Real Estate Investment Trust Update
REIT Valuation & Returns for Retail, Mall, Health Care & Hospitality Sectors

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Industrial
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Prior REIT Updates
Sept 05
Sept Off/Ind/Apt
Sept Retail/Hlth Care

Aug 05
Aug Off/Ind/Apt
Aug Retail/Hlth Care

July 05
July Off/Ind/Apt
July Retail/Hlth Care

June 05
June Off/Ind/Apt
June Retail/Hlth Care

May 05
May Off/Ind/Apt
May Retail/Hlth Care

April 04
April Off/Ind/Apt
April Retail/Hlth Care

March 04
March Off/Ind/Apt
March Retail/Hlth Care

Feb 04
Feb Off/Ind/Apt
Feb Retail/Hlth Care

Jan 04
Jan Off/Ind/Apt
Jan Retail/Hlth Care

Dec 04
Jan Off/Ind/Apt
Jan Retail/Hlth Care

Nov 04
Nov Off/Ind/Apt
Nov Retail/Hlth Care

Oct 04
Oct Off/Ind/Apt
Oct Retail/Hlth Care

Sept 04
Sept Off/Ind/Apt
Sept Retail/Hlth Care

Aug 04
Aug Off/Ind/Apt
Aug Retail/Hlth Care

July 04
July Off/Ind/Apt
July Retail/Hlth Care

June 04
June Off/Ind/Apt
June Retail/Hlth Care

May 04
May Off/Ind/Apt
May Retail/Hlth Care

April 04
April Off/Ind/Apt
April Retail/Hlth Care

March 04
March Off/Ind/Apt
March Retail/Hlth Care

Feb 04
Feb Off/Ind/Apt
Feb Retail/Hlth Care

Jan 04
Jan Off/Ind/Apt
Jan Retail/Hlth Care

Dec Stats
Dec Stats
Dec 03
Nov Stats
Nov Stats
Nov 03
Oct Stats
Oct Stats
Oct 03
Sept Stats
Sept Stats
Sept 03
August Stats
August Stats
August 03
August 03
July Stats
July Stats
July 03
June Stats
June Stats
June 03

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October 2005

    The Shopping Center sector fell 3.63% in October to a loss year-to-date of 2.44% from September's gain of 2.00%. 05 FFO growth estimates ended October with a fall to 0.76% vs. September's fall of 0.59%. Yields rose 23 basis points to 5.29% from September's 5.06%. Based on the numbers from this site, the Shopping Center sector had a yield spread over the ten year treasury [4.57%] of 72 basis points at October's end, 73 basis points at September's end, 99 points at August's end, 50 at July's end, 105 at June's end, 118 at May's end, and 115 at April's end.
    The Mall sector fell 3.39% in October to a year-to-date gain of 0.76% from Sept's gain of 4.31% gain year-to-date. 05 FFO growth estimates ended October with a rise to 2.05% vs. Sept's 3.93%. Yields rose 25 basis points to 4.67% from Sept's 4.42%.
    The Health Care sector fell 4.66% in October to a loss of 0.63% year to date from Sept's gain of 4.32%. 05 FFO growth estimates ended October with a fall to -2.00% vs. Sept's -1.96%. Yields rose 31 basis points to 6.53% from Sept's 6.22%.
    The Hospitality sector fell 1.81% for the month to a year-to-date loss of 1.85% vs. Sept's 0.11% gain. 05 FFO growth estimates ended October with a fall of 0.50% vs. Sept's 0.24%. Yields rose 13 basis points to 5.42% vs Sept's 5.29%.
    During October, the Office sector fell 3.40% to a gain of 1.10% year-to-date from September's year-to-date gain of 4.99%. 05 FFO growth estimates ended October with a fall to -11.58% vs. September's fall of -10.63%. Yields rose 26 basis points to 5.71% from September's 5.45%. Based on the numbers from this site, the Office sector had a yield spread over the ten year treasury of 114 at October's end, 112 basis points at September's end, 113 points at August's end, 102 at July's end, 171 at June's end, 183 at May's end, and 170 at April's end. I feel uncomportable with spreads under 150.
    The Industrial sector fell 0.89% for the month, to a gain of 4.23% year-to-date from Sept's gain of 6.39%. 05 FFO growth estimates ended October with a fall to -0.47% vs. Sept's fall of 0.16%. Yields rose 22 basis points to 4.53% from Sept's 4.31%.
    The Apartment sector rose 4.47% for the month to a gain of 6.99% year to date from Sept's gain of 3.80%. 05 FFO growth estimates ended October rising to 0.21% vs. Sept's rise of 0.08%. Yields fell 24 basis points to 4.86% from Sept's 5.10%.

    In the three other equity income segments followed by this site, Pipeline MLPs fell 2.95% for the month and were up 6.95% year-to-date [vs being up 10.28% at September's end] and had a distribution yield of 6.45% [vs. 6.07% in September] - a rise of 38 basis points. Most MLPs rose their distribution during the month. During October, large-cap banks rose 3.76% to a loss of 5.40% year to date, from September's loss of 8.75% and yields fell 13 basis points to 3.71% from September's 3.84%. Mid-cap banks rose 1.39% to a year-to-date loss of 4.99% from September's loss of 5.44% and yields ended at 3.53% [vs. September's 3.55% - a fall of 2 basis points]. The ten year treasury ended the month at 4.57% [vs 4.33% on 9-30 - a rise of 27 basis points].

Shopping Center [and Other Retail] Update for 10-31-05

Mall Update for 10-31-05

Health Care Update for 10-31-05

Hospitality Update for 10-31-05

Click here for the Office, Industrial and Apartment Updates. Click here for this months articles.


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