The Leaderboard
Preferred Apartment Communities, Inc. (ticker: APTS)
Real Estate Investment Banking
David Gorden - Managing Director The following presentation provides a detailed analysis of the Equity REIT market,
(617) 385-6220 including current trading, total return, leverage, coverage and valuation statistics.
dgorden@key.com
This presentation analyzes 178 Equity REITs within the following 15 sectors:
Mark Koster - Managing Director
(770) 510-2150 ● Health Care (19) ● Student Housing (2)
mkoster@key.com ● Office (28) ● Manufactured Housing (3)
● Data Center (6) ● Multifamily (14)
John Horrigan - Managing Director ● Industrial (9) ● Self Storage (6)
(216) 689-4615 ● Office / Industrial (3) ● Lodging (20)
jhorrigan@key.com ● Shopping Center (18) ● Triple Net (17)
● Malls (8) ● Single Family (4)
Michael Hawkins - Managing Director ● Specialty (21)
(212) 476-7425 Industry Comps:
michael.hawkins@key.com Section I presents a series of 52 ranking tables comprised of each of the 178
publicly traded Equity REITs plus the median values for each of the 15
sectors listed above.
Sector Comps:
Section II provides a series of tables which are broken by the 15 sectors
listed above.
(median) Healthcare Office
Data
Center Industrial
Office /
Industrial
Shopping
Center Malls
Student
Housing
Manfact.
Housing
Multi-
family
Self
Storage Lodging
Triple
Net
Single
Family Specialty
All
REITs
Market Data
Current Yield 5.13% 3.36% 3.11% 2.85% 2.60% 4.88% 5.25% 3.98% 3.08% 3.36% 4.60% 6.30% 6.07% 2.47% 4.97% 4.52%
Market Cap $3,137 $2,739 $5,377 $2,891 $4,509 $2,554 $3,603 $4,558 $7,123 $4,744 $3,895 $2,144 $2,377 $2,712 $3,398 $3,055
Aggregate $104.3 B $122.9 B $71.4 B $62.3 B $14.4 B $62.9 B $95.7 B $9.1 B $15.6 B $113.2 B $54.4 B $51.1 B $67.4 B $12.4 B $201.0 B $1,058.2 B
Enterprise Value $4,279 $5,044 $7,553 $3,966 $5,484 $4,021 $8,411 $6,199 $10,126 $7,219 $5,639 $3,184 $4,439 $5,255 $5,919 $4,713
Aggregate $161.6 B $207.4 B $93.3 B $87.0 B $17.6 B $104.9 B $171.0 B $12.4 B $21.3 B $161.3 B $69.1 B $80.7 B $108.4 B $21.8 B $290.9 B $1,608.7 B
Total Return
1 Week Total Return -1.51% -1.63% -1.25% -0.65% -1.93% -2.38% -6.68% -0.40% -1.16% -0.57% -1.08% -4.19% -1.93% -2.15% -0.90% -1.92%
3 Mnth. Total Return -2.01% -0.17% 9.27% 8.80% 1.22% 3.54% -4.61% 2.19% 4.69% 5.17% -1.51% 0.87% 5.98% -7.54% 5.24% 1.67%
LTM Total Return -7.39% -0.34% 18.98% 15.05% 6.15% -17.51% -26.77% -11.13% 15.25% 8.60% -8.94% 6.26% -2.85% 6.08% 8.51% 1.20%
2 Year Total Return 24.14% 22.34% 89.28% 56.74% 34.15% -1.05% -19.71% 32.94% 55.45% 20.87% 4.64% -0.67% 22.87% -3.35% 20.02% 20.03%
3 Year Total Return 35.01% 20.96% 144.48% 73.41% 36.44% 10.05% -15.90% 34.70% 84.88% 39.68% 40.28% -4.39% 30.03% -36.66% 23.57% 23.57%
4 Year Total Return 36.54% 38.74% 210.14% 98.48% 32.18% 14.39% -7.86% 52.47% 118.28% 71.04% 47.72% 28.49% 36.80% -17.44% 34.19% 38.17%
5 Year Total Return 70.72% 54.11% 181.92% 147.30% 106.00% 45.60% -7.67% 28.42% 138.22% 75.18% 95.31% 66.51% 78.06% NA 73.25% 67.06%
Leverage / Coverage
EBITDA / (IE + Pfd) 4.15x 3.49x 5.32x 4.04x 4.64x 3.35x 3.38x 7.65x 3.21x 2.92x 4.69x 4.23x 3.66x 2.06x 3.73x 3.78x
(Debt + Pfd.) / EV 31.61% 37.73% 23.73% 26.01% 17.79% 40.77% 51.04% 24.68% 28.21% 37.39% 30.06% 36.30% 36.39% 36.89% 36.00% 35.54%
Valuation
P / '17 FFO 15.18x 15.46x 19.69x 21.33x 21.20x 13.27x 12.38x 19.65x 21.90x 19.41x 17.74x 10.28x 13.83x 20.81x 16.13x 15.24x
P / '18 FFO 13.59x 14.94x 17.72x 20.66x 20.63x 12.82x 11.41x 18.42x 19.17x 18.44x 16.57x 9.95x 13.00x 18.69x 14.99x 14.55x
P / '17 AFFO 16.14x 22.58x 20.29x 26.88x 38.69x 16.48x 13.83x 20.79x 22.86x 21.54x 18.45x 13.18x 13.65x 23.72x 14.28x 17.39x
P / '18 AFFO 13.46x 20.75x 18.31x 25.23x 28.60x 15.94x 12.88x 19.33x 20.74x 20.20x 17.25x 11.92x 13.06x 21.31x 13.56x 16.54x
'17 FFO Payout 74.6% 49.8% 61.2% 61.1% 59.7% 64.5% 61.0% 78.2% 64.4% 65.3% 75.8% 55.7% 77.0% 47.1% 85.0% 65.6%
'17 AFFO Payout 82.9% 77.3% 60.2% 79.1% 82.5% 81.0% 76.7% 82.7% 70.3% 72.9% 82.9% 70.6% 78.1% 21.5% 79.0% 78.3%
August 11, 2017
1
Free Writing Prospectus Dated August 18, 2017
Filed Pursuant to Rule 433 of the Securities Act of 1933
Registration Statement Nos 333-214531, 333-211178 and 333-211924
Excepted pages from subject report
3 Month Total Return
Price Div Total Price Div Total Price Div Total
Company Component Return Company Component Return Company Component Return
1. Gladstone Land 22.4% 1.4% 23.8% 81. Essex Property Tr 3.1% 0.7% 3.8% 161. GGP (5.5%) 0.9% (4.6%)
2. Monogram Resdl Tr 22.3% 0.9% 23.3% 82. Ramco-Gershenson 2.0% 1.7% 3.7% 162. MALL SECTOR (5.1%) 0.5% (4.6%)
3. Preferred Apt Comm 18.8% 1.7% 20.6% 83. Natl Health Invrs 2.4% 1.2% 3.7% 163. Macerich Co (4.7%) 0.0% (4.7%)
4. STORE Capital Corp 18.9% 1.5% 20.5% 84. SHOP CTR SECTOR 2.0% 1.5% 3.5% 164. CorEnergy Infrastr (6.8%) 2.0% (4.8%)
5. Seritage Growth 16.5% 0.7% 17.2% 85. Weingarten Realty 2.1% 1.3% 3.4% 165. Cedar Realty Trust (5.8%) 0.9% (4.9%)
6. DuPont Fabros Tech 16.1% 0.9% 17.0% 86. American Campus 2.2% 1.0% 3.2% 166. Ryman Hospitality (6.1%) 1.2% (5.0%)
7. Parkway Inc. 15.4% 0.6% 16.0% 87. UDR Inc 2.3% 0.8% 3.1% 167. National Storage (6.1%) 1.1% (5.0%)
8. CIM Comm Tr 1.6% 12.8% 14.4% 88. Retail Properties 1.4% 1.4% 2.8% 168. New York REIT (5.1%) 0.0% (5.1%)
9. Spirit Realty 11.5% 2.7% 14.2% 89. Gladstone Comm 1.0% 1.8% 2.8% 169. Hospitality Ppts (7.1%) 1.7% (5.4%)
10. Independence Realt 10.5% 2.0% 12.6% 90. Equinix (REIT) 2.2% 0.5% 2.7% 170. Lamar Advertising (6.6%) 1.1% (5.5%)
11. InfraREIT (REIT) 11.1% 1.4% 12.5% 91. CareTrust REIT 1.7% 1.0% 2.7% 171. Piedmont Office Tr (6.4%) 0.9% (5.5%)
12. VEREIT 10.3% 1.9% 12.2% 92. Easterly Gvt Ppts 1.4% 1.2% 2.7% 172. Omega Healthcare (7.7%) 1.9% (5.9%)
13. CoreSite Realty 9.5% 0.9% 10.5% 93. Saul Centers Inc 1.4% 0.9% 2.3% 173. NexPoint Resdl Tr (7.1%) 0.8% (6.3%)
14. Urstadt Biddle 8.9% 1.5% 10.4% 94. STDNT HOUS SECTOR 1.2% 1.0% 2.2% 174. Franklin St Ppts (7.9%) 1.6% (6.3%)
15. Prologis Inc 9.3% 0.8% 10.2% 95. Host Hotels&Resort 1.0% 1.1% 2.0% 175. Pennsylvania REIT (8.4%) 1.8% (6.6%)
16. Camden Ppty Tr 9.0% 1.0% 9.9% 96. One Liberty Ppts 0.1% 1.8% 2.0% 176. Tanger Factory (8.1%) 1.2% (7.0%)
17. TIER REIT Inc 8.6% 1.1% 9.7% 97. Condor Hospitality (0.1%) 1.9% 1.8% 177. Physicians Realty (8.4%) 1.0% (7.4%)
18. Xenia Hotels & Res 8.1% 1.5% 9.6% 98. Duke Realty Corp 0.9% 0.7% 1.6% 178. SINGLE FAMILY SECTOR (8.1%) 0.6% (7.5%)
19. CyrusOne Inc 8.8% 0.8% 9.6% 99. Education RealtyTr 0.2% 1.0% 1.2% 179. Taubman Centers (8.5%) 1.0% (7.5%)
20. Four Corners Ppty 8.5% 1.0% 9.5% 100. Liberty Ppty Trust 0.2% 1.0% 1.2% 180. Sr Housing Ppts Tr (10.6%) 1.8% (8.8%)
21. EastGroup Ppts Inc 8.7% 0.8% 9.5% 101. OFF/IND SECTOR 0.2% 1.0% 1.2% 181. UMH Ppts Inc (9.9%) 1.1% (8.8%)
22. Rexford Industrial 8.8% 0.6% 9.3% 102. Healthcare Realty (0.7%) 1.9% 1.2% 182. Wheeler REIT (12.2%) 2.9% (9.3%)
23. DATA CENTER SECTOR 8.5% 0.8% 9.3% 103. Retail Opportunity 0.3% 0.9% 1.2% 183. Mack-Cali Realty (9.9%) 0.7% (9.3%)
24. Terreno Realty 8.5% 0.6% 9.1% 104. Ventas Inc (0.0%) 1.2% 1.1% 184. Sabra Health Care (12.2%) 1.6% (10.6%)
25. QTS Realty Trust 8.1% 0.8% 8.9% 105. Armada Hoffler (0.4%) 1.4% 1.0% 185. Care Capital Ppts (13.1%) 2.0% (11.2%)
26. MGM Growth Ppts 7.5% 1.5% 8.9% 106. Global Medical (1.0%) 2.0% 1.0% 186. Gvt Ppts Incm Tr (14.1%) 2.1% (12.1%)
27. NorthStar Europe 7.5% 1.3% 8.8% 107. Sunstone Hotel 0.7% 0.3% 1.0% 187. Farmland Partners (14.2%) 1.2% (12.9%)
28. DCT Industrial Tr 8.2% 0.6% 8.8% 108. American Assets Tr 0.4% 0.6% 1.0% 188. Altisource Resdl (14.4%) 1.0% (13.4%)
29. INDUSTRIAL SECTOR 8.2% 0.6% 8.8% 109. FelCor Lodging Tr 0.1% 0.9% 1.0% 189. GEO Group Inc (16.3%) 1.3% (15.0%)
30. Amer Tower (REIT) 8.2% 0.5% 8.8% 110. Highwoods Ppts Inc (0.8%) 1.8% 1.0% 190. Bluerock Resdl (17.8%) 1.8% (16.0%)
31. Cousins Properties 7.8% 0.7% 8.6% 111. LODGING SECTOR (0.4%) 1.3% 0.9% 191. Uniti Group (19.9%) 1.9% (18.0%)
32. Agree Realty Corp 7.4% 1.2% 8.5% 112. Sotherly Hotels (0.8%) 1.5% 0.7% 192. Reven Housing REIT (19.6%) 0.0% (19.6%)
33. SBA Comms (REIT) 8.3% 0.0% 8.3% 113. Hersha Hospitality (0.9%) 1.5% 0.6% 193. CoreCivic Inc. (20.8%) 1.2% (19.6%)
34. Iron Mountain Inc 6.5% 1.7% 8.2% 114. Federal Realty (0.2%) 0.8% 0.5%
35. W. P. Carey Inc. 6.6% 1.6% 8.2% 115. Community Hlthcr (1.2%) 1.6% 0.4%
36. Whitestone REIT 5.6% 2.5% 8.1% 116. Corp Office Ppts (0.4%) 0.8% 0.3%
37. Washington Prime 4.6% 3.4% 8.0% 117. Vornado Realty Tr (19.4%) 19.5% 0.0%
38. Chesapeake Lodging 6.1% 1.7% 7.8% 118. Global Slf Stge (1.4%) 1.3% (0.1%)
39. Crown Castle Intl 6.8% 1.0% 7.8% 119. OFFICE SECTOR (1.2%) 1.0% (0.2%) RMS 1.6%
40. PS Business Parks 7.1% 0.7% 7.8% 120. RLJ Lodging Trust (1.8%) 1.6% (0.2%) S&P 500 2.5%
41. Gaming and Leisure 5.7% 1.8% 7.5% 121. Welltower (1.5%) 1.2% (0.4%) DJIA 5.1%
42. Extended Stay Am 6.3% 1.2% 7.5% 122. LaSalle Hotel (1.8%) 1.4% (0.4%)
43. Natl Retail Ppts 6.1% 1.3% 7.3% 123. Boston Properties (1.0%) 0.6% (0.4%)
44. DDR Corp 4.9% 2.2% 7.2% 124. Paramount Grp Inc (1.4%) 0.6% (0.8%)
45. First Indl Realty 6.2% 0.8% 6.9% 125. Digital Realty Tr (1.6%) 0.8% (0.8%)
46. Kite Realty Grp Tr 5.0% 1.7% 6.7% 126. Ashford Hsplty Tr (2.8%) 1.9% (0.9%) 1. Monogram Resdl Tr 22.3% 0.9% 23.3%
47. Starwood Waypoint 5.8% 0.7% 6.5% 127. AvalonBay Cmnties (1.7%) 0.7% (1.0%) 2. Preferred Apt Comm 18.8% 1.7% 20.6%
48. Extra Space stge 5.2% 1.1% 6.3% 128. Urban Edge Ppts (1.0%) 0.0% (1.0%) 3. Independence Realt 10.5% 2.0% 12.6%
49. Aimco 5.4% 0.9% 6.3% 129. Simon Property (2.4%) 1.1% (1.3%) 4. Camden Ppty Tr 9.0% 1.0% 9.9%
50. Investors RE Trust 5.1% 1.2% 6.2% 130. Weyerhaeuser Co (2.3%) 0.9% (1.4%) 5. Aimco 5.4% 0.9% 6.3%
51. MAA 5.3% 0.9% 6.2% 131. Life Storage (2.8%) 1.4% (1.4%) 6. Investors RE Trust 5.1% 1.2% 6.2%
52. Forest City Realty 5.8% 0.4% 6.2% 132. SELF STOR SECTOR (2.8%) 1.2% (1.5%) 7. MAA 5.3% 0.9% 6.2%
53. Monmouth RE Invt 5.0% 1.1% 6.2% 133. CubeSmart (2.7%) 1.1% (1.6%) 8. Equity Resdl 3.3% 0.8% 4.1%
54. Potlatch Corp 5.2% 0.9% 6.0% 134. American Homes (1.9%) 0.2% (1.7%) 9. Essex Property Tr 3.1% 0.7% 3.8%
55. Gramercy Property 4.7% 1.3% 6.0% 135. Equity Cmnwlth (1.7%) 0.0% (1.7%) 10. UDR Inc 2.3% 0.8% 3.1%
56. TRIPLE NET SECTOR 4.7% 1.3% 6.0% 136. Brandywine Realty (2.6%) 0.9% (1.8%) 11. AvalonBay Cmnties (1.7%) 0.7% (1.0%)
57. Washington REIT 4.8% 1.0% 5.8% 137. Empire State Rlty (2.3%) 0.5% (1.8%) 12. BRT Apartments (4.0%) 0.0% (4.0%)
58. CBL & Assoc Ppts 2.6% 3.2% 5.7% 138. Douglas Emmett Inc (2.4%) 0.6% (1.9%) 13. NexPoint Resdl Tr (7.1%) 0.8% (6.3%)
59. Regency Centers 4.6% 0.9% 5.5% 139. LTC Properties Inc (3.0%) 1.1% (1.9%) 14. Bluerock Resdl (17.8%) 1.8% (16.0%)
60. Kimco Realty Corp 4.0% 1.6% 5.5% 140. MedEquities Realty (3.7%) 1.7% (2.0%) 15. #REF! #REF! NA #REF!
61. Universal Health 4.5% 0.9% 5.5% 141. HEALTHCARE SECTOR (3.5%) 1.5% (2.0%) 16. #REF! #REF! NA #REF!
62. STAG Indl Inc 4.0% 1.3% 5.4% 142. Apple Hospitality (4.0%) 1.5% (2.4%) 17. #REF! #REF! NA #REF!
63. Eqty LifeStyle 4.7% 0.6% 5.3% 143. Global Net Lease (4.9%) 2.3% (2.6%) 18. #REF! #REF! NA #REF!
64. Brixmor Property 3.7% 1.5% 5.2% 144. Healthcare Trust (3.5%) 0.9% (2.6%) 19. #REF! #REF! NA #REF!
65. Rayonier Inc 4.3% 0.9% 5.2% 145. Kilroy Realty (3.2%) 0.5% (2.7%) 20. #REF! #REF! NA #REF!
66. SPECIALTY SECTOR 4.3% 0.9% 5.2% 146. CatchMark Timber (4.0%) 1.1% (2.8%) 21. #REF! #REF! NA #REF!
67. MULTIFAMILY SECTOR 4.2% 1.0% 5.2% 147. EPR Properties (4.3%) 1.4% (2.9%) 22. #REF! #REF! NA #REF!
68. Realty Income Corp 3.7% 1.2% 4.9% 148. OUTFRONT (REIT) (4.6%) 1.6% (3.0%) 23. #REF! #REF! NA #REF!
69. Pebblebrook Hotel 3.5% 1.2% 4.7% 149. New Senior Invt (5.7%) 2.6% (3.1%) 24. #REF! #REF! NA #REF!
70. Sun Communities 3.9% 0.8% 4.7% 150. Select Income REIT (5.2%) 2.0% (3.1%) 25. #REF! #REF! NA #REF!
71. MFG HOUSING SECTOR 3.9% 0.8% 4.7% 151. iStar Inc (3.3%) 0.0% (3.3%) 26. #REF! #REF! NA #REF!
72. City Office REIT 2.7% 1.9% 4.7% 152. SL Green Realty (4.3%) 0.7% (3.6%) 27. #REF! #REF! NA #REF!
73. Chatham Lodging 2.9% 1.7% 4.7% 153. Hudson Pacific (4.4%) 0.7% (3.8%) 28. #REF! #REF! NA #REF!
74. Alexandria RE 3.9% 0.7% 4.6% 154. Public Storage (4.7%) 0.9% (3.8%) 29. #REF! #REF! NA #REF!
75. First Potomac 4.5% 0.0% 4.5% 155. BRT Apartments (4.0%) 0.0% (4.0%) 30. #REF! #REF! NA #REF!
76. DiamondRock Hsptly 3.3% 1.1% 4.4% 156. Medical Properties (5.7%) 1.7% (4.0%)
77. Equity Resdl 3.3% 0.8% 4.1% 157. Columbia Ppty Tr (5.1%) 0.9% (4.2%)
78. Lexington Realty 2.2% 1.8% 4.0% 158. HCP Inc (5.5%) 1.2% (4.3%)
79. Getty Realty Corp 2.8% 1.1% 4.0% 159. Summit Hotel Ppts (5.3%) 1.0% (4.3%)
80. Acadia Realty Tr 2.9% 1.0% 3.8% 160. Ashford Hsplty Pr (5.8%) 1.5% (4.3%)
Source: Public Filings, Capital IQ, SNL Financial
Note: Analysis based on reported consolidated financial statements
Sector Overview: Multifamily
Indices
7
3 4 5
14
18 19
25
14
24
19 21
8
5 7
0
5
10
15
20
25
30
< -12.5% -12.5% to -
10.5%
-10.5% to -
8.5%
-8.5% to -6.5% -6.5% to -4.5% -4.5% to -2.5% -2.5% to -0.5% -0.5% to 1.5% 1.5% to 3.5% 3.5% to 5.5% 5.5% to 7.5% 7.5% to 9.5% 9.5% to 11.5% 11.5% to 14.5% > 14.5%
# o
f C
om
pa
nie
s
12
Last Twelve Months Total Return
Price Div Total Price Div Total Price Div Total
Company Component Return Company Component Return Company Component Return
1. NorthStar Europe 37.2% 7.3% 44.5% 81. Chesapeake Lodging (2.1%) 6.7% 4.6% 161. Federal Realty (19.0%) 2.4% (16.7%)
2. Extended Stay Am 33.2% 6.7% 39.8% 82. Forest City Realty 2.8% 1.4% 4.2% 162. STORE Capital Corp (20.7%) 3.8% (16.9%)
3. CoreSite Realty 33.7% 4.7% 38.4% 83. Host Hotels&Resort (0.8%) 4.9% 4.1% 163. New Senior Invt (24.8%) 7.8% (17.0%)
4. GEO Group Inc 25.0% 9.6% 34.6% 84. OUTFRONT (REIT) (2.2%) 6.0% 3.8% 164. New York REIT (17.9%) 0.7% (17.2%)
5. DuPont Fabros Tech 27.9% 5.5% 33.3% 85. MedEquities Realty (2.3%) 5.7% 3.4% 165. Regency Centers (19.7%) 2.4% (17.3%)
6. UMH Ppts Inc 26.7% 6.4% 33.1% 86. Brandywine Realty (0.6%) 3.9% 3.3% 166. SHOP CTR SECTOR (21.3%) 3.8% (17.5%)
7. Terreno Realty 27.4% 3.6% 31.0% 87. Duke Realty Corp 0.2% 2.9% 3.2% 167. Acadia Realty Tr (20.8%) 3.0% (17.7%)
8. Universal Health 25.2% 5.2% 30.4% 88. CoreCivic Inc. (5.1%) 8.3% 3.2% 168. Natl Retail Ppts (21.5%) 3.4% (18.1%)
9. Preferred Apt Comm 22.5% 7.8% 30.4% 89. Weyerhaeuser Co (0.8%) 3.9% 3.1% 169. Life Storage (22.0%) 3.9% (18.2%)
10. InfraREIT (REIT) 21.2% 6.8% 28.0% 90. Gramercy Property (2.5%) 5.3% 2.7% 170. Farmland Partners (22.3%) 3.9% (18.4%)
11. Potlatch Corp 23.1% 4.5% 27.6% 91. Equity Cmnwlth 2.6% 0.0% 2.6% 171. Weingarten Realty (21.9%) 3.4% (18.4%)
12. CorEnergy Infrastr 15.7% 11.4% 27.2% 92. Natl Health Invrs (2.7%) 4.9% 2.3% 172. Retail Properties (22.2%) 3.7% (18.5%)
13. CareTrust REIT 21.3% 5.5% 26.8% 93. QTS Realty Trust (0.8%) 3.0% 2.2% 173. Reven Housing REIT (22.7%) 0.0% (22.7%)
14. Cousins Properties (13.3%) 39.7% 26.5% 94. W. P. Carey Inc. (4.1%) 6.2% 2.1% 174. Simon Property (26.4%) 2.8% (23.6%)
15. NexPoint Resdl Tr 20.8% 4.8% 25.6% 95. Douglas Emmett Inc (0.6%) 2.5% 1.9% 175. CBL & Assoc Ppts (32.5%) 7.4% (25.1%)
16. Rexford Industrial 22.6% 2.9% 25.5% 96. City Office REIT (5.9%) 7.5% 1.6% 176. GGP (28.5%) 3.3% (25.2%)
17. Altisource Resdl 19.0% 5.9% 24.9% 97. Hersha Hospitality (5.8%) 6.6% 0.8% 177. Brixmor Property (28.7%) 3.4% (25.4%)
18. Gladstone Comm 15.0% 9.1% 24.1% 98. Washington REIT (3.6%) 3.7% 0.2% 178. Washington Prime (33.5%) 7.1% (26.4%)
19. Gladstone Land 18.2% 5.5% 23.8% 99. One Liberty Ppts (6.7%) 6.8% 0.1% 179. Kite Realty Grp Tr (30.5%) 3.8% (26.6%)
20. PS Business Parks 19.3% 3.3% 22.6% 100. Empire State Rlty (2.0%) 2.0% 0.0% 180. MALL SECTOR (32.6%) 5.8% (26.8%)
21. MGM Growth Ppts 15.2% 6.9% 22.1% 101. American Homes (1.1%) 0.9% (0.2%) 181. Ramco-Gershenson (30.9%) 4.1% (26.8%)
22. CIM Comm Tr 1.9% 19.9% 21.8% 102. Seritage Growth (2.5%) 2.2% (0.3%) 182. Taubman Centers (29.7%) 2.6% (27.1%)
23. Equinix (REIT) 19.2% 2.4% 21.6% 103. Kilroy Realty (5.0%) 4.7% (0.3%) 183. Macerich Co (32.7%) 2.8% (29.9%)
24. Amer Tower (REIT) 17.9% 2.4% 20.4% 104. OFFICE SECTOR (5.9%) 5.6% (0.3%) 184. Uniti Group (36.1%) 5.9% (30.1%)
25. EastGroup Ppts Inc 15.8% 3.9% 19.7% 105. Investors RE Trust (6.9%) 6.1% (0.8%) 185. Cedar Realty Trust (32.6%) 2.4% (30.1%)
26. Monogram Resdl Tr 16.1% 3.5% 19.6% 106. Ashford Hsplty Tr (8.1%) 7.2% (0.9%) 186. Kimco Realty Corp (34.3%) 3.2% (31.1%)
27. Sunstone Hotel 14.3% 5.2% 19.6% 107. Highwoods Ppts Inc (6.8%) 4.9% (1.9%) 187. Spirit Realty (37.7%) 4.7% (33.0%)
28. SBA Comms (REIT) 19.0% 0.0% 19.0% 108. Armada Hoffler (7.5%) 5.1% (2.4%) 188. Ashford Hsplty Pr (37.7%) 3.1% (34.6%)
29. DATA CENTER SECTOR 15.9% 3.1% 19.0% 109. Piedmont Office Tr (6.2%) 3.8% (2.4%) 189. Tanger Factory (38.3%) 2.6% (35.6%)
30. Xenia Hotels & Res 11.3% 7.3% 18.6% 110. Chatham Lodging (8.7%) 6.3% (2.5%) 190. DDR Corp (46.7%) 3.2% (43.5%)
31. FelCor Lodging Tr 13.9% 3.9% 17.8% 111. Hudson Pacific (5.2%) 2.5% (2.7%) 191. Pennsylvania REIT (54.9%) 2.4% (52.5%)
32. Summit Hotel Ppts 12.1% 4.8% 16.9% 112. Apple Hospitality (8.7%) 5.9% (2.7%) 192. Global Medical (17.4%) NA NA
33. DCT Industrial Tr 13.8% 2.9% 16.7% 113. Lexington Realty (9.2%) 6.4% (2.8%) 193. Parkway Inc. NA NA NA
34. Essex Property Tr 13.3% 3.3% 16.6% 114. TRIPLE NET SECTOR (9.2%) 6.4% (2.8%)
35. First Potomac 12.9% 3.6% 16.5% 115. CatchMark Timber (7.8%) 4.6% (3.2%)
36. CyrusOne Inc 12.6% 3.7% 16.3% 116. Welltower (9.5%) 4.7% (4.7%)
37. Community Hlthcr 8.5% 7.7% 16.2% 117. Extra Space stge (8.7%) 3.9% (4.8%)
38. Four Corners Ppty 10.9% 5.0% 15.9% 118. Healthcare Realty (9.9%) 4.4% (5.5%)
39. Getty Realty Corp 10.9% 5.0% 15.9% 119. Retail Opportunity (8.8%) 3.3% (5.5%) RMS (4.3%)
40. Sun Communities 11.5% 3.7% 15.3% 120. LTC Properties Inc (10.6%) 4.3% (6.3%) S&P 500 14.0%
41. MFG HOUSING SECTOR 11.5% 3.7% 15.3% 121. Urstadt Biddle (10.9%) 4.5% (6.3%) DJIA 20.4%
42. Corp Office Ppts 11.2% 3.9% 15.1% 122. American Campus (9.9%) 3.3% (6.5%)
43. STAG Indl Inc 8.8% 6.2% 15.0% 123. Saul Centers Inc (9.8%) 3.0% (6.8%)
44. INDUSTRIAL SECTOR 10.5% 4.5% 15.0% 124. Sr Housing Ppts Tr (13.6%) 6.8% (6.8%)
45. Prologis Inc 10.5% 3.7% 14.2% 125. Hospitality Ppts (13.3%) 6.1% (7.2%)
46. TIER REIT Inc 9.4% 4.9% 14.2% 126. Global Slf Stge (12.1%) 4.8% (7.4%) 1. Preferred Apt Comm 22.5% 7.8% 30.4%
47. Gaming and Leisure 5.9% 8.1% 14.0% 127. HEALTHCARE SECTOR (12.2%) 4.8% (7.4%) 2. NexPoint Resdl Tr 20.8% 4.8% 25.6%
48. Digital Realty Tr 10.0% 4.0% 14.0% 128. Whitestone REIT (15.2%) 7.5% (7.7%) 3. Monogram Resdl Tr 16.1% 3.5% 19.6%
49. Independence Realt 5.4% 8.4% 13.8% 129. Ventas Inc (12.2%) 4.2% (7.9%) 4. Essex Property Tr 13.3% 3.3% 16.6%
50. Ryman Hospitality 7.5% 5.8% 13.4% 130. Healthcare Trust (11.8%) 3.5% (8.3%) 5. Independence Realt 5.4% 8.4% 13.8%
51. Pebblebrook Hotel 7.5% 5.8% 13.3% 131. Select Income REIT (15.5%) 7.0% (8.5%) 6. Camden Ppty Tr 3.6% 9.3% 12.8%
52. Camden Ppty Tr 3.6% 9.3% 12.8% 132. Paramount Grp Inc (10.6%) 2.1% (8.5%) 7. Equity Resdl 1.0% 8.2% 9.1%
53. DiamondRock Hsptly 7.5% 5.2% 12.8% 133. Vornado Realty Tr (27.9%) 19.4% (8.5%) 8. UDR Inc 4.5% 3.5% 8.1%
54. Sotherly Hotels 5.8% 6.9% 12.7% 134. Sabra Health Care (13.6%) 4.8% (8.7%) 9. AvalonBay Cmnties 4.0% 3.2% 7.2%
55. Starwood Waypoint 9.2% 3.1% 12.3% 135. SELF STOR SECTOR (13.0%) 4.1% (8.9%) 10. BRT Apartments 7.2% 0.0% 7.2%
56. Monmouth RE Invt 7.2% 4.9% 12.1% 136. Columbia Ppty Tr (13.0%) 4.0% (9.0%) 11. MAA 2.6% 3.7% 6.3%
57. Alexandria RE 8.0% 3.2% 11.2% 137. RLJ Lodging Trust (14.3%) 5.3% (9.1%) 12. Aimco 1.5% 3.3% 4.8%
58. National Storage 6.3% 4.7% 11.0% 138. Mack-Cali Realty (11.5%) 2.1% (9.3%) 13. Investors RE Trust (6.9%) 6.1% (0.8%)
59. Eqty LifeStyle 8.1% 2.6% 10.7% 139. Condor Hospitality (15.4%) 5.9% (9.5%) 14. Bluerock Resdl (21.8%) 7.3% (14.5%)
60. Equity Resdl 1.0% 8.2% 9.1% 140. Global Net Lease (17.8%) 7.9% (9.9%) 15. #REF! NA NA #REF!
61. Crown Castle Intl 4.8% 4.3% 9.1% 141. American Assets Tr (12.3%) 2.2% (10.1%) 16. #REF! NA NA #REF!
62. MULTIFAMILY SECTOR 4.2% 4.4% 8.6% 142. CubeSmart (14.0%) 3.5% (10.5%) 17. #REF! NA NA #REF!
63. Lamar Advertising 3.6% 5.0% 8.5% 143. Physicians Realty (14.7%) 3.9% (10.8%) 18. #REF! NA NA #REF!
64. SPECIALTY SECTOR 4.8% 3.8% 8.5% 144. Public Storage (13.9%) 3.2% (10.8%) 19. #REF! NA NA #REF!
65. Rayonier Inc 4.6% 3.8% 8.4% 145. STDNT HOUS SECTOR (14.4%) 3.2% (11.1%) 20. #REF! NA NA #REF!
66. UDR Inc 4.5% 3.5% 8.1% 146. Omega Healthcare (18.0%) 6.6% (11.4%) 21. #REF! NA NA #REF!
67. iStar Inc 8.0% 0.0% 8.0% 147. EPR Properties (16.5%) 4.6% (11.8%) 22. #REF! NA NA #REF!
68. LaSalle Hotel 1.2% 6.7% 7.9% 148. Medical Properties (18.2%) 6.2% (12.0%) 23. #REF! NA NA #REF!
69. AvalonBay Cmnties 4.0% 3.2% 7.2% 149. HCP Inc (24.1%) 11.7% (12.4%) 24. #REF! NA NA #REF!
70. BRT Apartments 7.2% 0.0% 7.2% 150. Realty Income Corp (17.2%) 3.5% (13.6%) 25. #REF! NA NA #REF!
71. Iron Mountain Inc 0.2% 6.3% 6.5% 151. Care Capital Ppts (20.9%) 7.2% (13.7%) 26. #REF! NA NA #REF!
72. MAA 2.6% 3.7% 6.3% 152. Boston Properties (15.7%) 1.9% (13.7%) 27. #REF! NA NA #REF!
73. LODGING SECTOR 0.2% 6.0% 6.3% 153. Urban Edge Ppts (15.9%) 2.0% (13.8%) 28. #REF! NA NA #REF!
74. Liberty Ppty Trust 1.6% 4.6% 6.1% 154. Franklin St Ppts (19.3%) 5.3% (14.0%) 29. #REF! NA NA #REF!
75. OFF/IND SECTOR 2.6% 3.6% 6.1% 155. SL Green Realty (16.7%) 2.4% (14.3%) 30. #REF! NA NA #REF!
76. SINGLE FAMILY SECTOR 4.1% 2.0% 6.1% 156. Bluerock Resdl (21.8%) 7.3% (14.5%)
77. Easterly Gvt Ppts 0.6% 4.9% 5.6% 157. VEREIT (20.7%) 5.2% (15.5%)
78. First Indl Realty 1.9% 3.0% 4.9% 158. Education RealtyTr (18.9%) 3.1% (15.8%)
79. Agree Realty Corp 0.6% 4.3% 4.8% 159. Wheeler REIT (25.3%) 9.0% (16.3%)
80. Aimco 1.5% 3.3% 4.8% 160. Gvt Ppts Incm Tr (23.4%) 6.8% (16.6%)
Source: Public Filings, Capital IQ, SNL Financial
Note: Analysis based on reported consolidated financial statements
Indices
Sector Overview: Multifamily
19
16
10 10
15
6
9 10
12
8
18
21
18 17
2
0
5
10
15
20
25
< -20.0% -20.0% to -
15.0%
-15.0% to -
11.5%
-11.5% to -
9.0%
-9.0% to -6.5% -6.5% to -4.0% -4.0% to -1.5% -1.5% to 1.0% 1.0% to 3.5% 3.5% to 6.0% 6.0% to 11.0% 11.0% to 16.0%16.0% to 23.5%23.5% to 38.5% > 38.5%
# o
f C
om
pa
nie
s
14
3 Year Total Return
Price Div Total Price Div Total Price Div Total
Company Component Return Company Component Return Company Component Return
1. CoreSite Realty 207.3% 34.3% 241.5% 81. SBA Comms (REIT) 26.3% 0.0% 26.3% 161. DDR Corp (43.7%) 8.5% (35.2%)
2. CyrusOne Inc 131.1% 25.2% 156.3% 82. Public Storage 14.4% 11.8% 26.2% 162. Altisource Resdl (50.4%) 13.7% (36.7%)
3. DuPont Fabros Tech 117.3% 34.4% 151.7% 83. Potlatch Corp 10.5% 14.3% 24.8% 163. SINGLE FAMILY SECTOR (50.4%) 13.7% (36.7%)
4. Preferred Apt Comm 101.8% 44.5% 146.3% 84. City Office REIT (0.8%) 25.4% 24.6% 164. Ashford Hsplty Pr (42.8%) 5.8% (37.0%)
5. DATA CENTER SECTOR 112.4% 32.1% 144.5% 85. Natl Retail Ppts 9.8% 14.7% 24.5% 165. Pennsylvania REIT (44.9%) 7.6% (37.3%)
6. Equinix (REIT) 107.4% 29.8% 137.2% 86. Gladstone Land 8.1% 15.6% 23.7% 166. Washington Prime (55.1%) 13.1% (42.0%)
7. Rexford Industrial 97.4% 18.1% 115.5% 87. SPECIALTY SECTOR 7.0% 16.5% 23.6% 167. CBL & Assoc Ppts (55.5%) 12.8% (42.7%)
8. Eqty LifeStyle 95.4% 15.3% 110.6% 88. Forest City Realty 20.5% 3.0% 23.5% 168. Reven Housing REIT (52.9%) 0.0% (52.9%)
9. QTS Realty Trust 82.6% 18.3% 100.9% 89. Mack-Cali Realty 13.1% 9.6% 22.7% 169. Wheeler REIT (74.4%) 10.6% (63.9%)
10. CareTrust REIT 18.2% 80.2% 98.4% 90. American Assets Tr 13.4% 8.7% 22.1% 170. Care Capital Ppts NA NA NA
11. Universal Health 71.3% 26.5% 97.8% 91. Kilroy Realty 10.7% 10.6% 21.3% 171. Community Hlthcr NA NA NA
12. Digital Realty Tr 72.1% 24.2% 96.3% 92. OFFICE SECTOR 5.0% 16.0% 21.0% 172. Global Medical (88.8%) NA NA
13. Terreno Realty 77.9% 16.5% 94.4% 93. Brandywine Realty 6.6% 14.0% 20.6% 173. MedEquities Realty NA NA NA
14. Agree Realty Corp 63.9% 27.1% 91.0% 94. Hospitality Ppts (3.5%) 23.2% 19.7% 174. New Senior Invt NA NA NA
15. DCT Industrial Tr 74.6% 16.3% 90.8% 95. Piedmont Office Tr 3.3% 14.4% 17.7% 175. Easterly Gvt Ppts NA NA NA
16. UMH Ppts Inc 49.6% 35.3% 84.9% 96. W. P. Carey Inc. (3.0%) 19.6% 16.6% 176. NorthStar Europe NA NA NA
17. MFG HOUSING SECTOR 60.2% 24.6% 84.9% 97. Equity Cmnwlth 16.1% 0.0% 16.1% 177. Parkway Inc. NA NA NA
18. Global Slf Stge 53.4% 28.9% 82.2% 98. Bluerock Resdl (12.4%) 28.2% 15.8% 178. Paramount Grp Inc NA NA NA
19. Sun Communities 60.2% 19.3% 79.5% 99. Medical Properties (6.3%) 21.7% 15.4% 179. Urban Edge Ppts NA NA NA
20. PS Business Parks 59.1% 20.0% 79.1% 100. Urstadt Biddle (0.8%) 15.8% 15.1% 180. Monogram Resdl Tr NA NA NA
21. TIER REIT Inc 61.3% 15.8% 77.0% 101. Federal Realty 5.0% 8.8% 13.8% 181. NexPoint Resdl Tr NA NA NA
22. First Indl Realty 62.9% 13.6% 76.4% 102. Acadia Realty Tr 1.3% 12.4% 13.7% 182. National Storage NA NA NA
23. Duke Realty Corp 55.5% 17.9% 73.4% 103. Weyerhaeuser Co 0.4% 12.3% 12.7% 183. Apple Hospitality NA NA NA
24. INDUSTRIAL SECTOR 55.5% 17.9% 73.4% 104. CorEnergy Infrastr (17.6%) 29.9% 12.4% 184. Xenia Hotels & Res NA NA NA
25. Alexandria RE 54.0% 15.8% 69.8% 105. Lexington Realty (10.1%) 21.7% 11.6% 185. Four Corners Ppty NA NA NA
26. Monmouth RE Invt 40.8% 26.3% 67.2% 106. Weingarten Realty (2.5%) 13.5% 11.0% 186. Global Net Lease NA NA NA
27. Summit Hotel Ppts 45.9% 19.0% 64.9% 107. Cousins Properties (28.1%) 38.9% 10.9% 187. Gramercy Property NA NA NA
28. Prologis Inc 48.0% 16.5% 64.5% 108. Boston Properties (0.5%) 11.3% 10.8% 188. Seritage Growth NA NA NA
29. MAA 47.3% 17.2% 64.5% 109. Whitestone REIT (14.6%) 24.7% 10.1% 189. STORE Capital Corp NA NA NA
30. Getty Realty Corp 38.9% 25.2% 64.1% 110. SHOP CTR SECTOR (11.9%) 21.9% 10.1% 190. Starwood Waypoint NA NA NA
31. Armada Hoffler 34.6% 27.2% 61.7% 111. CIM Comm Tr (18.4%) 26.0% 7.6% 191. Uniti Group NA NA NA
32. Extra Space stge 43.5% 16.0% 59.5% 112. BRT Apartments 7.2% 0.0% 7.2% 192. InfraREIT (REIT) NA NA NA
33. Aimco 36.6% 13.6% 50.2% 113. CatchMark Timber (7.1%) 13.9% 6.8% 193. MGM Growth Ppts NA NA NA
34. EastGroup Ppts Inc 33.6% 15.9% 49.5% 114. Sr Housing Ppts Tr (17.0%) 23.5% 6.5%
35. Essex Property Tr 37.6% 11.7% 49.3% 115. Vornado Realty Tr (28.0%) 34.1% 6.1%
36. Healthcare Realty 30.0% 19.3% 49.3% 116. Select Income REIT (19.3%) 24.4% 5.0%
37. Lamar Advertising 27.8% 20.9% 48.7% 117. Simon Property (6.0%) 10.0% 4.0%
38. Gladstone Comm 14.4% 33.7% 48.1% 118. Life Storage (7.8%) 11.4% 3.7%
39. Amer Tower (REIT) 39.4% 8.2% 47.6% 119. Chatham Lodging (12.5%) 16.1% 3.6% RMS 24.1%
40. Realty Income Corp 29.3% 18.1% 47.4% 120. Gvt Ppts Incm Tr (22.3%) 24.2% 1.9% S&P 500 34.3%
41. EPR Properties 23.0% 23.7% 46.6% 121. Macerich Co (13.2%) 14.8% 1.7% DJIA 42.3%
42. Crown Castle Intl 29.7% 16.0% 45.7% 122. Omega Healthcare (17.1%) 18.3% 1.3%
43. Douglas Emmett Inc 33.9% 11.6% 45.5% 123. Retail Properties (12.5%) 12.6% 0.1%
44. Physicians Realty 25.0% 20.5% 45.5% 124. Franklin St Ppts (17.7%) 17.6% (0.2%)
45. Iron Mountain Inc 8.3% 36.9% 45.2% 125. Kimco Realty Corp (11.9%) 11.5% (0.4%)
46. UDR Inc 30.8% 13.6% 44.4% 126. DiamondRock Hsptly (13.1%) 12.3% (0.8%) 1. Preferred Apt Comm 101.8% 44.5% 146.3%
47. Retail Opportunity 28.3% 15.5% 43.8% 127. SL Green Realty (8.2%) 7.2% (1.0%) 2. MAA 47.3% 17.2% 64.5%
48. Natl Health Invrs 22.7% 20.3% 43.0% 128. Columbia Ppty Tr (14.8%) 13.4% (1.4%) 3. Aimco 36.6% 13.6% 50.2%
49. Camden Ppty Tr 21.3% 21.1% 42.4% 129. Chesapeake Lodging (17.1%) 15.4% (1.7%) 4. Essex Property Tr 37.6% 11.7% 49.3%
50. Ryman Hospitality 21.4% 20.4% 41.8% 130. GGP (11.0%) 9.1% (1.8%) 5. UDR Inc 30.8% 13.6% 44.4%
51. Gaming and Leisure 12.8% 28.8% 41.6% 131. First Potomac (15.2%) 12.1% (3.1%) 6. Camden Ppty Tr 21.3% 21.1% 42.4%
52. STAG Indl Inc 17.2% 24.0% 41.2% 132. Pebblebrook Hotel (14.7%) 11.5% (3.2%) 7. AvalonBay Cmnties 25.2% 11.7% 37.0%
53. CubeSmart 27.7% 12.5% 40.3% 133. Sabra Health Care (22.1%) 18.2% (3.9%) 8. Equity Resdl 2.8% 29.2% 32.0%
54. SELF STOR SECTOR 27.7% 12.5% 40.3% 134. Extended Stay Am (17.6%) 13.4% (4.2%) 9. Independence Realt 1.2% 29.3% 30.6%
55. Healthcare Trust 23.4% 16.6% 40.0% 135. LODGING SECTOR (17.7%) 13.3% (4.4%) 10. Bluerock Resdl (12.4%) 28.2% 15.8%
56. MULTIFAMILY SECTOR 23.3% 16.4% 39.7% 136. LaSalle Hotel (20.2%) 15.6% (4.6%) 11. BRT Apartments 7.2% 0.0% 7.2%
57. Washington REIT 22.1% 16.6% 38.7% 137. Rayonier Inc (15.6%) 10.5% (5.1%) 12. Investors RE Trust (29.3%) 16.4% (12.9%)
58. AvalonBay Cmnties 25.2% 11.7% 37.0% 138. Kite Realty Grp Tr (17.4%) 12.1% (5.2%) 13. #REF! NA NA NA
59. Liberty Ppty Trust 16.8% 19.7% 36.4% 139. Brixmor Property (16.0%) 10.8% (5.2%) 14. #REF! NA NA NA
60. OFF/IND SECTOR 16.8% 19.7% 36.4% 140. Host Hotels&Resort (17.9%) 12.2% (5.6%) 15. #REF! NA NA NA
61. American Campus 20.7% 15.7% 36.4% 141. Ramco-Gershenson (19.8%) 13.3% (6.6%) 16. #REF! NA NA NA
62. Highwoods Ppts Inc 18.3% 17.5% 35.7% 142. HCP Inc (28.5%) 21.2% (7.3%) 17. #REF! NA NA NA
63. LTC Properties Inc 17.6% 18.1% 35.7% 143. Farmland Partners (19.4%) 11.9% (7.6%) 18. #REF! NA NA NA
64. One Liberty Ppts 9.8% 25.8% 35.6% 144. OUTFRONT (REIT) (33.9%) 25.9% (7.9%) 19. #REF! NA NA NA
65. HEALTHCARE SECTOR 11.4% 23.6% 35.0% 145. CoreCivic Inc. (26.4%) 17.3% (9.1%) 20. #REF! NA NA NA
66. GEO Group Inc 6.0% 28.8% 34.8% 146. Sotherly Hotels (23.2%) 13.1% (10.1%) 21. #REF! NA NA NA
67. STDNT HOUS SECTOR 19.5% 15.2% 34.7% 147. Taubman Centers (25.5%) 12.9% (12.5%) 22. #REF! NA NA NA
68. Ventas Inc 2.0% 32.3% 34.3% 148. Cedar Realty Trust (20.5%) 7.6% (12.8%) 23. #REF! NA NA NA
69. Education RealtyTr 18.3% 14.7% 33.0% 149. Investors RE Trust (29.3%) 16.4% (12.9%) 24. #REF! NA NA NA
70. Saul Centers Inc 20.2% 12.2% 32.4% 150. Spirit Realty (29.0%) 15.7% (13.3%) 25. #REF! NA NA NA
71. Equity Resdl 2.8% 29.2% 32.0% 151. New York REIT (22.6%) 8.0% (14.6%) 26. #REF! NA NA NA
72. Empire State Rlty 24.1% 7.7% 31.8% 152. MALL SECTOR (26.6%) 10.7% (15.9%) 27. #REF! NA NA NA
73. Independence Realt 1.2% 29.3% 30.6% 153. Tanger Factory (27.8%) 8.6% (19.3%) 28. #REF! NA NA NA
74. Corp Office Ppts 15.5% 15.0% 30.5% 154. RLJ Lodging Trust (31.8%) 11.8% (19.9%) 29. #REF! NA NA NA
75. TRIPLE NET SECTOR 9.8% 20.3% 30.0% 155. iStar Inc (20.3%) 0.0% (20.3%) 30. #REF! NA NA NA
76. Sunstone Hotel 7.3% 21.7% 29.0% 156. Hersha Hospitality (33.2%) 12.0% (21.2%)
77. Welltower 11.4% 17.4% 28.8% 157. Condor Hospitality (28.2%) 5.4% (22.8%)
78. Hudson Pacific 19.5% 8.6% 28.1% 158. VEREIT (36.1%) 11.1% (25.0%)
79. American Homes 23.8% 4.2% 28.0% 159. Ashford Hsplty Tr (47.2%) 20.9% (26.3%)
80. Regency Centers 16.5% 10.8% 27.4% 160. FelCor Lodging Tr (32.7%) 5.4% (27.3%)
Source: Public Filings, Capital IQ, SNL Financial
Note: Analysis based on reported consolidated financial statements
Sector Overview: Multifamily
Indices
2
7 6
18
26 28 28
22
8 9 6
2 1 2
4
0
5
10
15
20
25
30
< -50.0% -50.0% to -
35.0%
-35.0% to -
20.0%
-20.0% to -
5.0%
-5.0% to 10.0% 10.0% to
25.0%
25.0% to
40.0%
40.0% to
55.0%
55.0% to
70.0%
70.0% to
85.0%
85.0% to
100.0%
100.0% to
115.0%
115.0% to
130.0%
130.0% to
145.0%
> 145.0%
# o
f C
om
pa
nie
s
16
5 Year Total Return
Price Div Total Price Div Total Price Div Total
Company Component Return Company Component Return Company Component Return
1. CoreSite Realty 296.2% 78.1% 374.3% 81. Weyerhaeuser Co 36.9% 25.4% 62.3% 161. Brixmor Property NA NA NA
2. Preferred Apt Comm 118.2% 89.1% 207.3% 82. FelCor Lodging Tr 49.0% 13.1% 62.1% 162. Urban Edge Ppts NA NA NA
3. DuPont Fabros Tech 130.1% 59.0% 189.1% 83. Public Storage 37.4% 24.4% 61.9% 163. Wheeler REIT NA NA NA
4. Eqty LifeStyle 147.7% 34.6% 182.3% 84. Regency Centers 34.3% 23.6% 57.8% 164. Washington Prime NA NA NA
5. DATA CENTER SECTOR 135.2% 46.7% 181.9% 85. Sabra Health Care 13.9% 42.9% 56.9% 165. Bluerock Resdl NA NA NA
6. Equinix (REIT) 140.2% 34.5% 174.8% 86. AvalonBay Cmnties 34.3% 22.5% 56.8% 166. Independence Realt NA NA NA
7. Extra Space stge 131.6% 43.0% 174.6% 87. Washington REIT 23.6% 30.6% 54.1% 167. Monogram Resdl Tr NA NA NA
8. GEO Group Inc 58.5% 114.7% 173.2% 88. OFFICE SECTOR 22.6% 31.6% 54.1% 168. NexPoint Resdl Tr NA NA NA
9. DCT Industrial Tr 125.0% 40.9% 165.9% 89. Equity Resdl 11.3% 42.1% 53.3% 169. National Storage NA NA NA
10. Terreno Realty 128.1% 36.1% 164.2% 90. Life Storage 27.2% 25.5% 52.7% 170. Global Slf Stge NA NA NA
11. Agree Realty Corp 101.7% 62.3% 164.0% 91. Lexington Realty 9.0% 42.9% 51.9% 171. Ashford Hsplty Pr NA NA NA
12. First Indl Realty 135.3% 27.9% 163.2% 92. Vornado Realty Tr (5.2%) 56.2% 51.0% 172. Apple Hospitality NA NA NA
13. STAG Indl Inc 86.1% 67.2% 153.3% 93. Welltower 18.0% 32.5% 50.5% 173. Extended Stay Am NA NA NA
14. INDUSTRIAL SECTOR 92.3% 55.0% 147.3% 94. Liberty Ppty Trust 14.1% 33.8% 47.9% 174. Xenia Hotels & Res NA NA NA
15. Duke Realty Corp 98.6% 42.8% 141.3% 95. Weingarten Realty 19.2% 28.3% 47.5% 175. Four Corners Ppty NA NA NA
16. Sun Communities 89.7% 48.5% 138.2% 96. Whitestone REIT (2.9%) 49.5% 46.5% 176. Global Net Lease NA NA NA
17. MFG HOUSING SECTOR 89.7% 48.5% 138.2% 97. Ventas Inc 1.8% 44.0% 45.9% 177. Gramercy Property NA NA NA
18. Summit Hotel Ppts 90.0% 44.0% 133.9% 98. Acadia Realty Tr 21.5% 24.1% 45.6% 178. Seritage Growth NA NA NA
19. Lamar Advertising 97.4% 36.1% 133.4% 99. SHOP CTR SECTOR 19.2% 26.4% 45.6% 179. Spirit Realty NA NA NA
20. PS Business Parks 96.2% 35.6% 131.8% 100. Piedmont Office Tr 16.4% 28.6% 45.0% 180. STORE Capital Corp NA NA NA
21. SBA Comms (REIT) 128.9% 0.0% 128.9% 101. RLJ Lodging Trust 14.5% 30.0% 44.5% 181. American Homes NA NA NA
22. CubeSmart 96.8% 31.9% 128.8% 102. Federal Realty 24.0% 18.2% 42.2% 182. Altisource Resdl NA NA NA
3. Universal Health 74.0% 50.4% 124.4% 103. Host Hotels&Resort 16.8% 24.4% 41.2% 183. Reven Housing REIT NA NA NA
24. Ryman Hospitality 44.1% 77.6% 121.7% 104. Urstadt Biddle 9.0% 30.7% 39.7% 184. Starwood Waypoint NA NA NA
25. Prologis Inc 79.8% 32.7% 112.5% 105. DiamondRock Hsptly 13.6% 25.2% 38.8% 185. CatchMark Timber NA NA NA
26. Amer Tower (REIT) 93.8% 17.4% 111.2% 106. SL Green Realty 22.6% 14.2% 36.7% 186. Uniti Group NA NA NA
27. Hudson Pacific 83.7% 22.7% 106.4% 107. Education RealtyTr 11.3% 25.0% 36.3% 187. Farmland Partners NA NA NA
28. Equity Cmnwlth 91.0% 15.0% 106.0% 108. Select Income REIT (9.4%) 44.0% 34.6% 188. Gaming and Leisure NA NA NA
29. OFF/IND SECTOR 91.0% 15.0% 106.0% 109. Ramco-Gershenson 5.0% 29.4% 34.4% 189. InfraREIT (REIT) NA NA NA
30. Aimco 74.9% 30.5% 105.4% 110. LaSalle Hotel 3.6% 29.2% 32.8% 190. Gladstone Land NA NA NA
31. Sotherly Hotels 63.6% 40.7% 104.3% 111. Franklin St Ppts (3.6%) 35.3% 31.7% 191. MGM Growth Ppts NA NA NA
32. EPR Properties 48.9% 53.7% 102.5% 112. GGP 13.4% 17.9% 31.3% 192. OUTFRONT (REIT) NA NA NA
33. Healthcare Trust 58.7% 41.8% 100.5% 113. CoreCivic Inc. (20.4%) 50.2% 29.8% 193. SINGLE FAMILY SECTOR NA NA NA
34. Retail Opportunity 63.4% 34.2% 97.6% 114. Boston Properties 8.4% 21.1% 29.5%
35. Essex Property Tr 70.8% 26.3% 97.1% 115. STDNT HOUS SECTOR 5.7% 22.7% 28.4%
36. SELF STOR SECTOR 67.1% 28.2% 95.3% 116. Kite Realty Grp Tr 2.4% 25.1% 27.5%
37. UMH Ppts Inc 36.9% 57.8% 94.7% 117. Gvt Ppts Incm Tr (16.1%) 42.3% 26.2%
38. EastGroup Ppts Inc 60.9% 33.0% 94.0% 118. Macerich Co (1.0%) 26.3% 25.4%
39. Alexandria RE 62.8% 30.6% 93.4% 119. Kimco Realty Corp 2.2% 23.1% 25.3% RMS 54.2%
40. Natl Health Invrs 48.1% 43.2% 91.4% 120. Simon Property 0.1% 24.8% 24.9% S&P 500 93.1%
41. W. P. Carey Inc. 42.7% 48.3% 91.0% 121. Sr Housing Ppts Tr -14.88% 39.25% 24.38% DJIA 87.7%
42. Highwoods Ppts Inc 50.7% 39.2% 89.9% 122. American Campus 0.09% 20.45% 20.54%
43. MAA 56.1% 33.8% 89.9% 123. BRT Apartments 20.31% 0.00% 20.31%
44. Cousins Properties 18.1% 71.8% 89.9% 124. Hersha Hospitality -8.65% 26.19% 17.53%
45. Getty Realty Corp 47.4% 41.0% 88.3% 125. First Potomac -7.11% 23.95% 16.84%
46. Digital Realty Tr 46.6% 39.5% 86.1% 126. CorEnergy Infrastr -24.36% 40.02% 15.66% 1. Preferred Apt Comm 118.2% 89.1% 207.3%
47. Chatham Lodging 41.8% 43.6% 85.3% 127. Cedar Realty Trust -3.99% 16.73% 12.73% 2. Aimco 74.9% 30.5% 105.4%
48. Douglas Emmett Inc 59.4% 24.4% 83.7% 128. Mack-Cali Realty -8.81% 19.51% 10.69% 3. Essex Property Tr 70.8% 26.3% 97.1%
49. Crown Castle Intl 61.6% 21.6% 83.2% 129. Investors RE Trust -24.15% 29.45% 5.30% 4. MAA 56.1% 33.8% 89.9%
50. Chesapeake Lodging 41.2% 41.6% 82.9% 130. VEREIT -25.49% 26.57% 1.08% 5. UDR Inc 52.7% 29.2% 82.0%
51. Sunstone Hotel 49.6% 32.8% 82.5% 131. Rayonier Inc -38.93% 39.45% 0.52% 6. Camden Ppty Tr 33.0% 35.4% 68.4%
52. UDR Inc 52.7% 29.2% 82.0% 132. Pennsylvania REIT -25.10% 17.44% -7.67% 7. AvalonBay Cmnties 34.3% 22.5% 56.8%
53. Monmouth RE Invt 33.9% 45.2% 79.1% 133. MALL SECTOR -24.78% 17.11% -7.67% 8. Equity Resdl 11.3% 42.1% 53.3%
54. Medical Properties 27.6% 50.8% 78.4% 134. HCP Inc -35.60% 27.66% -7.94% 9. BRT Apartments 20.3% 0.0% 20.3%
55. One Liberty Ppts 26.4% 51.7% 78.1% 135. Tanger Factory -24.78% 13.40% -11.38% 10. Investors RE Trust (24.2%) 29.4% 5.3%
56. Gladstone Comm 16.7% 61.4% 78.1% 136. Taubman Centers -29.66% 16.84% -12.82% 11. #REF! NA NA NA
57. TRIPLE NET SECTOR 33.9% 44.1% 78.1% 137. DDR Corp -32.89% 15.40% -17.49% 12. #REF! NA NA NA
58. Iron Mountain Inc 10.2% 67.6% 77.8% 138. CBL & Assoc Ppts -58.68% 17.17% -41.51% 13. #REF! NA NA NA
59. Omega Healthcare 28.8% 48.9% 77.7% 139. Condor Hospitality -78.05% 1.66% -76.39% 14. #REF! NA NA NA
60. Corp Office Ppts 44.0% 33.6% 77.6% 140. CareTrust REIT NA NA NA 15. #REF! NA NA NA
61. LTC Properties Inc 38.1% 38.5% 76.6% 141. Care Capital Ppts NA NA NA 16. #REF! NA NA NA
62. Realty Income Corp 39.2% 36.1% 75.3% 142. Community Hlthcr NA NA NA 17. #REF! NA NA NA
63. MULTIFAMILY SECTOR 43.5% 31.7% 75.2% 143. Physicians Realty NA NA NA 18. #REF! NA NA NA
64. American Assets Tr 52.6% 21.1% 73.7% 144. Global Medical NA NA NA 19. #REF! NA NA NA
65. iStar Inc 73.2% 0.0% 73.2% 145. MedEquities Realty NA NA NA 20. #REF! NA NA NA
66. SPECIALTY SECTOR 58.5% 14.7% 73.2% 146. New Senior Invt NA NA NA 21. #REF! NA NA NA
67. Brandywine Realty 39.0% 32.7% 71.7% 147. Armada Hoffler NA NA NA 22. #REF! NA NA NA
68. HEALTHCARE SECTOR 28.2% 42.5% 70.7% 148. City Office REIT NA NA NA 23. #REF! NA NA NA
69. Kilroy Realty 46.1% 22.9% 69.0% 149. CIM Comm Tr NA NA NA 24. #REF! NA NA NA
70. Camden Ppty Tr 33.0% 35.4% 68.4% 150. Columbia Ppty Tr NA NA NA 25. #REF! NA NA NA
71. Potlatch Corp 39.7% 28.6% 68.3% 151. Easterly Gvt Ppts NA NA NA 26. #REF! NA NA NA
72. Ashford Hsplty Tr (26.7%) 93.7% 67.1% 152. Empire State Rlty NA NA NA 27. #REF! NA NA NA
73. Hospitality Ppts 17.3% 49.5% 66.8% 153. NorthStar Europe NA NA NA 28. #REF! NA NA NA
74. Natl Retail Ppts 33.9% 32.8% 66.7% 154. New York REIT NA NA NA 29. #REF! NA NA NA
75. Saul Centers Inc 41.9% 24.7% 66.6% 155. Parkway Inc. NA NA NA 30. #REF! NA NA NA
76. LODGING SECTOR 28.6% 38.0% 66.5% 156. Paramount Grp Inc NA NA NA
77. Pebblebrook Hotel 39.8% 26.4% 66.2% 157. TIER REIT Inc NA NA NA
78. Healthcare Realty 30.1% 34.7% 64.8% 158. CyrusOne Inc NA NA NA
79. Retail Properties 29.1% 34.0% 63.0% 159. QTS Realty Trust NA NA NA
80. Forest City Realty 59.0% 3.9% 62.9% 160. Rexford Industrial NA NA NA
Source: Public Filings, Capital IQ, SNL Financial
Note: Analysis based on reported consolidated financial statements
Indices
Sector Overview: Multifamily
1 0 1
6
12
26
30 30
11 9 8
3 1 0 1
0
5
10
15
20
25
30
35
< -75.0% -75.0% to -
50.0%
-50.0% to -
25.0%
-25.0% to .0% .0% to 25.0% 25.0% to
50.0%
50.0% to
75.0%
75.0% to
100.0%
100.0% to
125.0%
125.0% to
150.0%
150.0% to
175.0%
175.0% to
200.0%
200.0% to
225.0%
225.0% to
250.0%
> 250.0%
# o
f C
om
pa
nie
s
18
Preferred Apartment Communities, Inc. ("PAC") has filed a registration statement
(including a prospectus) with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration
statement and other documents PAC has filed with the SEC for more complete
information about PAC and the offering. You may get these documents for free by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively, (i) with respect to
the offering of up to 1,500,000 Units consisting of 1,500,000 shares of Series A
Redeemable Preferred Stock and Warrants to purchase 30,000,000 shares of
Common Stock, PAC’s dealer manager, Preferred Capital Securities, LLC, will
arrange to send you the prospectus if you request it by calling toll-free at (855)
330-6594 (ii) with respect to the offering of up to 500,000 shares of Series M
Redeemable Preferred Stock, PAC’s dealer manager, Preferred Capital Securities,
LLC, will arrange to send you the prospectus if you request it by calling toll-free at
(855) 330-6594 and (iii) with respect to the offering of up to $150,000,000 of Common
Stock, PAC’s sales agent, JonesTrading Institutional Services LLC, will arrange to
send you the prospectus if you request it by calling toll-free at (800) 423-5933.