84-REIT-Valuation-Green-Street

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1、REITValuationTechniquesPresentedtoSF-QWAFAFEWFebruary19,2004TableofContentsI.GreenStreetBusinessOverviewII.REITMarketSummaryIII.REITValuationTechniquesIV.GreenStreet’sProprietaryNAV-basedPricingModelV.DiscountedCashFlowApproach1I.GreenStreetBusinessOverview2GreenStreetB

2、usinessOverviewGreenStreetAdvisorsRealEstateResearchRealEstateSecuritiesTrading(NewportBeach,CA)(Dallas,TX)REITDebtMoneyConsultingConsultingRealEstateRealEstateREITDebtMoneyInvestmentInvestmentManagementManagementBankingBankingWellsFargoWellsFargoEastdilEastdil3Qualific

3、ations•GreenStreetiswidelyrecognizedastheindustryleaderinREITanalysis.•Astaffof10senioranalystsarefocusedsolelyonREITs,whichmakesGreenStreetsignificantlylargerthananyREITteamonWallStreet.•Thecompanyhasgarnerednumerousawards,includinghonorsfromTheWallStreetJournal,Instit

4、utionalInvestor,andRealtyStockReview.•GreenStreet’s“Buy”recommendationshavegeneratedannualizedtotalreturnsof28%since1993,ascomparedto12%fortheentireREITuniverse.•ThroughitsEastdilaffiliation,GreenStreethasprovidedREITrelatedadvisoryservicesontransactionsvaluedatmorethan

5、$20billion,providinguniqueprivate-marketinsights.4GreenStreetBusinessOverview•Research:–GreenStreetfollowsover70ofthelargerpubliclytradedrealestatecompaniesonanin-depthbasis.–GreenStreet’sprimarystockvaluationmethodologyfocusesonNetAssetValues(“NAV”).•Consulting:–Thetec

6、hniquesandexpertisehonedinouranalysisofpublicREITsareappliedtoprivaterealestateentitiesthroughGreenStreet’sconsultingpractice.•EastdilAffiliation:–GreenStreetpartnerswithEastdil,arealestateinvestmentbankthatrepresentssellersoflargerealestateassetsandportfolios.•REITDebt

7、MoneyManagement:–GreenStreetisaco-advisorwithWellsFargoona$300millioncollateralizedbondofferingthatwassoldtoinstitutionalinvestorsbyBearStearnsinDecember2000.GreenStreetalsoadvisesWells’High-YieldGrouponotherREITdebtinvestments.5GreenStreetResearch•GreenStreetfollowsove

8、r70ofthelargerpubliclytradedrealestatecompaniesonanin-depthbasis.•GreenStreet’sprimarystockvaluationmethodolog