naiop chicago webinar where’s the lending?...2020/06/06 · where’s the lending? naiop chicago...

DANNY KAUFMANSenior ManagingDirectorJLL Capital Markets

WHERE’S THE LENDING?N A I O P C H I C A G O W E B I N A R

For Technical Assistance: Please call NAIOP Chicago at 773-472-3072 or email [email protected]

Moderator Guest Speakers

ERIK FOSTERPrincipal, Head of Industrial Capital MarketsAvison Young

TRISH KELLYPresident, Commercial BankingTCF Banks

TONY PRICCOPresidentBridge DevelopmentPartners

KRISTIN STRANGEVice President –Capital MarketsDWS

THURSDAY, NOVEMBER 12THALL NEW VIRTUAL EVENT

N A I O P C H I C A G O

N O M I N AT I O N S O P E N I N G I N J U LY

THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE

THANK YOU TO OUR 2020 PROGRAM SPONSORSGOLD

THANK YOU TO OUR 2020 PROGRAM SPONSORSSILVER

QUESTION AND ANSWER FUNCTION


For Technical Support

[email protected]

PHONE773-472-3072

Debt Market - Observations

• Debt markets have ample liquidity across virtually all constituents. • Overall debt pricing recovering and largely back to pre-covid levels for MH,

logistics and core, fixed rate loans. • Bridge and construction remain at elevated cost of capital due to lack of

meaningful money center bank bid supporting the market.• Lenders remain in a defensive posture and in a flight to quality. Logistics,

single tenant credit lease, multi-housing, medical office, high credit multi-tenant with long lease duration have most quotes.

• Lack of valuation transparency and challenges U/W demand, internal portfolio/asset management issues are the driver. Liquidity is NOT the issue.

Source: Mortgage Bankers Association

Mortgage originations accelerate in FY 201918%

-2%

5%

Chart1

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1Q19

1Q20

Series 2

Billions

510.4232071125

183.9669813472

83.2575019329

118.765

185.609

244.195

358.488

399.816

503.785

490.572

530.118

573.854

600.598

112.675001675

110.1599346734

Sheet1

Series 2Series 3

2007$ 510.422

2008$ 183.972

2009$ 83.263

2010$ 118.775

2011$ 185.61

2012$ 244.20

2013$ 358.49

2014$ 399.82

2015$ 503.79

2016$ 490.57

2017$ 530.12

2018$ 573.85

2019$ 600.60

1Q19$ 112.68

1Q20$ 110.16

Source: JLL Research, Real Capital Analytics

Lender composition

CMBS Financial Gov’t Agency Insurance Bank Pvt/Other

Chart1

200720072007200720072007

200820082008200820082008

200920092009200920092009

201020102010201020102010

201120112011201120112011

201220122012201220122012

201320132013201320132013

201420142014201420142014

201520152015201520152015

201620162016201620162016

201720172017201720172017

201820182018201820182018

201920192019201920192019

CMBS

Financial

Gov't Agency

Insurance

Bank

Pvt/Other

0.54

0.06

0.06

0.05

0.28

0.01

0.02

0.11

0.24

0.09

0.53

0.01

0.03

0.03

0.49

0.1

0.33

0.02

0.1641391891

0.051228446

0.3075287918

0.1507275

0.3108702696

0.0155058035

0.170217429

0.055395403

0.2664469451

0.1954912449

0.3000965587

0.0123524192

0.2185744926

0.0482596415

0.2745943685

0.1354333441

0.3109477183

0.012190435

0.2518941925

0.0746841653

0.1715545192

0.1173004282

0.3740322404

0.0105344545

0.2816162859

0.086633306

0.187133689

0.1048103342

0.3288475669

0.0109588179

0.1944129965

0.0888591874

0.1915843016

0.1206048688

0.3889786297

0.015560016

0.1367424484

0.0809346252

0.2288993116

0.1149029759

0.427486231

0.0110344081

0.1951081035

0.0646407213

0.2671085031

0.0988872463

0.3623209535

0.0119344723

0.1683269497

0.0959568463

0.2424930491

0.1067928713

0.3773044787

0.0091258049

0.1519510053

0.0997379076

0.2176845578

0.0954192048

0.4246062631

0.0106010615

Sheet1

Column1CMBSFinancialGov't AgencyInsuranceBankPvt/Other

200754%6%6%5%28%1%

20082%11%24%9%53%1%

20093%3%49%10%33%2%

201016%5%31%15%31%2%

201117%6%27%20%0.30009655871%

201222%5%27%14%0.31094771831%

201325%7%17%12%0.37403224041%

201428%9%19%10%0.32884756691%

201519%9%19%12%0.38897862972%

201614%8%23%11%43%1%

201720%6%27%10%36%1%

201817%10%24%11%38%1%

201915%10%22%10%42%1%

2019 lender composition by property type

Source: JLL Research, Real Capital Analytics

Chart1

OfficeOfficeOfficeOfficeOfficeOffice

IndustrialIndustrialIndustrialIndustrialIndustrialIndustrial

RetailRetailRetailRetailRetailRetail

HotelHotelHotelHotelHotelHotel

ApartmentApartmentApartmentApartmentApartmentApartment

Snr Housing*Snr Housing*Snr Housing*Snr Housing*Snr Housing*Snr Housing*

CMBS

Financial

Private/Other

Government Agency

Insurance

Bank

0.2086198528

0.1448171585

0.0093421198

0.00053557

0.104388089

0.5322972099

0.2121255624

0.0718127428

0.0185878641

0.0015882585

0.1580245117

0.5378610605

0.2154973503

0.1230605274

0.018396351

0.0008736965

0.1136847773

0.5284872975

0.2718653879

0.1460358848

0.0157442369

0.0007549596

0.0368426912

0.5287568395

0.0700213247

0.0634392544

0.0055462012

0.4963683237

0.0861240474

0.2785008485

0.0370298649

0.1341108668

0.0121157053

0.3610905688

0.0204791016

0.4351738927

Volume & Pricing

Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.

All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.

© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit https://app.rcanalytics.com

Last Updated: 03/23/2020

Cap Rates are 12 month rolling

Volume and Pricing - Monthly | US Big Pic

*Office, Industrial, Retail, Apartment, Hotel, Dev Site, Seniors Housing & Care

YrMthVolumeYOY ChgApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelSeniors Housing & CareApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelAll-PropertyIndividualPortfolioEntity

'01Jan$ 8,426,646,69363.56968.86061.13369.67865.25470.69561.59966.265$ 6,953,153,328$ 1,473,493,364$ - 0

'01Feb$ 5,641,810,88264.11569.04261.46569.78965.41270.76161.45666.541$ 3,974,945,216$ 1,666,865,666$ - 0

'01Mar$ 7,023,589,51964.62269.26661.77569.77865.45970.74861.34866.750$ 5,628,517,934$ 1,395,071,585$ - 0

'01Apr$ 7,708,421,68365.05269.49962.06069.65865.35970.68261.33566.884$ 6,409,001,800$ 1,299,419,883$ - 0

'01May$ 6,084,320,25565.38369.72362.31469.42465.18870.49461.41066.942$ 5,050,156,556$ 961,803,699$ 72,360,000

'01Jun$ 14,901,205,28465.61069.90462.52769.06564.94670.17461.61166.928$ 6,880,045,287$ 821,159,997$ 7,200,000,000

'01Jul$ 7,162,070,17665.75970.08962.69068.57864.66969.68861.90066.855$ 6,358,675,692$ 803,394,483$ - 0

'01Aug$ 6,342,350,32665.85270.29562.80068.02664.30569.16062.24966.742$ 5,000,698,699$ 1,341,651,627$ - 0

'01Sep$ 7,517,255,91865.91970.47162.85667.49963.92368.69862.59366.608$ 5,422,551,029$ 1,667,704,889$ 427,000,000

'01Oct$ 7,140,087,15765.98270.51962.87167.08563.58668.40562.90066.469$ 6,067,031,921$ 1,073,055,236$ - 0

'01Nov$ 5,882,546,86266.05270.36162.86766.81963.42368.25163.18766.330$ 4,511,431,122$ 1,371,115,740$ - 0

'01Dec$ 11,852,026,75866.13570.02462.87266.69063.47268.17363.45966.207$ 7,807,871,916$ 4,044,154,842$ - 0

'02Jan$ 7,083,009,900-16%8.5%9.1%8.8%8.9%8.5%9.1%9.5%10.7%66.2414.2%69.5641.0%62.9012.9%66.711-4.3%63.717-2.4%68.212-3.5%63.6943.4%66.118-0.2%$ 4,332,752,772$ 2,750,257,127$ - 0

'02Feb$ 5,529,199,810-2%8.5%9.2%8.9%9.0%8.6%9.1%9.6%10.7%66.3853.5%69.0850.1%62.9622.4%66.860-4.2%64.095-2.0%68.378-3.4%63.8583.9%66.087-0.7%$ 4,344,184,514$ 1,185,015,296$ - 0

'02Mar$ 8,847,037,42426%8.5%9.2%8.9%9.0%8.7%9.2%9.7%10.7%66.5773.0%68.658-0.9%63.0662.1%67.105-3.8%64.486-1.5%68.662-2.9%63.9364.2%66.122-0.9%$ 6,406,161,149$ 1,363,881,189$ 1,076,995,087

'02Apr$ 7,007,734,132-9%8.5%9.3%8.9%9.1%8.7%9.2%9.9%9.8%66.8212.7%68.347-1.7%63.2311.9%67.362-3.3%64.757-0.9%68.938-2.5%63.9504.3%66.225-1.0%$ 4,656,335,788$ 2,351,398,344$ - 0

'02May$ 9,192,398,33251%8.5%9.2%8.9%9.1%8.7%9.2%9.8%9.8%67.1432.7%68.171-2.2%63.4611.8%67.596-2.6%64.841-0.5%69.181-1.9%63.9244.1%66.402-0.8%$ 6,807,573,504$ 2,134,824,828$ 250,000,000

'02Jun$ 9,212,409,937-38%8.5%9.2%8.9%9.1%8.7%9.2%9.9%10.7%67.5633.0%68.143-2.5%63.7602.0%67.798-1.8%64.767-0.3%69.398-1.1%63.8523.6%66.667-0.4%$ 8,202,044,488$ 1,010,365,449$ - 0

'02Jul$ 11,315,898,37758%8.4%9.2%8.9%9.0%8.7%9.2%10.1%10.7%68.0903.5%68.201-2.7%64.1312.3%67.994-0.9%64.644-0.0%69.606-0.1%63.7212.9%67.0170.2%$ 7,443,494,435$ 2,782,478,143$ 1,089,925,799

'02Aug$ 8,418,406,81333%8.4%9.1%8.8%9.0%8.6%9.1%10.2%9.9%68.6904.3%68.282-2.9%64.5802.8%68.2110.3%64.6280.5%69.7710.9%63.5522.1%67.4351.0%$ 7,062,319,683$ 1,356,087,131$ - 0

'02Sep$ 9,679,828,20429%8.3%9.0%8.8%8.9%8.6%9.0%9.6%9.9%69.3115.1%68.381-3.0%65.0893.6%68.4761.4%64.7631.3%69.9231.8%63.3861.3%67.8931.9%$ 8,557,359,097$ 1,122,469,107$ - 0

'02Oct$ 9,850,160,51138%8.3%9.0%8.7%8.9%8.5%8.9%9.6%9.9%69.9116.0%68.523-2.8%65.6344.4%68.7722.5%64.9982.2%70.0792.4%63.2160.5%68.3722.9%$ 8,135,664,146$ 1,714,496,364$ - 0

'02Nov$ 8,647,602,07947%8.2%8.9%8.6%8.8%8.6%8.9%9.6%9.9%70.4816.7%68.707-2.4%66.2095.3%69.0833.4%65.2212.8%70.2863.0%63.016-0.3%68.8653.8%$ 7,665,549,723$ 982,052,356$ - 0

'02Dec$ 17,009,975,57044%8.1%8.8%8.5%8.8%8.5%8.8%9.8%9.9%71.0217.4%68.939-1.5%66.8216.3%69.4114.1%65.4523.1%70.5293.5%62.805-1.0%69.3724.8%$ 12,102,157,951$ 4,907,817,619$ - 0

'03Jan$ 10,039,515,75642%8.1%8.7%8.5%8.7%8.6%8.8%9.8%8.3%71.5318.0%69.265-0.4%67.4727.3%69.7794.6%65.7733.2%70.8133.8%62.626-1.7%69.8885.7%$ 7,635,559,355$ 2,403,956,400$ - 0

'03Feb$ 8,264,371,57649%8.1%8.7%8.5%8.7%8.5%8.8%9.7%8.3%72.0018.5%69.6730.9%68.1448.2%70.1725.0%66.2213.3%71.1274.0%62.488-2.1%70.3926.5%$ 6,305,085,982$ 1,231,854,594$ 727,431,000

'03Mar$ 10,607,604,36920%8.1%8.7%8.4%8.7%8.5%8.8%9.7%8.3%72.4358.8%70.0972.1%68.8269.1%70.5305.1%66.7643.5%71.4024.0%62.338-2.5%70.8587.2%$ 6,880,838,277$ 1,726,496,250$ 2,000,269,843

'03Apr$ 7,867,929,73112%8.0%8.7%8.4%8.7%8.5%8.7%9.7%8.4%72.8469.0%70.4333.1%69.5189.9%70.8375.2%67.3584.0%71.6463.9%62.146-2.8%71.2797.6%$ 6,520,372,015$ 1,347,557,716$ - 0

'03May$ 9,165,665,081-0%8.0%8.7%8.4%8.7%8.4%8.7%9.7%8.7%73.2279.1%70.6603.7%70.21810.6%71.0865.2%67.9294.8%71.8623.9%61.955-3.1%71.6547.9%$ 7,380,552,714$ 1,649,112,367$ 136,000,000

'03Jun$ 12,949,760,66841%7.9%8.7%8.3%8.6%8.4%8.7%9.9%8.7%73.5578.9%70.7643.8%70.93011.2%71.3105.2%68.4555.7%72.0813.9%61.895-3.1%71.9908.0%$ 10,496,275,436$ 2,453,485,232$ - 0

'03Jul$ 9,828,601,033-13%7.8%8.6%8.3%8.6%8.4%8.7%9.8%8.7%73.8248.4%70.8323.9%71.63511.7%71.5345.2%68.9806.7%72.2773.8%62.172-2.4%72.3117.9%$ 7,904,643,717$ 1,235,957,315$ 688,000,000

'03Aug$ 10,769,928,05728%7.8%8.6%8.2%8.6%8.4%8.6%9.7%8.7%74.0307.8%70.9313.9%72.34812.0%71.8035.3%69.5807.7%72.4693.9%62.819-1.2%72.6457.7%$ 9,969,384,763$ 800,543,294$ - 0

'03Sep$ 14,287,571,39648%7.7%8.7%8.2%8.6%8.3%8.7%9.8%8.7%74.1857.0%71.0743.9%73.06612.3%72.1245.3%70.2758.5%72.6673.9%63.7630.6%73.0037.5%$ 11,890,133,737$ 2,305,407,956$ 92,029,703

'03Oct$ 11,847,781,41920%7.6%8.6%8.2%8.6%8.3%8.6%9.9%8.7%74.2986.3%71.1933.9%73.79512.4%72.4595.4%71.0269.3%72.8734.0%64.8052.5%73.3677.3%$ 9,069,567,687$ 2,778,213,732$ - 0

'03Nov$ 14,137,729,29263%7.6%8.6%8.1%8.5%8.2%8.6%9.9%8.7%74.4035.6%71.2573.7%74.51012.5%72.7415.3%71.72710.0%72.9993.9%65.8754.5%73.7077.0%$ 10,412,810,685$ 2,740,783,391$ 984,135,216

'03Dec$ 21,782,535,16128%7.5%8.6%8.1%8.5%8.2%8.6%10.0%8.7%74.5455.0%71.2863.4%75.19012.5%73.0065.2%72.27910.4%73.1433.7%66.9076.5%74.0196.7%$ 16,741,033,114$ 5,041,502,047$ - 0

'04Jan$ 14,024,541,61740%7.5%8.5%8.1%8.5%8.2%8.6%10.0%8.7%74.7864.5%71.3513.0%75.83212.4%73.3505.1%72.59910.4%73.4453.7%67.8938.4%74.3536.4%$ 12,432,045,462$ 1,410,503,514$ 181,992,641

'04Feb$ 11,737,176,46842%7.4%8.5%8.0%8.4%8.2%8.5%9.8%8.7%75.1784.4%71.5862.7%76.42912.2%73.8675.3%72.6939.8%74.0744.1%68.76610.0%74.7746.2%$ 9,935,709,402$ 1,801,467,065$ - 0

'04Mar$ 16,607,564,64557%7.4%8.4%8.0%8.3%8.1%8.4%9.8%8.7%75.7664.6%72.0612.8%76.98611.9%74.5455.7%72.6748.9%74.9615.0%69.56511.6%75.3356.3%$ 12,778,534,572$ 3,829,030,073$ - 0

'04Apr$ 15,412,251,02196%7.4%8.3%7.9%8.3%8.0%8.4%9.6%8.7%76.5565.1%72.7913.3%77.51011.5%75.2766.3%72.6757.9%75.9075.9%70.30213.1%76.0316.7%$ 12,840,244,230$ 2,022,006,791$ 550,000,000

'04May$ 19,361,797,218111%7.3%8.3%7.9%8.2%8.0%8.3%9.6%8.3%77.5115.9%73.7184.3%78.01911.1%76.0016.9%72.8697.3%76.7696.8%71.03014.6%76.8317.2%$ 13,568,333,473$ 2,135,442,404$ 3,658,021,341

'04Jun$ 19,417,151,72450%7.3%8.3%7.8%8.2%8.0%8.3%9.4%7.8%78.5686.8%74.8115.7%78.54410.7%76.7117.6%73.2377.0%77.5617.6%71.76015.9%77.7037.9%$ 16,444,743,838$ 2,972,407,885$ - 0

'04Jul$ 19,385,557,06997%7.3%8.3%7.8%8.2%7.9%8.3%9.5%7.8%79.6657.9%76.0047.3%79.14510.5%77.4498.3%73.7646.9%78.3758.4%72.50516.6%78.6248.7%$ 14,830,454,063$ 3,015,939,324$ 1,539,163,682

'04Aug$ 21,266,973,40897%7.2%8.3%7.8%8.2%7.9%8.2%9.7%8.4%80.7729.1%77.0618.6%79.86910.4%78.2248.9%74.3416.8%79.2459.3%73.24616.6%79.5649.5%$ 15,916,958,036$ 5,350,015,372$ - 0

'04Sep$ 21,567,002,16251%7.2%8.2%7.7%8.1%7.9%8.2%9.7%8.4%81.84910.3%77.8829.6%80.73110.5%79.0529.6%75.0186.7%80.16310.3%73.96316.0%80.49310.3%$ 17,073,305,626$ 4,493,696,536$ - 0

'04Oct$ 24,566,168,402107%7.1%8.2%7.7%8.0%7.8%8.1%9.5%8.6%82.84911.5%78.45610.2%81.70610.7%79.90810.3%75.7746.7%81.06511.2%74.69315.3%81.38110.9%$ 15,644,404,613$ 3,944,769,074$ 4,976,994,716

'04Nov$ 32,091,945,807127%7.0%8.1%7.6%8.0%7.8%8.1%9.7%8.2%83.74412.6%79.03910.9%82.77711.1%80.72711.0%76.5686.7%81.88512.2%75.56814.7%82.24111.6%$ 15,204,978,164$ 6,132,567,577$ 10,754,400,067

'04Dec$ 32,588,532,13150%7.0%8.0%7.5%7.9%7.7%8.0%9.6%8.2%84.54413.4%79.68911.8%83.91011.6%81.49611.6%77.4087.1%82.64713.0%76.67014.6%83.09012.3%$ 23,815,136,712$ 8,075,042,889$ 698,352,530

'05Jan$ 25,339,587,26581%6.9%8.0%7.5%7.9%7.5%7.9%9.5%8.1%85.31114.1%80.48112.8%85.07312.2%82.22412.1%78.2717.8%83.41513.6%78.01714.9%83.94312.9%$ 22,192,453,850$ 3,147,133,415$ - 0

'05Feb$ 19,685,201,65668%6.8%8.0%7.4%7.8%7.5%7.9%9.5%7.1%86.10214.5%81.30713.6%86.22412.8%82.86712.2%79.1338.9%84.04913.5%79.56615.7%84.78013.4%$ 14,650,701,918$ 3,231,444,979$ 1,803,054,759

'05Mar$ 29,427,454,20777%6.8%8.0%7.4%7.8%7.4%7.9%9.5%7.1%86.95714.8%82.19114.1%87.33513.4%83.43611.9%80.07810.2%84.51312.7%81.25616.8%85.61713.6%$ 21,232,461,021$ 7,652,186,074$ 542,807,112

'05Apr$ 30,795,424,435100%6.7%7.9%7.3%7.8%7.3%7.9%9.5%7.3%87.90014.8%83.15314.2%88.39414.0%84.05211.7%81.37812.0%84.86311.8%83.01618.1%86.50913.8%$ 22,201,723,269$ 7,393,701,166$ 1,200,000,000

'05May$ 27,929,622,42444%6.6%7.9%7.3%7.7%7.3%7.8%9.5%7.5%88.92714.7%84.22214.2%89.40014.6%84.90711.7%83.18714.2%85.41811.3%84.71919.3%87.51113.9%$ 20,535,203,457$ 7,394,418,967$ - 0

'05Jun$ 33,229,186,19971%6.6%7.9%7.2%7.6%7.2%7.7%9.3%7.8%90.07614.6%85.34114.1%90.37215.1%85.96812.1%85.17516.3%86.18811.1%86.30720.3%88.62514.1%$ 25,315,520,499$ 7,913,665,700$ - 0

'05Jul$ 30,558,903,88458%6.5%7.8%7.2%7.5%7.1%7.7%9.4%7.8%91.37214.7%86.35113.6%91.33715.4%87.15012.5%86.84617.7%87.21111.3%87.93021.3%89.81614.2%$ 23,252,349,785$ 6,417,154,099$ 889,400,000

'05Aug$ 30,057,305,33341%6.5%7.8%7.1%7.5%7.0%7.6%9.3%8.0%92.79114.9%87.17413.1%92.30715.6%88.33812.9%88.03618.4%88.32611.5%89.68622.4%91.03614.4%$ 22,239,500,977$ 5,317,060,464$ 2,500,743,892

'05Sep$ 44,842,828,232108%6.4%7.7%7.1%7.4%6.9%7.6%9.2%7.9%94.20715.1%87.84212.8%93.28115.5%89.59813.3%88.99518.6%89.65011.8%91.46423.7%92.22814.6%$ 27,117,980,576$ 6,023,357,792$ 11,701,489,864

'05Oct$ 33,762,237,48737%6.4%7.6%7.0%7.4%6.9%7.5%9.2%7.8%95.47415.2%88.45212.7%94.23715.3%90.87213.7%89.82118.5%91.12112.4%92.99824.5%93.31214.7%$ 24,032,353,135$ 9,729,884,352$ - 0

'05Nov$ 26,943,738,664-16%6.4%7.6%7.0%7.3%6.8%7.5%9.0%7.9%96.47415.2%89.13012.8%95.13014.9%92.11314.1%90.68018.4%92.62413.1%94.17224.6%94.21814.6%$ 22,328,117,905$ 4,615,620,759$ - 0

'05Dec$ 45,488,191,47440%6.3%7.6%6.9%7.3%6.7%7.4%9.0%7.8%97.17514.9%90.05313.0%95.97414.4%93.18614.3%91.54818.3%93.85413.6%94.95623.9%94.94714.3%$ 30,630,508,248$ 12,371,083,413$ 2,486,599,812

'06Jan$ 36,001,594,74842%6.3%7.5%6.9%7.3%6.7%7.4%9.0%7.9%97.62914.4%91.17113.3%96.76413.7%94.09114.4%92.51018.2%94.78413.6%95.47722.4%95.55013.8%$ 25,715,783,273$ 6,865,811,476$ 3,420,000,000

'06Feb$ 27,951,210,64442%6.3%7.4%6.9%7.2%6.8%7.3%9.0%7.9%97.92013.7%92.38413.6%97.51513.1%94.84214.5%93.49018.1%95.46313.6%95.63620.2%96.10713.4%$ 20,159,844,332$ 5,871,491,637$ 1,919,874,674

'06Mar$ 34,785,275,54818%6.3%7.4%6.9%7.2%6.7%7.3%8.9%7.9%98.09212.8%93.53213.8%98.18012.4%95.49914.5%94.53818.1%95.98213.6%95.60517.7%96.63412.9%$ 24,014,433,114$ 5,898,829,443$ 4,872,012,991

'06Apr$ 37,114,693,94021%6.3%7.3%6.8%7.2%6.7%7.3%8.9%7.7%98.11411.6%94.64013.8%98.72011.7%96.07814.3%95.59117.5%96.30513.5%95.46215.0%97.10212.2%$ 21,692,731,165$ 5,039,561,289$ 10,382,401,486

'06May$ 30,033,995,3398%6.3%7.3%6.8%7.1%6.6%7.2%8.9%7.8%98.00110.2%95.76913.7%99.12110.9%96.72813.9%96.53616.0%96.75513.3%95.46112.7%97.50511.4%$ 22,419,154,243$ 6,162,231,444$ 1,452,609,653

'06Jun$ 37,025,486,48911%6.3%7.2%6.8%7.1%6.6%7.2%8.9%7.9%97.8418.6%96.73413.4%99.43110.0%97.46113.4%97.22314.1%97.41813.0%95.66110.8%97.84910.4%$ 27,243,356,804$ 9,743,662,501$ 38,467,184

'06Jul$ 38,719,873,90727%6.3%7.2%6.8%7.0%6.5%7.1%8.8%7.9%97.7527.0%97.43312.8%99.6669.1%98.18512.7%97.72412.5%98.16112.6%96.0479.2%98.1459.3%$ 27,966,451,362$ 4,917,119,078$ 5,836,303,467

'06Aug$ 23,111,158,163-23%6.3%7.1%6.7%7.0%6.5%7.1%8.9%7.5%97.8545.5%97.80212.2%99.8218.1%98.72911.8%98.11911.5%98.72211.8%96.4777.6%98.4188.1%$ 20,265,239,518$ 2,845,918,645$ - 0

'06Sep$ 38,220,583,983-15%6.3%7.1%6.7%7.0%6.5%7.1%8.9%7.6%98.1884.2%98.03111.6%99.8917.1%99.09710.6%98.48010.7%99.12310.6%96.9816.0%98.7097.0%$ 27,652,559,806$ 7,031,415,265$ 3,536,608,913

'06Oct$ 46,605,380,22038%6.3%7.1%6.7%6.9%6.5%7.1%8.9%7.9%98.7353.4%98.30811.1%99.9116.0%99.3699.4%98.90310.1%99.4239.1%97.6065.0%99.0556.2%$ 23,713,332,432$ 5,219,774,924$ 17,672,272,864

'06Nov$ 39,942,115,47948%6.3%7.1%6.7%6.9%6.4%7.0%8.9%7.9%99.3773.0%98.90611.0%99.9355.1%99.6418.2%99.4119.6%99.6797.6%98.6254.7%99.4805.6%$ 27,750,383,608$ 9,878,159,654$ 2,313,572,216

'06Dec$ 51,294,000,89813%6.3%7.1%6.7%6.9%6.4%7.0%8.9%7.9%100.0002.9%100.00011.0%100.0004.2%100.0007.3%100.0009.2%100.0006.5%100.0005.3%100.0005.3%$ 34,575,666,613$ 14,774,156,761$ 1,944,177,525

'07Jan$ 43,371,450,20520%6.3%7.0%6.7%6.8%6.3%6.9%8.9%7.9%100.5403.0%101.44411.3%100.1813.5%100.6977.0%100.9279.1%100.7356.3%101.7296.5%100.6735.4%$ 27,030,057,769$ 10,049,723,402$ 6,291,669,034

'07Feb$ 79,295,937,478184%6.3%7.0%6.7%6.8%6.2%6.9%8.9%7.9%101.0113.2%102.89111.4%100.5163.1%101.7367.3%102.2109.3%101.8846.7%103.7008.4%101.4965.6%$ 21,644,723,421$ 4,094,488,518$ 53,556,725,538

'07Mar$ 40,339,578,38416%6.3%7.0%6.7%6.7%6.2%6.9%9.0%7.8%101.4383.4%104.08611.3%101.0342.9%102.9657.8%103.8319.8%103.1317.4%105.86610.7%102.4266.0%$ 25,040,381,255$ 8,235,725,722$ 7,063,471,408

'07Apr$ 58,950,106,55059%6.3%7.0%6.6%6.7%6.1%6.8%9.0%7.8%101.8753.8%104.95410.9%101.6883.0%104.1048.4%105.33510.2%104.1228.1%108.01413.1%103.3856.5%$ 25,277,882,455$ 22,055,569,028$ 11,616,655,067

'07May$ 50,489,167,31668%6.3%6.9%6.6%6.7%6.0%6.8%8.9%7.7%102.2604.3%105.56510.2%102.4103.3%105.2008.8%106.69810.5%105.0158.5%109.71514.9%104.2957.0%$ 25,442,767,348$ 16,198,409,110$ 8,847,990,857

'07Jun$ 46,702,439,72026%6.3%6.9%6.6%6.7%6.0%6.8%8.9%7.5%102.4894.8%106.0389.6%103.1113.7%106.3449.1%107.97711.1%106.0568.9%110.75315.8%105.0777.4%$ 30,044,356,336$ 14,342,816,540$ 2,315,266,845

'07Jul$ 51,746,570,03334%6.3%6.9%6.6%6.6%5.9%6.8%8.9%7.6%102.4524.8%106.4499.3%103.6364.0%107.4009.4%109.11211.7%107.0779.1%111.26915.8%105.5577.6%$ 26,705,265,793$ 14,358,074,906$ 10,683,229,334

'07Aug$ 44,266,771,55392%6.3%6.9%6.6%6.6%5.9%6.8%8.9%7.7%102.1674.4%106.8649.3%103.8784.1%108.0869.5%110.13012.2%107.5949.0%111.54415.6%105.6207.3%$ 26,226,619,678$ 14,520,351,875$ 3,519,800,000

'07Sep$ 33,233,165,301-13%6.3%6.9%6.6%6.6%5.9%6.8%8.9%7.7%101.7093.6%106.8869.0%103.7283.8%108.2259.2%110.98012.7%107.3498.3%111.50115.0%105.2076.6%$ 22,691,212,220$ 7,784,860,270$ 2,757,092,811

'07Oct$ 71,258,031,51453%6.3%6.9%6.5%6.6%5.9%6.7%8.8%7.5%101.1522.4%106.5088.3%103.1783.3%108.0308.7%111.79813.0%106.7487.4%110.70413.4%104.4665.5%$ 19,878,782,252$ 3,573,699,804$ 47,805,549,458

'07Nov$ 25,835,288,111-35%6.3%6.9%6.5%6.6%5.8%6.7%8.8%7.4%100.5721.2%105.7346.9%102.2602.3%107.6398.0%112.42413.1%106.0336.4%109.28410.8%103.5454.1%$ 19,621,876,251$ 6,213,411,861$ - 0

'07Dec$ 36,160,615,772-30%6.3%6.9%6.5%6.6%5.8%6.8%8.8%7.3%100.0450.0%104.9184.9%101.0931.1%107.1167.1%112.60512.6%105.3755.4%107.8847.9%102.6002.6%$ 25,843,595,766$ 8,917,020,006$ 1,400,000,000

'08Jan$ 21,125,659,403-51%6.3%6.9%6.5%6.6%5.7%6.8%8.8%7.6%99.584-1.0%104.2042.7%99.814-0.4%106.4455.7%112.17411.1%104.7053.9%106.7334.9%101.6871.0%$ 17,798,603,072$ 3,067,056,331$ 260,000,000

'08Feb$ 16,994,228,038-79%6.3%6.9%6.5%6.6%5.8%6.8%8.8%8.1%99.123-1.9%103.6260.7%98.516-2.0%105.7163.9%111.1978.8%104.1962.3%105.6811.9%100.822-0.7%$ 12,260,503,895$ 4,733,724,143$ - 0

'08Mar$ 24,593,991,589-39%6.3%6.9%6.5%6.6%5.8%6.8%8.8%8.3%98.599-2.8%103.050-1.0%97.267-3.7%104.8891.9%109.8575.8%103.6850.5%104.638-1.2%99.975-2.4%$ 14,241,889,138$ 6,526,022,179$ 3,826,080,272

'08Apr$ 14,266,168,933-76%6.3%7.0%6.6%6.7%5.7%6.9%8.8%8.5%97.999-3.8%102.380-2.5%96.088-5.5%103.819-0.3%108.2842.8%102.923-1.2%103.858-3.8%99.101-4.1%$ 11,506,326,232$ 2,723,628,466$ 36,214,236

'08May$ 12,721,811,507-75%6.3%7.0%6.6%6.7%5.7%6.9%8.9%8.6%97.370-4.8%101.470-3.9%94.943-7.3%102.363-2.7%106.557-0.1%101.556-3.3%103.534-5.6%98.144-5.9%$ 10,812,347,663$ 1,909,463,843$ - 0

'08Jun$ 21,800,825,060-53%6.3%7.1%6.6%6.8%5.7%7.0%8.9%8.8%96.695-5.7%100.477-5.2%93.762-9.1%100.633-5.4%104.799-2.9%99.783-5.9%103.357-6.7%97.092-7.6%$ 16,991,342,811$ 3,855,409,801$ 954,072,448

'08Jul$ 13,077,687,610-75%6.3%7.2%6.7%6.9%5.9%7.0%9.0%8.9%95.914-6.4%99.549-6.5%92.498-10.7%98.841-8.0%103.189-5.4%97.855-8.6%103.157-7.3%95.966-9.1%$ 10,864,873,519$ 2,212,814,091$ - 0

'08Aug$ 15,567,638,720-65%6.3%7.3%6.7%6.9%6.0%7.1%9.0%9.0%94.928-7.1%98.746-7.6%91.178-12.2%97.153-10.1%101.749-7.6%96.076-10.7%102.896-7.8%94.780-10.3%$ 11,665,916,338$ 3,706,722,382$ 195,000,000

'08Sep$ 14,460,356,406-56%6.4%7.4%6.8%7.0%6.1%7.1%8.9%8.9%93.682-7.9%97.851-8.5%89.796-13.4%95.605-11.7%100.452-9.5%94.453-12.0%102.739-7.9%93.479-11.1%$ 10,986,563,569$ 3,473,792,837$ - 0

'08Oct$ 9,812,800,250-86%6.4%7.4%6.8%7.0%6.1%7.1%9.0%9.1%92.193-8.9%96.636-9.3%88.317-14.4%94.149-12.8%99.067-11.4%92.971-12.9%102.701-7.2%92.003-11.9%$ 7,662,720,758$ 2,150,079,491$ - 0

'08Nov$ 6,755,284,054-74%6.4%7.4%6.8%7.1%6.3%7.2%9.1%9.1%90.524-10.0%94.988-10.2%86.720-15.2%92.718-13.9%97.564-13.2%91.497-13.7%102.453-6.3%90.346-12.7%$ 5,646,663,006$ 1,108,621,049$ - 0

'08Dec$ 10,037,921,833-72%6.4%7.5%6.9%7.1%6.4%7.3%9.1%9.0%88.751-11.3%93.050-11.3%85.026-15.9%91.257-14.8%95.869-14.9%90.018-14.6%101.603-5.8%88.558-13.7%$ 7,516,868,871$ 2,521,052,962$ - 0

'09Jan$ 5,181,374,554-75%6.5%7.5%6.9%7.2%6.5%7.3%9.2%9.2%86.936-12.7%90.927-12.7%83.288-16.6%89.675-15.8%94.083-16.1%88.396-15.6%100.032-6.3%86.690-14.7%$ 4,563,747,930$ 617,626,625$ - 0

'09Feb$ 4,194,245,266-75%6.5%7.5%6.9%7.2%6.5%7.3%9.2%9.1%85.093-14.2%88.796-14.3%81.512-17.3%87.938-16.8%92.158-17.1%86.658-16.8%97.835-7.4%84.769-15.9%$ 3,423,786,314$ 770,458,952$ - 0

'09Mar$ 4,948,978,538-80%6.5%7.6%7.0%7.2%6.5%7.4%9.1%9.2%83.238-15.6%86.724-15.8%79.719-18.0%86.030-18.0%90.103-18.0%84.792-18.2%95.309-8.9%82.838-17.1%$ 4,209,269,549$ 739,708,989$ - 0

'09Apr$ 3,640,768,555-74%6.5%7.6%7.0%7.3%6.6%7.4%9.2%8.9%81.376-17.0%84.732-17.2%77.922-18.9%83.999-19.1%87.964-18.8%82.858-19.5%92.629-10.8%80.915-18.4%$ 3,342,607,451$ 298,161,104$ - 0

'09May$ 4,454,330,099-65%6.5%7.6%7.0%7.3%6.7%7.4%9.2%8.8%79.533-18.3%82.889-18.3%76.181-19.8%81.901-20.0%85.782-19.5%80.890-20.3%89.907-13.2%79.038-19.5%$ 3,811,351,668$ 642,978,431$ - 0

'09Jun$ 6,701,381,989-69%6.6%7.7%7.1%7.4%6.8%7.5%9.4%8.9%77.753-19.6%81.272-19.1%74.553-20.5%79.769-20.7%83.615-20.2%78.878-21.0%87.095-15.7%77.252-20.4%$ 4,878,879,117$ 1,822,502,872$ - 0

'09Jul$ 5,254,104,183-60%6.6%7.8%7.2%7.4%6.8%7.6%9.4%8.8%76.099-20.7%79.936-19.7%73.107-21.0%77.647-21.4%81.566-21.0%76.828-21.5%84.117-18.5%75.611-21.2%$ 4,781,946,572$ 472,157,610$ - 0

'09Aug$ 5,320,732,350-66%6.7%7.9%7.3%7.5%7.0%7.6%9.7%8.7%74.638-21.4%78.883-20.1%71.904-21.1%75.576-22.2%79.758-21.6%74.787-22.2%81.106-21.2%74.168-21.7%$ 4,781,702,761$ 539,029,588$ - 0

'09Sep$ 6,844,263,213-53%6.7%8.0%7.4%7.6%7.3%7.7%9.8%8.9%73.424-21.6%78.102-20.2%70.950-21.0%73.595-23.0%78.272-22.1%72.773-23.0%78.230-23.9%72.936-22.0%$ 5,066,266,642$ 1,397,791,425$ 380,205,146

'09Oct$ 7,034,331,670-28%6.8%8.1%7.5%7.8%7.8%7.8%10.0%8.8%72.466-21.4%77.534-19.8%70.210-20.5%71.752-23.8%77.066-22.2%70.835-23.8%75.682-26.3%71.911-21.8%$ 5,463,633,910$ 1,570,697,760$ - 0

'09Nov$ 5,750,662,584-15%6.8%8.2%7.5%7.9%7.7%7.9%9.9%8.8%71.750-20.7%76.998-18.9%69.609-19.7%70.101-24.4%76.063-22.0%69.073-24.5%73.487-28.3%71.059-21.3%$ 4,810,291,270$ 940,371,314$ - 0

'09Dec$ 12,682,357,15426%6.8%8.2%7.6%8.1%8.0%8.1%9.8%9.3%71.234-19.7%76.325-18.0%69.094-18.7%68.707-24.7%75.184-21.6%67.603-24.9%71.655-29.5%70.351-20.6%$ 8,233,234,496$ 3,924,249,920$ 524,872,738

'10Jan$ 6,938,128,43834%6.8%8.2%7.7%8.1%8.0%8.1%9.5%9.1%70.881-18.5%75.495-17.0%68.629-17.6%67.605-24.6%74.410-20.9%66.513-24.8%70.122-29.9%69.762-19.5%$ 5,462,057,714$ 1,476,070,724$ - 0

'10Feb$ 5,434,330,57130%6.8%8.2%7.8%8.1%8.0%8.2%9.0%9.2%70.667-17.0%74.638-15.9%68.194-16.3%66.783-24.1%73.792-19.9%65.721-24.2%68.809-29.7%69.286-18.3%$ 3,950,803,045$ 1,483,527,526$ - 0

'10Mar$ 7,587,451,65553%6.8%8.3%7.9%8.2%8.1%8.2%9.1%9.2%70.578-15.2%73.921-14.8%67.773-15.0%66.221-23.0%73.413-18.5%65.136-23.2%67.669-29.0%68.920-16.8%$ 5,852,153,188$ 1,735,298,466$ - 0

'10Apr$ 7,400,768,218103%6.9%8.4%7.9%8.3%8.1%8.4%9.0%9.5%70.599-13.2%73.408-13.4%67.351-13.6%65.897-21.6%73.340-16.6%64.685-21.9%66.726-28.0%68.669-15.1%$ 5,536,227,809$ 1,144,140,409$ 720,400,000

'10May$ 8,677,706,62595%6.9%8.4%8.0%8.3%7.8%8.4%8.9%9.5%70.728-11.1%73.109-11.8%66.945-12.1%65.787-19.7%73.609-14.2%64.365-20.4%65.961-26.6%68.533-13.3%$ 6,996,118,659$ 1,189,787,967$ 491,800,000

'10Jun$ 13,175,788,28297%6.9%8.4%8.0%8.3%7.7%8.4%8.9%9.4%70.962-8.7%72.952-10.2%66.578-10.7%65.832-17.5%74.171-11.3%64.151-18.7%65.330-25.0%68.501-11.3%$ 9,756,458,383$ 3,101,329,899$ 318,000,000

'10Jul$ 12,813,445,561144%6.8%8.3%8.0%8.2%7.6%8.4%9.0%9.4%71.324-6.3%72.844-8.9%66.283-9.3%65.930-15.1%74.892-8.2%63.970-16.7%64.761-23.0%68.562-9.3%$ 9,583,364,514$ 2,580,081,051$ 649,999,997

'10Aug$ 13,754,854,314159%6.8%8.4%8.0%8.3%7.6%8.4%8.7%9.2%71.826-3.8%72.700-7.8%66.073-8.1%66.048-12.6%75.673-5.1%63.791-14.7%64.269-20.8%68.707-7.4%$ 8,838,569,165$ 4,916,285,149$ - 0

'10Sep$ 14,190,668,811107%6.8%8.4%8.0%8.2%7.2%8.4%8.6%9.2%72.458-1.3%72.472-7.2%65.938-7.1%66.191-10.1%76.401-2.4%63.658-12.5%63.866-18.4%68.918-5.5%$ 11,506,232,336$ 2,684,436,475$ - 0

'10Oct$ 16,271,233,012131%6.8%8.4%7.9%8.0%7.0%8.3%8.4%9.2%73.1551.0%72.237-6.8%65.852-6.2%66.399-7.5%77.006-0.1%63.653-10.1%63.421-16.2%69.172-3.8%$ 9,381,239,485$ 3,021,593,570$ 3,868,399,957

'10Nov$ 14,514,879,377152%6.7%8.4%7.9%8.0%6.9%8.3%8.5%9.2%73.8462.9%72.022-6.5%65.801-5.5%66.670-4.9%77.3741.7%63.833-7.6%62.898-14.4%69.432-2.3%$ 10,458,700,086$ 4,056,179,291$ - 0

'10Dec$ 34,258,651,271170%6.7%8.3%7.9%7.9%6.8%8.2%8.3%9.1%74.4894.6%71.859-5.9%65.802-4.8%66.967-2.5%77.5223.1%64.145-5.1%62.265-13.1%69.687-0.9%$ 24,452,782,727$ 9,805,868,543$ - 0

'11Jan$ 13,777,740,19899%6.7%8.3%7.8%7.8%6.7%8.2%8.4%9.1%75.0765.9%71.748-5.0%65.855-4.0%67.249-0.5%77.6484.4%64.458-3.1%61.613-12.1%69.9260.2%$ 10,615,645,561$ 2,531,848,615$ 630,246,022

'11Feb$ 9,894,104,79382%6.7%8.3%7.8%7.8%6.6%8.2%8.4%9.1%75.6227.0%71.669-4.0%65.952-3.3%67.4791.0%77.8795.5%64.654-1.6%61.006-11.3%70.1491.2%$ 8,247,622,281$ 1,646,482,512$ - 0

'11Mar$ 19,481,120,241157%6.6%8.3%7.8%7.8%6.6%8.1%8.3%9.1%76.1807.9%71.570-3.2%66.074-2.5%67.6752.2%78.3256.7%64.733-0.6%60.494-10.6%70.3642.1%$ 12,794,514,901$ 4,286,605,340$ 2,400,000,000

'11Apr$ 21,168,179,406186%6.6%8.2%7.7%7.7%6.7%8.0%8.2%9.0%76.8128.8%71.410-2.7%66.213-1.7%67.8683.0%78.9597.7%64.7680.1%60.126-9.9%70.6002.8%$ 11,278,306,947$ 9,631,510,972$ 258,361,486

'11May$ 22,101,578,879155%6.6%8.2%7.7%7.7%6.7%8.0%8.2%9.0%77.5549.7%71.288-2.5%66.379-0.8%68.0983.5%79.7758.4%64.8400.7%59.870-9.2%70.8913.4%$ 14,622,541,273$ 3,699,037,606$ 3,780,000,000

'11Jun$ 36,604,090,507178%6.6%8.1%7.7%7.6%6.7%8.0%8.0%8.9%78.37810.5%71.290-2.3%66.577-0.0%68.3513.8%80.6728.8%64.9291.2%59.786-8.5%71.2514.0%$ 16,292,788,801$ 3,279,156,937$ 17,032,144,770

'11Jul$ 27,161,060,440112%6.5%8.1%7.7%7.6%6.6%8.0%8.0%9.0%79.26211.1%71.481-1.9%66.8390.8%68.6294.1%81.6109.0%65.0761.7%59.899-7.5%71.6994.6%$ 15,643,644,903$ 3,917,416,326$ 7,599,999,211

'11Aug$ 19,231,314,29240%6.5%8.0%7.6%7.5%6.6%7.9%7.9%9.0%80.15911.6%71.831-1.2%67.1621.6%68.9104.3%82.5219.0%65.2672.3%60.253-6.2%72.2155.1%$ 14,219,830,151$ 5,011,484,141$ - 0

'11Sep$ 20,947,133,36048%6.5%8.0%7.6%7.5%6.7%7.8%8.0%9.0%81.03211.8%72.285-0.3%67.5342.4%69.1714.5%83.3399.1%65.5162.9%60.790-4.8%72.7595.6%$ 16,829,413,314$ 4,097,820,890$ 19,899,156

'11Oct$ 19,663,499,66321%6.4%7.9%7.6%7.6%6.7%7.9%8.0%8.9%81.81811.8%72.7450.7%67.9193.1%69.3534.4%84.0159.1%65.7243.3%61.421-3.2%73.2685.9%$ 14,358,887,581$ 5,304,612,082$ - 0

'11Nov$ 15,070,530,5684%6.4%7.9%7.6%7.5%6.7%7.8%7.9%8.9%82.49311.7%73.1011.5%68.2823.8%69.4634.2%84.6009.3%65.8593.2%62.155-1.2%73.6966.1%$ 12,199,474,585$ 2,871,055,983$ - 0

'11Dec$ 36,549,433,0317%6.4%7.8%7.6%7.5%6.6%7.8%7.9%8.7%83.05811.5%73.3482.1%68.6174.3%69.5463.9%85.1819.9%65.9302.8%62.9731.1%74.0506.3%$ 26,910,591,070$ 9,635,841,961$ 3,000,000

'12Jan$ 15,778,068,07515%6.4%7.8%7.5%7.4%6.5%7.7%7.9%8.7%83.52011.2%73.5672.5%68.9394.7%69.6683.6%85.75410.4%66.0332.4%63.8693.7%74.3576.3%$ 10,987,020,566$ 4,791,047,509$ - 0

'12Feb$ 13,184,442,13233%6.4%7.8%7.5%7.4%6.5%7.7%7.9%8.5%83.93211.0%73.7802.9%69.2625.0%69.8063.4%86.23910.7%66.1602.3%64.6906.0%74.6526.4%$ 10,459,226,306$ 2,725,215,827$ - 0

'12Mar$ 25,639,192,61832%6.4%7.8%7.5%7.4%6.5%7.7%7.9%8.3%84.34810.7%73.9833.4%69.5705.3%69.9193.3%86.64310.6%66.2572.4%65.2867.9%74.9466.5%$ 15,734,690,163$ 5,320,683,748$ 4,583,818,707

'12Apr$ 17,111,093,480-19%6.4%7.7%7.5%7.4%6.4%7.8%7.9%8.3%84.83010.4%74.1433.8%69.8245.5%69.9963.1%86.93710.1%66.3022.4%65.5379.0%75.2336.6%$ 13,471,534,149$ 2,650,945,495$ 988,613,837

'12May$ 22,394,449,0591%6.3%7.7%7.4%7.4%6.3%7.7%7.9%8.2%85.40910.1%74.2564.2%70.0155.5%70.0932.9%87.1789.3%66.3722.4%65.5489.5%75.5266.5%$ 16,577,386,112$ 4,279,063,137$ 1,537,999,810

'12Jun$ 25,740,808,797-30%6.3%7.7%7.4%7.3%6.3%7.7%8.0%8.2%86.1049.9%74.3344.3%70.1645.4%70.2792.8%87.3968.3%66.5922.6%65.5249.6%75.8566.5%$ 18,653,612,443$ 6,896,756,895$ 190,439,460

'12Jul$ 28,277,598,6424%6.3%7.6%7.4%7.3%6.4%7.7%8.1%8.0%86.9439.7%74.3824.1%70.2895.2%70.5112.7%87.6267.4%66.9052.8%65.7289.7%76.2316.3%$ 15,894,887,458$ 4,206,914,205$ 8,175,796,979

'12Aug$ 22,560,132,74217%6.3%7.7%7.4%7.4%6.3%7.7%8.2%8.2%87.9589.7%74.4523.6%70.4194.8%70.7432.7%87.9066.5%67.2273.0%66.2309.9%76.6616.2%$ 18,746,357,318$ 3,813,775,424$ - 0

'12Sep$ 23,351,686,74311%6.3%7.6%7.4%7.3%6.3%7.7%8.2%8.3%89.15610.0%74.5743.2%70.5894.5%70.9182.5%88.2005.8%67.4663.0%66.87110.0%77.1416.0%$ 16,462,098,920$ 6,245,482,516$ 644,105,306

'12Oct$ 27,201,656,65938%6.3%7.5%7.4%7.3%6.3%7.6%8.2%8.4%90.45410.6%74.7302.7%70.8324.3%71.0742.5%88.4455.3%67.6843.0%67.4049.7%77.6716.0%$ 19,343,236,449$ 6,241,616,825$ 1,616,803,386

'12Nov$ 27,578,431,54183%6.3%7.5%7.4%7.3%6.2%7.6%8.2%8.2%91.69511.2%74.9092.5%71.1424.2%71.2512.6%88.5814.7%67.9583.2%67.7469.0%78.2176.1%$ 23,001,524,522$ 3,909,508,112$ 667,398,907

'12Dec$ 61,598,158,17069%6.2%7.5%7.3%7.3%6.2%7.6%8.2%8.2%92.73811.7%75.1552.5%71.5004.2%71.4862.8%88.7044.1%68.3023.6%67.9687.9%78.7486.3%$ 48,228,862,541$ 11,618,295,629$ 1,751,000,000

'13Jan$ 22,561,700,25743%6.2%7.5%7.3%7.3%6.3%7.6%8.3%8.2%93.56812.0%75.4962.6%71.9024.3%71.7843.0%88.8913.7%68.6804.0%68.1806.8%79.2566.6%$ 13,358,702,490$ 4,660,945,732$ 4,542,052,035

'13Feb$ 32,545,784,866147%6.2%7.5%7.3%7.2%6.3%7.6%8.2%8.2%94.20912.2%75.9552.9%72.3654.5%72.1583.4%89.2213.5%69.0914.4%68.4495.8%79.7666.9%$ 11,703,709,094$ 20,842,075,773$ - 0

'13Mar$ 23,793,147,924-7%6.2%7.5%7.2%7.2%6.2%7.6%8.2%8.4%94.72312.3%76.4583.3%72.9004.8%72.6303.9%89.6803.5%69.5725.0%68.7745.3%80.3037.1%$ 16,884,734,202$ 6,908,413,722$ - 0

'13Apr$ 21,695,356,03727%6.2%7.5%7.2%7.2%6.2%7.5%8.2%8.4%95.14112.2%77.0463.9%73.5175.3%73.2294.6%90.4524.0%70.1245.8%69.2435.7%80.8837.5%$ 18,327,287,697$ 3,368,068,341$ - 0

'13May$ 25,661,200,96615%6.2%7.5%7.2%7.2%6.2%7.5%8.2%8.3%95.53711.9%77.7204.7%74.2096.0%73.9485.5%91.5195.0%70.7326.6%69.8786.6%81.5147.9%$ 19,818,605,191$ 3,970,595,775$ 1,872,000,000

'13Jun$ 30,541,488,21119%6.2%7.5%7.2%7.1%6.1%7.5%8.2%8.1%95.93911.4%78.4515.5%74.9486.8%74.8136.5%92.9326.3%71.4707.3%70.6297.8%82.1898.3%$ 23,774,697,413$ 6,677,963,253$ 88,827,545

'13Jul$ 35,357,606,71825%6.2%7.5%7.2%7.1%6.0%7.5%8.2%8.1%96.39910.9%79.1176.4%75.7177.7%75.7447.4%94.5617.9%72.2278.0%71.4508.7%82.8968.7%$ 19,490,567,149$ 8,022,621,267$ 7,844,418,302

'13Aug$ 29,048,008,83829%6.2%7.4%7.2%7.1%6.0%7.4%8.2%8.0%96.95910.2%79.7637.1%76.4968.6%76.7138.4%96.3699.6%73.0338.6%72.3629.3%83.6279.1%$ 20,721,226,365$ 8,266,484,246$ 60,298,227

'13Sep$ 32,955,121,73041%6.2%7.5%7.1%7.1%6.0%7.4%8.1%7.9%97.6859.6%80.4447.9%77.2669.5%77.6049.4%98.22111.4%73.7189.3%73.4369.8%84.3719.4%$ 22,232,680,661$ 10,292,530,092$ 429,910,977

'13Oct$ 37,045,889,89536%6.2%7.5%7.1%7.1%6.0%7.5%8.2%7.8%98.5769.0%81.1498.6%78.00710.1%78.39610.3%99.94013.0%74.3439.8%74.70410.8%85.1229.6%$ 26,006,913,326$ 6,271,375,671$ 4,767,600,898

'13Nov$ 35,651,219,47829%6.2%7.5%7.1%7.1%6.0%7.5%8.1%8.0%99.5668.6%81.8309.2%78.70710.6%79.05010.9%101.49014.6%74.82010.1%75.99712.2%85.8569.8%$ 23,282,025,065$ 9,971,828,429$ 2,397,365,984

'13Dec$ 51,484,103,395-16%6.2%7.5%7.1%7.1%6.0%7.4%8.1%7.8%100.5858.5%82.4939.8%79.39111.0%79.61611.4%102.84415.9%75.23010.1%77.18513.6%86.5789.9%$ 37,263,066,599$ 13,428,163,386$ 792,873,410

'14Jan$ 33,365,010,37448%6.2%7.4%7.0%7.0%5.9%7.4%8.2%7.9%101.5668.5%83.17410.2%80.06911.4%80.17411.7%103.96117.0%75.69110.2%78.12514.6%87.29910.1%$ 24,342,621,107$ 8,865,295,013$ 157,094,254

'14Feb$ 34,843,731,5337%6.2%7.4%7.0%7.0%5.9%7.4%8.2%7.8%102.5168.8%83.82610.4%80.73811.6%80.80812.0%104.92817.6%76.25310.4%78.70015.0%88.03710.4%$ 18,226,911,616$ 3,508,897,272$ 13,107,922,644

'14Mar$ 27,731,007,12217%6.2%7.4%7.0%7.0%5.9%7.4%8.2%7.6%103.4209.2%84.46810.5%81.36911.6%81.55412.3%105.73517.9%76.95210.6%78.92614.8%88.78510.6%$ 19,711,545,014$ 8,019,462,109$ - 0

'14Apr$ 30,344,270,63340%6.2%7.3%7.0%7.0%5.9%7.4%8.2%7.6%104.3269.7%85.20810.6%81.94111.5%82.40912.5%106.52717.8%77.77610.9%78.93014.0%89.54510.7%$ 19,621,657,218$ 5,215,129,076$ 5,507,484,339

'14May$ 32,242,134,48926%6.1%7.3%7.0%7.0%5.8%7.4%8.2%7.5%105.29210.2%86.13110.8%82.46111.1%83.29212.6%107.30917.3%78.70011.3%79.02413.1%90.31710.8%$ 24,997,716,035$ 6,224,019,691$ 1,020,398,762

'14Jun$ 38,761,396,26827%6.1%7.3%7.0%7.0%5.9%7.4%8.2%7.6%106.35410.9%87.22411.2%82.94810.7%84.09812.4%108.18416.4%79.55411.3%79.34412.3%91.10010.8%$ 30,370,115,194$ 8,386,281,074$ 5,000,000

'14Jul$ 40,600,471,66315%6.1%7.2%6.9%7.0%5.9%7.4%8.2%7.6%107.47711.5%88.35311.7%83.43510.2%84.78711.9%109.22215.5%80.25711.1%79.94711.9%91.89110.9%$ 28,714,165,263$ 7,133,639,995$ 4,752,666,405

'14Aug$ 36,239,380,03925%6.1%7.2%6.9%7.0%5.8%7.3%8.2%7.3%108.63212.0%89.39412.1%83.9529.7%85.35211.3%110.38114.5%80.73410.5%80.68611.5%92.69610.8%$ 28,672,402,984$ 7,563,427,055$ 3,550,000

'14Sep$ 42,864,668,82430%6.1%7.2%6.9%7.0%5.8%7.3%8.2%7.4%109.76612.4%90.30512.3%84.5259.4%85.89110.7%111.60313.6%81.13810.1%81.54811.0%93.53510.9%$ 28,949,927,219$ 13,422,214,597$ 492,527,008

'14Oct$ 44,389,238,27520%6.0%7.1%6.9%6.9%5.7%7.2%8.2%7.6%110.86412.5%91.13012.3%85.1669.2%86.49910.3%112.77412.8%81.6059.8%82.49110.4%94.42710.9%$ 31,570,404,172$ 12,450,842,556$ 367,991,547

'14Nov$ 34,406,019,244-3%6.0%7.1%6.8%6.9%5.7%7.2%8.2%7.3%111.89112.4%91.98212.4%85.8789.1%87.29510.4%113.87112.2%82.33610.0%83.3829.7%95.37611.1%$ 24,823,298,382$ 9,534,339,770$ 48,381,093

'14Dec$ 57,591,987,33812%6.0%7.1%6.8%6.9%5.7%7.2%8.2%7.1%112.90412.2%92.85312.6%86.6469.1%88.27910.9%114.91011.7%83.36310.8%84.1639.0%96.36411.3%$ 40,179,367,535$ 12,627,834,405$ 4,784,785,397

'15Jan$ 50,256,702,28651%6.0%7.0%6.8%6.9%5.7%7.2%8.1%7.2%113.91512.2%93.76312.7%87.4329.2%89.30811.4%115.98111.6%84.47211.6%84.7688.5%97.34411.5%$ 31,838,817,477$ 7,821,811,883$ 10,596,072,927

'15Feb$ 48,443,338,27039%6.0%7.0%6.7%6.9%5.8%7.2%8.1%7.2%114.91712.1%94.59912.9%88.1869.2%90.24611.7%117.00611.5%85.50812.1%85.3448.4%98.26411.6%$ 25,931,255,191$ 9,195,996,324$ 13,316,086,755

'15Mar$ 45,374,813,54164%5.9%7.0%6.7%6.8%5.8%7.1%8.1%7.1%115.91912.1%95.27812.8%88.8749.2%91.04711.6%117.99911.6%86.39912.3%85.9658.9%99.10211.6%$ 30,050,838,889$ 15,311,070,602$ 12,904,050

'15Apr$ 37,158,217,38822%5.9%7.0%6.7%6.8%5.7%7.1%8.1%7.1%116.99912.1%95.69812.3%89.4879.2%91.74811.3%118.92711.6%87.23112.2%86.6649.8%99.87711.5%$ 26,772,611,217$ 7,991,507,618$ 2,394,098,554

'15May$ 47,275,298,65747%5.9%6.9%6.7%6.8%5.7%7.0%8.1%7.1%118.17112.2%95.97211.4%90.0369.2%92.26610.8%119.86611.7%87.78811.5%87.43610.6%100.60011.4%$ 30,009,769,082$ 10,137,100,784$ 7,128,428,792

'15Jun$ 47,465,577,62922%5.9%6.9%6.7%6.8%5.7%7.0%8.1%7.2%119.36812.2%96.27010.4%90.5349.1%92.54010.0%120.63911.5%88.00710.6%88.30611.3%101.26811.2%$ 31,619,751,882$ 15,194,975,750$ 650,849,996

'15Jul$ 41,084,490,6821%5.9%6.9%6.6%6.8%5.7%7.0%8.1%7.1%120.48312.1%96.7209.5%91.0009.1%92.6279.2%121.29311.1%87.9529.6%89.24711.6%101.88010.9%$ 29,110,351,780$ 9,589,931,659$ 2,384,207,244

'15Aug$ 41,576,801,99015%5.9%6.9%6.6%6.8%5.6%7.0%8.1%7.2%121.48411.8%97.3368.9%91.4518.9%92.7178.6%121.88210.4%87.9769.0%90.17011.8%102.45610.5%$ 33,562,595,136$ 5,517,676,221$ 2,496,530,633

'15Sep$ 38,706,328,784-10%5.9%6.9%6.6%6.8%5.7%7.0%8.1%7.0%122.39911.5%97.9498.5%91.8888.7%92.8878.1%122.5829.8%88.1338.6%90.95211.5%103.01810.1%$ 30,025,804,092$ 7,984,253,836$ 696,270,856

'15Oct$ 58,793,402,96332%5.9%6.8%6.6%6.8%5.7%7.0%8.2%6.9%123.31311.2%98.5758.2%92.2978.4%93.1237.7%123.2639.3%88.4368.4%91.76211.2%103.5849.7%$ 31,892,003,449$ 14,223,005,601$ 12,678,393,913

'15Nov$ 37,790,131,82010%5.8%6.8%6.5%6.8%5.8%7.0%8.3%6.9%124.32011.1%99.1227.8%92.6687.9%93.3416.9%123.8488.8%88.7277.8%92.58911.0%104.1579.2%$ 26,292,912,316$ 6,941,930,504$ 4,555,289,000

'15Dec$ 79,165,127,15237%5.8%6.7%6.5%6.8%5.8%7.0%8.3%6.5%125.47711.1%99.6147.3%93.0017.3%93.5285.9%124.3048.2%88.9666.7%93.47111.1%104.7458.7%$ 51,213,256,853$ 19,932,553,746$ 8,019,316,553

'16Jan$ 50,902,764,7851%5.8%6.8%6.5%6.8%5.7%7.0%8.4%6.5%126.74711.3%99.9596.6%93.3096.7%93.7114.9%124.8447.6%89.0345.4%94.29011.2%105.3488.2%$ 31,145,702,642$ 11,278,653,954$ 8,478,408,189

'16Feb$ 32,660,975,073-33%5.8%6.7%6.5%6.7%5.7%7.0%8.4%6.4%128.06411.4%100.2766.0%93.6036.1%94.0314.2%125.6387.4%89.0984.2%95.19311.5%105.9917.9%$ 23,926,276,063$ 8,734,699,010$ - 0

'16Mar$ 36,606,962,980-19%5.8%6.7%6.5%6.7%5.7%7.0%8.4%6.4%129.39511.6%100.7065.7%93.8925.6%94.5953.9%126.8067.5%89.3413.4%96.24512.0%106.7007.7%$ 27,117,845,404$ 5,695,780,811$ 3,793,336,765

'16Apr$ 31,205,958,021-16%5.8%6.7%6.5%6.7%5.7%7.0%8.5%6.5%130.73411.7%101.2165.8%94.1815.2%95.4174.0%128.2877.9%89.9243.1%97.32812.3%107.4857.6%$ 25,296,501,272$ 5,909,456,749$ - 0

'16May$ 36,980,247,332-22%5.7%6.7%6.5%6.7%5.6%7.0%8.5%6.5%132.06211.8%101.7946.1%94.4614.9%96.3614.4%129.9208.4%90.7053.3%98.35512.5%108.3227.7%$ 29,345,230,442$ 7,635,016,890$ - 0

'16Jun$ 49,232,516,7974%5.8%6.7%6.5%6.7%5.6%7.0%8.5%6.5%133.30811.7%102.3656.3%94.7224.6%97.2645.1%131.6109.1%91.4523.9%99.27412.4%109.1657.8%$ 40,880,485,299$ 8,352,031,498$ - 0

'16Jul$ 37,512,066,711-9%5.7%6.7%6.5%6.6%5.6%6.9%8.5%6.5%134.43111.6%103.0036.5%94.9414.3%98.0685.9%133.2119.8%92.0714.7%100.03412.1%109.9697.9%$ 30,201,043,702$ 4,644,373,623$ 2,666,649,386

'16Aug$ 37,530,566,731-10%5.7%6.7%6.5%6.6%5.6%6.9%8.5%6.6%135.47611.5%103.6676.5%95.0974.0%98.8186.6%134.74110.5%92.6555.3%100.62211.6%110.7168.1%$ 31,881,634,809$ 5,648,931,922$ - 0

'16Sep$ 56,405,856,25546%5.7%6.6%6.5%6.6%5.6%6.9%8.5%6.6%136.47011.5%104.4296.6%95.1863.6%99.5807.2%136.07811.0%93.3675.9%101.00711.1%111.4008.1%$ 34,958,891,257$ 14,765,567,270$ 6,681,397,728

'16Oct$ 42,883,093,029-27%5.7%6.6%6.5%6.6%5.6%6.9%8.5%6.6%137.41411.4%105.2446.8%95.2253.2%100.3537.8%137.11711.2%94.2446.6%101.20110.3%112.0188.1%$ 31,717,311,749$ 8,466,950,482$ 2,698,830,798

'16Nov$ 40,730,755,4358%5.7%6.6%6.5%6.6%5.6%6.9%8.6%6.7%138.28111.2%106.0467.0%95.2472.8%101.0318.2%137.64111.1%95.1787.3%101.1869.3%112.5668.1%$ 28,166,268,798$ 12,064,486,637$ 500,000,000

'16Dec$ 61,071,335,616-23%5.7%6.7%6.5%6.6%5.5%6.9%8.5%7.4%139.08910.8%106.7467.2%95.2702.4%101.5528.6%137.76810.8%95.9717.9%101.0598.1%113.0627.9%$ 44,257,268,761$ 12,176,047,244$ 4,638,019,611

'17Jan$ 37,167,218,129-27%5.7%6.6%6.5%6.6%5.5%6.9%8.5%7.5%139.88810.4%107.5157.6%95.3052.1%101.9328.8%137.74610.3%96.5398.4%101.0747.2%113.5637.8%$ 29,893,770,616$ 7,266,597,513$ 6,850,000

'17Feb$ 27,148,665,145-17%5.7%6.6%6.5%6.6%5.5%6.9%8.5%7.6%140.7449.9%108.4838.2%95.3511.9%102.2508.7%138.0099.8%96.8858.7%101.3906.5%114.1267.7%$ 21,817,321,547$ 5,331,343,598$ - 0

'17Mar$ 46,470,276,76027%5.7%6.7%6.5%6.6%5.5%6.9%8.6%7.5%141.7639.6%109.6428.9%95.4131.6%102.6038.5%138.6549.3%97.1618.8%101.8665.8%114.8057.6%$ 30,892,950,351$ 10,726,347,658$ 4,850,978,750

'17Apr$ 30,525,461,863-2%5.6%6.7%6.5%6.6%5.5%6.9%8.6%7.4%143.0559.4%110.8349.5%95.4881.4%103.0618.0%139.6748.9%97.5008.4%102.4285.2%115.6197.6%$ 23,301,157,681$ 4,172,815,342$ 3,051,488,840

'17May$ 40,799,909,32910%5.6%6.7%6.5%6.6%5.5%6.9%8.6%7.3%144.6249.5%111.8199.8%95.5801.2%103.6657.6%140.7778.4%97.9958.0%103.0614.8%116.5407.6%$ 30,387,538,912$ 10,412,370,416$ - 0

'17Jun$ 47,887,480,171-3%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.5%146.3299.8%112.65310.1%95.6831.0%104.3967.3%141.8427.8%98.6687.9%103.9454.7%117.5197.7%$ 37,178,719,245$ 10,708,760,926$ - 0

'17Jul$ 34,360,559,716-8%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.3%148.01810.1%113.41410.1%95.8080.9%105.1487.2%142.7807.2%99.3537.9%104.9594.9%118.4957.8%$ 27,280,067,874$ 6,108,671,836$ 971,820,006

'17Aug$ 43,178,879,21515%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.2%149.56610.4%114.20010.2%95.9580.9%105.8387.1%143.6926.6%99.9187.8%105.8545.2%119.4337.9%$ 30,430,655,244$ 9,979,498,894$ 2,768,725,077

'17Sep$ 53,512,441,024-5%5.6%6.6%6.5%6.6%5.6%6.9%8.8%7.1%150.95610.6%114.92210.0%96.1381.0%106.4376.9%144.6046.3%100.3267.5%106.3285.3%120.3108.0%$ 31,069,100,420$ 11,097,199,961$ 11,346,140,643

'17Oct$ 42,376,509,048-1%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.0%152.20010.8%115.5089.8%96.3341.2%106.9636.6%145.4676.1%100.6376.8%106.3585.1%121.1118.1%$ 33,298,794,003$ 7,710,921,913$ 1,366,793,132

'17Nov$ 37,738,175,063-7%5.6%6.6%6.5%6.6%5.6%6.9%8.8%6.7%153.35410.9%115.9689.4%96.5311.3%107.4656.4%146.1496.2%100.9906.1%106.1584.9%121.8318.2%$ 30,184,657,017$ 7,553,518,046$ - 0

'17Dec$ 52,587,309,756-14%5.5%6.5%6.5%6.6%5.6%6.9%8.7%6.6%154.50511.1%116.5109.1%96.7211.5%107.9486.3%146.5646.4%101.4335.7%106.1145.0%122.4988.3%$ 40,704,078,064$ 11,883,231,692$ - 0

'18Jan$ 44,873,498,38321%5.5%6.5%6.5%6.6%5.6%6.9%8.7%6.6%155.74011.3%117.3629.2%96.9041.7%108.4626.4%146.7126.5%102.0355.7%106.5805.4%123.1688.5%$ 32,142,411,709$ 8,805,177,191$ 3,925,909,483

'18Feb$ 33,830,954,17425%5.5%6.5%6.5%6.6%5.6%6.8%8.7%6.6%157.13711.6%118.5509.3%97.0861.8%109.0426.6%146.6866.3%102.7876.1%107.4976.0%123.8828.5%$ 26,211,807,078$ 6,206,633,133$ 1,412,513,963

'18Mar$ 42,313,399,793-9%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.6%158.72912.0%119.7439.2%97.2752.0%109.7737.0%146.6225.7%103.7706.8%108.7386.7%124.6468.6%$ 32,800,980,849$ 9,421,819,011$ 90,599,933

'18Apr$ 34,866,175,36714%5.5%6.4%6.5%6.6%5.7%6.8%8.7%6.7%160.52512.2%120.6078.8%97.4822.1%110.6367.3%146.6395.0%104.8937.6%110.0447.4%125.4448.5%$ 25,500,049,224$ 9,366,126,143$ - 0

'18May$ 39,805,560,783-2%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.7%162.43312.3%121.0688.3%97.7152.2%111.5747.6%146.8814.3%106.0628.2%111.1827.9%126.2708.3%$ 30,650,669,016$ 8,633,247,414$ 521,644,353

'18Jun$ 49,876,697,5354%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.6%164.34512.3%121.3907.8%97.9652.4%112.3977.7%147.3703.9%106.9788.4%111.9457.7%127.1048.2%$ 33,657,742,767$ 8,201,757,511$ 8,017,197,257

'18Jul$ 41,415,947,35821%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.7%166.06212.2%121.8937.5%98.2142.5%113.0307.5%148.0953.7%107.5808.3%112.2076.9%127.9238.0%$ 31,690,022,188$ 7,775,926,965$ 1,949,998,204

'18Aug$ 73,196,063,40770%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.8%167.47412.0%122.8067.5%98.4582.6%113.4037.1%148.7303.5%107.8447.9%112.2326.0%128.6887.7%$ 39,225,028,309$ 9,754,451,733$ 24,216,583,366

'18Sep$ 45,988,025,503-14%5.5%6.4%6.5%6.6%5.6%6.9%8.6%6.8%168.50311.6%124.0287.9%98.6952.7%113.6076.7%149.1493.1%107.9797.6%112.0685.4%129.3717.5%$ 31,070,176,821$ 11,676,519,039$ 3,241,329,643

'18Oct$ 51,990,574,04123%5.5%6.4%6.5%6.7%5.6%6.9%8.6%6.9%169.21311.2%125.2908.5%98.9232.7%113.6836.3%149.3632.7%108.0287.3%111.8015.1%129.9657.3%$ 34,894,206,576$ 9,685,733,671$ 7,410,633,795

'18Nov$ 48,583,642,41629%5.5%6.3%6.6%6.6%5.6%6.8%8.6%7.3%169.76310.7%126.5279.1%99.1372.7%113.7415.8%149.6722.4%108.0767.0%111.3794.9%130.5177.1%$ 35,329,226,131$ 8,875,217,332$ 4,379,198,953

'18Dec$ 73,128,653,92339%5.5%6.3%6.5%6.6%5.6%6.9%8.6%7.2%170.33310.2%127.7959.7%99.3412.7%113.8175.4%150.2902.5%108.0666.5%111.1724.8%131.0797.0%$ 43,416,792,931$ 11,117,714,694$ 18,594,146,297

'19Jan$ 38,076,996,766-15%5.5%6.3%6.5%6.7%5.6%6.9%8.6%7.1%171.0679.8%129.27010.1%99.5442.7%114.0145.1%151.3563.2%108.1236.0%111.4204.5%131.7056.9%$ 32,234,010,144$ 5,842,986,623$ - 0

'19Feb$ 35,800,275,0936%5.5%6.3%6.5%6.7%5.6%6.9%8.6%7.0%172.0289.5%130.82310.4%99.7472.7%114.3424.9%152.7564.1%108.2975.4%112.0804.3%132.4016.9%$ 28,176,608,454$ 7,127,520,536$ 496,146,103

'19Mar$ 39,547,962,111-7%5.5%6.3%6.5%6.7%5.5%6.9%8.7%7.2%173.2269.1%132.38910.6%99.9512.8%114.7634.5%154.1355.1%108.5944.6%112.7973.7%133.1636.8%$ 28,409,805,842$ 9,352,524,110$ 1,785,632,159

'19Apr$ 37,368,534,9877%5.5%6.3%6.6%6.6%5.5%6.9%8.7%7.3%174.6328.8%133.89811.0%100.1552.7%115.1674.1%155.1205.8%108.9313.9%113.2762.9%133.9646.8%$ 26,700,387,287$ 10,386,375,212$ 281,772,488

'19May$ 47,337,313,08719%5.5%6.3%6.6%6.7%5.5%6.9%8.6%7.4%176.1788.5%135.32811.8%100.3622.7%115.5073.5%155.5755.9%109.2553.0%113.5182.1%134.7916.7%$ 36,146,426,194$ 10,853,550,940$ 337,335,953

'19Jun$ 54,189,513,9319%5.5%6.3%6.6%6.7%5.6%6.9%8.6%7.3%177.7818.2%136.56812.5%100.5662.7%115.8143.0%155.6845.6%109.5572.4%113.4991.4%135.6096.7%$ 43,086,669,827$ 9,702,844,322$ 1,399,999,782

'19Jul$ 45,515,364,95510%5.5%6.3%6.6%6.7%5.6%6.9%8.7%7.2%179.4128.0%137.54312.8%100.7632.6%116.1512.8%155.7325.2%109.8762.1%113.2700.9%136.3926.6%$ 34,909,338,405$ 10,606,026,550$ - 0

'19Aug$ 43,468,052,146-41%5.5%6.3%6.6%6.7%5.6%6.9%8.6%7.1%181.0438.1%138.33212.6%100.9532.5%116.5772.8%156.0324.9%110.2412.2%112.9180.6%137.1126.5%$ 34,681,454,759$ 8,786,597,388$ - 0

'19Sep$ 70,149,969,98553%5.5%6.3%6.6%6.6%5.6%6.9%8.6%7.1%182.6358.4%139.13212.2%101.1452.5%117.0893.1%156.6145.0%110.6592.5%112.4600.3%137.7746.5%$ 39,398,978,373$ 27,050,991,900$ 3,699,999,712

'19Oct$ 53,245,524,9652%5.5%6.3%6.6%6.6%5.6%6.9%8.7%6.9%184.0978.8%140.07511.8%101.3482.5%117.6943.5%157.5345.5%111.1132.9%111.8860.1%138.4066.5%$ 39,411,392,099$ 13,776,678,508$ 57,454,358

'19Nov$ 47,454,908,205-2%5.5%6.3%6.6%6.6%5.5%6.9%8.6%6.8%185.4289.2%141.09211.5%101.5562.4%118.3704.1%158.6376.0%111.5763.2%111.130-0.2%139.0396.5%$ 33,524,138,521$ 11,534,286,324$ 2,396,483,359

'19Dec$ 73,578,751,1581%5.5%6.3%6.6%6.6%5.5%6.9%8.6%6.8%186.7569.6%142.06811.2%101.7582.4%119.1534.7%159.8036.3%112.1553.8%110.344-0.7%139.7106.6%$ 53,041,827,961$ 20,536,923,197$ - 0

'20Jan$ 42,437,174,99711%5.5%6.3%6.6%6.5%5.5%6.8%8.6%6.9%188.22410.0%142.96310.6%101.9402.4%120.0335.3%160.8936.3%112.8694.4%109.640-1.6%140.4326.6%$ 26,809,142,787$ 11,006,212,868$ 4,621,819,343

'20Feb$ 36,738,672,5053%5.4%6.3%6.6%6.6%5.4%6.8%8.6%6.9%189.87510.4%143.7179.9%102.1112.4%120.9685.8%161.7975.9%113.6965.0%109.171-2.6%141.2116.7%$ 19,267,976,098$ 6,876,680,244$ 10,594,016,162

*Office, industrial, retail, apartment, hotel, dev sites, and seniors housing & care

Volume & Pricing

Off

Ret

Ind

Apt

Htl

Summary Table

Individual

Portfolio

Entity

RCA CPPI

Lender Summary

YOY Chg

Lender Composition



© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit https://app.rcanalytics.com

Feb '20Past 12 Mths

Vol ($b)YOYVol ($b)YOY

Office8.69%143.17%USANATOFFOffice

Retail2.9-32%63.5-27%USANATRETRetail

Industrial12.6132%127.333%USANATINDIndustrial

Hotel1.2-58%35.6-18%USANATHOTHotel

Apartment7.6-36%182.53%USANATAPTApartment

Seniors Housing & Care1.3-29%18.118%Seniors Housing & Care

Dev Site2.562%21.0-10%USANATALLUnited States National All Types

Total36.73%591.03%

Major Metros11.5-19%208.1-5%

Secondary Mkts15.7-0%280.18%

Tertiary Mkts5.3-10%89.6-5%

Portfolio17.5129%175.6-0%

Single Asset19.3-32%415.44%

Transaction Volume ($b)

Year-Over-Year Change

Cap Rates

Off

Ret

Ind

Apt

All-Property

RCA CPPI™Year-Over-Year Change

Office

Retail

Industrial

Apartment

All-Property

RCA CPPI™

Construction Lender Comp



© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com

All Types

Avg '19Avg '19Avg '18Avg '19Avg '18

Loan ($m)LTVLTVCapCap

Gov't Agency16.569.3%67.2%5.5%5.6%

CMBS16.864.5%62.5%6.8%6.9%

Int'l Bank23.966.1%65.3%5.8%6.0%

Nat'l Bank12.464.9%63.6%6.1%6.2%

Reg'l/Local Bank6.367.9%66.7%6.8%6.4%

Financial22.572.2%70.5%5.7%5.8%

Insurance19.661.1%60.3%5.7%5.8%

Grand Total12.367.0%65.7%6.1%6.0%

* Numbers may not sum as unclassified volume is included in the grand total.

Lender Comp by Investment Style




CMBSFinancialPrivate/OtherGovernment AgencyInsuranceBankNational BankRegional/Local Bank

2019201915%10%1%22%10%8%17%18%

2018201817%9%1%24%11%7%14%17%

2017201720%7%1%27%10%6%13%17%

2016201614%8%1%23%12%7%16%19%

2015201519%9%1%20%12%7%16%15%

OfficeOffice21%14%1%0%10%53%24%17%93%

IndustrialIndustrial21%7%2%0%16%54%22%23%99%

RetailRetail22%12%2%0%11%53%15%28%96%

HotelHotel27%15%2%0%4%53%18%25%96%

ApartmentApartment7%6%1%50%9%28%12%12%51%

Snr Housing*Seniors Housing & Care4%13%1%36%2%44%19%19%82%

Major MetrosMM15%13%1%12%10%13%19%17%

SecondaryS16%9%1%23%11%6%17%17%

TertiaryT17%8%1%22%6%3%15%28%

Individual

5025%12%0%25%10%9%16%2%

Senior Housing*

*The time series for this analysis is for 2019

Lender Comp by Investment Style

CMBS

Financial

Private/Other

Government Agency

Insurance

Bank

National Bank

Regional/Local Bank

Debt Metrics




Construction Lender Composition

FinancialPrivate/OtherGovernment AgencyInsuranceInternational BankNational BankRegional/Local Bank

2019201919%4%10%3%10%27%27%

2018201817%2%9%4%10%29%30%

2017201713%2%8%4%7%28%36%

201620168%1%6%4%11%38%31%

ApartmentApartment13%3%16%4%11%29%24%

OfficeOffice34%8%0%2%10%23%24%

HotelHotel37%9%0%0%5%13%35%

IndustrialIndustrial9%1%0%4%8%39%39%

RetailRetail19%3%0%3%3%28%43%

Seniors Housing & CareSeniors Housing & Care1%2%4%0%6%46%40%

Student HousingStudent Housing7%2%0%0%21%45%24%

Residential/CondoResidential/Condo43%9%0%2%15%8%22%

MM

S

T

$50m

Lender Composition

Debt Metrics

Financial

Private/Other

Government Agency

Insurance

International Bank

National Bank

Regional/Local Bank

Lender Comp by Property Type




Lender Composition by Investment Style

CMBSFinancialPvt/OtherGov't AgencyInsuranceInt'l BankNat'l BankReg'l/Local Bank

2019CMBSFinancialPrivate/OtherGovernment AgencyInsuranceInternational BankNational BankRegional/Local Bank

CoreAcquisition & Refi (Core)15%8%1%23%11%8%17%18%

Value-AddAcquisition & Refi (Value-Add)22%24%1%13%6%9%15%10%

ConstructionConstruction Loans0%19%4%10%3%10%27%27%

CMBSFinancialPvt/OtherGov't AgencyInsuranceInt'l BankNat'l BankReg'l/Local Bank

Core

Value-Add

Construction

Core

Value-Add

Construction

Core

Value-Add

Construction

Lender Comp by Property Type

CMBS

Financial

Private/Other

Government Agency

Insurance

International Bank

National Bank

Regional/Local Bank

LTV Distribution



© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://app.rcanalytics.com

Last Updated: 3/23/2020

Debt Metrics* Monthly 10-year treasury data is based on officially published nominal 10-year treasury constant maturities.

SOURCE: Real Capital Analytics, Federal Reserve

200311

20031210yr UST*CommercialSpread

2004'0404Q1014.15%5.9%171.90

200404Q1024.08%5.8%170.73

200404Q1033.83%5.7%183.38

200404Q2044.35%5.6%125.91

200404Q2054.72%5.6%90.38

200404Q2064.73%5.7%101.49

200404Q3074.50%5.8%134.30

200404Q3084.28%5.9%160.61

200404Q3094.13%5.8%167.11

200404Q4104.10%5.7%156.49

200404Q4114.19%5.6%136.29

200404Q4124.23%5.5%125.91

2005'0505Q1014.22%5.5%126.15

200505Q1024.17%5.5%131.03

200505Q1034.50%5.5%99.39

200505Q2044.34%5.5%115.42

200505Q2054.14%5.5%135.13

200505Q2064.00%5.4%142.97

200505Q3074.18%5.4%118.18

200505Q3084.26%5.3%106.13

200505Q3094.20%5.3%112.27

200505Q4104.46%5.4%92.78

200505Q4114.54%5.5%92.44

200505Q4124.47%5.6%110.23

2006'0606Q1014.42%5.6%122.49

200606Q1024.57%5.7%112.51

200606Q1034.72%5.7%102.30

200606Q2044.99%5.8%84.12

200606Q2055.11%6.0%85.00

200606Q2065.11%6.1%97.76

200606Q3075.09%6.2%107.48

200606Q3084.88%6.2%131.34

200606Q3094.72%6.2%144.03

200606Q4104.73%6.1%135.83

200606Q4114.60%6.0%139.38

200606Q4124.56%5.9%133.41

2007'0707Q1014.76%5.8%108.31

200707Q1024.72%5.8%110.91

200707Q1034.56%5.8%126.65

200707Q2044.69%5.8%110.91

200707Q2054.75%5.8%105.06

200707Q2065.10%5.9%76.54

200707Q3075.00%6.0%98.99

200707Q3084.67%6.1%146.33

200707Q3094.52%6.3%174.39

200707Q4104.53%6.4%182.40

200707Q4114.15%6.4%226.68

200707Q4124.10%6.4%234.29

2008'0808Q1013.74%6.5%273.77

200808Q1023.74%6.5%276.21

200808Q1033.51%6.5%299.13

200808Q2043.68%6.4%269.68

200808Q2053.88%6.4%254.76

200808Q2064.10%6.1%198.22

200808Q3074.01%5.9%184.11

200808Q3083.89%5.9%197.00

200808Q3093.69%6.5%278.14

200808Q4103.81%6.5%264.86

200808Q4113.53%6.3%281.00

200808Q4122.42%6.3%384.00

2009'0909Q1012.52%6.1%359.67

200909Q1022.87%6.2%328.00

200909Q1032.82%7.5%466.10

200909Q2042.93%7.6%465.27

200909Q2053.29%7.5%417.88

200909Q2063.72%7.3%356.73

200909Q3073.56%7.0%343.54

200909Q3083.59%7.2%362.70

200909Q3093.40%6.8%336.78

200909Q4103.39%7.0%358.20

200909Q4113.40%6.7%334.00

200909Q4123.59%6.6%305.00

2010'1010Q1013.73%6.5%275.56

201010Q1023.69%6.5%279.20

201010Q1033.73%6.6%283.30

201010Q2043.85%6.4%255.10

201010Q2053.42%6.2%278.76

201010Q2063.20%5.9%271.28

201010Q3073.01%5.9%287.69

201010Q3082.70%5.9%315.96

201010Q3092.65%5.9%325.60

201010Q4102.54%5.7%312.51

201010Q4112.76%5.5%277.63

201010Q4123.29%5.6%226.41

2011'1111Q1013.39%5.7%227.43

201111Q1023.58%5.7%214.54

201111Q1033.41%5.8%239.12

201111Q2043.46%5.8%230.43

201111Q2053.17%5.7%248.11

201111Q2063.00%5.5%248.29

201111Q3073.00%5.4%240.64

201111Q3082.30%5.5%316.85

201111Q3091.98%5.6%361.73

201111Q4102.15%5.6%349.03

201111Q4112.01%5.6%362.72

201111Q4121.98%5.5%355.09

2012'1212Q1011.97%5.4%342.63

201212Q1021.97%5.3%328.43

201212Q1032.17%5.2%306.23

201212Q2042.05%5.3%321.93

201212Q2051.80%5.1%332.11

201212Q2061.62%5.0%335.60

201212Q3071.53%4.9%332.35

201212Q3081.68%4.8%312.70

201212Q3091.72%4.7%300.24

201212Q4101.75%4.7%295.35

201212Q4111.65%4.6%290.95

201212Q4121.72%4.4%270.53

2013'1313Q1011.91%4.4%244.46

201313Q1021.98%4.4%237.85

201313Q1031.96%4.4%241.80

201313Q2041.76%4.3%253.91

201313Q2051.93%4.2%231.36

201313Q2062.30%4.3%199.95

201313Q3072.58%4.6%201.65

201313Q3082.74%4.9%219.04

201313Q3092.81%5.1%231.58

201313Q4102.62%5.2%254.97

201313Q4112.72%5.1%238.89

201313Q4122.90%5.1%218.55

2014'1414Q1012.86%5.1%220.57

201414Q1022.71%5.0%233.24

201414Q1032.72%5.0%223.29

201414Q2042.71%4.9%219.19

201414Q2052.56%4.8%227.39

201414Q2062.60%4.8%215.80

201414Q3072.54%4.7%213.45

201414Q3082.42%4.6%222.27

201414Q3092.53%4.6%208.71

201414Q4102.30%4.6%225.39

201414Q4112.33%4.5%219.31

201414Q4122.21%4.4%223.25

2015'1515Q1011.88%4.4%252.48

201515Q1021.98%4.3%234.48

201515Q1032.04%4.3%224.75

201515Q2041.94%4.2%230.46

201515Q2052.20%4.3%207.40

201515Q2062.36%4.4%199.86

201515Q3072.32%4.5%219.45

201515Q3082.17%4.6%243.08

201515Q3092.17%4.6%247.41

201515Q4102.07%4.6%257.81

201515Q4112.26%4.7%242.29

201515Q4122.24%4.8%251.34

2016'1616Q1012.09%4.8%273.78

201616Q1021.78%4.9%310.18

201616Q1031.89%4.9%300.76

201616Q2041.81%4.9%310.18

201616Q2051.81%4.9%307.45

201616Q2061.64%4.7%306.69

201616Q3071.50%4.6%305.18

201616Q3081.56%4.4%286.73

201616Q3091.63%4.4%272.37

201616Q4101.76%4.4%260.06

201616Q4112.14%4.5%233.41

201616Q4122.49%4.7%216.83

2017'1717Q1012.43%4.8%238.70

201717Q1022.42%4.9%244.21

201717Q1032.48%4.9%239.74

201717Q2042.30%4.8%247.31

201717Q2052.30%4.7%244.58

201717Q2062.19%4.6%242.05

201717Q3072.32%4.6%225.01

201717Q3082.21%4.4%221.33

201717Q3092.20%4.4%222.61

201717Q4102.36%4.5%209.72

201717Q4112.35%4.5%215.75

201717Q4122.40%4.5%212.09

2018'1818Q1012.58%4.6%200.86

201818Q1022.86%4.7%184.87

201818Q1032.84%4.9%203.75

201818Q2042.87%5.0%208.18

201818Q2052.98%5.0%201.10

201818Q2062.91%5.0%207.35

201818Q3072.89%5.0%208.43

201818Q3082.89%4.9%204.85

201818Q3093.00%5.0%198.81

201818Q4103.15%5.1%193.82

201818Q4113.12%5.2%203.81

201818Q4122.83%5.1%231.75

2019'1919Q1012.71%5.1%236.78

201919Q1022.68%5.0%230.68

201919Q1032.57%4.9%237.63

201919Q2042.53%4.9%233.38

201919Q2052.40%4.7%232.41

201919Q2062.07%4.5%242.09

201919Q3072.06%4.3%227.30

201919Q3081.63%4.2%252.99

201919Q3091.70%4.1%235.59

201919Q4101.71%3.9%220.91

201919Q4111.81%3.9%209.77

201919Q4121.86%3.9%201.61

2020'2020Q1011.76%3.9%212.96

202020Q1

202020Q1

202020Q2

202020Q2

202020Q2

202020Q3

202020Q3

202020Q3

202020Q4

202020Q4

202020Q4

2019

LTV Distribution

10yr UST

Commercial mortgage

Spread

Recovery Rate by Prop Type




OfficeIndustrialRetailApartmentHotelSeniors Housing & Care

CMBSCMBS32%17%16%19%16%1%

FinancialFinancial33%9%14%26%13%5%

Private/OtherPrivate/Other20%22%19%21%13%4%

Government AgencyGovernment Agency0%0%0%93%0%6%

InsuranceInsurance25%21%13%37%3%1%

International BankInternational Bank38%13%13%23%11%2%

National BankNational Bank32%16%10%28%9%4%

Regional/Local BankRegional/Local Bank22%16%18%27%13%4%

2019201923%12%11%41%9%4%

Recovery Rate by Prop Type

00

Office

Industrial

Retail

Apartment

Hotel

Seniors Housing & Care

Recovery Rate Bubble Chart




LTV Distribution

LTVAll OthersFinancial Companies

20%0%1%

25%1%1%

30%1%0%

35%1%1%

40%2%0%

45%4%2%

50%8%9%

55%8%5%

60%16%9%

65%21%17%

70%14%14%

75%11%15%

80%9%13%

85%4%11%

90%0%1%

Lender Composition

All Lenders

Recovery Rate Bubble Chart

0.20.2

0.250.25

0.30.3

0.350.35

0.40.4

0.450.45

0.50.5

0.550.55

0.60.6

0.650.65

0.70.7

0.750.75

0.80.8

0.850.85

0.90.9

Financial companies/debt funds

All other lenders

0.0072463768

0.0043536099

0.0144927536

0.0060466804

0.0036231884

0.0102793566

0.0108695652

0.0111258919

0.0036231884

0.0208005805

0.0217391304

0.0366428831

0.0905797101

0.081630185

0.0471014493

0.0822348531

0.0942028986

0.1589067602

0.1702898551

0.2124803483

0.1376811594

0.1356875076

0.1485507246

0.1093239811

0.1304347826

0.0891280687

0.1050724638

0.0378522191

0.0144927536

0.0035070746

Market Data Table




YearOfficeIndustrialRetailApartment

'0968%76%64%63%

'1066%67%63%64%

'1167%72%61%73%

'1263%69%64%75%

'1364%74%66%78%

'1466%75%69%81%

'1567%75%68%87%

'1662%77%70%82%

'1768%86%66%91%

'1874%78%66%92%

'1969%83%61%90%

Loan-to-value range

Share of distribution

Market Data Table

Office

Retail

Industrial

Apartment




*standardized download niche type volume conventions

AllComAptMarketAllMarketAll

MarketNamesPrice ChgVol Chg$ VolPrice ChgRR$ VolPrice ChgRR$ VolTicker NameMarketPrice ChgVol Chg$ VolMarket TierProperty TypeTicker NameMarketPrice ChgVol Chg$ VolBELOW VERSION FOR REF ONLY, SHOWS 6MM HOTEL

AtlantaAtlanta11%4%$ 20.097%75%$ 47.1415%81%$ 40.55All TypesUSANATALLAll Types45.0%MMApartmentUSAMM6APT6MM Apartment48.2%-4%$ 52.30

BaltimoreBaltimore3%9%$ 6.0556%$ 13.22$ 10.78USANATAPTApartment65.4%NMMApartmentUSANMMAPTNMM Apartment71.1%27%$ 154.37

Boston MetroBoston Metro8%29%$ 20.258%60%$ 57.09$ 17.61USANATAGDGarden71.5%MMOffice - CBDUSAMM6CBD6MM Office - CBD41.8%-10%$ 36.49

CharlotteCharlotte8%28%$ 8.647%74%$ 16.3011%95%$ 13.03USANATCOMCommercial33.1%MMHotelUSAMM6HOT6MM Hotel19.0%-19%$ 12.74

ChicagoChicago4%-30%$ 16.984%62%$ 69.916%96%$ 22.50

DallasDallas7%4%$ 26.415%71%$ 58.5110%100%$ 48.51Single TenantUSANATISTSingle Tenant40.4%NMMIndustrialUSANMMINDNMM Industrial46.4%16%$ 73.55

DC MetroDC Metro2%-1%$ 25.31-0%58%$ 69.305%93%$ 38.15USANATIWHWarehouse53.7%MMRetailUSAMM6RET6MM Retail19.9%-30%$ 20.67

DenverDenver9%0%$ 13.217%82%$ 25.5212%$ 28.21USANATCBDOffice - CBD39.1%MMOffice - SubUSAMM6SUB6MM Office - Sub31.3%6%$ 33.72

HoustonHouston3%-12%$ 16.351%65%$ 38.226%$ 29.48Single TenantUSANATOSTSingle Tenant30.5%

JacksonvilleJacksonville11%0%$ 3.285%64%$ 6.1014%95%$ 6.13USANATSUBOffice - Sub34.5%

LA - Inland EmpireInland Empire7%-2%$ 10.245%79%$ 26.9611%90%$ 9.98AnchoredUSANATRANAnchored22.7%

LA - Los Angeles CoLos Angeles10%-1%$ 30.0310%91%$ 94.3710%94%$ 40.23USANATRCTCenters23.4%

LA - Orange CoOrange Co7%22%$ 9.467%89%$ 30.179%$ 8.35GroceryUSANATRGRGrocery14.3%

Las VegasLas Vegas12%12%$ 7.969%66%$ 18.4715%80%$ 12.36USANATRSHShops8.3%

Miami/So FlaMiami/So Fla7%10%$ 17.547%75%$ 46.358%96%$ 22.90Single TenantUSANATRSTSingle Tenant2.4%

MinneapolisMinneapolis5%-1%$ 6.524%69%$ 18.297%$ 8.15USANATHECEconomy

NashvilleNashville9%11%$ 5.969%77%$ 11.389%$ 8.51USANATHFSFull-Service26.7%

NYC - BoroughsNYC Boroughs9%-33%$ 10.649%94%$ 28.347%95%$ 25.23USANATHMSMidscale

NYC - BurbsNYC Burbs6%11%$ 19.176%64%$ 56.996%90%$ 22.75USANATHUSUpscale

NYC - ManhattanManhattan5%-28%$ 27.135%81%$ 122.614%100%$ 40.91

OrlandoOrlando9%-18%$ 6.208%72%$ 12.4113%91%$ 15.43

Philly MetroPhilly Metro4%-3%$ 8.845%60%$ 25.904%$ 12.21

PhoenixPhoenix11%14%$ 18.417%73%$ 31.9116%95%$ 28.18

PortlandPortland9%16%$ 6.977%76%$ 15.4411%$ 11.07

Raleigh/DurhamRaleigh/Durham7%-6%$ 6.285%67%$ 12.138%98%$ 12.93

SacramentoSacramento9%-14%$ 4.216%82%$ 11.4415%95%$ 6.85

San DiegoSan Diego8%-3%$ 9.486%75%$ 27.8611%$ 12.31

SeattleSeattle9%52%$ 26.308%76%$ 51.1311%$ 28.83

SF - Oakland/East BayOakland/East Bay11%18%$ 9.0511%76%$ 25.6412%$ 9.13

SF - San FranciscoSan Francisco10%28%$ 16.1210%100%$ 45.619%$ 11.02

SF - San JoseSan Jose10%8%$ 11.7810%89%$ 43.1911%$ 7.85

TampaTampa10%2%$ 7.157%78%$ 12.5011%76%$ 14.33

Metro MomentumRecovery Rates 2015-2019

Current Date2019-1219Q42019

Prior Date2014-1214Q42015

Current 4 QTRS2019-122019-092019-062019-03

Prior 4 QTRS2018-122018-092018-062018-03

19Q419Q319Q219Q1

18Q418Q318Q218Q1

Recovery Rates by Property Type

RR Apt

RR Comm




US Market Stats - Lender Composition

Loans Originated in 2019

All Property TypesCMBSFinancialPrivate/OtherGovernment AgencyInsuranceInternational BankNational BankRegional/Local Bank

Mid-AtlanticBaltimore9%6%1%37%13%3%19%13%

DC12%24%1%6%17%19%14%7%

DC MD burbs10%6%1%34%11%4%22%11%

DC VA burbs11%8%1%21%16%8%25%10%

Philadelphia24%7%1%26%6%5%16%14%

Pittsburgh28%12%0%24%5%3%13%15%

Richmond/Norfolk21%4%0%40%3%6%14%12%

Tertiary Mid-Atlantic21%3%1%19%8%6%18%23%

Mid-Atlantic Total16%9%1%24%11%7%19%13%

MidwestChicago14%15%1%12%11%11%21%16%

Cincinnati16%3%0%17%10%8%23%23%

Cleveland28%14%3%20%6%0%12%17%

Columbus14%6%0%23%9%4%29%14%

Detroit17%12%1%15%6%7%16%24%

Indianapolis16%9%1%15%6%6%24%24%

Kansas City22%6%0%19%11%4%15%22%

Minneapolis12%9%0%14%8%7%23%28%

St Louis15%9%1%12%8%5%15%35%

Tertiary Midwest14%9%1%16%6%4%14%36%

Total Midwest15%11%1%15%8%7%19%25%

NortheastBoston15%6%1%19%13%11%13%22%

Hartford12%1%0%36%4%3%13%30%

Long Island5%2%0%18%13%14%20%27%

Manhattan20%18%1%5%6%21%18%11%

No NJ13%7%0%17%16%6%13%27%

NYC Boroughs14%14%2%12%5%13%15%25%

Stamford12%28%0%17%9%10%7%18%

Westchester2%6%1%16%17%4%27%27%

Tertiary Northeast14%6%2%29%5%4%14%27%

Total Northeast16%13%1%12%8%15%16%19%

SoutheastAtlanta17%12%1%29%9%5%15%13%

Broward26%5%3%19%8%6%13%20%

Charlotte15%9%2%18%11%4%28%13%

Jacksonville15%5%1%38%10%3%19%10%

Memphis21%6%2%16%10%4%24%17%

Miami/Dade Co22%9%2%21%6%12%17%11%

Nashville9%11%1%23%17%0%19%20%

Orlando13%10%1%30%10%9%12%16%

Palm Beach Co28%10%3%23%10%4%10%11%

Raleigh/Durham7%7%1%27%13%2%29%13%

Tampa11%13%2%29%11%7%14%12%

Tertiary Southeast17%10%1%24%6%3%16%23%

Total Southeast17%10%1%25%9%5%17%17%

SouthwestAustin19%6%1%17%15%3%27%13%

Dallas13%14%1%24%12%2%14%20%

Denver13%7%0%22%19%4%22%12%

Houston17%10%1%22%16%2%15%17%

Phoenix16%10%1%27%13%4%13%17%

San Antonio19%12%2%25%9%3%9%21%

Tertiary Southwest16%7%1%23%7%2%12%31%

Total Southwest15%10%1%23%13%3%16%19%

WestEast Bay11%14%1%9%13%15%19%17%

Inland Empire16%11%1%17%16%8%11%20%

Las Vegas26%8%1%24%5%19%11%7%

Los Angeles14%11%2%9%9%11%25%21%

Orange Co14%11%1%16%13%7%24%15%

Portland17%10%2%23%10%6%15%17%

Sacramento10%1%2%29%8%8%17%25%

Salt Lake City12%16%3%18%22%1%13%17%

San Diego9%11%1%13%14%5%25%21%

San Francisco26%11%2%5%12%11%22%10%

San Jose18%9%1%15%11%11%24%11%

Seattle17%8%0%16%17%10%18%14%

Tertiary West17%8%2%19%8%4%16%26%

Total West16%10%1%14%11%10%20%17%

Total US15%10%1%22%10%8%17%18%

Cumulative recovery rate 2015-2019

Annualized price growth (RCA CPPI) 2015-2019

Loan Recovery Rates and Price Growth


WHERE’S THE LENDING?N A I O P C H I C A G O W E B I N A R








Q & AN A I O P C H I C A G O W E B I N A R







Slide Number 1Slide Number 2Slide Number 3Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Slide Number 13Slide Number 14Slide Number 15Slide Number 16QUESTION AND ANSWER FUNCTIONSlide Number 18Debt Market - ObservationsSlide Number 20Slide Number 21Slide Number 22Slide Number 23Slide Number 24

naiop chicago webinar where’s the lending?...2020/06/06 · where’s the lending? naiop chicago...

Documents