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FTSE NAREIT US Real Estate Index Series

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FTSE NAREIT US Real Estate Index Series
                                                                                                                                                                      Data as at: 28 September 2012
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 The FTSE NAREIT US Real Estate Index Series is designed to present investors with a                                                                FEATURES
 comprehensive family of REIT performance indexes that spans the commercial real estate space
 across the US economy. The index series provides investors with exposure to all investment and                                                     Coverage
 property sectors. In addition, the more narrowly focused property sector and sub-sector indexes                                                    US REITs and publicly-traded real estate
 provide the facility to concentrate commercial real estate exposure in more selected markets.
                                                                                                                                                    companies.
 About REITs
                                                                                                                                                    Objective
 A REIT is a company that owns, and in most cases, operates income-producing real estate such
                                                                                                                                                    The indices are designed for the creation of
 as apartments, shopping centers, offices, hotels and warehouses. Some REITs also engage in
                                                                                                                                                    structured products, index tracking funds, or
 financing real estate. The shares of many REITs are freely traded, usually on a major stock
                                                                                                                                                    as a performance benchmark.
 exchange. To qualify as a REIT, a company must distribute at least 90% of its taxable income to
 its shareholders annually. A company that qualifies as a REIT is permitted to deduct dividends                                                     Investability
 paid to its shareholders from its corporate taxable income. As a result, most REITs remit at least
                                                                                                                                                    Stocks are free-float weighted to ensure that
 100% of their taxable income to their shareholders and therefore owe no corporate tax. Taxes
                                                                                                                                                    only the investable opportunity set is
 are paid by shareholders on the dividends received and any capital gains. Most states honor this
                                                                                                                                                    included within the indices (with the
 federal treatment and also do not require REITs to pay state income tax. Like other businesses,
 but unlike partnerships, a REIT cannot pass any tax losses through to its investors.                                                               exception of the FTSE NAREIT All REITs
                                                                                                                                                    Index).
 5-Year Performance - Total Return (USD)
                                                                                                                                                    Liquidity
     140                                                                                                                                            Stocks are screened to ensure that the
     120                                                                                                                                            indices are tradable.

     100                                                                                                                                            Transparency

       80                                                                                                                                           Freely available index rules are overseen by

       60
                                                                                                                                                    an independent committee of leading market
                                                                                                                                                    professionals.
       40
                                                                                                                                                    Availability
       20
            2007                 2008                    2009                     2010                       2011                    2012           The index is calculated based on price and
                            FTSE NAREIT Composite                                               FTSE NAREIT All Equity REITs                        total return methodologies, both real time
                            FTSE NAREIT Mortgage REITs                                          FTSE NAREIT Real Estate 50
                                                                                                                                                    and end-of-day.

 Performance and Volatility - Total Return (USD)
                                                                 Performance %                        Return %*             Volatility %**

                                                  3M       6M      YTD     12M      3YR      5YR      3YR       5YR       1YR      3YR       5YR

 FTSE NAREIT Composite                            1.8      6.3     17.3    33.8     74.2     12.2     20.3          2.3   20.4     21.2      32.4

 FTSE NAREIT All Equity REITs                     1.0      5.1     16.1    33.8     76.0     11.9     20.7          2.3   21.5     22.3      34.3

 FTSE NAREIT Mortgage REITs                       8.2    17.5      28.1    33.2     51.4     31.5     14.8          5.6   13.7     13.6      21.2

 FTSE NAREIT Real Estate 50                       1.2      5.7     16.1    32.4     76.0     12.5     20.7          2.4   20.2     21.1      33.0

 * Returns are annualised
 ** Volatility – 1YR based on 12 months daily data. 3YR based on weekly data (Wednesday to Wednesday). 5YR based on monthly data




Source: FTSE Group                                                                                                                                                                               1 of 3
FTSE NAREIT US Real Estate Index Series                                                                                                       Data as at: 28 September 2012




Top 10 Constituents - FTSE NAREIT Composite Index                                                                                 INFORMATION
Constituent                              Property Sector                                    Net MCap (USDm)              Wgt %
                                                                                                                                  Index Universe
Simon Property Group                     Retail                                                             46,618         8.39

American Tower Corp                      Infrastructure REITs                                               28,315         5.10
                                                                                                                                  NAREIT Domestic Real Estate Index Series

HCP                                      Health Care                                                        19,105         3.44   Index Launch
Ventas Inc                               Health Care                                                        18,316         3.30   6 March 2006
Public Storage                           Self Storage                                                       17,762         3.20
                                                                                                                                  Base Date
Equity Residential                       Residential                                                        17,295         3.11
                                                                                                                                  31 December 1999
Boston Property                          Industrial/Office Mixed                                            16,571         2.98

Annaly Capital Management                Home Financing                                                     16,319         2.94   Base Value

ProLogis                                 Industrial/Office Mixed                                            16,079         2.89   100
Vornado Realty                           Diversified                                                        14,933         2.69   Investability Screen
Totals                                                                                                    211,314         38.03
                                                                                                                                  Free-float adjusted and liquidity screened

Top 10 Constituents - FTSE NAREIT All Equity REITs                                                                                (with the exception of the FTSE NAREIT All
                                                                                                                                  REITs Index - see Index Rules for details)
Constituent                     Property Sector                                            Net MCap (USDm)               Wgt %
Simon Property Group            Retail                                                                     46,618          9.46   Index Calculation

American Tower Corp             Infrastructure REITs                                                       28,315          5.75   Real-time (calculated every 15 seconds) and
HCP                             Health Care                                                                19,105          3.88   end-of-day indices available
Ventas Inc                      Health Care                                                                18,316          3.72   End-of-Day Distribution
Public Storage                  Self Storage                                                               17,762          3.61
                                                                                                                                  Via FTP and email
Equity Residential              Residential                                                                17,295          3.51
                                                                                                                                  Currency
Boston Property                 Industrial/Office Mixed                                                    16,571          3.36

ProLogis                        Industrial/Office Mixed                                                    16,079          3.26   USD, EUR, GBP, JPY and Local
Vornado Realty                  Diversified                                                                14,933          3.03   Review Dates
Weyerhaeuser                    Timber REITs                                                               14,010          2.84
                                                                                                                                  Quarterly in March, June, September and
Totals                                                                                                    209,004         42.42
                                                                                                                                  December

Sector Breakdown                                                                                                                  Index Rules and Vendor Codes

                            FTSE NAREIT All Equity                 FTSE NAREIT Composite        FTSE NAREIT Real Estate 50        Available at www.ftse.com/nareit
                                   REITs

Property Sector             No. of   Net MCap           Wgt %      No. of   Net MCap   Wgt %     No. of     Net MCap     Wgt %
                            Cons      (USDm)                       Cons      (USDm)              Cons        (USDm)

Commercial
                                 -                -          -        10       8,439     1.52         -              -        -
Financing

Diversified                    15          34,891         7.08        15      34,891     6.28        2         23,438      5.36

Health Care                    11          63,842        12.96        11      63,842    11.49        4         54,460     12.45

Home Financing                   -                -          -        18      54,528     9.81        4         33,945      7.76

Industrial/Office
                               31          85,156        17.29        31      85,156    15.33       11         65,700     15.02
Mixed

Infrastructure REITs            1          28,315         5.75         1      28,315     5.10        1         28,315      6.47

Lodging/Resorts                14          27,983         5.68        14      27,983     5.04        2         14,476      3.31

Residential                    18          75,639        15.35        18      75,639    13.61       10         64,629     14.78

Retail                         31        123,674         25.10        31     123,674    22.26       12        107,533     24.58

Self Storage                    4          24,506         4.97         4      24,506     4.41        1         17,762      4.06

Timber REITs                    4          28,648         5.82         4      28,648     5.16        3         27,148      6.21

                              129        492,655        100.00       157     555,623   100.00       50        437,407    100.00




Source: FTSE Group                                                                                                                                                             2 of 3
FTSE NAREIT US Real Estate Index Series                                                                                                                                        Data as at: 28 September 2012




    Index Characteristics
     Attributes                                                 FTSE NAREIT FTSE NAREIT All                      FTSE NAREIT               FTSE NAREIT
                                                                  Composite    Equity REITs                     Mortgage REITs             Real Estate 50
     Number of constituents                                                   157                      129                       28                       50

     Net MCap (USDm)                                                     555,623                  492,655                   62,968                  437,407

     Constituent Sizes (Net MCap USDm)

                                Average                                     3,539                    3,819                    2,249                    8,748

                                Largest                                   46,618                   46,618                   16,319                    46,618

                                Smallest                                      158                      191                      158                    2,335

                                Median                                      1,500                    1,597                    1,041                    5,422

     Weight of Largest Constituent (%)                                       8.39                     9.46                    25.92                    10.66

     Top 10 Holdings (% Index MCap)                                         38.03                    42.42                    78.84                    48.31


    About the National Association of Real Investment Trusts
    The National Association of Real Estate Investment Trusts (NAREIT) is the trade association for
    REITs and publicly traded real estate companies with an interest in the US property and
    investment markets. See www.reit.com for more information.
Data as at: 28 September 2012




                                                                                                                                                                   Data definitions available from info@ftse.com

                                                                                                                                                                   For further information visit www.ftse.com,
                                                                                                                                                                   email info@ftse.com or call your local FTSE
                                                                                                                                                                   office:
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“FTSE ” is a trade mark of the London Stock Exchange Plc Group companies and is used by FTSE International Limited (“FTSE”) under licence. NAREIT is a
                                                                                                                                                               ®   Hong Kong          +852 2164 3333
                                                                     ®
trade mark of National Association of Real Estate Investment Trusts (“Partner”). All rights in and to the FTSE NAREIT US Real Estate Index Series (“Index”)        London             + 44 (0) 20 7866 1810
vest in FTSE and/or its relevant Partner(s).   The Industry Classification Benchmark (“ICB”) is owned by FTSE.                                                     Milan              + 39 02 3604 6953
All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no
responsibility or liability can be accepted by FTSE, any Partner or their licensors for any errors or for any loss from use of this publication. Neither FTSE,
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Partner nor any of their licensors makes any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be      New York           + 1 888 747 FTSE (3873)
obtained from the use of the name of the Index set out above or the fitness or suitability of the Index for any particular purpose to which it might be put.       Paris              +33 (0)1 53 76 82 89
All figures and graphical representations in this publication refer to past performance and are sourced by FTSE. Past performance is not a reliable indicator
of future results. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic,
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error or omission in the ICB.




Source: FTSE Group                                                                                                                                                                                           3 of 3

				
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