Goldman_reit_101.pdf - FOR REG AC CERTIFICATION SEE PAGE...

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FOR REG AC CERTIFICATION, SEE PAGE 102. FOR OTHER IMPORTANT DISCLOSURES, SEE PAGE 105, GO TO http://www.gs.com/research/hedge.html, OR CONTACT YOUR INVESTMENT REPRESENTATIVE. Industry primer " " January 22, 2004 Coverage view: Cautious Recently published: °Sand Castles: Cyclical Tide Overdue for Real Estate Stocks,± October 16, 2003 Real Estate/REITs United States Real estate and REITs 101 . With REITs now meaningful to the S&P 500, this unique asset class is sure to become a bigger piece of your portfolio over time. For anyone who ever wondered what °FFO± is, we offer the REIT industry primer, a thorough analysis of the industry, players, financial metrics and valuation. Carey Callaghan [email protected] New York: 1-212-902-4351 Michael J. Bilerman [email protected] New York: 1-212-902-1970 Nora Creedon [email protected] New York: 1-212-902-6751 Jose Grajales [email protected] New York: 1-212-902-0862 Alli Widman [email protected] New York: 1-212-902-2796 Goldman Sachs Global Equity Research What°s inside . . . The basics Key real estate fundamentals, industry profile and value chain. The players The competitive landscape, traits of successful franchises, and questions for management. The numbers Earnings drivers, financial statement analysis, and REIT valuation metrics. More resources Glossary of industry terms, guide to third-party data sources, and °How to walk a property.±
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United States Real Estate - REITs Goldman Sachs Global Equity Research - January 22, 2004 Table of contents 1 From the analyst°s desk The basics 7 Industry profile 12 Real estate fundamentals: it°s all about supply and demand 29 The REIT value chain 32 Macroeconomic indicators 39 Key risks The players 41 Competitive landscape 55 Consolidation trends 64 Traits of successful franchises 65 The top ten questions to ask company management The numbers 69 Key earnings numbers and accounting specifics 72 Financial statement analysis 75 Valuation and stock selection metrics More resources 93 Industry terminology 95 How to walk a property 99 Additional information sources 101 Americas research team 105 Disclosures The prices in this report are based on the market close of January 21, 2004.
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United States Real Estate - REITs Goldman Sachs Global Equity Research - January 22, 2004 1 From the analyst’s desk: taking a fresh perspective We stood in your shoes not long ago. Senior Analyst Carey Callaghan joined the Real Estate Research Team in April 2003 following over 15 years as an analyst across multiple other sectors. As a newcomer, we°ve been struck by three observations as we immersed ourselves in the world of real estate and REITs. We share these as an introduction to REITs and for a sense of our ±outsider°s perspective.² Public market real estate is still in its infancy A newcomer to real estate cannot help but be excited by the potential for the asset class.
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