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PwC Real Estate Investor Survey.

Market Rates

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PwC Real Estate Investor Survey

First Quarter 2012

          REGIONAL    MALL       CBD    OFFICE   WAREHOUSE

           1Q 2012  4Q 2011  1Q 2012  4Q 2011    1Q 2012  4Q 2011

Discount
Rate
(IRR) a

Range        5.25%    5.25%    5.50%    5.00%      6.50%    6.50%
           -14.00%  -14.00%  -11.00%  -11.00%    -12.00%  -12.50%

Average      9.29%    9.31%    8.61%    8.38%      8.41%    8.56%

Change                  - 2              + 23                - 15
(b.p.)

Overall    (OAR) a
Cap Rate

Range        4.75%    4.75%    4.50%    4.50%      6.00%    6.00%
           -10.50%  -10.50%  -10.00%  -10.00%    -12.00%  -12.00%

Average      7.23%    7.23%    7.03%    6.84%      7.41%    7.48%

Change                    0              + 19                 - 7
(b.p.)

Residual
Cap Rate

Range        5.00%    5.25%    5.50%    5.00%      6.00%    6.00%
           -12.00%  -12.00%  -11.00%  -10.50%    -12.00%  -12.00%

Average      7.52%    7.48%    7.41%   7.217o      7.72%    /.92%

Change                  + 4              + 20                - 20
(b.p.)

          APARTMENT

            1Q 2012  4Q 2011

Discount
Rate
(IRR) a

Range         5.25%    4.75%
            -14.00%  -14.00%

Average       8.28%    8.27%

Change                   + 1
(b.p.)

Overall
Cap Rate

Range         3.75%    3.75%
            -10.00%  -10.00%

Average       5.83%    5.80%

Change                   + 3
(b.p.)

Residual
Cap Rate

Range         4.50%    4.50%
             -9.75%   -9.75%

Average       6.25%    6.24%

Change                   + 1
(b.p.)

a. Rate on unleveraged, all-cash transactions Definitions: b.p. basis
points Discount Rate (IRR). Internal rate of return in an all-cash
transaction, based on annual year-end compounding Overall Cap Rate
(OAR). Initial rate of return in an all-cash transaction Residual
Cap Rate. Overall capitalization rate used in calculation of residual
price; typically applied to the NOI in the year following the
forecast Source: PwC Real Estate Investor Survey. Personal survey
of a cross section of major institutional equity real estate market
participants conducted during January 2012 by PricewaterhouseCoopers
LLP. For complete information on results of these and other markets
covered in the Survey, please call 1-800-654-3387.
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Title Annotation:APPRAISAL REPORT
Publication:Valuation Magazine
Date:Mar 22, 2012
Words:349
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