(1) From 1/1/1994 through 12/31/2012, the FTSE NAREIT Equity REIT Index, FTSE EPRA/NAREIT Developed Real Estate Index, S&P 500 Index, MSCI World Index, Barclays U.S. Aggregate Bond Index and Barclays Global Aggregate Bond Index had average annualized total returns of 10.7%, 8.1%, 8.1%, 6.6%, 6.2% and 6.2%, respectively.
(2) Net asset value is the marked-to-market book value of a company’s property investments, measuring the estimated market value of the assets less any liabilities.
The views and opinions in the preceding commentary are as of the date of publication and are subject to change. There is no guarantee that a market forecast made in this commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment or tax advice and is not intended to predict or depict performance of any investment. Investors should consult their own advisors with respect to their individual circumstances.
Risks of Investing in Real Estate Securities
Property values may fall due to increasing vacancies, declining rents resulting from economic, legal, tax, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. The risks of investing in REITs are similar to those associated with direct investments in real estate securities. Foreign securities involve special risks, including currency fluctuations, lower liquidity, political and economic uncertainties, and differences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquidity than larger companies.
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