JLLM - Global REIT & REOC Recovery Chart

• There has been a dramatic fall in capital values of the world's largest REITs and REOCs. February 28 marked the trough in equity values, with the CVs of the world's largest REITs and REOCs falling by an average (unweighted) of 66% from Dec 2007

• Since then, equity markets - including REITs and REOCs - have rallied strongly. REITs are up by an average of 88% and REOCs by 77% from Feb 28 to July 31. Some REITs such as Australia's GPT and Goodman are rising by 194% and 155% respectively, while the US based Host Hotels & Resorts rose 182%. REOCs also achieved large gains- the US REOC Forest City Enterprises is up 166% while Austria's Immoeast and the Sino Land Co of Hong Kong both rose by 146%
• Nevertheless, despite the strong rally, on average, both REIT and REOC capital values remain around 42% below Dec 2007 levels.