Equity Real Estate Research Articles

Eastgroup Properties, Inc.

Mergent's Dividend AchieversVolume 3, Issue 2 p. 90-90 U.S. Company Reports Eastgroup Properties, Inc.† First published: 20 April 2006 https://doi.org/10.1002/div.3898 † Contact: : Leland R. Speed — Chmn. Address: : 300 One Jackson Place, 188 East Capitol Street, Jackson, MS 39201-2195 Web Site: : www.eastgroup.net AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Property, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930) Eastgroup Properties is an equity real estate investment trust focused on the development, acquisition and operation of industrial properties. As of Dec 31 2005, Co. owned 180 industrial properties and one office building. These properties are located primarily in the Sunbelt states of Arizona, California, Florida and Texas, the majority of which are clustered around major transportation features in supply constrained submarkets. Co.'s focus is the ownership of business distribution space with the remainder in bulk distribution space and business service space. Volume3, Issue2Spring 2006Pages 90-90 RelatedInformation

Washington Real Estate Investment Trust

Mergent's Dividend AchieversVolume 3, Issue 4 p. 302-302 U.S. Company Reports Washington Real Estate Investment Trust† First published: 10 October 2006 https://doi.org/10.1002/div.4945 † Contact: : Edmund B. Cronin Jr. — Chmn., Pres., C.E.O. Address: : 6110 Executive Boulevard, Rockville, MD 20852-3927 Web Site: : www.writ.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Property, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930) Washington Real Estate Investment Trust is a self-administered, self-managed, equity real estate investment trust. Co.'s business consists of the ownership and development of income-producing real properties in the greater Washington - Baltimore region. Co. owns a diversified portfolio of general purpose office buildings, medical office buildings, industrial/flex properties, multifamily buildings and retail centers. As of Dec 31 2005, Co. owned a portfolio of 68 properties consisting of 21 office buildings, 7 medical office buildings, 12 retail centers, 9 multifamily buildings and 19 industrial/complex properties totaling 10.3 million net rentable square feet. Volume3, Issue4Autumn (Fall) 2006Pages 302-302 RelatedInformation

Eastgroup Properties, Inc.

Mergent's Dividend AchieversVolume 3, Issue 4 p. 89-89 U.S. Company Reports Eastgroup Properties, Inc.† First published: 10 October 2006 https://doi.org/10.1002/div.4732 † Contact: : Leland R. Speed — Chmn. Address: : 300 One Jackson Place, 188 East Capitol Street, Jackson MS 39201-2195 Web Site: : www.eastgroup.net AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract Property, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930) Eastgroup Properties is an equity real estate investment trust focused on the development, acquisition and operation of industrial properties. As of Dec 31 2005, Co. owned 180 industrial properties and one office building. These properties are located primarily in the Sunbelt states of Arizona, California, Florida and Texas, the majority of which are clustered around major transportation features in supply constrained submarkets. Co.'s focus is the ownership of business distribution space with the remainder in bulk distribution space and business service space. Volume3, Issue4Autumn (Fall) 2006Pages 89-89 RelatedInformation

Colonial Properties Trust (AL)

Mergent's Dividend AchieversVolume 3, Issue 4 p. 67-67 U.S. Company Reports Colonial Properties Trust (AL)† First published: 10 October 2006 https://doi.org/10.1002/div.4710 † Contact: : Thomas H. Lowder — Chmn., Pres., C.E.O. Address: : 2101 Sixth Avenue North, Suite 750, Birmingham, AL 35203 Web Site: : www.colonialprop.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Property, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930) Colonial Properties is a self-administered equity real estate investment trust. Co. owns, develops and operates multifamily, office and retail properties in the Sunbelt region of the U.S. Co. is a fully-integrated real estate company, whose activities include ownership of a diversified portfolio of 261 wholly and partially-owned properties as of Dec 31 2005, consisting of multifamily, office and retail properties located in Alabama, Arizona, Florida, Georgia, Maryland, Mississippi, Nevada, New Mexico, North Carolina, South Carolina, Tennessee, Texas, and Virginia. Co. is the direct general partner of, and holds approximately 80.6% of the interests in, Colonial Realty Limited Partnership. Volume3, Issue4Autumn (Fall) 2006Pages 67-67 RelatedInformation

Washington Real Estate Investment Trust

Mergent's Dividend AchieversVolume 3, Issue 2 p. 304-304 U.S. Company Reports Washington Real Estate Investment Trust† First published: 20 April 2006 https://doi.org/10.1002/div.4112 † Contact: : Edmund B. Cronin Jr. — Chmn., Pres., C.E.O. Address: : 6110 Executive Boulevard, Rockville, MD 20852-3927 Web Site: : www.writ.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Property, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930) Washington Real Estate Investment Trust is a self-administered, self-managed, equity real estate investment trust. Co.'s business consists of the ownership and development of income-producing real properties in the greater Washington - Baltimore region. Co. owns a diversified portfolio of general purpose office buildings, medical office buildings, industrial/flex properties, multifamily buildings and retail centers. As of Dec 31 2005, Co. owned a portfolio of 68 properties consisting of 21 office buildings, 7 medical office buildings, 12 retail centers, 9 multifamily buildings and 19 industrial/flex properties. Volume3, Issue2Spring 2006Pages 304-304 RelatedInformation

Shurgard Storage Centers, Inc. (WA)

Mergent's Dividend AchieversVolume 3, Issue 3 p. 248-248 U.S. Company Reports Shurgard Storage Centers, Inc. (WA)† First published: 30 June 2006 https://doi.org/10.1002/div.4474 † Contact: : Charles K. Barbo — Chmn., C.E.O. Address: : 1155 Valley Street, Suite 400, Seattle, WA 98109 Web Site: : www.shurgard.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract Property, Real Estate Development (MIC: 8.3 SIC: 6798 NAIC: 525930) Shurgard Storage Centers is an equity real estate investment trust that develops, acquires, invests in, operates and manages self storage centers and related operations located in markets throughout the U.S. ans in western Europe. Co. leases self-storage space to tenants primarily on a month-tomonth basis. Co. also provide ancillary services at storage centers consisting primarily of truck rentals ans sales of storage products. As of Dec 31 2005, Co. operated a network of 646 storage centers containing approximately 40.0 million net rentable square feet. Co. operates in Europe through its Shurgard Self Storage, SCA subsidiary. Volume3, Issue3Summer 2006Pages 248-248 RelatedInformation

Realty Income Corp.

Mergent's Dividend AchieversVolume 3, Issue 4 p. 234-234 U.S. Company Reports Realty Income Corp.† First published: 10 October 2006 https://doi.org/10.1002/div.4877 † Contact: : William E. Clark — Chmn. Address: : 220 West Crest Street, Escondido, CA 92025-1707 Web Site: : www.realtyincome.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract Property, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930) Realty Income operates as an equity real estate investment trust (REIT) which has in-house acquisition, leasing, legal, retail and real-estate research, portfolio management and capital markets capabilities. In addition, Co.'s wholly-owned REIT subsidiary, Crest Net Lease Inc. is engaged in buying, owning and selling properties, primarily to individual investors. As of Dec 31 2005, Co. owned a portfolio of 1,646 retail properties located throughout 48 U.S. states and with over 13.4 million square feet of leasable space. Also, Co.'s Crest subsidiary owned 17 properties with a total investment of $45.7 million as of Dec 31 2005. Volume3, Issue4Autumn (Fall) 2006Pages 234-234 RelatedInformation

Nancy Kelley, senior vice-president, Alexandria Real Estate Equities, Boston, Massachusetts

Nancy Kelley, senior vice-president, Alexandria Real Estate Equities, Boston, Massachusetts

Privately Traded Real Estate Equity

Private commercial real estate equity held as an individual asset or in commingled vehicles represents one of the four real estate sectors for institutional investors. Within the sector are three primary strategies: core, value-added, and opportunistic. Core properties are well-positioned real estate properties with high occupancy rates and stable cash flows. Core properties are at the lower end of the risk and return spectrum where capital gain is secondary to income generation. At the opposite end of the spectrum are opportunistic properties, which are characterized by low or unreliable income streams but great potential for appreciation. Value-added properties have mixed characteristics, and lie between the two extremes of core and opportunistic properties. One significant problem for investors in the private equity sector is valuation.

Why Real Estate?

Real estate for institutional investors is most broadly defined to comprise private commercial real estate equity, private commercial real estate debt, public real estate equity structured as real estate investment trusts or real estate operating companies, and public commercial real estate debt structured as commercial mortgage–backed securities. Arguments made in a 2003 Special Real Estate Issue of this Journal for adding real estate to a well–managed institutional investment portfolio include: portfolio diversification and risk reduction, absolute return enhancement, inflation hedging, reflection of the investment universe, and strong cash flows. A revisit of these portfolio issues and an updated empirical analysis continue to support the rationale for real estate. Particular challenges face institutional investors who invest in real estate; the articles in this 2005 Special Real Estate Issue address them.

Suggested Versus Actual Institutional Allocations to Real Estate in Europe

The allocation to real estate by institutional investors has increased in recent years and as a result the gap between suggested and actual allocations has narrowed. The increased inflow of capital to the real estate market is suggested to be a function of two factors: An increased focus on absolute return target investments among institutional investors and an increased target allocation to real estate. This article argues that the increased target allocation is made possible mainly by the development of new investment vehicles, in particular private real estate funds, the growing integration of economic regions, and other factors such as the development of investment benchmarks. The flows needed for the actual allocation by European institutional investors to match the suggested allocation requires that at least 31% of the real estate equity universe be held by owner occupiers. The authors estimate that seven years would be needed to reach the target allocation, but it is unlikely that sufficient investment opportunities will arise unless the willingness of owner-occupiers to outsource their real estate assets increases.

Eastgroup Properties, Inc.

AbstractProperty, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930)Eastgroup Properties is a self‐administered, equity real estate investment trust focused on the acquisition, operation and development of industrial properties in the major Sunbelt markets throughout the U.S. with an emphasis in the states of Arizona, California, Florida and Texas. Co.'s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply constrained submarkets. As of Dec 31 2004, Co.'s portfolio included 21.1 million square feet with an additional 439,000 square feet under development.

Shurgard Storage Centers, Inc.

AbstractProperty, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930)Shurgard Storage Centers is an equity real estate investment trust that develops, acquires, invests in, operates and manages self storage centers and related operations located in markets throughout the U.S. and in Western Europe. Co. leases self‐storage space to tenants primarily on a month‐to‐month basis. Co. also provide ancillary services at storage centers consisting primarily of truck rentals and sales of storage products. As of Dec 31 2004, Co. operated a network of 633 storage centers containing approximately 40.0 million net rentable square feet. Co. operates in Europe through its Shurgard Self Storage, SCA subsidiary, which is 87.2% owned.

Washington Real Estate Investment Trust

AbstractProperty, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930)Washington Real Estate Investment Trust is a self‐administered qualified equity real estate investment trust. Co.'s business consists of the ownership and operation of income‐producing real estate properties principally in the Greater Washington, D.C.‐Baltimore, MD area. Upon the purchase of a property, Co. begins a program of improving the real estate to increase the value and to improve the operations, with the goals of generating higher rental income and reducing expenses. As of Dec 31 2004, Co. owned a diversified portfolio of 69 properties consisting of 30 office buildings, eleven retail centers, nine multifamily buildings and 19 industrial/flex properties.

Essex Property Trust, Inc.

AbstractProperty, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930)Essex Property Trust is a self‐administered equity real estate investment trust engaged in the ownership, acquisition, development and management of multifamily apartment communities. Co.'s multifamily portfolio as of Dec 31 2004 consisted of ownership interests in 120 properties (25,518 apartment units), of which 13,755 units are located in Southern California (Los Angeles, Ventura, Orange, San Diego and Riverside counties), 5,810 units are located in Northern California (the San Francisco Bay Area), 5,651 are located in the Pacific Northwest (4,776 units in the Seattle metropolitan area and 875 units in the Portland, OR metropolitan area), and 302 units are located in Houston, TX.

Colonial Properties Trust

AbstractProperty, Real Estate & Development (MIC: 8.3 SIC: 6798 NAIC: 525930)Colonial Properties is a self‐administered equity real estate investment trust. Co. owns, develops and operates multifamily, office and retail properties in the Sunbelt region of the U.S. Co. is a fully‐integrated real estate company, whose activities include ownership of a diversified portfolio of 153 wholly and partially‐owned properties as of Dec 31 2004, located in Alabama, Arizona, Florida, Georgia, Mississippi, Nevada, New Mexico, North Carolina, South Carolina, Tennessee, Texas, and Virginia. Co. is the direct general partner of, and holds approx. 72.7% of the interests in, Colonial Realty Limited Partnership, a Delaware limited partnership.

Colonial Properties Trust (AL)

AbstractProperty, Real Estate & Development (MIC: 8.3 SIC: 798 NAIC: 25930)Colonial Properties is a self‐administered equity real estate investment trust. Co. owns, develops and operates multifamily, office and retail properties in the Sunbelt region of the U.S. Co. is a fully‐integrated real estate company, whose activities include ownership of a diversified portfolio of 153 wholly and partially‐owned properties as of Dec 31 2004, located in Alabama, Arizona, Florida, Georgia, Mississippi, Nevada, New Mexico, North Carolina, South Carolina, Tennessee, Texas, and Virginia. Co. is the direct general partner of, and holds approx. 72.7% of the interests in, Colonial Realty Limited Partnership, a Delaware limited partnership.

Shurgard Storage Centers, Inc. (WA)

AbstractProperty, Real Estate & Development (MIC: 8.3 SIC: 798 NAIC: 25930)Shurgard Storage Centers is an equity real estate investment trust that develops, acquires, invests in, operates and manages self storage centers and related operations located in markets throughout the U.S. and in Western Europe. Co. leases self‐storage space to tenants primarily on a month‐to‐month basis. Co. also provide ancillary services at storage centers consisting primarily of truck rentals and sales of storage products. As of Dec 31 2004, Co. operated a network of 633 storage centers containing approximately 40.0 million net rentable square feet. Co. operates in Europe through its Shurgard Self Storage, SCA subsidiary, which is 87.2% owned.

Suggested vs. Actual Institutional Allocation to Real Estate in Europe: A Matter of Size

The allocation to real estate by institutional investors has increased in recent years and as a result the gap between suggested and actual allocations has narrowed. The increased inflow of capital to the real estate market is suggested to be a function of two factors: An increased focus on absolute return target investments amongst institutional investors and an increased target allocation to real estate. We argue that the increased target allocation is made possible mainly by the development of new investment vehicles, in particular of private real estate funds, but also of the growing integration of economic regions and of other factors such as the development of investment benchmarks. The flows needed for the actual allocation by European institutional investors to match the suggested allocation constitute at least 31% of the real estate equity universe held by owner occupiers. We estimate that seven years would be needed to reach the target allocation, but it is unlikely that sufficient investment opportunities will arise unless the willingness of owner occupiers to outsource their real estate assets increases.

On the Time‐Series Properties of Real Estate Investment Trust Betas

The relation between real estate investment trust (REIT) returns and stock market returns is of significant importance to investors, practitioners and academics. The temporal properties of this relationship have a critical impact on the usefulness of REIT risk estimates and portfolio allocations to this asset class. Recent studies have suggested a decline in the market betas of equity real estate investment trusts (EREITs). This study applies a rigorous statistical test of the hypothesis that the market betas of EREITs have remained unchanged during the 1972 through 2002 time period. There is weak evidence of a downward trend in EREIT betas using a single‐factor model; however, the hypothesis is not rejected when using a three‐factor model.