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ERUITY \EWEB\GN 2; Mucy 5.
IHDUWT\Y UVDBTE
U.W. \EITs
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Lbrgcbys | U.W. \EITs
2; Mucy
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2; Mucy
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Lbrgcbys | U.W. \EITs
2; Mucy .9% (bs ja
Degeoler 72, %), bhd \ussecc
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2; Mucy
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Lbrgcbys | U.W. \EITs
2; Mucy %
ajr tne W&V 566. [itn sugn b sulstbhtibc dividehd, pehsijh auhds bs wecc bs jtner
ihstitutijhbc ihvestjrs nbve nistjrigbccy cjj`ed tj \EITs bs bh ihgjoe venigce.
Aikure >= \EIT Dividehds vs. W&V 566 Dividehds bhd 26-Yebr Trebsury, Degeoler 2995 - Degeoler
Deg-99
Deg-66
Deg-62
Deg-6
Deg-69
Deg-26
Deg-22
HB\EIT Equity Yiecd Teh-Yebr Trebsury Yiecd W&V 566 Dividehd Yiecd
Wjurge= Lcjjolerk, HB\EIT
Gjooergibc \ebc Estbte Verajrobhge
B sizblce pjrtijh ja tne exgeptijhbc perajrobhge tnbt \EITs ehmjyed ajr tne seveh-yebr
perijd cebdihk up tj Aelrubry
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Lbrgcbys | U.W. \EITs
2; Mucy 5 6.;> 6.1>
Wjurge= HB\EIT, AbgtWet, Lbrgcbys \esebrgn
Cjhk-Tero Verajrobhge
Jver tne tnree-yebr perijd ehdihk Degeoler 72,
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Lbrgcbys | U.W. \EITs
2; Mucy
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2; Mucy
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Lbrgcbys | U.W. \EITs
2; Mucy >
Mbh-96
Mbh-9
Mbh-66
Mbh-6
Mbh-26
Mbh-21
\OB ja
2999
IVJ Ljjo ja
2997-94
Ojderh \EIT
Erb Lekihs
Egjhjoig
\egjvery Bgt
ja 29>2JVEG Jic
Eolbrkj
Vrivbte Equity Ljjo
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Lbrgcbys | U.W. \EITs
2; Mucy 1 reojved tnjse restrigtijhs, bccjwihk \EITs tj ljtn jwh bhd jperbte
prjperties, kivihk ojre gjhtrjc tj obhbkeoeht bhd tnereajre bh ihgrebsed ihacuehge jh
ebrhihks. Tne bgt cbid tne krjuhdwjr` ajr \EITs tj legjoe bgtivecy obhbked, auccy
ihtekrbted jperbtihk gjopbhies bhd ced tj tne IVJ ljjo ja tne oid-2996s.
Tne rjlust cevec ja ihvehtjry luict tnrjuknjut tne 29>6s purecy ajr tbx rebsjhs rbtner tnbh b
heed ajr spbge, tjketner witn tne Tbx \eajro Bgt, wnign reojved ojst ja tne tbx leheait ja
Ihacbtijh
Tbx \eajro Bgt ja 29>1
Weeds ja b Grbsn
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Lbrgcbys | U.W. \EITs
2; Mucy 6s. Durihk tnese yebrs, bh ihgrebsihk huoler ja nebctn
gbre abgicity jwhers cjj`ed tj ojhetize tneir lbcbhge sneets, ly trbhsaerrihk tneir prjperties
ihtj b \EIT strugture. Tne nebctn gbre prjvider tneh cebsed lbg` tne spbge arjo tne \EIT tj
gjhdugt its jperbtijhs. Gjopbhies sugn bs Nebctn Gbre Vrjperty Ihvestjrs, Ihg. (29>5),
Hbtijhwide Nebctn Vrjperties, bhd Qehgjr (29>9, hjw gbcced Qehtbs) weht pulcig jver tne
reobihder ja tne degbde. Tnis IVJ wbve gjhtihued ih tne ebrcy 2996s bs Hbtijhbc Nebctn
Ihvestjrs, Joekb Nebctngbre Ihvestjrs (299
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2; Mucy
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2; Mucy
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Lbrgcbys | U.W. \EITs
2; Mucy >%
96%
9%
266%
2915 2919 29;7 29;; 29>2 29>5 29>9 2997 299;
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Lbrgcbys | U.W. \EITs
2; Mucy %
U.W. Tjtbc -5.1% U.W. Tjtbc 2.1% Wjurge= Lbrgcbys \esebrgn, LCW, U.W. Gehsus Lurebu
7) Njoejwhersnip
Njoejwhersnip trehds bcsj nbve bh iopbgt jh bpbrtoeht deobhd. Arjo tne 2916s
tnrjukn tne ebrcy 2996s, tnis rbte wbs bt b recbtive equicilriuo ih tne U.W., witn must jver 14%
ja tne njusenjcds jggupied ly jwhers bhd must cess tnbh 71% ja njusenjcds jggupied ly
rehters. Lut ih tne 2996s njoejwhersnip swecced, bs pjcigy bhd cjw ihterest rbtes ced tj
rehters cebvihk tj luy njuses bt bh uhpregedehted rbte. Tne njoejwhersnip rbte krew
arjo b cjhker tero bverbke ja 14% tj b nikn ja 19% ih
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2; Mucy
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2; Mucy 1 29>9 299< 2995 299>
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Lbrgcbys | U.W. \EITs
2; Mucy ; 2996 2997 2991 2999
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2; Mucy
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2; Mucy 6s, nbiced bs tne
ljjo yebrs ajr retbic devecjpoeht, sbw ojre retbic ajrobts grebted. Bs b resuct ja lbh`
derekucbtijh ebrcy ih tne degbde, W&Cs were blce tj extehd cjbhs ajr hew gjooergibc rebc
estbte devecjpoeht. Bs b resuct ja bcc tnis cehdihk, jverluicdihk jggurred. Tnis jverluicdihk
gbused vbgbhgy rbtes tj rise snbrpcy, wnign evehtubccy ced tj tne rebc estbte obr`et grbsn bt
tne ehd ja tne degbde. Hjtblcy, tnis pnehjoehjh wbs hjt cioited tj retbic rebc estbte, lut
extehded essehtibccy tj bcc prjperty types.
Bs b resuct ja tne rebc estbte grbsn, W&Cs weht lbh`rupt legbuse tne prjperty tney jwhedwbs wjrtn b arbgtijh ja its purgnbse prige. Tj reljuhd arjo tne lbh` grisis ih tne cbte
29>6s, gjhstrugtijh cehders tikntehed gredit stbhdbrds bhd lekbh requirihk ojre equity
arjo devecjpers. Tnis set tne stbke ajr pulcig \EIT expcjsijh ih tne 2996s bs obhy privbte
devecjpers turhed tj tne pulcig obr`et0 tne UV\EIT strugture, bs oehtijhed ebrcier,
bccevibted tne tbx lurdeh ja obhy privbte pcbyers.
\ekijhbc obcc gjhstrugtijh ljjoed ajr 46 yebrs, lut bater severbc degbdes ja expjhehtibc
krjwtn, tne obcc segtjr nbs leeh uhderkjihk b perijd ja gjhsjcidbtijh. Jver tne pbst 25
yebrs, tne ihdustry nbs gjhsjcidbted ljtn jh bh bsset cevec bhd ih teros ja jwhersnip
gjhgehtrbtijh. Ly sjoe estiobtes, tne huoler ja jperbtihk obccs ih tne gjuhtry nbs
degcihed tj uhder 2,566 tjdby, driveh ly strugturbc gnbhke ih tne ihdustry bhd gjhsuoer
preaerehge. Tnis gnbhke pcbyed bh ihtrigbte rjce ih tne rise ja tne jutcet ajrobt, wnign ajgusjh vbcue ajr gjhsuoers. Tne huoler ja jutcet gehters ih tne U.W. nbs rjukncy djulced sihge
2996.
Bs previjuscy oehtijhed, tne U.W. rekijhbc obcc segtjr is b obture ihdustry. Ih bdditijh, tne
ihdustry nbs seeh b obmjr drjp ih suppcy sihge tne cbte 2996s0 hew gjhstrugtijh is expegted
tj gjhtihue tj le sjat bs tne discjgbtijh ih tne retbic rebc estbte obr`ets nbs resucted ih ojre
jperbtjrs ajgusihk jh bgquisitijhs ja distressed rebc estbte rbtner tnbh hew devecjpoeht.
B lriea nistjry
Cioited hew suppcy ajr rekijhbc
obccs, tnjukn deobhd ajr
jutcets reobihs rjlust
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Lbrgcbys | U.W. \EITs
2; Mucy % 7.>4% 7.47% 2.2;%
Obr-91 ;.75%
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Lbrgcbys | U.W. \EITs
2; Mucy
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