Understanding Real Estate Understanding Real Estate
Understanding Real Estate Understanding Real Estate
Understanding Real Estate Understanding Real Estate
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Starting Over—1990s Redux<br />
Value of $100 Invested in U.S. REITs and Direct <strong>Real</strong> <strong>Estate</strong><br />
$150<br />
Listed <strong>Real</strong> <strong>Estate</strong> Securities<br />
Direct <strong>Real</strong> <strong>Estate</strong><br />
(2)<br />
(1)<br />
$125<br />
EOP LBO 2/07<br />
$100<br />
TARP 10/08<br />
$75<br />
PPIP/TALF 3/09<br />
$50<br />
$25<br />
$0<br />
Credit Crisis<br />
Begins 8/07<br />
U.S. Recession<br />
Begins 12/07<br />
$29<br />
GGP Bankruptcy 4/09<br />
Recapitalizations Commence<br />
SPG, AMB, KIM, PLD 4/09<br />
1/07 5/07 9/07 1/08 5/08 9/08 1/09 5/09 9/09 1/10 5/10 9/10 1/11 5/11 9/11 1/12<br />
Downturn is more severe compared with 1990s; public market<br />
has begun to provide equity to de-leverage the real estate industry<br />
Past performance is no guarantee of future results. An investor cannot invest directly in an index.<br />
Source: Cohen & Steers<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<br />
book 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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