__snloffice
允䅁䉁䅷䅁䍁䅁䅁䅁䝁䅁䅁杄䅁䍁䅍兒卂䙁䅉睔卂䅁䅁䅄䅁䡁䅉䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉穁䙁䅅免㍁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑睑歁䑁䅉䅁䅁䅁䅁杣䅁䍁䅣睗乂䍁䅁杕䙂䕁䅫䅖杁䙁䅙兙獂䡁䅕兙あ䝁䅫睢畂䍁䅁睑療䝁䄰䅣杁䙁䅍䅡求䝁䅕䅤杁䑁䅍兕硁䑁䅣杌㑂䝁䅷督㑂䙁䄰睕佂䕁䅷䅉偂䡁䅕䅤睂䡁䅕䅤湁䍁䅅䅊䑂䍁䅑睍䅁䅁䅫䅁⭂䅁䅁睊扂䕁䄰䅉卂䕁䅕兓啂䍁䅁杖桂䝁䅷兤桂䡁䅑兡療䝁䄴䅉䑂䝁䄸兢睂䍁䅁睕潂䝁䅕党あ䍁䅁睍剂䑁䅅睎畁䡁䅧䅢穂䡁䅧兘呂䕁䄴䅔杁䕁䄸兤あ䡁䅁兤あ䍁䅣光歁䕁䅍䅊㉁䑁䅯䅊䑂䍁䅑免祁䅁䅁杄䅁䡁䄴䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉穁䙁䅅免㍁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑睑歁䑁䅙杏歁䕁䅍䅊㍁䑁䅉䅁䉁䅁䅁杦䅁䍁䅣睗乂䍁䅁杕䙂䕁䅫䅖杁䙁䅙兙獂䡁䅕兙あ䝁䅫睢畂䍁䅁睑療䝁䄰䅣杁䙁䅍䅡求䝁䅕䅤杁䑁䅍兕硁䑁䅣杌㑂䝁䅷督㑂䙁䄰睕佂䕁䅷䅉偂䡁䅕䅤睂䡁䅕䅤湁䍁䅅䅊䙂䍁䅑李㙁䍁䅑兒歁䑁䅅免䅁䅁䄸䅁⭂䅁䅁睊扂䕁䄰䅉卂䕁䅕兓啂䍁䅁杖桂䝁䅷兤桂䡁䅑兡療䝁䄴䅉䑂䝁䄸兢睂䍁䅁睕潂䝁䅕党あ䍁䅁睍剂䑁䅅睎畁䡁䅧䅢穂䡁䅧兘呂䕁䄴䅔杁䕁䄸兤あ䡁䅁兤あ䍁䅣光歁䕁䅕䅊㉁䑁䅯䅊䙂䍁䅑睎硁䅁䅁权䅁䡁䅷䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉穁䙁䅅免㍁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑杒歁䑁䅍杏歁䙁䅑䅊穁䅁䅁睃䅁䡁䅷䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉穁䙁䅅免㍁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑杒歁䑁䅍杏歁䙁䅕䅊穁䅁䅁䅅䅁䡁䅷䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉穁䙁䅅免㍁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑杒歁䑁䅍杏歁䙁䅙䅊穁䅁䅁充䅁䡁䅉䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉穁䙁䅅免㕁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑睑歁䑁䅉䅁塁䅁䅁杣䅁䍁䅣睗乂䍁䅁杕䙂䕁䅫䅖杁䙁䅙兙獂䡁䅕兙あ䝁䅫睢畂䍁䅁睑療䝁䄰䅣杁䙁䅍䅡求䝁䅕䅤杁䑁䅍兕硁䑁䅫杌㑂䝁䅷督㑂䙁䄰睕佂䕁䅷䅉偂䡁䅕䅤睂䡁䅕䅤湁䍁䅅䅊䑂䍁䅑睍䅁䉁䅫䅁⭂䅁䅁睊扂䕁䄰䅉卂䕁䅕兓啂䍁䅁杖桂䝁䅷兤桂䡁䅑兡療䝁䄴䅉䑂䝁䄸兢睂䍁䅁睕潂䝁䅕党あ䍁䅁睍剂䑁䅅兏畁䡁䅧䅢穂䡁䅧兘呂䕁䄴䅔杁䕁䄸兤あ䡁䅁兤あ䍁䅣光歁䕁䅍䅊㉁䑁䅯䅊䑂䍁䅑免祁䅁䅁䅇䅁䡁䄴䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉穁䙁䅅免㕁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑兒歁䑁䅙杏歁䕁䅕䅊硁䑁䅅䅁慁䅁䅁䅦䅁䍁䅣睗乂䍁䅁杕䙂䕁䅫䅖杁䙁䅙兙獂䡁䅕兙あ䝁䅫睢畂䍁䅁睑療䝁䄰䅣杁䙁䅍䅡求䝁䅕䅤杁䑁䅍兕硁䑁䅫杌㑂䝁䅷督㑂䙁䄰睕佂䕁䅷䅉偂䡁䅕䅤睂䡁䅕䅤湁䍁䅅䅊䝂䍁䅑睍㙁䍁䅑睖歁䑁䅍䅁扁䅁䅁杣䅁䍁䅣睗乂䍁䅁杕䙂䕁䅫䅖杁䙁䅙兙獂䡁䅕兙あ䝁䅫睢畂䍁䅁睑療䝁䄰䅣杁䙁䅍䅡求䝁䅕䅤杁䑁䅑兕硁䑁䅧杌㑂䝁䅷督㑂䙁䄰睕佂䕁䅷䅉偂䡁䅕䅤睂䡁䅕䅤湁䍁䅅䅊䑂䍁䅑杍䅁䉁䅉䅁祂䅁䅁睊扂䕁䄰䅉卂䕁䅕兓啂䍁䅁杖桂䝁䅷兤桂䡁䅑兡療䝁䄴䅉䑂䝁䄸兢睂䍁䅁睕潂䝁䅕党あ䍁䅁䅎剂䑁䅅䅏畁䡁䅧䅢穂䡁䅧兘呂䕁䄴䅔杁䕁䄸兤あ䡁䅁兤あ䍁䅣光歁䕁䅍䅊穁䅁䅁䅆䅁䡁䄴䅁湁䙁䅳兔杁䙁䅉兒䩂䙁䅑䅉坂䝁䅅䅢ㅂ䝁䅅䅤灂䝁䄸杢杁䕁䅍睢瑂䡁䅁䅉呂䝁䅧党求䡁䅑䅉ぁ䙁䅅免㑁䍁䄴䅥獂䡁䅍䅥摂䙁䅍杔䵂䍁䅁睔ㅂ䡁䅑䅣ㅂ䡁䅑睊桁䍁䅑睑歁䑁䅙杏歁䕁䅍䅊硁䑁䅉䅁呁䅁䅁杦䅁䍁䅣睗乂䍁䅁杕䙂䕁䅫䅖杁䙁䅙兙獂䡁䅕兙あ䝁䅫睢畂䍁䅁睑療䝁䄰䅣杁䙁䅍䅡求䝁䅕䅤杁䑁䅑兕硁䑁䅧杌㑂䝁䅷督㑂䙁䄰睕佂䕁䅷䅉偂䡁䅕䅤睂䡁䅕䅤湁䍁䅅䅊䙂䍁䅑李㙁䍁䅑兒歁䑁䅅免䅁䉁䅕䅁㡂䅁䅁睊扂䕁䄰䅉卂䕁䅕兓啂䍁䅁杖桂䝁䅷兤桂䡁䅑兡療䝁䄴䅉䑂䝁䄸兢睂䍁䅁睕潂䝁䅕党あ䍁䅁䅎剂䑁䅅䅏畁䡁䅧䅢穂䡁䅧兘呂䕁䄴䅔杁䕁䄸兤あ䡁䅁兤あ䍁䅣光歁䕁䅙䅊穁䑁䅯䅊坂䍁䅑睍䅁䉁䅙䅁允䅁䅁䅐婂䙁䅑䅒⭁䑁䅅䅍䅁䅁䅍䅁煁䅁䅁児呂䕁䄴䅔䵂䝁䅅杙求䝁䅷䅋楁䑁䅷兗啂䕁䅑材硁䑁䅁杉灁䅁䅁兂䅁䑁䄴䅁偂䡁䅁䅤灂䝁䄸杢穂䑁䅯睑ㅂ䡁䅉杣㥁䍁䅷兔桂䝁䅣児獁䕁䅍睢畂䡁䅙兔求䡁䅑䅡療䝁䅑児䅁䅁䅣䅁十䅁䅁睕佂䕁䅷䅖桂䝁䅉䅢求䅁䅁兄䅁䉁䅑䅁呂䕁䄴䅔啂䝁䅫睙牂䝁䅕杣䅁䅁䅉䅁楁䅁䅁䅖療䡁䅑兙獂䍁䅁杕求䡁䅑兤祂䝁䄴䅉潁䍁䅕克䅁䅁䅧䅁䥁䅁䅁兗啂䕁䅑䅁䕁䅁䅁杁䅁䅁杷允䅁䅁䅉䅁䑁䅁䅍䅁䭁䅁䅍䅁䉁䅁䅁允䅁䅁䅯䅂䅁䅁杷允䅁䅁䅙䅁䑁䅁䅍䅁䙁䅁䅁䅁䅁偁⽁兂䅁䅁䅁䅷䄴兑䅯兂䅁䅁䅕䅁䅁䅁䅁䐸䬸䅁䅣䅁䉁䅁䅁允䅁䅁䅯䅃䅁䅁㴽
ModelCove
Equity Research
24-Oct-2019
Ross L. Smotrich
U.S. REITs XXXXXXXXXX
XXXXXXXXXX
BCI, US
U.S. REITs Positive
Unless otherwise stated, sources are company reports and Barclays Research estimates.
Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
PLEASE SEE ANALYST(S) CERTIFICATION(S) AND IMPORTANT DISCLOSURES ON THE SHEET LABELED DISCLOSURES.
&1#&"Cali
i"&10 Restricted - External
valuation_sheet
REITs Interactive: The Barclays Valuation Worksheet REITs Interactive: The Barclays Valuation Worksheet
Priced as of: 10/24/2019 REIT Industry View: Positive Priced and Available Daily Online at Barclays Live (keyword: EQUSREAL)
Company Price Performance (2) Capitalization FFO (4) FFO Growth CAD (5) CAD Growth Dividend DCF NAV Sentiment Regression 12-Month Price Target and Expected Return
Company Ticker Rtg. Sector Price 1-Day
Change (%) 1-Week
Change (%) 1-Month
Change (%) 3-Month
Change (%) YTD
Change (%) 12-Month
Change (%) 52-week High % from High 52-week Low % from Low Average Daily Trading Volume ($m) Shares short as % of Float, as of 09/30/2019 Total Days to Cover Cu
ent Short Interest 1-Week
Change Relative to RMZ (%) 1-Month
Change Relative to RMZ (%) YTD
Change Relative to RMZ (%) 1-Year RMZ Beta (3) 5-Year RMZ Beta (3) Total Equity Market Cap ($m) Total Debt ($m) Total Market Value ($m) Debt to Total Market Value Undep RE Value ($m) Debt to Undep. RE Value Debt to GAV (Barclays/Consensus Est.) Net Debt to Recu
ing EBITDA EV / Recu
ing EBITDA Fixed Charge Coverage 2018 FFO 2018 FFO Growth 2019E FFO 2019E FFO Growth 2019E P/FFO 2019E
(P/FFO)
Growth 2020E FFO 2020E FFO Growth 2020E P/FFO 2020E
(P/FFO)
Growth 5-Year Est. FFO CAGR 2018 CAD 2018 CAD Growth 2019E CAD 2019E CAD Growth 2019E
P/CAD 2019E
(P/CAD)
Growth 2020E CAD 2020E CAD Growth 2020E
P/CAD 2020E
(P/CAD)
Growth Five-Year Est. CAD CAGR Indicated Dividend Dividend Yield 2019E FFO Payout 2019E CAD Payout Barclays DCF ∆ vs. Cu
ent Price DCF Discount Rate (6) Implied IRR from Cu
ent Price Barclays/Consensus NAV (7) P/ (Barclays/Consensus) NAV (7) Barclays/Consensus Est. Property Nominal Cap Rate (7) Barclays/Consensus Est. Property Economic Cap Rate Mkt Cap Implied Nominal Cap Rate Implied Price pe
unit/sf Sentiment Regression Value Expected price appreciation, based on a 12-month RMZ target of 1,357 12-Month Price
Target (8) Implied
Appreciation Dividend Yield Potential
Total Return 2019E Target
P/CAD Orde
Apartment Investment and Mgmt AIV EW Apartments $54.50 (0.4%) 0.9% 6.2% 9.9% 20.4% 23.9% $54.85 (0.6%) $43.54 25.2% $47.4 1.7% 2.88 (0.8%) 3.4% (5.1%) 1.03 1.02 $8,636.2 $4,179.5 $12,815.8 32.61% $8,312.2 50.28% 33.66% 6.9x 23.2x 3.4x $2.55 4.0% $2.46 (3.5%) 22.2x 5.3x $2.64 7.5% 20.6x 4.9x 4.2% $2.16 2.0% $2.16 0.2% 25.2x 4.6x $2.31 6.7% 23.6x 4.3x 5.5% $1.56 2.86% 63.4% 72.1% $53.83 (1.2%) 7.1% 7.0% $48.87 111.5% 5.31% 4.97% 4.93% $366,698 $55.84 2.5% $53 (2.8%) 2.9% 0.1% 23.0x 1
AvalonBay Communities, Inc. AVB EW Apartments $220.24 (0.6%) 0.5% 4.2% 6.5% 26.5% 24.7% $222.04 (0.8%) $168.84 30.4% $153.1 2.1% 4.22 (1.1%) 1.4% 1.0% 0.95 0.91 $30,759.6 $7,493.6 $38,253.2 19.59% $21,005.8 35.67% 19.24% NA 26.3x 7.2x $8.81 4.2% $9.20 4.4% 23.9x 5.2x $9.66 4.9% 22.8x 4.9x 4.6% $8.44 2.4% $8.67 2.8% 25.4x 5.5x $9.09 4.8% 24.2x 5.2x 4.6% $6.08 2.76% 66.1% 70.1% $253.95 15.3% 6.2% 6.8% $209.08 105.3% 4.56% 4.33% 4.59% $469,810 $227.12 3.1% $240 9.0% 2.8% 11.7% 26.4x 2
Camden Property Trust CPT OW Apartments $114.17 (0.2%) 0.1% 3.4% 6.7% 29.7% 22.4% $114.96 (0.7%) $84.28 35.5% $43.5 1.2% 3.08 (1.6%) 0.6% 4.1% 0.84 0.94 $11,255.0 $2,493.1 $13,748.0 18.13% $8,362.6 29.81% 20.27% 4.2x 23.0x 7.6x $4.77 5.3% $5.11 7.0% 22.4x 4.1x $5.39 5.5% 21.2x 3.9x 5.5% $4.03 5.0% $4.41 9.3% 25.9x 4.4x $4.64 5.2% 24.6x 4.2x 5.9% $3.20 2.80% 62.7% 72.6% $130.99 14.7% 6.1% 6.7% $107.26 106.4% 5.23% 4.65% 4.81% $258,518 $117.77 3.2% $124 8.6% 2.8% 11.4% 26.7x 3
Equity Residential EQR EW Apartments $87.58 (0.3%) (0.2%) 2.5% 13.1% 32.7% 33.9% $88.72 (1.3%) $63.68 37.5% $123.7 1.5% 3.76 (1.8%) (0.4%) 7.1% 0.89 0.88 $33,762.3 $9,704.4 $43,466.7 22.33% $27,604.4 35.16% 21.15% 5.1x 24.3x 4.7x $3.14 (0.4%) $3.39 7.8% 25.9x 4.3x $3.67 8.4% 23.9x 3.9x 6.0% $2.76 0.6% $2.90 5.1% 30.2x 4.8x $3.15 8.8% 27.8x 4.4x 6.3% $2.27 2.59% 67.0% 78.4% $86.82 (0.9%) 6.3% 6.1% $83.87 104.4% 4.40% 3.93% 4.32% $534,066 $91.20 4.1% $87 (0.7%) 2.6% 1.9% 27.6x 4
Essex Property Trust, Inc. ESS OW Apartments $326.28 (0.6%) (0.7%) 0.3% 11.1% 33.1% 29.6% $332.54 (1.9%) $236.59 37.9% $88.0 1.7% 4.20 (2.4%) (2.5%) 7.5% 0.83 0.85 $22,195.5 $5,955.0 $28,150.5 21.15% $14,022.6 42.47% 24.70% 6.1x 25.9x 5.0x $12.76 7.2% $13.43 5.3% 24.3x 4.3x $14.06 4.7% 23.2x 4.1x 5.6% $11.79 7.7% $12.35 4.8% 26.4x 4.9x $12.93 4.7% 25.2x 4.7x 5.4% $7.80 2.39% 58.1% 63.1% $367.91 12.8% 6.2% 6.6% $303.18 107.6% 4.58% 4.27% 4.32% $508,949 $340.84 4.5% $350 7.3% 2.4% 9.7% 27.1x 5
Mid-America Apartment MAA OW Apartments $136.16 0.2% 1.6% 5.4% 14.7% 42.3% 37.4% $136.86 (0.5%) $92.23 47.6% $62.9 1.4% 3.33 (0.1%) 2.5% 16.7% 0.84 1.02 $16,128.4 $4,573.2 $20,701.6 22.09% $13,713.2 33.35% 25.25% 4.9x 22.1x 5.0x $6.04 1.8% $6.34 4.9% 21.5x 4.9x $6.64 4.7% 20.5x 4.7x 4.4% $5.41 2.2% $5.69 5.2% 23.9x 4.9x $5.97 4.9% 22.8x 4.7x 4.9% $3.84 2.82% 60.6% 67.5% $152.30 11.9% 6.5% 7.0% $110.37 123.4% 5.61% 5.15% 4.78% $200,242 $139.03 2.1% $141 3.6% 2.8% 6.4% 23.6x 6
UDR, Inc. UDR EW Apartments $49.44 (0.1%) 0.1% 2.9% 8.3% 24.8% 25.0% $50.18 (1.5%) $38.39 28.8% $83.4 1.8% 3.13 (1.6%) 0.1% (0.8%) 0.85 0.94 $15,144.8 $4,931.4 $20,076.3 24.56% $11,105.5 44.41% 24.90% 5.7x 27.5x 5.1x $1.93 5.7% $2.11 9.0% 23.5x 4.5x $2.19 3.9% 22.6x 4.3x 5.2% $1.80 7.6% $1.91 6.3% 25.8x 4.8x $2.03 5.8% 24.4x 4.5x 5.4% $1.37 2.77% 65.0% 71.6% $54.76 10.8% 6.3% 6.7% $47.04 105.1% 4.83% 4.50% 4.62% $424,796 $51.06 3.3% $52 5.2% 2.8% 7.9% 25.7x 7
Apartment Total / Weighted Average Apartments (0.3%) 0.2% 3.2% 10.1% 30.4% 28.8% (1.1%) 35.3% $602.1 1.7% 3.70 (1.4%) 0.3% 4.8% 0.89 0.92 $137,882.0 $39,330.2 $177,212.1 22.19% $104,126.4 37.76% 22.90% 5.4x 24.9x 5.6x 3.5% 5.7% 23.9x 4.6x 5.8% 22.6x 4.4x 5.2% 3.5% 4.7% 26.6x 4.9x 6.0% 25.1x 4.7x 5.4% 2.68% 63.8% 71.2% 9.0% 6.3% 6.6% 108.0% 4.78% 4.40% 4.54% $431,662 3.4% 4.5% 2.7% 7.2% 26.2x 8
Equity Lifestyle Properties ELS NR Residential - MH Communities $68.94 1.2% 1.1% 0.8% 11.6% 42.0% 43.6% $69.03 (0.1%) $46.63 47.9% $57.1 1.0% 2.11 (0.5%) (2.0%) 16.4% 0.75 0.90 $26,552.1 $2,381.6 $28,933.7 8.23% $5,677.8 41.95% 44.44% 4.5x 55.1x 5.1x $3.88 7.8% $2.09 (46.0%) 32.9x NM $2.25 7.3% 30.7x 4.6x 5.7% $1.67 8.1% $1.81 8.7% 38.1x NM $1.95 7.9% 35.3x NA NA $1.23 1.78% 58.5% 67.7% NA NA NA NA $53.89 127.9% NA 4.75% 4.46% NA NA NA NA NA 1.8% NA NA 9
Sun Communities Inc. SUI NR Residential - MH Communities $158.46 2.2% 3.4% 5.0% 20.6% 55.8% 57.4% $158.46 0.0% $97.57 62.4% $73.5 1.4% 2.68 1.7% 2.2% 30.2% 0.84 0.92 $14,729.8 $3,140.3 $17,870.2 17.57% $8,179.1 38.39% 41.22% 5.2x 28.5x 4.4x $4.59 10.1% $4.89 6.5% 32.4x 4.5x $5.28 8.0% 30.0x 3.8x 7.3% $4.20 11.4% $4.42 5.1% 35.9x 7.5x $4.80 8.6% 33.0x NA 9.1% $3.00 1.89% 61.3% 67.9% NA NA NA NA $117.48 134.9% NA 6.49% 5.54% NA NA NA NA NA 1.9% NA NA 10
Residential - MH Communities Total / Weighted Average Residential - MH Communities 1.6% 1.9% 2.3% 14.7% 46.6% 48.2% (0.1%) 53.1% $130.7 1.2% 2.31 0.3% (0.6%) 21.0% 0.78 0.91 $41,281.9 $5,522.0 $46,803.8 11.80% $13,856.9 80.34% 43.29% 4.7x 45.6x 4.9x 8.6% (27.2%) 32.7x 4.5x 7.5% 30.4x 4.3x 6.3% 9.3% 7.4% 37.3x 7.5x 8.2% 34.5x NA 9.1% 1.82% 59.5% 67.8% NA NA NA 130.4% NA 5.37% 4.85% NA NA NA 1.8% NA NA 11
American Homes 4 Rent AMH NR Residential - SF Homes $26.35 1.7% 2.7% 2.9% 5.2% 32.7% 26.6% $26.35 0.0% $19.08 38.1% $55.5 1.3% 1.59 1.1% 0.1% 7.2% NA NA $10,177.1 $2,841.1 $13,018.2 21.82% $9,294.4 30.57% 28.99% 4.8x 22.5x 3.1x $1.07 4.1% $1.11 4.4% 23.7x NA $1.20 8.2% 21.9x NA 7.3% $0.93 5.7% $0.99 6.3% 26.7x NA $1.08 9.1% 24.4x NA 7.2% $0.20 0.76% 18.0% 20.2% NA NA NA NA $27.38 96.2% NA 5.33% 5.76% NA NA NA NA NA 0.8% NA NA 12
Invitation Homes INVH NR Residential - SF Homes $30.89 0.2% 1.6% 6.3% 13.6% 53.8% 40.3% $31.09 (0.6%) $19.42 59.1% $124.4 1.7% 1.97 (0.1%) 3.4% 28.2% NA NA $16,389.9 $8,982.1 $25,372.0 35.40% $18,257.0 49.20% 50.32% 9.2x 25.8x 2.6x $1.17 19.0% $1.27 8.1% 24.4x NA $1.34 5.8% 23.0x NA 5.3% $0.95 9.0% $1.04 9.6% 29.7x NA $1.12 7.1% 27.7x NA 7.5% $0.52 1.68% 41.0% 49.9% NA NA NA NA $27.57 112.0% NA NA 5.00% NA NA NA NA NA 1.7% NA NA 13
Residential - SF Homes Total / Weighted Average Residential - SF Homes 0.8% 2.0% 5.0% 10.3% 45.0% 34.7% (0.4%) 51.0% $179.9 1.5% 1.82 0.4% 2.1% 19.4% NA NA $26,567.1 $11,823.1 $38,390.2 30.80% $27,551.4 79.77% 42.15% 7.5x 24.5x 2.8x 13.3% 6.6% 24.1x NA 6.7% 22.6x NA 6.1% 7.7% 8.3% 28.5x NA 7.9% 26.4x NA 7.4% 1.33% 32.2% 38.6% NA NA NA 106.0% NA 5.33% 5.29% NA NA NA 1.3% NA NA 14
American Campus Communities ACC NR Residential - Student Housing $50.20 (0.1%) 3.0% 5.6% 6.9% 21.3% 24.0% $50.73 (1.0%) $39.40 27.4% $27.4 1.4% 3.54 1.3% 2.8% (4.3%) 0.65 0.98 $6,926.3 $4,017.4 $10,943.7 36.71% $8,798.5 45.66% 37.82% NA 27.9x 3.3x $2.30 0.2% $2.42 5.1% 20.8x 5.0x $2.50 3.2% 20.1x 6.2x 4.0% $2.06 (4.8)% $2.27 10.0% 22.2x 3.0x $2.35 3.7% 21.4x NA 4.7% $1.88 3.75% 77.7% 83.0% NA NA NA NA $52.14 96.3% NA 6.32% 6.01% NA NA NA NA NA 3.7% NA NA 15
Residential - Student Housing Total / Weighted Average Residential - Student Housing (0.1%) 3.0% 5.6% 6.9% 21.3% 24.0% (1.0%) 27.4% $27.4 1.4% 3.54 1.3% 2.8% (4.3%) 0.65 0.98 $6,926.3 $4,017.4 $10,943.7 36.71% $8,798.5 45.66% 37.82% NA 27.9x 3.3x 0.2% 5.1% 20.8x 5.0x 3.2% 20.1x 6.2x 4.0% (4.8)% 10.0% 22.2x 3.0x 3.7% 21.4x NA 4.7% 3.75% 77.7% 83.0% NA NA NA 96.3% NA 6.32% 6.01% NA NA NA 3.7% NA NA 16
Alexandria Real Estate Equities, Inc. ARE EW Office $159.16 0.9% 2.5% 3.9% 11.4% 38.1% 29.1% $159.16 0.0% $110.28 44.3% $90.8 7.3% 14.39 0.8% 1.1% 12.5% 1.01 1.02 $17,881.1 $6,610.6 $24,491.7 26.99% $13,858.1 47.70% 27.26% 6.7x 23.0x 6.0x $7.53 30.4% $7.53 (0.1%) 21.1x 3.1x $7.46 (0.9%) 21.3x 2.8x 7.5% $5.39 28.5% $5.83 8.3% 27.3x 2.6x $6.54 12.1% 24.4x 2.1x 13.5% $4.00 2.51% 53.1% 68.6% $154.26 (3.1%) 7.2% 6.7% $139.97 113.7% 4.89% 4.65% 4.39% $862 $160.44 0.8% $153 (3.9%) 2.5% (1.4%) 23.4x 17
Brandywine Realty Trust BDN OW Office $14.94 0.1% 1.6% 1.4% 1.2% 16.1% 4.5% $16.14 (7.4%) $12.36 20.9% $21.3 2.3% 2.84 0.0% (1.5%) (9.5%) 0.89 1.06 $2,630.5 $2,100.8 $4,731.3 44.40% $4,017.1 52.30% 38.91% 6.5x 15.3x 3.6x $1.37 6.4% $1.42 3.8% 10.5x 2.8x $1.46 2.9% 10.2x 2.7x 4.2% $1.04 12.0% $1.00 (3.4%) 14.9x 4.1x $1.10 9.2% 13.6x 1.8x 3.7% $0.76 5.09% 53.5% 75.8% $20.35 36.2% 7.8% 10.9% $19.83 75.4% 6.68% 5.32% 7.86% $239 $15.46 3.5% $19 27.2% 5.1% 32.3% 17.3x 18
Boston Properties Inc. BXP OW Office $132.37 1.1% 3.7% 2.2% 1.6% 17.6% 14.6% $138.77 (4.6%) $109.09 21.3% $100.7 1.8% 3.62 2.1% (0.6%) (8.0%) 1.28 1.07 $23,044.5 $12,218.5 $35,263.0 34.65% $21,195.6 57.65% 31.80% 6.5x 19.9x 4.1x $6.30 1.4% $6.93 10.0% 19.1x 3.1x $7.42 7.0% 17.8x 4.5x 5.8% $4.36 6.7% $4.66 7.1% 28.4x 5.8x $4.91 5.2% 27.0x 7.0x 8.8% $3.80 2.87% 54.8% 81.5% $153.55 16.0% 6.0% 5.9% $149.51 88.5% 4.69% 3.76% 5.06% $678 $133.51 0.9% $149 12.6% 2.9% 15.4% 30.4x 19
Mack-Cali Realty Corp. CLI UW Office $22.26 0.8% 2.4% 5.6% (6.2%) 13.6% 10.3% $24.47 (9.0%) $19.12 16.4% $8.2 2.0% 4.38 0.8% 2.8% (12.0%) 0.80 1.11 $2,237.8 $3,041.8 $5,279.6 57.61% $4,744.6 64.11% 43.45% 10.3x 21.8x 2.5x $1.69 (24.0%) $1.63 (3.9%) 13.7x 4.1x $1.73 6.2% 12.9x 1.2x 6.0% $1.08 (31.0)% $0.87 (19.5%) 25.6x NM $1.02 17.8% 21.7x 1.4x 3.3% $0.80 3.59% 49.2% 92.0% $15.35 (31.0%) 9.6% 7.7% $27.74 80.2% 6.90% 5.36% 7.24% $202 $22.64 1.7% $19 (14.6%) 3.6% (11.1%) 18.5x 20
Cousins Properties Inc. CUZ NR Office $39.22 3.9% 4.5% 5.4% 6.2% 24.1% 18.8% $40.16 (2.3%) $30.24 29.7% $47.6 2.8% 3.42 2.8% 2.5% (1.5%) 1.00 0.86 $5,826.1 $1,920.7 $7,746.8 24.79% $6,094.5 31.52% 25.78% 5.9x 16.8x 7.8x $2.46 1.6% $2.85 15.9% NM NA $2.78 (2.5%) NM NA 5.5% $1.72 4.9% $1.91 11.0% NM NA $2.06 7.9% NM NM 8.8% $1.16 2.96% 40.6% 60.7% NA NA NA NA NA NA NA 6.21% 6.99% $294 NA NA NA NA 3.0% NA NA 21
Columbia Property Trust CXP NR Office $20.58 0.6% 2.7% (1.5%) (2.7%) 6.4% (5.1%) $23.09 (10.9%) $18.13 13.5% $11.5 1.3% 2.64 1.1% (4.3%) (19.2%) 1.19 0.90 $2,406.0 $1,224.2 $3,630.2 33.72% $3,186.7 38.42% 39.53% 7.0x 21.5x 3.9x $1.53 34.7% $1.46 (4.8%) 14.1x 11.3x $1.46 0.0% 14.1x 3.2x 4.3% $1.01 48.9% $1.11 10.4% 18.5x NM $1.13 1.8% 18.2x NM (4.3%) $0.80 3.89% 54.8% 72.1% NA NA NA NA $28.08 73.3% NA 5.35% 7.68% $400 NA NA NA NA 3.9% NA NA 22
Douglas Emmett, Inc. DEI EW Office $43.01 0.1% 0.9% 2.6% 6.0% 26.0% 18.1% $43.01 (0.0%) $32.54 32.2% $30.1 1.4% 3.24 (0.7%) (0.3%) 0.4% 0.89 1.00 $8,744.9 $4,315.8 $13,060.7 33.04% $10,403.8 41.48% 32.75% 6.9x 20.9x 4.5x $2.02 6.4% $2.12 4.9% 20.3x 3.7x $2.26 6.9% 19.0x 3.3x 5.8% $1.82 17.9% $1