REITWatch. A Monthly Statistical Report on the Real Estate Investment Trust Industry

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1 REITWatch NAREIT A Monthly Statistical Report on the Real Estate Investment Trust Industry October 2014 (Data as of September 30, 2014) National Association of Real Estate Investment Trusts REITs: Building Dividends & Diversification

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

4 REITWATCH TABLE OF CONTENTS I. Indicators of US REIT Investment Performance REIT Industry Fact Sheet... 1 Investment Performance of the FTSE NAREIT US Real Estate Index Series... 3 Investment Performance by Property Sector and Subsector... 4 Selected Indicators of Equity Market Performance... 5 Historical Offerings of REIT Securities... 6 FTSE NAREIT Equity REITs Dividend Yield vs. 10-Year Constant Maturity Treasury... 7 FTSE NAREIT Equity REITs Dividend Yield Spread... 7 Major Stock Total Return Indexes... 8 Average Daily Dollar Trading Volume... 9 Comparative Total Return Investment Performance Comparative Total Return Investment Correlations Year Average Annual Total Returns Adjusted 20-Year Average Annual Total Returns Year Average Annual Total Return vs. 20-Year Standard Deviation of Annual Total Return. 13 FTSE NAREIT All Equity REITs Return Components S&P 500 Return Components Wilshire 5000 Return Components Annual Price and Total Returns by Investment Sector Annual Price and Total Returns by Property Sector Annual Price and Total Returns by Property Subsector Annual Equity Market Capitalization REITs in the FTSE NAREIT All REIT Index and S&P Equity Indexes Mergers & Acquisitions Activity II. US REIT Performance Statistics by Property Sector and Subsector Industrial/Office Office Industrial Mixed Retail Shopping Centers Regional Malls Free Standing Residential Apartments Manufactured Homes Diversified Health Care Lodging/Resorts Self Storage Timber Mortgage Home Financing Commercial Financing

5 III. Indicators of US REIT Industry Activity REIT Payout Ratios: Dividend as a Percent of Funds from Operations REIT Dividends and Funds from Operations by Property Sector/Subsector US REIT Industry Balance Sheet Summary of REIT Financial Leverage IV. Indicators of Global Real Estate Investment Performance FTSE EPRA/NAREIT Global Real Estate Index Series Investment Performance V. Glossary of REITWatch Terms

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7 REIT Industry Fact Sheet Data as of September 30, 2014, except where noted. Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs. Industry Size FTSE NAREIT All REITs equity market capitalization = $789 billion FTSE NAREIT All Equity REITs equity market capitalization = $722 billion REITs own approximately $1 trillion of commercial real estate assets, including listed and non-listed REITs 209 REITs are in the FTSE NAREIT All REITs Index 181 REITs trade on the New York Stock Exchange NYSE listed REITs equity market capitalization = $756 billion Investment Performance Year-to-date and compound annual total returns of the FTSE NAREIT All REITs Index, the FTSE NAREIT All Equity REITs Index, and leading US benchmarks for periods ending September 30, 2014: All REITs All Equity REITs S&P 500 Russell 2000 NASDAQ Composite 1 Dow Jones Industrial Avgerage : YTD Year Year Year Year Year Year Year Year Year Year Data in percent; highest return for the period in bold. 1 Price only returns. FTSE NAREIT Dividends Yield Comparison - FTSE NAREIT All REITs: 4.31% - FTSE NAREIT All Equity REITs: 3.75% - S&P 500: 2.06% REITs paid out approximately $34 billion in dividends in On average, 68 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 13 percent qualify as return of capital and 19 percent qualify as long-term capital gains. 1

8 REIT Industry Fact Sheet Data as of September 30, 2014, except where noted. Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs. Leverage and Coverage Ratios (Data as of 2014: Q2) Equity REITs All REITs Debt Ratio: 33.2% Coverage Ratio: 3.8x Fixed Charge Ratio: 3.5x 46 Equity REITs are rated investment grade, 68 percent by equity market capitalization. Debt Ratio: 45.9% Coverage Ratio: 3.2x Fixed Charge Ratio: 3.0x 46 REITs are rated investment grade, 62 percent by equity market capitalization. - Debt ratio equals total debt divided by total market capitalization. Total market capitalization is the sum of total debt and implied equity market capitalization (common shares plus operating partnership units). - Coverage ratio equals EBITDA divided by interest expense. - Fixed charge ratio equals EBITDA divided by interest expense plus preferred dividends. Average Daily Dollar Trading Volume September 2014: $5.7 billion September 2009: $4.2 billion September 2004: $1.3 billion Capital Offerings IPOs Secondary Common Secondary Preferred Secondary Debt Number of Offerings 2014: YTD Capital Raised ($M) , , ,155 Total ,179 2

9 Exhibit 1 Investment Performance: FTSE NAREIT US Real Estate Index Series September 30, 2014 FTSE NAREIT All REITs FTSE NAREIT Composite FTSE NAREIT Real Estate 50 1 FTSE NAREIT All Equity REITs FTSE NAREIT Equity REITs FTSE NAREIT Mortgage REITs Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend Returns (%) Dividend Period Total Price Yield 2 Total Price Yield 2 Total Price Yield 2 Total Price Yield 2 Total Price Yield 2 Total Price Yield 2 Annual (including current year to date) Quarter (including current quarter to date) 2013: Q Q Q : Q Q Q Month 2014: Apr May Jun Jul Aug Sep Week (including current week to date) 29-Aug Sep Sep Sep Sep Sep Historical (compound annual rates at month-end) 1-Year Year Year Year Year Year Year Year Year Year Source: FTSE, NAREIT. Notes: 1 The FTSE NAREIT Real Estate 50 is designed to measure the performance of larger and more frequently traded REITs. 2 Dividend yield quoted in percent for the period end. Disclaimer: The FTSE NAREIT US Real Estate Index Series ("Indexes") is calculated by FTSE International Limited ("FTSE"). All rights in the Indexes vest in FTSE and the National Association of Real Estate Investment Trusts ("NAREIT"). FTSE is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence. NAREIT is a trademark of the National Association of Real Estate Investment Trusts. Neither FTSE nor NAREIT nor their licensors shall be liable (including in negligence) for any loss arising out of use of the Indexs by any person. All data are derived from, and apply only to, publicly traded securities. REIT.com TM National Association of Real Estate Investment Trusts All Things REIT TM REITs: Building Dividends and Diversification 3

10 Exhibit 2 Investment Performance by Property Sector and Subsector September 30, 2014 Number of Total Return (%) Dividend Market Capitalization ($) 1 Sector Constituents 2013 September 2014: YTD Yield (%) Equity Implied FTSE NAREIT All Equity REITs ,882, ,856,814 FTSE NAREIT Equity REITs ,106, ,080,566 Industrial/Office ,514, ,023,359 Industrial ,995,789 28,532,308 Office ,943,773 82,135,086 Mixed ,575,268 16,355,965 Retail ,398, ,015,620 Shopping Centers ,224,824 59,484,275 Regional Malls ,517, ,402,301 Free Standing ,656,155 30,129,044 Residential ,070,478 97,824,484 Apartments ,921,857 91,248,856 Manufactured Homes ,148,621 6,575,628 Diversified ,206,601 70,602,212 Lodging/Resorts ,327,137 47,990,902 Health Care ,839,775 80,557,575 Self Storage ,748,978 40,066,413 Timber ,500,305 29,500,305 Infrastructure ,275,943 64,275,943 FTSE NAREIT Mortgage REITs ,667,012 62,781,852 Home Financing ,400,816 45,439,216 Commercial Financing ,266,196 17,342,636 Source: FTSE TM, NAREIT. Notes: 1 Implied market capitalization is calculated as common shares outstanding plus operating partnership units, multiplied by share price. Data 4

11 Exhibit 3 Selected Indicators of Equity Market Performance (Period ending index levels and percent change) September 30, 2014 FTSE NAREIT Dow Jones NASDAQ US Treasury Period All Equity REITs S&P 500 Industrials 1 Russell 2000 Composite 1 10-Year Note 2 Levels Returns Levels Returns Levels Returns Levels Returns Levels Returns Yield Change Annual (including current year to date) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Quarter (inlcuding current quarter to date) Month 2012: Q4 10, , , , , : Q1 11, , , , , Q2 11, , , , , Q3 11, , , , , Q4 11, , , , , : Q1 12, , , , , Q2 12, , , , , Q3 12, , , , , : Sep 11, , , , , Oct 11, , , , , Nov 11, , , , , Dec 11, , , , , : Jan 11, , , , , Feb 12, , , , , Mar 12, , , , , Apr 12, , , , , May 12, , , , , Jun 12, , , , , Jul 12, , , , , Aug 13, , , , , Sep 12, , , , , Historical (compound annual rates) 1-Year Year Year Year Year Year Year Year Year Year Source: NAREIT, FactSet. 1 Price-only returns 2 Ten-year constant maturity Treasury note 5

12 Initial Secondary Equity Secondary Debt Total Public Offering Common Shares Preferred Shares Unsecured Debt Secured Debt Capital Capital Capital Capital Capital Capital Period Number Raised 1 Number Raised 1 Number Raised 1 Number Raised 1 Number Raised 1 Number Raised 1 Annual Totals (including current year to date) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Quarterly Totals 2013: Q , , , , Q , , , , Q , , , , : Q , , , Monthly Totals Exhibit 4 Historical Offerings of Securities September 30, 2014 Q , , , , Q , , , : Dec 23 5, , , : Jan 20 5, , , Feb 20 6, , Mar 37 9, , , , Apr 23 6, , , May 34 11, , , Jun 14 5, , , Jul 13 3, , , , Aug 13 4, , , Sep 19 6, , , Oct 26 7, , , , Nov 23 5, , , Dec 12 3, , : Jan 18 4, , , Feb 6 2, , Mar 17 4, , , Apr 26 6, , , May 30 10, , , , Jun 22 7, , , Jul 12 3, , , Aug 12 3, , Sep 33 9, , , Source: SNL Financial, NAREIT. Notes: 1 Data presented in millions of dollars. 6

13 12 Percent Exhibit 5: Equity REIT Dividend Yield vs. 10-Year Constant Maturity Treasury Yield January September 2014 FTSE NAREIT Equity REITs Dividend Yield 10 Year Constant Maturity US Treasury Yield Source: NAREIT, FactSet. 8 7 Percent Exhibit 6: Monthly Equity REIT Dividend Yield Spread January September 2014 FTSE NAREIT All Equity REITs Less 10 Year Constant Maturity US Treasury Yield Average Yield Spread % Source: NAREIT, FactSet. 7

14 Benchmarked at 100 as of December 31, 1989 Total Return Index Comparison Monthly Returns December September ,400 FTSE NAREIT All Equity REITs % S&P % Russell % 1,200 1, Source: NAREIT, FactSet. 8

15 7,000 Millions ($) Average Daily Dollar Trading Volume FTSE NAREIT All REITs March September ,000 5,000 Acquisition of Equity Office Properties Trust Completed, 2/9/2007 4,000 3,000 Proposed Acquisition of Equity Office Properties Trust, 11/20/2006 2,000 1, Source: NAREIT, FactSet. 9

16 Comparative Total Return Investment Performance September 30, 2014 (Data in percent) FTSE NAREIT Dow Jones NASDAQ 1 Standard & Poor's Russell 2000 Bond Indexes NCREIF Period Equity Industrials 1 Stock Market Composite Value Growth Utilities Value 2000 Growth Corp/Govt Mortgage Corp NPI US Total Citigroup Citigroup ML ML Hi Yield Series Beginning> (Jan. 1972) (Dec. 1926) (Jan. 1972) (Jan. 1972) (Feb. 1985) (Jan. 1975) (Jan. 1972) (Jan. 1975) (Sep. 1989) (Jan. 1979) (Jan. 1979) (Jan. 1979) (Dec. 1975) (Jan. 1976) (Jan. 1972) (Dec. 1977) Annual Returns (including current year to date) Quarterly Returns 2013: Q Q Q Q : Q Q Q Monthly Returns 2014: Apr May Jun Jul Aug Sep Compound Annual Returns Complete History Year Year Year Year Year Year Year Year Year Year Annualized Volatility of Returns Complete History Year Year Year Year Year Year Year Year Year Year Price only returns Source: NAREIT, FactSet. 10

17 Comparative Total Return Investment Correlation FTSE NAREIT All Equity REITs DJ US Total Stock Market FTSE NAREIT All Equity REITs DJ US Total Stock Market NASDAQ Composite 1 NASDAQ S&P 500/ Citigroup Value S&P 500 S&P 500/ Citigroup Growth S&P Utilities Russell 2000 Value Russell 2000 Period For Upper Right: September September 2014 Russell 2000 Growth ML Corp/Govt Bond ML Mortage Domestic High Yield Corp Bond Dow Jones Industrial Average 1 NASDAQ Composite NASDAQ S&P 500/ Citigroup Value S&P S&P 500/ Citigroup Growth S&P Utilities Russell 2000 Value Russell Russell 2000 Growth ML Corp/Govt Bond ML Mortgage Domestic High Yield Corp Bond Dow Jones Industrial Average Period For Lower Left: September September Price only returns. Source: NAREIT, FactSet. 11

20-Year Average Annual Total Return September 1994 - September 2014 ML Corp/Govt Domestic Hi-Yield Russell 2000 Growth S&P Utilities S&P 500 DJ US Total Stock Market 6.26 8.40 9.78 10.25 11.15 11.

18 20-Year Average Annual Total Return September September 2014 ML Corp/Govt Domestic Hi-Yield Russell 2000 Growth S&P Utilities S&P 500 DJ US Total Stock Market Percent Russell 2000 Value FTSE NAREIT All REITs FTSE NAREIT All Equity REITs NASDAQ Composite Note: NASDAQ Composite returns are price only. Source: NAREIT, FactSet. Adjusted 20-Year Average Annual Total Return September September 2014 Percent ML Corp/Govt Domestic Hi-Yield Russell 2000 Growth S&P Utilities S&P 500 DJ US Total Stock Market Russell 2000 Value FTSE NAREIT All REITs FTSE NAREIT All Equity REITs NASDAQ Composite Total Return Divided by Standard Deviation of Total Return Note: NASDAQ Composite returns are price only. 12

19 20-Year Average Annual Total Return v. 20-Year Standard Deviation of Annual Total Returns September October September October Average Annual Return (%) NASDAQ NASDAQ Composite Composite FTSE NAREIT All Equity REITs FTSE NAREIT All Equity REITs FTSE FTSE NAREIT NAREIT All All REITs REITs Russell 2000 Value DJ US Total Stock Market Russell 2000 Value DJ US Total Stock Market S&P 500 S&P 500 S&P Utilities S&P Utilities Russell 2000 Growth Russell 2000 Growth Domestic Hi-Yield Domestic Hi-Yield 6 ML Corp/Govt ML Corp/Govt Standard Deviation of Annual Returns (%) 1 Price only returns. Source: NAREIT, FactSet. 13

20 50 40 Returns (%) Price Income FTSE NAREIT All Equity REITs Annual Returns Average Annual Income Returns (reinvested): 7.98% Average Annual Total Returns: 13.50% Source: FTSE TM, NAREIT. 14

21 50 40 Returns (%) Price Income S&P 500 Annual Returns Average Annual Income Returns (reinvested): 3.38% Average Annual Total Returns: 12.05% Source: NAREIT, FactSet. 15

22 50 40 Returns (%) Price Income Dow Jones US Total Stock Market Annual Returns Average Annual Total Return: 12.25% Average Annual Income Returns (reinvested): 3.18% Source: NAREIT, FactSet. 16

23 FTSE NAREIT All REITs FTSE NAREIT Composite Annual Returns for the FTSE NAREIT US Real Estate Index Series FTSE NAREIT Real Estate 50 TM FTSE NAREIT All Equity REITs FTSE NAREIT Equity REITs FTSE NAREIT Mortgage REITs Total Price Total Price Total Price Total Price Total Price Total Price Year Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index Return (%) Index , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

24 Annual Price and Total Returns by Property Sector (Returns in Percent) Industrial/Office Retail Residential Diversified Health Care Lodging/Resorts Self Storage Timber Infrastructure Mortgage Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price

25 Annual Price and Total Returns by Property Subsector (Returns in Percent) Industrial/Office Retail Residential Mortgage Industrial Office Mixed Shopping Centers Regional Malls Free Standing Apartments Manufactured Homes Home Financing Commercial Financing Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price Total Price

26 Equity Market Capitalization (Millions of dollars at year end) All REITs Equity Mortgage Hybrid 1 Number Market Number Market Percent of Number Market Percent of Number Market Percent of Year of REITs Capitalization of REITs Capitalization All REITs of REITs Capitalization All REITs of REITs Capitalization All REITs , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Note: Market capitalization equals share price multiplied by the number of shares outstanding and does not include Operating Partnership Units. 1 The FTSE NAREIT Hybrid REIT Index was discontinued on December 17, Source: NAREIT 20

27 REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes September 30, 2014 Equity Market Capitalization ($M) 1 Number Ticker Investment Property S&P FTSE NAREIT Percent of Percent of % of FTSE NAREIT of REITs Company Symbol Sector Subsector REITs All REITs Sector S&P REITs All REITs (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Summary by Investment Sector, Property Sector and Property Subsector 35 Industrial/Office 89, , Office 55, , Industrial 20, , Mixed 12, , Retail 143, , Shopping Centers 39, , Regional Malls 89, , Free Standing 14, , Residential 86, , Apartments 86, , Manufactured Homes 0.0 6, Diversified 32, , Lodging/Resorts 27, , Self Storage 37, , Health Care 72, , Timber 29, , Infrastructure 64, , Mortgage REITs 1, , Home Financing 1, , Commercial Financing , Industry Totals 583, , Distribution of REITs by S&P Index 20 S&P 500 Large Cap 389, S&P 400 Mid Cap 138, S&P 600 Small Cap 55, Total S&P REITs 583,

28 REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes September 30, 2014 Summary of REITs in S&P Equity Indexes S&P 500 Constituents Equity Market Cap ($M) 1 Simon Property Group 51, American Tower Corp 37, Public Storage 28, Crown Castle Intl Corp 26, Equity Residential 22, General Growth Properties 20, Healthcare REIT 19, ProLogis 18, Vornado Realty 18, Avalonbay Communities 18, Ventas Inc 18, HCP 18, Boston Property 17, Weyerhaeuser 16, Host Hotels & Resorts 16, Essex Prop Trust 11, Kimco Realty Cp 9, Macerich 8, Plum Creek Timber Co 6, Apartment Inv Management 4, Subtotal 389,402.3 S&P 400 Mid Cap Constituents 1 SL Green Realty 9, Realty Income 9, Federal Realty Invs 8, UDR 6, Extra Space Storage 5, Duke Realty Corp 5, Camden Property 5, Alexandria Real Estate Equity 5, Kilroy Realty 4, Regency Centers 4, Liberty Property Trust 4, Mid-America Apartment Comm 4, Taubman Centers 4, National Retail Properties 4, Omega Healthcare Investors 4, Senior Housing Properties Trust 4, Hospitality Properties Trust 4, Corrections Corp of America 3, BioMed Realty Trust 3, Rayonier 3, Weingarten Realty Investors 3, American Campus Communities 3, LaSalle Hotel Properties 3, Highwoods Prop 3, Home Properties 3, Washington Prime Group 2, Equity One Inc 2, Corporate Office Properties 2, Mack Cali Realty 1, Potlatch Corp. REIT 1, Subtotal 138,392.8 S&P 600 Small Cap Constituents 1 Tanger Factory Outlet Center 3, Post Properties 2, Geo Group 2, EPR Properties 2, Cousins Property 2, Sovran Self Storage 2, Diamondrock Hospitality 2, Healthcare Realty Trust 2, Lexington Realty Trust 2, Medical Properties Trust 2, PS Business Parks 2, Kite Realty Group Trust 2, Eastgroup Properties 1, Parkway Properties 1, Acadia Realty 1, Chesapeake Lodging Trust 1, Government Properties Income Trust 1, Education Realty Trust 1, American Assets Trust Inc. 1, Pennsylvania Real Estate Investment Trust 1, Retail Opportunity 1, LTC Properties 1, Aviv REIT 1, Capstead Mortgage 1, Sabra Health Care REIT 1, Franklin Street Properties 1, Associated Estates Realty 1, Inland Real Estate Saul Centers CoreSite Realty Getty Realty Universal Health Rlty Income Urstadt Biddle Pptys Cedar Realty Trust Agree Realty Subtotal 55, Total 583,

29 REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes September 30, 2014 Property Sector: Industrial/Office 1 Boston Property BXP Equity Office S&P , SL Green Realty SLG Equity Office S&P 400 9, Alexandria Real Estate Equity ARE Equity Office S&P 400 5, Kilroy Realty KRC Equity Office S&P 400 4, BioMed Realty Trust BMR Equity Office S&P 400 3, Douglas Emmett DEI Equity Office 3, Highwoods Prop HIW Equity Office S&P 400 3, Equity Commonwealth EQC Equity Office 3, Columbia Property Trust Inc CXP Equity Office 2, Piedmont Office Realty Trust Cl A PDM Equity Office 2, Cousins Property CUZ Equity Office S&P 600 2, Brandywine Rlty BDN Equity Office 2, Corporate Office Properties OFC Equity Office S&P 400 2, Parkway Properties PKY Equity Office S&P 600 1, Mack Cali Realty CLI Equity Office S&P 400 1, NEW YORK REIT INC NYRT Equity Office 1, Hudson Pacific Properties HPP Equity Office 1, Government Properties Income Trust GOV Equity Office S&P 600 1, Empire State Realty Trust ESRT Equity Office 1, Franklin Street Properties FSP Equity Office S&P 600 1, City Office REIT CIO Equity Office Subsector Totals 76, S&P Subsector Total 55, Prologis PLD Equity Industrial S&P , DCT Industrial Trust DCT Equity Industrial 2, Eastgroup Properties EGP Equity Industrial S&P 600 1, First Industrial Realty Trust FR Equity Industrial 1, STAG Industrial STAG Equity Industrial 1, Terreno Realty TRNO Equity Industrial Rexford Industrial Realty REXR Equity Industrial Monmouth REIT Cl A MNR Equity Industrial Subsector Totals 27, S&P Subsector Total 20, Duke Realty Corp DRE Equity Mixed S&P 400 5, Liberty Property Trust LPT Equity Mixed S&P 400 4, PS Business Parks PSB Equity Mixed S&P 600 2, Chambers Street Properties CSG Equity Mixed 1, First Potomac Realty Trust FPO Equity Mixed Gladstone Commercial GOOD Equity Mixed Subsector Totals 15, S&P Subsector Total 12, Sector Totals 119, S&P Sector Total 89,416.9 Property Sector: Retail 1 Kimco Realty Cp KIM Equity Shopping Centers S&P 500 9, Federal Realty Invs FRT Equity Shopping Centers S&P 400 8, DDR Corp DDR Equity Shopping Centers 6, Brixmor Property Group BRX Equity Shopping Centers 5, Regency Centers REG Equity Shopping Centers S&P 400 4, Weingarten Realty Investors WRI Equity Shopping Centers S&P 400 3, Retail Properties of America RPAI Equity Shopping Centers 3, Tanger Factory Outlet Center SKT Equity Shopping Centers S&P 600 3, Equity One Inc EQY Equity Shopping Centers S&P 400 2, Kite Realty Group Trust KRG Equity Shopping Centers S&P 600 2, Alexanders Inc ALX Equity Shopping Centers 1, Acadia Realty AKR Equity Shopping Centers S&P 600 1, Retail Opportunity ROIC Equity Shopping Centers S&P 600 1, Ramco-Gershenson Properties RPT Equity Shopping Centers 1, Inland Real Estate IRC Equity Shopping Centers S&P Saul Centers BFS Equity Shopping Centers S&P Excel Trust EXL Equity Shopping Centers Urstadt Biddle Pptys UBA Equity Shopping Centers S&P Cedar Realty Trust CDR Equity Shopping Centers S&P AmREIT AMRE Equity Shopping Centers Wheeler Real Estate Investment Trust Inc WHLR Equity Shopping Centers Roberts Realty RPI Equity Shopping Centers Subsector Totals 58, S&P Subsector Total 39, Simon Property Group SPG Equity Regional Malls S&P , General Growth Properties GGP Equity Regional Malls S&P , Macerich MAC Equity Regional Malls S&P 500 8, Taubman Centers TCO Equity Regional Malls S&P 400 4, CBL & Associates Properties CBL Equity Regional Malls 3, Washington Prime Group WPG Equity Regional Malls S&P 400 2, Glimcher Realty Trust GRT Equity Regional Malls 1, Pennsylvania Real Estate Investment Trust PEI Equity Regional Malls S&P 600 1, Rouse Properties RSE Equity Regional Malls Subsector Totals 95, S&P Subsector Total 89, American Realty Capital Prop ARCP Equity Free Standing 10, Realty Income O Equity Free Standing S&P 400 9, Spirit Realty Capital SRC Equity Free Standing 4, National Retail Properties NNN Equity Free Standing S&P 400 4, Getty Realty GTY Equity Free Standing S&P Agree Realty ADC Equity Free Standing S&P Subsector Totals 29, S&P Subsector Total 14, Sector Totals 183, S&P Sector Total 143,

REITWatch. A Monthly Statistical Report on the Real Estate Investment Trust Industry

REITWatch. A Monthly Statistical Report on the Real Estate Investment Trust Industry REITWatch NAREIT A Monthly Statistical Report on the Real Estate Investment Trust Industry July 2015 (Data as of June 30, 2015) National Association of Real Estate Investment Trusts REITs: Building Dividends