June 2015
` Comment & The Chart of the Month June 2015
Introduction Graph 6: 20 Month Bollinger Bands - Global 3,500 This Index Chart Book is intended to run in parallel with the EPRA Bollinger Bands Moving Average Statistical Bulletin and Monthly Review . While the bulletin focuses on 3,000 Index Value performance, this index chart book will use the same data in an effort to identify historical trends and indicators on the index series. 2,500
2,000 Example 1,500 This month's highlighted graph is Graph 6, the Bollinger Bands for the FTSE EPRA/NAREIT Global Developed index, as shown on the right. 1,000 When we look at the Bollinger Bands, as a measure of market volatility, the picture is quite clear: during the 2003-2006 run, the index 500 continuously traded along the upper band, pushing it higher and higher. -
The 2007 and 2008 market correction saw the index dropping to near the
Jul-91 Jul-97 Jul-03 Jul-12 Jul-94 Jul-00 Jul-06 Jul-09
Oct-93 Oct-99 Oct-02 Oct-08 Oct-96 Oct-05 Oct-11
Apr-95 Apr-01 Apr-07 Apr-13 Apr-92 Apr-98 Apr-04 Apr-10
Jan-99 Jan-05 Jan-11 Jan-96 Jan-02 Jan-08 lower band, and in December the index actually dropped below the lower Jan-93 band. Up to 2003 all three bands were parallel, but since then we see a widening of the bands, which indicates that the market has become increasingly volatile. However, since the market recovery this year-to- date, we see that the index level now almost equals the moving average, and is now more or less in the middle of both borders. As a result, the Bollinger bands are now narrowing indicating a stronger direction towards the market is going (according to the theory/model).
30/06/2015 June Version: June 2015 2
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Contents
Page 4 Section 1 - Global Developed Page 62 Section 6.9 - Netherlands
Page 11 Section 2 - Asia Developed Page 65 Section 6.10 - Sweden
Page 18 Section 3 - Europe Developed Page 68 Section 6.11 - United Kingdom
Page 25 Section 4 - North America Developed Page 71 Section 6.12 - Canada
Page 32 Section 5 - Emerging Markets Page 74 Section 6.13 - United States
Page 37 Section 6 - Individual Countries Page 77 Section 7 - End of Year Constituents Chart
Page 38 Section 6.1 - Australia Page 104 Section 8 - Details on Methodology
Page 41 Section 6.2 - Hong Kong Page 108 Section 9 - Data Vendor Codes
Page 44 Section 6.3 - Japan Page 123 Contacts
Page 47 Section 6.4 - Singapore Page 124 Disclaimer
Page 50 Section 6.5 - Belgium
Page 53 Section 6.6 - France
Page 56 Section 6.7 - Germany
Page 59 Section 6.8 - Italy
For an explanation of the graphs and details on the calculation, please refer to Section 8.
A disclaimer applies to this document. Please refer to page 124.
Version: June 2015 3
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 1
Global Developed
Version: June 2015 4
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 1: Long Term Technical Analysis - Global *** Graph 2: 1Y Retracement Levels - Global 4500 4900 61% Index Value February 2007: Full Trend 50% 4000 Reversal 38% 4400
3500 3900 November 2004: Trend 3000 Outbreak Launch to December 2004: 3400 Global shows an upwards 2500 "Trading" Pattern: tops and bottoms within a fixed range 2900 2000
2400 1500 Long Term Resistance Level
1900 1000
500 1400 Long Term Support Line Index Value
0 900
Oct-90 Oct-95 Oct-10 Oct-00 Oct-05
Apr-98 Apr-03 Apr-08 Apr-93 Apr-13
Jun-92 Jun-97 Jun-12 Jun-02 Jun-07
Feb-08 Feb-09 Feb-10 Feb-14 Feb-11 Feb-12 Feb-13
Feb-94 Feb-09 Feb-14 Feb-99 Feb-04
Nov-07 Aug-08 Nov-08 Aug-09 Nov-09 Aug-13 Nov-13 Aug-14 Nov-14 Aug-10 Nov-10 Aug-11 Nov-11 Aug-12 Nov-12
Dec-99 Aug-01 Dec-04 Aug-06 Dec-89 Aug-91 Dec-94 Aug-96 Dec-09 Aug-11 Dec-14
May-08 May-09 May-10 May-14 May-11 May-12 May-13 *** A disclaimer applies to this graph. Please refer to page 124.
Graph 3: Moving Averages: 5 Year vs 1 Year Oscillator - Global Graph 4: Average True Range (Index Points) - Global 1500 1400
1200 1000
1000
500
800 Upward TrendUpward 600
0
400
-500
DownwardTrend 200
-1000 0
Oct-91 Apr-94 Oct-01 Apr-04 Oct-11 Apr-14 Oct-96 Apr-99 Oct-06 Apr-09
Jan-96 Jan-02 Jan-04 Jan-08 Jan-10 Jan-14 Jun-98 Jun-08 Jan-98 Jan-00 Jan-06 Jan-12 Jun-93 Jun-03 Jun-13
Feb-95 Feb-05 Feb-00 Feb-10
Sep-96 Sep-02 Sep-08 Sep-14 Dec-90 Aug-97 Dec-00 Aug-07 Dec-10 Sep-98 Sep-00 Sep-04 Sep-06 Sep-10 Sep-12 Aug-92 Dec-95 Aug-02 Dec-05 Aug-12
May-95 May-97 May-01 May-03 May-07 May-09 May-99 May-05 May-11 May-13
Version: June 2015 5
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 5: Relative Strength Indicator - Global Graph 6: 20 Month Bollinger Bands - Global 120 4,500 70-100 Bollinger Bands Overbought Moving Average 4,000 Index Value 100
3,500
30-70 80 3,000 Neutral
2,500 60
2,000
40 1,500
0-30 1,000 Oversold 20
500
0 -
Jul-91 Jul-96 Jul-01 Jul-06 Jul-11
Oct-92 Oct-97 Apr-00 Apr-05 Apr-10 Apr-95 Oct-02 Oct-07 Oct-12
Jun-94 Jun-99 Jun-04 Jun-09 Jun-14
Feb-91 Feb-96 Feb-01 Feb-06 Feb-11
Jan-94 Jan-99 Jan-04 Jan-09 Jan-14
Dec-01 Aug-03 Dec-06 Aug-08 Dec-11 Aug-13 Dec-91 Aug-93 Dec-96 Aug-98
Mar-93 Mar-98 Mar-03 Mar-08 Mar-13
Nov-94 Sep-95 Nov-99 Sep-00 Nov-04 Sep-05 Nov-09 Sep-10 Nov-14
May-92 May-97 May-02 May-07 May-12
Graph 8: Seasonality Chart - Global Graph 7: Rolling 10 Years Risk/Return Profile - Global 20% Global Bonds 2006 Europe RE 3,800 Global RE 20 Asia RE 2006 15% 2008 3,450 2008 1999 2008 3,100 2002 1999 10% 2008 2000
2,750
2003
Return 20 2,400
5% 19 1999 2008 2,050
1999 1999 2003 1,700 0% 0% 5% 10% 15% 20% 25% 30% 35% 2008 2007 2006 1,350 2005 2004 2009 2010 2011 2012
-5% 1,000 2013 2014 Risk (St Deviation) Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
Version: June 2015 6
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 9: Real Estate, Equities & Bonds: 36 Months Asset Class Correlations - Graph 10: Top 5 Countries vs. Global Equities: 36 Months Correlations - Global Global 1.50 1.00
0.80
1.00 0.60
0.40
0.50 0.20
0.00
Correlation Correlation 0.00 -0.20
-0.40
-0.50 -0.60
Global Equities v Global Real Estate -0.80 Global Real Estate v Global Bonds Global Equities v Australia Global Equities v US Global Equities v Global Bonds Global Equities v UK Global Equities v Japan
-1.00 -1.00
Jul-07 Jul-14 Jul-00 Jul-14 Jul-00 Jul-07
Oct-98 Apr-09 Oct-98 Apr-02 Oct-05 Apr-09 Oct-12 Apr-02 Oct-05 Oct-12
Jan-97 Jun-10 Jan-11 Jun-10 Jun-03 Jan-04 Jan-97 Jun-03 Jan-04 Jan-11
Mar-98 Feb-08 Mar-98 Mar-05 Feb-01 Mar-05 Mar-12 Feb-01 Feb-08 Mar-12
Aug-97 Dec-99 Dec-06 Sep-08 Nov-09 Aug-97 Sep-01 Nov-02 Nov-09 Dec-13 Sep-01 Nov-02 Aug-04 Aug-11 Dec-13 Dec-99 Aug-04 Dec-06 Sep-08 Aug-11
May-99 May-06 May-06 May-13 May-13 May-99
Graph 11: Top 5 Countries vs. Global Bonds: 36 Months Correlations - Global Graph 12: Global & Regional 36 Months Correlations (EUR) - Global
0.80 1.00
0.60 0.80
0.40 0.60
0.20 0.40
Correlation 0.00 0.20
-0.20 0.00
Jul-97 Jul-06 Jul-94 Jul-00 Jul-03 Jul-09 Jul-12
Oct-96 Apr-98 Apr-01 Oct-02 Oct-05 Apr-07 Apr-10 Oct-11 Oct-14 Oct-93 Apr-95 Oct-99 Apr-04 Oct-08 Apr-13
Jan-93 Jan-02 Jan-11 Jan-96 Jan-99 Jan-05 Jan-08 Jan-14 -0.20 -0.40 Global Bonds v Australia Global Bonds v US Global Bonds v UK Global Bonds v Japan Global Bonds v Hong Kong -0.40 -0.60 Global v Europe Global v Nth America Global v Asia
Europe v Nth America Europe v Asia Nth America v Asia
Jul-94 Jul-06 Jul-09 Jul-97 Jul-00 Jul-03 Jul-12
Oct-93 Oct-96 Oct-99 Apr-01 Apr-04 Apr-07 Oct-08 Oct-11 Oct-14 Apr-95 Apr-98 Oct-02 Oct-05 Apr-10 Apr-13
Jan-99 Jan-02 Jan-14 Jan-96 Jan-05 Jan-08 Jan-11 Jan-93 -0.60
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 13: 36 Months Velocity vs. Volatility - Global Graph 14: 36 Months Annual Velocity - Global
47% 160% y = 0.1573x + 0.0499 R² = 0.2891 42% 140%
37% 120%
32%
100%
27% 80%
Volatility 22% Velocity ratio Velocity 60% 17%
12% 40%
7% 20% Europe Asia
2% North America Global 0% 30% 40% 50% 60% 70% 80% 90% 100%
Velocity (Liquidity)
Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-01 Oct-02 Oct-03 Oct-04 Oct-11 Oct-12 Oct-13 Oct-14
Apr-01 Apr-02 Apr-03 Apr-04 Apr-12 Apr-13 Apr-14 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11
Graph 15: 36 Months Rolling Volatility - Global Graph 16: Sharp Ratio - Global 70% 1.50
60%
1.00
50%
0.50
40% Volatility 30% 0.00
20%
-0.50 10% Global Europe Global Asia North America Asia Europe North America
0% -1.00
Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
Oct-01 Apr-02 Oct-02 Oct-04 Apr-05 Oct-05 Apr-07 Oct-07 Apr-08 Apr-10 Oct-10 Apr-11 Oct-12 Apr-13 Oct-13 Apr-01 Apr-03 Oct-03 Apr-04 Apr-06 Oct-06 Oct-08 Apr-09 Oct-09 Oct-11 Apr-12 Apr-14 Oct-14
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-00 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Version: June 2015 8
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 17: Long Term Beta Coefficient - Global Graph 18: 12 Months Dividend Yields (Local Currency) - Global 1.50 14% Asia Europe North America Global 12% 1.00
10%
0.50
8%
Yield 6% 0.00
4%
-0.50 2% Global Asia Europe North America
-1.00 0%
Jul-10 Jul-03
Apr-05 Oct-08 Apr-12 Oct-01 Apr-04 Oct-06 Apr-09 Oct-11 Oct-01 Oct-91 Apr-94 Oct-96 Apr-99 Apr-14
Jun-06 Jan-07 Jun-93 Jun-98 Jun-03 Jan-00 Jun-13 Jan-14 Jun-08 Jun-13
Mar-01 Feb-11 Feb-95 Feb-10 Feb-04 Mar-08 Feb-00 Feb-05
Aug-00 Dec-02 Sep-04 Nov-12 Aug-14 Aug-92 Dec-95 Dec-00 Aug-12 Nov-05 Aug-07 Dec-09 Sep-11 Dec-90 Aug-97 Aug-02 Dec-05 Aug-07 Dec-10
May-02 May-09
Graph 19: Equally Weighted Value-at-Risk - Global Graph 20: Investment Horizons - Global 300,000 1.6 Global in USD Mln Global in EUR Mln Global Real Estate Global Equities 140,000 1.4 250,000 Global Bonds
120,000 1.2
200,000
100,000 1 Risk (USD Mln) (USD Risk
150,000 80,000 Mln) (EUR Risk
- 0.8
-
at
at
-
- Value 60,000 Value 0.6
100,000 volatility and return Ratioof
40,000 0.4
50,000 20,000 0.2
0 0 0
1Year
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
9 Years 9 Years 8 Years 7 6Years 5Years 4Years 3Years 2Years
18 Years 18 Years 17 Years 11 Years 10 16 Years 16 Years 15 Years 14 Years 13 Years 12
Version: June 2015 9
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 21: Efficient Frontiers - Global Graph 22: Efficient Frontiers - Global - Regions 12% 20% Equity & Bonds Asia Europe Equity, Bonds & Real Estate 18% Equity, Bonds & REITs North America 10% 16%
14% 8%
12%
6% 10%
Return Return (%) Return Return (%) 8%
4% 6%
4% 2%
2%
0% 0% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
Risk (%) Risk (%) Graph 23: Candlesticks - Global 2200
2150
2100
2050
2000
1950
1900
1850
1800
1-Jun 2-Jun 3-Jun 4-Jun 5-Jun 9-Jun 6-Jun 7-Jun 8-Jun
10-Jun 11-Jun 12-Jun 13-Jun 18-Jun 19-Jun 20-Jun 21-Jun 22-Jun 26-Jun 27-Jun 28-Jun 29-Jun 30-Jun 14-Jun 15-Jun 16-Jun 17-Jun 23-Jun 24-Jun 25-Jun
Version: June 2015 10
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 2
Asia Developed
Version: June 2015 11
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 24: Long Term Technical Analysis - Asia *** Graph 25: 1Y Retracement Levels - Asia
3000 3300
Index Value December 2003 to 61% Present: Asia shows an upwards "Trading" 50% 2500 Pattern: tops and bottoms 38% within a fixed range 2800
2000
2300
1500
Long Term 1800 Resistance Level 1000
1300 500 November 2007: Trend Outbreak
Long Term Support Line Index Value
0 800
Oct-95 Apr-98 Oct-00 Apr-03 Oct-05 Apr-08 Oct-10 Oct-90 Apr-93 Apr-13
Jun-07 Jun-12 Jun-92 Jun-97 Jun-02
Feb-94 Feb-99 Feb-04 Feb-09 Feb-14
Dec-89 Aug-91 Aug-96 Dec-09 Dec-14 Dec-94 Dec-99 Aug-01 Dec-04 Aug-06 Aug-11
Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14
Nov-07 Aug-08 Nov-08 Aug-09 Nov-09 Aug-10 Nov-10 Aug-11 Nov-11 Aug-12 Nov-12 Aug-13 Nov-13 Aug-14 Nov-14
May-08 May-09 May-10 May-11 May-12 May-13 May-14 *** A disclaimer applies to this graph. Please refer to page 124.
Graph 26: Moving Averages: 5 Year vs 1 Year Oscillator - Asia Graph 27: Average True Range (Index Points) - Asia 1000 1600
800 1400
600
1200 400
1000
200 UpwardTrend
0 800
-200 600
-400
DownwardTrend 400 -600
200 -800
-1000 0
Oct-91 Apr-94 Oct-96 Apr-99 Oct-01 Apr-04 Oct-06 Apr-09 Oct-11 Apr-14
Jan-96 Jan-98 Jan-00 Jan-06 Jan-08 Jan-14 Jun-93 Jun-98 Jun-03 Jun-08 Jun-13 Jan-02 Jan-04 Jan-10 Jan-12
Feb-95 Feb-00 Feb-05 Feb-10
Sep-00 Sep-02 Sep-08 Sep-10 Dec-90 Aug-92 Dec-95 Aug-97 Dec-00 Aug-02 Dec-05 Aug-07 Dec-10 Aug-12 Sep-96 Sep-98 Sep-04 Sep-06 Sep-12 Sep-14
May-95 May-97 May-03 May-05 May-11 May-13 May-99 May-01 May-07 May-09
Version: June 2015 12
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 28: Relative Strength Indicator - Asia Graph 29: Relative Strength Indicator - Asia Countries 120 100 70-100 70-100 Overbought Overbought 90
100 80
70 80 30-70 Neutral 60 30-70 Neutral 60 50
40
40 30
0-30 0-30 Oversold Oversold 20 20 Australia Hong Kong
10 Japan Singapore
0 0
Oct-92 Oct-97 Apr-00 Oct-07 Apr-10 Apr-95 Oct-02 Apr-05 Oct-12
Jun-94 Jun-04 Jun-14 Jun-99 Jun-09
Feb-96 Feb-06 Feb-91 Feb-01 Feb-11
Dec-91 Aug-98 Dec-01 Aug-08 Dec-11 Aug-13 Aug-93 Dec-96 Aug-03 Dec-06
Apr-95 Oct-97 Oct-07 Apr-10 Oct-12 Oct-92 Apr-00 Oct-02 Apr-05
Jun-99 Jun-14 Jun-94 Jun-04 Jun-09
Feb-91 Feb-06 Feb-96 Feb-01 Feb-11
Aug-93 Dec-01 Aug-03 Aug-08 Dec-11 Dec-91 Dec-96 Aug-98 Dec-06 Aug-13
Graph 30: Rolling 10 Years Risk/Return Profile - Asia Graph 31: Rolling 10 Years Risk/Return Profile - Asia Countries 15% 20%
13% 2008 1999 2008 1999 2008 15% 11% 2006 2008 2000 2003 9% 10% 2004 2008 2008
7%
5%
2002 2006 5% 2006 2001
1999 Return Return 0% 3% 0% 5% 10% 15% 20% 25% 30% 35% 40%2002 45% 50% 1999 Asia Real Estate 1% Asia Equities 2003 -5% 2003 2003 0% 5% 10% 15% 20% 25% 30% 35% -1% Australia 2004 -10% Japan -3% Hong Kong 1999 Singapore -5% -15% Risk (St Deviation) Risk (St Deviation)
Version: June 2015 13
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 32: Equally Weighted Value-at-Risk - Asia Graph 33: Asset Classes Correlations - Asia 120,000 1.2
100,000 50,000 1
80,000 40,000 0.8
0.6 Risk (USD Mln) (USD Risk
60,000 30,000 Mln) (EUR Risk
- -
at at
- -
Coefficient
Value Value 40,000 20,000 0.4
20,000 10,000 0.2
Asia in USD Mln Asia in EUR Mln Real Estate vs. Equities
0 0 0
Jul-07 Jul-12
Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-15 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Apr-06 Oct-08 Apr-11 Oct-13 Oct-03
Jun-05 Jan-10 Jun-10 Jan-15 Jan-05
Mar-04 Feb-07 Mar-14 Mar-09 Feb-12
Dec-02 Aug-04 Nov-05 Sep-06 Aug-09 Nov-10 Sep-11 Dec-12 Aug-14 Dec-07
May-03 May-08 May-13
Graph 34: 36 Months Velocity vs. Volatility - Asia Graph 35: 12 Months Dividend Yields (Local Currency) - Asia 130% 25% Australia Hong Kong Japan 120% New Zealand Singapore Asia
110% 20% 100% y = 0.3754x + 0.0433 90% R² = 0.0666
80% 15%
70% Yield
Volatility 60% 10% 50%
40%
30% 5%
20%
10% 0% 0%
40% 50% 60% 70% 80% 90%
Oct-96 Apr-04 Oct-06 Oct-11 Apr-14 Oct-91 Apr-94 Apr-99 Oct-01 Apr-09
Jun-93 Jun-03 Jun-98 Jun-08 Jun-13
Feb-00 Feb-95 Feb-05 Feb-10
Aug-92 Aug-97 Dec-00 Aug-07 Dec-10 Dec-90 Dec-95 Aug-02 Dec-05 Aug-12 Velocity (Liquidity)
Version: June 2015 14
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 36: Liquidity (Velocity) vs. Volatility (St. Deviation) - Asia Graph 37: Liquidity (Traded Volume) vs. Volatility (St. Deviation) - Asia 90% 45% 90 45%
80% 80 40% 40%
70% 70 35%
35% 60 30%
60%
30%
50% 50 25% Volatilty 40% Volatility 40 20%
25% Liquidity (Velocity) Liquidity
30% Volume) (TradedLiquidity 30 15% 20%
20% 20 10%
Velocity 15% 10% 10 5% Volatility Traded Volume Volatility Linear (Traded Volume) Linear (Volatility)
0% 10% 0 0%
Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Apr-00 Oct-00 Apr-01 Oct-01 Apr-02 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14
Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-00 Mar-01 Mar-02 Mar-11 Mar-12 Mar-13 Mar-14
Sep-00 Sep-01 Sep-11 Sep-12 Sep-13 Sep-14 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10
Graph 38: Sharp Ratio - Asia Graph 39: Long Term Beta Coefficient - Asia 0.80 1.60
1.40 0.60
1.20
0.40 1.00
0.20 0.80
0.00 0.60
0.40 -0.20
0.20
-0.40 Asia Australia Hong Kong 0.00 Japan Singapore Asia Australia Hong Kong Japan Singapore
-0.60 -0.20
Jul-03 Jul-10
Jul-03 Jul-10
Oct-01 Apr-12 Apr-05 Oct-08
Jun-13 Jan-14 Jan-00 Jun-06 Jan-07
Mar-01 Feb-04 Mar-08 Feb-11
Dec-02 Nov-12 Nov-05 Dec-09
Aug-00 Sep-04 Aug-07 Sep-11 Aug-14
Oct-01 Apr-05 Oct-08 Apr-12
Jan-00 Jun-06 Jan-07 Jun-13 Jan-14
May-02 May-09
Mar-01 Feb-04 Mar-08 Feb-11
Dec-02 Nov-05 Dec-09 Nov-12
Aug-00 Sep-04 Aug-07 Sep-11 Aug-14
May-02 May-09
Version: June 2015 15
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 40: Investment Horizons - Asia Graph 41: 20 Month Bollinger Bands - Asia 0.9 3,000
Bollinger Bands 0.8 Asia Real Estate Moving Average Index Value Asia Bonds 2,500 0.7
0.6 2,000 0.5
0.4 1,500
0.3
0.2 1,000 Ratio of return andvolatility return ofRatio 0.1
500 0
-0.1 Year 1
9 Years 9 Years 7 Years 5 Years 3 8Years 6Years 4Years 2Years
17 Years 17 Years 15 Years 13 Years 11 16 Years 16 Years 14 Years 12 Years 10 18 Years 18 -
-0.2
Jul-01 Jul-06 Jul-11 Jul-91 Jul-96
Jan-94 Jan-99 Jan-04 Jan-09 Jan-14
Mar-93 Mar-98 Mar-03 Mar-08 Mar-13
Sep-10 Nov-94 Sep-95 Nov-99 Sep-00 Nov-04 Sep-05 Nov-09 Nov-14
May-92 May-97 May-02 May-07 May-12
Graph 42: Efficient Frontiers - Asia Graph 43: Candlesticks - Asia 14% 1700
12% 1650
10% 1600
8% 1550
Return Return (%) 6%
1500
4%
1450
2% Equity & Bonds Equity, Bonds & Real Estate Equity, Bonds & REITs 1400 0%
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1-Jun 3-Jun 5-Jun 7-Jun 8-Jun 2-Jun 4-Jun 6-Jun 9-Jun
10-Jun 12-Jun 14-Jun 15-Jun 17-Jun 19-Jun 21-Jun 22-Jun 24-Jun 26-Jun 28-Jun 30-Jun 13-Jun 16-Jun 18-Jun 20-Jun 23-Jun 25-Jun 27-Jun 29-Jun Risk (%) 11-Jun
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 44: Seasonality Chart - Asia 2,700
2,350
2,000
1,650
1,300
2008 2007 2006 950 2005 2004 2009 2010 2011 2012 2013 2014 600 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
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Europe Developed
Version: June 2015 18
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 45: Long Term Technical Analysis - Europe *** Graph 46: 1Y Retracement Levels - Europe 4500 5000 Index Value 61% 4000 4500 50% February 2007: Full 38% Trend Reversal 3500 4000
3000 December 2003: 3500 Trend Outbreak 2500
3000 2000
2500 1500
Long Term Resistance Level 1000 2000
500 Long Term Support Line October 2007: 1500 Trend Outbreak Index Values 0
1000
Jul-94 Jul-05
Oct-91 Oct-02 Apr-08 Apr-97 Oct-13
Jan-00 Jun-06 Jun-95 Jan-11
Mar-98 Feb-10 Feb-99 Mar-09
Dec-89 Aug-93 Nov-01 Aug-04 Nov-12 Sep-14 Nov-90 Sep-92 Dec-00 Sep-03 Dec-11
May-96 May-07
Feb-10 Feb-11 Feb-14 Feb-08 Feb-09 Feb-12 Feb-13
Nov-07 Aug-08 Nov-10 Nov-11 Aug-12 Nov-12 Aug-13 Nov-08 Aug-09 Nov-09 Aug-10 Aug-11 Nov-13 Aug-14 Nov-14
May-09 May-10 May-13 May-14 May-08 May-11 May-12 *** A disclaimer applies to this graph. Please refer to page 124.
Graph 47: Moving Averages: 5 Year vs 1 Year Oscillator - Europe Graph 48: Average True Range (Index Points) - Europe 2000 1400
1500 1200
1000 1000
500 800 Upward TrendUpward
0 600
-500 400 DownwardTrend -1000 200
-1500 0
Jan-98 Jan-00 Jan-06 Jan-08 Jan-96 Jan-02 Jan-04 Jan-10 Jan-12 Jan-14
Apr-09 Oct-11 Apr-14 Oct-91 Apr-94 Oct-96 Apr-99 Oct-01 Apr-04 Oct-06
Jun-93 Jun-98 Jun-03 Jun-08 Jun-13
Sep-00 Sep-02 Sep-08 Sep-10 Sep-12 Sep-96 Sep-98 Sep-04 Sep-06 Sep-14
Feb-00 Feb-05 Feb-10 Feb-95
May-95 May-97 May-03 May-05 May-11 May-13 May-99 May-01 May-07 May-09
Dec-90 Dec-95 Aug-97 Dec-00 Aug-02 Aug-07 Aug-12 Aug-92 Dec-05 Dec-10
Version: June 2015 19
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 49: Relative Strength Indicator - Europe Graph 50: Relative Strength Indicator - Europe Countries
120 100 70-100 70-100 Overbought Overbought 90 100 80
70 80 30-70 Neutral 60 30-70 Neutral 60 50
40
40 30 0-30 France Oversold 0-30 20 Netherlands Oversold 20 Sweden 10 UK
0 0
Apr-95 Apr-00 Apr-05 Apr-10 Oct-92 Apr-95 Oct-97 Apr-00 Oct-02 Apr-05 Oct-07 Apr-10 Oct-12 Oct-92 Oct-97 Oct-02 Oct-07 Oct-12
Jun-94 Jun-99 Jun-04 Jun-09 Jun-14 Jun-94 Jun-99 Jun-04 Jun-09 Jun-14
Feb-91 Feb-96 Feb-01 Feb-06 Feb-11 Feb-91 Feb-96 Feb-01 Feb-06 Feb-11
Aug-93 Aug-98 Dec-91 Aug-93 Dec-96 Aug-98 Dec-01 Aug-03 Dec-06 Aug-08 Dec-11 Aug-13 Dec-91 Dec-96 Dec-01 Aug-03 Dec-06 Aug-08 Dec-11 Aug-13
Graph 51: Rolling 10 Years Risk/Return Profile - Europe Graph 52: Rolling 10 Years Risk/Return Profile - Europe Countries 20% 30% Europe Real Estate
Europe Bonds 2006 25%
Europe Equities 2008 15% 20% Europe ex UK Equities 2008 2008 Europe Eurozone Equities 15% 2007 2002 2003 2008 2008 1999 2008 10%
2004 10%
1999 2000
5% 1999 Return 2008 Return 1999 1999 2004 5% 0% 2008 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
-5% France UK 1999 2008 0% -10% 0% 5% 10% 15% 20% 25% Sweden Germany 1999 -15% Netherlands
-5% -20% Risk (St Deviation) Risk (St Deviation)
Version: June 2015 20
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 53: Equally Weighted Value-at-Risk - Europe Graph 54: Asset Classes Correlations - Europe 60,000 30,000 1 Europe in USD Mln Europe in EUR Mln 0.8
50,000 25,000
0.6
40,000 20,000 0.4
0.2 Risk (USD Mln) (USD Risk
30,000 15,000 Mln) (EUR Risk
- -
at at
Coefficient -
- 0
Value Value 20,000 10,000 -0.2
-0.4
10,000 5,000 -0.6 Real Estate vs. Bonds Equities vs. Bonds Real Estate vs. Equities
0 0 -0.8
Apr-03 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09
Dec-02 Dec-03 Dec-04 Aug-05 Dec-05 Aug-06 Dec-06 Aug-07 Aug-08 Aug-09 Aug-10 Dec-13 Dec-14 Aug-03 Aug-04 Dec-07 Dec-08 Dec-09 Dec-10 Aug-11 Dec-11 Aug-12 Dec-12 Aug-13 Aug-14
Jan-96 Jan-97 Jan-98 Jan-99 Jan-04 Jan-05 Jan-06 Jan-07 Jan-12 Jan-13 Jan-14 Jan-15 Jan-93 Jan-94 Jan-95 Jan-00 Jan-01 Jan-02 Jan-03 Jan-08 Jan-09 Jan-10 Jan-11
Graph 55: 36 Months Velocity vs. Volatility - Europe Graph 56: 12 Months Dividend Yields (Local Currency) - Europe 44% 14% y = 0.0917x + 0.1094 UK Netherlands R² = 0.0745 France Sweden Europe 39% 12%
34% 10%
29%
8%
24%
Yield Volatility 6%
19%
4% 14%
2% 9%
4% 0%
30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80%
Oct-91 Apr-94 Oct-96 Apr-99 Oct-01 Apr-04 Oct-06 Apr-09 Oct-11 Apr-14
Jun-93 Jun-98 Jun-03 Jun-08 Jun-13
Feb-95 Feb-00 Feb-05 Feb-10
Aug-92 Dec-95 Aug-97 Dec-00 Aug-02 Dec-05 Aug-07 Dec-10 Aug-12 Velocity (Liquidity) Dec-90
Version: June 2015 21
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 57: Liquidity (Velocity) vs. Volatility (St. Deviation) - Europe Graph 58: Liquidity (Traded Volume) vs. Volatility (St. Deviation) - Europe
100% 45% 120 45%
90% 40% 40% 100 80%
35%
70% 35% 80 30%
60%
30% 25%
50% 60 Volatilty 25% Volatility 20%
40% Liquidity (Velocity) Liquidity
Liquidity (Traded Volume) (TradedLiquidity 40 15% 30% 20% 10% 20% Traded Volume Volatility 20 15% Velocity 5% 10% Linear (Traded Volume) Linear (Volatility) Volatility
0% 10% 0 0%
Oct-00 Oct-02 Oct-03 Oct-05 Oct-07 Oct-08 Oct-10 Oct-13 Oct-01 Oct-04 Oct-06 Oct-09 Oct-11 Oct-12 Oct-14
Apr-01 Apr-02 Apr-04 Apr-07 Apr-09 Apr-10 Apr-12 Apr-14 Apr-00 Apr-03 Apr-05 Apr-06 Apr-08 Apr-11 Apr-13
Nov-03 Nov-04 Nov-05 Nov-09 Nov-10 Nov-11 Nov-00 Nov-01 Nov-02 Nov-06 Nov-07 Nov-08 Nov-12 Nov-13 Nov-14
May-00 May-01 May-02 May-06 May-07 May-08 May-12 May-13 May-14 May-03 May-04 May-05 May-09 May-10 May-11
Graph 59: Sharp Ratio - Europe Graph 60: Long Term Beta Coefficient - Europe 1.50 5.00 Europe France Germany Italy
4.00 Netherlands Sweden Switzerland UK 1.00
3.00
0.50 2.00
0.00 1.00
0.00 -0.50
-1.00
-1.00 Europe France Germany Italy -2.00 Netherlands Sweden Switzerland UK
-1.50 -3.00
Jul-10 Jul-03 Jul-10 Jul-03
Apr-05 Apr-12 Oct-08 Apr-12 Oct-01 Oct-08 Oct-01 Apr-05
Jan-00 Jun-06 Jan-07 Jun-13 Jan-14 Jun-06 Jan-14 Jan-00 Jan-07 Jun-13
Mar-01 Feb-04 Mar-08 Feb-11 Feb-04 Mar-08 Mar-01 Feb-11
Aug-00 Dec-02 Sep-04 Dec-09 Aug-14 Aug-00 Dec-02 Sep-04 Nov-05 Aug-07 Dec-09 Sep-11 Nov-12 Aug-14 Nov-05 Aug-07 Sep-11 Nov-12
May-02 May-09 May-02 May-09
Version: June 2015 22
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 61: Investment Horizons - Europe Graph 62: 20 Month Bollinger Bands - Europe
1.8 5,000
Bollinger Bands Index Value Europe Real Estate Europe Equities Europe Bonds Moving Average 1.6 4,500
4,000
1.4
3,500 1.2
3,000 1 2,500 0.8 2,000
Ratio of return volatility and return of Ratio 0.6 1,500
0.4 1,000
0.2 500
0 -
8 6 5 3 1 9 7 4 2
Y… Y… Y… Y… Y… Y… Y… Y… Y…
Y… Y… Y… Y… Y… Y… Y… Y… Y…
17 15 14 12 10 18 16 13 11
Jul-96 Jul-11 Jul-91 Jul-01 Jul-06
Jan-94 Jan-99 Jan-14 Jan-04 Jan-09
Mar-93 Mar-98 Mar-13 Mar-03 Mar-08
Nov-94 Sep-95 Nov-99 Sep-00 Nov-14 Nov-04 Sep-05 Nov-09 Sep-10
May-92 May-97 May-12 May-02 May-07 Graph 63: Efficient Frontiers - Europe Graph 64: Candlesticks - Europe 10% 2400
9%
2300 8%
7% 2200
6%
5% 2100 Return (%) Return 4%
2000 3%
2% 1900 1% Equity & Bonds Equity, Bonds & Real Estate Equity, Bonds & REITs
0% 1800 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
Risk (%)
2-Jun 3-Jun 5-Jun 6-Jun 9-Jun 1-Jun 4-Jun 7-Jun 8-Jun
12-Jun 13-Jun 15-Jun 16-Jun 18-Jun 19-Jun 22-Jun 25-Jun 26-Jun 28-Jun 29-Jun 10-Jun 11-Jun 14-Jun 17-Jun 20-Jun 21-Jun 23-Jun 24-Jun 27-Jun 30-Jun
Version: June 2015 23
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 65: Seasonality Chart - Europe Graph 66: Dividend Growth vs. Inflation - Eurozone 4,000 7% 2008 2007 2006 2005 Div growth Eurozone
2004 2009 2010 2011 CPI Eurozone 3,500 6%
2012 2013 2014
5% 3,000
4%
2,500
3%
2,000 2%
1,500 1%
1,000 0%
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
1991 1994 1997 2000 2003 2006 2009 2012 1989 1990 1992 1993 1995 1996 1998 1999 2001 2002 2004 2005 2007 2008 2010 2011 2013 2014
Version: June 2015 24
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 4
North America Developed
Version: June 2015 25
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 67: Long Term Technical Analysis - North America *** Graph 68: 1Y Retracement Levels - North America 7000 8000 Index Value June 2005 to Present: North America shows a 61% 6000 "Head and Shoulders" 7000 50% Pattern
5000 6000
April 2005: Trend 4000 Outbreak 5000
3000 4000
Long Term Resistance 2000 3000 Level
1000 2000 Long Term "Head and Shoulders" Support Line Pattern: Neck-line Index Value
0 1000
Oct-90 Apr-93 Oct-95 Apr-98 Oct-00 Apr-03 Oct-05 Apr-08 Oct-10 Apr-13
Feb-08 Feb-09 Feb-12 Feb-13 Feb-14 Feb-10 Feb-11
Jun-92 Jun-97 Jun-02 Jun-07 Jun-12
Nov-07 Aug-09 Aug-10 Nov-10 Aug-11 Nov-11 Nov-12 Aug-14 Aug-08 Nov-08 Nov-09 Aug-12 Aug-13 Nov-13 Nov-14
Feb-94 Feb-99 Feb-04 Feb-09 Feb-14
May-08 May-09 May-10 May-13 May-14 May-11 May-12
Aug-96 Aug-01 Aug-06 Aug-11 Dec-89 Aug-91 Dec-94 Dec-99 Dec-04 Dec-09 Dec-14 *** A disclaimer applies to this graph. Please refer to page 124.
Graph 69: Moving Averages: 5 Year vs 1 Year Oscillator - North America Graph 70: Average True Range (Index Points) - North America 2500 1500
2000
1000
1500
500 Upward Trend Upward
0 1000
-500 500 DownwardTrend
-1000 0
Oct-91 Apr-94 Oct-01 Apr-09 Oct-11 Oct-96 Apr-99 Apr-04 Oct-06 Apr-14
Jun-93 Jun-03 Jun-08 Jun-98 Jun-13
Feb-95 Feb-00 Feb-10 Feb-05
Jan-96 Jan-00 Jan-02 Jan-06 Jan-10 Jan-12 Jan-98 Jan-04 Jan-08 Jan-14
Aug-92 Dec-00 Aug-02 Dec-10 Aug-12 Dec-90 Dec-95 Aug-97 Dec-05 Aug-07
Sep-96 Sep-98 Sep-02 Sep-06 Sep-08 Sep-12 Sep-00 Sep-04 Sep-10 Sep-14
May-95 May-99 May-03 May-05 May-09 May-97 May-01 May-07 May-11 May-13
Version: June 2015 26
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 71: Relative Strength Indicator - North America Graph 72: Relative Strength Indicator - North America Countries 120 100 70-100 70-100 Overbought Overbought 90
100 80
70 80 60 30-70 30-70 Neutral Neutral 60 50
40
40 30 0-30 Oversold 0-30 20 USA Oversold 20 Canada No Canadian constituents 10 during this period
0 0
Oct-92 Oct-07 Oct-12 Oct-97 Oct-07 Oct-97 Oct-02 Oct-92 Oct-02 Oct-12
Apr-95 Apr-00 Apr-95 Apr-05 Apr-05 Apr-10 Apr-00 Apr-10
Jun-94 Jun-99 Jun-14 Jun-99 Jun-09 Jun-04 Jun-09 Jun-94 Jun-04 Jun-14
Feb-01 Feb-06 Feb-01 Feb-11 Feb-91 Feb-96 Feb-11 Feb-91 Feb-96 Feb-06
Aug-93 Dec-01 Dec-06 Dec-11 Aug-13 Dec-91 Aug-93 Dec-01 Aug-03 Dec-11 Aug-13 Dec-91 Dec-96 Aug-98 Aug-03 Aug-08 Dec-96 Aug-98 Dec-06 Aug-08
Graph 74: Rolling 10 Years Risk/Return Profile - North America Countries Graph 73: Rolling 10 Years Risk/Return Profile - North America 20% 20% 2000 2000 2006 2001 2002 15% 15% 2004 2008 10% 2008 2003 2008 10%
2005 5%
2002
Return Return 0% 5% 0% 5% 10% 15% 20% 25% 30% 2008
-5%
0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% -10% North America Real Estate North America Equities US Canada 1999 -5% -15% Risk (St Deviation) Risk (St Deviation)
Version: June 2015 27
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 75: Equally Weighted Value-at-Risk - North America Graph 76: Asset Classes Correlations - North America 180,000 120,000 1 North America in USD Mln North America in EUR Mln 160,000 0.9 100,000 0.8
140,000
0.7 120,000 80,000
0.6 100,000
0.5 Risk (USD Mln) (USD Risk
60,000 Mln) (EUR Risk
- -
at at
- - 80,000 Coefficient
0.4
Value Value 60,000 40,000 0.3
40,000 0.2 20,000 20,000 0.1 Real Estate vs. Equities
0 0 0
Jul-07 Jul-12
Oct-03 Apr-06 Apr-11 Oct-08 Oct-13
Jun-05 Jun-10 Jan-15 Jan-05 Jan-10
Mar-09 Feb-12 Mar-14 Mar-04 Feb-07
Aug-04 Dec-12 Dec-02 Nov-05 Sep-06 Dec-07 Aug-09 Nov-10 Sep-11 Aug-14
May-03 May-08 May-13
Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-15 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Graph 77: 36 Months Velocity vs. Volatility - North America Graph 78: 12 Months Dividend Yields (Local Currency) - North America 70% 14%
USA Canada North America
60% 12%
50% 10%
40% 8%
y = -0.1451x + 0.3045 Yield
Volatility R² = 0.2605 30% 6% No Canadian constituents during this period 4% 20%
2% 10%
0% 0%
40% 50% 60% 70% 80% 90% 100%
Oct-91 Apr-94 Oct-96 Apr-99 Oct-01 Apr-04 Oct-06 Apr-09 Oct-11 Apr-14
Jun-03 Jun-08 Jun-13 Jun-93 Jun-98
Feb-95 Feb-00 Feb-05 Feb-10
Aug-92 Dec-05 Dec-10 Dec-95 Aug-97 Dec-00 Aug-02 Aug-07 Aug-12 Velocity (Liquidity) Dec-90
Version: June 2015 28
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 79: Liquidity (Velocity) vs. Volatility (St. Deviation) - North America Graph 80: Liquidity (Traded Volume) vs. Volatility (St. Deviation) - North America
160% 45% 250 45%
40% 140% 40% 200 35%
120% 35%
30%
100% 150
30% 25%
80% Volatilty
Volatility 20% 25% 100 Liquidity (Velocity) Liquidity 60%
Liquidity (Traded Volume) (TradedLiquidity 15% 20% 40% 10% 50 15% Traded Volume Volatility 20% 5% Velocity Volatility Linear (Traded Volume) Linear (Volatility)
0% 10% 0 0%
Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14
May-00 May-01 May-02 May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14
Nov-02 Nov-04 Nov-05 Nov-07 Nov-10 Nov-12 Nov-00 Nov-01 Nov-03 Nov-06 Nov-08 Nov-09 Nov-11 Nov-13 Nov-14
May-00 May-02 May-05 May-07 May-08 May-10 May-13 May-01 May-03 May-04 May-06 May-09 May-11 May-12 May-14
Graph 81: Sharp Ratio - North America Graph 82: Long Term Beta Coefficient - North America 1.50 1.20
1.00
1.00 0.80
0.60
0.50 0.40
0.20
0.00 0.00
-0.20
-0.50 -0.40 North America Canada North America Canada USA -0.60 USA
-1.00 -0.80
Jul-03 Jul-10
Oct-08 Apr-12 Oct-01 Apr-05
Jan-00 Jan-07 Jun-13 Jun-06 Jan-14
Jul-02 Jul-04 Jul-05 Jul-07 Jul-08 Jul-10 Jul-13 Jul-00 Jul-01 Jul-03 Jul-06 Jul-09 Jul-11 Jul-12 Jul-14
Mar-01 Feb-11 Feb-04 Mar-08
Sep-04 Nov-05 Aug-07 Dec-09 Aug-14 Aug-00 Dec-02 Sep-11 Nov-12
May-02 May-09
Jan-01 Jan-04 Jan-06 Jan-07 Jan-09 Jan-12 Jan-14 Jan-15 Jan-00 Jan-02 Jan-03 Jan-05 Jan-08 Jan-10 Jan-11 Jan-13
Version: June 2015 29
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 83: Investment Horizons - North America Graph 84: 20 Month Bollinger Bands - North America 2 7,000
North America Real Estate Bollinger Bands Index Value 1.8 Moving Average North America Bonds 6,000 1.6
1.4 5,000
1.2
4,000 1
0.8 3,000
0.6 Ratio of return volatility and return of Ratio
0.4 2,000
0.2 1,000
0
1 Year
8 Years 8 Years 7 Years 5 Years 2 6Years 4Years 3Years
9Years -
18 Years 18 Years 16 Years 15 Years 13 Years 10 17 Years 17 Years 14 Years 12 Years 11
Jul-91 Jul-94 Jul-97 Jul-09 Jul-12 Jul-00 Jul-03 Jul-06
Apr-92 Oct-93 Apr-95 Oct-96 Apr-98 Oct-08 Apr-10 Oct-11 Apr-13 Oct-14 Oct-99 Apr-01 Oct-02 Apr-04 Oct-05 Apr-07
Jan-93 Jan-96 Jan-99 Jan-08 Jan-11 Jan-14 Jan-02 Jan-05 Graph 85: Efficient Frontiers - North America Graph 86: Candlesticks - North America 12% 3000
10% 2900
2800
8%
2700
6% Return (%) Return 2600
4%
2500
2% 2400
Equity & Bonds Equity, Bonds & Real Estate Equity, Bonds & REITs 0% 2300 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
Risk (%)
2-Jun 3-Jun 5-Jun 6-Jun 9-Jun 1-Jun 4-Jun 7-Jun 8-Jun
10-Jun 13-Jun 14-Jun 16-Jun 17-Jun 20-Jun 21-Jun 23-Jun 24-Jun 27-Jun 28-Jun 11-Jun 12-Jun 15-Jun 18-Jun 19-Jun 22-Jun 25-Jun 26-Jun 29-Jun 30-Jun
Version: June 2015 30
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 87: Seasonality Chart - North America 5,500
5,000
4,500
4,000
3,500
3,000
2,500
2008 2007 2006 2005 2,000 2004 2009 2010 2011 1,500 2012 2013 2014
1,000 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
Version: June 2015 31
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 5
Emerging Markets
Version: June 2015 32
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 87: Long Term Technical Analysis - Emerging Markets *** Graph 88: 1Y Retracement Levels - Emerging Markets 3000 3000 Index Value
2500 2500 Long Term Resistance Level 61% 50% 2000 38% 2000
1500
1500
1000 Long Term Support Line
1000 500
Index Value
0 500
Apr-05 Apr-06 Apr-09 Apr-10 Apr-14 Apr-07 Apr-08 Apr-11 Apr-12 Apr-13
Dec-04 Aug-05 Dec-05 Dec-08 Aug-09 Dec-09 Aug-10 Dec-10 Dec-13 Aug-14 Dec-14 Aug-06 Dec-06 Aug-07 Dec-07 Aug-08 Aug-11 Dec-11 Aug-12 Dec-12 Aug-13
Feb-09 Feb-12 Feb-14 Feb-08 Feb-10 Feb-11 Feb-13
Nov-08 Aug-09 Nov-09 Aug-11 Nov-11 Aug-14 Nov-14 Nov-07 Aug-08 Aug-10 Nov-10 Aug-12 Nov-12 Aug-13 Nov-13
May-09 May-11 May-12 May-14 May-08 May-10 May-13 *** A disclaimer applies to this graph. Please refer to page 124.
Graph 89: Moving Averages: 5 Year vs 1 Year Oscillator - Emerging Markets Graph 90: Average True Range (Index Points) - Emerging Markets 2000 2000
1800
1500 1600
1400 1000
1200
500 1000
800 UpwardTrend 0 600
400 -500
200 DownwardTrend
-1000 0
Jul-07 Jul-08 Jul-10 Jul-11 Jul-14 Jul-09 Jul-12 Jul-13
Apr-07 Oct-07 Apr-08 Oct-10 Apr-11 Oct-11 Apr-14 Oct-14 Oct-08 Apr-09 Oct-09 Apr-10 Apr-12 Oct-12 Apr-13 Oct-13
Jan-07 Jan-08 Jan-11 Jan-12 Jan-14 Jan-15 Jan-09 Jan-10 Jan-13
Jan-05 Jan-07 Jan-08 Jan-10 Jan-12 Jan-14 Jan-06 Jan-09 Jan-11 Jan-13 Jan-15
Sep-06 Sep-08 Sep-11 Sep-13 Sep-05 Sep-07 Sep-09 Sep-10 Sep-12 Sep-14
May-06 May-08 May-10 May-12 May-05 May-07 May-09 May-11 May-13 May-14
Version: June 2015 33
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 91: Relative Strength Indicator - Emerging Markets Graph 92: 20 Month Bollinger Bands - Emerging Markets 100 3,500 70-100 Bollinger Bands Overbought 90 Moving Average Index Value 3,000 80
70 2,500
60 2,000
50 30-70 1,500 40 Neutral
30 1,000
0-30 20 Oversold 500 10
0 -
Jul-05 Jul-06 Jul-12 Jul-13 Jul-14 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11
Apr-08 Apr-09 Apr-11 Apr-12 Apr-07 Apr-10 Apr-13 Apr-14
Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-05 Nov-06 Nov-07 Nov-13 Nov-14
Aug-06 Dec-07 Aug-09 Aug-10 Dec-10 Aug-12 Aug-13 Dec-13 Dec-06 Aug-07 Aug-08 Dec-08 Dec-09 Aug-11 Dec-11 Dec-12 Aug-14 Dec-14
Graph 94: Seasonality Chart - Emerging Markets Graph 93: Rolling 3 Years Risk/Return Profiles Local Currencies - Emerging Markets 2,800 15% 2008 2007 2006 2005 2,600 Global Bonds 13% 2009 2010 2011 2012 Global RE Emerging Markets 2,400 2013 2014 11% Global Equities 2008 2,200 9% 1999 2,000
7%
1,800 5% 2004
Return 2008 1,600 3%
1% 1,400
0% 5% 10% 15% 20% 25% 30% 35% -1% 1,200 1999 -3% 1,000
-5% 800 Risk (St Deviation) Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
Version: June 2015 34
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 95: Global Emerging v Regions 36 Months Asset Class Correlations - Graph 96: Global Emerging v Global Developed 36 Months Asset Class Emerging Markets Correlations - Emerging Markets 1.00 1.00
0.90 0.90
0.80 0.80
0.70 0.70
0.60 0.60
0.50 0.50
Correlation Correlation 0.40 0.40
Global v EMEA 0.30 0.30 Global v Europe Global Emerging v Global Developed 0.20 Global v Middle East/Africa 0.20 Asia Emerging v Asia Developed Global v Asia Europe Emerging v Europe Developed 0.10 0.10 Global v Americas Americas Emerging v North America Developed
0.00 0.00
Jul-08 Jul-11 Jul-12 Jul-09 Jul-10 Jul-13 Jul-14
Jul-08 Jul-09 Jul-13 Jul-14 Jul-10 Jul-11 Jul-12
Oct-08 Oct-09 Oct-12 Oct-13 Oct-10 Oct-11 Oct-14
Apr-08 Apr-11 Apr-14 Apr-09 Apr-10 Apr-12 Apr-13
Jan-10 Jan-11 Jan-14 Jan-15 Jan-08 Jan-09 Jan-12 Jan-13
Apr-08 Oct-09 Oct-10 Oct-11 Apr-12 Apr-13 Apr-14 Oct-08 Apr-09 Apr-10 Apr-11 Oct-12 Oct-13 Oct-14
Jan-11 Jan-12 Jan-13 Jan-08 Jan-09 Jan-10 Jan-14 Jan-15
Graph 97: Global Emerging v Asset Classes 36 Months Asset Class Correlations Graph 98: Global AIM v Global 36 Months Asset Class Correlations - Emerging - Emerging Markets Markets 1.00 1.00
0.80 0.80
0.60 0.60
0.40 0.40
0.20 0.20
Correlation 0.00 0.00 Correlation -0.20 -0.20
-0.40 -0.40
-0.60 -0.60 Global Emerging v Global Equities -0.80 -0.80 Global Emerging v Global Bonds AIM v Global Developed AIM v Global Emerging
-1.00 -1.00
Jul-10 Jul-11 Jul-14 Jul-08 Jul-09 Jul-12 Jul-13
Jul-08 Jul-10 Jul-12 Jul-09 Jul-11 Jul-13 Jul-14
Oct-08 Apr-10 Apr-11 Oct-11 Oct-12 Apr-14 Apr-08 Apr-09 Oct-09 Oct-10 Apr-12 Apr-13 Oct-13 Oct-14
Jan-09 Jan-10 Jan-13 Jan-14 Jan-08 Jan-11 Jan-12 Jan-15
Apr-08 Oct-08 Apr-10 Oct-10 Oct-12 Apr-13 Oct-14 Apr-09 Oct-09 Apr-11 Oct-11 Apr-12 Oct-13 Apr-14
Jan-08 Jan-10 Jan-11 Jan-13 Jan-15 Jan-09 Jan-12 Jan-14
Version: June 2015 35
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 99: 36 Months Rolling Volatility - Emerging Markets Graph 100: 12 Months Dividend Yields (Local Currency) - Emerging Markets
60% 8%
7% 50%
6%
40%
5%
30% 4%
Volatility Yield
3% 20%
2%
10% 1% Emerging Markets Emerging Markets
0% 0%
Jul-08 Jul-10 Jul-11 Jul-13 Jul-06 Jul-07 Jul-09 Jul-12 Jul-14
Jun-08 Jun-10 Jun-12 Jun-14 Jun-09 Jun-11 Jun-13
Mar-08 Mar-10 Mar-12 Mar-14 Mar-09 Mar-11 Mar-13
Dec-08 Sep-09 Dec-10 Sep-11 Dec-12 Sep-13 Dec-14 Dec-07 Sep-08 Dec-09 Sep-10 Dec-11 Sep-12 Dec-13 Sep-14
Mar-06 Mar-08 Mar-11 Mar-13 Mar-14 Mar-07 Mar-09 Mar-10 Mar-12
Nov-05 Nov-07 Nov-08 Nov-10 Nov-13 Nov-06 Nov-09 Nov-11 Nov-12 Nov-14
Graph 101: Equally Weighted Value-at-Risk - Emerging Markets Graph 102: Candlesticks - Emerging Markets 40,000 2200 Emerging Markets in USD Mln Emerging Markets in EUR Mln 35,000 2180 120,000
2160 30,000
100,000
2140 25,000
80,000 2120 Risk (USD Mln) (USD Risk
20,000 Mln) (EUR Risk
-
- at
at 2100 -
60,000 - Value 15,000 Value 2080
40,000 10,000 2060
20,000 2040 5,000
2020 0 0
2000
Jul-10 Jul-11 Jul-13 Jul-09 Jul-12 Jul-14
Jan-09 Jan-10 Jan-12 Jan-13 Jan-15 Jan-11 Jan-14
Mar-10 Mar-13 Mar-09 Mar-11 Mar-12 Mar-14
Nov-08 Nov-09 Sep-11 Nov-11 Sep-13 Sep-14 Nov-14 Sep-09 Sep-10 Nov-10 Sep-12 Nov-12 Nov-13
May-10 May-13 May-09 May-11 May-12 May-14
3-Jun 4-Jun 5-Jun 6-Jun 7-Jun 8-Jun 9-Jun 1-Jun 2-Jun
10-Jun 11-Jun 12-Jun 13-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 28-Jun 29-Jun 30-Jun 15-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 21-Jun 22-Jun Version: June 2015 14-Jun 36
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 6
Individual Countries *
* This section contains selected country graphs. Other graphs and graphs for other countries are available upon request.
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 6.1
Australia
Version: June 2015 38
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 103: Bonds, Equities & Real Estate - Australia Graph 104: Asset Classes Correlations - Australia 350 1 140% FTSE EPRA/NAREIT Australia Real Estate vs. Bonds Equities (ASI) vs. Bonds Real Estate vs. Equities (ASI) 167% JPM Australia Bonds 0.8 300 75% Australia Equities (ASI) 0.6
250
0.4
200 0.2
Coefficient 0
150 Value (rebased) Value
-0.2 100
-0.4
50 -0.6
0 -0.8
Jul-12 Jul-07
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-10 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jan-05 Jun-05 Jun-10 Jan-15
Mar-04 Mar-09 Mar-14
Feb-07 Feb-12
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Aug-04 Dec-99 Dec-00 Dec-01 Dec-02 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-02 Nov-05 Sep-06 Dec-07 Aug-09 Nov-10 Sep-11 Dec-12 Aug-14
May-03 May-08 May-13
Graph 105: Relative Strength Indicator - Australia Graph 106: 12 Months Dividend Yields - Australia 120 25% 70-100 Overbought
100 20%
80
15%
30-70
Neutral
60 Yield
10% 40
0-30 5% 20 Oversold
0 0%
Apr-95 Oct-97 Oct-02 Apr-10 Oct-92 Apr-00 Apr-05 Oct-07 Oct-12
Jun-94 Jun-99 Jun-14 Jun-04 Jun-09
Oct-91 Apr-99 Oct-01 Apr-09 Oct-11 Apr-94 Oct-96 Apr-04 Oct-06 Apr-14
Feb-91 Feb-06 Feb-11 Feb-96 Feb-01
Jun-98 Jun-08 Jun-93 Jun-03 Jun-13
Aug-93 Aug-98 Dec-01 Aug-03 Dec-06 Dec-91 Dec-96 Aug-08 Dec-11 Aug-13
Feb-95 Feb-05 Feb-00 Feb-10
Aug-92 Dec-95 Aug-02 Dec-05 Aug-12 Dec-90 Aug-97 Dec-00 Aug-07 Dec-10
Version: June 2015 39
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 107: Long Term Beta Coefficient & Sharpe Ratio - Australia Graph 108: Equally Weighted Value-at-Risk - Australia 1.60 25,000
Long Term Beta Coefficient Sharpe Ratio 1.40
20,000
1.20
1.00
15,000 Risk (Mln) Risk
0.80 -
at -
10,000 0.60 Value
0.40 5,000
0.20
0.00 0
Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-92 Dec-11 Dec-12 Dec-13 Dec-14
Graph 110: Dividend Growth vs. Inflation - Australia Graph 109: Rolling 10 Years Risk/Return Profiles - Australia 12% Div growth Australia 20%
Australia Real Estate CPI Australia 2004 Australia Bonds 10%
Australia Equities 1999 2008 15% 8%
1999 2003 2008 6%
10%
2002
2002 4% Return
5% 2008 2003 2%
0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0%
-2%
-5%
1990 1991 1993 1994 1996 1999 2001 2002 2004 2007 2009 2010 2012 1992 1995 1997 1998 2000 2003 2005 2006 2008 2011 2013 2014 Risk (St Deviation) 1989
Version: June 2015 40
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 6.2
Hong Kong
Version: June 2015 41
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 111: Bonds, Equities & Real Estate - Hong Kong Graph 112: Asset Classes Correlations - Hong Kong 350 1.5 140% FTSE EPRA/NAREIT Hong Kong
300 73% JPM Hong Kong Bonds 1 -68% Hong Kong Equities (HSI)
250
0.5
200
0
150 Coefficient Value (rebased) Value
-0.5 100
-1 50
Real Estate vs. Bonds Equities (HSI) vs. Bonds Real Estate vs. Equities (HSI)
0 -1.5
Jul-07 Jul-12
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
May-03 May-13 May-08
Graph 113: Relative Strength Indicator - Hong Kong Graph 114: 12 Months Dividend Yields - Hong Kong 100 7% 70-100 Overbought 90 6% 80
70 5%
60
4%
50
30-70 Yield Neutral 3% 40
30 2%
20 0-30 Oversold 1% 10
0 0%
Oct-91 Apr-04 Oct-06 Apr-09 Apr-94 Oct-96 Apr-99 Oct-01 Oct-11 Apr-14
Jun-03 Jun-08 Jun-93 Jun-98 Jun-13
Feb-05 Feb-10 Feb-95 Feb-00
Dec-90 Aug-02 Dec-05 Aug-07 Dec-10 Aug-92 Dec-95 Aug-97 Dec-00 Aug-12
Oct-92 Apr-95 Oct-97 Apr-00 Oct-02 Apr-05 Oct-07 Apr-10 Oct-12
Jun-14 Jun-94 Jun-99 Jun-04 Jun-09
Feb-91 Feb-96 Feb-01 Feb-06 Feb-11
Aug-13 Dec-91 Aug-93 Dec-96 Aug-98 Dec-01 Aug-03 Dec-06 Aug-08 Dec-11
Version: June 2015 42
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 115: Long Term Beta Coefficient & Sharpe Ratio - Hong Kong Graph 116: Equally Weighted Value-at-Risk - Hong Kong 1.00 450,000
Long Term Beta Coefficient Sharpe Ratio 400,000 0.80
350,000
0.60 300,000
Risk (Mln) Risk 250,000
- at
0.40 -
200,000 Value
0.20 150,000
100,000 0.00 50,000
-0.20 0
Jul-02 Jul-03 Jul-04 Jul-07 Jul-08 Jul-09 Jul-12 Jul-13 Jul-00 Jul-01 Jul-05 Jul-06 Jul-10 Jul-11 Jul-14
Jan-03 Jan-04 Jan-08 Jan-09 Jan-13 Jan-14 Jan-00 Jan-01 Jan-02 Jan-05 Jan-06 Jan-07 Jan-10 Jan-11 Jan-12 Jan-15
Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Graph 117: Rolling 10 Years Risk/Return Profiles - Hong Kong Graph 118: Dividend Growth vs. Inflation - Hong Kong 14% 25% Hong Kong Real Estate Div growth Hong Kong Hong Kong Bonds REIT Introduction 12% CPI Hong Kong Hong Kong Equities
20% 1999 10%
2008 8% 1999 15% 6%
2008
4%
10% Return 2%
5% 2008 0%
-2% 2003 2003 0% 0% 2001 5% 10% 15% 20% 25% 30% 35% 40% 45% -4%
-5% -6%
Risk (St Deviation)
1990 1991 1993 1995 1996 1998 2001 2003 2006 2008 2009 2011 2013 2014 1989 1992 1994 1997 1999 2000 2002 2004 2005 2007 2010 2012
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Japan
Version: June 2015 44
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 119: Bonds, Equities & Real Estate - Japan Graph 120: Asset Classes Correlations - Japan 600 1 310% FTSE EPRA/NAREIT Japan 36% JPM Japan Bonds Real Estate vs. Bonds Equities (NKY) vs. Bonds Real Estate vs. Equities (NKY) 7% Japan Equities (NKY) 0.8 500
0.6
400 0.4
0.2 300
0
Coefficient Value (rebased) Value
200 -0.2
-0.4 100
-0.6
0 -0.8
Jul-07 Jul-12
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jan-10 Jun-05 Jun-10 Jan-15
Mar-04 Mar-09 Mar-14
Feb-07 Feb-12
Dec-12 Dec-02 Aug-04 Nov-05 Sep-06 Dec-07 Aug-09 Nov-10 Sep-11 Aug-14
Jun-00 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-01 Jun-02 Jun-03
May-03 May-08 May-13
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-12 Dec-13 Dec-14 Dec-08 Dec-09 Dec-10 Dec-11
Graph 121: Relative Strength Indicator - Japan Graph 122: 12 Months Dividend Yields - Japan 120 5% 70-100 Overbought 4% 100 4%
80 30-70 3% Neutral
3% 60 Yield 2%
40 2%
0-30 1% 20 Oversold 1%
0 0%
Apr-94 Oct-96 Oct-01 Apr-04 Apr-09 Oct-91 Apr-99 Oct-06 Oct-11 Apr-14
Jun-93 Jun-03 Jun-08 Jun-98 Jun-13
Feb-95 Feb-10 Feb-00 Feb-05
Dec-95 Dec-00 Aug-02 Dec-10 Dec-90 Aug-92 Aug-97 Dec-05 Aug-07 Aug-12
Apr-95 Oct-97 Apr-00 Oct-07 Apr-10 Oct-92 Oct-02 Apr-05 Oct-12
Jun-99 Jun-09 Jun-94 Jun-04 Jun-14
Feb-96 Feb-06 Feb-11 Feb-91 Feb-01
Dec-96 Aug-98 Dec-06 Aug-08 Dec-91 Aug-93 Dec-01 Aug-03 Dec-11 Aug-13
Version: June 2015 45
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 123: Long Term Beta Coefficient & Sharpe Ratio - Japan Graph 124: Equally Weighted Value-at-Risk - Japan 0.80 4,500,000
Long Term Beta Coefficient Sharpe Ratio 4,000,000 0.60
3,500,000 0.40
3,000,000
0.20
2,500,000
Risk (Mln) Risk
-
at -
0.00 2,000,000 Value
1,500,000 -0.20
1,000,000
-0.40 500,000
-0.60 0
Jul-00 Jul-01 Jul-04 Jul-07 Jul-08 Jul-11 Jul-14 Jul-02 Jul-03 Jul-05 Jul-06 Jul-09 Jul-10 Jul-12 Jul-13
Jan-01 Jan-02 Jan-04 Jan-05 Jan-08 Jan-11 Jan-12 Jan-14 Jan-15 Jan-00 Jan-03 Jan-06 Jan-07 Jan-09 Jan-10 Jan-13
Dec-92 Dec-93 Dec-95 Dec-98 Dec-00 Dec-03 Dec-05 Dec-06 Dec-08 Dec-10 Dec-11 Dec-13 Dec-94 Dec-96 Dec-97 Dec-99 Dec-01 Dec-02 Dec-04 Dec-07 Dec-09 Dec-12 Dec-14 Graph 126: Dividend Growth vs. Inflation - Japan Graph 125: Rolling 10 Years Risk/Return Profiles - Japan 20% 5% Div growth Japan Japan Real Estate REIT Introduction 2006 CPI Japan Japan Bonds 4% 15% Japan Equities
1999 2008 3% 10%
2002 2%
5%
2008 2008
Return 1% 0% 0% 5% 10% 15% 20%2002 25% 30% 35% 40% 45%
2003 0% -5% 1999
-1% -10% 2003 1999
-2% -15%
Risk (St Deviation)
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
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Singapore
Version: June 2015 47
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 127: Bonds, Equities & Real Estate - Singapore Graph 128: Asset Classes Correlations - Singapore 300 1.2 97% FTSE EPRA/NAREIT Singapore 57% JPM Singapore Bonds 1 34% Singapore Equities (STI) 250 0.8
200 0.6
0.4 150
Coefficient 0.2 Value (rebased) Value
100 0
-0.2 50 -0.4 Real Estate vs. Bonds Equities (STI) vs. Bonds Real Estate vs. Equities (STI)
0 -0.6
Jul-07 Jul-12
Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
May-03 May-13 May-08
Graph 129: Relative Strength Indicator - Singapore Graph 130: 12 Months Dividend Yields - Singapore 100 10% 70-100 Overbought 90 9%
80 8%
70 7%
60 6% 30-70 Neutral
50 5% Yield
40 4%
30 3%
20 0-30 2% Oversold
10 1%
0 0%
Oct-96 Apr-99 Oct-06 Apr-09 Oct-11 Oct-91 Apr-94 Oct-01 Apr-04 Apr-14
Jun-93 Jun-03 Jun-13 Jun-98 Jun-08
Apr-95 Oct-97 Apr-00 Oct-92 Oct-02 Apr-05 Oct-07 Apr-10 Oct-12
Jun-99 Jun-94 Jun-04 Jun-09 Jun-14
Feb-95 Feb-05 Feb-00 Feb-10
Dec-90 Aug-92 Dec-00 Aug-07 Dec-10 Dec-95 Aug-97 Aug-02 Dec-05 Aug-12
Feb-96 Feb-91 Feb-01 Feb-06 Feb-11
Dec-96 Dec-91 Dec-01 Dec-06 Dec-11
Aug-98 Aug-93 Aug-03 Aug-08 Aug-13
Version: June 2015 48
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 131: Long Term Beta Coefficient & Sharpe Ratio - Singapore Graph 132: Equally Weighted Value-at-Risk - Singapore 1.00 20,000 Long Term Beta Coefficient Sharpe Ratio 18,000 0.80 16,000
0.60
14,000
12,000
0.40 Risk (Mln) Risk
- 10,000
at - 0.20
8,000 Value
0.00 6,000
4,000 -0.20 2,000
-0.40 0
Jul-01 Jul-02 Jul-04 Jul-05 Jul-08 Jul-09 Jul-12 Jul-13 Jul-00 Jul-03 Jul-06 Jul-07 Jul-10 Jul-11 Jul-14
Jan-01 Jan-02 Jan-05 Jan-06 Jan-09 Jan-12 Jan-13 Jan-00 Jan-03 Jan-04 Jan-07 Jan-08 Jan-10 Jan-11 Jan-14 Jan-15
Dec-93 Dec-94 Dec-98 Dec-99 Dec-02 Dec-03 Dec-04 Dec-07 Dec-08 Dec-09 Dec-12 Dec-13 Dec-14 Dec-92 Dec-95 Dec-96 Dec-97 Dec-00 Dec-01 Dec-05 Dec-06 Dec-10 Dec-11
Graph 134: Dividend Growth vs. Inflation - Singapore Graph 133: Rolling 10 Years Risk/Return Profiles - Singapore 6% 20% Div growth Singapore Singapore Real Estate CPI Singapore 5% Singapore Bonds 15% 2008 Singapore Equities 2008 4% 10% 2000 3%
5% 2002
2008
1999 2% Return 0% 1999 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2001 2003 1% 2003 -5% 0%
-10% -1%
-15% -2%
Risk (St Deviation)
1990 1992 1993 1995 1998 2000 2001 2003 2006 2008 2009 2011 2014 1989 1991 1994 1996 1997 1999 2002 2004 2005 2007 2010 2012 2013
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Belgium
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 135: Bonds, Equities & Real Estate - Belgium Graph 136: Asset Classes Correlations - Belgium 350 0.8 205% FTSE EPRA/NAREIT Belgium Real Estate vs. Bonds 139% JPM Belgium Bonds Equities (BEL20) vs. Bonds 300 7% Belgium Equities (BEL20) 0.6 Real Estate vs. Equities (BEL20)
250 0.4
200 0.2
150 Coefficient 0 Value (rebased) Value
100 -0.2
50 -0.4
0 -0.6
Jul-07 Jul-12
Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
May-03 May-13 May-08
Graph 137: Relative Strength Indicator - Belgium Graph 138: 12 Months Dividend Yields - Belgium 100 14% 70-100 Overbought 90 12% 80
70 10%
60 30-70 8% Neutral
50 Yield 6% 40
30 4%
20 0-30 Oversold 2% 10
0 0%
Oct-97 Oct-02 Apr-05 Apr-10 Oct-91 Apr-94 Apr-04 Oct-06 Apr-09 Oct-92 Apr-95 Apr-00 Oct-07 Oct-12 Oct-96 Apr-99 Oct-01 Oct-11 Apr-14
Jun-04 Jun-09 Jun-93 Jun-03 Jun-08 Jun-94 Jun-99 Jun-14 Jun-98 Jun-13
Feb-91 Feb-96 Feb-11 Feb-95 Feb-05 Feb-01 Feb-06 Feb-00 Feb-10
Dec-91 Dec-96 Aug-98 Aug-03 Aug-08 Dec-90 Aug-92 Dec-05 Aug-07 Aug-93 Dec-01 Dec-06 Dec-11 Aug-13 Dec-95 Aug-97 Dec-00 Aug-02 Dec-10 Aug-12
Version: June 2015 51
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 139: Long Term Beta Coefficient & Sharpe Ratio - Belgium Graph 140: Equally Weighted Value-at-Risk - Belgium 1.00 900 Long Term Beta Coefficient Sharpe Ratio
0.80 800
0.60 700
0.40 600
0.20 500
Risk (Mln) Risk
-
at -
0.00 400 Value -0.20 300
-0.40 200
-0.60 100
-0.80 0
Jul-00 Jul-01 Jul-03 Jul-04 Jul-06 Jul-07 Jul-10 Jul-13 Jul-02 Jul-05 Jul-08 Jul-09 Jul-11 Jul-12 Jul-14
Jan-01 Jan-04 Jan-07 Jan-08 Jan-10 Jan-11 Jan-13 Jan-14 Jan-00 Jan-02 Jan-03 Jan-05 Jan-06 Jan-09 Jan-12 Jan-15
Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Graph 141: Rolling 10 Years Risk/Return Profiles - Belgium 13% 2006 2001
11%
1999 2005 9% 2008
7%
2008 5%
Return 2008 2003
3% Belgium Real Estate 2003 Belgium Bonds 1% Belgium Equities 1999 0% 5% 10% 15% 20% 25% -1%
-3% Risk (St Deviation)
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France
Version: June 2015 53
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 142: Bonds, Equities & Real Estate - France Graph 143: Asset Classes Correlations - France 900 1 661% FTSE EPRA/NAREIT France Real Estate vs. Bonds Equities (CAC40) vs. Bonds Real Estate vs. Equities (CAC40) 800 127% JPM France Bonds 0.8 -20% France Equities (CAC40) 700 0.6
600 0.4
500 0.2
400
Coefficient 0 Value (rebased) Value
300 -0.2
200 -0.4
100 -0.6
0 -0.8
Jul-07 Jul-12
Jun-00 Jun-01 Jun-02 Jun-03 Jun-12 Jun-13 Jun-14 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jun-05 Jun-10 Jan-05 Jan-10 Jan-15
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-12 Dec-13 Dec-14
Feb-07 Mar-09 Mar-14 Mar-04 Feb-12
Aug-04 Nov-05 Sep-06 Dec-07 Aug-09 Nov-10 Sep-11 Dec-12 Dec-02 Aug-14
May-03 May-08 May-13
Graph 144: Relative Strength Indicator - France Graph 145: 12 Months Dividend Yields - France 100 14% 70-100 Overbought 90 12% 80
70 10%
60 30-70 8% Neutral
50 Yield 6% 40
30 4%
20 0-30 Oversold 2% 10
0 0%
Oct-97 Apr-00 Oct-07 Apr-10 Oct-92 Apr-95 Oct-02 Apr-05 Oct-12
Jun-94 Jun-04 Jun-14 Jun-99 Jun-09
Feb-91 Feb-01 Feb-11 Feb-96 Feb-06
Aug-93 Dec-96 Aug-03 Dec-06 Aug-13 Dec-91 Aug-98 Dec-01 Aug-08 Dec-11
Oct-91 Apr-04 Oct-06 Apr-09 Apr-94 Oct-96 Apr-99 Oct-01 Oct-11 Apr-14
Jun-03 Jun-08 Jun-93 Jun-98 Jun-13
Feb-05 Feb-10 Feb-95 Feb-00
Dec-90 Aug-02 Dec-05 Aug-07 Dec-10 Aug-92 Dec-95 Aug-97 Dec-00 Aug-12
Version: June 2015 54
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 146: Long Term Beta Coefficient & Sharpe Ratio - France Graph 147: Equally Weighted Value-at-Risk - France 1.40 9,000 Long Term Beta Coefficient 1.20 8,000 Sharpe Ratio 1.00 7,000
0.80 6,000
0.60 5,000
Risk (Mln) Risk
-
at -
0.40 4,000 Value
0.20 3,000
0.00 2,000
-0.20 1,000
-0.40 0
Jul-00 Jul-01 Jul-05 Jul-06 Jul-07 Jul-08 Jul-13 Jul-14 Jul-02 Jul-03 Jul-04 Jul-09 Jul-10 Jul-11 Jul-12
Jan-00 Jan-01 Jan-06 Jan-07 Jan-08 Jan-13 Jan-14 Jan-15 Jan-02 Jan-03 Jan-04 Jan-05 Jan-09 Jan-10 Jan-11 Jan-12
Dec-94 Dec-97 Dec-00 Dec-02 Dec-03 Dec-05 Dec-06 Dec-08 Dec-11 Dec-14 Dec-92 Dec-93 Dec-95 Dec-96 Dec-98 Dec-99 Dec-01 Dec-04 Dec-07 Dec-09 Dec-10 Dec-12 Dec-13
Graph 148: Rolling 10 Years Risk/Return Profiles - France Graph 149: Dividend Growth vs. Inflation - France 25% 8% REIT Introduction France Real Estate Div growth France CPI France France Bonds 2005 7% 20% France Equities 2008 6% 2000 15% 2002
1999 5%
1999 2004 10%
4% Return
5% 3% 2008 1999 2008 2003 2% 0% 0% 5% 10% 15% 20% 25% 1%
-5% Risk (St Deviation) 0%
Version: June 2015 55
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Section 6.7
Germany
Version: June 2015 56
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 150: Bonds, Equities & Real Estate - Germany Graph 151: Asset Classes Correlations - Germany 250 1 31% FTSE EPRA/NAREIT Germany Real Estate vs. Bonds Equities (DAX) vs. Bonds Real Estate vs. Equities (DAX) 120% JPM Germany Bonds 0.8 57% Germany Equities (DAX) 200 0.6
0.4
150 0.2
Coefficient 0
Value (rebased) Value 100
-0.2
-0.4 50
-0.6
0 -0.8
Jul-07 Jul-12
Jun-11 Jun-12 Jun-13 Jun-14 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
May-03 May-13 May-08
Graph 152: Relative Strength Indicator - Germany Graph 153: 12 Months Dividend Yields - Germany 100 14% 70-100 90 Overbought 12% 80
70 10%
60 30-70 8% Neutral
50 Yield 6% 40
30 4%
20 0-30 Oversold 2% 10
0 0%
Oct-91 Oct-96 Apr-99 Apr-04 Apr-09 Oct-11 Apr-94 Oct-01 Oct-06 Apr-14
Jun-03 Jun-08 Jun-13 Jun-93 Jun-98
Feb-95 Feb-00 Feb-05 Feb-10
Dec-90 Aug-92 Dec-95 Dec-00 Aug-07 Aug-12 Aug-97 Aug-02 Dec-05 Dec-10
Oct-92 Oct-97 Oct-02 Apr-05 Apr-10 Apr-95 Apr-00 Oct-07 Oct-12
Jun-04 Jun-09 Jun-94 Jun-99 Jun-14
Feb-91 Feb-96 Feb-11 Feb-01 Feb-06
Dec-91 Dec-96 Aug-98 Aug-03 Aug-08 Aug-93 Dec-01 Dec-06 Dec-11 Aug-13
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 154: Long Term Beta Coefficient & Sharpe Ratio - Germany Graph 155: Equally Weighted Value-at-Risk - Germany 1.40 4,000 Long Term Beta Coefficient 1.20 3,500 Sharpe Ratio 1.00 3,000
0.80
2,500
0.60 Risk (Mln) Risk
0.40 - 2,000
at -
0.20 Value 1,500
0.00 1,000 -0.20
500 -0.40
-0.60 0
Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-93 Dec-95 Dec-97 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13
Graph 157: Dividend Growth vs. Inflation - Germany Graph 156: Rolling 10 Years Risk/Return Profiles - Germany 6% 20% REIT Introduction Div growth Germany Germany Real Estate CPI Germany Germany Bonds 5% 15% Germany Equities 1999 2002 4%
2008 10% 1999
2008 1999
3% Return 2000 2006 5% 2008 2003 2%
0% 0% 5% 10% 15% 20% 25% 30% 1%
2003
-5% 0% Risk (St Deviation)
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Italy
Version: June 2015 59
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 158: Bonds, Equities & Real Estate - Italy Graph 159: Asset Classes Correlations - Italy 700 1 93% FTSE EPRA/NAREIT Italy Real Estate vs. Bonds Equities (MIB30) vs. Bonds Real Estate vs. Equities (MIB30) -NA- JPM Italy Bonds 600 0.8 -48% Italy Equities (MIB)
0.6 500
0.4
400
0.2
300 Coefficient Value (rebased) Value 0
200 -0.2
100 -0.4
0 -0.6
Jul-07 Jul-12
Jun-11 Jun-12 Jun-13 Jun-14 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
May-03 May-13 May-08
Graph 160: Relative Strength Indicator - Italy Graph 161: 12 Months Dividend Yields - Italy 100 18% 70-100 Overbought 90 16%
80 14%
70 12% 60 30-70 10% Neutral 50 Yield 8% 40 6% 30
4% 20 0-30 Oversold 2% 10
0 0%
Oct-91 Apr-94 Apr-04 Oct-06 Apr-09 Oct-96 Apr-99 Oct-01 Oct-11 Apr-14
Jun-93 Jun-03 Jun-08 Jun-98 Jun-13
Feb-95 Feb-05 Feb-00 Feb-10
Dec-90 Aug-92 Dec-05 Aug-07 Dec-95 Aug-97 Dec-00 Aug-02 Dec-10 Aug-12
Oct-92 Apr-95 Oct-97 Apr-00 Oct-12 Oct-02 Apr-05 Oct-07 Apr-10
Jun-94 Jun-99 Jun-14 Jun-04 Jun-09
Feb-96 Feb-01 Feb-11 Feb-91 Feb-06
Aug-93 Dec-96 Aug-98 Dec-11 Aug-13 Dec-91 Dec-01 Aug-03 Dec-06 Aug-08
Version: June 2015 60
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 162: Long Term Beta Coefficient & Sharpe Ratio - Italy Graph 163: Equally Weighted Value-at-Risk - Italy 4.50 1,600 Long Term Beta Coefficient 4.00 1,400 Sharpe Ratio 3.50
3.00 1,200
2.50 1,000
2.00 Risk (Mln) Risk
- 800 at 1.50 -
1.00 Value 600
0.50 400 0.00
200 -0.50
-1.00 0
Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-14
Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-14 Jan-15
Dec-92 Dec-95 Dec-97 Dec-99 Dec-00 Dec-02 Dec-04 Dec-05 Dec-07 Dec-09 Dec-12 Dec-14 Dec-93 Dec-94 Dec-96 Dec-98 Dec-01 Dec-03 Dec-06 Dec-08 Dec-10 Dec-11 Dec-13
Graph 164: Rolling 10 Years Risk/Return Profiles - Italy 35% Italy Real Estate
30% Italy Bonds 2006 Italy Equities
25%
20%
2008
15%
Return 1999 2004 2006 10% 2002 200 5% 2008 2007 2004 1999 0% 0% 5% 10% 15% 20% 25% 30% 35%
-5% Risk (St Deviation)
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Netherlands
Version: June 2015 62
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 165: Bonds, Equities & Real Estate - Netherlands Graph 166: Asset Classes Correlations - Netherlands 450 1 272% FTSE EPRA/NAREIT Netherlands Real Estate vs. Bonds Equities (AEX) vs. Bonds Real Estate vs. Equities (AEX) 127% JPM Netherlands Bonds 400 0.8 -30% Netherlands Equities (AEX)
350 0.6
300 0.4
250 0.2
200
Coefficient 0 Value (rebased) Value
150 -0.2
100 -0.4
50 -0.6
0 -0.8
Jun-11 Jun-12 Jun-13 Jun-14 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
Jul-12 Jul-07
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Oct-03 Apr-06 Oct-13 Oct-08 Apr-11
Jan-10 Jun-10 Jan-05 Jun-05 Jan-15
Mar-04 Feb-12 Mar-14 Feb-07 Mar-09
Aug-04 Nov-05 Dec-07 Sep-11 Aug-14 Dec-02 Sep-06 Aug-09 Nov-10 Dec-12
May-08 May-03 May-13
Graph 167: Relative Strength Indicator - Netherlands Graph 168: 12 Months Dividend Yields - Netherlands 100 12% 70-100 Overbought 90
10% 80
70 8%
60
30-70
Neutral
50 6% Yield
40 4% 30
20 0-30 Oversold 2%
10
0 0%
Oct-91 Apr-94 Apr-04 Oct-06 Apr-09 Oct-96 Apr-99 Oct-01 Oct-11 Apr-14
Jun-93 Jun-03 Jun-08 Jun-98 Jun-13
Feb-95 Feb-05 Feb-00 Feb-10
Dec-90 Aug-92 Dec-05 Aug-07 Dec-95 Aug-97 Dec-00 Aug-02 Dec-10 Aug-12
Apr-95 Oct-97 Apr-00 Oct-07 Apr-10 Oct-92 Oct-02 Apr-05 Oct-12
Jun-99 Jun-09 Jun-94 Jun-04 Jun-14
Feb-96 Feb-06 Feb-11 Feb-91 Feb-01
Dec-96 Aug-98 Dec-06 Aug-08 Dec-91 Aug-93 Dec-01 Aug-03 Dec-11 Aug-13
Version: June 2015 63
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 169: Long Term Beta Coefficient & Sharpe Ratio - Netherlands Graph 170: Equally Weighted Value-at-Risk - Netherlands 1.00 6,000 Long Term Beta Coefficient Sharpe Ratio 0.80
0.60 5,000 Unibail-Rodamoo reclassified as 0.40
4,000 0.20
0.00 Risk (Mln) Risk
- 3,000 at -0.20 -
-0.40 Value 2,000 -0.60
-0.80 1,000
-1.00
-1.20 0
Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Graph 172: Dividend Growth vs. Inflation - Netherlands 9% Graph 171: Rolling 10 Years Risk/Return Profiles - Netherlands Div growth Netherlands 25% CPI Netherlands Netherlands Real Estate 8%
Netherlands Bonds 2000 20% 7% Netherlands Equities 1999 6% 15%
5% 2008 10%
Return 1999 4% 2002 2005 2004
5% 3% 2008
2% 1999 0% 0% 5% 10% 15% 20% 2008 25% 1%
-5% 0%
Risk (St Deviation)
1989 1990 1992 1995 1997 1998 2000 2001 2003 2006 2008 2009 2011 2014 1991 1993 1994 1996 1999 2002 2004 2005 2007 2010 2012 2013
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Sweden
Version: June 2015 65
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 173: Bonds, Equities & Real Estate - Sweden Graph 174: Asset Classes Correlations - Sweden 1400 0.8 986% FTSE EPRA/NAREIT Sweden 125% JPM Sweden Bonds 0.6 1200 29% Sweden Equities (OMX) 0.4
1000
0.2
800 0
600 Coefficient -0.2 Value (rebased) Value
-0.4 400
-0.6
200 -0.8 Real Estate vs. Bonds Equities (OMX) vs. Bonds Real Estate vs. Equities (OMX)
0 -1
Jul-07 Jul-12
Jun-11 Jun-12 Jun-13 Jun-14 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
May-03 May-13 May-08
Graph 175: Relative Strength Indicator - Sweden Graph 176: 12 Months Dividend Yields - Sweden 100 12% 70-100 Overbought 90
10% 80
70 8% 60
30-70
50 Neutral 6% Yield
40 4% 30
20 0-30 Oversold 2%
10
0 0%
Apr-09 Oct-11 Apr-14 Oct-91 Apr-94 Oct-96 Apr-99 Oct-01 Apr-04 Oct-06
Jun-93 Jun-98 Jun-03 Jun-08 Jun-13
Feb-00 Feb-05 Feb-10 Feb-95
Dec-90 Dec-95 Aug-97 Dec-00 Aug-02 Aug-07 Aug-12 Aug-92 Dec-05 Dec-10
Oct-92 Apr-95 Oct-97 Apr-00 Oct-12 Oct-02 Apr-05 Oct-07 Apr-10
Jun-94 Jun-99 Jun-14 Jun-04 Jun-09
Feb-96 Feb-01 Feb-11 Feb-91 Feb-06
Aug-93 Dec-96 Aug-98 Dec-11 Aug-13 Dec-91 Dec-01 Aug-03 Dec-06 Aug-08
Version: June 2015 66
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 177: Long Term Beta Coefficient & Sharpe Ratio - Sweden Graph 178: Equally Weighted Value-at-Risk - Sweden 1.50 35,000
Long Term Beta Coefficient
1.00 30,000 Sharpe Ratio
0.50 25,000
0.00 20,000
Risk (Mln) Risk
-
at -
-0.50 15,000 Value
-1.00 10,000
-1.50 5,000
-2.00 0
Jul-00 Jul-04 Jul-05 Jul-06 Jul-10 Jul-11 Jul-12 Jul-01 Jul-02 Jul-03 Jul-07 Jul-08 Jul-09 Jul-13 Jul-14
Jan-00 Jan-04 Jan-05 Jan-06 Jan-07 Jan-11 Jan-12 Jan-13 Jan-01 Jan-02 Jan-03 Jan-08 Jan-09 Jan-10 Jan-14 Jan-15
Dec-92 Dec-93 Dec-95 Dec-96 Dec-99 Dec-02 Dec-03 Dec-05 Dec-06 Dec-09 Dec-10 Dec-12 Dec-13 Dec-94 Dec-97 Dec-98 Dec-00 Dec-01 Dec-04 Dec-07 Dec-08 Dec-11 Dec-14
Graph 179: Rolling 10 Years Risk/Return Profiles - Sweden Graph 180: Dividend Growth vs. Inflation - Sweden 25% 12% Div growth Sweden 2000 CPI Sweden 20% 10% 1999 2002 15% 2008 2002 1999 8% 2006
10%
6%
2004 5%
2008 2008 Return 4% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
2% -5% Sweden Real Estate
-10% Sweden Bonds 0%
Sweden Equities 1999 -15% -2%
Risk (St Deviation)
1989 1992 1994 1997 1999 2001 2002 2004 2006 2009 2011 2014 1990 1991 1993 1995 1996 1998 2000 2003 2005 2007 2008 2010 2012 2013
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United Kingdom
Version: June 2015 68
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 181: Bonds, Equities & Real Estate - United Kingdom Graph 182: Asset Classes Correlations - United Kingdom 450 1 46% FTSE EPRA/NAREIT United Kingdom Real Estate vs. Bonds Equities (FTSE100) vs. Bonds 400 72% JPM UK Bonds 0.8 Real Estate vs. Equities (FTSE100) -25% UK Equities (FTSE 100) 350 0.6
300
0.4
250 0.2
200
Coefficient Value (rebased) Value 0 150
-0.2 100
50 -0.4
0 -0.6
Jul-07 Jul-12
Jun-11 Jun-12 Jun-13 Jun-14 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jun-05 Jun-10 Jan-05 Jan-10 Jan-15
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Feb-07 Mar-09 Mar-14 Mar-04 Feb-12
Aug-04 Nov-05 Sep-06 Dec-07 Aug-09 Nov-10 Sep-11 Dec-12 Dec-02 Aug-14
May-03 May-08 May-13
Graph 183: Relative Strength Indicator - United Kingdom Graph 184: 12 Months Dividend Yields - United Kingdom 100 16% 70-100 Overbought 90 14%
80 12% 70 30-70 Neutral 10%
60
50 8% Yield
40 6%
30 4% 20 0-30 Oversold 2% 10
0 0%
Oct-97 Oct-02 Apr-05 Apr-10 Oct-92 Apr-95 Apr-00 Oct-07 Oct-12
Jun-04 Jun-09 Jun-94 Jun-99 Jun-14
Oct-96 Apr-99 Apr-04 Oct-06 Apr-14 Oct-91 Apr-94 Oct-01 Apr-09 Oct-11
Feb-91 Feb-96 Feb-11 Feb-01 Feb-06
Jun-98 Jun-13 Jun-93 Jun-03 Jun-08
Dec-91 Dec-96 Aug-98 Aug-03 Aug-08 Aug-93 Dec-01 Dec-06 Dec-11 Aug-13
Feb-05 Feb-95 Feb-00 Feb-10
Dec-95 Aug-97 Dec-05 Aug-07 Aug-12 Dec-90 Aug-92 Dec-00 Aug-02 Dec-10
Version: June 2015 69
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 185: Long Term Beta Coefficient & Sharpe Ratio - United Kingdom Graph 186: Equally Weighted Value-at-Risk - United Kingdom
0.80 12,000
Long Term Beta Coefficient
Sharpe Ratio 0.60 10,000
0.40
8,000
0.20 Risk (Mln) Risk
- 6,000
at -
0.00 Value 4,000 -0.20
2,000 -0.40
-0.60 0
Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-00 Jul-01 Jul-02 Jul-03
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04
Dec-94 Dec-95 Dec-96 Dec-00 Dec-01 Dec-02 Dec-06 Dec-07 Dec-08 Dec-12 Dec-13 Dec-14 Dec-92 Dec-93 Dec-97 Dec-98 Dec-99 Dec-03 Dec-04 Dec-05 Dec-09 Dec-10 Dec-11
Graph 187: Rolling 10 Years Risk/Return Profiles - United Kingdom Graph 188: Dividend Growth vs. Inflation - United Kingdom 15% 9% 2006 Div growth United Kingdom
13% 8% CPI United Kingdom 1999 2002 1999 11% 7%
9% 2008 6% 2002 7%
5% 2003
5% 2008 Return 4% 3% UK Real Estate 2003 1999 UK Bonds 3% 1% UK Equities 2008
0% 5% 10% 15% 20% 25% -1% 2%
-3% 1%
-5% 0%
Risk (St Deviation)
1995 1996 1997 1998 1999 2006 2007 2008 2009 2010 1989 1990 1991 1992 1993 1994 2000 2001 2002 2003 2004 2005 2011 2012 2013 2014
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Canada
Version: June 2015 71
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 189: Bonds, Equities & Real Estate - Canada Graph 190: Asset Classes Correlations - Canada 700 1 494% FTSE EPRA/NAREIT Canada Real Estate vs. Bonds Equities vs. Bonds 141% JPM Canada Bonds 0.8 600 Real Estate vs. Equities 73% Canada Equities 0.6 500
0.4
400 0.2
300 Coefficient 0 Value (rebased) Value
-0.2 200
-0.4
100 -0.6
0 -0.8
Jul-07 Jul-12
Jun-11 Jun-12 Jun-13 Jun-14 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
May-03 May-13 May-08
Graph 191: Relative Strength Indicator - Canada Graph 192: 12 Months Dividend Yields - Canada 100 12% 70-100 Overbought 90 No Canadian constituents 10% 80 during this period
70 8% 60 30-70 Neutral 50 6%
Yield No Canadian constituents during 40 this period 4% 30
20 0-30 Oversold 2%
10
0 0%
Oct-92 Oct-97 Oct-02 Apr-05 Apr-10 Oct-91 Oct-96 Apr-99 Apr-04 Oct-11 Apr-95 Apr-00 Oct-07 Oct-12 Apr-94 Oct-01 Oct-06 Apr-09 Apr-14
Jun-14 Jun-93 Jun-08 Jun-13 Jun-94 Jun-99 Jun-04 Jun-09 Jun-98 Jun-03
Feb-01 Feb-06 Feb-11 Feb-95 Feb-10 Feb-91 Feb-96 Feb-00 Feb-05
Aug-93 Dec-96 Dec-01 Dec-06 Aug-97 Dec-00 Aug-02 Dec-05 Aug-07 Dec-91 Aug-98 Aug-03 Aug-08 Dec-11 Aug-13 Dec-90 Aug-92 Dec-95 Dec-10 Aug-12
Version: June 2015 72
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 193: Long Term Beta Coefficient & Sharpe Ratio - Canada Graph 194: Equally Weighted Value-at-Risk - Canada 0.80 12,000 Long Term Beta Coefficient 0.60 Sharpe Ratio 10,000 0.40
0.20 8,000
0.00 Risk (Mln) Risk
- 6,000 at
-0.20 - Value
-0.40 4,000
-0.60
2,000 -0.80
-1.00 0
Jul-02 Jul-03 Jul-06 Jul-07 Jul-11 Jul-12 Jul-00 Jul-01 Jul-04 Jul-05 Jul-08 Jul-09 Jul-10 Jul-13 Jul-14
Jan-02 Jan-03 Jan-07 Jan-08 Jan-11 Jan-12 Jan-15 Jan-00 Jan-01 Jan-04 Jan-05 Jan-06 Jan-09 Jan-10 Jan-13 Jan-14
Jan-98 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-97 Jan-99 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14
Graph 195: Rolling 10 Years Risk/Return Profiles - Canada Graph 196: Dividend Growth vs. Inflation - Canada 20% 9% 2006 Div growth Canada 8% 15% 2008 CPI Canada
2000 7% 10% 2005 1999 1999 6%
5%
2008 2008 2002 5% Return 0% 4% 0% 5% 10% 15% 20% 25% 30%
3% -5%
Canada Real Estate 2% -10% Canada Bonds
1999 1% Canada Equities -15%
Risk (St Deviation) 0%
1990 1993 1996 1999 2002 2005 2008 2010 2011 2013 2014 1989 1991 1992 1994 1995 1997 1998 2000 2001 2003 2004 2006 2007 2009 2012
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United States
Version: June 2015 74
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 197: Bonds, Equities & Real Estate - United States Graph 198: Asset Classes Correlations - United States 700 1 153% FTSE EPRA/NAREIT United States Real Estate vs. Bonds 87% JPM USA Bonds 0.8 600 Equities vs. Bonds -27% USA Equities (S&P 500) Real Estate vs. Equities 0.6 -9% USA Equities (Dow Jones) 500
0.4
400 0.2
300 Coefficient 0 Value (rebased) Value
-0.2 200
-0.4
100 -0.6
0 -0.8
Jul-07 Jul-12
Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Oct-03 Apr-06 Oct-08 Apr-11 Oct-13
Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Jan-05 Jun-10 Jan-15 Jun-05 Jan-10
Mar-09 Feb-12 Mar-04 Feb-07 Mar-14
Aug-04 Dec-07 Sep-11 Dec-12 Aug-14 Dec-02 Nov-05 Sep-06 Aug-09 Nov-10
May-03 May-13 May-08
Graph 199: Relative Strength Indicator - United States Graph 200: 12 Months Dividend Yields - United States 100 14% 70-100 Overbought 90 12% 80
70 10%
60
30-70 8%
Neutral 50
Yield 6% 40
30 4%
20 0-30 Oversold 2% 10
0 0%
Oct-91 Apr-94 Apr-04 Oct-06 Apr-09 Oct-96 Apr-99 Oct-01 Oct-11 Apr-14
Jun-93 Jun-03 Jun-08 Jun-98 Jun-13
Feb-95 Feb-05 Feb-00 Feb-10
Dec-90 Aug-92 Dec-05 Aug-07 Dec-95 Aug-97 Dec-00 Aug-02 Dec-10 Aug-12
Apr-95 Oct-97 Apr-00 Oct-07 Apr-10 Oct-92 Oct-02 Apr-05 Oct-12
Jun-99 Jun-09 Jun-94 Jun-04 Jun-14
Feb-96 Feb-06 Feb-11 Feb-91 Feb-01
Dec-96 Aug-98 Dec-06 Aug-08 Dec-91 Aug-93 Dec-01 Aug-03 Dec-11 Aug-13
Version: June 2015 75
Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Graph 201: Long Term Beta Coefficient & Sharpe Ratio - United States Graph 202: Equally Weighted Value-at-Risk - United States 1.00 160,000 Long Term Beta Coefficient Sharpe Ratio 140,000 0.80
120,000
0.60
100,000 Risk (Mln) Risk
0.40 - 80,000
at -
Value 60,000 0.20
40,000
0.00 20,000
-0.20 0
Jul-00 Jul-01 Jul-02 Jul-06 Jul-07 Jul-11 Jul-12 Jul-13 Jul-03 Jul-04 Jul-05 Jul-08 Jul-09 Jul-10 Jul-14
Jan-01 Jan-02 Jan-06 Jan-07 Jan-08 Jan-12 Jan-13 Jan-00 Jan-03 Jan-04 Jan-05 Jan-09 Jan-10 Jan-11 Jan-14 Jan-15
Dec-92 Dec-93 Dec-94 Dec-95 Dec-99 Dec-00 Dec-01 Dec-05 Dec-06 Dec-07 Dec-08 Dec-12 Dec-13 Dec-14 Dec-96 Dec-97 Dec-98 Dec-02 Dec-03 Dec-04 Dec-09 Dec-10 Dec-11
Graph 204: Dividend Growth vs. Inflation - United States 10% Graph 203: Rolling 10 Years Risk/Return Profiles - United States Div growth United States 20% CPI United States USA Real Estate 9% 2000 2000 USA Bonds 8% 2000 15% USA Equities (S&P 500) 2002 7% USA Equities (Dow Jones) 2004
2008 2004 6% 10%
2004
1999 5% Return 2008 4% 5% 2008 2008 3%
0% 2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
1%
-5% 0%
Risk (St Deviation)
1989 1990 1992 1995 1997 1998 2000 2001 2003 2006 2008 2009 2011 2014 1991 1993 1994 1996 1999 2002 2004 2005 2007 2010 2012 2013
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End-of-Year Constituent Chart
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Number of Constituents - Developed Markets
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Country YTD 2015 Australia 5 5 6 5 8 7 9 14 18 19 19 17 24 23 22 15 25 30 23 12 14 15 14 13 14 13 13 Japan 9 9 10 8 11 11 11 11 8 7 9 8 6 8 7 17 21 26 23 21 22 20 21 28 32 36 37 Hong Kong 17 17 17 26 35 25 19 29 34 19 20 17 15 10 9 11 13 25 21 21 24 22 21 18 18 13 13 New Zealand 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Singapore 3 3 3 5 8 7 6 6 5 5 6 5 4 3 3 9 10 13 11 9 13 15 14 16 18 14 12 Asia 34 34 36 44 62 50 45 60 65 50 54 47 49 44 41 52 70 95 79 64 74 73 71 76 83 77 76
Austria 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 5 6 5 2 2 2 2 2 2 3 3 Belgium 1 1 2 2 2 2 3 3 4 3 4 2 1 2 2 4 5 6 6 6 6 6 6 6 7 7 7 Denmark 0 0 0 1 2 2 2 2 2 2 3 3 2 1 1 2 4 2 1 0 0 0 0 0 0 0 0 Finland 0 0 0 0 1 1 1 1 1 1 2 2 1 1 1 2 3 3 3 3 3 3 3 3 3 3 3 France 4 4 4 7 8 9 9 9 10 11 9 6 6 6 6 4 6 10 10 10 9 9 9 10 8 7 7 Germany 3 3 3 3 3 3 3 4 5 5 5 2 2 2 2 3 3 6 9 8 8 8 11 12 11 11 12 Greece 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 3 3 3 3 2 1 1 1 1 1 Ireland 2 2 2 2 2 2 2 2 2 2 2 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Italy 2 2 2 3 3 3 4 4 4 4 5 2 1 2 3 3 4 4 4 3 2 2 2 2 2 2 2 Netherlands 5 5 6 7 7 7 8 8 8 8 9 9 9 7 8 8 8 8 7 7 7 7 5 5 6 6 5 Norway 2 2 2 2 2 2 3 3 3 4 4 2 2 1 1 0 0 2 1 1 1 1 1 1 1 2 2 Poland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Portugal 1 1 1 1 1 1 1 1 1 2 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Spain 2 2 2 2 2 2 2 2 2 3 3 4 3 3 2 2 2 1 1 1 0 1 0 0 0 2 4 Sweden 4 4 5 6 9 10 12 12 15 17 21 9 9 9 8 5 6 6 6 6 6 6 7 8 8 11 10 Switzerland 2 2 2 2 2 2 2 2 2 2 2 4 2 4 4 4 4 4 4 4 4 4 5 4 4 4 4 UK 28 28 28 28 29 30 34 35 40 42 43 36 34 33 30 29 38 41 36 30 28 31 30 29 31 30 33 Europe 56 56 59 66 73 76 86 88 99 106 114 83 74 72 69 69 91 103 97 84 79 82 82 83 84 89 94
Israel 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1
Canada 1 1 1 1 0 0 0 0 5 5 5 8 7 8 8 12 19 21 16 16 19 20 24 23 23 21 21 USA 12 12 16 19 25 51 79 88 100 106 101 114 112 108 105 110 127 119 103 99 101 106 105 111 118 126 134 North America 13 13 17 20 25 51 79 88 105 111 106 122 119 116 113 122 146 140 119 115 120 126 133 134 141 147 155
Total Developed 103 103 112 130 160 177 210 236 269 267 274 252 242 232 223 243 307 338 295 263 273 281 286 294 309 314 326
Version: June 2015 78
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Number of Constituents - Emerging Markets
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Country YTD 2015 China 0 0 0 0 3 4 4 4 5 5 5 5 5 5 5 5 6 6 6 6 6 8 7 20 37 43 ####### India 0 0 2 2 3 3 3 3 4 4 4 4 4 4 4 4 4 5 7 7 6 11 12 8 4 5 ####### Indonesia 0 0 0 0 0 1 2 3 3 3 3 3 3 3 3 3 3 3 4 4 3 7 11 14 14 12 ####### Malaysia 0 5 5 6 7 7 7 8 8 8 8 8 8 9 9 10 10 10 10 10 5 12 13 12 13 16 ####### Philippines 0 1 1 2 3 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 7 6 6 ####### Thailand 0 0 1 1 3 4 4 4 5 5 5 6 6 6 6 6 6 6 6 6 10 10 9 14 15 14 ####### Taiwan 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ####### Asia 0 6 9 11 19 24 25 28 31 31 31 32 32 33 33 34 35 36 40 40 37 55 59 76 90 97 #######
Czech Republic 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ####### Poland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 2 2 2 2 2 3 2 2 ####### Russia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 ####### Turkey 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 3 8 7 4 3 ####### Europe 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 2 2 3 3 3 5 10 10 9 7 #######
Egypt 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ####### South Africa 0 3 3 3 3 3 5 5 5 5 5 6 8 9 10 10 10 11 11 11 7 7 8 10 12 13 ####### UAE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 5 ####### Middle East/Africa 0 3 3 3 3 3 5 5 5 5 6 7 9 10 11 11 11 12 12 12 8 8 9 11 16 19 #######
Brazil 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 12 12 12 14 21 20 20 20 ####### Mexico 0 0 0 0 0 1 1 2 2 2 2 2 2 2 3 5 5 5 5 5 5 5 5 5 4 6 ####### Chile 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 ####### Americas 0 0 0 0 0 1 1 2 2 2 2 2 2 2 3 5 6 9 17 17 17 19 26 25 24 27 #######
Total Emerging 0 9 12 14 22 28 31 35 38 38 40 42 44 46 48 52 54 59 72 72 65 87 104 122 139 150 #######
AIM 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 12 16 16 12 12 13 9 11 10 10
Version: June 2015 79 79
0
End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Abacus Property Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 AMP Diversified Property Trust Asia Australia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 AMP Industrial Trust Asia Australia 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 AMP Shopping Centre Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Australand Property Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 Babcock & Brown Japan Property Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 BWP Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Centro Properties Asia Australia 0 0 0 0 1 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 Federation Centres Asia Australia 1 1 1 1 Centro Retail Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Centro Shopping America Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 CFS Retail Property Trust Asia Australia 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 Charter Hall Office REIT Asia Australia 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 Charter Hall Retail REIT Asia Australia 0 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 Colonial First State Properties Trust Asia Australia 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Commonwealth Property Office Fund Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 DB RREEF Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 Deutsche Diversified Trust Asia Australia 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Deutsche Industrial Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 Deutsche Office Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Dexus Property group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 FKP Property Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 0 0 0 Goodman Group Asia Australia 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 GPT Group Asia Australia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ING Industrial Fund Asia Australia 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 Invista Office Fund Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ING Real Estate Community Living Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Investa Property Group Asia Australia 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Lend Lease Corp. Asia Australia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Macquarie DDR Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Macquarie Prologis Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Mirvac Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Multiplex Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Principal America Office Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Principal Office Trust Asia Australia 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Ronin Property Trust Asia Australia 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Rubicon America Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Rubicon Europe Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Stockland Asia Australia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sunland Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Tishman Speyer Office Fund Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Valad Property Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Westfield America Asia Australia 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Westfield Group Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Westfield Holdings Asia Australia 0 0 1 0 1 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Westfield Retail Trust Asia Australia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 Westfield Trust Asia Australia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Agile Property Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Allied Properties Asia Hong Kong 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Asean Residential Asia Hong Kong 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Asia Oriental Asia Hong Kong 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Asia Standard Asia Hong Kong 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Century City Asia Hong Kong 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Champion REIT Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Cheung Kong Holdings Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Chi Cheung Asia Hong Kong 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 China Investment Holdings Asia Hong Kong 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 China Land Group Asia Hong Kong 1 1 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 China Overseas Land & Investment Asia Hong Kong 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 China Resources Land Asia Hong Kong 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 1 1 1 1 0 0 0 0 0 0 China State Construction International Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Chinese Estate Holdings Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Chuang's China Investments Asia Hong Kong 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Chuang's Consortium International Asia Hong Kong 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Country Garden Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 Dan Form Holdings Asia Hong Kong 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dynamic Holdings Asia Hong Kong 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Emperor International Asia Hong Kong 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Emperor Investments Asia Hong Kong 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Far East Consortium Asia Hong Kong 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Gold - Face Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 G-Prop Holdings Asia Hong Kong 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Great Eagle Holdings Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 0 0 0 0 0 0 GZI REIT Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Hang Lung Group Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Hang Lung Properties Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Version: June 2015 81
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Henderson China Asia Hong Kong 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Henderson Investors Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Henderson Land Development Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Heritage International Holdings Asia Hong Kong 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 HKR International Asia Hong Kong 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Hon Kwok Land Investments Asia Hong Kong 0 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Hong Kong Fortune Asia Hong Kong 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Hong Kong Land Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hong Kong Parkview Group Asia Hong Kong 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Hopson Development Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 1 1 1 1 Hycomm Wireless Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Hysan Development Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Interchina Holdings Asia Hong Kong 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 K Wah International Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Kerry Properties Asia Hong Kong 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Kowloon Development Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 KWG Property Holdings Asia Hong Kong 1 1 0 0 1 1 1 Kwong Sand Hong International Asia Hong Kong 0 0 0 1 1 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Lai Fung Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Lai Sun Development Asia Hong Kong 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Link Real Estate Investment Trust Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Lippo Ltd. Asia Hong Kong 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Liu Chong Hing Investments Asia Hong Kong 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Midland Realty Holdings Asia Hong Kong 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Nam Fong International Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 New Century Group Hong Kong Asia Hong Kong 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 New City Beijing Development Asia Hong Kong 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 New World China Land Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 New World Development Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Pacific Century Premium Development Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Pacific Concord Holdings Asia Hong Kong 1 1 1 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pearl Oriental Holdings Asia Hong Kong 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Prosperity REIT Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Shanghai Real Estate Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Shenzhen Investment Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 Shimao Property Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 Shui On Land Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Silver Grant International Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0
Version: June 2015 82
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Sino Land Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Soho China Asia Hong Kong 1 1 1 1 1 1 1 Sun Hung Kai Properties Asia Hong Kong 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Swire Pacific Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Swire Properties Asia Hong Kong 1 1 1 1 The Wharf Holdings Asia Hong Kong 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 1 1 1 1 1 1 Wheelock Properties Asia Hong Kong 0 0 0 1 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Activia Properties Asia Japan 1 1 1 1 Advance Residence Investment Asia Japan 1 1 1 1 Aeon Mall Co. Ltd Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Cesar Asia Japan 0 0 0 0 1 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Daibiru Corp. Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 0 0 0 0 0 0 Daikyo Asia Japan 1 1 1 1 1 1 1 1 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 Daiwahouse Residential Invest Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 Diamond City Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 Frontier Real Estate Investment Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 GLP J-REIT Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Goldcrest Asia Japan 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 Hankyu Realty Asia Japan 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Heiwa Real Estate Asia Japan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 Industrial & Infrastructure Fund Investment Asia Japan 1 1 1 1 Japan Excellent Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 Japan Logistics Fund Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Japan Prime Realty Investment Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Japan Real Estate Investment Corporation Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Japan Retail Fund Investment Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 Kenedix Realty Investment Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Leopalace21 Corp. Asia Japan 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mitsubishi Estate Asia Japan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Mitsui Fudosan Co. Asia Japan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Mitsui Real Estate Sales Asia Japan 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mori Hills REIT Investment Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 Mori Trust Sogo REIT Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Nippon Accommodations Fund Asia Japan 1 1 1 1 1 Nippon Building Fund Inc. Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Nippon Commercial Investment Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Nomura Real Estate Holdings Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 Nomura Real Estate Office Fund Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1
Version: June 2015 83
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 NTT Urban Development Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Orix Jreit Inc. Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Premier Investment Co. Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Shoei Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Sumitomo Realty & Development Asia Japan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Toc Co. Asia Japan 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 Tokyo Tatemono Asia Japan 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Tokyu Land Asia Japan 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 Tokyu REIT Inc. Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Top REIT * Asia Japan 1 1 1 1 1 1 1 Towa Real Estate Development Asia Japan 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 United Urban Investment Asia Japan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 AMP NZ Office Trust Asia New Zealand 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Kiwi Income Property Trust Asia New Zealand 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Allco Commercial Real Estate Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Allgreen Properties Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 1 1 0 0 0 0 0 Ascendas Real Estate Investment Trust Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 CapitaCommercial Trust Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Capitaland Asia Singapore 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CapitaMall Trust Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 CapitaMalls Asia Trust Asia Singapore 1 1 1 1 1 0 0 CDL Hospitality Trusts Asia Singapore 0 1 1 1 1 1 1 City Developments Asia Singapore 1 1 1 1 1 1 0 Fortune REIT Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 Global Logistic Properties Asia Singapore 1 1 1 1 1 1 Guocoland Asia Singapore 0 0 0 0 1 1 1 1 0 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Hongkong Land Holdings Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keppel Land Asia Singapore 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 K-REIT Asia Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mapletree Commercial Trust Asia Singapore 1 1 1 1 Mapletree Industrial Trust Asia Singapore 1 1 1 1 1 Mapletree Logistics Trust Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Pacific Century Regional Development Asia Singapore 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Singapore Land Asia Singapore 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 0 0 0 Suntec REIT Asia Singapore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Tuan Sing Holdings Asia Singapore 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 United Overseas Land Asia Singapore 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 UOL Group Asia Singapore 1 1 1 1
Version: June 2015 84
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1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Wing Tai Holdings Asia Singapore 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 0 0 Yanlord Land Group Asia Singapore 1 1 1 1 1 1 1 CA Immobilien Europe Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Conwert Immobilien Europe Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Immoeast Europe Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Immofinanz Europe Austria 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Sparkassen Immo Invest Europe Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Sparkassen Immobilien Europe Austria 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Aedifica Europe Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Befimmo Europe Belgium 0 0 0 0 0 0 0 0 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Bern Comofi Europe Belgium 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cofinimmo Europe Belgium 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Immobel Europe Belgium 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Intervest Offices Europe Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Leasinvest Europe Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Warehouses De Pauw Europe Belgium 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Wereldhave Belgium Europe Belgium 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 ES Norden Europe Denmark 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keops Europe Denmark 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Nordicom Europe Denmark 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 Sjaelso Gruppen Europe Denmark 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 TK Development Europe Denmark 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 Citycon Europe Finland 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Sponda Europe Finland 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Technopolis Europe Finland 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Acanthe Developpement Europe France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 Affine Europe France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 ANF-Immobilier S.A. Europe France 1 1 1 1 Fidei Europe France 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fonciere Des Regions Europe France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Fonciere Lyonnaise Europe France 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Gecina Europe France 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Icade Europe France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 Klepierre Europe France 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Locafinanciere Europe France 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mercialys Europe France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Sefimeg Europe France 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Silic Europe France 0 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0
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1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Simco Europe France 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Societe de la Tour Eiffel Europe France 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 Sogeparc Europe France 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sophia Europe France 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Unibail - Rodamco Europe France 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Union Immobiliere de France Europe France 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Alstria Office Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 Bau-Verein Zu Hamburg Europe Germany 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CBB Holding Europe Germany 1 1 1 1 1 1 1 1 1 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Colonia Real Estate Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 Deutsche Annington Europe Germany 1 1 1 Deutsche Euroshop Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Deutsche Wohnen Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 DIC Asset Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 Gagfah Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 GSW Immobilien AG Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 Hamborner Europe Germany 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Hamborner REIT AG Europe Germany 1 1 1 1 IVG Immobilien Europe Germany 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 1 0 0 0 LEG Immobilien AG Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Patrizia Immobilien Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 Prime Office REIT-AG Europe Germany 1 1 1 1 1 RSE Grundbesitz U-Beteiligung Europe Germany 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAG Immobilien Europe Germany 1 1 1 1 1 1 1 Vivacon Europe Germany 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 Babis Vovos International Europe Greece 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 Eurobank Properties Real Estate Investment Europe Greece 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Lamda Development Europe Greece 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 Dunloe Ewart Europe Ireland 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Green Property Europe Ireland 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Azrieli Group Europe Israel 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 Aedes Europe Italy 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 Beni Stabili Europe Italy 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 Gifim Europe Italy 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Immobiliare Grande Distribution Europe Italy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Immobiliare Metanopoli Europe Italy 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IPI Europe Italy 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jolly Hotels Europe Italy 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pirelli & Co. Real Estate Europe Italy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 Version: June 2015 86
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1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Capital & Regional Property Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Capital Shopping Centres Group Europe UK 0 0 0 0 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Chelsfield Europe UK 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 CLS Holdings Europe UK 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 Compco Holdings Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Daejan Holdings Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Delancey Estates Europe UK 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital & Counties Properties Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 INTU Properties Europe UK 0 0 0 0 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Dencora Europe UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Derwent London Holdings Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Development Securities Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Eskmuir Europe UK 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 F&C Commercial Property Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Freeport Europe UK 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Frogmore Estates Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Grainger Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Grantchester Holdings Europe UK 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Great Portland Estates Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hammerson Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hansteen Holdings Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 Helical Bar Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Picton Property Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Invesco UK Property Income Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Scroder Real Estate Investment Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 F&C UK Real Estate Investment Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 ISIS Property Trust Ltd Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 James Smith Estates Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jermyn Investment Properties Europe UK 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Land Securities Group Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 LondonMetric Property Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 London Merchant Securities Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 London Merchant Securities Dfd Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Mapeley Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Marylebone Warwick Balfour Group Europe UK 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 McKay Securities Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Medicx Fund Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 MEPC Europe UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Minerva Europe UK 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 Moorfield Group Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mucklow (A.& J.) Group Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 0 NHP Europe UK 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Pillar Property Europe UK 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Plaza Centers NV Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 Primary Health Properties Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Quintain Estates & Development Europe UK 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Advantage Property Income Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 Raglan Properties Europe UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Safestore Europe UK 1 1 1 1 1 1 Saville Gordon Estates Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Scottish Met Europe UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SEGRO Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Shaftesbury Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 St.Modwen Properties Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Standard Life Inv Prop Income Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Tops Estates Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Town Centre Securities Europe UK 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 UK Balanced Property Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 UK Commercial Property Trust Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 Unite Group Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Warner Estate Holdings Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Wates City of London Europe UK 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Westbury Property Fund Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Workspace Group Europe UK 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Alexis Nihon REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Allied Properties REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Artis Real Estate Investment North America Canada 1 1 1 1 1 1 1 Boardwalk Real Estate Investment Trust North America Canada 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 BPO Properties North America Canada 1 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Brookfield Office Properties North America Canada 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 Calloway REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Canadian Apartment Properties REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Canadian Hotel Income Properties REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Canadian REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CANMARC REIT North America Canada 0 Chartwell Retirement Residences North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1
Version: June 2015 90
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Cominar REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Crombie Real Estate Investment Trust North America Canada 1 1 1 1 1 1 Dundee International Real Estate Investment Trust North America Canada 1 1 1 1 Dundee Real Estate Investment Trust North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Extendicare Inc. North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 First Capital Realty North America Canada 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 Granite Real Estate North America Canada 1 1 1 1 H & R REIT North America Canada 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Canmarc REIT North America Canada 0 InnVest Real Estate Investment Trust North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 IPC US Real Estate North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Killam Properties North America Canada 1 1 1 1 1 1 1 Legacy Hotels REIT North America Canada 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Morguard Real Estate Investment Trust North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Northern Property REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Northwest Healthcare Properties REIT North America Canada 1 1 1 0 0 O & Y Real Estate North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 Oxford Properties Group North America Canada 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Primaris Retail REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 Residential Equities REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Retirement Residences REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Riocan REIT North America Canada 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Summit Real Estate North America Canada 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Sunrise Senior Living Real Estate North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 TransGlobe Apartment REIT North America Canada 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Trizec Hahn Corp. North America Canada 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Whiterock Real Estate Investment Trust North America Canada 0 Acadia Realty North America USA 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Agree Realty North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Alexanders Inc. North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Alexandria Real Estate Equity North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Prologis Inc. North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 American Assets Trust Inc. North America USA 1 1 1 1 1 American Campus Communities North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 American Financial Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 American Realty Capital Trust North America USA 0 0 0 0 AMLI Residential Property Trust North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Anthracite Capital North America USA 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Version: June 2015 91
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Apartment Investment Management North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Archstone-Smith Trust North America USA 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Arden Realty North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Ashford Hospitality Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Associated Estates Realty North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Avalonbay Communities North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Bedford Property Investors North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 BioMed Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 BNP Residential Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Boca Resorts North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Boston Property North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Boykin Lodging North America USA 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 Brandywine Realty North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 BRE Properties North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 Burnham Pacific Properties North America USA 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cabot North America USA 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Camden Property North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Campus Crest Communities North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 Capital Automotive Trust North America USA 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 CapLease North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 Carramerica Trust North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Catellus Development Corp. North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 CBL & Associates Properties North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Cedar Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Center Trust North America USA 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Centerpoint Properties North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Centracore Properties Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 Charles E Smith Residential Realty North America USA 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Chateau Communities North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Chelsea Property Group North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Chesapeake Lodging Trust North America USA 1 1 1 1 1 Choice Hotels North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cogdell Spencer Inc. North America USA 1 0 0 0 0 0 Colonial Properties North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 Columbia Equity Trust Inc. North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Cornerstone Realty Income Trust North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Corporate Office Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 Corrections Corporation of America North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0
Version: June 2015 92
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Cousins Property North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Crescent Real Estate Equity Corp. North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Crestline Capital North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Criimi Mae Inc. North America USA 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Crown American Realty North America USA 0 0 0 0 0 1 1 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 CRT Properties North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 DCT Industrial Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 DDR Inc. North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Diamondrock Hospitality North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Digital Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Douglas Emmett North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Duke Realty Corp North America USA 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Dupont Fabros Technology North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 1 1 Dynex Capital North America USA 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Eastgroup Properties North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Education Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 EPR Properties North America USA 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Equity Inns North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Equity Lifestyle Properties North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Equity Office Properties North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Equity One Inc North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 Equity Residential North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Essex Property Trust North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Excel Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 Extended Stay America North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Extra Space Storage North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Federal Realty Investors North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 FelCor Lodging North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 First Industrial Realty Trust North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 First Potomac Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Forest City A North America USA 0 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Franchise Finance Corp. of America North America USA 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Franklin Street Properties North America USA 1 1 1 1 1 1 1 Gables Residential Trust North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 General Growth Properties North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 Getty Realty North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 Glenborough Realty Trust North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Glimcher Realty Trust North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 0 0
Version: June 2015 93
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Global Signal Inc. North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 GMH Communities Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 Golf Trust America North America USA 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Government Properties Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 Gramercy Capital Corp North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Great Lakes REIT North America USA 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Health Care Property Investments North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Healthcare Realty Trust North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Healthcare REIT North America USA 0 0 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Commonwealth REIT North America USA 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Heritage Property Investments North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 Hersha Hospitality Trust A North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 Highland Hospitality North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Highwoods Properties North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hilltop Holdings North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 Hilton Hotels North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Home Properties North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hospitality Properties Trust North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Host Hotels & Resorts North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hudson Pacific Properties North America USA 1 1 1 1 Inland Real Estate North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Innkeepers USA Trust North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Investors Real Estate Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 IRT Property North America USA 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 JDN Realty Corp. North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 JP Realty North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keystone Property Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Kilroy Realty North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Kimco Realty Corp. North America USA 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Kite Realty Group Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Konover Property North America USA 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Kramont Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 La Quinta Properties North America USA 1 1 1 1 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 LaSalle Hotel Properties North America USA 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Lexington Realty Trust North America USA 0 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Liberty Property Trust North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 LTC Properties North America USA 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Macerich North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Version: June 2015 94
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Mack Cali Realty North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Maguire Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 Manor Care North America USA 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Medical Properties Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 1 Meristar Hospitality North America USA 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Mid-America Apartment Communities North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 Mid-Atlantic Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 1 1 1 1 Mission West Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 National Golf Properties North America USA 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 National Health Investors North America USA 0 0 0 0 0 1 1 1 1 1 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 National Healthcare North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 National Retail Properties North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Nationwide Health Properties North America USA 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 1 0 0 0 0 0 New Plan Excel Realty Trust North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Omega Healthcare REIT North America USA 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 Orient Express Hotels North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 Pan Pacific Retail Properties North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Parkway Properties North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Pebblebrook Hotel Trust North America USA 1 0 1 1 1 1 1 Pennsylvania Real Estate Investment Trust North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Piedmont Office Realty Trust North America USA 1 1 1 1 1 1 Post Properties North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Prentiss Properties Trust North America USA 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Prime Group Realty Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Prime Hospitality North America USA 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Prime Legacy North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Prologis North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 PS Business Parks North America USA 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Public Storage North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Ramco-Gershenson Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Realty Income North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Reckson Associates Realty Corp. A North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 Reckson Associates Realty Corp. B North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 Regency Centers North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Republic Property North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Retail Opportunity Investment Corp. North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 RFS Hotel Investors North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 RLJ Lodging Trust North America USA 1 1 1 1 1
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Sabra Health Care REIT North America USA 1 1 1 1 Saul Centers North America USA 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Senior Housing Property Trust North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Shurgard Storage Centers North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Simon Property Group North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sizeler Property Investors North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 SL Green Realty North America USA 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sovran Self Storage North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Spirit Finance Corp. North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 Spirit Realty Capital North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 STAG Industrial North America USA 1 1 1 1 Starwood Hotels & Resorts North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Storage USA North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Strategic Hotels & Resorts North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 1 1 1 1 1 Summit Properties North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 Sun Communities North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sunstone Hotel Investors North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Tanger Factory Outlet Center North America USA 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Taubman Centers North America USA 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 The Mills Corporation North America USA 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 The Rouse Corporation North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 The St. Joe Company North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Town and Country Trust North America USA 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 TransGlobe Apartment REIT North America USA 0 0 0 0 Trizec Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 Trustreet Properties North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 UDR North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Universal Health Realty Income North America USA 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Urstadt Biddle Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 CubeSmart North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 Ventas Inc North America USA 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Vornado Realty North America USA 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Washington Real Estate Investments North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Weingarten Realty Investors North America USA 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Windrose Medical Properties North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 Winston Hotels North America USA 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 Winthrop Realty Trust North America USA 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 W. P. Carey Inc. North America USA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1
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End-of-Year Constituents Chart - Developed
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Wyndham International North America USA 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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End-of-Year Constituents Chart - Emerging & AIM
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Agre Empreendimentos Imobiliarios Emerging Brazil 0 0 0 0 0 0 Aliansce Shopping Centers SA Emerging Brazil 1 1 1 1 1 1 BR Malls Participacoes S/A Ord Emerging Brazil 0 1 1 1 1 1 1 1 1 1 BR Properties S/A Ord Emerging Brazil 1 1 1 1 1 1 Brookfield Residential Properties SA Emerging Brazil 1 1 1 1 1 1 1 1 0 0 Camargo Correa Desenvolvimento Imobiliario S/A Ord Emerging Brazil 0 1 1 1 1 1 0 0 0 0 Cyrela Brazil Realty S/A Empreendimentose e Participacoes Or Emerging Brazil 1 1 1 1 1 1 1 1 1 1 1 Cyrela Commercial Properties Emerging Brazil 0 1 1 1 0 0 0 0 0 0 Even Construtora Inc Emerging Brazil 1 1 1 1 1 EZ TEC Empreendimentos e Partipacoes Emerging Brazil 1 1 1 1 1 Gafisa Emerging Brazil 1 1 1 1 1 1 1 1 1 1 General Shopping Brasil Emerging Brazil 1 1 1 1 1 0 Helbor Empreendimentos S.A. Emerging Brazil 0 1 1 1 1 1 Iguatemi Empresa de Shopping Centers S/A Ord Emerging Brazil 0 1 1 1 1 1 1 1 1 1 Viver Incorporadora e Construtora S.A. Emerging Brazil 0 1 1 1 1 1 1 0 0 0 JHSF Participacoes SA Emerging Brazil 0 0 0 0 0 1 1 1 1 1 Klabin Segall S/A Ord Emerging Brazil 1 1 1 1 0 0 0 0 0 0 MRV Engenharia e Participacoes SA Emerging Brazil 0 1 1 1 1 1 1 1 1 1 Multiplan Empreendimentos Imobiliaros S/A Ord Emerging Brazil 0 1 1 1 1 1 1 1 1 1 PDG Realty S/A Empreendimentos e Participacoes Ord Emerging Brazil 1 1 1 1 1 1 Rodobens Negocios Imobiliarios S/A Ord Emerging Brazil 1 1 1 1 1 1 1 1 1 Rossi Residencial SA Emerging Brazil 1 1 1 1 1 Sonae Sierra Brasil Emerging Brazil 1 1 1 1 1 Tecnisa S.A. Emerging Brazil 0 0 0 0 1 1 1 1 1 Parauco Arauco Emerging Chile 0 0 0 0 1 1 0 1 1 Beijing Capital Land (H) Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Beijing North Star (H) Emerging China 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 C C Land Holdings Emerging China 1 1 1 1 China Merchants Prop (B) Emerging China 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 China Overseas Land & Inv (Red Chip) Emerging China 1 1 1 1 China Resources Land (Red Chip) Emerging China 1 1 1 1 CSI Properties Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 Evergrande Real Estate Group Emerging China 1 1 1 1 Fantasia Holdings Group Co. Ltd. Emerging China 1 1 1 1 Franshion Properties China (Red Chip) Emerging China 1 1 1 1 Greentown China Holdings Emerging China 1 1 1 1 Guangzhou R&F Properties (H) Emerging China 1 1 1 1 1 1 1 1 1 1 1 HKR International Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0
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End-of-Year Constituents Chart - Emerging & AIM
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Company Region Country YTD2015 Hopson Dev Hold (P Chip) Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 Hui Xian Real Estate Investment Trust Emerging China 1 1 1 1 Jinqiao Export Processing (B) Emerging China 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 K Wah International Holdings Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Longfor Properties Co. Ltd. Emerging China 1 1 1 1 Mapletree Greater China Commercial Trust Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Mingfa Group (International) Emerging China 1 1 1 1 Minmetals Land (Red Chip) Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Poly Property Group (Red Cip) Emerging China 1 1 1 1 1 1 Powerlong Real Estate Holdings (P Chip) Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Qualipak International Holdings Emerging China 0 0 0 Renhe Commercial Holdings (P Chip) Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Shanghai Lujiazui Fin & Trade Dev (B) Emerging China 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 Shenzhen Investment (Red Chip) Emerging China 1 1 1 1 China Vanke (B) Emerging China 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sinolink Worldwide Holdings (P Chip) Emerging China 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Sino-Ocean Land Holdings (Red Chip) Emerging China 1 1 1 1 Yuexiu Property Co Ltd Emerging China 1 1 1 1 1 1 Orco Property Group S.A. Emerging Czech Republic 1 1 0 0 Six Of October Development & Investment Emerging Egypt 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Agung Podomoro Land Tbk PT Emerging India 1 1 1 1 1 Anant Raj Emerging India 1 1 1 0 0 0 Ansal Properties & Infrastructure Emerging India 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 Ascendas India Trust Emerging India 1 1 1 1 Brigade Enterprises Emerging India 0 0 0 0 0 BSEL Information Systems Emerging India 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 DLF Emerging India 1 1 1 1 1 1 1 1 1 IVRCL Assets & Holdings Emerging India 1 1 1 1 0 0 0 0 0 Mahindra Lifespace Developers Ltd. Emerging India 1 0 0 0 0 0 MVL Ltd. Emerging India 0 0 0 0 0 0 Omaxe Limited Emerging India 0 0 0 0 0 0 Orbit Corporation Emerging India 1 1 1 0 0 0 Parsvnath Developers Emerging India 1 1 1 1 1 1 1 0 0 0 Peninsula Land Emerging India 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 Prestige Estates Projects Ltd Emerging India 1 1 1 1 1 1 Puravankara Projects Limited Emerging India 0 0 0 0 0 0 Sunteck Realty Ltd. Emerging India 1 1 1 0 0 0 Unitech Emerging India 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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End-of-Year Constituents Chart - Emerging & AIM
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015 Company Region Country 2006 Alam Sutera Realty Emerging Indonesia 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 Bakrieland Devel Emerging Indonesia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 Bumi Serpong Damai PT Emerging Indonesia 1 1 1 1 Ciputra Develop Emerging Indonesia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Ciputra Property Emerging Indonesia 1 1 1 1 1 First Real Estate Investment Trust Emerging Indonesia 1 1 1 1 Intiland Development Tbk PT Emerging Indonesia 1 1 1 1 1 Kawasan Industri Jababeka Emerging Indonesia 1 1 1 1 Lippo Karawaci Emerging Indonesia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Pakuwon Jati Tbk PT Emerging Indonesia 1 1 1 1 1 PT Ciputra Surya Tbk Emerging Indonesia 1 1 1 1 1 1 PT Sentul City Emerging Indonesia 1 1 1 1 0 0 PT Summarecon Agung Tbk. Emerging Indonesia 1 1 1 1 1 1 Wijaya Karya PT Emerging Indonesia 1 1 0 0 0 0 0 0 0 Capitamalls Malaysia Trust Emerging Malaysia 0 0 0 1 0 0 1 1 1 Eastern & Oriental Berhad Emerging Malaysia 1 1 1 1 1 1 Glomac Berhad Emerging Malaysia 1 1 1 1 1 0 Golden Plus Holdings Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 IGB Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 IJM Land Bhd Emerging Malaysia 0 0 0 0 0 0 1 1 1 1 1 0 KLCC Property Holdings Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 Land And General Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 LBS Bina Group Berhad Emerging Malaysia 1 1 1 0 0 0 Mah Sing Group BHD Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Mutiara Goodyear Development BHD Emerging Malaysia 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Pavilion Real Estate Investment Trust Emerging Malaysia 1 1 1 1 1 SP Setia Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sunrise Bhd Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Sunway City Berhad Emerging Malaysia 1 0 0 0 0 0 Tebrau Teguh Berhad Emerging Malaysia 1 1 1 1 0 0 YNH Property Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 YTL Land & Development BHD Emerging Malaysia 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Consorcio Ara Emerging Mexico 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Desarrolladora Homex SA de CV Emerging Mexico 1 1 1 1 1 1 1 1 1 1 0 0 Geo B Emerging Mexico 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 Sare Holding S.A. de C.V. Emerging Mexico 1 1 1 1 1 1 1 1 1 1 0 0 0 Urbi Desarrollos Urbanos Emerging Mexico 1 1 1 1 1 1 1 1 1 0 0 0 Ayala Land Emerging Philippines 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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End-of-Year Constituents Chart - Emerging & AIM
1989 1990 1991 1992 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015 Company Region Country 1993 Filinvest Land Emerging Philippines 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Megaworld Corporation Emerging Philippines 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Robinson`s Land Corporation Emerging Philippines 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sm Devt Corp Emerging Philippines 1 0 0 0 SM Prime Hldgs Emerging Philippines 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Vista Land & Lifescapes Emerging Philippines 1 1 1 1 1 1 1 1 1 Atrium European Real Estate Emerging Poland 1 1 1 0 Globe Trade Centre Emerging Poland 1 1 1 1 1 1 1 1 1 1 1 1 LC Corp SA Emerging Poland 1 1 1 1 1 1 0 0 0 PIK Group Emerging Russia 1 1 1 0 Immofinanz AG Emerging Russia 1 1 1 1 Acucap Properties Limited Emerging South Africa 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 Apexhi Properties -A- Emerging South Africa 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Apexhi Properties -B- Emerging South Africa 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 Apexhi Properties -C- Emerging South Africa 1 1 1 0 0 0 0 0 0 0 Arrowhead Properties (A) Emerging South Africa 1 1 1 1 1 Arrowhead Properties (B) Emerging South Africa 1 1 1 1 1 Capital Property Fund Emerging South Africa 1 1 1 1 Emira Property Fund Emerging South Africa 1 1 1 1 1 1 1 1 1 1 1 1 1 Fountainhead Property Trust Emerging South Africa 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Growthpoint Prop Ltd Emerging South Africa 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Hyprop Investments Ltd Emerging South Africa 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Pangbourne Prop Ltd Emerging South Africa 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 Redefine Properties Emerging South Africa 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Resilient Prop Inc Fd Emerging South Africa 1 1 1 1 1 1 1 0 0 1 1 1 1 1 SA Corporate Real Estate Fund Emerging South Africa 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Vukile Property Fund Emerging South Africa 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Macquarie Central Office Corporate Emerging South Korea 0 0 0 0 0 0 0 Hung Poo Real Estate Development Emerging Taiwan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Amata Corp Emerging Thailand 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 AP Thailand Emerging Thailand 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Central Pattana Emerging Thailand 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Cpn Retail Growth Leasehold Property Fund Emerging Thailand 1 1 0 0 Land & Houses Emerging Thailand 1 1 1 1 1 1 1 LPN Development Emerging Thailand 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Property Perfect Emerging Thailand 1 1 1 1 1 1 1 Pruksa Real Estate Emerging Thailand 1 1 1 1 1 1 1 Quality Houses Emerging Thailand 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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End-of-Year Constituents Chart - Emerging & AIM
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015 Company Region Country 2002 Sansiri Emerging Thailand 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 SC Asset Corporation Emerging Thailand 1 1 1 1 1 1 1 Siam Future Development PCL Emerging Thailand 1 1 1 1 Supalai PCL Emerging Thailand 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Ticon Industrial Connection Pcl Emerging Thailand 1 1 1 1 Akfen Gayrimenkul Yatirim Ortakligi AS Emerging Turkey 1 1 0 0 0 Akmerkez Gayrimenkul Yatirim Emerging Turkey 0 1 1 0 0 0 Alarko Gayrimenkul Yatirim Ort. A.S. Emerging Turkey 1 1 1 1 0 0 Dogus GE Gayrimenkul Yat. Ort. A.S. Emerging Turkey 1 0 0 0 1 1 Emlak Konut Gayrimenkul Yatirim Ortakligi AS Emerging Turkey 1 1 1 1 1 Is Gayrimenkul Yatirim Ortak Emerging Turkey 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Sinpas Gayrimenkul Yatirim Ortakligi Emerging Turkey 0 1 1 1 0 0 Torunlar Gayrimenkul Yatirim Ortakligi Emerging Turkey 0 1 1 0 0 1 Hung Poo Real Estate Development Emerging Taiwan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Aldar Properties PJSC Emerging UAE 1 1 1 1 1 1 Deyaar Development Emerging UAE 0 0 0 0 0 0 Emaar Properties Emerging UAE 1 1 1 1 1 0 RAK Properties Emerging UAE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 Ablon Group AIM AIM 1 1 1 1 0 0 0 0 0 Atlas Estates AIM AIM 1 1 1 1 0 0 0 0 0 0 Blackrock International Land AIM AIM 1 0 0 0 0 0 0 Carpathian AIM AIM 1 1 1 1 1 1 0 0 0 0 0 China Central Properties AIM AIM 1 1 0 0 0 0 0 0 0 China Real Estate Opportunities AIM AIM 1 1 1 0 0 0 0 0 0 Conygar Investment Company AIM AIM 1 1 1 1 1 1 Deutsche Land AIM AIM 1 1 1 0 0 0 0 0 0 0 Develica Deutschland AIM AIM 0 0 0 0 0 0 0 Dolphin Capital Investors AIM AIM 1 1 1 1 1 1 1 1 1 0 0 Hansteen Holdings AIM AIM 1 1 1 1 0 0 0 0 0 0 0 Lok'N Store Group AIM AIM 0 1 1 1 1 1 1 London & Stamford Property AIM AIM 1 1 1 1 1 1 1 LXB Retail Properties AIM AIM 0 0 1 1 1 1 1 Max Property Group AIM AIM 0 1 1 1 1 0 0 Mirland Development Corp AIM AIM 1 1 1 1 1 1 0 0 0 0 NewRiver Retail AIM AIM 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 O Twelve Estates AIM AIM 0 0 0 0 0 Public Service Properties Inv. AIM AIM 1 0 0 0 0 0 Raven Russia AIM AIM 1 1 1 1 1 0 0 0 0 0 0
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End-of-Year Constituents Chart - Emerging & AIM
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015 Company Region Country 2003 RGI International AIM AIM 1 1 1 0 0 0 0 0 0 0 Rugby Estates AIM AIM 1 1 0 0 0 0 0 Sirius Real Estate AIM AIM 1 1 1 1 1 1 1 1 1 Songbird Estates AIM AIM 1 1 1 1 0 Spazio Investment AIM AIM 1 1 1 0 0 0 0 0 0 0 Speymill Deutsche Immobilien AIM AIM 1 1 1 0 1 0 0 0 0 0 Summit Germany AIM AIM 1 1 1 0 0 0 0 0 0 0 Taliesin Property Fund AIM AIM 1 0 1 1 1 Treveria AIM AIM 1 1 1 1 1 1 1 1 1 0 0
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Details on Methodology
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Asset Class Comparisons and Correlations The asset classes are defined as follows. For real estate, the FTSE EPRA/NAREIT indices are used. For broad equities, the national headline index is used (i.e. FTSE 100, CAC 40 etc.) and for multi-country profiles, the FTSE All-world index series is used. For bonds, the JPMorgan Bond index series is used.
Average True Range The difference between the 1Y high and the 1Y low in index points. A higher reading indicates a higher volatility.
Beta Coefficient The Beta Coefficient is a measure of a portfolio in relation to the rest of the financial market. It is calculated as follows:
Covariance(10Y Average Returns Broad Equities and 10Y Average Returns Real Estate) Beta * 100 Variance Real Estate
Bollinger Bands A set of Bollinger Bands are a tool that can be used to measure the ‘high-ness’ or ‘low-ness’ of the price relative to the previous one, and acts as a measure of volatility. The Bollinger Bands consist of three lines: a middle band showing a simple moving average, an upper band located at twice the standard deviation above the middle band, and a lower band located at twice the standard deviation below the middle band.
Candlesticks Candlestick charts give an overview of the daily Open, High, Low, and Close price of the index over a certain period, in this case a month. The graph presents the relationship between these prices and as such show an indication of volatility. Candlesticks can only be created on securities that have intraday pricing, and so for this graph the real time price indices are used (instead of the total return indices that are used in the remainder of this chart book). A candlestick chart reads as follows:
If the body is colored green, Highest Price then the index went up. Open Price or Closing Price, whichever is greater If colored red, the index closed Open Price or Closing Price, whichever is smaller down. Lowest Price
Capital Allocation Line The CAL is the line between a risky asset (either a real estate portfolio or a broad equity portfolio), and the risk-free rate. The risk-free rate is derived by extrapolating the line between the risky asset and the JPMorgan bond index.
Dividend Yields The dividend market capitalisation (defined as the dividend multiplied by the shares in issue and free float percentage) paid during the last twelve months as a percentage of the investable market capitalisation of the index.
Efficient Frontiers The efficient frontier shows the minimum variance portfolio (or least risky portfolio) for a given rate of return. The resulting line shows the most efficient portfolio for any given combination of risk and return. Rational investors will construct portfolios that have risk-return profiles that are located on this frontier. The efficient frontiers are calculated using data from a rolling 10-year period.
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Equally Weighted Value-at-Risk The Value-at-Risk of an index is calculated by multiplying the market capitalisation of an index by the 10Y standard deviation of the index. Equally weighted refers to that older observations are given the same weight as the more recent observations.
Investment Horizons The ratio of the average monthly return divided by the average monthly volatility over the specified periods, 1 to 18 years.
Moving Averages The oscillator compares the long term (5Y) average with the short term (1Y) average. When these two lines cross a change in trend is identified. The graph shows the difference between the long term and short term. A negative difference indicates a downward trend, and a positive difference indicates an upward trend.
Relative Strength Indicator The Relative Strength Indicator is an index between 0 and 100. A value between 70 and 100 indicates that the market is overbought, and a value between 0 and 30 indicates the market is oversold. The RSI is calculated using the following formula:
100 RSI 100 1Y Average Monthly Gain 1 ABS 1Y Average Monthly Loss
Retracement Levels The Fibonacci ratios (0.618, 0.50 and 0.382) are applied to the range between the 1Y High and 1Y Low. Retracement levels are important in the case of a "changing market", i.e. when the index breaks out of its trend. When the index breaks out of a long-term upward trend and starts a downward correction, the retracement levels show support levels. When the index breaks out of a long-term downward trend and starts an upward correction, the retracement levels show resistance levels.
Risk/Return Profiles The risk/return profile-value is determined by the 10Y average risk (calculated by the standard deviation) on the X-axis and the 10Y average return on the Y-axis.
Seasonality Chart This chart compares the index value on a year-by-year basis. Each line respresents the index in a particular year, and when combined with each other, a comparison can be made to see whether a pattern can be found, i.e. does the index alsways perform the same way in a particular month.
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Sharpe Ratio The Sharpe ratio is a measure of the excess return (or Risk Premium) above the risk free rate (as measured by the JPMorgan Bond index) per unit of risk in an investment asset or a trading strategy. It is calculated as follows:
10Y average return of the index - 10Y average return of the risk free rate Sharpe 10Y Volatility
Technical Analysis This is an attempt to indicate long term trends in the movement of the index. PLEASE NOTE: Identifying these trends, especially the resistance and support levels, is subjective and expresses the views of the author only and not necessarily the view of EPRA. Please refer to page 124 for further details.
Velocity This liquidity measure is calculated by the number of shares traded over a 12-month period divided by the free-float adjusted shares in issue at the end of the period.
Volatility The volatility shows the variability of returns over a 12-month period, revealing the extent by which the returns of an index value change from the average. Low volatility indicates the returns for an index have stayed quite close to the average whereas a high volatility would indicate a larger fluctuation over the time period. Volatility can therefore be seen as a market measure for risk.
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Data Vendor Codes
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Square de Meeus 23 ■ B-1000 Brussels, Belgium ■ T +32 2739 1010 ■ F +32 2739 1020 ■ E [email protected] ■ W www.epra.com Data Vendor Codes - Indices
Price Indices Gross Total Return Indices Net Total Return Indices
EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local
AMERICAS EMERGING INDEX FENEL ASIA 33 INDEX ENA3 (HKD) ASIA DIVERSIFIED INDEX EGADE EGADU EGADG EGADJ EGADA TEGADE TEGADU TEGADG TEGADJ TEGADA ASIA DIVIDEND+ INDEX ENAD ASIA EMERGING INDEX FENEA ASIA EX AUSTRALIA DIVERSIFIED INDEX EAADE EAADU EAADG EAADJ EAADA TEAADE TEAADU TEAADG TEAADJ TEAADA ASIA EX AUSTRALIA HEALTHCARE INDEX EAAHE EAAHU EAAHG EAAHJ EAAHA TEAAHE TEAAHU TEAAHG TEAAHJ TEAAHA ASIA EX AUSTRALIA INDEX EPAAE EPAAU EPAAG EPAAJ TEPAAE TEPAAU TEPAAG TEPAAJ TRPAAE TRPAAU TRPAAG TRPAAJ ASIA EX AUSTRALIA INDUSTRIAL INDEX EAAIE EAAIU EAAIG EAAIJ EAAIA TEAAIE TEAAIU TEAAIG TEAAIJ TEAAIA ASIA EX AUSTRALIA INDUSTRIAL/OFFICE MIXED INDEX EAAME EAAMU EAAMG EAAMJ EAAMA TEAAME TEAAMU TEAAMG TEAAMJ TEAAMA ASIA EX AUSTRALIA LODGING/RESORTS INDEX EAALE EAALU EAALG EAALJ EAALA TEAALE TEAALU TEAALG TEAALJ TEAALA ASIA EX AUSTRALIA NON-RENTAL INDEX EAANE EAANU EAANG EAANJ EAANA TEAANE TEAANU TEAANG TEAANJ TEAANA ASIA EX AUSTRALIA OFFICE INDEX EAAOE EAAOU EAAOG EAAOJ EAAOA TEAAOE TEAAOU TEAAOG TEAAOJ TEAAOA ASIA EX AUSTRALIA RENTAL INDEX EAARE EAARU EAARG EAARJ EAARA TEAARE TEAARU TEAARG TEAARJ TEAARA ASIA EX AUSTRALIA RETAIL INDEX EAATE EAATU EAATG EAATJ EAATA TEAATE TEAATU TEAATG TEAATJ TEAATA ASIA EX AUSTRALIA SELF STORAGE INDEX EAASE EAASU EAASG EAASJ EAASA TEAASE TEAASU TEAASG TEAASJ TEAASA ASIA EX AUTRALIA RESIDENTIAL INDEX EAAEE EAAEU EAAEG EAAEJ EAAEA TEAAEE TEAAEU TEAAEG TEAAEJ TEAAEA ASIA EX AUTRALIA SPECIALTY INDEX EAAPE EAAPU EAAPG EAAPJ EAAPA TEAAPE TEAAPU TEAAPG TEAAPJ TEAAPA ASIA INDEX EGAS UGAS PGAS YGAS REGA RUGA RPGA RYAS TRGASE TRGASU TRGASG TRGASJ ASIA INDUSTRIAL INDEX EGAIE EGAIU EGAIG EGAIJ EGAIA TEGAIE TEGAIU TEGAIG TEGAIJ TEGAIA ASIA LODGING/RESORTS INDEX EGALE EGALU EGALG EGALJ EGALA TEGALE TEGALU TEGALG TEGALJ TEGALA ASIA NON-REITS INDEX ENASE ENASU ENASG ENASJ ENASA TENASE TENASU TENASG TENASJ TENASA ASIA OFFICE INDEX EGAFE EGAFU EGAFG EGAFJ EGAFA TEGAFE TEGAFU TEGAFG TEGAFJ TEGAFA ASIA PAC EX JPN EX AUS LIQUID INDEX GSLQAPE GSLQAPU GSLQAPG GSLQAPJ GSLQAPA GSLQAPH (HKD), GSLQAPS (SGD) TGSLQAPE TGSLQAPU TGSLQAPG TGSLQAPJ TGSLQAPA TGSLQAPH (HKD), TGSLQAPS (SGD) ASIA REITS INDEX ERASE ERASU ERASG ERASJ ERASA TERASE TERASU TERASG TERASJ TERASA ASIA RESIDENTIAL INDEX EGAEE EGAEU EGAEG EGAEJ EGAEA TEGAEE TEGAEU TEGAEG TEGAEJ TEGAEA ASIA RETAIL INDEX EGATE EGATU EGATG EGATJ EGATA TEGATE TEGATU TEGATG TEGATJ TEGATA AUSTRALIA HEDGED IN US$ INDEX ELHAU TELHAU FTAHUST AUSTRALIA INDEX ENAU UNAU PLAU YLAU ELAU REAU RUAU RPAU RYAU RDAU TRLAUE TRLAUU TRLAUG TRLAUJ TRLAUL AUSTRALIA LIQUID INDEX LIQELAUE LIQELAUU LIQELAUG LIQELAUJ LIQELAUA TLIQELAUE TLIQELAUU TLIQELAUG TLIQELAUJ TLIQELAUA AUSTRIA INDEX EPAS UPAS PPAS YPAS REPAS RUPAS RPAS RYAUS TRPASE TRPASU TRPASG TRPASJ BELGIUM INDEX EPBL UPBL PPBL YPBL RPBL RUPBL RPPB RYBL TRPBLE TRPBLU TRPBLG TRPBLJ CANADA INDEX ENCA UNCA PLCA YLCA ELCA (CAD) RCAE RCAU RPCA RYCA RCAC (CAD) TRLCAE TRLCAU TRLCAG TRLCAJ TRLCAL (CAD) CUSTOM GLOBAL INDEX INDEX FTGIEUR FTGIUSD FTGILOC FTGIEUTR FTGIUSTR FTGILCTR CZECH REPUBLIC INDEX TRPCZE TRPCZU TRPCZG TRPCZJ TRPCZL (NZD) DENMARK INDEX EPDK UPDK PLDK YLDK ELDK (DKK) RPDK RUPDK RPLD RYDK RLDK (DKK) TRLDKE TRLDKU TRLDKG TRLDKJ TRLDKL (DKK) EMERGING MARKET INDEX FENEI EUROPE CAPPED INDEX EORA EORAU EORAG EORAG TEORAE TEORAU TEORAG TEORAJ R0RA R0RA R0RA R0RA EUROPE DIVERSIFIED INDEX EPRDE EPRDU EPRDG EPRDJ EPRDA TEPRDE TEPRDU TEPRDG TEPRDJ TEPRDA EUROPE EURO ZONE CAPPED INDEX EOEU EOEUU EOEUG EOEUJ TEOEUE TEOEUU TEOEUG TEOEUJ R0EU R0EU R0EU R0EU EUROPE EURO ZONE DIVERSIFIED INDEX EPEDE EPEDU EPEDG EPEDJ EPEDA TEPEDE TEPEDU TEPEDG TEPEDJ TEPEDA EUROPE EURO ZONE INDEX EPEU UPEU GPEU YPEU RPEU RUPEU RGPEU RYEU NEPEU NUPEU NPPEU NYPEU EUROPE EURO ZONE INDUSTRIAL INDEX EPEIE EPEIU EPEIG EPEIJ EPEIA TEPEIE TEPEIU TEPEIG TEPEIJ TEPEIA EUROPE EURO ZONE OFFICE INDEX EPEFE EPEFU EPEFG EPEFJ EPEFA TEPEFE TEPEFU TEPEFG TEPEFJ TEPEFA EUROPE EURO ZONE RESIDENTIAL INDEX EPERE EPERU EPERG EPERJ EPERA TEPERE TEPERU TEPERG TEPERJ TEPERA EUROPE EURO ZONE RETAIL INDEX EPETE EPETU EPETG EPETJ EPETA TEPETE TEPETU TEPETG TEPETJ TEPETA EUROPE EX UK CAPPED INDEX EOUK EOUKU EOUKG EOUKJ TEOUKE TEOUKU TEOUKG TEOUKJ R0UK R0UK R0UK R0UK EUROPE EX UK DIVIDEND+ INDEX ENDP EUROPE EX UK INDEX EXUK UXUK GXUK YXUK RXUK RUXUK RGXUK RYXU REXUK NUXUK NPXUK NYXUK EUROPE EX UK LIQUID INDEX GSLQEUE GSLQEUU GSLQEUG GSLQEUJ GSLQEUA GSLQEUH (HKD), GSLQEUS (SGD) TGSLQEUE TGSLQEUU TGSLQEUG TGSLQEUJ TGSLQEUA TGSLQEUH (HKD), TGSLQEUS (SGD) EUROPE HEALTHCARE INDEX EPRHE EPRHU EPRHG EPRHJ EPRHA TEPRHE TEPRHU TEPRHG TEPRHJ TEPRHA EUROPE INDEX EPRA UPRA GPRA YPRA RPRA RUPRA RGPRA RYRA NEPRA NUPRA NPPRA NYPRA EUROPE INDUSTRIAL INDEX EPRIE EPRIU EPRIG EPRIJ EPRIA TEPRIE TEPRIU TEPRIG TEPRIJ TEPRIA EUROPE LIQUID 40 CAPPED INDEX INDEX SOELU SOELG SEOLJ TSOELE TSOELU TSOELG TSOELJ R0EL R0EL R0EL R0EL EUROPE LIQUID 40 EX UK CAPPED INDEX SOXUU SOXUG SOXUJ TSOXUE TSOXUU TSOXUG TSOXUJ R0XU R0XU R0XU R0XU EUROPE LIQUID 40 EX UK INDEX SSXU USXU PSXU YSXU RSXU RUSX RPXU RYSX NSXU NUSXU NPSXU NYSXU EUROPE LIQUID 40 INDEX SSEL USEL PSEL YSEL RSSL RUSE RPEL RYSE NSSL NUSSL NPSSL NYSSL EUROPE LODGINGS/RESORTS INDEX EPRLE EPRLU EPRLG EPRLJ EPRLA TEPRLE TEPRLU TEPRLG TEPRLJ TEPRLA EUROPE NON-REITS INDEX ENEE ENEEU ENEEG ENEEJ ENEEA TENEEE TENEEU TENEEG TENEEJ TENEEA EUROPE OFFICE INDEX EPRFE EPRFU EPRFG EPRFJ EPRFA TEPRFE TEPRFU TEPRFG TEPRFJ TEPRFA EUROPE REITS INDEX EREE EREEU EREEG EREEJ EREEA TEREEE TEREEU TEREEG TEREEJ TEREEA EUROPE RESIDENTIAL INDEX EPREE EPREU EPREG EPREJ EPREA TEPREE TEPREU TEPREG TEPREJ TEPREA EUROPE RETAIL INDEX EPRTE EPRTU EPRTG EPRTJ EPRTA TEPRTE TEPRTU TEPRTG TEPRTJ TEPRTA EUROPE SELF STORAGE INDEX EPRSE EPRSU EPRSG EPRSJ EPRSA TEPRSE TEPRSU TEPRSG TEPRSJ TEPRSA EUROPE SPECIALTY INDEX EPRPE EPRPU EPRPG EPRPJ EPRPA TEPRPE TEPRPU TEPRPG TEPRPJ TEPRPA EUROPE UK RESTRICTED INDEX EPHG UPHG PPHG YPHG RPHG RUPH RPPH RYPH TRPHGE TRPHGU TRPHGG TRPHGJ EUROPE EMERGING INDEX FENEU EMEA EMERGING INDEX FENEM FINLAND INDEX EPFI UPFI PPFI YPFI RPFI RUPFI RPPFI RYFI TRPFIE TRPFIU TRPFIG TRPFIJ FRANCE INDEX EPFR UPFR PPFR YPFR RPFR RUPFR RPPFR RYFR TRPFRE TRPFRU TRPFRG TRPFRJ
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Price Indices Gross Total Return Indices Net Total Return Indices
EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local
GERMANY INDEX EPGR UPGR PPGR YPGR RPGR RUPGR RPPGR RYGR TRPGRE TRPGRU TRPGRG TRPGRJ GLOBAL DIVERSIFIED INDEX ENGVE ENGVU ENGVG ENGVJ ENGVA TENGVE TENGVU TENGVG TENGVJ TENGVA GLOBAL DIVIDEND+ INDEX ENGD GLOBAL EX ASIA INDEX EGXA UGXA PGXA YGXA REXA RUXA RPXA RYXA TRGXAE TRGXAU TRGXAG TRGXAJ GLOBAL EX ASIA NON-REITS INDEX ENXAE ENXAU ENXAG ENXAJ TENXAE TENXAU TENXAG TENXAJ GLOBAL EX ASIA REITS INDEX ERXAE ERXAU ERXAG ERXAJ TERXAE TERXAU TERXAG TERXAJ GLOBAL EX AUSTRALIA HEDGED IN AUD INDEX EGAAL TEGAAL GLOBAL EX AUSTRALIA HEDGED IN USD INDEX EGAHU TEGAHU GLOBAL EX AUSTRALIA INDEX GAXAU GAXAA TGAXAU TGAXAA TRAXAU TRAXAA GLOBAL EX AUSTRALIA NON-RENTAL IN AUD HEDGED INDEX GAHNU GAHNA TGAHNU TGAHNA GLOBAL EX AUSTRALIA NON-RENTAL IN AUD UNHEDGED INDEX GAUNU GAUNA TGAUNU TGAUNA GLOBAL EX AUSTRALIA RENTAL IN AUD HEDGED INDEX GAHRU GAHRA TGAHRU TGAHRA GLOBAL EX AUSTRALIA RENTAL IN AUD UNHEDGED INDEX GAURU GAURA TGAURU TGAURA GLOBAL EX EUROPE INDEX EGXE UGXE PGXE YGXE REXE RUXE RPXE RYXE TRGXEE TRGXEU TRGXEG TRGXEJ GLOBAL EX EUROPE NON-REITS INDEX ENXEE ENXEU ENXEG ENXEJ TENXEE TENXEU TENXEG TENXEJ GLOBAL EX EUROPE REITS INDEX ERXEE ERXEU ERXEG ERXEJ TERXEE TERXEU TERXEG TERXEJ GLOBAL EX JAPAN INDEX EGXJE EGXJU EGXJG EGXJJ TEGXJE TEGXJU TEGXJG TEGXJJ TRGXJE TRGXJU TRGXJG TRGXJJ GLOBAL EX NORTH AMERICA EGXN UGXN PGXN YGXN REXN RUXN RPXN RYXN TRGXNE TRGXNU TRGXNG TRGXNJ GLOBAL EX US INDEX EUGXU EGXU PGXU YGXU REUGXU REGXU RPGXU RYGXU TRGXUE TRGXUU TRGXUG TRGXUJ GLOBAL EX US LIQUID INDEX GSLXUSE GSLXUSU GSLXUSG GSLXUSJ GSLXUSA GSLXUSH (HKD), GSLXUSS (SGD) TGSLXUSE TGSLXUSU TGSLXUSG TGSLXUSJ TGSLXUSA TGSLXUSh (HKD), TGSLXUSS (SGD) GLOBAL EX US NON-REITS INDEX ENXUE ENXUU ENXUG ENXUJ TENXUE TENXUU TENXUG TENXUJ GLOBAL EX US REITS INDEX ERXUE ERXUU ERXUG ERXUJ TERXUE TERXUU TERXUG TERXUJ GLOBAL HEALTHCARE INDEX ENGEE ENGEU ENGEG ENGEJ ENGEA TENGEE TENGEU TENGEG TENGEJ TENGEA GLOBAL HEDGED IN AUD INDEX EGHAA TEGHAA GLOBAL INDEX ENGL UNGL PNGL YNGL RNGL RUGL RPGL RYGL TRNGLE TRNGLU TRNGLG TRNGLJ GLOBAL INDUSTRIAL INDEX ENGIE ENGIU ENGIG ENGIJ ENGIA TENGIE TENGIU TENGIG TENGIJ TENGIA GLOBAL INDUSTRIAL/OFFICE INDEX ENGME ENGMU ENGMG ENGMJ ENGMA TENGME TENGMU TENGMG TENGMJ TENGMA GLOBAL LIQUID INDEX GSLQGLE GSLQGLU GSLQGLG GSLQGLJ GSLQGLA GSLQGLH (HKD), GSLQGLS (SGD) TGSLQGLE TGSLQGLU TGSLQGLG TGSLQGLJ TGSLQGLA TGSLQGLH (HKD), TGSLQGLS (SGD) GLOBAL LODGINGS/RESORTS INDEX ENGOE ENGOU ENGOG ENGOJ ENGOA TENGOE TENGOU TENGOG TENGOJ TENGOA GLOBAL NON-REITS INDEX ENRGE ENRGU ENRGG ENRGJ TENRGE TENRGU TENRGG TENRGJ GLOBAL OFFICE INDEX ENGFE ENGFU ENGFG ENGFJ ENGFA TENGFE TENGFU TENGFG TENGFJ TENGFA GLOBAL REITS INDEX ERGLU GLOBAL REITS INDEX ERGLE ERGLU ERGLG ERGLJ TERGLE TERGLU TERGLG TERGLJ GLOBAL RESIDENTIAL INDEX ENGAE ENGAU ENGAG ENGAJ ENGAA TENGAE TENGAU TENGAG TENGAJ TENGAA GLOBAL RETAIL INDEX ENGTE ENGTU ENGTG ENGTJ ENGTA TENGTE TENGTU TENGTG TENGTJ TENGTA GLOBAL SELF STORAGE INDEX ENGSE ENGSU ENGSG ENGSJ ENGSA TENGSE TENGSU TENGSG TENGSJ TENGSA GLOBAL SPECIALTY INDEX ENGPE ENGPU ENGPG ENGPJ ENGPA TENGPE TENGPU TENGPG TENGPJ TENGPA GREECE INDEX EPGC UPGC PPGC YPGC RPGC RUGC RPPGC RYGC TRPGCE TRPGCU TRPGCG TRPGCJ HONG KONG INDEX ENHK USHK PLHK YLHK ELHK (HKD) REHK RUHK RPHK RYHK RHHK (HKD) TRLHKE TRLHKU TRLHKG TRLHKJ TRLHKL (HKD) HUNGARY INDEX TRPHUE TRPHUU TRPHUG TRPHUJ TRPHUL (HUG) IRELAND INDEX EPIR UPIR RPIR RUPIR TRPIRE TRPIRU TRPIRG TRPIRJ ITALY INDEX EPIT UPIT PPIT YPIT RPIT RUPIT RPPI RYIT TRPITE TRPITU TRPITG TRPITJ JAPAN INDEX ENJP UNJP PLJP ELJP REJP RUJP RPLJ RYJP TRPJPE TRPJPU TRPJPG TRPJPJ JAPAN LIQUID INDEX LIQELJE LIQELJU LIQELJG LIQELJJ LIQELJA LIQELJH (HKD), LIQELJS (SGD) TLIQELJE TLIQELJU TLIQELJG TLIQELJJ TLIQELJA TLIQELJH (HKD), TLIQELJS (SGD) NETHERLANDS INDEX EPNL UPNL PPNL YPNL RPNL RUPNL RPPN RYNL TRPNLE TRPNLU TRPNLG TRPNLJ NEW ZEALAND INDEX ENNZ UNNZ PLNZ YLNZ ELNZ (NZD) REGNZ RUNZ RPNZ RYNZ RLPNZ (NZD) TRLNZE TRLNZU TRLNZG TRLNZJ TRLNZL (NZD) NORTH AMERICA DIVERSIFIED INDEX EGNDE EGNDU EGNDG EGNDJ EGNDA TEGNDE TEGNDU TEGNDG TEGNDJ TEGNDA NORTH AMERICA HEALTHCARE INDEX EGNHE EGNHU EGNHG EGNHJ EGNHA TEGNHE TEGNHU TEGNHG TEGNHJ TEGNHA NORTH AMERICA INDEX EGNA UGNA PGNA YGNA REGN RUGN RPGN RYNA TRGNAE TRGNAU TRGNAG TRGNAJ NORTH AMERICA INDUSTRIAL INDEX EGNIE EGNIU EGNIG EGNIJ EGNIA TEGNIE TEGNIU TEGNIG TEGNIJ TEGNIA NORTH AMERICA LIQUID INDEX GSLQNAE GSLQNAU GSLQNAG GSLQNAJ GSLQNAA GSLQNAH (HKD), GSLQNAS (SGD) TGSLQNAE TGSLQNAU TGSLQNAG TGSLQNAJ TGSLQNAA TGSLQNAH (HKD), TGSLQNAS (SGD) NORTH AMERICA LODGINGS RESORTS INDEX EGNLE EGNLU EGNLG EGNLJ EGNLA TEGNLE TEGNLU TEGNLG TEGNLJ TEGNLA NORTH AMERICA NIDUSTRAL/OFFICE MIXED INDEX EGNME EGNMU EGNMG EGNMJ EGNMA TEGNME TEGNMU TEGNMG TEGNMJ TEGNMA NORTH AMERICA OFFICE INDEX EGNFE EGNFU EGNFG EGNFJ EGNFA TEGNFE TEGNFU TEGNFG TEGNFJ TEGNFA NORTH AMERICA RESIDENTIAL INDEX EGNEE EGNEU EGNEG EGNEJ EGNEA TEGNEE TEGNEU TEGNEG TEGNEJ TEGNEA NORTH AMERICA RETAIL INDEX EGNTE EGNTU EGNTG EGNTJ EGNTA TEGNTE TEGNTU TEGNTG TEGNTJ TEGNTA NORTH AMERICA SELF STORAGE INDEX EGNSE EGNSU EGNSG EGNSJ EGNSA TEGNSE TEGNSU TEGNSG TEGNSJ TEGNSA NORTH AMERICA SPECIALTY INDEX EGNPE EGNPU EGNPG EGNPJ EGNPA TEGNPE TEGNPU TEGNPG TEGNPJ TEGNPA NORWAY INDEX EPNK UPNK ELNK (NOK) RPNK RUPNK RLNK (NOK) TRLNKE TRLNKU TRLNKG TRLNKJ TRLNKL (NOK) MIDDLE EAST/AFRICA EMERGIN INDEX FENME POLAND INDEX TRPPOE TRPPOU TRPPOG TRPPOJ TRPPOL (PLN) PORTUGAL INDEX EPPT UPPT RPPT RUPPT TRPPTE TRPPTU TRPPTG TRPPTJ PURE ASIA EX AUSTRALIA INDEX TFEPAEAE PURE ASIA INDEX EGPA UGPA PGPA YGPA RGPA RUPA RPPA RYPA TRGPAE TRGPAU TRGPAG TRGPAJ PURE AUSTRALIA INDEX EPAU UPAU PPAU YPAU LPAU REPAU RAUU RPPAU RYPAU RLPA TRPAUE TRPAUU TRPAUG TRPAUJ TRPAUL SINGAPORE INDEX ENSI UNSI PLSI YLSI ELSI (SGD) RESI RUSI RPSI RYSI RDSI (SGD) TRLSIE TRLSIU TRLSIG TRLSIJ TRLSIL (SGD) SOUTH KOREA INDEX TRPKRE TRPKRU TRPKRG TRPKRJ TRPKRL (KRW) SPAIN INDEX EPSP UPSP PPSP YPSP RPSP RUPSP RPPS RYSP TRPSPE TRPSPU TRPSPG TRPSPJ SWEDEN INDEX EPSD UPSD PLSD YLSD ELSD (SEK) RPSD RUPSD RPLSD RYSD RLSD (SEK) TRLSDE TRLSDU TRLSDG TRLSDJ TRLSDL (SEK) SWITZERLAND INDEX EPSW UPSW PPSW YLSW ELSW (CHF) RPSW RUPSW RPLSW RYSW RLSW (CHF) TRLSWE TRLSWU TRLSWG TRLSWJ TRLSWL (CHF)
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Price Indices Gross Total Return Indices Net Total Return Indices
EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local
UK DIVERSIFIED INDEX ELUDE ELUDU ELUDG ELUDJ ELUDA TELUDE TELUDU TELUDG TELUDJ TELUDA UK HEALTHCARE INDEX ELUHE ELUHU ELUHG ELUHJ ELUHA TELUHE TELUHU TELUHG TELUHJ TELUHA UK INDEX EPUK UPUK ELUK YLUK RPUK RUPUK RLUK RYUK NEPUK NUPUK NPPUK NYPUK UK INDUSTRAL INDEX ELUIE ELUIU ELUIG ELUIJ ELUIA TELUIE TELUIU TELUIG TELUIJ TELUIA UK LIQUID INDEX LIQELUE LIQELUU LIQELUG LIQELUJ LIQELUA LIQELUH (HKD), LIQELUS (SGD) TLIQELUE TLIQELUU TLIQELUG TLIQELUJ TLIQELUA TLIQELUH (HKD), TLIQELUS (SGD) UK LODGINGS/RESORTS INDEX ELULE ELULU EULUG EULUJ ELULA TELULE TELULU TEULUG TEULUJ TELULA UK NON-REITS INDEX ENUKNRE ENUKNRU ENUKNRG ENUKNRJ TENUKNRE TENUKNRU TENUKNRG TENUKNRJ UK OFFICE INDEX ELUFE ELUFU ELUFG ELUFJ ELUFA TELUFE TELUFU TELUFG TELUFJ TELUFA UK PROPERTY INDEX INAVEUPE INAVEUPU INAVEUPG INAVEUPC (CHF) UK REITS INDEX ENUKRE ENUKRU ENUKRG ENUKRJ TENUKRE TENUKRU TENUKRG TENUKRJ UK RESIDENTIAL INDEX ELUEE ELUEU ELUEG ELUEJ ELUEA TELUEE TELUEU TELUEG TELUEJ TELUEA UK RETAIL INDEX ELUTE ELUTU ELUTG ELUTJ ELUTA TELUTE TELUTU TELUTG TELUTJ TELUTA UK SELF STORAGE INDEX ELUSE ELUSU ELUSG ELUSJ ELUSA TELUSE TELUSU TELUSG TELUSJ TELUSA UK SPECIALTY INDEX ELUPE ELUPU ELUPG ELUPJ ELUPA TELUPE TELUPU TELUPG TELUPJ TELUPA US DIVERSIFIED INDEX UNUDE UNUDU UNUDG UNUDJ UNUDA TUNUDE TUNUDU TUNUDG TUNUDJ TUNUDA US DIVIDEND+ INDEX ENUD US HEALTHCARE INDEX UNUHE UNUHU UNUHG UNUHJ UNUHA TUNUHE TUNUHU TUNUHG TUNUHJ TUNUHA US INDEX ENUS UNUS PNUS YNUS REUS RUUS RPNU RYUS TRNUSE TRNUSU TRNUSG TRNUSJ US INDUSTRIAL INDEX UNUIE UNUIU UNUIG UNUIJ UNUIA TUNUIE TUNUIU TUNUIG TUNUIJ TUNUIA US INDUSTRIAL/OFFICE MIXED INDEX UNUME UNUMU UNUMG UNUMJ UNUMA TUNUME TUNUMU TUNUMG TUNUMJ TUNUMA US LODGINGS/RESORTS INDEX UNULE UNULU UNULG UNULJ UNULA TUNULE TUNULU TUNULG TUNULJ TUNULA US OFFICE INDEX UNUFA UNUFU UNUFG UNUFJ UNUFA TUNUFA TUNUFU TUNUFG TUNUFJ TUNUFA US RESIDENTIAL INDEX UNUEE UNUEU UNUEG UNUEJ UNUEA TUNUEE TUNUEU TUNUEG TUNUEJ TUNUEA US RETAIL INDEX UNUTE UNUTU UNUTG UNUTJ UNUTA TUNUTE TUNUTU TUNUTG TUNUTJ TUNUTA US SELF STORAGE INDEX UNUOE UNUOU UNUOG UNUOJ UNUOA TUNUOE TUNUOU TUNUOG TUNUOJ TUNUOA US SPECIALTY INDEX UNUPE UNUPU UNUPG UNUPJ UNUPA TUNUPE TUNUPU TUNUPG TUNUPJ TUNUPA
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EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local
AMERICAS EMERGING INDEX .FTENEL ASIA 33 INDEX .FTENAE3 .FTENA3 ASIA DIVIDEND+ INDEX .FTENAD .FTENAD ASIA EMERGING INDEX .FTENEA ASIA EX AUSTRALIA INDEX .TFTRPAAE .TFTRPAAU .TFTRPAAS .TFTRPAAY .TFTRPAAL ASIA INDEX .FTEGAS .FTUGAS .FTEGASE .FTEGASU .FTEGASY .FTEGASS .FTEGASL .TFTRGASE .TFTRGASU .TFTRGASS .TFTRGASY .TFTRGASL ASIA NON-REITS INDEX .FTENASE .FTENASU .FTENASS .FTENASY .FTENASL .TFTENASE .TFTENASU .TFTENASS .TFTENASY .TFTENASL ASIA REITS INDEX .FTERASE .FTERASU .FTERASS .FTERASY .FTERASL .TFTERASE .TFTERASU .TFTERASS .TFTERASY .TFTERASL AUSTRALIA INDEX .FTELAU .FTELAUE .FTELAUU .FTELAUY .FTELAUS .FTELAUL .TFTELAUE .TFTELAUU .TFTELAUS .TFTELAUY .TFTELAUL AUSTRIA INDEX .FTEPASE .FTEPASU .FTEPASY .FTEPASS .FTEPASL .TFTRPASE .TFTRPASU .TFTRPASS .TFTRPASY .TFTRPASL BELGIUM INDEX .FTEPBLE .FTEPBLU .FTEPBLY .FTEPBLS .FTEPBLL .TFTRPBLE .TFTRPBLU .TFTRPBLS .TFTRPBLY .TFTRPBLL CANADA INDEX .FTELCAE .FTELCAU .FTELCAY .FTELCAS .FTELCAL .TFTELCAE .TFTELCAU .TFTELCAS .TFTELCAY .TFTELCAL CZECH INDEX .TFTRPCZL DENMARK INDEX .FTELDKE .FTELDKU .FTELDKY .FTELDKS .FTELDKL .TFTELDKE .TFTELDKU .TFTELDKS .TFTELDKY .TFTELDKL EMERGING MARKET INDEX .FTENEI EUROPE CAPPED INDEX .FTEORA .FTEORA EUROPE EURO ZONE CAPPED INDEX .FTEOEU .FTEOEU EUROPE EURO ZONE INDEX .FTEPEU .FTEPEUE .FTEPEUU .FTEPEUY .FTEPEUS .FTEPEUL .TFTRPEUE .TFTRPEUU .TFTRPEUS .TFTRPEUY .TFTRPEUL EUROPE EX UK CAPPED INDEX .FTEOUK .FTEOUK EUROPE EX UK DIVIDEND+ INDEX .FTENDP .TFTENDPE .TFTENDPU .TFTENDPS .TFTENDPY .TFTENDPL EUROPE EX UK INDEX .FTEXUK .FTEXUKE .FTEXUKU .FTEXUKY .FTEXUKS .FTEXUKL .TFTRXUKE .TFTRXUKU .TFTRXUKS .TFTRXUKY .TFTRXUKL EUROPE INDEX .FTEPRA .FTUPRA .FTEPRAE .FTEPRAU .FTEPRAY .FTEPRAS .FTEPRAL .TFTRPRAE .TFTRPRAU .TFTRPRAS .TFTRPRAY .TFTRPRAL EUROPE LIQUID 40 EX UK INDEX .FTSSXUE .FTSSXUU .FTSSXUY .FTSSXUS .FTSSXUL .TFTSSXUE .TFTSSXUU .TFTSSXUS .TFTSSXUY .TFTSSXUL EUROPE LIQUID 40 INDEX .FTSSELE .FTSSELU .FTSSELY .FTSSELS .FTSSELL .TFTSSELE .TFTSSELU .TFTSSELS .TFTSSELY .TFTSSELL EUROPE NON-REITS INDEX .FTENEE .FTENEE EUROPE REITS INDEX .FTEREE .FTEREE EUROPE UK RESTRICTED INDEX .FTEPHG .FTEPHGE .FTEPHGU .FTEPHGY .FTEPHGS .FTEPHGL .TFTRPHGE .TFTRPHGU .TFTRPHGS .TFTRPHGY .TFTRPHGL EUROPE EMERGING INDEX .FTENEU EMEA EMERGING INDEX .FTENEM FINLAND INDEX .FTEPFIE .FTEPFIU .FTEPFIY .FTEPFIS .FTEPFIL .TFTRPFIE .TFTRPFIU .TFTRPFIS .TFTRPFIY .TFTRPFIL FRANCE INDEX .FTEPFRE .FTEPFRU .FTEPFRY .FTEPFRS .FTEPFRL .TFTRPFRE .TFTRPFRU .TFTRPFRS .TFTRPFRY .TFTRPFRL GERMANY INDEX .FTEPGRE .FTEPGRU .FTEPGRY .FTEPGRS .FTEPGRL .TFTRPGRE .TFTRPGRU .TFTRPGRS .TFTRPGRY .TFTRPGRL GLOBAL DIVIDEND+ INDEX .FTENGD .FTENGED GLOBAL EX ASIA INDEX .FTEGXAE .FTEGXAU .FTEGXAY .FTEGXAS .FTEGXAL .TFTRGXAE .TFTRGXAU .TFTRGXAS .TFTRGXAY .TFTRGXAL GLOBAL EX ASIA NON-REITS INDEX .FTENXAE .FTENXAU .FTENXAS .FTENXAY .FTENXAL .TFTENXAE .TFTENXAU .TFTENXAS .TFTENXAY .TFTENXAL GLOBAL EX ASIA REITS INDEX .FTERXAE .FTERXAU .FTERXAS .FTERXAY .FTERXAL .TFTERXAE .TFTERXAU .TFTERXAS .TFTERXAY .TFTERXAL GLOBAL EX AUSTRALIA HEDGED IN AUD INDEX .FTEGAAA .TFTEGAAL GLOBAL EX AUSTRALIA HEDGED IN USD INDEX .TFTEGAHU .TFTEGAHL GLOBAL EX AUSTRALIA INDEX .TFTRAXAA GLOBAL EX EUROPE INDEX .FTEGXEE .FTEGXEU .FTEGXEY .FTEGXES .FTEGXEL .TFTRGXEE .TFTRGXEU .TFTRGXES .TFTRGXEY .TFTRGXEL GLOBAL EX EUROPE NON-REITS INDEX .FTENXEE .FTENXEU .FTENXES .FTENXEY .FTENXEL .TFTENXEE .TFTENXEU .TFTENXES .TFTENXEY .TFTENXEL GLOBAL EX EUROPE REITS INDEX .FTERXEE .FTERXEU .FTERXES .FTERXEY .FTERXEL .TFTERXEE .TFTERXEU .TFTERXES .TFTERXEY .TFTERXEL GLOBAL EX JAPAN INDEX .TFTRGXJE .TFTRGXJU .TFTRGXJS .TFTRGXJY .TFTRGXJL GLOBAL EX NORTH AMERICA INDEX .FTEGXNE .FTEGXNU .FTEGXNY .FTEGXNS .FTEGXNL .TFTRGXNE .TFTRGXNU .TFTRGXNS .TFTRGXNY .TFTRGXNL GLOBAL EX NORTH AMERICA REITS INDEX .TFTERXUE .TFTERXUU .TFTERXUS .TFTERXUY .TFTERXUL GLOBAL EX US INDEX .FTEGXO .TFTEGXUE .TFTEGXUU .TFTEGXUS .TFTEGXUY .TFTEGXUL GLOBAL EX US NON-REITS INDEX .FTENXUE .FTENXUU .FTENXUS .FTENXUY .FTENXUL .TFTENXUE .TFTENXUU .TFTENXUS .TFTENXUY .TFTENXUL GLOBAL EX US REITS INDEX .FTERXUE .FTERXUU .FTERXUS .FTERXUY .FTERXUL GLOBAL HEDGED IN AUD INDEX .FTSEGHAA GLOBAL HEDGED IN USD INDEX .TFTELHAU .TFTELHAL GLOBAL INDEX .FTENGL .FTUNGL .FTENGLE .FTENGLU .FTENGLY .FTENGLS .FTENGLL .TFTRNGLE .TFTRNGLU .TFTRNGLS .TFTRNGLY .TFTRNGLL GLOBAL NON-REITS INDEX .FTENRGE .FTENRGU .FTENRGS .FTENRGY .FTENRGL GLOBAL REITS INDEX .FTERGLE .FTERGLU .FTERGLS .FTERGLY .FTERGLL .TFTERGLE .TFTERGLU .TFTERGLS .TFTERGLY .TFTERGLL GREECE INDEX .FTEPGCE .FTEPGCU .FTEPGCY .FTEPGCS .FTEPGCL .TFTRPGCE .TFTRPGCU .TFTRPGCS .TFTRPGCY .TFTRPGCL HONG KONG INDEX .FTELHK .FTELHKE .FTELHKU .FTELHKY .FTELHKS .FTELHKL .TFTELHKE .TFTELHKU .TFTELHKS .TFTELHKY .TFTELHKL HUNGARY INDEX .TFTRPHUL IRELAND INDEX .FTEPIRE .FTEPIRU .FTEPIRY .FTEPIRS .FTEPIRL .TFTRPIRE .TFTRPIRU .TFTRPIRS .TFTRPIRY .TFTRPIRL ITALY INDEX .FTEPITE .FTEPITU .FTEPITY .FTEPITS .FTEPITL .TFTRPITE .TFTRPITU .TFTRPITS .TFTRPITY .TFTRPITL JAPAN INDEX .FTELJP .FTELJPE .FTELJPU .FTELJPY .FTELJPS .FTELJPL .TFTELJPE .TFTELJPU .TFTELJPS .TFTELJPY .TFTELJPL NETHERLANDS INDEX .FTEPNLE .FTEPNLU .FTEPNLY .FTEPNLS .FTEPNLL .TFTRPNLE .TFTRPNLU .TFTRPNLS .TFTRPNLY .TFTRPNLL NEW ZEALAND INDEX .FTELNZE .FTELNZU .FTELNZY .FTELNZS .FTELNZL .TFTELNZE .TFTELNZU .TFTELNZS .TFTELNZY .TFTELNZL NORTH AMERICA INDEX .FTEGNA .FTUGNA .FTEGNAE .FTEGNAU .FTEGNAY .FTEGNAS .FTEGNAL .TFTRGNAE .TFTRGNAU .TFTRGNAS .TFTRGNAY .TFTRGNAL NORWAY INDEX .FTELNKE .FTELNKU .FTELNKY .FTELNKS .FTELNKL .TFTELNKE .TFTELNKU .TFTELNKS .TFTELNKY .TFTELNKL MIDDLE EAST/AFRICA EMERGIN INDEX .FTENME POLAND INDEX .TFTRPPOE .TFTRPPOU .TFTRPPOS .TFTRPPOY .TFTRPPOL PORTUGAL INDEX .FTEPPTE .FTEPPTU .FTEPPTY .FTEPPTS .FTEPPTL .TFTRPPTE .TFTRPPTU .TFTRPPTS .TFTRPPTY .TFTRPPTL PURE ASIA INDEX .FTEGPAE .FTEGPAU .FTEGPAY .FTEGPAS .FTEGPAL .TFTRGPAE .TFTRGPAU .TFTRGPAS .TFTRGPAY .TFTRGPAL PURE AUSTRALIA INDEX .FTLPAUE .FTLPAUU .FTLPAUY .FTLPAUS .FTLPAUL .TFTLPAUE .TFTLPAUU .TFTLPAUS .TFTLPAUY .TFTLPAUL SINGAPORE INDEX .FTELSIE .FTELSIU .FTELSIY .FTELSIS .FTELSIL .TFTELSIE .TFTELSIU .TFTELSIS .TFTELSIY .TFTELSIL SOUTH KOREA INDEX .TFTRPKRL
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Price Indices Gross Total Return Indices Net Total Return Indices
EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local
SPAIN INDEX .FTEPSPE .FTEPSPU .FTEPSPY .FTEPSPS .FTEPSPL .TFTRPSPE .TFTRPSPU .TFTRPSPS .TFTRPSPY .TFTRPSPL SWEDEN INDEX .FTELSDE .FTELSDU .FTELSDY .FTELSDS .FTELSDL .TFTELSDE .TFTELSDU .TFTELSDS .TFTELSDY .TFTELSDL SWITZERLAND INDEX .FTELSWE .FTELSWU .FTELSWY .FTELSWS .FTELSWL .TFTELSWE .TFTELSWU .TFTELSWS .TFTELSWY .TFTELSWL UK INDEX .FTELUK .FTELUKE .FTELUKU .FTELUKY .FTELUKS .FTELUKL .TFTRPUKE .TFTRPUKU .TFTRPUKS .TFTRPUKY .TFTRPUKL UK NON-REITS INDEX .FTENUKNRE .FTENUKNRU .FTENUKNRS .FTENUKNRY .FTENUKNRS UK REITS INDEX .FTENUKRE .FTENUKRU .FTENUKRS .FTENUKRY .FTENUKRS US DIVIDEND+ INDEX .FTENUD .FTENUD US INDEX .FTUNUS .FTUNUSE .FTUNUSU .FTUNUSY .FTUNUSS .FTUNUSL .TFTUNUSE .TFTUNUSU .TFTUNUSS .TFTUNUSY .TFTUNUSL
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DATASTREAM FTSE EPRA/NAREIT Indices - Data Vendor Codes * Bold indicates real time calculation Price Indices Gross Total Return Indices Net Total Return Indices
Index EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local ASIA INDEX EPRAASE PI EPRAASU PI EPRAASG PI EPRAASE RI EPRAASU RI EPRAASG RI AUSTRALIA INDEX EPRAAUE PI EPRAAUU PI EPRAAUA PI EPRAAUE RI EPRAAUU RI EPRAAUA RI AUSTRIA INDEX EPRAAUS PI EPRAAU$ PI EPRAAUS RI EPRAAU$ RI BELGIUM INDEX EPRABGE PI EPRABGU PI EPRABGE RI EPRABGU RI CANADA INDEX EPRACAE PI EPRACAU PI EPRACAC PI EPRACAE RI EPRACAU RI EPRACAC RI DENMARK INDEX EPRADKE PI EPRADKU PI EPRADKD PI EPRADKE RI EPRADKU RI EPRADKD RI EUROPE EURO ZONE INDEX EPRAEZE PI EPRAEZU PI EPRAEZG PI EPRAEZE RI EPRAEZU RI EPRAEZG RI EUROPE EX UK INDEX EPRAXUE PI EPRAXUU PI EPRAXUG PI EPRAXUE RI EPRAXUU RI EPRAXUG RI EUROPE INDEX EPRAIXE PI EPRAIXU PI EPRAIXG PI EPRAIXE RI EPRAIXU RI EPRAIXG RI FINLAND INDEX EPRAFNE PI EPRAFNU PI EPRAFNE RI EPRAFNU RI FRANCE INDEX EPRAFRE PI EPRAFRU PI EPRAFRE RI EPRAFRU RI GERMANY INDEX EPRAGRE PI EPRAGRU PI EPRAGRE RI EPRAGRU RI GLOBAL EX ASIA INDEX EPRGXAE PI EPRGXAU PI EPRGXAG PI EPRGXAE RI EPRGXAU RI EPRGXAG RI GLOBAL EX EUROPE INDEX EPRGXEE PI EPRGXEU PI EPRGXEG PI EPRGXEE RI EPRGXEU RI EPRGXEG RI GLOBAL EX NORTH AMERICA INDEX EPRXNAE PI EPRXNAU PI EPGXNAG PI EPRXNAE RI EPRXNAU RI EPGXNAG RI GLOBAL INDEX EPRAGLE PI EPRAGLU PI EPRAGLG PI EPRAGLE RI EPRAGLU RI EPRAGLG RI HONG KONG INDEX EPRAHKE PI EPRAHKU PI EPRAHKH PI EPRAHKE RI EPRAHKU RI EPRAHKH RI IRELAND INDEX EPRAIRE PI EPRAIRU PI EPRAIRE RI EPRAIRU RI ITALY INDEX EPRAITE PI EPRAITU PI EPRAITE RI EPRAITU RI JAPAN INDEX EPRAJPE PI EPRAJPU PI EPRAJPJ PI EPRAJPE RI EPRAJPU RI EPRAJPJ RI NETHERLANDS INDEX EPRANLE PI EPRANLU PI EPRANLE RI EPRANLU RI NORTH AMERICA INDEX EPRANAE PI EPRANAU PI EPRANAG PI EPRANAE RI EPRANAU RI EPRANAG RI NORWAY INDEX EPRANWE PI EPRANWU PI EPRANWN PI EPRANWE RI EPRANWU RI EPRANWN RI PORTUGAL INDEX EPRAPRE PI EPRAPRU PI EPRAPRE RI EPRAPRU RI SINGAPORE INDEX EPRASGE PI EPRASGU PI EPRASGS PI EPRASGE RI EPRASGU RI EPRASGS RI SPAIN INDEX EPRASPE PI EPRASPU PI EPRASPE RI EPRASPU RI SWEDEN INDEX EPRASWE PI EPRASWU PI EPRASWS PI EPRASWE RI EPRASWU RI EPRASWS RI SWITZERLAND INDEX EPRASZE PI EPRASZU PI EPRASZC PI EPRASZE RI EPRASZU RI EPRASZC RI UK INDEX EPRAUKE PI EPRAUKU PI EPRAUKG PI EPRAUKE RI EPRAUKU RI EPRAUKG RI US INDEX EPRAUSE PI EPRAUSU PI EPRAUSE RI EPRAUSU RI
THOMSON ONE
ASIA 33 INDEX ENA3-LN ASIA DIVIDEND+ INDEX ENAD-LN ASIA INDEX EGAS-LN UGAS-LN AUSTRALIA INDEX ELAU-LN EUROPE CAPPED INDEX EORA-LN EUROPE EURO ZONE CAPPED INDEX EOEU-LN EUROPE EURO ZONE INDEX EPEU-LN EUROPE EX UK CAPPED INDEX EOUK-LN EUROPE EX UK DIVIDEND+ INDEX ENDP-LN EUROPE EX UK INDEX EXUK-LN EUROPE INDEX EPRA-LN UPRA-LN EUROPE NON-REITS INDEX ENEE-LN EUROPE REITS INDEX EREE-LN EUROPE UK RESTRICTED INDEX EPHG-LN GLOBAL DIVIDEND+ INDEX ENGD-LN GLOBAL EX US INDEX EGXU-LN GLOBAL INDEX ENGL-LN UNGL-LN HONG KONG INDEX ELHK-LN JAPAN INDEX ELJP-LN NORTH AMERICA INDEX EGNA-LN UGNA-LN UK INDEX ELUK-LN US DIVIDEND+ INDEX ENUD-LN US INDEX UNUS-LN
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THOMSON GLOBAL TOPIC FTSE EPRA/NAREIT Indices - Data Vendor Codes * Bold indicates real time calculation Price Indices Gross Total Return Indices Net Total Return Indices
Index EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local EUR USD GBP JPY AUD Local ASIA 33 INDEX =ENA3.FT ASIA DIVIDEND+ INDEX =ENAD.FT ASIA INDEX =EGAS.FT =UGAS.FT AUSTRALIA INDEX =ELAU.FT EUROPE CAPPED INDEX =EORA.FT EUROPE EURO ZONE CAPPED INDEX =EOEU.FT EUROPE EURO ZONE INDEX =EPAU.FT EUROPE EX UK CAPPED INDEX =EOUK.FT EUROPE EX UK DIVIDEND+ INDEX =ENDP.FT EUROPE EX UK INDEX =EXUK.FT EUROPE INDEX =EPRA.FT =UPRA.FT EUROPE NON-REITS INDEX =ENEE.FT EUROPE REITS INDEX =EREE.FT EUROPE UK RESTRICTED INDEX =EPHG.FT GLOBAL DIVIDEND+ INDEX =ENGD.FT GLOBAL EX US INDEX =EGXU.FT GLOBAL INDEX =ENGL.FT =UNGL.FT HONG KONG INDEX =ELHK.FT JAPAN INDEX =ELJP.FT NORTH AMERICA INDEX =EGNA.FT =UGNA.FT UK INDEX =ELUK.FT US DIVIDEND+ INDEX =ENUD.FT US INDEX =UNUS.FT
ASIA 33 INDEX 3220369 ASIA DIVIDEND+ INDEX 2677759 ASIA INDEX 1313678 1313682 AUSTRALIA INDEX 1314427 EUROPE CAPPED INDEX 3191123 EUROPE EURO ZONE CAPPED INDEX 3191105 EUROPE EURO ZONE INDEX 1125979 EUROPE EX UK CAPPED INDEX 3191135 EUROPE EX UK DIVIDEND+ INDEX 2289296 EUROPE EX UK INDEX 1148944 EUROPE INDEX 1125954 1148773 EUROPE NON-REITS INDEX 3135083 EUROPE REITS INDEX 3135068 EUROPE UK RESTRICTED INDEX 1181456 GLOBAL DIVIDEND+ INDEX 2677743 GLOBAL EX US INDEX 2337044 GLOBAL INDEX 1313614 1313646 HONG KONG INDEX 1314349 JAPAN INDEX 1314439 NORTH AMERICA INDEX 1313713 1314124 UK INDEX 1126372 US DIVIDEND+ INDEX 2677767 US INDEX 1314322
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Constituent Country ISIN Constituent Country ISIN CA Immobilien Anlage AT AT0000641352 CAI AV CAIV.VI CAI-WBO Beni Stabili * IT IT0001389631 BNS IM BNSI.MI BNS-MIL Conwert Immobilien AT AT0000697750 CWI AV CONW.VI CWI-WBO IGD * IT IT0003745889 IGD IM IGD.MI IGD-MIL BUWOG - Bauen und Wohnen GmbH AT AT00BUWOG001 BUWOG GR BUWOG.VI BUWOG-WBO Eurocommercial Props * NL NL0000288876 ECMPA NA SIPFc.AS ECMPA-AMS Aedifica * BE BE0003851681 AED BB AED.BR AED-BRU NSI NV * NL NL0000292324 NSI NA NSTEc.AS NISTI-AMS Befimmo * BE BE0003678894 BEFB BB BEFB.BR BEFB-BRU Unibail-Rodamco * NL FR0000124711 UL NA UNBP.NA UL-AMS Cofinimmo * BE BE0003593044 COFB BB COFB.BR COFB-BRU Vastned Retail * NL NL0000288918 VASTN NA VASN.AS VASTN-AMS Intervest Offices * BE BE0003746600 INTO BB PRIF.BR INTO-BRU Wereldhave * NL NL0000289213 WHA NA WEHA.AS WHA-AMS Leasinvest Real Estate * BE BE0003770840 LEAS BB LNRE.BR LEAS-BRU Entra ASA NW NO0010716418 ENTRA NO WEHA.AS WHA-AMS Wereldhave Belgium * BE BE0003724383 WEHB BB WEHB.BR WEHB-BRU Norwegian Property NW NO0010317811 NPRO NO NPRO.OL NPRO-OSL Warehouses De Pauw * BE BE0003763779 WDP BB WDPP.BR WDP-BRU Hispania Activos Inmobiliarios SAU * SP ES0105019006 HIS SM COL.SM COL-MAD Allreal CH CH0008837566 ALLN SW ALLN.S ALLN-SWX Inmobiliaria Colonial S.A. SP ES0139140042 COL SM COL.SM COL-MAD Mobimo CH CH0011108872 MOBN SW MOBN.S MOBN-SWX Lar Espana Real Estate SOCIMI SA *SP ES0105015012 LAR SM COL.SM COL-MAD PSP Swiss Property CH CH0018294154 PSPN SW PSPN.S PSPN-SWX Merlin Properties Socimi SA * SP ES0105025003 MRL SM COL.SM COL-MAD Swiss Prime Site CH CH0008038389 SPSN SW SPSN.S SPSN-SWX Fastighets AB Balder B SE SE0000455057 BALDB SS BALDB.ST BALDB-OME Sponda FI FI0009006829 SDA1V FH SDA1V.HE SDA1V-HEL Castellum SE SE0000379190 CAST SS CAST.ST CAST-OME Citycon OYJ FI FI0009002471 CTY1S FH CTY1S.HE CTY1S-HEL Dios Fastigheter AB SE SE0001634262 DIOS SS DIOS.ST DIOS-OME Technopolis FI FI0009006886 TPS1V FH TPS1V.HE TPS1V-HEL Hemfosa Fastigheter AB SE SE0007126115 HEMF SS HEMF.ST HEMF-OME Affine * FR FR0000036105 IML FP BTPP.PA IML-PAR Hufvudstaden A SE SE0000170375 HUFVA SS HUFVa.ST HUFVA-OME ANF-Immobilier S.A. * FR FR0000063091 ANF FP ANF.PA ANF-PAR Klovern B SE SE0006593919 KLOVB SS KLOVB.ST KLOVB-OME Fonciere Des Regions * FR FR0000064578 FDR FP FDR.PA FDR-PAR Kungsleden SE SE0000549412 KLED SS KLED.ST KLED-OME Gecina * FR FR0010040865 GFC FP GFCP.PA GFC-PAR Fabege SE SE0000950636 FABG SS FABG.ST FABG-OME Icade * FR FR0000035081 ICAD FP ICAD.PA ICAD-PAR Wallenstam AB SE SE0007074844 WALLB SS WALLB.ST WALLB-OME Klepierre * FR FR0000121964 LI FP LOIM.PA LI-PAR Wihlborgs Fastigheter SE SE0001413600 WIHL SS WIHL.ST WIHL-OME Mercialys * FR FR0010241638 MERY FP MERY.PA MERY-PAR Assura * UK GB00BVGBWW93 AGR LN WIHL.ST WIHL-OME Grivalia Properties * GR GRS491003000 GRIV GA EUPr.AT EUPRO-ATH British Land * UK GB0001367019 BLND LN BLND.L BLND-LON Adler Real Estate AG DE DE0005008007 ADL GR EUPr.AT EUPRO-ATH Big Yellow Group * UK GB0002869419 BYG LN BYG.L BYG-LON Alstria Office * DE DE000A0LD2U1 AOX GR AOXG.F AOX-ETR Daejan Holdings UK GB0002502036 DJAN LN DJAN.L DJAN-LON Deutsche Annington Immobilien AG DE DE000A1ML7J1 ANN GR ANNG.F ANN-ETR Derwent London * UK GB0002652740 DLN LN DLN.L DLN-LON Deutsche Wohnen DE DE000A0HN5C6 DWNI GR DWNG.F DWN-ETR Development Securities UK GB0002668464 DSC LN DSC.L DSC-LON Deutsche Euroshop DE DE0007480204 DEQ GR DEQGn.DE DEQ-ETR F&C Commercial Prop UK GG00B4ZPCJ00 FCPT LN FCPT.L FCPT-LON DIC Asset DE DE000A1X3XX4 DIC GR DICG.DE DIC-ETR Grainger Plc UK GB00B04V1276 GRI LN GRI.L GRI-LON Grand City Properties DE LU0775917882 GYC GR DICG.DE DIC-ETR Great Portland Estates * UK GB00B01FLL16 GPOR LN GPOR.L GPOR-LON Hamborner REIT AG * DE DE0006013006 HAB GR HAB.DE HAB-ETR Picton Property UK GB00B0LCW208 PCTN LN IRET.L IRET-LON LEG Immobilien AG DE DE000LEG1110 LEG GR LEG.DE LEG-ETR Hammerson * UK GB0004065016 HMSO LN HMSO.L HMSO-LON DO Deutsche Office AG DE DE000PRME020 PMOX GR PMO.F PMO-ETR Hansteen Holdings * UK GB00B0PPFY88 HSTN LN HSTN.L HSTN-LON TAG Immobilien AG DE DE0008303504 TEG GR TEG.F TEG-ETR F&C UK Real Estate Investment * UK GB00B012T521 FCRE LN FCRE.L FCRE-LON TLG Immobilien DE DE000A12B8Z4 TLG GR TLG.F TLG-ETR Schroder Real Estate Investment TrustUK * GB00B01HM147 SREI LN SREI.L SREI-LON Green REIT * IRE IE00BBR67J55 GRN ID TLG.F TLG-ETR Helical Bar UK GB00B0FYMT95 HLCL LN HLCL.L HLCL-LON
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Constituent Country ISIN Constituent Country ISIN Land Securities * UK GB0031809436 LAND LN LAND.L LAND-LON Link REIT * HK HK0823032773 823 HK 0823.HK 0823-HKG LondonMetric Property * UK GB00B4WFW713 LMP LN LMP.L LMP-LON New World Development HK HK0017000149 17 HK 0017.HK 0017-HKG INTU Properties * UK GB0006834344 INTU LN INTU.L INTU-LON Sino Land HK HK0083000502 83 HK 0083.HK 0083-HKG Capital & Counties Properties UK GB00B62G9D36 CAPC LN CAPC.L CAPC-LON Sun Hung Kai Props HK HK0016000132 16 HK 0016.HK 0016-HKG Medicx Fund UK GG00B1DVQL92 MXF LN MXF.L MXF-LON Swire Properties HK HK0000063609 1972 HK 1972.HK 1972-HKG Primary Health Prop.* UK GB0007015521 PHP LN PHP.L PHP-LON Wharf Holdings HK HK0004000045 4 HK 0004.HK 0004-HKG Quintain Estates UK GB0007184442 QED LN QED.L QED-LON Activia Properties * JP JP3047490002 3279 JP 3279.T 3279-TKS Redefine International * UK IM00B8BV8G91 RDI LN RDI.L RDI-LON Advance Residence Investment * JP JP3047160001 3269 JP 3269.T 3296-TKS Safestore Holdings * UK GB00B1N7Z094 SAFE LN SAFE.L SAFE-LON Aeon Mall Co ltd JP JP3131430005 8905 JP 8905.T 8905-TKS Shaftesbury * UK GB0007990962 SHB LN SHB.L SHB-LON Aeon REIT * JP JP3047650001 3292 JP 8905.T 8905-TKS Segro * UK GB00B5ZN1N88 SGRO LN SGRO.L SGRO-LON Daiwa House REIT Investment * JP JP3046770008 3263 JP 3263.T 3263-TKS St Modwen Properties UK GB0007291015 SMP LN SMP.L SMP-LON Daiwa Office Investment * JP JP3046310003 8976 JP 8976.T 8976-TKS Standard Life Inv Prop * UK GB0033875286 SLI LN SLI.L SLI-LON Daiwahouse Residential Invest * JP JP3046390005 8984 JP 8984.T 8984-TKS Target Healthcare REIT * UK JE00B95CGW71 THRL LN SLI.L SLI-LON Frontier Real Estate Investment * JP JP3046200006 8964 JP 8964.T 8964-TKS Tritax Big Box REIT * UK GB00BG49KP99 BBOX LN SLI.L SLI-LON Fukuoka REIT * JP JP3046240002 8968 JP 8968.T 8968-TKS UK Commercial Property Trust UK GB00B19Z2J52 UKCM LN UKCM.L UKCM-LON GLP J-REIT * JP JP3047510007 3281 JP 3281.T 3281-TKS Unite Group UK GB0006928617 UTG LN UTG.L UTG-LON Hulic JP JP3360800001 3003 JP 3003.T 3003-TKS Workspace Group * UK GB00B67G5X01 WKP LN WKP.L WKP-LON Industrial & Infrastructure Fund InvestmentJP * JP3046500009 3249 JP 3249.T 3249-TKS Azrieli Group IT IL0011194789 AZRG IT AZRG.IT AZRG-IT Japan Excellent * JP JP3046420000 8987 JP 8987.T 8987-TKS BWP Trust * AU AU000000BWP3 BWP AU BWP.AX BWP-ASX Japan Hotel REIT Investment Corp. *JP JP3046400002 8985 JP 8985.T 8985-TKS Federation Centres * AU AU000000FDC2 FDC AU CRF.AX CRF-ASX Japan Logistics Fund * JP JP3046230003 8967 JP 8967.T 8967-TKS Cromwell Property Group * AU AU000000CMW8 CMW AU CMW.AX CMW-ASX Japan Prime Realty Inv. * JP JP3040890000 8955 JP 8955.T 8955-TKS Dexus Property Group * AU AU000000DXS1 DXS AU DXS.AX DXS-ASX Japan Real Estate * JP JP3027680002 8952 JP 8952.T 8952-TKS GPT Group * AU AU000000GPT8 GPT AU GPT.AX GPT-ASX Japan Retail Fund * JP JP3039710003 8953 JP 8953.T 8953-TKS Investa Office Fund * AU AU000000IOF6 IOF AU IOF.AX IOF-ASX Kenedix Office Investment CorporationJP * JP3046270009 8972 JP 8972.T 8972-TKS Goodman Group * AU AU000000GMG2 GMG AU GMG.AX GMG-ASX Mitsubishi Estate JP JP3899600005 8802 JP 8802.T 8802-TKS Charter Hall Retail REIT * AU AU000000CQR9 MCW AU MCW.AX MCW-ASX Mitsui Fudosan JP JP3893200000 8801 JP 8801.T 8801-TKS Mirvac Group * AU AU000000MGR9 MGR AU MGR.AX MGR-ASX Mori Hills REIT Investment * JP JP3046470005 3234 JP 3234.T 3234-TKS Scentre Group * AU AU000000SCG8 SCG AU MGR.AX MGR-ASX Mori Trust Sogo REIT * JP JP3046170001 8961 JP 8961.T 8961-TKS Shopping Centres Australasia Property GroupAU * AU000000SCP9 SCP AU MGR.AX MGR-ASX Nippon Accommodations Fund * JP JP3046440008 3226 JP 3226.T 3226-TKS Stockland Trust Group * AU AU000000SGP0 SGP AU SGP.AX SGP-ASX Nippon Building Fund * JP JP3027670003 8951 JP 8951.T 8951-TKS Westfield Corp. * AU AU000000WFD0 WFD AU WFD.AX WFD-ASX Nippon Prologis REIT * JP JP3047550003 3283 JP 3283.T 3283-TKS Champion REIT * HK HK2778034606 2778 HK 2778.HK 2778-HKG Nomura Real Estate Master Fund * JP JP3047600006 3285 JP 3285.T 3285-TKS Fortune Real Estate Investment Trust * HK SG1O33912138 FRT SP FRT.SI FRT-SES Nomura Real Estate Holdings JP JP3762900003 3231 JP 3231.T 3231-TKS Hang Lung Properties HK HK0101000591 101 HK 0101.HK 0101-HKG Nomura Real Estate Office Fund * JP JP3045530007 8959 JP 8959.T 8959-TKS Henderson Land Dev HK HK0012000102 12 HK 0012.HK 0012-HKG NTT Urban Development JP JP3165690003 8933 JP 8933.T 8933-TKS Hysan Development HK HK0014000126 14 HK 0014.HK 0014-HKG ORIX JREIT * JP JP3040880001 8954 JP 8954.T 8954-TKS Kerry Properties HK BMG524401079 683 HK 0683.HK 0683-HKG Premier Investment Co. * JP JP3041770003 8956 JP 8956.T 8956-TKS
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Constituent Country ISIN Constituent Country ISIN Sumitomo Realty & Dev JP JP3409000001 8830 JP 8830.T 8830-TKS Pure Industrial Real Estate Trust * CA CA74623T1084 AAR-U CN AAR_u.TO AAR.UN-TSX Tokyo Tatemono JP JP3582600007 8804 JP 8804.T 8804-TKS Riocan Real Estate * CA CA7669101031 REI-U CN REI_u.TO REI.UN-TSX Tokyu REIT * JP JP3044510000 8957 JP 8957.T 8957-TKS Acadia Realty Trust * US US0042391096 AKR US AKR.N AKR-US Top REIT * JP JP3046370007 8982 JP 8982.T 8982-TKS Agree Realty Corp * US US0084921008 ADC US ADC.N ADC-US United Urban Investment * JP JP3045540006 8960 JP 8960.T 8960-TKS Alexander's Inc. * US US0147521092 ALX US ALX.N ALX-US Kiwi Property Group * NZ NZKPGE0001S9 KPG NZ KIP.NZ KIP-NZE Alexandria Real Estate * US US0152711091 ARE US ARE.N ARE-US Ascendas REIT * SG SG1M77906915 AREIT SP AREIT.SI A17U-SES Prologis * US US74340W1036 AMB US AMB.N AMB-US CapitaCommercial Trust * SG SG1P32918333 CCT SP CACT.SI C61U-SES American Assets Trust Inc. * US US0240131047 AAT US AAT.N AAT-US Capitaland SG SG1J27887962 CAPL SP CATL.SI C31-SES American Campus Communities * US US0248351001 ACC US ACC.N ACC-US Capitamall Trust * SG SG1M51904654 CT SP CMLT.SI C38U-SES American Homes 4 Rent * US US02665T3068 AMH US AMH.N AMH-US CDL Hospitality Trusts * SG SG1T66931158 CDREIT SP CDREIT.SI CDR-SES American Realty Capital Prop * US US02917T1043 ARCP US ARCP.N ARCP-US Global Logistic Properties SG SG2C26962630 GLP SP GLP.SI GLP-SES Apartment Investment * US US03748R1014 AIV US AIV.N AIV-US Hongkong Land Hldgs HK BMG4587L1090 HKL SP HKLD.SI H78-SES Ashford Hospitality * US US0441031095 AHT US AHT.N AHT-US Keppel REIT * SG SG1T22929874 KREIT SP KLAN.SI K17-SES Associated Estates Realty * US US0456041054 AEC US AEC.N AEC-US Mapletree Commercial Trust * SG SG2D18969584 MCT SP MCT.SI MCT-SES Avalonbay Communities * US US0534841012 AVB US AVB.N AVB-US Mapletree Industrial Trust * SG SG2C32962814 MINT SP MINT.SI MINT-SES BioMed Realty Trust * US US09063H1077 BMR US BMR.N BMR-US Mapletree Logistics Trust * SG SG1S03926213 MLT SP MAPL.SI M44U-SES Boston Properties * US US1011211018 BXP US BXP.N BXP-US Suntec REIT * SG SG1Q52922370 SUN SP SUNT.SI T82U-SES Brandywine Realty Trust * US US1053682035 BDN US BDN.N BDN-US UOL Group SG SG1S83002349 UOL SP UTOS.SI UOL-SES Brixmor Property Group * US US11120U1051 BRX US BRX.N BRS-US Allied Properties REIT * CA CA0194561027 AP-U CN AP_u.TO AP.UN-TSX Camden Property Trust * US US1331311027 CPT US CPT.N CPT-US Artis Real Estate Investment Trust * CA CA04315L1058 AX-U CN AX_u.TO AX.UN-TSX Campus Crest Communities * US US13466Y1055 CCG US CCG.N CCG-US Boardwalk REIT * CA CA0966311064 BEI-U CN BEI_u.TO BEI.UN-TSX CBL & Associates Props * US US1248301004 CBL US CBL.N CBL-US Calloway REIT * CA CA1312532056 CWT-U CN CWT_u.TO CWT.UN-TSX Cedar Realty Trust * US US1506022094 CDR US CDR.N CDR-US Canadian Apartment Props * CA CA1349211054 CAR-U CN CAR_u.TO CAR.UN-TSX Chambers Street Properties * US US1578421059 CSG US CSG.N CSG-US Canadian REIT * CA CA13650J1049 REF-U CN REF_u.TO REF.UN-TSX Chatham Lodging Trust * US US16208T1025 CLDT US CLDT.N CLDT-US Chartwell Retirement Residences CA CA16141A1030 CSH-U CN CSH_u.TO CSH.UN-TSX Chesapeake Lodging Trust * US US1652401027 CHSP US CHSP.N CHSP-US Cominar REIT * CA CA1999101001 CUF-U CN CUF_u.TO CUF.UN-TSX Columbia Property Trust Inc * US US1982872038 CXP US CHSP.N CHSP-US Crombie Real Estate Investment Trust *CA CA2271071094 CRR-U CN CRR_u.TO CRR.UN-TSX Corporate Office Props * US US22002T1088 OFC US OFC.N OFC-US Dream Office REIT * CA CA26153P1045 D-U CN D_u.TO D.UN-TSX Cousins Properties * US US2227951066 CUZ US CUZ.N CUZ-US Dream Global REIT * CA CA26154A1066 DI-U CN DI_u.TO DI.UN-TSX DCT Industrial Trust * US US2331532042 DCT US DCT.N DCT-US Extendicare Inc. CA CA30224T8639 EXE-U CN EXE_u.TO EXE.UN-TSX DDR Corp. * US US23317H1023 DDR US DDR.N DDR-US First Capital Realty CA CA31943B1004 FCR CN FCR.TO FCR-TSX Digital Realty Trust * US US2538681030 DLR US DLR.N DLR-US Granite Real Estate * CA CA3874371147 GRT CN GRT.TO GRT-TSX Diamondrock Hospitality * US US2527843013 DRH US DRH.N DRH-US H & R Real Estate * CA CA4044282032 HR-U CN HR_u.TO HR.UN-TSX Douglas Emmett * US US25960P1093 DEI US DEI.N DEI-US Innvest REIT * CA CA45771T1324 INN-U CN INN_u.TO INN.UN-TSX DuPont Fabros Technology * US US26613Q1067 DFT US DFT.N DFT-US Killam Properties CA CA4941048700 KMP CN KMP.TO KMP-TSX Eastgroup Properties * US US2772761019 EGP US EGP.N EGP-US Morguard REIT * CA CA6179141065 MRT-U CN MRT_u.TO MRT.UN-TSX Education Realty Trust * US US28140H2031 EDR US EDR.N EDR-US Northern Property REIT * CA CA6656241107 NPR-U CN NPR_u.TO NPR.UN-TSX Empire State Realty Trust * US US2921041065 ESRT US ESRT.N ESRT-US
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Constituent Country ISIN Constituent Country ISIN EPR Properties * US US26884U1097 EPR US EPR.N EPR-US Mack-Cali Realty * US US5544891048 CLI US CLI.N CLI-US Equity Lifestyle Properties * US US29472R1086 ELS US ELS.N ELS-US Medical Properties Trust * US US58463J3041 MPW US CLI.N CLI-US Equity One Inc * US US2947521009 EQY US EQY.N EQY-US Mid-America Apartment * US US59522J1034 MAA US MAA.N MAA-US Equity Residential Props * US US29476L1070 EQR US EQR.N EQR-US National Health Investors * US US63633D1046 NHI US NHI.UN NHI-US Essex Property Trust * US US2971781057 ESS US ESS.N ESS-US National Retail Properties * US US6374171063 NNN US NNN.N NNN-US Excel Trust * US US30068C1099 EXL US EXL.N EXL-US New Senior Investment Group * US US6486911034 SNR US NNN.N NNN-US Extra Space Storage * US US30225T1025 EXR US EXR.N EXR-US New York REIT Inc. * US US64976L1098 NYRT US NNN.N NNN-US Federal Realty Inv * US US3137472060 FRT US FRT.N FRT-US Omega Healthcare Investors * US US6819361006 OHI US OHI.N OHI-US Felcor Lodging Trust * US US31430F1012 FCH US FCH.N FCH-US Paramount Group * US US69924R1086 PGRE US OHI.N OHI-US First Industrial Realty * US US32054K1034 FR US FR.N FR-US Parkway Properties * US US70159Q1040 PKY US PKY.N PKY-US First Potomac Realty Trust * US US33610F1093 FPO US FPO.N FPO-US Pebblebrook Hotel Trust * US US70509V1008 PEB US PEB.N PEB-US Forest City Enterprises US US3455501078 FCE/A US FCEa.N FCE.A-US Pennsylvania Real Estate * US US7091021078 PEI US PEI.N PEI-US Franklin Street Properties * US US35471R1068 FSP US FSP.N FSP-US Physicians Realty Trust * US US71943U1043 DOC US DOC.N DOC-US Gaming & Leisure Properties * US US36467J1088 GLPI US FSP.N FSP-US Piedmont Office Realty Trust Cl A * US US7201902068 PDM US PDM.N PDM-US General Growth Properties * US US3700231034 GGP US GGP.N GGP-US Post Properties * US US7374641071 PPS US PPS.N PPS-US Getty Realty * US US3742971092 GTY US GTY.N GTY-US PS Business Parks * US US69360J1079 PSB US PSB.A PSB-US Government Properties * US US38376A1034 GOV US GOV.N GOV-US Public Storage * US US74460D1090 PSA US PSA.N PSA-US Gramercy Property Trust * US US38489R6053 GPT US GOV.N GOV-US QTS Realty Trust * US US74736A1034 QTS US PSA.N PSA-US HCP * US US40414L1098 HCP US HCP.N HCP-US Ramco-Gershenson * US US7514522025 RPT US RPT.N RPT-US Health Care REIT * US US42217K1060 HCN US HCN.N HCN-US Realty Income * US US7561091049 O US O.N O-US Healthcare Realty Trust * US US4219461047 HR US HR.N HR-US Regency Centers * US US7588491032 REG US REG.N REG-US Healthcare Trust Of America Inc * US US42225P5017 HTA US HTA.N HTA-US Retail Opportunity Investments Corp. US* US76131N1019 ROIC US ROIC.N ROIC-US Hersha Hospitality Trust * US US4278255009 HT US HT.N HT-US Retail Properties of America * US US76131V2025 RPAI US RPAI.N RPAI-US Highwoods Properties * US US4312841087 HIW US HIW.N HIW-US Rexford Industrial Realty * US US76169C1009 REXR US RPAI.N RPAI-US Home Props of New York * US US4373061039 HME US HME.N HME-US RLJ Lodging Trust * US US74965L1017 RLJ US RLJ.N RLJ-US Hospitality Properties * US US44106M1027 HPT US HPT.N HPT-US Rouse Properties * US US7792871011 RSE US RSE.N RSE-US Host Hotels & Resorts * US US44107P1049 HST US HST.N HST-US Ryman Hospitality Properties * US US78377T1079 RHP US RHP.N RHP-US Hudson Pacific Properties * US US4440971095 HPP US HPP.N HPP-US Sabra Health Care REIT * US US78573L1061 SBRA US SBRA.N SBRA-US Equity Commonwealth REIT * US US2946281027 EQC US CWH.N CWH-US Saul Centers * US US8043951016 BFS US BFS.N BFS-US Inland Real Estate Corp * US US4574612002 IRC US IRC.N IRC-US Select Income REIT * US US81618T1007 SIR US SIR.N SIR-US Investors Real Estate * US US4617301035 IRET US IRET.OQ IRET-US Senior Housing Prop * US US81721M1099 SNH US SNH.N SNH-US Kilroy Realty * US US49427F1084 KRC US KRC.N KRC-US Simon Property Group * US US8288061091 SPG US SPG.N SPG-US Kimco Realty * US US49446R1095 KIM US KIM.N KIM-US Silver Bay Realty Trust * US US82735Q1022 SBY US SBY.N SBY-US Kite Realty Group Trust * US US49803T3005 KRG US KRG.N KRG-US SL Green Realty * US US78440X1019 SLG US SLG.N SLG-US LaSalle Hotel Properties * US US5179421087 LHO US LHO.N LHO-US Sovran Self Storage * US US84610H1086 SSS US SSS.N SSS-US Lexington Corporate * US US5290431015 LXP US LXP.N LXP-US Spirit Realty Capital * US US84860W1027 SRC US SRC.N SRC-US Liberty Property Trust * US US5311721048 LRY US LRY.N LRY-US Strategic Hotels & Resorts * US US86272T1060 BEE US BEE.N BEE-US LTC Properties * US US5021751020 LTC US LTC.N LTC-US Starwood Waypoint Residential Trust US* US85571W1099 SWAY US BEE.N BEE-US
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Constituent Country ISIN Constituent Country ISIN Summit Hotel Properties * US US8660821005 INN US INN.N INN-US Country Graden Holdings * CHN KYG245241032 2007 HK 2007.HK -NA- Sun Communities * US US8666741041 SUI US SUI.N SUI-US Dalian Wanda Commercial PropertiesCHN (H) CNE100001T98 3699 HK 2007.HK -NA- Sunstone Hotel Investors * US US8678921011 SHO US SHO.N SHO-US Evergrande Real Estate Group CHN KYG3225A1031 3333 HK 3333.HK -NA- STAG Industrial * US US85254J1025 STAG US STAG.N STAG-US Fantasia Holdings Group Co. Ltd. CHN KYG3311L1041 1777 HK 1777.HK -NA- Tanger Factory Outlet * US US8754651060 SKT US SKT.N SKT-US Franshion Properties China (Red Chip)CHN HK0817039453 817 HK 817.HK -NA- Taubman Centers * US US8766641034 TCO US TCO.N TCO-US Gemdale Properties and Investment CHN BMG3911S1035 535 HK 817.HK -NA- Terreno Realty * US US88146M1018 TRNO US TCO.N TCO-US Glorious Property Holdings (P Chip) CHN KYG3940K1058 845 HK 845.HK -NA- Aliansce Shopping Centers SA BRAZ BRALSCACNOR0 ALSC3 BZ ALSC3.SA ALSC3.BSP Goldin Properties Holdings CHN HK0283012463 283 HK 845.HK -NA- Gafisa BRAZ BRGFSAACNOR3 GFSA3 BZ GFSA3.SA GFSA3.BSP Greentown China Holdings CHN KYG4100M1050 3900 HK 3900.HK -NA- BR Malls Participacoes S/A Ord BRAZ BRBRMLACNOR9 BRML3 BZ BRML3.SA BRML3-BSP Guangzhou R&F Properties (H) CHN CNE100000569 2777 HK 2777.HK -NA- BR Properties S/A Ord BRAZ BRBRPRACNOR9 BRPR3 BZ BRPR3.SA BRPR3-BSP Hui Xian Real Estate Investment TrustCHN HK0000078516 87001 HK 87001.HK -NA- PDG Realty S/A Empreendimentos e ParticipacoesBRAZ OrdBRPDGRACNOR8 PDGR3 BZ PDGR3.SA PDGR3-BSP Hopson Dev Hold CHN BMG4600H1016 754 HK 754.HK -NA- Direcional Engenharia BRAZ BRDIRRACNOR0 DIRR3 BZ DIRR3.SA DIRR3-BSP Hydoo International Holding CHN KYG4678A1031 1396 HK 754.HK -NA- Even Construtora e Incorporadora SA ONBRAZ BREVENACNOR8 EVEN3 BZ EVEN3.SA EVEN3-BSP K Wah International Holdings CHN BMG5321P1169 173 HK 173.HK -NA- EZ TEC Empreendimentos e PartipacoesBRAZ BREZTCACNOR0 EZTC3 BZ EZTC3.SA EZTC3-BSP KWG Property Holding (P Chip) CHN KYG532241042 1813 HK 1813.HK -NA- Rodobens Negocios Imobiliarios S/A OrdBRAZ BRRDNIACNOR9 RDNI3 BZ RDNI3.SA RDNI3-BSP Logan Property Holdings CHN KYG555551095 3380 HK 1813.HK -NA- Helbor Empreendimentos S.A. BRAZ BRHBORACNOR3 HBOR3 BZ HBOR3.SA HBOR3-BSP Longfor Properties Co. Ltd. CHN KYG5635P1090 960 HK 960.HK -NA- Iguatemi Empresa de Shopping CentersBRAZ S/A Ord BRIGTAACNOR5 IGTA3 BZ IGTA3.SA IGTA3-BSP Mapletree Greater China CommercialCHN Trust SG2F55990442 MAGIC SP MAGIC.HK -NA- JHSF Participacoes SA BRAZ BRJHSFACNOR2 JHSF3 BZ JHSF3.SA JHSF3-BSP Mingfa Group (International) CHN KYG614131038 846 HK 846.HK -NA- MRV Engenharia e Participacoes SA BRAZ BRMRVEACNOR2 MRVE3 BZ MRVE3.SA MRVE3-BSP Minmetals Land (Red Chip) CHN BMG6144P1014 230 HK 230.HK -NA- Multiplan Empreendimentos Imobiliaros BRAZS/A Ord BRMULTACNOR5 MULT3 BZ MULT3.SA MULT3-BSP New World China Land CHN KYG6493A1013 917 HK 917.HK -NA- Rossi Residencial SA BRAZ BRRSIDACNOR8 RSID3 BZ RSID3.SA RSID3-BSP Shanghai Industrial Urban DevelopmentCHN Group (RedBMG8065B1037 Chip) 563 HK 563.HK -NA- Sao Carlos Empreendimentos e ParticipacoesBRAZ SA BRSCARACNOR7 SCAR3 BZ SCAR3.SA SCAR3-BSP China Merchants Prop (B) CHN CNE000000891 200024 CH 000024.SZ -NA- Sonae Sierra Brasil BRAZ BRSSBRACNOR1 SSBR3 BZ SSBR3.SA SSBR3-BSP Beijing North Star (H) CHN CNE100000262 588 HK 601588.SS -NA- Tecnisa S.A. BRAZ BRTCSAACNOR3 TCSA3 BZ TCSA3.SA TCSA3-BSP Poly (Hong Kong) Investments (Red Chip)CHN HK0119000674 119 HK 600119.SS -NA- Cyrela Brazil Realty S/A EmpreendimentoseBRAZ e ParticipacoesBRCYREACNOR7 Or CYRE3 BZ CYRE3.SA CYRE3-BSP Powerlong Real Estate Holdings (P Chip)CHN KYG720051047 1238 HK 1238.HK -NA- Parque Arauco SA CHL CLP763281068 PARAUCO CI PARAUCO.SA PARAUCO-BSP Redco Properties group CHN KYG733101078 1622 HK 1622.HK -NA- Agile Property Holdings CHN KYG011981035 3383 HK 3383.HK -NA- Renhe Commercial Holdings (P Chip)CHN KYG750041041 1387 HK 1387.HK -NA- Beijing Capital Land (H) CHN CNE100000239 2868 HK 2868.HK -NA- Road King Infrastructure CHN BMG760581097 1098 HK 1098.HK -NA- CapitaLand Retail China Trust ManagementCHN SG1U25933169 CRCT SP 2868.HK -NA- Sinolink Worldwide Holdings (P Chip)CHN BMG8165B1028 1168 HK 1168.HK -NA- C C Land Holdings CHN BMG1985B1138 1224 HK 1224.HK -NA- China Vanke (H) CHN CNE100001SR9 2202 HK 2202.HK -NA- China Aoyuan Property Group CHN KYG2112H1065 3883 HK 1224.HK -NA- Shenzhen Investment (Red Chip) CHN HK0604011236 604 HK 604.HK -NA- China Oceanwide Holdings CHN BMG2117K1045 715 HK 1224.HK -NA- Shimao Property Holdings CHN KYG810431042 813 HK 813.HK -NA- China Overseas Grand Oceans Group CHN HK0000065737 81 HK 1224.HK -NA- Shui On Land * CHN KYG811511131 272 HK 272.HK -NA- China Overseas Land & Inv (Red Chip) CHN HK0688002218 688 HK 688.HK -NA- Soho China CHN KYG826001003 410 HK 410.HK -NA- China Resources Land (Red Chip) CHN KYG2108Y1052 1109 HK 1109.HK -NA- Sino-Ocean Land Holdings (Red Chip)CHN HK3377040226 3377 HK 3377.HK -NA- China SCE Property Holdings CHN KYG211891083 1966 HK 1109.HK -NA- Sunac China Holdings (P Chip) CHN KYG8569A1067 1918 HK 1918.HK -NA- CIFI Holdings (Group) (P Chip) * CHN KYG2140A1076 884 HK 884.HK -NA- Wuzhou International Holdings * CHN KYG981001038 1369 HK 1369.HK -NA-
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Constituent Country ISIN Constituent Country ISIN Yanlord Land Group CHN SG1T57930854 YLLG SP YLLG.SP -NA- Fibra Uno Administracion S.A. de C.V.MEX MXCFFU000001 FUNO11 MM FUNO11.MX -NA- Yuexiu Property (Red Chip) CHN HK0123000694 123 HK 123.HK -NA- Macquarie Mexico Real Estate ManagementMEX S.A. MXCFFI0U0002de C.V. FIBRAMQ MM FIBRAMQ.MX -NA- Yuexiu Real Estate Investment Trust CHN HK0405033157 405 HK 123.HK -NA- Vista Land & Lifescapes PHIL PHY9382G1068 VLL PM VLL.PS -NA- Yuzhou Properties CHN KYG9884T1013 1628 HK 123.HK -NA- Filinvest Land PHIL PHY249161019 FLI PM FLI.PS -NA- Six Of October Development & InvestmentEGY EGS65851C015 OCDI EY OCDI.EY -NA- Megaworld Corporation PHIL PHY594811127 MEG PM MEG.PS -NA- Ascendas India Trust IDA SG1V35936920 AIT SP AIT.SP -NA- SM Prime Hldgs PHIL PHY8076N1120 SMPH PM SMPH.PS -NA- DLF IDA INE271C01023 DLFU IN DLF.BO 532868-BOM Ayala Land PHIL PHY0488F1004 ALI PM ALI.PS -NA- Oberoi Realty IDA INE093I01010 OBER IN OBER.BO -NA- Robinson`s Land Corporation PHIL PHY731961264 RLC PM RLC.PS -NA- Prestige Estates Projects Ltd IDA INE811K01011 PEPL IN PEPL.BO -NA- Globe Trade Centre POL PLGTC0000037 GTC PW GTCA.WA GTC-WAR Unitech IDA INE694A01020 UT IN UNTE.BO 507878-BOM Immofinanz AG RUS AT0000809058 IIA AV IIA.AV IIA-VIE Alam Sutera Realty * INDO ID1000108400 ASRI IJ ASRI.JK -NA- Arrowhead Properties (B) * SAF ZAE000158119 AWB SJ AWBJ.J -NA- Agung Podomoro Land Tbk PT INDO ID1000117104 APLN IJ APLN.JK -NA- Arrowhead Properties (A) * SAF ZAE000158101 AWA SJ AWAJ.J -NA- Bumi Serpong Damai PT INDO ID1000110802 BSDE IJ BSDE.JK -NA- Attacq Limited SAF ZAE000177218 ATT SJ ATTJ.J -NA- Ciputra Develop INDO ID1000115306 CTRA IJ CTRA.JK -NA- Capital Property Fund * SAF ZAE000186821 CPL SJ CPLJ.J -NA- Ciputra Property INDO ID1000107907 CTRP IJ CTRP.JK -NA- Fountainhead Property Trust * SAF ZAE000097416 FPT SJ FPTJ.J -NA- Ciputra Surya INDO ID1000101900 CTRS IJ CTRS.JK -NA- Hyprop Investments Ltd * SAF ZAE000190724 HYP SJ HYPJ.J -NA- First Real Estate Investment Trust INDO SG1U27933225 FIRT SP FIRT.JK -NA- SA Corporate Real Estate Fund * SAF ZAE000083614 SAC SJ SACJ.J -NA- Intiland Development Tbk PT INDO ID1000116403 DILD IJ DILD.JK -NA- Redefine Properties * SAF ZAE000190252 RDF SJ RDFJ.J -NA- Kawasan Industri Jababeka * INDO ID1000072507 KIJA IJ KIJA.JK -NA- Resilient Prop Inc Fd * SAF ZAE000190807 RES SJ RESJ.J -NA- Lippo Karawaci INDO ID1000108905 LPKR IJ LPKR.JK -NA- Growthpoint Prop Ltd * SAF ZAE000179420 GRT SJ GRTJ.J -NA- Lippo Malls Indonesia Retail Trust INDO SG1W27938677 LMRT SP LPKR.JK -NA- Emira Property Fund * SAF ZAE000050712 EMI SJ EMIJ.J -NA- Pakuwon Jati INDO ID1000122500 PWON IJ PWON.JK -NA- Vukile Property Fund * SAF ZAE000180865 VKE SJ VKE.J -NA- Summarecon INDO ID1000092406 SMRA IJ SMRA.JK -NA- Central Pattana THAI TH0481B10Z00 CPN TB CPN.BK -NA- CapitaMalls Malaysia Trust MAL MYL5180TO003 CMMT MK CMMT.KL -NA- Land & Houses THAI TH0143010Z08 LH TB LH.BK -NA- Eastern & Orient MAL MYL3417OO002 EAST MK EAST.KL -NA- LPN Development THAI TH0456010Z04 LPN TB LPN.BK -NA- IGB MAL MYL1597OO003 IGB MK IGBS.KL -NA- AP Thailand THAI TH0308010Y08 AP TB AP.BK -NA- IGB Real Estate Investment Trust * MAL MYL5227TO002 IGBREIT MK IGBREIT.KL -NA- Amata Corp THAI TH0617A10Z08 AMATA TB AMAT.BK -NA- IOI Properties Group * MAL MYL5249OO007 IOIPG MK IOIPG.KL -NA- Preuksa Real Estate THAI TH0878010Y00 PS TB -NA- -NA- KSL Holdings BHD MAL MYL5038OO004 KSL MK KSL.KL -NA- Property Perfect THAI TH0352A10Z07 PF TB -NA- -NA- Mah Sing Group MAL MYL8583OO006 MSGB MK MSGB.KL -NA- Quality Houses THAI TH0256A10Z04 QH TB -NA- -NA- Pavilion Real Estate Investment Trust MAL MYL5212TO004 PREIT MK PREIT.KL -NA- Sansiri THAI TH0577C10Z04 SIRI TB -NA- -NA- SP Setia MAL MYL8664OO004 SPSB MK SPSB.KL -NA- SC Asset THAI TH0747A10Z01 SC TB -NA- -NA- UOA Development * MAL MYL5200OO000 UOAD MK UOAD.KL -NA- Siam Future Development PCL THAI TH0699010003 SF TB -NA- -NA- KLCC Property Holdings MAL MYL5235SS008 KLCC MK KCCP.KL -NA- Supalai PCL THAI TH0371010Z05 SPALI TB SPAL.BK -NA- Administradora Fibra Danhos S.A. de C.V.MEX * MXCFDA020005 DANHOS13 MM DANHOS.KL -NA- WHA THAI TH3871010Z01 WHA TB WHA.BK -NA- Asesor de Activos Prisma S.A.P.I. de C.V.*MEX MXCFFI0V0001 FINN13 MM FINN13.MM -NA- Ticon Industrial Connection Pcl THAI TH0675010Z09 TICON TB TICON.BK -NA- Consorcio Ara * MEX MXP001161019 ARA* MM ARA.MX -NA- Dogus GE Gayrimenkul Yatirim OrtakligiTUR * TRAOSGYO91Q1 DGGYO TI ALGYO.IS -NA- Corporacion Inmobiliaria Vesta * MEX MX01VE0M0003 VESTA* MM VESTA.MX -NA- Emlak Konut Gayrimenkul Yatirim OrtakligiTUR AS * TREEGYO00017 EKGYO TI EKGYO.IS -NA-
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Constituent Country ISIN Is Gayrimenkul Yatirim Ortak * TUR TRAISGYO91Q3 ISGYO TI ISGYO.IS -NA- Torunlar Gayrimenkul Yatirim * TUR TRETRGY00018 TRGYO TI ISGYO.IS -NA- Hung Poo Real Estate Development TWN TW0002536000 2536 TT 2536.TW -NA- Aldar Properties PJSC UAE AEA002001013 ALDAR UH ALDAR.UH -NA- Emaar Mallls Group UAE AEE001501015 EMAARMLS UH EMAARMLS.UH -NA- Emirates REIT (CEIC) Limited * UAE AEDFXA1XE5D7 REIT DU REIT.DU -NA- RAK Properties UAE AER000601016 RAKPROP UH RAKPROP.UH -NA- Conygar Investment Company AIM GB0033698720 CIC LN CIC.L CPT-LON Sirius Real Estate AIM GG00B1W3VF54 SRE LN SRE.L SRE-LON LXB Retail Properties AIM JE00B4MFKH73 LXB LN LXB.L LXB-LON Lok'N Store Group AIM GB0007276115 LOK LN LOK.L -NA- NewRiver Retail AIM GG00B4Z05859 NRR LN NRR.L -NA- Palace Capital AIM GB00BF5SGF06 PCA LN PCA.L -NA- Real Estate Investors AIM GB00B45XLP34 RLE LN PCA.L -NA- Summit Germany AIM GG00BJ4FZW09 SMTG LN PCA.L -NA- Unitech Corporate Parks AIM IM00B1HWL911 UCP LN UCP.L -NA- Taliesin Property Fund AIM JE00B3B3WB31 TPF LN TPP.L -NA- 0 0 0 0 0 0
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EPRA® does not intend this presentation 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 presentation. Nothing herein should be construed to be an endorsement by EPRA 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. EPRA expressly disclaims any liability for the accuracy, timeliness or completeness of data in this presentation. 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.
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