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EPRA Index Slides October, 2019
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FTSE EPRA Nareit GLOBAL REAL ESTATE INDEX SERIES
476 Constituents € 1,671 Billion EMEA Americas Asia Pacific 130 Constituents € 265 Billion 171 Constituents € 909 Billion 175 Constituents € 497 Billion FTSE EPRA Nareit Developed Real Estate Index * Represents the aggregate of Developed + Emerging, excluding AIM FTSE EPRA Nareit Emerging Real Estate Index 336 Constituents € 1,506 Billion 140 Constituents € 165 Billion North America AIM Index 105 Constituents 147 Constituents 84 Constituents 6 Constituents 25 Constituents 24 Constituents 91 Constituents € 249 Billion € 889 Billion € 368 Billion € 1.9 Billion € 15 Billion € 20 Billion € 129 Billion 17% 59% 24% 10% 12% 78% Sources: FTSE, EPRA Data as of: September 30, 2019
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FTSE EPRA Nareit Global Index
THE BASICS QUANTITATIVE QUANTITATIVE QUALITATIVE English Annual Report Free Float Liquidity FF adj. median daily trading ≥0.05% of SII for ≥10 out of 12 months→Bi-annual Full Public Available, BS, P&L, Full notes & Mgmt statement ≥5% ICB Universe FF Market Cap EBITDA ≥75% from relevant real estate activities: ownership, trading & development of income producing real estate Per region Ex: ≥0.10% for Developed Europe Index ICB Codes: 2357 – EPRA: focused, relevant & investible benchmark for Global Listed Real Estate
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FTSE EPRA Nareit Global Index
THE BASICS QUANTITATIVE QUALITATIVE FAST TRACK English Annual Report Free Float Liquidity English IPO Prospectus FF adj. median daily trading ≥0.05% of SII for ≥10 out of 12 months→Bi-annual Full Public Available, BS, P&L, Full notes & Mgmt statement Publicly Available with historic and pro forma audited annual accounts ≥5% ICB Universe FF Market Cap EBITDA FF Market Cap ≥75% from relevant real estate activities: ownership, trading & development of income producing real estate Per region Ex: ≥0.10% for Developed Europe Index Per region Ex: ≥0.20% for Developed EMEA Index ICB Codes: 2357 – EPRA: focused, relevant & investible benchmark for Global Listed Real Estate
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Sectors vs real estate assets
FTSE EPRA Nareit Developed Europe Index Constituents’ classification by sectors Aggregated Property Portfolio owned by Index Constituents Source: EPRA Data as of: September 30, 2019
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Countries vs real estate assets
FTSE EPRA Nareit Developed Europe Index Aggregated Property Portfolio owned by Index Constituents Constituents’ classification by countries Source: EPRA Data as of: September 30, 2019
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EPRA Developed Europe Index
Country Companies Market Cap (€ Bln) % of Index United Kingdom 39 70 23.9% Germany 11 69,1 23.1% Sweden 16 39,1 13.1% France 6 37,4 12.5% Netherlands 5 21,8 7.3% Switzerland 17,5 5.9% Belgium 16,9 5.6% Spain 3 12,3 4.1% Finland 2 5,4 1.8% Austria 1 1.0% Ireland, Italy, Norway 6,5 2.2% Total Developed Europe 104 299 100.0% Full market cap data as at September 30, 2019 Unibail-Rodamco-Westfield has been classified under the Netherlands
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EUROPEAN LISTED REAL ESTATE OFFERS STRONG LONG-TERM PERFORMANCE
15-year annualised total return in local currency Europe listed real estate Europe government bonds Europe general equities 1 year 8.7% 12.3% 5.9% 3 year 6.5% 2.8% 9.0% 5 year 8.9% 4.3% 6.9% 10 year 10.8% 5.1% 7.7% 15 year 7.0% 5.0% 7.1% 20 year 8.3% 5.3% 4.8% 4.9% 1.7% Sources: ECB, FTSE, EPRA, Nareit Data as of: September 30, 2018
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EUROPEAN LISTED REAL ESTATE OFFERS ATTRACTIVE DIVIDEND YIELD
5-year Average Yield 2.1% Sources: ECB, FTSE, EPRA, Nareit, JP Morgan Data as of: September 30, 2019
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Multi-asset comparison – performance
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 5-yr TR* Gold 31% Global bonds 9% Asia Real Estate 39% North America Real Estate 38% North America Real Estate 12% Asia Real Estate 43% Global equities 26% North America Real Estate 46% Europe Real Estate 19% North America Real Estate 11% Global equities 20% Asia Real Estate 4% North America Real Estate 32% Global equities 8% Gold 6% Europe Real Estate 36% Gold 30% Gold 10% Europe Real Estate 29% Europe Real Estate 11% Europe Real Estate 26% North America Real Estate 13% Global equities 10% Gold 14% Global bonds 1% Asia Real Estate 20% Europe Real Estate 8% Asia Real Estate 4% North America Real Estate -38% Global equities 31% Asia Real Estate 25% Global bonds 6% Global equities 17% Asia Real Estate 0% Asia Real Estate 14% Asia Real Estate 3% Asia Real Estate 9% Europe Real Estate 13% North America Real Estate 1% Europe Real Estate 19% Global equities 7% Global bonds 4% Global equities -39% North America Real Estate 28% Europe Real Estate 17% Global equities % North America Real Estate 16% Global bonds 0% Global equities 2% Gold 8% Asia Real Estate 2% Gold -2% Global Equities 18% Asia Real Estate 6% North America Real Estate -23% Europe Real Estate -49% Gold 24% Global equities 11% Europe Real Estate -9% Gold 7% North America Real Estate -3% Global bonds 1% Global bonds 3% Global equities -7% Gold 15% Europe Real Estate -32% Asia Real Estate -50% Asia Real Estate -17% Gold -28% Gold -1% Gold -10% Europe Real Estate -5% North America Real Estate -8% Europe Real Estate -8% Global Bonds 8% Gold 1% Multi-asset approach return -1.4% -26.7% 26.5% 20.8% -0.7% 19.4% 0.9% 17.1% 4.7% 6.2% 7.1% -1.9% 18.6% performance Best performance Worst Annualised returns *Data as of: September 28, 2019
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LISTED IS A LIQUID DIRECT PROPERTY INVESTMENT
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AVERAGE DISCOUNT TO NET ASSET VALUE
Source: EPRA Data as of: September 30, 2019
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LISTED REAL ESTATE: LOAN-TO-VALUE
Source: EPRA Data as of: September 30, 2019
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EQUITY, RIGHTS & DEBT VS. WEIGHTED COUPON RATE
Source: EPRA Research based on FTSE EPRA Nareit Developed Europe Index Data as of: September 30, 2019
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EPRA DEVELOPED EUROPE COST OF DEBT
Source: EPRA Data as of: September 30, 2019
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ETFs dynamics ETF Provider ETF Name ETF 1-yr TR
Benchmark 1-yr TR right ETF AUM in USD Mln 7 Oct 2019 Amundi Amundi ETF FTSE EPRA Europe Real Estate UCITS ETF 10.23% 10.42% 37 Amundi ETF FTSE EPRA Global UCITS 22.97% 21.32% 752 AMP Capital AMP Capital Global Property Securities Unhedged 0.00% 16.23% 16 Blackrock iShares Developed Markets Property Yield UCITS ETF 17.14% 16.30% 3096 iShares European Property Yield UCITS ETF 12.87% 12.55% 1813 iShares UK Property UCITS ETF 5.62% 4.56% 867 iShares US Property Yield UCITS ETF 20.17% 18.23% 929 iShares International Developed Real Estate ETF 13.49% 13.70% 386 iShares Asia Property Yield UCITS ETF 26.57% 26.34% 430 iShares Global REIT ETF 19.78% 17.72% 1780 iShares Europe Developed Real Estate ETF 4.64% 5.82% 26 BNP Paribas BNP Paribas Easy FTSE EPRA Nareit Eurozone Capped 10.12% 10.00% 766 BNP Paribas Easy FTSE EPRA Nareit Developed Europe 10.59% 253 Deutsche Bank db x-trackers FTSE EPRA Nareit Developed Europe Real Estate ETF (DR) 1C 10.98% 485 db x-trackers FTSE Developed Europe Ex UK Property UCITS ETF (DR) 1C 14.12% 13.61% 25 First Trust First Trust FTSE EPRA Nareit Developed Markets Real Estate Index Fund 17.47% 17.40% 57 HSBC HSBC FTSE EPRA Nareit Developed UCITS ETF 23.35% 21.53% 158 Lyxor Lyxor FTSE EPRA Nareit Global Developed UCITS ETF 21.90% 152 Lyxor FTSE EPRA Nareit United States UCITS ETF 24.73% 23.77% 18 Lyxor FTSE EPRA Nareit Developed Europe UCITS ETF 10.75% 14 Lyxor PEA FTSE EPRA Nareit Developed Europe UCITS ETF 10.47% 9 Nikko Asset Management NikkoAM - STC Asia REIT 21.13% 22.96% 140 Listed Index Fund Asian REIT 10.56% 16.80% SSGA SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETF 13.53% 12.92% 86 STANLIB STANLIB Global REIT Index Feeder ETF 21.43% 20.99% 2 VanEck VanEck Vectors International Property Hedged ETF 17.22% 3 Sources: EPRA, Bloomberg Data as of: October 01, 2019
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Devonshire House, One Mayfair Place
Contact General enquiries: Switchboard: Find more information on HEAD OFFICE Square de Meeûs 23 1000 Brussels, BE UK OFFICE Devonshire House, One Mayfair Place London W1J 8AJ, UK HONG KONG OFFICE Unit A, 25/F, United Centre No. 95 Queensway, HK The European Public Real Estate Association ("EPRA") is a not-for-profit association registered in Belgium with registered number and VAT registration number BE Our registered office is at Square De Meeus23, 1000 Brussels, Belgium. This presentation is intended solely for the addressee and may contain confidential information. Do not use, copy or disclose the information contained in this presentation. Users of information in this presentation do so at their own risk and must still comply with their responsibilities to their regulatory authority or shareholders. We are not liable for incorrect use or interpretation of our published research, policies or guidance. We accept no liability for damage suffered as a consequence of our published research, policies or guidance being used to mislead a third party.
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