Monthly Company Chart BookMarch 2009
In association with:
Graph 2 displays the companies' 12-month dividend yield.
* Companies marked with * throughout this report are tax-transparent.
MARCH2
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
3/31/2009
Customised versions of these graphs (i.e. performance over a longer/shorter period,different rebase dates, combinations of graphs etc.) are available upon request:please contact Laurens te Beek ([email protected]).
Graph 3 of this Chart Book shows the correlations of each company with the various
indices.
Introduction
This Monthly Company Chart Book is a reference document that aims to present aquick and complete profile of all the constituents of the FTSE EPRA/NAREIT GlobalReal Estate Index, through a number of charts:
For each company, graph 1 presents a comparison of its 12-month rolling
performance against:
- its respective country index,- its respective regional index,- its respective sector index (on a regional basis),- its respective investment focus index (on a regional basis),- its respective REIT/Non-REIT index (on a regional basis),- its respective country blue chip index, and- its respective bond index (on a regional basis).
All performance charts have been rebased to an index value of 1000 on 31 March2008.
Sample Chart
0
200
400
600
800
1,000
1,200
1,400
1,600
Dates
Company -44%
Country Index -33%
Regional Index -22%
Sector Index -11%
Investment Focus Index 11%
REIT/Non-REIT Index 22%
Blue Chip Index 33%
Bond Index 44%
Page 4 Alfabetical Index of Companies Page 289 Section 4 - Emerging Markets & AIM
Page 9 Section 1 - Developed Asia Page 290 Section 4.1 - Brazil
Page 303 Section 4.2 - China
Page 10 Section 1.1 - Australia Page 310 Section 4.3 - Egypt
Page 22 Section 1.2 - Hong Kong Page 312 Section 4.4 - India
Page 43 Section 1.3 - Japan Page 319 Section 4.5 - Indonesia
Page 66 Section 1.4 - New Zealand Page 323 Section 4.6 - Malaysia
Page 68 Section 1.5 - Singapore Page 329 Section 4.7 - Mexico
Page 335 Section 4.8 - Philippines
Page 79 Section 2 - Developed Europe Page 342 Section 4.9 - Poland
Page 345 Section 4.10 - South Africa
Page 80 Section 2.1 - Austria Page 356 Section 4.11 - South Korea
Page 83 Section 2.2 - Belgium Page 358 Section 4.12 - Taiwan
Page 90 Section 2.3 - Finland Page 360 Section 4.13 - Thailand
Page 94 Section 2.4 - France Page 370 Section 4.14 - Turkey
Page 105 Section 2.5 - Germany Page 372 Section 4.15 - AIM
Page 114 Section 2.6 - Greece
Page 118 Section 2.7 - Italy Page 391 Section 5 - Details on Methodology
Page 121 Section 2.8 - Netherlands
Page 129 Section 2.9 - Norway Page 393 Section 6 - Data Vendor Codes
Page 131 Section 2.10 - Sweden
Page 138 Section 2.11 - Switzerland Page 406 Contacts
Page 143 Section 2.12 - United Kingdom
Page 407 Disclaimer
Page 172 Section 3 - Developed North America
Page 173 Section 3.1 - Canada
Page 190 Section 3.2 - United States
For an explanation of the graphs and details on the calculation, please refer to Section 5.
A disclaimer applies to this document. Please refer to page 407.
MARCH3
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
3/31/2009
Contents
Company Country Page Company Country Page
Ablon Group AIM 373 Brascan Residential Properties SA Brazil 291
Acadia Realty Trust * USA 191 BRE Properties * USA 204
Acanthe Developpement * France 95 British Land * UK 145
Aeon Mall Co ltd Japan 44 Brixton * UK 146
Affine * France 96 Brookfield Props Canada 176
Agile Property Holdings Hong Kong 23 Bunnings Warehouse Prop * Australia 11
Agree Realty Corp * USA 192 CA Immobilien Anlage Austria 81
Alexander's Inc. * USA 193 Calloway REIT * Canada 177
Alexandria Real Estate * USA 194 Camargo Correa Desenvolvimento Imobiliario S/A Ord Brazil 293
Allied Properties REIT * Canada 174 Camden Property Trust * USA 205
Allreal Switzerland 112 Canadian Apartment Props * Canada 178
Alstria Office * Germany 106 Canadian REIT * Canada 179
Amata Corp Thailand 361 CapitaCommercial Trust * Singapore 70
AMB Property * USA 195 Capitaland Singapore 71
American Campus Communities * USA 196 Capitamall Trust * Singapore 72
Ansal Properties & Infrastructure India 313 Carpathian AIM 376
Apartment Investment * USA 197 Castellum Sweden 132
Apexhi Properties -A- South Africa 346 CBL & Associates Props * USA 206
Apexhi Properties -B- South Africa 347 Cedar Shopping Centers * USA 207
Apexhi Properties -C- South Africa 348 Central Pattana Thailand 363
Ascendas REIT * Singapore 69 CFS Retail Property Trust * Australia 12
Ashford Hospitality * USA 198 Champion REIT * Hong Kong 24
Asian Property Development Thailand 362 Chartwell Seniors Housing REIT * Canada 180
Associated Estates Realty * USA 199 China Merchants Prop (B) China 305
Atlas Estates AIM 374 China Overseas Land Hong Kong 25
Avalonbay Communities * USA 200 China Real Estate Opportunities AIM 377
Ayala Land Philippines 336 China Resources Land Hong Kong 26
Babis Vovos Greece 115 Ciputra Develop Indonesia 321
Bakrieland Devel Indonesia 320 Citycon OYJ Finland 91
Befimmo * Belgium 84 CLS Holdings UK 147
Beijing North Star (H) China 304 Cmnwealth Prop Office * Australia 13
Beni Stabili Italy 119 Cofinimmo * Belgium 85
Big Yellow Group * UK 144 Colonia Real Estate Germany 107
BioMed Realty Trust * USA 201 Colonial Properties * USA 208
Boardwalk REIT * Canada 175 Cominar REIT * Canada 181
Boston Properties * USA 202 Consorcio Ara Mexico 330
BR Malls Participacoes S/A Ord Brazil 292 Conwert Immobilien Austria 82
Brandywine Realty Trust * USA 203 Corio * Netherlands 122
MARCH4
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
3/31/2009
Alfabetical Index of Companies
Company Country Page Company Country Page
Corporate Office Props * USA 209 F&C Commercial Prop UK 151
Corrections Corp of America USA 210 Fabege Sweden 133
Country Garden Holdings Hong Kong 27 Federal Realty Inv * USA 227
Cousins Properties * USA 211 Felcor Lodging Trust * USA 228
Cyrela Brazil Realty S/A Empreendimentose e Participacoes OrBrazil 294 Filinvest Land Philippines 337
Cyrela Commercial Properties Brazil 295 First Industrial Realty * USA 229
Daejan Holdings UK 148 First Potomac Realty Trust * USA 230
Daibiru Corp Japan 45 Fonciere Des Regions * France 97
Dawnay Day Treveria AIM 378 Forest City Enterprises USA 231
DCT Industrial Trust * USA 212 Fountainhead Property Trust South Africa 350
Derwent London * UK 149 Gafisa Brazil 296
Desarrolladora Homex SA de CV Mexico 331 Gagfah Germany 111
Deutsche Euroshop Germany 108 Gecina * France 98
Deutsche Land AIM 379 Geo B Mexico 332
Deutsche Wohnen Germany 109 Getty Realty * USA 232
Developers Diversified * USA 213 Globe Trade Centre Poland 343
Development Securities UK 150 Goodman Group * Australia 15
Dexus Property Group * Australia 14 GPT Group * Australia 16
Diamondrock Hospitality * USA 214 Grainger Plc UK 152
DIC Asset Germany 110 Great Eagle Holdings Hong Kong 28
Digital Realty Trust * USA 215 Great Portland Estates * UK 153
DLF India 314 Growthpoint Prop Ltd South Africa 351
Dolphin Capital Investors AIM 381 Guangzhou R&F Properties (H) China 306
Douglas Emmett * USA 216 H & R Real Estate * Canada 184
Duke Realty Corp * USA 217 Hammerson * UK 154
Dundee REIT * Canada 182 Hang Lung Properties Hong Kong 29
Eastgroup Properties * USA 219 Hansteen Holdings AIM 382
Education Realty Trust * USA 220 HCP * USA 233
Emira Property Fund South Africa 349 Health Care REIT * USA 234
Entertainment Props * USA 221 Healthcare Realty Trust * USA 235
Equity Lifestyle Properties * USA 222 Heiwa Real Estate Japan 46
Equity One Inc * USA 223 Helical Bar UK 155
Equity Residential Props * USA 224 Henderson Land Dev Hong Kong 30
Essex Property Trust * USA 225 Hersha Hospitality Trust * USA 236
Eurobank Properties * Greece 116 Highwoods Properties * USA 237
Eurocommercial Props * Netherlands 123 Hilltop Holdings USA 238
Extendicare Real Estate Investment Trust * Canada 183 Home Props of New York * USA 239
Extra Space Storage * USA 226 Hongkong Land Hldgs Singapore 73
MARCH5
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
3/31/2009
Alfabetical Index of Companies
Company Country Page Company Country Page
Hopson Development Hong Kong 31 Klepierre * France 100
Hospitality Properties * USA 240 Klovern AB Sweden 135
Host Hotels & Resorts * USA 241 Kowloon Dev Hong Kong 34
HRPT Properties Trust * USA 242 Kungsleden Sweden 136
Hufvudstaden A Sweden 134 Lamda Development Greece 117
Hung Poo Real Estate Development Taiwan 359 Land And General Malaysia 326
Hyprop Investments Ltd South Africa 352 Land Securities * UK 160
Hysan Development Hong Kong 32 LaSalle Hotel Properties * USA 248
Icade * France 99 LC Corp SA Poland 344
IGB Malaysia 324 Leasinvest Real Estate * Belgium 87
IGD * Italy 120 Lexington Corporate * USA 249
Iguatemi Empresa de Shopping Centers S/A Ord Brazil 297 Liberty International * UK 161
ING Office Fund * Australia 17 Liberty Property Trust * USA 250
ING UK Real Estate Income Trust UK 156 Link REIT * Hong Kong 35
Inland Real Estate Corp * USA 243 Lippo Karawaci Indonesia 322
Innvest REIT * Canada 185 LPN Development Thailand 365
Inpar SA Brazil 298 LTC Properties * USA 251
Intervest Offices * Belgium 86 Mack-Cali Realty * USA 252
Invesco Property Income Trust UK 154 Macquarie Office Trust * Australia 18
Investors Real Estate * USA 244 Mapletree Logistics Trust * Singapore 75
Invista Foundation Prop UK 157 Medical Properties Trust * USA 253
Is Gayrimenkul Yatirim Ortak Turkey 371 Megaworld Corporation Philippines 338
ISIS Property Trust 2 Ld UK 159 Mercialys * France 101
ISIS Property Trust Ld UK 158 Mid-America Apartment * USA 254
IVR Prime Urban Developers India 315 Mirland Development Corp AIM 385
Japan Prime Realty Inv. * Japan 47 Mirvac Group * Australia 19
Japan Real Estate * Japan 48 Mitsubishi Estate Japan 51
Japan Retail Fund * Japan 49 Mitsui Fudosan Japan 52
Jinqiao Export Processing (B) China 307 Morguard REIT * Canada 186
Kenedix Realty Investment * Japan 50 Mori Trust Sogo REIT * Japan 53
Keppel Land Singapore 74 MRV Engenharia e Participacoes SA Brazil 300
Kerry Properties Hong Kong 33 Mucklow <A&J> * UK 162
Kilroy Realty * USA 245 Multiplan Empreendimentos Imobiliaros S/A Ord Brazil 301
Kimco Realty * USA 246 National Healthcare Corp. * USA 255
Kite Realty Group Trust * USA 247 National Retail Properties * USA 256
Kiwi Income Property Trust * New Zealand 67 Nationwide Health Props * USA 257
Klabin Segall S/A Ord Brazil 299 New World China Land Hong Kong 36
KLCC Property Holdings Malaysia 325
MARCH6
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
3/31/2009
Alfabetical Index of Companies
Company Country Page Company Country Page
New World Development Hong Kong 37 Segro * UK 165
Nieuwe Steen Inv * Netherlands 124 Senior Housing Prop * USA 270
Nippon Building Fund * Japan 54 Shaftesbury * UK 166
Nomura Real Estate Office Fund * Japan 55 Shanghai Lujiazui Fin & Trade Dev (B) China 308
Northern Property REIT * Canada 187 Shenzhen Investment Hong Kong 38
Norwegian Property Norway 130 Shenzhen Vanke (B) China 309
NTT Urban Development Japan 56 Shimao Property Holdings Hong Kong 39
Omega Healthcare Investors * USA 258 Shui On Land Hong Kong 40
Orient Express Hotel USA 259 Silic * France 102
ORIX JREIT * Japan 57 Simon Property Group * USA 271
Pangbourne Prop Ltd South Africa 353 Singapore Land Singapore 76
Parkway Properties * USA 260 Sino Land Hong Kong 41
Parsvnath Developers India 316 Sirius Real Estate AIM 388
Patrizia Immobilien Germany 112 Six Of October Development & Investment Egypt 311
Peninsula Land India 317 SL Green Realty * USA 272
Pennsylvania Real Estate * USA 261 SM Prime Hldgs Philippines 340
Post Properties * USA 262 Societe de la Tour Eiffel * France 103
Premier Investment Co. * Japan 58 Sovran Self Storage * USA 273
Primaris Retail REIT * Canada 188 SP Setia Malaysia 327
Primary Health Prop.* UK 163 Spazio Investment AIM 389
Prologis * USA 263 Sponda Finland 92
ProLogis European Properties * Netherlands 125 St Modwen Properties UK 167
PS Business Parks * USA 264 Standard Life Inv Prop UK 168
PSP Swiss Property Switzerland 140 Stockland Trust Group * Australia 20
Public Storage * USA 265 Strategic Hotels & Resorts * USA 274
Quality Houses Thailand 367 Sumitomo Realty & Dev Japan 59
Quintain Estates UK 164 Summit Germany AIM 0
Ramco-Gershenson * USA 266 Sun Communities * USA 275
Raven Russia AIM 386 Sun Hung Kai Props Hong Kong 42
Realty Income * USA 267 Sunstone Hotel Investors * USA 179
Redefine Income Find South Africa 354 Suntec REIT * Singapore 77
Regency Centers * USA 268 Supalai PCL Thailand 369
Riocan Real Estate * Canada 189 Swiss Prime Site Switzerland 141
Robinson`s Land Corporation Philippines 339 Tanger Factory Outlet * USA 277
Rodobens Negocios Imobiliarios S/A Ord Brazil 302 Taubman Centers * USA 278
SA Corporate Real Estate Fund South Africa 355 Technopolis Finland 93
Sare Holding S.A. de C.V. Mexico 333 The Macerich Company * USA 279
Saul Centers * USA 269 Toc Co Japan 60
MARCH7
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
3/31/2009
Alfabetical Index of Companies
Company Country Page
Tokyo Tatemono Japan 61
Tokyu Land Japan 62
Tokyu REIT * Japan 63
UDR Inc. * USA 280
UK Commercial Property Trust UK 169
Unibail-Rodamco * France 104
Unite Group UK 170
Unitech India 318
United Urban Investment * Japan 65
Universal Health Realty * USA 281
Urbi Desarrollos Urbanos Mexico 334
Urstadt Biddle Class A * USA 282
U-Store-It Trust * USA 283
Vastned Offices/Ind * Netherlands 126
Vastned Retail * Netherlands 127
Ventas * USA 284
Vista Land & Lifescapes Philippines 341
Vivacon AG Germany 113
Vornado Realty Trust * USA 285
Warehouses De Pauw * Belgium 88
Washington Real Estate * USA 286
Weingarten Realty * USA 287
Wereldhave * Netherlands 128
Wereldhave Belgium * Belgium 89
Westfield Group * Australia 21
Wihlborgs Fastigheter Sweden 137
Wing Tai Holdings Singapore 78
Winthrop Realty Trust * USA 288
Workspace Group * UK 171
YNH Property Malaysia 328
Zueblin Immobilien Holding Switzerland 142
MARCH8
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
3/31/2009
Alfabetical Index of Companies
Section 1
9
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Developed Asia
Section 1.1
10
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Australia
Bloomberg: BWP AU Reuters: BWP.AX ISIN: AU000000BWP3 SNL: BWP-ASX
11
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Bunnings Warehouse Prop *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Bunnings Warehouse Prop * -19.49%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Retail -39.02%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009Company: Bunnings Warehouse Prop *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Bunnings Warehouse Prop * v. Asia Correlation
Bunnings Warehouse Prop * v. Global Correlation
Bunnings Warehouse Prop * v. Australia Correlation
Bunnings Warehouse Prop * v. Equities
Bunnings Warehouse Prop * v. Bonds
Bloomberg: CFX AU Reuters: CFX.AX ISIN: AU000000CFX0 SNL: CFX-ASX
12
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
CFS Retail Property Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CFS Retail Property Trust * -24.88%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Retail -39.02%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CFS Retail Property Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
CFS Retail Property Trust * v. Asia Correlation
CFS Retail Property Trust * v. Global Correlation
CFS Retail Property Trust * v. Australia Correlation
CFS Retail Property Trust * v. Equities
CFS Retail Property Trust * v. Bonds
Bloomberg: CPA AU Reuters: CPA.AX ISIN: AU000000CPA7 SNL: CPA-ASX
13
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Cmnwealth Prop Office *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cmnwealth Prop Office * -31.95%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cmnwealth Prop Office *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Cmnwealth Prop Office * v. Asia Correlation
Cmnwealth Prop Office * v. Global Correlation
Cmnwealth Prop Office * v. Australia Correlation
Cmnwealth Prop Office * v. Equities
Cmnwealth Prop Office * v. Bonds
Bloomberg: DXS AU Reuters: DXS.AX ISIN: AU000000DXS1 SNL: DXS-ASX
14
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Dexus Property Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dexus Property Group * -55.49%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dexus Property Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Dexus Property Group * v. Asia Correlation
Dexus Property Group * v. Global Correlation
Dexus Property Group * v. Australia Correlation
Dexus Property Group * v. Equities
Dexus Property Group * v. Bonds
Bloomberg: GMG AU Reuters: GMG.AX ISIN: AU000000GMG2 SNL: GMG-ASX
15
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Goodman Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Goodman Group * -92.46%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Industrial -80.19%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
20%
40%
60%
80%
100%
120%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Goodman Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Goodman Group * v. Asia Correlation
Goodman Group * v. Global Correlation
Goodman Group * v. Australia Correlation
Goodman Group * v. Equities
Goodman Group * v. Bonds
Bloomberg: GPT AU Reuters: GPT.AX ISIN: AU000000GPT8 SNL: GPT-ASX
16
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
GPT Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: GPT Group * -86.62%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009Company: GPT Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
GPT Group * v. Asia Correlation
GPT Group * v. Global Correlation
GPT Group * v. Australia Correlation
GPT Group * v. Equities
GPT Group * v. Bonds
Bloomberg: IOF AU Reuters: IOF.AX ISIN: AU000000IOF6 SNL: IOF-ASX
17
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
ING Office Fund *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ING Office Fund * -67.92%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009Company: ING Office Fund *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
ING Office Fund * v. Asia Correlation
ING Office Fund * v. Global Correlation
ING Office Fund * v. Australia Correlation
ING Office Fund * v. Equities
ING Office Fund * v. Bonds
Bloomberg: MOF AU Reuters: MOF.AX ISIN: AU000000MOF8 SNL: MOF-ASX
18
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Macquarie Office Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Macquarie Office Trust * -81.32%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009Company: Macquarie Office Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Macquarie Office Trust * v. Asia Correlation
Macquarie Office Trust * v. Global Correlation
Macquarie Office Trust * v. Australia Correlation
Macquarie Office Trust * v. Equities
Macquarie Office Trust * v. Bonds
Bloomberg: MGR AU Reuters: MGR.AX ISIN: AU000000MGR9 SNL: MGR-ASX
19
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mirvac Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mirvac Group * -78.86%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mirvac Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mirvac Group * v. Asia Correlation
Mirvac Group * v. Global Correlation
Mirvac Group * v. Australia Correlation
Mirvac Group * v. Equities
Mirvac Group * v. Bonds
Bloomberg: SGP AU Reuters: SGP.AX ISIN: AU000000SGP0 SNL: SGP-ASX
20
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Stockland Trust Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Stockland Trust Group * -55.79%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Stockland Trust Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Stockland Trust Group * v. Asia Correlation
Stockland Trust Group * v. Global Correlation
Stockland Trust Group * v. Australia Correlation
Stockland Trust Group * v. Equities
Stockland Trust Group * v. Bonds
Bloomberg: WDC AU Reuters: WDC.AX ISIN: AU000000WDC7 SNL: WDC-ASX
21
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Westfield Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Westfield Group * -43.82%
Country Index: Australia -62.13%
Regional Index: Asia -41.29%
Sector Index: Retail -39.02%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: ASX -33.12%
Bond Index: JPMTAUST 17.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Westfield Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Westfield Group * v. Asia Correlation
Westfield Group * v. Global Correlation
Westfield Group * v. Australia Correlation
Westfield Group * v. Equities
Westfield Group * v. Bonds
Section 1.2
22
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hong Kong
Bloomberg: 3383 HK Reuters: 3383.HK ISIN: KYG011981035 SNL: 3383-HKG
23
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Agile Property Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Agile Property Holdings -46.53%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009Company: Agile Property Holdings
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Agile Property Holdings v. Asia Correlation
Agile Property Holdings v. Global Correlation
Agile Property Holdings v. Hong Kong Correlation
Agile Property Holdings v. Equities
Agile Property Holdings v. Bonds
Bloomberg: 2778 HK Reuters: 2778.HK ISIN: HK2778034606 SNL: 2778-HKG
24
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Champion REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Champion REIT * -53.52%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Champion REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Champion REIT * v. Asia Correlation
Champion REIT * v. Global Correlation
Champion REIT * v. Hong Kong Correlation
Champion REIT * v. Equities
Champion REIT * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: 688 HK Reuters: 0688.HK ISIN: HK0688002218 SNL: 0688-HKG
25
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
China Overseas Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Overseas Land -15.32%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Residential -11.94%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Overseas Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
China Overseas Land v. Asia Correlation
China Overseas Land v. Global Correlation
China Overseas Land v. Hong Kong Correlation
China Overseas Land v. Equities
China Overseas Land v. Bonds
Bloomberg: 1109 HK Reuters: 1109.HK ISIN: KYG2108Y1052 SNL: 1109-HKG
26
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
China Resources Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Resources Land -11.11%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Residential -11.94%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Resources Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
China Resources Land v. Asia Correlation
China Resources Land v. Global Correlation
China Resources Land v. Hong Kong Correlation
China Resources Land v. Equities
China Resources Land v. Bonds
Bloomberg: 2007 HK Reuters: 2007.HK ISIN: KYG245241032 SNL: 2007-HKG
27
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Country Garden Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Country Garden Holdings -69.45%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Country Garden Holdings
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Country Garden Holdings v. Asia Correlation
Country Garden Holdings v. Global Correlation
Country Garden Holdings v. Hong Kong Correlation
Country Garden Holdings v. Equities
Country Garden Holdings v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: 41 HK Reuters: 0041.HK ISIN: BMG4069C1486 SNL: 0041-HKG
28
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Great Eagle Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Great Eagle Holdings -51.66%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Great Eagle Holdings
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Great Eagle Holdings v. Asia Correlation
Great Eagle Holdings v. Global Correlation
Great Eagle Holdings v. Hong Kong Correlation
Great Eagle Holdings v. Equities
Great Eagle Holdings v. Bonds
Bloomberg: 101 HK Reuters: 0101.HK ISIN: HK0101000591 SNL: 0101-HKG
29
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hang Lung Properties
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hang Lung Properties -33.94%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hang Lung Properties
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hang Lung Properties v. Asia Correlation
Hang Lung Properties v. Global Correlation
Hang Lung Properties v. Hong Kong Correlation
Hang Lung Properties v. Equities
Hang Lung Properties v. Bonds
Bloomberg: 12 HK Reuters: 0012.HK ISIN: HK0012000102 SNL: 0012-HKG
30
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Henderson Land Dev
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Henderson Land Dev -46.65%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Henderson Land Dev
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Henderson Land Dev v. Asia Correlation
Henderson Land Dev v. Global Correlation
Henderson Land Dev v. Hong Kong Correlation
Henderson Land Dev v. Equities
Henderson Land Dev v. Bonds
Bloomberg: 754 HK Reuters: 0754.HK ISIN: BMG4600H1016 SNL: 0754-HKG
31
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hopson Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
1,600
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hopson Development -57.08%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Residential -11.94%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hopson Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hopson Development v. Asia Correlation
Hopson Development v. Global Correlation
Hopson Development v. Hong Kong Correlation
Hopson Development v. Equities
Hopson Development v. Bonds
Bloomberg: 14 HK Reuters: 0014.HK ISIN: HK0014000126 SNL: 0014-HKG
32
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hysan Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hysan Development -39.91%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hysan Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hysan Development v. Asia Correlation
Hysan Development v. Global Correlation
Hysan Development v. Hong Kong Correlation
Hysan Development v. Equities
Hysan Development v. Bonds
Bloomberg: 683 HK Reuters: 0683.HK ISIN: BMG524401079 SNL: 0683-HKG
33
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kerry Properties
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kerry Properties -60.13%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kerry Properties
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kerry Properties v. Asia Correlation
Kerry Properties v. Global Correlation
Kerry Properties v. Hong Kong Correlation
Kerry Properties v. Equities
Kerry Properties v. Bonds
Bloomberg: 34 HK Reuters: 0034.HK ISIN: HK0034000254 SNL: 0034-HKG
34
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kowloon Dev
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kowloon Dev -78.7%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Residential -11.94%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kowloon Dev
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kowloon Dev v. Asia Correlation
Kowloon Dev v. Global Correlation
Kowloon Dev v. Hong Kong Correlation
Kowloon Dev v. Equities
Kowloon Dev v. Bonds
Bloomberg: 823 HK Reuters: 0823.HK ISIN: HK0823032773 SNL: 0823-HKG
35
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Link REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Link REIT * -11.24%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Retail -39.02%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Link REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Link REIT * v. Asia Correlation
Link REIT * v. Global Correlation
Link REIT * v. Hong Kong Correlation
Link REIT * v. Equities
Link REIT * v. Bonds
Bloomberg: 917 HK Reuters: 0917.HK ISIN: KYG6493A1013 SNL: 0917-HKG
36
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
New World China Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: New World China Land -46.56%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: New World China Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
New World China Land v. Asia Correlation
New World China Land v. Global Correlation
New World China Land v. Hong Kong Correlation
New World China Land v. Equities
New World China Land v. Bonds
Bloomberg: 17 HK Reuters: 0017.HK ISIN: HK0017000149 SNL: 0017-HKG
37
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
New World Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: New World Development -59.01%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: New World Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
New World Development v. Asia Correlation
New World Development v. Global Correlation
New World Development v. Hong Kong Correlation
New World Development v. Equities
New World Development v. Bonds
Bloomberg: 604 HK Reuters: 0604.HK ISIN: HK0604011236 SNL: 0604-HKG
38
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Shenzhen Investment
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shenzhen Investment -41.16%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shenzhen Investment
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Shenzhen Investment v. Asia Correlation
Shenzhen Investment v. Global Correlation
Shenzhen Investment v. Hong Kong Correlation
Shenzhen Investment v. Equities
Shenzhen Investment v. Bonds
Bloomberg: 813 HK Reuters: 0813.HK ISIN: KYG810431042 SNL: 0813-HKG
39
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Shimao Property Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shimao Property -51.36%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Residential -11.94%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shimao Property
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Shimao Property Holdings v. Asia Correlation
Shimao Property v. Global Correlation
Shimao Property v. Hong Kong Correlation
Shimao Property v. Equities
Shimao Property v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: 272 HK Reuters: 0272.HK ISIN: KYG811511131 SNL: 0272-HKG
40
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Shui On Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shui On Land -62.55%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shui On Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Shui On Land v. Asia Correlation
Shui On Land v. Global Correlation
Shui On Land v. Hong Kong Correlation
Shui On Land v. Equities
Shui On Land v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: 83 HK Reuters: 0083.HK ISIN: HK0083000502 SNL: 0083-HKG
41
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sino Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sino Land -53.87%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sino Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sino Land v. Asia Correlation
Sino Land v. Global Correlation
Sino Land v. Hong Kong Correlation
Sino Land v. Equities
Sino Land v. Bonds
Bloomberg: 16 HK Reuters: 0016.HK ISIN: HK0016000132 SNL: 0016-HKG
42
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sun Hung Kai Props
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sun Hung Kai Props -42.83%
Country Index: Hong Kong -27.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Hang Seng -40.58%
Bond Index: JPMTHK 4.94%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sun Hung Kai Props
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sun Hung Kai Props v. Asia Correlation
Sun Hung Kai Props v. Global Correlation
Sun Hung Kai Props v. Hong Kong Correlation
Sun Hung Kai Props v. Equities
Sun Hung Kai Props v. Bonds
Section 1.3
43
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Japan
Bloomberg: 8905 JP Reuters: 8905.T ISIN: JP3131430005 SNL: 8905-TKS
44
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Aeon Mall Co ltd
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Aeon Mall Co ltd -54.61%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Retail -39.02%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Aeon Mall Co ltd
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Aeon Mall Co ltd v. Asia Correlation
Aeon Mall Co ltd v. Global Correlation
Aeon Mall Co ltd v. Japan Correlation
Aeon Mall Co ltd v. Equities
Aeon Mall Co ltd v. Bonds
Bloomberg: 8806 JP Reuters: 8806.OS ISIN: JP3497200000 SNL: 8806-TKS
45
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Daibiru Corp
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Daibiru Corp -16.06%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Daibiru Corp
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Daibiru Corp v. Asia Correlation
Daibiru Corp v. Global Correlation
Daibiru Corp v. Japan Correlation
Daibiru Corp v. Equities
Daibiru Corp v. Bonds
Bloomberg: 8803 JP Reuters: 8803.T ISIN: JP3834800009 SNL: 8803-TKS
46
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Heiwa Real Estate
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Heiwa Real Estate -55.06%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Heiwa Real Estate
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Heiwa Real Estate v. Asia Correlation
Heiwa Real Estate v. Global Correlation
Heiwa Real Estate v. Japan Correlation
Heiwa Real Estate v. Equities
Heiwa Real Estate v. Bonds
Bloomberg: 8955 JP Reuters: 8955.T ISIN: JP3040890000 SNL: 8955-TKS
47
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Japan Prime Realty Inv. *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Japan Prime Realty Inv. * -44.74%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Japan Prime Realty Inv. *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Japan Prime Realty Inv. * v. Asia Correlation
Japan Prime Realty Inv. * v. Global Correlation
Japan Prime Realty Inv. * v. Japan Correlation
Japan Prime Realty Inv. * v. Equities
Japan Prime Realty Inv. * v. Bonds
Bloomberg: 8952 JP Reuters: 8952.T ISIN: JP3027680002 SNL: 8952-TKS
48
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Japan Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Japan Real Estate * -34.83%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Japan Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Japan Real Estate * v. Asia Correlation
Japan Real Estate * v. Global Correlation
Japan Real Estate * v. Japan Correlation
Japan Real Estate * v. Equities
Japan Real Estate * v. Bonds
Bloomberg: 8953 JP Reuters: 8953.T ISIN: JP3039710003 SNL: 8953-TKS
49
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Japan Retail Fund *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Japan Retail Fund * -40.22%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Retail -39.02%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Japan Retail Fund *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Japan Retail Fund * v. Asia Correlation
Japan Retail Fund * v. Global Correlation
Japan Retail Fund * v. Japan Correlation
Japan Retail Fund * v. Equities
Japan Retail Fund * v. Bonds
Bloomberg: 8972 JP Reuters: 8972.T ISIN: JP3046270009 SNL: 8972-TKS
50
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kenedix Realty Investment *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kenedix Realty Investment * -69.83%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kenedix Realty Investment *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kenedix Realty Investment * v. Asia Correlation
Kenedix Realty Investment * v. Global Correlation
Kenedix Realty Investment * v. Japan Correlation
Kenedix Realty Investment * v. Equities
Kenedix Realty Investment * v. Bonds
Bloomberg: 8802 JP Reuters: 8802.T ISIN: JP3899600005 SNL: 8802-TKS
51
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mitsubishi Estate
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mitsubishi Estate -54.46%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mitsubishi Estate
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mitsubishi Estate v. Asia Correlation
Mitsubishi Estate v. Global Correlation
Mitsubishi Estate v. Japan Correlation
Mitsubishi Estate v. Equities
Mitsubishi Estate v. Bonds
Bloomberg: 8801 JP Reuters: 8801.T ISIN: JP3893200000 SNL: 8801-TKS
52
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mitsui Fudosan
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mitsui Fudosan -46.08%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mitsui Fudosan
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mitsui Fudosan v. Asia Correlation
Mitsui Fudosan v. Global Correlation
Mitsui Fudosan v. Japan Correlation
Mitsui Fudosan v. Equities
Mitsui Fudosan v. Bonds
Bloomberg: 8961 JP Reuters: 8961.T ISIN: JP3046170001 SNL: 8961-TKS
53
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mori Trust Sogo REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mori Trust Sogo REIT * -17.78%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mori Trust Sogo REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mori Trust Sogo REIT * v. Asia Correlation
Mori Trust Sogo REIT * v. Global Correlation
Mori Trust Sogo REIT * v. Japan Correlation
Mori Trust Sogo REIT * v. Equities
Mori Trust Sogo REIT * v. Bonds
Bloomberg: 8951 JP Reuters: 8951.T ISIN: JP3027670003 SNL: 8951-TKS
54
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Nippon Building Fund *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nippon Building Fund * -32.86%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nippon Building Fund *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Nippon Building Fund * v. Asia Correlation
Nippon Building Fund * v. Global Correlation
Nippon Building Fund * v. Japan Correlation
Nippon Building Fund * v. Equities
Nippon Building Fund * v. Bonds
Bloomberg: 8959 JP Reuters: 8959.T ISIN: JP3045530007 SNL: 8959-TKS
55
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Nomura Real Estate Office Fund *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nomura Real Estate Office Fund * -32.3%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nomura Real Estate Office Fund *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Nomura Real Estate Office Fund * v. Asia Correlation
Nomura Real Estate Office Fund * v. Global Correlation
Nomura Real Estate Office Fund * v. Japan Correlation
Nomura Real Estate Office Fund * v. Equities
Nomura Real Estate Office Fund * v. Bonds
Bloomberg: 8933 JP Reuters: 8933.T ISIN: JP3165690003 SNL: 8933-TKS
56
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
NTT Urban Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: NTT Urban Development -44.9%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: NTT Urban Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
NTT Urban Development v. Asia Correlation
NTT Urban Development v. Global Correlation
NTT Urban Development v. Japan Correlation
NTT Urban Development v. Equities
NTT Urban Development v. Bonds
Bloomberg: 8954 JP Reuters: 8954.T ISIN: JP3040880001 SNL: 8954-TKS
57
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
ORIX JREIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ORIX JREIT * -30.34%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ORIX JREIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
ORIX JREIT * v. Asia Correlation
ORIX JREIT * v. Global Correlation
ORIX JREIT * v. Japan Correlation
ORIX JREIT * v. Equities
ORIX JREIT * v. Bonds
Bloomberg: 8956 JP Reuters: 8956.T ISIN: JP3041770003 SNL: 8830-TKS
58
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Premier Investment Co. *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Premier Investment Co. * -49.08%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Premier Investment Co. *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Premier Investment Co. * v. Asia Correlation
Premier Investment Co. * v. Global Correlation
Premier Investment Co. * v. Japan Correlation
Premier Investment Co. * v. Equities
Premier Investment Co. * v. Bonds
Bloomberg: 8830 JP Reuters: 8830.T ISIN: JP3409000001 SNL: 8830-TKS
59
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sumitomo Realty & Dev
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sumitomo Realty & Dev -38.36%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sumitomo Realty & Dev
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sumitomo Realty & Dev v. Asia Correlation
Sumitomo Realty & Dev v. Global Correlation
Sumitomo Realty & Dev v. Japan Correlation
Sumitomo Realty & Dev v. Equities
Sumitomo Realty & Dev v. Bonds
Bloomberg: 8841 JP Reuters: 8841.T ISIN: JP3538400007 SNL: 8841-TKS
60
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Toc Co
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Toc Co -52.67%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Toc Co
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Toc Co v. Asia Correlation
Toc Co v. Global Correlation
Toc Co v. Japan Correlation
Toc Co v. Equities
Toc Co v. Bonds
Bloomberg: 8804 JP Reuters: 8804.T ISIN: JP3582600007 SNL: 8804-TKS
61
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Tokyo Tatemono
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
1,600
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tokyo Tatemono -61.43%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tokyo Tatemono
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Tokyo Tatemono v. Asia Correlation
Tokyo Tatemono v. Global Correlation
Tokyo Tatemono v. Japan Correlation
Tokyo Tatemono v. Equities
Tokyo Tatemono v. Bonds
Bloomberg: 8815 JP Reuters: 8815.T ISIN: JP3569000007 SNL: 8815-TKS
62
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Tokyu Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tokyu Land -56.8%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tokyu Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Tokyu Land v. Asia Correlation
Tokyu Land v. Global Correlation
Tokyu Land v. Japan Correlation
Tokyu Land v. Equities
Tokyu Land v. Bonds
Bloomberg: 8957 JP Reuters: 8957.T ISIN: JP3044510000 SNL: 8957-TKS
63
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Tokyu REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tokyu REIT * -30.13%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tokyu REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Tokyu REIT * v. Asia Correlation
Tokyu REIT * v. Global Correlation
Tokyu REIT * v. Japan Correlation
Tokyu REIT * v. Equities
Tokyu REIT * v. Bonds
Bloomberg: 8982 JP Reuters: 8982.T ISIN: JP3046370007 SNL: -NA-
64
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Top REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Top REIT * -16.51%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Gramercy Capital *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Not enough historical data for 36
month calculations
Bloomberg: 8960 JP Reuters: 8960.T ISIN: JP3045540006 SNL: 8960-TKS
65
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
United Urban Investment *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: United Urban Investment * -35.48%
Country Index: Japan -33.65%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: Nikkei 225 -35.26%
Bond Index: JPMTJPN 2.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: United Urban Investment *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
United Urban Investment * v. Asia Correlation
United Urban Investment * v. Global Correlation
United Urban Investment * v. Japan Correlation
United Urban Investment * v. Equities
United Urban Investment * v. Bonds
Section 1.4
66
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
New Zealand
Bloomberg: KIP NZ Reuters: KIP.NZ ISIN: NZKIPE0001S5 SNL: KIP-NZE
67
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kiwi Income Property Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kiwi Income Property Trust * -20.66%
Country Index: New Zealand -26.04%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: #N/A
Bond Index: JPMTNZ 15.52%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kiwi Income Property Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kiwi Income Property Trust * v. Asia Correlation
Kiwi Income Property Trust * v. Global Correlation
Kiwi Income Property Trust * v. Equities
Kiwi Income Property Trust * v. Bonds
Section 1.5
68
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Singapore
Bloomberg: AREIT SP Reuters: AEMN.SI ISIN: SG1M77906915 SNL: A17U-SES
69
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ascendas REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ascendas REIT * -48.74%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Industrial -80.19%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ascendas REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ascendas REIT * v. Asia Correlation
Ascendas REIT * v. Global Correlation
Ascendas REIT * v. Singapore Correlation
Ascendas REIT * v. Equities
Ascendas REIT * v. Bonds
Bloomberg: CCT SP Reuters: CACT.SI ISIN: SG1P32918333 SNL: C61U-SES
70
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
CapitaCommercial Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CapitaCommercial Trust * -60.36%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CapitaCommercial Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
CapitaCommercial Trust * v. Asia Correlation
CapitaCommercial Trust * v. Global Correlation
CapitaCommercial Trust * v. Singapore Correlation
CapitaCommercial Trust * v. Equities
CapitaCommercial Trust * v. Bonds
Bloomberg: CAPL SP Reuters: CATL.SI ISIN: SG1J27887962 SNL: C31-SES
71
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Capitaland
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Capitaland -55.7%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Capitaland
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Capitaland v. Asia Correlation
Capitaland v. Global Correlation
Capitaland v. Singapore Correlation
Capitaland v. Equities
Capitaland v. Bonds
Bloomberg: CT SP Reuters: CMLT.SI ISIN: SG1M51904654 SNL: C38U-SES
72
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Capitamall Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Capitamall Trust * -53.12%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Retail -39.02%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Capitamall Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Capitamall Trust * v. Asia Correlation
Capitamall Trust * v. Global Correlation
Capitamall Trust * v. Singapore Correlation
Capitamall Trust * v. Equities
Capitamall Trust * v. Bonds
Bloomberg: HKL SP Reuters: HKLD.SI ISIN: BMG4587L1090 SNL: H78-SES
73
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hongkong Land Hldgs
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hongkong Land Hldgs -44.79%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Office -30.2%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hongkong Land Hldgs
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hongkong Land Hldgs v. Asia Correlation
Hongkong Land Hldgs v. Global Correlation
Hongkong Land Hldgs v. Singapore Correlation
Hongkong Land Hldgs v. Equities
Hongkong Land Hldgs v. Bonds
Bloomberg: KPLD SP Reuters: KLAN.SI ISIN: SG1R31002210 SNL: K17-SES
74
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Keppel Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Keppel Land -73.35%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Keppel Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Keppel Land v. Asia Correlation
Keppel Land v. Global Correlation
Keppel Land v. Singapore Correlation
Keppel Land v. Equities
Keppel Land v. Bonds
Bloomberg: MLT SP Reuters: MAPL.SI ISIN: SG1S03926213 SNL: M44U-SES
75
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mapletree Logistics Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mapletree Logistics Trust * -47.55%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Industrial -80.19%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mapletree Logistics Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mapletree Logistics Trust * v. Asia Correlation
Mapletree Logistics Trust * v. Global Correlation
Mapletree Logistics Trust * v. Singapore Correlation
Mapletree Logistics Trust * v. Equities
Mapletree Logistics Trust * v. Bonds
Bloomberg: SL SP Reuters: SLND.SI ISIN: SG1S69002321 SNL: S30-SES
76
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Singapore Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Singapore Land -53.24%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Singapore Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Singapore Land v. Asia Correlation
Singapore Land v. Global Correlation
Singapore Land v. Singapore Correlation
Singapore Land v. Equities
Singapore Land v. Bonds
Bloomberg: SUN SP Reuters: SUNT.SI ISIN: SG1Q52922370 SNL: T82U-SES
77
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Suntec REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Suntec REIT * -56.55%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Rental -45.05%
REIT-Structure Index: REIT -48.1%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Suntec REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Suntec REIT * v. Asia Correlation
Suntec REIT * v. Global Correlation
Suntec REIT * v. Singapore Correlation
Suntec REIT * v. Equities
Suntec REIT * v. Bonds
Bloomberg: WINGT SP Reuters: WTHS.SI ISIN: SG1K66001688 SNL: W05-SES
78
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Wing Tai Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wing Tai Holdings -66.69%
Country Index: Singapore -51.96%
Regional Index: Asia -41.29%
Sector Index: Diversified -43.87%
Investment Focus Index: Non-Rental -38.65%
REIT-Structure Index: Non-REIT -36.41%
Blue Chip Index: STI -43.47%
Bond Index: JPMTSING 5.18%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wing Tai Holdings
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Wing Tai Holdings v. Asia Correlation
Wing Tai Holdings v. Global Correlation
Wing Tai Holdings v. Singapore Correlation
Wing Tai Holdings v. Equities
Wing Tai Holdings v. Bonds
Section 2
79
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Developed Europe
Section 2.1
80
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Austria
Bloomberg: CAI AV Reuters: CAIV.VI ISIN: AT0000641352 SNL: CAI-WBO
81
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
CA Immobilien Anlage
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CA Immobilien Anlage -73.22%
Country Index: Austria -82.62%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: #N/A
Bond Index: JPMTAI 5.82%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CA Immobilien Anlage
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
CA Immobilien Anlage v. Europe Correlation
CA Immobilien Anlage v. Global Correlation
CA Immobilien Anlage v. Austria Correlation
CA Immobilien Anlage v. Equities
CA Immobilien Anlage v. Bonds
Bloomberg: CWI AV Reuters: CONW.VI ISIN: AT0000697750 SNL: CWI-WBO
82
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Conwert Immobilien
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Conwert Immobilien -55.49%
Country Index: Austria -82.62%
Regional Index: Europe -55.74%
Sector Index: Residential -62.1%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: #N/A
Bond Index: JPMTAI 5.82%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Conwert Immobilien
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Conwert Immobilien v. Europe Correlation
Conwert Immobilien v. Global Correlation
Conwert Immobilien v. Austria Correlation
Conwert Immobilien v. Equities
Conwert Immobilien v. Bonds
Section 2.2
83
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Belgium
Bloomberg: BEFB BB Reuters: BEFB.BR ISIN: BE0003678894 SNL: BEFB-BRU
84
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Befimmo *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Befimmo * -22.1%
Country Index: Belgium -26.41%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: BEL 20 -52.98%
Bond Index: JPMTBE 6.76%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Befimmo *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Befimmo * v. Europe Correlation
Befimmo * v. Global Correlation
Befimmo * v. Belgium Correlation
Befimmo * v. Equities
Befimmo * v. Bonds
Bloomberg: COFB BB Reuters: COFB.BR ISIN: BE0003593044 SNL: COFB-BRU
85
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Cofinimmo *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cofinimmo * -41.4%
Country Index: Belgium -26.41%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: BEL 20 -52.98%
Bond Index: JPMTBE 6.76%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cofinimmo *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Cofinimmo * v. Europe Correlation
Cofinimmo * v. Global Correlation
Cofinimmo * v. Belgium Correlation
Cofinimmo * v. Equities
Cofinimmo * v. Bonds
Bloomberg: INTO BB Reuters: PRIF.BR ISIN: BE0003746600 SNL: INTO-BRU
86
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Intervest Offices *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Intervest Offices * -29.18%
Country Index: Belgium -26.41%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: BEL 20 -52.98%
Bond Index: JPMTBE 6.76%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Intervest Offices *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Intervest Offices * v. Europe Correlation
Intervest Offices * v. Global Correlation
Intervest Offices * v. Belgium Correlation
Intervest Offices * v. Equities
Intervest Offices * v. Bonds
Bloomberg: LEAS BB Reuters: LNRE.BR ISIN: BE0003770840 SNL: LEAS-BRU
87
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Leasinvest Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Leasinvest Real Estate * -30.81%
Country Index: Belgium -26.41%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: BEL 20 -52.98%
Bond Index: JPMTBE 6.76%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Leasinvest Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Leasinvest Real Estate * v. Europe Correlation
Leasinvest Real Estate * v. Global Correlation
Leasinvest Real Estate * v. Belgium Correlation
Leasinvest Real Estate * v. Equities
Leasinvest Real Estate * v. Bonds
Bloomberg: WDP BB Reuters: WDPP.BR ISIN: BE0003763779 SNL: WDP-BRU
88
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Warehouses De Pauw *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Warehouses De Pauw * -37.16%
Country Index: Belgium -26.41%
Regional Index: Europe -55.74%
Sector Index: Industrial -82.26%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: BEL 20 -52.98%
Bond Index: JPMTBE 6.76%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Warehouses De Pauw *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Warehouses De Pauw * v. Europe Correlation
Warehouses De Pauw * v. Global Correlation
Warehouses De Pauw * v. Belgium Correlation
Warehouses De Pauw * v. Equities
Warehouses De Pauw * v. Bonds
Bloomberg: WEHB BB Reuters: WEHB.BR ISIN: BE0003724383 SNL: WEHB-BRU
89
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Wereldhave Belgium *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wereldhave Belgium * -5.07%
Country Index: Belgium -26.41%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: BEL 20 -52.98%
Bond Index: JPMTBE 6.76%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wereldhave Belgium *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Wereldhave Belgium * v. Europe Correlation
Wereldhave Belgium * v. Global Correlation
Wereldhave Belgium * v. Belgium Correlation
Wereldhave Belgium * v. Equities
Wereldhave Belgium * v. Bonds
Section 2.3
90
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Finland
Bloomberg: CTY1S FH Reuters: CTY1S.HE ISIN: FI0009002471 SNL: CTY1S-HEL
91
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Citycon OYJ
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Citycon OYJ -59.68%
Country Index: Finland -64.64%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: HEX 25 -52.66%
Bond Index: JPMTFIN 7.82%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Citycon OYJ
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Citycon OYJ v. Europe Correlation
Citycon OYJ v. Global Correlation
Citycon OYJ v. Finland Correlation
Citycon OYJ v. Equities
Citycon OYJ v. Bonds
Bloomberg: SDA1V FH Reuters: SDA1V.HE ISIN: FI0009006829 SNL: SDA1V-HEL
92
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sponda
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sponda -74.97%
Country Index: Finland -64.64%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: HEX 25 -52.66%
Bond Index: JPMTFIN 7.82%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sponda
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sponda v. Europe Correlation
Sponda v. Global Correlation
Sponda v. Finland Correlation
Sponda v. Equities
Sponda v. Bonds
Bloomberg: TPS1V FH Reuters: TPS1V.HE ISIN: FI0009006886 SNL: TPS1V-HEL
93
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Technopolis
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Technopolis -56.43%
Country Index: Finland -64.64%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: HEX 25 -52.66%
Bond Index: JPMTFIN 7.82%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Technopolis
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Technopolis v. Europe Correlation
Technopolis v. Global Correlation
Technopolis v. Finland Correlation
Technopolis v. Equities
Technopolis v. Bonds
Section 2.4
94
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
France
Bloomberg: ACAN FP Reuters: CFMP.PA ISIN: FR0000064602 SNL: ACAN-PAR
95
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Acanthe Developpement *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Acanthe Developpement * -46.96%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Acanthe Developpement *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Acanthe Developpement * v. Europe Correlation
Acanthe Developpement * v. Global Correlation
Acanthe Developpement * v. France Correlation
Acanthe Developpement * v. Equities
Acanthe Developpement * v. Bonds
Bloomberg: IML FP Reuters: BTPP.PA ISIN: FR0000036105 SNL: IML-PAR
96
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Affine *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Affine * -76.42%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Affine *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Affine * v. Europe Correlation
Affine * v. Global Correlation
Affine * v. France Correlation
Affine * v. Equities
Affine * v. Bonds
Bloomberg: FDR FP Reuters: FDR.PA ISIN: FR0000064578 SNL: FDR-PAR
97
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Fonciere Des Regions *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Fonciere Des Regions * -62.09%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Fonciere Des Regions *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Fonciere Des Regions * v. Europe Correlation
Fonciere Des Regions * v. Global Correlation
Fonciere Des Regions * v. France Correlation
Fonciere Des Regions * v. Equities
Fonciere Des Regions * v. Bonds
Bloomberg: GFC FP Reuters: GFCP.PA ISIN: FR0010040865 SNL: GFC-PAR
98
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Gecina *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Gecina * -69.44%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Gecina *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Gecina * v. Europe Correlation
Gecina * v. Global Correlation
Gecina * v. France Correlation
Gecina * v. Equities
Gecina * v. Bonds
Bloomberg: ICA FP Reuters: ICAD.PA ISIN: FR0000035081 SNL: ICAD-PAR
99
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Icade *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Icade * -43.44%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Icade *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Icade * v. Europe Correlation
Icade * v. Global Correlation
Icade * v. France Correlation
Icade * v. Equities
Icade * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: LI FP Reuters: LOIM.PA ISIN: FR0000121964 SNL: LI-PAR
100
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Klepierre *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Klepierre * -64.97%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Klepierre *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Klepierre * v. Europe Correlation
Klepierre * v. Global Correlation
Klepierre * v. France Correlation
Klepierre * v. Equities
Klepierre * v. Bonds
Bloomberg: MERY FP Reuters: MERY.PA ISIN: FR0010241638 SNL: MERY-PAR
101
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mercialys *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mercialys * -24.59%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mercialys *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mercialys * v. Europe Correlation
Mercialys * v. Global Correlation
Mercialys * v. France Correlation
Mercialys * v. Equities
Mercialys * v. Bonds
Bloomberg: SIL FP Reuters: SILP.PA ISIN: FR0000050916 SNL: SIL-PAR
102
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Silic *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Silic * -41.2%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Silic *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Silic * v. Europe Correlation
Silic * v. Global Correlation
Silic * v. France Correlation
Silic * v. Equities
Silic * v. Bonds
Bloomberg: EIFF FP Reuters: TEIF.PA ISIN: FR0000036816 SNL: EIFF-PAR
103
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Societe de la Tour Eiffel *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Societe de la Tour Eiffel * -81.54%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Societe de la Tour Eiffel *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Societe de la Tour Eiffel * v. Europe Correlation
Societe de la Tour Eiffel * v. Global Correlation
Societe de la Tour Eiffel * v. France Correlation
Societe de la Tour Eiffel * v. Equities
Societe de la Tour Eiffel * v. Bonds
Bloomberg: UL FP Reuters: UNBP.PA ISIN: FR0000124711 SNL: UL-PAR
104
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Unibail-Rodamco *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Unibail-Rodamco * -34.59%
Country Index: France -41.65%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: CAC 40 -40.36%
Bond Index: JPMTFRN 8.52%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Unibail-Rodamco *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Unibail-Rodamco * v. Europe Correlation
Unibail-Rodamco * v. Global Correlation
Unibail-Rodamco * v. France Correlation
Unibail-Rodamco * v. Equities
Unibail-Rodamco * v. Bonds
Section 2.5
105
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Germany
Bloomberg: AOX GR Reuters: AOXG.F ISIN: DE000A0LD2U1 SNL: AOX-ETR
106
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Alstria Office *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Alstria Office * -71.97%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Alstria Office *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Alstria Office * v. Europe Correlation
Alstria Office * v. Global Correlation
Alstria Office * v. Germany Correlation
Alstria Office * v. Equities
Alstria Office * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: KBU GR Reuters: KBUG.F ISIN: DE0006338007 SNL: KBU-ETR
107
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Colonia Real Estate
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Colonia Real Estate -77.13%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Residential -62.1%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Colonia Real Estate
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Colonia Real Estate v. Europe Correlation
Colonia Real Estate v. Global Correlation
Colonia Real Estate v. Germany Correlation
Colonia Real Estate v. Equities
Colonia Real Estate v. Bonds
Bloomberg: DEQ GR Reuters: DEQGn.DE ISIN: DE0007480204 SNL: DEQ-ETR
108
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Deutsche Euroshop
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Deutsche Euroshop -18.36%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Deutsche Euroshop
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Deutsche Euroshop v. Europe Correlation
Deutsche Euroshop v. Global Correlation
Deutsche Euroshop v. Germany Correlation
Deutsche Euroshop v. Equities
Deutsche Euroshop v. Bonds
Bloomberg: DWN GY Reuters: DWNG.F ISIN: DE000A0HN5C6 SNL: DWN-ETR
109
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Deutsche Wohnen
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Deutsche Wohnen -37.22%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Residential -62.1%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Deutsche Wohnen
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Deutsche Wohnen v. Europe Correlation
Deutsche Wohnen v. Global Correlation
Deutsche Wohnen v. Germany Correlation
Deutsche Wohnen v. Equities
Deutsche Wohnen v. Bonds
Bloomberg: DAZ GR Reuters: DAZG.DE ISIN: DE0005098404 SNL: DAZ-ETR
110
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
DIC Asset
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DIC Asset -83.06%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DIC Asset
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
DIC Asset v. Europe Correlation
DIC Asset v. Global Correlation
DIC Asset v. Germany Correlation
DIC Asset v. Equities
DIC Asset v. Bonds
Bloomberg: GFJ GR Reuters: GFJG.DE ISIN: LU0269583422 SNL: GFJ-ETR
111
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Gagfah
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Gagfah -68.86%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Residential -62.1%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Gagfah
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Gagfah v. Europe Correlation
Gagfah v. Global Correlation
Gagfah v. Germany Correlation
Gagfah v. Equities
Gagfah v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: P1Z GR Reuters: P1ZGn.F ISIN: DE000PAT1AG3 SNL: P1Z-ETR
112
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Patrizia Immobilien
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Patrizia Immobilien -70.7%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Residential -62.1%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Patrizia Immobilien
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Patrizia Immobilien v. Europe Correlation
Patrizia Immobilien v. Global Correlation
Patrizia Immobilien v. Germany Correlation
Patrizia Immobilien v. Equities
Patrizia Immobilien v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: VIA GR Reuters: VIVG.DE ISIN: DE0006048911 SNL: VIA-ETR
113
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Vivacon AG
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vivacon AG -84.3%
Country Index: Germany -53.51%
Regional Index: Europe -55.74%
Sector Index: Residential -62.1%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: DAX -37.49%
Bond Index: JPMTWG 9.42%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vivacon AG
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Vivacon AG v. Europe Correlation
Vivacon AG v. Global Correlation
Vivacon AG v. Germany Correlation
Vivacon AG v. Equities
Vivacon AG v. Bonds
Section 2.6
114
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Greece
Bloomberg: VOVOS GA Reuters: VOVr.AT ISIN: GRS421003005 SNL: VOVOS-ATH
115
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Babis Vovos
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Babis Vovos -89.23%
Country Index: Greece -69.08%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: ASE 20 -58.91%
Bond Index: JPMTGR 0.43%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Babis Vovos
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Babis Vovos v. Europe Correlation
Babis Vovos v. Global Correlation
Babis Vovos v. Greece Correlation
Babis Vovos v. Equities
Babis Vovos v. Bonds
Bloomberg: EUPRO GA Reuters: EUPr.AT ISIN: GRS491003000 SNL: EUPRO-ATH
116
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Eurobank Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Eurobank Properties Real Estate Investment Co * -19.08%
Country Index: Greece -69.08%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: ASE 20 -58.91%
Bond Index: JPMTGR 0.43%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Eurobank Properties Real Estate Investment Co *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Eurobank Properties * v. Europe Correlation
Eurobank Properties * v. Global Correlation
Eurobank Properties * v. Greece Correlation
Eurobank Properties * v. Equities
Eurobank Properties * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: LAMDA GA Reuters: LMDr.AT ISIN: GRS245213004 SNL: LAMDA-ATH
117
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Lamda Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lamda Development -57.02%
Country Index: Greece -69.08%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: ASE 20 -58.91%
Bond Index: JPMTGR 0.43%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lamda Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Lamda Development v. Europe Correlation
Lamda Development v. Global Correlation
Lamda Development v. Greece Correlation
Lamda Development v. Equities
Lamda Development v. Bonds
Section 2.7
118
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Italy
Bloomberg: BNS IM Reuters: BNSI.MI ISIN: IT0001389631 SNL: BNS-MIL
119
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Beni Stabili
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Beni Stabili -47.77%
Country Index: Italy -61.53%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: MIB 30 -47.76%
Bond Index: JPMTIT 5.36%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009Company: Beni Stabili
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Beni Stabili v. Europe Correlation
Beni Stabili v. Global Correlation
Beni Stabili v. Italy Correlation
Beni Stabili v. Equities
Beni Stabili v. Bonds
Bloomberg: IGD IM Reuters: IGD.MI ISIN: IT0003745889 SNL: IGD-MIL
120
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
IGD *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: IGD -59.87%
Country Index: Italy -61.53%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: MIB 30 -47.76%
Bond Index: JPMTIT 5.36%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: IGD
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
IGD * v. Europe Correlation
IGD * v. Global Correlation
IGD * v. Italy Correlation
IGD * v. Equities
IGD * v. Bonds
Section 2.8
121
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Netherlands
Bloomberg: CORA NA Reuters: COR.AS ISIN: NL0000288967 SNL: CORA-AMS
122
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Corio *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Corio * -43.89%
Country Index: Netherlands -43.15%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: AEX -50.96%
Bond Index: JPMTNL 8.16%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Corio *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Corio * v. Europe Correlation
Corio * v. Global Correlation
Corio * v. Netherlands Correlation
Corio * v. Equities
Corio * v. Bonds
Bloomberg: ECMPA NA Reuters: SIPFc.AS ISIN: NL0000288876 SNL: ECMPA-AMS
123
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Eurocommercial Props *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Eurocommercial Props * -42.22%
Country Index: Netherlands -43.15%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: AEX -50.96%
Bond Index: JPMTNL 8.16%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Eurocommercial Props *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Eurocommercial Props * v. Europe Correlation
Eurocommercial Props * v. Global Correlation
Eurocommercial Props * v. Netherlands Correlation
Eurocommercial Props * v. Equities
Eurocommercial Props * v. Bonds
Bloomberg: NISTI NA Reuters: NSTEc.AS ISIN: NL0000292324 SNL: NISTI-AMS
124
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Nieuwe Steen Inv *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nieuwe Steen Inv * -33.85%
Country Index: Netherlands -43.15%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: AEX -50.96%
Bond Index: JPMTNL 8.16%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nieuwe Steen Inv *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Nieuwe Steen Inv * v. Europe Correlation
Nieuwe Steen Inv * v. Global Correlation
Nieuwe Steen Inv * v. Netherlands Correlation
Nieuwe Steen Inv * v. Equities
Nieuwe Steen Inv * v. Bonds
Bloomberg: PEPR NA Reuters: PEPR.AS ISIN: LU0100194785 SNL: PEPR-AMS
125
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
ProLogis European Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ProLogis European Properties * -86.55%
Country Index: Netherlands -43.15%
Regional Index: Europe -55.74%
Sector Index: Industrial -82.26%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: AEX -50.96%
Bond Index: JPMTNL 8.16%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ProLogis European Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
ProLogis European Properties * v. Europe Correlation
ProLogis European Properties * v. Global Correlation
ProLogis European Properties * v. Netherlands Correlation
ProLogis European Properties * v. Equities
ProLogis European Properties * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: VNOI NA Reuters: VWNN.AS ISIN: NL0000288934 SNL: VNOI-AMS
126
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Vastned Offices/Ind *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vastned Offices/Ind * -63.96%
Country Index: Netherlands -43.15%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: AEX -50.96%
Bond Index: JPMTNL 8.16%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vastned Offices/Ind *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Vastned Offices/Ind * v. Europe Correlation
Vastned Offices/Ind * v. Global Correlation
Vastned Offices/Ind * v. Netherlands Correlation
Vastned Offices/Ind * v. Equities
Vastned Offices/Ind * v. Bonds
Bloomberg: VASTN NA Reuters: VASN.AS ISIN: NL0000288918 SNL: VASTN-AMS
127
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Vastned Retail *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vastned Retail * -54.88%
Country Index: Netherlands -43.15%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: AEX -50.96%
Bond Index: JPMTNL 8.16%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vastned Retail *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Vastned Retail * v. Europe Correlation
Vastned Retail * v. Global Correlation
Vastned Retail * v. Netherlands Correlation
Vastned Retail * v. Equities
Vastned Retail * v. Bonds
Bloomberg: WHA NA Reuters: WEHA.AS ISIN: NL0000289213 SNL: WEHB-BRU
128
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Wereldhave *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wereldhave * -32.6%
Country Index: Netherlands -43.15%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: AEX -50.96%
Bond Index: JPMTNL 8.16%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wereldhave *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Wereldhave * v. Europe Correlation
Wereldhave * v. Global Correlation
Wereldhave * v. Netherlands Correlation
Wereldhave * v. Equities
Wereldhave * v. Bonds
Section 2.9
129
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Norway
Bloomberg: NPRO NO Reuters: NPRO.OL ISIN: NO0010317811 SNL: NPRO-OSL
130
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Norwegian Property
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Norwegian Property ASA -90.91%
Country Index: Norway -90.68%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: OBX -42.89%
Bond Index: #N/A
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Norwegian Property ASA
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Norwegian Property v. Europe Correlation
Norwegian Property v. Global Correlation
Norwegian Property v. Equities
Norwegian Property v. Bonds
Not enough historical data for 36
month calculations
Section 2.10
131
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sweden
Bloomberg: CAST SS Reuters: CAST.ST ISIN: SE0000379190 SNL: CAST-OME
132
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Castellum
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Castellum -36.14%
Country Index: Sweden -48.12%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: OMX -31.41%
Bond Index: JPMTSW 11.52%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Castellum
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Castellum v. Europe Correlation
Castellum v. Global Correlation
Castellum v. Sweden Correlation
Castellum v. Equities
Castellum v. Bonds
Bloomberg: FABG SS Reuters: FABG.ST ISIN: SE0000950636 SNL: FABG-OME
133
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Fabege
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Fabege -54.33%
Country Index: Sweden -48.12%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: OMX -31.41%
Bond Index: JPMTSW 11.52%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Fabege
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Fabege v. Europe Correlation
Fabege v. Global Correlation
Fabege v. Sweden Correlation
Fabege v. Equities
Fabege v. Bonds
Bloomberg: HUFVA SS Reuters: HUFVa.ST ISIN: SE0000170375 SNL: HUFVA-OME
134
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hufvudstaden A
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hufvudstaden A -32.16%
Country Index: Sweden -48.12%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: OMX -31.41%
Bond Index: JPMTSW 11.52%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hufvudstaden A
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hufvudstaden A v. Europe Correlation
Hufvudstaden A v. Global Correlation
Hufvudstaden A v. Sweden Correlation
Hufvudstaden A v. Equities
Hufvudstaden A v. Bonds
Bloomberg: KLOV SS Reuters: KLOV.ST ISIN: SE0000331225 SNL: KLOV-OME
135
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Klovern AB
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Klovern AB -34.71%
Country Index: Sweden -48.12%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: OMX -31.41%
Bond Index: JPMTSW 11.52%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Klovern AB
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Klovern AB v. Europe Correlation
Klovern AB v. Global Correlation
Klovern AB v. Sweden Correlation
Klovern AB v. Equities
Klovern AB v. Bonds
Bloomberg: KLED SS Reuters: KLED.ST ISIN: SE0000549412 SNL: KLED-OME
136
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kungsleden
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kungsleden -57.15%
Country Index: Sweden -48.12%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: OMX -31.41%
Bond Index: JPMTSW 11.52%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kungsleden
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kungsleden v. Europe Correlation
Kungsleden v. Global Correlation
Kungsleden v. Sweden Correlation
Kungsleden v. Equities
Kungsleden v. Bonds
Bloomberg: WIHL SS Reuters: WIHL.ST ISIN: SE0001413600 SNL: WIHL-OME
137
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Wihlborgs Fastigheter
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wihlborgs Fastigheter -32.23%
Country Index: Sweden -48.12%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: OMX -31.41%
Bond Index: JPMTSW 11.52%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Wihlborgs Fastigheter
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Wihlborgs Fastigheter v. Europe Correlation
Wihlborgs Fastigheter v. Global Correlation
Wihlborgs Fastigheter v. Sweden Correlation
Wihlborgs Fastigheter v. Equities
Wihlborgs Fastigheter v. Bonds
Section 2.11
138
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Switzerland
Bloomberg: ALLN SW Reuters: ALLN.S ISIN: CH0008837566 SNL: ALLN-SWX
139
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Allreal
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Allreal -14.22%
Country Index: Switzerland -21.45%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: SMI -31.79%
Bond Index: #N/A
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Allreal
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Allreal v. Europe Correlation
Allreal v. Global Correlation
Allreal v. Switzerland Correlation
Allreal v. Equities
Allreal v. Bonds
Bloomberg: PSPN SW Reuters: PSPN.S ISIN: CH0018294154 SNL: PSPN-SWX
140
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
PSP Swiss Property
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: PSP Swiss Property -28.41%
Country Index: Switzerland -21.45%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: SMI -31.79%
Bond Index: #N/A
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: PSP Swiss Property
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
PSP Swiss Property v. Europe Correlation
PSP Swiss Property v. Global Correlation
PSP Swiss Property v. Switzerland Correlation
PSP Swiss Property v. Equities
PSP Swiss Property v. Bonds
Bloomberg: SPSN SW Reuters: SPSN.S ISIN: CH0008038389 SNL: SPSN-SWX
141
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Swiss Prime Site
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Swiss Prime Site -25%
Country Index: Switzerland -21.45%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: SMI -31.79%
Bond Index: #N/A
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Swiss Prime Site
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Swiss Prime Site v. Europe Correlation
Swiss Prime Site v. Global Correlation
Swiss Prime Site v. Switzerland Correlation
Swiss Prime Site v. Equities
Swiss Prime Site v. Bonds
Bloomberg: ZUBN SW Reuters: ZUBN.S ISIN: CH0021831182 SNL: ZUBN-SWX
142
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Zueblin Immobilien Holding
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Zueblin Immobilien Holding -59.31%
Country Index: Switzerland -21.45%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: SMI -31.79%
Bond Index: #N/A
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Zueblin Immobilien Holding
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Zueblin Immobilien Holding v. Europe Correlation
Zueblin Immobilien Holding v. Global Correlation
Zueblin Immobilien Holding v. Switzerland Correlation
Zueblin Immobilien Holding v. Equities
Zueblin Immobilien Holding v. Bonds
Section 2.12
143
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
United Kingdom
Bloomberg: BYG LN Reuters: BYG.L ISIN: GB0002869419 SNL: BYG-LON
144
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Big Yellow Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Big Yellow Group * -56.3%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Self Storage -61.71%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Big Yellow Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Big Yellow Group * v. Europe Correlation
Big Yellow Group * v. Global Correlation
Big Yellow Group * v. UK Correlation
Big Yellow Group * v. Equities
Big Yellow Group * v. Bonds
Bloomberg: BLND LN Reuters: BLND.L ISIN: GB0001367019 SNL: BLND-LON
145
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
British Land *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: British Land * -52.55%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: British Land *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
British Land * v. Europe Correlation
British Land * v. Global Correlation
British Land * v. UK Correlation
British Land * v. Equities
British Land * v. Bonds
Bloomberg: BXTN LN Reuters: BXTN.L ISIN: GB0001430023 SNL: BXTN-LON
146
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Brixton *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brixton * -94.62%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Industrial -82.26%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brixton *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Brixton * v. Europe Correlation
Brixton * v. Global Correlation
Brixton * v. UK Correlation
Brixton * v. Equities
Brixton * v. Bonds
Bloomberg: CLI LN Reuters: CLSH.L ISIN: GB0001592475 SNL: CLI-LON
147
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
CLS Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CLS Holdings -33.99%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CLS Holdings
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
CLS Holdings v. Europe Correlation
CLS Holdings v. Global Correlation
CLS Holdings v. UK Correlation
CLS Holdings v. Equities
CLS Holdings v. Bonds
Bloomberg: DJAN LN Reuters: DJAN.L ISIN: GB0002502036 SNL: DJAN-LON
148
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Daejan Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Daejan Holdings -39.45%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Daejan Holdings
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Daejan Holdings v. Europe Correlation
Daejan Holdings v. Global Correlation
Daejan Holdings v. UK Correlation
Daejan Holdings v. Equities
Daejan Holdings v. Bonds
Bloomberg: DLN LN Reuters: DLN.L ISIN: GB0002652740 SNL: DLN-LON
149
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Derwent London *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Derwent London * -56.19%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Derwent London *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Derwent London * v. Europe Correlation
Derwent London * v. Global Correlation
Derwent London * v. UK Correlation
Derwent London * v. Equities
Derwent London * v. Bonds
Bloomberg: DSC LN Reuters: DSC.L ISIN: GB0002668464 SNL: DSC-LON
150
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Development Securities
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Development Securities -47.61%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Development Securities
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Development Securities v. Europe Correlation
Development Securities v. Global Correlation
Development Securities v. UK Correlation
Development Securities v. Equities
Development Securities v. Bonds
Bloomberg: FCPT LN Reuters: FCPT.L ISIN: GB00B05KL904 SNL: FCPT-LON
151
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
F&C Commercial Prop
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: F&C Commercial Prop -32.73%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: F&C Commercial Prop
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
F&C Commercial Prop v. Europe Correlation
F&C Commercial Prop v. Global Correlation
F&C Commercial Prop v. UK Correlation
F&C Commercial Prop v. Equities
F&C Commercial Prop v. Bonds
Bloomberg: GRI LN Reuters: GRI.L ISIN: GB00B04V1276 SNL: GRI-LON
152
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Grainger Plc
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Grainger Plc -75.09%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Residential -62.1%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Grainger Plc
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Grainger Plc v. Europe Correlation
Grainger Plc v. Global Correlation
Grainger Plc v. UK Correlation
Grainger Plc v. Equities
Grainger Plc v. Bonds
Bloomberg: GPOR LN Reuters: GPOR.L ISIN: GB00B01FLL16 SNL: GPOR-LON
153
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Great Portland Estates *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Great Portland Estates * -53.97%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Great Portland Estates *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Great Portland Estates * v. Europe Correlation
Great Portland Estates * v. Global Correlation
Great Portland Estates * v. UK Correlation
Great Portland Estates * v. Equities
Great Portland Estates * v. Bonds
Bloomberg: HMSO LN Reuters: HMSO.L ISIN: GB0004065016 SNL: HMSO-LON
154
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hammerson *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hammerson * -66.34%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hammerson *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hammerson * v. Europe Correlation
Hammerson * v. Global Correlation
Hammerson * v. UK Correlation
Hammerson * v. Equities
Hammerson * v. Bonds
Bloomberg: HLCL LN Reuters: HLCL.L ISIN: GB00B0FYMT95 SNL: DSC-LON
155
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Helical Bar
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Helical Bar -23.54%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Helical Bar
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Helical Bar v. Europe Correlation
Helical Bar v. Global Correlation
Helical Bar v. UK Correlation
Helical Bar v. Equities
Helical Bar v. Bonds
Bloomberg: IRET LN Reuters: IRET.L ISIN: GB00B0LCW208 SNL: IRET-LON
156
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
ING UK Real Estate Income Trust
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ING UK Real Estate Income Trust -72.46%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ING UK Real Estate Income Trust
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
ING UK Real Estate Income Trust v. Europe Correlation
ING UK Real Estate Income Trust v. Global Correlation
ING UK Real Estate Income Trust v. UK Correlation
ING UK Real Estate Income Trust v. Equities
ING UK Real Estate Income Trust v. Bonds
Bloomberg: IFD LN Reuters: INRE.L ISIN: GB00B01HM147 SNL: IFD-LON
157
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Invista Foundation Prop
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Invista Foundation Prop -64.2%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Invista Foundation Prop
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Invista Foundation Prop v. Europe Correlation
Invista Foundation Prop v. Global Correlation
Invista Foundation Prop v. UK Correlation
Invista Foundation Prop v. Equities
Invista Foundation Prop v. Bonds
Bloomberg: IPT LN Reuters: IPT.L ISIN: GB0033674564 SNL: IPT-LON
158
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
ISIS Property Trust Ld
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ISIS Property Trust Ld -44.47%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ISIS Property Trust Ld
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
ISIS Property Trust Ld v. Europe Correlation
ISIS Property Trust Ld v. Global Correlation
ISIS Property Trust Ld v. UK Correlation
ISIS Property Trust Ld v. Equities
ISIS Property Trust Ld v. Bonds
Bloomberg: IRP LN Reuters: IRP.L ISIN: GB00B012T521 SNL: IRP-LON
159
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
ISIS Property Trust 2 Ld
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ISIS Property Trust 2 Ld -48.42%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: ISIS Property Trust 2 Ld
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
ISIS Property Trust 2 Ld v. Europe Correlation
ISIS Property Trust 2 Ld v. Global Correlation
ISIS Property Trust 2 Ld v. UK Correlation
ISIS Property Trust 2 Ld v. Equities
ISIS Property Trust 2 Ld v. Bonds
Bloomberg: LAND LN Reuters: LAND.L ISIN: GB0031809436 SNL: LAND-LON
160
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Land Securities *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Land Securities * -67.88%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Land Securities *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Land Securities * v. Europe Correlation
Land Securities * v. Global Correlation
Land Securities * v. UK Correlation
Land Securities * v. Equities
Land Securities * v. Bonds
Bloomberg: LII LN Reuters: LII.L ISIN: GB0006834344 SNL: LII-LON
161
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Liberty International *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Liberty International * -60.1%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Retail -55.61%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Liberty International *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Liberty International * v. Europe Correlation
Liberty International * v. Global Correlation
Liberty International * v. UK Correlation
Liberty International * v. Equities
Liberty International * v. Bonds
Bloomberg: MKLW LN Reuters: MKLW.L ISIN: GB0006091408 SNL: MKLW-LON
162
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mucklow <A&J> *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mucklow <A&J> * -37.93%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mucklow <A&J> *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mucklow <A&J> * v. Europe Correlation
Mucklow <A&J> * v. Global Correlation
Mucklow <A&J> * v. UK Correlation
Mucklow <A&J> * v. Equities
Mucklow <A&J> * v. Bonds
Bloomberg: PHP LN Reuters: PHP.L ISIN: GB0007015521 SNL: PHP-LON
163
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Primary Health Prop. *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Primary Health Prop. * -25.88%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Health Care -32.17%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Primary Health Prop. *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Primary Health Prop. * v. Europe Correlation
Primary Health Prop. * v. Global Correlation
Primary Health Prop. * v. UK Correlation
Primary Health Prop. * v. Equities
Primary Health Prop. * v. Bonds
Bloomberg: QED LN Reuters: QED.L ISIN: GB0007184442 SNL: QED-LON
164
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Quintain Estates
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Quintain Estates -98.13%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Non-Rental -63.49%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
-5%
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Quintain Estates
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Quintain Estates v. Europe Correlation
Quintain Estates v. Global Correlation
Quintain Estates v. UK Correlation
Quintain Estates v. Equities
Quintain Estates v. Bonds
Bloomberg: SGRO LN Reuters: SGRO.L ISIN: GB00B1YFN979 SNL: SGRO-LON
165
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Segro *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Segro * -75.27%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Industrial -82.26%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Segro *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Segro * v. Europe Correlation
Segro * v. Global Correlation
Segro * v. UK Correlation
Segro * v. Equities
Segro * v. Bonds
Bloomberg: SHB LN Reuters: SHB.L ISIN: GB0007990962 SNL: SHB-LON
166
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Shaftesbury *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shaftesbury * -49.57%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shaftesbury *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Shaftesbury * v. Europe Correlation
Shaftesbury * v. Global Correlation
Shaftesbury * v. UK Correlation
Shaftesbury * v. Equities
Shaftesbury * v. Bonds
Bloomberg: SMP LN Reuters: SMP.L ISIN: GB0007291015 SNL: SMP-LON
167
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
St Modwen Properties
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: St Modwen Properties -80.93%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: St Modwen Properties
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
St Modwen Properties v. Europe Correlation
St Modwen Properties v. Global Correlation
St Modwen Properties v. UK Correlation
St Modwen Properties v. Equities
St Modwen Properties v. Bonds
Bloomberg: SLI LN Reuters: SLI.L ISIN: GB0033875286 SNL: SLI-LON
168
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Standard Life Inv Prop
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Standard Life Inv Prop -64.87%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Standard Life Inv Prop
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Standard Life Inv Prop v. Europe Correlation
Standard Life Inv Prop v. Global Correlation
Standard Life Inv Prop v. UK Correlation
Standard Life Inv Prop v. Equities
Standard Life Inv Prop v. Bonds
Bloomberg: UKCM LN Reuters: UKCM.L ISIN: GB00B19Z2J52 SNL: UKCM-LON
169
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
UK Commercial Property Trust
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: UK Commercial Property Trust -25%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Diversified -55.51%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: UK Commercial Property Trust
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
UK Commercial Property Trust v. Europe Correlation
UK Commercial Property Trust v. Global Correlation
UK Commercial Property Trust v. UK Correlation
UK Commercial Property Trust v. Equities
UK Commercial Property Trust v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: UTG LN Reuters: UTG.L ISIN: GB0006928617 SNL: UTG-LON
170
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Unite Group
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Unite Group -79.19%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Specialty -81.91%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: Non-REIT -61.79%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Unite Group
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Unite Group v. Europe Correlation
Unite Group v. Global Correlation
Unite Group v. UK Correlation
Unite Group v. Equities
Unite Group v. Bonds
Bloomberg: WKP LN Reuters: WKP.L ISIN: GB0005296354 SNL: WKP-LON
171
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Workspace Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Workspace Group * -94.06%
Country Index: UK -67.79%
Regional Index: Europe -55.74%
Sector Index: Office -45.98%
Investment Focus Index: Rental -55.18%
REIT-Structure Index: REIT -53.09%
Blue Chip Index: FTSE 100 -31.15%
Bond Index: JPMTUK 11.5%
Graph 2: 12 Month Dividend Yields
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Workspace Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Workspace Group * v. Europe Correlation
Workspace Group * v. Global Correlation
Workspace Group * v. UK Correlation
Workspace Group * v. Equities
Workspace Group * v. Bonds
Section 3
172
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Developed North America
Section 3.1
173
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Canada
Bloomberg: AP-U CN Reuters: AP_u.TO ISIN: CA0194561027 SNL: AP.UN-TSX
174
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Allied Properties REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Allied Properties REIT * -33.93%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Allied Properties REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Allied Properties REIT * v. North America Correlation
Allied Properties REIT * v. Global Correlation
Allied Properties REIT * v. Canada Correlation
Allied Properties REIT * v. Equities
Allied Properties REIT * v. Bonds
Bloomberg: BEI-u CN Reuters: BEI_u.TO ISIN: CA0966311064 SNL: BEI.UN-TSX
175
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Boardwalk REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Boardwalk REIT * -31.58%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Boardwalk REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Boardwalk REIT * v. North America Correlation
Boardwalk REIT * v. Global Correlation
Boardwalk REIT * v. Canada Correlation
Boardwalk REIT * v. Equities
Boardwalk REIT * v. Bonds
Bloomberg: BPO CN Reuters: BPO.TO ISIN: CA1129001055 SNL: BPO-US
176
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Brookfield Props
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brookfield Props -63.18%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: Non-REIT -61.37%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brookfield Props
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Brookfield Props v. North America Correlation
Brookfield Props v. Global Correlation
Brookfield Props v. Canada Correlation
Brookfield Props v. Equities
Brookfield Props v. Bonds
Bloomberg: CWT-U Cn Reuters: CWT_u.TO ISIN: CA1312532056 SNL: CWT.UN-TSX
177
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Calloway REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Calloway REIT * -50.52%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Calloway REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Calloway REIT * v. North America Correlation
Calloway REIT * v. Global Correlation
Calloway REIT * v. Canada Correlation
Calloway REIT * v. Equities
Calloway REIT * v. Bonds
Bloomberg: CAR-U CN Reuters: CAR_u.TO ISIN: CA1349211054 SNL: CAR.UN-TSX
178
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Canadian Apartment Props *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Canadian Apartment Props * -21.24%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Canadian Apartment Props *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Canadian Apartment Props * v. North America Correlation
Canadian Apartment Props * v. Global Correlation
Canadian Apartment Props * v. Canada Correlation
Canadian Apartment Props * v. Equities
Canadian Apartment Props * v. Bonds
Bloomberg: REF-U CN Reuters: REF_u.TO ISIN: CA13650J1049 SNL: REF.UN-TSX
179
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Canadian REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Canadian REIT * -25.69%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Canadian REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Canadian REIT * v. North America Correlation
Canadian REIT * v. Global Correlation
Canadian REIT * v. Canada Correlation
Canadian REIT * v. Equities
Canadian REIT * v. Bonds
Bloomberg: CSH-U CN Reuters: CSH_u.TO ISIN: CA16140U1003 SNL: CSH.UN-TSX
180
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Chartwell Seniors Housing REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Chartwell Seniors Housing REIT * -56.76%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Chartwell Seniors Housing REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Chartwell Seniors Housing REIT * v. North America Correlation
Chartwell Seniors Housing REIT * v. Global Correlation
Chartwell Seniors Housing REIT * v. Canada Correlation
Chartwell Seniors Housing REIT * v. Equities
Chartwell Seniors Housing REIT * v. Bonds
Bloomberg: CUF-U CN Reuters: CUF_u.TO ISIN: CA1999101001 SNL: CUF.UN-TSX
181
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Cominar REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cominar REIT * -32.52%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cominar REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Cominar REIT * v. North America Correlation
Cominar REIT * v. Global Correlation
Cominar REIT * v. Canada Correlation
Cominar REIT * v. Equities
Cominar REIT * v. Bonds
Bloomberg: D-U CN Reuters: D_u.TO ISIN: CA2652702077 SNL: D.UN-TSX
182
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Dundee REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dundee REIT * -60.75%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dundee REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Dundee REIT * v. North America Correlation
Dundee REIT * v. Global Correlation
Dundee REIT * v. Canada Correlation
Dundee REIT * v. Equities
Dundee REIT * v. Bonds
Bloomberg: EXE-U CN Reuters: EXE_u.TO ISIN: CA3022511032 SNL: EXE.UN-TSX
183
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Extendicare REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Extendicare REIT * -63.42%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Extendicare REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Extendicare REIT * v. North America Correlation
Extendicare REIT * v. Global Correlation
Extendicare REIT * v. Canada Correlation
Extendicare REIT * v. Equities
Extendicare REIT * v. Bonds
Bloomberg: HR-U CN Reuters: HR_u.TO ISIN: CA4044282032 SNL: HR.UN-TSX
184
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
H & R Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: H & R Real Estate * -60.59%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: H & R Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
H & R Real Estate * v. North America Correlation
H & R Real Estate * v. Global Correlation
H & R Real Estate * v. Canada Correlation
H & R Real Estate * v. Equities
H & R Real Estate * v. Bonds
Bloomberg: INN-U CN Reuters: INN_u.TO ISIN: CA45771T1084 SNL: INN.UN-TSX
185
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Innvest REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Innvest REIT * -68%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Innvest REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Innvest REIT * v. North America Correlation
Innvest REIT * v. Global Correlation
Innvest REIT * v. Canada Correlation
Innvest REIT * v. Equities
Innvest REIT * v. Bonds
Bloomberg: MRT-U CN Reuters: MRT_u.TO ISIN: CA6179141065 SNL: MRT.UN-TSX
186
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Morguard REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Morguard REIT * -21.82%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Morguard REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Morguard REIT * v. North America Correlation
Morguard REIT * v. Global Correlation
Morguard REIT * v. Canada Correlation
Morguard REIT * v. Equities
Morguard REIT * v. Bonds
Bloomberg: NPR-U CN Reuters: NPR_u.TO ISIN: CA6656241024 SNL: NPR.UN-TSX
187
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Northern Property REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Northern Property REIT * -17.03%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Northern Property REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Northern Property REIT * v. North America Correlation
Northern Property REIT * v. Global Correlation
Northern Property REIT * v. Canada Correlation
Northern Property REIT * v. Equities
Northern Property REIT * v. Bonds
Bloomberg: PMZ-U CN Reuters: PMZ_u.TO ISIN: CA74157U1093 SNL: PMZ.UN-TSX
188
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Primaris Retail REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Primaris Retail REIT * -45.43%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Primaris Retail REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Primaris Retail REIT * v. North America Correlation
Primaris Retail REIT * v. Global Correlation
Primaris Retail REIT * v. Canada Correlation
Primaris Retail REIT * v. Equities
Primaris Retail REIT * v. Bonds
Bloomberg: REI-U CN Reuters: REI_u.TO ISIN: CA7669101031 SNL: REI.UN-TSX
189
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Riocan Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Riocan Real Estate * -39.37%
Country Index: Canada -44.2%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: TSX -34.68%
Bond Index: JPMTCAN 10.15%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Riocan Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Riocan Real Estate * v. North America Correlation
Riocan Real Estate * v. Global Correlation
Riocan Real Estate * v. Canada Correlation
Riocan Real Estate * v. Equities
Riocan Real Estate * v. Bonds
Section 3.2
190
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
United States
Bloomberg: AKR US Reuters: AKR.N ISIN: US0042391096 SNL: AKR-US
191
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Acadia Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Acadia Realty Trust * -54.28%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Acadia Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Acadia Realty Trust * v. North America Correlation
Acadia Realty Trust * v. Global Correlation
Acadia Realty Trust * v. USA Correlation
Acadia Realty Trust * v. Equities
Acadia Realty Trust * v. Bonds
Bloomberg: ADC US Reuters: ADC.N ISIN: US0084921008 SNL: ADC-US
192
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Agree Realty Corp *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Agree Realty Corp * -42.84%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Agree Realty Corp *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Agree Realty Corp * v. North America Correlation
Agree Realty Corp * v. Global Correlation
Agree Realty Corp * v. USA Correlation
Agree Realty Corp * v. Equities
Agree Realty Corp * v. Bonds
Bloomberg: ALX US Reuters: ALX.N ISIN: US0147521092 SNL: ALX-US
193
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Alexander's Inc. *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Alexander's Inc. * -51.94%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Alexander's Inc. *
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Alexander's Inc. * v. North America Correlation
Alexander's Inc. * v. Global Correlation
Alexander's Inc. * v. USA Correlation
Alexander's Inc. * v. Equities
Alexander's Inc. * v. Bonds
Bloomberg: ARE US Reuters: ARE.N ISIN: US0152711091 SNL: ARE-US
194
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Alexandria Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Alexandria Real Estate * -60.74%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Alexandria Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Alexandria Real Estate * v. North America Correlation
Alexandria Real Estate * v. Global Correlation
Alexandria Real Estate * v. USA Correlation
Alexandria Real Estate * v. Equities
Alexandria Real Estate * v. Bonds
Bloomberg: AMB US Reuters: AMB.N ISIN: US00163T1097 SNL: AMB-US
195
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
AMB Property *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: AMB Property * -73.54%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Industrial -76.51%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: AMB Property *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
AMB Property * v. North America Correlation
AMB Property * v. Global Correlation
AMB Property * v. USA Correlation
AMB Property * v. Equities
AMB Property * v. Bonds
Bloomberg: ACC US Reuters: ACC.N ISIN: US0248351001 SNL: ACC-US
196
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
American Campus Communities *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: American Campus Communities * -36.55%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: American Campus Communities *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
American Campus Communities * v. North America Correlation
American Campus Communities * v. Global Correlation
American Campus Communities * v. USA Correlation
American Campus Communities * v. Equities
American Campus Communities * v. Bonds
Bloomberg: AIV US Reuters: AIV.N ISIN: US03748R1014 SNL: AIV-US
197
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Apartment Investment *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apartment Investment * -81.61%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apartment Investment *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Apartment Investment * v. North America Correlation
Apartment Investment * v. Global Correlation
Apartment Investment * v. USA Correlation
Apartment Investment * v. Equities
Apartment Investment * v. Bonds
Bloomberg: AHT US Reuters: AHT.N ISIN: US0441031095 SNL: AHT-US
198
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ashford Hospitality *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ashford Hospitality * -72.89%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ashford Hospitality *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ashford Hospitality * v. North America Correlation
Ashford Hospitality * v. Global Correlation
Ashford Hospitality * v. USA Correlation
Ashford Hospitality * v. Equities
Ashford Hospitality * v. Bonds
Bloomberg: AEC US Reuters: AEC.N ISIN: US0456041054 SNL: AEC-US
199
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Associated Estates Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Associated Estates Realty * -50.35%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Associated Estates Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Associated Estates Realty * v. North America Correlation
Associated Estates Realty * v. Global Correlation
Associated Estates Realty * v. USA Correlation
Associated Estates Realty * v. Equities
Associated Estates Realty * v. Bonds
Bloomberg: AVB US Reuters: AVB.N ISIN: US0534841012 SNL: AVB-US
200
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Avalonbay Communities *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Avalonbay Communities * -49.74%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Avalonbay Communities *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Avalonbay Communities * v. North America Correlation
Avalonbay Communities * v. Global Correlation
Avalonbay Communities * v. USA Correlation
Avalonbay Communities * v. Equities
Avalonbay Communities * v. Bonds
Bloomberg: BMR US Reuters: BMR.N ISIN: US09063H1077 SNL: BMR-US
201
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
BioMed Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: BioMed Realty Trust * -71.66%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: BioMed Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
BioMed Realty Trust * v. North America Correlation
BioMed Realty Trust * v. Global Correlation
BioMed Realty Trust * v. USA Correlation
BioMed Realty Trust * v. Equities
BioMed Realty Trust * v. Bonds
Bloomberg: BXP US Reuters: BXP.N ISIN: US1011211018 SNL: BXP-US
202
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Boston Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Boston Properties * -61.95%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Boston Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Boston Properties * v. North America Correlation
Boston Properties * v. Global Correlation
Boston Properties * v. USA Correlation
Boston Properties * v. Equities
Boston Properties * v. Bonds
Bloomberg: BDN US Reuters: BDN.N ISIN: US1053682035 SNL: BDN-US
203
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Brandywine Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brandywine Realty Trust * -83.2%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brandywine Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Brandywine Realty Trust * v. North America Correlation
Brandywine Realty Trust * v. Global Correlation
Brandywine Realty Trust * v. USA Correlation
Brandywine Realty Trust * v. Equities
Brandywine Realty Trust * v. Bonds
Bloomberg: BRE US Reuters: BRE.N ISIN: US05564E1064 SNL: BRE-US
204
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
BRE Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: BRE Properties * -56.91%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: BRE Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
BRE Properties * v. North America Correlation
BRE Properties * v. Global Correlation
BRE Properties * v. USA Correlation
BRE Properties * v. Equities
BRE Properties * v. Bonds
Bloomberg: CPT US Reuters: CPT.N ISIN: US1331311027 SNL: CPT-US
205
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Camden Property Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Camden Property Trust * -57.01%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Camden Property Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Camden Property Trust * v. North America Correlation
Camden Property Trust * v. Global Correlation
Camden Property Trust * v. USA Correlation
Camden Property Trust * v. Equities
Camden Property Trust * v. Bonds
Bloomberg: CBL US Reuters: CBL.N ISIN: US1248301004 SNL: CBL-US
206
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
CBL & Associates Props *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CBL & Associates Props * -89.26%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: CBL & Associates Props *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
CBL & Associates Props * v. North America Correlation
CBL & Associates Props * v. Global Correlation
CBL & Associates Props * v. USA Correlation
CBL & Associates Props * v. Equities
CBL & Associates Props * v. Bonds
Bloomberg: CDR US Reuters: CDR.N ISIN: US1506022094 SNL: CDR-US
207
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Cedar Shopping Centers *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cedar Shopping Centers * -85.1%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cedar Shopping Centers *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Cedar Shopping Centers * v. North America Correlation
Cedar Shopping Centers * v. Global Correlation
Cedar Shopping Centers * v. USA Correlation
Cedar Shopping Centers * v. Equities
Cedar Shopping Centers * v. Bonds
Bloomberg: CLP US Reuters: CLP.N ISIN: US1958721060 SNL: CLP-US
208
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Colonial Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Colonial Properties * -84.16%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Colonial Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Colonial Properties * v. North America Correlation
Colonial Properties * v. Global Correlation
Colonial Properties * v. USA Correlation
Colonial Properties * v. Equities
Colonial Properties * v. Bonds
Bloomberg: OFC US Reuters: OFC.N ISIN: US22002T1088 SNL: OFC-US
209
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Corporate Office Props *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Corporate Office Props * -26.12%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Corporate Office Props *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Corporate Office Props * v. North America Correlation
Corporate Office Props * v. Global Correlation
Corporate Office Props * v. USA Correlation
Corporate Office Props * v. Equities
Corporate Office Props * v. Bonds
Bloomberg: CXW US Reuters: CXW.N ISIN: US22025Y4070 SNL: -NA-
210
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Corrections Corp of America
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Corrections Corp of America -53.45%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Specialty -31.46%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: Non-REIT -61.37%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Corrections Corp of America
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Corrections Corp of America v. North America Correlation
Corrections Corp of America v. Global Correlation
Corrections Corp of America v. USA Correlation
Corrections Corp of America v. Equities
Corrections Corp of America v. Bonds
Bloomberg: CUZ US Reuters: CUZ.N ISIN: US2227951066 SNL: CUZ-US
211
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Cousins Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cousins Properties * -73.94%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Non-Rental -83.45%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cousins Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Cousins Properties * v. North America Correlation
Cousins Properties * v. Global Correlation
Cousins Properties * v. USA Correlation
Cousins Properties * v. Equities
Cousins Properties * v. Bonds
Bloomberg: DCT US Reuters: DCT.N ISIN: US2331531051 SNL: DCT-US
212
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
DCT Industrial Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DCT Industrial Trust * -68.17%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Industrial -76.51%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DCT Industrial Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
DCT Industrial Trust * v. North America Correlation
DCT Industrial Trust * v. Global Correlation
DCT Industrial Trust * v. USA Correlation
DCT Industrial Trust * v. Equities
DCT Industrial Trust * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: DDR US Reuters: DDR.N ISIN: US2515911038 SNL: DDR-US
213
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Developers Diversified *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Developers Diversified * -94.27%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Developers Diversified *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Developers Diversified * v. North America Correlation
Developers Diversified * v. Global Correlation
Developers Diversified * v. USA Correlation
Developers Diversified * v. Equities
Developers Diversified * v. Bonds
Bloomberg: DRH US Reuters: DRH.N ISIN: US2527843013 SNL: DRH-US
214
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Diamondrock Hospitality *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Diamondrock Hospitality * -68.35%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Diamondrock Hospitality *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Diamondrock Hospitality * v. North America Correlation
Diamondrock Hospitality * v. Global Correlation
Diamondrock Hospitality * v. USA Correlation
Diamondrock Hospitality * v. Equities
Diamondrock Hospitality * v. Bonds
Bloomberg: DLR US Reuters: DLR.N ISIN: US2538681030 SNL: DLR-US
215
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Digital Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Digital Realty Trust * -6.54%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Specialty -31.46%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Digital Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Digital Realty Trust * v. North America Correlation
Digital Realty Trust * v. Global Correlation
Digital Realty Trust * v. USA Correlation
Digital Realty Trust * v. Equities
Digital Realty Trust * v. Bonds
Bloomberg: DEI US Reuters: DEI.N ISIN: US25960P1093 SNL: DEI-US
216
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Douglas Emmett *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Douglas Emmett * -66.5%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Douglas Emmett *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Douglas Emmett * v. North America Correlation
Douglas Emmett * v. Global Correlation
Douglas Emmett * v. USA Correlation
Douglas Emmett * v. Equities
Douglas Emmett * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: DRE US Reuters: DRE.N ISIN: US2644115055 SNL: DRE-US
217
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Duke Realty Corp *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Duke Realty Corp * -75.89%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office Mixed -41.58%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Duke Realty Corp *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Duke Realty Corp * v. North America Correlation
Duke Realty Corp * v. Global Correlation
Duke Realty Corp * v. USA Correlation
Duke Realty Corp * v. Equities
Duke Realty Corp * v. Bonds
Bloomberg: DFT US Reuters: DFT.N ISIN: US26613Q1067 SNL: -NA-
218
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
DuPont Fabros Technology *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DuPont Fabros Technology * -58.28%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Specialty -31.46%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DuPont Fabros Technology *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
DuPont Fabros Technology * v. North America Correlation
DuPont Fabros Technology * v. Global Correlation
DuPont Fabros Technology * v. USA Correlation
DuPont Fabros Technology * v. Equities
DuPont Fabros Technology * v. Bonds
Not enough historical data for 36
month calculations
Bloomberg: EGP US Reuters: EGP.N ISIN: US2772761019 SNL: EGP-US
219
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Eastgroup Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Eastgroup Properties * -39.58%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Industrial -76.51%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Eastgroup Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Eastgroup Properties * v. North America Correlation
Eastgroup Properties * v. Global Correlation
Eastgroup Properties * v. USA Correlation
Eastgroup Properties * v. Equities
Eastgroup Properties * v. Bonds
Bloomberg: EDR US Reuters: EDR.N ISIN: US28140H1041 SNL: EDR-US
220
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Education Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Education Realty Trust * -72.24%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Education Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Education Realty Trust * v. North America Correlation
Education Realty Trust * v. Global Correlation
Education Realty Trust * v. USA Correlation
Education Realty Trust * v. Equities
Education Realty Trust * v. Bonds
Bloomberg: EPR US Reuters: EPR.N ISIN: US29380T1051 SNL: EPR-US
221
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Entertainment Props *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Entertainment Props * -68.05%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Specialty -31.46%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Entertainment Props *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Entertainment Props * v. North America Correlation
Entertainment Props * v. Global Correlation
Entertainment Props * v. USA Correlation
Entertainment Props * v. Equities
Entertainment Props * v. Bonds
Bloomberg: ELS US Reuters: ELS.N ISIN: US29472R1086 SNL: ELS-US
222
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Equity Lifestyle Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Equity Lifestyle Properties * -22.83%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Equity Lifestyle Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Equity Lifestyle Properties * v. North America Correlation
Equity Lifestyle Properties * v. Global Correlation
Equity Lifestyle Properties * v. USA Correlation
Equity Lifestyle Properties * v. Equities
Equity Lifestyle Properties * v. Bonds
Bloomberg: EQY US Reuters: EQY.N ISIN: US2947521009 SNL: EQY-US
223
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Equity One Inc *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Equity One Inc * -49.14%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Equity One Inc *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Equity One Inc * v. North America Correlation
Equity One Inc * v. Global Correlation
Equity One Inc * v. USA Correlation
Equity One Inc * v. Equities
Equity One Inc * v. Bonds
Bloomberg: EQR US Reuters: EQR.N ISIN: US29476L1070 SNL: EQR-US
224
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Equity Residential Props *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Equity Residential Props * -55.77%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Equity Residential Props *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Equity Residential Props * v. North America Correlation
Equity Residential Props * v. Global Correlation
Equity Residential Props * v. USA Correlation
Equity Residential Props * v. Equities
Equity Residential Props * v. Bonds
Bloomberg: ESS US Reuters: ESS.N ISIN: US2971781057 SNL: ESS-US
225
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Essex Property Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Essex Property Trust * -49.69%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Essex Property Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Essex Property Trust * v. North America Correlation
Essex Property Trust * v. Global Correlation
Essex Property Trust * v. USA Correlation
Essex Property Trust * v. Equities
Essex Property Trust * v. Bonds
Bloomberg: EXR US Reuters: EXR.N ISIN: US30225T1025 SNL: EXR-US
226
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Extra Space Storage *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Extra Space Storage * -65.97%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Self Storage -29.34%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Extra Space Storage *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Extra Space Storage * v. North America Correlation
Extra Space Storage * v. Global Correlation
Extra Space Storage * v. USA Correlation
Extra Space Storage * v. Equities
Extra Space Storage * v. Bonds
Bloomberg: FRT US Reuters: FRT.N ISIN: US3137472060 SNL: FRT-US
227
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Federal Realty Inv *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Federal Realty Inv * -40.99%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Federal Realty Inv *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Federal Realty Inv * v. North America Correlation
Federal Realty Inv * v. Global Correlation
Federal Realty Inv * v. USA Correlation
Federal Realty Inv * v. Equities
Federal Realty Inv * v. Bonds
Bloomberg: FCH US Reuters: FCH.N ISIN: US31430F1012 SNL: FCH-US
228
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Felcor Lodging Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Felcor Lodging Trust * -88.69%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Felcor Lodging Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Felcor Lodging Trust * v. North America Correlation
Felcor Lodging Trust * v. Global Correlation
Felcor Lodging Trust * v. USA Correlation
Felcor Lodging Trust * v. Equities
Felcor Lodging Trust * v. Bonds
Bloomberg: FR US Reuters: FR.N ISIN: US32054K1034 SNL: FR-US
229
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
First Industrial Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: First Industrial Realty * -92.07%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Industrial -76.51%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: First Industrial Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
First Industrial Realty * v. North America Correlation
First Industrial Realty * v. Global Correlation
First Industrial Realty * v. USA Correlation
First Industrial Realty * v. Equities
First Industrial Realty * v. Bonds
Bloomberg: FPO US Reuters: FPO.N ISIN: US33610F1093 SNL: FPO-US
230
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
First Potomac Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: First Potomac Realty Trust * -52.18%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Industrial -76.51%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: First Potomac Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
First Potomac Realty Trust * v. North America Correlation
First Potomac Realty Trust * v. Global Correlation
First Potomac Realty Trust * v. USA Correlation
First Potomac Realty Trust * v. Equities
First Potomac Realty Trust * v. Bonds
Bloomberg: FCE/A US Reuters: FCEa.N ISIN: US3455501078 SNL: FCEA-US
231
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Forest City Enterprises
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Forest City Enterprises -90.22%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: Non-REIT -61.37%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Forest City Enterprises
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Forest City Enterprises v. North America Correlation
Forest City Enterprises v. Global Correlation
Forest City Enterprises v. USA Correlation
Forest City Enterprises v. Equities
Forest City Enterprises v. Bonds
Bloomberg: GTY US Reuters: GTY.N ISIN: US3742971092 SNL: GTY-US
232
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Getty Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
1,600
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Getty Realty * 15.19%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Getty Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Getty Realty * v. North America Correlation
Getty Realty * v. Global Correlation
Getty Realty * v. USA Correlation
Getty Realty * v. Equities
Getty Realty * v. Bonds
Bloomberg: HCP US Reuters: HCP.N ISIN: US40414L1098 SNL: HCP-US
233
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
HCP *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: HCP * -47.2%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: HCP *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
HCP * v. North America Correlation
HCP * v. Global Correlation
HCP * v. USA Correlation
HCP * v. Equities
HCP * v. Bonds
Bloomberg: HCN US Reuters: HCN.N ISIN: US42217K1060 SNL: HCN-US
234
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Health Care REIT *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Health Care REIT * -32.22%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Health Care REIT *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Health Care REIT * v. North America Correlation
Health Care REIT * v. Global Correlation
Health Care REIT * v. USA Correlation
Health Care REIT * v. Equities
Health Care REIT * v. Bonds
Bloomberg: HR US Reuters: HR.N ISIN: US4219461047 SNL: HR-US
235
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Healthcare Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Healthcare Realty Trust * -42.68%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Healthcare Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Healthcare Realty Trust * v. North America Correlation
Healthcare Realty Trust * v. Global Correlation
Healthcare Realty Trust * v. USA Correlation
Healthcare Realty Trust * v. Equities
Healthcare Realty Trust * v. Bonds
Bloomberg: HT US Reuters: HT.N ISIN: US4278251040 SNL: HT-US
236
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hersha Hospitality Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hersha Hospitality Trust * -78.96%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hersha Hospitality Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hersha Hospitality Trust * v. North America Correlation
Hersha Hospitality Trust * v. Global Correlation
Hersha Hospitality Trust * v. USA Correlation
Hersha Hospitality Trust * v. Equities
Hersha Hospitality Trust * v. Bonds
Bloomberg: HIW US Reuters: HIW.N ISIN: US4312841087 SNL: HIW-US
237
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Highwoods Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Highwoods Properties * -31.06%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Highwoods Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Highwoods Properties * v. North America Correlation
Highwoods Properties * v. Global Correlation
Highwoods Properties * v. USA Correlation
Highwoods Properties * v. Equities
Highwoods Properties * v. Bonds
Bloomberg: ARC US Reuters: HTH.N ISIN: US4327481010 SNL: HTH-US
238
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hilltop Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hilltop Holdings 9.62%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: Non-REIT -61.37%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hilltop Holdings
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hilltop Holdings v. North America Correlation
Hilltop Holdings v. Global Correlation
Hilltop Holdings v. USA Correlation
Hilltop Holdings v. Equities
Hilltop Holdings v. Bonds
Bloomberg: HME US Reuters: HME.N ISIN: US4373061039 SNL: HME-US
239
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Home Props of New York *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Home Props of New York * -36.13%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Home Props of New York *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Home Props of New York * v. North America Correlation
Home Props of New York * v. Global Correlation
Home Props of New York * v. USA Correlation
Home Props of New York * v. Equities
Home Props of New York * v. Bonds
Bloomberg: HPT US Reuters: HPT.N ISIN: US44106M1027 SNL: HPT-US
240
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hospitality Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hospitality Properties * -64.73%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hospitality Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hospitality Properties * v. North America Correlation
Hospitality Properties * v. Global Correlation
Hospitality Properties * v. USA Correlation
Hospitality Properties * v. Equities
Hospitality Properties * v. Bonds
Bloomberg: HST US Reuters: HST.N ISIN: US44107P1049 SNL: HST-US
241
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Host Hotels & Resorts *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Host Hotels & Resorts * -75.38%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Host Hotels & Resorts *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Host Hotels & Resorts * v. North America Correlation
Host Hotels & Resorts * v. Global Correlation
Host Hotels & Resorts * v. USA Correlation
Host Hotels & Resorts * v. Equities
Host Hotels & Resorts * v. Bonds
Bloomberg: HRP US Reuters: HRP.N ISIN: US40426W1018 SNL: HRP-US
242
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
HRPT Properties Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: HRPT Properties Trust * -52.6%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: HRPT Properties Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
HRPT Properties Trust * v. North America Correlation
HRPT Properties Trust * v. Global Correlation
HRPT Properties Trust * v. USA Correlation
HRPT Properties Trust * v. Equities
HRPT Properties Trust * v. Bonds
Bloomberg: IRC US Reuters: IRC.N ISIN: US4574612002 SNL: IRC-US
243
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Inland Real Estate Corp *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Inland Real Estate Corp * -53.39%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Inland Real Estate Corp *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Inland Real Estate Corp * v. North America Correlation
Inland Real Estate Corp * v. Global Correlation
Inland Real Estate Corp * v. USA Correlation
Inland Real Estate Corp * v. Equities
Inland Real Estate Corp * v. Bonds
Bloomberg: IRET US Reuters: IRET.OQ ISIN: US4617301035 SNL: IRET-US
244
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Investors Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Investors Real Estate * 0.82%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Investors Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Investors Real Estate * v. North America Correlation
Investors Real Estate * v. Global Correlation
Investors Real Estate * v. USA Correlation
Investors Real Estate * v. Equities
Investors Real Estate * v. Bonds
Bloomberg: KRC US Reuters: KRC.N ISIN: US49427F1084 SNL: KRC-US
245
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kilroy Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kilroy Realty * -65%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kilroy Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kilroy Realty * v. North America Correlation
Kilroy Realty * v. Global Correlation
Kilroy Realty * v. USA Correlation
Kilroy Realty * v. Equities
Kilroy Realty * v. Bonds
Bloomberg: KIM US Reuters: KIM.N ISIN: US49446R1095 SNL: KIM-US
246
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kimco Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kimco Realty * -80.55%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kimco Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kimco Realty * v. North America Correlation
Kimco Realty * v. Global Correlation
Kimco Realty * v. USA Correlation
Kimco Realty * v. Equities
Kimco Realty * v. Bonds
Bloomberg: KRG US Reuters: KRG.N ISIN: US49803T1025 SNL: KRG-US
247
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Kite Realty Group Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kite Realty Group Trust * -82.5%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Non-Rental -83.45%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Kite Realty Group Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Kite Realty Group Trust * v. North America Correlation
Kite Realty Group Trust * v. Global Correlation
Kite Realty Group Trust * v. USA Correlation
Kite Realty Group Trust * v. Equities
Kite Realty Group Trust * v. Bonds
Bloomberg: LHO US Reuters: LHO.N ISIN: US5179421087 SNL: LHO-US
248
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
LaSalle Hotel Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LaSalle Hotel Properties * -79.7%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LaSalle Hotel Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
LaSalle Hotel Properties * v. North America Correlation
LaSalle Hotel Properties * v. Global Correlation
LaSalle Hotel Properties * v. USA Correlation
LaSalle Hotel Properties * v. Equities
LaSalle Hotel Properties * v. Bonds
Bloomberg: LXP US Reuters: LXP.N ISIN: US5290431015 SNL: LXP-US
249
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Lexington Corporate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lexington Corporate * -82.63%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lexington Corporate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Lexington Corporate * v. North America Correlation
Lexington Corporate * v. Global Correlation
Lexington Corporate * v. USA Correlation
Lexington Corporate * v. Equities
Lexington Corporate * v. Bonds
Bloomberg: LRY US Reuters: LRY.N ISIN: US5311721048 SNL: LRY-US
250
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Liberty Property Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Liberty Property Trust * -39.12%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office Mixed -41.58%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Liberty Property Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Liberty Property Trust * v. North America Correlation
Liberty Property Trust * v. Global Correlation
Liberty Property Trust * v. USA Correlation
Liberty Property Trust * v. Equities
Liberty Property Trust * v. Bonds
Bloomberg: LTC US Reuters: LTC.N ISIN: US5021751020 SNL: LTC-US
251
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
LTC Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LTC Properties * -31.78%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LTC Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
LTC Properties * v. North America Correlation
LTC Properties * v. Global Correlation
LTC Properties * v. USA Correlation
LTC Properties * v. Equities
LTC Properties * v. Bonds
Bloomberg: CLI US Reuters: CLI.N ISIN: US5544891048 SNL: CLI-US
252
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mack-Cali Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mack-Cali Realty * -44.53%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mack-Cali Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mack-Cali Realty * v. North America Correlation
Mack-Cali Realty * v. Global Correlation
Mack-Cali Realty * v. USA Correlation
Mack-Cali Realty * v. Equities
Mack-Cali Realty * v. Bonds
Bloomberg: MPW US Reuters: MPW.N ISIN: US58463J3041 SNL: MPW-US
253
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Medical Properties Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Medical Properties Trust * -67.76%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Medical Properties Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Medical Properties Trust * v. North America Correlation
Medical Properties Trust * v. Global Correlation
Medical Properties Trust * v. USA Correlation
Medical Properties Trust * v. Equities
Medical Properties Trust * v. Bonds
Bloomberg: MAA US Reuters: MAA.N ISIN: US59522J1034 SNL: MAA-US
254
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mid-America Apartment *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mid-America Apartment * -38.14%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mid-America Apartment *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mid-America Apartment * v. North America Correlation
Mid-America Apartment * v. Global Correlation
Mid-America Apartment * v. USA Correlation
Mid-America Apartment * v. Equities
Mid-America Apartment * v. Bonds
Bloomberg: NHC US Reuters: NHC.A ISIN: US6359061008 SNL: -NA-
255
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
National Healthcare Corp. *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: National Healthcare * -17.56%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: Non-REIT -61.37%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: National Healthcare *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
National Healthcare * v. North America Correlation
National Healthcare * v. Global Correlation
National Healthcare * v. USA Correlation
National Healthcare * v. Equities
National Healthcare * v. Bonds
Bloomberg: NNN US Reuters: NNN.N ISIN: US6374171063 SNL: NNN-US
256
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
National Retail Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: National Retail Properties * -28.16%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: National Retail Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
National Retail Properties * v. North America Correlation
National Retail Properties * v. Global Correlation
National Retail Properties * v. USA Correlation
National Retail Properties * v. Equities
National Retail Properties * v. Bonds
Bloomberg: NHP US Reuters: NHP.N ISIN: US6386201049 SNL: NHP-US
257
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Nationwide Health Props *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nationwide Health Props * -34.25%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Nationwide Health Props *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Nationwide Health Props * v. North America Correlation
Nationwide Health Props * v. Global Correlation
Nationwide Health Props * v. USA Correlation
Nationwide Health Props * v. Equities
Nationwide Health Props * v. Bonds
Bloomberg: OHI US Reuters: OHI.N ISIN: US6819361006 SNL: OHI-US
258
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Omega Healthcare Investors *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Omega Healthcare Investors * -18.89%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Omega Healthcare Investors *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Omega Healthcare Investors * v. North America Correlation
Omega Healthcare Investors * v. Global Correlation
Omega Healthcare Investors * v. USA Correlation
Omega Healthcare Investors * v. Equities
Omega Healthcare Investors * v. Bonds
Bloomberg: OEH US Reuters: OEH.N ISIN: BMG677431071 SNL: OEH-US
259
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Orient Express Hotel
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Orient Express Hotel -90.5%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: Non-REIT -61.37%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Orient Express Hotel
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Orient Express Hotel v. North America Correlation
Orient Express Hotel v. Global Correlation
Orient Express Hotel v. USA Correlation
Orient Express Hotel v. Equities
Orient Express Hotel v. Bonds
Bloomberg: PKY US Reuters: PKY.N ISIN: US70159Q1040 SNL: PKY-US
260
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Parkway Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Parkway Properties * -72.13%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Parkway Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Parkway Properties * v. North America Correlation
Parkway Properties * v. Global Correlation
Parkway Properties * v. USA Correlation
Parkway Properties * v. Equities
Parkway Properties * v. Bonds
Bloomberg: PEI US Reuters: PEI.N ISIN: US7091021078 SNL: PEI-US
261
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Pennsylvania Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Pennsylvania Real Estate * -85.44%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Pennsylvania Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Pennsylvania Real Estate * v. North America Correlation
Pennsylvania Real Estate * v. Global Correlation
Pennsylvania Real Estate * v. USA Correlation
Pennsylvania Real Estate * v. Equities
Pennsylvania Real Estate * v. Bonds
Bloomberg: PPS US Reuters: PPS.N ISIN: US7374641071 SNL: PPS-US
262
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Post Properties *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Post Properties * -73.74%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Post Properties *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Post Properties * v. North America Correlation
Post Properties * v. Global Correlation
Post Properties * v. USA Correlation
Post Properties * v. Equities
Post Properties * v. Bonds
Bloomberg: PLD US Reuters: PLD.N ISIN: US7434101025 SNL: PLD-US
263
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Prologis *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Prologis * -88.96%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Industrial -76.51%
Investment Focus Index: Non-Rental -83.45%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Prologis *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Prologis * v. Europe Correlation
Prologis * v. Global Correlation
Prologis * v. USA Correlation
Prologis * v. Equities
Prologis * v. Bonds
Bloomberg: PSB US Reuters: PSB.A ISIN: US69360J1079 SNL: PSB-US
264
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
PS Business Parks *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: PS Business Parks * -29%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office Mixed -41.58%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: PS Business Parks *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
PS Business Parks * v. North America Correlation
PS Business Parks * v. Global Correlation
PS Business Parks * v. USA Correlation
PS Business Parks * v. Equities
PS Business Parks * v. Bonds
Bloomberg: PSA US Reuters: PSA.N ISIN: US74460D1090 SNL: PSA-US
265
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Public Storage *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Public Storage * -37.16%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Self Storage -29.34%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Public Storage *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Public Storage * v. North America Correlation
Public Storage * v. Global Correlation
Public Storage * v. USA Correlation
Public Storage * v. Equities
Public Storage * v. Bonds
Bloomberg: RPT US Reuters: RPT.N ISIN: US7514522025 SNL: RPT-US
266
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ramco-Gershenson *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ramco-Gershenson * -69.45%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
35%
40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ramco-Gershenson *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ramco-Gershenson * v. North America Correlation
Ramco-Gershenson * v. Global Correlation
Ramco-Gershenson * v. USA Correlation
Ramco-Gershenson * v. Equities
Ramco-Gershenson * v. Bonds
Bloomberg: O US Reuters: O.N ISIN: US7561091049 SNL: O-US
267
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Realty Income *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Realty Income * -26.54%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Realty Income *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Realty Income * v. North America Correlation
Realty Income * v. Global Correlation
Realty Income * v. USA Correlation
Realty Income * v. Equities
Realty Income * v. Bonds
Bloomberg: REG US Reuters: REG.N ISIN: US7588491032 SNL: REG-US
268
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Regency Centers *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Regency Centers * -58.97%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Regency Centers *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Regency Centers * v. North America Correlation
Regency Centers * v. Global Correlation
Regency Centers * v. USA Correlation
Regency Centers * v. Equities
Regency Centers * v. Bonds
Bloomberg: BFS US Reuters: BFS.N ISIN: US8043951016 SNL: BFS-US
269
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Saul Centers *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Saul Centers * -54.28%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Saul Centers *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Saul Centers * v. North America Correlation
Saul Centers * v. Global Correlation
Saul Centers * v. USA Correlation
Saul Centers * v. Equities
Saul Centers * v. Bonds
Bloomberg: SNH US Reuters: SNH.N ISIN: US81721M1099 SNL: SNH-US
270
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Senior Housing Prop *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Senior Housing Prop * -40.84%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Senior Housing Prop *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Senior Housing Prop * v. North America Correlation
Senior Housing Prop * v. Global Correlation
Senior Housing Prop * v. USA Correlation
Senior Housing Prop * v. Equities
Senior Housing Prop * v. Bonds
Bloomberg: SPG US Reuters: SPG.N ISIN: US8288061091 SNL: SPG-US
271
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Simon Property Group *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Simon Property Group * -62.03%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Simon Property Group *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Simon Property Group * v. North America Correlation
Simon Property Group * v. Global Correlation
Simon Property Group * v. USA Correlation
Simon Property Group * v. Equities
Simon Property Group * v. Bonds
Bloomberg: SLG US Reuters: SLG.N ISIN: US78440X1019 SNL: SLG-US
272
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
SL Green Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SL Green Realty * -86.74%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Office -53.91%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SL Green Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
SL Green Realty * v. North America Correlation
SL Green Realty * v. Global Correlation
SL Green Realty * v. USA Correlation
SL Green Realty * v. Equities
SL Green Realty * v. Bonds
Bloomberg: SSS US Reuters: SSS.N ISIN: US84610H1086 SNL: SSS-US
273
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sovran Self Storage *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sovran Self Storage * -52.99%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Self Storage -29.34%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sovran Self Storage *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sovran Self Storage * v. North America Correlation
Sovran Self Storage * v. Global Correlation
Sovran Self Storage * v. USA Correlation
Sovran Self Storage * v. Equities
Sovran Self Storage * v. Bonds
Bloomberg: BEE US Reuters: BEE.N ISIN: US86272T1060 SNL: BEE-US
274
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Strategic Hotels & Resorts *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Strategic Hotels & Resorts * -94.74%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
20%
40%
60%
80%
100%
120%
140%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Strategic Hotels & Resorts *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Strategic Hotels & Resorts * v. North America Correlation
Strategic Hotels & Resorts * v. Global Correlation
Strategic Hotels & Resorts * v. USA Correlation
Strategic Hotels & Resorts * v. Equities
Strategic Hotels & Resorts * v. Bonds
Bloomberg: SUI US Reuters: SUI.N ISIN: US8666741041 SNL: SUI-US
275
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sun Communities *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sun Communities * -42.29%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sun Communities *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sun Communities * v. North America Correlation
Sun Communities * v. Global Correlation
Sun Communities * v. USA Correlation
Sun Communities * v. Equities
Sun Communities * v. Bonds
Bloomberg: SHO US Reuters: SHO.N ISIN: US8678921011 SNL: SHO-US
276
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sunstone Hotel Investors *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sunstone Hotel Investors * -82.53%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Lodging/Resorts -70%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sunstone Hotel Investors *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sunstone Hotel Investors * v. North America Correlation
Sunstone Hotel Investors * v. Global Correlation
Sunstone Hotel Investors * v. USA Correlation
Sunstone Hotel Investors * v. Equities
Sunstone Hotel Investors * v. Bonds
Bloomberg: SKT US Reuters: SKT.N ISIN: US8754651060 SNL: SKT-US
277
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Tanger Factory Outlet *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tanger Factory * -19.78%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Tanger Factory *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Tanger Factory * v. North America Correlation
Tanger Factory * v. Global Correlation
Tanger Factory * v. USA Correlation
Tanger Factory * v. Equities
Tanger Factory * v. Bonds
Bloomberg: TCO US Reuters: TCO.N ISIN: US8766641034 SNL: TCO-US
278
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Taubman Centers *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Taubman Centers * -67.29%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Taubman Centers *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Taubman Centers * v. North America Correlation
Taubman Centers * v. Global Correlation
Taubman Centers * v. USA Correlation
Taubman Centers * v. Equities
Taubman Centers * v. Bonds
Bloomberg: MAC US Reuters: MAC.N ISIN: US5543821012 SNL: MAC-US
279
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
The Macerich Company *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: The Macerich Company * -91.09%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: The Macerich Company *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
The Macerich Company * v. North America Correlation
The Macerich Company * v. Global Correlation
The Macerich Company * v. USA Correlation
The Macerich Company * v. Equities
The Macerich Company * v. Bonds
Bloomberg: UDR US Reuters: UDR.N ISIN: US9026531049 SNL: UDR-US
280
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
UDR Inc. *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: UDR Inc. * -62.36%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Residential -40.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: UDR Inc. *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
UDR Inc. * v. North America Correlation
UDR Inc. * v. Global Correlation
UDR Inc. * v. USA Correlation
UDR Inc. * v. Equities
UDR Inc. * v. Bonds
Bloomberg: UHT US Reuters: UHT.N ISIN: US91359E1055 SNL: UHT-US
281
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Universal Health Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Universal Health Realty * -12.22%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Universal Health Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Universal Health Realty * v. North America Correlation
Universal Health Realty * v. Global Correlation
Universal Health Realty * v. USA Correlation
Universal Health Realty * v. Equities
Universal Health Realty * v. Bonds
Bloomberg: UBA US Reuters: UBA.N ISIN: US9172862057 SNL: UBA-US
282
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Urstadt Biddle Class A *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Urstadt Biddle Class A * -14.69%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Urstadt Biddle Class A *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Urstadt Biddle Class A * v. North America Correlation
Urstadt Biddle Class A * v. Global Correlation
Urstadt Biddle Class A * v. USA Correlation
Urstadt Biddle Class A * v. Equities
Urstadt Biddle Class A * v. Bonds
Bloomberg: YSI US Reuters: YSI.N ISIN: US91274F1049 SNL: YSI-US
283
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
U-Store-It Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: U-Store-It Trust * -82.17%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Self Storage -29.34%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: U-Store-It Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
U-Store-It Trust * v. North America Correlation
U-Store-It Trust * v. Global Correlation
U-Store-It Trust * v. USA Correlation
U-Store-It Trust * v. Equities
U-Store-It Trust * v. Bonds
Bloomberg: VTR US Reuters: VTR.N ISIN: US92276F1003 SNL: VTR-US
284
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ventas *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ventas * -49.65%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Health Care -26.85%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ventas *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ventas * v. North America Correlation
Ventas * v. Global Correlation
Ventas * v. USA Correlation
Ventas * v. Equities
Ventas * v. Bonds
Bloomberg: VNO US Reuters: VNO.N ISIN: US9290421091 SNL: VNO-US
285
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Vornado Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vornado Realty Trust * -61.01%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vornado Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Vornado Realty Trust * v. North America Correlation
Vornado Realty Trust * v. Global Correlation
Vornado Realty Trust * v. USA Correlation
Vornado Realty Trust * v. Equities
Vornado Realty Trust * v. Bonds
Bloomberg: WRE US Reuters: WRE.N ISIN: US9396531017 SNL: WRE-US
286
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Washington Real Estate *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Washington Real Estate * -48.23%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Washington Real Estate *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Washington Real Estate * v. North America Correlation
Washington Real Estate * v. Global Correlation
Washington Real Estate * v. USA Correlation
Washington Real Estate * v. Equities
Washington Real Estate * v. Bonds
Bloomberg: WRI US Reuters: WRI.N ISIN: US9487411038 SNL: WRI-US
287
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Weingarten Realty *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Weingarten Realty * -72.36%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Retail -60.09%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Weingarten Realty *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Weingarten Realty * v. North America Correlation
Weingarten Realty * v. Global Correlation
Weingarten Realty * v. USA Correlation
Weingarten Realty * v. Equities
Weingarten Realty * v. Bonds
Bloomberg: FUR US Reuters: FUR.N ISIN: US9763913004 SNL: FUR-US
288
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Winthrop Realty Trust *
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Winthrop Realty Trust * -66.3%
Country Index: USA -52.35%
Regional Index: North America -51.71%
Sector Index: Diversified -51.98%
Investment Focus Index: Rental -49.97%
REIT-Structure Index: REIT -52.05%
Blue Chip Index: #N/A
Bond Index: JPMTUS 8.53%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Winthrop Realty Trust *
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Winthrop Realty Trust * v. North America Correlation
Winthrop Realty Trust * v. Global Correlation
Winthrop Realty Trust * v. USA Correlation
Winthrop Realty Trust * v. Equities
Winthrop Realty Trust * v. Bonds
Section 4
289
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Emerging Markets & AIM
Section 4.1
290
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Brazil
Bloomberg: BISA3 BZ Reuters: BISA3.SA ISIN: BRBISAACNOR8 SNL: BISA3-BSP
291
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Brascan Residential Properties SA
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brascan Residential Properties SA -76.59%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Brascan Residential Properties SA
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Brascan Residential Properties SA v. Emerging Correlation
Brascan Residential Properties SA v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: BRML3 BZ Reuters: BRML3.SA ISIN: BRBRMLACNOR9 SNL: BRML3-BSP
292
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
BR Malls Participacoes S/A Ord
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: BR Malls Participacoes S/A Ord -7.93%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: BR Malls Participacoes S/A Ord
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
BR Malls Participacoes S/A Ord v. Emerging Correlation
BR Malls Participacoes S/A Ord v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: CCIM3 BZ Reuters: CCIM3.SA ISIN: BRCCIMACNOR5 SNL: CCIM3-BSP
293
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Camargo Correa Desenvolvimento Imobiliario S/A Ord
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
1,600
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Camargo Correa Desenvolvimento Imobiliario S/A Ord -71.69%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
0%
0%
0%
0%
0%
1%
1%
1%
1%
1%
1%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Camargo Correa Desenvolvimento Imobiliario S/A Ord
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Camargo Correa Desenvolvimento Imobiliario S/A Ord v. Emerging Correlation
Camargo Correa Desenvolvimento Imobiliario S/A Ord v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: CYRE3 BZ Reuters: CYRE3.SA ISIN: BRCYREACNOR7 SNL: CYRE3-BSP
294
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or -60.09%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or v. Emerging Correlation
Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or v. Global Correlation
Bloomberg: CCPR3 BZ Reuters: CCPR3.SA ISIN: BRCCPRACNOR9 SNL: CCPR3-BSP
295
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Cyrela Commercial Properties
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cyrela Commercial Properties -20.73%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
0%
0%
1%
1%
1%
1%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Cyrela Commercial Properties
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Cyrela Commercial Properties v. Emerging Correlation
Cyrela Commercial Properties v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: GFSA3 BZ Reuters: GFSA3.SA ISIN: BRGFSAACNOR3 SNL: GFSA3.BSP
296
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Gafisa
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Gafisa -59.84%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Gafisa
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Gafisa v. Emerging Correlation
Gafisa v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: IGTA3 BZ Reuters: IGTA3.SA ISIN: BRIGTAACNOR5 SNL: IGTA3-BSP
297
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Iguatemi Empresa de Shopping Centers S/A Ord
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Iguatemi Empresa de Shopping Centers S/A Ord -43.73%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Iguatemi Empresa de Shopping Centers S/A Ord
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Iguatemi Empresa de Shopping Centers S/A Ord v. Emerging Correlation
Iguatemi Empresa de Shopping Centers S/A Ord v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: INPR3 BZ Reuters: INPR3.SA ISIN: BRINPRACNOR3 SNL: -NA-
298
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Inpar SA
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Inpar SA -82.37%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Inpar SA
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Inpar SA v. Emerging Correlation
Inpar SA v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: KSSA3 BZ Reuters: KSSA3.SA ISIN: BRKSSAACNOR8 SNL: KSSA3-BSP
299
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Klabin Segall S/A Ord
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Klabin Segall S/A Ord -84.49%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Klabin Segall S/A Ord
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Klabin Segall S/A Ord v. Emerging Correlation
Klabin Segall S/A Ord v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: MRVE3 BZ Reuters: MRVE3.SA ISIN: BRMRVEACNOR2 SNL: MRVE3-BSP
300
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
MRV Engenharia e Participacoes SA
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: MRV Engenharia e Participacoes SA -55.93%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: MRV Engenharia e Participacoes SA
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
MRV Engenharia e Participacoes SA v. Emerging Correlation
MRV Engenharia e Participacoes SA v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: MULT3 BZ Reuters: MULT3.SA ISIN: BRMULTACNOR5 SNL: MULT3-BSP
301
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Multiplan Empreendimentos Imobiliaros S/A Ord
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Multiplan Empreendimentos Imobiliaros S/A Ord -24.27%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Multiplan Empreendimentos Imobiliaros S/A Ord
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Multiplan Empreendimentos Imobiliaros S/A Ord v. Emerging Correlation
Multiplan Empreendimentos Imobiliaros S/A Ord v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: RDNI3 BZ Reuters: RDNI3.SA ISIN: BRRDNIACNOR9 SNL: RDNI3-BSP
302
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Rodobens Negocios Imobiliarios S/A Ord
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Rodobens Negocios Imobiliarios S/A Ord -55.15%
Global Index: Brazil -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: IBOV -32.87%
Graph 2: 12 Month Dividend Yields
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Rodobens Negocios Imobiliarios S/A Ord
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Rodobens Negocios Imobiliarios S/A Ord v. Emerging Correlation
Rodobens Negocios Imobiliarios S/A Ord v. Global Correlation
Not enough historical data for 36
month calculations
Section 4.2
303
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
China
Bloomberg: 588 HK Reuters: 601588.SS ISIN: CNE100000262 SNL: -NA-
304
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Beijing North Star (H)
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Beijing North Star (H) -55.34%
Global Index: China -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SHCOMP -31.66%
Graph 2: 12 Month Dividend Yields
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Beijing North Star (H)
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Beijing North Star (H) v. Emerging Correlation
Beijing North Star (H) v. Global Correlation
Bloomberg: 200024 CH Reuters: 000024.SZ ISIN: CNE000000891 SNL: -NA-
305
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
China Merchants Prop (B)
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Merchants Prop (B) -31.96%
Global Index: China -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SHCOMP -31.66%
Graph 2: 12 Month Dividend Yields
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Merchants Prop (B)
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
China Merchants Prop (B) v. Emerging Correlation
China Merchants Prop (B) v. Global Correlation
Bloomberg: 2777 HK Reuters: 2777.HK ISIN: CNE100000569 SNL: -NA-
306
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Guangzhou R&F Properties (H)
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Guangzhou R&F Properties (H) -56.42%
Global Index: China -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SHCOMP -31.66%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Guangzhou R&F Properties (H)
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Guangzhou R&F Properties (H) v. Emerging Correlation
Guangzhou R&F Properties (H) v. Global Correlation
Bloomberg: 900911 CH Reuters: 600639.SS ISIN: CNE000000941 SNL: -NA-
307
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Jinqiao Export Processing (B)
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Jinqiao Export Processing (B) -42.09%
Global Index: China -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SHCOMP -31.66%
Graph 2: 12 Month Dividend Yields
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Jinqiao Export Processing (B)
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Jinqiao Export Processing (B) v. Emerging Correlation
Jinqiao Export Processing (B) v. Global Correlation
Bloomberg: 900932 CH Reuters: 600663.SS ISIN: CNE000000HH6 SNL: -NA-
308
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Shanghai Lujiazui Fin & Trade Dev (B)
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shanghai Lujiazui Fin & Trade Dev (B) -34.64%
Global Index: China -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SHCOMP -31.66%
Graph 2: 12 Month Dividend Yields
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shanghai Lujiazui Fin & Trade Dev (B)
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Shanghai Lujiazui Fin & Trade Dev (B) v. Emerging Correlation
Shanghai Lujiazui Fin & Trade Dev (B) v. Global Correlation
Bloomberg: 200002 CH Reuters: 000002.SZ ISIN: CNE0000008Q1 SNL: -NA-
309
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Shenzhen Vanke (B)
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shenzhen Vanke (B) -25.09%
Global Index: China -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SHCOMP -31.66%
Graph 2: 12 Month Dividend Yields
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Shenzhen Vanke (B)
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Shenzhen Vanke (B) v. Emerging Correlation
Shenzhen Vanke (B) v. Global Correlation
Section 4.3
310
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Egypt
Bloomberg: OCDI EY Reuters: OCDI.CA ISIN: EGS65851C015 SNL: -NA-
311
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Six Of October Development & Investment
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Six Of October Development & Investment -85.04%
Global Index: Egypt -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: HERMES -59.56%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Six Of October Development & Investment
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Six Of October Development & Investment v. Emerging Correlation
Six Of October Development & Investment v. Global Correlation
Section 4.4
312
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
India
Bloomberg: APIL IN Reuters: ANSP.BO ISIN: INE436A01026 SNL: 500013-BOM
313
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ansal Properties & Infrastructure
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ansal Properties & Infrastructure -83.91%
Global Index: India -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SENSEX -37.94%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ansal Properties & Infrastructure
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ansal Properties & Infrastructure v. Emerging Correlation
Ansal Properties & Infrastructure v. Global Correlation
Bloomberg: DLFU IN Reuters: DLF.BO ISIN: INE271C01023 SNL: 532868-BOM
314
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
DLF
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DLF -74.06%
Global Index: India -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SENSEX -37.94%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: DLF
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
DLF v. Emerging Correlation
DLF v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: IVR IN Reuters: IVR.BO ISIN: INE414I01018 SNL: 532881-BOM
315
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
IVR Prime Urban Developers
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
1,600
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: IVR Prime Urban Developers -83.2%
Global Index: India -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SENSEX -37.94%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: IVR Prime Urban Developers
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
IVR Prime Urban Developers v. Emerging Correlation
IVR Prime Urban Developers v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: PARSV IN Reuters: PARV.BO ISIN: INE561H01018 SNL: 532780-BOM
316
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Parsvnath Developers
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Parsvnath Developers -82.73%
Global Index: India -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SENSEX -37.94%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Parsvnath Developers
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Parsvnath Developers v. Emerging Correlation
Parsvnath Developers v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: PENL IN Reuters: PENL.BO ISIN: INE138A01028 SNL: 503031-BOM
317
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Peninsula Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Peninsula Land -75.52%
Global Index: India -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SENSEX -37.94%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
4%
5%
5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Peninsula Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Peninsula Land v. Emerging Correlation
Peninsula Land v. Global Correlation
Bloomberg: UT IN Reuters: UNTE.BO ISIN: INE694A01020 SNL: 507878-BOM
318
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Unitech
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Unitech -87.44%
Global Index: India -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SENSEX -37.94%
Graph 2: 12 Month Dividend Yields
0%
0%
0%
1%
1%
1%
1%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Unitech
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Unitech v. Emerging Correlation
Unitech v. Global Correlation
Section 4.5
319
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Indonesia
Bloomberg: ELTY IJ Reuters: ELTY.JK ISIN: ID1000088701 SNL: -NA-
320
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Bakrieland Devel
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Bakrieland Devel -83.65%
Global Index: Indonesia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: JCI -41.4%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Bakrieland Devel
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Bakrieland Devel v. Emerging Correlation
Bakrieland Devel v. Global Correlation
Bloomberg: CTRA IJ Reuters: CTRA.JK ISIN: ID1000058803 SNL: -NA-
321
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ciputra Develop
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ciputra Develop -34.55%
Global Index: Indonesia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: JCI -41.4%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ciputra Develop
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ciputra Develop v. Emerging Correlation
Ciputra Develop v. Global Correlation
Bloomberg: LPKR IJ Reuters: LPKR.JK ISIN: ID1000108905 SNL: -NA-
322
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Lippo Karawaci
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lippo Karawaci 5%
Global Index: Indonesia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: JCI -41.4%
Graph 2: 12 Month Dividend Yields
0%
0%
0%
0%
0%
0%
0%
0%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lippo Karawaci
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Lippo Karawaci v. Emerging Correlation
Lippo Karawaci v. Global Correlation
Section 4.6
323
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Malaysia
Bloomberg: IGB MK Reuters: IGBS.KL ISIN: MYL1597OO003 SNL: -NA-
324
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
IGB
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: IGB -14.01%
Global Index: Malaysia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: KLCI -30.06%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
4%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: IGB
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
IGB v. Emerging Correlation
IGB v. Global Correlation
Bloomberg: KLCC MK Reuters: KCCP.KL ISIN: MYL5089OO007 SNL: -NA-
325
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
KLCC Property Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: KLCC Property Holdings 2.74%
Global Index: Malaysia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: KLCI -30.06%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
4%
5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: KLCC Property Holdings
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
KLCC Property Holdings v. Emerging Correlation
KLCC Property Holdings v. Global Correlation
Bloomberg: LGH MK Reuters: LAND.KL ISIN: MYL3174OO009 SNL: -NA-
326
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Land And General
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Land And General -54.17%
Global Index: Malaysia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: KLCI -30.06%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Land And General
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
1/1
/1900
Land And General v. Emerging Correlation
Land And General v. Global Correlation
Bloomberg: SPSB MK Reuters: SETI.KL ISIN: MYL8664OO004 SNL: -NA-
327
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
SP Setia
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SP Setia -25%
Global Index: Malaysia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: KLCI -30.06%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SP Setia
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
SP Setia v. Emerging Correlation
SP Setia v. Global Correlation
Bloomberg: YNHB MK Reuters: YNHB.KL ISIN: MYL3158OO002 SNL: -NA-
328
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
YNH Property
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: YNH Property -52.11%
Global Index: Malaysia -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: KLCI -30.06%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: YNH Property
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
YNH Property v. Emerging Correlation
YNH Property v. Global Correlation
Section 4.7
329
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mexico
Bloomberg: ARA* MM Reuters: ARA.MX ISIN: MXP001161019 SNL: -NA-
330
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Consorcio Ara
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Consorcio Ara -65.77%
Global Index: Mexico -46.11%
Regional Index: Emerging -61.25%
Blue Chip Index: MEXBOL -36.51%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
4%
5%
5%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Consorcio Ara
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Consorcio Ara v. Emerging Correlation
Consorcio Ara v. Global Correlation
Bloomberg: HOMEX* MM Reuters: HOMEX.MX ISIN: MX01HO000007 SNL: -NA-
331
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Desarrolladora Homex SA de CV
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Desarrolladora Homex SA de CV -69.66%
Global Index: Mexico -46.11%
Regional Index: Emerging -61.25%
Blue Chip Index: MEXBOL -36.51%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Desarrolladora Homex SA de CV
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Desarrolladora Homex SA de CV v. Emerging Correlation
Desarrolladora Homex SA de CV v. Global Correlation
Bloomberg: GEOB MM Reuters: GEOB.MX ISIN: MXP3142C1177 SNL: -NA-
332
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Geo B
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Geo B -57.88%
Global Index: Mexico -46.11%
Regional Index: Emerging -61.25%
Blue Chip Index: MEXBOL -36.51%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Geo B
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Geo B v. Emerging Correlation
Geo B v. Global Correlation
Bloomberg: SAREB MM Reuters: SAREB.MX ISIN: MX01SA030007 SNL: -NA-
333
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sare Holding S.A. de C.V.
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sare Holding S.A. de C.V. -87.9%
Global Index: Mexico -46.11%
Regional Index: Emerging -61.25%
Blue Chip Index: MEXBOL -36.51%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sare Holding S.A. de C.V.
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sare Holding S.A. de C.V. v. Emerging Correlation
Sare Holding S.A. de C.V. v. Global Correlation
Bloomberg: URBI* MM Reuters: URBI.MX ISIN: MX01UR000007 SNL: -NA-
334
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Urbi Desarrollos Urbanos
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Urbi Desarrollos Urbanos -64.38%
Global Index: Mexico -46.11%
Regional Index: Emerging -61.25%
Blue Chip Index: MEXBOL -36.51%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Urbi Desarrollos Urbanos
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Urbi Desarrollos Urbanos v. Emerging Correlation
Urbi Desarrollos Urbanos v. Global Correlation
Section 4.8
335
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Philippines
Bloomberg: ALI PM Reuters: ALI.PS ISIN: PHY0488F1004 SNL: -NA-
336
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ayala Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ayala Land -46.98%
Global Index: Philippines -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: PCOMP -33.45%
Graph 2: 12 Month Dividend Yields
0%
0%
0%
1%
1%
1%
1%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ayala Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ayala Land v. Emerging Correlation
Ayala Land v. Global Correlation
Bloomberg: FLI PM Reuters: FLI.PS ISIN: PHY249161019 SNL: -NA-
337
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Filinvest Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Filinvest Land -65.38%
Global Index: Philippines -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: PCOMP -33.45%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Filinvest Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Filinvest Land v. Emerging Correlation
Filinvest Land v. Global Correlation
Bloomberg: MEG PM Reuters: MEG.PS ISIN: PHY594811127 SNL: -NA-
338
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Megaworld Corporation
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Megaworld Corporation -77.24%
Global Index: Philippines -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: PCOMP -33.45%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
4%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Megaworld Corporation
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Megaworld Corporation v. Emerging Correlation
Megaworld Corporation v. Global Correlation
Bloomberg: RLC PM Reuters: RLC.PS ISIN: PHY731961264 SNL: -NA-
339
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Robinson`s Land Corporation
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Robinson`s Land Corporation -56.1%
Global Index: Philippines -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: PCOMP -33.45%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Robinson`s Land Corporation
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Robinson`s Land Corporation v. Emerging Correlation
Robinson`s Land Corporation v. Global Correlation
Bloomberg: SMPH PM Reuters: SMPH.PS ISIN: PHY8076N1120 SNL: -NA-
340
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
SM Prime Hldgs
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SM Prime Hldgs -14.12%
Global Index: Philippines -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: PCOMP -33.45%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SM Prime Hldgs
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
SM Prime Hldgs v. Emerging Correlation
SM Prime Hldgs v. Global Correlation
Bloomberg: VLL PM Reuters: VLL.PS ISIN: PHY9382G1068 SNL: -NA-
341
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Vista Land & Lifescapes
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vista Land & Lifescapes -74%
Global Index: Philippines -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: PCOMP -33.45%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Vista Land & Lifescapes
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Vista Land & Lifescapes v. Emerging Correlation
Vista Land & Lifescapes v. Global Correlation
Not enough historical data for 36
month calculations
Section 4.9
342
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Poland
Bloomberg: GTC PW Reuters: GTCA.WA ISIN: PLGTC0000037 SNL: GTC-WAR
343
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Globe Trade Centre
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Globe Trade Centre -60.5%
Global Index: Poland -46.11%
Regional Index: Emerging -67.45%
Blue Chip Index: WIG 20 -49.28%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Globe Trade Centre
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Globe Trade Centre v. Emerging Correlation
Globe Trade Centre v. Global Correlation
Bloomberg: LCC PW Reuters: LCCA.WA ISIN: PLLCCRP00017 SNL: -NA-
344
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
LC Corp SA
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LC Corp SA -75.17%
Global Index: Poland -46.11%
Regional Index: Emerging -67.45%
Blue Chip Index: WIG 20 -49.28%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LC Corp SA
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
LC Corp SA v. Emerging Correlation
LC Corp SA v. Global Correlation
Not enough historical data for 36
month calculations
Section 4.10
345
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
South Africa
Bloomberg: APA SJ Reuters: APBJ.J ISIN: ZAE000083598 SNL: -NA-
346
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Apexhi Properties -A-
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apexhi Properties -A- -4.95%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apexhi Properties -A-
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Apexhi Properties -A- v. Emerging Correlation
Apexhi Properties -A- v. Global Correlation
Bloomberg: APB SJ Reuters: APBJ.J ISIN: ZAE000083606 SNL: -NA-
347
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Apexhi Properties -B-
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apexhi Properties -B- -5.06%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apexhi Properties -B-
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Apexhi Properties -B- v. Emerging Correlation
Apexhi Properties -B- v. Global Correlation
Bloomberg: AXC SJ Reuters: APBJ.J ISIN: ZAE000083580 SNL: -NA-
348
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Apexhi Properties -C-
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apexhi Properties -C- 2.21%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Apexhi Properties -C-
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Apexhi Properties -C- v. Emerging Correlation
Apexhi Properties -C- v. Global Correlation
Bloomberg: EMI SJ Reuters: EMIJ.J ISIN: ZAE000050712 SNL: -NA-
349
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Emira Property Fund
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Emira Property Fund 1.52%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Emira Property Fund
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Emira Property Fund v. Emerging Correlation
Emira Property Fund v. Global Correlation
Bloomberg: FPT SJ Reuters: FPTJ.J ISIN: ZAE000097416 SNL: -NA-
350
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Fountainhead Property Trust
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Fountainhead Property Trust -6.61%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Fountainhead Property Trust
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Fountainhead Property Trust v. Emerging Correlation
Fountainhead Property Trust v. Global Correlation
Bloomberg: GRT SJ Reuters: GRTJ.J ISIN: ZAE000037669 SNL: -NA-
351
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Growthpoint Prop Ltd
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Growthpoint Prop Ltd -0.73%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Growthpoint Prop Ltd
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Growthpoint Prop Ltd v. Emerging Correlation
Growthpoint Prop Ltd v. Global Correlation
Bloomberg: HYP SJ Reuters: HYPJ.J ISIN: ZAE000003430 SNL: -NA-
352
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hyprop Investments Ltd
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hyprop Investments Ltd -3.08%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hyprop Investments Ltd
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hyprop Investments Ltd v. Emerging Correlation
Hyprop Investments Ltd v. Global Correlation
Bloomberg: PAP SJ Reuters: PAPJ.J ISIN: ZAE000005252 SNL: -NA-
353
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Pangbourne Prop Ltd
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Pangbourne Prop Ltd 0.57%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Pangbourne Prop Ltd
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Pangbourne Prop Ltd v. Emerging Correlation
Pangbourne Prop Ltd v. Global Correlation
Bloomberg: RDF SJ Reuters: RDFJ.J ISIN: ZAE000023503 SNL: -NA-
354
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Redefine Income Find
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Redefine Income Find -3.97%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Redefine Income Find
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Redefine Income Find v. Emerging Correlation
Redefine Income Find v. Global Correlation
Bloomberg: SAC SJ Reuters: SACJ.J ISIN: ZAE000083614 SNL: -NA-
355
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
SA Corporate Real Estate Fund
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SA Corporate Real Estate Fund -21.31%
Global Index: South Africa -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: TOP40 -32.72%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SA Corporate Real Estate Fund
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
SA Corporate Real Estate Fund v. Emerging Correlation
SA Corporate Real Estate Fund v. Global Correlation
Section 4.11
356
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
South Korea
Bloomberg: 076850 ks Reuters: -NA- ISIN: KR7076850007 SNL: -NA-
357
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Macquarie Central Office CR-REIT
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
1,600
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Macquarie Central Office CR-REIT -13.59%
Global Index: Taiwan -46.11%
Regional Index: #N/A
Blue Chip Index: #N/A
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Macquarie Central Office CR-REIT
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Macquarie Central Office CR-REIT v. Global Correlation
Section 4.12
358
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Taiwan
Bloomberg: 2536 TT Reuters: 2536.TW ISIN: TW0002536000 SNL: -NA-
359
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hung Poo Real Estate Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hung Poo Real Estate Development -54.5%
Global Index: Taiwan -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: TWSE -39.22%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hung Poo Real Estate Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hung Poo Real Estate Development v. Emerging Correlation
Hung Poo Real Estate Development v. Global Correlation
Section 4.13
360
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Thailand
Bloomberg: AMATA TB Reuters: AMAT.BK ISIN: TH0617A10Z08 SNL: -NA-
361
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Amata Corp
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Amata Corp -81.66%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Amata Corp
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Amata Corp v. Emerging Correlation
Amata Corp v. Global Correlation
Bloomberg: AP TB Reuters: AP.BK ISIN: TH0308010Z07 SNL: -NA-
362
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Asian Property Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Asian Property Development -69.33%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Asian Property Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Asian Property Development v. Emerging Correlation
Asian Property Development v. Global Correlation
Bloomberg: CPN TB Reuters: CPN.BK ISIN: TH0481A10Z01 SNL: -NA-
363
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Central Pattana
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Central Pattana -55.75%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
4%
4%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Central Pattana
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Central Pattana v. Emerging Correlation
Central Pattana v. Global Correlation
Bloomberg: LH TB Reuters: LH.BK ISIN: TH0143010Z08 SNL: -NA-
364
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Land & Houses
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Land & Houses -69.44%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Macquarie Central Office CR-REIT
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Land & Houses v. Emerging Correlation
Land & Houses v. Global Correlation
Bloomberg: LPN TB Reuters: LPN.BK ISIN: TH0456010Z04 SNL: -NA-
365
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
LPN Development
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LPN Development -66.67%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: LPN Development
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
LPN Development v. Emerging Correlation
LPN Development v. Global Correlation
Bloomberg: PF TB Reuters: -NA- ISIN: TH0352010Z05 SNL: -NA-
366
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Property Perfect
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Property Perfect -46.51%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Property Perfect
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Property Perfect v. Emerging Correlation
Property Perfect v. Global Correlation
Bloomberg: QH TB Reuters: QH.BK ISIN: TH0256A10Z04 SNL: -NA-
367
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Quality Houses
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Quality Houses -70.44%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Quality Houses
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Quality Houses v. Emerging Correlation
Quality Houses v. Global Correlation
Bloomberg: SC TB Reuters: -NA- ISIN: TH0747010005 SNL: -NA-
368
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
SC Asset
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SC Asset -52.04%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: SC Asset
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
SC Asset v. Emerging Correlation
SC Asset v. Global Correlation
Bloomberg: SPALI TB Reuters: SPAL.BK ISIN: TH0371010Z05 SNL: -NA-
369
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Supalai PCL
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Supalai PCL -45.7%
Global Index: Thailand -46.11%
Regional Index: Emerging -49.57%
Blue Chip Index: SET -47.19%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Supalai PCL
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Supalai PCL v. Emerging Correlation
Supalai PCL v. Global Correlation
Section 4.14
370
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Turkey
Bloomberg: ISGYO TI Reuters: YKGYO.IS ISIN: TRAISGYO91Q3 SNL: -NA-
371
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Is Gayrimenkul Yatirim Ortak
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Is Gayrimenkul Yatirim Ortak -5.88%
Global Index: Turkey -46.11%
Regional Index: Emerging -67.45%
Blue Chip Index: XU100 -33.96%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
8%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Is Gayrimenkul Yatirim Ortak
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Is Gayrimenkul Yatirim Ortak v. Emerging Correlation
Is Gayrimenkul Yatirim Ortak v. Global Correlation
Section 4.15
372
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
AIM
Bloomberg: ABL LN Reuters: ABL.L ISIN: GG00B1LB2139 SNL: ABL-LON
373
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Ablon Group
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ablon Group -82.6%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Ablon Group
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Ablon Group v. Emerging Correlation
Ablon Group v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: ATLS LN Reuters: ATLE.L ISIN: GB00B0WDBP88 SNL: ATLS-LON
374
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Atlas Estates
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Atlas Estates -83.3%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Atlas Estates
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Atlas Estates v. Emerging Correlation
Atlas Estates v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: BLK LN Reuters: -NA- ISIN: IE00B134XK63 SNL: -NA-
375
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Blackrock International Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Blackrock International Land -85%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Blackrock International Land
Graph 3: Correlations
-1.00
-0.90
-0.80
-0.70
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Blackrock International Land v. Emerging Correlation
Blackrock International Land v. Global Correlation
Bloomberg: CPT LN Reuters: CPTA.L ISIN: GB00B0B66533 SNL: CPT-LON
376
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Carpathian
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Carpathian -85.19%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Carpathian
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Carpathian v. Emerging Correlation
Carpathian v. Global Correlation
Bloomberg: CREO LN Reuters: CREO.L ISIN: JE00B1P8F991 SNL: -NA-
377
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
China Real Estate Opportunities
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Real Estate Opportunities -74.97%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: China Real Estate Opportunities
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
China Real Estate Opportunities v. Emerging Correlation
China Real Estate Opportunities v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: TRV LN Reuters: DTR.L ISIN: GB00B0RFL714 SNL: DTR-LON
378
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Dawnay Day Treveria
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dawnay Day Treveria -87.35%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
-5%
0%
5%
10%
15%
20%
25%
30%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dawnay DayTreveria
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Dawnay Day Treveria v. Emerging Correlation
Dawnay Day Treveria v. Global Correlation
Bloomberg: DLD LN Reuters: DLD.L ISIN: GB00B10QQ280 SNL: DLD-LON
379
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Deutsche Land
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Deutsche Land -79.94%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
5%
10%
15%
20%
25%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Deutsche Land
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Deutsche Land v. Emerging Correlation
Deutsche Land v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: DDE LN Reuters: -NA- ISIN: GB00B151M860 SNL: -NA-
380
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Develica Deutschland
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Develica Deutschland -88.26%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Develica Deutschland
Graph 3: Correlations
-1.00
-0.90
-0.80
-0.70
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Develica Deutschland v. Emerging Correlation
Develica Deutschland v. Global Correlation
Bloomberg: DCI LN Reuters: DOLC.L ISIN: VGG2803G1028 SNL: -NA-
381
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Dolphin Capital Investors
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dolphin Capital Investors -76.6%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Dolphin Capital Investors
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Dolphin Capital Investors v. Emerging Correlation
Dolphin Capital Investors v. Global Correlation
Bloomberg: HSTN LN Reuters: HSTN.L ISIN: GB00B0PPFY88 SNL: HSTN-LON
382
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Hansteen Holdings
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hansteen Holdings -49.89%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Hansteen Holdings
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Hansteen Holdings v. Emerging Correlation
Hansteen Holdings v. Global Correlation
Bloomberg: LOK LN Reuters: -NA- ISIN: GB0007276115 SNL: -NA-
383
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Lok'N Store Group
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lok'N Store Group -78.67%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
1%
1%
2%
2%
3%
3%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Lok'N Store Group
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Lok'N Store Group v. Emerging Correlation
Lok'N Store Group v. Global Correlation
Bloomberg: LSP LN Reuters: -NA- ISIN: GG00B1Z5TP40 SNL: -NA-
384
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
London & Stamford Property
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: London & Stamford Property 9.54%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: London & Stamford Property
Graph 3: Correlations
-1.00
-0.90
-0.80
-0.70
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
London & Stamford Property v. Emerging Correlation
London & Stamford Property v. Global Correlation
Bloomberg: MLD LN Reuters: MLD.L ISIN: CY0100141015 SNL: -NA-
385
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Mirland Development Corp
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mirland Development Corp -89.02%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Mirland Development Corp
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Mirland Development Corp v. Emerging Correlation
Mirland Development Corp v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: RUS LN Reuters: RUS.L ISIN: GB00B0D5V538 SNL: -NA-
386
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Raven Russia
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
1,400
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Raven Russia -78.62%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
2%
4%
6%
8%
10%
12%
14%
16%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Raven Russia
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Raven Russia v. Emerging Correlation
Raven Russia v. Global Correlation
Bloomberg: RUGB LN Reuters: -NA- ISIN: GB0007601551 SNL: -NA-
387
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Rugby Estates
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Rugby Estates -50.06%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
1%
2%
3%
4%
5%
6%
7%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Rugby Estates
Graph 3: Correlations
-1.00
-0.90
-0.80
-0.70
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
London & Stamford Property v. Emerging Correlation
London & Stamford Property v. Global Correlation
Bloomberg: SRE LN Reuters: DDS.L ISIN: GG00B1W3VF54 SNL: SRE-LON
388
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Sirius Real Estate
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sirius Real Estate -72.76%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Sirius Real Estate
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Sirius Real Estate v. Emerging Correlation
Sirius Real Estate v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: SPNV LN Reuters: SPNV.L ISIN: NL0000686319 SNL: SPNV-LON
389
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Spazio Investment
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Spazio Investment -75%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Spazio Investment
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Spazio Investment v. Emerging Correlation
Spazio Investment v. Global Correlation
Not enough historical data for 36
month calculations
Bloomberg: SGL LN Reuters: SGL.L ISIN: GB00B126Y552 SNL: SGL-LON
390
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Summit Germany
Graph 1: 12 Month Returns
0
200
400
600
800
1,000
1,200
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Summit Germany -81.82%
Global Index: AIM -46.11%
Regional Index: Emerging -4.08%
Blue Chip Index: AXX -56.97%
Graph 2: 12 Month Dividend Yields
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Company: Summit Germany
No dividend history
Graph 3: Correlations
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
3/3
1/2
008
4/1
4/2
008
4/2
8/2
008
5/1
2/2
008
5/2
6/2
008
6/9
/2008
6/2
3/2
008
7/7
/2008
7/2
1/2
008
8/4
/2008
8/1
8/2
008
9/1
/2008
9/1
5/2
008
9/2
9/2
008
10/1
3/2
008
10/2
7/2
008
11/1
0/2
008
11/2
4/2
008
12/8
/2008
12/2
2/2
008
1/5
/2009
1/1
9/2
009
2/2
/2009
2/1
6/2
009
3/2
/2009
3/1
6/2
009
3/3
0/2
009
Summit Germany v. Emerging Correlation
Summit Germany v. Global Correlation
Not enough historical data for 36
month calculations
Section 5
391
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Details on Methodology
Correlations
The correlations are calculated over a rolling 36-month period.
For the correlations of a stock against its country, region and global real estate index, the index returns are adjusted to exclude the company return. As such, when a country has
only 1 constituent, the correlation between the company and country-index is not calculated, as by definition it leaves a correlation of +1.
Dividend Yields
The dividend market capitalisation (defined as the dividend multiplied by the shares in issue and free float percentage) paid during the last twelve months as a percentage
of the investable market capitalisation of the index.
392
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Section 6
393
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes
394
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Indices
EUR USD G BP JPY AUD Lo c al EUR USD G BP JPY AU D Lo cal EUR USD GB P J PY AU D L oca l
Pr ic e In d ices G ross Total Retu rn Ind ice s Net To tal Retu rn Ind ice s
AMERICAS EMERGING INDEX FENEL
ASIA 33 INDEX ENA3 (HKD)
ASIA DIVERSIFIED INDEX EGADE EGADU EGADG EGADJ EGADA TEGADE TEGADU TEGADG TEGADJ TEGADA
ASIA DIVIDEND+ INDEX ENAD
ASIA EMERGING INDEX FENEA
ASIA EX AUSTRALIA DIVERSIFIED INDEX EAADE EAADU EAADG EAADJ EAADA TEAADE TEAADU TEAADG TEAADJ TEAADA
ASIA EX AUSTRALIA HEALTHCARE INDEX EAAHE EAAHU EAAHG EAAHJ EAAHA TEAAHE TEAAHU TEAAHG TEAAHJ TEAAHA
ASIA EX AUSTRALIA INDEX EPAAE EPAAU EPAAG EPAAJ TEPAAE TEPAAU TEPAAG TEPAAJ TRPAAE TRPAAU TRPAAG TRPAAJ
ASIA EX AUSTRALIA INDUSTRIAL INDEX EAAIE EAAIU EAAIG EAAIJ EAAIA TEAAIE TEAAIU TEAAIG TEAAIJ TEAAIA
ASIA EX AUSTRALIA INDUSTRIAL/OFFICE MIXED INDEX EAAME EAAMU EAAMG EAAMJ EAAMA TEAAME TEAAMU TEAAMG TEAAMJ TEAAMA
ASIA EX AUSTRALIA LODGING/RESORTS INDEX EAALE EAALU EAALG EAALJ EAALA TEAALE TEAALU TEAALG TEAALJ TEAALA
ASIA EX AUSTRALIA NON-RENTAL INDEX EAANE EAANU EAANG EAANJ EAANA TEAANE TEAANU TEAANG TEAANJ TEAANA
ASIA EX AUSTRALIA OFFICE INDEX EAAOE EAAOU EAAOG EAAOJ EAAOA TEAAOE TEAAOU TEAAOG TEAAOJ TEAAOA
ASIA EX AUSTRALIA RENTAL INDEX EAARE EAARU EAARG EAARJ EAARA TEAARE TEAARU TEAARG TEAARJ TEAARA
ASIA EX AUSTRALIA RETAIL INDEX EAATE EAATU EAATG EAATJ EAATA TEAATE TEAATU TEAATG TEAATJ TEAATA
ASIA EX AUSTRALIA SELF STORAGE INDEX EAASE EAASU EAASG EAASJ EAASA TEAASE TEAASU TEAASG TEAASJ TEAASA
ASIA EX AUTRALIA RESIDENTIAL INDEX EAAEE EAAEU EAAEG EAAEJ EAAEA TEAAEE TEAAEU TEAAEG TEAAEJ TEAAEA
ASIA EX AUTRALIA SPECIALTY INDEX EAAPE EAAPU EAAPG EAAPJ EAAPA TEAAPE TEAAPU TEAAPG TEAAPJ TEAAPA
ASIA INDEX EGAS UGAS PGAS YGAS REGA RUGA RPGA RYAS TRGASE TRGASU TRGASG TRGASJ
ASIA INDUSTRIAL INDEX EGAIE EGAIU EGAIG EGAIJ EGAIA TEGAIE TEGAIU TEGAIG TEGAIJ TEGAIA
ASIA LODGING/RESORTS INDEX EGALE EGALU EGALG EGALJ EGALA TEGALE TEGALU TEGALG TEGALJ TEGALA
ASIA NON-REITS INDEX ENASE ENASU ENASG ENASJ ENASA TENASE TENASU TENASG TENASJ TENASA
ASIA OFFICE INDEX EGAFE EGAFU EGAFG EGAFJ EGAFA TEGAFE TEGAFU TEGAFG TEGAFJ TEGAFA
ASIA PAC EX JPN EX AUS LIQUID INDEX GSLQAPE GSLQAPU GSLQAPG GSLQAPJ GSLQAPA GSLQAPH (HKD), GSLQAPS (SGD) TGSLQAPE TGSLQAPU TGSLQAPG TGSLQAPJ TGSLQAPA TGSLQAPH (HKD), TGSLQAPS (SGD)
ASIA REITS INDEX ERASE ERASU ERASG ERASJ ERASA TERASE TERASU TERASG TERASJ TERASA
ASIA RESIDENTIAL INDEX EGAEE EGAEU EGAEG EGAEJ EGAEA TEGAEE TEGAEU TEGAEG TEGAEJ TEGAEA
ASIA RETAIL INDEX EGATE EGATU EGATG EGATJ EGATA TEGATE TEGATU TEGATG TEGATJ TEGATA
AUSTRALIA HEDGED IN US$ INDEX ELHAU TELHAU FTAHUST
AUSTRALIA INDEX ENAU UNAU PLAU YLAU ELAU REAU RUAU RPAU RYAU RDAU TRLAUE TRLAUU TRLAUG TRLAUJ TRLAUL
AUSTRALIA LIQUID INDEX LIQELAUE LIQELAUU LIQELAUG LIQELAUJ LIQELAUA TLIQELAUE TLIQELAUU TLIQELAUG TLIQELAUJ TLIQELAUA
AUSTRIA INDEX EPAS UPAS PPAS YPAS REPAS RUPAS RPAS RYAUS TRPASE TRPASU TRPASG TRPASJ
BELGIUM INDEX EPBL UPBL PPBL YPBL RPBL RUPBL RPPB RYBL TRPBLE TRPBLU TRPBLG TRPBLJ
CANADA INDEX ENCA UNCA PLCA YLCA ELCA (CAD) RCAE RCAU RPCA RYCA RCAC (CAD) TRLCAE TRLCAU TRLCAG TRLCAJ TRLCAL (CAD)
CUSTOM GLOBAL INDEX INDEX FTGIEUR FTGIUSD FTGILOC FTGIEUTR FTGIUSTR FTGILCTR
CZECH REPUBLIC INDEX TRPCZE TRPCZU TRPCZG TRPCZJ TRPCZL (NZD)
DENMARK INDEX EPDK UPDK PLDK YLDK ELDK (DKK) RPDK RUPDK RPLD RYDK RLDK (DKK) TRLDKE TRLDKU TRLDKG TRLDKJ TRLDKL (DKK)
EMERGING MARKET INDEX FENEI
EUROPE CAPPED INDEX EORA EORAU EORAG EORAG TEORAE TEORAU TEORAG TEORAJ R0RA R0RA R0RA R0RA
EUROPE DIVERSIFIED INDEX EPRDE EPRDU EPRDG EPRDJ EPRDA TEPRDE TEPRDU TEPRDG TEPRDJ TEPRDA
EUROPE EURO ZONE CAPPED INDEX EOEU EOEUU EOEUG EOEUJ TEOEUE TEOEUU TEOEUG TEOEUJ R0EU R0EU R0EU R0EU
EUROPE EURO ZONE DIVERSIFIED INDEX EPEDE EPEDU EPEDG EPEDJ EPEDA TEPEDE TEPEDU TEPEDG TEPEDJ TEPEDA
EUROPE EURO ZONE INDEX EPEU UPEU GPEU YPEU RPEU RUPEU RGPEU RYEU NEPEU NUPEU NPPEU NYPEU
EUROPE EURO ZONE INDUSTRIAL INDEX EPEIE EPEIU EPEIG EPEIJ EPEIA TEPEIE TEPEIU TEPEIG TEPEIJ TEPEIA
EUROPE EURO ZONE OFFICE INDEX EPEFE EPEFU EPEFG EPEFJ EPEFA TEPEFE TEPEFU TEPEFG TEPEFJ TEPEFA
EUROPE EURO ZONE RESIDENTIAL INDEX EPERE EPERU EPERG EPERJ EPERA TEPERE TEPERU TEPERG TEPERJ TEPERA
EUROPE EURO ZONE RETAIL INDEX EPETE EPETU EPETG EPETJ EPETA TEPETE TEPETU TEPETG TEPETJ TEPETA
EUROPE EX UK CAPPED INDEX EOUK EOUKU EOUKG EOUKJ TEOUKE TEOUKU TEOUKG TEOUKJ R0UK R0UK R0UK R0UK
EUROPE EX UK DIVIDEND+ INDEX ENDP
EUROPE EX UK INDEX EXUK UXUK GXUK YXUK RXUK RUXUK RGXUK RYXU REXUK NUXUK NPXUK NYXUK
EUROPE EX UK LIQUID INDEX GSLQEUE GSLQEUU GSLQEUG GSLQEUJ GSLQEUA GSLQEUH (HKD), GSLQEUS (SGD) TGSLQEUE TGSLQEUU TGSLQEUG TGSLQEUJ TGSLQEUA TGSLQEUH (HKD), TGSLQEUS (SGD)
EUROPE HEALTHCARE INDEX EPRHE EPRHU EPRHG EPRHJ EPRHA TEPRHE TEPRHU TEPRHG TEPRHJ TEPRHA
EUROPE INDEX EPRA UPRA GPRA YPRA RPRA RUPRA RGPRA RYRA NEPRA NUPRA NPPRA NYPRA
EUROPE INDUSTRIAL INDEX EPRIE EPRIU EPRIG EPRIJ EPRIA TEPRIE TEPRIU TEPRIG TEPRIJ TEPRIA
EUROPE LIQUID 40 CAPPED INDEX INDEX SOELU SOELG SEOLJ TSOELE TSOELU TSOELG TSOELJ R0EL R0EL R0EL R0EL
EUROPE LIQUID 40 EX UK CAPPED INDEX SOXUU SOXUG SOXUJ TSOXUE TSOXUU TSOXUG TSOXUJ R0XU R0XU R0XU R0XU
EUROPE LIQUID 40 EX UK INDEX SSXU USXU PSXU YSXU RSXU RUSX RPXU RYSX NSXU NUSXU NPSXU NYSXU
EUROPE LIQUID 40 INDEX SSEL USEL PSEL YSEL RSSL RUSE RPEL RYSE NSSL NUSSL NPSSL NYSSL
EUROPE LODGINGS/RESORTS INDEX EPRLE EPRLU EPRLG EPRLJ EPRLA TEPRLE TEPRLU TEPRLG TEPRLJ TEPRLA
EUROPE NON-REITS INDEX ENEE ENEEU ENEEG ENEEJ ENEEA TENEEE TENEEU TENEEG TENEEJ TENEEA
EUROPE OFFICE INDEX EPRFE EPRFU EPRFG EPRFJ EPRFA TEPRFE TEPRFU TEPRFG TEPRFJ TEPRFA
EUROPE REITS INDEX EREE EREEU EREEG EREEJ EREEA TEREEE TEREEU TEREEG TEREEJ TEREEA
EUROPE RESIDENTIAL INDEX EPREE EPREU EPREG EPREJ EPREA TEPREE TEPREU TEPREG TEPREJ TEPREA
EUROPE RETAIL INDEX EPRTE EPRTU EPRTG EPRTJ EPRTA TEPRTE TEPRTU TEPRTG TEPRTJ TEPRTA
EUROPE SELF STORAGE INDEX EPRSE EPRSU EPRSG EPRSJ EPRSA TEPRSE TEPRSU TEPRSG TEPRSJ TEPRSA
EUROPE SPECIALTY INDEX EPRPE EPRPU EPRPG EPRPJ EPRPA TEPRPE TEPRPU TEPRPG TEPRPJ TEPRPA
EUROPE UK RESTRICTED INDEX EPHG UPHG PPHG YPHG RPHG RUPH RPPH RYPH TRPHGE TRPHGU TRPHGG TRPHGJ
EUROPE EMERGING INDEX FENEU
EMEA EMERGING INDEX FENEM
FINLAND INDEX EPFI UPFI PPFI YPFI RPFI RUPFI RPPFI RYFI TRPFIE TRPFIU TRPFIG TRPFIJ
FRANCE INDEX EPFR UPFR PPFR YPFR RPFR RUPFR RPPFR RYFR TRPFRE TRPFRU TRPFRG TRPFRJ
395
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Indices
EUR USD G BP JPY AUD Lo c al EUR USD G BP JPY AU D Lo cal EUR USD GB P J PY AU D L oca l
Pr ic e In d ices G ross Total Retu rn Ind ice s Net To tal Retu rn Ind ice s
GERMANY INDEX EPGR UPGR PPGR YPGR RPGR RUPGR RPPGR RYGR TRPGRE TRPGRU TRPGRG TRPGRJ
GLOBAL DIVERSIFIED INDEX ENGVE ENGVU ENGVG ENGVJ ENGVA TENGVE TENGVU TENGVG TENGVJ TENGVA
GLOBAL DIVIDEND+ INDEX ENGD
GLOBAL EX ASIA INDEX EGXA UGXA PGXA YGXA REXA RUXA RPXA RYXA TRGXAE TRGXAU TRGXAG TRGXAJ
GLOBAL EX ASIA NON-REITS INDEX ENXAE ENXAU ENXAG ENXAJ TENXAE TENXAU TENXAG TENXAJ
GLOBAL EX ASIA REITS INDEX ERXAE ERXAU ERXAG ERXAJ TERXAE TERXAU TERXAG TERXAJ
GLOBAL EX AUSTRALIA HEDGED IN AUD INDEX EGAAL TEGAAL
GLOBAL EX AUSTRALIA HEDGED IN USD INDEX EGAHU TEGAHU
GLOBAL EX AUSTRALIA INDEX GAXAU GAXAA TGAXAU TGAXAA TRAXAU TRAXAA
GLOBAL EX AUSTRALIA NON-RENTAL IN AUD HEDGED INDEX GAHNU GAHNA TGAHNU TGAHNA
GLOBAL EX AUSTRALIA NON-RENTAL IN AUD UNHEDGED INDEX GAUNU GAUNA TGAUNU TGAUNA
GLOBAL EX AUSTRALIA RENTAL IN AUD HEDGED INDEX GAHRU GAHRA TGAHRU TGAHRA
GLOBAL EX AUSTRALIA RENTAL IN AUD UNHEDGED INDEX GAURU GAURA TGAURU TGAURA
GLOBAL EX EUROPE INDEX EGXE UGXE PGXE YGXE REXE RUXE RPXE RYXE TRGXEE TRGXEU TRGXEG TRGXEJ
GLOBAL EX EUROPE NON-REITS INDEX ENXEE ENXEU ENXEG ENXEJ TENXEE TENXEU TENXEG TENXEJ
GLOBAL EX EUROPE REITS INDEX ERXEE ERXEU ERXEG ERXEJ TERXEE TERXEU TERXEG TERXEJ
GLOBAL EX JAPAN INDEX EGXJE EGXJU EGXJG EGXJJ TEGXJE TEGXJU TEGXJG TEGXJJ TRGXJE TRGXJU TRGXJG TRGXJJ
GLOBAL EX NORTH AMERICA EGXN UGXN PGXN YGXN REXN RUXN RPXN RYXN TRGXNE TRGXNU TRGXNG TRGXNJ
GLOBAL EX US INDEX EUGXU EGXU PGXU YGXU REUGXU REGXU RPGXU RYGXU TRGXUE TRGXUU TRGXUG TRGXUJ
GLOBAL EX US LIQUID INDEX GSLXUSE GSLXUSU GSLXUSG GSLXUSJ GSLXUSA GSLXUSH (HKD), GSLXUSS (SGD) TGSLXUSE TGSLXUSU TGSLXUSG TGSLXUSJ TGSLXUSA TGSLXUSh (HKD), TGSLXUSS (SGD)
GLOBAL EX US NON-REITS INDEX ENXUE ENXUU ENXUG ENXUJ TENXUE TENXUU TENXUG TENXUJ
GLOBAL EX US REITS INDEX ERXUE ERXUU ERXUG ERXUJ TERXUE TERXUU TERXUG TERXUJ
GLOBAL HEALTHCARE INDEX ENGEE ENGEU ENGEG ENGEJ ENGEA TENGEE TENGEU TENGEG TENGEJ TENGEA
GLOBAL HEDGED IN AUD INDEX EGHAA TEGHAA
GLOBAL INDEX ENGL UNGL PNGL YNGL RNGL RUGL RPGL RYGL TRNGLE TRNGLU TRNGLG TRNGLJ
GLOBAL INDUSTRIAL INDEX ENGIE ENGIU ENGIG ENGIJ ENGIA TENGIE TENGIU TENGIG TENGIJ TENGIA
GLOBAL INDUSTRIAL/OFFICE INDEX ENGME ENGMU ENGMG ENGMJ ENGMA TENGME TENGMU TENGMG TENGMJ TENGMA
GLOBAL LIQUID INDEX GSLQGLE GSLQGLU GSLQGLG GSLQGLJ GSLQGLA GSLQGLH (HKD), GSLQGLS (SGD) TGSLQGLE TGSLQGLU TGSLQGLG TGSLQGLJ TGSLQGLA TGSLQGLH (HKD), TGSLQGLS (SGD)
GLOBAL LODGINGS/RESORTS INDEX ENGOE ENGOU ENGOG ENGOJ ENGOA TENGOE TENGOU TENGOG TENGOJ TENGOA
GLOBAL NON-REITS INDEX ENRGE ENRGU ENRGG ENRGJ TENRGE TENRGU TENRGG TENRGJ
GLOBAL OFFICE INDEX ENGFE ENGFU ENGFG ENGFJ ENGFA TENGFE TENGFU TENGFG TENGFJ TENGFA
GLOBAL REITS INDEX ERGLU
GLOBAL REITS INDEX ERGLE ERGLU ERGLG ERGLJ TERGLE TERGLU TERGLG TERGLJ
GLOBAL RESIDENTIAL INDEX ENGAE ENGAU ENGAG ENGAJ ENGAA TENGAE TENGAU TENGAG TENGAJ TENGAA
GLOBAL RETAIL INDEX ENGTE ENGTU ENGTG ENGTJ ENGTA TENGTE TENGTU TENGTG TENGTJ TENGTA
GLOBAL SELF STORAGE INDEX ENGSE ENGSU ENGSG ENGSJ ENGSA TENGSE TENGSU TENGSG TENGSJ TENGSA
GLOBAL SPECIALTY INDEX ENGPE ENGPU ENGPG ENGPJ ENGPA TENGPE TENGPU TENGPG TENGPJ TENGPA
GREECE INDEX EPGC UPGC PPGC YPGC RPGC RUGC RPPGC RYGC TRPGCE TRPGCU TRPGCG TRPGCJ
HONG KONG INDEX ENHK USHK PLHK YLHK ELHK (HKD) REHK RUHK RPHK RYHK RHHK (HKD) TRLHKE TRLHKU TRLHKG TRLHKJ TRLHKL (HKD)
HUNGARY INDEX TRPHUE TRPHUU TRPHUG TRPHUJ TRPHUL (HUG)
IRELAND INDEX EPIR UPIR RPIR RUPIR TRPIRE TRPIRU TRPIRG TRPIRJ
ITALY INDEX EPIT UPIT PPIT YPIT RPIT RUPIT RPPI RYIT TRPITE TRPITU TRPITG TRPITJ
JAPAN INDEX ENJP UNJP PLJP ELJP REJP RUJP RPLJ RYJP TRPJPE TRPJPU TRPJPG TRPJPJ
JAPAN LIQUID INDEX LIQELJE LIQELJU LIQELJG LIQELJJ LIQELJA LIQELJH (HKD), LIQELJS (SGD) TLIQELJE TLIQELJU TLIQELJG TLIQELJJ TLIQELJA TLIQELJH (HKD), TLIQELJS (SGD)
NETHERLANDS INDEX EPNL UPNL PPNL YPNL RPNL RUPNL RPPN RYNL TRPNLE TRPNLU TRPNLG TRPNLJ
NEW ZEALAND INDEX ENNZ UNNZ PLNZ YLNZ ELNZ (NZD) REGNZ RUNZ RPNZ RYNZ RLPNZ (NZD) TRLNZE TRLNZU TRLNZG TRLNZJ TRLNZL (NZD)
NORTH AMERICA DIVERSIFIED INDEX EGNDE EGNDU EGNDG EGNDJ EGNDA TEGNDE TEGNDU TEGNDG TEGNDJ TEGNDA
NORTH AMERICA HEALTHCARE INDEX EGNHE EGNHU EGNHG EGNHJ EGNHA TEGNHE TEGNHU TEGNHG TEGNHJ TEGNHA
NORTH AMERICA INDEX EGNA UGNA PGNA YGNA REGN RUGN RPGN RYNA TRGNAE TRGNAU TRGNAG TRGNAJ
NORTH AMERICA INDUSTRIAL INDEX EGNIE EGNIU EGNIG EGNIJ EGNIA TEGNIE TEGNIU TEGNIG TEGNIJ TEGNIA
NORTH AMERICA LIQUID INDEX GSLQNAE GSLQNAU GSLQNAG GSLQNAJ GSLQNAA GSLQNAH (HKD), GSLQNAS (SGD) TGSLQNAE TGSLQNAU TGSLQNAG TGSLQNAJ TGSLQNAA TGSLQNAH (HKD), TGSLQNAS (SGD)
NORTH AMERICA LODGINGS RESORTS INDEX EGNLE EGNLU EGNLG EGNLJ EGNLA TEGNLE TEGNLU TEGNLG TEGNLJ TEGNLA
NORTH AMERICA NIDUSTRAL/OFFICE MIXED INDEX EGNME EGNMU EGNMG EGNMJ EGNMA TEGNME TEGNMU TEGNMG TEGNMJ TEGNMA
NORTH AMERICA OFFICE INDEX EGNFE EGNFU EGNFG EGNFJ EGNFA TEGNFE TEGNFU TEGNFG TEGNFJ TEGNFA
NORTH AMERICA RESIDENTIAL INDEX EGNEE EGNEU EGNEG EGNEJ EGNEA TEGNEE TEGNEU TEGNEG TEGNEJ TEGNEA
NORTH AMERICA RETAIL INDEX EGNTE EGNTU EGNTG EGNTJ EGNTA TEGNTE TEGNTU TEGNTG TEGNTJ TEGNTA
NORTH AMERICA SELF STORAGE INDEX EGNSE EGNSU EGNSG EGNSJ EGNSA TEGNSE TEGNSU TEGNSG TEGNSJ TEGNSA
NORTH AMERICA SPECIALTY INDEX EGNPE EGNPU EGNPG EGNPJ EGNPA TEGNPE TEGNPU TEGNPG TEGNPJ TEGNPA
NORWAY INDEX EPNK UPNK ELNK (NOK) RPNK RUPNK RLNK (NOK) TRLNKE TRLNKU TRLNKG TRLNKJ TRLNKL (NOK)
MIDDLE EAST/AFRICA EMERGIN INDEX FENME
POLAND INDEX TRPPOE TRPPOU TRPPOG TRPPOJ TRPPOL (PLN)
PORTUGAL INDEX EPPT UPPT RPPT RUPPT TRPPTE TRPPTU TRPPTG TRPPTJ
PURE ASIA EX AUSTRALIA INDEX TFEPAEAE
PURE ASIA INDEX EGPA UGPA PGPA YGPA RGPA RUPA RPPA RYPA TRGPAE TRGPAU TRGPAG TRGPAJ
PURE AUSTRALIA INDEX EPAU UPAU PPAU YPAU LPAU REPAU RAUU RPPAU RYPAU RLPA TRPAUE TRPAUU TRPAUG TRPAUJ TRPAUL
SINGAPORE INDEX ENSI UNSI PLSI YLSI ELSI (SGD) RESI RUSI RPSI RYSI RDSI (SGD) TRLSIE TRLSIU TRLSIG TRLSIJ TRLSIL (SGD)
SOUTH KOREA INDEX TRPKRE TRPKRU TRPKRG TRPKRJ TRPKRL (KRW)
SPAIN INDEX EPSP UPSP PPSP YPSP RPSP RUPSP RPPS RYSP TRPSPE TRPSPU TRPSPG TRPSPJ
SWEDEN INDEX EPSD UPSD PLSD YLSD ELSD (SEK) RPSD RUPSD RPLSD RYSD RLSD (SEK) TRLSDE TRLSDU TRLSDG TRLSDJ TRLSDL (SEK)
SWITZERLAND INDEX EPSW UPSW PPSW YLSW ELSW (CHF) RPSW RUPSW RPLSW RYSW RLSW (CHF) TRLSWE TRLSWU TRLSWG TRLSWJ TRLSWL (CHF)
396
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Indices
EUR USD G BP JPY AUD Lo c al EUR USD G BP JPY AU D Lo cal EUR USD GB P J PY AU D L oca l
Pr ic e In d ices G ross Total Retu rn Ind ice s Net To tal Retu rn Ind ice s
UK DIVERSIFIED INDEX ELUDE ELUDU ELUDG ELUDJ ELUDA TELUDE TELUDU TELUDG TELUDJ TELUDA
UK HEALTHCARE INDEX ELUHE ELUHU ELUHG ELUHJ ELUHA TELUHE TELUHU TELUHG TELUHJ TELUHA
UK INDEX EPUK UPUK ELUK YLUK RPUK RUPUK RLUK RYUK NEPUK NUPUK NPPUK NYPUK
UK INDUSTRAL INDEX ELUIE ELUIU ELUIG ELUIJ ELUIA TELUIE TELUIU TELUIG TELUIJ TELUIA
UK LIQUID INDEX LIQELUE LIQELUU LIQELUG LIQELUJ LIQELUA LIQELUH (HKD), LIQELUS (SGD) TLIQELUE TLIQELUU TLIQELUG TLIQELUJ TLIQELUA TLIQELUH (HKD), TLIQELUS (SGD)
UK LODGINGS/RESORTS INDEX ELULE ELULU EULUG EULUJ ELULA TELULE TELULU TEULUG TEULUJ TELULA
UK NON-REITS INDEX ENUKNRE ENUKNRU ENUKNRG ENUKNRJ TENUKNRE TENUKNRU TENUKNRG TENUKNRJ
UK OFFICE INDEX ELUFE ELUFU ELUFG ELUFJ ELUFA TELUFE TELUFU TELUFG TELUFJ TELUFA
UK PROPERTY INDEX INAVEUPE INAVEUPU INAVEUPG INAVEUPC (CHF)
UK REITS INDEX ENUKRE ENUKRU ENUKRG ENUKRJ TENUKRE TENUKRU TENUKRG TENUKRJ
UK RESIDENTIAL INDEX ELUEE ELUEU ELUEG ELUEJ ELUEA TELUEE TELUEU TELUEG TELUEJ TELUEA
UK RETAIL INDEX ELUTE ELUTU ELUTG ELUTJ ELUTA TELUTE TELUTU TELUTG TELUTJ TELUTA
UK SELF STORAGE INDEX ELUSE ELUSU ELUSG ELUSJ ELUSA TELUSE TELUSU TELUSG TELUSJ TELUSA
UK SPECIALTY INDEX ELUPE ELUPU ELUPG ELUPJ ELUPA TELUPE TELUPU TELUPG TELUPJ TELUPA
US DIVERSIFIED INDEX UNUDE UNUDU UNUDG UNUDJ UNUDA TUNUDE TUNUDU TUNUDG TUNUDJ TUNUDA
US DIVIDEND+ INDEX ENUD
US HEALTHCARE INDEX UNUHE UNUHU UNUHG UNUHJ UNUHA TUNUHE TUNUHU TUNUHG TUNUHJ TUNUHA
US INDEX ENUS UNUS PNUS YNUS REUS RUUS RPNU RYUS TRNUSE TRNUSU TRNUSG TRNUSJ
US INDUSTRIAL INDEX UNUIE UNUIU UNUIG UNUIJ UNUIA TUNUIE TUNUIU TUNUIG TUNUIJ TUNUIA
US INDUSTRIAL/OFFICE MIXED INDEX UNUME UNUMU UNUMG UNUMJ UNUMA TUNUME TUNUMU TUNUMG TUNUMJ TUNUMA
US LODGINGS/RESORTS INDEX UNULE UNULU UNULG UNULJ UNULA TUNULE TUNULU TUNULG TUNULJ TUNULA
US OFFICE INDEX UNUFA UNUFU UNUFG UNUFJ UNUFA TUNUFA TUNUFU TUNUFG TUNUFJ TUNUFA
US RESIDENTIAL INDEX UNUEE UNUEU UNUEG UNUEJ UNUEA TUNUEE TUNUEU TUNUEG TUNUEJ TUNUEA
US RETAIL INDEX UNUTE UNUTU UNUTG UNUTJ UNUTA TUNUTE TUNUTU TUNUTG TUNUTJ TUNUTA
US SELF STORAGE INDEX UNUOE UNUOU UNUOG UNUOJ UNUOA TUNUOE TUNUOU TUNUOG TUNUOJ TUNUOA
US SPECIALTY INDEX UNUPE UNUPU UNUPG UNUPJ UNUPA TUNUPE TUNUPU TUNUPG TUNUPJ TUNUPA
397
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Indices
EUR USD G BP JPY AUD Lo c al EUR USD G BP JPY AU D Lo cal EUR USD GB P J PY AU D L oca l
Pr ic e In d ices G ross Total Retu rn Ind ice s Net To tal Retu rn Ind ice s
AMERICAS EMERGING INDEX .FTENEL
ASIA 33 INDEX .FTENAE3 .FTENA3
ASIA DIVIDEND+ INDEX .FTENAD .FTENAD
ASIA EMERGING INDEX .FTENEA
ASIA EX AUSTRALIA INDEX .TFTRPAAE .TFTRPAAU .TFTRPAAS .TFTRPAAY .TFTRPAAL
ASIA INDEX .FTEGAS .FTUGAS .FTEGASE .FTEGASU .FTEGASY .FTEGASS .FTEGASL .TFTRGASE .TFTRGASU .TFTRGASS .TFTRGASY .TFTRGASL
ASIA NON-REITS INDEX .FTENASE .FTENASU .FTENASS .FTENASY .FTENASL .TFTENASE .TFTENASU .TFTENASS .TFTENASY .TFTENASL
ASIA REITS INDEX .FTERASE .FTERASU .FTERASS .FTERASY .FTERASL .TFTERASE .TFTERASU .TFTERASS .TFTERASY .TFTERASL
AUSTRALIA INDEX .FTELAU .FTELAUE .FTELAUU .FTELAUY .FTELAUS .FTELAUL .TFTELAUE .TFTELAUU .TFTELAUS .TFTELAUY .TFTELAUL
AUSTRIA INDEX .FTEPASE .FTEPASU .FTEPASY .FTEPASS .FTEPASL .TFTRPASE .TFTRPASU .TFTRPASS .TFTRPASY .TFTRPASL
BELGIUM INDEX .FTEPBLE .FTEPBLU .FTEPBLY .FTEPBLS .FTEPBLL .TFTRPBLE .TFTRPBLU .TFTRPBLS .TFTRPBLY .TFTRPBLL
CANADA INDEX .FTELCAE .FTELCAU .FTELCAY .FTELCAS .FTELCAL .TFTELCAE .TFTELCAU .TFTELCAS .TFTELCAY .TFTELCAL
CZECH INDEX .TFTRPCZL
DENMARK INDEX .FTELDKE .FTELDKU .FTELDKY .FTELDKS .FTELDKL .TFTELDKE .TFTELDKU .TFTELDKS .TFTELDKY .TFTELDKL
EMERGING MARKET INDEX .FTENEI
EUROPE CAPPED INDEX .FTEORA .FTEORA
EUROPE EURO ZONE CAPPED INDEX .FTEOEU .FTEOEU
EUROPE EURO ZONE INDEX .FTEPEU .FTEPEUE .FTEPEUU .FTEPEUY .FTEPEUS .FTEPEUL .TFTRPEUE .TFTRPEUU .TFTRPEUS .TFTRPEUY .TFTRPEUL
EUROPE EX UK CAPPED INDEX .FTEOUK .FTEOUK
EUROPE EX UK DIVIDEND+ INDEX .FTENDP .TFTENDPE .TFTENDPU .TFTENDPS .TFTENDPY .TFTENDPL
EUROPE EX UK INDEX .FTEXUK .FTEXUKE .FTEXUKU .FTEXUKY .FTEXUKS .FTEXUKL .TFTRXUKE .TFTRXUKU .TFTRXUKS .TFTRXUKY .TFTRXUKL
EUROPE INDEX .FTEPRA .FTUPRA .FTEPRAE .FTEPRAU .FTEPRAY .FTEPRAS .FTEPRAL .TFTRPRAE .TFTRPRAU .TFTRPRAS .TFTRPRAY .TFTRPRAL
EUROPE LIQUID 40 EX UK INDEX .FTSSXUE .FTSSXUU .FTSSXUY .FTSSXUS .FTSSXUL .TFTSSXUE .TFTSSXUU .TFTSSXUS .TFTSSXUY .TFTSSXUL
EUROPE LIQUID 40 INDEX .FTSSELE .FTSSELU .FTSSELY .FTSSELS .FTSSELL .TFTSSELE .TFTSSELU .TFTSSELS .TFTSSELY .TFTSSELL
EUROPE NON-REITS INDEX .FTENEE .FTENEE
EUROPE REITS INDEX .FTEREE .FTEREE
EUROPE UK RESTRICTED INDEX .FTEPHG .FTEPHGE .FTEPHGU .FTEPHGY .FTEPHGS .FTEPHGL .TFTRPHGE .TFTRPHGU .TFTRPHGS .TFTRPHGY .TFTRPHGL
EUROPE EMERGING INDEX .FTENEU
EMEA EMERGING INDEX .FTENEM
FINLAND INDEX .FTEPFIE .FTEPFIU .FTEPFIY .FTEPFIS .FTEPFIL .TFTRPFIE .TFTRPFIU .TFTRPFIS .TFTRPFIY .TFTRPFIL
FRANCE INDEX .FTEPFRE .FTEPFRU .FTEPFRY .FTEPFRS .FTEPFRL .TFTRPFRE .TFTRPFRU .TFTRPFRS .TFTRPFRY .TFTRPFRL
GERMANY INDEX .FTEPGRE .FTEPGRU .FTEPGRY .FTEPGRS .FTEPGRL .TFTRPGRE .TFTRPGRU .TFTRPGRS .TFTRPGRY .TFTRPGRL
GLOBAL DIVIDEND+ INDEX .FTENGD .FTENGED
GLOBAL EX ASIA INDEX .FTEGXAE .FTEGXAU .FTEGXAY .FTEGXAS .FTEGXAL .TFTRGXAE .TFTRGXAU .TFTRGXAS .TFTRGXAY .TFTRGXAL
GLOBAL EX ASIA NON-REITS INDEX .FTENXAE .FTENXAU .FTENXAS .FTENXAY .FTENXAL .TFTENXAE .TFTENXAU .TFTENXAS .TFTENXAY .TFTENXAL
GLOBAL EX ASIA REITS INDEX .FTERXAE .FTERXAU .FTERXAS .FTERXAY .FTERXAL .TFTERXAE .TFTERXAU .TFTERXAS .TFTERXAY .TFTERXAL
GLOBAL EX AUSTRALIA HEDGED IN AUD INDEX .FTEGAAA .TFTEGAAL
GLOBAL EX AUSTRALIA HEDGED IN USD INDEX .TFTEGAHU .TFTEGAHL
GLOBAL EX AUSTRALIA INDEX .TFTRAXAA
GLOBAL EX EUROPE INDEX .FTEGXEE .FTEGXEU .FTEGXEY .FTEGXES .FTEGXEL .TFTRGXEE .TFTRGXEU .TFTRGXES .TFTRGXEY .TFTRGXEL
GLOBAL EX EUROPE NON-REITS INDEX .FTENXEE .FTENXEU .FTENXES .FTENXEY .FTENXEL .TFTENXEE .TFTENXEU .TFTENXES .TFTENXEY .TFTENXEL
GLOBAL EX EUROPE REITS INDEX .FTERXEE .FTERXEU .FTERXES .FTERXEY .FTERXEL .TFTERXEE .TFTERXEU .TFTERXES .TFTERXEY .TFTERXEL
GLOBAL EX JAPAN INDEX .TFTRGXJE .TFTRGXJU .TFTRGXJS .TFTRGXJY .TFTRGXJL
GLOBAL EX NORTH AMERICA INDEX .FTEGXNE .FTEGXNU .FTEGXNY .FTEGXNS .FTEGXNL .TFTRGXNE .TFTRGXNU .TFTRGXNS .TFTRGXNY .TFTRGXNL
GLOBAL EX NORTH AMERICA REITS INDEX .TFTERXUE .TFTERXUU .TFTERXUS .TFTERXUY .TFTERXUL
GLOBAL EX US INDEX .FTEGXO .TFTEGXUE .TFTEGXUU .TFTEGXUS .TFTEGXUY .TFTEGXUL
GLOBAL EX US NON-REITS INDEX .FTENXUE .FTENXUU .FTENXUS .FTENXUY .FTENXUL .TFTENXUE .TFTENXUU .TFTENXUS .TFTENXUY .TFTENXUL
GLOBAL EX US REITS INDEX .FTERXUE .FTERXUU .FTERXUS .FTERXUY .FTERXUL
GLOBAL HEDGED IN AUD INDEX .FTSEGHAA
GLOBAL HEDGED IN USD INDEX .TFTELHAU .TFTELHAL
GLOBAL INDEX .FTENGL .FTUNGL .FTENGLE .FTENGLU .FTENGLY .FTENGLS .FTENGLL .TFTRNGLE .TFTRNGLU .TFTRNGLS .TFTRNGLY .TFTRNGLL
GLOBAL NON-REITS INDEX .FTENRGE .FTENRGU .FTENRGS .FTENRGY .FTENRGL
GLOBAL REITS INDEX .FTERGLE .FTERGLU .FTERGLS .FTERGLY .FTERGLL .TFTERGLE .TFTERGLU .TFTERGLS .TFTERGLY .TFTERGLL
GREECE INDEX .FTEPGCE .FTEPGCU .FTEPGCY .FTEPGCS .FTEPGCL .TFTRPGCE .TFTRPGCU .TFTRPGCS .TFTRPGCY .TFTRPGCL
HONG KONG INDEX .FTELHK .FTELHKE .FTELHKU .FTELHKY .FTELHKS .FTELHKL .TFTELHKE .TFTELHKU .TFTELHKS .TFTELHKY .TFTELHKL
HUNGARY INDEX .TFTRPHUL
IRELAND INDEX .FTEPIRE .FTEPIRU .FTEPIRY .FTEPIRS .FTEPIRL .TFTRPIRE .TFTRPIRU .TFTRPIRS .TFTRPIRY .TFTRPIRL
ITALY INDEX .FTEPITE .FTEPITU .FTEPITY .FTEPITS .FTEPITL .TFTRPITE .TFTRPITU .TFTRPITS .TFTRPITY .TFTRPITL
JAPAN INDEX .FTELJP .FTELJPE .FTELJPU .FTELJPY .FTELJPS .FTELJPL .TFTELJPE .TFTELJPU .TFTELJPS .TFTELJPY .TFTELJPL
NETHERLANDS INDEX .FTEPNLE .FTEPNLU .FTEPNLY .FTEPNLS .FTEPNLL .TFTRPNLE .TFTRPNLU .TFTRPNLS .TFTRPNLY .TFTRPNLL
NEW ZEALAND INDEX .FTELNZE .FTELNZU .FTELNZY .FTELNZS .FTELNZL .TFTELNZE .TFTELNZU .TFTELNZS .TFTELNZY .TFTELNZL
NORTH AMERICA INDEX .FTEGNA .FTUGNA .FTEGNAE .FTEGNAU .FTEGNAY .FTEGNAS .FTEGNAL .TFTRGNAE .TFTRGNAU .TFTRGNAS .TFTRGNAY .TFTRGNAL
NORWAY INDEX .FTELNKE .FTELNKU .FTELNKY .FTELNKS .FTELNKL .TFTELNKE .TFTELNKU .TFTELNKS .TFTELNKY .TFTELNKL
MIDDLE EAST/AFRICA EMERGIN INDEX .FTENME
POLAND INDEX .TFTRPPOE .TFTRPPOU .TFTRPPOS .TFTRPPOY .TFTRPPOL
PORTUGAL INDEX .FTEPPTE .FTEPPTU .FTEPPTY .FTEPPTS .FTEPPTL .TFTRPPTE .TFTRPPTU .TFTRPPTS .TFTRPPTY .TFTRPPTL
PURE ASIA INDEX .FTEGPAE .FTEGPAU .FTEGPAY .FTEGPAS .FTEGPAL .TFTRGPAE .TFTRGPAU .TFTRGPAS .TFTRGPAY .TFTRGPAL
PURE AUSTRALIA INDEX .FTLPAUE .FTLPAUU .FTLPAUY .FTLPAUS .FTLPAUL .TFTLPAUE .TFTLPAUU .TFTLPAUS .TFTLPAUY .TFTLPAUL
SINGAPORE INDEX .FTELSIE .FTELSIU .FTELSIY .FTELSIS .FTELSIL .TFTELSIE .TFTELSIU .TFTELSIS .TFTELSIY .TFTELSIL
SOUTH KOREA INDEX .TFTRPKRL
398
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Indices
EUR USD G BP JPY AUD Lo c al EUR USD G BP JPY AU D Lo cal EUR USD GB P J PY AU D L oca l
Pr ic e In d ices G ross Total Retu rn Ind ice s Net To tal Retu rn Ind ice s
SPAIN INDEX .FTEPSPE .FTEPSPU .FTEPSPY .FTEPSPS .FTEPSPL .TFTRPSPE .TFTRPSPU .TFTRPSPS .TFTRPSPY .TFTRPSPL
SWEDEN INDEX .FTELSDE .FTELSDU .FTELSDY .FTELSDS .FTELSDL .TFTELSDE .TFTELSDU .TFTELSDS .TFTELSDY .TFTELSDL
SWITZERLAND INDEX .FTELSWE .FTELSWU .FTELSWY .FTELSWS .FTELSWL .TFTELSWE .TFTELSWU .TFTELSWS .TFTELSWY .TFTELSWL
UK INDEX .FTELUK .FTELUKE .FTELUKU .FTELUKY .FTELUKS .FTELUKL .TFTRPUKE .TFTRPUKU .TFTRPUKS .TFTRPUKY .TFTRPUKL
UK NON-REITS INDEX .FTENUKNRE .FTENUKNRU .FTENUKNRS .FTENUKNRY .FTENUKNRS
UK REITS INDEX .FTENUKRE .FTENUKRU .FTENUKRS .FTENUKRY .FTENUKRS
US DIVIDEND+ INDEX .FTENUD .FTENUD
US INDEX .FTUNUS .FTUNUSE .FTUNUSU .FTUNUSY .FTUNUSS .FTUNUSL .TFTUNUSE .TFTUNUSU .TFTUNUSS .TFTUNUSY .TFTUNUSL
THOMSON ONE
399
Data Vendor Codes - Indices
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
DATASTREAMFTSE EPRA/NAREIT Indices - Data Vendor Codes
* Bold indicates real time calculation
Index EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local
Price Indices Gross Total Return Indices Net Total Return Indices
ASIA INDEX EPRAASE PI EPRAASU PI EPRAASG PI EPRAASE RI EPRAASU RI EPRAASG RI
AUSTRALIA INDEX EPRAAUE PI EPRAAUU PI EPRAAUA PI EPRAAUE RI EPRAAUU RI EPRAAUA RI
AUSTRIA INDEX EPRAAUS PI EPRAAU$ PI EPRAAUS RI EPRAAU$ RI
BELGIUM INDEX EPRABGE PI EPRABGU PI EPRABGE RI EPRABGU RI
CANADA INDEX EPRACAE PI EPRACAU PI EPRACAC PI EPRACAE RI EPRACAU RI EPRACAC RI
DENMARK INDEX EPRADKE PI EPRADKU PI EPRADKD PI EPRADKE RI EPRADKU RI EPRADKD RI
EUROPE EURO ZONE INDEX EPRAEZE PI EPRAEZU PI EPRAEZG PI EPRAEZE RI EPRAEZU RI EPRAEZG RI
EUROPE EX UK INDEX EPRAXUE PI EPRAXUU PI EPRAXUG PI EPRAXUE RI EPRAXUU RI EPRAXUG RI
EUROPE INDEX EPRAIXE PI EPRAIXU PI EPRAIXG PI EPRAIXE RI EPRAIXU RI EPRAIXG RI
FINLAND INDEX EPRAFNE PI EPRAFNU PI EPRAFNE RI EPRAFNU RI
FRANCE INDEX EPRAFRE PI EPRAFRU PI EPRAFRE RI EPRAFRU RI
GERMANY INDEX EPRAGRE PI EPRAGRU PI EPRAGRE RI EPRAGRU RI
GLOBAL EX ASIA INDEX EPRGXAE PI EPRGXAU PI EPRGXAG PI EPRGXAE RI EPRGXAU RI EPRGXAG RI
GLOBAL EX EUROPE INDEX EPRGXEE PI EPRGXEU PI EPRGXEG PI EPRGXEE RI EPRGXEU RI EPRGXEG RI
GLOBAL EX NORTH AMERICA INDEX EPRXNAE PI EPRXNAU PI EPGXNAG PI EPRXNAE RI EPRXNAU RI EPGXNAG RI
GLOBAL INDEX EPRAGLE PI EPRAGLU PI EPRAGLG PI EPRAGLE RI EPRAGLU RI EPRAGLG RI
HONG KONG INDEX EPRAHKE PI EPRAHKU PI EPRAHKH PI EPRAHKE RI EPRAHKU RI EPRAHKH RI
IRELAND INDEX EPRAIRE PI EPRAIRU PI EPRAIRE RI EPRAIRU RI
ITALY INDEX EPRAITE PI EPRAITU PI EPRAITE RI EPRAITU RI
JAPAN INDEX EPRAJPE PI EPRAJPU PI EPRAJPJ PI EPRAJPE RI EPRAJPU RI EPRAJPJ RI
NETHERLANDS INDEX EPRANLE PI EPRANLU PI EPRANLE RI EPRANLU RI
NORTH AMERICA INDEX EPRANAE PI EPRANAU PI EPRANAG PI EPRANAE RI EPRANAU RI EPRANAG RI
NORWAY INDEX EPRANWE PI EPRANWU PI EPRANWN PI EPRANWE RI EPRANWU RI EPRANWN RI
PORTUGAL INDEX EPRAPRE PI EPRAPRU PI EPRAPRE RI EPRAPRU RI
SINGAPORE INDEX EPRASGE PI EPRASGU PI EPRASGS PI EPRASGE RI EPRASGU RI EPRASGS RI
SPAIN INDEX EPRASPE PI EPRASPU PI EPRASPE RI EPRASPU RI
SWEDEN INDEX EPRASWE PI EPRASWU PI EPRASWS PI EPRASWE RI EPRASWU RI EPRASWS RI
SWITZERLAND INDEX EPRASZE PI EPRASZU PI EPRASZC PI EPRASZE RI EPRASZU RI EPRASZC RI
UK INDEX EPRAUKE PI EPRAUKU PI EPRAUKG PI EPRAUKE RI EPRAUKU RI EPRAUKG RI
US INDEX EPRAUSE PI EPRAUSU PI EPRAUSE RI EPRAUSU RI
ASIA 33 INDEX ENA3-LN
ASIA DIVIDEND+ INDEX ENAD-LN
ASIA INDEX EGAS-LN UGAS-LN
AUSTRALIA INDEX ELAU-LN
EUROPE CAPPED INDEX EORA-LN
EUROPE EURO ZONE CAPPED INDEX EOEU-LN
EUROPE EURO ZONE INDEX EPEU-LN
EUROPE EX UK CAPPED INDEX EOUK-LN
EUROPE EX UK DIVIDEND+ INDEX ENDP-LN
EUROPE EX UK INDEX EXUK-LN
EUROPE INDEX EPRA-LN UPRA-LN
EUROPE NON-REITS INDEX ENEE-LN
EUROPE REITS INDEX EREE-LN
EUROPE UK RESTRICTED INDEX EPHG-LN
GLOBAL DIVIDEND+ INDEX ENGD-LN
GLOBAL EX US INDEX EGXU-LN
GLOBAL INDEX ENGL-LN UNGL-LN
HONG KONG INDEX ELHK-LN
JAPAN INDEX ELJP-LN
NORTH AMERICA INDEX EGNA-LN UGNA-LN
UK INDEX ELUK-LN
US DIVIDEND+ INDEX ENUD-LN
US INDEX UNUS-LN
400
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
THOMSON GLOBAL TOPIC
Data Vendor Codes - Indices
FTSE EPRA/NAREIT Indices - Data Vendor Codes
* Bold indicates real time calculation
Index EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local
Price Indices Gross Total Return Indices Net Total Return Indices
ASIA 33 INDEX =ENA3.FT
ASIA DIVIDEND+ INDEX =ENAD.FT
ASIA INDEX =EGAS.FT =UGAS.FT
AUSTRALIA INDEX =ELAU.FT
EUROPE CAPPED INDEX =EORA.FT
EUROPE EURO ZONE CAPPED INDEX =EOEU.FT
EUROPE EURO ZONE INDEX =EPAU.FT
EUROPE EX UK CAPPED INDEX =EOUK.FT
EUROPE EX UK DIVIDEND+ INDEX =ENDP.FT
EUROPE EX UK INDEX =EXUK.FT
EUROPE INDEX =EPRA.FT =UPRA.FT
EUROPE NON-REITS INDEX =ENEE.FT
EUROPE REITS INDEX =EREE.FT
EUROPE UK RESTRICTED INDEX =EPHG.FT
GLOBAL DIVIDEND+ INDEX =ENGD.FT
GLOBAL EX US INDEX =EGXU.FT
GLOBAL INDEX =ENGL.FT =UNGL.FT
HONG KONG INDEX =ELHK.FT
JAPAN INDEX =ELJP.FT
NORTH AMERICA INDEX =EGNA.FT =UGNA.FT
UK INDEX =ELUK.FT
US DIVIDEND+ INDEX =ENUD.FT
US INDEX =UNUS.FT
ASIA 33 INDEX 3220369
ASIA DIVIDEND+ INDEX 2677759
ASIA INDEX 1313678 1313682
AUSTRALIA INDEX 1314427
EUROPE CAPPED INDEX 3191123
EUROPE EURO ZONE CAPPED INDEX 3191105
EUROPE EURO ZONE INDEX 1125979
EUROPE EX UK CAPPED INDEX 3191135
EUROPE EX UK DIVIDEND+ INDEX 2289296
EUROPE EX UK INDEX 1148944
EUROPE INDEX 1125954 1148773
EUROPE NON-REITS INDEX 3135083
EUROPE REITS INDEX 3135068
EUROPE UK RESTRICTED INDEX 1181456
GLOBAL DIVIDEND+ INDEX 2677743
GLOBAL EX US INDEX 2337044
GLOBAL INDEX 1313614 1313646
HONG KONG INDEX 1314349
JAPAN INDEX 1314439
NORTH AMERICA INDEX 1313713 1314124
UK INDEX 1126372
US DIVIDEND+ INDEX 2677767
US INDEX 1314322
Constituent Country ISIN Constituent Country ISIN
CA Immobilien Anlage AT AT0000641352 CAI AV CAIV.VI CAI-WBO Corio * NL NL0000288967 CORA NA COR.AS CORA-AMS
Conwert Immobilien AT AT0000697750 CWI AV CONW.VI CWI-WBO Eurocommercial Props * NL NL0000288876 ECMPA NA SIPFc.AS ECMPA-AMS
Befimmo * BE BE0003678894 BEFB BB BEFB.BR BEFB-BRU Nieuwe Steen Inv * NL NL0000292324 NISTI NA NSTEc.AS NISTI-AMS
Cofinimmo * BE BE0003593044 COFB BB COFB.BR COFB-BRU ProLogis European Properties * NL LU0100194785 PEPR NA PEPR.AS PEPR-AMS
Intervest Offices * BE BE0003746600 INTO BB PRIF.BR INTO-BRU Vastned Offices/Ind * NL NL0000288934 VNOI NA VWNN.AS VNOI-AMS
Leasinvest Real Estate * BE BE0003770840 LEAS BB LNRE.BR LEAS-BRU Vastned Retail * NL NL0000288918 VASTN NA VASN.AS VASTN-AMS
Wereldhave Belgium * BE BE0003724383 WEHB BB WEHB.BR WEHB-BRU Wereldhave * NL NL0000289213 WHA NA WEHA.AS WEHB-BRU
Warehouses De Pauw * BE BE0003763779 WDP BB WDPP.BR WDP-BRU Norwegian Property NW NO0010317811 NPRO NO NPRO.OL NPRO-OSL
Allreal CH CH0008837566 ALLN SW ALLN.S ALLN-SWX Castellum SE SE0000379190 CAST SS CAST.ST CAST-OME
PSP Swiss Property CH CH0018294154 PSPN SW PSPN.S PSPN-SWX Hufvudstaden A SE SE0000170375 HUFVA SS HUFVa.ST HUFVA-OME
Swiss Prime Site CH CH0008038389 SPSN SW SPSN.S SPSN-SWX Klovern AB SE SE0000331225 KLOV SS KLOV.ST KLOV-OME
Zueblin Immobilien Holding CH CH0021831182 ZUBN SW ZUBN.S ZUBN-SWX Kungsleden SE SE0000549412 KLED SS KLED.ST KLED-OME
Sponda FI FI0009006829 SDA1V FH SDA1V.HE SDA1V-HEL Fabege SE SE0000950636 FABG SS FABG.ST FABG-OME
Citycon OYJ FI FI0009002471 CTY1S FH CTY1S.HE CTY1S-HEL Wihlborgs Fastigheter SE SE0001413600 WIHL SS WIHL.ST WIHL-OME
Technopolis FI FI0009006886 TPS1V FH TPS1V.HE TPS1V-HEL British Land * UK GB0001367019 BLND LN BLND.L BLND-LON
Acanthe Developpement * FR FR0000064602 ACAN FP CFMP.PA ACAN-PAR Brixton * UK GB0001430023 BXTN LN BXTN.L BXTN-LON
Affine * FR FR0000036105 IML FP BTPP.PA IML-PAR Big Yellow Group * UK GB0002869419 BYG LN BYG.L BYG-LON
Fonciere Des Regions * FR FR0000064578 FDR FP FDR.PA FDR-PAR CLS Holdings UK GB0001592475 CLI LN CLSH.L CLI-LON
Gecina * FR FR0010040865 GFC FP GFCP.PA GFC-PAR Daejan Holdings UK GB0002502036 DJAN LN DJAN.L DJAN-LON
Icade * FR FR0000035081 ICA FP ICAD.PA ICAD-PAR Derwent London * UK GB0002652740 DLN LN DLN.L DLN-LON
Klepierre * FR FR0000121964 LI FP LOIM.PA LI-PAR Development Securities UK GB0002668464 DSC LN DSC.L DSC-LON
Mercialys * FR FR0010241638 MERY FP MERY.PA MERY-PAR F&C Commercial Prop UK GB00B05KL904 FCPT LN FCPT.L FCPT-LON
Silic * FR FR0000050916 SIL FP SILP.PA SIL-PAR Grainger Plc UK GB00B04V1276 GRI LN GRI.L GRI-LON
Societe de la Tour Eiffel * FR FR0000036816 EIFF FP TEIF.PA EIFF-PAR Great Portland Estates * UK GB00B01FLL16 GPOR LN GPOR.L GPOR-LON
Unibail-Rodamco * FR FR0000124711 UL FP UNBP.PA UL-PAR ING UK Real Estate Income Trust UK GB00B0LCW208 IRET LN IRET.L IRET-LON
Babis Vovos GR GRS421003005 VOVOS GA VOVr.AT VOVOS-ATH Hammerson * UK GB0004065016 HMSO LN HMSO.L HMSO-LON
Eurobank Properties * GR GRS491003000 EUPRO GA EUPr.AT EUPRO-ATH ISIS Property Trust Ld UK GB0033674564 IPT LN IPT.L IPT-LON
Lamda Development GR GRS245213004 LAMDA GA LMDr.AT LAMDA-ATH ISIS Property Trust 2 Ld UK GB00B012T521 IRP LN IRP.L IRP-LON
Alstria Office * DE DE000A0LD2U1 AOX GR AOXG.F AOX-ETR Invista Foundation Prop UK GB00B01HM147 IFD LN INRE.L IFD-LON
Colonia Real Estate DE DE0006338007 KBU GR KBUG.F KBU-ETR Helical Bar UK GB00B0FYMT95 HLCL LN HLCL.L HLCL-LON
Deutsche Wohnen DE DE000A0HN5C6 DWN GY DWNG.F DWN-ETR Land Securities * UK GB0031809436 LAND LN LAND.L LAND-LON
Deutsche Euroshop DE DE0007480204 DEQ GR DEQGn.DE DEQ-ETR Liberty International * UK GB0006834344 LII LN LII.L LII-LON
DIC Asset DE DE0005098404 DAZ GR DAZG.DE DAZ-ETR Mucklow <A&J> * UK GB0006091408 MKLW LN MKLW.L MKLW-LON
Gagfah DE LU0269583422 GFJ GR GFJG.DE GFJ-ETR Primary Health Prop.* UK GB0007015521 PHP LN PHP.L PHP-LON
Patrizia Immobilien DE DE000PAT1AG3 P1Z GR P1ZGn.F P1Z-ETR Quintain Estates UK GB0007184442 QED LN QED.L QED-LON
Vivacon AG DE DE0006048911 VIA GR VIVG.DE VIA-ETR Shaftesbury * UK GB0007990962 SHB LN SHB.L SHB-LON
Beni Stabili IT IT0001389631 BNS IM BNSI.MI BNS-MIL Segro * UK GB00B1YFN979 SGRO LN SGRO.L SGRO-LON
IGD * IT IT0003745889 IGD IM IGD.MI IGD-MIL St Modwen Properties UK GB0007291015 SMP LN SMP.L SMP-LON
401
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Index Constituents
Constituent Country ISIN Constituent Country ISIN
Standard Life Inv Prop UK GB0033875286 SLI LN SLI.L SLI-LON Japan Prime Realty Inv. * JP JP3040890000 8955 JP 8955.T 8955-TKS
UK Commercial Property Trust UK GB00B19Z2J52 UKCM LN UKCM.L UKCM-LON Japan Real Estate * JP JP3027680002 8952 JP 8952.T 8952-TKS
Unite Group UK GB0006928617 UTG LN UTG.L UTG-LON Japan Retail Fund * JP JP3039710003 8953 JP 8953.T 8953-TKS
Workspace Group * UK GB0005296354 WKP LN WKP.L WKP-LON Kenedix Realty Investment * JP JP3046270009 8972 JP 8972.T 8972-TKS
Bunnings Warehouse Prop * AU AU000000BWP3 BWP AU BWP.AX BWP-ASX Mitsubishi Estate JP JP3899600005 8802 JP 8802.T 8802-TKS
CFS Retail Property Trust * AU AU000000CFX0 CFX AU CFX.AX CFX-ASX Mitsui Fudosan JP JP3893200000 8801 JP 8801.T 8801-TKS
Cmnwealth Prop Office * AU AU000000CPA7 CPA AU CPA.AX CPA-ASX Mori Trust Sogo REIT * JP JP3046170001 8961 JP 8961.T 8961-TKS
Dexus Property Group * AU AU000000DXS1 DXS AU DXS.AX DXS-ASX Nippon Building Fund * JP JP3027670003 8951 JP 8951.T 8951-TKS
GPT Group * AU AU000000GPT8 GPT AU GPT.AX GPT-ASX Nomura Real Estate Office Fund * JP JP3045530007 8959 JP 8959.T 8959-TKS
ING Office Fund * AU AU000000IOF6 IOF AU IOF.AX IOF-ASX NTT Urban Development JP JP3165690003 8933 JP 8933.T 8933-TKS
Goodman Group * AU AU000000GMG2 GMG AU GMG.AX GMG-ASX ORIX JREIT * JP JP3040880001 8954 JP 8954.T 8954-TKS
Macquarie Office Trust * AU AU000000MOF8 MOF AU MOF.AX MOF-ASX Premier Investment Co. * JP JP3041770003 8956 JP 8956.T 8956-TKS
Mirvac Group * AU AU000000MGR9 MGR AU MGR.AX MGR-ASX Sumitomo Realty & Dev JP JP3409000001 8830 JP 8830.T 8830-TKS
Stockland Trust Group * AU AU000000SGP0 SGP AU SGP.AX SGP-ASX Toc Co JP JP3538400007 8841 JP 8841.T 8841-TKS
Westfield Group * AU AU000000WDC7 WDC AU WDC.AX WDC-ASX Tokyo Tatemono JP JP3582600007 8804 JP 8804.T 8804-TKS
Agile Property Holdings HK KYG011981035 3383 HK 3383.HK 3383-HKG Tokyu Land JP JP3569000007 8815 JP 8815.T 8815-TKS
Champion REIT * HK HK2778034606 2778 HK 2778.HK 2778-HKG Tokyu REIT * JP JP3044510000 8957 JP 8957.T 8957-TKS
China Overseas Land HK HK0688002218 688 HK 0688.HK 0688-HKG Top REIT * JP JP3046370007 8982 JP 8982.T -NA-
China Resources Land HK KYG2108Y1052 1109 HK 1109.HK 1109-HKG United Urban Investment * JP JP3045540006 8960 JP 8960.T 8960-TKS
Country Garden Holdings HK KYG245241032 2007 HK 2007.HK 2007-HKG Kiwi Income Property Trust * NZ NZKIPE0001S5 KIP NZ KIP.NZ KIP-NZE
Great Eagle Holdings HK BMG4069C1486 41 HK 0041.HK 0041-HKG Ascendas REIT * SG SG1M77906915 AREIT SP AEMN.SI A17U-SES
Hang Lung Properties HK HK0101000591 101 HK 0101.HK 0101-HKG CapitaCommercial Trust * SG SG1P32918333 CCT SP CACT.SI C61U-SES
Henderson Land Dev HK HK0012000102 12 HK 0012.HK 0012-HKG Capitaland SG SG1J27887962 CAPL SP CATL.SI C31-SES
Hopson Development HK BMG4600H1016 754 HK 0754.HK 0754-HKG Capitamall Trust * SG SG1M51904654 CT SP CMLT.SI C38U-SES
Hysan Development HK HK0014000126 14 HK 0014.HK 0014-HKG Hongkong Land Hldgs HK BMG4587L1090 HKL SP HKLD.SI H78-SES
Kerry Properties HK BMG524401079 683 HK 0683.HK 0683-HKG Keppel Land SG SG1R31002210 KPLD SP KLAN.SI K17-SES
Kowloon Dev HK HK0034000254 34 HK 0034.HK 0034-HKG Mapletree Logistics Trust * SG SG1S03926213 MLT SP MAPL.SI M44U-SES
Link REIT * HK HK0823032773 823 HK 0823.HK 0823-HKG Singapore Land SG SG1S69002321 SL SP SLND.SI S30-SES
New World China Land HK KYG6493A1013 917 HK 0917.HK 0917-HKG Suntec REIT * SG SG1Q52922370 SUN SP SUNT.SI T82U-SES
New World Development HK HK0017000149 17 HK 0017.HK 0017-HKG Wing Tai Holdings SG SG1K66001688 WINGT SP WTHS.SI W05-SES
Shenzhen Investment HK HK0604011236 604 HK 0604.HK 0604-HKG Allied Properties REIT * CA CA0194561027 AP-U CN AP_u.TO AP.UN-TSX
Shimao Property Holdings HK KYG810431042 813 HK 0813.HK 0813-HKG Boardwalk REIT * CA CA0966311064 BEI-u CN BEI_u.TO BEI.UN-TSX
Shui On Land HK KYG811511131 272 HK 0272.HK 0272-HKG Brookfield Props CA CA1129001055 BPO CN BPO.TO BPO-US
Sino Land HK HK0083000502 83 HK 0083.HK 0083-HKG Calloway REIT * CA CA1312532056 CWT-U Cn CWT_u.TO CWT.UN-TSX
Sun Hung Kai Props HK HK0016000132 16 HK 0016.HK 0016-HKG Canadian Apartment Props * CA CA1349211054 CAR-U CN CAR_u.TO CAR.UN-TSX
Aeon Mall Co ltd JP JP3131430005 8905 JP 8905.T 8905-TKS Canadian REIT * CA CA13650J1049 REF-U CN REF_u.TO REF.UN-TSX
Heiwa Real Estate JP JP3834800009 8803 JP 8803.T 8803-TKS Chartwell Seniors Housing REIT * CA CA16140U1003 CSH-U CN CSH_u.TO CSH.UN-TSX
Daibiru Corp JP JP3497200000 8806 JP 8806.OS 8806-TKS Cominar REIT * CA CA1999101001 CUF-U CN CUF_u.TO CUF.UN-TSX
402
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Index Constituents
Constituent Country ISIN Constituent Country ISIN
Dundee REIT * CA CA2652702077 D-U CN D_u.TO D.UN-TSX Education Realty Trust * US US28140H1041 EDR US EDR.N EDR-US
Extendicare Real Estate Investment Trust *CA CA3022511032 EXE-U CN EXE_u.TO EXE.UN-TSX Entertainment Props * US US29380T1051 EPR US EPR.N EPR-US
H & R Real Estate * CA CA4044282032 HR-U CN HR_u.TO HR.UN-TSX Equity Lifestyle Properties * US US29472R1086 ELS US ELS.N ELS-US
Innvest REIT * CA CA45771T1084 INN-U CN INN_u.TO INN.UN-TSX Equity One Inc * US US2947521009 EQY US EQY.N EQY-US
Morguard REIT * CA CA6179141065 MRT-U CN MRT_u.TO MRT.UN-TSX Equity Residential Props * US US29476L1070 EQR US EQR.N EQR-US
Northern Property REIT * CA CA6656241024 NPR-U CN NPR_u.TO NPR.UN-TSX Essex Property Trust * US US2971781057 ESS US ESS.N ESS-US
Primaris Retail REIT * CA CA74157U1093 PMZ-U CN PMZ_u.TO PMZ.UN-TSX Extra Space Storage * US US30225T1025 EXR US EXR.N EXR-US
Riocan Real Estate * CA CA7669101031 REI-U CN REI_u.TO REI.UN-TSX Federal Realty Inv * US US3137472060 FRT US FRT.N FRT-US
Acadia Realty Trust * US US0042391096 AKR US AKR.N AKR-US Felcor Lodging Trust * US US31430F1012 FCH US FCH.N FCH-US
Hilltop Holdings US US4327481010 ARC US HTH.N HTH-US First Industrial Realty * US US32054K1034 FR US FR.N FR-US
Agree Realty Corp * US US0084921008 ADC US ADC.N ADC-US First Potomac Realty Trust * US US33610F1093 FPO US FPO.N FPO-US
Alexander's Inc. * US US0147521092 ALX US ALX.N ALX-US Forest City Enterprises US US3455501078 FCE/A US FCEa.N FCEA-US
Alexandria Real Estate * US US0152711091 ARE US ARE.N ARE-US Getty Realty * US US3742971092 GTY US GTY.N GTY-US
AMB Property * US US00163T1097 AMB US AMB.N AMB-US HCP * US US40414L1098 HCP US HCP.N HCP-US
American Campus Communities * US US0248351001 ACC US ACC.N ACC-US Health Care REIT * US US42217K1060 HCN US HCN.N HCN-US
Apartment Investment * US US03748R1014 AIV US AIV.N AIV-US Healthcare Realty Trust * US US4219461047 HR US HR.N HR-US
Ashford Hospitality * US US0441031095 AHT US AHT.N AHT-US Hersha Hospitality Trust * US US4278251040 HT US HT.N HT-US
Associated Estates Realty * US US0456041054 AEC US AEC.N AEC-US Highwoods Properties * US US4312841087 HIW US HIW.N HIW-US
Avalonbay Communities * US US0534841012 AVB US AVB.N AVB-US Home Props of New York * US US4373061039 HME US HME.N HME-US
BioMed Realty Trust * US US09063H1077 BMR US BMR.N BMR-US Hospitality Properties * US US44106M1027 HPT US HPT.N HPT-US
Boston Properties * US US1011211018 BXP US BXP.N BXP-US Host Hotels & Resorts * US US44107P1049 HST US HST.N HST-US
Brandywine Realty Trust * US US1053682035 BDN US BDN.N BDN-US HRPT Properties Trust * US US40426W1018 HRP US HRP.N HRP-US
BRE Properties * US US05564E1064 BRE US BRE.N BRE-US Inland Real Estate Corp * US US4574612002 IRC US IRC.N IRC-US
Camden Property Trust * US US1331311027 CPT US CPT.N CPT-US Investors Real Estate * US US4617301035 IRET US IRET.OQ IRET-US
CBL & Associates Props * US US1248301004 CBL US CBL.N CBL-US Kilroy Realty * US US49427F1084 KRC US KRC.N KRC-US
Cedar Shopping Centers * US US1506022094 CDR US CDR.N CDR-US Kimco Realty * US US49446R1095 KIM US KIM.N KIM-US
Colonial Properties * US US1958721060 CLP US CLP.N CLP-US Kite Realty Group Trust * US US49803T1025 KRG US KRG.N KRG-US
Corporate Office Props * US US22002T1088 OFC US OFC.N OFC-US LaSalle Hotel Properties * US US5179421087 LHO US LHO.N LHO-US
Corrections Corp of America US US22025Y4070 CXW US CXW.N -NA- Lexington Corporate * US US5290431015 LXP US LXP.N LXP-US
Cousins Properties * US US2227951066 CUZ US CUZ.N CUZ-US Liberty Property Trust * US US5311721048 LRY US LRY.N LRY-US
DCT Industrial Trust * US US2331531051 DCT US DCT.N DCT-US LTC Properties * US US5021751020 LTC US LTC.N LTC-US
Developers Diversified * US US2515911038 DDR US DDR.N DDR-US Mack-Cali Realty * US US5544891048 CLI US CLI.N CLI-US
Digital Realty Trust * US US2538681030 DLR US DLR.N DLR-US Medical Properties Trust * US US58463J3041 MPW US MPW.N MPW-US
Diamondrock Hospitality * US US2527843013 DRH US DRH.N DRH-US Mid-America Apartment * US US59522J1034 MAA US MAA.N MAA-US
Douglas Emmett * US US25960P1093 DEI US DEI.N DEI-US National Retail Properties * US US6374171063 NNN US NNN.N NNN-US
Duke Realty Corp * US US2644115055 DRE US DRE.N DRE-US Nationwide Health Props * US US6386201049 NHP US NHP.N NHP-US
DuPont Fabros Technology * US US26613Q1067 DFT US DFT.N -NA- Omega Healthcare Investors * US US6819361006 OHI US OHI.N OHI-US
Eastgroup Properties * US US2772761019 EGP US EGP.N EGP-US Orient Express Hotel US BMG677431071 OEH US OEH.N OEH-US
403
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Index Constituents
Constituent Country ISIN Constituent Country ISIN
Parkway Properties * US US70159Q1040 PKY US PKY.N PKY-US Multiplan Empreendimentos Imobiliaros S/A OrdBRAZ BRMULTACNOR5 MULT3 BZ MULT3.SA MULT3-BSP
Pennsylvania Real Estate * US US7091021078 PEI US PEI.N PEI-US Cyrela Commercial Properties BRAZ BRCCPRACNOR9 CCPR3 BZ CCPR3.SA CCPR3-BSP
Post Properties * US US7374641071 PPS US PPS.N PPS-US Cyrela Brazil Realty S/A Empreendimentose e Participacoes OrBRAZ BRCYREACNOR7 CYRE3 BZ CYRE3.SA CYRE3-BSP
Prologis * US US7434101025 PLD US PLD.N PLD-US Guangzhou R&F Properties (H) CHN CNE100000569 2777 HK 2777.HK -NA-
PS Business Parks * US US69360J1079 PSB US PSB.A PSB-US Shanghai Lujiazui Fin & Trade Dev (B)CHN CNE000000HH6 900932 CH 600663.SS -NA-
Public Storage * US US74460D1090 PSA US PSA.N PSA-US China Merchants Prop (B) CHN CNE000000891 200024 CH 000024.SZ -NA-
Ramco-Gershenson * US US7514522025 RPT US RPT.N RPT-US Jinqiao Export Processing (B) CHN CNE000000941 900911 CH 600639.SS -NA-
Realty Income * US US7561091049 O US O.N O-US Beijing North Star (H) CHN CNE100000262 588 HK 601588.SS -NA-
Regency Centers * US US7588491032 REG US REG.N REG-US Shenzhen Vanke (B) CHN CNE0000008Q1 200002 CH 000002.SZ -NA-
Saul Centers * US US8043951016 BFS US BFS.N BFS-US Six Of October Development & InvestmentEGY EGS65851C015 OCDI EY OCDI.CA -NA-
Senior Housing Prop * US US81721M1099 SNH US SNH.N SNH-US Parsvnath Developers IDA INE561H01018 PARSV IN PARV.BO 532780-BOM
Simon Property Group * US US8288061091 SPG US SPG.N SPG-US DLF IDA INE271C01023 DLFU IN DLF.BO 532868-BOM
SL Green Realty * US US78440X1019 SLG US SLG.N SLG-US IVR Prime Urban Developers IDA INE414I01018 IVR IN IVR.BO 532881-BOM
Sovran Self Storage * US US84610H1086 SSS US SSS.N SSS-US Unitech IDA INE694A01020 UT IN UNTE.BO 507878-BOM
Strategic Hotels & Resorts * US US86272T1060 BEE US BEE.N BEE-US Ansal Properties & Infrastructure IDA INE436A01026 APIL IN ANSP.BO 500013-BOM
Sun Communities * US US8666741041 SUI US SUI.N SUI-US Peninsula Land IDA INE138A01028 PENL IN PENL.BO 503031-BOM
Sunstone Hotel Investors * US US8678921011 SHO US SHO.N SHO-US Ciputra Develop INDO ID1000058803 CTRA IJ CTRA.JK -NA-
Tanger Factory Outlet * US US8754651060 SKT US SKT.N SKT-US Bakrieland Devel INDO ID1000088701 ELTY IJ ELTY.JK -NA-
Taubman Centers * US US8766641034 TCO US TCO.N TCO-US Lippo Karawaci INDO ID1000108905 LPKR IJ LPKR.JK -NA-
The Macerich Company * US US5543821012 MAC US MAC.N MAC-US IGB MAL MYL1597OO003 IGB MK IGBS.KL -NA-
UDR Inc. * US US9026531049 UDR US UDR.N UDR-US Land And General MAL MYL3174OO009 LGH MK LAND.KL -NA-
Universal Health Realty * US US91359E1055 UHT US UHT.N UHT-US YNH Property MAL MYL3158OO002 YNHB MK YNHB.KL -NA-
Urstadt Biddle Class A * US US9172862057 UBA US UBA.N UBA-US SP Setia MAL MYL8664OO004 SPSB MK SETI.KL -NA-
U-Store-It Trust * US US91274F1049 YSI US YSI.N YSI-US KLCC Property Holdings MAL MYL5089OO007 KLCC MK KCCP.KL -NA-
Ventas * US US92276F1003 VTR US VTR.N VTR-US Consorcio Ara MEX MXP001161019 ARA* MM ARA.MX -NA-
Vornado Realty Trust * US US9290421091 VNO US VNO.N VNO-US Geo B MEX MXP3142C1177 GEOB MM GEOB.MX -NA-
Washington Real Estate * US US9396531017 WRE US WRE.N WRE-US Sare Holding S.A. de C.V. MEX MX01SA030007 SAREB MM SAREB.MX -NA-
Weingarten Realty * US US9487411038 WRI US WRI.N WRI-US Urbi Desarrollos Urbanos MEX MX01UR000007 URBI* MM URBI.MX -NA-
Winthrop Realty Trust * US US9763913004 FUR US FUR.N FUR-US Desarrolladora Homex SA de CV MEX MX01HO000007 HOMEX* MM HOMEX.MX -NA-
Gafisa BRAZ BRGFSAACNOR3 GFSA3 BZ GFSA3.SA GFSA3.BSP Vista Land & Lifescapes PHIL PHY9382G1068 VLL PM VLL.PS -NA-
Brascan Residential Properties SA BRAZ BRBISAACNOR8 BISA3 BZ BISA3.SA BISA3-BSP Filinvest Land PHIL PHY249161019 FLI PM FLI.PS -NA-
BR Malls Participacoes S/A Ord BRAZ BRBRMLACNOR9 BRML3 BZ BRML3.SA BRML3-BSP Megaworld Corporation PHIL PHY594811127 MEG PM MEG.PS -NA-
Klabin Segall S/A Ord BRAZ BRKSSAACNOR8 KSSA3 BZ KSSA3.SA KSSA3-BSP SM Prime Hldgs PHIL PHY8076N1120 SMPH PM SMPH.PS -NA-
Camargo Correa Desenvolvimento Imobiliario S/A OrdBRAZ BRCCIMACNOR5 CCIM3 BZ CCIM3.SA CCIM3-BSP Ayala Land PHIL PHY0488F1004 ALI PM ALI.PS -NA-
Rodobens Negocios Imobiliarios S/A OrdBRAZ BRRDNIACNOR9 RDNI3 BZ RDNI3.SA RDNI3-BSP Robinson`s Land Corporation PHIL PHY731961264 RLC PM RLC.PS -NA-
Iguatemi Empresa de Shopping Centers S/A OrdBRAZ BRIGTAACNOR5 IGTA3 BZ IGTA3.SA IGTA3-BSP LC Corp SA POL PLLCCRP00017 LCC PW LCCA.WA -NA-
Inpar SA BRAZ BRINPRACNOR3 INPR3 BZ INPR3.SA -NA- Globe Trade Centre POL PLGTC0000037 GTC PW GTCA.WA GTC-WAR
MRV Engenharia e Participacoes SA BRAZ BRMRVEACNOR2 MRVE3 BZ MRVE3.SA MRVE3-BSP Apexhi Properties -C- SAF ZAE000083580 AXC SJ APBJ.J -NA-
404
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Index Constituents
Constituent Country ISIN
Fountainhead Property Trust SAF ZAE000097416 FPT SJ FPTJ.J -NA-
SA Corporate Real Estate Fund SAF ZAE000083614 SAC SJ SACJ.J -NA-
Redefine Income Find SAF ZAE000023503 RDF SJ RDFJ.J -NA-
Apexhi Properties -A- SAF ZAE000083598 APA SJ APBJ.J -NA-
Apexhi Properties -B- SAF ZAE000083606 APB SJ APBJ.J -NA-
Growthpoint Prop Ltd SAF ZAE000037669 GRT SJ GRTJ.J -NA-
Hyprop Investments Ltd SAF ZAE000003430 HYP SJ HYPJ.J -NA-
Pangbourne Prop Ltd SAF ZAE000005252 PAP SJ PAPJ.J -NA-
Emira Property Fund SAF ZAE000050712 EMI SJ EMIJ.J -NA-
Quality Houses THAI TH0256A10Z04 QH TB QH.BK -NA-
Central Pattana THAI TH0481A10Z01 CPN TB CPN.BK -NA-
LPN Development THAI TH0456010Z04 LPN TB LPN.BK -NA-
Asian Property Development THAI TH0308010Z07 AP TB AP.BK -NA-
Amata Corp THAI TH0617A10Z08 AMATA TB AMAT.BK -NA-
Supalai PCL THAI TH0371010Z05 SPALI TB SPAL.BK -NA-
Is Gayrimenkul Yatirim Ortak TUR TRAISGYO91Q3 ISGYO TI YKGYO.IS -NA-
Hung Poo Real Estate Development TWN TW0002536000 2536 TT 2536.TW -NA-
Mirland Development Corp AIM CY0100141015 MLD LN MLD.L -NA-
Spazio Investment AIM NL0000686319 SPNV LN SPNV.L SPNV-LON
Carpathian AIM GB00B0B66533 CPT LN CPTA.L CPT-LON
Raven Russia AIM GB00B0D5V538 RUS LN RUS.L -NA-
Hansteen Holdings AIM GB00B0PPFY88 HSTN LN HSTN.L HSTN-LON
Dawnay Day Treveria AIM GB00B0RFL714 TRV LN DTR.L DTR-LON
Atlas Estates AIM GB00B0WDBP88 ATLS LN ATLE.L ATLS-LON
Deutsche Land AIM GB00B10QQ280 DLD LN DLD.L DLD-LON
Summit Germany AIM GB00B126Y552 SGL LN SGL.L SGL-LON
Ablon Group AIM GG00B1LB2139 ABL LN ABL.L ABL-LON
Sirius Real Estate AIM GG00B1W3VF54 SRE LN DDS.L SRE-LON
China Real Estate Opportunities AIM JE00B1P8F991 CREO LN CREO.L -NA-
Dolphin Capital Investors AIM VGG2803G1028 DCI LN DOLC.L -NA-
405
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Data Vendor Codes - Index Constituents
EPRA FTSE
EPRA UK Germany USA – East Coast
Schiphol Boulevard 283 Client Services Client Services Client Services
1118 BH Schiphol Airport FTSE FTSE FTSE
The Netherlands 12th Floor Nibelungenplatz 3 1330 Avenue of the Americas,
Tel: +31 20 405 3830 10 Upper Bank Street 60318 Frankfurt 10th Floor,
Fax: +31 20 405 3840 Canary Wharf GERMANY New York,
E-mail: [email protected] London, E14 5NP +49 69 15685143 New York 10019
Website: www.epra.com UK +49 69 15976604 (fax) +(1) 212 641 6160
+44 (0) 20 7448 1810 +(1) 212 641 6190 (fax)
+44 (0) 20 7448 1804 (fax) Hong Kong
Client Services USA – West Coast
France FTSE Client Services
Client Services Suite 609-612 FTSE Americas Inc.
FTSE One International Finance Centre 251 Post Street,
40 rue La Boéte Hong Kong Suite 200,
75008 Paris +852 2230 5800 San Francisco, CA 94108
FRANCE +852 2230 5804 (fax) USA
NAREIT +33 (0) 1 53 76 82 88 In Singapore please ring +65 223 3738 +1 415 445 5660
+33 (0) 1 53 76 82 71 (fax) +1 415 445 5666 (fax)
NAREIT Japan
1875 Eye Street Spain Client Services E-mail: [email protected]
N.W., Suite 600 Client Services FTSE Website: www.ftse.com
Washington D.C., 20006 FTSE Yamato Seimei Building 21F,
USA Paseo de la Castellana 66, 1-1-7 Uchisaiwaicho,
Tel: +1 202 739 9400 28046 Madrid, Chiyoda-Ku,
Fax: +1 202 739 9401 Spain Tokyo
E-mail: [email protected] +34 (0) 91 411 37 87 JAPAN
Website: www.nareit.com +81 3 3581 2811
+81 3 3581 1423 (fax)
406
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Contacts
EPRA DISCLAIMER
EPRA® does not intend this presentation 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 presentation. Nothing herein should be construed to be an endorsement by EPRA 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. EPRA
expressly disclaims any liability for the accuracy, timeliness or completeness of data in this presentation. 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.
NAREIT DISCLAIMER
NAREIT® does not intend this presentation 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 presentation. 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 presentation. 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.
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© FTSE International Limited (“FTSE”) 2009. All rights reserved.
“FTSE©” is a registered trade mark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. “NAREIT©” is the
trade mark of the National Association of Real Estate Investment Trusts and “EPRA©” is the trade mark of the European Public Real Estate Association.
The FTSE EPRA/NAREIT Global Real Estate Index Series (the “Index Series”) is calculated by FTSE. All rights in and to the Index Series vest in FTSE and/or
relevant partners. No part of this publication may be reproduced, stored in retrieval system or transmitted by any other form or means whether electronic, mechanical,
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arising from use of this publication. Distribution of FTSE index values and the use of FTSE indices to create financial products requires a license with FTSE.
407
EPRA: Schiphol Boulevard 283, 1118 BH Schiphol Airport, The Netherlands, T +31 20 405 3830, F +31 20 405 3840, E [email protected], W www.epra.com
NAREIT: 1875 Eye Street, N.W., Suite 600, Washington D.C. 20006, USA, T +1 202 739 9400, F + 1 202 739 9401, E [email protected], W www.nareit.com
DATE: MARCH 2009 CONTACT DETAILS:
Disclaimer