Mercer Capital's Value Focus: Real Estate Industry | Q2 2018 | Segment Focus: Healthcare Facilities

www.mercercapital.com
Second Quarter 2018
VALUE FOCUS
REAL ESTATE
Second Quarter 2018 | Sector Focus: Healthcare Facilities
In This Issue
Healthcare Facilities 1
Macro Indicators 3
Industry Performance MA 6
Publicly Traded Companies
Hospitality 10
Residential 12
Healthcare 13
Commercial Real Estate 15
About Mercer Capital 20

© 2018 Mercer Capital // www.mercercapital.com 1
Mercer Capital’s Value Focus: Real Estate Second Quarter 2018
According to the most recent data (2016), annual healthcare spending in the United States was $3.3 trillion. Average annual
growth in national healthcare expenditures from 2016 to 2026 is expected to be approximately 5.5%. As a share of gross
domestic product, national healthcare expenditure is expected to increase from 17.9% in 2016 to 19.7% by 2026.
Healthcare Facilities Construction
Construction activity picked up in 2017, with 20.5 million square feet of completions, an increase of 27% over 2016. At year-
end 2017, the number of medical offices and hospital properties under construction exceeded 360 and 490, respectively.
Project costs rose as well, with labor and material costs increasing the median unit price of construction approximately 19%.
Returns on medical office buildings remain high. The yield for this sector has lowered in recent years, but is expected to
continue to exceed benchmark returns at 6.7% in 2018.
As an alternative to new construction, many medical offices are taking advantage of vacant retail spaces that become
available as retailers downsize or eliminate their brick-and-mortar presence. This trend further supports a move towards
accessible, convenient offerings outside of hospital hubs. Even larger healthcare systems have begun developing off-site
clinics, urgent care, and emergency centers as outpatient services take over inpatient services as primary revenue drivers.
Real Estate Transactions
Healthcare real estate transaction volumes rose from 2014 to 2017, driven by stable industry fundamentals. In 2017, transaction
volume increased approximately 14% over the prior year from $19.3 billion to $21.8 billion. Medical offices accounted for 72%
of total volume, with hospitals transactions representing the remainder.
SEGMENT FOCUS
Healthcare
Facilities

Medical Office Buildings
Demand for medical office buildings (MOBs) is driven primarily by demographic characteristics, rather than eco-
nomic trends. The future of healthcare policy in the U.S. has the potential to significantly affect the medical office industry.
However, the opportunities created by the aging of the general population continue to offset this political uncertainty for
investors. The outlook for medical offices depends on size. As large healthcare systems seek accessibility and efficiency,
acquisitions of smaller, regional offices becomes more common. Remaining small offices may find it difficult to compete as
larger competitors continue to grow.
The vacancy rate for medical office buildings fell to a historical low in 2017. Vacancy rates fell in most markets, with rates
in supply-constrained markets (such as Boston and Seattle) falling to below 10%. The decrease in availability has allowed
owners to increase rents, with rent per square foot rising to over $30 in some west coast markets.
SEGMENT FOCUS
Healthcare
Facilities
(continued)
Total Construction Pipeline
MOB Hospital Total
Number of Properties 366 490 856
Total SF 29.7M 77.5M 107.2M
Total Construction Value $13.3B $56.4B $69.7B
Median SF / Project 50.0k 76.7k 60.0k
Median Construction Value / Project $17.8M $42.5M $26.7M
Source: Colliers

Macro
Indicators
Treasury yields increased during the
second quarter of 2018. The spread
between 2-year and 10-year Treasury
note yields narrowed significantly as
growth in the 2-year note’s yield far
outpaced that of the 10-year note. At
the end of the first quarter of 2018, the
spread between the two yields was 56
basis points. This spread had fallen
to 38 basis points by the end of the
second quarter, suggesting a flattening
yield curve. Investors generally view the
slope of the yield curve as an indicator
of the direction of the economy. Steeper
sloped yield curves imply greater future
economic growth.
Economists surveyed by The Wall Street
Journal anticipate yields will continue to
rise in upcoming years.
U.S. Treasury Yield Curve
U.S. Treasury Yields
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Jun-08
D
ec-08
Jun-09
D
ec-09
Jun-10
D
ec-10
Jun-11
D
ec-11
Jun-12
D
ec-12
Jun-13
D
ec-13
Jun-14
D
ec-14
Jun-15
D
ec-15
Jun-16
D
ec-16
Jun-17
D
ec-17
Jun-18
5-Year 10-Year 20-Year
Source: Federal Reserve Statistical Release H.15
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
1-Month
1-Year
2-Year
3-Year
5-Year
7-Year
10-Year
20-Year
30-Year
2Q18 (Current) 1Q18 (Previous) 2Q17 (Previous Year)
Source: Federal Reserve Statistical Release H.15
Note: Figures shown are the average yield for the last month of the quarter.

According to the BLS, the unemployment rate (U-3) was 4.0% in June 2018, which is down from 4.1% in March and
4.3% in June 2017. The May 2018 U-3 unemployment rate of 3.8% matched an 18-year low. Economists surveyed by The
Wall Street Journal anticipate unemployment rates of 3.7% and 3.6% in December 2018 and June 2019, respectively.
The underemployment rate (U-6, seasonally adjusted), which includes workers who are involuntarily working part-time
positions, was 7.8% in June, compared to 8.0% in March and 8.5% in June 2017.
In June 2018, the labor force participation rate stood at 62.9% (relative to mid-to-high 60s prior to the recession). The
number of nonfarm payroll jobs increased by 213,000 in June 2018, and June’s gain follows increases of 175,000 and
244,000 jobs in April and May, respectively. The Federal Reserve estimates that 17 million jobs have been created during
the current economic expansion. Population growth alone adds approximately 94,000 individuals to the workforce per
month. Economists surveyed by The Wall Street Journal anticipate payroll gains of approximately 170,000 jobs per month
over the next year.
Macro
Indicators
Unemployment
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Source: Bureau of Labor Statistics
Civilian Unemployment Rate

According to the U.S. Census Bureau, new privately owned housing starts were at a seasonally adjusted annualized
rate of 1,273,000 units in June 2018, 3.0% below the June 2017 rate.1
The seasonally adjusted annual rate of private
housing units authorized by building permits (considered the best indicator of future housing starts) was 1,173,000
units in June 2018, 4.2% below the June 2017 rate.
According to the National Association of Realtors, existing-home sales (at a seasonally adjusted annual rate) totaled
5.38 million in June 2018, which is 2.2% below the June 2017 level. First-time home buyers purchased 31% of existing
homes. Housing inventory stood at 1.95 million existing homes, representing 4.3 months of supply at the current sales
pace, which is up slightly from 4.2 months in June 2017. Properties stayed on the market an average of 26 days in June
2018, down from 28 days in June 2017. The national median existing-home price, $276,900, increased 5.2% relative to
June 2017 and surpassed the May 2018 figure as the new all-time high. Distressed sales, which include foreclosures
and short sales, accounted for approximately 3% of sales in June 2018, down from 4% in June 2017.
Macro
Indicators
Housing Starts
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
MillionsofUnits
Private Housing Starts Single Family Starts
Private Building Permits Single Family Building Permits
Source: U.S. Census Bureau, Seasonally Adjusted Data
Note: Permits at a given date are generally a leading indicator of future starts.
Beginning with January 2004, building permit data reflects the change to the 20,000 place series.
Private Housing
Single Family Housing
1
The Census Bureau revised both seasonally adjusted and unadjusted estimates of building permits and starts. The revised data covers January 2012 through the current release. The
Census Bureau intends to revise data on an annual basis in future years.

The real estate industry showed modest growth in second quarter 2018 for all indices, with stronger growth observed for the
FTSE NAREIT All Equity REIT which posted growth of 8.5% over the prior quarter. Growth in the other indices ranged from
approximately 1.0% to 2.0%.
Year-over-year changes were generally stronger. NCREIF Property index posted the strongest growth at 7.2%. The Moody’s
and SP/Case Shiller Indices showed strong increases as well, with growth of 6.5% and 6.3%, respectively. Green Street
Advisors CPPI showed the weakest growth year-over-year at just 1.0%.
Industry
Performance
Commercial Property
Price Indices
0
100
200
300
400
500
600
Moody's RCA/CPPI Green Street Advisors CPPI
FTSE NAREIT All Equity REITS NCREIF Property Index
SP/Case Shiller
Sources: Real Capital Analytics, Green Street Advisors, NAREIT, NCREIF

Returns in all real estate sectors picked back up in second quarter 2018, following a disappointing first quarter. The total
return for all equity REITs was 8.5%, while individual sector returns ranged from 6.3% for residential to 26.2% for lodging/
resorts. In general, real estate sectors outpaced the broad market indices, which ranged from 1.3% for the DJIA to 7.8%
for the Russell 2000.
Year-to-date returns varied, however, as the positive returns in second quarter were not enough to offset large negative
returns from the prior quarter for some sectors. For the year-to-date period, the all equity REITs return was a more modest
1.3% while individual sectors posted returns from negative 2.5% (health care) to 19.9% (lodging/resorts). The broad
market indices again showed a tighter range of year-to-date returns ranging from negative 0.7% to 9.4%.
Industry
Performance
REIT Performance
Through June 30, 2018
Total Return
Most Recent
Quarter YTD One Year Three Years
Dividend
Yield
(%)
FTSE NAREIT Sectors
Industrial 9.4% 5.6% 14.5% 81.4% 3.0%
Office 7.2% -0.5% 2.0% na 3.1%
Retail 10.2% -2.2% 5.9% 6.0% 4.9%
Residential 6.3% 1.3% 0.4% 21.6% 3.2%
Lodging/Resorts 26.2% 19.9% 29.9% 34.7% 4.8%
Health Care 9.8% -2.5% -12.6% 9.9% 5.9%
All Equity REITS 8.5% 1.3% 4.9% 30.0% 4.0%
US Benchmarks
SP 500 3.4% 2.7% 14.4% 11.9% 1.95%
Russell 2000 7.8% 7.7% 17.6% 11.0% na
NASDAQ Composite1
6.6% 9.4% 23.6% 16.0% na
Dow Jones Industrial Average1
1.3% -0.7% 16.3% 14.1% na
1
Price only Returns | Source: NAREIT

Mortgage origination volume increased across all sectors with the exception of healthcare in second quarter 2018. The largest
increase was observed in the hotel sector, which grew 88% after a 53% decline in the prior quarter. The retail sector also saw a
strong increase in originations, up 87% over last quarter. However, the trend was more varied across sectors relative to second
quarter 2017. Compared to second quarter 2017, office and industrial originations were 4.3% and 10.3%, respectively, in second
quarter 2018. The healthcare sector posted both quarterly and year-over-year declines in originations.
The spreads over U.S. Treasuries in CMBS and other structured real estate product remained generally flat during second
quarter of 2018. The spreads on the various product categories moved within a tight range of a 5 bps decline to 2 bps
increase.
Industry
Performance
Change in Mortgage
Origination Volume by
Sector
Multifamily Office Retail Industrial Hotel Healthcare
YOY Change 17.1% -4.3% 1.1% -10.3% 21.8% -16.7%
QOQ Change 25.0% 35.3% 87.1% 9.4% 88.2% -9.1%
Source: Mortgage Bankers Association
CMBS Spreads to Swaps
0
100
200
300
400
500
HELOC Fixed Rate HELOC Floating Rate CMBS Fixed Rate AAA
CMBS Fixed Rate AA-BBB FNMA 15 Yr FNMA 30 Yr
Source: ICE Global Index System

$10
$4
$18
$13 $12
$7
$30
$16
$27
$25
$26
$21
$19
$31
$38
$24
$33$32
$41
$25
$45
$20
$25
$10
$55
$37
$44
$45
$71
0
20
40
60
80
100
120
140
160
180
200
0
10
20
30
40
50
60
70
80
#ofDeals
Billions($)
Volume Deal Count
Source: Bloomberg
Global MA Deals
The number of global MA deals
reported in second quarter 2018
increased 24% over the first quarter from
115 to 143. However, reported deal value
increased even more, rising 59% over
the prior quarter. On a trailing twelve
month basis, deal volume and deal value
increased 3.7% and 79%, respectively.
U.S. MA Deals
The MA trend in the U.S. was even
more pronounced with a 46% increase
in the number of reported deals and
an 83% increase in reported deal
value. Compared to second quarter
2017, the number of deals increased
only 17% but the deal value increased
more than twofold.
0
5
10
15
20
25
30
35
40
45
0
10
20
30
40
50
60
70
#ofDeals
Volume($Bil)
Volume (bil) # Deals
Source: Bloomberg
Real Estate
MA Activity
U.S. MA
Global MA

Mercer Capital’s Value Focus: Real Estate Industry Second Quarter 2018
% Change Debt/
Total
Cap.
LTM LTM Multiple Forward Multiples
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Stock Debt Ent. Value Rev. EBITDA
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Hotel/Hospitality Companies
Choice Hotels
International, Inc.
CHH $75.60 -5.7% 17.6% $4,284 $0 $760 $5,044 15% $1,062 $336 $145 4.7x 15.0x 29.6x 15.1x 20.1x
Hyatt Hotels Corporation H $77.15 1.2% 36.7% $8,647 $0 $159 $8,806 2% $2,649 $693 $579 3.3x 12.7x 14.9x 11.3x 47.7x
InterContinental Hotels
Group PLC
IHG $62.28 4.0% 12.7% $11,696 $0 $1,798 $13,495 13% $1,872 $843 $578 7.2x 16.0x 20.2x 14.9x 21.3x
The Marcus Corporation MCS $32.50 7.1% 5.9% $910 $0 $325 $1,234 26% $657 $140 $74 1.9x 8.8x 12.3x 8.7x 18.5x
Marriott International, Inc. MAR $126.60 -6.9% 26.3% $44,735 $0 $8,145 $52,880 15% $5,263 $2,853 $1,520 10.0x 18.5x 29.4x 15.2x 21.6x
Red Lion Hotels
Corporation
RLH $11.65 19.5% 61.8% $282 $0 $81 $364 22% $157 $18 $5 2.3x 20.2x 62.4x 21.3x nm
Wynnstay Group plc WYN $6.60 14.1% -12.3% $130 $0 $9 $139 7% $566 $16 $6 0.2x 9.0x 21.8x 9.5x 14.5x
Hilton Worldwide Holdings
Inc.
HLT $79.16 0.5% 27.2% $23,781 $0 $6,000 $29,781 20% $3,617 $1,763 $1,440 8.2x 16.9x 16.5x 14.3x 29.3x
Median 2.6% 22.0% 15.2% 4.0x 15.5x 21.0x 14.6x 21.3x
Source: SP Global Market Intelligence
Hospitality

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Real Estate Investment Trusts: Hospitality
Ashford Hospitality Trust,
Inc.
AHT $8.10 25.4% 31.3% $799 $0 $3,548 $4,347 82% $1,424 $375 -$96 3.1x 11.6x nm 10.4x nm
Apple Hospitality REIT, Inc. APLE $17.88 1.8% -5.1% $4,118 $0 $1,311 $5,430 24% $1,257 $441 $170 4.3x 12.3x 24.2x 12.1x nm
Chatham Lodging Trust CLDT $21.22 10.8% 4.8% $973 $0 $533 $1,506 35% $305 $106 $36 4.9x 14.2x 27.0x 11.6x 32.2x
Chesapeake Lodging
Trust
CHSP $31.64 13.8% 28.6% $1,882 $0 $794 $2,676 30% $599 $187 $77 4.5x 14.3x 24.5x 15.2x 21.0x
DiamondRock Hospitality
Company
DRH $12.28 17.6% 9.8% $2,463 $0 $869 $3,331 26% $850 $218 $79 3.9x 15.3x 31.3x 12.9x 28.2x
Hersha Hospitality Trust HT $21.45 19.8% 14.3% $844 $0 $1,118 $1,962 57% $487 $134 $0 4.0x 14.7x nm 11.3x nm
Hospitality Properties
Trust
HPT $28.61 12.9% -3.2% $4,702 $0 $4,061 $8,763 46% $2,253 $819 $295 3.9x 10.7x 16.0x 10.4x 20.7x
Host Hotels Resorts,
Inc.
HST $21.07 13.0% 14.0% $15,620 $0 $4,128 $19,748 21% $5,496 $1,480 $658 3.6x 13.3x 23.7x 12.8x 23.1x
LaSalle Hotel Properties LHO $34.23 18.0% 12.4% $3,778 $0 $857 $4,635 18% $1,068 $307 $80 4.3x 15.1x 47.3x 14.7x 68.2x
Pebblebrook Hotel Trust PEB $38.80 13.0% 17.9% $2,679 $0 $1,032 $3,711 28% $769 $232 $125 4.8x 16.0x 21.5x 15.0x 33.4x
Park Hotels Resorts Inc. PK $30.63 13.4% 13.5% $6,161 $0 $2,862 $9,023 32% $2,813 $734 $529 3.2x 12.3x 11.6x 12.0x 13.4x
RLJ Lodging Trust RLJ $22.05 13.4% 10.1% $3,841 $367 $2,260 $6,468 35% $1,719 $495 $99 3.8x 13.1x 38.6x 12.0x 26.6x
Ryman Hospitality
Properties, Inc.
RHP $83.15 7.4% 28.0% $4,216 $0 $1,590 $5,807 27% $1,228 $342 $179 4.7x 17.0x 23.5x 14.8x 26.5x
Sotherly Hotels Inc. SOHO $6.98 0.9% 3.3% $94 $38 $351 $483 73% $168 $40 $1 2.9x 12.0x 136.7x 11.7x nm
Summit Hotel Properties,
Inc.
INN $14.31 5.1% -23.3% $1,498 $0 $935 $2,433 38% $561 $184 $79 4.3x 13.2x 18.9x 12.3x 31.1x
Sunstone Hotel Investors,
Inc.
SHO $16.62 9.2% 1.8% $3,750 $190 $591 $4,531 13% $1,182 $331 $119 3.8x 13.7x 31.5x 14.1x 22.4x
Xenia Hotels Resorts,
Inc.
XHR $24.36 23.5% 25.0% $2,603 $0 $1,086 $3,689 29% $1,024 $274 $106 3.6x 13.5x 24.6x 12.4x nm
Median 13.0% 12.4% 30% 3.9x 13.5x 24.5x 12.3x 26.5x
Hospitality (continued)

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Real Estate Investment Trusts: Multi-Family
American Campus
Communities, Inc.
ACC $42.88 11.0% -10.1% $5,858 $0 $3,229 $9,088 36% $846 $418 $110 10.7x 21.8x 53.4x 20.8x 51.7x
Apartment Investment
Management Company
AIV $42.30 3.8% -0.9% $6,656 $125 $4,280 $11,061 39% $996 $591 $373 11.1x 18.7x 17.9x 19.0x 55.4x
American Homes 4 Rent AMH $22.18 10.5% -0.5% $6,562 $0 $3,374 $9,936 34% $1,012 $505 $103 9.8x 19.7x 63.5x 18.3x 212.7x
Preferred Apartment
Communities, Inc.
APTS $16.99 19.7% 6.5% $666 $0 $1,879 $2,545 74% $343 $205 $4 7.4x 12.4x 160.3x 10.3x nm
AvalonBay Communities, Inc. AVB $171.89 4.5% -10.5% $23,757 $0 $7,468 $31,225 24% $2,251 $1,446 $872 13.9x 21.6x 27.2x 21.3x 32.6x
BRT Apartments Corp. BRT $12.75 8.5% 64.7% $183 $0 $842 $1,025 82% $113 $50 $34 9.1x 20.3x 5.4x 18.8x 8.4x
Bluerock Residential
Growth REIT, Inc.
BRG $8.92 4.9% -31.8% $213 $471 $1,081 $1,765 61% $163 $44 -$42 10.8x 39.9x nm 16.6x nm
BRT Apartments Corp. BRT $12.75 8.5% 64.7% $183 $0 $842 $1,025 82% $113 $50 $34 9.1x 20.3x 5.4x 18.8x 8.4x
Clipper Realty Inc. CLPR $8.54 0.8% -31.7% $152 $0 $950 $1,102 86% $107 $45 -$5 10.3x 24.5x nm 22.5x nm
Camden Property Trust CPT $91.13 8.3% 6.1% $8,715 $0 $2,177 $10,892 20% $945 $532 $200 11.5x 20.5x 43.5x 20.2x 51.5x
Education Realty Trust, Inc. EDR $41.50 26.7% 6.2% $3,344 $0 $1,008 $4,352 23% $339 $155 $130 12.9x 28.0x 25.8x 24.6x 37.7x
Equity Residential EQR $63.69 3.4% -3.9% $23,452 $37 $9,200 $32,689 28% $2,528 $1,627 $589 12.9x 20.1x 39.8x 20.0x 39.6x
Essex Property Trust, Inc. ESS $239.07 -0.7% -8.1% $15,790 $0 $5,754 $21,544 27% $1,442 $982 $375 14.9x 21.9x 42.1x 20.9x 45.9x
Invitation Homes Inc. INVH $23.06 1.0% 8.3% $12,001 $0 $9,564 $21,564 44% $1,430 $758 -$100 15.1x 28.4x nm 22.6x nm
Independence Realty
Trust, Inc.
IRT $10.31 12.3% 3.8% $893 $0 $890 $1,783 50% $175 $89 $14 10.2x 20.1x 62.4x 18.5x 34.5x
Mid-America Apartment
Communities, Inc.
MAA $100.67 10.3% -4.7% $11,455 $0 $4,665 $16,120 29% $1,543 $879 $347 10.4x 18.3x 33.0x 17.9x 52.5x
NexPoint Residential
Trust, Inc.
NXRT $28.45 14.5% 14.0% $591 $0 $731 $1,322 55% $143 $63 $58 9.3x 21.0x 10.2x 20.8x 149.7x
Sun Communities, Inc. SUI $97.88 7.1% 11.7% $7,839 $32 $3,189 $11,060 29% $1,036 $493 $86 10.7x 22.4x 91.5x 20.2x 70.4x
UDR, Inc. UDR $37.54 5.4% -4.2% $10,046 $46 $4,557 $14,649 31% $1,012 $634 $188 14.5x 23.1x 53.5x 21.8x 72.6x
Median 8.3% -0.5% 36% 10.7x 21.0x 41.0x 20.2x 51.5x
Residential

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Healthcare Facilities
Community Health
Systems, Inc.
CYH $3.32 -16.2% -67.0% $375 $0 $14,069 $14,444 97% $13,975 $806 -$2,259 1.0x 17.9x nm 9.0x nm
HCA Healthcare, Inc. HCA $102.60 5.8% 18.2% $35,838 $0 $33,971 $69,809 49% $45,210 $8,443 $2,864 1.5x 8.3x 12.5x 8.0x 11.2x
LifePoint Health, Inc. LPNT $48.80 3.8% -27.5% $1,892 $0 $2,950 $4,842 61% $6,239 $661 $44 0.8x 7.3x 43.4x 6.5x 10.6x
Tenet Healthcare
Corporation
THC $33.57 38.4% 72.5% $3,426 $0 $16,538 $19,964 83% $18,769 $2,512 -$471 1.1x 7.9x nm 7.7x 19.4x
Universal Health
Services, Inc.
UHS $111.44 -5.9% -8.6% $10,521 $0 $3,917 $14,438 27% $10,554 $1,701 $811 1.4x 8.5x 13.0x 8.2x 11.8x
Brookdale Senior Living
Inc.
BKD $9.09 35.5% -38.5% $1,705 $0 $4,625 $6,330 73% $3,705 $589 -$1,022 1.7x 10.7x nm 11.8x nm
Capital Senior Living
Corporation
CSU $10.67 -0.7% -30.4% $332 $0 $994 $1,326 75% $462 $79 -$31 2.9x 16.8x nm 14.2x nm
Five Star Senior Living
Inc.
FVE $1.50 15.4% -6.3% $76 $0 -$38 $38 -101% $1,119 -$13 -$36 0.0x -2.9x nm -1.2x nm
Diversicare Healthcare
Services, Inc.
DVCR $6.80 -9.6% -26.9% $44 $0 $82 $126 65% $573 $27 -$7 0.2x 4.7x nm nm nm
The Ensign Group, Inc. ENSG $35.82 36.2% 62.2% $1,867 $0 $250 $2,117 12% $1,948 $161 $71 1.1x 13.2x 26.5x 10.9x 19.4x
National HealthCare
Corporation
NHC $70.38 18.0% -0.8% $1,071 $0 -$52 $1,019 -5% $975 $102 $52 1.0x 10.0x 20.4x nm nm
Acadia Healthcare
Company, Inc.
ACHC $40.91 4.4% -17.5% $3,610 $0 $3,209 $6,818 47% $2,949 $594 $225 2.3x 11.5x 16.1x 10.7x 16.2x
Encompass Health
Corporation
EHC $67.72 18.5% 39.5% $6,692 $0 $2,933 $9,625 30% $4,109 $865 $302 2.3x 11.1x 22.2x 10.9x 19.2x
Select Medical Holdings
Corporation
SEM $18.15 5.2% 17.9% $2,433 $0 $4,123 $6,556 63% $4,719 $561 $200 1.4x 11.7x 12.2x 10.2x 17.6x
Median 38.4% 72.5% 61% 1.2x 10.4x 18.2x 9.6x 16.9x
Healthcare

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Real Estate Investment Trusts: Healthcare
CareTrust REIT, Inc. CTRE $16.69 24.6% -9.6% $1,271 $0 $580 $1,851 31% $147 $110 $41 12.6x 16.9x 30.7x 14.0x 23.3x
Physicians Realty Trust DOC $15.94 2.4% -19.5% $2,901 $4 $1,660 $4,565 36% $403 $263 $44 11.3x 17.3x 65.4x 16.7x 52.7x
Welltower Inc. WELL $62.69 15.2% -15.9% $23,320 $718 $12,037 $36,075 33% $4,348 $1,992 $601 8.3x 18.1x 38.8x 17.0x 24.9x
HCP, Inc. HCP $25.82 11.1% -19.3% $12,130 $0 $8,156 $20,286 40% $1,846 $958 $64 11.0x 21.2x 190.1x 19.1x 40.8x
Healthcare Realty Trust
Incorporated
HR $29.08 4.9% -14.2% $3,641 $0 $1,303 $4,943 26% $438 $241 $13 11.3x 20.5x 281.6x 19.9x 54.2x
Healthcare Trust of
America, Inc.
HTA $26.96 1.9% -13.6% $5,532 $0 $2,811 $8,342 34% $700 $446 $81 11.9x 18.7x 67.9x 18.9x 75.2x
LTC Properties, Inc. LTC $42.74 12.5% -16.9% $1,694 $0 $687 $2,381 29% $166 $148 $130 14.4x 16.1x 13.1x 15.8x 12.8x
Medical Properties Trust,
Inc.
MPW $14.04 8.0% 8.8% $5,119 $0 $4,774 $9,894 48% $799 $715 $351 12.4x 13.8x 14.6x 13.8x 12.1x
Omega Healthcare
Investors, Inc.
OHI $31.00 14.6% -5.9% $6,157 $0 $4,904 $11,061 44% $881 $599 $93 12.6x 18.5x 65.9x 13.7x 19.7x
Senior Housing Properties
Trust
SNH $18.09 15.5% -11.1% $4,299 $0 $3,774 $8,072 47% $1,098 $545 $459 7.3x 14.8x 9.4x 14.1x 10.6x
New Senior Investment
Group Inc.
SNR $7.57 -7.5% -24.5% $622 $0 $1,782 $2,404 74% $428 $160 -$33 5.6x 15.0x nm 16.8x nm
Ventas, Inc. VTR $56.95 15.0% -17.7% $20,292 $0 $11,143 $31,435 35% $3,646 $1,866 $1,252 8.6x 16.9x 16.2x 16.8x 46.3x
Median 11.8% -15.0% 35% 11.3x 17.1x 38.8x 16.7x 24.9x
Healthcare (continued)

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Diversified REITs
American Assets Trust,
Inc.
AAT $38.29 14.6% -4.0% $1,807 $0 $1,227 $3,034 40% $325 $185 $19 9.3x 16.4x 96.2x 16.4x nm
Armada Hoffler
Properties, Inc.
AHH $14.90 8.8% 15.1% $934 $0 $571 $1,505 38% $230 $66 $29 6.6x 22.8x 32.0x 19.0x 29.8x
Empire State Realty Trust,
Inc.
ESRT $17.10 1.8% -17.1% $2,830 $8 $2,016 $4,854 42% $709 $329 $63 6.8x 14.7x 44.6x 14.2x 81.4x
Forest City Realty Trust,
Inc.
FCE.A $22.81 12.6% -5.5% $6,095 $0 $3,236 $9,331 35% $891 $435 $377 10.5x 21.4x 16.2x 17.0x nm
Gramercy Property Trust GPT $27.32 25.7% -7.7% $4,393 $84 $2,851 $7,328 39% $587 $434 $120 12.5x 16.9x 36.7x 16.5x 78.1x
Investors Real Estate
Trust
IRET $5.53 6.6% -10.8% $660 $99 $771 $1,530 50% $211 $81 $55 7.2x 19.0x 12.0x 17.0x 5.5x
Liberty Property Trust LPT $44.33 11.6% 8.4% $6,551 $0 $2,848 $9,399 30% $759 $342 $348 12.4x 27.5x 18.8x 23.5x 23.7x
Lexington Realty Trust LXP $8.73 10.9% -11.6% $2,095 $94 $1,927 $4,116 47% $408 $332 $20 10.1x 12.4x 102.8x 12.6x 116.4x
PS Business Parks, Inc. PSB $128.50 13.7% -2.5% $3,510 $960 $169 $4,639 4% $407 $270 $221 11.4x 17.2x 15.9x 17.0x 42.1x
Select Income REIT SIR $22.47 15.3% -6.3% $2,011 $0 $2,402 $4,412 54% $473 $299 $78 9.3x 14.7x 25.6x 14.8x 22.0x
Spirit Realty Capital, Inc. SRC $8.03 3.5% 8.2% $3,441 $166 $3,730 $7,337 51% $651 $567 $89 11.3x 12.9x 38.7x 16.7x 37.3x
iStar Inc. STAR $10.79 6.1% -10.0% $733 $0 $2,889 $3,622 80% $771 $156 $86 4.7x 23.2x 8.6x nm 4.8x
STORE Capital
Corporation
STOR $27.40 10.4% 20.0% $5,426 $0 $2,690 $8,116 33% $488 $437 $182 16.6x 18.6x 29.9x 16.8x 28.6x
W. P. Carey Inc. WPC $66.35 7.0% 0.9% $7,113 $0 $4,439 $11,551 38% $849 $743 $296 13.6x 15.5x 24.0x 15.2x 24.3x
Washington Real Estate
Investment Trust
WRE $30.33 11.1% -5.5% $2,385 $0 $1,324 $3,709 36% $336 $194 $19 11.1x 19.2x 124.1x 18.6x 91.7x
Median 10.9% -5.5% 39% 10.5x 17.2x 29.9x 16.7x 29.8x
Commercial Real Estate

Commercial Real Estate (continued)
% Change
Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Industrial REITs
Americold Realty Trust COLD $22.02 15.4% nm $3,140 $0 $1,364 $4,503 30% $1,577 $268 $24 2.9x 16.8x 130.0x 15.3x nm
CoreSite Realty
Corporation
COR $110.82 10.5% 7.6% $3,818 $0 $1,214 $5,032 24% $515 $270 $78 9.8x 18.6x 48.7x 17.0x 50.2x
CubeSmart CUBE $32.22 14.3% 35.2% $5,873 $0 $1,748 $7,621 23% $577 $352 $150 13.2x 21.6x 39.2x 21.6x 38.5x
Duke Realty Corporation DRE $29.03 9.6% 5.0% $10,365 $0 $2,383 $12,748 19% $863 $443 $620 14.8x 28.8x 16.7x 23.0x 62.0x
EastGroup Properties, Inc. EGP $95.56 15.6% 14.2% $3,328 $0 $1,106 $4,433 25% $286 $178 $80 15.5x 24.9x 41.4x 22.3x 40.0x
EPR Properties EPR $64.79 16.9% -10.7% $4,815 $6 $3,107 $7,928 39% $608 $526 $250 13.0x 15.1x 19.3x 13.4x 19.4x
Extra Space Storage Inc. EXR $99.81 14.3% 28.7% $12,591 $0 $4,790 $17,381 28% $1,163 $775 $493 14.9x 22.4x 25.5x 22.1x 34.1x
First Industrial Realty
Trust, Inc.
FR $33.34 14.1% 17.2% $4,180 $0 $1,416 $5,596 25% $400 $263 $223 14.0x 21.3x 18.8x 20.9x 32.9x
Industrial Logistics
Properties Trust
ILPT $22.35 9.9% nm $1,453 $0 $332 $1,784 19% $158 $111 $76 11.3x 16.1x 19.1x 15.5x 19.1x
Monmouth Real Estate
Investment Corporation
MNR $16.53 9.9% 9.3% $1,309 $277 $774 $2,360 33% $125 $97 $51 18.8x 24.3x 25.5x 19.0x 32.4x
National Storage Affiliates
Trust
NSA $30.82 22.9% 31.9% $1,554 $173 $1,488 $3,214 46% $298 $170 $16 10.8x 18.9x 94.8x 17.9x 68.5x
Prologis, Inc. PLD $65.69 4.3% 11.9% $35,032 $69 $12,110 $47,212 26% $2,794 $1,847 $1,882 16.9x 25.6x 18.6x 27.6x 30.6x
Rexford Industrial Realty,
Inc.
REXR $31.39 9.0% 15.2% $2,545 $159 $660 $3,364 20% $190 $113 $38 17.8x 29.9x 66.5x 25.7x 114.0x
Public Storage PSA $226.86 13.2% 9.3% $39,526 $4,025 $1,105 $44,655 2% $2,821 $1,989 $1,493 15.8x 22.5x 26.5x 23.2x 30.8x
Life Storage, Inc. LSI $97.31 16.5% 30.3% $4,518 $0 $1,762 $6,280 28% $504 $314 $130 12.5x 20.0x 34.8x 19.9x 29.9x
Terreno Realty
Corporation
TRNO $37.67 9.2% 12.6% $2,079 $0 $494 $2,573 19% $143 $81 $62 18.0x 31.7x 33.6x 27.4x 43.9x
Life Storage, Inc. SOV $97.30 17.3% 28.6% $4,518 $0 $1,762 $6,280 28% $504 $314 $130 12.5x 20.0x 34.8x 19.9x nm
STAG Industrial, Inc. STAG $27.23 13.8% -0.1% $2,648 $145 $1,226 $4,018 31% $328 $231 $68 12.2x 17.4x 38.7x 16.2x 68.1x
Median 13.9% 13.4% 25% 14.0x 21.6x 34.8x 20.4x 36.3x

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Office REITs
Alexandria Real Estate
Equities, Inc.
ARE $126.17 1.0% 6.0% $12,993 $74 $5,521 $18,589 30% $1,232 $775 $284 15.1x 24.0x 45.8x 21.1x 41.9x
Brandywine Realty Trust BDN $16.88 6.3% -2.2% $3,014 $0 $1,746 $4,760 37% $525 $247 $149 9.1x 19.3x 20.2x 15.8x 35.6x
Boston Properties, Inc. BXP $125.42 1.8% 1.8% $19,360 $200 $12,350 $31,910 39% $2,647 $1,544 $536 12.1x 20.7x 36.1x 20.1x 48.0x
Mack-Cali Realty Corp. CLI $20.28 21.4% -25.6% $1,828 $0 $2,995 $4,823 62% $568 $271 $82 8.5x 17.8x 22.2x 19.3x 47.1x
Cousins Properties Inc. CUZ $9.69 11.6% 10.4% $4,072 $7 $1,036 $5,115 20% $462 $270 $81 11.1x 19.0x 50.4x 18.7x 66.8x
Columbia PropertyTrust, Inc. CXP $22.71 11.0% 2.4% $2,693 $0 $1,622 $4,316 38% $280 $125 $98 15.4x 34.6x 27.4x 20.3x 567.8x
Easterly Government
Properties, Inc.
DEA $19.76 -3.1% -5.4% $1,193 $0 $694 $1,886 37% $143 $79 $5 13.2x 23.8x 229.9x 19.5x 116.2x
Douglas Emmett, Inc. DEI $40.18 9.3% 5.2% $6,827 $0 $5,284 $12,111 44% $855 $528 $115 14.2x 22.9x 59.3x 21.6x 57.2x
Equity Commonwealth EQC $31.50 2.7% -0.4% $3,826 $119 -$2,158 $1,788 -121% $257 $102 $236 7.0x 17.5x 16.2x 15.5x 16.6x
Franklin Street Properties
Corp.
FSP $8.56 1.8% -21.9% $918 $0 $1,029 $1,947 53% $268 $134 -$1 7.3x 14.5x nm 14.2x 285.3x
CIM CommercialTrust Corp. CMCT $15.10 19.4% -0.3% $661 $279 $588 $1,529 38% $208 $82 $97 7.3x 18.6x 6.8x nm nm
Government Properties
Income Trust
GOV $15.85 16.0% -13.4% $1,572 $0 $2,248 $3,819 59% $394 $217 $29 9.7x 17.6x 53.7x 15.9x 56.1x
Highwoods Properties, Inc. HIW $50.73 15.8% 1.0% $5,247 $29 $2,220 $7,495 30% $722 $399 $199 10.4x 18.8x 26.3x 17.0x 34.9x
Hudson Pacific
Properties, Inc.
HPP $35.43 8.9% 3.8% $5,503 $0 $2,466 $7,969 31% $729 $341 $110 10.9x 23.4x 50.1x 19.7x 47.6x
JBG Smith Properties JBGS $36.47 8.2% nm $4,302 $0 $2,537 $6,839 37% $629 $249 -$73 10.9x 27.5x nm 26.7x nm
Kilroy Realty Corp. KRC $75.64 6.6% 0.8% $7,575 $0 $2,753 $10,328 27% $729 $408 $163 14.2x 25.3x 46.4x 23.0x 58.3x
Corporate Office
Properties Trust
OFC $28.99 12.2% -16.8% $2,961 $0 $1,939 $4,901 40% $627 $292 $68 7.8x 16.8x 43.5x 16.7x 39.5x
Piedmont Office Realty
Trust, Inc.
PDM $19.93 13.3% -4.8% $2,554 $0 $1,684 $4,239 40% $540 $230 $164 7.9x 18.5x 15.6x 15.0x nm

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Paramount Group, Inc. PGRE $15.40 8.1% -4.8% $3,704 $0 $4,243 $7,946 53% $735 $388 -$51 10.8x 20.5x nm 19.1x 142.0x
SL Green Realty Corp. SLG $100.53 3.8% -4.9% $8,889 $222 $5,980 $15,091 40% $1,358 $745 $299 11.1x 20.2x 29.8x 24.4x 35.2x
Vornado Realty Trust VNO $73.92 9.8% -20.8% $14,057 $891 $9,983 $24,931 40% $2,102 $970 $165 11.9x 25.7x 85.1x 23.7x 49.9x
Median 8.9% -1.3% 38% 10.9x 20.2x 39.8x 19.4x 49.0x
Retail REITs
Alexander's, Inc. ALX $382.63 0.4% -9.1% $1,954 $0 $922 $2,876 32% $232 $137 $46 12.4x 21.0x 42.4x nm nm
Saul Centers, Inc. BFS $53.58 5.1% -9.3% $1,184 $180 $1,015 $2,379 43% $226 $145 $48 10.5x 16.4x 24.6x 15.5x nm
Brixmor Property Group
Inc.
BRX $17.43 14.3% -5.5% $5,278 $0 $5,566 $10,844 51% $1,265 $824 $295 8.6x 13.2x 17.9x 13.0x 18.7x
CBL Associates
Properties, Inc
CBL $5.57 33.6% -34.5% $962 $0 $4,286 $5,247 82% $895 $579 $23 5.9x 9.1x 42.7x 9.3x nm
Cedar Realty Trust, Inc. CDR $4.72 19.8% -6.0% $417 $160 $621 $1,197 52% $152 $85 $5 7.9x 14.1x 84.2x 13.7x nm
DDR Corp. DDR $17.90 22.1% -3.1% $3,282 $525 $3,725 $7,532 49% $871 $569 -$275 8.7x 13.2x nm 19.4x nm
Federal Realty Investment
Trust
FRT $126.55 9.0% -0.9% $9,266 $160 $3,534 $12,960 27% $891 $567 $282 14.6x 22.9x 32.8x 22.0x 39.7x
Greatland Gold plc GGP $0.02 202.0% 248.1% $72 $0 -$6 $66 -9% $0 -$2 -$2 nm -35.9x nm nm nm
Getty Realty Corp. GTY $28.17 11.7% 12.2% $1,121 $0 $354 $1,475 24% $130 $86 $46 11.4x 17.1x 24.4x 16.1x 23.6x
Kimco Realty Corporation KIM $16.99 18.0% -9.4% $7,219 $0 $4,973 $12,192 41% $1,208 $755 $515 10.1x 16.1x 14.0x 15.0x 18.4x
Kite Realty Group Trust KRG $17.08 12.1% -11.5% $1,429 $0 $1,667 $3,096 54% $358 $221 -$18 8.7x 14.0x nm 13.3x nm
Macerich Company MAC $56.83 1.4% -3.6% $8,013 $0 $5,435 $13,447 40% $1,042 $639 $24 12.9x 21.1x 327.2x 23.9x 181.9x
Realty Income
Corporation
O $53.79 4.0% -3.6% $15,297 $0 $6,609 $21,906 30% $1,265 $1,151 $328 17.3x 19.0x 46.6x 18.5x 42.0x
Pennsylvania Real Estate
Investment Trust
PEI $10.99 13.9% -4.5% $773 $0 $1,656 $2,430 68% $370 $204 -$14 6.6x 11.9x nm 12.8x nm
Ramco-Gershenson
Properties Trust
RPT $13.21 6.9% 0.7% $1,057 $92 $1,030 $2,179 47% $263 $164 $61 8.3x 13.3x 17.2x 13.9x 80.1x
Regency Centers
Corporation
REG $62.08 5.3% -1.4% $10,517 $0 $3,771 $14,288 26% $1,122 $732 $248 12.7x 19.5x 42.3x 18.7x 43.3x

% Change Debt/
Total
Cap.
Company Name Ticker
Price at
6/29/18 QTD LTM
Market
Cap
Pref.
Net
Income EV / Rev
EV /
EBITDA
Price /
Earn.
EV /
EBITDA
Price /
Earn.
Retail Opportunity
Investments Corp.
ROIC $19.16 8.4% -1.7% $2,160 $0 $1,598 $3,758 43% $287 $185 $38 13.1x 20.3x 56.8x 18.2x 63.7x
Retail Properties of
America, Inc.
RPAI $12.78 9.6% 3.4% $2,798 $0 $1,572 $4,371 36% $502 $295 $198 8.7x 14.8x 14.1x 15.1x 59.7x
Simon Property Group,
Inc.
SPG $170.19 10.3% 4.7% $52,707 $43 $24,010 $76,760 31% $5,620 $4,174 $2,256 13.7x 18.4x 23.4x 18.1x 22.6x
Tanger Factory Outlet
Centers, Inc.
SKT $23.49 6.8% -11.3% $2,199 $0 $1,790 $3,990 45% $492 $276 $62 8.1x 14.5x 35.4x 14.1x 24.4x
Taubman Centers, Inc. TCO $58.76 3.3% -2.4% $3,584 $0 $3,411 $6,995 49% $640 $343 $82 10.9x 20.4x 43.9x 19.6x 53.4x
Urstadt Biddle Properties
Inc.
UBA $22.63 17.3% 13.0% $821 $190 $383 $1,394 27% $131 $84 $39 10.6x 16.6x 21.1x 17.2x 29.4x
Median 9.9% -3.3% 42% 10.5x 16.3x 34.1x 15.8x 40.9x
Property Management Companies
Acadia Realty Trust AKR $27.37 11.3% -2.6% $2,233 $0 $2,118 $4,351 49% $271 $156 $49 16.1x 28.0x 45.7x 30.4x 75.9x
CBRE Group, Inc. CBRE $47.74 1.1% 30.3% $15,853 $0 $2,791 $18,643 15% $15,504 $1,517 $732 1.2x 12.3x 21.7x 10.0x 15.2x
Jones Lang LaSalle
Incorporated
JLL $165.99 -5.0% 34.2% $7,551 $0 $1,262 $8,813 14% $8,496 $824 $301 1.0x 10.7x 25.1x 10.2x 16.2x
Kennedy-Wilson Holdings,
Inc.
KW $21.15 21.6% 11.0% $3,074 $0 $5,680 $8,754 65% $885 $251 $198 9.9x 34.8x 15.6x 14.0x 32.5x
Realogy Holdings Corp. RLGY $22.80 -16.4% -29.4% $2,907 $0 $3,606 $6,513 55% $6,167 $692 $406 1.1x 9.4x 7.2x 9.1x 12.0x
Colliers International
Group Inc.
CIGI $76.04 9.7% 36.5% $2,977 $0 $473 $3,450 14% $2,443 $248 $65 1.4x 13.9x 45.5x 11.3x 20.0x
HFF, Inc. HF $34.35 -30.9% -0.7% $1,343 $0 -$1,343 $0 nm $598 NA $97 0.0x nm 13.8x 0.0x 14.4x
RE/MAX Holdings, Inc. RMAX $52.45 -13.2% -9.2% $931 $0 -$213 $718 -30% $207 $97 $13 3.5x 7.4x 69.2x 6.8x 23.1x
FRP Holdings, Inc. FRPH $64.75 15.6% 39.8% $648 $0 $131 $779 17% $48 $31 $160 16.1x 25.1x 4.0x nm nm
American Realty
Investors, Inc.
ARL $15.81 -18.4% 82.8% $251 $2 $1,053 $1,305 81% $126 $43 $13 10.3x 30.2x 18.8x nm nm
Median -1.9% 20.6% 17% 2.4x 13.9x 20.2x 10.1x 18.1x

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• Litigation support for economic damages and valuation
and shareholder disputes

Mercer Capital's Value Focus: Real Estate Industry | Q2 2018 | Segment Focus: Healthcare Facilities

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Mercer Capital's Value Focus: Real Estate Industry | Q2 2018 | Segment Focus: Healthcare Facilities