REITs

2016 4

REITS
REITS

 REITS

1.1 REITS
1.2 REITS
1.3 REITS

1.1 REITS REITS

REITS

Real Estate Investment Trusts

REITs

REITs

REITs REITs REITs

REITs REITs

REITs

90%

REITs REITs

REITs

REITs 2000 11

REITs

REITs

REITs 2001 9 10 REITs

TSE

REITs

REITs
1999 5

1.2 REITS REITS

REITS

SPV SPV

REITs

SPV REITs
REITs

REITs REITs

REITs , REITs
SPV

REITS

REITs REITs
SPV REITs

REITs REITs
REITs REITs

REITs REITs
REITs

REITs REITs
REITs

1.3 REITS REITS

REITS

REITs
REITs

REITs

REITs

REITs

REITs

REITs

REITs

REITs

REITS

REITs

REITs

REITs A REITs

REITs REITs

A REITs

REITs A

1.4
REITs

REITs

2002

REITs

REITs

REITs

REITs

REITs

REITs

 REITS

2.1
2.2

2.1 REITS

1998 12 22

REITS 2015 7 9

15,000

2015 12 31 3014

88 10

50%

Eurizon Capital SGR S.p.A.

49%

1%

50%
50%1%

2.1 REITS

0.6810
2.4672

2015 2 13
6

10

2.2 REITS

93,192.96

33 1

6 65,200
77,329

BOT

REITs

BOT 2013 9 8 2021 9

7

2021 9 8
2023 7 24

2015 3
100% 41,926.36

2014 12
3 2015 3

11

3.1
3.2
3.3
3.4

12

3.1

,
10
LOF

BOT
2013 10 BOT
BOT 2013 9 8 2021 9
7

2023 7 24

2023 7 24

2015 1 1

2015 1

2023 7 24

1 2023 7 24

100%

100%

13

3.2
BOT

2013 9 8 2023
7 24

12,633

126,682

2017

12

REITS

REITs
REITs

77,329
2013
15.80%

2019

REITs

20,980
18%

10

7.44%

2018

11

19,314
14%

17,575

2016

2015

50%

REITs 50%

2015 1
1 2023 7
24 100%

2023

15,183
0.5%

2022

25,437

22,536
2021

24,987
17.5%

2020

23,407

14

3.3

IRR

WACC

REITs

REITs

27.99% REITs

WACC 8.3%

15.8037%

WACC 8.3%

reits

7.4486% WACC8.3%

7.4486% 10

REITs

REITs

2016 3 31

14 MTN001

2014-12-29

4.7%

2.9474%

15 01

2015-11-09

3.5%

3.1559%

15 MTN001

2015-11-06

3.78%

3.3466%

15 MTN002

2015-11-06

3.78%

3.7760%

16 MTN001

2016-03-14

3.2%

3.2219%

16 MTN002

2016-03-14

3.2%

3.4213%

ABS REITs

2016 7 6 10
AAA
10
4% 4.5% REITs
7.4486%
REITs

15

3.3

16

3.3

2015 7 6 5 9 AAA 3.8460% 4.0191% 10

9 0.0051% 10 5 0.3792% AAA 10
4.2252% 4.0242%

6.5

6.5

6.0

6.0

5.5

5.5

5.0

5.0

4.5

4.5

4.0

4.0

3.5

3.5

3.0

3.0
14- 03- 31

14-06- 30

14- 09-30

14- 12-31

(AAA):5

15-03-31

15-06- 30

15-09-30

15-12-31

16-03- 31

(AAA):9
:Wind

17

3.3 REITs

REITs 10 +1.5% 2016 3 31 10

2.8419% 10
10 +1.5% 7.4486% REITs
REITs REITs
%

4.5

4.5

4.2

4.2

3.9

3.9

3.6

3.6

3.3

3.3

3.0

3.0

2.7

2.7

2.4

2.4
16-03- 31

14- 03-31

14- 06- 30

14-09-30

14-12- 31

:10

15- 03- 31

15-06- 30

15-09- 30

15-12-31

:5
:Wind

18

3.4

2000
2000

5%
20%

5% 10%
30%
10%
50%

REITs

REITs

REITs
7.4486%

REITs

19

3.4

14.00%

12.00%

-20.0%

5.16%

-20.0%

2.73%

-17.5%

5.75%

-17.5%

3.35%

-15.0%

6.31%

-15.0%

3.96%

-12.5%

6.82%

-12.5%

4.56%

-10.0%

7.25%

-10.0%

5.16%

-7.5%

7.44%

-7.5%

5.74%

-5.0%

7.44%

-5.0%

6.31%

5.0%

8.31%

5.0%

8.53%

7.5%

8.69%

7.5%

9.07%

10.0%

9.07%

10.0%

9.60%

12.5%

9.33%

12.5%

10.12%

15.0%

9.60%

15.0%

10.64%

17.5%

9.86%

17.5%

11.15%

7.5%

20.0%

10.12%

20.0%

11.65%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

20

4.1 REITs
4.2 REITs

21

4.1 REITs
REITs
REITs

REITs

REITs

REITs
WACC

REITs

REITs

REITs

22

4.1 REITs
REITs
REITs

REITs

REITs

REITs
WACC

REITs

REITs

REITs

23

4.2 REITs

REITs

REITs

REITs

REITs

50%

REITs
REITs

REITs

REITs

24

25