Real Estate Investment Trust Update
REIT Valuation Stats for Office, Industrial & Apartment Sectors

  

Prior REIT Updates
July 03
July Stats Retail/HC
June 03
June Off/Ind/Apt
June Retail/HC
May 03
May Off/Ind/Apt
May Retail/HC
April Off/Ind/Apt
April Retail/HC
April 03
March Off/Ind/Apt
March Retail/HC
March 03
Feb Off/Ind/Apt
Feb Retail/HC
Feb 03
Jan Off/Ind/Apt
Jan Retail/HC
Jan 03
Dec Off/Ind/Apt
Dec Retail/HC
Dec 03
Nov Off/Ind/Apt
Nov Retail/HC
Nov 03
Oct Off/Ind/Apt
Oct Retail/HC
Oct 03
Sept Off/Ind/Apt
Sept Retail/HC
Sept 03
August Off/Ind/Apt
August Retail/HC
August 03
July Off/Ind/Apt
July Retail/HC
July 03

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July 2004

7-09-04 Weekly Summary:
    Koger Equity (NYSE: KE) announced this week a name change to CRT Properties (NYSE:CRO) to be effective on or about July 1. But the WSJ and Yahoo database have yet to show a privce for CRO.
    The Office sector rose from a increase of 1.41% to an increase of 2.57% year to date and since the start of Q2 is down 6.28% vs last weeks 7.37% decrease. Industrial sector prices rose from a 4.23% increase to a 4.82% increase year to date and is down 6.41% [vs last week's 6.94%] since Q-1's end. The Apartment sector rose from a being up 3.19% for the year to a 4.15% increase year to date and is up 0.93% [vs last week's 0.04% loss] since Q-1's end. The yields for the week: Office - 6.09% vs 6.15% on the 18th [down 6 basis points]. Industrial - 5.26% vs 5.28% on the 18th [down 2 basis points]. Apartments - 6.18% vs 6.24% on the 18th [down 8 basis points].
        In late trading Friday, the 10-year Treasury note was yielding 4.47% [vs 4.60% on 6-30 - down 17 basis points]. The 30-year Treasury was yielding 5.22% [vs 5.30% on 6-30]. The five-year note was yielding 6.64% [vs 3.78% on 6-30], while the three-year yielding 2.91% [vs 3.10%]. The two-year was yielding 2.52% [vs 2.70%].

7-16-04 Weekly Summary:
    The Office sector rose from a increase of 2.57% to an increase of 3.43% year to date and since the start of Q2 is down 5.59% vs last weeks 6.28% decrease. Industrial sector prices rose from a 4.82% increase to a 6.16% increase year to date and is down 5.22% [vs last week's 6.41%] since Q-1's end. The Apartment sector rose from a being up 4.15% for the year to a 4.47% increase year to date and is up 1.24% [vs last week's 0.93%] since Q-1's end. The yields for the week: Office - 6.05% vs 6.09% on the 9th [down 4 basis points]. Industrial - 5.22% vs 5.26% on the 9th [down 4 basis points]. Apartments - 6.17% vs 6.18% on the 9th [down 1 basis point].
    In late trading Friday, the 10-year Treasury note was yielding 4.37% [vs 4.47% last week - down 10 basis points]. The 30-year Treasury was yielding 5.12% [vs 5.22% on 7-09]. The five-year note was yielding 3.55% [vs 3.64% on 7-09], while the three-year yielding 2.86% [vs 2.91%]. The two-year was yielding 2.52% [vs 2.52%].

7-23-04 Weekly Summary:
    The Office sector fell from a increase of 3.43% to an increase of 0.92% year to date and since the start of Q2 is down 7.96% vs last weeks 5.59% decrease. Industrial sector prices fell from a 6.16% increase to a 3.64% increase year to date and is down 7.43% [vs last week's 5.22%] since Q-1's end. The Apartment sector fell from a being up 4.47% for the year to a 1.46% increase year to date and is down 1.66% [vs last week's 1.24%] since Q-1's end. The yields for the week: Office - 6.21% vs 6.05% on the 16th [up 16 basis points]. Industrial - 5.33% vs 5.22% on the 16th [up 11 basis points]. Apartments - 6.35% vs 6.17% on the 16th [up 18 basis point].
    In late-afternoon trading Friday, the 10-year Treasury yielded 4.44% [vs 4.37% last week - up 7 basis points]. The 30-year bond was yielding 5.17% [up 5 basis points]. The five-year note was yielding 3.68%, while the three-year note was yielding 3.01% and the two-year note was yieldiing 2.65%. The Dow gained 1.8% after five weeks of losses, the S&P 500 rose 1.4% after six losing weeks and the Nasdaq was up 2.1% after four down weeks.

7-30-04 Weekly Summary:
    The Office sector rose from a increase of 0.92% to an increase of 1.43% year to date and since the start of Q2 is down 7.54% vs last weeks 7.96% decrease. Industrial sector prices rose from a 3.64% increase to a 4.28% increase year to date and is down 6.87% [vs last week's 7.43%] since Q-1's end. The Apartment sector rose from a being up 1.46% for the year to a 2.03% increase year to date and is down 1.13% [vs last week's 1.66%] since Q-1's end. The yields for the week: Office - 6.19% vs 6.21% on the 23rd [down 3 basis points]. Industrial - 5.30% vs 5.33% on the 23rd [down 3 basis points]. Apartments - 6.32% vs 6.35% on the 23rd [down 3 basis point].
    In late trading, the 10-year Treasury note yielded 4.47% [vs 4.44% last week - up 3 basis points]. The 30-year bond was yielding 5.20% [up 3 basis points]. The five-year note was yielding 3.69% [vs 3.68% last week], while the three-year note was yielding 3.01% [3.01% last week] and the two-year note was yieldiing 2.68% [2.65% last week]. For the week, the Dow and the Nasdaq each finished x.x% higher/lower.

July Monthly Summary:
    The Office sector rose from a increase of 1.41% to an increase of 1.43% year to date and since the start of Q2 is down 7.54% vs last months 7.37% decrease [I corrected an erroneous begining price during the month - and that possibly caused that statistical inconsistency]. Industrial sector prices rose from a 4.23% increase to a 4.28% increase year to date and is down 6.87% [vs last month's 6.94%] since Q-1's end. The Apartment sector fell from a being up 3.19% for the year to a 2.03% increase year to date and is down 1.13% [vs last month's 0.04%] since Q-1's end.
    The yields for month end: Office - 6.19% vs 6.15% last month [up 4 basis points]. Industrial - 5.30% vs 5.28% last month [up 2 basis points]. Apartments - 6.32% vs 6.24% last month [up 8 basis point]. The 10-year Treasury note yielded 4.47% [vs 4.60% last month - down 13 basis points].


Office Update for 7-30-04


Industrial Update for 7-30-04


Apartment Update for 7-30-04

    NOTE 1: ASN's 02 FFO had to be estimated (and estimated to reflect an average decrease compared to 03) due to the fact that ASN prefers to use EPS - and I could not find the number in their press releases or annual statements.


NOTE: Although the tables above are checked and double-checked for accuracy, and may at times be 100% accurate - do NOT count on that. Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision. Most sites giving this kind of data would say that it's information is for entertainment purposes only. I will not presume that you are that masochistic. I try to be accurate, but I randomly fail. And even accurately replicated and freshly retrieved FFO numbers are often stale.
    The Price to Revenue INDEX figures, due to rounding errors, are not accurate to 3 digits. They are darn close to accurate. Javascript is expected to be accurate to 5 digits when the calculation is simply x times y. But the complexity of the formula - or a large number of calculations to determine a result - can decrease the number of digits of accuracy.

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    This months article updates are here.

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