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Track Record Disclosure
At any given time, Green Street publishes roughly the same number of “BUY”
recommendations that it does “SELL” recommendations.
Created with Highcharts 8.0.4% of Securities RatedRecommendation
Distribution28%28%45%45%27%27%28%28%45%45%27%27%North
AmericaEuropeBuyHoldSell0%25%50%
Green Street's “BUYs” have historically achieved far higher total returns than
its “HOLDs”, which, in turn, have outperformed its “SELLs”
Total Return of Green Street's Recommendations1,2 Year3 Buy Hold Sell Universe4
2023 16% 12% 4% 11% 2022 -18% -23% -30% -23% 2021 39% 40% 33% 38% 2020 3% -13%
-23% -11% 2019 32% 22% 18% 24% 2018 -5% -7% -9% -7% 2017 6% 0% 2% 3% 2016 15%
15% 13% 14% 2015 8% 1% -2% 2% 2014 42% 32% 27% 33% 2013 4% 1% 2% 2% 2012 24% 25%
19% 23% 2011 19% 8% -5% 8% 2010 43% 33% 27% 34% 2009 59% 48% 6% 38% 2008 -28%
-31% -53% -37% 2007 -7% -22% -28% -20% 2006 46% 30% 19% 32% 2005 26% 19% -2% 16%
2004 43% 29% 16% 29% 2003 43% 37% 22% 35% 2002 17% 3% 3% 5% 2001 35% 19% 13% 21%
2000 53% 29% 6% 30% 1999 12% -9% -20% -7% 1998 -2% -15% -15% -12% 1997 37% 15%
7% 18% 1996 48% 31% 19% 32% 1995 23% 14% 1% 14% 1994 21% -1% -9% 3% 1993 27% 5%
8% 12% Cumulative Total Return 28,969% 1,435% 7% 1,712% Annualized 20% 9% 0% 10%
The results shown above are hypothetical; they do not represent the actual
trading of securities. Green Street does not provide research recommendations in
its capacity as an investment adviser, does not act as a fiduciary to clients
with respect to research recommendations, does not tailor recommendations to any
investment objective or risk profile of any individual investor, and does not
manage securities portfolios for any client. No investor should rely on research
recommendations as investment advice. Actual performance of any investor’s
portfolio will vary from the hypothetical performance shown above due to, but
not limited to 1) advisory fees and other expenses that one would pay to an
investment adviser; 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) the extent to which
an investor incorporated other investments into a securities portfolio.
Additionally, market and economic factors will almost certainly cause an
investor 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, cannot be used to predict
future performance. Investing involves risk and possible loss of principal
capital.
1. (1) Hypothetical performance is based on research reports made by Green
Street’s North American Research Team only (includes securities in the US,
Canada, and Australia). Since July 5, 2017, performance is calculated
whenever a recommendation is changed using the share price at the most
recent market close. Previously, performance was based on recommendations
provided in Green Street's "Real Estate Securities Monthly" (RESM) and
assumed no change in recommendation between RESM publications.
2. (2) Beginning July 5, 2017, all companies in Green Street’s North American
coverage universe are included in the performance calculation. Previously,
inclusion in the calculation of total return had been based on whether the
companies were listed in the primary exhibit of Green Street’s "Real Estate
Securities Monthly" and had a rating other than "Not Rated".
3. (3) From 1993 until July 3, 2017, the returns for each year cover the period
following the first RESM issued in the respective year through the first
RESM issued in the following year and are not based on a calendar year.
Subsequent to July 5, 2017, returns are based on calendar months.
“Buy” = Most attractively valued stocks. “Hold” = Fairly valued stocks. “Sell” =
Least attractively valued stocks. “Not Rated” companies are covered by the
firm’s research department but are not rated due to fundamental attributes
related to business prospects and balance sheets that are deemed to make the
securities more option-like than equity-like.
Green Street will furnish upon request available information regarding the
recommendation.
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