Understanding Real Estate Understanding Real Estate

Cohen & Steers Is Leading Global Recapitalizations
‣ Recapitalization process addresses balance sheet risk, creating profit opportunity and greater certainty
of long-term investment
• Estimate 10–20% “alpha” unlocked when balance sheets are strengthened
(1)
‣ Equity-raising may be combined with other capital sources to ensure balance sheet liquidity into 2012
‣ Cohen & Steers, through “reverse inquiry,” was instrumental in, and was cornerstone investor for, the vast
majority of U.S. recapitalizations including Simon Property, AMB, Kimco, ProLogis, Regency and
Host Hotels
• Demonstrate companies have access to public capital; spark process to improve cost of capital
• Modify dividend policies and capital strategies
‣ Provides long-term entry point into high-quality real estate companies at extremely attractive valuations
Offering Size Offering Discount to 5/22/09 Total RMZ Excess
Common Placement (2) ($ millions) Price Last Sale Price Return Return (3) Return
SPG (3/20/09) $543 $31.50 -8.4% $48.45 53.8% 24.1% 29.7%
AMB (3/25/09) $576 $12.15 -7.7% $16.91 39.2% 27.0% 12.2%
KIM (4/3/09) $747 $7.10 -5.2% $11.00 54.9% 19.1% 35.8%
PLD (4/8/09) $1,154 $6.60 -3.2% $7.71 16.8% 21.1% -4.2%
DRH (4/14/09) $86 $4.85 -47% -4.7% $5.90 21.6% 34% 3.4% 18.3%
DRE (4/16/09) $575 $7.65 -9.4% $8.61 12.5% 3.9% 8.7%
WRI (4/17/09) $458 $14.25 -9.1% $14.40 1.1% 0.1% 1.0%
REG (4/21/09) $325 $32.50 -5.3% $32.93 1.3% 11.2% -9.9%
VNO (4/22/09) $742 $43.00 -8.5% $44.95 4.5% 1.2% 3.4%
HST (4/24/09) $500 $6.60 -7.0% $8.20 24.2% 0.8% 23.4%
LHO (4/24/09) $125 $10.10 -9.1% $12.05 19.3% 0.8% 18.5%
(1) Cohen & Steers; (2) Source: Cohen & Steers & Bloomberg at May 22, 2009; (3) The MSCI US REIT Index (RMZ) broadly and fairly represents the equity REIT opportunity set with proper investability
screens to ensure that the index is investable and replicable. The index represents approximately 85% of the US REIT universe.
CPRET8309_OS