Understanding Real Estate Understanding Real Estate
Understanding Real Estate Understanding Real Estate
Understanding Real Estate Understanding Real Estate
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The History Of Our Future?<br />
Value of $100 Invested in U.S. REITs and Direct <strong>Real</strong> <strong>Estate</strong><br />
$130<br />
Listed <strong>Real</strong> <strong>Estate</strong> Securities<br />
Direct <strong>Real</strong> <strong>Estate</strong><br />
(2)<br />
(1)<br />
$110 U.S.<br />
$90<br />
Recession<br />
Ended 3/91<br />
Job Losses<br />
Peaked 1/92<br />
Rockefeller Center<br />
Mortgage Defaults ‘95<br />
$70<br />
RTC Formed<br />
(dissolves ’95)<br />
$66<br />
Kimco IPO<br />
11/91<br />
O&Y Goes<br />
Bankrupt 5/92<br />
$69<br />
$50<br />
8/89 12/89 4/90 8/90 12/90 4/91 8/91 12/91 4/92 8/92 12/92 4/93 8/93 12/93 4/94 8/94<br />
U.S. REIT share prices bottomed well before end of recession and real estate downturn<br />
in early 1990s; REITs’ access to capital provided seven years of accretive acquisitions<br />
Past performance is no guarantee of future results. An investor cannot invest directly in an index.<br />
Source: Cohen & Steers; Green Street Advisors<br />
(1) Price return of the FTSE NAREIT Equity REIT Index, an unmanaged market-capitalization-weighted index of all tax qualified Equity REITs listed on the NYSE, AMEX and Nasdaq that have 75% or more of their gross invested book<br />
assets invested directly or indirectly in the equity ownership of real estate.; (2) Capital return of the NCREIF Index, a measure of investment performance of a very large pool of commercial real estate properties.<br />
CPRET8309_OS
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