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 August 2016 (Data as of July 31, 2016) 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 2016 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, Senior Director, Industry Information, 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 July 29, 2016, 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 = $1.103 trillion FTSE NAREIT All Equity REITs equity market capitalization = $1.040 trillion REITs own approximately $1.8 trillion of commercial real estate assets, including listed and non-listed public Equity and Mortgage REITs 220 REITs are in the FTSE NAREIT All REITs Index 190 REITs trade on the New York Stock Exchange NYSE listed REITs equity market capitalization = $1.023 trillion 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 July 29, 2016: FTSE NAREIT Dow Jones All REITs All Equity REITs S&P 500 Russell 2000 NASDAQ Composite Industrial Average 2016: YTD Year Year Year Year Year Year Year Year Year Year Data in percent; highest return for the period in bold. Returns in italics are price-only. Dividends Yield Comparison - FTSE NAREIT All REITs: 3.73% - FTSE NAREIT All Equity REITs: 3.47% - S&P 500: 2.13% Public listed REITs paid out approximately $46.5 billion and public non-listed REITs paid out approximately $4.5 billion in dividends during On average, 66 percent of the annual dividends paid by REITs qualify as ordinary taxable income, 12 percent qualify as return of capital and 22 percent qualify as long-term capital gains. 1

8 National Association of Real Estate Investment Trusts REIT Industry Fact Sheet Data as of July 29, 2016, 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 2016: Q1) Equity REITs All REITs Debt Ratio: 33.4% Coverage Ratio: 4.9x Fixed Charge Ratio: 4.5x 46 Equity REITs are rated investment grade, 68 percent by equity market capitalization. Debt Ratio: 43.8% Coverage Ratio: 3.8x Fixed Charge Ratio: 3.5x 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 July 2016: $7.1 billion July 2011: $4.2 billion July 2006: $2.0 billion Capital Offerings IPOs Secondary Common Secondary Preferred Secondary Debt Number of Offerings 2016: YTD Capital Raised ($M) 1 1, , , ,105 Total ,838 2

9 Exhibit 1 Investment Performance: FTSE NAREIT US Real Estate Index Series July 29, 2016 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) 2015: Q Q Q : Q Q Q Month 2016: Feb Mar Apr May Jun Jul Week (including current week to date) 24-Jun Jul Jul Jul Jul Jul 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 July 29, 2016 Number of Total Return (%) Dividend Market Capitalization ($) 1 Sector Constituents 2015 July 2016: YTD Yield (%) Equity Implied FTSE NAREIT All Equity REITs ,040,140,427 1,086,376,334 FTSE NAREIT Equity REITs ,830, ,765,049 Industrial ,287,939 65,791,954 Office ,148, ,376,946 Retail ,011, ,992,919 Shopping Centers ,597,409 84,453,236 Regional Malls ,158, ,220,756 Free Standing ,255,242 39,318,927 Residential ,700, ,561,040 Apartments ,234, ,820,212 Manufactured Homes ,344,986 13,164,349 Single Family Homes ,120,661 10,576,479 Diversified ,232,841 60,948,894 Lodging/Resorts ,932,949 46,378,341 Health Care ,789, ,701,756 Self Storage ,666,215 64,169,962 Timber ,837,426 29,837,426 Infrastructure ,472,615 87,773,858 Data Centers ,637,385 58,400,795 Specialty ,422,957 38,442,443 FTSE NAREIT Mortgage REITs ,898,437 57,333,388 Home Financing ,684,551 41,726,395 Commercial Financing ,213,886 15,606,993 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) July 29, 2016 FTSE NAREIT Dow Jones NASDAQ US Treasury Period All Equity REITs S&P 500 Industrials Russell 2000 Composite 10-Year Note 1 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 2014: Q4 14, , , , , : Q1 14, , , , , Q2 13, , , , , Q3 13, , , , , Q4 14, , , , , : Q1 15, , , , , Q2 16, , , , , Q3 17, , , , , : Jul 14, , , , , Aug 13, , , , , Sep 13, , , , , Oct 14, , , , , Nov 14, , , , , Dec 14, , , , , : Jan 14, , , , , Feb 14, , , , , Mar 15, , , , , Apr 15, , , , , May 15, , , , , Jun 16, , , , , Jul 17, , , , , Historical (compound annual rates) 1-Year Year Year Year Year Year Year Year Year Year Source: NAREIT, FactSet. 1 Ten-year constant maturity Treasury note Returns in italics are price-only. 5

12 Initial Secondary Equity Secondary Debt Total Public Offerings Common Shares Preferred Shares Unsecured Capital Capital Capital Capital Capital Period Number Raised 1 Number Raised 1 Number Raised 1 Number Raised 1 Number Raised 1 Annual Totals (including current year to date) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,105 Quarterly Totals 2015: Q , , ,020 Q3 24 8, , ,650 Q , , , : Q , , ,975 Monthly Totals Exhibit 4 Historical Offerings of Securities July 29, 2016 Q , , , , ,330 Q3 15 4, , , : Oct 15 3, , ,654 Nov 19 6, , , ,125 Dec 8 1, , : Jan 26 8, , ,200 Feb 9 7, , , Mar 18 6, , ,400 Apr 17 6, , ,160 May 17 6, ,295 Jun 20 5, , ,565 Jul 6 2, ,100 Aug 10 2, ,850 Sep 8 3, ,700 Oct 14 4, , ,200 Nov 11 5, , ,731 Dec : Jan 17 8, , ,250 Feb 5 2, , ,450 Mar 16 4, , Apr 19 8, , , ,910 May 27 9, , , ,645 Jun 17 5, , ,775 Jul 15 4, , ,800 Source: SNL Financial, NAREIT. Notes: 1 Data presented in millions of dollars. 6

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16 Comparative Total Return Investment Performance July 29, 2016 (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 2015: Q Q Q Q : Q Q Q Monthly Returns 2016: Feb Mar Apr May Jun Jul 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 Period For Upper Right: July July 2016 Russell 2000 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: July July Price only returns. Source: NAREIT, FactSet. 11

18 20-Year Average Annual Total Return July July 2016 ML Corp/Govt Domestic Hi-Yield Russell 2000 Growth S&P 500 DJ US Total Stock Market S&P Utilities 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 July July 2016 Percent ML Corp/Govt Domestic Hi-Yield Russell 2000 Growth S&P 500 DJ US Total Stock Market S&P Utilities 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 October July July October FTSE FTSE NAREIT NAREIT All All Equity Equity REITs REITs FTSE NAREIT All REITs FTSE NAREIT All REITs Russell 2000 Value NASDAQ Composite Average Annual Return (%) Domestic Hi-Yield ML Corp/Govt Domestic Hi-Yield Russell 2000 Value S&P Utilities S&P Utilities S&P 500 DJ US Total Stock Market Russell 2000 Growth Russell 2000 Growth NASDAQ Composite DJ US Total Stock Market S&P 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): 7.81% Average Annual Total Returns: 13.59% Source: FTSE TM, NAREIT. 14

21 50 40 Returns (%) Price Income S&P 500 Annual Returns Average Annual Income Returns (reinvested): 3.32% Average Annual Total Returns: 11.85% Source: NAREIT, FactSet. 15

22 50 40 Returns (%) Price Income Dow Jones US Total Stock Market Annual Returns Average Annual Income Returns (reinvested): 3.13% Average Annual Total Return: 11.98% 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) Office Industrial Retail Residential Diversified Health Care Lodging/Resorts Self Storage Timber Infrastructure Data Centers Specialty Mortgage Total Price Total Price Total Price 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) Retail Residential Mortgage Shopping Centers Regional Malls Free Standing Apartments Manufactured Homes Single Family Homes Home Financing Commercial Financing 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 July 31, 2016 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 27 Office 72, , Industrial 57, , Retail 210, , Shopping Centers 61, , Regional Malls 121, , Free Standing 28, , Residential 111, , Apartments 111, , Manufactured Homes , Single Family Homes 0.0 9, Diversified 24, , Lodging/Resorts 25, , Self Storage 56, , Health Care 98, , Timber 29, , Infrastructure 86, , Data Centers 45, , Specialty 28, , Mortgage REITs , Home Financing , Commercial Financing , Industry Totals 848, ,103, Distribution of REITs by S&P Index 27 S&P 500 Large Cap 617, S&P 400 Mid Cap 183, S&P 600 Small Cap 47, Total S&P REITs 848,

28 REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes July 31, 2016 Summary of REITs in S&P Equity Indexes S&P 500 Constituents Equity Market Cap ($M) 1 Simon Property Group, Inc. 70, American Tower Corporation 48, Public Storage 41, Crown Castle International Corp 32, Prologis, Inc. 28, General Growth Properties, Inc. 28, Welltower, Inc. 28, Equinix, Inc. 25, Ventas, Inc. 25, AvalonBay Communities, Inc. 25, Equity Residential 24, Weyerhaeuser Company 24, Boston Properties, Inc. 21, Vornado Realty Trust 20, Realty Income Corporation 18, HCP, Inc. 18, Digital Realty Trust, Inc. 16, Essex Property Trust, Inc. 15, Kimco Realty Corporation 13, Macerich Company 13, Host Hotels & Resorts, Inc. 13, Federal Realty Investment Trust 12, SL Green Realty Corp. 11, Iron Mountain, Inc. 10, Extra Space Storage Inc. 10, UDR, Inc. 9, Apartment Investment and Management Company Class A 7, Subtotal 617,746.1 S&P 400 Mid Cap Constituents 1 Duke Realty Corporation 9, Regency Centers Corporation 8, Alexandria Real Estate Equities, Inc. 8, Mid-America Apartment Communities, Inc. 7, Camden Property Trust 7, National Retail Properties, Inc. 7, American Campus Communities, Inc. 7, Kilroy Realty Corporation 6, Omega Healthcare Investors, Inc. 6, Liberty Property Trust 6, Douglas Emmett, Inc 5, Lamar Advertising Company Class A 5, Highwoods Properties, Inc. 5, Weingarten Realty Investors 5, EPR Properties 5, Senior Housing Properties Trust 5, Taubman Centers, Inc. 4, Hospitality Properties Trust 4, Equity One, Inc. 4, Communications Sales & Leasing Inc 4, Sovran Self Storage, Inc. 4, DCT Industrial Trust Inc. 4, Tanger Factory Outlet Centers, Inc. 4, Healthcare Realty Trust Incorporated 3, Corrections Corporation of America 3, Medical Properties Trust, Inc. 3, First Industrial Realty Trust, Inc. 3, Post Properties, Inc. 3, Rayonier Inc. 3, Education Realty Trust, Inc. 3, LaSalle Hotel Properties 3, Urban Edge Properties 2, Corporate Office Properties Trust 2, Mack-Cali Realty Corporation 2, Care Capital Properties, Inc. 2, WP GLIMCHER, Inc 2, Potlatch Corporation 1, Subtotal 183,465.6 S&P 600 Small Cap Constituents 1 PS Business Parks, Inc. 2, Acadia Realty Trust 2, GEO Group Inc 2, Lexington Realty Trust 2, CoreSite Realty Corporation 2, Kite Realty Group Trust 2, EastGroup Properties, Inc. 2, Retail Opportunity Investments Corp. 2, Cousins Properties Incorporated 2, American Assets Trust, Inc. 2, LTC Properties, Inc. 2, DiamondRock Hospitality Company 1, Parkway Properties, Inc. 1, Pennsylvania Real Estate Investment Trust 1, Government Properties Income Trust 1, Sabra Health Care REIT, Inc. 1, Chesapeake Lodging Trust 1, Saul Centers, Inc. 1, Franklin Street Properties Corp. 1, Summit Hotel Properties, Inc., 1, Agree Realty Corporation 1, Capstead Mortgage Corporation CareTrust REIT Inc Universal Health Realty Income Trust Getty Realty Corp Cedar Realty Trust, Inc Urstadt Biddle Properties Inc. Class A Subtotal 47, Total 848,

29 REITs in the FTSE NAREIT All REITs Index and S&P Equity Indexes July 31, 2016 Property Sector: Office 1 Boston Properties, Inc. BXP Equity S&P , SL Green Realty Corp. SLG Equity S&P , Alexandria Real Estate Equities, Inc. ARE Equity S&P 400 8, Kilroy Realty Corporation KRC Equity S&P 400 6, Douglas Emmett, Inc DEI Equity S&P 400 5, Highwoods Properties, Inc. HIW Equity S&P 400 5, Gramercy Property Trust GPT Equity 4, Hudson Pacific Properties, Inc. HPP Equity 4, Equity Commonwealth EQC Equity 3, Paramount Group, Inc. PGRE Equity 3, Piedmont Office Realty Trust, Inc. Class A PDM Equity 3, Columbia Property Trust, Inc. CXP Equity 3, Brandywine Realty Trust BDN Equity 2, Corporate Office Properties Trust OFC Equity S&P 400 2, Empire State Realty Trust, Inc. Class A ESRT Equity 2, Mack-Cali Realty Corporation CLI Equity S&P 400 2, Select Income REIT SIR Equity 2, Cousins Properties Incorporated CUZ Equity S&P 600 2, Parkway Properties, Inc. PKY Equity S&P 600 1, Government Properties Income Trust GOV Equity S&P 600 1, New York REIT, Inc. NYRT Equity 1, Franklin Street Properties Corp. FSP Equity S&P 600 1, TIER REIT, Inc. TIER Equity Easterly Government Properties, Inc. DEA Equity First Potomac Realty Trust FPO Equity NorthStar Realty Europe Corp. NRE Equity City Office REIT, Inc. CIO Equity Sector Totals 106, S&P Sector Total 72,061.9 Property Sector: Industrial 1 Prologis, Inc. PLD Equity S&P , Duke Realty Corporation DRE Equity S&P 400 9, Liberty Property Trust LPT Equity S&P 400 6, DCT Industrial Trust Inc. DCT Equity S&P 400 4, First Industrial Realty Trust, Inc. FR Equity S&P 400 3, PS Business Parks, Inc. PSB Equity S&P 600 2, EastGroup Properties, Inc. EGP Equity S&P 600 2, STAG Industrial, Inc. STAG Equity 1, Rexford Industrial Realty, Inc. REXR Equity 1, Terreno Realty Corporation TRNO Equity 1, Monmouth Real Estate Investment Corporation Class A MNR Equity Sector Totals 63, S&P Sector Total 57,927.3 Property Sector: Retail 1 Kimco Realty Corporation KIM Equity Shopping Centers S&P , Federal Realty Investment Trust FRT Equity Shopping Centers S&P , Brixmor Property Group, Inc. BRX Equity Shopping Centers 8, Regency Centers Corporation REG Equity Shopping Centers S&P 400 8, DDR Corp. DDR Equity Shopping Centers 7, Weingarten Realty Investors WRI Equity Shopping Centers S&P 400 5, Equity One, Inc. EQY Equity Shopping Centers S&P 400 4, Retail Properties of America, Inc. Class A RPAI Equity Shopping Centers 4, Tanger Factory Outlet Centers, Inc. SKT Equity Shopping Centers S&P 400 4, Urban Edge Properties UE Equity Shopping Centers S&P 400 2, Acadia Realty Trust AKR Equity Shopping Centers S&P 600 2, Kite Realty Group Trust KRG Equity Shopping Centers S&P 600 2, Retail Opportunity Investments Corp. ROIC Equity Shopping Centers S&P 600 2, Ramco-Gershenson Properties Trust RPT Equity Shopping Centers 1, Saul Centers, Inc. BFS Equity Shopping Centers S&P 600 1, Seritage Growth Properties Class A SRG Equity Shopping Centers 1, Cedar Realty Trust, Inc. CDR Equity Shopping Centers S&P Urstadt Biddle Properties Inc. Class A UBA Equity Shopping Centers S&P Wheeler Real Estate Investment Trust, Inc. WHLR Equity Shopping Centers Subsector Totals 84, S&P Subsector Total 61, Simon Property Group, Inc. SPG Equity Regional Malls S&P , General Growth Properties, Inc. GGP Equity Regional Malls S&P , Macerich Company MAC Equity Regional Malls S&P , Taubman Centers, Inc. TCO Equity Regional Malls S&P 400 4, WP GLIMCHER, Inc WPG Equity Regional Malls S&P 400 2, CBL & Associates Properties, Inc. CBL Equity Regional Malls 2, Pennsylvania Real Estate Investment Trust PEI Equity Regional Malls S&P 600 1, Subsector Totals 123, S&P Subsector Total 121, Realty Income Corporation O Equity Free Standing S&P , National Retail Properties, Inc. NNN Equity Free Standing S&P 400 7, Spirit Realty Capital, Inc. SRC Equity Free Standing 6, STORE Capital Corporation STOR Equity Free Standing 4, Agree Realty Corporation ADC Equity Free Standing S&P 600 1, Getty Realty Corp. GTY Equity Free Standing S&P Subsector Totals 39, S&P Subsector Total 28, Sector Totals 246, S&P Sector Total 210,