Table of Contents
Overview ...................................................................................3
Launching Conference Call Series V......................................6
Play high sustainable cash flows............................................7
Rating and price target changes.............................................9
Highlighted stocks .................................................................11
Wereldhave .............................................................................11
Fonciere des Regions ............................................................12
ProLogis European Properties..............................................14
Hammerson – Credit view......................................................20
Reality check ..........................................................................21
Some positive signs...............................................................21
Stocks look pricy again .........................................................23
European property credit outlook.........................................38
European CMBS Outlook: Worse to come ...........................41
Sector Share Price Performance...........................................46
Key risks to our ratings and target prices............................47
Appendix I: J.P. Morgan European property valuation model
.................................................................................................80
Appendix II: J.P. Morgan European property Econometric
model.......................................................................................82
Appendix III: Empty rates ......................................................83
J.P. Morgan European Property Universe: Valuation
multiples summary.................................................................86