Talk:Percentages of REITs present in Vanguard index funds

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FYI, if you wish to rename a page, you don't actually have to create a new one and then delete the old one. Simply click the move tab. This has the advantage of also keeping the page history intact. --CyberBob 13:12, 25 June 2008 (EDT)

How is this page updated? There is a forum request to update this data, it's over 1 year old. Suggestions for the Librarians I don't see any explicit REIT holding categories in the fund profiles. --LadyGeek 02:03, 29 April 2010 (UTC)

Piperwarrior, the original author of the page has not been a participant in the forum for over a year. The methodology of extracting the data is described in the "notes" to the table:
  • Holdings are derived from pages like Vanguard Total Stock Market Index Fund.
  • A company is considered a REIT if and only if its name includes "REIT" for the purpose of these percentages.
  • Each percentage is obtained by dividing the total market value of REITs present in a given fund by the total market value of all stocks in the fund. Thus the percentage does not reflect any other position, such as a cash position. --Blbarnitz 21:17, 29 April 2010 (UTC)

I don't see how to get this info from the Vanguard link. VTSMX (Total Stock Market Index) has 3406 stocks, 3 bonds, and 1 short-term reserve. There must have been a way to download the holding info into a spreadsheet somewhere. Otherwise, it's not practical to do this update. REIT is not an equity sector, like energy, which already has the metrics completed. Yahoo finance only lists the top 10 holdings. --LadyGeek 22:05, 29 April 2010 (UTC)

Are you saying you don't want to click on Next 500 times? Tell that to Vanguard. :) I know of two ways to do it.
(1) Download the latest semi-annual report PDF. REIT holdings are listed under Financials in the report. Copy the text from the PDF, paste into a more advanced text editor like TextPad or Notepad++. Find the lines with "trust", "realty", "property", "properties" etc.; discard the rest. Reformat the text file into two columns. Import to Excel to add up the numbers. Or
(2) Find the fund's [[Vanguard SEC Filings: U.S. Stock Index Funds | report to the SEC]] (Page deleted --LadyGeek 12:04, 1 March 2015 (CST)). Look for Form N-CSR or N-Q. Download it (large file, often combined with multiple funds). Find the relevant section. Do the same number crunching. Tfb 14:24, 1 May 2010 (UTC)
I am not very good at transposing word files into spreadsheets. The following table presents the holdings of the REIT Index Fund as of the last available report (Annual 1/31/2010). This supplies the universe of Equity REITS that would arguably be present if included in any other index fund. (I leave the mechanics of how to use this as a search query for other databases to those more qualified.) The total value of the REIT index fund on 1/31/2010 was 10,941,783 billion dollars.
REIT Index Holdings (1/31/2010)
REIT Capital (millions)
Diversified REITs (8.8%)
Vornado Realty Trust 536,413
Liberty Property Trust 173,612
Washington Real Estate Investment 78,033
PS Business Parks Inc. 46,791
Colonial Properties Trust 34,623
Cousins Properties Inc. 33,072
Investors Real Estate Trust 32,057
CapLease Inc. 11,591
Winthrop Realty Trust 8,570
Gramercy Capital Corp. 7,051
Industrial REITs (5.8%)
ProLogis 285,374
AMB Property Corp. 179,533
DCT Industrial Trust Inc. 51,735
EastGroup Properties Inc. 50,807
DuPont Fabros Technology Inc. 35,475
First Potomac Realty Trust 19,908
First Industrial Realty Trust Inc. 14,553
Office REITs (17.4%)
Boston Properties Inc. 459,827
SL Green Realty Corp. 178,778
Digital Realty Trust Inc. 177,600
Alexandria Real Estate Equities Inc. 132,690
Mack-Cali Realty Corp. 130,706
Duke Realty Corp. 129,680
Highwoods Properties Inc. 109,497
Corporate Office Properties Trust SBI 105,911
HRPT Properties Trust 76,322
Brandywine Realty Trust 73,859
BioMed Realty Trust Inc. 73,122
Douglas Emmett Inc. 68,751
Kilroy Realty Corp. 63,764
Franklin Street Properties Corp. 45,378
Lexington Realty Trust 28,546
Government Properties Income Trust 25,747
Parkway Properties Inc. 23,028
Residential REITs (15.1%)
Equity Residential 449,138
AvalonBay Communities Inc. 313,232
Camden Property Trust 127,160
UDR Inc. 119,826
Essex Property Trust Inc. 114,928
Apartment Investment & Management Co. 91,957
BRE Properties Inc. 86,648
Home Properties Inc. 74,927
Equity Lifestyle Properties Inc. 71,181
American Campus Communities Inc. 68,501
Mid-America Apartment Communities Inc. 67,739
Post Properties Inc. 43,719
Sun Communities Inc. 16,377
Education Realty Trust Inc. 14,321
Retail REITs (24.7%)
Simon Property Group Inc 1,049,446
Kimco Realty Corp. 259,331
Federal Realty Investment Trust 200,594
Regency Centers Corp. 151,287
Macerich Co. 149,163
Realty Income Corp. 148,978
Weingarten Realty Investors 108,675
Taubman Centers Inc. 86,027
National Retail Properties Inc 83,398
Tanger Factory Outlet Centers 77,998
CBL & Associates Properties Inc. 66,990
Developers Diversified Realty Corp. 57,874
Equity One Inc. 36,982
Inland Real Estate Corp. 32,752
Acadia Realty Trust 30,716
Alexander’s Inc. 30,531
Saul Centers Inc. 24,471
Getty Realty Corp. 20,474
Pennsylvania Real Estate Investment Trust 18,842
Cedar Shopping Centers Inc. 16,075
Ramco-Gershenson Properties Trust 14,208
Urstadt Biddle Properties Inc. Class A 12,233
Kite Realty Group Trust 12,207
Glimcher Realty Trust 10,649
Urstadt Biddle Properties Inc 973
Specialized REITS (27.5%)
Public Storage 514,900
HCP Inc 421,644
Ventas Inc. 337,888
Host Hotels & Resorts Inc. 336,781
Health Care REIT Inc. 263,443
Nationwide Health Properties Inc. 180,928
Hospitality Properties Trust 138,178
Senior Housing Properties Trust 135,404
Omega Healthcare Investors Inc. 79,686
Entertainment Properties Trust 75,027
LaSalle Hotel Properties 65,505
Healthcare Realty Trust Inc. 63,667
Extra Space Storage Inc. 47,674
Sovran Self Storage Inc. 46,761
Diamond Rock Hospitality Co. 46,251
Sunstone Hotel Investors Inc. 41,812
Medical Properties Trust Inc. 41,046
National Health Investors Inc 40,810
U-Store-It Trust 28,243
LTC Properties Inc. 27,080
Universal Health Realty Income Trust 19,175
Hersha Hospitality Trust 16,848
Ashford Hospitality Trust Inc 15,540
FelCor Lodging Trust Inc. 12,494
Strategic Hotels & Resorts Inc. 8,823

--Blbarnitz 16:36, 1 May 2010 (UTC)

Using tfb's suggestion, I tried the Vanguard Total Stock Market Index Fund VTSMX. The prospectus suggested Form N-Q.

  • EDGAR Company Search, enter VTSMX
  • Enter N-Q in the filter box
  • Pick the most recent (2009-11-24) Format Documents
  • Pick the top HTML file, Seq 1, Type N-Q, indexfundsfinal.htm
  • The file pastes into Excel 2007 (reasonably) clean. Ctl-A to select all, Ctl-C to copy, Ctl-V to paste into an empty Excel worksheet.

This file contains all holdings for multiple Vanguard Index funds. I found the section for Vanguard Total Stock Market Index Fund. There's exactly one holding with the word REIT. Either the fund changed significantly since the last update or I'm missing something. From tfb's suggestion, I found companies with Property, Realty Trust, and Realty Investment Trust. I need specific guidance on what to search for.

Update- The above table seems a much simpler approach. How was it generated, as I can work with administrative mechanics? --LadyGeek 16:58, 1 May 2010 (UTC)

Here is the clunky way I created the table above:
  • Step One. I opened the Vanguard REIT index fund annual report (pdf file) from Vanguard and copied its list of holdings into my Microsoft word program. The list included number of shares which I had to delete by hand.
  • Step Two. I copied this edited data into the wiki and formatted it into a sortable table. This was somewhat time consuming (as mentioned, I am a klutz). What seems reasonable, to me at least, is the fact that the REIT Index Fund should hold all of the equity REITs in the US market, so if a means of querying TSM, the most comprehensive index fund, for these holdings is feasible, it would seem to me a real time saver.--Blbarnitz 17:29, 1 May 2010 (UTC)

A "master list" would also remove the guesswork surrounding company names (which is where I have no knowledge). Excel has a built-in function that can do the query, =VLOOKUP(). Combined with the EDGAR access technique documented above, this is a straightforward approach. I'll take a look at it. --LadyGeek 20:02, 1 May 2010 (UTC)

If it is of any help, I have translated the data into a googledocs. spreadsheet:

--Blbarnitz 20:22, 1 May 2010 (UTC)

Results for Vanguard Total Vanguard Total Stock Market Index Fund (VTSMX): The percentage of REITs is 1.43%, 85 REIT holdings, all categorized under "Financials" sorted in decending market value.

A significant number of companies do not have popular REIT keywords, such as property or REIT, in them. The REIT Index fund (VGSIX) is a reliable method to discover the company names. Use Excel's MATCH() function after the cell has been properly formatted (translation: Excel can be frustrating at times).

Which asset value should be used for the fund total? I'm calculating the percentage as:

Percentage of REIT holdings = Total market value of REIT funds / Total fund assets *100

I have the following choices, which differ by a subtraction for liabilities

Total Investments (100.6%) (Cost $117,687,497) = 111,154,637 
Other Assets and Liabilities-Net (-0.6%), Note 4 Includes $498,477,000 of collateral received for securities on loan. = (656,107) 
Net Assets (100%) = 110,498,530

I'm using Net Assets (100%). --LadyGeek 15:48, 2 May 2010 (UTC)

That's close enough for me. Tfb 20:59, 2 May 2010 (UT

Page updated. Please review carefully. The Excel 2007 file is uploaded to Google Docs. I tried to upload a version into Google Spreadsheet, but I think the 33 sheets (approx.) may have exceeded some limits. File is in Excel 2007 format (.xlsm) to save space (2 MB vs. 6 MB). Please check if anything is missing or incorrect. I formatted the data semi-manually, which was no more than moving some occasionally misaligned columns. See the notes on the REITs sheet.

One item of note is that Vanguard does not file their holdings every quarter (see the REITs sheet for details). The EDGAR database is the easiest way to get the data. It's also the legal source, so I think this is the way to go. There are too many chances for errors when copying from Vanguard's Adobe format reports.

I kept the previous data as an interesting comparison between the September 2008 timeframe and current data. Note that all REIT holdings decreased. --LadyGeek 01:59, 3 May 2010 (UTC)

Please check the Vanguard FTSE Social Index Fund (VFTSX). There is no EDGAR listing for VFTSX, only VCSNX. I think it's the same fund, but was renamed. --LadyGeek 02:09, 3 May 2010 (UTC)