Green Street's "BUY" recommendations have historically achieved far higher total returns than our "HOLDs", which, in turn, have outperformed our "SELLs". The consistency and the magnitude of the performance differential between the three portfolios suggest that our stock recommendations can likely be used to enhance returns.
The performance shown below is, of course, hypothetical, and the BUY/HOLD/SELL differential almost certainly overstates what an investor could achieve in a real-world portfolio.
Cumulative Return: The Value of $1,000 Invested in Jan '93
Hypothetical value of $1,000 invested in Green Street's recommendations on Jan 28, 1993 as of June 1, 2010. Past performance, particularly hypothetical performance, can not be used to predict future performance.
TOTAL RETURN OF GREEN STREET'S RECOMMENDATIONS1, 2
September 1, 2010
|
Buy |
Hold |
Sell |
Universe3 |
| '10 YTD | 24.8% | 17.9% | 13.3% | 18.4% |
| '09 | 58.9% | 47.8% | 6.0% | 37.9% |
| '08 | -28.1% | -30.9% | -52.6% | -37.3% |
| '07 | -6.9% | -22.4% | -27.8% | -19.7% |
| '06 | 45.8% | 29.6% | 19.5% | 31.6% |
| '05 | 26.3% | 18.5% | -1.8% | 15.9% |
| '04 | 42.8% | 28.7% | 16.4% | 29.4% |
| '03 | 43.3% | 37.4% | 21.8% | 34.8% |
| '02 | 17.3% | 2.8% | 2.6% | 5.4% |
| '01 | 34.9% | 19.1% | 13.0% | 21.1% |
| '00 | 53.4% | 28.9% | 5.9% | 29.6% |
| '99 | 12.3% | -9.0% | -20.5% | -6.9% |
| '98 | -1.6% | -15.1% | -15.5% | -12.1% |
| '97 | 36.7% | 14.8% | 7.2% | 18.3% |
| '96 | 47.6% | 30.7% | 18.9% | 32.1% |
| '95 | 22.9% | 13.9% | 0.5% | 13.5% |
| '94 | 20.8% | -0.8% | -8.7% | 3.1% |
| '93 | 27.3% | 4.7% | 8.1% | 12.1% |
| Period 2/93 - 9/10 | ||||
| Total Return | 5019.0% | 449.0% | -28.7% | 507.3% |
| Annualized | 25.1% | 10.2% | -1.9% | 10.8% |
The results shown above are hypothetical; they do not represent the actual trading of securities. Actual performance will vary from the hypothetical performance shown above due to, but not limited to 1) advisory fees and other expenses that one would pay; 2) transaction costs; 3) the inability to execute trades at the last published price (the hypothetical returns assume execution at the last closing price); 4) the inability to maintain an equally-weighted portfolio in size (the returns above assume an equal weighting); and 5) market and economic factors will almost certainly cause one to invest differently than projected by the model that simulated the above returns. All returns include the reinvestment of dividends. Past performance, particularly hypothetical performance, can not be used to predict future performance.
Study uses recommendations given in Green Street's "Real Estate Securities Monthly" from January 28, 1993 through September 1, 2010. Historical results from January 28, 1993 through September 1, 2009 were independently verified by an international "Big 4" accounting firm. The accounting firm did not verify the stated results subsequent to September 1, 2009. As of September 1, 2009, the annualized total return of Green Street recommendations since January 28, 1993 was: Buy +23.3%, Hold +8.5%, Sell -3.4%, Universe +9.2%.
Company inclusion in the calculation of total return has been based on whether the companies were listed in the primary exhibit of Green Street's "Real Estate Securities Monthly". Beginning April 28, 2000, Gaming C-Corps and Hotel C-Corps, with the exception of Starwood Hotels and Homestead Village, are not included in the primary exhibit and therefore not included in the calculation of total return. Beginning March 3, 2003, all Hotel companies are excluded.
All securities covered by Green Street with a published rating that were included in the calculation of total return. Excludes "not rated" securities.