Index Definitions. An investor cannot invest directly in an index and index performance does not reflect the deduction of any fees, expenses or taxes.
Listed European real estate: The FTSE EPRA Nareit Developed Europe Real Estate Index is an unmanaged market-capitalization-weighted total-return index, which consists of publicly traded equity REITs and listed property companies from the Europe region. Global stocks: The MSCI World Index is a free-float-adjusted index that measures performance of large- and mid-capitalization companies representing developed market countries. Private European Real Estate: The IPD Pan-European Annual Property Index measures unlevered total returns of directly held standing property investments from one valuation to the next. The index tracks performance of 40,080 property investments, with a total capital value of EUR 768.5 / GBP 682.2 / USD 922.8 billion as of December 2017. Other sources: Office of Statistics Berlin-Brandenburg, OECD, Trading Economics.
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Important Disclosures Data quoted represents past performance, which is no guarantee of future results. The views and opinions in the preceding commentary are for informational purposes and reflect prevailing conditions and our judgment as of this date, which are subject to change without notice. The information presented does not reflect the performance of any fund or account managed or serviced by Cohen & Steers, and there is no guarantee that investors will experience the type of performance reflected herein. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any 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 advice, is not intended to predict or depict performance of any investment and does not constitute a recommendation or an oﬀer for a particular security. We consider the information in this presentation to be accurate, but we do not represent that it is complete or should be relied upon as the sole source of suitability for investment. Please consult with your investment, tax or legal adviser regarding your individual circumstances before investing.
Risks of Investing in Real Estate Securities. The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest-rate changes and market recessions. 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. No representation or warranty is made as to the efficacy of any particular strategy or the actual returns that may be achieved.
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