Independent Study - Long Honors Project

Market Efficiency and Real Estate Investment Trusts By Jonathan Matthew Long A paper submitted in partial fulfillment of the requirements of the Honors Program in the Department of Economics and Finance Examining Committee: Approved By: _ Dr Robert Burrus Dr Edward Graham Faculty Supervisor _ Dr Christopher Dumas _ Dr William Atwill _ Department Chair _ Honors Council Representative Director of the Honors Scholars Program The University of North Carolina at Wilmington Wilmington, North Carolina April 2004 Market Efficiency and Real Estate Investment Trusts Abstract An efficient market is one in which prices quickly reflect information relevant to the goods or services traded in that market Few markets are efficient; securities markets in the United States are relatively efficient, and real estate markets – though less efficient than the securities markets – are becoming more efficient A wealth of research exists that considers the efficiency of securities markets; a much narrower literature considers the relative inefficiency of the real estate market Only a modest volume of research contrasts the efficiency of securities and real estate markets; that research is supplemented with this study Real Estate Investment Trusts or REIT’s, provide a unique link between the securities and real estate markets A REIT is traded in the same fashion as a publicly-traded stockholder-owned company, but enjoys special tax treatment and has accounting requirements peculiar to the real estate industry A REIT share represents ownership in real estate – an asset far different than a share of stock – although it is traded in the same fashion as stock As a result, the REIT share “enjoys” some of the same efficiencies as the stock market, while directly representing ownership in real estate, a far less efficient market These relationships, and publicly-traded REIT companies, are considered at length in this study Acknowledgements I would like to give credit to a number of people and institutions for helping me in my study First of all, I would like to like Dr Edward Graham from the Economics and Finance department of the Cameron School of Business (CSB) He was my faculty supervisor and mentor for this project He spent numerous hours of his past two semesters meeting and working on my project with me Dr Graham was the inspiration for the research conducted, and he provided me with guidance and direction throughout the entire study Without his help I feel I would never have been able to accomplish what I did Among the other people I would like to thank include Gene Houghtaling from the CSB Once Morningstar’s Principia product was obtained he was an invaluable resource for accessing the data and installing it in the computer lab in Cameron Hall My thanks also go out to Dr Burrus, Dr Dumas, and Dr Atwill for being a part of the reviewing committee for my thesis A number of institutions also helped make this project a success I need to thank the research firm, Morningstar, for their most generous donation of their Principia data program to UNCW I would also like to thank the Cameron School of Business and the Economics/Finance Department for use of their computer lab and the help I received from the many professors Last of all, I would like to thank the Honors Scholars Program Because of this program, I have had this opportunity to differentiate myself as a student through this project The skills and experience I have gained from this project will serve me well as I transition towards a career in business, and as I consider my options for graduate study Chapter Market Efficiency and Real Estate Investment Trusts 1.1 Introduction and Motivation The efficiency of the capital and real estate markets are considered in this study The efficient market hypothesis is introduced and contrasted with the behavior of these two markets Comparisons between capital and real estate market efficiency help to highlight possible inefficiencies in the real estate market In the real estate market, consideration will be given especially to the REIT (Real Estate Investment Trust) sector and the efficiency of that component of the real estate market The efficient market hypothesis holds that market prices fully reflect all available and relevant information, and that it is typically unprofitable for investors to try to “beat the market.” This is intuitive: If all traders in a given market have access to the same set of information, and no onerous “frictions” (high commissions, taxes, regulations, etc) preclude a buyer or seller acting on their “new” positive (for the buyer) or negative (for the seller) information, then trading profits are theoretically eliminated with the first few trades after the arrival of “new” information One can quickly envision the securities markets being relatively efficient (with stock prices quickly responding to news of great earnings or the arrest of the firm’s chief executive) and the real estate market being far less efficient Real estate just does not “trade” in the same fashion as shares of stock The semi-strong form of this theory holds true in the capital markets, particularly the US equity market The semi-strong form of this theory suggests that prices reflect publicly, but not privately, available information The strong form, maintaining that prices reflect all information – both public and private – does not, by legal mandate, hold It is generally against securities laws for individuals to trade based on their private information, and thus that information is not typically “imbedded” in securities prices The rapid and dramatic response of stock prices to new and significant news is strong evidence both that the strong form does not hold and that investors, despite the jaded remarks of the popular press, generally not trade on inside information In the real estate market, conditions are less “perfect,” than in the capital markets A perfect market is one where there are no costly “frictions.” Costly frictions include taxes, transaction costs (commissions), government regulations, abbreviated information flows, heterogeneous products and a limited number of buyers and sellers Real estate itself is broadly considered an inefficient and imperfect market, with prices being required to overcome copious and costly frictions The introduction of REIT’s – a securitized ownership form for real estate – was designed in part to overcome these inefficiencies and imperfections Given the greater costliness to a buyer or seller delivering good or bad information to the market with his real estate trade, trades often not take place, and prices not reflect “available and relevant” information For example, it may be attractive to an investor to trade on a 10% pricing disparity in the stock market, but such a “spread” often does not even cover the cost of the trade in real estate 1.2 The Efficient Market Hypothesis The foundation of the EMH is that all available information is quickly incorporated into a company’s stock price Fox (2002) explains that this efficient markets (EMH) theory, first offered by Samuelson in 1965 and then expanded by many others, states that security price movements are random because information impacting the value of a given security is already reflected in its price Prices change only in response to news, which by definition is unpredictable The theory holds that the random nature of the market is what makes the market “unbeatable” by even the most practiced investors The idea of an efficient market operates on several assumptions Rattiner (2002) explains that in order for a market to be efficient it must first satisfy four conditions: 1) A large number of contending participants who are actively analyzing securities; 2) information arrives to the market fresh and in a random manner; 3) investors adjust to new information quickly in an unbiased manner; and 4) expected returns implicitly include risk In the capital market of stocks and bonds, theses conditions for an efficient market are generally met, allowing the semi-strong form of the EMH to hold true in most cases As implied above, the EMH was eventually broken down into three different levels of efficiency, weak form, semi-strong form, and strong form The weak form of the EMH states that stock prices reflect all available past share price data, and any information about future price movements contained in past movements is already incorporated into the current share price; the chartist or technician looking for predictive power in past pricing and volume data – attaching importance to levels of pricing “resistance” – is wasting his time Rattiner (2002) explains that the weak form assumes the independence of security returns, and that the correlation between stock prices over time is “virtually nothing” Under the weak form, technical analysis of past stock price movement provides no competitive advantage The semi-strong form of the EMH holds that stock prices fully reflect all public information; therefore fundamental analysis of a stock provides no benefit to the investor Under this theory, past share price information and any beneficial fundamental information about a company is already discounted in the share price Findlay and Williams (2000) note that any hunt for a second or “true” value to compare with the current market price in order to find a stock that is “cheap” or “dear” is pointless However, the semi-strong form does not contend that no one can achieve superior returns; it holds only that higher returns should not be expected (Rattiner 2002) The final version of the efficient market hypothesis is the strong form This form states that all possible information about a stock price is considered in the price, including inside information With this form, even insiders with information unknown to the rest of the investment world cannot beat the market Rattiner (2002) elaborates on the weak form saying that even if investors beat the market with inside information, they will more than likely fail in other attempts, preventing them from achieving consistent superior returns The strong form advocates a lack of necessity for investment managers since analysis of all possible information offers no advantage to an investor The level of market efficiency increases from the weak form of the EMH to the strong form Each form also holds the previous form to be true so the strong form is the highest level of efficiency a market can operate under according to the EMH A key factor in market efficiency is the flow of information In order for a share price to currently reflect all available information, this information must be able to flow quickly and accurately, through a large and active market free of costly frictions There are many participants in the market, each having access to a wealth of this “information.” Investors gather information through investment firms, brokers, newspapers, magazines, and of course, the Internet The Internet has allowed investors to gain access to an even larger measure of information with speed and ease unrivaled by most any other source The ability of participants quickly to take advantage of this information allows markets to behave efficiently New information is discounted into share price appropriately, precluding the market’s “missing” the correct price Therefore, it is generally too late to profit on news by the time one hears of it (Findlay 2000) The US equity market is one of the most highly analyzed markets in the world and many investors employ techniques every year to “beat the market.” The efficient market hypothesis has led many investors to believe in the efficiency of the market and the futileness of market timing and other techniques Fox (2002) points out how the logic of the EMH has led to the creation of many index funds that aim to “mimic” the market, rather than to try and outperform it There are many ideas about the effectiveness of the Efficient Market Hypothesis, particularly about the US equity market and its efficiency under the theory’s provisions An entirely different set of trading beliefs populate the real estate community, and these beliefs manifest themselves in the trading behavior of the real estate market; seeking to emulate the efficiency of the securities markets, the REIT was introduced to allow the more efficient trading of real estate The introduction of REITs to the market has improved efficiency with a more homogeneous, liquid product; however, research still shows that the real estate market is much less efficient than the capital markets It is towards a better understanding of this research that the following pages are dedicated We consider the extant literature on REITs and examine an exhaustive REIT data set towards that “better understanding.” Chapter A Review of Capital and Real Estate Market Efficiency: A Look at the REIT Market 2.1 Objectives of Chapter Two In this chapter, the efficiency of the equity markets is re-introduced, and selected research on the EMH is considered The efficiency of the real estate market is then examined; it is contrasted with the securities markets and patterns of increasing efficiency in the real estate markets are reviewed Much of this “pattern of increased efficiency” can be attributed to the trading of shares of REIT’s; these shares, their introduction and elements of the research on REIT’s are considered as the chapter comes to a close with a review of the performance of REIT’s and their contribution to the investment environment in the United States 2.2 US Equity Market and the EMH The U.S equity market operates at a certain level of efficiency The three forms of efficiency provided by the EMH are considered below in order to underscore this efficiency Studies by Brock et al (1992), extended by Bessembinder and Chan (1998), look at the implications of technical analysis and the strength of weak form efficiency In addition, Malkiel and Radisisch (2001) examine the performance of index funds in comparison with actively managed funds to investigate the semi – strong form of efficiency The strong form of efficiency is a more problematical concept to research due to the illegality of “insider trading” Adequate data for such research is difficult to find, though actions to “uncover” strong form efficiency, with adjacent prosecutions, are being made New York’s attorney general, Eliot Spitzer, is unearthing more and more trading scandals In terms of the general consensus on the Efficient Market Hypothesis and the 10 US equity market, investors tend to feel that the weak form holds true, semi – strong form holds fairly true, and that strong form efficiency does not hold Technical analysis of the U.S equity market is a widespread and daily pursuit by investors Many different strategies to outperform the market are based on technical analysis of past price returns and movements These actions violate the weak form efficiency of the EMH, yet still much research has been done on technical analysis of securities Bessembinder and Chan (1998) follow up on a 1992 study by Brock et al dealing with findings of simple forms of technical analysis containing significant forecast power for U.S equity returns They confirm the results found in the study; however they provide that the forecast power is not exclusively due to return measurement errors from nonsynchronous trading, and that this evidence can “co-exist” with the idea of market efficiency Bessembinder and Chan conclude that there is little basis to the data provided by Brock et al as proof of market inefficiencies, and that the evidence of this technical forecast power can be consistent with the weak form efficiency In general, despite many studies examining possible inefficiencies found with technical analysis, the U.S equity markets appear weak form efficient Another aspect of securities that is often scrutinized is the fundamental data of a company Many investors investigate the financials of a company and its business operations in order to assess the future performance of their stock The semi-strong form of efficiency and research showing a large number of investors unable to consistently outperform the market has led to the rise of index funds Market enthusiasts are turning to the Efficient Market Hypothesis that provides that the market is far better “equipped” to assess the U.S companies than any analyst (Fox 2002) The performance of market 50 Company Name Ticker Exchan ge SIC Code Employe Financial Health es Grade Diversified Colonial Properties Trust Cousins Properties Crescent Real Estate Equities Forest City Enterprises A iStar Financial Lexington Corporate Properties Vornado Realty Trust Washington REIT CLP CUZ NYSE NYSE 6798 6798 950.00 403.00 BA CEI NYSE FCE.A NYSE SFI NYSE 6798 6798 6153 671.00 3519.00 143.00 D C A- 6798 6798 6798 Mean: Median : Max: Min: 30.00 1422.00 286.00 928.00 B+ B C+ LXP NYSE VNO NYSE WRE NYSE 537.00 3519.00 30.00 Residential American Land Lease AMLI Residential Properties Apartment Investment & Mngmt Archstone-Smith Trust AvalonBay Communities BRE Properties Camden Property Trust Cornerstone Realty Income Trust Equity Residential Essex Property Trust Gables Residential Trust Home Properties Manufactured Home Communities Mid-America Apartment Communities Post Properties Summit Properties Sun Communities Town and Country Trust United Dominion Realty ANL NYSE 6790 191.00 D AML NYSE 6798 850.00 C- AIV ASN AVB BRE CPT NYSE NYSE NYSE NYSE NYSE 6798 6798 6798 6793 6798 7500.00 3450.00 1775.00 750.00 1723.00 DA+ A+ B C- TCR EQR ESS GBP HME NYSE NYSE NYSE NYSE NYSE 6798 6798 6798 6798 6798 567.00 6400.00 754.00 1315.00 2000.00 F B D+ CD MHC NYSE 6798 800.00 D- MAA PPS SMT SUI TCT UDR 6798 6798 6798 6798 6798 6798 Mean: Median : Max: Min: 1023.00 1235.00 535.00 564.00 471.00 1734.00 1770.37 F C+ B+ D F D NYSE NYSE NYSE NYSE NYSE NYSE 1023.00 7500.00 191.00 Specialty / Storage Correctional Properties Trust Entertainment Properties CPV EPR NYSE NYSE 6798 6798 1.00 7.00 D B 51 Fund Owners Revenue Ticker hip S / O Mil TTM Net Inc TTM EPS $ TTM Div p/ Share TTM Payout Ratio TTM Health Care HCP HCN HR LTC NHI NHP OHI SNH UHT VTR WRS Mean: Media n: Max: Min: 16.00 7.00 17.00 4.00 4.00 20.00 2.00 4.00 8.00 22.00 0.00 9.45 64.80 49.20 42.80 17.80 26.80 58.80 37.20 58.50 11.70 80.10 5.70 41.22 396.20 191.40 191.50 65.60 173.40 165.30 94.20 128.10 28.30 214.50 0.00 149.86 103.60 66.10 61.20 5.80 27.50 41.20 -13.00 47.10 21.40 95.10 -0.50 41.41 1.69 1.58 1.46 0.33 1.03 0.77 -0.37 0.81 1.82 1.20 0.00 0.94 3.32 2.34 2.45 0.50 1.55 1.66 0.00 1.24 1.95 1.04 0.13 1.47 196.50 148.10 167.80 151.50 150.50 215.60 0.00 153.10 107.10 86.70 0.00 125.17 7.00 22.00 0.00 42.80 80.10 5.70 165.30 396.20 0.00 41.20 103.60 -13.00 1.03 1.82 -0.37 1.55 3.32 0.00 150.50 215.60 0.00 AKR CBL CPG NNN DDR EQY FRT GGP GRT HTG KIM KRT NXL MAC MLS PNP PEI O REG RSE BFS SPG SKT TCO UBA WRI Mean: Media n: Max: 8.00 25.00 20.00 8.00 24.00 6.00 19.00 23.00 13.00 11.00 13.00 8.00 7.00 17.00 18.00 21.00 13.00 5.00 24.00 21.00 4.00 19.00 9.00 19.00 8.00 12.00 14.42 27.30 30.20 43.50 46.20 86.40 63.50 50.60 214.60 34.70 42.00 110.40 24.00 97.60 57.70 45.30 40.30 23.50 35.00 59.60 90.60 15.60 191.30 9.10 49.30 25.30 52.20 60.22 68.90 657.20 355.40 99.30 446.40 142.20 348.60 1196.20 296.90 295.60 486.40 114.50 468.60 473.10 324.90 248.80 174.70 148.80 410.60 1242.40 95.10 2327.90 121.00 396.30 57.30 406.00 438.58 15.60 84.20 60.30 47.00 136.80 46.90 41.40 225.20 26.20 54.30 262.60 15.20 139.00 120.90 85.80 102.10 191.90 69.30 107.60 197.40 17.30 244.50 11.90 -19.80 16.90 101.20 92.37 0.59 2.71 1.33 1.14 1.76 1.04 0.86 1.16 0.43 0.00 2.45 0.65 1.20 2.49 2.00 2.66 10.76 1.98 1.81 2.05 1.13 1.30 1.25 -0.39 0.69 1.93 1.73 0.57 2.62 2.09 1.28 1.61 1.08 1.95 1.00 1.92 2.10 2.14 1.30 1.65 2.28 2.23 2.00 2.04 2.35 2.07 0.39 1.56 2.35 2.46 1.04 0.84 2.31 1.74 95.80 96.70 157.10 112.30 91.50 103.80 226.20 86.20 447.20 0.00 87.30 200.00 137.50 91.60 111.30 75.00 19.00 118.80 114.40 19.00 138.10 180.80 196.50 0.00 121.00 119.70 121.03 13.00 25.00 45.75 214.60 336.75 2327.90 76.75 262.60 1.27 10.76 1.98 2.62 111.80 447.20 Retail 52 Fund Ownershi S / O p Mil Ticker ARE AMB AFR BED BXP BDN CRE CDX CNT OFC DRE EGP EOP FR FPO GLB HIW HRP KTR KRC LRY CLI MPG PP PGE PLD RA SLG TRZ Mean: Media n: Max: Min: Revenue TTM Net Inc TTM EPS $ TTM Div p/ Share TTM Payout Ratio TTM Industrial / Office 33.00 23.00 15.00 16.00 23.00 22.00 23.00 20.00 32.00 25.00 13.00 17.00 24.00 13.00 8.00 21.00 14.00 9.00 20.00 27.00 18.00 16.00 7.00 24.00 16.00 24.00 23.00 32.00 7.00 19.48 19.10 81.70 93.60 16.30 97.60 37.40 52.30 91.70 23.00 29.40 136.00 19.40 399.80 39.60 7.50 27.80 53.10 142.80 21.80 28.00 79.60 58.20 36.50 41.70 23.70 179.70 58.20 31.20 150.00 71.61 156.80 640.20 37.40 105.80 1356.50 307.60 530.00 434.00 165.40 167.00 947.10 108.10 3361.50 370.10 15.90 204.00 442.00 485.40 90.10 224.70 627.00 584.90 101.10 367.50 220.60 639.40 506.10 271.70 947.10 497.07 36.00 130.90 14.60 29.20 564.40 45.70 83.30 84.50 64.50 6.80 141.10 11.60 573.40 97.60 -6.80 -3.40 35.90 64.90 -8.60 58.30 151.80 143.80 -14.70 45.60 -11.20 157.90 54.50 83.20 -188.80 84.34 2.36 1.58 0.00 1.78 5.84 1.22 1.25 0.94 2.71 0.26 1.03 0.68 -0.11 2.49 0.00 -0.13 0.67 0.48 -0.50 2.11 2.07 2.48 0.00 1.16 -0.76 0.87 1.73 2.60 -1.26 1.16 2.03 1.65 0.00 2.01 2.48 1.76 2.00 0.00 2.40 0.90 1.83 1.90 2.00 2.74 0.00 1.64 2.02 0.80 1.30 1.98 2.41 2.52 0.00 2.24 0.00 0.72 1.77 1.84 0.00 1.48 86.00 104.40 0.00 112.90 42.50 144.30 160.00 0.00 88.60 344.20 177.20 278.70 0.00 110.00 0.00 0.00 301.50 166.70 0.00 93.80 116.20 101.60 0.00 193.10 0.00 82.20 102.30 70.70 0.00 99.20 20.00 33.00 7.00 41.70 399.80 7.50 367.50 3361.50 15.90 54.50 573.40 -188.80 1.03 5.84 -1.26 1.83 2.74 0.00 93.80 344.20 0.00 Lodging / Resort BOY ENN FCH HPT 11.00 13.00 21.00 8.00 17.30 41.30 58.90 62.60 295.7 37.60 21.00 25.40 69.98 275.40 242.10 1278.10 404.10 -6.80 -5.20 -253.60 119.50 -0.39 -0.13 -4.60 1.91 0.54 0.52 0.45 2.88 0.00 0.00 0.00 150.80 HMT KPA LHO WXH Mean: Media n: Max: 33.00 17.00 35.00 13.00 18.88 3639.00 90.50 195.50 129.10 781.72 -174.00 -9.90 22.80 2.50 -38.09 -0.65 -0.26 1.14 0.13 -0.36 0.00 0.30 1.05 0.60 0.79 0.00 0.00 92.10 461.50 88.05 15.00 39.45 35.00 295.70 258.75 3639.00 -6.00 119.50 -0.19 1.91 0.53 2.88 0.00 461.50 53 Diversified Fund Ownershi p Ticker CLP CUZ CEI FCE.A SFI LXP VNO WRE Mean: Media n: Max: Min: S/O Mil 9.00 26.10 14.00 48.60 19.00 99.20 22.00 50.00 26.00 101.40 12.00 34.80 17.00 114.00 10.00 39.40 16.13 64.19 15.50 26.00 9.00 49.30 114.00 26.10 Revenue Net Inc EPS $ Div p/ Share Payout Ratio TTM TTM TTM TTM TTM 341.30 33.80 216.90 244.20 954.30 -1.20 1040.10 64.40 586.40 239.60 110.10 26.00 1522.00 280.20 159.00 45.50 616.26 116.56 463.85 1522.00 110.10 54.95 280.20 -1.20 1.40 4.94 -0.03 1.28 2.36 0.84 2.45 1.16 1.80 2.66 3.55 1.50 0.27 2.59 1.33 2.72 1.45 2.01 189.60 71.90 0.00 21.10 109.50 158.30 111.00 125.00 98.30 1.34 4.94 -0.03 2.04 3.55 0.27 110.25 189.60 0.00 Residential ANL AML AIV ASN AVB BRE CPT TCR EQR ESS GBP HME MHC MAA PPS SMT SUI TCT UDR Mean: Media n: Max: Min: 11.00 7.10 16.00 16.90 25.00 94.10 190.6 21.00 21.00 70.70 9.00 49.30 14.00 39.30 5.00 54.80 275.5 29.00 21.00 21.20 24.00 24.50 23.00 28.90 26.00 22.40 9.00 19.50 15.00 37.70 18.00 29.30 25.00 18.90 6.00 16.30 120.2 13.00 17.42 59.85 51.70 156.00 1637.00 8.30 25.10 32.20 1.18 1.42 0.31 1.00 1.92 3.06 84.70 135.20 987.10 1094.70 653.20 281.70 411.00 169.20 391.20 225.70 92.50 74.60 -6.80 2.11 3.26 1.84 1.73 -0.12 1.71 2.80 1.95 2.54 0.88 81.00 85.90 106.00 146.80 0.00 1995.30 226.60 239.10 425.80 270.00 234.80 331.60 164.70 171.50 132.80 430.20 39.70 48.90 21.70 43.50 -4.40 14.30 55.00 10.00 15.00 1.58 1.92 1.98 0.78 1.94 -0.25 0.39 2.00 0.53 0.93 1.73 3.11 2.41 2.43 1.96 2.34 2.46 1.49 2.38 1.72 109.50 162.00 121.70 311.50 101.00 0.00 630.80 74.40 449.10 184.90 611.70 487.28 10.70 80.39 0.09 1.24 1.13 2.05 0.00 198.51 18.00 29.30 29.00 275.50 5.00 7.10 270.00 1995.30 51.70 32.20 430.20 -6.80 1.42 3.26 -0.25 1.96 3.11 0.88 109.50 987.10 0.00 24.00 7.70 12.00 19.70 35.00 42.50 126.0 11.00 9.00 19.90 30.60 86.00 1115.80 10.60 30.30 60.90 1.43 1.73 1.44 1.62 1.98 0.86 113.30 114.20 59.80 868.40 90.50 154.80 12.80 1.23 0.64 0.90 1.32 73.20 206.30 Specialty / Storage CPV EPR RYN PSA USV 54 Total Assets Ticker Qtr EPS Total Equity Growth % Qtr Yr Asset T/O Yr Financial Lvrg Yr Health Care HCP HCN HR LTC NHI NHP OHI SNH UHT VTR WRS Mean: Median : Max: Min: 2832.40 2031.60 1522.80 590.10 625.20 1395.90 746.90 1228.10 194.80 774.40 142.00 1098.56 1113.60 976.00 911.10 180.20 389.80 511.30 218.10 731.40 149.10 -23.70 56.90 473.98 -5.00 -12.50 -8.00 14.30 -19.80 -24.50 0.00 0.00 5.70 13.90 0.00 -3.26 0.10 0.10 0.10 0.10 0.30 0.10 0.20 0.10 0.20 0.20 0.20 0.15 2.70 2.10 1.60 3.30 1.70 3.30 3.00 1.50 1.20 0.00 1.30 1.97 774.40 2832.40 142.00 389.80 1113.60 -23.70 0.00 14.30 -24.50 0.10 0.30 0.10 1.70 3.30 0.00 AKR CBL CPG NNN DDR EQY FRT GGP GRT HTG KIM KRT NXL MAC MLS PNP PEI O REG RSE BFS SPG SKT TCO UBA WRI Mean: Median : Max: Min: 405.40 4130.50 1953.60 1150.20 3918.20 1482.50 2044.00 8860.90 1619.80 2094.30 3983.70 816.90 3528.90 4030.80 3395.40 1879.80 1266.00 1161.00 3095.60 6416.00 394.90 15105.00 465.40 2266.40 391.50 2717.50 3022.08 173.50 860.00 517.30 596.60 1036.20 741.60 544.90 1598.40 270.50 854.10 2102.20 257.80 1591.40 944.40 359.00 885.80 542.30 614.70 1174.30 1259.40 -8.10 2533.50 90.70 328.00 219.20 923.50 808.12 39.50 8.70 -0.60 -2.10 6.90 -1.60 -5.90 21.10 -2.90 0.00 0.00 0.00 -7.30 -18.50 12.40 14.30 -2.60 9.90 4.60 -9.10 9.10 27.10 -14.70 0.00 12.60 4.20 4.04 0.20 0.20 0.20 0.10 0.10 0.10 0.20 0.10 0.20 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.20 0.10 0.10 0.20 0.20 0.10 0.20 0.20 0.10 0.20 0.14 2.50 5.10 3.70 1.90 4.30 2.10 4.90 6.10 5.50 2.30 2.00 3.10 2.20 4.60 6.10 2.20 3.70 1.50 2.50 5.70 0.00 5.60 5.30 6.10 1.60 2.60 3.58 2069.15 15105.00 391.50 678.15 2533.50 -8.10 0.00 39.50 -18.50 0.10 0.20 0.10 3.40 6.10 0.00 Retail 55 Total Total Assets Equity Qtr EPS Growth Asset T/O Financial Lvrg Yr Quarter 1 % Yr Yr 1 Ticker ARE AMB AFR BED BXP BDN CRE CDX CNT OFC DRE EGP EOP FR FPO GLB HIW HRP KTR KRC LRY CLI MPG PP PGE PLD RA SLG TRZ Mean: Media n: Max: Min: Industrial / Office 1231.80 5045.10 1605.20 705.60 8408.70 1890.50 2814.90 2673.90 1353.10 1300.00 5555.00 717.20 24888.40 2641.20 126.60 1363.20 3403.50 3494.80 827.30 1506.00 3755.80 3711.50 622.00 2145.70 1331.50 6083.10 2907.90 1725.60 5579.30 3428.08 393.40 1565.90 336.70 267.90 2381.50 728.20 711.50 683.30 466.20 404.00 2118.30 302.20 9691.00 879.70 -0.80 599.70 1121.30 1533.60 289.30 455.20 1428.00 1479.70 -146.30 784.20 309.50 2458.10 942.10 659.00 1878.30 1197.27 15.30 -10.90 0.00 6.20 39.70 20.20 -2.60 8.30 12.20 -5.30 -3.40 -25.00 -51.40 0.40 0.00 -51.70 -11.90 -10.80 0.00 0.20 1.20 6.00 0.00 -4.00 0.00 14.00 -10.70 15.10 0.00 -1.69 0.10 0.10 0.00 0.10 0.10 0.20 0.20 0.20 0.10 0.10 0.20 0.20 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.20 0.20 0.20 0.20 0.10 0.10 0.20 0.20 0.20 0.14 3.00 3.10 4.80 2.50 3.90 2.80 3.80 4.90 2.50 3.90 2.50 2.80 2.50 3.00 0.00 2.30 2.90 2.20 2.80 3.40 2.70 2.60 0.00 2.90 5.70 2.40 3.10 2.40 3.00 2.91 2145.70 24888.40 126.60 711.50 9691.00 -146.30 0.00 39.70 -51.70 0.10 0.20 0.00 2.80 5.70 0.00 552.90 754.10 3919.40 2638.60 8332.00 718.40 684.60 374.00 2246.75 235.00 282.30 1255.80 1439.70 1380.00 296.40 389.60 229.20 688.50 0.00 0.00 0.00 1.90 0.00 0.00 0.00 0.00 0.24 0.50 0.30 0.30 0.10 0.40 0.10 0.30 0.30 0.29 2.40 2.60 2.90 1.60 6.50 2.40 1.90 1.80 2.76 736.25 8332.00 343.00 1439.70 0.00 1.90 0.30 0.50 2.40 6.50 Lodging / Resort BOY ENN FCH HPT HMT KPA LHO WXH Mean: Media n: Max: 56 Diversified Total Assets Quarter Ticker CLP CUZ CEI FCE.A SFI LXP VNO WRE Mean: Media n: Max: Min: Total Equity EPS Growth % Asset T/O Qtr Yr Yr Financial Lvrg Yr 2093.70 1136.90 4297.90 5740.10 6505.80 1001.10 9077.30 847.10 3837.49 599.80 486.00 893.20 746.20 2267.10 406.80 2558.90 319.60 1034.70 12.10 -23.70 0.00 2.50 97.60 0.30 -0.50 2.10 11.30 0.20 0.20 0.20 0.20 0.10 0.10 0.20 0.20 0.18 4.00 3.10 4.20 7.20 2.80 2.70 3.80 2.30 3.76 3195.80 9077.30 847.10 673.00 2558.90 319.60 1.20 97.60 -23.70 0.20 0.20 0.10 3.45 7.20 2.30 Residential ANL AML AIV ASN AVB BRE CPT TCR EQR ESS GBP HME MHC MAA PPS SMT SUI TCT UDR Mean: Media n: Max: Min: 238.60 953.50 10182.90 8784.90 4965.90 2166.30 2609.90 1138.50 11990.10 1659.10 1583.90 2464.40 1153.00 1366.50 2324.90 1360.70 1228.60 568.20 3413.70 3165.98 94.30 294.50 2051.60 3867.30 2250.90 822.60 839.50 294.60 4294.30 481.20 378.50 586.30 181.70 354.40 806.50 417.20 330.70 -9.50 832.80 1008.92 26.00 -9.90 31.80 2.70 3.20 7.20 12.00 0.00 1.20 6.10 6.50 -10.50 14.60 0.00 -17.60 26.40 -23.20 2.60 -23.70 2.92 0.20 0.10 0.10 0.10 0.10 0.10 0.20 0.20 0.20 0.10 0.20 0.20 0.20 0.20 0.10 0.10 0.10 0.30 0.20 0.16 2.50 3.00 4.70 2.50 2.30 2.90 3.10 3.60 2.80 3.30 4.20 4.40 6.50 3.70 3.00 3.40 3.60 0.00 4.70 3.38 1659.10 11990.10 238.60 481.20 4294.30 -9.50 2.70 31.80 -23.70 0.20 0.30 0.10 3.30 6.50 0.00 CPV EPR RYN PSA USV Mean: Media n: Max: Min: 279.60 890.40 1899.90 4742.20 531.90 1668.80 134.80 423.10 760.70 2350.40 153.80 764.56 4.70 0.80 -7.70 -7.80 0.00 -2.00 0.10 0.10 0.60 0.20 0.10 0.22 2.10 2.10 2.70 2.10 4.00 2.60 890.40 4742.20 279.60 423.10 2350.40 134.80 0.00 4.70 -7.80 0.10 0.60 0.10 2.10 4.00 2.10 Specialty / Storage 57 ROE % Rank Yr ROA % Ticker Rank Yr Total Return Div Yield % 10 Yr Std Dev Yr Current PEG Ratio Health Care HCP HCN HR LTC NHI NHP OHI SNH UHT VTR WRS Mean: Media n: Max: Min: 26.00 57.00 50.00 36.00 51.00 60.00 93.00 61.00 13.00 0.00 84.00 48.27 23.00 31.00 18.00 43.00 21.00 56.00 92.00 22.00 2.00 6.00 85.00 36.27 15.64 14.47 15.95 10.35 8.68 11.35 -1.28 0.00 15.94 11.36 0.00 9.31 23.90 26.60 24.10 61.80 60.80 29.70 148.60 34.00 13.40 47.70 0.00 42.78 5.90 6.00 6.00 4.40 6.20 7.20 3.10 6.90 6.40 4.30 5.60 5.64 4.10 3.10 5.40 3.10 12.50 4.00 0.40 3.20 3.90 2.30 3.00 4.09 51.00 93.00 0.00 23.00 92.00 2.00 11.35 15.95 -1.28 29.70 148.60 0.00 6.00 7.20 3.10 3.20 12.50 0.40 AKR CBL CPG NNN DDR EQY FRT GGP GRT HTG KIM KRT NXL MAC MLS PNP PEI O REG RSE BFS SPG SKT TCO UBA WRI Mean: Media n: Max: Min: 19.00 34.00 38.00 44.00 23.00 25.00 43.00 10.00 18.00 77.00 22.00 72.00 50.00 51.00 7.00 20.00 16.00 36.00 40.00 17.00 0.00 13.00 33.00 82.00 56.00 20.00 33.31 17.00 57.00 51.00 19.00 46.00 11.00 61.00 50.00 55.00 73.00 10.00 64.00 31.00 61.00 43.00 12.00 33.00 10.00 30.00 55.00 14.00 52.00 58.00 79.00 19.00 18.00 39.58 7.28 20.39 23.21 12.33 17.93 0.00 13.63 22.75 13.23 0.00 17.98 0.00 8.75 0.00 0.00 0.00 13.47 0.00 17.62 16.52 13.35 15.73 13.15 15.67 0.00 13.85 10.65 30.60 22.70 21.80 20.90 21.10 20.20 14.10 24.40 30.90 0.00 15.20 29.60 21.60 24.90 27.00 16.40 21.20 16.80 11.60 22.40 17.90 21.00 21.60 22.40 20.00 13.50 20.38 4.40 4.50 3.90 7.00 4.90 6.00 4.70 3.60 7.60 7.20 4.70 7.00 6.50 4.80 4.80 3.00 5.50 5.70 5.00 3.40 5.70 4.60 5.90 4.50 5.70 4.90 5.21 2.60 1.80 1.60 4.10 1.90 1.90 3.00 1.20 0.00 3.30 2.00 0.00 3.10 1.90 1.40 1.90 2.90 3.00 2.50 1.70 2.60 1.90 2.60 2.50 2.20 2.40 2.15 29.00 82.00 0.00 44.50 79.00 10.00 13.29 23.21 0.00 21.15 30.90 0.00 4.90 7.60 3.00 2.10 4.10 0.00 Retail 58 ROE % Rank Yr ROA % Total Return Std Dev Rank Yr 10 Yr Yr Ticke r ARE AMB AFR BED BXP BDN CRE CDX CNT OFC DRE EGP EOP FR FPO GLB HIW HRP KTR KRC LRY CLI MPG PP PGE PLD RA SLG TRZ Mean: Media n: Max: Min: Div Yield % Current PEG Ratio Industrial / Office 47.00 55.00 71.00 15.00 5.00 54.00 12.00 7.00 17.00 70.00 55.00 67.00 60.00 28.00 0.00 79.00 69.00 68.00 89.00 37.00 24.00 35.00 0.00 42.00 95.00 44.00 65.00 32.00 92.00 46.00 46.00 52.00 70.00 13.00 13.00 48.00 25.00 27.00 14.00 67.00 39.00 57.00 42.00 28.00 93.00 76.00 60.00 51.00 87.00 47.00 22.00 27.00 89.00 38.00 90.00 28.00 60.00 21.00 91.00 49.00 0.00 0.00 0.00 18.09 0.00 29.07 10.91 17.35 22.41 16.89 18.74 19.07 0.00 0.00 0.00 0.00 0.00 8.77 21.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.29 17.60 13.40 0.00 15.70 14.90 21.50 18.90 20.60 12.80 16.30 19.20 18.70 18.30 19.50 0.00 25.30 18.90 18.60 17.60 25.50 18.90 19.80 0.00 18.00 27.20 18.60 17.70 19.20 0.00 16.30 3.60 4.80 2.80 6.90 5.00 6.40 6.30 2.20 3.20 4.10 5.60 5.50 6.70 7.50 0.50 8.00 6.80 7.50 5.60 6.00 6.20 6.20 3.30 6.70 0.00 4.40 5.00 4.40 5.00 5.04 2.10 3.60 1.90 2.80 2.20 3.10 2.10 1.90 2.10 1.60 2.70 3.70 2.80 1.90 0.00 1.90 0.00 2.40 2.50 2.40 2.20 2.60 2.70 6.50 0.70 2.40 4.60 2.00 2.80 2.42 47.00 95.00 0.00 47.00 93.00 13.00 0.00 29.07 0.00 18.60 27.20 0.00 5.50 8.00 0.00 2.40 6.50 0.00 83.00 79.00 94.00 39.00 87.00 86.00 83.00 85.00 79.50 81.00 78.00 94.00 11.00 82.00 86.00 83.00 88.00 75.38 0.00 0.00 0.00 0.00 4.69 0.00 0.00 0.00 0.59 38.90 43.20 39.10 27.30 43.80 37.70 52.30 41.00 40.41 1.90 5.50 0.00 6.90 0.00 1.80 4.30 5.70 3.26 2.20 2.10 2.80 2.80 2.50 1.70 1.90 5.60 2.70 84.00 94.00 39.00 82.50 94.00 11.00 0.00 4.69 0.00 40.05 52.30 27.30 3.10 6.90 0.00 2.35 5.60 1.70 Lodging / Resort BOY ENN FCH HPT HMT KPA LHO WXH Mean: Media n: Max: Min: 59 Diversified ROE % ROA % Rank Total Return Std Dev Rank Yr Yr 10 Yr Yr Ticker CLP CUZ CEI FCE.A SFI LXP VNO WRE Mean: Media n: Max: Min: Div Yield % Current PEG Ratio 30.00 22.00 62.00 80.00 42.00 38.00 41.00 8.00 40.38 45.00 26.00 63.00 83.00 36.00 32.00 53.00 8.00 43.25 14.89 17.08 0.00 20.24 24.65 17.85 19.46 10.17 15.54 15.40 13.90 24.40 25.20 26.40 16.90 19.30 16.70 19.77 5.00 4.80 8.30 0.60 6.60 6.40 5.00 5.00 5.21 2.40 1.90 2.30 2.90 1.60 2.30 1.90 3.50 2.35 39.50 80.00 8.00 40.50 83.00 8.00 17.47 24.65 0.00 18.10 26.40 13.90 5.00 8.30 0.60 2.30 3.50 1.60 Residential ANL AML AIV ASN AVB BRE CPT TCR EQR ESS GBP HME MHC MAA PPS SMT SUI TCT UDR Mean: Media n: Max: Min: 63.00 30.00 75.00 48.00 58.00 14.00 41.00 80.00 52.00 29.00 16.00 70.00 4.00 82.00 64.00 2.00 72.00 0.00 73.00 45.95 48.00 30.00 73.00 35.00 36.00 20.00 41.00 77.00 44.00 34.00 38.00 69.00 37.00 80.00 56.00 7.00 67.00 32.00 71.00 47.11 15.66 0.00 0.00 12.39 0.00 14.32 14.08 0.00 14.32 0.00 13.79 0.00 13.57 14.28 6.79 0.00 13.23 11.70 10.37 8.13 24.20 18.60 20.40 16.60 16.90 15.00 17.60 22.60 19.80 17.20 23.00 15.60 17.60 15.00 16.40 19.10 15.10 14.70 18.70 18.11 5.00 7.30 8.70 6.20 5.70 5.90 5.80 8.60 5.90 5.00 6.70 6.10 4.40 6.80 6.40 5.80 6.20 6.70 6.20 6.28 2.80 3.50 1.80 2.80 2.80 2.60 2.50 5.80 2.40 3.20 3.80 2.80 2.40 4.20 5.40 2.50 1.80 0.00 3.10 2.96 52.00 82.00 0.00 41.00 80.00 7.00 11.70 15.66 0.00 17.60 24.20 14.70 6.20 8.70 4.40 2.80 5.80 0.00 CPV EPR RYN PSA USV Mean: Media n: Max: Min: 48.00 49.00 52.00 63.00 69.00 56.20 25.00 26.00 40.00 39.00 66.00 39.20 0.00 0.00 0.00 17.39 15.34 6.55 43.80 33.10 29.30 25.30 37.90 33.88 3.90 5.70 2.30 3.80 7.40 4.62 1.90 1.10 4.90 2.60 3.30 2.76 52.00 69.00 48.00 39.00 66.00 25.00 0.00 17.39 0.00 33.10 43.80 25.30 3.90 7.40 2.30 2.60 4.90 1.10 Specialty / Storage 60 Ticker Mkt Cap PE Current Avg Daily Volume 52 Week High 52 Week Low Price $ Current Health Care HCP HCN HR LTC NHI NHP OHI SNH UHT VTR WRS Mean: Media n: Max: Min: 3643.50 1905.60 1757.40 260.90 694.30 1281.80 386.60 1056.80 356.80 2002.60 70.90 1219.75 31.40 25.10 28.10 54.30 25.70 23.40 0.00 22.30 16.70 18.40 0.00 22.31 254798 177697 170344 41043 75594 292982 101943 209298 35677 331905 34645 156902 56.23 38.70 41.05 14.97 26.16 21.83 11.29 18.54 30.90 25.00 13.28 27.09 33.05 24.84 24.00 5.48 13.70 12.45 2.28 11.10 23.90 11.20 8.85 15.53 56.23 38.70 41.05 14.65 25.95 21.80 10.39 18.08 30.45 25.00 12.45 26.80 1056.80 3643.50 70.90 23.40 54.30 0.00 170344 331905 34645 25.00 56.23 11.29 12.45 33.05 2.28 25.00 56.23 10.39 Retail AKR CBL CPG NNN DDR EQY FRT GGP GRT HTG KIM KRT NXL MAC MLS PNP PEI O REG RSE BFS SPG SKT TCO UBA WRI Mean: Media n: Max: Min: 366.10 1826.20 2414.10 846.00 2969.50 1156.00 2090.50 6439.20 874.50 1224.90 5093.40 446.30 2460.40 2778.40 2130.20 2059.10 877.30 1446.20 2485.80 4458.80 429.10 9957.50 379.70 1146.30 374.60 2480.60 2277.33 40.60 21.70 45.10 16.50 20.20 19.20 59.00 26.40 81.30 0.00 20.60 28.60 132.70 23.80 23.20 24.20 20.00 22.40 26.70 51.80 24.40 38.00 35.50 0.00 21.40 26.80 32.70 64165 144829 155990 137235 320759 158944 170530 769264 161877 130689 263613 37147 307255 208774 202521 139286 98253 101842 240957 257962 27698 698642 50467 449506 33553 126350 209927 13.40 60.65 56.69 18.38 34.79 18.77 41.34 30.07 25.26 29.67 46.49 18.80 25.77 48.68 47.81 52.20 37.69 41.38 41.92 49.35 29.17 52.31 43.00 23.63 14.98 47.99 36.55 7.81 37.72 33.58 14.35 22.18 13.04 27.70 16.37 17.20 23.77 31.15 14.50 18.33 29.60 27.76 36.20 25.23 33.06 30.97 31.43 21.20 32.54 28.80 16.25 11.00 36.37 24.54 13.40 60.45 55.52 18.30 34.38 18.20 41.29 30.00 25.19 29.15 46.13 18.60 25.21 48.13 47.04 51.11 37.36 41.29 41.70 49.24 27.52 52.05 41.90 23.23 14.80 47.50 36.10 1942.65 9957.50 366.10 24.30 132.70 0.00 157467 769264 27698 39.51 60.65 13.40 26.47 37.72 7.81 39.33 60.45 13.40 61 Mkt Cap Ticker ARE AMB AFR BED BXP BDN CRE CDX CNT OFC DRE EGP EOP FR FPO GLB HIW HRP KTR KRC LRY CLI MPG PP PGE PLD RA SLG TRZ Mean: Media n: Max: Min: PE Current Avg Daily Volume 52 Week High 52 Week Low Price $ Current Industrial / Office 1182.90 2854.80 1696.70 479.60 4881.80 1033.40 1662.50 2398.60 1840.90 649.20 4469.80 673.10 11853.00 1447.60 150.60 538.70 1449.60 1513.40 513.50 917.90 3071.50 2360.50 887.20 1395.30 147.50 5864.90 1486.00 1339.50 2384.00 2108.41 26.00 38.80 0.00 16.50 9.80 24.30 30.00 29.70 66.80 130.10 33.20 51.90 20.60 42.50 0.00 0.00 0.00 20.80 0.00 40.40 20.20 16.50 0.00 24.60 0.00 37.50 15.50 20.90 0.00 24.71 90128 302559 677690 53342 311929 155860 225250 333518 73131 100161 347534 58409 1238249 212839 76560 97333 250628 503668 67889 130282 502043 260797 285340 170150 72085 756840 358983 176632 272064 281445 62.00 35.53 18.53 29.65 50.39 27.82 31.84 26.61 80.58 22.40 32.93 34.77 29.74 36.58 20.50 20.83 27.40 10.60 23.57 33.58 39.30 41.96 24.46 33.55 7.20 33.12 25.88 43.11 16.09 31.74 39.81 26.38 13.40 24.32 35.24 19.13 23.25 19.10 55.00 13.55 24.57 24.29 23.31 26.43 15.50 14.87 19.89 8.36 15.70 20.65 29.52 27.35 19.00 25.27 4.70 23.76 17.88 28.78 8.11 22.31 61.85 34.95 18.12 29.45 50.03 27.66 31.77 26.16 80.10 22.11 32.87 34.75 29.65 36.58 20.05 19.41 27.30 10.60 23.57 32.75 38.58 40.57 24.30 33.50 6.23 32.64 25.55 42.97 15.89 31.38 1449.60 11853.00 147.50 20.80 130.10 0.00 225250 1238249 53342 29.74 80.58 7.20 23.25 55.00 4.70 29.65 80.10 6.23 164.20 390.30 692.10 2619.30 3746.70 358.40 414.60 267.20 1081.60 0.00 0.00 0.00 21.60 0.00 0.00 0.00 50.00 8.95 46054 113939 305633 322300 1070120 125676 67612 71014 265294 9.72 9.71 12.60 44.62 13.00 9.93 20.15 10.85 16.32 6.65 5.25 5.80 26.50 6.10 5.75 10.50 6.62 9.15 9.47 9.45 11.75 41.85 12.67 9.54 19.75 10.50 15.62 402.45 3746.70 164.20 0.00 50.00 0.00 119808 1070120 46054 11.73 44.62 9.71 6.36 26.50 5.25 11.13 41.85 9.45 Lodging / Resort BOY ENN FCH HPT HMT KPA LHO WXH Mean: Media n: Max: Min: 62 Diversified Mkt Cap PE Current Avg Daily Volume 52 Week High 52 Week Low Price $ Current Ticker 1049.9 1491.2 CUZ 1785.1 CEI 2597.7 FCE.A 4059.0 SFI LXP 734.20 6379.6 VNO 1153.1 WRE Mean: 2406.22 Media n: 1638.15 Max: 6379.60 Min: 734.20 CLP 35.30 91863 41.70 30.69 40.20 9.80 104920 31.11 22.95 30.70 128.60 402918 18.15 13.75 18.00 45.60 27332 52.50 30.84 52.00 16.30 24.30 420286 165002 40.15 21.50 27.65 15.73 40.02 21.10 23.30 361937 56.17 33.30 55.95 25.50 38.59 88546 207851 31.28 36.57 23.95 24.86 29.30 35.91 24.90 128.60 9.80 134961 420286 27332 35.72 56.17 18.15 25.80 33.30 13.75 35.36 55.95 18.00 16.40 57.20 16959 82993 20.75 27.28 14.30 19.82 20.19 26.30 0.00 554483 42.05 33.00 35.18 28.60 532412 28.12 20.95 27.43 34.30 267449 49.71 35.24 49.10 30.60 163292 34.84 28.34 33.06 43.50 0.00 141800 106214 44.86 9.39 30.52 6.85 43.50 9.28 19.40 878580 30.30 23.12 29.10 32.40 21.40 112098 141696 66.60 36.50 49.55 24.69 62.15 36.10 54.10 22.00 0.00 194991 94683 48676 40.99 41.92 34.70 30.94 27.40 23.10 40.05 33.60 34.51 0.00 0.00 74.30 27.40 237301 102613 77181 35566 29.00 24.75 41.00 25.75 22.43 17.40 32.87 19.51 27.95 23.08 39.36 25.50 56.10 27.25 376823 219253 19.53 34.11 15.13 25.01 18.50 32.31 Residential ANL AML AIV ASN AVB BRE CPT TCR EQR ESS GBP HME MHC MAA PPS SMT SUI TCT UDR Mean: Media 143.30 445.20 3310.4 5227.1 3471.1 1631.3 1707.8 508.30 8015.9 1316.8 884.20 1156.1 753.20 672.90 1052.5 676.60 744.50 416.70 2223.0 1808.26 63 Company Name Ticker Exchange SIC Code Employ Financial Health ees Grade Mortgage Annaly Mortgage Management Capital Trust A Criimi Mae MFA Mortgage Investments Newcastle Investment Thornburg Mortgage Fund Ownership Ticke r NLY CT CMM MFA NCT TMA Mean: Medi an: Max: S/O Mil NLY NYSE CT NYSE CMM NYSE 6798 6798 6798 MFA NCT TMA 6798 6798 6798 Mean: Median: Max: NYSE NYSE NYSE Revenue TTM Net Inc TTM 15.00 21.00 112.00 A B NA 8.00 0.00 0.00 26.00 11.50 112.00 CF C EPS $ TTM Div p/ Share TTM Payout Ratio TTM Mortgage 8.00 0.00 5.00 10.00 48.00 4.00 12.50 96.00 6.10 15.20 54.10 23.50 70.40 44.22 393.40 67.80 113.80 135.60 107.60 527.70 224.32 187.80 6.30 -59.00 63.10 30.30 157.20 64.28 2.10 0.96 -4.31 1.33 1.68 2.69 0.74 2.56 0.00 0.00 1.20 0.45 2.39 1.10 121.90 0.00 0.00 90.20 26.80 88.70 54.60 6.50 48.00 38.80 96.00 124.70 527.70 46.70 187.80 1.50 2.69 0.83 2.56 57.75 121.90 Total Assets Qtr Total Equity EPS Growth % Qtr Yr Asset T/O Financial Lvrg Yr Yr Mortgage Ticker NLY 12841.00 1145.70 25.50 CT 440.40 101.20 -5.60 CMM 1165.80 325.80 0.00 MFA ROE % Rank 4300.70 434.30 17.10 ROA % Rank Total Return Std Dev NCT 284.20 0.00 Yr 1572.60 Yr 10 Yr Yr TMA 17287.40 1120.30 43.30 Mortgage Ticker Mean: 6267.98 568.58 13.38 NLY 5.00 59.00 0.00 34.70 Median CT 42.00 63.00 14.85 37.70 : 2936.65 380.05 8.55 CMM 95.00 94.00 -16.09 101.30 Max: 17287.40 1145.70 43.30 MFA 10.00 62.00 0.00 33.40 Min: 440.40 101.20 -5.60 NCT 31.00 59.00 0.00 0.00 TMA 11.00 68.00 16.26 38.80 Mean: 32.33 67.50 2.50 40.98 Media n: 21.00 62.50 0.00 36.20 Max: 95.00 94.00 16.26 101.30 Min: 5.00 59.00 -16.09 0.00 0.00 0.10 0.10 0.00 % Div Yield 0.10 Current PEG 0.00 0.05 9.90 5.70 0.05 0.10 0.00 0.00 10.90 7.40 8.60 7.08 8.00 10.90 0.00 10.80 6.60 4.30 9.70 5.50 Ratio 13.70 8.43 2.10 0.00 8.15 0.00 13.70 2.60 4.30 1.50 2.40 1.43 1.80 2.60 0.00 64 Mkt Cap Ticker NLY CT CMM MFA NCT TMA Mean: Media n: Max: Min: PE Current Avg Daily Volume 52 Week High 52 Week Low Price $ Current Mortgage 1882.80 144.80 173.30 540.10 616.60 2033.10 898.45 9.30 24.80 0.00 7.50 15.90 10.70 11.37 1078213 9750 46324 357111 112897 442959 341209 21.28 23.85 12.10 11.00 27.24 29.39 20.81 15.56 13.35 8.19 8.15 15.70 19.46 13.40 19.62 23.85 11.40 9.98 26.25 28.88 20.00 578.35 2033.10 144.80 10.00 24.80 0.00 235004 1078213 9750 22.57 29.39 11.00 14.46 19.46 8.15 21.74 28.88 9.98 ... This study also finds that on a risk-unadjusted basis, property developing REITS earned higher returns than the NAREIT index Mueller (1998) examines small-cap, mid-cap, large-cap, and mega-cap... month-end, not the most recent fiscal quarter PEG Ratio: Projected EPS growth is the mean estimate of long- term EPS growth , derived from all polled analysts' estimates Mkt Cap: The current stock-market... the Honors Scholars Program Because of this program, I have had this opportunity to differentiate myself as a student through this project The skills and experience I have gained from this project