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

Transcription

1 REITWatch NAREIT A Monthly Statistical Report on the Real Estate Investment Trust Industry February 2015 (Data as of January 31, 2015) National Association of Real Estate Investment Trusts REITs: Building Dividends & Diversification

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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 National Association of Real Estate Investment Trusts REIT Industry Fact Sheet Data as of January 30, 2015, except where noted. Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs. Industry Size FTSE NAREIT All REITs equity market capitalization = $975 billion FTSE NAREIT All Equity REITs equity market capitalization = $884 billion REITs own approximately $1.7 trillion of commercial real estate assets, including listed and non-listed public Equity and Mortgage REITs 217 REITs are in the FTSE NAREIT All REITs Index 188 REITs trade on the New York Stock Exchange NYSE listed REITs equity market capitalization = $927 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 January 30, 2015: 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: 3.66% - FTSE NAREIT All Equity REITs: 3.27% - S&P 500: 2.07% 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 National Association of Real Estate Investment Trusts REIT Industry Fact Sheet Data as of January 30, 2015, except where noted. Unless otherwise noted, all data are derived from, and apply only to, publicly traded US REITs. Leverage and Coverage Ratios (Data as of 2014: Q3) Equity REITs All REITs Debt Ratio: 31.6% Coverage Ratio: 4.0x Fixed Charge Ratio: 3.6x 46 Equity REITs are rated investment grade, 68 percent by equity market capitalization. Debt Ratio: 42.7% Coverage Ratio: 3.4x Fixed Charge Ratio: 3.1x 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 January 2015: $7.1 billion January 2010: $3.3 billion January 2005: $1.6 billion Capital Offerings IPOs Secondary Common Secondary Preferred Secondary Debt Number of Offerings 2015: YTD Capital Raised ($M) , ,200 Total 26 8,518 2

9 Exhibit 1 Investment Performance: FTSE NAREIT US Real Estate Index Series January 30, 2015 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: Aug Sep Oct Nov Dec : Jan Week (including current week to date) 26-Dec Jan Jan Jan Jan Jan 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 January 30, 2015 Number of Total Return (%) Dividend Market Capitalization ($) 1 Sector Constituents 2014 January 2015: YTD Yield (%) Equity Implied FTSE NAREIT All Equity REITs ,569, ,931,952 FTSE NAREIT Equity REITs ,580, ,943,704 Industrial/Office ,005, ,395,714 Industrial ,277,873 35,441,233 Office ,983,064 97,323,189 Mixed ,744,192 19,631,291 Retail ,557, ,714,341 Shopping Centers ,645,899 75,184,555 Regional Malls ,374, ,605,504 Free Standing ,536,696 32,924,283 Residential ,356, ,322,014 Apartments ,285, ,694,109 Manufactured Homes ,071,065 8,627,905 Diversified ,022,230 98,778,605 Lodging/Resorts ,025,800 55,745,899 Health Care ,086, ,052,283 Self Storage ,527,634 49,934,848 Timber ,341,894 32,341,894 Infrastructure ,646,354 67,646,354 FTSE NAREIT Mortgage REITs ,138,548 60,181,281 Home Financing ,295,400 46,333,342 Commercial Financing ,843,148 13,847,940 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) January 30, 2015 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 2013: Q2 11, , , , , Q3 11, , , , , Q4 11, , , , , : Q1 12, , , , , Q2 12, , , , , Q3 12, , , , , Q4 14, , , , , : Q1 15, , , , , : Jan 11, , , , , Feb 12, , , , , Mar 12, , , , , Apr 12, , , , , May 12, , , , , Jun 12, , , , , Jul 12, , , , , Aug 13, , , , , Sep 12, , , , , Oct 13, , , , , Nov 14, , , , , Dec 14, , , , , : Jan 15, , , , , 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 , , , Q , , , , , : Q1 26 8, , , Monthly Totals Exhibit 4 Historical Offerings of Securities January 30, : 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, , , Oct 15 3, , , Nov 19 6, , , , Dec 8 1, , : Jan 26 8, , , 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 January 2015 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 January 2015 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 January ,600 FTSE NAREIT All Equity REITs S&P Russell ,400 1,200 1, Source: NAREIT, FactSet. 8

15 Millions ($) Average Daily Dollar Trading Volume FTSE NAREIT All REITs March January ,000 6,000 5,000 4,000 3,000 2,000 Stock exchange-listed REITs become eligible f or inclusion in S&P stock indexes 1, Source: NAREIT, FactSet. 9

16 Comparative Total Return Investment Performance January 30, 2015 (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: Aug Sep Oct Nov Dec : Jan 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: January January 2015 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: January January Price only returns. Source: NAREIT, FactSet. 11

18 20-Year Average Annual Total Return January January 2015 ML Corp/Govt Domestic Hi-Yield S&P Utilities Russell 2000 Growth S&P 500 DJ US Total Stock Market Percent Russell 2000 Value NASDAQ Composite FTSE NAREIT All REITs FTSE NAREIT All Equity REITs Note: NASDAQ Composite returns are price only. Source: NAREIT, FactSet. Adjusted 20-Year Average Annual Total Return January January 2015 Percent ML Corp/Govt Domestic Hi-Yield S&P Utilities Russell 2000 Growth S&P 500 DJ US Total Stock Market Russell 2000 Value NASDAQ Composite FTSE NAREIT All REITs FTSE NAREIT All Equity REITs 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 January October January October FTSE NAREIT All Equity REITs FTSE NAREIT Russell All 2000 REITs Value NASDAQ Composite DJ US Total Stock Market Average Annual Return (%) Russell 2000 Value S&P 500 DJ US Total Stock Market S&P S&P Utilities 500 S&P Utilities Russell 2000 Growth Domestic Hi-Yield Russell 2000 Growth 8 8 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): 7.90% Average Annual Total Returns: 13.84% Source: FTSE TM, NAREIT. 14

21 50 40 Returns (%) Price Income S&P 500 Annual Returns Average Annual Income Returns (reinvested): 3.35% Average Annual Total Returns: 12.09% Source: NAREIT, FactSet. 15

22 50 40 Returns (%) Price Income Dow Jones US Total Stock Market Annual Returns Average Annual Income Returns (reinvested): 3.16% Average Annual Total Return: 12.25% Source: NAREIT, FactSet. 16

23 FTSE NAREIT All REITs Annual Returns for the FTSE NAREIT US Real Estate Index Series FTSE NAREIT Composite 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 January 31, 2015 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 36 Industrial/Office 107, , Office 67, , Industrial 24, , Mixed 15, , Retail 183, , Shopping Centers 51, , Regional Malls 112, , Free Standing 18, , Residential 106, , Apartments 106, , Manufactured Homes 0.0 8, Diversified 62, , Lodging/Resorts 31, , Self Storage 45, , Health Care 96, , Timber 31, , Infrastructure 67, , Mortgage REITs 1, , Home Financing 1, , Commercial Financing , Industry Totals 733, , Distribution of REITs by S&P Index 21 S&P 500 Large Cap 477, S&P 400 Mid Cap 191, S&P 600 Small Cap 65, Total S&P REITs 733,

28 REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes January 31, 2015 Summary of REITs in S&P Equity Indexes S&P 500 Constituents Equity Market Cap ($M) 1 Simon Property Group 62, American Tower Corp 38, Public Storage 34, Crown Castle Intl Corp 28, Equity Residential 27, Healthcare REIT 26, General Growth Properties 26, Ventas Inc 25, Avalonbay Communities 22, ProLogis 22, HCP 21, Boston Property 21, Vornado Realty 20, Weyerhaeuser 18, Host Hotels & Resorts 17, Essex Prop Trust 14, Macerich 13, Kimco Realty Cp 11, Iron Mountain 8, Plum Creek Timber Co 7, Apartment Inv Management 5, Subtotal 477,311.7 S&P 400 Mid Cap Constituents 1 SL Green Realty 12, Realty Income 12, Equinix Inc 11, Federal Realty Invs 9, UDR 8, Extra Space Storage 7, Duke Realty Corp 7, Alexandria Real Estate Equity 6, Camden Property 6, Regency Centers 6, Kilroy Realty 6, Mid-America Apartment Comm 5, Liberty Property Trust 5, Omega Healthcare Investors 5, National Retail Properties 5, Taubman Centers 5, Hospitality Properties Trust 4, BioMed Realty Trust 4, Senior Housing Properties Trust 4, American Campus Communities 4, Weingarten Realty Investors 4, Corrections Corp of America 4, Lamar Advertising 4, Highwoods Prop 4, LaSalle Hotel Properties 4, Home Properties 4, Tanger Factory Outlet Center 3, Rayonier 3, Equity One Inc 3, WP GLIMCHER 3, Corporate Office Properties 2, Urban Edge Properties 2, Mack Cali Realty 1, Potlatch Corp. REIT 1, Subtotal 191,548.1 S&P 600 Small Cap Constituents 1 EPR Properties 3, Post Properties 3, Geo Group 3, Sovran Self Storage 3, Medical Properties Trust 3, Healthcare Realty Trust 2, Diamondrock Hospitality 2, Lexington Realty Trust 2, Kite Realty Group Trust 2, Cousins Property 2, Acadia Realty 2, PS Business Parks 2, Eastgroup Properties 2, Parkway Properties 2, Chesapeake Lodging Trust 2, American Assets Trust Inc. 1, Aviv REIT 1, Sabra Health Care REIT 1, Retail Opportunity 1, Pennsylvania Real Estate Investment Trust 1, LTC Properties 1, Education Realty Trust 1, Government Properties Income Trust 1, Associated Estates Realty 1, Franklin Street Properties 1, Saul Centers 1, Capstead Mortgage 1, Inland Real Estate 1, CoreSite Realty Universal Health Rlty Income Cedar Realty Trust Getty Realty Urstadt Biddle Pptys Agree Realty CareTrust REIT Subtotal 65, Total 733,

29 REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes January 31, 2015 Property Sector: Industrial/Office 1 Boston Property BXP Equity Office S&P , SL Green Realty SLG Equity Office S&P , Alexandria Real Estate Equity ARE Equity Office S&P 400 6, Kilroy Realty KRC Equity Office S&P 400 6, BioMed Realty Trust BMR Equity Office S&P 400 4, Highwoods Prop HIW Equity Office S&P 400 4, Douglas Emmett DEI Equity Office 4, Paramount Group PGRE Equity Office 4, Equity Commonwealth EQC Equity Office 3, Columbia Property Trust Inc CXP Equity Office 3, Piedmont Office Realty Trust Cl A PDM Equity Office 3, Brandywine Rlty BDN Equity Office 2, Corporate Office Properties OFC Equity Office S&P 400 2, Hudson Pacific Properties HPP Equity Office 2, Cousins Property CUZ Equity Office S&P 600 2, Parkway Properties PKY Equity Office S&P 600 2, Empire State Realty Trust ESRT Equity Office 1, Mack Cali Realty CLI Equity Office S&P 400 1, NEW YORK REIT INC NYRT Equity Office 1, Government Properties Income Trust GOV Equity Office S&P 600 1, Franklin Street Properties FSP Equity Office S&P 600 1, City Office REIT CIO Equity Office Subsector Totals 94, S&P Subsector Total 67, ProLogis PLD Equity Industrial S&P , DCT Industrial Trust DCT Equity Industrial 3, First Industrial Realty Trust FR Equity Industrial 2, Eastgroup Properties EGP Equity Industrial S&P 600 2, 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 34, S&P Subsector Total 24, Duke Realty Corp DRE Equity Mixed S&P 400 7, Liberty Property Trust LPT Equity Mixed S&P 400 5, 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 18, S&P Subsector Total 15, Sector Totals 147, S&P Sector Total 107,552.8 Property Sector: Retail 1 Kimco Realty Cp KIM Equity Shopping Centers S&P , Federal Realty Invs FRT Equity Shopping Centers S&P 400 9, Brixmor Property Group BRX Equity Shopping Centers 8, DDR Corp DDR Equity Shopping Centers 7, Regency Centers REG Equity Shopping Centers S&P 400 6, Weingarten Realty Investors WRI Equity Shopping Centers S&P 400 4, Retail Properties of America RPAI Equity Shopping Centers 4, Tanger Factory Outlet Center SKT Equity Shopping Centers S&P 400 3, Equity One Inc EQY Equity Shopping Centers S&P 400 3, Kite Realty Group Trust KRG Equity Shopping Centers S&P 600 2, Acadia Realty AKR Equity Shopping Centers S&P 600 2, Urban Edge Properties UE Equity Shopping Centers S&P 400 2, Retail Opportunity ROIC Equity Shopping Centers S&P 600 1, Ramco-Gershenson Properties RPT Equity Shopping Centers 1, Saul Centers BFS Equity Shopping Centers S&P 600 1, Inland Real Estate IRC Equity Shopping Centers S&P 600 1, Excel Trust EXL Equity Shopping Centers Cedar Realty Trust CDR Equity Shopping Centers S&P Urstadt Biddle Pptys UBA Equity Shopping Centers S&P AmREIT AMRE Equity Shopping Centers Wheeler Real Estate Investment Trust Inc WHLR Equity Shopping Centers ACRE Realty Investors AIII Equity Shopping Centers Subsector Totals 73, S&P Subsector Total 51, 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 , Taubman Centers TCO Equity Regional Malls S&P 400 5, CBL & Associates Properties CBL Equity Regional Malls 3, WP GLIMCHER WPG Equity Regional Malls S&P 400 3, Pennsylvania Real Estate Investment Trust PEI Equity Regional Malls S&P 600 1, Rouse Properties RSE Equity Regional Malls 1, Subsector Totals 117, S&P Subsector Total 112, Realty Income O Equity Free Standing S&P , American Realty Capital Prop ARCP Equity Free Standing 8, National Retail Properties NNN Equity Free Standing S&P 400 5, Spirit Realty Capital SRC Equity Free Standing 5, Store Capital REIT STOR Equity Free Standing 2, Getty Realty GTY Equity Free Standing S&P Agree Realty ADC Equity Free Standing S&P Subsector Totals 35, S&P Subsector Total 18, Sector Totals 226, S&P Sector Total 183,