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

  

Prior REIT Updates
Aug 04
Aug Retail/HC
July 04
July Off/Ind/Apt
July Retail/HC
June 04
June Off/Ind/Apt
June Retail/HC
May 04
May Off/Ind/Apt
May Retail/HC
April Off/Ind/Apt
April Retail/HC
April 04
March Off/Ind/Apt
March Retail/HC
March 04/A>
Feb Off/Ind/Apt
Feb Retail/HC
Feb 04
Jan Off/Ind/Apt
Jan Retail/HC
Jan 04
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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August 2004

8-06-04 Weekly Summary:
    The Office sector rose from a increase of 1.43% to an increase of 2.29% year to date and since the start of Q2 is down 6.66% vs last weeks 7.54% decrease. Industrial sector prices fell from a 4.28% increase to a 3.66% increase year to date and is down 7.42% [vs last week's 6.87%] since Q-1's end. The Apartment sector rose from a being up 2.03% for the year to a 2.91% increase year to date and is down 0.27% [vs last week's 1.13%] since Q-1's end. The yields for the week: Office - 6.12% vs 6.19% on the 30th [down 7 basis points]. Industrial - 5.33% vs 5.30% on the 30th [up 3 basis points]. Apartments - 6.27% vs 6.32% on the 30th [down 5 basis points].
    In late trading, the 10-year Treasury yielded 4.22% [vs 4.47% last week - down 25 basis points]. The 30-year Treasury was yielding 5.03% [vs. 5.20% last week - down 17 basis points]. The five-year note was yielding 3.38% [vs 3.69% last week - down 31 basis points], while the three-year note was yielding 2.71% [3.01% last week] and the two-year note was yieldiing 2.38% [2.68% last week]. The Dow declined 3.2% this week, its worst weekly loss since the second week of March - and is now down 6.1% this year. The Nasdaq tumbled 5.9% for the week [and down 11.3% this year], and the S&P 500 was down 3.4% [and down 4.3% this year] - and this was the worst weekly performance of the year for both of those indexes. Why? Record high oil prices and surprisingly low job growth.

8-13-04 Weekly Summary:
    The Office sector fell from a increase of 2.29% to an increase of 0.86% year to date and since the start of Q2 is down 8.03% vs last weeks 6.66% decrease. Industrial sector prices rose from a 3.66% increase to a 3.86% increase year to date and is down 7.26% [vs last week's 7.42%] since Q-1's end. The Apartment sector fell from a being up 2.91% for the year to a 2.81% increase year to date and is down 0.98% [vs last week's 0.27%] since Q-1's end. The yields for the week: Office - 6.22% vs 6.12% on the 6th [up 10 basis points before dividends were updated] and yielding 6.40% after updated dividend data. Industrial - 5.32% vs 5.33% on the 6th [down 1 basis points]. Apartments - 6.31% vs 6.27% on the 6th [up 4 basis points].
      In late trading, the 10-year Treasury yielded 4.23% [vs 4.22% last week - up 1 basis points]. The 30-year Treasury was yielding 5.02% [vs. 5.03% last week - down 1 basis point]. The five-year note was yielding 3.42% [vs 3.38% last week - up 4 basis points], while the three-year note was yielding 2.84% [2.71% last week] and the two-year note was yieldiing 2.46% [2.38% last week]. The major indexes were mixed for the week. The Dow and the S&P 500 both edged 0.1% higher, while the Nasdaq fell 1.1%.

8-20-04 Weekly Summary:
    In a rally that was probably prompted by the mega buy-out of Rouse by GGP, REIT indexes rose an average of 2.97% on Friday alone. For the week, the Office sector rose from a increase of 0.86% to an increase of 5.39% year to date and since the start of Q2 is down 3.27% vs last weeks 8.03% decrease. Industrial sector prices rose from a 3.86% increase to a 8.33% increase year to date and is down 3.49% [vs last week's 7.26%] since Q-1's end. The Apartment sector rose from being up 2.81% for the year to a 6.55% increase year to date and is up 3.24% [vs last week's being down 0.98%] since Q-1's end. The yields for the week: Office - 6.12% vs 6.40% on the 13th [down 28 basis points]. Industrial - 5.05% vs 5.32% on the 13th [down 31 basis points]. Apartments - 6.05% vs 6.31% on the 13th [down 26 basis points].
      In late trading, the 10-year Treasury yielded 4.24% [vs 4.23% last week - up 1 basis points]. The 30-year Treasury yielded 5.03% [vs 5.02% last week - up 1 basis points]. The five-year yielded 3.42% [vs 3.42% last week]. The three-year yielded 2.82% [vs 2.71% last week], and the two-year yielded 2.43% [vs 2.46% last week].

8-31-04 Weekly [7 Business Days] Summary:
    For the 7 business day period of 8-23 through 8-31, the Office sector rose from a increase of 5.39% to an increase of 7.88% year to date and since the start of Q2 is down 1.35% vs 8-20's 3.27% decrease. Industrial sector prices rose from a 8.33% increase to a 11.21% increase year to date and is down 0.94% [vs 8-20's 3.49%] since Q-1's end. The Apartment sector rose from being up 6.55% for the year to a 9.51% increase year to date and is up 6.17% [vs being up 3.24% on 8-20] since Q-1's end. The yields for the week: Office - 5.97% vs 6.12% on the 20th [down 15 basis points]. Industrial - 4.92% vs 5.05% on the 20th [down 13 basis points]. Apartments - 5.89% vs 6.05% on the 20th [down 16 basis points].
      In late trading, the 10-year Treasury yielded 4.12% [vs 4.24% last week - down 12 basis points]. The 30-year Treasury yielded 4.93% [vs 5.03% last week - down 10 basis points].

Monthly Summary:
    In the first week of August, the benchmark 10-year Treasury note was yielding 4.47%. The weaker-than-expected payroll figure for July sent it tumbling to 4.18% on the day it was released. After having spent much of the month in a range of 4.16% to 4.31%, the yield fell to 4.12% amid weaker-than-expected manufacturing data and month-end buying. That was its lowest since April 1, before a surprise surge in March payrolls sent yields flying higher. For the month, the 4.47% to 4.12% drop in the ten year's yield represents 35 basis points.
    The yields for the month: Office - 5.97% vs 6.19% on 7-30 [down 23 basis points]. Industrial - 4.92% vs 5.30% on 7-30 [down 38 basis points]. Apartments - 5.89% vs 6.32% on 7-30 [down 43 basis points].


Office Update for 8-31-04


Industrial Update for 8-31-04


Apartment Update for 8-31-04

    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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