目录

I. Indicators of U.S. REIT Investment Performance
REIT Industry Fact Sheet .................................................................................................................. 1
Investment Performance of the FTSE NAREIT US Real Estate Index Series...................................... 4
Investment Performance by Property Sector and Subsector ................................................................ 5
Selected Indicators of Equity Market Performance............................................................................. 6
Historical Offerings of REIT Securities.............................................................................................. 7
FTSE NAREIT Equity REIT Dividend Yield vs. 10-Year Constant Maturity Treasury ..................... 8
FTSE NAREIT Equity REIT Dividend Yield Spread ........................................................................ 8
Major Stock Total Return Indexes ..................................................................................................... 9
Average Daily Dollar Trading Volume............................................................................................. 10
Comparative Total Return Investment Performance ........................................................................ 11
Comparative Total Return Investment Correlations......................................................................... 12
20-Year Average Annual Total Returns ............................................................................................ 13
Adjusted 20-Year Average Annual Total Returns.............................................................................. 13
20-Year Average Annual Total Return vs. 20-Year Standard Deviation of Annual Total Return....... 14
FTSE NAREIT Equity REITs Return Components ........................................................................ 15
S&P 500 Return Components......................................................................................................... 16
Dow Jones Wilshire 5000 Return Components ............................................................................... 17
Annual Price and Total Returns for the FTSE NAREIT US Real Estate Index Series ....................... 18
Annual Price and Total Returns by Property Sector and Subsector................................................... 19
Annual Equity Market Capitalization .............................................................................................. 20
REITs in the FTSE NAREIT All REIT Index and S&P Equity Indexes .......................................... 21
Mergers & Acquisitions Activity, 2004-2009 ................................................................................... 26
II. U.S. REIT Performance Statistics by Property Sector and Sub-Sector
Industrial/Office .............................................................................................................................. 29
• Office
• Industrial
• Mixed
Retail.............................................................................................................................................. 30
• Shopping Centers
• Regional Malls
• Free Standing
Residential...................................................................................................................................... 31
• Apartments
• Manufactured Homes
Diversified ...................................................................................................................................... 32
Lodging/Resorts.............................................................................................................................. 32
Health Care.................................................................................................................................... 33
Self Storage..................................................................................................................................... 33
Specialty ......................................................................................................................................... 34
Hybrid............................................................................................................................................ 34
Mortgage ........................................................................................................................................ 35
• Home Financing
• Commercial Financing
III. Indicators of U.S. REIT Industry Activity
Historical Dividend Growth Rates................................................................................................... 36
REIT Payout Ratios: Dividend as a Percent of Funds from Operations............................................ 37
Summary of REIT Financial Leverage.............................................................................................. 3 8
FTSE NAREIT Equity REIT and NCREIF NPI Total and Price Returns........................................39
Quarterly Gross Issuance of U.S. CMBS...........................................................................................40
IV. Indicators of Global Real Estate Investment Performance
FTSE EPRA/NAREIT Global Real Estate Index Series Investment Performance ............................. 41
V. Glossary of REITWatch Terms