
25.02
4.99
29.96
8.77
3.00
45.27
13.69
-2.62
-14.58
23.50
31.87
24.56
52.24
45.01
16.54
23.83
-15.85
-60.60
62.99
34.64
22.00
28.21
-0.98
32.64
-5.46
31.56
30.95
17.70
-6.25
-4.89
8.94
23.95
21.76
35.92
32.87
-0.49
30.74
-0.43
-15.09
25.93
37.37
0.43
22.46
7.29
9.66
2.19
12.26
28.93
16.04
-8.77
10.72
35.53
8.66
-6.15
25.49
34.72
14.65
39.95
-25.43
-25.13
30.40
47.04
15.10
6.93
-6.20
39.62
Mixed
-5.49
-0.74
23.37
14.36
-13.00
-18.03
4.27
19.83
9.63
34.99
29.63
3.59
29.74
-20.98
-42.23
-7.44
25.83
-4.48
20.40
1.21
25.39
1.41
-5.74
34.10
6.58
-8.17
-21.22
13.63
22.87
16.76
43.75
37.70
11.76
19.19
-18.80
-62.79
59.53
30.15
18.23
24.56
-3.95
28.46
19
-17.52
20.28
20.38
10.22
-11.97
-12.31
-0.34
12.06
13.65
27.70
26.03
-5.44
23.65
-5.26
-20.32
16.15
29.32
-4.94
16.57
1.81
3.22
-3.91
3.94
19.07
8.77
-14.37
2.87
26.40
1.68
-12.88
17.22
26.50
9.12
34.77
-28.30
-29.33
22.37
41.89
11.63
3.62
-9.48
34.88
3.31
10.68
34.93
16.17
-0.86
-2.80
20.94
13.72
-4.05
29.99
6.40
-2.58
15.35
-19.34
-20.18
40.92
27.02
20.38
7.10
10.46
46.20
-2.59
2.87
26.58
9.33
-6.10
-8.77
12.62
6.37
-9.61
21.51
-8.40
-6.04
11.57
-22.24
-24.06
33.33
22.11
15.48
3.22
6.25
40.62
Mortgage
Home Financing
Total
Price
Total
Price
9.16
102.02
28.25
42.73
24.91
-25.95
14.75
-38.23
-20.02
28.19
21.02
-0.87
16.38
-12.69
19.38
-1.60
68.36
11.40
22.74
12.89
-33.94
3.87
-43.41
-30.25
11.18
5.04
-14.41
1.94
-22.92
6.68
25.60
37.37
38.50
84.67
7.45
-16.06
30.31
-48.79
-74.84
-40.99
41.99
-11.34
42.98
41.77
14.46
10.13
10.17
21.27
68.53
-0.10
-22.82
19.61
-54.29
-78.24
-46.15
33.88
-18.54
31.06
31.89
5.78
Equity Market Capitalization

(Millions of dollars at year end)
Year
1971
All REITs
Number
Market
of REITs Capitalization
34
1,494.3
Number
of REITs
12
Hybrid1
Equity
Mortgage
Market
Percent of Number
Market
Percent of Number
Market
Percent of
Capitalization All REITs of REITs Capitalization All REITs of REITs Capitalization All REITs
332.0
22.2
12
570.8
38.2
10
591.6
39.6
1972
46
1,880.9
17
377.3
20.1
18
774.7
41.2
11
728.9
38.8
1973
53
1,393.5
20
336.0
24.1
22
517.3
37.1
11
540.2
38.8
32.5
1974
53
712.4
19
241.9
34.0
22
238.8
33.5
12
231.7
1975
46
899.7
12
275.7
30.6
22
312.0
34.7
12
312.0
34.7
1976
62
1,308.0
27
409.6
31.3
22
415.6
31.8
13
482.8
36.9
1977
69
1,528.1
32
538.1
35.2
19
398.3
26.1
18
591.6
38.7
1978
71
1,412.4
33
575.7
40.8
19
340.3
24.1
19
496.4
35.1
1979
71
1,754.0
32
743.6
42.4
19
377.1
21.5
20
633.3
36.1
1980
75
2,298.6
35
942.2
41.0
21
509.5
22.2
19
846.8
36.8
1981
76
2,438.9
36
977.5
40.1
21
541.3
22.2
19
920.1
37.7
1982
66
3,298.6
30
1,071.4
32.5
20
1,133.4
34.4
16
1,093.8
33.2
1983
59
4,257.2
26
1,468.6
34.5
19
1,460.0
34.3
14
1,328.7
31.2
1984
59
5,085.3
25
1,794.5
35.3
20
1,801.3
35.4
14
1,489.4
29.3
1985
82
7,674.0
37
3,270.3
42.6
32
3,162.4
41.2
13
1,241.2
16.2
1986
96
9,923.6
45
4,336.1
43.7
35
3,625.8
36.5
16
1,961.7
19.8
1987
110
9,702.4
53
4,758.5
49.0
38
3,161.4
32.6
19
1,782.4
18.4
1988
117
11,435.2
56
6,141.7
53.7
40
3,620.8
31.7
21
1,672.6
14.6
1989
120
11,662.2
56
6,769.6
58.0
43
3,536.3
30.3
21
1,356.3
11.6
1990
119
8,737.1
58
5,551.6
63.5
43
2,549.2
29.2
18
636.3
7.3
1991
138
12,968.2
86
8,785.5
67.7
28
2,586.3
19.9
24
1,596.4
12.3
1992
142
15,912.0
89
11,171.1
70.2
30
2,772.8
17.4
23
1,968.1
12.4
1993
189
32,158.7
135
26,081.9
81.1
32
3,398.5
10.6
22
2,678.2
8.3
1994
226
44,306.0
175
38,812.0
87.6
29
2,502.7
5.6
22
2,991.3
6.8
1995
219
57,541.3
178
49,913.0
86.7
24
3,395.4
5.9
17
4,232.9
7.4
1996
199
88,776.3
166
78,302.0
88.2
20
4,778.6
5.4
13
5,695.8
6.4
1997
211
140,533.8
176
127,825.3
91.0
26
7,370.3
5.2
5,338.2
3.8
1998
210
138,301.4
173
126,904.5
91.8
28
4,916.2
3.6
6,480.7
4.7
1999
203
124,261.9
167
118,232.7
95.1
26
4,441.7
3.6
10
1,587.5
1.3
2000
189
138,715.4
158
134,431.0
96.9
22
2,652.4
1.9
1,632.0
1.2
2001
182
154,898.6
151
147,092.1
95.0
22
3,990.5
2.6
3,816.0
2.5
2002
176
161,937.3
149
151,271.5
93.4
20
7,146.4
4.4
3,519.4
2.2
2003
171
224,211.9
144
204,800.4
91.3
20
14,186.5
6.3
5,225.0
2.3
2004
190
305,025.1
150
273,629.0
89.7
33
24,774.1
8.1
6,622.0
2.2
2005
197
330,691.3
152
301,491.0
91.2
37
23,393.7
7.1
5,806.6
1.8
2006
183
438,071.1
138
400,741.4
91.5
38
29,195.3
6.7
8,134.3
1.9
2007
152
312,009.0
118
288,694.6
92.5
29
19,054.1
6.1
4,260.3
1.4
2008
136
191,651.0
113
176,237.7
92.0
20
14,280.5
7.5
1,132.9
0.6
2009
142
271,199.1
115
248,355.1
91.6
23
22,103.2
8.2
740.8
0.3
2010
153
389,295.4
126
358,908.2
92.2
27
30,387.2
7.8
--
--
--
2011
160
450,500.6
130
407,528.9
90.5
30
42,971.7
9.5
--
--
--
2012
172
603,415.3
139
544,414.9
90.2
33
59,000.3
9.8
--
--
--
2013
202
670,334.1
161
608,276.6
90.7
41
62,057.4
9.3
--
--
--
2014
216
907,427.5
177
846,410.3
93.3
39
61,017.2
6.7
--
--
--
Note:
Market capitalization equals share price multiplied by the number of shares outstanding and does not include Operating Partnership Units.
1
The FTSE NAREIT Hybrid REIT Index was discontinued on December 17, 2010.
Source: NAREIT
20
REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes
March 31, 2015
Number
of REITs
(1)
37
23
8
6
36
21
8
7
21
18
3
36
20
4
16
5
2
Ticker Investment
Company
Symbol
Sector
(2)
(3)
(4)
Summary by Investment Sector, Property Sector and Property Subsector
Industrial/Office
Office
Industrial
Mixed
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Diversified
Lodging/Resorts
Self Storage
Health Care
Timber
Infrastructure
41
28
13
220
Mortgage REITs
Home Financing
Industry Totals
Property
Subsector
(5)
S&P
REITs
(6)
Equity Market Capitalization ($M)1

FTSE NAREIT Percent of Percent of
% of FTSE NAREIT
All REITs
Sector
S&P REITs
All REITs
(7)
(8)
(9)
(10)
111,026.5
71,995.8
24,095.5
14,935.2
178,570.7
50,825.7
109,789.5
17,955.6
107,513.4
107,513.4
0.0
62,528.8
30,390.5
45,182.2
92,017.5
30,064.9
67,358.2
146,770.0
95,433.1
33,486.7
17,850.1
220,225.1
71,505.1
114,247.6
34,472.3
118,906.2
110,490.8
8,415.4
113,404.7
55,664.9
49,115.4
102,083.8
30,452.1
67,695.5
15.30
9.92
3.32
2.06
24.60
7.00
15.13
2.47
14.81
14.81
0.00
8.62
4.19
6.23
12.68
4.14
9.28
15.20
9.88
3.47
1.85
22.80
7.40
11.83
3.57
12.31
11.44
0.87
11.74
5.76
5.09
10.57
3.15
7.01
1,124.4
1,124.4
0.0
725,777.2
61,536.2
46,672.1
14,864.1
965,853.8
0.15
0.15
0.00
100.00
6.37
4.83
1.54
100.00
503,816
159,196
62,765
725,777.2
69.42
21.93
8.65
100.00
52.16
16.48
6.50
75.14
Distribution of REITs by S&P Index

24
32
35
91
S&P 500 Large Cap

S&P 400 Mid Cap
S&P 600 Small Cap
Total S&P REITs
21
March 31, 2015
Summary of REITs in S&P Equity Indexes

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
24
S&P 500 Constituents

Simon Property Group, Inc.
American Tower Corporation
Public Storage
Equity Residential
Crown Castle International Corp
Health Care REIT, Inc.
General Growth Properties, Inc.
Ventas, Inc.
AvalonBay Communities, Inc.
Prologis, Inc.
Boston Properties, Inc.
Vornado Realty Trust
HCP, Inc.
Weyerhaeuser Company
Host Hotels & Resorts, Inc.
Essex Property Trust, Inc.
Macerich Company
Equinix Inc
SL Green Realty Corp.
Realty Income Corporation
Kimco Realty Corporation
Plum Creek Timber Company, Inc.
Iron Mountain, Inc.
Apartment Investment and Management Company Class A
Subtotal
Equity Market Cap ($M)

60,802.6
39,783.9
34,034.3
28,028.7
27,574.3
26,750.3
26,112.7
24,155.7
22,859.3
22,193.8
21,302.3
20,848.0
19,792.0
17,352.7
15,258.3
14,595.3
13,319.6
12,720.4
12,390.8
11,425.7
11,036.9
7,686.7
7,640.9
6,151.1
503,816.3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
32
S&P 400 Mid Cap Constituents

Federal Realty Investment Trust
UDR, Inc.
Extra Space Storage Inc.
Duke Realty Corporation
Alexandria Real Estate Equities, Inc.
Camden Property Trust
Kilroy Realty Corporation
Regency Centers Corporation
Mid-America Apartment Communities, Inc.
Omega Healthcare Investors, Inc.
National Retail Properties, Inc.
Liberty Property Trust
Senior Housing Properties Trust
Hospitality Properties Trust
Taubman Centers, Inc.
Lamar Advertising Company Class A
Corrections Corporation of America
BioMed Realty Trust, Inc.
American Campus Communities, Inc.
Weingarten Realty Investors
LaSalle Hotel Properties
Douglas Emmett, Inc
Highwoods Properties, Inc.
Home Properties, Inc.
Rayonier Inc.
Tanger Factory Outlet Centers, Inc.
Equity One, Inc.
WP GLIMCHER, Inc
Corporate Office Properties Trust
Urban Edge Properties
Mack-Cali Realty Corporation
Potlatch Corporation
Subtotal
10,108.0
8,685.1
7,824.8
7,427.1
7,002.7
6,750.3
6,579.4
6,344.3
5,814.9
5,623.7
5,343.6
5,272.7
5,214.0
4,935.5
4,911.5
4,773.1
4,658.2
4,616.1
4,485.6
4,398.4
4,383.7
4,303.6
4,253.8
3,938.7
3,400.2
3,370.9
3,304.9
3,060.1
2,718.3
2,352.1
1,715.7
1,625.3
159,196.4
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
35
S&P 600 Small Cap Constituents

EPR Properties
Sovran Self Storage, Inc.
GEO Group Inc
Post Properties, Inc.
Medical Properties Trust, Inc.
DiamondRock Hospitality Company
Healthcare Realty Trust Incorporated
Acadia Realty Trust
Kite Realty Group Trust
Cousins Properties Incorporated
Lexington Realty Trust
PS Business Parks, Inc.
Sabra Health Care REIT, Inc.
Parkway Properties, Inc.
EastGroup Properties, Inc.
American Assets Trust, Inc.
Chesapeake Lodging Trust
Retail Opportunity Investments Corp.
Education Realty Trust, Inc.
Government Properties Income Trust
LTC Properties, Inc.
Pennsylvania Real Estate Investment Trust
Associated Estates Realty Corporation
Franklin Street Properties Corp.
Summit Hotel Properties, Inc.,
Saul Centers, Inc.
Capstead Mortgage Corporation
Inland Real Estate Corporation
CoreSite Realty Corporation
Universal Health Realty Income Trust
Cedar Realty Trust, Inc.
Urstadt Biddle Properties Inc. Class A
Getty Realty Corp.
Agree Realty Corporation
CareTrust REIT Inc
Subtotal
3,430.9
3,323.1
3,243.2
3,085.4
3,062.7
2,757.4
2,707.5
2,375.7
2,336.4
2,295.0
2,273.6
2,235.4
1,963.6
1,927.9
1,901.7
1,887.7
1,856.5
1,701.4
1,700.1
1,605.9
1,598.6
1,583.0
1,419.2
1,284.4
1,199.1
1,189.8
1,124.4
1,063.1
1,052.9
723.3
630.8
613.0
607.8
578.5
425.9
62,764.5
91 Total
725,777.2
22
March 31, 2015
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
23
13
Property Sector: Industrial/Office

Boston Properties, Inc.
Alexandria Real Estate Equities, Inc.
Kilroy Realty Corporation
BioMed Realty Trust, Inc.
Douglas Emmett, Inc
Highwoods Properties, Inc.
Paramount Group, Inc.
Equity Commonwealth
Columbia Property Trust, Inc.
Piedmont Office Realty Trust, Inc. Class A
Brandywine Realty Trust
Corporate Office Properties Trust
Hudson Pacific Properties, Inc.
Cousins Properties Incorporated
Parkway Properties, Inc.
Empire State Realty Trust, Inc. Class A
New York REIT, Inc.
Franklin Street Properties Corp.
Easterly Government Properties, Inc.
City Office REIT, Inc.
Subsector Totals
S&P Subsector Total
BXP
SLG
ARE
KRC
BMR
DEI
HIW
PGRE
EQC
CXP
PDM
BDN
OFC
HPP
CUZ
PKY
ESRT
CLI
NYRT
GOV
FSP
DEA
CIO
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
S&P 500
S&P 500
S&P 400
S&P 400
S&P 400
S&P 400
S&P 400
Prologis, Inc.
DCT Industrial Trust Inc.
First Industrial Realty Trust, Inc.
EastGroup Properties, Inc.
STAG Industrial, Inc.
Terreno Realty Corporation
Rexford Industrial Realty, Inc.
Monmouth Real Estate Investment Corporation Class A
Subsector Totals
S&P Subsector Total
PLD
DCT
FR
EGP
STAG
TRNO
REXR
MNR
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
S&P 500
1
2
3
4
5
6
6
3
37
18

PS Business Parks, Inc.
Chambers Street Properties
First Potomac Realty Trust
Gladstone Commercial Corporation
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
DRE
LPT
PSB
CSG
FPO
GOOD
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
21
14
Property Sector: Retail

Federal Realty Investment Trust
Brixmor Property Group, Inc.
DDR Corp.
Regency Centers Corporation
Retail Properties of America, Inc. Class A
Tanger Factory Outlet Centers, Inc.
Equity One, Inc.
Acadia Realty Trust
Retail Opportunity Investments Corp.
Ramco-Gershenson Properties Trust
Saul Centers, Inc.
Inland Real Estate Corporation
Excel Trust, Inc
Cedar Realty Trust, Inc.
Urstadt Biddle Properties Inc. Class A
Wheeler Real Estate Investment Trust, Inc.
ACRE Realty Investors, Inc.
Subsector Totals
S&P Subsector Total
1
2
3
4
5
6
7
8
8
6
Simon Property Group, Inc.

Macerich Company
Taubman Centers, Inc.
CBL & Associates Properties, Inc.
WP GLIMCHER, Inc
Rouse Properties, Inc.
Subsector Totals
S&P Subsector Total
SPG
GGP
MAC
TCO
CBL
WPG
PEI
RSE
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
Regional Malls
S&P 500
S&P 500
S&P 500
S&P 400
Realty Income Corporation

American Realty Capital Properties, Inc. Class A
National Retail Properties, Inc.
Spirit Realty Capital, Inc.
STORE Capital Corporation
Getty Realty Corp.
Agree Realty Corporation
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
O
ARCP
NNN
SRC
STOR
GTY
ADC
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Free Standing
Free Standing
Free Standing
Free Standing
Free Standing
Free Standing
Free Standing
S&P 500
1
2
3
4
5
6
7
8
8
2
1
2
3
4
5
6
7
7
4
36
24
KIM
FRT
BRX
DDR
REG
WRI
RPAI
SKT
EQY
AKR
UE
KRG
ROIC
RPT
BFS
IRC
EXL
CDR
UBA
WHLR
AIII
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Mixed
Mixed
Mixed
Mixed
Mixed
Mixed
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
Shopping Centers
23
S&P 400
S&P 600
S&P 600
S&P 400
S&P 600
S&P 600
S&P 600
S&P 400
S&P 400
S&P 600
S&P 500
S&P 400
S&P 400
S&P 400
S&P 400
S&P 400
S&P 600
S&P 400
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
S&P 400
S&P 600
S&P 400
S&P 600
S&P 600
21,302.3
12,390.8
7,002.7
6,579.4
4,616.1
4,303.6
4,253.8
4,089.6
3,421.5
3,372.9
2,871.3
2,859.5
2,718.3
2,650.0
2,295.0
1,927.9
1,908.2
1,715.7
1,712.8
1,605.9
1,284.4
387.9
163.6
95,433.1
71,995.8
22.32
12.98
7.34
6.89
4.84
4.51
4.46
4.29
3.59
3.53
3.01
3.00
2.85
2.78
2.40
2.02
2.00
1.80
1.79
1.68
1.35
0.41
0.17
100.00
2.94
1.71
0.96
0.91
0.64
0.59
0.59
22,193.8
3,052.4
2,356.5
1,901.7
1,515.5
948.4
872.9
645.6
33,486.7
24,095.5
66.28
9.12
7.04
5.68
4.53
2.83
2.61
1.93
100.00
3.06
7,427.1
5,272.7
2,235.4
1,864.2
698.5
352.3
17,850.1
14,935.2
146,770.0
111,026.5
41.61
29.54
12.52
10.44
3.91
1.97
100.00
1.02
0.73
0.31
11,036.9
10,108.0
7,873.0
6,688.7
6,344.3
4,398.4
3,792.1
3,370.9
3,304.9
2,375.7
2,352.1
2,336.4
1,701.4
1,436.5
1,189.8
1,063.1
856.9
630.8
613.0
17.0
15.2
71,505.1
50,825.7
0.37
0.32
0.27
0.24
0.22
0.18
9.92
0.26
3.32
2.21
1.28
0.73
0.68
0.48
0.45
0.44
0.42
0.35
0.35
0.30
0.30
0.28
0.27
0.24
0.20
0.20
0.18
0.18
0.17
0.13
0.04
0.02
9.88
2.30
0.32
0.24
0.20
0.16
0.10
0.09
0.07
3.47
2.06
0.77
0.55
0.23
0.19
0.07
0.04
1.85
15.30
15.20
15.44
14.14
11.01
9.35
8.87
6.15
5.30
4.71
4.62
3.32
3.29
3.27
2.38
2.01
1.66
1.49
1.20
0.88
0.86
0.02
0.02
100.00
1.52
1.39
1.14
1.05
0.82
0.69
0.66
0.46
0.39
0.35
0.34
0.25
0.24
0.24
0.18
0.15
0.12
0.11
0.09
0.07
0.06
0.00
0.00
7.40
60,802.6
26,112.7
13,319.6
4,911.5
3,364.1
3,060.1
1,583.0
1,094.0
114,247.6
109,789.5
53.22
22.86
11.66
4.30
2.94
2.68
1.39
0.96
100.00
8.38
3.60
1.84
0.68
11,425.7
9,109.9
5,343.6
4,817.0
2,589.9
607.8
578.5
34,472.3
17,955.6
220,225.1
178,570.7
33.14
26.43
15.50
13.97
7.51
1.76
1.68
100.00
0.87
0.61
0.46
0.46
0.33
0.32
0.32
0.23
0.16
0.15
0.09
0.08
7.00
0.42
0.22
15.13
1.57
6.30
2.70
1.38
0.51
0.35
0.32
0.16
0.11
11.83
0.08
0.08
2.47
1.18
0.94
0.55
0.50
0.27
0.06
0.06
3.57
24.60
22.80
0.74
March 31, 2015
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
18
12
1
2
3
3
0
21
12
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
36
10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
20
6
1
2
3
4
4
3
Property Sector: Residential

Equity Residential
AvalonBay Communities, Inc.
UDR, Inc.
Camden Property Trust
Apartment Investment and Management Company Class A
American Campus Communities, Inc.
Home Properties, Inc.
Post Properties, Inc.
Education Realty Trust, Inc.
Monogram Residential Trust Inc
Associated Estates Realty Corporation
Campus Crest Communities, Inc.
Independence Realty Trust, Inc.
Trade Street Residential, Inc.
Preferred Apartment Communities, Inc.
Bluerock Residential Growth REIT, Inc. Class A
Subsector Totals
S&P Subsector Total
Equity LifeStyle Properties, Inc.
Sun Communities, Inc.
UMH Properties, Inc.
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
Property Sector: Diversified
Vornado Realty Trust
Equinix Inc
Digital Realty Trust, Inc.
Iron Mountain, Inc.
W.P. Carey Inc.
NorthStar Realty Finance Corp.
Lamar Advertising Company Class A
Corrections Corporation of America
Gaming and Leisure Properties, Inc. WI
OUTFRONT Media Inc.
American Homes 4 Rent Class A
EPR Properties
GEO Group Inc
Alexander's, Inc.
Select Income REIT
DuPont Fabros Technology, Inc.
American Assets Trust, Inc.
Washington Real Estate Investment Trust
Gramercy Property Trust Inc.
QTS Realty Trust, Inc. Class A
CyrusOne, Inc.
CoreSite Realty Corporation
Starwood Waypoint Residential Trust
Investors Real Estate Trust
Silver Bay Realty Trust Corp.
Winthrop Realty Trust
American Residential Properties, Inc.
One Liberty Properties, Inc.
Whitestone REIT
Armada Hoffler Properties, Inc.
BRT Realty Trust
Gladstone Land Corp.
Farmland Partners, Inc.
HMG/Courtland Properties, Inc.
Gyrodyne Company of America, Inc.
Sector Totals
S&P Sector Total
Property Sector: Lodging/Resorts
Host Hotels & Resorts, Inc.
RLJ Lodging Trust
Sunstone Hotel Investors, Inc.
Strategic Hotels & Resorts, Inc.
Pebblebrook Hotel Trust
Ryman Hospitality Properties, Inc.
DiamondRock Hospitality Company
Xenia Hotels & Resorts Inc
FelCor Lodging Trust Incorporated
Hersha Hospitality Trust Class A
Summit Hotel Properties, Inc.,
Chatham Lodging Trust
Ashford Hospitality Trust, Inc.
Ashford Hospitality Prime, Inc.
Sotherly Hotels Inc.
InnSuites Hospitality Trust
Supertel Hospitality Inc
Sector Totals
S&P Sector Total
Property Sector: Self Storage
Public Storage
Extra Space Storage Inc.
CubeSmart
Sovran Self Storage, Inc.
Sector Totals
S&P Sector Total
EQR
AVB
ESS
UDR
CPT
AIV
MAA
ACC
HME
PPS
EDR
MORE
AEC
CCG
IRT
TSRE
APTS
BRG
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
Apartments
ELS
SUI
UMH
Equity
Equity
Equity
Manufactured Homes
Manufactured Homes
Manufactured Homes
VNO
EQIX
DLR
IRM
WPC
NRF
LAMR
CXW
GLPI
OUT
AMH
EPR
GEO
ALX
LXP
SIR
DFT
AAT
WRE
GPT
QTS
CONE
COR
SWAY
IRET
SBY
FUR
ARPI
OLP
WSR
AHH
BRT
LAND
FPI
HMG
GYRO
HST
HPT
LHO
RLJ
SHO
BEE
PEB
RHP
DRH
XHR
CHSP
FCH
HT
INN
CLDT
AHT
AHP
SOHO
IHT
SPPR
PSA
EXR
CUBE
SSS
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 500
S&P 500
S&P 400
S&P 400
S&P 500
S&P 400
S&P 400
S&P 400
S&P 600
S&P 600
S&P 600
S&P 500
S&P 500
S&P 500
S&P 400
S&P 400
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 400
S&P 400
S&P 600
S&P 600
S&P 600
Equity
Equity
Equity
Equity
S&P 500
S&P 400
S&P 600
24
28,028.7
22,859.3
14,595.3
8,685.1
6,750.3
6,151.1
5,814.9
4,485.6
3,938.7
3,085.4
1,700.1
1,573.8
1,419.2
462.2
301.8
262.9
214.9
161.7
110,490.8
107,513.4
4,610.3
3,567.2
237.9
8,415.4
0.0
118,906.2
107,513.4
25.37
20.69
13.21
7.86
6.11
5.57
5.26
4.06
3.56
2.79
1.54
1.42
1.28
0.42
0.27
0.24
0.19
0.15
100.00
20,848.0
12,720.4
8,927.3
7,640.9
7,032.2
5,970.1
4,773.1
4,658.2
4,141.9
4,084.6
3,457.1
3,430.9
3,243.2
2,319.7
2,273.6
2,208.1
2,145.6
1,887.7
1,841.0
1,310.5
1,256.9
1,200.1
1,052.9
976.5
901.9
603.9
594.0
578.2
395.8
360.7
266.7
100.7
92.5
90.8
12.8
6.1
113,404.7
62,528.8
54.78
42.39
2.83
100.00
3.86
3.15
2.01
1.20
0.93
0.85
0.80
0.62
0.54
0.43
0.23
14.81
2.90
2.37
1.51
0.90
0.70
0.64
0.60
0.46
0.41
0.32
0.18
0.16
0.15
0.05
0.03
0.03
0.02
0.02
11.44
0.20
0.00
0.48
0.37
0.02
0.87
14.81
12.31
18.38
11.22
7.87
6.74
6.20
5.26
4.21
4.11
3.65
3.60
3.05
3.03
2.86
2.05
2.00
1.95
1.89
1.66
1.62
1.16
1.11
1.06
0.93
0.86
0.80
0.53
0.52
0.51
0.35
0.32
0.24
0.09
0.08
0.08
0.01
0.01
100.00
2.87
1.75
2.16
1.32
0.92
0.79
0.73
0.62
0.49
0.48
0.43
0.42
0.36
0.36
0.34
0.24
0.24
0.23
0.22
0.20
0.19
0.14
0.13
0.12
0.11
0.10
0.09
0.06
0.06
0.06
0.04
0.04
0.03
0.01
0.01
0.01
0.00
0.00
11.74
15,258.3
4,935.5
4,383.7
4,136.1
3,424.5
3,415.6
3,303.9
3,077.6
2,757.4
2,579.8
1,856.5
1,430.3
1,310.5
1,199.1
1,125.1
953.1
406.9
80.4
22.5
7.9
55,664.9
30,390.5
27.41
8.87
7.88
7.43
6.15
6.14
5.94
5.53
4.95
4.63
3.34
2.57
2.35
2.15
2.02
1.71
0.73
0.14
0.04
0.01
100.00
2.10
0.68
0.60
34,034.3
7,824.8
3,933.3
3,323.1
49,115.4
45,182.2
69.29
15.93
8.01
6.77
100.00
4.69
1.08
1.05
0.66
0.64
0.47
0.45
0.31
0.26
0.15
8.62
0.38
0.26
0.17
4.19
0.46
6.23
1.58
0.51
0.45
0.43
0.35
0.35
0.34
0.32
0.29
0.27
0.19
0.15
0.14
0.12
0.12
0.10
0.04
0.01
0.00
0.00
5.76
3.52
0.81
0.41
0.34
5.09
March 31, 2015
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
16
11
Property Sector: Health Care

Health Care REIT, Inc.
Ventas, Inc.
HCP, Inc.
Healthcare Trust of America, Inc. Class A
Medical Properties Trust, Inc.
Healthcare Realty Trust Incorporated
National Health Investors, Inc.
Sabra Health Care REIT, Inc.
Aviv REIT, Inc.
LTC Properties, Inc.
Physicians Realty Trust
New Senior Investment Group Inc
Universal Health Realty Income Trust
CareTrust REIT Inc
Sector Totals
S&P Sector Total
1
2
3
4
5
5
4
Property Sector: Timber

Weyerhaeuser Company
Plum Creek Timber Company, Inc.
Rayonier Inc.
Potlatch Corporation
CatchMark Timber Trust, Inc. Class A
Sector Totals
S&P Sector Total
1
2
3
4
4
2
Property Sector: Infrastructure

American Tower Corporation
Crown Castle International Corp
CorEnergy Infrastructure Trust, Inc.
Power REIT
Sector Totals
S&P Sector Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
28
1
Investment Sector: Mortgage

Annaly Capital Management, Inc.
American Capital Agency Corp.
Two Harbors Investment Corp.
Chimera Investment Corporation
MFA Financial, Inc.
New Residential Investment Corp.
Invesco Mortgage Capital Inc.
Hatteras Financial Corp.
PennyMac Mortgage Investment Trust
Redwood Trust, Inc.
CYS Investments, Inc.
Altisource Residential Corp. Class B
ARMOUR Residential REIT, Inc.
Capstead Mortgage Corporation
American Capital Mortgage Investment Corp.
New York Mortgage Trust, Inc.
Western Asset Mortgage Capital Corporation
Anworth Mortgage Asset Corporation
AG Mortgage Investment Trust, Inc.
Apollo Residential Mortgage, Inc.
Dynex Capital, Inc.
Great Ajax Corp.
Five Oaks Investment Corp.
Ellington Residential Mortgage REIT
ZAIS Financial Corp.
Cherry Hill Mortgage Investment Corp.
Orchid Island Capital, Inc.
JAVELIN Mortgage Investment Corp.
Subsector Totals
S&P Subsector Total
1
2
3
4
5
6
7
8
9
10
11
12
13
13
0
41
1
Starwood Property Trust, Inc.

Colony Capital, Inc. Class A
Blackstone Mortgage Trust, Inc. Class A
iStar Financial Inc.
Apollo Commercial Real Estate Finance, Inc.
Resource Capital Corp.
RAIT Financial Trust
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
Arbor Realty Trust, Inc.
Newcastle Investment Corp.
Ares Commercial Real Estate Corporation
Owens Realty Mortgage, Inc.
Jernigan Capital, Inc.
Subsector Totals
S&P Subsector Total
Sector Totals
S&P Sector Total
24
32
35
91
HCN
VTR
HCP
OHI
SNH
HTA
MPW
HR
NHI
SBRA
AVIV
LTC
DOC
SNR
UHT
CTRE
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 500
S&P 500
S&P 400
S&P 400
WY
PCL
RYN
PCH
CTT
Equity
Equity
Equity
Equity
Equity
S&P 500
S&P 500
S&P 400
S&P 400
AMT
CCI
CORR
PW
NLY
AGNC
TWO
CIM
MFA
NRZ
IVR
HTS
PMT
RWT
CYS
RESI
ARR
CMO
MTGE
NYMT
WMC
ANH
MITT
AMTG
DX
AJX
OAKS
EARN
ZFC
CHMI
ORC
JMI
STWD
CLNY
BXMT
STAR
ARI
RSO
RAS
HASI
ABR
NCT
ACRE
ORM
JCAP
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
S&P 600
Equity
Equity
Equity
Equity
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
Mortgage
S&P 500
S&P 500
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
Home Financing
S&P 500 Large Cap

S&P 400 Mid Cap
S&P 600 Small Cap
S&P Index Total
26.20
23.66
19.39
5.51
5.11
3.37
3.00
2.65
2.61
1.92
1.69
1.57
1.11
1.08
0.71
0.42
100.00
17,352.7
7,686.7
3,400.2
1,625.3
387.1
30,452.1
30,064.9
56.98
25.24
11.17
5.34
1.27
100.00
2.39
1.06
0.47
0.22
39,783.9
27,574.3
323.0
14.3
67,695.5
67,358.2
58.77
40.73
0.48
0.02
100.00
5.48
3.80
9,851.4
7,597.7
3,879.0
3,225.0
2,911.0
2,118.9
1,911.3
1,754.5
1,575.2
1,482.7
1,440.4
1,191.4
1,133.4
1,124.4
920.5
815.5
629.1
576.5
534.6
511.0
461.0
226.7
156.7
149.6
142.2
132.2
129.1
90.7
46,672.1
1,124.4
21.11
16.28
8.31
6.91
6.24
4.54
4.10
3.76
3.38
3.18
3.09
2.55
2.43
2.41
1.97
1.75
1.35
1.24
1.15
1.09
0.99
0.49
0.34
0.32
0.30
0.28
0.28
0.19
100.00
5,379.7
2,841.1
1,636.4
1,110.0
977.5
597.9
564.5
499.9
350.0
322.0
314.7
161.3
109.1
14,864.1
0.0
61,536.2
1,124.4
36.19
19.11
11.01
7.47
6.58
4.02
3.80
3.36
2.35
2.17
2.12
1.09
0.73
100.00
503,816.3
159,196.4
62,764.5
725,777.2
220 Industry Total

1
S&P 600
26,750.3
24,155.7
19,792.0
5,623.7
5,214.0
3,440.0
3,062.7
2,707.5
2,667.5
1,963.6
1,721.4
1,598.6
1,133.2
1,104.2
723.3
425.9
102,083.8
92,017.5
965,853.8
Equity market capitalization does not include operating partnership units or preferred stock.
25
3.69
3.33
2.73
0.77
0.72
0.42
0.37
0.27
0.22
0.10
0.06
12.68
4.14
9.28
2.77
2.50
2.05
0.58
0.54
0.36
0.32
0.28
0.28
0.20
0.18
0.17
0.12
0.11
0.07
0.04
10.57
1.80
0.80
0.35
0.17
0.04
3.15
4.12
2.85
0.03
0.00
7.01
0.15
1.02
0.79
0.40
0.33
0.30
0.22
0.20
0.18
0.16
0.15
0.15
0.12
0.12
0.12
0.10
0.08
0.07
0.06
0.06
0.05
0.05
0.02
0.02
0.02
0.01
0.01
0.01
0.01
4.83
0.00
0.56
0.29
0.17
0.11
0.10
0.06
0.06
0.05
0.04
0.03
0.03
0.02
0.01
1.54
0.15
6.37
69.42
21.93
8.65
100.00
52.16
16.48
6.50
75.14
0.15
100.00
US REIT Merger and Acquisition Activity

Deal Value in Millions of Dollars
(2004 - 2014)
Year
Acquiror
2004 Ventas, Inc.

Aslan Realty Partners, LLC
ProLogis/Eaton Vance Corporation
Simon Property Group
PL Retail LLC (Kimco Realty & DRA Advisors)
Target
Acquiror Type
ElderTrust
Great Lakes REIT
Keystone Property Trust
Chelsea Property Group
The Rouse Company
Price Legacy Corporation
Public REIT
Private Real Estate Company
Public REIT/Investment Advisor
Public REIT
Public REIT
Public REIT/Investment Advisor
Total Public to Public

Total Public to Private
191
252
729
3,000
7,000
3,500
14,420
252
Total
2005 Camden Property Trust
iStar Financial, Inc.
Colonial Properties Trust
Centro Properties Limited
The Lightstone Group
ProLogis
DRA Advisors LLC
ING Clarion
DRA Advisors LLC
Deal
Value
Announced
Completed
Status
19-Nov-03
21-Jan-04
3-May-04
21-Jun-04
19-Aug-04
24-Aug-04
5-Feb-04
27-Apr-04
4-Aug-04
14-Oct-04
12-Nov-04
21-Dec-04
Completed
Completed
Completed
Completed
Completed
Completed
24-Oct-04
20-Jan-05
25-Oct-04
28-Feb-05
2-Mar-05
1-Apr-05
98%
2%
14,672
Summit Property Group
Falcon Financial Investment Trust
Cornerstone Realty Income Trust
Kramont Realty Trust
Prime Group Realty Trust
Catellus Development Corporation
CRT Properties, Inc.
Gables Residential Trust
Capital Automotive REIT
Public REIT
Public REIT
Public REIT
Australian LPT
Public REIT
Investment Advisor
Private Equity Joint Venture
Investment Advisor

1,100
120
566
120
1,500
3,819
890
4,900
1,800
5,725
9,090
Total
17-Feb-05
6-Jun-05
17-Jun-05
7-Jun-05
2-Sep-05
Completed
Completed
Completed
Completed
1-Jul-05
Completed
15-Sep-05 Completed
Completed
30-Sep-05 Completed
16-Dec-05 Completed
39%
61%
14,815
2006 Brandywine Realty Trust

Prentiss Properties Trust
CDP Capital-Financing Inc.
Criimi Mae Inc.
Morgan Stanley Property Fund
AMLI Residential Properties
The Mark Winkler Company
CalEast Industrial Investors
CenterPoint Properties Trust
Morgan Stanley Real Estate and Onex Real Estate
Town and Country Trust
Atlantic Realty Trust
Host Marriott Corporation
Starwood Hotels and Resorts
GE Real Estate, Inc. & Trizec Properties
Arden Realty Trust
Blackstone Group LP
MeriStar Hospitality Corporation
LBA Realty LLC
Bedford Property Investors
Spirit Finance Corporation
Sun Capital Partners, Inc. (ShopKo Stores)
Gale Real Estate Services Corp.
Blackstone Group LP
CarrAmerica Realty Corp.
Archstone-Smith
Deutsche WohnAnlage GmbH
Public Storage Inc.
Shurgard Storage Centers Inc.
Westmont Hospitality and Cadim Inc. (Braveheart HoldingsBoykin
LP) Lodging Company
Accredited Home Lenders Holding Co.
Aames Investment Corporation
Brookfield Properties Corporation
Trizec Canada, Inc.
Blackstone Group LP and Brookfield Properties Co.
Trizec Properties, Inc.
Health Care Property Investors
CNL Retirement Properties
Centro Watt
Heritage Property Investment Trust Inc.
Pan Pacific Retail Properties
Morguard Corporation
Sizeler Property Investors, Inc.
Morgan Stanley
Glenborough Realty Trust, Inc.
Health Care REIT
Windrose Medical Properties Trust
Koll/PER LLC
AmeriVest Properties
Lexington Corporate Properties
Newkirk Realty Trust, Inc.
Reckson Associates Realty Corp.
Morgan Stanley
Saxon Capital
Babcock & Brown Real Estate Investments
BNP Residential Properties Inc.
TravelCenters of America Inc.
Geo Group
CentraCore Properties Trust
Crown Castle International Corporation
Global Signal Inc.
Developers Diversified Realty Corp.
Inland Retail Real Estate Trust, Inc.
Record Realty Trust
Government Properties Trust, Inc.
GE Capital Solutions
Trustreet Properties, Inc.
JP Morgan-Special Situation Property Fund
Columbia Equity Trust
National HealthCare Corporation
National Health Realty
Public REIT
Investment Advisor/Pension Fund
Investment Advior/Brokerage Firm
Public REIT
Real Estate Operating Partnership
Private Real Estate Joint Venture
Public REIT
Public REIT
Public non-REIT and REIT
Private Equity Firm
Public REIT
Public REIT
Private Equity Firm
Public REIT
Public REIT
JV- Public Pension Fund
Mortgage Banking Firm
Real Estate Operating Company
JV- Private Equity Firm & REOC
Public REIT
JV - Australian LPT & Private Equity Firm
Public REIT
Canadian REIT
Brokerage Firm
Public REIT
Real Estate Operating Partnership
Public REIT
Public REIT
Brokerage Firm
Investment Advisor/Brokerage Firm
Public REIT
Correctional Facility Operator
Public Tower Company
Public REIT
Australian LPT
Financial Lending Company
Pension Trust Fund
Health Care Provider (Public Company)
1,921
1,700
2,100
855
2,436
1,500
83
4,040
3,032
2,600
432
815
545
5,600
649
3,200
417
340
2,670
6,500
5,300
3,200
4,000
324
1,900
877
273
1,080
6,000
706
766
1,900
428
4,000
6,200
223
3,000
502
268

47,182
35,200
Total
82,381
26
3-Oct-05
23-Oct-05
2-Mar-06
7-Dec-05
19-Dec-05
1-Dec-05
14-Nov-05
21-Dec-05
20-Feb-06
10-Feb-06
10-May-06
16-Feb-06
6-Mar-06
29-Jun-06
7-Mar-06
22-May-06
14-Sep-06
5-Jun-06
5-Jun-06
2-May-06
9-Jul-06
10-Jul-06
7-Aug-06
21-Aug-06
13-Sep-06
18-Jul-06
25-Jul-06
3-Aug-06
8-Aug-06
31-Aug-06
1-Sep-06
19-Sep-06
16-Oct-06
23-Oct-06
24-Oct-06
30-Oct-06
6-Nov-06
21-Dec-06
57%
43%
4-Jan-06
19-Jan-06
7-Feb-06
4-Mar-06
8-Mar-06
31-Mar-06
31-Mar-06
7-Apr-06
2-May-06
2-May-06
5-May-06
2-Jun-06
5-Jun-06
13-Jul-06
31-Jul-06
23-Aug-06
21-Sep-06
1-Oct-06
5-Oct-06
5-Oct-06
6-Oct-06
19-Oct-06
31-Oct-06
10-Nov-06
29-Nov-06
20-Dec-06
29-Dec-06
3-Jan-07
25-Jan-07
4-Dec-06
28-Feb-07
31-Jan-07
24-Jan-07
12-Jan-07
27-Feb-07
13-Apr-07
27-Feb-07
1-Mar-07
31-Oct-07
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
US REIT Merger and Acquisition Activity

Deal Value in Millions of Dollars
(2004 - 2014)
Year
Acquiror
Target
Acquiror Type
2007 Ventas, Inc.

Sunrise Senior Living REIT
Simon Propery Group; Farallon Capital Management
Mills Corporation
Morgan Stanley
CNL Hotels & Resorts Inc.
Brookfield Asset Management Inc.
Longview Fibre
Blackstone Group
Equity Office Properties Trust
Credit-Based Asset Servicing and Securitization LLC (C-BASS)
Fieldstone Investment Corporation
Centro Properties Group
New Plan Excel Realty Trust, Inc.
Macquarie Bank Limited, Kaupthing Bank hf, et al.
Spirit Finance Corporation
Inland American Real Estate Trust Inc.
Winston Hotels, Inc.
Apollo Investment Corporation
Innkeepers USA Trust
JER Partners
Highland Hospitality
AP AIMCAP Holdings LLC
Eagle Hospitality Properties Trust, Inc.
Morgan Stanley
Crescent Real Estate Equity
Tishman Speyer/ Lehman Brothers
Archstone-Smith
Whitehall Street Global Real Estate, LP
Equity Inns, Inc.
Sentinel Omaha LLC
America First Apartment Investors
Republic Property Trust
Gramercy Capital Corp/New York
American Financial Realty Trust
Public REIT
Public REIT; Investment Advisor
Brokerage Firm
Asset Management Firm
Private Equity Firm
Mortgage Banking Firm
Australian LPT
Closed-End Investment Company
Private Equity Firm
Closed-End Investment Company
Brokerage Firm
Real Estate Company/ Brokerage Firm
Real Estate Advisory Firm
Public REIT
Public REIT

1,036
1,350
6,702
2,150
39,000
259
6,200
3,500
460
1,500
2,000
319
6,500
22,200
2,200
532
850
1,094
10,530
87,321
Total
2008 American Campus Communities
Hypo Real Estate Bank AG
Boston Properties
American Land Lease
Deal
Value
Announced
Completed
Status
14-Jan-07
17-Jan-07
19-Jan-07
5-Feb-07
7-Feb-07
16-Feb-07
27-Feb-07
13-Mar-07
3-Apr-07
16-Apr-07
24-Apr-07
27-Apr-07
23-May-07
29-May-07
21-Jun-07
25-Jun-07
24-Jul-07
5-Nov-07
26-Apr-07
3-Apr-07
12-Apr-07
20-Apr-07
9-Feb-07
17-Jul-07
20-Apr-07
1-Aug-07
2-Jul-07
29-Jun-07
28-Jul-07
15-Aug-07
3-Aug-07
5-Oct-07
25-Oct-07
18-Sep-07
4-Oct-07
1-Apr-08
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
12-Feb-08
29-Jan-08
24-May-08
10-Dec-08
11-Jun-08
14-Mar-08
10-Jun-08
16-Mar-09
Completed
Completed
Completed
Completed
24-Feb-10
16-Mar-10
14-Dec-10
30-Jul-10 Completed
13-Aug-10 Completed
8-Apr-11 Completed
11%
89%
97,851
GMH Communities Trust
Quadra Realty Trust
Macklowe Properties (NYC Office Portfolio)
Green Courte Real Estate Partners
Public REIT
Brokerage Firm
Public REIT
Private Equity Firm

1,400
179
3,950
113
5,350
292
Total
95%
5%
5,642
2009
No Deals
2010 Brookfield Asset Management Inc.

Tiptree Financial Partners, LP
HCP, Inc.
Crystal River Capital, Inc.

Care Investment Trust, Inc.
HCR ManorCare, Inc.

Real Estate Advisory Firm
Public REIT

6,080
111
Total
2011 AMB Property Corp.
Ventas, Inc.
Ventas, Inc.
Public REIT
Public REIT
Public REIT
31-Jan-11
28-Feb-11
27-Dec-11
3-Jun-11
1-Jul-11
2-Apr-12
Completed
Completed
Completed
6-Sep-12
16-Oct-12
26-Nov-12
14-Dec-12
22-Jan-13
31-Oct-12
27-Feb-13
28-Feb-13
Completed
Completed
Completed
Completed
22-Jan-13
30-Jan-13
24-Apr-13
28-May-13
3-Jun-13
1-Jul-13
25-Jul-13
23-Oct-13
9-Dec-13
17-Jul-13
23-May-13
15-Oct-13
5-Nov-13
1-Oct-13
3-Jan-14
31-Jan-14
7-Feb-14
1-Apr-14
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
2-Jun-14
31-Oct-14
5-Aug-14
2-Sep-14
9-Sep-14
16-Sep-14
31-Oct-14
24-Nov-14
16-Jan-15
18-Feb-15
3-Dec-14
29-Jan-15
20-Jan-15
15-Jan-15
Completed
Completed
Completed
Completed
Completed
Completed
Pending
Pending
24,162
American Realty Capital Trust, Inc.
Emeritus; Blackstone JV (Portfolio Acquisition)
Archstone-Smith Trust, Inc.
American Realty Capital Trust III, Inc.
Public REIT
Public REIT
Public REIT
Public REIT

2,887
1,730
6,476
2,325
13,418 100%
0
0%
Total
13,418
Spirit Realty Capital, Inc.
CreXus Investment Corp.
MPG Office Trust, Inc.
CapLease, Inc.
Colonial Properties Trust
American Realty Capital Trust IV, Inc.
Corporate Property Associates 16
Cole Real Estate Investments, Inc.
BRE Properties, Inc.
Non-traded REIT
Public REIT
Real Estate Operating Company
Public REIT
Public REIT
Public REIT
Public REIT
Public REIT
Public REIT

2,835
876
1,938
2,048
4,112
2,207
4,041
10,281
6,141
29,706
4,773
Total
2014 Ventas, Inc.
EDENS, Inc.
NorthStar Realty Finance Corp.
Select Income REIT
GoldenTree Asset Management LP
Washington Prime Group Inc.
Griffin Capital Essential Asset REIT, Inc.
16,517
7,010
635
24,162 100%
0%
Total
2013 Cole Credit Property Trust II, Inc.

Annaly Capital Management, Inc.
Brookfield Office Properties Inc.
American Realty Capital Properties, Inc.
W. P. Carey Inc.
98%
2%
6,191
ProLogis
Nationwide Health Properties, Inc.
Cogdell Spencer, Inc.

2012 Realty Income Corp.

HCP, Inc.
AvalonBay Communities, Inc. / Equity Residential
14
97
6,080
86%
14%
34,479
American Realty Capital Healthcare Trust, Inc.
AmREIT, Inc.
Griffin-American Healthcare REIT II, Inc.
Cole Corporate Income Trust, Inc.
Origen Financial, Inc.
Glimcher Realty Trust
Aviv REIT, Inc.
Signature Office REIT Inc.
Public REIT
Public REIT
Public REIT
Asset Manager
Public REIT
Public REIT
Public REIT

2,297
620
3,881
2,987
456
4,323
2,822
16,309
1,076
Total
94%
6%
17,385
Industry Totals: 2004-2014

172,882
138,115
Total
293,612
27
59%
47%
Industrial/Office
Name
Ticker
Share Price ($)

52 Week
31-Mar-2015
High
Low
FFO per Share

Estimates ($)
2015
2016
Price/FFO
Estimates
2015
2016
FFO
Growth (%)
2015 - 2016
FFO
Payout (%)
2014: Q4
Debt/
EBITDA
2014: Q4
Mar-15
QTD
Total Return (%)

YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
Long-Term
Issuer Rating
Office
Alexandria Real Estate Equity
BioMed Realty Trust
Boston Property
Brandywine Rlty
City Office REIT
Columbia Property Trust Inc
Corporate Office Properties
Cousins Property
Douglas Emmett
Easterly Government Properties
Empire State Realty Trust
Equity Commonwealth
Franklin Street Properties
Highwoods Prop
Hudson Pacific Properties
Kilroy Realty
Mack Cali Realty
NEW YORK REIT INC
Paramount Group
Parkway Properties
Piedmont Office Realty Trust Cl A
SL Green Realty
AVERAGE
ARE
BMR
BXP
BDN
CIO
CXP
OFC
CUZ
DEI
DEA
ESRT
EQC
FSP
GOV
HIW
HPP
KRC
CLI
NYRT
PGRE
PKY
PDM
SLG
98.04
22.66
140.48
15.98
12.73
27.02
29.38
10.60
29.81
16.05
18.81
26.55
12.82
22.85
45.78
33.19
76.17
19.28
10.48
19.30
17.35
18.61
128.38
37.06
102.42
24.97
144.74
17.00
13.61
29.13
30.75
13.21
30.92
16.50
18.96
28.06
13.46
26.12
48.14
33.95
78.86
22.34
12.12
19.75
21.70
20.01
134.00
39.16
73.40
19.92
113.66
13.97
11.91
23.80
25.56
9.72
25.61
15.46
14.89
24.21
11.19
20.22
38.62
23.06
58.68
17.95
9.80
17.96
16.27
17.48
101.23
30.63
5.21
1.44
5.37
1.44
1.22
1.90
2.01
0.83
1.61
1.04
0.89
1.83
1.07
2.28
3.03
1.40
3.30
1.72
0.58
0.83
1.38
1.60
6.27
2.10
5.44
1.54
5.90
1.47
1.43
1.90
2.23
0.89
1.67
1.08
0.95
1.38
1.08
2.27
3.17
1.64
3.46
1.80
0.60
0.80
1.52
1.69
6.65
2.20
18.83
15.74
26.16
11.12
10.41
14.21
14.62
12.70
18.57
15.49
21.17
14.48
12.03
10.02
15.12
23.66
23.09
11.19
18.07
23.36
12.57
11.67
20.48
16.29
18.01
14.72
23.80
10.84
8.92
14.26
13.19
11.84
17.81
14.90
19.73
19.29
11.85
10.06
14.42
20.20
22.00
10.73
17.47
24.19
11.40
11.01
19.31
15.65
4.55
6.93
9.90
2.61
16.77
-0.35
10.86
7.26
4.25
4.01
7.32
-24.90
1.50
-0.37
4.87
17.14
4.97
4.20
3.45
-3.43
10.28
5.99
6.07
4.52
60.00
62.50
44.52
41.67
66.67
56.12
37.50
55.56
36.96
0.00
67.86
75.44
60.71
46.30
50.72
31.25
50.00
50.68
52.63
39.06
49.31
7.43
6.79
6.34
6.99
4.91
6.48
3.67
8.84
4.35
2.72
6.80
5.88
4.07
6.27
7.32
7.78
4.03
5.84
7.01
9.55
6.15
3.00
3.07
2.71
0.82
3.14
4.36
0.89
-1.21
3.99
-0.31
6.79
0.38
1.50
-2.31
0.37
4.25
3.45
2.50
1.24
5.94
-0.38
1.53
1.62
2.06
11.32
6.42
9.67
0.94
1.29
7.83
4.55
-6.52
5.72
1.61
7.51
3.43
6.01
1.20
4.33
10.84
10.79
1.94
0.06
4.57
-4.60
-0.10
8.37
4.23
11.32
6.42
9.67
0.94
1.29
7.83
4.55
-6.52
5.72
1.61
7.51
3.43
6.01
1.20
4.33
10.84
10.79
1.94
0.06
4.57
-4.60
-0.10
8.37
4.23
39.90
17.58
29.52
15.05
3.87
14.72
-5.13
13.09
27.02
0.95
8.18
-2.57
24.00
46.48
32.81
-3.75
-1.08
13.33
30.04
16.00
14.26
11.81
14.83
16.73
12.92
14.40
12.59
17.51
13.34
5.40
16.33
32.85
20.85
-7.80
22.79
6.23
20.34
14.43
11.15
11.76
17.12
10.59
-1.50
7.85
17.40
2.75
3.76
4.26
12.97
23.58
-6.35
1.55
4.03
19.12
8.75
3.02
4.59
1.85
3.75
7.38
4.44
3.74
3.02
2.82
0.00
1.81
3.77
5.93
7.53
3.71
1.51
1.84
3.11
4.02
0.69
4.32
4.51
1.87
3.44
7,002.7
4,616.1
21,302.3
2,859.5
163.6
3,372.9
2,718.3
2,295.0
4,303.6
387.9
1,908.2
3,421.5
1,284.4
1,605.9
4,253.8
2,650.0
6,579.4
1,715.7
1,712.8
4,089.6
1,927.9
2,871.3
12,390.8
4,149.3
7,002.7
4,738.6
23,825.6
2,887.0
163.6
3,372.9
2,831.7
2,295.0
5,224.7
387.9
5,058.2
3,421.5
1,284.4
1,605.9
4,388.2
2,729.1
6,716.8
1,929.5
1,726.1
4,089.6
2,018.1
2,871.3
12,870.4
4,497.3
38.1
38.8
31.6
45.9
41.6
42.2
24.3
40.8
25.4
40.0
41.2
40.2
33.6
30.6
29.1
52.5
31.4
46.0
44.5
40.5
37.9
463
2,305
821
1,369
38
772
913
1,262
1,207
267
1,043
590
349
678
713
463
488
539
604
2,551
660
765
1,498
885
45,354
50,986
114,233
21,425
475
20,336
26,811
13,252
34,865
4,251
19,029
15,354
4,422
15,419
32,007
14,911
36,753
10,269
6,183
48,362
11,431
13,998
192,295
32,714
0.648
1.105
0.536
0.749
0.290
0.603
0.986
0.577
0.810
1.096
0.997
0.449
0.344
0.960
0.752
0.563
0.559
0.599
0.361
1.183
0.593
0.488
1.552
0.730
BBBBBB
ABBB-
Industrial
DCT Industrial Trust
Eastgroup Properties
First Industrial Realty Trust
Monmouth REIT Cl A
ProLogis
Rexford Industrial Realty
STAG Industrial
Terreno Realty
AVERAGE
DCT
EGP
FR
MNR
PLD
REXR
STAG
TRNO
34.66
60.14
21.43
11.11
43.56
15.81
23.52
22.80
29.13
38.52
69.50
22.45
12.06
47.13
16.69
27.25
23.89
32.19
29.68
56.97
16.91
9.09
37.17
13.59
20.71
18.00
25.27
1.94
3.65
1.27
0.63
2.07
0.83
1.52
1.00
1.61
2.06
3.92
1.37
0.74
2.27
0.92
1.65
1.23
1.77
17.90
16.49
16.84
17.54
21.04
18.94
15.43
22.91
18.39
16.80
15.34
15.69
14.95
19.18
17.17
14.29
18.57
16.50
6.56
7.50
7.31
17.37
9.73
10.26
7.98
23.37
11.26
58.33
64.04
32.03
115.38
75.00
57.14
63.64
66.51
5.67
5.23
6.22
5.57
6.34
8.59
5.39
4.20
5.90
-3.16
-3.62
1.32
-1.42
2.85
-0.68
-5.28
3.45
-0.82
-2.02
-4.10
4.87
1.63
2.08
1.41
-2.70
10.52
1.46
-2.02
-4.10
4.87
1.63
2.08
1.41
-2.70
10.52
1.46
14.76
-0.88
13.42
23.18
10.24
15.13
3.09
24.13
12.88
18.54
10.24
22.12
10.72
9.96
26.22
20.25
16.86
16.03
14.56
23.72
12.70
13.67
5.31
14.33
3.23
3.79
2.38
5.40
3.31
3.04
5.74
2.81
3.71
3,052.4
1,901.7
2,356.5
645.6
22,193.8
872.9
1,515.5
948.4
4,185.8
3,201.2
1,901.7
2,451.2
645.6
22,353.0
914.7
1,573.5
948.4
4,248.7
30.7
32.4
36.1
36.8
28.6
33.0
29.5
25.6
31.6
1,004
234
516
204
3,504
336
507
188
812
34,829
14,035
10,812
2,259
150,439
5,386
12,078
4,225
29,258
1.141
0.738
0.459
0.350
0.678
0.617
0.797
0.446
0.653
BBB-
Mixed
Chambers Street Properties
Duke Realty Corp
First Potomac Realty Trust
Gladstone Commercial
PS Business Parks
AVERAGE
CSG
DRE
FPO
GOOD
LPT
PSB
7.88
21.77
11.89
18.61
35.70
83.04
29.82
8.82
22.58
13.55
18.77
41.42
87.93
32.18
7.36
17.05
10.71
16.86
32.77
75.21
26.66
0.71
1.18
0.97
1.56
2.60
4.72
1.96
0.70
1.26
1.01
2.67
5.08
2.14
11.15
18.39
12.32
11.93
13.74
17.60
14.19
11.31
17.30
11.80
13.36
16.33
14.02
-1.42
6.27
4.43
2.79
7.76
3.97
74.12
58.62
65.22
98.68
74.22
41.67
68.75
5.81
4.78
8.49
8.81
6.06
1.05
5.83
-3.26
1.92
-0.50
3.11
-2.82
0.46
-0.18
-0.70
8.62
-2.65
10.68
-3.87
5.05
2.86
-0.70
8.62
-2.65
10.68
-3.87
5.05
2.86
8.04
33.68
-3.55
16.82
1.75
5.35
10.35
19.79
4.66
11.57
5.32
12.19
10.71
17.22
0.46
14.46
6.75
13.05
10.39
6.47
3.12
5.05
8.06
5.32
2.41
5.07
1,864.2
7,427.1
698.5
352.3
5,272.7
2,235.4
2,975.0
1,864.2
7,522.4
729.7
352.3
5,399.6
2,842.0
3,118.4
42.0
39.1
49.6
62.5
35.6
8.4
39.5
713
2,223
185
103
975
102
717
5,601
47,440
2,193
1,885
34,951
8,287
16,726
0.300
0.639
0.314
0.535
0.663
0.371
0.470
BBBBBB
34.17
36.52
28.83
1.97
2.10
16.41
15.61
5.94
56.49
6.04
1.07
3.41
3.41
14.22
14.38
10.30
3.77
3,966.8
4,220.0
36.7
842
29,374
0.672
OVERALL AVERAGE
28
BBBBBB-
BB+
BBBBBB
BBBBBB-
BBBBBB
BB+
BB+
BBB+
BBB
BBB+
Retail
Name
Ticker
Share Price ($)

52 Week
31-Mar-2015
High
Low
FFO per Share

Estimates ($)
2015
2016
Price/FFO
Estimates
2015
2016
FFO
Growth (%)
2015 - 2016
FFO
Payout (%)
2014: Q4
Debt/
EBITDA
2014: Q4
Mar-15
QTD
Total Return (%)

YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
Shopping Centers
Acadia Realty
ACRE Realty Investors
Brixmor Property Group
Cedar Realty Trust
DDR Corp
Equity One Inc
Excel Trust
Federal Realty Invs
Inland Real Estate
Kimco Realty Cp
Ramco-Gershenson Properties
Regency Centers
Retail Opportunity
Retail Properties of America
Saul Centers
Tanger Factory Outlet Center
Urstadt Biddle Pptys
Wheeler Real Estate Investment Trust Inc
AVERAGE
AKR
AIII
BRX
CDR
DDR
EQY
EXL
FRT
IRC
KIM
KRG
RPT
REG
ROIC
RPAI
BFS
SKT
UE
UBA
WRI
WHLR
34.88
1.52
26.55
7.49
18.62
26.69
14.02
147.21
10.69
26.85
28.17
18.60
68.04
18.30
16.03
57.20
35.17
23.70
23.06
35.98
2.29
30.53
36.81
1.80
27.39
8.24
20.36
28.11
15.91
150.27
11.67
28.33
31.44
20.04
69.90
18.61
18.21
60.30
40.55
25.00
24.22
38.41
5.10
32.41
26.95
0.42
21.50
5.89
16.35
21.45
11.77
117.12
9.86
21.68
23.94
15.86
52.63
14.66
14.34
45.56
32.55
22.40
19.88
31.03
2.15
25.14
1.52
1.97
0.54
1.23
1.30
0.92
5.31
0.97
1.47
1.97
1.31
2.97
0.92
0.97
2.95
2.10
1.14
1.29
2.13
-0.09
1.64
1.63
2.11
0.59
1.33
1.41
0.96
5.83
1.02
1.55
2.12
1.36
3.20
0.99
1.04
3.13
2.26
1.23
1.40
2.26
0.14
1.78
22.93
13.48
13.96
15.14
20.57
15.29
27.74
11.00
18.23
14.31
14.20
22.94
19.89
16.61
19.39
16.75
20.79
17.82
16.88
-25.44
15.62
21.39
12.56
12.80
14.01
18.90
14.60
25.23
10.44
17.35
13.30
13.65
21.25
18.52
15.41
18.30
15.56
19.27
16.45
15.92
16.36
16.56
7.19
7.32
9.01
8.09
8.83
4.73
9.92
5.35
5.10
7.57
4.07
7.95
7.36
7.81
5.93
7.70
7.89
8.34
6.06
-255.56
-5.97
76.67
42.55
35.71
50.00
75.86
125.00
63.41
59.38
57.69
89.66
60.48
67.14
72.73
59.15
57.14
46.15
87.07
62.50
66.02
2.07
7.16
7.32
7.96
5.73
7.45
5.13
7.18
5.11
7.03
6.13
4.31
5.82
9.50
6.07
5.57
3.64
3.16
5.91
2.82
-5.59
4.53
0.13
-0.76
0.49
3.66
4.26
0.35
2.17
-0.53
0.41
3.67
10.32
2.34
6.18
-0.79
-0.16
1.50
0.30
-32.55
0.13
9.66
43.40
7.84
2.70
2.38
6.12
6.06
10.96
-1.09
6.80
-1.10
0.30
7.47
10.06
-2.94
0.71
-4.27
1.88
5.39
4.03
-40.45
3.62
9.66
43.40
7.84
2.70
2.38
6.12
6.06
10.96
-1.09
6.80
-1.10
0.30
7.47
10.06
-2.94
0.71
-4.27
1.88
5.39
4.03
-40.45
3.62
37.59
105.41
29.05
26.30
17.17
23.93
16.66
31.70
6.90
27.68
22.31
19.32
37.61
27.46
23.55
24.68
3.16
17.16
25.55
-45.10
23.90
19.76
0.67
17.47
12.22
14.07
10.99
18.22
12.79
16.30
14.84
20.48
19.37
19.97
15.98
8.54
10.67
15.73
14.59
18.50
3.34
3.65
11.85
11.97
18.57
9.73
15.88
13.34
16.40
17.22
16.98
10.30
13.39
13.26
15.87
13.14
2.75
0.00
3.39
2.67
3.71
3.30
5.14
2.36
5.33
3.58
3.69
4.30
2.85
3.72
4.13
2.80
2.73
0.84
4.42
3.84
9.17
3.56
2,375.7
15.2
7,873.0
630.8
6,688.7
3,304.9
856.9
10,108.0
1,063.1
11,036.9
2,336.4
1,436.5
6,344.3
1,701.4
3,792.1
1,189.8
3,370.9
2,352.1
613.0
4,398.4
17.0
3,405.0
2,499.1
15.2
8,110.7
633.8
6,715.6
3,304.9
871.1
10,243.1
1,063.1
11,080.5
2,383.1
1,478.3
6,354.8
1,758.7
3,792.1
1,601.5
3,550.3
2,352.1
613.0
4,452.2
21.7
3,471.2
37.6
44.4
53.3
44.2
28.9
48.7
20.8
43.1
30.8
39.2
38.0
25.3
31.5
37.2
34.9
28.2
34.9
31.0
79.1
38.5
387
23
1,953
375
3,810
780
230
389
294
2,452
590
580
604
625
1,395
39
747
573
81
611
68
791
13,305
36
50,391
2,782
71,109
20,814
3,201
55,955
3,124
64,868
16,428
10,847
40,192
11,080
22,102
2,171
26,369
13,647
1,853
21,877
198
21,540
0.560
0.239
0.640
0.441
1.063
0.630
0.374
0.554
0.294
0.588
0.703
0.755
0.634
0.651
0.583
0.182
0.782
0.580
0.302
0.497
1.166
0.582
Regional Malls
CBL & Associates Properties
General Growth Properties
Macerich
Rouse Properties
Simon Property Group
Taubman Centers
WP GLIMCHER
AVERAGE
CBL
GGP
MAC
PEI
RSE
SPG
TCO
WPG
19.80
29.55
84.33
23.23
18.96
195.64
77.13
16.63
58.16
21.28
31.46
94.89
25.14
21.17
205.16
84.70
21.26
63.13
17.35
22.98
62.83
16.84
15.83
162.71
72.01
15.00
48.19
2.26
1.43
3.87
1.86
1.74
9.77
3.27
1.82
3.25
2.32
1.60
4.14
1.97
1.87
10.68
3.57
1.89
3.50
8.77
20.73
21.80
12.46
10.88
20.02
23.58
9.14
15.92
8.54
18.51
20.35
11.78
10.13
18.33
21.63
8.80
14.76
2.65
12.01
7.13
5.78
7.46
9.27
9.01
3.85
7.14
38.89
70.45
41.67
68.42
62.07
59.52
56.84
6.17
9.53
6.90
7.41
14.10
6.45
6.24
5.26
7.76
0.25
1.86
0.81
1.98
9.72
2.77
7.37
-3.41
2.67
3.35
5.05
1.87
-0.07
3.20
8.21
1.64
-2.04
2.65
3.35
5.05
1.87
-0.07
3.20
8.21
1.64
-2.04
2.65
17.70
37.86
40.24
33.75
14.32
30.69
19.22
27.68
6.60
23.22
17.82
19.74
14.85
15.93
6.88
15.00
13.26
21.97
21.85
18.33
23.46
19.08
19.66
5.35
2.30
3.08
3.62
3.59
2.86
2.93
2.65
3.30
3,364.1
26,112.7
13,319.6
1,583.0
1,094.0
60,802.6
4,911.5
3,060.1
14,281.0
3,944.0
26,255.6
14,172.2
1,632.5
1,094.0
71,142.7
6,850.2
3,585.2
16,084.5
54.7
35.9
31.6
53.1
59.7
24.5
23.3
42.2
40.6
1,456
5,371
2,506
525
248
1,808
1,038
1,496
1,806
28,407
159,470
223,076
11,894
4,659
342,238
79,866
24,934
109,318
0.844
0.611
1.675
0.751
0.426
0.563
1.626
0.815
0.914
Free Standing
Agree Realty
American Realty Capital Prop
Getty Realty
National Retail Properties
Realty Income
Spirit Realty Capital
Store Capital REIT
AVERAGE
ADC
ARCP
GTY
NNN
O
SRC
STOR
32.97
9.85
18.20
40.97
51.60
12.08
23.35
27.00
35.45
13.41
20.17
44.24
55.14
12.99
23.77
29.31
27.09
7.70
17.00
34.32
40.79
10.69
19.50
22.44
2.36
0.87
1.21
2.20
2.72
0.83
1.30
1.64
2.55
0.89
2.32
2.84
0.88
1.49
1.83
13.96
11.34
15.06
18.65
18.99
14.63
18.01
15.80
12.91
11.10
17.69
18.19
13.79
15.66
14.89
8.13
2.16
5.43
4.37
6.13
15.04
6.88
78.18
54.05
80.77
85.68
83.13
76.36
4.94
2.21
4.50
5.32
8.06
5.00
1.81
0.41
2.10
1.81
3.45
0.03
4.25
1.98
7.51
8.84
1.14
5.07
9.34
3.06
9.22
6.31
7.51
8.84
1.14
5.07
9.34
3.06
9.22
6.31
14.87
-25.10
1.63
24.75
32.46
16.59
10.86
20.36
2.33
9.92
20.17
15.48
13.65
14.84
0.15
18.41
16.56
12.49
5.46
0.00
4.84
4.10
4.41
5.63
1.56
3.71
578.5
9,109.9
607.8
5,343.6
11,425.7
4,817.0
2,589.9
4,924.6
590.0
9,109.9
607.8
5,343.6
11,469.1
4,817.0
2,589.9
4,932.5
33.7
17.1
25.3
32.2
48.0
31.3
92
10,044
81
1,139
1,725
4,643
559
2,612
3,037
99,077
1,452
46,196
87,926
55,664
12,515
43,695
0.525
1.088
0.239
0.865
0.770
1.156
0.483
0.732
35.98
38.64
29.74
2.01
2.19
15.73
15.84
-0.62
65.90
6.24
1.05
3.93
3.93
22.33
14.53
14.54
3.53
6,117.4
6,558.3
37.9
1,371
45,354
0.685
OVERALL AVERAGE
29
Long-Term
Issuer Rating
BBBBBBBBBBB+
ABBB+
BBBBBB
BBBBBBBBB+
BBB
A
BBB
BB
BBB+
BBB+
BB-
Residential
Name
Ticker
Apartments
American Campus Communities
Apartment Inv Management
Associated Estates Realty
Avalonbay Communities
Bluerock Residential Growth REIT
Camden Property
Campus Crest Communities
Education Realty Trust
Equity Residential
Essex Prop Trust
Home Properties
Independence Realty Trust
Mid-America Apartment Comm
Monogram Residential Trust Inc
Post Properties
Preferred Apartment Communities
Trade Street Residential
UDR
AVERAGE
ACC
AIV
AEC
AVB
BRG
CPT
CCG
EDR
EQR
ESS
HME
IRT
MAA
MORE
PPS
APTS
TSRE
UDR
Manufactured Homes
Equity Lifestyle Properties
Sun Communities
UMH Properties
AVERAGE
ELS
SUI
UMH
OVERALL AVERAGE
Share Price ($)

52 Week
31-Mar-2015
High
Low
FFO per Share

Estimates ($)
2015
2016
Price/FFO
Estimates
2015
2016
FFO
Growth (%)
2015 - 2016
FFO
Payout (%)
2014: Q4
Debt/
EBITDA
2014: Q4
Mar-15
QTD
Total Return (%)

YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
42.87
39.36
24.68
174.25
13.33
78.13
7.16
35.38
77.86
229.90
69.29
9.49
77.27
9.32
56.93
10.82
7.16
34.03
55.40
44.84
41.19
28.53
180.88
14.38
80.92
9.10
39.59
81.73
240.55
75.36
10.60
82.49
9.92
63.34
11.32
8.13
35.22
58.78
35.88
30.92
16.70
137.52
11.51
67.83
6.23
30.48
60.64
176.48
57.77
8.72
65.51
8.84
50.27
8.10
6.58
26.34
44.80
2.39
2.19
1.34
7.42
0.74
4.47
0.58
1.79
3.43
9.39
4.63
0.81
5.25
0.35
2.90
1.16
0.44
1.64
2.83
2.59
2.34
1.46
7.94
1.38
4.80
0.62
2.01
3.68
10.37
4.82
0.90
5.72
0.40
3.05
1.27
0.52
1.73
3.09
17.93
17.98
18.40
23.50
17.93
17.49
12.38
19.72
22.67
24.48
14.96
11.70
14.72
26.63
19.64
9.33
16.46
20.80
18.15
16.54
16.79
16.92
21.93
9.64
16.26
11.55
17.64
21.16
22.17
14.38
10.52
13.51
23.30
18.68
8.52
13.84
19.71
16.28
8.39
7.08
8.79
7.14
86.10
7.54
7.15
11.79
7.14
10.43
4.07
11.26
8.89
14.29
5.15
9.48
18.97
5.55
13.29
88.37
50.98
59.38
54.21
60.55
85.71
61.73
62.50
64.60
128.57
55.73
98.02
83.33
118.75
63.41
75.72
10.51
3.83
7.06
3.91
12.17
5.55
4.01
5.08
6.22
5.96
10.61
5.07
9.48
1.24
36.01
5.65
8.27
3.88
4.46
3.05
4.25
2.11
8.31
-8.09
0.91
1.78
4.00
3.77
2.70
6.62
2.01
0.81
7.55
-7.22
6.54
2.64
4.53
6.73
6.33
7.41
9.62
6.77
-2.05
-2.32
9.13
11.97
6.79
3.91
4.47
1.46
-2.45
20.90
-5.65
11.32
5.49
4.53
6.73
6.33
7.41
9.62
6.77
-2.05
-2.32
9.13
11.97
6.79
3.91
4.47
1.46
-2.45
20.90
-5.65
11.32
5.49
19.18
34.30
51.92
36.79
0.49
20.41
-12.92
24.70
38.33
38.84
20.63
14.95
17.95
19.36
44.47
-0.56
36.66
23.85
2.17
17.89
20.05
10.64
9.93
-9.85
7.10
11.10
18.34
9.17
9.31
9.53
19.05
-30.70
12.46
7.75
13.34
19.61
17.55
18.71
17.64
19.65
18.35
24.48
13.12
12.95
24.01
-10.56
18.20
15.93
3.55
2.85
3.40
2.87
8.70
3.58
5.03
4.07
2.84
2.51
4.39
7.59
3.99
1.61
2.81
6.47
5.31
3.06
4.15
4,485.6
6,151.1
1,419.2
22,859.3
161.7
6,750.3
462.2
1,700.1
28,028.7
14,595.3
3,938.7
301.8
5,814.9
1,573.8
3,085.4
214.9
262.9
8,685.1
6,138.4
4,537.6
6,452.5
1,419.2
22,860.6
169.8
6,898.5
465.3
1,712.3
29,144.0
15,090.9
4,645.1
305.2
6,139.6
1,573.8
3,092.2
216.5
279.7
8,937.4
6,330.0
38.4
40.6
38.2
23.4
67.8
29.6
56.6
30.2
28.8
27.4
35.7
58.5
37.0
44.0
21.8
68.0
53.4
30.3
40.5
785
996
537
889
51
735
659
378
1,987
382
410
98
547
1,899
557
160
37
2,102
734
32,830
38,717
13,176
153,440
673
56,202
5,058
13,336
155,322
87,860
27,896
919
41,183
17,768
31,518
1,685
277
70,035
41,550
0.732
0.629
0.928
0.671
0.416
0.833
1.094
0.784
0.554
0.602
0.708
0.305
0.708
1.129
1.022
0.784
0.105
0.806
0.712
54.95
66.72
10.07
43.91
57.62
71.27
10.62
46.50
41.67
46.55
9.10
32.44
2.90
3.59
0.65
2.38
3.11
3.69
0.73
2.51
18.95
18.58
15.49
17.67
17.66
18.06
13.89
16.54
7.29
2.90
11.54
7.24
51.59
71.43
61.51
6.31
4.66
8.30
6.42
2.70
-0.32
6.45
2.94
7.32
11.44
7.44
8.73
7.32
11.44
7.44
8.73
39.04
54.89
10.76
34.90
19.63
22.40
4.32
15.45
18.37
29.75
11.87
20.00
2.73
3.90
7.15
4.59
4,610.3
3,567.2
237.9
2,805.1
5,007.7
3,705.3
237.9
2,983.6
32.0
42.6
53.6
42.7
382
329
106
272
20,946
22,303
1,033
14,761
0.454
0.625
0.434
0.505
53.76
57.03
43.03
2.76
3.01
18.08
16.32
12.43
74.05
7.98
2.68
5.96
5.96
25.51
9.03
16.69
4.21
5,662.2
5,852.0
40.8
668
37,723
0.682
30
Long-Term
Issuer Rating
BBBBB+
BBBBBB+
BBB+
BB+
BBB+
BBB
BBB
BBB
BBB
BBB
Name
Ticker
Share Price ($)

52 Week
High
Low
31-Mar-2015
FFO per Share

Estimates ($)
2015
2016
Price/FFO
Estimates
2015
2016
FFO
Growth (%)
2015 - 2016
FFO
Payout (%)
2014: Q4
Debt/
EBITDA
2014: Q4
Mar-15
QTD
Total Return (%)

YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
Diversified
Alexanders Inc
American Assets Trust Inc.
American Homes 4 Rent
American Residential Properties
Armada Hoffler Properties
BRT Realty Trust
CoreSite Realty
Corrections Corp of America
CyrusOne
Digital Realty Trust
DuPont Fabros Technology
EPR Properties
Equinix Inc
Farmland Partners REIT
Gaming & Leisure Properties
Geo Group
Gladstone Land
Gramercy Property Trust
Gyrodyne Amer
HMG/Courtland Properties
Investors Real Estate Trust
Iron Mountain
Lamar Advertising
NorthStar Realty Finance
One Liberty
Outfront Media
QTS Realty Trust
Select Income REIT
Silver Bay Realty Trust
Starwood Waypoint Residential Trust
Vornado Realty
W. P. Carey Inc.
Washington Real Estate Inv
Whitestone REIT
Winthrop Realty Trust
AVERAGE
ALX
AAT
AMH
ARPI
AHH
BRT
COR
CXW
CONE
DLR
DFT
EPR
EQIX
FPI
GLPI
GEO
LAND
GPT
GYRO
HMG
IRET
IRM
LAMR
LXP
NRF
OLP
OUT
QTS
SIR
SBY
SWAY
VNO
WPC
WRE
WSR
FUR
456.58
43.28
16.55
17.99
10.66
7.14
48.68
40.26
31.12
65.96
32.68
60.03
232.85
11.74
36.87
43.74
12.05
28.07
4.10
12.20
7.50
36.48
59.27
9.83
18.12
24.42
29.92
36.41
24.99
16.16
25.85
112.00
68.00
27.63
15.88
16.32
48.37
481.90
45.05
18.51
19.60
11.02
7.67
50.74
42.10
32.64
74.39
38.28
65.58
259.13
13.63
37.65
45.19
13.37
29.73
5.54
16.84
9.21
41.09
60.48
11.69
35.28
25.60
35.15
40.07
30.85
16.96
28.39
126.00
73.58
30.05
16.32
18.21
52.99
348.50
32.97
16.13
17.01
8.97
6.77
30.03
31.55
19.90
54.18
23.76
50.45
187.36
9.48
28.16
32.71
9.04
20.52
3.65
10.97
7.09
26.94
45.71
9.27
16.10
20.23
25.93
27.25
22.79
15.14
24.11
98.36
61.15
24.25
13.87
14.25
38.74
20.09
1.72
0.77
0.82
0.85
2.60
2.74
1.98
5.05
2.38
4.33
11.82
0.45
2.61
2.89
0.45
1.88
0.66
2.14
2.61
1.04
1.92
2.24
2.17
2.65
0.61
1.66
4.93
4.19
1.69
1.31
1.05
2.95
22.24
1.86
0.98
1.20
0.95
2.99
2.89
2.32
5.36
2.61
4.67
13.48
0.53
2.63
3.10
0.45
2.23
0.65
2.18
2.79
1.07
1.94
2.36
2.60
2.67
0.82
2.39
5.24
4.34
1.75
1.34
0.67
3.23
22.73
25.14
21.44
21.86
12.54
18.74
14.71
15.74
13.06
13.72
13.87
19.70
26.38
14.15
15.12
27.08
14.90
11.42
17.07
22.71
9.48
12.72
13.34
16.75
9.44
26.46
15.60
22.71
16.23
16.34
12.17
15.54
17.15
20.53
23.30
16.85
14.97
11.28
16.30
13.94
13.41
12.30
12.50
12.86
17.27
22.36
14.01
14.12
26.78
12.59
11.60
16.71
21.24
9.15
12.59
12.66
14.01
9.37
19.74
10.80
21.38
15.67
15.81
11.83
24.36
15.70
10.70
7.88
27.26
46.08
11.18
15.00
5.56
17.41
6.14
9.74
7.81
14.08
17.98
1.01
7.09
1.12
18.41
-1.52
2.11
6.90
3.61
1.04
5.35
19.54
0.76
34.03
44.47
6.21
3.57
3.33
2.87
-36.19
10.02
66.60
52.38
50.00
0.00
76.19
0.00
63.64
76.12
47.73
68.03
59.32
85.50
83.87
79.17
112.50
87.50
92.86
117.39
60.71
80.43
61.70
84.21
0.00
63.48
104.65
71.43
129.55
69.44
8.06
6.68
6.85
15.01
8.56
21.29
2.33
3.08
3.86
3.79
3.72
5.00
24.41
6.05
4.41
12.05
7.81
8.22
5.22
3.25
6.05
15.71
7.34
4.09
5.69
2.93
17.30
7.66
7.05
6.57
8.93
20.17
8.41
3.67
6.11
-0.53
3.75
0.27
2.15
3.50
2.28
5.77
0.68
5.72
-1.11
4.63
5.79
10.76
1.37
1.48
0.24
3.60
-3.77
-0.30
0.56
3.21
-7.67
-3.68
4.79
1.26
2.57
1.22
0.00
3.22
1.78
0.55
-1.42
1.24
1.37
1.81
5.20
9.33
-2.52
2.39
14.12
2.29
25.73
12.27
14.10
0.80
-0.42
5.71
3.45
13.92
27.78
9.94
13.71
2.42
-1.71
6.50
-6.52
-4.41
11.79
-8.93
5.31
4.84
13.00
8.55
4.88
-2.42
-1.43
5.64
-1.63
1.00
7.67
4.68
5.75
5.20
9.33
-2.52
2.39
14.12
2.29
25.73
12.27
14.10
0.80
-0.42
5.71
3.45
13.92
27.78
9.94
13.71
2.42
-1.71
6.50
-6.52
-4.41
11.79
-8.93
5.31
4.84
13.00
8.55
4.88
-2.42
-1.43
5.64
-1.63
1.00
7.67
4.68
5.75
30.69
31.43
0.20
0.06
13.44
0.14
63.54
36.12
54.67
30.96
45.04
19.54
31.75
9.18
44.34
-11.95
39.60
-27.92
-26.49
-10.99
55.61
23.40
-3.91
24.75
22.46
25.50
50.60
-10.92
4.94
-8.76
28.78
19.67
20.96
18.64
62.84
20.23
20.65
27.28
0.71
32.09
27.09
1.35
15.00
16.11
15.64
47.57
39.52
-32.65
52.27
5.54
21.41
24.75
9.38
64.66
17.66
10.35
17.75
19.78
2.37
15.50
22.15
19.76
19.71
1.55
23.07
9.05
12.30
14.89
20.13
25.26
21.06
-6.18
29.75
3.03
14.64
12.87
15.22
47.55
15.95
14.15
25.13
3.25
14.48
16.04
3.07
2.15
1.21
0.00
6.38
0.00
3.45
5.37
4.05
5.15
5.14
6.05
0.73
3.95
5.91
5.67
3.49
2.85
0.00
4.10
6.93
5.21
4.59
6.92
8.83
6.39
4.55
3.52
7.68
1.49
1.62
2.25
5.60
4.34
7.18
3.98
4.16
2,319.7
1,887.7
3,457.1
578.2
266.7
100.7
1,052.9
4,658.2
1,200.1
8,927.3
2,145.6
3,430.9
12,720.4
90.8
4,141.9
3,243.2
92.5
1,310.5
6.1
12.8
901.9
7,640.9
4,773.1
2,273.6
5,970.1
395.8
4,084.6
1,256.9
2,208.1
603.9
976.5
20,848.0
7,032.2
1,841.0
360.7
594.0
3,150.1
2,319.7
2,662.6
4,344.6
588.9
424.2
100.7
2,287.5
4,658.2
2,027.9
9,133.4
2,653.8
3,430.9
12,720.4
113.6
4,141.9
3,243.2
92.5
1,379.8
6.1
12.8
1,036.7
7,640.9
4,773.1
2,311.6
5,970.1
395.8
4,084.6
1,540.8
2,208.1
640.0
976.5
22,038.5
7,032.2
1,841.0
367.1
594.0
3,327.6
30.6
28.5
56.7
48.7
84.4
15.4
22.2
28.8
33.7
27.5
36.0
53.1
44.2
39.8
56.5
25.7
74.3
14.4
49.4
36.8
44.8
66.6
44.3
40.6
30.3
60.2
36.5
64.2
32.6
36.1
39.4
53.0
42.4
4
153
1,220
279
78
8
165
528
336
1,044
656
321
1,302
28
812
510
23
477
7
1
530
1,596
758
2,685
8,898
33
1,050
271
782
245
429
926
424
248
69
138
751
1,827
6,511
20,056
5,000
828
57
7,976
21,221
10,420
68,792
21,305
19,173
301,356
317
29,241
22,048
263
13,573
28
16
3,934
59,207
44,385
27,141
163,615
802
31,420
9,833
19,113
3,936
11,027
100,845
28,989
6,816
1,096
2,214
29,566
0.079
0.345
0.580
0.865
0.311
0.056
0.758
0.456
0.868
0.771
0.993
0.559
2.369
0.349
0.706
0.680
0.284
1.036
0.456
0.125
0.436
0.775
0.930
1.194
2.741
0.202
0.769
0.782
0.866
0.652
1.129
0.484
0.412
0.370
0.304
0.373
0.696
Health Care
CareTrust REIT
HCP
Healthcare REIT
Healthcare Realty Trust
Healthcare Trust Of America Inc
LTC Properties
Medical Properties Trust
National Health Investors
New Senior Investment Group
Omega Healthcare Investors
Physicians Realty Trust
Sabra Health Care REIT
Universal Health Rlty Income
Ventas Inc
AVERAGE
CTRE
HCP
HCN
HR
HTA
LTC
MPW
NHI
SNR
OHI
DOC
SBRA
SNH
UHT
VTR
13.56
43.21
77.36
27.78
27.86
46.00
14.74
71.01
16.63
40.57
17.61
33.15
22.19
56.25
73.02
38.73
21.60
48.21
84.31
30.94
29.94
48.31
15.62
76.46
19.85
45.16
17.85
34.02
24.50
56.87
80.95
42.31
11.19
39.47
61.92
23.44
23.16
36.89
12.26
57.04
16.16
34.00
12.58
24.25
20.45
41.26
60.70
31.65
1.02
3.15
4.36
1.56
1.55
2.70
1.25
4.61
2.99
1.01
2.31
1.81
4.67
2.54
1.22
3.25
4.62
1.63
1.66
2.92
1.34
4.84
3.12
1.13
2.45
1.87
4.93
2.69
13.29
13.73
17.74
17.78
17.96
17.01
11.78
15.41
13.58
17.52
14.33
12.26
15.65
15.23
11.11
13.31
16.75
17.04
16.83
15.74
10.98
14.66
12.99
15.54
13.56
11.89
14.81
14.25
19.61
3.18
5.89
4.38
6.70
8.08
7.29
5.11
4.58
12.77
5.75
3.07
5.62
7.08
0.00
66.46
78.71
81.08
84.56
79.69
87.50
73.33
69.86
74.51
90.70
94.03
70.39
73.14
6.77
4.61
5.58
6.36
5.58
2.81
6.01
3.80
4.70
7.13
6.55
5.58
1.63
6.18
5.23
7.94
2.01
0.32
-2.66
1.45
3.46
-1.11
0.96
-1.25
2.18
7.05
1.41
-0.72
12.02
-1.17
2.13
11.26
-0.64
3.33
2.74
4.50
7.75
8.65
2.72
1.09
6.01
7.49
10.51
2.04
18.33
2.92
5.92
11.26
-0.64
3.33
2.74
4.50
7.75
8.65
2.72
1.09
6.01
7.49
10.51
2.04
18.33
2.92
5.92
17.23
36.00
20.49
28.01
28.46
22.70
23.25
28.76
34.52
25.33
5.70
40.66
25.98
25.93
8.20
17.61
13.48
18.74
24.57
19.19
32.28
33.76
7.09
18.77
13.27
18.81
10.95
17.29
9.20
17.42
14.88
19.06
23.81
6.87
16.51
13.80
14.98
2.10
5.23
4.27
4.32
4.16
4.43
5.97
4.79
1.38
5.32
5.11
4.71
7.03
4.52
3.17
4.43
425.9
19,792.0
26,750.3
2,707.5
3,440.0
1,598.6
3,062.7
2,667.5
1,104.2
5,623.7
1,133.2
1,963.6
5,214.0
723.3
24,155.7
6,690.8
425.9
20,055.9
26,750.3
2,707.5
3,481.4
1,598.6
3,068.1
2,667.5
1,104.2
5,623.7
1,234.3
1,963.6
5,214.0
723.3
24,296.3
6,727.6
48.0
32.2
30.4
34.5
29.6
17.3
48.0
25.0
53.6
34.5
20.1
39.9
38.3
25.6
35.4
34.2
127
3,959
2,662
742
765
170
1,737
182
436
1,560
586
418
2,410
53
2,875
1,245
1,687
164,582
204,059
20,199
21,030
7,498
25,553
12,798
7,265
62,284
9,877
13,512
53,263
2,797
206,761
54,211
0.396
0.832
0.763
0.746
0.611
0.469
0.834
0.480
0.658
1.108
0.872
0.688
1.022
0.387
0.856
0.715
Lodging/Resorts
Ashford Hospitality Prime
Ashford Hospitality Trust
Chatham Lodging Trust
Diamondrock Hospitality
FelCor Lodging
Hersha Hospitality Trust
Host Hotels & Resorts
Innsuites Hospitality Tr
Pebblebrook Hotel Trust
RLJ Lodging Trust
Ryman Hospitality Properties
Sotherly Hotels Inc
Strategic Hotels & Resorts
Summit Hotel Properties
Sunstone Hotel Investors
Supertel Hospitality
XENIA HOTELS & RESORTS INC
AVERAGE
AHP
AHT
CLDT
CHSP
DRH
FCH
HT
HPT
HST
IHT
LHO
PEB
RLJ
RHP
SOHO
BEE
INN
SHO
SPPR
XHR
16.77
9.62
29.41
33.83
14.13
11.49
6.47
32.99
20.18
2.70
38.86
46.57
31.31
60.91
7.61
12.43
14.07
16.67
1.68
22.75
21.52
17.99
11.99
31.60
38.90
15.98
12.23
7.44
34.06
24.33
3.06
43.47
50.11
36.16
63.84
8.30
14.25
14.35
17.98
3.07
24.09
23.66
14.95
8.82
21.08
27.79
11.82
9.11
5.87
26.62
19.92
1.73
31.83
33.86
26.21
43.16
6.50
10.50
9.11
13.42
1.21
20.32
17.19
1.58
1.25
2.42
2.33
1.03
0.84
0.56
3.48
1.54
2.81
2.48
2.54
4.98
1.31
0.83
1.10
1.30
1.91
1.77
1.41
2.77
2.70
1.15
1.03
0.62
3.68
1.69
3.10
2.90
2.80
5.50
1.47
0.93
1.25
1.43
2.13
10.59
7.70
12.14
14.53
13.76
13.61
11.62
9.48
13.06
13.82
18.79
12.32
12.23
5.81
15.00
12.81
12.84
12.36
9.47
6.83
10.62
12.55
12.30
11.12
10.49
8.96
11.93
12.54
16.08
11.19
11.07
5.18
13.30
11.30
11.63
10.97
11.82
12.72
14.31
15.77
11.93
22.48
10.71
5.80
9.52
10.27
16.81
10.09
10.41
12.21
12.76
13.31
10.45
12.43
48.39
29.29
20.00
50.00
59.76
35.71
44.64
34.85
77.46
20.00
41.96
14.29
39.70
7.55
11.13
4.91
2.95
3.21
3.25
6.39
4.31
2.69
2.03
2.58
4.40
5.83
9.70
5.58
5.40
3.85
5.04
3.38
-8.55
1.69
-3.88
-1.55
6.69
-2.53
7.08
-2.95
-6.90
0.82
-3.49
-0.51
2.43
1.06
-5.26
7.16
-4.18
10.06
8.73
0.47
-1.98
-7.06
2.55
-8.14
-4.13
6.59
-6.97
8.04
-14.26
8.35
-3.04
2.75
-5.61
16.72
2.41
-6.05
14.14
1.28
-24.24
7.31
-0.57
-1.98
-7.06
2.55
-8.14
-4.13
6.59
-6.97
8.04
-14.26
8.35
-3.04
2.75
-5.61
16.72
2.41
-6.05
14.14
1.28
-24.24
7.31
-0.57
12.26
-5.42
51.49
36.60
24.10
28.39
15.59
22.58
3.43
26.58
29.15
41.24
21.56
49.65
23.41
21.98
58.10
25.24
-1.13
25.52
24.57
38.59
28.85
14.87
47.84
10.46
15.25
10.19
5.50
15.37
30.26
23.37
38.96
41.97
23.61
28.89
21.31
-40.71
21.06
20.75
16.62
9.99
15.34
9.17
14.46
8.78
17.15
13.88
19.75
23.06
28.32
23.95
9.26
-34.03
13.10
1.19
4.99
4.08
4.14
3.54
1.39
4.33
5.94
3.96
0.37
3.86
2.66
4.22
4.27
3.68
0.00
3.34
1.20
0.00
0.64
2.89
406.9
953.1
1,125.1
1,856.5
2,757.4
1,430.3
1,310.5
4,935.5
15,258.3
22.5
4,383.7
3,303.9
4,136.1
3,077.6
80.4
3,415.6
1,199.1
3,424.5
7.9
2,579.8
2,783.2
560.0
1,144.0
1,125.1
1,856.5
2,757.4
1,437.3
1,355.3
4,935.5
15,452.1
32.4
4,395.2
3,332.2
4,164.1
3,077.6
101.4
3,425.4
1,213.5
3,424.5
7.9
2,579.8
2,818.9
56.4
63.0
35.8
25.8
26.4
53.3
39.2
38.0
17.9
39.1
24.5
20.5
25.9
33.5
72.1
33.6
36.9
29.8
87.2
39.9
97
720
289
526
2,101
881
1,677
709
8,625
2
1,077
491
997
492
27
2,785
588
2,311
16
1,592
1,300
1,602
7,152
8,471
17,701
30,091
9,846
11,020
22,734
179,471
4
42,009
23,016
31,115
30,373
203
34,848
8,067
38,705
28
35,615
26,604
0.394
0.750
0.753
0.953
1.091
0.688
0.841
0.461
1.176
0.019
0.958
0.697
0.752
0.987
0.253
1.020
0.673
1.130
0.357
1.381
0.767
Self Storage
CubeSmart
Extra Space Storage
Public Storage
Sovran Self Storage
AVERAGE
CUBE
EXR
PSA
SSS
24.15
67.57
197.14
93.94
95.70
25.43
69.30
206.76
97.49
99.75
17.62
50.30
163.05
73.97
76.24
1.18
2.94
8.68
4.76
4.39
1.29
3.23
9.26
5.22
4.75
20.52
23.01
22.72
19.75
21.50
18.66
20.89
21.29
18.00
19.71
9.96
10.12
6.71
9.72
9.13
48.15
65.28
67.31
60.71
60.36
5.46
4.99
0.14
3.89
3.62
4.79
3.46
0.70
2.09
2.76
10.15
16.06
7.44
8.59
10.56
10.15
16.06
7.44
8.59
10.56
44.72
43.94
20.73
32.43
35.45
30.50
37.21
16.27
27.75
27.93
30.94
43.97
20.28
26.78
30.49
2.65
2.78
2.84
3.19
2.87
3,933.3
7,824.8
34,034.3
3,323.1
12,278.9
3,987.8
8,117.6
34,080.0
3,341.8
12,381.8
24.4
25.7
0.6
21.6
18.1
1,366
763
704
274
777
32,287
50,588
136,473
25,324
61,168
0.821
0.647
0.401
0.762
0.658
Timber
CatchMark Timber Trust
Plum Creek Timber Co
Potlatch Corp. REIT
Rayonier
Weyerhaeuser
AVERAGE
CTT
PCL
PCH
RYN
WY
11.72
43.45
40.04
26.96
33.15
31.06
13.92
45.32
44.07
48.71
36.69
37.74
10.58
39.00
36.68
25.59
29.89
28.35
0.53
0.53
0.69
0.69
22.11
22.11
16.99
16.99
30.19
30.19
3.11
5.94
1.50
2.92
3.26
3.35
-3.38
0.02
1.23
-0.71
-5.58
-1.68
4.63
2.57
-3.46
-2.59
-6.87
-1.15
4.63
2.57
-3.46
-2.59
-6.87
-1.15
-13.12
7.75
7.26
-17.04
16.70
0.31
5.64
12.26
-2.39
18.15
8.42
6.57
7.16
7.92
17.57
9.81
4.27
4.05
3.75
3.71
3.50
3.86
387.1
7,686.7
1,625.3
3,400.2
17,352.7
6,090.4
387.1
7,686.7
1,625.3
3,400.2
17,352.7
6,090.4
24.0
30.1
27.0
17.6
22.3
24.2
160
957
258
827
3,258
1,092
1,901
41,109
10,221
22,405
109,954
37,118
0.491
0.535
0.629
0.659
0.634
0.589
41.14
45.04
33.25
2.65
2.90
15.90
14.48
10.31
63.28
6.38
1.36
4.01
4.01
22.02
19.76
15.63
3.81
4,362.5
4,463.3
37.6
1,004
35,498
0.709
OVERALL AVERAGE
31
Long-Term
Issuer Rating
BB+
B+
BBB
BBBB+
BB
BB-
B+
BBBB+
BBB+
BBB-
BBB+
BBB
BBB
B
BBB+
BBB
BBBBBB
BB+
BB+
BBBBBBBB+
BBBBBB+
B+
BBB
A
BBB-
BBB
BB+
BBBBBB
Mortgage
Name
Home Financing
AG Mortgage Investment Trust
Altisource Residential
American Capital Agency Corp.
American Capital Mortgage Investment
Annaly Capital Management
Anworth Mortgage Asset
Apollo Residential Mortgage
ARMOUR Residential REIT
Capstead Mortgage
Cherry Hill Mortgage Investment
Chimera Investment
CYS Investments
Dynex Capital
Ellington Residential Mortgage REIT
Five Oaks Investment Corp
Great Ajax
Hatteras Financial
Invesco Mortgage Capital
JAVELIN Mortgage Investment
MFA Financial
New Residential Investment Corp.
New York Mortgage Trust
Orchid Island Capital
PennyMac Mortgage Investment Trust
Redwood Trust
Two Harbors Investment
Western Asset Mortgage Capital
ZAIS Financial Corp
AVERAGE
Ticker
MITT
RESI
AGNC
MTGE
NLY
ANH
AMTG
ARR
CMO
CHMI
CIM
CYS
DX
EARN
OAKS
AJX
HTS
IVR
JMI
MFA
NRZ
NYMT
ORC
PMT
RWT
TWO
WMC
ZFC
Apollo Commercial Real Estate Finance
ARI
Arbor Realty Trust
ABR
Ares Commercial Real Estate
ACRE
Blackstone Mortgage Trust
BXMT
Colony Capital
CLNY
Hannon Armstrong Sustainable Infrastructure Capital
HASI
iStar Financial
STAR
Jernigan Capital
JCAP
Newcastle Invt Corp
NCT
Owens Realty Mortgage Inc
ORM
RAIT Financial Trust
RAS
Resource Capital
RSO
Starwood Property Trust Inc.
STWD
AVERAGE
Share Price ($)

52 Week
31-Mar-2015
High
Low
FFO per Share

Estimates ($)
2015
2016
Price/FFO
Estimates
2015
2016
FFO
Growth (%)
2015 - 2016
FFO
Payout (%)
2014: Q4
Debt/
EBITDA
2014: Q4
Mar-15
QTD
Total Return (%)

YTD
1-Yr
3-Yr
5-Yr
Dividend
Yield (%)
Equity
Market
Cap ($M)
Implied
Market
Cap ($M)
Debt
Ratio (%)
Average
Share
Volume
Average
Dollar
Volume
Relative
Liquidity
18.84
20.86
21.33
17.96
10.40
5.09
15.95
3.17
11.77
17.63
15.70
8.91
8.47
16.38
10.65
14.53
18.16
15.53
7.56
7.86
15.03
7.76
13.24
21.29
17.87
10.62
15.08
17.84
13.77
20.00
29.09
23.92
20.58
11.92
5.45
17.08
4.43
13.35
20.40
16.95
9.43
8.85
18.00
12.21
14.83
20.40
17.97
14.10
8.46
17.32
8.20
14.90
23.33
21.32
10.97
15.76
19.38
15.66
17.65
16.76
20.54
17.54
10.07
4.79
15.43
3.00
11.62
16.74
15.12
8.24
7.91
15.94
10.23
14.00
17.58
15.17
7.56
7.71
11.58
7.23
12.57
20.40
16.23
9.67
13.30
16.02
12.88
2.17
2.04
0.92
1.71
2.40
2.03
0.92
1.78
9.61
8.64
8.43
8.90
8.69
8.68
8.43
8.60
10.60
-0.49
0.00
3.37
24.60
4.75
41.97
27.21
44.14
41.33
63.52
19.58
5.96
43.38
67.65
32.58
34.07
42.66
24.42
17.68
6.92
33.61
9.31
16.47
30.65
22.07
29.75
3.40
1.40
0.52
0.06
0.72
0.21
3.68
0.95
0.91
2.46
0.79
1.31
1.56
3.61
-2.52
3.05
1.71
0.08
-14.65
1.26
1.99
1.65
-3.47
-0.70
-5.09
4.23
0.53
2.37
0.43
4.74
7.93
0.74
-2.01
-1.05
-0.17
4.20
-10.64
-1.64
-1.92
1.74
5.60
2.67
4.06
2.01
1.29
1.27
3.38
-24.17
0.88
20.68
4.15
5.57
0.95
-7.89
8.60
2.59
5.75
1.40
4.74
7.93
0.74
-2.01
-1.05
-0.17
4.20
-10.64
-1.64
-1.92
1.74
5.60
2.67
4.06
2.01
1.29
1.27
3.38
-24.17
0.88
20.68
4.15
5.57
0.95
-7.89
8.60
2.59
5.75
1.40
22.20
-29.11
11.56
8.54
5.62
14.58
9.73
-10.99
3.27
4.71
14.96
23.67
6.43
10.37
9.11
7.01
5.96
-34.96
11.95
31.23
14.48
30.71
-0.62
-6.49
14.52
10.92
17.39
7.66
12.49
2.94
7.88
-2.39
2.91
8.55
-9.33
7.08
19.25
2.62
8.05
-3.24
8.69
17.54
22.76
15.87
24.21
14.20
8.89
13.01
2.66
6.89
-2.04
11.68
11.24
9.30
10.07
5.38
6.76
16.29
15.72
15.94
10.08
17.91
10.06
12.74
10.55
12.38
11.14
11.54
11.79
12.04
15.14
10.54
11.57
12.23
13.47
11.81
13.43
14.08
0.00
11.01
11.59
19.05
10.18
10.11
13.92
16.31
11.46
6.27
9.79
18.57
8.97
11.85
534.6
1,191.4
7,597.7
920.5
9,851.4
576.5
511.0
1,133.4
1,124.4
132.2
3,225.0
1,440.4
461.0
149.6
156.7
226.7
1,754.5
1,911.3
90.7
2,911.0
2,118.9
815.5
129.1
1,575.2
1,482.7
3,879.0
629.1
142.2
1,666.9
534.6
1,191.4
7,597.7
920.5
9,851.4
576.5
511.0
1,133.4
1,124.4
132.2
3,225.0
1,440.4
461.0
149.6
156.7
226.7
1,754.5
1,933.5
90.7
2,911.0
2,118.9
815.5
129.1
1,575.2
1,482.7
3,879.0
629.1
158.7
1,668.2
83.6
55.0
88.9
85.2
87.6
91.4
87.2
91.3
91.7
72.3
80.6
88.4
87.7
90.0
94.4
89.5
90.4
90.1
78.2
77.1
92.1
92.0
67.0
73.5
82.0
86.3
78.1
84.1
242
576
3,581
502
8,578
1,056
260
2,743
944
28
1,325
2,060
223
53
127
63
853
1,281
173
3,108
1,689
1,415
244
513
589
4,089
795
22
1,326
4,545
12,073
76,698
9,149
90,801
5,513
4,126
8,737
11,265
506
21,075
18,459
1,855
869
1,375
906
15,456
20,192
1,477
24,671
25,515
11,172
3,324
10,813
10,893
43,235
12,034
386
15,969
0.850
1.013
1.009
0.994
0.922
0.956
0.807
0.771
1.002
0.382
0.653
1.281
0.402
0.581
0.878
0.400
0.881
1.056
1.628
0.847
1.204
1.370
2.576
0.686
0.735
1.115
1.913
0.272
0.971
17.18
6.98
11.05
28.37
25.92
18.28
13.00
20.75
4.85
14.98
6.86
4.54
24.30
15.16
17.67
7.41
12.77
31.54
26.78
19.33
15.19
21.69
30.42
19.85
8.40
5.90
24.67
18.59
15.71
6.44
11.02
26.75
21.09
13.20
12.30
20.31
4.11
12.46
6.41
4.36
21.78
13.53
1.88
0.53
0.37
0.52
0.38
0.74
2.17
0.72
0.73
0.52
1.03
9.14
13.18
13.11
13.19
11.84
12.09
7.92
9.76
9.40
8.73
8.95
15.43
35.06
40.38
35.65
31.63
10.00
38.46
24.23
6.13
4.05
18.75
14.14
4.84
14.16
12.55
7.21
4.47
38.99
15.07
4.43
12.07
3.12
-2.65
-5.83
-0.04
4.30
11.44
-1.89
6.01
2.74
20.41
-6.92
-6.55
1.61
1.98
7.72
5.01
-1.57
-0.82
10.38
30.24
-4.76
6.01
10.75
2.74
-8.26
-6.73
6.68
4.41
7.72
5.01
-1.57
-0.82
10.38
30.24
-4.76
6.01
10.75
2.74
-8.26
-6.73
6.68
4.41
13.94
8.60
-10.36
5.90
25.52
35.76
-11.92
5.54
3.48
-11.44
-5.47
11.81
5.95
13.68
15.59
20.97
24.72
21.48
34.61
19.55
8.51
21.98
20.12
9.35
21.66
33.92
12.92
23.15
39.66
8.84
6.88
18.32
19.41
10.24
7.45
9.05
7.33
5.71
5.69
0.00
0.00
9.90
1.87
10.50
14.10
7.90
6.90
977.5
350.0
314.7
1,636.4
2,841.1
499.9
1,110.0
109.1
322.0
161.3
564.5
597.9
5,379.7
1,143.4
977.5
350.0
314.7
1,636.4
2,841.1
506.0
1,110.0
109.1
322.0
161.3
564.5
597.9
5,379.7
1,143.9
55.1
79.2
80.4
64.3
51.3
61.8
78.5
81.5
23.7
81.0
72.1
49.9
64.9
1,317
69
196
429
1,192
270
434
146
710
21
630
894
2,345
666
22,556
483
2,260
12,139
30,538
4,893
5,611
3,013
3,352
297
4,391
4,216
56,531
11,560
2.307
0.138
0.718
0.742
1.075
0.979
0.506
2.760
1.041
0.184
0.778
0.705
1.051
0.999
32
Long-Term
Issuer Rating
B+
BB
REIT Payout Ratios:

Dividends as a Percent of FFO
1994: Q1 - 2014: Q2
95
Percent
90
90
89
88
88
85
86
86
85
84
83
83
82
80
81
79
Average Payout Ratio: 71.6%
78
75
76
75
74
74
74
74
72
7272
70
75
74
71
70
69
68
6868
68
68
68
72
72
72
7171
73
73
73
71
71
70
69
69
68
70
6969
68
68
67
68
69
68
6868
67
66
66
66
65
7070
66
65
68
66
68
65
65
646564
6464
63
68
67
62
61
60
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Source: NAREIT, SNL Financial.
33
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Summary of Dividends and FFO by Property Sector
December 31, 2014
Sector
Number of
Companies
Implied
Market Cap ($M)
Total
Dividends ($M)
2014: Q4
Funds From
Operations ($M)
Payout
Ratio (%)
Total
Dividends ($M)
2014: YTD
Funds From
Operations ($M)
Payout
Ratio (%)
Industrial/Office
Office
Industrial
Mixed
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Diversified
Lodging/Resorts
Health Care
Self Storage
Timber
Infrastructure
Equity REITs
36
22
8
6
37
21
9
7
21
18
3
34
19
17
4
5
4
179
148,223
96,072
33,660
18,492
224,628
67,766
123,941
32,921
114,774
106,753
8,021
100,155
56,521
95,938
45,655
32,038
65,805
883,737
1,378
747
317
314
2,598
680
1,394
524
935
862
73
1,495
502
1,414
422
304
440
9,488
2,076
1,358
441
277
2,990
877
1,823
290
1,422
1,332
90
1,340
936
1,402
532
794
11,519
66.4
55.0
71.9
113.3
86.9
77.6
76.5
180.6
65.7
64.7
81.5
111.6
53.6
100.9
79.3
55.5
82.4
5,475
3,141
1,365
968
9,823
2,663
5,138
2,021
3,663
3,397
266
4,639
1,788
4,445
1,622
1,250
1,108
33,813
7,873
5,255
1,461
1,157
11,165
3,581
6,296
1,288
5,282
4,887
395
5,094
3,718
5,388
1,985
3,048
43,679
69.5
59.8
93.5
83.7
88.0
74.4
81.6
156.9
69.3
69.5
67.4
91.1
48.1
82.5
81.7
36.4
77.4
Home Financing
Mortgage REITs
12
27
39
14,257
46,958
61,215
334
1,621
1,956
1,193
5,884
7,077
Notes:
Implied market cap is the sum of Operating Partnership units plus common shares outstanding, multiplied by share price.
34
U.S. Public REIT Industry Balance Sheet

Stock Exchange-Listed and Non-Listed REITs
(Based on financial reports as of December 31, 2013)
Stock Exchange-Listed
Number of Firms
Non-Listed
Equity
Mortgage
Equity
Mortgage
172
48
69
20
Industry
Total
Listed
Non-Listed
(Percent of total)
309
(Billions of dollars)
71.2
28.8
(Percent of total)
Total Assets
732
477
73
1,286
94.0
6.0
Total Liabilities plus Mezzanine
412
413
34
861
95.8
4.2
Total Shareholder Equity
320
64
39
425
90.4
9.6
Total Liabilities plus Shareholder Equity
732
477
73
1,286
94.0
6.0
Estimated Gross Asset Value
1,099
477
105
1,6851
93.5
6.5
Equity Market Capitalization
743
71
814
100.0
As of June 30, 2014
Source: SNL Financial, NAREIT.

1Does not include assets of private REITs or non-consolidated joint ventures.
35
Summary of Financial Leverage by Property Sector

2014: Q3
(Publicly Traded Real Estate Investment Trusts)
Sector
Number of
Companies
Implied Market
Capitalization
Debt Ratio
Interest
Coverage
Fixed Charge
Coverage
Industrial/Office
Office
Industrial
Mixed
Retail
Shopping Centers
Regional Malls
Free Standing
Residential
Apartments
Manufactured Homes
Diversified
Lodging/Resorts
Health Care
Self Storage
Timber
Infrastructure
Equity Totals
35
21
8
6
37
22
9
6
20
17
3
30
19
15
4
5
4
169
127,326,286
82,564,309
28,424,954
16,337,024
197,396,619
59,886,302
107,810,316
29,700,001
97,001,451
90,441,957
6,559,494
71,558,405
48,128,445
80,620,071
40,066,341
29,500,304
64,292,885
755,890,806
38.2
39.6
33.1
38.8
34.5
37.9
34.3
27.4
33.8
33.6
37.0
36.5
32.5
35.3
9.3
25.0
28.5
33.5
4.08
3.96
4.52
4.17
3.42
3.92
3.08
3.48
4.80
4.96
3.40
3.80
5.11
4.00
14.01
4.91
3.92
4.14
3.77
3.74
4.27
3.45
3.16
3.49
2.96
3.07
4.63
4.83
3.05
3.30
4.39
3.85
5.81
4.57
3.68
3.77
Home Financing
Mortgage Totals
13
27
40
18,737,936
45,863,322
64,601,258
59.4
86.1
82.8
2.51
2.64
2.61
2.09
2.48
2.38
209
820,492,064
40.2
3.97
3.62
Industry Totals
Notes:
1
Implied market capitalization is the sum of Operating Partnership units plus common shares outstanding,
multiplied by share price; data presented in thousands of dollars.
36
FTSE EPRA/NAREIT Global Real Estate Index Series

Developed Markets
(Percent change, as of March 31, 2015)
(All values based in US dollars)
Period
Global
Return Components
Total
Price
Dividend
Yield

2006
42.35
37.50
3.02
2007
-6.96
-9.98
3.74
2008
-47.72
-50.21
6.86
2009
38.26
31.75
3.92
2010
20.40
15.88
3.66
2011
-5.82
-9.40
4.20
2012
28.65
23.79
3.62
2013
4.39
0.72
3.73
2014
15.89
11.73
3.35
2015
4.17
3.37
3.17
Quarter (including current quarter to date)
2014: Q1
4.01
3.14
0.87
Q2
7.88
6.53
1.34
Q3
-4.43
-5.11
0.68
Q4
8.07
7.16
0.91
2015: Q1
4.17
3.37
0.80
Month
2014: Oct
6.65
6.47
0.19
Nov
0.87
0.60
0.27
Dec
0.46
0.05
0.41
2015: Jan
4.94
4.80
0.15
Feb
-0.56
-0.77
0.22
Mar
-0.18
-0.60
0.42
Historical (compound annual rates at month-end)
1-Year
16.06
11.97
3-Year
12.82
8.76
5-Year
12.08
7.98
10-Year
7.88
3.73
15-Year
10.63
6.07
20-Year
9.53
4.89
Source: FTSE, EPRA, NAREIT.
North America
Return Components
Dividend
Total
Price
Yield
Asia
Return Components
Total
Price
Dividend
Yield
Europe
Return Components
Total
Price
Dividend
Yield
36.26
-14.92
-40.63
32.22
28.65
8.19
18.14
1.27
28.15
4.35
30.89
-18.25
-43.88
25.18
23.63
4.11
13.82
-2.56
23.23
3.47
3.64
4.84
7.79
3.83
3.70
3.93
3.79
4.18
3.65
3.45
36.49
14.80
-52.48
43.43
17.21
-19.61
45.52
4.37
0.22
2.68
32.15
11.67
-54.43
37.82
13.23
-22.56
40.35
1.21
-2.97
2.04
2.88
2.84
5.72
3.76
3.42
4.28
3.14
3.01
2.84
2.79
66.99
-24.50
-51.13
40.45
9.23
-12.34
30.70
16.21
10.41
6.13
62.79
-26.63
-53.30
33.00
4.41
-16.01
24.51
11.64
6.49
5.29
2.00
3.60
7.15
4.48
4.16
5.02
4.29
3.87
3.22
2.86
9.40
7.02
-3.38
13.28
4.35
8.32
5.98
-4.33
12.20
3.47
1.08
1.03
0.95
1.09
0.88
-4.68
9.24
-4.89
1.20
2.68
-5.36
7.94
-5.31
0.31
2.04
0.67
1.31
0.42
0.88
0.64
5.98
8.12
-7.16
3.78
6.13
5.32
5.67
-7.43
3.37
5.29
0.66
2.46
0.28
0.40
0.84
9.56
1.83
1.53
6.41
-3.37
1.49
9.35
1.55
1.03
6.25
-3.60
1.02
0.21
0.28
0.50
0.16
0.23
0.46
4.09
-2.10
-0.69
1.59
2.19
-1.09
3.93
-2.41
-1.10
1.49
1.89
-1.33
0.15
0.31
0.41
0.10
0.30
0.23
1.79
3.22
-1.23
5.76
4.86
-4.30
1.62
3.09
-1.32
5.57
4.84
-4.87
0.18
0.13
0.09
0.19
0.03
0.57
22.23
13.08
15.16
9.39
12.82
12.36
17.72
8.85
10.84
4.81
7.54
6.49
7.96
10.28
7.87
7.21
8.03
7.22
4.61
6.77
4.30
3.56
4.30
3.57
10.56
16.41
11.76
5.23
10.79
9.36
6.46
11.65
7.08
1.07
6.47
5.15
37
Glossary of REITWatch terms:

REIT Name:
Full name of the company.
Ticker:
The company's stock exchange symbol.
Share Price ($):
The closing price per share on the date noted.
52-Week Share Price ($):
The high and low closing prices for the shares over the previous 52 weeks.
Price/FFO Multiples:
Price on the date indicated divided by the FactSet mean FFO estimate for the current and following year.
FFO per Share Estimates ($):
FactSet mean FFO estimate for the current and following year.
FFO Growth (%):
The percentage change between the current and following year mean FFO estimate as reported by FactSet.
Debt/EBITDA Multiples
Average Total Debt over the prior 2 quarters divided by the the most recent quarter's annualized EBITDA.
FFO Payout (%):
Regular cash dividends paid on the company's primary issue of common stock as a percent of funds from operations, on a per-share basis.
Dividend Yield (%):
The current indicated dividend rate annualized and divided by the current stock price.
Dividend Spread (%):
The difference between the REIT dividend yield and the 10-year constant maturity treasury yield.
Total Returns (%):
Total returns are calculated by taking the closing price for the current period, adding any dividends with an ex-dividend date in that period then
subtracting the closing price for the previous period and dividing the result by the closing price of the prior period.
Month:
The monthly total return as calculated at month-end.
Year to Date:
The total return for the calendar year through the latest month-end.
One Year:
The total return for the previous year.
Two Year:
The annualized total return for the previous 2 years.
Three Year:
Five Year:
Equity Market Capitalization ($ Millions):
Price on the date indicated times the number of common shares outstanding.
Implied Market Capitalization ($ Millions):
Price on the date indicated times the number of shares outstanding including Operating Partnership Units.
Debt Ratio (%):
A leverage ratio calculated by taking the REITs total debt and dividing it by the total market capitalization. Total capitalization is the sum of implied
market capitalization and total debt.
Long-Term Issuer Rating:
The long-term credit rating, as announced by Standard & Poors, and obtained from SNL Financial.
Average Share Volume:
The average number of shares traded daily over the past month, represented in thousands.
Average Daily Dollar Volume:
The average of the daily value of shares traded over the past month, represented in thousands. Daily value is computed by multiplying shares
traded by the closing price on that date.
Relative Liquidity (%):
Average daily dollar volume divided by equity market capitalization.
2006 ChartBook
7/27/06
9:15 AM
Page 3

REITs: Building Dividends & Diversification
1875 I St, NW, Suite 600, Washington D.C. 20006
phone: 202-739-9400 fax: 202-739-9401

Nareit - Reit Watch Apr 2015

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A Monthly Statistical Report on the Real Estate Investment Trust Industry

National Association of Real Estate Investment Trusts

I. Indicators of US REIT Investment Performance

II. US REIT Performance Statistics by Property Sector and Subsector

III. Indicators of US REIT Industry Activity

IV. Indicators of Global Real Estate Investment Performance

V. Glossary of REITWatch Terms

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National Association of Real Estate Investment Trusts

FTSE NAREIT All REITs equity market capitalization = $966 billion

220 REITs are in the FTSE NAREIT All REITs Index

191 REITs trade on the New York Stock Exchange

NYSE listed REITs equity market capitalization = $916 billion

Data in percent; highest return for the period in bold.

Price only returns.

- FTSE NAREIT All Equity REITs: 3.37%

National Association of Real Estate Investment Trusts

Leverage and Coverage Ratios

Debt Ratio: 33.5%

Coverage Ratio: 4.1x

Fixed Charge Ratio: 3.8x

Debt Ratio: 40.2%

Coverage Ratio: 4.0x

Fixed Charge Ratio: 3.6x

62 REITs are rated investment grade, 62 percent by equity market capitalization.

Average Daily Dollar Trading Volume

March 2015: $7.4 billion

March 2010: $3.1 billion

March 2005: $1.4 billion

FTSE NAREIT Composite

March 31, 2015

FTSE NAREIT Equity REITs

FTSE NAREIT Mortgage REITs

Annual (including current year to date)

Quarter (including current quarter to date)

Week (including current week to date)

Historical (compound annual rates at month-end)

National Association of Real Estate Investment Trusts

Total Return (%)

Market Capitalization ($)1

FTSE NAREIT All Equity REITs

FTSE NAREIT Equity REITs

FTSE NAREIT Mortgage REITs

Source: FTSETM, NAREIT.

Annual (including current year to date)

Quarter (inlcuding current quarter to date)

Historical (compound annual rates)

Source: NAREIT, FactSet.

Historical Offerings of Securities

Annual Totals (including current year to date)

Source: SNL Financial, NAREIT.

10 Year Constant Maturity US Treasury Yield

Source: NAREIT, FactSet.

Source: NAREIT, FactSet.

Total Return Index Comparison

FTSE NAREIT All Equity REITs +1394.57%

Average Daily Dollar Trading Volume

Source: NAREIT, FactSet.

Comparative Total Return Investment Performance

Standard & Poor's

Annual Returns (including current year to date)

Compound Annual Returns

Annualized Volatility of Returns