not an essay format, just answer questions with sources and data provided and type it in bullet point and discuss the failure of CBREannual report2005: https://www.sec.gov/Archives/edgar/data/0001330969/000119312506044759/ds11.htm2006:
https://www.sec.gov/Archives/edgar/data/0001330969/000119312507064375/d10k.htm#toc
2007:https://www.sec.gov/Archives/edgar/data/0001330969/000119312508059101/d10k.htm
2008:https://www.sec.gov/Archives/edgar/data/0001330969/000119312509055430/d10k.htm
__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 ModelCover Equity Research 24-Oct-2019 Ross L. Smotrich U.S. REITs+1 212 526 2306
[email protected] BCI, US U.S. REITsPositive 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#&"Calibri"&10 Restricted - External valuation_sheet REITs Interactive: The Barclays Valuation WorksheetREITs Interactive: The Barclays Valuation Worksheet Priced as of:10/24/2019REIT Industry View: PositivePriced and Available Daily Online at Barclays Live (keyword: EQUSREAL) CompanyPrice Performance (2)CapitalizationFFO (4)FFO GrowthCAD (5)CAD GrowthDividendDCFNAVSentiment Regression12-Month Price Target and Expected Return CompanyTickerRtg.SectorPrice1-Day Change (%)1-Week Change (%)1-Month Change (%)3-Month Change (%)YTD Change (%)12-Month Change (%)52-week High% from High52-week Low% from LowAverage Daily Trading Volume ($m)Shares short as % of Float, as of 09/30/2019Total Days to Cover Current Short Interest1-Week Change Relative to RMZ (%)1-Month Change Relative to RMZ (%)YTD Change Relative to RMZ (%)1-Year RMZ Beta (3)5-Year RMZ Beta (3)Total Equity Market Cap ($m)Total Debt ($m)Total Market Value ($m)Debt to Total Market ValueUndep RE Value ($m)Debt to Undep. RE ValueDebt to GAV (Barclays/Consensus Est.)Net Debt to Recurring EBITDAEV / Recurring EBITDAFixed Charge Coverage2018 FFO2018 FFO Growth2019E FFO2019E FFO Growth2019E P/FFO2019E (P/FFO)/ Growth2020E FFO2020E FFO Growth2020E P/FFO2020E (P/FFO)/ Growth5-Year Est. FFO CAGR2018 CAD2018 CAD Growth2019E CAD2019E CAD Growth2019E P/CAD2019E (P/CAD)/ Growth2020E CAD2020E CAD Growth2020E P/CAD2020E (P/CAD)/ GrowthFive-Year Est. CAD CAGRIndicated DividendDividend Yield2019E FFO Payout2019E CAD PayoutBarclays DCF∆ vs. Current PriceDCF Discount Rate (6)Implied IRR from Current PriceBarclays/Consensus NAV (7)P/ (Barclays/Consensus) NAV (7)Barclays/Consensus Est. Property Nominal Cap Rate (7)Barclays/Consensus Est. Property Economic Cap RateMkt Cap Implied Nominal Cap RateImplied Price per unit/sfSentiment Regression ValueExpected price appreciation, based on a 12-month RMZ target of 1,35712-Month Price Target (8)Implied AppreciationDividend YieldPotential Total Return2019E Target P/CADOrder Apartment Investment and MgmtAIVEWApartments$54.50(0.4%)0.9%6.2%9.9%20.4%23.9%$54.85(0.6%)$43.5425.2%$47.41.7%2.88(0.8%)3.4%(5.1%)1.031.02$8,636.2$4,179.5$12,815.832.61%$8,312.250.28%33.66%6.9x23.2x3.4x$2.554.0%$2.46(3.5%)22.2x5.3x$2.647.5%20.6x4.9x4.2%$2.162.0%$2.160.2%25.2x4.6x$2.316.7%23.6x4.3x5.5%$1.562.86%63.4%72.1%$53.83(1.2%)7.1%7.0%$48.87111.5%5.31%4.97%4.93%$366,698$55.842.5%$53(2.8%)2.9%0.1%23.0x1 AvalonBay Communities, Inc.AVBEWApartments$220.24(0.6%)0.5%4.2%6.5%26.5%24.7%$222.04(0.8%)$168.8430.4%$153.12.1%4.22(1.1%)1.4%1.0%0.950.91$30,759.6$7,493.6$38,253.219.59%$21,005.835.67%19.24%NA26.3x7.2x$8.814.2%$9.204.4%23.9x5.2x$9.664.9%22.8x4.9x4.6%$8.442.4%$8.672.8%25.4x5.5x$9.094.8%24.2x5.2x4.6%$6.082.76%66.1%70.1%$253.9515.3%6.2%6.8%$209.08105.3%4.56%4.33%4.59%$469,810$227.123.1%$2409.0%2.8%11.7%26.4x2 Camden Property TrustCPTOWApartments$114.17(0.2%)0.1%3.4%6.7%29.7%22.4%$114.96(0.7%)$84.2835.5%$43.51.2%3.08(1.6%)0.6%4.1%0.840.94$11,255.0$2,493.1$13,748.018.13%$8,362.629.81%20.27%4.2x23.0x7.6x$4.775.3%$5.117.0%22.4x4.1x$5.395.5%21.2x3.9x5.5%$4.035.0%$4.419.3%25.9x4.4x$4.645.2%24.6x4.2x5.9%$3.202.80%62.7%72.6%$130.9914.7%6.1%6.7%$107.26106.4%5.23%4.65%4.81%$258,518$117.773.2%$1248.6%2.8%11.4%26.7x3 Equity ResidentialEQREWApartments$87.58(0.3%)(0.2%)2.5%13.1%32.7%33.9%$88.72(1.3%)$63.6837.5%$123.71.5%3.76(1.8%)(0.4%)7.1%0.890.88$33,762.3$9,704.4$43,466.722.33%$27,604.435.16%21.15%5.1x24.3x4.7x$3.14(0.4%)$3.397.8%25.9x4.3x$3.678.4%23.9x3.9x6.0%$2.760.6%$2.905.1%30.2x4.8x$3.158.8%27.8x4.4x6.3%$2.272.59%67.0%78.4%$86.82(0.9%)6.3%6.1%$83.87104.4%4.40%3.93%4.32%$534,066$91.204.1%$87(0.7%)2.6%1.9%27.6x4 Essex Property Trust, Inc.ESSOWApartments$326.28(0.6%)(0.7%)0.3%11.1%33.1%29.6%$332.54(1.9%)$236.5937.9%$88.01.7%4.20(2.4%)(2.5%)7.5%0.830.85$22,195.5$5,955.0$28,150.521.15%$14,022.642.47%24.70%6.1x25.9x5.0x$12.767.2%$13.435.3%24.3x4.3x$14.064.7%23.2x4.1x5.6%$11.797.7%$12.354.8%26.4x4.9x$12.934.7%25.2x4.7x5.4%$7.802.39%58.1%63.1%$367.9112.8%6.2%6.6%$303.18107.6%4.58%4.27%4.32%$508,949$340.844.5%$3507.3%2.4%9.7%27.1x5 Mid-America ApartmentMAAOWApartments$136.160.2%1.6%5.4%14.7%42.3%37.4%$136.86(0.5%)$92.2347.6%$62.91.4%3.33(0.1%)2.5%16.7%0.841.02$16,128.4$4,573.2$20,701.622.09%$13,713.233.35%25.25%4.9x22.1x5.0x$6.041.8%$6.344.9%21.5x4.9x$6.644.7%20.5x4.7x4.4%$5.412.2%$5.695.2%23.9x4.9x$5.974.9%22.8x4.7x4.9%$3.842.82%60.6%67.5%$152.3011.9%6.5%7.0%$110.37123.4%5.61%5.15%4.78%$200,242$139.032.1%$1413.6%2.8%6.4%23.6x6 UDR, Inc.UDREWApartments$49.44(0.1%)0.1%2.9%8.3%24.8%25.0%$50.18(1.5%)$38.3928.8%$83.41.8%3.13(1.6%)0.1%(0.8%)0.850.94$15,144.8$4,931.4$20,076.324.56%$11,105.544.41%24.90%5.7x27.5x5.1x$1.935.7%$2.119.0%23.5x4.5x$2.193.9%22.6x4.3x5.2%$1.807.6%$1.916.3%25.8x4.8x$2.035.8%24.4x4.5x5.4%$1.372.77%65.0%71.6%$54.7610.8%6.3%6.7%$47.04105.1%4.83%4.50%4.62%$424,796$51.063.3%$525.2%2.8%7.9%25.7x7 Apartment Total / Weighted AverageApartments(0.3%)0.2%3.2%10.1%30.4%28.8%(1.1%)35.3%$602.11.7%3.70(1.4%)0.3%4.8%0.890.92$137,882.0$39,330.2$177,212.122.19%$104,126.437.76%22.90%5.4x24.9x5.6x3.5%5.7%23.9x4.6x5.8%22.6x4.4x5.2%3.5%4.7%26.6x4.9x6.0%25.1x4.7x5.4%2.68%63.8%71.2%9.0%6.3%6.6%108.0%4.78%4.40%4.54%$431,6623.4%4.5%2.7%7.2%26.2x8 Equity Lifestyle PropertiesELSNRResidential - MH Communities $68.941.2%1.1%0.8%11.6%42.0%43.6%$69.03(0.1%)$46.6347.9%$57.11.0%2.11(0.5%)(2.0%)16.4%0.750.90$26,552.1$2,381.6$28,933.78.23%$5,677.841.95%44.44%4.5x55.1x5.1x$3.887.8%$2.09(46.0%)32.9xNM$2.257.3%30.7x4.6x5.7%$1.678.1%$1.818.7%38.1xNM$1.957.9%35.3xNANA$1.231.78%58.5%67.7%NANANANA$53.89127.9%NA4.75%4.46%NANANANANA1.8%NANA9 Sun Communities Inc.SUINRResidential - MH Communities $158.462.2%3.4%5.0%20.6%55.8%57.4%$158.460.0%$97.5762.4%$73.51.4%2.681.7%2.2%30.2%0.840.92$14,729.8$3,140.3$17,870.217.57%$8,179.138.39%41.22%5.2x28.5x4.4x$4.5910.1%$4.896.5%32.4x4.5x$5.288.0%30.0x3.8x7.3%$4.2011.4%$4.425.1%35.9x7.5x$4.808.6%33.0xNA9.1%$3.001.89%61.3%67.9%NANANANA$117.48134.9%NA6.49%5.54%NANANANANA1.9%NANA10 Residential - MH Communities Total / Weighted AverageResidential - MH Communities 1.6%1.9%2.3%14.7%46.6%48.2%(0.1%)53.1%$130.71.2%2.310.3%(0.6%)21.0%0.780.91$41,281.9$5,522.0$46,803.811.80%$13,856.980.34%43.29%4.7x45.6x4.9x8.6%(27.2%)32.7x4.5x7.5%30.4x4.3x6.3%9.3%7.4%37.3x7.5x8.2%34.5xNA9.1%1.82%59.5%67.8%NANANA130.4%NA5.37%4.85%NANANA1.8%NANA11 American Homes 4 RentAMHNRResidential - SF Homes$26.351.7%2.7%2.9%5.2%32.7%26.6%$26.350.0%$19.0838.1%$55.51.3%1.591.1%0.1%7.2%NANA$10,177.1$2,841.1$13,018.221.82%$9,294.430.57%28.99%4.8x22.5x3.1x$1.074.1%$1.114.4%23.7xNA$1.208.2%21.9xNA7.3%$0.935.7%$0.996.3%26.7xNA$1.089.1%24.4xNA7.2%$0.200.76%18.0%20.2%NANANANA$27.3896.2%NA5.33%5.76%NANANANANA0.8%NANA12 Invitation HomesINVHNRResidential - SF Homes$30.890.2%1.6%6.3%13.6%53.8%40.3%$31.09(0.6%)$19.4259.1%$124.41.7%1.97(0.1%)3.4%28.2%NANA$16,389.9$8,982.1$25,372.035.40%$18,257.049.20%50.32%9.2x25.8x2.6x$1.1719.0%$1.278.1%24.4xNA$1.345.8%23.0xNA5.3%$0.959.0%$1.049.6%29.7xNA$1.127.1%27.7xNA7.5%$0.521.68%41.0%49.9%NANANANA$27.57112.0%NANA5.00%NANANANANA1.7%NANA13 Residential - SF Homes Total / Weighted AverageResidential - SF Homes0.8%2.0%5.0%10.3%45.0%34.7%(0.4%)51.0%$179.91.5%1.820.4%2.1%19.4%NANA$26,567.1$11,823.1$38,390.230.80%$27,551.479.77%42.15%7.5x24.5x2.8x13.3%6.6%24.1xNA6.7%22.6xNA6.1%7.7%8.3%28.5xNA7.9%26.4xNA7.4%1.33%32.2%38.6%NANANA106.0%NA5.33%5.29%NANANA1.3%NANA14 American Campus CommunitiesACCNRResidential - Student Housing$50.20(0.1%)3.0%5.6%6.9%21.3%24.0%$50.73(1.0%)$39.4027.4%$27.41.4%3.541.3%2.8%(4.3%)0.650.98$6,926.3$4,017.4$10,943.736.71%$8,798.545.66%37.82%NA27.9x3.3x$2.300.2%$2.425.1%20.8x5.0x$2.503.2%20.1x6.2x4.0%$2.06(4.8)%$2.2710.0%22.2x3.0x$2.353.7%21.4xNA4.7%$1.883.75%77.7%83.0%NANANANA$52.1496.3%NA6.32%6.01%NANANANANA3.7%NANA15 Residential - Student Housing Total / Weighted AverageResidential - Student Housing(0.1%)3.0%5.6%6.9%21.3%24.0%(1.0%)27.4%$27.41.4%3.541.3%2.8%(4.3%)0.650.98$6,926.3$4,017.4$10,943.736.71%$8,798.545.66%37.82%NA27.9x3.3x0.2%5.1%20.8x5.0x3.2%20.1x6.2x4.0%(4.8)%10.0%22.2x3.0x3.7%21.4xNA4.7%3.75%77.7%83.0%NANANA96.3%NA6.32%6.01%NANANA3.7%NANA16 Alexandria Real Estate Equities, Inc.AREEWOffice$159.160.9%2.5%3.9%11.4%38.1%29.1%$159.160.0%$110.2844.3%$90.87.3%14.390.8%1.1%12.5%1.011.02$17,881.1$6,610.6$24,491.726.99%$13,858.147.70%27.26%6.7x23.0x6.0x$7.5330.4%$7.53(0.1%)21.1x3.1x$7.46(0.9%)21.3x2.8x7.5%$5.3928.5%$5.838.3%27.3x2.6x$6.5412.1%24.4x2.1x13.5%$4.002.51%53.1%68.6%$154.26(3.1%)7.2%6.7%$139.97113.7%4.89%4.65%4.39%$862$160.440.8%$153(3.9%)2.5%(1.4%)23.4x17 Brandywine Realty TrustBDNOWOffice$14.940.1%1.6%1.4%1.2%16.1%4.5%$16.14(7.4%)$12.3620.9%$21.32.3%2.840.0%(1.5%)(9.5%)0.891.06$2,630.5$2,100.8$4,731.344.40%$4,017.152.30%38.91%6.5x15.3x3.6x$1.376.4%$1.423.8%10.5x2.8x$1.462.9%10.2x2.7x4.2%$1.0412.0%$1.00(3.4%)14.9x4.1x$1.109.2%13.6x1.8x3.7%$0.765.09%53.5%75.8%$20.3536.2%7.8%10.9%$19.8375.4%6.68%5.32%7.86%$239$15.463.5%$1927.2%5.1%32.3%17.3x18 Boston Properties Inc.BXPOWOffice$132.371.1%3.7%2.2%1.6%17.6%14.6%$138.77(4.6%)$109.0921.3%$100.71.8%3.622.1%(0.6%)(8.0%)1.281.07$23,044.5$12,218.5$35,263.034.65%$21,195.657.65%31.80%6.5x19.9x4.1x$6.301.4%$6.9310.0%19.1x3.1x$7.427.0%17.8x4.5x5.8%$4.366.7%$4.667.1%28.4x5.8x$4.915.2%27.0x7.0x8.8%$3.802.87%54.8%81.5%$153.5516.0%6.0%5.9%$149.5188.5%4.69%3.76%5.06%$678$133.510.9%$14912.6%2.9%15.4%30.4x19 Mack-Cali Realty Corp.CLIUWOffice$22.260.8%2.4%5.6%(6.2%)13.6%10.3%$24.47(9.0%)$19.1216.4%$8.22.0%4.380.8%2.8%(12.0%)0.801.11$2,237.8$3,041.8$5,279.657.61%$4,744.664.11%43.45%10.3x21.8x2.5x$1.69(24.0%)$1.63(3.9%)13.7x4.1x$1.736.2%12.9x1.2x6.0%$1.08(31.0)%$0.87(19.5%)25.6xNM$1.0217.8%21.7x1.4x3.3%$0.803.59%49.2%92.0%$15.35(31.0%)9.6%7.7%$27.7480.2%6.90%5.36%7.24%$202$22.641.7%$19(14.6%)3.6%(11.1%)18.5x20 Cousins Properties Inc.CUZNROffice$39.223.9%4.5%5.4%6.2%24.1%18.8%$40.16(2.3%)$30.2429.7%$47.62.8%3.422.8%2.5%(1.5%)1.000.86$5,826.1$1,920.7$7,746.824.79%$6,094.531.52%25.78%5.9x16.8x7.8x$2.461.6%$2.8515.9%NMNA$2.78(2.5%)NMNA5.5%$1.724.9%$1.9111.0%NMNA$2.067.9%NMNM8.8%$1.162.96%40.6%60.7%NANANANANANANA6.21%6.99%$294NANANANA3.0%NANA21 Columbia Property TrustCXPNROffice$20.580.6%2.7%(1.5%)(2.7%)6.4%(5.1%)$23.09(10.9%)$18.1313.5%$11.51.3%2.641.1%(4.3%)(19.2%)1.190.90$2,406.0$1,224.2$3,630.233.72%$3,186.738.42%39.53%7.0x21.5x3.9x$1.5334.7%$1.46(4.8%)14.1x11.3x$1.460.0%14.1x3.2x4.3%$1.0148.9%$1.1110.4%18.5xNM$1.131.8%18.2xNM(4.3%)$0.803.89%54.8%72.1%NANANANA$28.0873.3%NA5.35%7.68%$400NANANANA3.9%NANA22 Douglas Emmett, Inc.DEIEWOffice$43.010.1%0.9%2.6%6.0%26.0%18.1%$43.01(0.0%)$32.5432.2%$30.11.4%3.24(0.7%)(0.3%)0.4%0.891.00$8,744.9$4,315.8$13,060.733.04%$10,403.841.48%32.75%6.9x20.9x4.5x$2.026.4%$2.124.9%20.3x3.7x$2.266.9%19.0x3.3x5.8%$1.8217.9%$1