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Global Real Estate
Investment Trust Report 2010
Against all odds
II
Now in its fourth year, the Ernst & Young Global Real Estate Investment Trust Report is intended to help real estate investment trusts (REITs) and other property investors to make more informed investment decisions in regard to the REIT market.
The report includes:
• Global comparisons of REIT markets by size, volume, returns, balance sheet and income measures
• An in-depth discussion of four of the largest REIT markets in the world: the United States, Australia, Japan and the United Kingdom
• An update on China, examining the drivers and hurdles to implementing a REIT regime in this important new market
• Global comparison issues — how tax differences interfere with country-to-
country comparisons
Analysis informed by local insight This year’s report again includes local intelligence and insight from the
Ernst & Young professionals who work
with REITs in the markets analyzed. We asked our local teams to discuss their respective markets with local REIT organizations
and assess why some countries held up better under the onslaught of nancial and economic uncertainty. We also asked for their outlooks on their local markets.
We hope you will nd this year’s report valuable and that it helps to broaden your
understanding of global REIT trends.
Robert W. Lehman Global Director of REITs
Ernst & Young LLP
Howard S. Roth
Global Leader of Real Estate
Ernst & Young LLP
Global REIT Report 2010 Against all odds I
Global Real Estate Investment Trust Report 2010
Against all odds
II
Contents
About the Global Real Estate
Investment Trust Report 2010 pg 1
Executive summary pg 2
The outlook for the REIT model pg 6 The future of REITs in China pg 9
Full country rankings pg 10
Analysis of the global REIT market pg 18
Spotlight market analyses pg 24 US pg 25 UK pg 28 Japan pg 30 Australia pg 32
Country and tax regulations pg 34
Technical denitions pg 62
Global REIT Report 2010 Against all odds III
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