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Dec 3, 2017 - Real estate markets in North America decreased 0.4% and Europe's .... Shaftesbury has a new free float per
December 2017

FTSE EPRA/NAREIT Real Estate Index Series

MonthlyMarket MarketReview Review Annual Europe

% Total Returns (EUR)

Asia

Americas

Emerging Emerging

YTD

1 yr

Global Real Estate

0.7

-2.1

-2.1

5.7

9.2

6.2

8.1

Global Equities (FTSE)

1.4

20.3

20.3

10.3

13.3

6.1

6.7

Global Bonds (JP Morgan)

-0.1

1.3

1.3

1.8

2.7

3.8

4.2

Europe Real Estate

4.2

13.4

13.4

8.8

12.5

5.5

8.4

Asia Real Estate

0.9

2.0

2.0

4.8

5.6

3.1

7.1

North America Real Estate

-0.4

-8.1

-8.1

5.1

10.4

8.9

8.5

Dec-17

3 yrs* 5 yrs* 10 yrs* 20 yrs*

-0.4% 4.2% 0.9% Developed Index (TR) (EUR) (ENGL) 4,325 ▲ 0.7%

FTSE EPRA/NAREIT Developed Index The FTSE EPRA/NAREIT Developed (Global) Index increased 0.7% during December 2017. Global equities and global bonds market gained 1.4% and lost 0.1% respectively during the month of December. Real estate markets in North America decreased 0.4% and Europe's market increased by 4.2% while Asia was up 0.9%. Over a one-year period, global real estate investments have returned -2.1% compared to a gain of 20.3% and a gain of 1.3% from global equities and global bonds, respectively. Annualised ten-year rolling returns for real estate investments stand at 6.2%. Equities gained 6.1% while bonds markets posted a 3.8% return per annum.

Developed Europe (TR) (EUR) (EPRA) 4,500 ▲ 4.2% Developed Asia (TR) (EUR) (EGAS) 2,848 ▲ 0.9% North America (TR) (EUR) (EGNA) 5,940 ▼ -0.4%

At the end of December 2017, the FTSE EPRA/NAREIT Developed Index counted a total of 331 constituents, representing a free float market capitalisation of over EUR 1,233 billion.

Emerging (TR) (EUR) (ENEI) 3,425 ▲

Monthly Regional Over/Under Performance

Global Weights (EUR)**

5.0%

4.3%

18.0%

4.0%

17.4%

3.0% 55.1%

2.0%

26.8 %

55.7%

1.0%

26.8 %

0.0% -1.0%

Dividend Yields**

-2.0% -3.0% -4.0% Europe vs. Developed ex Europe

Asia vs. Developed ex Asia

North America vs. Developed ex North America

Emerging vs. Developed

Europe

Ex [Region]

* Annualised

5% 4% 3% 2% 1% 0%

** Shaded bars display previous month's data

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

Asia

North America

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

Volatility (10 yr. & 3 yr.)* Company

Country

Total Return

INTU Properties Plc

UK

▲ 28.8%

Capital & Counties Properties PLC

UK

▲ 22.2%

20%

DDR Corp

USA



19.9%

15%

BUWOG AG

OEST



19.1%

Phoenix Spree Deutschland Limited

UK



18.7%

10%

Company

Country

Immobiliare Grande Distribuzione SIIQ SpA

ITA

▼ -10.5%

Kennedy-Wilson Holdings Inc

USA



-8.4%

Urstadt Biddle Properties

USA



-8.4%

CareTrust REIT

USA



-7.0%

Rexford Industrial Realty

USA



-6.6%

Company

Country

Simon Property Group, Inc.

USA

ProLogis

25%

16.4 %

15.0 % 11.4%

5% 0%

Europe

Total Return

Asia

North America

Index Turnover (EUR billion)**

30

25 20 15

Total Return

10



6.2%

5

USA



-1.9%

0

Public Storage, Inc.

USA



-1.0%

Unibail Rodamco

NETH



-2.3%

AvalonBay Communities, Inc.

USA



-0.8%

Vonovia SE

GER



4.7%

Sun Hung Kai Properties Limited Cheung Kong (Holdings) Ltd.

HK HK

▲ ▲

2.2% 3.9%

Welltower Inc.

USA



-5.5%

Digital Realty Trust

USA



-1.6%

Europe

Asia

North America

Correlation (3 yr. rolling)

80% 60% 40% 20%

0% -20% Real Real Bonds vs Estate Estate Equities vs Bonds vs Equities

* Shaded bars are 10 yr. ** Shaded bars are last month's

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Europe Index

Developed Europe REIT / Non-REITs

The FTSE EPRA/NAREIT Developed Europe Index gained 4.2% during December 2017. The UK Index increased by 8.2% compared to an increase of 6.6% in France. The Netherlands was down by 1.4%.

42.5 %

REIT

At the end of December 2017, the FTSE EPRA/NAREIT Developed Europe Index counted a total of 102 constituents, representing a free float market capitalisation of over EUR 221 billion.

Non-REIT

57.5 %

FTSE EPRA/NAREIT Developed Europe - Selected Country Indices

Developed Europe Focus split

% Total Returns

Dec-17

YTD

1 yr 3 yrs* 5 yrs* 10 yrs* 20 yrs*

Europe (EUR)

4.2

13.4

13.4

8.8

12.5

Europe ex UK (EUR)

2.9

15.8

15.8

13.1

13.4

7.6

11.1

UK (GBP)

8.2

12.7

12.7

4.9

11.7

3.0

5.5

France (EUR)

6.6

14.8

14.8

11.0

10.6

9.0

14.3

Netherlands (EUR)

-1.4

-1.0

-1.0

3.7

7.5

2.0

7.3

5.5

8.4

8.9%

Rental Non-Rental

91.1%

Discounts to NAV*

5%

LTV (last month)

2.8%

0% -5%

-3.4%

-5.1% -10% -15% -20% Europe

Europe ex UK

UK

45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

Developed Europe Sector split

38.5 %

39.6 %

2.0%

29.9 % 24.6 %

11.6%

5.1%

Diversified Retail Office Residential Healthcare Industrial Lodging / Resorts Self Storage Speciality Industrial / Office

21.9%

Europe

UK

31.6%

France

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

Company

Country

INTU Properties Plc

UK

Total Return ▲ 28.8%

Capital & Counties Properties PLC

UK

▲ 22.2%

BUWOG AG

OEST



19.1%

Phoenix Spree Deutschland Limited

UK



18.7%

Capital & Regional Plc

UK



14.7%

Company

Country

Immobiliare Grande Distribuzione SIIQ SpA

ITA

Total Return ▼ -10.5%

Klovern B

SWED



-5.1%

F&C Commercial Property Trust

UK



-3.6%

ADO Properties SA

GER



-2.6%

Unibail Rodamco

NETH



-2.3%

Company

Country

Unibail Rodamco

NETH

Total Return ▼

Vonovia SE

GER



4.7%

Deutsche Wohnen AG

GER



-1.8%

Land Securities Group PLC

UK



9.0%

British land company

UK



9.9%

Klepierre SA

FRA



5.7%

Gecina

FRA



9.9%

SEGRO

UK



7.0%

LEG Immobilien AG

GER



6.7%

Swiss Prime Site AG

SWIT



6.1%

-2.3%

Corporate Actions Regional REIT from the UK had an open offer rights issue of 1-for-8 shares at GBP 1.01. Shaftesbury has a new free float percentage of 74.6% (was 80.23%) and a new number of shares in issue of 306,862,346. Citycon from Finland had a capital repayment of EUR 0.0325 per share. Belgian REIT Aedifica was reclassified from Diversified to Healthcare during the quarterly index review. ANF Immobilier and Axiare Patrimonio SOCIMI have new free floats of 15.35% and 70.02% respectively. WCM Beteiligungs- und Grundbesitz from Germany has been deleted from the index based on the failed size rule after a successful takeover by TLG Immobilien.

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Monthly Index Performances (EUR) -15%

-10%

-5%

0%

5%

10%

15%

Developed

34.5%

Ireland

Norway Europe 25.1%

Belgium Netherlands

20.1%

Europe ex UK France Sweden

22.1%

Austria Spain Italy

24.9%

Germany Finland UK Switzerland

39.2%

Developed Eurozone

Hong Kong New Zealand 20.3%

Singapore

17.8%

Developed Asia

Australia Japan

-15.8%

Canada North America United States

-12.4%

1 year Income Return

1 year Price Index

1 month Price Index

1 month Income Return

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Europe Index - 2017 Constituents Performance

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

Company

Country

CA Immobilien Anlagen AG Beni Stabili SpA Entra ASA Safestore Ltd. Hispania Activos Inmobiliarios, S.A Immobiliare Grande Distribuzione SIIQ SpA Vonovia SE Technopolis Plc SEGRO Unite Group Plc Axiare Patrimonio SOCIMI, S.A. Irish Residential Properties REIT Plc Hemfosa Fastigheter ADO Properties SA BUWOG AG LEG Immobilien AG Lar Espana Hansteen Holding PLC Big Yellow Group Plc TAG Immobilien-AG Workspace Group Plc Inmobiliaria Colonial S.A. TLG Immobilien AG Icade Management Hibernia REIT plc NSI N.V. Deutsche Wohnen AG LondonMetric Property Plc Gecina Grainger Plc Dios Fastigheter AB DIC Asset AG Fabege AB Wihlborgs Fastigheter AB Fonciere des Regions Fastighets AB Balder Helical Bar Plc Grand City Properties Vastned Retail NV Green REIT Plc

OEST ITA NOR UK SP ITA GER FIN UK UK SP IE SWED GER OEST GER SP UK UK GER UK SP GER FRA IRE NETH GER UK FRA UK SWED GER SWED SWED FRA SWED UK GER NETH IRE

Total Return 51.5% 48.1% 46.7% 46.2% 41.7% 39.4% 37.6% 37.4% 37.4% 36.0% 35.6% 34.5% 34.4% 33.5% 33.3% 32.9% 31.7% 31.3% 31.1% 30.7% 29.2% 28.3% 28.2% 26.8% 25.6% 25.3% 24.7% 24.5% 24.0% 23.8% 22.7% 20.1% 20.0% 19.3% 19.2% 19.2% 18.3% 17.6% 17.4% 17.0%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Europe Index - 2017 Constituents Performance

41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80

Company

Country

Aedifica Derwent London Plc Shaftesbury Plc Assura plc Klovern B WDP Picton Property Income Limited Pandox AB Castellum AB British land company Hamborner REIT Wallenstam ANF Immobilier Standard Life Investment Capital & Regional Plc Allreal Holding AG alstria office REIT Swiss Prime Site AG Merlin Properties Socimi, S.A. D. Carnegie & Co AB Tritax Big Box REIT Schroder Real Estate Investment Trust Primary Health Properties F&C UK Real Estate Investments UK Commercial Property Trust Kungsleden AB PSP Swiss Property AG Capital & Counties Properties PLC Befimmo SA Mobimo Holding AG Cofinimmo Target Healthcare REIT Limited Eurocommercial Properties NV NewRiver REIT plc Great Portland Estates Plc F&C Commercial Property Trust Klepierre SA Regional REIT Limited Mercialys Adler Real Estate AG

BELG UK UK UK SWED BELG UK SWED SWED UK GER SWED FRA UK UK SWIT GER SWIT SP SE UK UK UK UK UK SWED SWIT UK BELG SWIT BELG UK NETH UK UK UK FRA UK FRA GER

Total Return 16.6% 16.6% 16.6% 16.4% 15.5% 15.1% 15.1% 15.0% 14.8% 14.5% 14.3% 13.7% 13.4% 13.3% 12.7% 12.7% 12.7% 12.4% 12.3% 12.2% 11.2% 10.5% 9.9% 9.3% 9.2% 8.8% 8.8% 8.1% 6.9% 6.6% 6.1% 5.2% 5.0% 4.2% 4.1% 4.0% 3.1% 2.8% 1.3% 0.9%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Europe Index - 2017 Constituents Performance

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95

Company

Country

Wereldhave NV RDI REIT P.L.C Medicx Fund Limited Intervest Offices Hammerson Plc Daejan Holdings Plc Land Securities Group PLC Unibail Rodamco Leasinvest Real Estate INTU Properties Plc Citycon Oyj Hufvudstaden Wereldhave Belgium ESP Empiric Student Property Deutsche EuroShop AG

NETH UK UK BELG UK UK UK NETH BELG UK FIN SWED BELG UK GER

Total Return 0.8% 0.6% 0.3% 0.0% -0.2% -0.4% -1.7% -2.9% -4.4% -5.1% -6.3% -6.4% -6.8% -7.2% -8.6%

FTSE EPRA/NAREIT Developed Europe Index - 2017 Additions Performance Company Country Total Return* Custodian REIT UK ▲ 11.4% GCP Student Living UK ▲ 1.5% Retail Estates Belgium ▼ -1.3% Phoenix Spree Deutschland UK ▲ 29.0% Carmila SA France ▼ -4.9% Catena AB Sweden ▲ 4.7% Xior Student Housing NV Belgium ▼ -2.2% Total of 7 companies added to the EPRA Developed Europe Index

Full MC** 499.0 623.8 692.5 408.9 3,135.4 591.6 316.9 6,268.2

Effective Date 20 March 2017 20 March 2017 20 March 2017 19 June 2017 18 September 2017 18 September 2017 18 September 2017 Added in 2017

* TR since inclusion of company to the index ** Full market cap in EUR million at c.o.b. at last trading day of 2017

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Asia Index

Developed Asia REIT / Non-REITs

53.9 %

The FTSE EPRA/NAREIT Developed Asia Index increased by 0.9% during December 2017. The Hong Kong Index was up 2.7% compared to a decrease of 0.1% in Japan. The Australia Index was up by 0.4%, while Singapore increased 2.2% during the month. REIT

At the end of December 2017, the FTSE EPRA/NAREIT Developed Asia Index counted a total of 80 constituents, representing a free float market capitalisation of over EUR 330 billion.

Non-REIT

46.1%

FTSE EPRA/NAREIT Developed Asia - Selected Country Indices % Total Returns

Dec-17

YTD

Asia (EUR)

0.9

2.0

2.0

Hong Kong (HKD)

2.7

39.8

Japan (JPY)

-0.1

-4.9

Australia (AUD)

0.4

Singapore (SGD)

2.2

Developed Asia Focus split

1 yr 3 yrs* 5 yrs* 10 yrs* 20 yrs*

49.8%

4.8

5.6

3.1

7.1

39.8

8.7

5.7

2.4

9.0

-4.9

-3.2

7.2

1.2

5.0

5.1

5.1

10.9

13.1

1.1

7.3

Rental

32.3

32.3

9.0

5.8

2.1

6.3

Non-Rental

50.2 %

Developed Asia Sector split 1.8%

12.8%

7.6% Diversified Retail Office Residential Healthcare Industrial Lodging / Resorts Self Storage

19.9%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

57.1%

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Company

Country

Westfield Corporation Limited

AU

▲ 13.3%

Wharf Real Estate Investment

HK

▲ 10.2%

Wharf (Holdings) Limited

HK



Aeon Mall Co. Ltd.

JA



7.3%

Daiwa Office Investment

JP



6.8%

Emerging

Total Return

9.8%

Company

Country

Swire Properties

HK

Total Return ▼ -4.7%

Mori Trust Sogo REIT Inc.

JA

▼ -4.4%

Dexus Property Group

AU

▼ -3.6%

Hongkong Land Holdings

HK

▼ -3.6%

GPT Group

AU

▼ -3.3%

Company

Country

Sun Hung Kai Properties Limited

HK

Total Return ▲

2.2%

Cheung Kong (Holdings) Ltd.

HK



3.9%

Mitsui Fudosan Co., Ltd.

JA

▼ -0.4%

Mitsubishi Estate Company, Limited

JA

▼ -2.1%

Link REIT

HK



Scentre Group

AUD

▼ -1.0%

Westfield Corporation Limited

AU

▲ 13.3%

Sumitomo Realty & Development Co Ltd

JA



Goodman Group

AU

▼ -1.5%

Stockland Trust Group

AU

▼ -1.9%

4.0%

0.2%

Corporate Actions Mapletree Logistics Trust has a new free float percentage of 66.94%, coming up from a free float percentage of 58.79% previously.

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Real Estate Series - Index Turnover FTSE EPRA/NAREIT Developed Europe - Turnover

Annual Turnover

16

160

12

120

8

80

4

40

143

150

0

0 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

All in EUR Bn (Shaded bars 2016)

FTSE EPRA/NAREIT Developed Asia - Turnover

Annual Turnover

30

300

25

250

20

200

15

150

10

100

5

50

0

288

251

0 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

All in EUR Bn (Shaded bars 2016)

FTSE EPRA/NAREIT North America - Turnover

Annual Turnover

40

400

35

350

30

300

25

250

20

200

15

150

10

100

5

50

362

339

0

0 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

All in EUR Bn (Shaded bars 2016)

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Asia Index - 2017 Constituents Performance

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

Company

Country

City Developments Wharf (Holdings) Limited UOL Group New World Development Company Limited Link REIT Cheung Kong (Holdings) Ltd. Champion REIT Henderson Land Development Company Ltd CapitaLand Commercial Trust Sun Hung Kai Properties Limited Mapletree Logistics Trust Suntec REIT Aeon Mall Co. Ltd. CDL Hospitality Trusts Hysan Development Company Limited Nomura Real Estate Holdings Mapletree Industrial Trust Keppel REIT NTT Urban Development Ascendas REIT Hulic Sino Land Company Limited Mapletree Commercial Trust Goodman Group Swire Properties Hang Lung Properties Ltd. CapitaLand Limited Sumitomo Realty & Development Co Ltd CapitaLand Mall Trust Mirvac Group Hongkong Land Holdings Fortune Real Estate Investment Trust Shopping Centres Australasia Property Group Cromwell Property Group Japan Rental Housing Investment BWP Trust Kiwi Property Group GPT Group Dexus Property Group Charter Hall Retail REIT Daiwa Office Investment Westfield Corporation Limited

SI HK SI HK HK HK HK HK SI HK SI SI JA SI HK JA SI SI JA SI JA HK SI AU HK HK SI JA SI AU HK SI AU AU JP AU NZ AU AU AU JP AU

Total Return 52.8% 50.9% 50.6% 48.8% 48.5% 46.9% 42.1% 41.4% 40.8% 37.2% 36.4% 36.4% 35.9% 35.4% 33.5% 30.6% 30.5% 29.2% 28.5% 26.9% 23.8% 23.7% 22.3% 21.9% 21.2% 20.7% 20.2% 20.1% 18.9% 15.3% 14.2% 14.0% 11.5% 11.0% 9.7% 9.2% 7.0% 6.5% 6.3% 5.0% 4.4% 3.9%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed Asia Index - 2017 Constituents Performance

43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79

Company

Country

Nippon Prologis REIT Stockland Trust Group Japan Hotel REIT Investment Investa Office Fund Tokyo Tatemono Co., Ltd. Kenedix Office Investment Corporation Tokyu REIT AEON REIT Investment Vicinity Centres Invincible Investment Corporation Scentre Group United Urban Investment Mitsui Fudosan Co., Ltd. Fukuoka REIT Nippon Accommodations Fund GLP J-REIT Advance Residence Investments Kenedix Retail REIT Japan Excellent Asset Management ("JEI") Frontier Real Estate Investment Sekisui House REIT Japan Retail Fund Investment Corporation Daiwahouse Residential Invest Sekisui House SI Residential Investment Mori Trust Sogo REIT Inc. Mori Hills REIT Investment Activia Properties Industrial & Infrastructure Fund (IIF) Orix JREIT Inc Nippon Building Fund of Japan Japan Logistics Fund Hulic REIT Inc. Japan Real Estate Investment Corp. Mitsubishi Estate Company, Limited Nomura Real Estate Master Fund Premier Investment Co Japan Prime Realty Investment

JA AU JA AU JA JA JA JA AU JA AUD JA JA JP JA JA JA JP JA JA JP JA JA JP JA JA JA JA JA JA JA JP JA JA JA JA JA

Total Return 3.6% 3.5% 0.8% 0.7% -0.6% -1.2% -1.8% -2.7% -3.4% -4.5% -5.1% -5.2% -5.3% -5.4% -5.7% -6.0% -7.1% -8.0% -8.0% -8.2% -8.8% -9.1% -9.4% -9.9% -10.3% -10.4% -11.0% -11.0% -11.9% -12.0% -12.3% -13.0% -13.2% -14.8% -18.0% -19.3% -20.7%

FTSE EPRA/NAREIT Developed Europe Index - 2017 Additions Performance Company

Country

Wharf Real Estate Investment

HK

Total Return* ▲ 4.0%

Full MC** 16,805.0

Effective Date 23 November 2017

* TR since inclusion to the index and full market cap in EUR million at c.o.b. at last trading day of 2017

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT North America Index

North America REIT / Non-REITs 0.9%

The FTSE EPRA/NAREIT North America Index increased by 0.3% during December 2017. The United States Index increased 0.04% compared to an increase of 1.5% in Canada . REIT

At the end of December 2017, the FTSE EPRA/NAREIT North America Index counted a total of 148 constituents, representing a free float market capitalisation of over EUR 680 billion.

Non-REIT

99.1%

FTSE EPRA/NAREIT North America - Country Indices % Total Returns

North America Focus split

Dec-17

YTD

1 yr 3 yrs* 5 yrs* 10 yrs* 20 yrs*

North America (USD)

0.3%

4.6%

4.6%

4.8%

8.4%

6.8%

United States (USD)

0.0%

3.9%

3.9%

4.8%

9.0%

6.9%

8.7%

Canada (CAD)

1.5%

10.1%

10.1%

7.9%

6.2%

7.9%

8.9%

8.8%

Rental

Non-Rental

100.0 %

North America Sector split 6.4%

2.6%

6.5% 8.1%

12.2%

11.4%

Diversified Retail Office Residential Healthcare Industrial Lodging / Resorts

17.3%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

23.1%

12.5%

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Company

Country

DDR Corp

USA

▲ 19.9%

Taubman Centers, Inc.

USA

▲ 12.6%

Pennsylvania Real Estate Investment Trust

USA



9.1%

Boardwalk REIT

USA



7.4%

SmartCentres REIT

CAN



6.7%

Emerging

Total Return

Company

Country

Kennedy-Wilson Holdings Inc

USA

Total Return ▼ -8.4%

Urstadt Biddle Properties

USA

▼ -8.4%

CareTrust REIT

USA

▼ -7.0%

Rexford Industrial Realty

USA

▼ -6.6%

Alexander's Inc.

USA

▼ -6.4%

Company

Country

Simon Property Group, Inc.

USA

Total Return ▲

ProLogis

USA

▼ -1.9%

Public Storage, Inc.

USA

▼ -1.0%

AvalonBay Communities, Inc.

USA

▼ -0.8%

Welltower Inc.

USA

▼ -5.5%

Digital Realty Trust

USA

▼ -1.6%

Equity Residential Properties Trust

USA

▼ -3.8%

Ventas, Inc.

USA

▼ -5.0%

Boston Properties, Inc.

USA



4.4%

Realty Income Corp.

USA



3.9%

6.2%

Corporate Actions American Homes 4 Rent has a new free float percentage of 84.12% (87.36%) and a new number of shares in issue of 286,103,292. Dream Global REIT from Canada has a new free float percentage of 93.22% (97.16%) and a new number of shares in issue of 175,260,802. Easterly Government Properties from the USA has been added to the index with a free float of 95.17% and 43,873,796 shares in issue. GGP Inc has a new number of shares in issue of 945,976,981 and a free float percentage of 64.92% (was 69.58%). Piedmont Office Realty Trust and Weingarten Realty Investors, both from the USA, paid out a special dividend of USD 0.50 and USD 0.75 per share respectively.

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

Exchange Traded Funds (ETFs) tracking FTSE EPRA/NAREIT Global Index Series

ETF Provider & ETF Name

EPRA Benchmark

ETF AUM in

Bloomberg Ticker

USD Mln.

ETF 1 year

Total Benchmark 1-yr

Return

Total Return

Amundi Amundi ETF FTSE EPRA Europe Real Estate UCITS ETF

NEPRA Index

34.8

12.6%

13.8%

Amundi ETF FTSE EPRA Global UCITS

TRNGLE Index

595.1

-2.7%

-2.5%

RGHATR Index

13.4

N/A

9.3%

AMP Capital AMP Capital Global Property Securities Unhedged Blackrock iShares Developed Markets Property Yield UCITS ETF

TENGDNU Index

3,542.0

1.4%

1.2%

iShares European Property Yield UCITS ETF

TENDPNE Index

1,732.2

19.2%

19.8%

iShares UK Property UCITS ETF

TELUKNG Index

1,138.5

12.0%

13.5%

iShares US Property Yield UCITS ETF

TENUDNU Index

905.3

-5.0%

-6.1%

iShares International Developed Real Estate ETF

TRGXUU Index

624.5

20.0%

21.3%

iShares Asia Property Yield UCITS ETF

TENADNU Index

357.1

7.7%

7.7%

iShares Global REIT ETF

RNXG Index

818.8

7.5%

8.2%

iShares Europe Developed Real Estate ETF

NUPRA Index

41.3

28.5%

30.2%

BNP Paribas Easy FTSE EPRA/NAREIT Eurozone Capped

NR0EUE Index

817.2

17.6%

18.6%

BNP Paribas Easy FTSE EPRA/NAREIT Developed Europe

NEPRA Index

267.7

12.4%

13.8%

db x-trackers FTSE EPRA/NAREIT Dev. Europe Real Estate ETF

NEPRA Index

475.7

12.6%

13.8%

db x-trackers FTSE Dev. Europe Ex UK Property UCITS ETF

NR0UKE Index

45.8

15.5%

16.4%

RUGL Index

52.5

10.9%

12.7%

BNP Paribas

Deutsche Bank

First Trust First Trust FTSE EPRA/NAREIT Dev. Markets RE Index Fund HSBC HSBC FTSE EPRA/NAREIT Developed UCITS ETF Lyxor

TRNGLU Index

115.1

1.7%

0.9%

Lyxor FTSE EPRA/NAREIT Global Developed UCITS ETF

TRNGLU Index

114.4

-2.3%

-2.7%

Lyxor FTSE EPRA/NAREIT United States UCITS ETF

TRNUSU Index

18.1

-9.1%

-9.5%

Lyxor FTSE EPRA/NAREIT Developed Europe UCITS ETF Lyxor PEA FTSE EPRA/NAREIT Developed Europe UCITS ETF

NEPRA Index

15.7

12.3%

13.8%

NEPRA Index

5.1

13.8%

13.8%

Nikko Asset Management NikkoAM - STC Asia REIT

EPAXJRSN Index

73.1

N/A

N/A

Listed Index Fund Asian REIT

EPAXJRSN Index

6.5

N/A

N/A

NEPRA Index

24.6

10.7%

16.8%

REXUK Index

127.9

14.9%

15.6%

Psagot Psagot Sal Real Estate EPRA Europe 4Db SSGA SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF

Total ETF AUM in USD Million based on FTSE EPRA/NAREIT Indexes

11,962.5

AUM values and ETF returns are in USD millions and as of January 2, 2018 Source: EPRA, Bloomberg European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed North America Index - 2017 Constituents Performance

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

Company

Country

Dream Global REIT Northview Apartment REIT Four Corners Property Trust Pebblebrook Hotel Trust Gaming & Leisure Properties Rexford Industrial Realty Pure Industrial Real Estate Trust Equity Lifestyle Properties Terreno Realty ProLogis DCT Industrial Trust Sun Communities, Inc. Killam Apartment REIT W.P. Carey & Co. B.V. EastGroup Properties Canadian Apartment Properties REIT TIER REIT Allied Properties REIT Monmouth REIT Cl A Alexandria Real Estate Equities, Inc. STAG Industrial Medical Properties Trust Dream Office REIT Digital Realty Trust Artis Real Estate Investment Trust Universal Health Realty Income Trust Forest City Enterprises, Inc. Extra Space Storage Chatham Lodging Trust Xenia Hotels & Resorts Inc. Agree Realty Corp Granite Real Estate First Industrial Realty Trust, Inc. Chartwell Retirement Residences Douglas Emmett Inc. Ryman Hospitality Properties CareTrust REIT Brandywine Realty Trust Sunstone Hotel Investors Camden Property Trust

CAN CAN USA USA USA USA CAN USA USA USA USA USA CAN USA USA CAN USA CAN USA USA USA USA CAN USA CAN USA USA USA USA USA USA CAN USA CAN USA USA USA USA USA USA

Total Return 37.8% 32.6% 30.1% 30.1% 29.0% 28.2% 26.7% 26.2% 26.0% 25.5% 25.5% 24.6% 24.3% 23.4% 23.1% 23.0% 21.4% 21.3% 21.1% 20.6% 20.4% 19.8% 19.7% 19.7% 19.5% 18.5% 17.9% 17.3% 17.2% 16.8% 16.1% 15.7% 15.2% 14.9% 14.9% 14.6% 14.2% 14.1% 13.2% 13.1%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed North America Index - 2017 Constituents Performance

41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80

Company

Country

Liberty Property Trust QTS Realty Trust Cousins Properties Incorporated CubeSmart Getty Realty Corp. Chesapeake Lodging Trust PS Business Parks, Inc. Store Capital REIT Columbia Property Trust Healthcare Realty Trust Incorporated Host Hotels & Resorts Inc. Senior Housing Properties Trust Life Storage UDR United Dominion Realty Trust, Inc. Healthcare Trust Of America Inc Crombie REIT Select Income REIT Cominar REIT Essex National Health Investors, Inc. Government Properties Trust Mid-America Apartment Communities, Inc. Boston Properties, Inc. Duke Realty Corporation American Homes 4 Rent First Capital Realty Inc. Kilroy Realty Corporation Canadian REIT AvalonBay Communities, Inc. Empire State Realty Trust Apple Hospitality REIT Inc. Realty Income Corp. Regency Centers Corporation Highwoods Properties, Inc. Gramercy Property Trust DiamondRock Hospitality Equity Residential Properties Trust H & R REIT Paramount Group Hudson Pacific Properties

USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA CAN USA CAN USA USA USA USA USA USA USA CAN USA CAN USA USA USA USA USA USA USA USA USA CAN USA USA

Total Return 12.9% 12.2% 12.2% 12.2% 11.1% 10.9% 10.3% 10.2% 10.0% 9.9% 9.6% 9.4% 9.1% 9.0% 8.4% 8.2% 7.8% 6.9% 6.8% 6.8% 6.3% 6.3% 5.8% 5.4% 5.1% 4.4% 4.2% 4.0% 3.9% 3.8% 3.7% 3.6% 3.4% 3.3% 2.3% 2.3% 2.2% 1.7% 1.5% 1.4%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed North America Index - 2017 Constituents Performance

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120

Company

Country

SmartCentres REIT Ventas, Inc. Equity Commonwealth Simon Property Group, Inc. Hospitality Properties Trust Welltower Inc. Physicians Realty Trust Apartment Investment and Management Company Summit Hotel Properties Washington Real Estate Investment Trust VEREIT LaSalle Hotel Properties Retail Opportunity Investment Corp. Piedmont Office Realty Trust National Retail Properties LTC Properties Inc GGP Inc Public Storage, Inc. Seritage Growth Properties Corporate Office Properties Trust EPR Properties Macerich Company RioCan Real Estate Investment Trust SL Green Realty Corp. Alexander's Inc. Federal Realty Investment Trust Omega Healthcare Investors, Inc. Cedar Realty Trust Weingarten Realty Investors Lexington Realty Trust Vornado Realty Trust Saul Centers, Inc. RLJ Lodging Trust Urstadt Biddle Properties Ramco-Gershenson Properties Trust Boardwalk REIT HCP Health Care Property Investors, Inc. Urban Edge Properties Retail Properties of America Taubman Centers, Inc.

CAN USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA CAN USA USA USA USA USA USA USA USA USA USA USA USA CAN USA USA USA USA

Total Return 1.0% 1.0% 0.9% 0.7% 0.6% 0.5% -0.3% -0.7% -0.8% -1.1% -1.4% -2.0% -2.0% -2.2% -2.4% -2.5% -2.8% -2.9% -2.9% -3.0% -3.1% -3.2% -3.2% -3.2% -3.3% -3.8% -3.8% -3.8% -3.9% -4.1% -4.2% -4.2% -4.9% -5.4% -5.9% -6.8% -7.3% -7.3% -8.0% -8.1%

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Developed North America Index - 2017 Constituents Performance

121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141

Company

Country

American Assets Trust Inc. Quality Care Properties Franklin Street Properties Kite Realty Group New Senior Investment Group Hersha Hospitality Trust Acadia Realty Trust Ashford Hospitality Trust Education Realty Trust American Campus Communities Sabra Health Care REIT Investors Real Estate Trust Brixmor Property Group Spirit Realty Capital Washington Prime Group Tanger Factory Outlet Centers, Inc. Mack-Cali Realty Corporation Kimco Realty Corporation Pennsylvania Real Estate Investment Trust DDR Corp CBL & Associates Properties, Inc.

USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA USA

Total Return -8.8% -10.9% -11.3% -11.4% -12.2% -13.1% -13.1% -13.3% -13.8% -14.1% -16.1% -16.4% -19.3% -21.0% -22.0% -22.1% -23.3% -23.5% -32.9% -36.4% -44.4%

FTSE EPRA/NAREIT Developed Europe Index - 2017 Additions Performance Company Country Total Return* Invitation Homes USA ▲ 14.2% GLOBAL NET LEASE USA ▼ -7.1% National Storage Affiliates Trust USA ▲ 17.3% Park Hotels & Resorts USA ▲ 8.7% JBG SMITH Properties USA ▼ -5.5% Kennedy-Wilson Holdings Inc USA ▼ -9.6% Easterly Government Properties USA ▼ -3.3% Total of 7 companies added to the FTSE EPRA/NAREIT North America Index

Full MC** 10,165.9 1,151.9 1,140.2 5,138.1 3,407.6 2,185.6 778.8 23,968.2

Effective Date 8 February 2017 20 March 2017 20 March 2017 19 June 2017 18 July 2017 20 October 2017 18 December 2017 Added in 2017

* TR since inclusion of company to the index ** Full market cap in EUR million at c.o.b. at last trading day of 2017

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Emerging

FTSE EPRA/NAREIT Emerging Index The FTSE EPRA/NAREIT Emerging Index gained 4.3% during December 2017. Emerging EMEA was up 13.3%, while Emerging Asia Pacific gained 3.4%. Real estate markets in Emerging Americas gained 0.4% over the month. At the end of December 2017, the FTSE EPRA/NAREIT Emerging Index counted a total of 146 constituents, representing a free float market capitalisation of over EUR 162 billion.

FTSE EPRA/NAREIT Emerging - Country Indices % Total Returns

Dec-17

YTD

Emerging (EUR)

4.3

33.8

33.8

1 yr 3 yrs* 5 yrs* 13.9

7.8

Emerging EMEA (EUR)

13.3

1.2

1.2

5.7

8.0

Emerging Europe (EUR)

13.1

-14.1

-14.1

-7.5

-6.2

Emerging MEA (EUR)

13.4

3.0

3.0

7.3

11.3

Emerging Asia Pacific (EUR) Emerging Americas (EUR)

3.4 0.4

47.8 5.4

47.8 5.4

19.7 -5.1

12.6 -13.7

Company

Country

China Overseas Land & Investment Ltd.

CHN

Total Return ▲

1.4%

Country Garden Holdings

CHN



21.1%

Evergrande Real Estate Group

CHN



4.5%

Sunac China Holdings (P Chip)

CHN



-10.1%

China Resources Land Ltd

CHN



2.5%

Global Logistics Properties

CHN



0.6%

SM Prime Holdings

PHIL



3.3%

Central Pattana

THAI



5.9%

Growthpoint Management Services Pty Ltd

SAF



10.6%

Ayala Land

PHIL



4.2%

Corporate Actions Emaar Development PJSC form the United Arab Emirates has been fast tracked to the index after a successful IPO with 4,000,000,000 shares in issue and a free float percentage of 20.00%. China Jinmao Holdings Group (Red Chip) from China paid out a special dividend of HKD 0.0817 per share. KSL Holdings BHD from Malaysia has been deleted from the indices at the quarterly review based on the size rule. Resilient REIT from South-Africa has been deleted from the indices based on the EBITDA rule. Gafisa from Brazil had a 1-for-15 rights issue at BRL 0.7388849, the new number of shares in issue if 46,939,348.

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]

December 2017

FTSE EPRA/NAREIT Real Estate Index Series

Monthly Market Review Europe

Asia

Americas

Chart of the Year - Real Estate IPOs in Developed Europe

Emerging

Links to Reports Monthly Statistical Bulletin

December 2017 Monthly Published NAV Bulletin

November 2017 Monthly LTV report

December 2017 Index Ground Rules

Version 8.0

Source: Tim Kesseler - EPRA - January 2, 2018

EPRA Contacts Tim Kesseler Investor Outreach Continental Europe

[email protected] +32 (0) 2739 10 28 Ali Zaidi

Inna Maslova

David Moreno

EPRA Industry Newsletter

Director Research & Indices

Research Analyst

Research Analyst

Issue 61

December 2017

[email protected]

[email protected]

[email protected]

+32 (0) 2739 10 19

+32 (0) 2739 10 22

+32 (0) 2739 10 10

Disclaimer 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.

European Public

Square de Meeus, 23

T +32 (0) 2739 1010

W www.epra.com

Real Estate Association

1000 Brussels, Belgium

F +32 (0) 2739 1020

E [email protected]