ncreif property index - npi 1q2017 · walk-up buildings and elevator buildings three stories or...

NCREIF PROPERTY INDEX - NPI 1q2017

NCREIFNat'l Council of Real Estate

Investment Fiduciaries

200 E. Randolph Street Suite 5135

Chicago, IL 60601(312) 819-5890

www.NCREIF.org

Copyright by NCREIF 2017All rights reserved.

Released:April 25, 2017

NCREIF Property Index - Quarterly Detail ReportApartment, Hotel, Industrial, Office, Retail

APARTMENT (MULTI-FAMILY RESIDENTIAL)

Subtypes: - (H) High-Rise Elevator Projects: Buildings which are four stories or more in height - (L) Low-Rise Projects: Walk-up buildings and elevator buildings three stories or less - (G) Garden-Type Projects: Low-rise apartments situated on a sizable landscaped plot, under one management HOTEL Hotel/Hospitality properties INDUSTRIAL Subtypes: - (F) Flex Space: Single story buildings 10-18 foot ceilings with both floor height and dock height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use. - (D) Research and Development: One and two story, 10-15 foot ceiling heights with up to 50% office/dry lab space (remainder in wet lab, workshop, storage and other support), with dock height and floor height loading. - (W) Warehouse: 50,000 square feet or more with up to 15% office space, the balance being 18-30 foot ceiling

DEFINITIONS

INDUSTRIAL (continued)

- (O) Other: Includes Manufacturing and Office Showroom Manufacturing: Buildings with 10-16 foot ceilings or sufficient height for overhead cranes. Provides floor height and dock height loading. Office Showroom: Single story (or mezzanine) with 10-16 foot ceilings with frontage treatment on one side and dock loading or grade level roll-up doors on the other. Less than 15% office.

OFFICE DESCRIPTORS: Geographic classifications: - As defined by zip code areas of Torto Wheaton Research - CBD (Central Business District) - Suburban

RETAIL Subtypes: - (N) Neighborhood Center: Provides for the sale of daily living needs of the immediate area. Typical area is 30,000 to 150,000 square feet with at least one anchor tenant. - (C) Community Center: In addition to convenience goods, provides for the sale of goods such as apparel or furniture. Typical area is 100,000 to 350,000 square feet with two or more anchor tenants.

RETAIL (continued) - (R) Regional Center: Provides a variety of goods comparable to those of a central business district in a small city, including general merchandise, apparel and home furnishings, as well as a variety of services and perhaps recreational facilities. Two or more full-line department stores anchor a total area of 400,000 to 800,000 square feet. - (S) Super-Regional Center: Provides an extensive variety of shopping goods comparable to those of the central business district of a major metropolitan area. The anchors are three or more full-line department stores, with total area in excess of 800,000 square feet. - (F) Fashion/Specialty Center: Typically 80,000 to 250,000 square feet with no dominant anchors, consisting of higher-end fashion oriented tenants. - (P) Power Center: Typically 250,000 to 600,000 square feet with three or more anchor stores that occupy 75-90% of the total area. Anchor stores are "category-dominant" home improvement, discount department stores, warehouse clubs, and off-price stores. - (E) Theme/Festival Center: Anchored by restaurants or other entertainment facilities and oriented toward leisure and tourist-oriented goods and services. Typically 80,000 to 250,000 square feet. - (O) Outlet Center: Typically 50,000 to 400,000 square feet of manufacturer’s outlet stores, with a primary trade area radius of 25 to 75 miles. - (T) Single-Tenant: Free-standing structure with no additional anchor stores.

1 Market Indices 2 Total Index3 Property Type Subindexes 4 Regional Subindexes 5 Divisional Subindexes 6 Apartment by Region 7 Apartment by Division8 Hotel by Region9 Hotel by Division10 Industrial by Region11 Industrial by Division12 Office by Region13 Office by Division14 Retail by Region15 Retail by Division16 Property Subtypes17 Apartment Subtypes by Region18 Apartment Subtypes by Division19 Industrial Subtypes by Region20 Industrial Subtypes by Division19 Office Subtypes by Region20 Office Subtypes by Division 20 Retail Subtypes by Region24 Retail Subtypes by Division25 MSA Detail

Table of Contents

Section 1 - Current Year Returns and Values

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Section 2 - Annualized Returns

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PageIndexes Indexes Page

Table of Contents


Section 3 - Calendar Year Returns

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76 Total Index - NCREIF Property Index

Section 4 - Detail

1

PageIndexes Indexes Page

Market Indexes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

NCREIF Property Index 7,139 39.25 533,752.9 Total: 1.55 1.73 1.77 2.03 2.21 1.55 7.27 3,243.7 3,194.3 3,139.9 3,085.4 3,023.9Consumer Price Index 39.25 Total: 0.98 0.00 0.16 1.22 0.68 0.98 2.38 392.2 388.4 388.4 387.8 383.1

NAREIT Equity REIT Index 39.25 Total: 2.55 -3.28 -1.21 7.41 5.84 2.55 5.25 10,553.9 10,291.8 10,640.4 10,770.3 10,027.4S&P 500 Index 39.25 Total: 6.07 3.82 3.85 2.46 1.35 6.07 17.17 7,541.9 7,110.6 6,848.7 6,594.7 6,436.6T-Bills (90 day) 39.25 Total: 0.13 0.07 0.06 0.05 0.87 0.13 0.32 630.8 629.9 629.5 629.1 628.8

Total Index Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

NCREIF Property Index 7,139 39.25 533,752.9 Total: 1.55 1.73 1.77 2.03 2.21 1.55 7.27 3,243.7 3,194.3 3,139.9 3,085.4 3,023.9Appreciation: 0.40 0.59 0.60 0.84 1.04 0.40 2.45 206.0 205.2 204.0 202.8 201.1

Income: 1.15 1.14 1.16 1.19 1.17 1.15 4.73 1,594.3 1,576.2 1,558.4 1,540.4 1,522.2Property Type Subindexes Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Apartment 1,586 32.50 130,813.7 Total: 1.30 1.67 1.72 1.88 1.87 1.30 6.73 1,607.4 1,586.8 1,560.8 1,534.4 1,506.0

Appreciation: 0.20 0.55 0.60 0.73 0.73 0.20 2.10 187.8 187.4 186.3 185.2 183.9Income: 1.10 1.12 1.12 1.15 1.14 1.10 4.56 864.4 855.1 845.6 836.3 826.8

Hotel 108 20.00 5,093.9 Total: -0.16 0.67 1.35 1.46 1.16 -0.16 3.34 490.5 491.3 488.1 481.6 474.7Appreciation: -1.49 -1.35 -0.83 -0.81 -0.18 -1.49 -4.41 102.5 104.0 105.5 106.3 107.2

Income: 1.33 2.01 2.18 2.26 1.34 1.33 8.02 480.9 474.6 465.3 455.3 445.2Industrial 2,916 39.25 74,742.7 Total: 2.83 3.04 2.89 2.90 2.96 2.83 12.18 3,780.5 3,676.3 3,567.9 3,467.7 3,370.1

Appreciation: 1.58 1.76 1.60 1.58 1.65 1.58 6.69 201.2 198.1 194.6 191.6 188.6Income: 1.26 1.28 1.29 1.31 1.30 1.26 5.23 1,901.9 1,878.3 1,854.6 1,831.1 1,807.4

Office 1,387 39.25 195,447.6 Total: 1.26 1.35 1.26 1.74 1.72 1.26 5.73 2,450.1 2,419.5 2,387.2 2,357.5 2,317.3Appreciation: 0.16 0.29 0.15 0.59 0.59 0.16 1.19 159.6 159.4 158.9 158.7 157.7

Income: 1.11 1.07 1.11 1.15 1.12 1.11 4.50 1,546.4 1,529.5 1,513.3 1,496.7 1,479.8Retail 1,142 39.25 127,654.9 Total: 1.56 1.65 1.98 2.17 2.96 1.56 7.56 3,942.4 3,881.8 3,818.9 3,744.9 3,665.4


Regional Subindexes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East 1,687 39.25 177,549.1 Total: 0.95 1.36 1.49 1.73 1.66 0.95 5.65 4,447.4 4,405.6 4,346.3 4,282.4 4,209.7Appreciation: -0.12 0.28 0.40 0.59 0.57 -0.12 1.16 277.7 278.0 277.2 276.1 274.5

Income: 1.07 1.08 1.09 1.14 1.08 1.07 4.45 1,633.1 1,615.9 1,598.7 1,581.4 1,563.6

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NCREIF Property IndexData through March 31, 2017

Regional Subindexes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

Midwest 885 39.25 46,349.3 Total: 1.36 1.29 1.46 1.99 2.07 1.36 6.25 2,165.1 2,136.1 2,108.7 2,078.4 2,037.8Appreciation: 0.14 0.03 0.19 0.71 0.81 0.14 1.07 126.8 126.6 126.6 126.3 125.4

Income: 1.22 1.26 1.27 1.29 1.25 1.22 5.14 1,714.7 1,693.9 1,672.9 1,651.9 1,630.9South 1,877 39.25 105,068.8 Total: 1.83 1.62 1.56 1.77 2.21 1.83 6.96 2,353.4 2,311.0 2,274.1 2,239.1 2,200.2


West 2,690 39.25 204,785.7 Total: 1.96 2.22 2.19 2.46 2.75 1.96 9.13 3,966.3 3,889.8 3,805.5 3,723.8 3,634.3Appreciation: 0.83 1.10 1.06 1.30 1.59 0.83 4.36 263.6 261.4 258.6 255.9 252.6

Income: 1.13 1.12 1.14 1.16 1.17 1.13 4.62 1,529.0 1,511.9 1,495.2 1,478.3 1,461.4Divisional Subindexes Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 688 39.25 39,119.9 Total: 1.41 1.33 1.54 2.08 2.17 1.41 6.51 2,324.2 2,291.9 2,261.8 2,227.5 2,182.1


Mideast 778 38.75 61,600.7 Total: 1.24 1.13 1.50 1.58 1.74 1.24 5.56 3,553.4 3,510.0 3,470.6 3,419.4 3,366.2Appreciation: 0.04 -0.05 0.29 0.34 0.58 0.04 0.62 219.3 219.2 219.3 218.7 217.9

Income: 1.20 1.19 1.20 1.24 1.16 1.20 4.92 1,646.2 1,626.7 1,607.6 1,588.5 1,569.0Mountain 516 39.25 34,533.4 Total: 1.59 1.73 2.45 2.12 3.04 1.59 8.12 2,634.5 2,593.3 2,549.3 2,488.2 2,436.6


Northeast 909 38.00 115,948.4 Total: 0.80 1.49 1.49 1.81 1.61 0.80 5.70 3,529.7 3,501.7 3,450.4 3,399.7 3,339.4Appreciation: -0.20 0.47 0.46 0.73 0.57 -0.20 1.47 261.3 261.8 260.6 259.4 257.5

Income: 1.00 1.02 1.03 1.08 1.03 1.00 4.19 1,373.5 1,360.0 1,346.2 1,332.5 1,318.3Pacific 2,174 39.25 170,252.3 Total: 2.04 2.31 2.15 2.52 2.71 2.04 9.33 4,587.7 4,496.0 4,394.3 4,302.0 4,196.0


Southeast 1,008 39.25 49,391.3 Total: 1.72 1.96 1.86 2.16 2.80 1.72 7.92 3,067.7 3,015.8 2,957.9 2,903.9 2,842.5Appreciation: 0.42 0.66 0.54 0.82 1.48 0.42 2.47 184.2 183.4 182.2 181.3 179.8

Income: 1.30 1.30 1.31 1.34 1.33 1.30 5.36 1,683.8 1,662.2 1,640.9 1,619.6 1,598.2Southwest 869 39.25 55,677.5 Total: 1.94 1.32 1.29 1.41 1.68 1.94 6.10 1,848.4 1,813.3 1,789.6 1,766.8 1,742.1


West North Central 197 38.50 7,229.5 Total: 1.12 1.08 1.05 1.51 1.52 1.12 4.85 1,603.6 1,585.9 1,568.9 1,552.6 1,529.5Appreciation: -0.28 -0.29 -0.30 0.09 0.02 -0.28 -0.79 88.2 88.5 88.7 89.0 88.9

Income: 1.40 1.38 1.35 1.43 1.49 1.40 5.67 1,813.6 1,788.5 1,764.2 1,740.7 1,716.2

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Apartment by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East 426 28.75 40,835.0 Total: 1.18 1.15 1.56 1.38 1.57 1.18 5.38 1,122.1 1,109.0 1,096.3 1,079.4 1,064.8Appreciation: 0.14 0.08 0.48 0.27 0.49 0.14 0.98 180.8 180.5 180.4 179.5 179.0

Income: 1.04 1.07 1.08 1.11 1.08 1.04 4.37 627.0 620.5 614.0 607.4 600.7Midwest 136 27.25 12,223.3 Total: 0.89 1.02 1.42 2.00 1.50 0.89 5.42 979.5 970.8 961.1 947.6 929.1

Appreciation: -0.22 -0.10 0.33 0.87 0.38 -0.22 0.88 160.6 161.0 161.1 160.6 159.2Income: 1.11 1.11 1.09 1.13 1.12 1.11 4.52 614.4 607.7 601.0 594.5 587.9

South 494 29.75 31,035.4 Total: 1.27 1.58 1.09 1.54 1.76 1.27 5.60 1,075.6 1,062.1 1,045.6 1,034.3 1,018.6Appreciation: 0.09 0.37 -0.11 0.30 0.53 0.09 0.65 150.0 149.9 149.3 149.5 149.1

Income: 1.18 1.21 1.20 1.24 1.23 1.18 4.92 721.4 712.9 704.4 696.1 687.5West 530 29.00 46,720.1 Total: 1.53 2.36 2.39 2.56 2.37 1.53 9.15 1,615.2 1,590.9 1,554.2 1,517.8 1,479.9


Apartment by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East North Central 91 27.25 9,986.9 Total: 0.88 0.89 1.37 2.08 1.69 0.88 5.31 937.9 929.7 921.5 909.1 890.6Appreciation: -0.21 -0.23 0.29 0.96 0.57 -0.21 0.81 159.1 159.5 159.8 159.4 157.8

Income: 1.09 1.11 1.07 1.12 1.11 1.09 4.48 593.5 587.1 580.6 574.4 568.0Mideast 194 27.75 15,269.2 Total: 1.43 1.41 1.63 1.29 1.25 1.43 5.88 1,133.0 1,117.0 1,101.5 1,083.8 1,070.1


Mountain 147 27.25 10,169.6 Total: 1.72 2.23 3.07 2.54 2.96 1.72 9.92 1,372.4 1,349.2 1,319.7 1,280.3 1,248.6Appreciation: 0.50 1.02 1.90 1.30 1.69 0.50 4.79 213.3 212.2 210.0 206.1 203.5

Income: 1.22 1.21 1.18 1.25 1.27 1.22 4.95 651.3 643.4 635.7 628.3 620.6Northeast 232 22.75 25,565.8 Total: 1.03 1.01 1.53 1.43 1.76 1.03 5.09 792.3 784.2 776.4 764.7 753.9

Appreciation: 0.06 -0.01 0.49 0.39 0.74 0.06 0.93 206.4 206.3 206.3 205.3 204.5Income: 0.97 1.01 1.04 1.05 1.03 0.97 4.13 388.8 385.1 381.3 377.3 373.4

Pacific 383 28.00 36,550.5 Total: 1.48 2.40 2.19 2.57 2.19 1.48 8.92 1,554.2 1,531.6 1,495.6 1,463.5 1,426.8Appreciation: 0.43 1.35 1.11 1.48 1.10 0.43 4.43 272.6 271.5 267.9 264.9 261.1

Income: 1.05 1.05 1.08 1.10 1.09 1.05 4.35 578.6 572.6 566.7 560.6 554.5Southeast 225 28.00 14,551.7 Total: 1.60 2.09 1.93 2.59 2.42 1.60 8.47 1,124.7 1,106.9 1,084.2 1,063.7 1,036.9


Southwest 269 25.00 16,483.7 Total: 0.99 1.14 0.40 0.71 1.24 0.99 3.27 773.2 765.6 757.0 754.0 748.7Appreciation: -0.15 -0.04 -0.77 -0.50 0.04 -0.15 -1.45 146.3 146.5 146.6 147.7 148.4

Income: 1.14 1.18 1.16 1.21 1.20 1.14 4.77 531.3 525.3 519.1 513.2 507.1

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Apartment by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

West North Central 45 20.00 2,236.4 Total: 0.93 1.59 1.64 1.63 0.69 0.93 5.91 587.0 581.6 572.5 563.2 554.2Appreciation: -0.25 0.49 0.48 0.47 -0.48 -0.25 1.19 161.7 162.1 161.3 160.6 159.8

Income: 1.18 1.10 1.15 1.16 1.17 1.18 4.68 366.0 361.7 357.7 353.7 349.6Hotel by Region Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East 33 8.75 1,894.7 Total: -2.71 1.72 0.38 0.83 0.04 -2.71 0.17 114.4 117.6 115.6 115.2 114.2

Appreciation: -3.40 -0.43 -1.55 -1.29 -0.63 -3.40 -6.52 65.9 68.2 68.5 69.6 70.5Income: 0.69 2.15 1.93 2.12 0.67 0.69 7.06 172.7 171.5 167.9 164.8 161.3

Midwest 25 6.25 694.7 Total: -0.89 -0.72 0.61 -0.39 -0.03 -0.89 -1.39 148.5 149.8 150.9 150.0 150.6Appreciation: -1.54 -3.19 -2.49 -2.58 -0.71 -1.54 -9.45 92.8 94.2 97.3 99.8 102.5

Income: 0.64 2.47 3.10 2.19 0.68 0.64 8.65 159.8 158.8 155.0 150.3 147.1South 25 6.50 1,198.3 Total: 1.87 1.19 1.71 1.73 1.25 1.87 6.66 205.3 201.6 199.2 195.8 192.5


West 25 12.25 1,306.2 Total: 2.24 -0.56 2.78 3.05 3.33 2.24 7.68 303.7 297.0 298.7 290.6 282.0Appreciation: 0.31 -2.53 0.59 0.80 1.43 0.31 -0.86 125.8 125.4 128.6 127.9 126.8

Income: 1.92 1.97 2.19 2.25 1.89 1.92 8.59 243.4 238.8 234.2 229.2 224.2Hotel by Division Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 21 1.00 627.9 Total: -1.15 -0.96 0.31 -0.71 -1.15 -2.49 97.5 98.6 99.6 99.3

Appreciation: -1.64 -3.37 -2.77 -2.90 -1.64 -10.27 89.7 91.2 94.4 97.1Income: 0.49 2.41 3.08 2.19 0.49 8.41 108.4 107.9 105.3 102.2

Industrial by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East 452 38.50 11,858.0 Total: 2.66 3.48 2.43 2.50 2.41 2.66 11.54 3,455.1 3,365.6 3,252.4 3,175.1 3,097.7Appreciation: 1.32 2.11 1.10 1.11 1.09 1.32 5.76 179.8 177.5 173.8 171.9 170.0

Income: 1.34 1.37 1.33 1.39 1.32 1.34 5.54 1,943.4 1,917.8 1,891.9 1,867.0 1,841.4Midwest 482 39.25 8,799.3 Total: 2.56 1.80 2.32 2.38 2.42 2.56 9.36 2,059.7 2,008.3 1,972.9 1,928.2 1,883.4


South 788 39.25 16,669.1 Total: 2.51 2.50 2.13 2.83 2.44 2.51 10.34 2,375.2 2,317.0 2,260.5 2,213.5 2,152.6Appreciation: 1.15 1.10 0.72 1.41 1.01 1.15 4.46 118.1 116.8 115.5 114.7 113.1

Income: 1.36 1.39 1.41 1.42 1.43 1.36 5.69 2,015.9 1,988.8 1,961.5 1,934.3 1,907.3

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Industrial by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

West 1,194 39.25 37,416.4 Total: 3.10 3.45 3.55 3.20 3.54 3.10 13.97 6,164.6 5,979.3 5,779.9 5,581.7 5,408.8Appreciation: 1.94 2.30 2.36 1.99 2.32 1.94 8.87 355.7 348.9 341.1 333.2 326.7

Income: 1.16 1.15 1.19 1.21 1.22 1.16 4.79 1,770.6 1,750.4 1,730.4 1,710.1 1,689.7Industrial by Division Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 397 39.25 7,870.2 Total: 2.71 1.86 2.46 2.42 2.48 2.71 9.79 2,105.9 2,050.3 2,012.8 1,964.6 1,918.1


Mideast 195 35.50 3,874.9 Total: 2.34 1.97 1.50 2.41 1.89 2.34 8.48 2,145.7 2,096.6 2,056.1 2,025.7 1,978.0Appreciation: 0.86 0.51 0.04 0.89 0.47 0.86 2.32 138.3 137.2 136.5 136.4 135.2

Income: 1.48 1.46 1.46 1.52 1.42 1.48 6.06 1,561.3 1,538.5 1,516.4 1,494.6 1,472.2Mountain 177 37.75 2,862.2 Total: 2.56 3.81 2.33 2.69 3.08 2.56 11.87 2,338.8 2,280.3 2,196.7 2,146.8 2,090.5


Northeast 257 35.50 7,983.2 Total: 2.82 4.26 2.93 2.55 2.70 2.82 13.15 2,220.1 2,159.3 2,071.0 2,012.0 1,962.0Appreciation: 1.55 2.94 1.67 1.22 1.43 1.55 7.58 154.3 151.9 147.6 145.1 143.4

Income: 1.27 1.32 1.27 1.32 1.27 1.27 5.27 1,449.6 1,431.5 1,412.8 1,395.2 1,377.0Pacific 1,017 39.25 34,554.2 Total: 3.14 3.42 3.66 3.24 3.58 3.14 14.16 7,027.7 6,813.5 6,588.2 6,355.6 6,156.1


Southeast 439 36.75 8,018.7 Total: 2.46 2.71 1.70 2.97 2.59 2.46 10.20 1,841.4 1,797.3 1,749.9 1,720.7 1,671.0Appreciation: 1.06 1.31 0.24 1.54 1.17 1.06 4.21 114.2 113.0 111.5 111.2 109.6

Income: 1.40 1.40 1.45 1.44 1.42 1.40 5.81 1,616.7 1,594.4 1,572.4 1,549.9 1,528.0Southwest 349 38.25 8,650.4 Total: 2.56 2.30 2.48 2.71 2.31 2.56 10.43 1,999.0 1,949.0 1,905.1 1,859.1 1,810.1


West North Central 85 35.75 929.1 Total: 1.32 1.21 1.06 1.95 1.93 1.32 5.66 1,227.8 1,211.8 1,197.2 1,184.7 1,162.0Appreciation: -0.23 -0.62 -0.59 0.20 0.22 -0.23 -1.24 72.1 72.3 72.7 73.1 73.0

Income: 1.55 1.84 1.65 1.75 1.71 1.55 6.96 1,691.8 1,666.0 1,635.9 1,609.4 1,581.7Office by Region Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East 434 37.00 89,625.8 Total: 0.70 1.17 1.17 1.73 1.35 0.70 4.85 2,410.1 2,393.5 2,365.8 2,338.4 2,298.6

Appreciation: -0.31 0.19 0.17 0.68 0.34 -0.31 0.73 183.2 183.8 183.5 183.2 181.9Income: 1.01 0.98 1.00 1.06 1.01 1.01 4.11 1,327.5 1,314.3 1,301.6 1,288.7 1,275.2

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Office by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

Midwest 88 36.75 10,991.6 Total: 1.17 0.99 0.77 1.76 1.60 1.17 4.76 840.7 831.0 822.9 816.6 802.5Appreciation: -0.17 -0.26 -0.53 0.37 0.22 -0.17 -0.60 58.2 58.3 58.5 58.8 58.6

Income: 1.34 1.25 1.30 1.39 1.39 1.34 5.39 1,428.5 1,409.6 1,392.2 1,374.4 1,355.5South 264 36.00 23,732.6 Total: 1.74 0.62 1.11 0.89 0.82 1.74 4.43 675.0 663.5 659.4 652.2 646.4

Appreciation: 0.34 -0.67 -0.29 -0.55 -0.59 0.34 -1.17 54.1 53.9 54.2 54.4 54.7Income: 1.40 1.28 1.41 1.44 1.41 1.40 5.64 1,236.1 1,219.1 1,203.6 1,187.0 1,170.1

West 601 38.00 71,097.6 Total: 1.85 1.89 1.48 2.01 2.48 1.85 7.43 2,061.1 2,023.7 1,986.1 1,957.1 1,918.6Appreciation: 0.74 0.81 0.37 0.89 1.35 0.74 2.84 161.5 160.3 159.0 158.4 157.0

Income: 1.10 1.09 1.11 1.12 1.13 1.10 4.49 1,285.5 1,271.4 1,257.8 1,244.0 1,230.2Office by Division Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 64 34.75 8,953.4 Total: 1.14 1.05 0.92 2.00 1.48 1.14 5.20 762.4 753.8 746.0 739.2 724.7

Appreciation: -0.15 -0.17 -0.36 0.67 0.19 -0.15 -0.02 63.8 63.9 64.1 64.3 63.9Income: 1.30 1.22 1.28 1.33 1.29 1.30 5.23 1,183.0 1,167.8 1,153.8 1,139.2 1,124.2

Mideast 200 35.25 25,147.3 Total: 0.94 0.64 0.88 1.30 1.30 0.94 3.81 1,680.3 1,664.7 1,654.0 1,639.6 1,618.7Appreciation: -0.22 -0.44 -0.25 0.15 0.20 -0.22 -0.76 139.1 139.4 140.0 140.4 140.1

Income: 1.16 1.08 1.13 1.15 1.10 1.16 4.60 1,215.1 1,201.1 1,188.3 1,175.0 1,161.7Mountain 108 35.25 6,079.6 Total: 2.12 0.34 0.93 1.08 1.60 2.12 4.54 643.7 630.3 628.2 622.4 615.7

Appreciation: 0.90 -0.81 -0.28 -0.24 0.27 0.90 -0.44 55.5 55.0 55.4 55.6 55.7Income: 1.22 1.15 1.20 1.33 1.33 1.22 4.99 1,147.7 1,133.9 1,121.0 1,107.7 1,093.2

Northeast 234 35.50 64,478.5 Total: 0.60 1.39 1.30 1.93 1.38 0.60 5.31 1,782.4 1,771.7 1,747.5 1,725.0 1,692.4Appreciation: -0.35 0.45 0.36 0.91 0.41 -0.35 1.37 152.3 152.8 152.1 151.6 150.2

Income: 0.95 0.93 0.95 1.02 0.96 0.95 3.90 1,176.6 1,165.5 1,154.7 1,143.9 1,132.4Pacific 493 35.75 65,018.0 Total: 1.82 2.04 1.53 2.10 2.56 1.82 7.70 1,463.9 1,437.7 1,409.0 1,387.7 1,359.2


Southeast 126 33.25 9,099.2 Total: 1.64 1.46 1.12 1.34 1.82 1.64 5.67 624.5 614.5 605.6 598.9 591.0Appreciation: 0.26 0.18 -0.27 -0.07 0.43 0.26 0.09 56.6 56.5 56.4 56.6 56.6

Income: 1.38 1.29 1.39 1.41 1.38 1.38 5.58 1,091.4 1,076.6 1,062.9 1,048.3 1,033.8Southwest 138 35.75 14,633.5 Total: 1.80 0.04 1.11 0.53 0.03 1.80 3.52 512.8 503.7 503.5 498.0 495.4


West North Central 24 34.75 2,038.2 Total: 1.27 0.73 0.18 0.76 2.12 1.27 2.97 489.3 483.2 479.7 478.8 475.2Appreciation: -0.26 -0.67 -1.17 -0.88 0.32 -0.26 -2.95 32.9 33.0 33.2 33.6 33.9

Income: 1.53 1.40 1.35 1.64 1.80 1.53 6.06 1,456.1 1,434.1 1,414.3 1,395.4 1,372.8

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Retail by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East 342 35.75 33,335.6 Total: 0.97 1.34 1.98 1.90 2.39 0.97 6.34 2,970.5 2,942.0 2,903.0 2,846.5 2,793.5Appreciation: -0.22 0.15 0.78 0.68 1.17 -0.22 1.39 259.8 260.4 260.0 258.0 256.2

Income: 1.19 1.20 1.20 1.22 1.23 1.19 4.90 1,162.9 1,149.3 1,135.7 1,122.2 1,108.7Midwest 154 36.25 13,640.5 Total: 1.31 1.59 1.53 2.05 2.84 1.31 6.64 2,502.3 2,470.1 2,431.4 2,394.7 2,346.6


South 306 35.50 32,433.4 Total: 2.10 1.96 2.07 2.08 3.65 2.10 8.46 2,226.4 2,180.6 2,138.7 2,095.4 2,052.7Appreciation: 0.91 0.77 0.88 0.88 2.44 0.91 3.49 190.0 188.3 186.9 185.3 183.6

Income: 1.19 1.19 1.19 1.20 1.20 1.19 4.85 1,182.7 1,168.7 1,155.0 1,141.5 1,128.0West 340 39.25 48,245.4 Total: 1.69 1.67 2.04 2.49 2.93 1.69 8.13 4,936.0 4,853.9 4,774.3 4,678.7 4,564.8


Retail by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East North Central 115 34.25 11,681.5 Total: 1.35 1.73 1.59 2.07 3.01 1.35 6.92 2,491.9 2,458.8 2,417.0 2,379.1 2,330.7Appreciation: 0.21 0.55 0.37 0.88 1.84 0.21 2.02 227.2 226.7 225.5 224.7 222.7

Income: 1.14 1.19 1.22 1.19 1.17 1.14 4.82 1,112.8 1,100.3 1,087.4 1,074.3 1,061.6Mideast 171 29.50 16,352.0 Total: 1.58 1.41 2.46 2.06 2.97 1.58 7.72 1,267.6 1,247.9 1,230.6 1,201.0 1,176.8


Mountain 75 34.25 15,078.7 Total: 1.10 1.71 2.80 2.01 4.17 1.10 7.83 2,527.8 2,500.4 2,458.2 2,391.4 2,344.2Appreciation: -0.18 0.56 1.64 0.85 2.90 -0.18 2.89 252.5 253.0 251.6 247.5 245.4

Income: 1.28 1.15 1.15 1.17 1.28 1.28 4.84 1,015.4 1,002.6 991.2 979.9 968.6Northeast 171 26.25 16,983.5 Total: 0.39 1.28 1.54 1.75 1.82 0.39 5.04 806.3 803.2 793.0 781.0 767.5

Appreciation: -0.76 0.14 0.38 0.57 0.58 -0.76 0.32 139.4 140.4 140.2 139.7 138.9Income: 1.15 1.14 1.16 1.18 1.23 1.15 4.71 581.6 575.0 568.6 562.0 555.5

Pacific 265 37.50 33,166.7 Total: 1.96 1.65 1.79 2.64 2.60 1.96 8.29 3,893.6 3,818.7 3,756.7 3,690.6 3,595.5Appreciation: 0.83 0.51 0.64 1.48 1.43 0.83 3.51 289.2 286.8 285.4 283.5 279.4

Income: 1.13 1.14 1.15 1.16 1.17 1.13 4.66 1,370.6 1,355.3 1,340.0 1,324.8 1,309.6Southeast 201 34.25 17,355.6 Total: 1.49 1.77 2.31 1.89 3.78 1.49 7.67 2,077.4 2,046.9 2,011.3 1,965.8 1,929.4


Southwest 105 32.00 15,077.8 Total: 2.81 2.19 1.78 2.32 3.48 2.81 9.40 1,582.8 1,539.6 1,506.7 1,480.4 1,446.8Appreciation: 1.66 1.11 0.67 1.20 2.34 1.66 4.72 175.4 172.5 170.7 169.5 167.5

Income: 1.15 1.07 1.11 1.12 1.14 1.15 4.53 909.3 898.9 889.4 879.6 869.9

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Retail by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

West North Central 39 26.25 1,959.0 Total: 1.06 0.77 1.17 1.91 1.87 1.06 4.99 665.6 658.6 653.6 646.0 633.9Appreciation: -0.37 -0.64 -0.22 0.54 0.37 -0.37 -0.69 101.2 101.6 102.2 102.5 101.9

Income: 1.43 1.40 1.39 1.37 1.50 1.43 5.71 658.0 648.7 639.7 631.0 622.4Property Subtypes Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Apartment-Garden 658 28.00 41,161.4 Total: 1.68 2.19 2.20 2.46 2.33 1.68 8.80 1,132.6 1,113.9 1,090.1 1,066.6 1,041.0


Apartment-HighRise 773 21.00 78,599.7 Total: 1.10 1.34 1.42 1.58 1.61 1.10 5.54 800.2 791.5 781.1 770.2 758.2Appreciation: 0.09 0.30 0.39 0.52 0.55 0.09 1.31 248.1 247.9 247.1 246.2 244.9

Income: 1.01 1.03 1.03 1.06 1.06 1.01 4.20 327.3 324.0 320.7 317.4 314.1Apartment-LowRise 155 17.00 11,052.6 Total: 1.33 1.99 2.00 1.71 2.04 1.33 7.21 457.7 451.7 442.9 434.3 427.0


Industrial-Flex Space 207 26.25 3,186.0 Total: 1.98 1.67 2.56 2.41 2.93 1.98 8.90 713.2 699.4 687.9 670.7 655.0Appreciation: 0.55 0.25 1.15 0.90 1.49 0.55 2.88 92.7 92.2 92.0 90.9 90.1

Income: 1.44 1.41 1.41 1.50 1.44 1.44 5.88 767.3 756.4 745.9 735.5 724.6Industrial-Other 40 4.50 987.3 Total: 2.45 3.07 3.00 2.90 2.27 2.45 11.92 169.0 165.0 160.1 155.4 151.0


Industrial-R&D 38 39.00 1,175.9 Total: 1.95 3.85 2.76 1.90 3.43 1.95 10.87 3,625.0 3,555.6 3,423.8 3,331.7 3,269.6Appreciation: 0.59 2.38 1.60 0.63 2.18 0.59 5.29 184.4 183.3 179.0 176.2 175.1

Income: 1.36 1.47 1.16 1.27 1.26 1.36 5.37 1,989.1 1,962.4 1,933.9 1,911.7 1,887.7Industrial-Warehouse 2,609 39.25 68,839.0 Total: 2.90 3.09 2.91 2.95 2.96 2.90 12.38 3,895.0 3,785.4 3,672.0 3,568.1 3,466.0


Office-CBD 415 35.50 114,605.6 Total: 1.43 1.15 1.13 1.86 1.63 1.43 5.69 1,453.2 1,432.6 1,416.4 1,400.6 1,374.9Appreciation: 0.43 0.17 0.13 0.82 0.62 0.43 1.55 135.9 135.3 135.1 134.9 133.8

Income: 1.01 0.97 1.00 1.05 1.01 1.01 4.09 1,073.0 1,062.3 1,052.1 1,041.7 1,030.9Office-Suburban 972 39.25 80,842.0 Total: 1.03 1.65 1.44 1.56 1.84 1.03 5.79 1,829.3 1,810.8 1,781.4 1,756.2 1,729.2

Appreciation: -0.23 0.45 0.18 0.28 0.56 -0.23 0.69 110.0 110.2 109.7 109.5 109.2Income: 1.25 1.20 1.26 1.28 1.28 1.25 5.08 1,666.0 1,645.4 1,625.9 1,605.7 1,585.4

Retail-Community 228 37.75 13,658.5 Total: 1.88 1.34 1.92 1.79 2.91 1.88 7.12 2,887.4 2,834.1 2,796.5 2,743.9 2,695.6Appreciation: 0.55 0.08 0.58 0.43 1.59 0.55 1.66 178.8 177.8 177.7 176.7 175.9

Income: 1.33 1.26 1.34 1.36 1.32 1.33 5.39 1,631.7 1,610.3 1,590.3 1,569.3 1,548.2

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Property Subtypes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

Retail-Fashion/Specialty Center

86 12.00 12,906.8 Total: 1.35 1.64 1.43 2.02 1.21 1.35 6.60 279.4 275.7 271.2 267.4 262.1Appreciation: 0.26 0.58 0.31 0.90 0.06 0.26 2.07 144.9 144.6 143.7 143.3 142.0

Income: 1.09 1.06 1.12 1.12 1.15 1.09 4.46 193.8 191.7 189.7 187.6 185.5Retail-Neighborhood 440 39.25 17,003.6 Total: 1.91 1.93 2.09 2.68 2.22 1.91 8.89 3,735.8 3,665.7 3,596.3 3,522.7 3,430.8


Retail-Power Center 172 13.00 14,575.4 Total: 1.72 1.58 1.43 1.95 2.57 1.72 6.85 271.2 266.7 262.5 258.8 253.9Appreciation: 0.25 0.23 0.05 0.54 1.18 0.25 1.07 118.4 118.1 117.8 117.8 117.1

Income: 1.47 1.35 1.39 1.41 1.39 1.47 5.74 229.7 226.3 223.3 220.3 217.2Retail-Regional 61 34.00 18,115.6 Total: 0.06 1.79 2.08 2.24 3.05 0.06 6.31 2,204.4 2,203.0 2,164.2 2,120.0 2,073.5


Retail-Single Tenant 86 22.00 3,122.9 Total: 1.30 0.69 1.24 1.08 2.04 1.30 4.37 895.2 883.7 877.7 867.0 857.7Appreciation: 0.44 -0.16 0.39 0.26 1.15 0.44 0.94 166.9 166.2 166.5 165.8 165.4

Income: 0.86 0.85 0.84 0.82 0.90 0.86 3.41 540.4 535.8 531.3 526.8 522.6Retail-Super Regional 60 34.00 47,047.1 Total: 1.90 1.68 2.30 2.24 3.76 1.90 8.38 3,134.9 3,076.4 3,025.6 2,957.5 2,892.7


Apartment Subtypes by Region Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East Apartment-HighRise 282 16.25 32,690.4 Total: 1.12 1.04 1.46 1.25 1.51 1.12 4.96 342.7 338.9 335.4 330.6 326.5


East Apartment-Garden 105 24.50 6,287.2 Total: 1.38 1.37 1.68 1.86 1.54 1.38 6.44 875.5 863.6 851.9 837.8 822.5Appreciation: 0.05 -0.01 0.33 0.50 0.24 0.05 0.87 172.7 172.6 172.6 172.0 171.2

Income: 1.33 1.38 1.35 1.36 1.30 1.33 5.54 512.0 505.3 498.4 491.7 485.1East Apartment-LowRise 39 10.00 1,857.3 Total: 1.55 2.06 2.78 1.74 2.67 1.55 8.38 207.0 203.8 199.7 194.3 191.0


Midwest Apartment-Garden 45 23.00 2,421.9 Total: 1.90 2.49 1.48 2.12 1.50 1.90 8.23 857.9 841.9 821.4 809.4 792.6Appreciation: 0.61 1.21 0.16 0.74 0.16 0.61 2.75 178.4 177.3 175.2 174.9 173.6

Income: 1.29 1.28 1.32 1.38 1.34 1.29 5.37 485.9 479.7 473.7 467.5 461.2

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Apartment Subtypes by Region Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Midwest Apartment-HighRise 79 10.50 9,125.5 Total: 0.64 0.47 1.33 1.91 1.50 0.64 4.41 215.7 214.3 213.3 210.5 206.6


South Apartment-HighRise 181 12.00 12,676.4 Total: 0.95 1.23 0.43 1.23 1.34 0.95 3.88 268.8 266.3 263.0 261.9 258.7Appreciation: -0.13 0.12 -0.66 0.09 0.19 -0.13 -0.57 146.5 146.7 146.5 147.5 147.3

Income: 1.07 1.10 1.09 1.14 1.15 1.07 4.47 184.4 182.4 180.5 178.5 176.5South Apartment-Garden 256 26.25 13,741.8 Total: 1.60 1.82 1.62 1.96 2.33 1.60 7.19 953.2 938.2 921.5 906.7 889.3


South Apartment-LowRise 57 11.00 4,617.2 Total: 1.21 1.86 1.29 1.05 1.15 1.21 5.51 237.6 234.7 230.5 227.5 225.2Appreciation: 0.09 0.72 0.17 -0.13 -0.06 0.09 0.85 132.4 132.3 131.3 131.1 131.3

Income: 1.12 1.13 1.12 1.18 1.21 1.12 4.63 180.1 178.1 176.1 174.1 172.1West Apartment-LowRise 47 10.75 3,902.2 Total: 1.49 1.92 2.27 2.21 2.82 1.49 8.13 208.3 205.2 201.3 196.9 192.6


West Apartment-Garden 252 26.75 18,710.5 Total: 1.80 2.71 2.93 3.15 2.79 1.80 11.03 1,282.4 1,259.6 1,226.3 1,191.4 1,155.0Appreciation: 0.60 1.51 1.70 1.90 1.54 0.60 5.84 228.1 226.7 223.3 219.6 215.5

Income: 1.20 1.20 1.23 1.25 1.25 1.20 4.97 569.3 562.5 555.8 549.1 542.3West Apartment-HighRise 231 13.50 24,107.4 Total: 1.32 2.17 1.98 2.13 1.97 1.32 7.82 356.4 351.7 344.3 337.6 330.5


Apartment Subtypes by Division Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central

Apartment-HighRise57 9.50 7,947.2 Total: 0.63 0.55 1.32 2.10 1.82 0.63 4.66 192.4 191.2 190.2 187.7 183.9


East North Central Apartment-Garden

26 21.25 1,520.1 Total: 2.05 2.08 1.57 2.15 1.01 2.05 8.08 627.4 614.9 602.3 593.0 580.5Appreciation: 0.79 0.78 0.25 0.80 -0.27 0.79 2.65 157.0 155.8 154.6 154.2 153.0

Income: 1.26 1.30 1.32 1.35 1.28 1.26 5.33 402.7 397.7 392.5 387.5 382.3Mideast Apartment-Garden 66 22.75 3,585.1 Total: 1.21 1.79 2.06 1.97 1.47 1.21 7.21 837.0 827.0 812.4 796.1 780.7


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Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Mideast Apartment-HighRise 121 13.50 11,234.1 Total: 1.51 1.33 1.22 1.05 1.18 1.51 5.21 325.0 320.2 316.0 312.2 309.0

Appreciation: 0.41 0.21 0.11 -0.09 0.08 0.41 0.64 167.6 166.9 166.6 166.4 166.6Income: 1.09 1.12 1.11 1.15 1.10 1.09 4.54 195.3 193.2 191.1 189.0 186.8

Mountain Apartment-HighRise


Income: 1.07 1.10 1.01 1.14 1.16 1.07 4.40 123.7 122.4 121.0 119.8 118.5Mountain Apartment-Garden 85 24.00 5,392.8 Total: 1.97 1.98 3.23 2.83 3.44 1.97 10.39 1,140.4 1,118.4 1,096.6 1,062.4 1,033.1


Northeast Apartment-Garden 39 18.25 2,702.1 Total: 1.61 0.89 1.25 1.73 1.62 1.61 5.60 420.0 413.3 409.7 404.6 397.7Appreciation: 0.29 -0.45 -0.09 0.40 0.33 0.29 0.15 141.5 141.1 141.7 141.8 141.3

Income: 1.32 1.34 1.33 1.34 1.29 1.32 5.44 298.8 294.9 290.9 287.1 283.3Northeast Apartment-

LowRise32 3.25 1,407.3 Total: 1.61 2.54 1.30 1.75 3.00 1.61 7.39 137.9 135.7 132.3 130.6 128.4


Northeast Apartment-HighRise

161 14.00 21,456.3 Total: 0.92 0.90 1.58 1.36 1.70 0.92 4.85 248.5 246.2 244.0 240.2 237.0Appreciation: -0.01 -0.07 0.59 0.36 0.71 -0.01 0.87 136.1 136.1 136.2 135.4 134.9

Income: 0.93 0.97 1.00 1.00 0.99 0.93 3.96 183.4 181.7 179.9 178.2 176.4Pacific Apartment-HighRise 185 13.50 20,430.0 Total: 1.30 2.07 1.79 2.08 1.92 1.30 7.45 361.6 356.9 349.7 343.5 336.5


Pacific Apartment-LowRise 31 10.00 2,802.7 Total: 1.49 1.87 2.14 2.49 2.79 1.49 8.22 187.9 185.2 181.8 177.9 173.6Appreciation: 0.41 0.87 1.06 1.35 1.65 0.41 3.74 118.2 117.7 116.7 115.4 113.9

Income: 1.08 0.99 1.08 1.14 1.14 1.08 4.36 159.4 157.7 156.2 154.5 152.8Pacific Apartment-Garden 167 26.25 13,317.8 Total: 1.74 3.03 2.80 3.31 2.47 1.74 11.31 1,382.3 1,358.7 1,318.8 1,282.9 1,241.8


Southeast Apartment-Garden 139 25.75 8,299.6 Total: 1.82 2.49 2.26 2.63 2.64 1.82 9.53 998.3 980.4 956.6 935.4 911.4Appreciation: 0.46 1.15 0.92 1.26 1.30 0.46 3.85 176.0 175.2 173.2 171.6 169.5

Income: 1.36 1.35 1.33 1.37 1.34 1.36 5.52 572.5 564.8 557.3 549.9 542.5Southeast Apartment-

HighRise76 8.00 5,362.6 Total: 1.33 1.57 1.47 2.50 2.16 1.33 7.05 202.1 199.5 196.4 193.5 188.8


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Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Southwest Apartment-

HighRise105 10.75 7,313.8 Total: 0.66 0.98 -0.30 0.33 0.77 0.66 1.67 224.8 223.3 221.1 221.8 221.1


Southwest Apartment-Garden

117 22.25 5,442.2 Total: 1.27 0.86 0.77 1.07 1.92 1.27 4.03 643.7 635.6 630.2 625.4 618.8Appreciation: 0.04 -0.46 -0.52 -0.26 0.65 0.04 -1.20 152.3 152.2 152.9 153.7 154.1

Income: 1.23 1.32 1.29 1.33 1.27 1.23 5.28 425.4 420.2 414.7 409.4 404.0Southwest Apartment-

LowRise47 9.50 3,727.7 Total: 1.21 1.92 1.23 0.84 1.08 1.21 5.29 205.5 203.0 199.2 196.8 195.2

Appreciation: 0.05 0.73 0.10 -0.35 -0.14 0.05 0.53 123.5 123.4 122.5 122.4 122.8Income: 1.16 1.19 1.12 1.19 1.21 1.16 4.75 166.9 165.0 163.0 161.2 159.3

West North Central Apartment-HighRise

22 1.75 1,178.3 Total: 0.69 -0.05 1.36 0.64 -0.62 0.69 2.67 105.8 105.1 105.1 103.7 103.0Appreciation: -0.32 -0.97 0.40 -0.30 -1.54 -0.32 -1.19 99.1 99.4 100.4 100.0 100.3

Income: 1.01 0.93 0.96 0.94 0.92 1.01 3.89 106.8 105.7 104.7 103.7 102.8Industrial Subtypes by Region Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East Industrial-Flex Space 44 12.50 514.8 Total: 0.37 -0.26 -0.02 2.41 2.10 0.37 2.49 189.0 188.3 188.8 188.9 184.4

Appreciation: -1.26 -1.84 -1.58 0.69 0.56 -1.26 -3.94 83.2 84.3 85.9 87.2 86.6Income: 1.63 1.57 1.55 1.72 1.54 1.63 6.63 226.5 222.9 219.4 216.1 212.4

East Industrial-Warehouse 391 37.25 10,947.5 Total: 2.82 3.65 2.62 2.52 2.47 2.82 12.12 2,943.3 2,862.7 2,761.9 2,691.2 2,625.1Appreciation: 1.50 2.30 1.31 1.15 1.17 1.50 6.40 181.1 178.5 174.5 172.2 170.2

Income: 1.32 1.35 1.31 1.37 1.30 1.32 5.46 1,643.4 1,622.0 1,600.4 1,579.6 1,558.3Midwest Industrial-

Warehouse447 39.25 7,970.4 Total: 2.65 1.88 2.41 2.41 2.45 2.65 9.68 2,078.5 2,024.8 1,987.4 1,940.7 1,895.0


Midwest Industrial-Flex Space

22 15.00 434.3 Total: 1.63 0.76 1.50 2.28 0.99 1.63 6.32 217.0 213.5 211.9 208.8 204.1Appreciation: 0.20 -0.63 0.07 0.58 -0.63 0.20 0.21 73.6 73.5 74.0 73.9 73.5

Income: 1.43 1.39 1.44 1.70 1.62 1.43 6.10 293.0 288.9 284.9 280.8 276.1South Industrial-Flex Space 38 18.75 476.2 Total: 2.10 2.95 2.92 1.91 2.87 2.10 10.24 448.0 438.8 426.2 414.1 406.4


South Industrial-Warehouse 743 39.25 16,033.1 Total: 2.54 2.53 2.08 2.88 2.44 2.54 10.41 2,541.0 2,478.0 2,416.9 2,367.6 2,301.4Appreciation: 1.19 1.15 0.69 1.47 1.02 1.19 4.58 128.1 126.6 125.2 124.3 122.5

Income: 1.35 1.38 1.39 1.41 1.42 1.35 5.64 1,990.7 1,964.3 1,937.5 1,910.9 1,884.4

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Industrial Subtypes by Region Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1West Industrial-Warehouse 1,028 39.25 33,888.0 Total: 3.15 3.48 3.56 3.27 3.55 3.15 14.16 6,760.7 6,554.0 6,333.7 6,115.9 5,922.0


West Industrial-Flex Space 103 21.25 1,760.7 Total: 2.53 2.13 3.43 2.58 3.63 2.53 11.10 871.0 849.4 831.8 804.2 784.0Appreciation: 1.21 0.83 2.12 1.20 2.26 1.21 5.47 195.1 192.8 191.2 187.2 185.0

Income: 1.32 1.30 1.31 1.38 1.36 1.32 5.41 451.9 446.0 440.3 434.6 428.7West Industrial-R&D 26 39.00 773.4 Total: 2.16 5.10 3.97 1.86 4.00 2.16 13.71 5,536.4 5,419.5 5,156.4 4,959.4 4,868.9


West Industrial-Other 32 4.50 670.8 Total: 2.84 3.51 3.36 3.50 2.08 2.84 13.88 173.2 168.4 162.7 157.4 152.1Appreciation: 1.46 2.14 2.02 2.20 0.94 1.46 8.05 137.0 135.0 132.2 129.6 126.8

Income: 1.38 1.38 1.34 1.30 1.14 1.38 5.50 126.9 125.2 123.5 121.9 120.3Industrial Subtypes by Division Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central

Industrial-Warehouse372 39.25 7,215.6 Total: 2.78 1.88 2.51 2.43 2.47 2.78 9.96 2,136.6 2,078.7 2,040.3 1,990.4 1,943.1


Mideast Industrial-Warehouse

154 28.00 3,332.9 Total: 2.53 1.96 1.85 2.42 2.06 2.53 9.04 1,115.9 1,088.3 1,067.4 1,048.1 1,023.3Appreciation: 1.08 0.53 0.42 0.92 0.66 1.08 2.98 135.4 133.9 133.2 132.7 131.5

Income: 1.45 1.43 1.43 1.50 1.41 1.45 5.93 829.0 817.1 805.7 794.3 782.6Mideast Industrial-Flex

Space33 11.25 331.9 Total: 1.35 -0.05 -0.34 2.41 1.48 1.35 3.40 159.0 156.9 157.0 157.5 153.8

Appreciation: -0.48 -1.72 -2.00 0.66 -0.04 -0.48 -3.52 73.8 74.2 75.5 77.0 76.5Income: 1.83 1.67 1.66 1.75 1.52 1.83 7.10 214.1 210.3 206.8 203.4 199.9

Mountain Industrial-Warehouse


Income: 1.41 1.35 1.34 1.48 1.41 1.41 5.70 364.3 359.2 354.4 349.7 344.6Northeast Industrial-

Warehouse237 28.00 7,614.6 Total: 2.94 4.42 2.99 2.57 2.67 2.94 13.54 814.4 791.1 757.6 735.7 717.3


Pacific Industrial-Warehouse 870 39.25 31,309.3 Total: 3.20 3.44 3.67 3.31 3.57 3.20 14.33 7,649.9 7,412.5 7,166.3 6,912.5 6,691.2Appreciation: 2.08 2.32 2.51 2.14 2.38 2.08 9.36 460.3 450.9 440.7 429.9 420.9

Income: 1.12 1.11 1.16 1.17 1.19 1.12 4.65 1,705.1 1,686.2 1,667.6 1,648.5 1,629.4

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Industrial Subtypes by Division Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Pacific Industrial-Flex Space 89 20.25 1,587.3 Total: 2.55 2.25 3.65 2.80 3.85 2.55 11.72 768.2 749.1 732.6 706.9 687.6


Pacific Industrial-R&D 26 38.50 773.4 Total: 2.16 5.10 3.97 1.86 4.00 2.16 13.71 5,612.5 5,494.0 5,227.3 5,027.7 4,935.9Appreciation: 0.84 3.59 2.78 0.58 2.71 0.84 7.99 325.1 322.3 311.2 302.8 301.0

Income: 1.31 1.51 1.19 1.27 1.29 1.31 5.40 1,766.7 1,743.8 1,717.8 1,697.6 1,676.2Pacific Industrial-Other 29 4.50 651.4 Total: 2.88 3.57 3.19 3.55 2.10 2.88 13.86 175.4 170.5 164.7 159.6 154.1


Southeast Industrial-Warehouse


Income: 1.40 1.40 1.45 1.43 1.42 1.40 5.80 1,546.5 1,525.2 1,504.2 1,482.7 1,461.7Southwest Industrial-

Warehouse322 38.25 8,169.4 Total: 2.63 2.34 2.47 2.76 2.38 2.63 10.59 2,174.1 2,118.5 2,070.1 2,020.2 1,965.9


Southwest Industrial-Flex Space

21 12.50 337.0 Total: 1.72 3.64 1.98 2.00 1.07 1.72 9.67 286.5 281.6 271.7 266.5 261.2Appreciation: 0.04 1.68 0.31 0.38 -0.55 0.04 2.43 119.4 119.4 117.4 117.0 116.6

Income: 1.68 1.96 1.67 1.62 1.63 1.68 7.12 240.4 236.4 231.9 228.1 224.4West North Central

Industrial-Warehouse75 35.00 754.7 Total: 1.41 1.88 1.33 2.15 2.26 1.41 6.94 1,108.3 1,092.9 1,072.7 1,058.6 1,036.3

Appreciation: -0.14 -0.06 -0.35 0.37 0.56 -0.14 -0.17 71.5 71.6 71.6 71.9 71.6Income: 1.55 1.94 1.68 1.78 1.70 1.55 7.12 1,539.6 1,516.1 1,487.3 1,462.7 1,437.2

Office Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East Office-CBD 195 31.25 71,242.8 Total: 1.14 1.16 1.14 1.96 1.39 1.14 5.51 1,089.0 1,076.7 1,064.4 1,052.4 1,032.1Appreciation: 0.22 0.27 0.23 0.98 0.48 0.22 1.71 137.8 137.5 137.1 136.8 135.5

Income: 0.92 0.89 0.91 0.98 0.92 0.92 3.75 793.2 786.0 779.1 772.0 764.5East Office-Suburban 239 36.00 18,383.0 Total: -0.95 1.21 1.28 0.94 1.21 -0.95 2.48 1,705.0 1,721.4 1,700.8 1,679.3 1,663.8

Appreciation: -2.28 -0.08 -0.05 -0.39 -0.08 -2.28 -2.79 116.5 119.2 119.3 119.4 119.9Income: 1.33 1.30 1.32 1.33 1.29 1.33 5.38 1,466.5 1,447.3 1,428.8 1,410.2 1,391.7

Midwest Office-Suburban 52 36.50 2,430.3 Total: 0.90 0.37 0.24 1.75 2.45 0.90 3.28 611.0 605.5 603.3 601.9 591.5Appreciation: -0.75 -1.21 -1.36 0.06 0.66 -0.75 -3.21 37.2 37.5 38.0 38.5 38.5

Income: 1.64 1.58 1.60 1.68 1.79 1.64 6.66 1,611.6 1,585.5 1,560.9 1,536.3 1,510.9

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Office Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

Midwest Office-CBD 36 21.75 8,561.3 Total: 1.24 1.15 0.93 1.76 1.31 1.24 5.18 516.3 509.9 504.1 499.5 490.8Appreciation: -0.01 -0.01 -0.27 0.46 0.06 -0.01 0.16 116.7 116.8 116.8 117.1 116.6

Income: 1.25 1.17 1.21 1.30 1.25 1.25 5.02 443.4 437.9 432.9 427.7 422.2South Office-CBD 50 18.00 9,017.4 Total: 2.48 -0.96 1.00 1.79 0.36 2.48 4.35 378.3 369.1 372.7 369.0 362.5

Appreciation: 1.14 -2.18 -0.33 0.36 -1.01 1.14 -1.04 116.8 115.5 118.1 118.5 118.1Income: 1.34 1.22 1.33 1.42 1.38 1.34 5.43 324.3 320.0 316.2 312.0 307.6

South Office-Suburban 214 35.50 14,715.3 Total: 1.29 1.50 1.18 0.40 1.08 1.29 4.44 655.2 646.9 637.3 629.9 627.4Appreciation: -0.14 0.18 -0.27 -1.05 -0.35 -0.14 -1.27 53.8 53.8 53.7 53.9 54.5

Income: 1.43 1.32 1.45 1.45 1.42 1.43 5.76 1,207.4 1,190.4 1,174.9 1,158.1 1,141.6West Office-Suburban 467 36.25 45,313.5 Total: 1.78 1.96 1.65 2.21 2.35 1.78 7.83 1,265.7 1,243.6 1,219.6 1,199.8 1,173.8


West Office-CBD 134 30.00 25,784.1 Total: 1.96 1.78 1.20 1.67 2.69 1.96 6.77 877.9 861.0 846.0 836.0 822.3Appreciation: 0.92 0.71 0.15 0.65 1.65 0.92 2.45 130.6 129.5 128.5 128.3 127.5

Income: 1.04 1.06 1.05 1.03 1.04 1.04 4.24 673.0 666.0 659.0 652.2 645.6Office Subtypes by Division Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central Office-

CBD30 2.75 7,687.1 Total: 1.23 1.10 1.15 1.96 1.29 1.23 5.55 130.6 129.0 127.6 126.1 123.7

Appreciation: 0.01 -0.05 -0.08 0.70 0.12 0.01 0.57 114.4 114.4 114.5 114.6 113.8Income: 1.23 1.15 1.23 1.26 1.16 1.23 4.95 114.3 112.9 111.7 110.3 108.9

East North Central Office-Suburban

34 34.25 1,266.3 Total: 0.59 0.70 -0.39 2.22 2.29 0.59 3.14 436.8 434.3 431.2 432.9 423.5Appreciation: -1.13 -0.98 -1.97 0.53 0.48 -1.13 -3.51 32.1 32.5 32.8 33.4 33.3

Income: 1.71 1.68 1.58 1.69 1.80 1.71 6.83 1,332.8 1,310.3 1,288.6 1,268.6 1,247.5Mideast Office-Suburban 125 34.50 8,182.2 Total: 0.93 -0.77 0.44 0.87 0.70 0.93 1.47 1,381.8 1,369.1 1,379.7 1,373.6 1,361.8

Appreciation: -0.55 -2.17 -0.99 -0.61 -0.70 -0.55 -4.26 107.8 108.3 110.8 111.9 112.5Income: 1.48 1.40 1.43 1.48 1.40 1.48 5.92 1,285.2 1,266.5 1,249.0 1,231.3 1,213.4

Mideast Office-CBD 75 26.00 16,965.1 Total: 0.94 1.32 1.09 1.50 1.59 0.94 4.93 793.2 785.8 775.6 767.2 755.9Appreciation: -0.07 0.39 0.10 0.50 0.65 -0.07 0.93 136.6 136.6 136.1 136.0 135.3

Income: 1.01 0.93 0.98 1.00 0.95 1.01 3.97 583.4 577.6 572.3 566.7 561.1Mountain Office-Suburban 89 20.00 3,737.7 Total: 2.44 0.36 1.02 1.63 1.68 2.44 5.55 443.2 432.6 431.1 426.7 419.9


Northeast Office-Suburban 114 35.00 10,200.8 Total: -2.38 2.75 1.94 0.99 1.61 -2.38 3.27 1,625.8 1,665.4 1,620.7 1,589.8 1,574.3Appreciation: -3.59 1.54 0.71 -0.22 0.41 -3.59 -1.62 114.4 118.7 116.9 116.0 116.3

Income: 1.21 1.21 1.24 1.21 1.20 1.21 4.96 1,422.0 1,404.9 1,388.1 1,371.1 1,354.8

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Office Subtypes by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

Northeast Office-CBD 120 29.00 54,277.6 Total: 1.20 1.10 1.16 2.14 1.32 1.20 5.71 818.3 808.6 799.7 790.6 774.0Appreciation: 0.30 0.23 0.28 1.16 0.41 0.30 1.98 126.3 125.9 125.6 125.3 123.8

Income: 0.90 0.87 0.88 0.98 0.91 0.90 3.68 648.8 643.0 637.4 631.8 625.7Pacific Office-CBD 115 26.25 23,442.2 Total: 2.00 1.93 1.24 1.82 2.82 2.00 7.17 824.7 808.6 793.3 783.6 769.6


Pacific Office-Suburban 378 35.00 41,575.7 Total: 1.72 2.10 1.71 2.27 2.41 1.72 8.03 1,160.4 1,140.7 1,117.2 1,098.5 1,074.1Appreciation: 0.59 1.01 0.57 1.10 1.23 0.59 3.31 108.2 107.5 106.4 105.8 104.7

Income: 1.13 1.10 1.14 1.16 1.17 1.13 4.61 1,073.2 1,061.2 1,049.7 1,037.9 1,026.0Southeast Office-Suburban 107 32.00 5,969.2 Total: 1.47 1.76 1.50 1.55 1.28 1.47 6.42 593.1 584.5 574.4 566.0 557.3

Appreciation: 0.05 0.45 0.07 0.07 -0.18 0.05 0.64 58.6 58.5 58.3 58.2 58.2Income: 1.42 1.31 1.43 1.47 1.46 1.42 5.75 1,003.1 989.1 976.3 962.5 948.6

Southwest Office-Suburban 107 35.25 8,746.0 Total: 1.17 1.32 0.91 -0.59 0.91 1.17 2.82 534.3 528.2 521.3 516.6 519.6Appreciation: -0.27 0.00 -0.55 -2.02 -0.48 -0.27 -2.83 46.2 46.3 46.3 46.6 47.5

Income: 1.44 1.32 1.47 1.43 1.39 1.44 5.77 1,146.1 1,129.8 1,115.1 1,099.0 1,083.5Southwest Office-CBD 31 1.25 5,887.4 Total: 2.76 -2.18 1.41 2.42 -1.39 2.76 4.40 102.9 100.2 102.4 101.0 98.6

Appreciation: 1.39 -3.39 0.06 0.89 -2.86 1.39 -1.10 96.1 94.7 98.1 98.0 97.1Income: 1.36 1.21 1.34 1.53 1.47 1.36 5.56 107.1 105.7 104.4 103.0 101.5

Retail Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East Retail-Community 66 27.25 4,473.6 Total: 1.29 1.03 1.62 1.65 2.49 1.29 5.70 758.1 748.5 740.8 729.0 717.2Appreciation: -0.03 -0.21 0.26 0.26 1.21 -0.03 0.28 107.1 107.2 107.4 107.1 106.8

Income: 1.32 1.24 1.36 1.39 1.28 1.32 5.41 708.3 699.0 690.5 681.2 671.9East Retail-Single Tenant 41 5.25 1,776.8 Total: 1.46 0.76 1.28 0.82 1.98 1.46 4.39 195.2 192.4 190.9 188.5 187.0


East Retail-Neighborhood 138 15.00 5,338.2 Total: 1.65 1.65 2.37 2.40 2.28 1.65 8.30 480.3 472.5 464.8 454.1 443.5Appreciation: 0.35 0.37 1.06 1.07 1.00 0.35 2.88 180.5 179.9 179.2 177.4 175.5

Income: 1.29 1.28 1.31 1.32 1.28 1.29 5.30 268.7 265.3 262.0 258.6 255.2East Retail-Power Center 38 10.00 3,538.2 Total: 2.68 1.35 1.74 1.80 3.10 2.68 7.78 167.9 163.5 161.3 158.6 155.8


East Retail-Fashion/Specialty Center

29 1.75 3,086.1 Total: 1.37 1.91 0.86 0.70 0.41 1.37 4.92 109.9 108.5 106.4 105.5 104.8Appreciation: 0.14 0.88 -0.44 -0.44 -0.87 0.14 0.14 101.0 100.9 100.0 100.4 100.9

Income: 1.22 1.03 1.30 1.15 1.28 1.22 4.78 108.9 107.5 106.4 105.1 103.9

of 1334/25/2017 Section 1, Page 16



Midwest Retail-Neighborhood

59 15.00 1,727.9 Total: 1.10 1.77 1.82 2.03 1.15 1.10 6.90 346.6 342.9 336.9 330.9 324.3Appreciation: -0.08 0.44 0.55 0.70 -0.20 -0.08 1.62 124.5 124.6 124.1 123.4 122.6

Income: 1.18 1.34 1.27 1.32 1.35 1.18 5.21 279.5 276.2 272.6 269.2 265.7Midwest Retail-Community 35 27.25 1,714.7 Total: 1.27 0.93 2.11 1.11 2.92 1.27 5.53 726.8 717.7 711.0 696.4 688.7

Appreciation: -0.16 -0.46 0.71 -0.25 1.55 -0.16 -0.16 91.2 91.4 91.8 91.2 91.4Income: 1.43 1.39 1.40 1.36 1.37 1.43 5.70 795.0 783.8 773.1 762.4 752.2

South Retail-Community 71 29.75 3,898.9 Total: 2.41 1.25 1.88 2.53 2.43 2.41 8.32 1,079.8 1,054.3 1,041.3 1,022.1 996.9Appreciation: 1.06 -0.04 0.57 1.16 1.05 1.06 2.77 123.0 121.7 121.7 121.0 119.6

Income: 1.35 1.29 1.31 1.37 1.38 1.35 5.43 881.0 869.2 858.2 847.1 835.6South Retail-Neighborhood 113 29.25 3,614.6 Total: 2.26 1.86 2.49 2.32 2.40 2.26 9.23 1,393.0 1,362.3 1,337.4 1,304.9 1,275.3


South Retail-Fashion/Specialty Center

22 0.75 2,696.3 Total: 2.16 1.60 0.57 2.16 104.4 102.2 100.6Appreciation: 1.03 0.43 -0.54 1.03 100.9 99.9 99.5

Income: 1.12 1.16 1.11 1.12 103.4 102.3 101.1South Retail-Power Center 60 11.00 3,844.2 Total: 1.57 2.40 1.45 2.72 2.13 1.57 8.38 181.1 178.3 174.2 171.7 167.1

Appreciation: 0.10 0.87 -0.09 1.18 0.60 0.10 2.07 88.6 88.6 87.8 87.9 86.9Income: 1.47 1.53 1.54 1.54 1.53 1.47 6.22 203.8 200.9 197.9 194.9 191.9

West Retail-Power Center 57 11.00 5,813.4 Total: 1.45 1.32 2.15 1.46 2.75 1.45 6.55 205.2 202.2 199.6 195.4 192.6Appreciation: -0.14 0.04 0.90 0.13 1.45 -0.14 0.93 104.8 104.9 104.9 103.9 103.8

Income: 1.60 1.28 1.26 1.33 1.30 1.60 5.58 195.8 192.7 190.3 187.9 185.4West Retail-

Fashion/Specialty Center27 2.75 6,587.4 Total: 1.08 1.52 2.17 3.03 1.71 1.08 8.02 132.8 131.3 129.4 126.6 122.9


West Retail-Neighborhood 130 38.00 6,322.9 Total: 2.17 2.29 1.68 3.34 2.37 2.17 9.81 3,480.5 3,406.7 3,330.4 3,275.3 3,169.4Appreciation: 0.99 1.09 0.42 2.09 1.07 0.99 4.66 201.0 199.1 196.9 196.1 192.1

Income: 1.18 1.20 1.26 1.25 1.31 1.18 4.98 1,753.2 1,732.8 1,712.2 1,690.9 1,670.0West Retail-Single Tenant 24 1.00 538.7 Total: 1.21 -0.12 0.50 1.15 1.21 2.76 102.8 101.5 101.7 101.1

Appreciation: 0.29 -1.10 -0.47 0.46 0.29 -0.83 99.2 98.9 100.0 100.5Income: 0.92 0.97 0.97 0.69 0.92 3.60 103.6 102.7 101.7 100.7

West Retail-Super Regional 20 0.50 18,607.5 Total: 2.09 1.50 2.09 103.6 101.5Appreciation: 0.99 0.37 0.99 101.4 100.4

Income: 1.10 1.13 1.10 102.2 101.1

of 1334/25/2017 Section 1, Page 17



West Retail-Community 56 33.00 3,571.3 Total: 2.37 2.10 2.26 1.60 4.06 2.37 8.60 2,279.6 2,226.9 2,181.1 2,132.8 2,099.1Appreciation: 1.12 0.92 0.96 0.28 2.76 1.12 3.31 226.3 223.8 221.7 219.6 219.0

Income: 1.25 1.18 1.31 1.33 1.30 1.25 5.16 1,021.3 1,008.7 996.9 984.0 971.1West Retail-Regional 21 0.75 6,551.4 Total: 0.68 2.09 2.22 0.68 105.1 104.4 102.2

Appreciation: -0.54 0.94 1.10 -0.54 101.5 102.1 101.1Income: 1.22 1.14 1.12 1.22 103.5 102.3 101.1

Retail Subtypes by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

East North Central Retail-Community


Income: 1.39 1.43 1.37 1.36 1.33 1.39 5.67 223.4 220.3 217.2 214.3 211.4East North Central Retail-

Neighborhood39 13.00 1,159.7 Total: 1.19 1.60 1.10 1.89 1.09 1.19 5.91 275.8 272.5 268.2 265.3 260.4

Appreciation: 0.15 0.31 -0.09 0.62 -0.17 0.15 0.99 119.1 118.9 118.5 118.7 117.9Income: 1.03 1.29 1.20 1.28 1.26 1.03 4.88 232.3 229.9 227.0 224.3 221.5

Mideast Retail-Neighborhood 79 11.50 3,159.4 Total: 1.60 1.92 2.91 2.92 2.16 1.60 9.68 263.8 259.7 254.8 247.6 240.6Appreciation: 0.25 0.56 1.53 1.52 0.81 0.25 3.92 128.5 128.2 127.5 125.6 123.7

Income: 1.35 1.35 1.38 1.40 1.34 1.35 5.60 206.0 203.3 200.6 197.8 195.1Mideast Retail-Power Center 23 1.75 2,200.3 Total: 2.78 1.34 2.10 2.00 3.79 2.78 8.47 117.6 114.4 112.9 110.6 108.4


Mideast Retail-Community 36 12.25 2,804.4 Total: 1.27 1.15 2.12 1.73 2.81 1.27 6.41 272.3 268.9 265.8 260.3 255.9Appreciation: -0.06 -0.14 0.72 0.29 1.50 -0.06 0.82 128.9 129.0 129.2 128.2 127.9

Income: 1.33 1.29 1.39 1.44 1.31 1.33 5.56 212.1 209.3 206.6 203.8 200.9Mountain Retail-

Neighborhood30 10.75 1,075.0 Total: 2.15 1.69 1.95 1.98 2.18 2.15 8.00 194.4 190.3 187.2 183.6 180.0


Northeast Retail-Neighborhood


Income: 1.21 1.19 1.22 1.23 1.21 1.21 4.94 236.7 233.9 231.2 228.4 225.6Northeast Retail-Single

Tenant31 2.00 1,707.9 Total: 1.56 0.73 1.22 0.81 1.97 1.56 4.40 118.4 116.6 115.8 114.4 113.4

Appreciation: 0.80 -0.01 0.47 -0.02 1.03 0.80 1.25 110.7 109.8 109.9 109.3 109.4Income: 0.76 0.74 0.75 0.82 0.94 0.76 3.12 107.1 106.3 105.5 104.7 103.8

Northeast Retail-Community 30 12.00 1,669.1 Total: 1.32 0.82 0.90 1.52 2.09 1.32 4.64 245.3 242.1 240.1 237.9 234.4Appreciation: 0.01 -0.34 -0.41 0.21 0.85 0.01 -0.52 119.2 119.2 119.6 120.1 119.8

Income: 1.30 1.16 1.31 1.31 1.24 1.30 5.18 206.3 203.7 201.3 198.7 196.2

of 1334/25/2017 Section 1, Page 18



Pacific Retail-Community 42 31.50 2,945.5 Total: 2.56 1.84 2.33 1.58 3.42 2.56 8.57 2,054.6 2,003.4 1,967.1 1,922.3 1,892.4Appreciation: 1.34 0.71 1.05 0.29 2.19 1.34 3.43 239.6 236.4 234.7 232.3 231.6

Income: 1.22 1.13 1.28 1.29 1.22 1.22 5.01 869.6 859.2 849.6 838.8 828.1Pacific Retail-Single Tenant 23 1.00 506.3 Total: 1.22 -0.15 0.48 1.08 1.22 2.64 102.6 101.4 101.6 101.1

Appreciation: 0.36 -1.09 -0.45 0.44 0.36 -0.74 99.3 98.9 100.0 100.4Income: 0.86 0.94 0.92 0.63 0.86 3.39 103.4 102.5 101.6 100.6

Pacific Retail-Neighborhood 100 18.00 5,247.9 Total: 2.17 2.40 1.63 3.59 2.41 2.17 10.15 651.8 637.9 623.0 613.0 591.7Appreciation: 1.03 1.24 0.39 2.35 1.14 1.03 5.10 198.1 196.1 193.7 192.9 188.5

Income: 1.14 1.16 1.24 1.23 1.27 1.14 4.86 332.9 329.2 325.4 321.4 317.5Pacific Retail-Power Center 45 6.50 4,380.1 Total: 1.62 1.44 2.01 1.72 3.25 1.62 6.97 209.3 205.9 203.0 199.0 195.6


Pacific Retail-Fashion/Specialty Center


Income: 0.97 0.91 0.96 1.01 1.03 0.97 3.91 106.0 105.0 104.1 103.1 102.0Southeast Retail-Power

Center35 10.00 1,831.6 Total: 1.14 2.50 1.70 2.69 3.08 1.14 8.26 154.1 152.4 148.6 146.2 142.3


Southeast Retail-Neighborhood


Income: 1.24 1.30 1.35 1.37 1.40 1.24 5.36 460.9 455.2 449.4 443.4 437.4Southeast Retail-Community 44 27.25 1,976.0 Total: 2.06 1.73 1.82 2.15 1.88 2.06 7.99 924.0 905.3 889.9 874.0 855.6


Southwest Retail-Community 27 9.25 1,922.9 Total: 2.78 0.71 1.95 2.97 3.17 2.78 8.66 206.3 200.7 199.3 195.5 189.8Appreciation: 1.49 -0.41 0.69 1.70 1.76 1.49 3.51 116.2 114.5 114.9 114.1 112.2

Income: 1.29 1.12 1.26 1.27 1.40 1.29 5.03 177.9 175.7 173.7 171.6 169.4Southwest Retail-

Neighborhood28 6.75 990.1 Total: 1.79 2.26 0.98 1.83 2.36 1.79 7.03 220.7 216.8 212.0 209.9 206.2


Southwest Retail-Power Center

25 5.50 2,012.6 Total: 1.97 2.29 1.20 2.76 1.26 1.97 8.47 175.5 172.1 168.3 166.3 161.8Appreciation: 0.59 0.87 -0.25 1.30 -0.18 0.59 2.52 126.6 125.9 124.8 125.1 123.5

Income: 1.38 1.42 1.45 1.47 1.44 1.38 5.83 139.1 137.2 135.3 133.3 131.4

of 1334/25/2017 Section 1, Page 19



West North Central Retail-Neighborhood

20 2.00 568.2 Total: 0.93 2.14 3.40 2.31 1.27 0.93 9.05 122.0 120.9 118.4 114.5 111.9Appreciation: -0.55 0.70 1.97 0.89 -0.26 -0.55 3.03 108.6 109.2 108.5 106.4 105.4

Income: 1.48 1.44 1.42 1.42 1.54 1.48 5.89 112.5 110.8 109.3 107.7 106.2MSA Detail Market Value Returns (%) Index Values

Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1CA-Anaheim-SantaAna-

Irvine 164 36.00 10,540.2 Total: 2.07 1.61 2.37 2.71 2.81 2.07 9.06 2,173.5 2,129.5 2,095.7 2,047.1 1,993.0


CA-Anaheim-SantaAna-Irvine Apartment


Income: 1.13 1.13 1.15 1.12 1.08 1.13 4.60 109.4 108.2 107.0 105.8 104.6CA-Anaheim-SantaAna-

Irvine Industrial73 33.00 2,488.1 Total: 3.19 2.24 3.40 3.14 3.42 3.19 12.52 2,387.3 2,313.5 2,262.8 2,188.3 2,121.7

Appreciation: 2.06 1.13 2.22 2.01 2.27 2.06 7.62 234.7 229.9 227.4 222.5 218.1Income: 1.13 1.11 1.18 1.13 1.14 1.13 4.64 1,031.9 1,020.4 1,009.2 997.4 986.2

CA-Anaheim-SantaAna-Irvine Industrial-Warehouse



Irvine Office48 17.00 3,144.7 Total: 1.11 0.84 1.97 3.22 2.55 1.11 7.32 342.6 338.8 336.0 329.5 319.2


CA-Anaheim-SantaAna-Irvine Office-Suburban

48 17.00 3,144.7 Total: 1.11 0.84 1.97 3.22 2.55 1.11 7.32 342.6 338.8 336.0 329.5 319.2Appreciation: 0.00 -0.19 0.83 2.04 1.35 0.00 2.69 130.2 130.2 130.5 129.4 126.8


Irvine Retail20 1.75 2,604.8 Total: 1.47 1.43 1.97 2.27 3.21 1.47 7.33 116.3 114.6 113.0 110.8 108.3


GA-Atlanta-SandySprings-Roswell


Income: 1.34 1.28 1.32 1.33 1.31 1.34 5.37 1,303.2 1,285.9 1,269.7 1,253.2 1,236.7GA-Atlanta-SandySprings-

Roswell Apartment-Garden29 21.25 1,896.3 Total: 1.34 2.86 1.47 2.72 2.25 1.34 8.65 594.9 587.0 570.7 562.4 547.5


GA-Atlanta-SandySprings-Roswell Apartment


Income: 1.22 1.22 1.16 1.20 1.19 1.22 4.88 519.6 513.3 507.1 501.3 495.4

of 1334/25/2017 Section 1, Page 20


MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1

GA-Atlanta-SandySprings-Roswell Apartment-HighRise


Income: 1.12 1.20 1.08 1.12 1.12 1.12 4.60 136.2 134.7 133.1 131.6 130.2GA-Atlanta-SandySprings-

Roswell Industrial182 33.75 2,162.8 Total: 2.52 2.75 1.62 3.46 3.55 2.52 10.76 1,422.9 1,388.0 1,350.8 1,329.2 1,284.7


GA-Atlanta-SandySprings-Roswell Industrial-

Warehouse



Roswell Office37 20.00 2,590.8 Total: 1.07 1.89 1.43 0.69 2.27 1.07 5.17 393.5 389.3 382.1 376.7 374.1

Appreciation: -0.26 0.74 0.09 -0.59 0.94 -0.26 -0.03 98.4 98.7 98.0 97.9 98.5Income: 1.33 1.15 1.34 1.28 1.34 1.33 5.20 399.2 394.0 389.5 384.3 379.5

GA-Atlanta-SandySprings-Roswell Office-Suburban

29 20.00 1,769.2 Total: 0.89 1.31 1.30 1.08 2.51 0.89 4.66 376.1 372.7 367.9 363.2 359.3Appreciation: -0.45 0.14 -0.06 -0.26 1.07 -0.45 -0.64 94.8 95.2 95.1 95.2 95.4


Roswell Retail48 14.00 2,945.7 Total: 1.95 1.25 1.84 2.81 2.03 1.95 8.08 332.3 325.9 321.9 316.1 307.4


TX-Austin-RoundRock 150 22.00 8,641.3 Total: 1.44 1.51 1.49 2.39 2.37 1.44 7.00 715.5 705.3 694.8 684.6 668.7Appreciation: 0.16 0.28 0.29 1.12 1.10 0.16 1.86 161.3 161.1 160.6 160.2 158.4

Income: 1.29 1.23 1.20 1.27 1.27 1.29 5.07 446.8 441.1 435.8 430.6 425.2TX-Austin-RoundRock

Apartment-Garden26 18.25 1,443.5 Total: 1.64 0.77 2.33 2.05 2.67 1.64 6.96 490.6 482.6 478.9 468.0 458.6


TX-Austin-RoundRock Apartment


Income: 1.16 1.16 1.14 1.16 1.16 1.16 4.70 289.9 286.5 283.2 280.1 276.9TX-Austin-RoundRock

Industrial24 15.50 464.3 Total: 2.27 2.44 1.55 2.82 3.57 2.27 9.39 350.5 342.8 334.6 329.5 320.4


TX-Austin-RoundRock Industrial-Warehouse

20 5.50 397.0 Total: 2.31 2.40 1.91 2.87 3.68 2.31 9.83 201.2 196.6 192.0 188.4 183.2Appreciation: 0.78 0.96 0.46 1.54 2.30 0.78 3.78 146.2 145.1 143.7 143.1 140.9

Income: 1.54 1.44 1.45 1.33 1.39 1.54 5.88 138.3 136.2 134.3 132.4 130.6

of 1334/25/2017 Section 1, Page 21



TX-Austin-RoundRock Office 44 11.50 3,429.8 Total: 1.65 1.50 1.49 3.24 2.19 1.65 8.10 272.1 267.6 263.7 259.8 251.7Appreciation: 0.27 0.28 0.36 1.85 0.79 0.27 2.77 145.9 145.6 145.1 144.6 142.0

Income: 1.38 1.22 1.13 1.39 1.40 1.38 5.22 187.6 185.0 182.8 180.7 178.3TX-Austin-RoundRock Office-

Suburban34 3.00 1,636.7 Total: 1.19 1.58 1.64 2.44 1.96 1.19 7.02 137.1 135.5 133.4 131.2 128.1


TX-Austin-RoundRock Retail 21 0.25 1,145.7 Total: 1.10 1.10 101.1Appreciation: -0.19 -0.19 99.8

Income: 1.29 1.29 101.3MD-Baltimore-Columbia-

Towson 102 27.25 5,877.7 Total: 0.37 1.92 1.80 1.67 1.34 0.37 5.88 942.8 939.3 921.6 905.3 890.4


MD-Baltimore-Columbia-Towson Apartment

22 5.50 1,481.5 Total: 0.64 2.32 1.29 1.43 0.70 0.64 5.79 151.0 150.1 146.7 144.8 142.8Appreciation: -0.59 1.09 0.04 0.11 -0.59 -0.59 0.65 113.6 114.3 113.1 113.0 112.9

Income: 1.24 1.22 1.24 1.32 1.29 1.24 5.12 133.2 131.6 130.0 128.4 126.7MD-Baltimore-Columbia-

Towson Industrial53 15.75 1,562.3 Total: 2.23 1.79 1.21 2.07 1.28 2.23 7.51 408.4 399.5 392.4 387.7 379.9

Appreciation: 0.74 0.37 -0.15 0.62 -0.05 0.74 1.58 141.6 140.6 140.1 140.3 139.4Income: 1.49 1.43 1.37 1.45 1.33 1.49 5.86 290.2 285.9 281.9 278.1 274.1

MD-Baltimore-Columbia-Towson Industrial-

Warehouse


Income: 1.45 1.39 1.33 1.41 1.29 1.45 5.70 272.5 268.7 265.0 261.5 257.9MA-Boston 116 17.25 20,788.0 Total: 1.30 0.74 1.78 2.30 1.77 1.30 6.26 422.2 416.8 413.8 406.5 397.4


MA-Boston Apartment 23 1.25 3,445.3 Total: 1.07 1.49 2.04 1.38 2.56 1.07 6.11 108.8 107.7 106.1 104.0 102.6Appreciation: 0.07 0.48 0.99 0.26 1.49 0.07 1.81 103.3 103.3 102.8 101.8 101.5

Income: 1.00 1.01 1.04 1.12 1.07 1.00 4.24 105.4 104.3 103.3 102.2 101.1MA-Boston Office 59 15.00 15,797.4 Total: 1.43 0.51 1.74 2.59 1.59 1.43 6.41 327.4 322.8 321.2 315.7 307.7


MA-Boston Office-CBD 50 5.25 15,192.8 Total: 1.44 0.40 1.78 2.96 1.51 1.44 6.73 159.2 156.9 156.3 153.6 149.1Appreciation: 0.56 -0.47 0.92 2.05 0.64 0.56 3.08 127.3 126.5 127.1 126.0 123.4

Income: 0.88 0.87 0.86 0.91 0.87 0.88 3.57 125.4 124.3 123.2 122.2 121.1

of 1334/25/2017 Section 1, Page 22



MA-Cambridge-Newton-Framingham


Income: 1.14 1.15 1.19 1.20 1.19 1.14 4.77 827.5 818.2 808.9 799.4 789.9MA-Cambridge-Newton-Framingham Apartment

27 9.00 2,673.0 Total: 0.81 2.63 1.85 2.04 2.10 0.81 7.52 193.0 191.4 186.5 183.1 179.5Appreciation: -0.21 1.60 0.81 0.98 0.99 -0.21 3.21 124.5 124.8 122.8 121.8 120.6

Income: 1.02 1.03 1.04 1.06 1.11 1.02 4.21 155.4 153.9 152.3 150.7 149.2MA-Cambridge-Newton-

Framingham Office37 17.75 5,264.7 Total: 2.81 3.09 3.27 1.69 1.85 2.81 11.32 424.4 412.8 400.4 387.7 381.2


MA-Cambridge-Newton-Framingham Office-

Suburban


Income: 1.17 1.19 1.25 1.24 1.18 1.17 4.94 318.5 314.8 311.1 307.3 303.5NJ-Camden 45 2.00 1,642.1 Total: 2.16 2.39 1.47 2.25 2.16 2.16 8.52 118.3 115.8 113.1 111.5 109.0


NJ-Camden Industrial 34 1.25 535.3 Total: 1.51 5.66 3.31 2.70 3.33 1.51 13.79 117.6 115.8 109.6 106.1 103.3Appreciation: 0.28 4.45 1.91 1.34 2.21 0.28 8.17 110.6 110.3 105.6 103.6 102.2

Income: 1.23 1.21 1.40 1.36 1.12 1.23 5.30 106.5 105.2 103.9 102.5 101.1NJ-Camden Industrial-

Warehouse33 1.25 512.4 Total: 1.49 5.80 2.82 2.68 3.44 1.49 13.37 117.3 115.5 109.2 106.2 103.4


NC-SC-Charlotte-Concord-Gastonia


Income: 1.40 1.46 1.46 1.52 1.41 1.40 5.98 472.1 465.6 458.9 452.3 445.5NC-SC-Charlotte-Concord-

Gastonia Apartment23 1.00 1,317.1 Total: 2.97 3.11 2.16 3.62 2.97 12.40 112.4 109.1 105.9 103.6

Appreciation: 1.78 1.69 0.79 2.20 1.78 6.61 106.6 104.7 103.0 102.2Income: 1.20 1.42 1.37 1.42 1.20 5.52 105.5 104.3 102.8 101.4

NC-SC-Charlotte-Concord-Gastonia Industrial


Income: 1.57 1.52 1.52 1.56 1.64 1.57 6.31 113.5 111.8 110.1 108.5 106.8NC-SC-Charlotte-Concord-

Gastonia Office22 7.00 992.8 Total: 1.47 1.76 2.47 3.49 1.55 1.47 9.50 207.4 204.4 200.8 196.0 189.4


of 1334/25/2017 Section 1, Page 23



IL-Chicago-Naperville-ArlingtonHeights


Income: 1.13 1.17 1.19 1.21 1.13 1.13 4.79 1,507.6 1,490.7 1,473.4 1,456.1 1,438.7IL-Chicago-Naperville-

ArlingtonHeights Apartment68 16.50 8,988.7 Total: 0.74 0.66 1.33 2.04 1.73 0.74 4.85 372.7 370.0 367.6 362.7 355.5


IL-Chicago-Naperville-ArlingtonHeights Apartment-

HighRise


Income: 1.04 1.04 1.01 1.05 1.06 1.04 4.21 136.2 134.8 133.4 132.1 130.7IL-Chicago-Naperville-

ArlingtonHeights Industrial255 39.25 5,321.8 Total: 3.17 2.14 2.56 2.51 2.53 3.17 10.80 2,195.9 2,128.4 2,083.7 2,031.6 1,981.8


IL-Chicago-Naperville-ArlingtonHeights Industrial-

Warehouse


Income: 1.29 1.34 1.36 1.39 1.31 1.29 5.50 1,793.3 1,770.4 1,747.0 1,723.5 1,699.8IL-Chicago-Naperville-

ArlingtonHeights Office41 31.50 8,150.7 Total: 1.14 1.18 0.88 1.98 1.29 1.14 5.28 562.8 556.5 550.0 545.2 534.6

Appreciation: -0.12 -0.01 -0.35 0.69 0.08 -0.12 0.22 64.8 64.9 64.9 65.1 64.7Income: 1.26 1.18 1.24 1.28 1.21 1.26 5.06 860.7 850.0 840.0 829.8 819.3

IL-Chicago-Naperville-ArlingtonHeights Office-CBD

29 2.75 7,614.5 Total: 1.25 1.13 1.13 1.94 1.29 1.25 5.56 130.7 129.1 127.7 126.3 123.9Appreciation: 0.01 -0.02 -0.08 0.69 0.13 0.01 0.60 114.4 114.4 114.4 114.5 113.7

Income: 1.24 1.15 1.21 1.26 1.16 1.24 4.95 114.5 113.1 111.8 110.5 109.1IL-Chicago-Naperville-

ArlingtonHeights Retail78 17.25 8,798.1 Total: 1.34 1.77 1.97 2.14 3.49 1.34 7.41 609.5 601.4 591.0 579.6 567.4


IL-Chicago-Naperville-ArlingtonHeights Retail-

Neighborhood

33 9.50 978.0 Total: 1.12 0.92 1.13 1.95 1.10 1.12 5.22 173.2 171.3 169.8 167.9 164.6Appreciation: 0.03 -0.37 -0.06 0.69 -0.13 0.03 0.29 94.9 94.9 95.2 95.3 94.6

Income: 1.09 1.29 1.19 1.26 1.24 1.09 4.91 182.3 180.4 178.1 176.0 173.8TX-Dallas-Plano-Irving 334 36.75 21,184.8 Total: 2.51 2.05 2.12 2.16 2.53 2.51 9.14 1,373.0 1,339.3 1,312.4 1,285.1 1,258.0


TX-Dallas-Plano-Irving Apartment-Garden


Income: 1.22 1.31 1.44 1.40 1.33 1.22 5.49 386.0 381.3 376.4 371.0 365.9

of 1334/25/2017 Section 1, Page 24



TX-Dallas-Plano-Irving Apartment


Income: 1.13 1.19 1.22 1.24 1.24 1.13 4.87 371.3 367.2 362.8 358.5 354.1TX-Dallas-Plano-Irving

Apartment-HighRise41 5.75 3,083.2 Total: 1.15 2.37 1.11 1.49 2.21 1.15 6.25 179.3 177.3 173.2 171.2 168.7


TX-Dallas-Plano-Irving Industrial


Income: 1.32 1.35 1.36 1.39 1.39 1.32 5.53 1,595.8 1,575.0 1,554.1 1,533.1 1,512.2TX-Dallas-Plano-Irving

Industrial-Warehouse143 36.25 3,745.3 Total: 2.34 2.67 3.18 3.02 3.08 2.34 11.68 1,762.7 1,722.4 1,677.7 1,626.0 1,578.4


TX-Dallas-Plano-Irving Office 47 22.50 4,788.2 Total: 3.88 0.95 3.31 2.33 1.59 3.88 10.85 650.2 625.9 620.0 600.2 586.5Appreciation: 2.68 -0.14 1.96 0.88 0.17 2.68 5.46 134.3 130.8 131.0 128.4 127.3

Income: 1.20 1.09 1.35 1.45 1.42 1.20 5.18 486.5 480.7 475.6 469.2 462.5TX-Dallas-Plano-Irving

Office-Suburban39 19.25 3,131.4 Total: 1.61 1.62 2.39 1.99 1.96 1.61 7.82 412.7 406.2 399.7 390.4 382.8


TX-Dallas-Plano-Irving Retail 35 10.50 5,339.9 Total: 3.18 2.17 1.27 1.94 3.42 3.18 8.83 190.0 184.2 180.3 178.0 174.6Appreciation: 1.97 1.17 0.19 0.88 2.21 1.97 4.26 106.5 104.5 103.3 103.1 102.2

Income: 1.21 1.00 1.08 1.07 1.21 1.21 4.42 178.4 176.3 174.5 172.7 170.9CO-Denver-Aurora-

Lakewood 207 36.00 14,581.3 Total: 1.50 1.70 2.36 2.14 2.49 1.50 7.93 1,407.4 1,386.5 1,363.3 1,331.9 1,304.0


CO-Denver-Aurora-Lakewood Apartment-

Garden



Lakewood Apartment79 14.25 6,408.0 Total: 1.61 2.43 2.94 2.43 2.76 1.61 9.74 380.8 374.8 365.9 355.4 347.0


CO-Denver-Aurora-Lakewood Apartment-

HighRise


Income: 1.04 1.11 1.01 1.14 1.15 1.04 4.38 116.2 115.0 113.8 112.6 111.4

of 1334/25/2017 Section 1, Page 25



CO-Denver-Aurora-Lakewood Industrial



Lakewood Industrial-Warehouse



Lakewood Office49 20.00 3,858.0 Total: 1.44 0.08 1.48 1.13 1.83 1.44 4.20 545.2 537.4 537.0 529.1 523.2

Appreciation: 0.28 -0.98 0.26 -0.26 0.52 0.28 -0.70 145.3 144.9 146.3 145.9 146.3Income: 1.17 1.06 1.22 1.39 1.31 1.17 4.93 377.2 372.9 369.0 364.5 359.5

CO-Denver-Aurora-Lakewood Office-Suburban

34 17.25 1,692.3 Total: 1.26 -0.37 0.87 1.70 2.16 1.26 3.49 314.0 310.1 311.3 308.6 303.4Appreciation: 0.10 -1.34 -0.37 0.14 0.88 0.10 -1.47 101.7 101.6 103.0 103.4 103.2


Lakewood Retail29 9.25 3,480.4 Total: 1.15 1.91 2.03 2.43 2.62 1.15 7.73 226.5 223.9 219.7 215.3 210.2


NC-Durham-ChapelHill 27 3.50 967.5 Total: 3.05 2.50 2.03 2.23 2.91 3.05 10.17 150.7 146.2 142.7 139.8 136.8Appreciation: 1.58 0.98 0.72 0.95 1.58 1.58 4.30 123.7 121.8 120.6 119.7 118.6

Income: 1.47 1.51 1.32 1.27 1.32 1.47 5.69 122.2 120.4 118.6 117.1 115.6IL-Elgin 26 5.75 881.8 Total: 2.11 1.60 1.64 2.72 0.93 2.11 8.32 161.1 157.8 155.3 152.8 148.8

Appreciation: 0.81 0.25 0.35 1.41 -0.33 0.81 2.85 117.2 116.3 116.0 115.6 114.0Income: 1.30 1.35 1.29 1.32 1.26 1.30 5.36 137.8 136.0 134.2 132.5 130.8

IL-Elgin Industrial 23 5.75 646.1 Total: 2.41 1.74 2.75 3.36 0.92 2.41 10.65 171.1 167.1 164.3 159.9 154.7Appreciation: 1.18 0.40 1.54 2.11 -0.28 1.18 5.32 125.4 123.9 123.4 121.6 119.1

Income: 1.23 1.34 1.21 1.25 1.19 1.23 5.12 136.9 135.2 133.4 131.8 130.2IL-Elgin Industrial-

Warehouse23 5.75 646.1 Total: 2.41 1.74 2.75 3.54 1.00 2.41 10.85 171.7 167.6 164.8 160.4 154.9


FL-FortLauderdale-PompanoBeach-DeerfieldBeach


Income: 1.35 1.32 1.34 1.38 1.33 1.35 5.51 550.1 542.7 535.6 528.5 521.4FL-FortLauderdale-

PompanoBeach-DeerfieldBeach Apartment-

Garden


Income: 1.33 1.37 1.35 1.40 1.29 1.33 5.57 325.7 321.5 317.1 312.9 308.6

of 1334/25/2017 Section 1, Page 26



FL-FortLauderdale-PompanoBeach-

DeerfieldBeach Apartment



PompanoBeach-DeerfieldBeach Industrial



PompanoBeach-DeerfieldBeach Industrial-

Warehouse



PompanoBeach-DeerfieldBeach Retail

20 0.25 961.4 Total: 2.04 2.04 102.0Appreciation: 0.60 0.60 100.6

Income: 1.43 1.43 101.4TX-FortWorth-Arlington 62 21.00 3,004.6 Total: 3.48 1.80 2.36 3.01 1.92 3.48 11.07 709.2 685.4 673.3 657.8 638.6


TX-FortWorth-Arlington Industrial


Income: 1.30 1.40 1.39 1.40 1.50 1.30 5.59 245.0 241.9 238.5 235.3 232.0TX-FortWorth-Arlington

Industrial-Warehouse44 5.75 1,974.4 Total: 4.57 1.88 2.04 3.25 1.53 4.57 12.24 199.9 191.2 187.6 183.9 178.1


PA-Harrisburg-Carlisle 24 1.50 1,155.1 Total: 1.97 3.15 2.55 2.74 1.05 1.97 10.83 114.6 112.4 108.9 106.2 103.4Appreciation: 0.61 1.79 1.16 1.20 -0.35 0.61 4.85 105.4 104.7 102.9 101.7 100.5

Income: 1.36 1.37 1.39 1.54 1.40 1.36 5.77 108.8 107.3 105.9 104.4 102.9TX-Houston-TheWoodlands-

SugarLand 259 35.75 20,281.4 Total: 1.38 0.45 0.33 0.02 0.67 1.38 2.20 821.1 809.9 806.3 803.6 803.4


TX-Houston-TheWoodlands-SugarLand Apartment-

Garden

34 17.25 1,585.7 Total: 0.55 -0.94 -1.29 -0.81 0.73 0.55 -2.48 401.0 398.8 402.6 407.9 411.2Appreciation: -0.75 -2.31 -2.54 -2.07 -0.52 -0.75 -7.45 139.3 140.3 143.6 147.4 150.5


SugarLand Apartment87 17.25 5,037.1 Total: 0.33 -0.69 -1.54 -1.26 -0.28 0.33 -3.13 387.8 386.5 389.2 395.3 400.4


of 1334/25/2017 Section 1, Page 27



TX-Houston-TheWoodlands-SugarLand Apartment-

HighRise

41 4.75 2,805.3 Total: 0.24 -0.56 -1.99 -1.10 -0.90 0.24 -3.38 142.5 142.2 143.0 145.9 147.5Appreciation: -0.81 -1.69 -3.06 -2.22 -2.01 -0.81 -7.56 113.1 114.1 116.0 119.7 122.4


SugarLand Industrial105 18.75 2,045.0 Total: 1.43 2.24 1.42 1.79 1.40 1.43 7.06 578.4 570.3 557.8 550.0 540.3


TX-Houston-TheWoodlands-SugarLand Industrial-

Warehouse



SugarLand Office35 26.50 5,956.9 Total: 0.34 -1.12 -0.16 -1.28 -1.46 0.34 -2.21 547.1 545.2 551.4 552.3 559.5


TX-Houston-TheWoodlands-SugarLand Office-Suburban

26 11.25 3,733.1 Total: 0.86 0.86 -0.26 -3.22 -0.09 0.86 -1.81 255.6 253.4 251.2 251.9 260.3Appreciation: -0.69 -0.56 -1.83 -4.68 -1.45 -0.69 -7.59 127.6 128.5 129.2 131.6 138.0


SugarLand Retail32 7.00 7,242.5 Total: 3.00 2.36 2.16 2.19 3.88 3.00 10.07 310.3 301.2 294.3 288.1 281.9


IN-Indianapolis-Carmel-Anderson

31 24.25 703.7 Total: 2.02 1.19 2.20 2.50 1.68 2.02 8.13 647.9 635.1 627.6 614.2 599.2Appreciation: 0.43 -0.33 0.76 1.09 0.33 0.43 1.96 97.7 97.3 97.6 96.9 95.8

Income: 1.59 1.52 1.43 1.41 1.36 1.59 6.08 662.2 651.9 642.1 633.1 624.3IN-Indianapolis-Carmel-

Anderson Industrial23 2.25 350.6 Total: 2.17 0.75 2.38 1.95 2.50 2.17 7.44 121.5 118.9 118.0 115.3 113.1


IN-Indianapolis-Carmel-Anderson Industrial-

Warehouse

20 2.25 338.3 Total: 2.17 0.92 2.37 1.94 2.46 2.17 7.61 123.4 120.8 119.7 116.9 114.6Appreciation: 0.73 -0.50 1.05 0.68 1.26 0.73 1.96 109.4 108.6 109.2 108.0 107.3

Income: 1.45 1.43 1.32 1.27 1.21 1.45 5.57 112.9 111.3 109.7 108.3 106.9MO-KS-KansasCity 57 21.00 1,143.9 Total: 1.06 1.53 1.19 2.28 1.40 1.06 6.21 444.4 439.7 433.1 428.0 418.4


MO-KS-KansasCity Industrial 42 1.25 418.5 Total: 1.68 2.25 2.05 2.32 2.14 1.68 8.56 110.9 109.1 106.7 104.5 102.1Appreciation: 0.06 0.50 0.25 0.41 0.30 0.06 1.22 101.5 101.5 101.0 100.7 100.3

Income: 1.62 1.75 1.80 1.91 1.84 1.62 7.27 109.3 107.5 105.7 103.8 101.8

of 1334/25/2017 Section 1, Page 28



MO-KS-KansasCity Industrial-Warehouse


Income: 1.64 1.78 1.79 1.89 1.82 1.64 7.30 109.2 107.5 105.6 103.7 101.8IL-WI-LakeCounty-

KenoshaCounty 60 16.25 1,747.3 Total: 1.55 0.83 0.78 1.56 2.74 1.55 4.80 303.1 298.5 296.0 293.7 289.2

Appreciation: 0.15 -0.63 -0.68 0.13 1.17 0.15 -1.04 101.1 101.0 101.6 102.3 102.2Income: 1.40 1.46 1.47 1.44 1.56 1.40 5.89 299.8 295.7 291.4 287.2 283.2

IL-WI-LakeCounty-KenoshaCounty Industrial

36 10.75 665.5 Total: 2.05 1.58 1.23 2.05 2.77 2.05 7.09 202.4 198.3 195.2 192.9 189.0Appreciation: 0.64 0.21 -0.07 0.77 1.33 0.64 1.54 105.9 105.3 105.0 105.1 104.3

Income: 1.41 1.38 1.30 1.28 1.44 1.41 5.49 191.1 188.4 185.8 183.5 181.1IL-WI-LakeCounty-

KenoshaCounty Industrial-Warehouse


Income: 1.41 1.38 1.30 1.29 1.45 1.41 5.50 175.0 172.6 170.2 168.0 165.9NV-LasVegas-Henderson-

Paradise 75 9.50 6,724.4 Total: 1.65 2.14 4.70 3.34 4.11 1.65 12.34 150.7 148.2 145.1 138.6 134.1


NV-LasVegas-Henderson-Paradise Industrial


Income: 1.52 1.60 1.47 1.49 1.57 1.52 6.22 144.0 141.8 139.6 137.6 135.6NV-LasVegas-Henderson-

Paradise Industrial-Warehouse


Income: 1.51 1.61 1.47 1.49 1.59 1.51 6.22 141.5 139.4 137.2 135.2 133.2CA-LosAngeles-LongBeach-

Glendale 480 39.25 41,854.1 Total: 2.12 2.76 2.34 2.49 2.28 2.12 10.06 5,034.7 4,930.4 4,798.2 4,688.3 4,574.6


CA-LosAngeles-LongBeach-Glendale Apartment-Garden

22 1.00 1,733.4 Total: 1.29 2.78 1.88 1.94 1.29 8.12 108.1 106.7 103.9 101.9Appreciation: 0.16 1.68 0.75 0.81 0.16 3.43 103.4 103.3 101.6 100.8

Income: 1.13 1.10 1.13 1.13 1.13 4.57 104.6 103.4 102.3 101.1CA-LosAngeles-LongBeach-

Glendale Apartment98 14.00 10,184.3 Total: 1.46 2.73 1.85 2.34 2.13 1.46 8.64 322.2 317.6 309.1 303.5 296.6


CA-LosAngeles-LongBeach-Glendale Apartment-

HighRise


Income: 0.93 0.97 0.98 1.00 1.00 0.93 3.93 137.9 136.6 135.3 134.0 132.7

of 1334/25/2017 Section 1, Page 29



CA-LosAngeles-LongBeach-Glendale Industrial


Income: 1.10 1.11 1.18 1.20 1.25 1.10 4.67 1,707.6 1,689.0 1,670.5 1,651.0 1,631.4CA-LosAngeles-LongBeach-

Glendale Industrial-Warehouse


Income: 1.09 1.10 1.17 1.19 1.25 1.09 4.64 1,683.2 1,665.0 1,646.9 1,627.8 1,608.6CA-LosAngeles-LongBeach-

Glendale Office89 29.50 15,697.0 Total: 1.89 2.70 1.75 2.27 1.94 1.89 8.88 699.6 686.6 668.6 657.1 642.5


CA-LosAngeles-LongBeach-Glendale Office-Suburban


Income: 1.05 0.97 1.06 1.10 1.09 1.05 4.24 647.2 640.5 634.4 627.7 620.9CA-LosAngeles-LongBeach-

Glendale Retail62 12.25 7,641.8 Total: 2.83 1.56 2.45 2.80 2.18 2.83 9.98 266.5 259.1 255.2 249.1 242.3


CA-LosAngeles-LongBeach-Glendale Retail-

Neighborhood


Income: 0.99 1.09 1.11 1.20 1.28 0.99 4.47 111.5 110.4 109.2 108.0 106.7KY-IN-

Louisville/JeffersonCounty 42 12.00 759.9 Total: 1.22 1.63 2.41 1.86 2.06 1.22 7.31 286.6 283.2 278.6 272.1 267.1


KY-IN-Louisville/JeffersonCounty

Industrial


Income: 1.49 1.50 1.62 1.59 1.54 1.49 6.34 251.8 248.1 244.4 240.5 236.7KY-IN-

Louisville/JeffersonCounty Industrial-Warehouse

36 12.00 526.7 Total: 1.48 2.28 2.93 1.88 2.37 1.48 8.84 285.2 281.0 274.8 267.0 262.0Appreciation: -0.04 0.74 1.26 0.25 0.78 -0.04 2.23 112.8 112.8 112.0 110.6 110.3

Income: 1.51 1.54 1.66 1.63 1.59 1.51 6.50 253.3 249.5 245.7 241.7 237.8TN-MS-AR-Memphis 28 22.75 890.5 Total: 2.52 2.80 1.98 1.62 2.56 2.52 9.21 521.6 508.8 494.9 485.3 477.6


FL-Miami-MiamiBeach-Kendall


Income: 1.11 1.16 1.22 1.22 1.21 1.11 4.81 338.1 334.4 330.6 326.6 322.6

of 1334/25/2017 Section 1, Page 30



FL-Miami-MiamiBeach-Kendall Apartment

23 0.50 1,856.5 Total: 1.07 1.45 1.07 102.5 101.4Appreciation: 0.11 0.40 0.11 100.5 100.4

Income: 0.96 1.05 0.96 102.0 101.0FL-Miami-MiamiBeach-

Kendall Industrial84 11.50 2,531.0 Total: 2.04 2.88 0.30 2.47 1.90 2.04 7.90 237.6 232.8 226.3 225.6 220.2


FL-Miami-MiamiBeach-Kendall Industrial-

Warehouse

79 10.50 2,482.7 Total: 2.03 2.94 0.21 2.28 1.88 2.03 7.65 195.4 191.6 186.1 185.7 181.6Appreciation: 0.80 1.67 -1.14 1.00 0.54 0.80 2.32 104.2 103.3 101.6 102.8 101.8

Income: 1.23 1.27 1.35 1.29 1.34 1.23 5.24 187.5 185.3 182.9 180.5 178.2FL-Miami-MiamiBeach-

Kendall Office28 4.50 2,415.4 Total: 0.68 0.55 0.21 1.07 3.33 0.68 2.53 166.3 165.2 164.3 163.9 162.2

Appreciation: -0.57 -0.59 -1.04 -0.28 2.06 -0.57 -2.46 132.3 133.0 133.8 135.2 135.6Income: 1.25 1.15 1.25 1.35 1.26 1.25 5.09 126.2 124.6 123.2 121.7 120.1

FL-Miami-MiamiBeach-Kendall Office-Suburban

23 2.25 1,111.1 Total: 1.19 2.75 0.17 1.68 2.49 1.19 5.90 125.8 124.3 121.0 120.8 118.8Appreciation: -0.10 1.77 -1.03 0.23 1.19 -0.10 0.86 112.2 112.3 110.3 111.5 111.2

Income: 1.29 0.98 1.20 1.45 1.30 1.29 5.01 112.3 110.9 109.8 108.5 106.9FL-Miami-MiamiBeach-

Kendall Retail25 5.75 4,294.0 Total: 1.48 1.97 3.43 1.35 3.11 1.48 8.47 219.6 216.4 212.2 205.2 202.5


MN-WI-Minneapolis-St.Paul-Bloomington

101 36.00 4,991.8 Total: 1.13 1.05 1.22 1.43 1.88 1.13 4.91 1,190.1 1,176.8 1,164.6 1,150.6 1,134.4Appreciation: -0.20 -0.17 -0.02 0.08 0.44 -0.20 -0.31 78.5 78.6 78.8 78.8 78.7

Income: 1.33 1.22 1.24 1.35 1.44 1.33 5.24 1,508.4 1,488.6 1,470.6 1,452.7 1,433.3MN-WI-Minneapolis-St.Paul-

Bloomington Apartment31 11.00 1,710.7 Total: 1.15 1.56 2.18 1.85 0.75 1.15 6.91 231.3 228.7 225.2 220.3 216.3


MN-WI-Minneapolis-St.Paul-Bloomington Industrial

31 35.50 329.7 Total: 0.52 -0.32 -0.36 1.54 2.18 0.52 1.38 1,105.0 1,099.3 1,102.8 1,106.8 1,090.0Appreciation: -1.10 -1.92 -1.95 -0.20 0.35 -1.10 -5.08 65.6 66.3 67.6 68.9 69.1

Income: 1.62 1.60 1.59 1.74 1.83 1.62 6.71 1,671.6 1,644.9 1,619.0 1,593.6 1,566.4MN-WI-Minneapolis-St.Paul-

Bloomington Industrial-Warehouse

22 14.25 184.6 Total: 0.36 1.38 -0.13 1.91 3.65 0.36 3.55 257.2 256.2 252.7 253.1 248.3Appreciation: -1.28 -0.35 -1.83 0.01 1.74 -1.28 -3.41 94.2 95.4 95.8 97.6 97.6

Income: 1.64 1.73 1.69 1.90 1.91 1.64 7.15 272.5 268.1 263.6 259.2 254.3MN-WI-Minneapolis-St.Paul-

Bloomington Retail25 12.25 1,446.5 Total: 1.15 0.80 1.03 1.79 2.60 1.15 4.84 235.3 232.7 230.8 228.5 224.5


of 1334/25/2017 Section 1, Page 31



PA-MontgomeryCounty-BucksCounty-ChesterCounty

36 17.00 2,007.6 Total: 0.25 -0.12 0.37 2.01 1.14 0.25 2.52 388.2 387.2 387.7 386.2 378.6Appreciation: -1.15 -1.53 -1.00 0.59 -0.24 -1.15 -3.06 124.7 126.1 128.1 129.4 128.6

Income: 1.39 1.41 1.37 1.42 1.38 1.39 5.71 312.6 308.3 304.0 299.9 295.7TN-Nashville-Davidson--Murfreesboro--Franklin


Income: 1.36 1.45 1.47 1.52 1.51 1.36 5.93 224.0 221.0 217.9 214.7 211.5NJ-PA-Newark 47 15.25 3,054.0 Total: 0.39 1.17 1.24 1.45 2.08 0.39 4.31 285.2 284.1 280.8 277.4 273.4


NY-NJ-NewYork-JerseyCity-WhitePlains


Income: 0.91 0.91 0.93 0.99 0.94 0.91 3.80 656.7 650.7 644.8 638.9 632.6NY-NJ-NewYork-JerseyCity-

WhitePlains Apartment109 13.25 13,950.9 Total: 1.17 0.69 1.43 1.30 1.71 1.17 4.66 228.1 225.5 223.9 220.8 218.0


NY-NJ-NewYork-JerseyCity-WhitePlains Apartment-

HighRise



WhitePlains Industrial116 15.50 3,736.4 Total: 3.75 4.63 2.62 2.36 2.80 3.75 14.04 422.4 407.2 389.2 379.2 370.4


NY-NJ-NewYork-JerseyCity-WhitePlains Industrial-

Warehouse



WhitePlains Office86 19.50 40,915.6 Total: 0.03 1.53 0.94 1.75 1.23 0.03 4.31 862.1 861.9 848.8 840.9 826.5


NY-NJ-NewYork-JerseyCity-WhitePlains Office-CBD



WhitePlains Office-Suburban20 0.50 2,338.6 Total: -14.30 3.81 -14.30 89.0 103.8

Appreciation: -15.22 2.96 -15.22 87.3 103.0Income: 0.92 0.85 0.92 101.8 100.9

of 1334/25/2017 Section 1, Page 32



NY-NJ-NewYork-JerseyCity-WhitePlains Retail


Income: 0.99 0.87 0.98 0.94 1.05 0.99 3.83 133.4 132.1 130.9 129.7 128.5CA-Oakland-Hayward-

Berkeley 189 34.25 11,799.2 Total: 2.49 2.82 2.19 3.07 3.22 2.49 11.00 1,812.9 1,768.9 1,720.3 1,683.4 1,633.2


CA-Oakland-Hayward-Berkeley Apartment

25 1.00 2,476.2 Total: 1.39 3.06 2.39 3.88 1.39 11.14 111.1 109.6 106.4 103.9Appreciation: 0.30 1.99 1.23 2.73 0.30 6.38 106.4 106.1 104.0 102.7

Income: 1.09 1.07 1.16 1.15 1.09 4.54 104.5 103.4 102.3 101.1CA-Oakland-Hayward-

Berkeley Industrial89 28.75 3,016.2 Total: 4.56 4.04 4.25 4.50 4.78 4.56 18.51 1,421.1 1,359.2 1,306.4 1,253.2 1,199.2


CA-Oakland-Hayward-Berkeley Industrial-

Warehouse



Berkeley Office48 17.00 3,569.4 Total: 2.31 2.85 1.28 2.37 3.58 2.31 9.11 391.1 382.3 371.7 367.0 358.4


CA-Oakland-Hayward-Berkeley Office-Suburban



Berkeley Retail27 3.75 2,737.4 Total: 1.49 1.30 1.10 1.78 2.02 1.49 5.79 152.7 150.4 148.5 146.9 144.3


FL-Orlando-Kissimmee-Sanford

77 26.75 5,159.9 Total: 1.80 1.70 2.53 1.64 6.51 1.80 7.89 1,061.4 1,042.6 1,025.2 999.9 983.8Appreciation: 0.46 0.36 1.21 0.31 5.18 0.46 2.36 165.3 164.5 163.9 162.0 161.5

Income: 1.34 1.34 1.32 1.32 1.33 1.34 5.43 647.1 638.5 630.0 621.8 613.7FL-Orlando-Kissimmee-

Sanford Industrial27 5.50 445.4 Total: 6.97 6.60 3.53 3.32 4.40 6.97 21.97 200.8 187.8 176.1 170.1 164.7


FL-Orlando-Kissimmee-Sanford Industrial-

Warehouse


Income: 1.46 1.56 1.59 1.51 1.45 1.46 6.26 142.1 140.0 137.9 135.7 133.7

of 1334/25/2017 Section 1, Page 33



FL-Orlando-Kissimmee-Sanford Retail


Income: 1.19 1.23 1.20 1.20 1.22 1.19 4.90 179.5 177.4 175.2 173.1 171.1PA-Philadelphia 43 5.75 2,367.2 Total: 1.22 1.76 2.63 1.81 1.70 1.22 7.62 172.1 170.0 167.1 162.8 159.9


AZ-Phoenix-Mesa-Scottsdale 157 37.00 9,340.4 Total: 1.60 1.52 1.97 2.12 4.10 1.60 7.41 2,281.6 2,245.6 2,212.0 2,169.2 2,124.2Appreciation: 0.21 0.34 0.86 0.90 2.78 0.21 2.33 170.9 170.5 169.9 168.5 167.0

Income: 1.39 1.19 1.11 1.22 1.32 1.39 5.00 1,348.6 1,330.1 1,314.5 1,300.1 1,284.4AZ-Phoenix-Mesa-Scottsdale

Apartment-Garden28 18.75 1,599.2 Total: 2.18 1.93 3.50 3.04 3.14 2.18 11.07 447.5 438.0 429.7 415.2 402.9


AZ-Phoenix-Mesa-Scottsdale Apartment


Income: 1.29 1.24 1.14 1.21 1.24 1.29 4.97 304.7 300.9 297.2 293.8 290.3AZ-Phoenix-Mesa-Scottsdale

Industrial56 15.75 810.7 Total: 1.45 4.21 0.99 1.47 2.80 1.45 8.34 344.9 340.0 326.2 323.0 318.3


AZ-Phoenix-Mesa-Scottsdale Industrial-Warehouse



Office38 17.00 1,684.4 Total: 3.80 0.76 -0.22 2.10 2.09 3.80 6.55 325.5 313.6 311.3 311.9 305.5


AZ-Phoenix-Mesa-Scottsdale Office-Suburban



Retail23 11.25 4,479.0 Total: 0.61 1.71 2.66 1.77 5.64 0.61 6.90 278.9 277.2 272.5 265.5 260.9


OR-WA-Portland-Vancouver-Hillsboro

153 27.00 6,804.6 Total: 2.09 1.97 3.36 3.57 3.11 2.09 11.44 1,043.9 1,022.5 1,002.7 970.1 936.7Appreciation: 0.89 0.74 2.13 2.31 1.79 0.89 6.20 154.7 153.3 152.2 149.0 145.7

Income: 1.20 1.24 1.23 1.26 1.32 1.20 5.01 679.2 671.2 663.0 654.9 646.8

of 1334/25/2017 Section 1, Page 34



OR-WA-Portland-Vancouver-Hillsboro Apartment


Income: 1.04 1.10 1.09 1.14 1.19 1.04 4.44 130.6 129.2 127.8 126.4 125.0OR-WA-Portland-Vancouver-

Hillsboro Apartment-HighRise

21 0.50 1,437.8 Total: 1.99 0.61 1.99 102.6 100.6Appreciation: 1.00 -0.35 1.00 100.6 99.7

Income: 0.99 0.96 0.99 102.0 101.0OR-WA-Portland-Vancouver-

Hillsboro Industrial87 16.25 1,228.1 Total: 1.80 2.74 4.85 3.33 4.48 1.80 13.31 434.0 426.3 414.9 395.8 383.0


OR-WA-Portland-Vancouver-Hillsboro Industrial-Flex

Space

22 4.00 186.9 Total: 0.71 3.29 3.26 1.29 3.44 0.71 8.80 179.5 178.3 172.6 167.1 165.0Appreciation: -0.79 1.87 1.96 -0.07 2.10 -0.79 2.98 140.0 141.1 138.5 135.9 135.9


Hillsboro Industrial-Warehouse



Hillsboro Office20 0.25 1,782.8 Total: 2.49 2.49 102.5

Appreciation: 1.27 1.27 101.3Income: 1.23 1.23 101.2

RI-MA-Providence-Warwick 30 2.25 778.1 Total: 0.98 2.35 6.12 1.80 1.07 0.98 11.65 124.5 123.3 120.5 113.5 111.5Appreciation: -0.55 0.78 4.81 0.25 -0.64 -0.55 5.32 108.1 108.7 107.9 102.9 102.7

Income: 1.53 1.57 1.30 1.55 1.71 1.53 6.08 115.3 113.5 111.8 110.3 108.6RI-MA-Providence-Warwick

Industrial20 0.50 323.5 Total: 1.72 2.97 1.72 104.7 103.0

Appreciation: 0.19 1.37 0.19 101.6 101.4Income: 1.53 1.60 1.53 103.2 101.6

NC-Raleigh 40 17.50 2,156.4 Total: 2.49 2.29 1.94 2.00 1.88 2.49 9.00 369.2 360.2 352.2 345.5 338.7Appreciation: 1.09 0.91 0.54 0.60 0.47 1.09 3.17 115.8 114.6 113.5 112.9 112.2

Income: 1.40 1.38 1.40 1.40 1.41 1.40 5.70 319.6 315.2 310.9 306.6 302.3NV-Reno 20 5.50 856.3 Total: 3.32 2.07 2.23 2.77 2.19 3.32 10.79 187.1 181.1 177.4 173.6 168.9


CA-Riverside-SanBernardino-Ontario


Income: 1.13 1.08 1.16 1.14 1.16 1.13 4.58 578.8 572.4 566.2 559.8 553.5

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CA-Riverside-SanBernardino-Ontario Apartment-Garden


Income: 1.23 1.30 1.29 1.30 1.25 1.23 5.22 179.1 176.9 174.6 172.4 170.2CA-Riverside-SanBernardino-

Ontario Apartment22 11.25 1,293.0 Total: 2.42 4.35 3.14 5.09 2.25 2.42 15.84 219.9 214.7 205.8 199.5 189.8


CA-Riverside-SanBernardino-Ontario Industrial


Income: 1.04 0.99 1.08 1.08 1.08 1.04 4.25 376.3 372.4 368.7 364.8 360.9CA-Riverside-SanBernardino-

Ontario Industrial-Warehouse


Income: 1.04 0.99 1.08 1.08 1.08 1.04 4.25 283.7 280.8 278.0 275.1 272.1CA-Sacramento--Roseville--

Arden-Arcade 28 22.00 1,763.4 Total: 1.08 0.91 1.05 0.97 2.29 1.08 4.07 691.4 684.0 677.9 670.8 664.3

Appreciation: -0.35 -0.49 -0.35 -0.50 0.83 -0.35 -1.67 140.8 141.3 142.0 142.5 143.2Income: 1.43 1.39 1.40 1.47 1.46 1.43 5.82 494.1 487.2 480.5 473.8 467.0

MO-IL-St.Louis 26 33.25 814.6 Total: 1.25 1.52 2.22 1.41 1.17 1.25 6.57 912.5 901.2 887.7 868.4 856.3Appreciation: -0.35 -0.46 0.55 -0.21 -0.43 -0.35 -0.48 70.8 71.1 71.4 71.0 71.1

Income: 1.61 1.99 1.67 1.62 1.60 1.61 7.07 1,279.5 1,259.2 1,234.7 1,214.4 1,195.0TX-SanAntonio-

NewBraunfels 28 18.00 1,378.3 Total: 1.43 0.97 1.15 2.05 1.14 1.43 5.71 494.5 487.5 482.8 477.3 467.7


CA-SanDiego-Carlsbad 166 30.25 14,422.9 Total: 1.85 1.55 1.64 2.46 2.86 1.85 7.72 1,240.3 1,217.8 1,199.2 1,179.8 1,151.5Appreciation: 0.74 0.33 0.51 1.31 1.69 0.74 2.91 155.1 154.0 153.5 152.7 150.7

Income: 1.11 1.22 1.14 1.15 1.17 1.11 4.70 803.6 794.8 785.2 776.4 767.6CA-SanDiego-Carlsbad

Apartment-Garden21 0.50 1,784.0 Total: 1.87 1.92 1.87 103.8 101.9


CA-SanDiego-Carlsbad Apartment


Income: 1.13 1.14 1.19 1.19 1.15 1.13 4.72 158.2 156.4 154.7 152.9 151.1CA-SanDiego-Carlsbad

Industrial53 16.50 1,574.3 Total: 2.88 2.86 4.12 4.81 3.40 2.88 15.48 483.0 469.5 456.4 438.4 418.3


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CA-SanDiego-Carlsbad Industrial-Warehouse


Income: 1.22 1.25 1.27 1.33 1.35 1.22 5.17 112.8 111.5 110.1 108.7 107.3CA-SanDiego-Carlsbad Office 47 15.50 4,367.3 Total: 1.60 0.62 0.24 1.48 2.22 1.60 4.00 324.3 319.2 317.2 316.5 311.9

Appreciation: 0.52 -0.79 -0.86 0.42 1.08 0.52 -0.72 131.6 130.9 132.0 133.1 132.5Income: 1.08 1.42 1.10 1.07 1.14 1.08 4.74 247.7 245.0 241.6 239.0 236.5

CA-SanDiego-Carlsbad Office-Suburban

40 15.50 3,522.2 Total: 1.61 0.42 0.51 1.54 2.49 1.61 4.13 335.9 330.6 329.2 327.5 322.6Appreciation: 0.58 -0.61 -0.53 0.50 1.36 0.58 -0.07 137.5 136.7 137.6 138.3 137.6

Income: 1.03 1.03 1.04 1.04 1.13 1.03 4.21 245.6 243.1 240.6 238.2 235.7CA-SanDiego-Carlsbad Retail 32 3.50 4,886.1 Total: 1.66 1.58 1.40 2.71 2.92 1.66 7.56 152.5 150.0 147.7 145.6 141.8


CA-SanFrancisco-RedwoodCity-

SouthSanFrancisco


Income: 0.99 0.95 0.98 0.97 0.96 0.99 3.95 558.1 552.6 547.4 542.1 536.9CA-SanFrancisco-

RedwoodCity-SouthSanFrancisco

Industrial



RedwoodCity-SouthSanFrancisco

Industrial-Warehouse



RedwoodCity-SouthSanFrancisco Office



RedwoodCity-SouthSanFrancisco Office-

CBD



RedwoodCity-SouthSanFrancisco Office-

Suburban


Income: 1.04 1.03 1.04 1.06 1.02 1.04 4.24 133.4 132.0 130.7 129.3 128.0CA-SanJose-Sunnyvale-

SantaClara 130 39.00 13,580.6 Total: 1.31 2.94 1.99 2.80 3.01 1.31 9.33 8,236.3 8,130.1 7,898.2 7,743.9 7,533.1


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CA-SanJose-Sunnyvale-SantaClara Industrial


Income: 1.20 1.33 0.93 1.11 1.16 1.20 4.65 1,725.3 1,704.9 1,682.6 1,667.0 1,648.6CA-SanJose-Sunnyvale-

SantaClara Industrial-Warehouse


Income: 1.24 1.15 1.10 1.22 1.36 1.24 4.79 170.5 168.5 166.5 164.7 162.7CA-SanJose-Sunnyvale-

SantaClara Office60 11.25 6,942.2 Total: 1.33 2.63 2.04 1.87 3.20 1.33 8.09 296.4 292.5 285.0 279.3 274.2


CA-SanJose-Sunnyvale-SantaClara Office-Suburban


Income: 1.19 1.17 1.20 1.19 1.25 1.19 4.84 193.0 190.7 188.5 186.3 184.1WA-Seattle-Bellevue-Everett 327 32.00 21,658.7 Total: 2.12 2.34 2.01 2.11 2.84 2.12 8.87 1,620.4 1,586.7 1,550.5 1,519.9 1,488.4


WA-Seattle-Bellevue-Everett Apartment-Garden


Income: 1.25 1.25 1.27 1.25 1.25 1.25 5.12 181.2 179.0 176.8 174.6 172.4WA-Seattle-Bellevue-Everett

Apartment79 16.00 6,587.7 Total: 1.22 2.34 2.64 2.60 1.63 1.22 9.09 404.9 400.0 390.9 380.8 371.1


WA-Seattle-Bellevue-Everett Apartment-HighRise



Industrial144 28.00 3,527.1 Total: 3.51 4.65 3.90 3.99 3.93 3.51 17.04 1,345.0 1,299.4 1,241.8 1,195.1 1,149.2


WA-Seattle-Bellevue-Everett Industrial-Warehouse



Office68 17.25 8,835.4 Total: 2.07 1.69 0.96 1.11 2.60 2.07 5.95 402.7 394.5 388.0 384.3 380.0


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WA-Seattle-Bellevue-Everett Office-CBD



Office-Suburban31 12.75 2,523.5 Total: 2.98 1.86 -0.14 0.23 1.28 2.98 5.00 251.7 244.4 240.0 240.3 239.7

Appreciation: 1.62 0.47 -1.49 -1.06 0.02 1.62 -0.49 116.3 114.5 113.9 115.7 116.9Income: 1.36 1.39 1.35 1.29 1.26 1.36 5.51 217.0 214.1 211.1 208.3 205.6

WA-Seattle-Bellevue-Everett Retail


Income: 1.17 1.17 1.31 1.26 1.14 1.17 5.00 165.7 163.7 161.8 159.8 157.8MD-SilverSpring-Frederick-

Rockville 48 33.00 3,315.2 Total: 1.28 -0.80 1.48 0.74 1.35 1.28 2.70 1,090.4 1,076.7 1,085.4 1,069.6 1,061.8

Appreciation: -0.06 -2.00 0.18 -0.62 0.07 -0.06 -2.49 104.5 104.6 106.7 106.5 107.2Income: 1.34 1.20 1.30 1.35 1.28 1.34 5.29 1,045.3 1,031.5 1,019.3 1,006.3 992.8

WA-Tacoma-Lakewood 42 8.25 2,075.7 Total: 4.14 4.09 3.24 3.23 3.01 4.14 15.52 216.3 207.7 199.5 193.3 187.2Appreciation: 2.96 2.88 1.95 1.93 1.82 2.96 10.07 136.6 132.7 129.0 126.5 124.1

Income: 1.18 1.22 1.28 1.30 1.19 1.18 5.08 158.9 157.0 155.1 153.2 151.2WA-Tacoma-Lakewood

Industrial39 6.75 2,004.9 Total: 4.25 4.11 3.32 3.04 3.08 4.25 15.55 253.0 242.7 233.1 225.6 219.0


WA-Tacoma-Lakewood Industrial-Warehouse


Income: 1.19 1.22 1.24 1.31 1.18 1.19 5.04 143.4 141.7 140.0 138.3 136.5FL-Tampa-St.Petersburg-

Clearwater 55 22.00 2,553.6 Total: 1.90 2.16 2.45 2.56 2.82 1.90 9.38 644.6 632.6 619.3 604.4 589.3


FL-Tampa-St.Petersburg-Clearwater Apartment-

Garden


Income: 1.37 1.46 1.40 1.42 1.41 1.37 5.76 188.2 185.7 183.0 180.5 178.0FL-Tampa-St.Petersburg-

Clearwater Apartment27 12.25 1,497.8 Total: 1.50 2.56 2.33 3.36 2.79 1.50 10.10 304.2 299.7 292.2 285.6 276.3


DC-VA-MD-WV-Washington-Arlington-Alexandria

334 31.75 40,678.5 Total: 1.05 0.94 1.27 1.42 1.59 1.05 4.77 1,541.5 1,525.4 1,511.3 1,492.3 1,471.4Appreciation: -0.06 -0.15 0.15 0.28 0.52 -0.06 0.22 187.6 187.7 188.0 187.8 187.2

Income: 1.11 1.09 1.12 1.15 1.07 1.11 4.55 830.2 821.0 812.2 803.2 794.1

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Apartment

82 17.75 8,246.3 Total: 1.36 1.34 1.34 0.94 1.30 1.36 5.06 631.9 623.4 615.2 607.1 601.5Appreciation: 0.25 0.23 0.25 -0.21 0.23 0.25 0.51 235.6 235.0 234.4 233.9 234.4

Income: 1.11 1.11 1.09 1.14 1.07 1.11 4.53 272.0 269.0 266.1 263.2 260.2DC-VA-MD-WV-Washington-

Arlington-Alexandria Apartment-HighRise

67 10.25 7,265.9 Total: 1.50 1.21 1.27 0.89 1.35 1.50 4.96 178.7 176.1 174.0 171.8 170.3Appreciation: 0.43 0.13 0.20 -0.23 0.29 0.43 0.54 112.7 112.2 112.0 111.8 112.1


Arlington-Alexandria Industrial



Arlington-Alexandria Industrial-Warehouse



Arlington-Alexandria Office136 27.50 22,399.1 Total: 0.89 0.63 0.85 1.25 1.31 0.89 3.67 780.4 773.5 768.7 762.1 752.8


DC-VA-MD-WV-Washington-Arlington-Alexandria Office-

CBD


Income: 1.00 0.93 1.00 1.00 0.94 1.00 3.98 409.9 405.9 402.1 398.1 394.2DC-VA-MD-WV-Washington-Arlington-Alexandria Office-

Suburban

66 25.50 5,993.7 Total: 0.78 -1.11 0.25 0.59 0.53 0.78 0.50 770.0 764.0 772.5 770.6 766.1Appreciation: -0.62 -2.45 -1.13 -0.81 -0.80 -0.62 -4.93 117.6 118.3 121.3 122.7 123.7


Arlington-Alexandria Retail70 15.00 8,527.4 Total: 0.96 1.06 2.54 2.31 2.77 0.96 7.04 625.6 619.6 613.1 597.9 584.4


DC-VA-MD-WV-Washington-Arlington-Alexandria Retail-

Neighborhood


Income: 1.27 1.29 1.31 1.33 1.32 1.27 5.30 153.8 151.9 149.9 148.0 146.1FL-WestPalmBeach-

BocaRaton-DelrayBeach 56 22.75 3,599.3 Total: 1.80 1.80 1.66 2.16 0.60 1.80 7.64 777.3 763.6 750.1 737.8 722.2


FL-WestPalmBeach-BocaRaton-DelrayBeach

Apartment-Garden

20 0.75 1,426.1 Total: 1.79 2.55 1.91 1.79 106.4 104.5 101.9Appreciation: 0.51 1.26 0.67 0.51 102.5 101.9 100.7

Income: 1.28 1.28 1.24 1.28 103.8 102.5 101.2

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FL-WestPalmBeach-BocaRaton-DelrayBeach

Apartment


Income: 1.25 1.27 1.21 1.25 1.28 1.25 5.08 171.8 169.7 167.5 165.5 163.5

of 1334/25/2017 Section 1, Page 41


Annualized Returns (%)Market Indexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

NCREIF Property Index Total: 7.27 9.53 10.58 10.73 10.69 11.14 11.82 8.89 5.98 6.72 9.01 9.75 9.27 1977/4S&P 500 Index Total: 17.17 9.21 10.37 13.14 13.30 12.49 12.94 16.99 9.01 7.51 7.09 7.87 11.64 1977/4T-Bills (90 day) Total: 0.32 0.88 0.60 0.46 0.38 0.33 0.30 0.28 0.37 0.75 1.33 2.20 4.80 1977/4

NAREIT Equity REIT Index Total: 5.25 4.96 10.56 8.69 10.32 10.48 12.45 21.34 7.80 4.97 10.39 9.77 12.60 1977/4Consumer Price Index Total: 2.38 1.61 1.05 1.13 1.20 1.44 1.62 1.70 1.47 1.72 2.08 2.12 3.54 1977/4

Annualized Returns (%)Total Index 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

NCREIF Property Index Total: 7.27 9.53 10.58 10.73 10.69 11.14 11.82 8.89 5.98 6.72 9.01 9.75 9.27 1977/4Appreciation: 2.45 4.53 5.40 5.40 5.23 5.54 6.02 3.09 0.34 1.07 2.74 2.83 1.86

Income: 4.73 4.84 4.99 5.12 5.26 5.38 5.56 5.67 5.62 5.60 6.14 6.77 7.31Annualized Returns (%)

Property Type Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrApartment Total: 6.73 8.81 9.53 9.65 9.92 10.72 12.22 9.28 6.07 6.42 8.70 9.55 8.92 1984/3

Appreciation: 2.10 4.04 4.64 4.68 4.82 5.52 6.85 3.95 0.93 1.31 3.20 3.30 1.96Income: 4.56 4.63 4.72 4.81 4.92 5.00 5.12 5.18 5.11 5.06 5.37 6.11 6.86

Hotel Total: 3.34 7.44 9.25 8.76 8.58 8.72 9.39 6.25 3.21 4.38 7.34 8.28 8.28 1997/1Appreciation: -4.41 -0.55 1.10 0.75 0.71 0.99 1.70 -0.92 -3.59 -2.48 -0.08 0.12 0.12

Income: 8.02 8.03 8.09 7.98 7.84 7.68 7.59 7.24 7.01 7.02 7.44 8.17 8.17Industrial Total: 12.18 13.23 13.56 13.32 12.75 12.95 12.85 9.60 6.68 7.29 9.17 10.13 9.70 1977/4


Office Total: 5.73 8.22 9.68 9.81 9.66 10.18 10.76 7.72 4.74 5.95 8.06 9.38 8.49 1977/4Appreciation: 1.19 3.49 4.73 4.72 4.44 4.80 5.15 2.06 -0.75 0.43 1.83 2.48 1.20

Income: 4.50 4.61 4.79 4.92 5.05 5.19 5.41 5.57 5.51 5.49 6.14 6.77 7.23Retail Total: 7.56 10.30 11.46 11.96 12.09 12.22 12.67 10.16 7.78 8.16 11.24 10.73 9.81 1977/4


Annualized Returns (%)Regional Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East Total: 5.65 7.72 8.59 8.76 8.82 9.41 10.71 8.02 4.90 5.75 8.86 9.77 10.15 1977/4Appreciation: 1.16 3.04 3.74 3.78 3.71 4.15 5.22 2.48 -0.46 0.38 2.73 2.94 2.64

Income: 4.45 4.58 4.72 4.85 4.98 5.10 5.29 5.43 5.38 5.35 6.00 6.69 7.38

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Annualized Returns (%)Regional Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

Midwest Total: 6.25 8.47 9.73 9.99 9.93 10.28 10.54 8.14 5.76 6.29 7.69 8.19 8.15 1977/4Appreciation: 1.07 3.10 4.13 4.22 3.99 4.21 4.34 1.93 -0.30 0.21 1.10 1.04 0.61

Income: 5.14 5.25 5.43 5.59 5.77 5.89 6.01 6.11 6.07 6.07 6.54 7.09 7.51South Total: 6.96 9.34 10.89 11.39 11.39 11.59 11.97 9.20 6.70 7.22 8.86 9.23 8.38 1977/4


West Total: 9.13 11.57 12.50 12.41 12.26 12.77 13.18 9.76 6.65 7.48 9.76 10.74 9.83 1977/4Appreciation: 4.36 6.64 7.39 7.18 6.90 7.25 7.44 4.03 1.10 1.91 3.59 3.93 2.50


Divisional Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: 6.51 8.80 10.13 10.40 10.32 10.73 10.97 8.48 6.01 6.55 7.91 8.32 8.35 1977/4


Mideast Total: 5.56 7.08 7.22 7.41 7.46 8.13 9.76 7.72 5.40 5.91 9.25 9.96 9.65 1978/2Appreciation: 0.62 2.04 2.05 2.15 2.08 2.63 4.03 1.95 -0.25 0.25 2.90 2.90 2.05

Income: 4.92 4.97 5.09 5.18 5.29 5.40 5.57 5.69 5.66 5.65 6.22 6.92 7.50Mountain Total: 8.12 11.33 12.55 12.85 12.62 12.75 12.95 9.62 6.80 7.29 9.40 9.54 8.69 1977/4


Northeast Total: 5.70 8.11 9.47 9.63 9.73 10.27 11.34 8.22 4.62 5.67 8.59 9.69 9.83 1979/1Appreciation: 1.47 3.64 4.80 4.82 4.78 5.17 6.00 2.84 -0.56 0.49 2.61 3.02 2.56

Income: 4.19 4.35 4.51 4.64 4.78 4.91 5.12 5.26 5.20 5.16 5.87 6.53 7.14Pacific Total: 9.33 11.63 12.50 12.34 12.20 12.79 13.23 9.80 6.63 7.53 9.83 11.07 10.24 1977/4


Southeast Total: 7.92 11.02 12.15 11.98 11.66 11.73 11.91 8.92 6.18 6.54 8.71 9.01 9.11 1977/4Appreciation: 2.47 5.38 6.31 6.01 5.59 5.55 5.58 2.63 0.06 0.46 2.23 1.92 1.57

Income: 5.36 5.42 5.58 5.72 5.83 5.94 6.08 6.17 6.11 6.06 6.37 6.98 7.46Southwest Total: 6.10 7.85 9.77 10.87 11.16 11.50 12.09 9.58 7.43 8.18 9.10 9.55 7.71 1977/4


West North Central Total: 4.85 6.75 7.69 7.94 8.04 8.19 8.52 6.52 4.57 5.08 6.72 7.59 7.47 1978/3Appreciation: -0.79 0.81 1.41 1.53 1.51 1.60 1.89 -0.09 -1.90 -1.38 -0.17 0.04 -0.32

Income: 5.67 5.91 6.22 6.34 6.46 6.51 6.54 6.61 6.56 6.53 6.89 7.55 7.82

of 1334/25/2017 Section 2, Page 2


Annualized Returns (%)Apartment by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East Total: 5.38 6.82 7.16 7.49 7.83 8.81 10.80 7.76 4.03 4.72 7.75 9.32 8.77 1988/2Appreciation: 0.98 2.34 2.64 2.89 3.13 4.01 5.81 2.82 -0.68 0.07 2.56 3.20 2.08

Income: 4.37 4.41 4.44 4.50 4.59 4.66 4.78 4.84 4.74 4.65 5.10 5.99 6.59Midwest Total: 5.42 7.46 8.69 9.10 9.81 10.87 11.80 9.59 7.23 7.46 8.14 9.07 8.73 1989/4


South Total: 5.60 7.77 9.66 10.11 10.39 11.02 12.28 9.54 6.96 7.07 9.08 9.34 8.31 1987/2Appreciation: 0.65 2.66 4.35 4.67 4.81 5.33 6.43 3.74 1.31 1.44 3.17 2.81 1.37

Income: 4.92 5.01 5.15 5.26 5.38 5.48 5.59 5.64 5.60 5.57 5.77 6.40 6.87West Total: 9.15 11.98 12.14 11.73 11.80 12.51 13.88 10.61 7.27 7.47 9.82 10.75 10.07 1988/1


Annualized Returns (%)Apartment by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East North Central Total: 5.31 7.48 8.79 9.08 9.87 10.91 11.98 9.71 7.19 7.46 8.09 8.99 8.56 1989/4Appreciation: 0.81 2.88 4.01 4.18 4.76 5.64 6.57 4.29 1.88 2.16 2.56 2.76 1.72

Income: 4.48 4.50 4.64 4.76 4.94 5.06 5.16 5.25 5.23 5.21 5.43 6.11 6.75Mideast Total: 5.88 6.05 5.82 6.05 6.39 7.62 10.21 8.46 5.77 5.99 9.10 10.31 9.14 1989/2


Mountain Total: 9.92 13.31 13.31 12.80 12.59 13.28 14.60 11.42 7.96 7.98 9.91 9.80 10.09 1989/4Appreciation: 4.79 7.91 7.79 7.22 6.94 7.52 8.66 5.53 2.29 2.37 3.96 3.19 2.82

Income: 4.95 5.10 5.22 5.30 5.37 5.46 5.59 5.65 5.58 5.51 5.78 6.46 7.12Northeast Total: 5.09 7.29 7.99 8.38 8.72 9.54 11.18 7.54 3.34 4.24 6.95 8.88 9.52 1994/2

Appreciation: 0.93 2.98 3.61 3.93 4.17 4.91 6.39 2.83 -1.10 -0.14 2.04 2.97 3.24Income: 4.13 4.22 4.27 4.32 4.42 4.47 4.58 4.61 4.49 4.40 4.84 5.79 6.15

Pacific Total: 8.92 11.57 11.77 11.39 11.55 12.26 13.64 10.35 7.05 7.32 9.85 11.77 10.29 1989/1Appreciation: 4.43 6.92 7.02 6.58 6.65 7.26 8.50 5.25 2.12 2.43 4.61 5.77 3.65

Income: 4.35 4.43 4.52 4.59 4.68 4.74 4.84 4.90 4.84 4.80 5.07 5.76 6.47Southeast Total: 8.47 10.97 12.09 11.85 11.40 11.76 12.78 9.75 6.62 6.57 9.50 9.74 9.03 1989/1


Southwest Total: 3.27 5.21 7.70 8.70 9.58 10.47 11.93 9.50 7.63 7.95 8.37 8.69 8.53 1992/1Appreciation: -1.45 0.34 2.61 3.44 4.14 4.89 6.20 3.80 2.00 2.29 2.51 2.20 1.53

Income: 4.77 4.86 5.00 5.13 5.28 5.39 5.49 5.55 5.55 5.56 5.76 6.38 6.91

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Annualized Returns (%)Apartment by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

West North Central Total: 5.91 7.35 8.31 9.15 9.61 10.70 11.20 9.15 7.24 7.37 8.24 9.25 9.25 1997/1Appreciation: 1.19 2.40 3.04 3.64 3.87 4.75 5.10 3.06 1.24 1.37 2.10 2.43 2.43


Hotel by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Total: 0.17 3.71 4.92 4.48 4.44 5.06 6.55 4.50 1.55 2008/2

Appreciation: -6.52 -3.12 -1.94 -2.27 -2.20 -1.57 -0.16 -1.95 -4.65Income: 7.06 7.02 6.98 6.88 6.76 6.71 6.72 6.55 6.45

Midwest Total: -1.39 3.27 6.01 5.67 5.97 6.33 6.53 2010/4Appreciation: -9.45 -5.11 -2.54 -2.52 -2.07 -1.58 -1.19

Income: 8.65 8.70 8.73 8.35 8.18 8.01 7.79South Total: 6.66 9.97 11.71 11.62 11.05 10.78 11.70 2010/3

Appreciation: -1.83 1.13 2.68 2.65 2.29 2.32 3.15Income: 8.61 8.77 8.86 8.80 8.61 8.32 8.36

West Total: 7.68 12.59 14.49 13.22 12.68 12.36 12.38 8.65 5.69 7.19 9.49 2004/4Appreciation: -0.86 3.80 5.47 4.43 4.10 3.97 4.16 1.04 -1.50 -0.11 1.89

Income: 8.59 8.55 8.67 8.51 8.34 8.15 7.98 7.57 7.32 7.35 7.53Annualized Returns (%)

Hotel by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: -2.49 -2.49 2016/1

Appreciation: -10.27 -10.27Income: 8.41 8.41

Annualized Returns (%)Industrial by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East Total: 11.54 11.79 12.27 12.28 11.67 11.76 11.83 9.11 6.54 6.67 8.71 10.01 9.64 1978/3Appreciation: 5.76 5.90 6.21 6.01 5.30 5.28 5.17 2.43 0.01 0.14 1.66 2.28 1.54



South Total: 10.34 11.72 12.53 12.70 12.14 12.20 11.93 8.99 6.42 7.02 8.28 8.72 8.41 1977/4Appreciation: 4.46 5.66 6.30 6.36 5.73 5.71 5.31 2.38 -0.05 0.51 1.31 1.17 0.43

Income: 5.69 5.81 5.95 6.05 6.14 6.23 6.37 6.49 6.46 6.48 6.90 7.48 7.95

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Annualized Returns (%)Industrial by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

West Total: 13.97 14.98 14.97 14.39 13.93 14.26 14.20 10.55 7.22 8.11 10.35 11.52 11.07 1977/4Appreciation: 8.87 9.76 9.64 8.95 8.37 8.53 8.26 4.60 1.44 2.30 3.89 4.37 3.29


Industrial by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: 9.79 11.46 11.88 11.84 11.00 11.26 11.27 8.22 5.45 5.86 7.47 7.98 8.07 1977/4


Mideast Total: 8.48 10.08 10.38 10.53 10.07 10.37 10.82 8.25 6.16 6.43 8.98 10.14 9.02 1981/3Appreciation: 2.32 3.85 4.07 4.03 3.46 3.64 3.89 1.34 -0.55 -0.25 1.73 2.28 0.92


Appreciation: 5.90 7.44 7.80 7.57 7.19 6.59 5.25 1.94 -0.34 0.44 2.21 2.22 0.72Income: 5.72 5.85 6.01 6.18 6.30 6.40 6.48 6.49 6.43 6.41 6.72 7.36 7.95

Northeast Total: 13.15 12.70 13.38 13.32 12.63 12.58 12.42 9.62 6.69 6.75 8.45 9.89 9.13 1981/3Appreciation: 7.58 7.00 7.46 7.18 6.39 6.25 5.93 3.08 0.27 0.32 1.53 2.23 1.23



Southeast Total: 10.20 11.68 12.46 12.11 11.53 11.61 10.95 7.83 5.30 6.03 7.96 8.27 8.25 1980/2Appreciation: 4.21 5.56 6.26 5.86 5.23 5.22 4.46 1.35 -1.02 -0.32 1.12 0.88 0.36



West North Central Total: 5.66 8.20 9.34 9.56 9.27 9.07 8.84 6.06 4.18 4.66 6.56 7.92 7.27 1981/2Appreciation: -1.24 1.08 1.86 2.17 1.92 1.75 1.51 -1.21 -2.96 -2.48 -0.89 -0.19 -0.91


Office by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Total: 4.85 7.17 8.18 8.33 8.23 8.91 10.28 7.60 4.33 5.55 8.57 9.92 8.98 1980/1


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Annualized Returns (%)Office by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

Midwest Total: 4.76 6.80 8.80 8.14 7.79 7.66 7.65 5.43 3.51 4.25 5.60 6.86 5.96 1980/2Appreciation: -0.60 1.20 2.95 2.12 1.59 1.38 1.31 -0.91 -2.64 -1.97 -1.12 -0.44 -1.46

Income: 5.39 5.54 5.73 5.92 6.12 6.22 6.27 6.38 6.27 6.31 6.78 7.32 7.50South Total: 4.43 7.00 9.12 9.92 9.99 9.95 9.76 7.09 4.93 6.10 7.32 8.36 5.45 1981/1

Appreciation: -1.17 1.31 3.24 3.90 3.91 3.82 3.53 0.89 -1.11 0.02 0.64 1.08 -1.69Income: 5.64 5.64 5.74 5.85 5.92 5.96 6.07 6.15 6.08 6.08 6.64 7.22 7.23

West Total: 7.43 10.18 11.92 11.87 11.59 12.28 12.36 8.63 5.46 6.73 8.50 10.19 8.29 1979/1Appreciation: 2.84 5.46 6.99 6.81 6.41 6.90 6.72 2.97 -0.01 1.25 2.37 3.45 1.27


Office by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: 5.20 7.17 9.51 8.86 8.47 8.53 8.55 6.14 4.03 4.70 5.85 7.14 6.02 1982/2

Appreciation: -0.02 1.80 3.92 3.10 2.49 2.43 2.35 -0.06 -1.96 -1.39 -0.72 0.05 -1.28Income: 5.23 5.30 5.43 5.63 5.86 5.99 6.09 6.20 6.07 6.15 6.61 7.09 7.37

Mideast Total: 3.81 5.15 5.18 5.71 5.59 6.43 8.18 6.19 4.03 4.79 8.21 9.38 8.33 1981/4Appreciation: -0.76 0.43 0.28 0.72 0.50 1.22 2.73 0.65 -1.40 -0.67 1.99 2.34 0.94


Appreciation: -0.44 1.60 3.73 4.89 4.76 4.78 4.12 0.58 -1.62 -0.80 0.68 1.16 -1.66Income: 4.99 5.11 5.29 5.45 5.62 5.75 5.95 6.10 6.05 5.99 6.44 6.99 7.17

Northeast Total: 5.31 8.14 9.71 9.73 9.73 10.36 11.49 8.37 4.47 6.00 8.83 10.35 8.45 1981/3Appreciation: 1.37 3.94 5.26 5.13 4.96 5.41 6.23 2.98 -0.71 0.79 2.78 3.63 1.19



Southeast Total: 5.67 9.73 11.31 11.03 10.43 9.94 9.59 6.67 4.30 5.06 6.94 7.75 5.66 1983/4Appreciation: 0.09 4.00 5.42 5.02 4.34 3.79 3.29 0.38 -1.85 -1.11 0.26 0.46 -1.69


Appreciation: -2.09 -0.62 1.68 3.07 3.55 3.86 3.76 1.35 -0.40 1.16 0.95 1.69 -2.25Income: 5.69 5.71 5.79 5.89 5.93 5.95 6.00 6.05 5.94 5.95 6.65 7.20 7.06

West North Central Total: 2.97 5.27 6.05 5.53 5.46 5.01 5.00 3.33 1.93 2.86 4.77 6.02 4.68 1982/2Appreciation: -2.95 -1.27 -0.84 -1.40 -1.53 -1.94 -1.84 -3.51 -4.77 -3.82 -2.41 -1.84 -3.15

Income: 6.06 6.60 6.94 7.01 7.07 7.06 6.93 7.02 6.95 6.87 7.31 7.97 8.01

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Annualized Returns (%)Retail by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East Total: 6.34 9.06 10.50 10.66 11.03 11.05 11.82 9.41 7.29 7.69 11.19 10.41 9.95 1981/2Appreciation: 1.39 3.88 5.09 5.11 5.32 5.16 5.72 3.31 1.30 1.70 4.49 3.27 2.71



South Total: 8.46 11.42 12.57 13.14 13.18 13.28 13.59 10.89 8.27 8.55 11.03 10.76 9.13 1981/3Appreciation: 3.49 6.23 7.08 7.42 7.28 7.19 7.30 4.57 2.08 2.38 4.40 3.49 1.83

Income: 4.85 4.96 5.21 5.43 5.60 5.78 5.97 6.10 6.09 6.05 6.42 7.07 7.21West Total: 8.13 10.71 11.70 12.32 12.43 12.68 13.14 10.54 8.10 8.44 11.87 11.58 10.44 1977/4


Annualized Returns (%)Retail by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East North Central Total: 6.92 9.90 10.93 11.84 11.70 11.90 11.82 9.65 7.31 7.98 10.29 9.46 9.84 1982/4Appreciation: 2.02 4.72 5.56 6.18 5.84 5.86 5.60 3.40 1.17 1.81 3.53 2.32 2.43

Income: 4.82 5.00 5.16 5.42 5.62 5.79 5.97 6.09 6.08 6.08 6.59 7.02 7.29Mideast Total: 7.72 10.73 11.51 11.27 11.61 11.54 12.45 10.21 7.85 8.13 11.65 10.75 8.99 1987/3


Mountain Total: 7.83 11.83 13.83 14.48 14.12 13.95 14.04 10.96 8.25 8.81 11.61 10.85 9.89 1982/4Appreciation: 2.89 6.55 8.30 8.72 8.22 7.89 7.79 4.76 2.19 2.71 4.93 3.71 2.74

Income: 4.84 5.03 5.21 5.41 5.56 5.73 5.91 5.98 5.96 5.97 6.45 6.94 7.00Northeast Total: 5.04 7.43 9.51 10.07 10.45 10.64 11.28 8.74 6.82 7.32 10.78 10.08 8.28 1990/4


Pacific Total: 8.29 10.46 11.18 11.77 12.01 12.37 12.94 10.47 8.12 8.37 11.94 11.85 10.26 1979/3Appreciation: 3.51 5.51 6.05 6.48 6.55 6.74 7.08 4.59 2.32 2.57 5.44 4.78 2.87

Income: 4.66 4.76 4.91 5.05 5.21 5.36 5.57 5.69 5.69 5.69 6.26 6.83 7.23Southeast Total: 7.67 11.40 12.43 12.60 12.80 13.05 13.23 10.32 7.60 7.90 10.00 10.03 9.26 1982/4


Southwest Total: 9.40 11.40 12.69 13.86 13.68 13.53 14.07 11.83 9.50 9.79 12.74 11.97 9.01 1985/1Appreciation: 4.72 6.51 7.52 8.41 8.05 7.77 8.08 5.77 3.49 3.75 6.02 4.66 1.77

Income: 4.53 4.67 4.90 5.14 5.31 5.46 5.65 5.81 5.85 5.87 6.43 7.06 7.14

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Annualized Returns (%)Retail by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

West North Central Total: 4.99 7.03 8.00 8.60 8.58 8.39 9.36 7.69 4.75 5.24 7.94 8.26 7.49 1990/4Appreciation: -0.69 1.23 1.97 2.28 2.12 1.89 2.73 1.09 -1.62 -1.12 1.08 0.88 0.05


Property Subtypes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrApartment-Garden Total: 8.80 11.33 11.63 11.33 11.22 11.78 13.03 9.82 7.06 7.25 9.21 9.81 9.06 1989/1


Apartment-HighRise Total: 5.54 7.39 8.34 8.67 9.14 10.01 11.72 9.01 4.99 5.57 8.18 10.21 10.41 1996/1Appreciation: 1.31 3.03 3.89 4.13 4.49 5.29 6.85 4.18 0.39 1.02 3.20 4.37 4.42

Income: 4.20 4.26 4.33 4.40 4.50 4.55 4.64 4.69 4.60 4.51 4.87 5.67 5.81Apartment-LowRise Total: 7.21 9.37 9.81 9.99 10.31 11.30 12.88 10.07 6.82 7.04 9.26 9.36 2000/1


Industrial-R&D Total: 10.87 11.12 10.41 10.81 11.09 11.77 11.87 9.29 5.64 6.56 8.01 10.01 9.64 1978/1Appreciation: 5.29 6.01 5.27 5.22 5.19 5.62 5.51 2.91 -0.49 0.41 1.24 2.51 1.58

Income: 5.37 4.90 4.94 5.38 5.68 5.91 6.11 6.24 6.15 6.13 6.71 7.36 7.97Industrial-Flex Space Total: 8.90 10.25 10.69 10.45 9.61 9.36 9.15 6.63 4.08 5.13 7.57 9.22 7.77 1990/4

Appreciation: 2.88 4.15 4.46 4.14 3.26 2.93 2.59 0.06 -2.33 -1.30 0.63 1.64 -0.29Income: 5.88 5.92 6.04 6.12 6.20 6.29 6.44 6.56 6.52 6.48 6.90 7.49 8.07

Industrial-Other Total: 11.92 11.94 12.27 12.85 12.37 2012/3Appreciation: 5.81 5.89 6.21 6.79 6.33

Income: 5.85 5.80 5.80 5.77 5.77Industrial-Warehouse Total: 12.38 13.53 13.88 13.63 13.07 13.32 13.28 9.93 6.98 7.51 9.41 10.10 9.78 1977/4


Office-CBD Total: 5.69 8.29 9.74 9.81 9.84 10.51 11.61 8.54 5.14 6.71 9.12 10.22 7.83 1981/3Appreciation: 1.55 3.97 5.22 5.17 5.07 5.59 6.43 3.28 0.07 1.60 3.23 3.63 0.87

Income: 4.09 4.19 4.36 4.47 4.60 4.73 4.95 5.13 5.06 5.05 5.75 6.42 6.91Office-Suburban Total: 5.79 8.13 9.58 9.79 9.45 9.85 10.07 7.07 4.36 5.34 7.30 8.82 7.69 1977/4


Retail-Community Total: 7.12 9.79 10.61 10.90 10.81 11.16 11.40 9.16 6.59 6.89 10.10 10.19 9.32 1979/2Appreciation: 1.66 4.14 4.80 4.85 4.62 4.85 4.96 2.75 0.33 0.63 3.23 2.73 1.55

Income: 5.39 5.47 5.61 5.84 5.98 6.09 6.21 6.28 6.25 6.22 6.71 7.31 7.68

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Annualized Returns (%)Property Subtypes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

Retail-Fashion/Specialty Center Total: 6.60 9.12 10.23 9.83 10.04 10.29 10.63 8.79 6.07 6.78 8.94 2005/1Appreciation: 2.07 4.36 5.29 4.76 4.89 4.94 5.09 3.23 0.59 1.22 3.14

Income: 4.46 4.61 4.76 4.89 4.98 5.17 5.34 5.43 5.46 5.50 5.67Retail-Neighborhood Total: 8.89 11.65 12.44 12.25 12.02 11.67 12.22 9.66 7.00 7.15 10.37 10.80 9.66 1977/4


Retail-Power Center Total: 6.85 8.95 9.49 10.18 10.19 10.53 10.83 8.12 5.39 5.59 7.98 2004/1Appreciation: 1.07 3.04 3.43 3.99 3.88 4.10 4.21 1.48 -1.11 -0.84 1.31

Income: 5.74 5.79 5.91 6.01 6.14 6.25 6.42 6.56 6.55 6.47 6.60Retail-Regional Total: 6.31 9.27 11.13 11.70 12.08 12.29 12.80 10.34 8.11 8.74 11.95 11.13 9.52 1983/1


Retail-Super Regional Total: 8.38 10.97 12.31 13.33 13.72 13.87 14.56 11.88 9.87 10.27 13.00 11.65 10.66 1983/1Appreciation: 3.80 6.18 7.28 8.07 8.27 8.23 8.67 5.95 4.01 4.40 6.51 4.70 3.64

Income: 4.45 4.58 4.77 4.96 5.14 5.32 5.53 5.67 5.68 5.68 6.20 6.70 6.83Retail-Single Tenant Total: 4.37 9.38 11.65 13.00 12.95 13.04 12.39 9.55 6.82 6.86 10.22 10.77 10.48 1995/1


Annualized Returns (%)Apartment Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East Apartment-Garden Total: 6.44 7.42 7.35 7.54 7.78 8.65 10.60 7.22 4.58 5.02 7.75 9.12 9.26 1992/3Appreciation: 0.87 1.87 1.82 1.97 2.14 2.94 4.72 1.47 -0.99 -0.51 1.90 2.49 2.26

Income: 5.54 5.48 5.46 5.49 5.55 5.59 5.69 5.69 5.62 5.55 5.77 6.52 6.89East Apartment-HighRise Total: 4.96 6.48 6.97 7.33 7.75 8.76 10.90 8.05 3.52 4.36 7.60 7.87 2000/4

Appreciation: 0.78 2.21 2.65 2.95 3.29 4.24 6.22 3.41 -0.85 0.05 2.72 2.76Income: 4.16 4.20 4.23 4.29 4.35 4.38 4.48 4.53 4.41 4.30 4.78 5.02

East Apartment-LowRise Total: 8.38 10.33 9.56 9.86 9.63 10.48 11.97 9.56 6.98 7.55 7.55 2007/1Appreciation: 4.19 5.94 5.19 5.28 4.87 5.58 6.91 4.59 2.21 2.82 2.82

Income: 4.06 4.20 4.20 4.41 4.59 4.71 4.81 4.81 4.70 4.63 4.63Midwest Apartment-Garden Total: 8.23 9.77 9.99 10.26 10.68 11.36 12.51 9.99 7.75 8.04 8.44 9.18 9.80 1994/1


Midwest Apartment-HighRise Total: 4.41 6.70 8.27 8.71 9.60 10.76 11.30 9.43 6.95 7.13 7.59 2006/3Appreciation: 0.18 2.38 3.79 4.10 4.78 5.82 6.30 4.43 2.05 2.25 2.68

Income: 4.23 4.24 4.36 4.48 4.65 4.74 4.78 4.84 4.83 4.80 4.82

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Annualized Returns (%)Apartment Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

South Apartment-Garden Total: 7.19 9.97 11.21 11.27 11.12 11.70 12.77 9.92 7.24 7.29 9.24 9.40 8.97 1990/4Appreciation: 1.70 4.32 5.41 5.39 5.16 5.65 6.58 3.82 1.33 1.43 3.15 2.74 1.90

Income: 5.42 5.47 5.58 5.66 5.75 5.81 5.90 5.93 5.86 5.81 5.94 6.53 6.97South Apartment-HighRise Total: 3.88 5.68 8.28 9.24 9.98 10.32 11.87 9.36 6.76 7.13 8.59 2005/1

Appreciation: -0.57 1.06 3.45 4.25 4.83 5.09 6.53 4.08 1.58 1.94 3.23Income: 4.47 4.59 4.72 4.84 4.97 5.04 5.10 5.13 5.12 5.12 5.23

South Apartment-LowRise Total: 5.51 6.76 8.60 9.00 9.68 10.71 12.19 9.53 7.22 7.29 8.18 2006/1Appreciation: 0.85 1.93 3.55 3.80 4.32 5.19 6.49 3.85 1.65 1.75 2.59

Income: 4.63 4.77 4.92 5.05 5.19 5.32 5.44 5.52 5.50 5.47 5.49West Apartment-Garden Total: 11.03 14.33 14.10 13.19 12.88 13.32 14.44 10.97 7.91 8.12 10.17 10.90 10.01 1990/2


West Apartment-HighRise Total: 7.82 10.14 10.73 10.67 10.98 11.94 13.49 10.61 7.26 7.23 9.87 2003/3Appreciation: 3.62 5.80 6.30 6.16 6.37 7.23 8.59 5.72 2.51 2.53 4.96

Income: 4.09 4.15 4.23 4.31 4.40 4.47 4.61 4.69 4.66 4.61 4.74West Apartment-LowRise Total: 8.13 11.90 11.33 11.18 11.44 12.30 13.96 10.78 6.62 6.74 7.06 2006/2

Appreciation: 3.52 7.03 6.39 6.17 6.32 7.06 8.57 5.47 1.58 1.75 2.11Income: 4.49 4.63 4.72 4.79 4.89 4.98 5.07 5.11 4.99 4.93 4.88

Annualized Returns (%)Apartment Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East North Central Apartment-Garden Total: 8.08 9.29 9.15 9.49 9.98 10.73 12.24 9.54 7.12 7.53 8.07 8.91 9.03 1995/4Appreciation: 2.65 3.80 3.50 3.68 4.03 4.61 5.96 3.32 1.07 1.51 1.94 2.17 2.15

Income: 5.33 5.33 5.50 5.65 5.78 5.92 6.02 6.07 6.00 5.96 6.04 6.63 6.77East North Central Apartment-HighRise Total: 4.66 7.01 8.66 8.96 9.90 11.09 11.67 9.77 7.19 7.13 2007/3


Mideast Apartment-Garden Total: 7.21 8.01 7.34 7.43 7.32 8.36 10.34 8.35 5.85 6.14 8.68 9.66 9.79 1994/2Appreciation: 1.53 2.37 1.71 1.74 1.58 2.55 4.35 2.40 0.07 0.41 2.65 2.91 2.76

Income: 5.62 5.54 5.56 5.62 5.67 5.70 5.81 5.85 5.79 5.72 5.91 6.61 6.89Mideast Apartment-HighRise Total: 5.21 5.24 5.17 5.40 5.95 7.19 10.61 8.97 5.88 5.94 9.12 2003/3


Mountain Apartment-Garden Total: 10.39 14.22 14.11 13.37 13.19 13.65 14.64 11.49 8.16 8.19 10.09 9.90 10.67 1993/1Appreciation: 4.89 8.41 8.21 7.46 7.25 7.64 8.49 5.43 2.33 2.42 4.00 3.19 3.43

Income: 5.31 5.47 5.57 5.60 5.64 5.69 5.78 5.82 5.74 5.67 5.91 6.55 7.06

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Mountain Apartment-HighRise Total: 9.76 12.38 12.36 12.01 11.70 2012/3Appreciation: 5.19 7.55 7.43 6.99 6.63

Income: 4.40 4.57 4.67 4.77 4.84Northeast Apartment-Garden Total: 5.60 6.77 7.40 7.69 8.30 8.97 10.93 6.69 3.78 4.31 7.10 8.18 1998/4

Appreciation: 0.15 1.31 1.98 2.25 2.77 3.37 5.16 1.10 -1.60 -1.03 1.41 1.92Income: 5.44 5.40 5.34 5.35 5.42 5.46 5.56 5.55 5.45 5.38 5.63 6.18

Northeast Apartment-HighRise Total: 4.85 7.14 7.94 8.37 8.69 9.56 11.11 7.81 2.93 3.96 6.72 2003/1Appreciation: 0.87 3.00 3.72 4.08 4.33 5.16 6.59 3.35 -1.24 -0.15 2.22

Income: 3.96 4.05 4.11 4.16 4.23 4.24 4.31 4.34 4.22 4.12 4.43Northeast Apartment-LowRise Total: 7.39 10.50 9.94 10.38 2013/4

Appreciation: 3.24 6.10 5.48 5.90Income: 4.05 4.20 4.28 4.29

Pacific Apartment-Garden Total: 11.31 14.38 14.07 13.08 12.70 13.14 14.33 10.72 7.78 8.09 10.25 12.01 10.52 1990/4Appreciation: 6.26 9.09 8.69 7.68 7.28 7.70 8.80 5.29 2.52 2.88 4.78 5.85 3.91

Income: 4.83 4.95 5.06 5.11 5.15 5.15 5.19 5.23 5.16 5.10 5.28 5.92 6.42Pacific Apartment-HighRise Total: 7.45 9.72 10.43 10.43 10.95 11.76 13.38 10.75 7.21 7.21 9.99 2003/3


Pacific Apartment-LowRise Total: 8.22 12.03 11.12 10.87 11.17 12.10 13.56 10.35 6.29 6.51 6.51 2007/1Appreciation: 3.74 7.27 6.33 6.02 6.18 6.99 8.33 5.21 1.43 1.68 1.68

Income: 4.36 4.51 4.58 4.65 4.77 4.86 4.93 4.94 4.82 4.77 4.77Southeast Apartment-Garden Total: 9.53 12.06 13.00 12.37 11.78 12.02 12.94 9.99 6.80 6.70 9.65 9.78 9.35 1991/2


Southeast Apartment-HighRise Total: 7.05 9.42 10.55 11.03 10.82 11.27 12.26 9.19 9.19 2009/1Appreciation: 2.37 4.51 5.48 5.84 5.56 5.92 6.82 3.85 3.85

Income: 4.60 4.76 4.87 4.98 5.05 5.13 5.18 5.20 5.20Southwest Apartment-Garden Total: 4.03 7.12 8.76 9.75 10.21 11.26 12.55 9.84 8.09 8.40 8.61 8.85 8.73 1994/4

Appreciation: -1.20 1.72 3.18 4.02 4.34 5.27 6.42 3.78 2.13 2.44 2.56 2.22 1.91Income: 5.28 5.33 5.45 5.56 5.69 5.77 5.85 5.89 5.87 5.86 5.94 6.52 6.72

Southwest Apartment-HighRise Total: 1.67 3.17 6.72 8.01 9.35 9.63 11.58 9.41 6.96 7.30 7.82 2006/2Appreciation: -2.63 -1.26 2.04 3.15 4.29 4.48 6.30 4.17 1.80 2.09 2.58

Income: 4.38 4.47 4.61 4.75 4.91 4.98 5.05 5.09 5.09 5.13 5.15

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Southwest Apartment-LowRise Total: 5.29 6.29 8.07 8.50 9.42 10.49 11.68 9.82 7.85 7.88 2007/3Appreciation: 0.53 1.37 2.95 3.25 4.00 4.93 5.96 4.10 2.21 2.24

Income: 4.75 4.87 5.01 5.12 5.26 5.37 5.48 5.55 5.55 5.54West North Central Apartment-HighRise Total: 2.67 3.26 2015/2

Appreciation: -1.19 -0.53Income: 3.89 3.81

Annualized Returns (%)Industrial Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East Industrial-Flex Space Total: 2.49 3.91 5.15 5.15 5.08 5.73 6.04 4.03 1.85 2.46 5.23 2004/3Appreciation: -3.94 -2.62 -1.58 -1.72 -1.83 -1.25 -1.00 -2.94 -4.90 -4.19 -1.46

Income: 6.63 6.66 6.80 6.96 7.01 7.05 7.09 7.13 7.01 6.86 6.76East Industrial-Warehouse Total: 12.12 12.44 12.97 12.99 12.38 12.48 12.58 9.77 7.11 7.13 9.21 10.09 9.50 1979/4


Midwest Industrial-Flex Space Total: 6.32 7.69 6.95 7.53 6.77 7.15 6.76 4.90 2.30 2.83 5.30 5.30 2002/1Appreciation: 0.21 1.30 0.48 1.00 0.18 0.35 -0.17 -2.07 -4.54 -4.01 -2.02 -2.02

Income: 6.10 6.33 6.45 6.49 6.59 6.79 6.94 7.08 7.07 7.04 7.43 7.43Midwest Industrial-Warehouse Total: 9.68 11.28 12.01 11.99 11.18 11.37 11.39 8.24 5.56 5.97 7.56 8.08 8.04 1977/4


South Industrial-Flex Space Total: 10.24 13.30 12.72 11.87 11.41 11.45 10.48 7.54 5.34 6.15 7.65 8.33 1998/2Appreciation: 3.40 6.75 6.00 5.18 4.80 4.80 3.75 0.80 -1.33 -0.56 0.41 0.44

Income: 6.67 6.23 6.43 6.44 6.38 6.41 6.55 6.69 6.73 6.73 7.21 7.86South Industrial-Warehouse Total: 10.41 11.69 12.59 12.84 12.25 12.34 12.12 9.19 6.54 7.09 8.34 8.69 8.59 1977/4


West Industrial-Flex Space Total: 11.10 12.15 13.04 12.75 11.42 10.56 10.43 7.70 4.90 6.23 8.57 10.37 10.72 1995/4Appreciation: 5.47 6.40 7.17 6.83 5.42 4.49 4.18 1.42 -1.20 0.08 1.84 3.08 3.20

Income: 5.41 5.50 5.57 5.63 5.77 5.87 6.06 6.20 6.15 6.14 6.64 7.13 7.36West Industrial-Other Total: 13.88 13.50 13.85 13.78 12.98 2012/3


West Industrial-R&D Total: 13.71 11.74 10.94 11.69 11.91 12.83 12.93 10.25 6.15 7.11 8.94 11.12 10.84 1978/1Appreciation: 7.99 6.74 5.83 6.04 5.95 6.62 6.58 3.96 0.17 1.13 2.23 3.70 2.85

Income: 5.40 4.78 4.90 5.41 5.72 5.92 6.06 6.12 5.98 5.93 6.61 7.23 7.83

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Annualized Returns (%)Industrial Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

West Industrial-Warehouse Total: 14.16 15.44 15.34 14.68 14.27 14.75 14.77 10.91 7.57 8.39 10.78 11.66 11.33 1977/4Appreciation: 9.12 10.24 10.03 9.29 8.77 9.07 8.88 5.01 1.82 2.61 4.38 4.55 3.62


Industrial Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Industrial-Warehouse Total: 9.96 11.53 12.16 12.14 11.24 11.51 11.56 8.39 5.63 6.05 7.61 8.03 8.11 1977/4


Mideast Industrial-Flex Space Total: 3.40 4.99 5.52 5.04 5.19 5.94 6.64 4.58 2.73 3.33 4.21 2005/4Appreciation: -3.52 -1.86 -1.51 -2.04 -1.96 -1.24 -0.64 -2.67 -4.29 -3.61 -2.66

Income: 7.10 6.95 7.11 7.19 7.25 7.24 7.32 7.39 7.25 7.12 7.00Mideast Industrial-Warehouse Total: 9.04 10.90 11.23 11.44 10.91 11.25 11.68 8.99 6.85 6.98 9.42 10.15 9.00 1989/1


Mountain Industrial-Warehouse Total: 12.28 14.47 14.98 14.79 14.17 13.70 12.21 8.51 5.86 6.70 9.36 9.47 1998/2Appreciation: 6.31 8.32 8.67 8.31 7.62 7.12 5.65 2.10 -0.42 0.36 2.60 2.21

Income: 5.70 5.79 5.93 6.10 6.19 6.25 6.30 6.31 6.29 6.32 6.63 7.14Northeast Industrial-Warehouse Total: 13.54 13.15 13.85 13.78 13.14 13.11 13.04 10.17 7.16 7.15 9.04 10.05 7.78 1989/1


Pacific Industrial-Flex Space Total: 11.72 12.91 13.64 13.18 11.62 10.75 10.79 8.07 5.09 6.48 8.84 10.52 10.59 1996/4Appreciation: 6.11 7.21 7.87 7.39 5.77 4.83 4.68 1.90 -0.92 0.41 2.14 3.28 3.30

Income: 5.37 5.41 5.45 5.49 5.61 5.71 5.90 6.07 6.04 6.05 6.59 7.07 7.12Pacific Industrial-Other Total: 13.86 13.71 14.27 14.16 13.30 2012/3


Pacific Industrial-R&D Total: 13.71 11.69 10.88 11.65 11.39 12.49 12.56 9.77 5.73 6.74 8.72 11.09 11.03 1978/3Appreciation: 7.99 6.70 5.80 6.03 5.50 6.37 6.29 3.55 -0.18 0.83 2.07 3.73 3.11

Income: 5.40 4.76 4.87 5.39 5.67 5.85 5.99 6.05 5.93 5.88 6.56 7.17 7.74Pacific Industrial-Warehouse Total: 14.33 15.53 15.38 14.68 14.29 14.86 15.00 11.12 7.73 8.55 10.90 11.85 11.68 1977/4


Southeast Industrial-Warehouse Total: 10.17 11.43 12.38 12.13 11.54 11.71 11.13 8.14 5.52 6.17 8.02 8.21 8.39 1980/4Appreciation: 4.18 5.32 6.18 5.89 5.24 5.31 4.62 1.63 -0.83 -0.22 1.15 0.84 0.51

Income: 5.80 5.88 5.93 5.99 6.07 6.16 6.30 6.43 6.38 6.39 6.80 7.32 7.85

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Annualized Returns (%)Industrial Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

Southwest Industrial-Flex Space Total: 9.67 10.48 11.15 11.26 10.93 11.24 11.32 9.13 6.64 7.38 8.78 2004/3Appreciation: 2.43 3.68 4.10 4.21 3.94 4.26 4.18 1.94 -0.51 0.17 1.43

Income: 7.12 6.62 6.84 6.84 6.78 6.77 6.93 7.09 7.17 7.20 7.27Southwest Industrial-Warehouse Total: 10.59 11.91 12.78 13.55 12.96 12.99 13.19 10.37 7.69 8.14 8.75 9.30 8.38 1978/4


West North Central Industrial-Warehouse Total: 6.94 8.82 10.44 10.56 10.46 10.05 9.86 6.90 4.80 5.20 7.00 8.09 7.11 1982/1Appreciation: -0.17 1.63 2.79 3.00 2.94 2.61 2.42 -0.45 -2.41 -1.99 -0.46 0.04 -0.95


Office Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Office-CBD Total: 5.51 7.73 8.96 9.11 9.02 9.78 11.44 8.56 4.75 6.30 9.84 10.85 7.94 1985/4


East Office-Suburban Total: 2.48 5.25 5.63 5.99 5.97 6.63 7.61 5.36 3.06 3.83 6.52 8.55 8.20 1981/1Appreciation: -2.79 -0.21 0.02 0.31 0.22 0.76 1.51 -0.80 -2.94 -2.18 -0.17 1.20 0.43

Income: 5.38 5.47 5.62 5.67 5.74 5.84 6.04 6.19 6.14 6.10 6.70 7.29 7.74Midwest Office-CBD Total: 5.18 7.21 9.94 9.17 8.55 8.63 8.83 6.50 4.81 5.94 7.19 7.98 7.84 1995/2


Midwest Office-Suburban Total: 3.28 5.47 5.94 5.75 5.92 5.74 5.62 3.62 1.68 2.24 3.86 5.64 5.08 1980/3Appreciation: -3.21 -1.34 -0.94 -1.25 -1.32 -1.50 -1.62 -3.59 -5.29 -4.70 -3.29 -2.06 -2.67

Income: 6.66 6.89 6.93 7.06 7.31 7.31 7.33 7.41 7.26 7.19 7.33 7.81 7.91South Office-CBD Total: 4.35 6.37 8.67 9.36 9.90 10.09 9.88 6.98 4.56 6.63 7.55 7.67 1999/1

Appreciation: -1.04 0.92 3.08 3.69 4.15 4.30 3.98 1.09 -1.11 0.89 1.10 0.87Income: 5.43 5.41 5.46 5.52 5.58 5.61 5.74 5.83 5.72 5.71 6.40 6.76

South Office-Suburban Total: 4.44 7.34 9.37 10.22 10.05 9.91 9.73 7.13 5.07 5.92 7.25 8.17 5.44 1981/3Appreciation: -1.27 1.50 3.33 4.00 3.77 3.60 3.33 0.78 -1.13 -0.30 0.47 0.83 -1.73

Income: 5.76 5.78 5.90 6.05 6.11 6.15 6.24 6.31 6.25 6.24 6.75 7.29 7.27West Office-CBD Total: 6.77 10.62 11.93 11.79 12.14 13.06 13.38 9.31 6.74 8.28 9.37 11.06 7.51 1987/1


West Office-Suburban Total: 7.83 9.88 11.89 11.90 11.32 11.93 11.96 8.33 5.07 6.29 8.28 9.93 7.25 1980/4Appreciation: 3.08 4.96 6.69 6.55 5.84 6.26 6.06 2.44 -0.59 0.63 1.97 3.03 0.25

Income: 4.64 4.75 4.95 5.11 5.25 5.42 5.64 5.77 5.69 5.63 6.21 6.75 6.99

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Annualized Returns (%)Office Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East North Central Office-CBD Total: 5.55 7.53 10.19 2014/2Appreciation: 0.57 2.47 5.02

Income: 4.95 4.96 4.99East North Central Office-Suburban Total: 3.14 5.38 5.97 5.66 5.71 5.72 5.82 3.63 1.42 1.77 3.51 5.41 4.40 1982/4

Appreciation: -3.51 -1.48 -0.88 -1.29 -1.54 -1.51 -1.52 -3.64 -5.54 -5.16 -3.58 -2.24 -3.26Income: 6.83 6.94 6.90 7.02 7.32 7.32 7.42 7.47 7.27 7.21 7.28 7.78 7.85

Mideast Office-CBD Total: 4.93 6.07 6.54 6.91 6.65 7.34 9.55 7.75 5.37 6.28 9.76 10.41 8.29 1991/1Appreciation: 0.93 1.95 2.12 2.34 1.93 2.49 4.44 2.52 0.25 1.10 3.83 3.59 1.21

Income: 3.97 4.06 4.36 4.49 4.66 4.77 4.95 5.13 5.11 5.13 5.78 6.64 7.02Mideast Office-Suburban Total: 1.47 3.30 2.60 3.47 3.65 4.77 6.09 4.00 2.14 2.79 6.40 8.29 7.91 1982/3

Appreciation: -4.26 -2.58 -3.20 -2.31 -2.13 -1.07 0.06 -2.05 -3.77 -3.13 -0.21 0.94 0.22Income: 5.92 6.00 5.94 5.88 5.87 5.90 6.04 6.14 6.09 6.05 6.62 7.31 7.68

Mountain Office-Suburban Total: 5.55 7.23 9.51 10.31 10.16 10.40 9.86 6.35 4.04 4.77 6.90 7.73 7.73 1997/1Appreciation: 0.49 1.92 3.86 4.44 4.09 4.21 3.51 0.02 -2.11 -1.34 0.27 0.61 0.61

Income: 5.05 5.23 5.49 5.68 5.89 6.01 6.19 6.32 6.24 6.16 6.60 7.08 7.08Northeast Office-CBD Total: 5.71 8.38 9.95 10.07 10.14 10.97 12.34 8.91 4.57 6.44 10.05 11.30 7.52 1988/1


Northeast Office-Suburban Total: 3.27 6.90 8.43 8.31 8.18 8.36 9.00 6.62 3.88 4.75 6.72 8.86 8.29 1982/1Appreciation: -1.62 1.79 2.95 2.70 2.42 2.43 2.80 0.32 -2.24 -1.38 -0.07 1.49 0.39

Income: 4.96 5.05 5.36 5.50 5.66 5.83 6.08 6.27 6.22 6.19 6.79 7.30 7.88Pacific Office-CBD Total: 7.17 11.14 12.32 11.88 12.23 13.28 13.62 9.48 6.89 8.44 9.52 11.34 8.37 1990/4


Pacific Office-Suburban Total: 8.03 10.08 12.08 12.03 11.41 12.08 12.21 8.56 5.19 6.46 8.47 10.28 7.25 1982/1Appreciation: 3.31 5.20 6.92 6.72 5.99 6.46 6.36 2.73 -0.42 0.85 2.20 3.40 0.22

Income: 4.61 4.71 4.90 5.06 5.19 5.36 5.59 5.71 5.62 5.57 6.17 6.71 7.02Southeast Office-Suburban Total: 6.42 9.68 10.79 10.25 9.66 9.13 8.91 6.08 3.93 4.54 6.53 7.36 5.72 1985/1

Appreciation: 0.64 3.73 4.70 4.07 3.41 2.86 2.52 -0.27 -2.29 -1.68 -0.21 0.06 -1.66Income: 5.75 5.79 5.89 6.00 6.09 6.14 6.27 6.36 6.32 6.29 6.75 7.29 7.47

Southwest Office-CBD Total: 4.40 2.35 2015/4Appreciation: -1.10 -3.16

Income: 5.56 5.65

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Annualized Returns (%)Office Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

Southwest Office-Suburban Total: 2.82 5.56 8.31 10.37 10.51 10.73 10.57 8.22 6.32 7.59 8.10 9.06 4.87 1981/4Appreciation: -2.83 -0.19 2.30 4.09 4.19 4.37 4.17 1.87 0.15 1.34 1.27 1.66 -2.17


Retail Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Retail-Community Total: 5.70 8.31 8.66 8.96 9.78 10.08 10.57 8.61 6.28 6.34 9.87 9.63 7.72 1989/4


East Retail-Fashion/Specialty Center Total: 4.92 5.57 2015/2Appreciation: 0.14 0.57

Income: 4.78 4.97East Retail-Neighborhood Total: 8.30 10.95 12.79 12.21 12.15 11.86 12.54 9.93 7.58 7.64 11.03 11.03 2002/1


East Retail-Power Center Total: 7.78 8.83 8.54 8.65 8.27 8.99 9.85 7.66 5.15 5.32 5.32 2007/1Appreciation: 2.14 3.14 2.70 2.67 2.17 2.67 3.31 1.12 -1.28 -1.02 -1.02

Income: 5.55 5.56 5.72 5.87 6.01 6.21 6.39 6.49 6.49 6.38 6.38East Retail-Single Tenant Total: 4.39 8.91 11.27 12.94 13.26 13.59 2011/4

Appreciation: 1.21 5.27 7.20 8.61 8.59 8.81Income: 3.15 3.51 3.87 4.08 4.40 4.49

Midwest Retail-Community Total: 5.53 7.44 8.78 9.41 9.08 9.05 9.12 7.40 4.70 5.39 8.19 8.43 7.55 1989/4Appreciation: -0.16 1.67 2.88 3.10 2.61 2.45 2.39 0.68 -1.86 -1.19 1.05 0.81 -0.34

Income: 5.70 5.69 5.78 6.16 6.34 6.48 6.61 6.68 6.65 6.65 7.08 7.57 7.91Midwest Retail-Neighborhood Total: 6.90 10.55 10.65 11.07 10.57 9.84 10.94 8.87 5.93 5.93 8.64 8.64 2002/1


South Retail-Community Total: 8.32 11.50 12.91 13.05 12.49 12.57 12.35 9.62 6.79 7.03 10.11 10.38 8.33 1987/2Appreciation: 2.77 5.68 6.89 6.78 6.09 6.03 5.70 3.01 0.37 0.64 3.19 2.84 0.70

Income: 5.43 5.58 5.74 5.97 6.13 6.26 6.38 6.46 6.41 6.35 6.76 7.39 7.59South Retail-Fashion/Specialty Center Total: 5.87 2016/2

Appreciation: 1.23Income: 4.60

South Retail-Neighborhood Total: 9.23 11.98 13.29 13.09 12.36 11.85 12.02 9.39 6.74 6.94 9.97 10.59 9.42 1987/4Appreciation: 3.65 6.15 7.20 6.87 6.07 5.48 5.52 2.94 0.45 0.68 3.15 3.22 1.87

Income: 5.43 5.57 5.79 5.92 6.02 6.12 6.24 6.32 6.27 6.23 6.67 7.20 7.45

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Annualized Returns (%)Retail Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

South Retail-Power Center Total: 8.38 9.57 10.41 10.96 11.01 10.79 10.35 7.61 4.77 4.81 5.55 2006/1Appreciation: 2.07 3.13 3.79 4.24 4.17 3.93 3.42 0.69 -1.96 -1.79 -1.09

Income: 6.22 6.29 6.44 6.52 6.64 6.67 6.75 6.87 6.82 6.69 6.69West Retail-Community Total: 8.60 11.40 11.75 11.88 11.26 12.28 12.68 10.22 7.61 8.04 11.30 11.36 9.94 1984/1


West Retail-Fashion/Specialty Center Total: 8.02 11.06 10.85 2014/2Appreciation: 3.82 6.66 6.35

Income: 4.08 4.19 4.30West Retail-Neighborhood Total: 9.81 12.50 11.95 12.03 12.06 11.89 12.39 9.79 7.01 7.24 10.63 10.95 9.79 1979/1


West Retail-Power Center Total: 6.55 9.34 9.98 10.59 10.73 11.10 11.63 8.43 5.82 6.23 6.75 2006/1Appreciation: 0.93 3.66 4.20 4.71 4.74 4.96 5.25 2.02 -0.48 -0.07 0.42

Income: 5.58 5.54 5.60 5.68 5.78 5.92 6.14 6.30 6.32 6.29 6.30West Retail-Regional Total: 6.81 2016/2


West Retail-Single Tenant Total: 2.76 2.76 2016/1Appreciation: -0.83 -0.83

Income: 3.60 3.60West Retail-Super Regional Total: 7.36 2016/3


Annualized Returns (%)Retail Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

East North Central Retail-Community Total: 6.09 7.98 9.19 9.87 9.41 9.51 9.32 7.57 4.84 5.49 6.94 2004/4Appreciation: 0.40 2.19 3.29 3.57 2.94 2.86 2.53 0.77 -1.82 -1.19 0.15

Income: 5.67 5.71 5.77 6.14 6.33 6.51 6.66 6.76 6.75 6.74 6.78East North Central Retail-Neighborhood Total: 5.91 10.65 10.51 11.22 10.57 9.69 10.81 8.67 5.69 5.79 8.12 2004/1

Appreciation: 0.99 5.20 4.75 5.18 4.26 3.22 4.05 1.88 -0.83 -0.68 1.35Income: 4.88 5.26 5.57 5.82 6.11 6.31 6.56 6.69 6.56 6.50 6.70

Mideast Retail-Community Total: 6.41 9.13 9.20 9.23 9.98 10.41 11.45 9.40 6.56 6.52 8.52 2004/4Appreciation: 0.82 3.32 3.27 3.15 3.78 4.15 5.04 2.99 0.29 0.29 2.09

Income: 5.56 5.67 5.79 5.93 6.03 6.07 6.18 6.27 6.26 6.22 6.33

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Mideast Retail-Neighborhood Total: 9.68 12.58 13.73 12.32 12.34 12.03 13.03 10.07 7.93 7.95 8.80 2005/3Appreciation: 3.92 6.62 7.55 6.03 5.90 5.45 6.19 3.34 1.33 1.38 2.21

Income: 5.60 5.68 5.86 6.02 6.16 6.32 6.54 6.57 6.53 6.50 6.49Mideast Retail-Power Center Total: 8.47 9.70 2015/2

Appreciation: 2.92 4.17Income: 5.44 5.36

Mountain Retail-Neighborhood Total: 8.00 11.82 11.58 11.79 11.42 10.73 10.49 7.89 5.66 5.97 6.38 2006/2Appreciation: 2.28 5.73 5.40 5.53 5.07 4.32 3.97 1.55 -0.54 -0.24 0.14

Income: 5.63 5.84 5.94 6.02 6.12 6.21 6.33 6.27 6.22 6.22 6.23Northeast Retail-Community Total: 4.64 7.11 7.87 8.57 9.48 9.64 9.81 7.96 5.95 6.11 7.76 2005/1

Appreciation: -0.52 1.79 2.39 2.74 3.46 3.50 3.58 1.76 -0.15 0.02 1.47Income: 5.18 5.26 5.38 5.71 5.87 5.98 6.07 6.12 6.10 6.10 6.22

Northeast Retail-Neighborhood Total: 6.67 9.13 11.85 12.30 11.96 11.69 11.75 9.65 6.94 7.03 9.81 2003/1Appreciation: 1.67 3.94 6.39 6.72 6.19 5.74 5.56 3.44 0.87 0.97 3.31

Income: 4.94 5.05 5.22 5.31 5.52 5.71 5.94 6.05 6.02 6.01 6.35Northeast Retail-Single Tenant Total: 4.40 8.83 8.83 2015/1


Pacific Retail-Community Total: 8.57 11.02 11.18 11.24 10.67 11.96 12.49 10.16 7.56 8.03 11.47 11.47 10.07 1985/3Appreciation: 3.43 5.84 5.86 5.81 5.15 6.27 6.62 4.29 1.80 2.26 5.01 4.38 2.81

Income: 5.01 4.97 5.10 5.20 5.32 5.44 5.60 5.69 5.68 5.68 6.23 6.86 7.11Pacific Retail-Fashion/Specialty Center Total: 7.59 9.53 2015/3


Pacific Retail-Neighborhood Total: 10.15 12.62 12.02 12.07 12.18 12.13 12.84 10.27 7.34 7.55 10.87 10.98 1999/1Appreciation: 5.10 7.28 6.57 6.54 6.52 6.31 6.75 4.19 1.44 1.66 4.23 3.87

Income: 4.86 5.07 5.20 5.27 5.40 5.56 5.81 5.90 5.84 5.82 6.44 6.91Pacific Retail-Power Center Total: 6.97 9.78 10.29 10.79 11.01 11.65 12.03 2010/3

Appreciation: 1.67 4.26 4.62 5.01 5.13 5.64 5.90Income: 5.24 5.35 5.48 5.57 5.67 5.77 5.87

Pacific Retail-Single Tenant Total: 2.64 2.64 2016/1Appreciation: -0.74 -0.74

Income: 3.39 3.39

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Southeast Retail-Community Total: 7.99 10.89 12.79 12.98 12.29 12.31 11.92 8.94 6.13 6.50 9.64 9.97 8.50 1989/4Appreciation: 2.11 4.99 6.76 6.71 5.89 5.77 5.27 2.34 -0.28 0.14 2.80 2.52 0.81

Income: 5.79 5.70 5.74 5.97 6.14 6.28 6.40 6.48 6.42 6.36 6.71 7.31 7.64Southeast Retail-Neighborhood Total: 10.10 12.26 13.52 12.91 12.11 11.70 11.81 9.04 6.31 6.57 9.81 10.16 10.13 1995/2


Southeast Retail-Power Center Total: 8.26 9.34 9.77 10.35 10.53 10.47 10.60 7.43 4.36 4.42 4.42 2007/1Appreciation: 1.58 2.50 2.81 3.30 3.33 3.10 3.07 0.00 -2.80 -2.53 -2.53

Income: 6.61 6.71 6.82 6.88 7.02 7.20 7.37 7.43 7.31 7.08 7.08Southwest Retail-Community Total: 8.66 12.30 12.95 13.06 12.83 13.06 13.27 11.21 8.39 8.14 2007/4


Southwest Retail-Neighborhood Total: 7.03 11.20 12.68 13.56 13.07 12.28 12.44 2010/2Appreciation: 1.36 5.26 6.56 7.30 6.69 5.87 5.89

Income: 5.62 5.71 5.83 5.94 6.08 6.15 6.27Southwest Retail-Power Center Total: 8.47 9.72 10.91 11.46 11.39 10.77 2011/3


West North Central Retail-Neighborhood Total: 9.05 10.47 10.47 2015/1Appreciation: 3.03 4.22 4.22

Income: 5.89 6.06 6.06Annualized Returns (%)

MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrCA-Anaheim-SantaAna-Irvine Total: 9.06 11.18 12.09 11.82 11.30 11.61 11.98 8.88 5.16 5.95 9.39 10.90 8.93 1981/1


CA-Anaheim-SantaAna-Irvine Apartment Total: 10.27 13.10 13.10 2015/1Appreciation: 5.48 8.22 8.22

Income: 4.60 4.60 4.60CA-Anaheim-SantaAna-Irvine Industrial Total: 12.52 13.28 14.08 13.67 13.42 13.64 12.95 9.70 6.41 7.32 10.88 12.07 10.09 1984/1



Total: 12.53 13.20 14.28 13.90 13.57 13.89 13.68 10.68 6.95 7.97 11.33 11.31 2001/3Appreciation: 7.77 8.31 9.32 8.87 8.35 8.43 8.04 5.05 1.50 2.50 5.21 5.10

Income: 4.50 4.61 4.64 4.72 4.92 5.14 5.32 5.41 5.38 5.37 5.89 5.98

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Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr

CA-Anaheim-SantaAna-Irvine Office Total: 7.32 10.30 11.10 10.42 9.55 10.23 10.55 7.23 3.14 3.96 7.34 7.51 2000/1Appreciation: 2.69 5.50 6.31 5.54 4.59 5.06 5.20 1.89 -2.03 -1.22 1.61 1.56

Income: 4.54 4.62 4.58 4.69 4.79 4.98 5.16 5.27 5.25 5.22 5.66 5.88CA-Anaheim-SantaAna-Irvine Office-Suburban Total: 7.32 10.30 11.10 10.42 9.55 10.23 10.55 7.23 3.14 3.96 7.34 7.51 2000/1


CA-Anaheim-SantaAna-Irvine Retail Total: 7.33 9.00 2015/2Appreciation: 2.62 4.12

Income: 4.62 4.73GA-Atlanta-SandySprings-Roswell Total: 7.84 11.10 12.67 12.31 11.84 11.83 11.78 8.80 6.01 6.29 7.62 8.26 8.01 1981/3


GA-Atlanta-SandySprings-Roswell Apartment Total: 8.09 10.27 13.50 13.61 13.08 13.30 13.58 10.23 7.10 7.21 7.98 8.69 9.60 1992/2Appreciation: 3.09 5.09 8.01 7.97 7.36 7.50 7.70 4.47 1.52 1.67 2.30 2.30 2.58

Income: 4.88 4.99 5.19 5.33 5.43 5.50 5.56 5.58 5.52 5.47 5.59 6.29 6.88GA-Atlanta-SandySprings-Roswell Apartment-

GardenTotal: 8.65 11.15 14.54 14.32 13.54 13.69 13.68 10.49 7.39 7.35 7.93 8.64 8.75 1995/4



Total: 7.88 9.80 12.47 13.03 12.75 13.02 13.02 2011/1Appreciation: 3.16 4.83 7.22 7.61 7.27 7.45 7.45

Income: 4.60 4.80 4.99 5.13 5.21 5.28 5.28GA-Atlanta-SandySprings-Roswell Industrial Total: 10.76 12.65 14.09 13.35 12.55 12.73 12.21 8.99 6.36 6.93 8.24 8.63 8.19 1983/2


GA-Atlanta-SandySprings-Roswell Industrial-Warehouse

Total: 10.78 12.35 14.05 13.37 12.50 12.79 12.42 9.22 6.50 7.01 8.36 8.26 1999/1Appreciation: 4.47 5.90 7.50 6.76 5.89 6.03 5.52 2.39 -0.11 0.37 1.36 1.07

Income: 6.10 6.18 6.20 6.29 6.33 6.47 6.62 6.71 6.62 6.62 6.92 7.14GA-Atlanta-SandySprings-Roswell Office Total: 5.17 10.75 11.18 10.56 10.28 9.51 9.34 6.84 4.32 4.78 6.14 7.09 7.09 1997/1

Appreciation: -0.03 5.20 5.39 4.63 4.17 3.36 3.05 0.53 -1.87 -1.39 -0.54 -0.08 -0.08Income: 5.20 5.34 5.57 5.73 5.92 6.00 6.14 6.27 6.26 6.23 6.69 7.17 7.17

GA-Atlanta-SandySprings-Roswell Office-Suburban Total: 4.66 10.17 11.20 10.66 10.51 9.64 9.45 6.86 4.37 4.85 6.17 6.85 6.85 1997/1Appreciation: -0.64 4.47 5.28 4.64 4.26 3.35 3.06 0.47 -1.89 -1.39 -0.53 -0.27 -0.27

Income: 5.32 5.52 5.70 5.82 6.05 6.13 6.25 6.36 6.34 6.29 6.72 7.12 7.12

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GA-Atlanta-SandySprings-Roswell Retail Total: 8.08 11.33 11.96 11.72 11.48 11.88 11.89 9.05 6.22 6.30 8.96 2003/1Appreciation: 2.41 5.65 6.05 5.59 5.22 5.45 5.24 2.36 -0.31 -0.15 2.19

Income: 5.57 5.45 5.65 5.89 6.02 6.19 6.41 6.57 6.54 6.45 6.65TX-Austin-RoundRock Total: 7.00 10.52 11.43 10.91 11.11 11.66 12.23 9.44 7.21 7.70 8.23 9.28 9.36 1995/1


TX-Austin-RoundRock Apartment Total: 5.43 7.83 9.10 9.15 9.72 10.49 12.24 9.59 7.26 8.00 8.12 8.88 1998/4Appreciation: 0.71 2.98 4.08 4.04 4.47 5.12 6.73 4.12 1.92 2.59 2.53 2.75

Income: 4.70 4.75 4.88 4.96 5.08 5.17 5.25 5.31 5.27 5.31 5.49 6.00TX-Austin-RoundRock Apartment-Garden Total: 6.96 9.62 10.27 10.54 10.64 11.75 13.27 10.34 7.86 8.64 8.43 9.11 1998/4


TX-Austin-RoundRock Industrial Total: 9.39 16.45 15.93 15.39 14.07 14.05 13.88 10.29 8.28 9.19 8.72 8.43 2001/3Appreciation: 3.04 9.99 9.26 8.56 7.29 7.25 7.02 3.50 1.61 2.43 1.38 0.98

Income: 6.21 6.01 6.24 6.42 6.44 6.44 6.52 6.61 6.58 6.63 7.24 7.38TX-Austin-RoundRock Industrial-Warehouse Total: 9.83 16.27 15.73 15.36 14.52 13.55 2011/3


TX-Austin-RoundRock Office Total: 8.10 12.25 13.20 11.66 11.46 11.81 11.29 8.34 6.50 7.07 9.09 2005/3Appreciation: 2.77 6.57 7.38 5.87 5.57 5.98 5.56 2.73 1.06 1.63 3.34

Income: 5.22 5.42 5.52 5.56 5.66 5.58 5.51 5.50 5.40 5.38 5.62TX-Austin-RoundRock Office-Suburban Total: 7.02 9.57 11.09 11.09 2014/1


TX-Austin-RoundRock Retail Total: 4.47 2016/4Appreciation: -0.75

Income: 5.25MD-Baltimore-Columbia-Towson Total: 5.88 7.08 7.97 8.41 8.64 9.36 10.79 8.86 5.87 6.17 9.59 10.30 8.58 1989/4


MD-Baltimore-Columbia-Towson Apartment Total: 5.79 5.13 6.14 6.99 7.30 7.79 2011/3Appreciation: 0.65 -0.02 0.92 1.68 1.91 2.35

Income: 5.12 5.15 5.18 5.24 5.32 5.35

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MD-Baltimore-Columbia-Towson Industrial Total: 7.51 8.22 8.57 9.29 8.77 9.71 10.46 8.11 5.44 5.68 9.15 9.34 2001/2Appreciation: 1.58 2.34 2.64 3.16 2.54 3.36 3.91 1.62 -0.87 -0.59 2.19 2.23

Income: 5.86 5.78 5.82 5.98 6.11 6.20 6.37 6.41 6.36 6.30 6.85 7.00MD-Baltimore-Columbia-Towson Industrial-

WarehouseTotal: 8.63 9.30 9.57 10.14 9.43 10.29 11.13 8.70 5.97 6.18 9.52 9.50 2001/4


MA-Boston Total: 6.26 8.74 9.42 9.79 9.26 10.23 10.69 6.81 3.71 5.85 8.06 8.71 1999/4Appreciation: 2.33 4.56 5.02 5.17 4.51 5.33 5.55 1.63 -1.29 0.79 2.25 2.58

Income: 3.87 4.05 4.24 4.45 4.60 4.72 4.94 5.10 5.04 5.02 5.71 6.01MA-Boston Apartment Total: 6.11 7.00 2015/4


MA-Boston Office Total: 6.41 8.60 9.38 9.78 9.04 10.23 10.57 6.07 2.72 5.55 8.23 8.23 2002/1Appreciation: 2.68 4.60 5.14 5.31 4.41 5.42 5.46 0.91 -2.24 0.50 2.34 2.34

Income: 3.65 3.88 4.09 4.30 4.48 4.63 4.91 5.11 5.03 5.02 5.79 5.79MA-Boston Office-CBD Total: 6.73 9.00 9.70 10.11 9.25 9.26 2011/4


MA-Cambridge-Newton-Framingham Total: 9.45 10.36 11.25 11.56 11.86 12.04 12.55 9.86 6.34 7.10 8.24 9.52 8.70 1988/2Appreciation: 4.53 5.16 5.91 6.13 6.30 6.32 6.67 3.95 0.67 1.44 1.93 2.59 1.00

Income: 4.77 5.01 5.11 5.20 5.31 5.47 5.60 5.74 5.64 5.59 6.22 6.79 7.63MA-Cambridge-Newton-Framingham Apartment Total: 7.52 8.31 8.75 9.36 10.56 11.85 13.82 11.22 7.58 7.58 2008/1


MA-Cambridge-Newton-Framingham Office Total: 11.32 12.98 14.02 13.76 13.37 13.24 13.57 10.43 5.74 7.00 7.33 8.48 1999/2Appreciation: 6.15 7.60 8.40 8.11 7.64 7.35 7.55 4.39 0.03 1.30 0.86 1.65

Income: 4.94 5.10 5.30 5.33 5.42 5.59 5.71 5.84 5.70 5.64 6.42 6.74MA-Cambridge-Newton-Framingham Office-

SuburbanTotal: 11.32 12.98 14.02 13.76 13.37 13.24 13.57 10.43 5.74 7.00 7.33 8.48 1999/2


NJ-Camden Total: 8.52 8.78 8.78 2015/1Appreciation: 3.15 3.36 3.36

Income: 5.25 5.28 5.28

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NJ-Camden Industrial Total: 13.79 13.84 2015/4Appreciation: 8.17 8.37

Income: 5.30 5.15NJ-Camden Industrial-Warehouse Total: 13.37 13.60 2015/4


NC-SC-Charlotte-Concord-Gastonia Total: 10.70 12.19 12.54 12.32 12.90 12.82 12.82 9.61 6.96 7.54 8.36 9.04 9.21 1995/4Appreciation: 4.52 5.92 6.06 5.70 6.08 5.95 5.78 2.66 0.22 0.83 1.29 1.47 1.55

Income: 5.98 6.01 6.20 6.36 6.52 6.58 6.75 6.81 6.72 6.67 7.00 7.48 7.58NC-SC-Charlotte-Concord-Gastonia Apartment Total: 12.40 12.40 2016/1


NC-SC-Charlotte-Concord-Gastonia Industrial Total: 12.35 14.32 14.32 2015/1Appreciation: 5.78 7.42 7.42

Income: 6.31 6.55 6.55NC-SC-Charlotte-Concord-Gastonia Office Total: 9.50 11.95 12.39 12.07 12.37 11.77 10.98 10.98 2010/1

Appreciation: 3.09 5.45 5.66 5.16 5.28 4.61 3.61 3.61Income: 6.27 6.25 6.46 6.66 6.83 6.92 7.18 7.18

IL-Chicago-Naperville-ArlingtonHeights Total: 6.44 8.74 10.27 10.51 10.54 11.06 11.43 8.87 6.23 6.90 8.43 8.98 8.30 1977/4Appreciation: 1.60 3.73 5.06 5.14 5.00 5.38 5.59 3.02 0.55 1.17 2.20 2.17 1.08

Income: 4.79 4.87 5.02 5.17 5.34 5.47 5.61 5.71 5.66 5.68 6.13 6.70 7.16IL-Chicago-Naperville-ArlingtonHeights Apartment Total: 4.85 7.18 8.65 8.90 9.70 10.77 11.97 9.69 7.13 7.55 8.46 8.30 2000/3


IL-Chicago-Naperville-ArlingtonHeights Apartment-HighRise


Income: 4.21 4.24 4.36 4.45 4.61 4.68 4.69IL-Chicago-Naperville-ArlingtonHeights Industrial Total: 10.80 12.13 12.30 12.04 11.12 11.42 11.57 8.64 5.41 5.66 7.60 8.30 8.19 1977/4


IL-Chicago-Naperville-ArlingtonHeights Industrial-Warehouse

Total: 11.05 12.00 12.45 12.21 11.22 11.54 11.73 8.76 5.55 5.78 7.60 8.31 8.16 1977/4Appreciation: 5.33 6.21 6.48 6.21 5.18 5.38 5.33 2.36 -0.68 -0.43 0.96 1.07 0.50

Income: 5.50 5.54 5.69 5.74 5.82 5.93 6.15 6.28 6.25 6.22 6.59 7.17 7.63

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IL-Chicago-Naperville-ArlingtonHeights Office Total: 5.28 7.10 9.75 9.08 8.74 8.92 8.89 6.18 3.99 4.83 6.03 7.60 5.64 1985/3Appreciation: 0.22 1.89 4.28 3.39 2.87 2.97 2.85 0.16 -1.81 -1.11 -0.34 0.69 -1.37

Income: 5.06 5.13 5.30 5.55 5.75 5.83 5.91 6.00 5.88 6.00 6.38 6.88 7.07IL-Chicago-Naperville-ArlingtonHeights Office-CBD Total: 5.56 7.53 10.24 2014/2


IL-Chicago-Naperville-ArlingtonHeights Retail Total: 7.41 10.72 11.97 13.09 13.07 13.31 13.27 10.95 8.52 9.50 11.99 11.05 1999/4Appreciation: 2.83 5.89 6.92 7.77 7.55 7.59 7.34 4.97 2.65 3.57 5.40 4.29

Income: 4.48 4.63 4.80 5.03 5.22 5.42 5.62 5.76 5.75 5.77 6.33 6.55IL-Chicago-Naperville-ArlingtonHeights Retail-

NeighborhoodTotal: 5.22 10.25 10.34 11.20 10.69 9.81 10.84 8.62 5.77 5.95 2007/3

Appreciation: 0.29 4.84 4.57 5.15 4.40 3.37 4.10 1.86 -0.74 -0.55Income: 4.91 5.23 5.58 5.83 6.09 6.28 6.54 6.66 6.54 6.53

TX-Dallas-Plano-Irving Total: 9.14 10.44 11.16 11.87 11.49 11.75 12.23 9.57 6.99 7.32 8.27 8.63 7.39 1980/2Appreciation: 4.02 5.13 5.64 6.16 5.67 5.84 6.18 3.53 1.07 1.39 1.88 1.63 0.09

Income: 4.97 5.12 5.30 5.47 5.58 5.66 5.79 5.89 5.86 5.87 6.30 6.92 7.29TX-Dallas-Plano-Irving Apartment Total: 7.25 8.31 9.66 10.29 10.84 11.80 13.23 10.48 8.24 8.33 8.84 8.86 8.79 1996/1


TX-Dallas-Plano-Irving Apartment-Garden Total: 8.37 11.08 11.20 11.93 11.75 12.98 13.83 11.06 9.16 9.29 9.32 9.20 9.10 1996/1Appreciation: 2.77 5.24 5.20 5.84 5.62 6.74 7.50 4.79 3.01 3.18 3.17 2.53 2.34

Income: 5.49 5.62 5.77 5.84 5.89 5.94 6.00 6.05 6.02 5.97 6.01 6.55 6.64TX-Dallas-Plano-Irving Apartment-HighRise Total: 6.25 6.76 8.55 9.55 10.64 10.69 2011/2


TX-Dallas-Plano-Irving Industrial Total: 11.16 12.48 13.24 13.43 12.84 13.01 13.22 10.24 7.50 8.02 8.53 8.99 7.77 1980/4Appreciation: 5.41 6.56 7.10 7.14 6.47 6.57 6.61 3.62 0.99 1.46 1.56 1.43 -0.17

Income: 5.53 5.65 5.84 5.98 6.08 6.15 6.31 6.44 6.45 6.49 6.87 7.46 7.94TX-Dallas-Plano-Irving Industrial-Warehouse Total: 11.68 12.98 13.58 13.83 13.19 13.30 13.54 10.45 7.77 8.31 8.77 9.16 8.24 1980/4


TX-Dallas-Plano-Irving Office Total: 10.85 10.73 11.73 12.63 11.97 11.85 11.88 9.47 6.35 6.83 7.32 8.01 8.68 1994/3Appreciation: 5.46 5.04 5.79 6.50 5.84 5.70 5.62 3.25 0.38 0.81 0.81 0.92 1.32

Income: 5.18 5.48 5.69 5.85 5.88 5.91 6.00 6.07 5.96 5.98 6.47 7.04 7.28

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TX-Dallas-Plano-Irving Office-Suburban Total: 7.82 10.32 11.64 13.01 12.44 12.44 12.27 9.81 6.65 7.35 7.77 7.64 1997/4Appreciation: 2.48 4.67 5.68 6.78 6.22 6.19 5.93 3.51 0.60 1.25 1.21 0.66

Income: 5.25 5.47 5.72 5.94 5.95 5.98 6.08 6.14 6.02 6.05 6.49 6.95TX-Dallas-Plano-Irving Retail Total: 8.83 11.42 10.82 12.11 10.72 10.36 10.28 7.99 5.71 5.97 6.31 2006/3


CO-Denver-Aurora-Lakewood Total: 7.93 11.29 12.51 13.15 13.18 13.41 14.20 11.17 8.38 8.81 9.30 10.07 7.62 1981/1Appreciation: 2.79 5.86 6.89 7.38 7.30 7.43 8.01 4.98 2.35 2.80 2.97 3.10 0.53

Income: 5.03 5.21 5.34 5.47 5.58 5.67 5.85 5.96 5.92 5.88 6.19 6.82 7.06CO-Denver-Aurora-Lakewood Apartment Total: 9.74 13.86 14.43 14.10 13.88 14.77 16.72 13.61 10.05 10.06 9.84 2002/4


CO-Denver-Aurora-Lakewood Apartment-Garden Total: 9.31 14.77 15.83 15.31 15.07 15.83 17.30 14.62 11.34 11.33 10.65 2002/4Appreciation: 3.87 8.89 9.76 9.20 8.92 9.61 10.91 8.22 5.13 5.19 4.74

Income: 5.29 5.51 5.67 5.72 5.77 5.81 5.92 6.03 5.98 5.91 5.70CO-Denver-Aurora-Lakewood Apartment-HighRise Total: 10.98 13.60 13.43 13.10 2013/4


CO-Denver-Aurora-Lakewood Industrial Total: 13.02 15.25 16.01 14.88 15.32 14.44 14.06 11.68 9.66 9.73 10.39 10.34 2001/3Appreciation: 6.67 8.74 9.29 8.04 8.30 7.39 6.90 4.61 2.75 2.81 3.25 3.13

Income: 6.04 6.12 6.29 6.46 6.61 6.69 6.81 6.83 6.77 6.78 6.97 7.04CO-Denver-Aurora-Lakewood Industrial-

WarehouseTotal: 13.22 15.32 16.39 15.07 14.37 13.66 13.09 10.47 8.17 2008/3

Appreciation: 6.89 8.84 9.70 8.25 7.49 6.78 6.13 3.58 1.38Income: 6.03 6.08 6.25 6.43 6.52 6.54 6.65 6.71 6.71

CO-Denver-Aurora-Lakewood Office Total: 4.20 6.67 9.20 11.17 11.22 11.50 11.77 8.23 5.70 6.67 7.23 8.85 8.85 1997/1Appreciation: -0.70 1.61 3.94 5.69 5.58 5.75 5.75 2.14 -0.20 0.81 0.91 1.88 1.88

Income: 4.93 5.01 5.11 5.27 5.42 5.52 5.78 5.98 5.90 5.82 6.27 6.86 6.86CO-Denver-Aurora-Lakewood Office-Suburban Total: 3.49 6.06 8.37 10.43 10.09 10.92 11.37 7.89 5.41 6.30 6.79 6.86 1999/4

Appreciation: -1.47 0.99 3.06 4.78 4.24 4.98 5.16 1.64 -0.63 0.32 0.33 0.10Income: 5.02 5.03 5.19 5.46 5.68 5.74 5.98 6.16 6.06 5.97 6.44 6.75

CO-Denver-Aurora-Lakewood Retail Total: 7.73 11.10 12.10 13.63 14.12 13.64 13.47 11.36 9.38 9.24 2007/4Appreciation: 2.59 5.70 6.57 7.89 8.22 7.62 7.33 5.24 3.33 3.20

Income: 5.04 5.18 5.28 5.42 5.56 5.70 5.83 5.89 5.90 5.90

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NC-Durham-ChapelHill Total: 10.17 11.71 12.00 12.43 2013/3Appreciation: 4.30 5.75 5.92 6.26

Income: 5.69 5.72 5.83 5.90IL-Elgin Total: 8.32 8.77 9.08 8.88 8.40 8.65 2011/2


IL-Elgin Industrial Total: 10.65 11.40 10.95 10.15 9.34 9.80 2011/2Appreciation: 5.32 6.05 5.36 4.49 3.54 4.01

Income: 5.12 5.12 5.38 5.47 5.65 5.61IL-Elgin Industrial-Warehouse Total: 10.85 11.59 11.09 10.26 9.41 9.86 2011/2


FL-FortLauderdale-PompanoBeach-DeerfieldBeach Total: 9.74 11.23 12.16 11.63 10.82 11.18 11.62 8.63 5.63 6.21 9.75 9.79 8.88 1991/4Appreciation: 4.07 5.52 6.42 5.86 5.03 5.30 5.60 2.64 -0.19 0.40 3.47 2.96 1.80

Income: 5.51 5.48 5.48 5.53 5.58 5.66 5.79 5.87 5.82 5.79 6.13 6.68 6.99FL-FortLauderdale-PompanoBeach-DeerfieldBeach

ApartmentTotal: 9.85 11.19 11.51 10.82 10.27 11.27 12.74 10.23 6.78 6.76 10.85 10.67 1997/4


FL-FortLauderdale-PompanoBeach-DeerfieldBeach Apartment-Garden


Income: 5.57 5.54 5.56 5.55 5.57 5.63 5.79 5.89 5.78 5.71 5.98 6.41FL-FortLauderdale-PompanoBeach-DeerfieldBeach

IndustrialTotal: 11.58 12.33 12.26 12.33 11.49 11.69 10.43 6.52 3.71 3.83 2007/4

Appreciation: 6.06 6.66 6.68 6.75 5.87 5.98 4.66 0.79 -1.84 -1.72Income: 5.28 5.41 5.32 5.31 5.38 5.47 5.58 5.68 5.62 5.62

FL-FortLauderdale-PompanoBeach-DeerfieldBeach Industrial-Warehouse

Total: 11.39 11.16 11.42 11.80 11.18 11.66 10.58 6.80 3.60 2008/2Appreciation: 5.85 5.41 5.76 6.09 5.37 5.71 4.50 0.76 -2.23

Income: 5.31 5.52 5.43 5.46 5.58 5.71 5.88 6.00 5.93FL-FortLauderdale-PompanoBeach-DeerfieldBeach

RetailTotal: 8.41 2016/4


TX-FortWorth-Arlington Total: 11.07 12.32 12.89 13.16 12.63 12.75 13.07 10.66 8.40 8.75 9.44 10.02 9.78 1996/1Appreciation: 5.15 6.07 6.35 6.54 5.98 6.02 6.19 3.80 1.67 2.01 2.46 2.46 2.15

Income: 5.70 5.98 6.25 6.32 6.37 6.45 6.58 6.66 6.64 6.64 6.85 7.43 7.51

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TX-FortWorth-Arlington Industrial Total: 12.35 12.47 13.30 14.30 13.32 12.75 12.46 10.03 7.17 7.59 8.96 2003/3Appreciation: 6.49 6.30 6.71 7.61 6.63 5.97 5.54 3.14 0.41 0.80 1.99

Income: 5.59 5.89 6.28 6.33 6.38 6.50 6.65 6.73 6.73 6.74 6.86TX-FortWorth-Arlington Industrial-Warehouse Total: 12.24 12.48 13.45 14.49 13.41 12.80 2011/2


PA-Harrisburg-Carlisle Total: 10.83 9.49 2015/3Appreciation: 4.85 3.55

Income: 5.77 5.78TX-Houston-TheWoodlands-SugarLand Total: 2.20 3.94 7.40 9.56 10.59 11.02 11.85 9.47 7.71 9.26 10.22 10.81 6.07 1981/2

Appreciation: -2.76 -1.11 2.08 4.00 4.87 5.18 5.84 3.46 1.80 3.25 3.59 3.60 -0.72Income: 5.07 5.10 5.24 5.41 5.53 5.63 5.77 5.86 5.83 5.87 6.46 7.02 6.83

TX-Houston-TheWoodlands-SugarLand Apartment Total: -3.13 -0.66 4.04 6.34 7.96 8.84 10.28 8.26 6.85 7.09 7.97 8.17 1999/4Appreciation: -7.52 -5.20 -0.82 1.21 2.59 3.33 4.62 2.62 1.22 1.43 2.07 1.98

Income: 4.65 4.73 4.89 5.09 5.27 5.38 5.48 5.54 5.58 5.61 5.82 6.10TX-Houston-TheWoodlands-SugarLand Apartment-

GardenTotal: -2.48 0.96 4.93 7.12 8.49 9.47 10.97 8.35 7.08 7.25 8.22 8.38 1999/4

Appreciation: -7.45 -4.10 -0.40 1.52 2.66 3.49 4.82 2.28 1.06 1.23 2.01 1.94Income: 5.27 5.22 5.35 5.54 5.72 5.83 5.94 5.98 5.97 5.97 6.11 6.36

TX-Houston-TheWoodlands-SugarLand Apartment-HighRise

Total: -3.38 -1.39 4.19 6.45 7.75 2012/2Appreciation: -7.56 -5.71 -0.49 1.51 2.63

Income: 4.43 4.51 4.70 4.89 5.02TX-Houston-TheWoodlands-SugarLand Industrial Total: 7.06 8.39 9.77 11.69 12.03 12.51 13.30 11.21 9.05 9.31 9.60 9.81 1998/2


TX-Houston-TheWoodlands-SugarLand Industrial-Warehouse


Income: 5.29 5.56 5.63 5.77 5.90 6.06 6.22 6.29 6.28 6.38 6.96 7.30TX-Houston-TheWoodlands-SugarLand Office Total: -2.21 -0.20 3.46 6.35 7.77 8.37 8.39 6.04 4.74 7.97 8.21 9.81 6.62 1990/3

Appreciation: -7.93 -5.80 -2.28 0.39 1.73 2.25 2.20 -0.11 -1.28 1.78 1.30 2.39 -0.64Income: 6.09 5.85 5.85 5.94 5.97 6.02 6.09 6.16 6.07 6.11 6.85 7.30 7.30

TX-Houston-TheWoodlands-SugarLand Office-Suburban

Total: -1.81 1.21 5.19 7.95 8.64 8.76 8.78 6.61 6.07 8.23 8.70 2005/4Appreciation: -7.59 -4.49 -0.76 1.74 2.37 2.43 2.41 0.31 -0.14 1.88 2.19

Income: 6.14 5.90 5.98 6.13 6.16 6.22 6.26 6.29 6.22 6.26 6.41

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TX-Houston-TheWoodlands-SugarLand Retail Total: 10.07 11.48 14.49 15.79 16.01 16.02 17.56 17.56 2010/1Appreciation: 5.58 6.81 9.44 10.47 10.52 10.37 11.61 11.61

Income: 4.31 4.45 4.72 4.94 5.10 5.24 5.48 5.48IN-Indianapolis-Carmel-Anderson Total: 8.13 11.39 10.88 12.07 11.17 11.18 11.21 7.82 5.78 6.43 7.71 8.11 8.01 1992/4

Appreciation: 1.96 4.93 4.38 5.31 4.30 4.18 4.10 0.66 -1.23 -0.62 0.19 0.21 -0.10Income: 6.08 6.23 6.30 6.51 6.66 6.79 6.91 7.11 7.07 7.07 7.51 7.88 8.11

IN-Indianapolis-Carmel-Anderson Industrial Total: 7.44 8.86 9.03 2014/4Appreciation: 1.74 3.05 3.30

Income: 5.62 5.68 5.59IN-Indianapolis-Carmel-Anderson Industrial-

WarehouseTotal: 7.61 9.75 9.79 2014/4


MO-KS-KansasCity Total: 6.21 8.34 9.05 8.86 8.87 8.85 9.05 7.27 5.21 5.78 6.39 7.16 7.36 1996/1Appreciation: -0.18 1.82 2.32 1.97 1.87 1.83 1.96 0.22 -1.67 -1.08 -0.75 -0.31 -0.18

Income: 6.39 6.43 6.61 6.79 6.90 6.92 6.99 7.03 6.96 6.91 7.18 7.49 7.55MO-KS-KansasCity Industrial Total: 8.56 8.62 2015/4


MO-KS-KansasCity Industrial-Warehouse Total: 8.34 8.42 2015/4Appreciation: 0.99 1.04

Income: 7.30 7.33IL-WI-LakeCounty-KenoshaCounty Total: 4.80 8.23 9.09 8.83 8.55 9.01 9.14 6.74 4.45 4.80 6.80 7.06 2000/4

Appreciation: -1.04 1.96 2.80 2.52 2.07 2.47 2.56 0.22 -1.94 -1.56 -0.05 0.07Income: 5.89 6.18 6.16 6.20 6.39 6.42 6.46 6.50 6.48 6.43 6.85 6.99

IL-WI-LakeCounty-KenoshaCounty Industrial Total: 7.09 10.98 12.99 13.29 12.26 11.89 12.24 8.64 6.36 6.51 6.78 2006/2Appreciation: 1.54 5.07 6.72 6.97 5.83 5.56 5.90 2.31 0.14 0.30 0.54

Income: 5.49 5.70 5.97 6.01 6.16 6.08 6.07 6.21 6.20 6.19 6.21IL-WI-LakeCounty-KenoshaCounty Industrial-

WarehouseTotal: 7.16 11.28 13.43 13.85 12.73 12.12 12.60 8.69 6.25 6.06 2007/3

Appreciation: 1.60 5.33 7.11 7.51 6.27 5.87 6.36 2.48 0.16 -0.02Income: 5.50 5.73 6.01 6.01 6.18 6.00 5.95 6.09 6.07 6.07

NV-LasVegas-Henderson-Paradise Total: 12.34 16.83 16.09 14.42 12.89 11.86 10.81 6.42 4.22 4.41 2007/3Appreciation: 7.00 10.85 9.79 8.01 6.38 5.31 4.26 0.11 -1.86 -1.64

Income: 5.08 5.54 5.88 6.05 6.22 6.30 6.35 6.31 6.16 6.13

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NV-LasVegas-Henderson-Paradise Industrial Total: 16.01 20.71 20.67 19.26 15.71 15.05 2011/4Appreciation: 9.36 13.82 13.44 11.67 8.10 7.45

Income: 6.22 6.26 6.58 6.99 7.17 7.19NV-LasVegas-Henderson-Paradise Industrial-

WarehouseTotal: 16.09 21.02 21.12 19.72 16.16 16.16 2012/1


CA-LosAngeles-LongBeach-Glendale Total: 10.06 10.95 12.03 12.02 11.33 11.70 12.16 9.13 6.04 7.14 10.15 11.03 10.50 1977/4Appreciation: 5.49 6.29 7.19 7.04 6.25 6.46 6.71 3.66 0.72 1.80 4.19 4.37 3.27

Income: 4.39 4.46 4.60 4.73 4.85 5.00 5.19 5.32 5.29 5.26 5.78 6.45 7.06CA-LosAngeles-LongBeach-Glendale Apartment Total: 8.64 9.87 9.92 9.63 10.42 11.19 12.58 9.56 5.66 5.57 8.72 2003/1



Total: 8.12 8.12 2016/1Appreciation: 3.43 3.43

Income: 4.57 4.57CA-LosAngeles-LongBeach-Glendale Apartment-

HighRiseTotal: 9.12 9.76 10.04 9.74 10.94 11.44 12.78 12.37 2009/3


CA-LosAngeles-LongBeach-Glendale Industrial Total: 14.67 15.43 15.28 13.98 13.48 13.69 13.59 10.34 7.22 7.90 11.08 11.98 11.97 1977/4Appreciation: 9.67 10.25 10.04 8.77 8.17 8.21 7.90 4.56 1.55 2.19 4.63 4.79 4.23

Income: 4.67 4.82 4.88 4.90 5.01 5.16 5.38 5.58 5.59 5.61 6.22 6.94 7.50CA-LosAngeles-LongBeach-Glendale Industrial-

WarehouseTotal: 14.69 15.48 15.25 13.95 13.51 13.76 13.68 10.36 7.26 7.87 10.99 11.90 12.09 1977/4


CA-LosAngeles-LongBeach-Glendale Office Total: 8.88 10.02 12.14 12.47 11.16 11.41 11.60 8.45 5.49 7.49 9.94 10.81 6.82 1987/3Appreciation: 4.47 5.48 7.31 7.43 6.03 6.12 6.10 2.95 0.17 2.16 4.07 4.31 0.25

Income: 4.27 4.36 4.59 4.78 4.91 5.07 5.27 5.38 5.31 5.24 5.69 6.29 6.55CA-LosAngeles-LongBeach-Glendale Office-

SuburbanTotal: 9.26 10.35 12.91 13.21 11.74 11.99 12.22 8.96 5.76 7.63 9.97 10.79 6.87 1987/4


CA-LosAngeles-LongBeach-Glendale Retail Total: 9.98 9.93 10.80 11.54 10.65 11.19 12.16 9.90 7.13 7.04 8.33 2004/4Appreciation: 5.21 5.23 5.96 6.50 5.49 5.80 6.47 4.10 1.38 1.29 2.44

Income: 4.60 4.53 4.64 4.82 4.97 5.17 5.43 5.62 5.68 5.68 5.77

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CA-LosAngeles-LongBeach-Glendale Retail-Neighborhood

Total: 13.76 13.36 13.18 2014/4Appreciation: 9.00 8.22 7.96

Income: 4.47 4.85 4.94KY-IN-Louisville/JeffersonCounty Total: 7.31 10.19 10.22 10.86 11.30 11.84 12.12 9.97 7.62 7.62 9.17 2005/1


KY-IN-Louisville/JeffersonCounty Industrial Total: 8.69 12.02 11.67 12.36 12.18 11.44 11.88 9.57 7.46 7.54 9.27 2005/1Appreciation: 2.24 5.26 4.97 5.27 4.66 3.76 3.97 1.56 -0.40 -0.33 1.20

Income: 6.34 6.50 6.46 6.83 7.27 7.47 7.68 7.91 7.87 7.87 8.00KY-IN-Louisville/JeffersonCounty Industrial-

WarehouseTotal: 8.84 12.34 11.93 12.61 12.47 11.68 12.08 9.75 7.62 7.55 9.13 2005/1


TN-MS-AR-Memphis Total: 9.21 10.54 11.91 11.09 10.10 10.40 10.36 8.03 6.15 6.48 7.46 6.94 7.53 1994/2Appreciation: 2.70 4.15 5.59 4.77 3.75 3.87 3.60 1.23 -0.58 -0.26 0.24 -0.75 -0.48

Income: 6.39 6.20 6.06 6.10 6.18 6.35 6.58 6.73 6.75 6.75 7.20 7.73 8.03FL-Miami-MiamiBeach-Kendall Total: 6.50 10.83 12.04 12.49 12.65 13.01 13.28 10.54 7.75 8.52 10.03 9.62 1998/1


FL-Miami-MiamiBeach-Kendall Apartment Total: 5.13 2016/3Appreciation: 1.03

Income: 4.07FL-Miami-MiamiBeach-Kendall Industrial Total: 7.90 9.01 9.42 9.99 10.38 11.00 11.17 8.23 5.35 6.01 7.81 2005/3


FL-Miami-MiamiBeach-Kendall Industrial-Warehouse

Total: 7.65 8.87 9.33 9.90 10.30 11.02 11.19 8.60 5.53 6.08 6.59 2006/3Appreciation: 2.32 3.36 3.79 4.30 4.61 5.21 5.17 2.39 -0.55 -0.08 0.39

Income: 5.24 5.38 5.38 5.43 5.50 5.59 5.81 6.08 6.09 6.14 6.17FL-Miami-MiamiBeach-Kendall Office Total: 2.53 9.10 11.94 12.55 11.97 2012/3

Appreciation: -2.46 3.90 6.60 7.02 6.41Income: 5.09 5.05 5.09 5.26 5.30

FL-Miami-MiamiBeach-Kendall Office-Suburban Total: 5.90 10.15 10.73 2014/4Appreciation: 0.86 4.74 5.23

Income: 5.01 5.22 5.29

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FL-Miami-MiamiBeach-Kendall Retail Total: 8.47 12.99 13.67 13.81 14.20 14.66 2011/2Appreciation: 3.86 8.09 8.47 8.40 8.57 8.83

Income: 4.47 4.63 4.90 5.09 5.30 5.48MN-WI-Minneapolis-St.Paul-Bloomington Total: 4.91 6.60 7.61 7.90 7.97 8.46 8.99 6.86 4.76 5.25 7.03 7.90 7.12 1981/1

Appreciation: -0.31 0.99 1.62 1.78 1.74 2.14 2.61 0.50 -1.47 -0.97 0.28 0.31 -0.67Income: 5.24 5.56 5.91 6.04 6.15 6.22 6.26 6.33 6.29 6.27 6.73 7.57 7.83

MN-WI-Minneapolis-St.Paul-Bloomington Apartment

Total: 6.91 7.90 8.69 9.29 9.73 11.20 11.98 9.73 7.60 7.72 7.92 2006/1Appreciation: 2.42 3.21 3.71 4.09 4.30 5.53 6.11 3.86 1.85 2.00 2.22

Income: 4.42 4.58 4.85 5.05 5.27 5.45 5.62 5.71 5.67 5.64 5.61MN-WI-Minneapolis-St.Paul-Bloomington Industrial Total: 1.38 5.95 7.31 7.84 8.17 8.49 8.50 5.55 3.78 4.20 6.12 7.58 7.00 1981/3

Appreciation: -5.08 -1.09 -0.10 0.54 0.90 1.23 1.23 -1.61 -3.25 -2.82 -1.23 -0.48 -1.18Income: 6.71 7.10 7.42 7.28 7.22 7.19 7.20 7.25 7.20 7.18 7.42 8.10 8.26

MN-WI-Minneapolis-St.Paul-Bloomington Industrial-Warehouse

Total: 3.55 7.15 9.36 9.29 10.18 10.19 10.40 7.03 4.74 4.92 6.85 2002/4Appreciation: -3.41 -0.39 1.32 1.41 2.41 2.55 2.79 -0.39 -2.47 -2.24 -0.42

Income: 7.15 7.57 7.96 7.79 7.63 7.49 7.45 7.44 7.34 7.28 7.29MN-WI-Minneapolis-St.Paul-Bloomington Retail Total: 4.84 7.20 8.34 8.77 8.59 8.62 9.68 8.09 5.08 5.58 7.24 2004/4

Appreciation: -0.55 1.70 2.59 2.78 2.48 2.47 3.39 1.82 -1.02 -0.54 0.98Income: 5.41 5.43 5.64 5.87 5.99 6.05 6.14 6.19 6.15 6.14 6.22

PA-MontgomeryCounty-BucksCounty-ChesterCounty

Total: 2.52 4.73 5.96 6.52 6.75 7.40 8.57 6.07 4.33 4.75 7.98 8.30 2000/1Appreciation: -3.06 -1.05 0.03 0.49 0.67 1.21 2.22 -0.26 -1.79 -1.32 1.32 1.31

Income: 5.71 5.83 5.94 6.01 6.04 6.14 6.26 6.35 6.21 6.14 6.59 6.93TN-Nashville-Davidson--Murfreesboro--Franklin Total: 8.09 10.33 12.52 12.36 12.79 12.62 12.22 9.44 7.77 8.15 9.59 2004/4


NJ-PA-Newark Total: 4.31 6.15 7.40 7.62 7.50 7.98 9.13 6.43 3.79 4.25 7.11 7.11 2001/4Appreciation: -1.02 0.66 1.78 1.98 1.81 2.26 3.14 0.35 -2.17 -1.73 0.48 0.43

Income: 5.37 5.46 5.54 5.55 5.62 5.63 5.86 6.06 6.05 6.04 6.61 6.66NY-NJ-NewYork-JerseyCity-WhitePlains Total: 4.97 7.95 9.69 9.84 10.10 10.73 12.18 8.86 4.52 5.68 9.46 10.63 7.68 1988/1


NY-NJ-NewYork-JerseyCity-WhitePlains Apartment Total: 4.66 7.25 8.30 8.80 9.02 9.68 11.06 6.87 2.13 3.27 6.42 2003/4Appreciation: 0.87 3.27 4.23 4.67 4.81 5.43 6.64 2.57 -1.90 -0.70 2.12

Income: 3.77 3.88 3.94 3.99 4.07 4.09 4.21 4.22 4.10 4.00 4.24

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NY-NJ-NewYork-JerseyCity-WhitePlains Apartment-HighRise

Total: 4.26 6.94 8.10 8.64 8.93 9.64 11.27 7.79 2.54 3.65 6.36 2004/4Appreciation: 0.45 2.96 4.01 4.50 4.73 5.41 6.91 3.52 -1.45 -0.28 2.20

Income: 3.80 3.90 3.96 4.01 4.06 4.07 4.15 4.17 4.05 3.94 4.10NY-NJ-NewYork-JerseyCity-WhitePlains Industrial Total: 14.04 13.59 14.09 14.54 13.73 13.55 13.70 10.72 7.68 7.65 9.82 9.74 2001/3


NY-NJ-NewYork-JerseyCity-WhitePlains Industrial-Warehouse


Income: 4.93 5.00 5.15 5.37 5.56 5.69 5.88 6.10 6.16 6.17 6.61 6.66NY-NJ-NewYork-JerseyCity-WhitePlains Office Total: 4.31 7.71 9.70 9.74 10.17 10.92 12.64 9.75 5.17 6.61 10.65 11.68 1997/3


NY-NJ-NewYork-JerseyCity-WhitePlains Office-CBD Total: 5.20 8.09 10.06 10.07 10.50 11.28 13.02 10.05 5.25 6.82 11.06 11.06 2002/1Appreciation: 1.45 4.09 5.86 5.76 6.04 6.66 8.10 4.97 0.41 1.98 5.35 5.35

Income: 3.71 3.89 4.02 4.14 4.28 4.40 4.66 4.89 4.82 4.76 5.49 5.49NY-NJ-NewYork-JerseyCity-WhitePlains Office-

SuburbanTotal: -20.84 2016/3

Appreciation: -23.80Income: 3.60

NY-NJ-NewYork-JerseyCity-WhitePlains Retail Total: 5.73 8.79 11.64 11.83 12.12 12.77 12.77 2011/1Appreciation: 1.84 4.63 7.15 7.15 7.23 7.58 7.58

Income: 3.83 4.03 4.27 4.44 4.64 4.92 4.92CA-Oakland-Hayward-Berkeley Total: 11.00 14.60 15.21 14.34 13.87 13.91 13.95 10.45 7.05 7.89 9.00 10.64 8.83 1982/4


CA-Oakland-Hayward-Berkeley Apartment Total: 11.14 11.14 2016/1Appreciation: 6.38 6.38

Income: 4.54 4.54CA-Oakland-Hayward-Berkeley Industrial Total: 18.51 21.20 20.62 19.02 17.33 16.78 16.59 12.65 8.69 9.65 9.79 11.38 9.67 1988/2


CA-Oakland-Hayward-Berkeley Industrial-Warehouse


Income: 4.70 4.66 4.86 4.98 5.08 5.22 5.46 5.60 5.58 5.58 6.15 6.41

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CA-Oakland-Hayward-Berkeley Office Total: 9.11 13.07 13.59 11.64 11.36 11.61 11.57 7.97 4.68 5.98 7.27 8.35 2000/1Appreciation: 3.51 7.31 7.69 5.94 5.66 5.78 5.38 1.87 -1.18 0.12 0.69 1.52

Income: 5.46 5.46 5.58 5.46 5.47 5.58 5.94 6.00 5.91 5.85 6.55 6.75CA-Oakland-Hayward-Berkeley Office-Suburban Total: 8.57 11.72 12.26 11.35 11.14 11.44 11.48 7.95 4.21 5.59 6.91 8.09 2000/1


CA-Oakland-Hayward-Berkeley Retail Total: 5.79 9.98 11.71 11.94 2013/2Appreciation: 1.11 4.98 6.47 6.57

Income: 4.64 4.82 5.00 5.13FL-Orlando-Kissimmee-Sanford Total: 7.89 12.55 13.14 13.56 13.29 13.15 13.46 10.01 7.62 8.09 10.58 10.73 9.23 1990/2


FL-Orlando-Kissimmee-Sanford Industrial Total: 21.97 19.93 17.63 15.60 14.07 13.52 2011/3Appreciation: 15.02 13.12 10.68 8.58 7.13 6.54

Income: 6.26 6.21 6.45 6.59 6.58 6.65FL-Orlando-Kissimmee-Sanford Industrial-

WarehouseTotal: 22.04 20.49 18.01 16.15 14.37 13.80 2011/3


FL-Orlando-Kissimmee-Sanford Retail Total: 6.40 11.90 13.51 14.81 15.05 15.64 16.14 12.36 10.03 10.08 2007/2Appreciation: 1.45 6.55 7.73 8.79 8.91 9.25 9.53 5.83 3.63 3.73

Income: 4.90 5.10 5.46 5.65 5.77 5.99 6.18 6.25 6.23 6.18PA-Philadelphia Total: 7.62 8.46 8.82 8.87 8.99 9.90 2011/2


AZ-Phoenix-Mesa-Scottsdale Total: 7.41 10.89 12.70 12.88 12.57 12.78 12.53 8.61 5.48 6.10 9.56 9.76 8.82 1980/1Appreciation: 2.33 5.54 7.09 7.14 6.74 6.83 6.45 2.64 -0.31 0.30 3.13 2.80 1.46

Income: 5.00 5.14 5.33 5.46 5.55 5.67 5.81 5.85 5.80 5.78 6.29 6.81 7.28AZ-Phoenix-Mesa-Scottsdale Apartment Total: 9.23 10.74 10.14 9.70 9.80 10.73 11.57 8.27 4.22 4.19 8.41 8.40 1997/4


AZ-Phoenix-Mesa-Scottsdale Apartment-Garden Total: 11.07 11.75 10.60 9.96 10.43 11.07 11.97 8.58 4.49 4.44 8.40 8.32 1998/2Appreciation: 5.69 6.29 5.13 4.51 4.93 5.51 6.33 3.08 -0.74 -0.72 2.86 2.32

Income: 5.16 5.21 5.27 5.28 5.31 5.34 5.39 5.38 5.27 5.19 5.43 5.90

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AZ-Phoenix-Mesa-Scottsdale Industrial Total: 8.34 9.40 10.40 11.47 12.15 12.33 11.04 7.06 4.23 5.51 8.34 8.18 2001/2Appreciation: 3.54 4.13 4.88 5.78 6.36 6.41 5.06 1.24 -1.50 -0.32 1.87 1.59

Income: 4.67 5.11 5.33 5.46 5.53 5.66 5.76 5.77 5.79 5.84 6.38 6.51AZ-Phoenix-Mesa-Scottsdale Industrial-Warehouse Total: 9.33 10.83 11.46 12.53 13.33 13.35 12.16 7.64 4.56 5.65 8.89 2003/3

Appreciation: 4.71 5.82 6.24 7.19 7.89 7.82 6.58 2.26 -0.77 0.19 2.99Income: 4.46 4.80 4.99 5.08 5.14 5.23 5.32 5.29 5.36 5.45 5.77

AZ-Phoenix-Mesa-Scottsdale Office Total: 6.55 8.40 10.59 10.83 10.78 10.39 8.76 4.82 2.25 2.85 7.44 7.19 2000/1Appreciation: 1.41 3.02 4.87 4.96 4.77 4.25 2.53 -1.32 -3.73 -3.09 0.86 0.35

Income: 5.08 5.26 5.53 5.66 5.80 5.95 6.11 6.19 6.14 6.06 6.54 6.82AZ-Phoenix-Mesa-Scottsdale Office-Suburban Total: 9.55 10.36 12.51 12.34 12.01 11.38 9.57 5.43 2.79 3.33 7.60 7.28 2000/3

Appreciation: 4.32 4.78 6.59 6.32 5.88 5.14 3.26 -0.77 -3.24 -2.65 0.98 0.46Income: 5.07 5.39 5.64 5.74 5.87 6.00 6.15 6.23 6.17 6.09 6.57 6.79

AZ-Phoenix-Mesa-Scottsdale Retail Total: 6.90 12.31 15.47 16.03 15.24 15.32 15.55 11.39 8.34 9.19 9.54 2005/4Appreciation: 1.86 6.97 9.82 10.17 9.27 9.19 9.24 5.20 2.33 3.13 3.41

Income: 4.97 5.07 5.27 5.45 5.58 5.74 5.90 5.96 5.91 5.92 5.98OR-WA-Portland-Vancouver-Hillsboro Total: 11.44 13.49 13.45 13.11 12.45 12.39 12.22 9.08 7.10 8.13 9.69 10.50 9.08 1990/1


OR-WA-Portland-Vancouver-Hillsboro Apartment Total: 11.00 14.42 13.77 13.18 12.69 12.77 2011/3Appreciation: 6.35 9.37 8.63 7.96 7.47 7.53

Income: 4.44 4.73 4.84 4.93 4.95 4.97OR-WA-Portland-Vancouver-Hillsboro Apartment-

HighRiseTotal: 5.30 2016/3


OR-WA-Portland-Vancouver-Hillsboro Industrial Total: 13.31 16.74 16.04 15.82 14.49 13.49 12.48 9.40 6.91 8.00 9.40 9.45 2000/4Appreciation: 7.31 10.53 9.65 9.31 7.91 6.90 5.90 2.98 0.61 1.67 2.64 2.48

Income: 5.70 5.76 5.97 6.08 6.21 6.26 6.30 6.28 6.27 6.25 6.62 6.84OR-WA-Portland-Vancouver-Hillsboro Industrial-

Flex SpaceTotal: 8.80 14.07 16.81 15.75 15.75 2013/1


OR-WA-Portland-Vancouver-Hillsboro Industrial-Warehouse


Income: 5.64 5.75 5.88 5.98 6.12 6.20 6.21 6.19 6.16 6.12 6.20

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OR-WA-Portland-Vancouver-Hillsboro Office Total: 10.35 2016/4Appreciation: 5.16

Income: 5.00RI-MA-Providence-Warwick Total: 11.65 10.25 10.23 2014/4


RI-MA-Providence-Warwick Industrial Total: 9.72 2016/3Appreciation: 3.15

Income: 6.42NC-Raleigh Total: 9.00 10.19 10.25 10.40 10.89 10.74 11.24 8.68 6.51 6.85 7.71 7.75 1999/3


NV-Reno Total: 10.79 13.90 14.14 13.77 12.14 12.07 2011/3Appreciation: 5.14 7.82 7.82 7.13 5.39 5.21

Income: 5.45 5.76 5.97 6.31 6.49 6.60CA-Riverside-SanBernardino-Ontario Total: 11.15 13.51 14.29 13.81 13.83 14.98 15.87 11.33 7.37 7.76 11.41 11.75 8.91 1990/4


CA-Riverside-SanBernardino-Ontario Apartment Total: 15.84 16.59 14.90 13.44 13.28 13.54 14.40 10.88 6.66 6.61 7.26 2005/4Appreciation: 10.23 10.87 9.13 7.68 7.49 7.65 8.38 4.96 1.07 1.16 1.87

Income: 5.22 5.29 5.40 5.45 5.49 5.57 5.67 5.70 5.55 5.41 5.31CA-Riverside-SanBernardino-Ontario Apartment-

GardenTotal: 15.84 16.68 14.70 13.21 12.66 12.99 13.32 9.86 6.13 6.21 6.96 2005/4


CA-Riverside-SanBernardino-Ontario Industrial Total: 10.89 13.22 14.33 14.00 13.97 15.72 16.98 11.67 7.33 8.18 12.14 12.45 12.37 1996/2Appreciation: 6.43 8.57 9.54 9.09 8.93 10.45 11.37 6.07 1.96 2.81 5.98 5.63 5.50

Income: 4.25 4.38 4.48 4.60 4.73 4.89 5.18 5.35 5.29 5.26 5.90 6.55 6.59CA-Riverside-SanBernardino-Ontario Industrial-

WarehouseTotal: 10.86 13.19 14.31 13.97 14.05 15.90 17.12 11.74 7.41 8.27 12.25 12.17 1999/4


CA-Sacramento--Roseville--Arden-Arcade Total: 4.07 7.11 8.58 9.45 9.15 9.21 9.56 6.85 4.40 5.07 8.55 9.37 9.19 1995/1Appreciation: -1.67 1.06 2.45 3.23 2.93 2.92 3.15 0.45 -1.86 -1.20 1.66 1.83 1.57

Income: 5.82 6.00 6.02 6.07 6.09 6.16 6.26 6.37 6.34 6.32 6.81 7.44 7.53

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MO-IL-St.Louis Total: 6.57 7.88 8.40 8.51 8.72 7.30 6.92 5.34 3.88 4.35 6.39 7.57 6.88 1983/4Appreciation: -0.48 0.88 1.30 1.38 1.48 0.12 -0.23 -1.77 -3.12 -2.64 -0.80 -0.17 -1.03

Income: 7.07 6.95 7.03 7.05 7.16 7.17 7.16 7.20 7.17 7.13 7.23 7.75 7.97TX-SanAntonio-NewBraunfels Total: 5.71 7.91 9.31 10.14 10.18 10.13 10.26 8.07 6.27 6.50 9.65 9.29 1999/1

Appreciation: -0.70 1.29 2.42 3.12 3.20 3.24 3.36 1.23 -0.45 -0.22 2.43 1.84Income: 6.45 6.56 6.77 6.86 6.81 6.73 6.73 6.77 6.73 6.74 7.09 7.35

CA-SanDiego-Carlsbad Total: 7.72 10.30 10.73 10.96 10.64 11.12 11.92 9.51 6.72 7.20 10.81 11.79 8.68 1986/4Appreciation: 2.91 5.26 5.59 5.68 5.23 5.56 6.13 3.67 1.04 1.53 4.56 4.92 1.46

Income: 4.70 4.85 4.94 5.07 5.20 5.34 5.54 5.68 5.63 5.60 6.04 6.63 7.13CA-SanDiego-Carlsbad Apartment Total: 8.75 10.84 10.79 10.46 10.07 10.70 12.52 10.39 7.76 7.72 2007/4


CA-SanDiego-Carlsbad Apartment-Garden Total: 7.80 2016/3Appreciation: 2.89

Income: 4.81CA-SanDiego-Carlsbad Industrial Total: 15.48 15.42 14.62 13.78 12.04 11.73 10.98 7.97 5.58 6.71 9.83 10.01 2000/3


CA-SanDiego-Carlsbad Industrial-Warehouse Total: 17.04 17.84 17.15 2014/4Appreciation: 11.44 11.92 11.19

Income: 5.17 5.44 5.51CA-SanDiego-Carlsbad Office Total: 4.00 6.51 7.02 7.79 7.95 8.25 8.24 5.34 2.11 2.84 7.76 7.89 2001/3

Appreciation: -0.72 1.56 2.09 2.73 2.70 2.80 2.63 -0.20 -3.24 -2.48 1.74 1.79Income: 4.74 4.90 4.86 4.96 5.14 5.34 5.50 5.55 5.48 5.43 5.94 6.03

CA-SanDiego-Carlsbad Office-Suburban Total: 4.13 6.95 7.45 8.42 8.62 9.12 9.22 6.11 2.79 3.59 7.98 8.13 2001/3Appreciation: -0.07 2.17 2.59 3.36 3.35 3.60 3.55 0.52 -2.60 -1.78 2.01 2.08

Income: 4.21 4.71 4.77 4.93 5.15 5.38 5.52 5.57 5.50 5.45 5.90 5.97CA-SanDiego-Carlsbad Retail Total: 7.56 11.32 12.41 12.81 2013/3


CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Total: 7.75 11.83 14.25 14.00 14.74 16.28 16.79 11.71 8.18 9.24 9.97 11.89 9.30 1990/1Appreciation: 3.70 7.70 9.92 9.55 10.10 11.38 11.58 6.45 3.11 4.17 4.15 5.50 2.59

Income: 3.95 3.91 4.03 4.16 4.32 4.53 4.80 5.01 4.94 4.91 5.63 6.14 6.57

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Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrCA-SanFrancisco-RedwoodCity-SouthSanFrancisco

IndustrialTotal: 16.26 16.49 16.04 16.04 2014/1


CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Industrial-Warehouse

Total: 17.29 18.43 2015/3Appreciation: 11.75 12.97

Income: 5.11 4.99CA-SanFrancisco-RedwoodCity-SouthSanFrancisco

OfficeTotal: 8.00 11.99 14.78 14.31 15.02 16.81 17.19 11.82 8.10 9.28 9.37 10.03 1999/2


CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Office-CBD


Income: 3.70 3.63 3.68 3.71 3.82 4.04 4.25CA-SanFrancisco-RedwoodCity-SouthSanFrancisco

Office-SuburbanTotal: 8.76 11.49 14.97 14.43 15.01 16.27 2011/2


CA-SanJose-Sunnyvale-SantaClara Total: 9.33 11.92 13.43 13.55 14.36 15.13 14.94 11.77 8.27 9.36 9.82 12.06 11.98 1978/1Appreciation: 4.58 7.00 8.21 8.12 8.74 9.35 8.92 5.73 2.41 3.49 3.37 4.97 4.23

Income: 4.60 4.68 4.92 5.13 5.28 5.42 5.64 5.79 5.74 5.71 6.28 6.83 7.50CA-SanJose-Sunnyvale-SantaClara Industrial Total: 20.92 16.86 17.33 17.02 16.63 16.61 16.03 12.56 8.46 9.69 8.39 11.67 11.68 1978/1


CA-SanJose-Sunnyvale-SantaClara Industrial-Warehouse

Total: 24.60 24.02 25.30 23.71 22.72 21.78 20.38 15.76 12.72 12.81 2007/3Appreciation: 19.14 18.62 19.62 17.86 16.61 15.53 14.05 9.54 6.66 6.73

Income: 4.79 4.75 4.97 5.17 5.45 5.61 5.73 5.79 5.76 5.78CA-SanJose-Sunnyvale-SantaClara Office Total: 8.09 12.29 14.31 14.22 14.35 15.64 15.10 11.69 7.67 9.17 10.14 2005/4


CA-SanJose-Sunnyvale-SantaClara Office-Suburban Total: 7.75 11.63 13.97 13.96 14.18 15.48 14.99 11.61 7.23 8.90 9.81 2006/1Appreciation: 2.81 6.44 8.45 8.27 8.40 9.51 8.68 5.16 1.00 2.61 3.48

Income: 4.84 4.95 5.20 5.37 5.44 5.58 5.92 6.19 6.16 6.15 6.16WA-Seattle-Bellevue-Everett Total: 8.87 10.92 10.68 10.37 10.78 11.67 12.36 8.80 6.10 7.13 9.00 10.31 9.09 1985/1


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WA-Seattle-Bellevue-Everett Apartment Total: 9.09 11.03 11.36 10.69 11.07 12.22 13.84 9.44 6.95 7.70 9.34 9.13 2001/1Appreciation: 4.48 6.31 6.56 5.88 6.15 7.16 8.65 4.38 2.03 2.78 4.15 3.82

Income: 4.46 4.51 4.58 4.61 4.71 4.81 4.88 4.90 4.85 4.82 5.03 5.16WA-Seattle-Bellevue-Everett Apartment-Garden Total: 13.17 16.22 16.22 14.39 13.61 14.17 16.03 11.44 8.71 9.30 10.57 2005/2


WA-Seattle-Bellevue-Everett Apartment-HighRise Total: 7.44 8.83 9.44 9.34 9.98 2012/3Appreciation: 3.11 4.43 4.98 4.86 5.41

Income: 4.23 4.26 4.30 4.32 4.40WA-Seattle-Bellevue-Everett Industrial Total: 17.04 16.33 14.89 14.48 13.93 13.65 13.69 11.06 7.98 8.90 10.06 10.65 9.73 1989/1


WA-Seattle-Bellevue-Everett Industrial-Warehouse Total: 17.62 16.93 15.18 14.89 14.71 14.60 14.54 11.61 8.46 9.46 10.54 10.73 1998/2Appreciation: 12.19 11.31 9.55 9.16 8.97 8.66 8.38 5.35 2.32 3.28 3.92 3.62

Income: 4.98 5.18 5.26 5.37 5.39 5.58 5.80 6.01 6.02 6.03 6.43 6.91WA-Seattle-Bellevue-Everett Office Total: 5.95 8.97 8.76 8.85 9.28 10.75 11.14 7.15 4.46 5.77 8.02 8.41 1999/4


WA-Seattle-Bellevue-Everett Office-CBD Total: 6.19 10.23 9.85 9.84 10.22 11.60 12.43 8.24 4.89 5.10 2007/3Appreciation: 1.85 5.73 5.23 5.19 5.53 6.63 7.06 2.77 -0.45 -0.22

Income: 4.29 4.31 4.45 4.48 4.50 4.74 5.11 5.35 5.34 5.31WA-Seattle-Bellevue-Everett Office-Suburban Total: 5.00 5.40 5.81 6.30 6.99 8.77 8.81 5.11 3.35 4.63 7.51 2004/2

Appreciation: -0.49 -0.07 0.28 0.65 1.14 2.70 2.63 -0.98 -2.55 -1.27 1.19Income: 5.51 5.46 5.51 5.62 5.80 5.95 6.06 6.13 6.02 5.95 6.26

WA-Seattle-Bellevue-Everett Retail Total: 8.68 11.03 11.00 10.29 11.58 11.92 12.48 10.51 7.77 2008/2Appreciation: 3.55 5.80 5.65 4.89 5.98 6.15 6.47 4.38 1.75

Income: 5.00 5.01 5.13 5.21 5.36 5.53 5.74 5.93 5.94MD-SilverSpring-Frederick-Rockville Total: 2.70 4.14 3.69 3.38 3.56 4.11 5.65 4.04 1.95 2.57 7.17 8.46 7.51 1984/1

Appreciation: -2.49 -1.11 -1.58 -1.99 -1.90 -1.55 -0.26 -1.95 -3.91 -3.28 0.76 1.38 0.13Income: 5.29 5.29 5.33 5.45 5.54 5.73 5.93 6.07 6.04 6.00 6.38 7.02 7.37

WA-Tacoma-Lakewood Total: 15.52 14.10 11.09 11.49 11.69 13.44 14.26 10.94 9.80 2008/4Appreciation: 10.07 8.84 5.88 6.19 6.27 7.80 8.37 4.97 3.85

Income: 5.08 4.93 4.99 5.07 5.18 5.34 5.55 5.75 5.77

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WA-Tacoma-Lakewood Industrial Total: 15.55 14.22 11.23 11.73 12.03 13.75 14.74 2010/2Appreciation: 10.13 9.00 6.02 6.42 6.60 8.09 8.90

Income: 5.04 4.90 4.98 5.07 5.18 5.34 5.48WA-Tacoma-Lakewood Industrial-Warehouse Total: 15.55 14.22 11.23 11.73 12.03 13.75 14.74 2010/2

Appreciation: 10.13 9.00 6.02 6.42 6.60 8.09 8.90Income: 5.04 4.90 4.98 5.07 5.18 5.34 5.48

FL-Tampa-St.Petersburg-Clearwater Total: 9.38 11.10 11.31 10.83 10.35 10.56 11.04 7.63 4.76 5.01 8.43 8.81 8.84 1995/1Appreciation: 3.10 4.70 4.84 4.38 3.84 4.02 4.38 1.12 -1.50 -1.16 1.79 1.60 1.53

Income: 6.14 6.19 6.24 6.25 6.32 6.35 6.45 6.45 6.34 6.22 6.56 7.13 7.23FL-Tampa-St.Petersburg-Clearwater Apartment Total: 10.10 11.21 11.36 11.39 11.17 11.48 12.66 10.03 6.43 6.26 9.51 2004/4


FL-Tampa-St.Petersburg-Clearwater Apartment-Garden


Income: 5.76 5.79 5.80 5.84 5.91 5.99 6.14 6.19 6.03 5.93 5.92DC-VA-MD-WV-Washington-Arlington-Alexandria Total: 4.77 6.31 6.39 6.65 6.59 7.44 9.53 7.57 5.30 5.88 9.73 10.54 9.00 1985/2


DC-VA-MD-WV-Washington-Arlington-Alexandria Apartment


Income: 4.53 4.43 4.40 4.46 4.55 4.64 4.79 4.89 4.83 4.76 5.27 5.80DC-VA-MD-WV-Washington-Arlington-Alexandria

Apartment-HighRiseTotal: 4.96 4.95 4.47 4.72 5.22 6.59 10.15 8.64 5.74 5.72 5.83 2006/4


DC-VA-MD-WV-Washington-Arlington-Alexandria Industrial

Total: 8.59 8.97 9.00 9.22 8.98 8.49 2011/3Appreciation: 2.68 3.04 3.03 3.08 2.69 2.17

Income: 5.79 5.80 5.84 6.01 6.16 6.22DC-VA-MD-WV-Washington-Arlington-Alexandria

Industrial-WarehouseTotal: 8.97 10.23 10.84 11.11 10.60 2012/2


DC-VA-MD-WV-Washington-Arlington-Alexandria Office

Total: 3.67 5.13 5.15 5.69 5.52 6.48 8.50 6.56 4.35 5.09 8.81 9.83 7.76 1989/3Appreciation: -0.72 0.60 0.42 0.87 0.59 1.44 3.22 1.19 -0.92 -0.21 2.74 2.95 0.60

Income: 4.42 4.52 4.71 4.79 4.90 4.98 5.16 5.32 5.30 5.31 5.96 6.73 7.13

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DC-VA-MD-WV-Washington-Arlington-Alexandria Office-CBD

Total: 4.83 5.97 6.42 6.79 6.51 7.23 9.51 7.71 5.38 6.19 9.83 10.35 9.74 1995/2Appreciation: 0.83 1.87 2.02 2.25 1.83 2.42 4.44 2.52 0.29 1.06 3.95 3.64 2.90

Income: 3.98 4.05 4.34 4.46 4.62 4.73 4.91 5.09 5.07 5.09 5.71 6.53 6.70DC-VA-MD-WV-Washington-Arlington-Alexandria

Office-SuburbanTotal: 0.50 2.90 1.96 2.94 3.09 4.56 6.28 4.23 2.29 2.96 6.98 8.94 8.33 1991/3

Appreciation: -4.93 -2.74 -3.58 -2.58 -2.43 -1.02 0.51 -1.56 -3.38 -2.71 0.55 1.76 0.64Income: 5.64 5.76 5.70 5.63 5.62 5.62 5.75 5.86 5.81 5.78 6.40 7.10 7.66

DC-VA-MD-WV-Washington-Arlington-Alexandria Retail


Income: 4.59 4.67 4.87 5.02 5.15 5.33 5.55 5.65 5.64 5.64 6.35 6.35DC-VA-MD-WV-Washington-Arlington-Alexandria

Retail-NeighborhoodTotal: 8.86 12.24 13.33 11.54 11.92 11.27 13.20 13.20 2010/1


FL-WestPalmBeach-BocaRaton-DelrayBeach Total: 7.64 10.02 11.15 10.51 9.77 10.07 10.95 7.81 4.31 4.25 8.63 9.51 9.43 1994/2Appreciation: 2.36 4.63 5.61 4.90 4.15 4.35 5.04 1.95 -1.29 -1.26 2.72 2.81 2.48

Income: 5.19 5.21 5.32 5.42 5.45 5.54 5.70 5.78 5.66 5.57 5.79 6.58 6.83FL-WestPalmBeach-BocaRaton-DelrayBeach

ApartmentTotal: 8.17 11.92 12.42 11.21 10.36 11.20 13.32 9.99 6.10 5.58 5.52 2006/3


FL-WestPalmBeach-BocaRaton-DelrayBeach Apartment-Garden

Total: 8.59 2016/2Appreciation: 3.30

Income: 5.16

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Calendar Year Returns (%)Market Indexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

NCREIF Property Index Total: 7.97 13.33 11.82 10.98 10.54 14.26 13.11 -16.85 -6.46 15.85 16.60 20.06 14.49 9.00 6.75S&P 500 Index Total: 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.78 4.93 10.86 28.71 -22.10T-Bills (90 day) Total: 1.06 0.57 0.04 0.05 0.07 0.08 0.13 0.16 1.80 4.74 4.76 3.00 1.24 1.07 1.70

NAREIT Equity REIT Index Total: 8.63 2.83 28.03 2.86 19.70 8.28 27.95 27.99 -37.73 -15.69 35.05 12.17 31.57 37.14 3.81Consumer Price Index Total: 2.07 0.73 0.76 1.38 1.74 2.96 1.50 2.72 0.09 4.08 2.54 3.42 3.26 1.88 2.38

Calendar Year Returns (%)Total Index 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

NCREIF Property Index Total: 7.97 13.33 11.82 10.98 10.54 14.26 13.11 -16.85 -6.46 15.85 16.60 20.06 14.49 9.00 6.75Appreciation: 3.10 8.03 6.21 5.16 4.51 7.80 6.05 -21.98 -11.15 9.88 9.92 12.68 6.66 0.97 -1.58

Income: 4.76 5.01 5.36 5.61 5.84 6.11 6.76 6.17 5.13 5.56 6.22 6.75 7.46 7.97 8.42Calendar Year Returns (%)

Property Type Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002Apartment Total: 7.33 11.99 10.29 10.42 11.23 15.45 18.21 -17.51 -7.29 11.36 14.63 21.15 13.04 8.90 8.76

Appreciation: 2.64 6.99 5.17 5.06 5.64 9.60 11.77 -21.94 -11.37 6.42 8.89 14.85 6.66 2.44 1.57Income: 4.60 4.75 4.94 5.16 5.36 5.47 5.93 5.33 4.45 4.71 5.39 5.69 6.08 6.35 7.11

Hotel Total: 4.71 13.20 11.06 7.68 8.23 11.79 8.97 -20.40 -9.35 18.10 23.57 18.99 10.16 6.05 7.57Appreciation: -3.13 4.71 2.75 0.07 0.88 4.62 2.23 -24.01 -14.35 9.93 14.04 9.49 1.99 -1.68 -0.34

Income: 8.03 8.20 8.16 7.61 7.31 6.94 6.64 4.44 5.63 7.61 8.65 8.89 8.05 7.85 7.93Industrial Total: 12.31 14.87 13.42 12.32 10.71 14.59 9.37 -17.85 -5.76 14.95 16.96 20.31 12.07 8.23 6.70

Appreciation: 6.76 9.03 7.29 6.02 4.26 7.66 1.99 -23.47 -11.13 8.30 9.85 12.32 3.94 -0.16 -1.84Income: 5.28 5.48 5.81 6.03 6.26 6.56 7.27 6.86 5.85 6.26 6.64 7.32 7.90 8.40 8.65

Office Total: 6.20 12.50 11.50 9.86 9.49 13.76 11.74 -19.10 -7.29 20.51 19.16 19.46 12.02 5.67 2.78Appreciation: 1.63 7.45 6.05 4.30 3.66 7.41 4.59 -24.26 -11.77 14.42 12.27 11.96 4.03 -2.50 -5.61

Income: 4.52 4.78 5.22 5.39 5.67 6.02 6.92 6.35 4.91 5.51 6.32 6.89 7.76 8.33 8.77Retail Total: 9.04 15.28 13.12 12.87 11.61 13.77 12.62 -10.95 -4.11 13.51 13.35 19.98 22.95 17.15 13.74


Calendar Year Returns (%)Regional Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East Total: 6.38 11.28 9.34 9.36 9.05 14.16 15.17 -17.17 -7.93 16.03 17.74 21.58 15.75 10.92 8.94Appreciation: 1.86 6.31 4.09 3.90 3.34 8.03 8.13 -22.20 -12.29 10.33 11.05 14.12 7.70 2.60 0.17

Income: 4.46 4.75 5.09 5.30 5.57 5.79 6.65 6.08 4.80 5.30 6.19 6.76 7.62 8.16 8.76

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Calendar Year Returns (%)Regional Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Midwest Total: 6.99 12.13 11.44 10.66 9.76 12.20 9.75 -12.94 -5.21 13.52 11.45 14.09 12.50 6.86 6.14Appreciation: 1.76 6.43 5.38 4.22 3.14 5.44 2.71 -18.57 -10.41 6.90 4.74 6.65 4.61 -1.21 -2.30

Income: 5.16 5.44 5.82 6.24 6.46 6.51 6.90 6.56 5.64 6.30 6.48 7.10 7.64 8.14 8.58South Total: 7.36 13.97 13.17 12.40 11.06 12.80 12.05 -14.41 -3.82 12.79 14.72 19.84 12.50 7.79 5.34

Appreciation: 2.02 8.15 6.98 5.97 4.62 6.13 4.90 -19.82 -9.06 6.60 7.97 12.33 4.87 0.00 -2.73Income: 5.26 5.49 5.89 6.16 6.22 6.38 6.89 6.38 5.62 5.90 6.37 6.88 7.37 7.78 8.23

West Total: 9.98 15.25 13.57 11.82 11.95 15.96 12.80 -19.06 -6.87 18.28 18.45 21.04 15.34 9.02 6.12Appreciation: 5.14 10.02 8.06 6.16 6.02 9.41 5.77 -23.97 -11.45 12.39 11.84 13.84 7.63 1.10 -1.96


Divisional Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East North Central Total: 7.32 12.72 11.88 11.00 10.13 12.96 9.99 -13.14 -5.73 14.00 11.33 13.67 13.12 6.84 6.67


Mideast Total: 6.09 8.80 7.37 8.11 7.67 14.27 16.93 -12.99 -4.45 13.54 15.97 23.10 17.73 11.91 11.02Appreciation: 1.16 3.57 1.92 2.44 1.80 7.95 9.71 -18.43 -9.37 7.56 9.37 15.52 9.48 3.54 2.12

Income: 4.88 5.09 5.38 5.57 5.79 5.97 6.74 6.34 5.29 5.66 6.17 6.80 7.71 8.16 8.77Mountain Total: 9.67 16.41 13.95 12.85 11.73 12.96 12.51 -17.93 -5.86 14.19 17.15 21.97 12.68 8.40 8.02


Northeast Total: 6.55 12.82 10.65 10.23 10.07 14.07 14.03 -19.73 -9.94 17.66 19.03 20.43 14.36 10.13 7.40Appreciation: 2.25 8.01 5.54 4.93 4.48 8.07 7.10 -24.52 -13.99 12.12 12.26 13.06 6.45 1.86 -1.27

Income: 4.22 4.54 4.91 5.11 5.41 5.66 6.58 5.92 4.52 5.08 6.21 6.73 7.55 8.16 8.75Pacific Total: 10.05 15.04 13.49 11.62 12.00 16.60 12.86 -19.28 -7.06 19.12 18.71 20.85 15.93 9.16 5.56


Southeast Total: 9.07 15.60 13.07 10.97 10.58 12.26 10.91 -16.23 -6.20 11.36 15.43 22.36 14.17 7.64 5.93Appreciation: 3.54 9.63 6.78 4.56 4.10 5.43 3.67 -21.61 -11.32 5.44 8.84 14.94 6.65 0.02 -1.97

Income: 5.38 5.58 5.98 6.20 6.30 6.57 7.05 6.45 5.60 5.69 6.18 6.69 7.17 7.62 8.02Southwest Total: 5.84 12.51 13.28 13.78 11.53 13.39 13.33 -12.05 -0.34 14.94 13.70 16.60 10.48 7.97 4.60


West North Central Total: 5.26 9.18 9.32 9.14 8.13 9.05 8.79 -12.13 -3.11 11.60 11.87 15.66 10.49 6.92 4.24Appreciation: -0.48 2.77 2.45 2.11 1.20 2.23 1.75 -17.99 -8.75 5.02 4.88 7.91 2.73 -1.18 -4.60

Income: 5.77 6.28 6.75 6.93 6.87 6.71 6.95 6.80 6.03 6.34 6.74 7.32 7.61 8.17 9.16

of 1334/25/2017 Section 3, Page 2


Calendar Year Returns (%)Apartment by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East Total: 5.78 8.91 7.89 8.60 9.64 14.69 17.03 -20.93 -9.09 12.03 13.67 22.77 12.92 10.54 11.48Appreciation: 1.33 4.32 3.25 3.69 4.53 9.31 10.91 -24.86 -12.53 7.78 8.15 16.46 6.55 3.85 3.75

Income: 4.41 4.44 4.53 4.77 4.95 5.03 5.66 4.88 3.80 4.02 5.21 5.64 6.08 6.50 7.53Midwest Total: 6.06 10.91 10.19 11.16 12.65 16.61 16.78 -11.31 -3.67 10.23 11.81 11.06 10.68 6.67 6.66


South Total: 6.10 12.14 11.65 12.16 11.01 15.44 17.75 -13.89 -5.30 9.32 14.69 24.21 12.78 7.33 7.11Appreciation: 1.09 6.70 5.95 6.19 4.90 9.07 10.93 -18.87 -10.04 3.79 8.53 17.39 6.38 0.89 0.04

Income: 4.97 5.18 5.45 5.71 5.90 5.98 6.31 5.82 5.13 5.38 5.80 6.05 6.12 6.40 7.07West Total: 10.05 15.49 11.99 10.88 12.85 16.01 20.71 -18.42 -7.96 12.87 16.43 20.71 14.32 10.14 9.34


Calendar Year Returns (%)Apartment by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East North Central Total: 6.16 11.08 10.08 11.11 12.85 16.38 18.05 -11.95 -4.47 10.62 12.78 10.77 10.52 5.86 5.98Appreciation: 1.60 6.27 4.94 5.61 6.92 10.39 11.53 -16.89 -9.09 5.24 7.00 4.81 4.50 -0.17 -0.65

Income: 4.50 4.60 4.96 5.28 5.64 5.57 6.01 5.68 4.95 5.18 5.49 5.75 5.83 6.04 6.66Mideast Total: 5.69 6.51 5.20 7.32 8.00 16.45 24.92 -11.69 -6.17 9.98 15.39 23.66 13.31 11.37 14.27


Mountain Total: 11.25 16.65 12.72 11.11 12.48 17.28 21.27 -17.83 -7.53 10.77 18.90 21.92 12.75 8.52 6.77Appreciation: 6.04 10.87 6.97 5.32 6.51 10.80 14.16 -22.64 -11.96 5.51 12.64 15.46 5.84 1.75 -0.65

Income: 4.99 5.35 5.47 5.57 5.70 6.00 6.44 5.82 4.86 5.05 5.73 5.80 6.63 6.68 7.46Northeast Total: 5.85 10.38 9.60 9.36 10.67 13.57 13.43 -24.69 -10.40 13.03 12.33 22.02 12.47 9.59 7.68


Pacific Total: 9.69 15.13 11.75 10.79 12.99 15.58 20.49 -18.61 -8.11 13.80 15.48 20.27 15.01 10.93 10.61Appreciation: 5.13 10.24 6.78 5.71 7.69 10.07 14.35 -22.80 -11.99 9.00 10.28 14.50 8.75 4.73 3.77

Income: 4.39 4.55 4.73 4.88 5.01 5.13 5.56 5.08 4.26 4.50 4.83 5.22 5.88 5.99 6.65Southeast Total: 9.34 15.12 12.43 11.16 9.65 14.23 17.55 -16.41 -8.54 7.21 16.21 31.30 15.74 8.37 7.78


Southwest Total: 3.53 9.75 11.02 13.00 12.24 16.71 17.90 -10.70 -0.62 12.43 12.50 11.85 8.20 5.79 6.14Appreciation: -1.26 4.58 5.48 7.02 6.09 10.32 11.26 -15.90 -5.78 6.40 6.43 5.74 2.16 -0.56 -0.97

Income: 4.84 5.00 5.33 5.68 5.89 5.94 6.13 5.91 5.40 5.76 5.80 5.86 5.95 6.37 7.16

of 1334/25/2017 Section 3, Page 3


Calendar Year Returns (%)Apartment by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

West North Central Total: 5.66 10.19 10.68 11.40 11.89 17.39 12.77 -9.65 -1.62 9.36 9.64 11.81 11.05 8.81 8.73Appreciation: 0.96 4.70 4.72 5.02 5.12 10.30 5.73 -15.23 -7.04 3.36 3.79 5.80 4.66 1.95 1.34


Hotel by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Total: 3.00 7.97 5.71 4.39 4.17 12.54 10.97 -18.79

Appreciation: -3.84 0.94 -1.12 -2.26 -1.99 5.68 4.43 -23.20Income: 7.04 6.99 6.92 6.77 6.27 6.56 6.37 5.43

Midwest Total: -0.53 7.85 11.32 4.42 8.77 10.43Appreciation: -8.68 -0.73 2.29 -2.73 1.27 3.16

Income: 8.69 8.64 8.93 7.31 7.43 7.09South Total: 6.02 15.10 14.03 11.99 8.95 11.43

Appreciation: -2.50 5.85 4.78 3.16 1.08 4.22Income: 8.68 8.88 8.92 8.62 7.80 7.01

West Total: 8.83 20.86 14.30 8.94 11.10 11.79 8.35 -20.11 -6.23 23.85 23.31 17.82Appreciation: 0.25 11.04 5.54 1.15 3.12 4.38 1.58 -23.58 -11.52 14.79 14.09 8.95

Income: 8.56 9.09 8.41 7.72 7.80 7.18 6.69 4.25 5.85 8.18 8.36 8.31Calendar Year Returns (%)

Hotel by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East North Central Total:

Appreciation:Income:

Mideast Total:Appreciation:

Income:Calendar Year Returns (%)

Industrial by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Total: 11.27 12.91 12.44 11.85 9.48 13.20 8.97 -14.23 -4.98 9.38 15.52 18.99 13.18 8.99 8.10


Midwest Total: 9.21 14.59 11.33 11.21 8.07 12.72 6.48 -17.73 -5.48 12.07 11.98 15.97 9.65 7.16 7.63Appreciation: 3.33 8.17 4.74 4.59 1.36 5.65 -0.98 -23.76 -11.23 5.21 4.64 7.58 1.43 -1.23 -1.23

Income: 5.74 6.05 6.37 6.41 6.64 6.79 7.51 7.38 6.27 6.61 7.10 7.96 8.13 8.47 8.93

of 1334/25/2017 Section 3, Page 4


Calendar Year Returns (%)Industrial by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

South Total: 10.26 14.08 13.57 12.66 10.20 12.50 8.74 -16.66 -3.91 13.59 14.63 17.73 9.55 6.82 4.75Appreciation: 4.31 7.69 6.98 5.96 3.58 5.45 1.31 -22.49 -9.68 6.48 7.20 9.76 1.76 -1.42 -3.77

Income: 5.76 6.05 6.26 6.42 6.45 6.78 7.35 7.05 6.22 6.79 7.05 7.43 7.69 8.33 8.77West Total: 14.46 15.97 14.18 12.61 12.28 16.79 10.92 -19.84 -7.12 18.91 20.32 23.65 13.75 9.04 6.82


Calendar Year Returns (%)Industrial by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East North Central Total: 9.54 14.99 11.32 11.38 8.06 13.48 6.84 -18.23 -5.65 12.37 11.62 15.08 9.59 7.79 8.41Appreciation: 3.79 8.77 4.89 4.84 1.45 6.38 -0.62 -24.17 -11.29 5.56 4.36 6.72 1.20 -0.70 -0.36



Mountain Total: 12.43 15.78 14.71 13.76 12.87 9.87 2.70 -17.92 -4.88 15.43 18.01 22.77 10.71 6.67 9.10Appreciation: 6.41 9.32 7.85 6.76 5.75 2.80 -4.13 -23.08 -10.34 8.68 11.08 14.77 2.78 -0.95 0.88



Pacific Total: 14.64 15.99 14.14 12.51 12.22 17.52 11.72 -20.01 -7.28 19.17 20.49 23.72 14.00 9.30 6.58Appreciation: 9.53 10.72 8.61 6.82 6.18 10.80 4.49 -25.17 -12.13 12.88 13.71 15.86 5.80 0.88 -1.73


Appreciation: 4.32 8.31 6.57 3.70 3.18 5.00 -1.81 -24.39 -10.06 7.43 8.28 11.14 2.80 -0.71 -2.24Income: 5.83 5.99 6.07 6.23 6.38 6.73 7.14 6.99 5.99 6.59 7.03 7.51 7.48 8.23 8.49

Southwest Total: 10.16 13.60 14.11 15.25 10.71 13.04 12.69 -14.08 -3.13 12.72 13.54 16.10 8.65 6.13 3.21Appreciation: 4.27 7.19 7.34 8.23 3.98 5.91 4.83 -20.10 -9.21 5.43 6.13 8.29 0.70 -2.17 -5.51

Income: 5.71 6.09 6.42 6.62 6.53 6.83 7.59 7.12 6.52 7.01 7.09 7.35 7.90 8.43 9.09West North Central Total: 6.29 11.43 11.47 10.10 8.07 7.89 4.26 -14.58 -4.46 10.51 13.70 20.66 9.96 4.29 3.70

Appreciation: -0.80 3.59 3.73 2.92 0.80 0.99 -3.17 -21.20 -10.86 3.34 5.99 12.00 2.60 -3.67 -5.53Income: 7.13 7.64 7.53 7.03 7.23 6.85 7.60 7.89 6.96 7.00 7.38 7.97 7.22 8.18 9.63

of 1334/25/2017 Section 3, Page 5


Calendar Year Returns (%)Office by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East Total: 5.53 11.51 8.39 8.95 8.04 14.40 16.65 -18.18 -9.64 20.81 21.52 21.01 13.96 7.77 7.07Appreciation: 1.39 6.77 3.32 3.71 2.49 8.35 9.34 -23.45 -13.86 14.86 14.71 13.51 5.79 -0.54 -1.76

Income: 4.10 4.52 4.95 5.10 5.45 5.70 6.84 6.44 4.71 5.37 6.14 6.82 7.83 8.35 8.95Midwest Total: 5.22 10.55 10.98 6.90 6.03 6.56 6.39 -13.62 -4.81 13.52 11.62 14.27 7.45 4.04 2.83

Appreciation: -0.21 4.69 4.59 0.29 -0.92 -0.03 -0.45 -19.32 -9.81 6.35 4.81 6.58 -0.46 -4.10 -5.91Income: 5.43 5.67 6.19 6.60 7.00 6.60 6.85 6.68 5.39 6.84 6.58 7.33 7.94 8.40 9.15

South Total: 3.48 11.89 14.27 10.99 10.79 9.28 6.26 -16.72 0.12 16.81 15.03 16.47 9.11 4.54 1.80Appreciation: -2.08 6.00 7.89 4.56 4.39 2.88 -0.56 -22.01 -5.25 10.22 8.06 8.65 0.89 -3.84 -6.66

Income: 5.65 5.64 6.03 6.22 6.20 6.27 6.84 6.36 5.59 6.13 6.58 7.35 8.16 8.63 8.90West Total: 8.09 14.28 14.58 10.96 11.38 16.25 9.58 -21.73 -7.89 22.96 20.29 21.05 13.01 4.47 -1.50


Calendar Year Returns (%)Office by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East North Central Total: 5.55 11.53 12.13 7.43 6.98 8.70 6.64 -14.25 -5.18 13.18 10.74 13.95 6.56 4.28 3.74Appreciation: 0.32 5.94 6.12 1.00 0.11 2.07 -0.23 -19.79 -9.95 5.90 4.30 6.52 -1.10 -3.86 -4.93


Appreciation: -0.34 1.47 0.34 1.58 0.08 7.38 9.55 -20.21 -8.94 9.31 10.13 13.65 9.79 1.64 -0.55Income: 4.53 4.91 5.30 5.28 5.60 5.69 6.69 6.35 5.16 5.70 6.02 6.77 8.02 8.25 8.95

Mountain Total: 4.01 10.72 14.33 14.79 10.17 9.74 5.66 -20.99 -4.55 16.19 18.36 27.43 8.09 4.11 -2.77Appreciation: -1.06 5.22 8.25 8.38 3.64 3.15 -1.70 -26.36 -9.59 10.19 11.71 18.99 0.34 -3.72 -10.21



Pacific Total: 8.48 14.62 14.60 10.54 11.53 17.13 10.11 -21.83 -8.27 23.80 20.52 20.11 13.88 4.54 -1.24Appreciation: 3.89 9.70 9.24 5.17 5.86 10.46 2.95 -26.70 -12.55 17.97 13.54 12.99 6.17 -3.36 -9.04



Southwest Total: 1.72 8.81 14.62 12.81 12.88 10.71 6.58 -14.98 4.50 19.51 14.26 15.63 7.17 3.42 0.85Appreciation: -3.82 3.02 8.19 6.32 6.46 4.49 0.15 -20.10 -0.70 12.64 6.91 7.46 -1.22 -4.85 -7.65

Income: 5.71 5.67 6.07 6.20 6.12 6.02 6.42 6.06 5.23 6.29 7.00 7.74 8.46 8.57 9.02

of 1334/25/2017 Section 3, Page 6


Calendar Year Returns (%)Office by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

West North Central Total: 3.83 6.71 6.92 5.50 3.63 1.66 5.75 -11.97 -3.94 14.42 13.88 15.03 9.90 3.39 0.31Appreciation: -2.39 -0.27 -0.75 -1.60 -3.54 -4.85 -1.02 -18.04 -9.52 7.48 6.12 6.66 1.26 -4.77 -8.63


Retail by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Total: 7.84 13.38 13.14 11.09 11.27 13.34 13.01 -10.64 -3.19 13.49 13.37 22.76 22.32 19.95 11.80


Midwest Total: 8.25 13.58 12.73 12.80 10.83 12.07 9.20 -8.86 -5.71 16.82 10.02 14.44 25.26 11.96 10.31Appreciation: 3.14 7.89 6.77 6.01 4.17 5.02 1.98 -14.80 -11.02 10.08 3.43 7.21 16.37 2.97 1.74

Income: 4.99 5.38 5.68 6.50 6.46 6.80 7.11 6.70 5.78 6.27 6.42 6.87 7.94 8.80 8.46South Total: 10.11 17.43 13.72 13.81 12.15 13.26 13.48 -10.69 -5.70 12.47 14.10 21.37 20.39 14.57 10.16


West Total: 9.44 15.77 12.82 13.71 11.81 15.22 13.27 -12.50 -2.95 12.83 14.45 18.59 24.32 18.77 19.37Appreciation: 4.56 10.35 7.20 7.73 5.57 8.39 6.06 -17.91 -8.26 6.77 7.91 11.31 15.91 9.72 9.77


Retail by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East North Central Total: 8.67 14.20 13.20 13.18 11.27 12.72 8.91 -8.01 -6.12 17.47 10.04 13.89 28.19 10.79 10.49


Mideast Total: 9.19 14.31 12.39 11.09 11.63 14.07 14.15 -9.91 -3.83 13.50 13.14 27.01 23.31 17.65 12.41Appreciation: 3.96 8.59 6.36 4.84 5.13 7.22 6.90 -15.61 -9.20 7.38 6.50 19.12 14.41 8.17 3.22

Income: 5.08 5.38 5.75 6.03 6.26 6.50 6.90 6.46 5.77 5.81 6.34 6.93 8.05 8.94 8.98Mountain Total: 11.11 20.87 14.98 13.99 12.07 12.60 13.20 -14.47 -5.01 15.23 13.26 18.16 19.41 17.13 21.08


Northeast Total: 6.54 12.45 13.89 11.10 10.89 12.99 12.06 -11.16 -2.64 13.51 13.54 19.81 21.58 20.78 11.36Appreciation: 1.69 7.09 8.07 5.16 4.44 6.01 4.74 -16.74 -7.93 7.23 6.82 12.24 13.02 11.39 2.20

Income: 4.79 5.10 5.49 5.72 6.24 6.68 7.07 6.39 5.62 5.95 6.40 6.94 7.82 8.67 9.01Pacific Total: 8.96 14.48 12.24 13.63 11.74 16.05 13.30 -11.86 -2.23 12.06 14.78 18.78 25.96 19.35 17.70


of 1334/25/2017 Section 3, Page 7


Calendar Year Returns (%)Retail by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Southeast Total: 10.10 15.85 13.18 13.18 13.87 14.02 11.56 -12.63 -6.34 11.88 14.29 19.02 20.24 9.94 8.23Appreciation: 4.77 10.03 6.82 6.48 7.01 6.59 3.93 -18.42 -11.66 6.07 8.00 12.03 12.29 2.35 0.05

Income: 5.15 5.42 6.06 6.39 6.52 7.08 7.42 6.73 5.83 5.56 5.94 6.42 7.30 7.46 8.17Southwest Total: 10.13 19.43 14.70 14.73 9.58 12.03 16.70 -6.42 -4.28 14.19 13.72 25.78 20.68 20.68 13.10


West North Central Total: 5.84 9.93 9.89 10.35 8.24 8.38 11.00 -13.80 -3.13 12.35 9.84 18.15 9.89 17.34 9.48Appreciation: 0.05 3.94 3.41 2.63 1.56 1.62 3.73 -19.33 -8.50 5.98 3.38 10.56 1.99 7.87 0.45


Property Subtypes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002Apartment-Garden Total: 9.50 14.63 11.34 10.68 10.94 15.59 16.84 -15.75 -5.66 10.75 14.17 20.95 12.51 9.08 8.75


Apartment-HighRise Total: 6.08 10.63 9.57 10.20 11.09 14.92 19.71 -20.54 -9.81 12.59 15.85 21.52 14.52 7.26 8.51Appreciation: 1.77 6.09 4.92 5.31 6.04 9.75 13.89 -24.41 -13.16 8.43 10.36 15.58 8.39 1.38 1.81

Income: 4.25 4.35 4.49 4.71 4.83 4.82 5.28 4.78 3.71 3.91 5.10 5.33 5.78 5.82 6.61Apartment-LowRise Total: 7.96 11.74 10.87 10.69 12.71 16.37 20.58 -16.81 -7.31 10.49 15.11 21.51 13.57 9.40 9.88


Industrial-R&D Total: 12.48 9.72 12.11 9.59 12.37 16.11 11.93 -16.91 -11.91 18.40 17.39 20.31 9.67 4.00 2.87Appreciation: 6.95 5.19 6.19 2.85 5.23 8.55 4.37 -22.45 -16.84 11.90 10.11 12.29 1.46 -4.58 -5.71

Income: 5.27 4.36 5.66 6.60 6.88 7.11 7.32 6.71 5.66 5.97 6.77 7.35 8.12 8.88 8.97Industrial-Flex Space Total: 9.91 11.25 12.06 8.70 6.19 9.28 5.91 -16.35 -7.10 16.33 15.78 23.03 11.14 6.96 6.59

Appreciation: 3.85 5.05 5.46 2.17 -0.38 2.39 -1.52 -22.30 -12.53 9.67 9.08 14.94 2.86 -1.72 -2.41Income: 5.89 5.98 6.34 6.42 6.59 6.77 7.51 7.18 5.99 6.23 6.28 7.30 8.11 8.79 9.17

Industrial-Other Total: 11.72 12.71 12.75 13.60Appreciation: 5.76 6.55 6.69 7.61

Income: 5.72 5.87 5.77 5.67Industrial-Warehouse Total: 12.45 15.40 13.55 12.75 11.18 15.21 9.78 -18.11 -5.39 14.47 17.11 19.78 12.62 8.80 7.08


Office-CBD Total: 5.89 13.13 10.87 10.00 10.37 15.37 16.07 -19.49 -8.42 24.30 23.83 18.02 13.53 6.86 5.16Appreciation: 1.75 8.49 5.91 4.96 5.00 9.47 9.12 -24.38 -12.37 18.52 17.18 10.84 5.69 -1.16 -3.13

Income: 4.09 4.36 4.76 4.86 5.18 5.52 6.51 6.04 4.36 5.09 5.91 6.65 7.52 8.09 8.48

of 1334/25/2017 Section 3, Page 8


Calendar Year Returns (%)Property Subtypes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Office-Suburban Total: 6.65 11.61 12.28 9.69 8.58 12.36 8.79 -18.89 -6.60 18.00 16.23 20.50 11.04 4.93 1.30Appreciation: 1.48 6.02 6.21 3.55 2.32 5.64 1.49 -24.20 -11.40 11.71 9.20 12.77 2.94 -3.33 -7.16

Income: 5.11 5.36 5.80 5.99 6.16 6.45 7.21 6.54 5.25 5.79 6.58 7.07 7.93 8.47 8.94Retail-Community Total: 8.20 12.95 11.54 11.86 10.25 12.98 11.02 -11.86 -4.98 11.78 13.68 21.03 20.29 16.21 11.82


Retail-Fashion/Specialty Center Total: 6.44 13.64 10.41 10.92 11.03 13.29 8.06 -7.16 -8.53 14.30 14.39Appreciation: 1.86 8.48 5.09 5.52 5.21 6.72 1.67 -12.67 -13.49 7.94 7.97

Income: 4.52 4.85 5.13 5.19 5.60 6.26 6.31 6.10 5.53 6.02 6.06Retail-Neighborhood Total: 9.22 14.96 13.44 11.52 11.37 14.66 9.88 -12.87 -5.85 10.15 13.07 24.52 18.58 16.11 13.19


Retail-Power Center Total: 7.75 12.41 9.03 12.02 10.51 12.68 10.94 -15.47 -7.81 9.33 11.21 17.30Appreciation: 2.01 6.21 2.84 5.22 3.66 5.52 3.09 -21.48 -13.55 3.40 4.45 9.49

Income: 5.65 5.93 6.06 6.55 6.67 6.88 7.68 7.20 6.38 5.79 6.54 7.30Retail-Regional Total: 9.49 16.43 13.40 13.62 10.41 13.33 14.49 -10.57 -2.91 16.84 14.12 17.99 24.11 18.37 16.57


Retail-Super Regional Total: 10.35 16.77 15.21 14.17 14.14 14.65 15.99 -8.00 -1.49 15.40 13.35 18.80 26.92 18.39 14.64Appreciation: 5.69 11.52 9.59 8.25 7.86 7.91 8.62 -13.72 -6.87 9.29 7.03 11.90 18.47 9.32 5.63

Income: 4.47 4.84 5.25 5.58 5.94 6.37 6.93 6.38 5.66 5.71 6.01 6.35 7.45 8.50 8.65Retail-Single Tenant Total: 5.14 14.47 18.43 15.82 14.02 12.10 4.24 -13.32 -4.80 16.50 11.89 21.52 21.70 15.40 6.58

Appreciation: 1.65 10.27 13.47 10.17 7.75 5.11 -2.61 -18.71 -10.41 9.53 5.04 12.33 12.05 5.45 -3.46Income: 3.45 3.90 4.51 5.26 5.93 6.74 6.98 6.29 6.09 6.52 6.62 8.43 8.87 9.58 10.31

Calendar Year Returns (%)Apartment Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East Apartment-Garden Total: 6.62 8.73 6.93 8.64 9.02 14.98 12.93 -16.32 -6.27 10.90 13.40 19.48 10.05 11.95 11.79Appreciation: 1.07 3.20 1.41 2.83 3.09 8.83 6.32 -20.96 -10.81 5.75 7.71 12.99 3.70 5.03 3.89

Income: 5.51 5.40 5.46 5.69 5.79 5.78 6.32 5.53 4.94 4.94 5.38 5.93 6.17 6.67 7.68East Apartment-HighRise Total: 5.37 8.79 8.02 8.49 9.91 14.34 20.61 -24.42 -11.16 12.43 14.24 25.39 15.68 7.91 11.14


East Apartment-LowRise Total: 9.57 11.51 9.40 10.29 9.27 15.49 18.33 -12.24 -5.18Appreciation: 5.31 7.07 4.83 4.96 3.80 9.77 12.44 -16.09 -8.49

Income: 4.09 4.22 4.40 5.14 5.32 5.33 5.40 4.40 3.54

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Calendar Year Returns (%)Apartment Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Midwest Apartment-Garden Total: 7.81 11.54 10.94 10.83 12.95 15.52 18.71 -12.58 -1.99 10.77 9.75 10.21 11.05 7.56 7.45Appreciation: 2.30 5.51 4.65 4.31 6.17 8.62 11.17 -18.01 -7.29 4.83 3.95 4.11 4.57 0.87 0.26

Income: 5.43 5.80 6.08 6.31 6.49 6.49 6.97 6.31 5.60 5.74 5.64 5.92 6.26 6.64 7.17Midwest Apartment-HighRise Total: 5.31 10.85 9.87 11.61 12.62 16.62 14.03 -9.12 -5.39 9.86

Appreciation: 1.04 6.32 5.04 6.41 7.05 11.14 8.57 -13.78 -9.65 4.96Income: 4.23 4.33 4.65 4.96 5.30 5.07 5.14 5.20 4.59 4.72

South Apartment-Garden Total: 7.95 14.09 12.39 11.53 10.38 15.33 17.80 -14.18 -5.78 9.10 14.38 24.61 12.65 7.42 7.13Appreciation: 2.43 8.15 6.31 5.29 4.11 8.74 10.79 -19.23 -10.53 3.56 8.23 17.78 6.24 0.89 -0.01

Income: 5.42 5.61 5.81 6.00 6.08 6.19 6.49 5.92 5.16 5.39 5.80 6.05 6.13 6.49 7.14South Apartment-HighRise Total: 4.29 11.09 10.59 13.61 11.39 14.14 19.24 -12.41 -6.62 11.63 15.44

Appreciation: -0.26 6.11 5.39 7.97 5.65 8.49 13.20 -17.01 -11.11 6.16 9.35Income: 4.56 4.77 5.00 5.32 5.51 5.31 5.51 5.29 4.90 5.24 5.69

South Apartment-LowRise Total: 5.45 9.28 11.59 11.24 12.83 18.28 15.06 -13.72 -1.10 8.30Appreciation: 0.69 4.19 6.01 5.50 6.71 11.84 8.30 -18.70 -6.04 2.85

Income: 4.73 4.93 5.34 5.52 5.83 5.92 6.36 5.81 5.17 5.33West Apartment-Garden Total: 12.10 18.28 12.60 10.88 12.11 16.37 18.71 -17.95 -6.28 12.57 15.83 21.47 14.15 9.74 9.32


West Apartment-HighRise Total: 8.51 13.38 11.73 11.02 13.09 16.36 22.21 -16.36 -8.77 15.54 18.31 17.91 13.97Appreciation: 4.24 8.85 7.09 6.20 8.06 11.03 15.95 -20.57 -12.57 10.77 13.01 12.50 8.16

Income: 4.13 4.25 4.42 4.61 4.75 4.93 5.60 5.00 4.20 4.42 4.84 4.96 5.48West Apartment-LowRise Total: 9.55 15.05 10.82 10.45 14.27 15.00 24.62 -20.66 -11.78 9.49


Calendar Year Returns (%)Apartment Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East North Central Apartment-Garden Total: 6.99 10.88 9.60 10.27 12.69 15.19 20.96 -14.87 -2.84 11.31 9.98 10.07 11.32 6.95 6.89Appreciation: 1.56 5.22 3.57 3.85 6.05 8.46 13.32 -20.08 -7.87 5.51 4.17 3.85 4.82 0.38 -0.17

Income: 5.36 5.45 5.87 6.25 6.35 6.34 6.96 6.16 5.34 5.58 5.64 6.05 6.28 6.56 7.07East North Central Apartment-HighRise Total: 5.90 11.06 10.14 11.70 13.06 16.79 14.90 -9.09 -5.72

Appreciation: 1.55 6.49 5.30 6.61 7.57 11.39 9.50 -13.67 -9.86Income: 4.30 4.36 4.66 4.86 5.20 4.99 5.04 5.11 4.46

Mideast Apartment-Garden Total: 7.49 9.28 5.41 8.15 7.66 15.48 20.31 -11.55 -5.27 10.61 15.93 19.11 9.86 11.10 12.70Appreciation: 1.83 3.64 -0.22 2.16 1.73 9.16 13.16 -16.71 -10.04 5.31 9.94 12.45 3.38 4.26 4.88

Income: 5.59 5.49 5.64 5.89 5.85 5.92 6.52 5.92 5.16 5.10 5.58 6.10 6.32 6.63 7.55

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Mideast Apartment-HighRise Total: 4.86 5.50 4.96 6.78 7.97 16.79 31.69 -11.98 -8.73 8.56 14.98 28.50 17.67Appreciation: 0.30 1.06 0.47 1.87 3.06 11.23 24.67 -16.82 -12.37 4.13 9.06 21.74 10.70

Income: 4.55 4.41 4.48 4.84 4.80 5.14 5.95 5.56 4.01 4.29 5.55 5.83 6.46Mountain Apartment-Garden Total: 11.98 17.78 12.87 11.46 12.65 16.95 19.02 -17.47 -6.51 10.79 19.53 22.03 12.47 8.61 6.82


Mountain Apartment-HighRise Total: 10.63 15.34 12.02 10.36Appreciation: 5.94 10.17 6.88 5.08

Income: 4.49 4.81 4.89 5.09Northeast Apartment-Garden Total: 5.61 8.09 8.78 9.11 10.47 14.40 9.25 -20.03 -7.55 11.21 10.54 20.20 10.34 13.46 9.86


Northeast Apartment-HighRise Total: 5.66 10.55 9.69 9.38 10.70 13.20 16.14 -27.61 -11.72 13.53 13.87 23.12 13.97Appreciation: 1.59 6.19 5.30 4.88 6.05 8.57 10.91 -30.82 -14.51 9.98 8.78 17.41 8.01

Income: 4.02 4.17 4.22 4.34 4.46 4.35 4.84 4.26 3.12 3.30 4.78 5.07 5.62Northeast Apartment-LowRise Total: 8.87 12.80 10.48


Pacific Apartment-Garden Total: 12.12 18.55 12.45 10.53 11.80 16.10 18.59 -18.14 -6.15 13.49 14.17 21.21 15.07 10.41 10.84Appreciation: 6.98 12.90 6.88 5.05 6.34 10.52 12.47 -22.53 -10.31 8.66 9.00 15.22 8.63 4.29 4.08

Income: 4.88 5.16 5.30 5.29 5.21 5.18 5.60 5.31 4.51 4.54 4.85 5.39 6.05 5.94 6.56Pacific Apartment-HighRise Total: 8.10 13.02 11.67 11.15 13.16 16.08 22.91 -15.86 -9.09 16.24 18.93 18.14 14.00

Appreciation: 3.92 8.61 7.12 6.41 8.26 10.88 16.70 -20.07 -12.83 11.46 13.55 12.74 8.27Income: 4.07 4.15 4.33 4.53 4.62 4.81 5.54 4.98 4.13 4.41 4.89 4.94 5.40

Pacific Apartment-LowRise Total: 9.62 15.15 9.87 10.48 14.64 14.17 23.04 -21.04 -11.73Appreciation: 5.02 10.14 4.97 5.28 9.12 8.52 16.86 -24.80 -15.11

Income: 4.43 4.67 4.73 5.01 5.18 5.32 5.49 4.66 3.82Southeast Apartment-Garden Total: 10.41 16.13 13.02 10.19 9.39 13.83 17.46 -15.97 -8.59 6.85 16.13 32.34 15.84 8.54 7.91


Southeast Apartment-HighRise Total: 7.93 13.78 10.58 13.18 9.41 15.43 15.37Appreciation: 3.14 8.48 5.24 7.57 3.81 9.60 9.51

Income: 4.68 4.99 5.14 5.32 5.45 5.44 5.47

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Southwest Apartment-Garden Total: 4.70 11.26 11.52 13.42 11.74 17.55 18.25 -11.19 -0.16 12.95 11.59 11.54 8.03 5.91 6.04Appreciation: -0.59 5.59 5.56 7.02 5.38 10.79 11.38 -16.54 -5.43 6.84 5.66 5.54 1.98 -0.46 -1.06

Income: 5.32 5.44 5.73 6.09 6.12 6.26 6.33 6.11 5.50 5.82 5.70 5.76 5.96 6.39 7.15Southwest Apartment-HighRise Total: 1.78 9.32 10.57 13.85 12.67 13.30 21.99 -10.30 -5.53 10.88

Appreciation: -2.60 4.55 5.46 8.20 6.83 7.77 15.82 -15.05 -10.16 5.14Income: 4.47 4.62 4.91 5.32 5.55 5.23 5.53 5.36 5.01 5.53

Southwest Apartment-LowRise Total: 5.16 8.64 10.89 10.95 12.82 19.23 11.78 -9.20 2.76Appreciation: 0.35 3.47 5.29 5.18 6.68 12.71 5.33 -14.36 -2.60

Income: 4.80 5.05 5.39 5.55 5.85 5.96 6.20 5.80 5.45West North Central Apartment-Garden Total: 9.20 12.50 13.18 11.90 13.57 16.26 14.39 -8.76 -0.66 9.90 9.41 10.56 10.45 8.73 8.70


West North Central Apartment-HighRise Total: 1.33Appreciation: -2.39

Income: 3.79Calendar Year Returns (%)

Industrial Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Industrial-Flex Space Total: 4.25 4.60 8.01 5.82 3.86 10.63 6.32 -16.00 -7.40 7.42 11.52 31.91

Appreciation: -2.17 -2.00 0.81 -1.77 -3.14 3.48 -1.08 -21.97 -12.76 1.98 5.62 23.14Income: 6.54 6.70 7.15 7.69 7.17 6.98 7.46 7.19 5.92 5.37 5.67 7.55

East Industrial-Warehouse Total: 11.75 13.84 13.08 12.48 10.45 13.88 9.59 -14.22 -4.75 9.04 16.34 18.41 14.64 9.99 8.18Appreciation: 6.06 7.88 6.52 5.57 3.61 6.87 1.88 -20.37 -10.43 2.38 8.89 10.48 6.05 1.30 -0.61

Income: 5.44 5.63 6.26 6.63 6.66 6.68 7.61 7.29 6.17 6.54 6.99 7.36 8.22 8.61 8.82Midwest Industrial-Flex Space Total: 5.65 9.77 7.44 7.25 4.64 8.12 3.53 -17.53 -5.38 9.01 10.77 19.38 9.97 3.78

Appreciation: -0.62 3.17 0.70 0.56 -2.33 0.31 -4.20 -24.05 -11.61 2.14 3.55 10.53 1.48 -4.78Income: 6.29 6.45 6.70 6.67 7.10 7.79 7.99 8.00 6.82 6.76 7.03 8.23 8.40 8.86

Midwest Industrial-Warehouse Total: 9.47 14.84 11.88 11.76 8.30 13.23 6.77 -17.90 -5.58 12.26 12.03 15.10 10.37 7.75 7.65Appreciation: 3.56 8.47 5.30 5.17 1.66 6.26 -0.62 -23.85 -11.27 5.39 4.71 6.86 2.05 -0.65 -1.10

Income: 5.76 6.00 6.34 6.34 6.56 6.67 7.43 7.29 6.21 6.62 7.07 7.85 8.20 8.44 8.82South Industrial-Flex Space Total: 11.07 16.79 12.15 8.15 10.36 9.32 5.03 -14.52 -6.23 14.68 12.45 21.48 7.93 6.85 3.21

Appreciation: 4.35 10.34 5.03 1.68 3.98 2.47 -2.49 -20.80 -12.36 7.38 4.90 12.80 -0.04 -1.82 -6.25Income: 6.51 5.98 6.87 6.39 6.20 6.73 7.66 7.46 6.75 6.92 7.28 7.95 7.98 8.79 9.92

South Industrial-Warehouse Total: 10.30 13.98 13.74 13.06 10.16 12.93 9.07 -16.91 -3.71 13.10 14.57 17.13 10.00 6.90 5.15Appreciation: 4.39 7.61 7.20 6.35 3.55 5.87 1.64 -22.71 -9.46 5.98 7.16 9.19 2.17 -1.34 -3.30

Income: 5.72 6.03 6.21 6.41 6.44 6.77 7.34 7.03 6.19 6.82 7.04 7.43 7.70 8.32 8.66

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Calendar Year Returns (%)Industrial Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

West Industrial-Flex Space Total: 12.28 12.74 14.83 10.48 5.97 8.79 6.59 -16.82 -7.69 21.14 18.44 22.68 12.27 7.93 5.85Appreciation: 6.56 6.86 8.67 4.42 -0.38 2.16 -0.74 -22.51 -12.71 14.31 11.79 14.88 3.80 -0.82 -2.86

Income: 5.46 5.59 5.79 5.86 6.37 6.53 7.37 6.88 5.55 6.20 6.12 7.03 8.24 8.81 8.90West Industrial-Other Total: 13.04 14.72 13.89 12.41


West Industrial-R&D Total: 15.76 7.29 13.95 10.46 13.74 18.84 13.36 -18.59 -13.10 19.14 19.72 24.11 11.70 4.00 3.86Appreciation: 10.00 3.14 7.88 3.30 6.56 11.35 6.18 -23.44 -17.67 13.18 12.60 15.34 2.82 -4.59 -4.54

Income: 5.37 4.06 5.74 6.99 6.85 6.92 6.87 5.94 5.30 5.43 6.51 7.88 8.70 8.90 8.70West Industrial-Warehouse Total: 14.60 16.83 14.05 12.97 13.03 17.82 11.53 -20.40 -6.59 18.66 20.95 24.13 14.29 9.93 7.49


Calendar Year Returns (%)Industrial Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East North Central Industrial-Warehouse Total: 9.62 15.14 11.81 11.85 8.13 13.84 6.97 -18.26 -5.73 12.60 11.75 14.27 10.23 8.21 8.26Appreciation: 3.84 8.93 5.38 5.35 1.58 6.85 -0.43 -24.13 -11.32 5.75 4.49 6.07 1.75 -0.25 -0.45

Income: 5.61 5.83 6.18 6.25 6.47 6.66 7.42 7.22 6.11 6.57 7.03 7.86 8.37 8.48 8.74Mideast Industrial-Flex Space Total: 3.53 6.40 6.85 4.57 5.22 11.72 8.97 -15.40 -5.51 10.13 13.02

Appreciation: -3.09 -0.48 -0.57 -2.97 -2.08 4.42 1.10 -21.70 -11.14 4.00 6.61Income: 6.77 6.90 7.45 7.71 7.42 7.07 7.81 7.57 6.13 5.96 6.11

Mideast Industrial-Warehouse Total: 8.54 12.99 12.21 11.75 9.00 15.84 7.86 -12.82 -2.33 11.20 19.06 19.13 13.63 11.58 8.18Appreciation: 2.55 6.85 5.63 4.63 2.00 8.27 0.15 -19.02 -7.61 4.54 11.52 10.86 4.90 2.33 -1.01

Income: 5.88 5.85 6.32 6.88 6.90 7.14 7.71 7.26 5.61 6.45 6.95 7.67 8.43 9.09 9.25Mountain Industrial-Warehouse Total: 13.07 17.23 15.01 14.29 12.17 9.71 0.82 -18.32 -5.44 14.94 18.60 22.70 12.82 8.19 11.49

Appreciation: 7.06 10.82 8.28 7.34 5.34 2.98 -5.56 -23.43 -11.11 8.00 11.54 14.84 4.80 0.69 3.35Income: 5.71 5.94 6.34 6.59 6.57 6.58 6.65 6.23 6.19 6.56 6.51 7.10 7.74 7.46 7.94

Northeast Industrial-Warehouse Total: 13.24 14.41 13.53 12.89 11.25 12.86 10.45 -14.93 -6.46 7.94 14.71 17.91 15.55 8.81 8.14Appreciation: 7.70 8.56 6.97 6.10 4.50 6.14 2.73 -21.05 -12.43 1.30 7.32 10.23 7.08 0.53 -0.31

Income: 5.24 5.51 6.23 6.50 6.54 6.43 7.56 7.31 6.58 6.58 7.01 7.14 8.05 8.25 8.47Pacific Industrial-Flex Space Total: 13.13 13.60 14.84 10.35 5.50 9.07 7.52 -16.86 -8.06 22.02 18.67 22.34 12.94 8.57 6.19

Appreciation: 7.44 7.84 8.90 4.50 -0.63 2.61 0.20 -22.58 -13.09 15.07 12.00 14.56 4.33 -0.34 -2.63Income: 5.40 5.44 5.58 5.65 6.16 6.34 7.30 6.93 5.57 6.27 6.14 7.03 8.35 8.93 9.00

Pacific Industrial-Other Total: 13.00 15.35 14.51 12.83Appreciation: 7.47 9.48 8.90 6.88

Income: 5.25 5.49 5.27 5.66

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Calendar Year Returns (%)Industrial Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Pacific Industrial-R&D Total: 15.76 7.18 13.95 10.45 11.39 19.19 11.70 -18.72 -13.10 19.28 19.62 24.74 12.01 3.92 3.55Appreciation: 10.00 3.08 7.92 3.31 4.51 11.84 4.65 -23.54 -17.67 13.32 12.48 16.00 3.18 -4.59 -4.72

Income: 5.37 4.02 5.70 6.97 6.66 6.77 6.82 5.90 5.30 5.43 6.54 7.83 8.63 8.82 8.58Pacific Industrial-Warehouse Total: 14.74 16.81 13.97 12.86 13.12 18.60 12.48 -20.56 -6.66 18.91 21.10 24.23 14.41 10.12 7.08


Southeast Industrial-Flex Space Total: 14.65Appreciation: 8.71

Income: 5.58Southeast Industrial-Warehouse Total: 10.23 14.32 13.15 10.36 9.77 12.75 5.65 -18.36 -4.28 13.78 15.62 18.50 11.06 7.23 5.95


Southwest Industrial-Flex Space Total: 8.97 13.36 13.06 10.11 11.14 11.72 11.28 -9.49 -6.86 15.80 12.75 18.94Appreciation: 1.82 6.74 5.49 3.23 4.34 4.56 2.87 -16.57 -13.53 7.70 5.04 11.01

Income: 7.06 6.30 7.28 6.72 6.59 6.93 8.23 8.11 7.41 7.66 7.43 7.34Southwest Industrial-Warehouse Total: 10.33 13.71 14.28 15.90 10.58 13.14 13.06 -15.03 -2.98 12.41 13.61 15.72 9.01 6.57 4.23


West North Central Industrial-Warehouse Total: 7.84 11.91 12.63 10.97 9.71 8.17 5.11 -15.02 -4.43 9.90 13.74 20.32 11.19 5.00 3.35Appreciation: 0.53 4.01 4.65 3.66 2.34 1.31 -2.28 -21.61 -10.86 2.85 6.08 11.84 3.81 -3.03 -5.65


Office Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Office-CBD Total: 5.77 12.67 8.71 9.73 9.16 15.73 19.87 -19.38 -11.52 25.64 26.60 20.17 15.43 9.76 10.02


East Office-Suburban Total: 4.72 7.86 7.36 7.07 5.55 11.93 11.32 -16.31 -6.21 13.60 15.18 22.06 12.27 5.78 4.17Appreciation: -0.60 2.17 1.35 1.11 -0.52 5.22 3.69 -22.10 -11.33 7.27 8.35 14.02 3.74 -2.85 -4.98

Income: 5.34 5.60 5.95 5.91 6.10 6.46 7.42 6.97 5.60 6.01 6.43 7.29 8.30 8.82 9.50Midwest Office-CBD Total: 5.26 11.75 12.93 8.23 5.64 8.55 10.44 -13.63 -1.52 17.10 13.14 14.89 9.69 3.63 6.23

Appreciation: 0.24 6.29 6.74 2.27 -0.36 2.56 4.16 -18.27 -6.00 9.94 6.28 6.71 1.78 -4.68 -3.00Income: 5.01 5.22 5.89 5.86 6.02 5.87 6.09 5.38 4.70 6.67 6.55 7.80 7.81 8.62 9.44

Midwest Office-Suburban Total: 4.88 7.24 6.62 4.93 6.45 4.36 2.81 -13.69 -7.14 11.07 10.63 13.84 5.44 4.40 -0.30Appreciation: -1.84 0.26 -0.24 -2.62 -1.75 -2.93 -4.48 -20.05 -12.45 3.88 3.84 6.60 -2.45 -3.59 -8.61

Income: 6.81 6.96 6.87 7.70 8.31 7.46 7.54 7.52 5.86 6.98 6.60 6.90 8.04 8.21 8.87

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Calendar Year Returns (%)Office Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

South Office-CBD Total: 2.19 11.30 15.27 9.49 12.39 10.59 6.16 -20.36 2.89 22.75 16.70 15.67 6.51 5.13 2.23Appreciation: -3.14 5.74 9.21 3.65 6.37 4.36 -0.47 -25.16 -1.96 16.21 9.84 7.46 -1.68 -3.45 -5.52

Income: 5.46 5.33 5.67 5.69 5.75 6.04 6.65 5.97 4.93 5.85 6.40 7.77 8.30 8.80 8.09South Office-Suburban Total: 4.22 12.21 13.68 11.87 10.04 8.78 6.27 -15.40 -0.67 14.65 14.59 16.80 9.93 4.37 1.66


West Office-CBD Total: 7.53 15.24 13.94 11.25 14.48 18.74 11.13 -21.33 -2.37 23.54 24.54 16.36 14.81 3.94 -3.33Appreciation: 3.19 10.68 9.14 6.48 9.39 12.39 4.28 -26.15 -6.78 18.15 18.37 9.94 7.13 -3.67 -10.81

Income: 4.24 4.22 4.50 4.55 4.76 5.82 6.63 6.04 4.64 4.76 5.44 5.98 7.29 7.82 8.15West Office-Suburban Total: 8.44 13.66 14.96 10.81 9.98 15.24 9.28 -21.81 -8.84 22.80 18.78 23.09 12.30 4.68 -0.69


Calendar Year Returns (%)Office Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East North Central Office-CBD Total: 5.60 12.49Appreciation: 0.69 7.21

Income: 4.89 5.01East North Central Office-Suburban Total: 4.88 7.65 6.20 4.62 6.77 5.39 3.28 -15.24 -8.90 8.70 10.43 14.62 4.52 3.87 0.37

Appreciation: -1.94 0.81 -0.42 -2.97 -1.63 -2.03 -4.39 -21.43 -13.96 1.72 4.12 7.73 -3.32 -4.13 -7.96Income: 6.93 6.80 6.64 7.75 8.50 7.54 7.93 7.40 5.64 6.89 6.12 6.52 8.03 8.26 8.86

Mideast Office-CBD Total: 5.60 8.02 6.76 7.60 6.26 13.77 21.34 -13.62 -2.97 18.33 16.01 20.40 21.51 12.64 12.29Appreciation: 1.65 3.63 1.66 2.52 0.77 8.13 14.34 -18.84 -7.46 12.32 10.08 13.51 12.94 4.24 3.66

Income: 3.91 4.27 5.05 4.98 5.45 5.32 6.33 6.11 4.75 5.51 5.52 6.27 7.83 8.15 8.40Mideast Office-Suburban Total: 1.24 3.56 3.68 5.77 4.80 12.89 11.75 -16.16 -5.14 12.16 17.19 21.75 15.99 7.74 5.06

Appreciation: -4.41 -2.46 -1.98 0.00 -0.97 6.42 4.43 -21.66 -10.25 5.98 10.18 13.77 7.38 -0.57 -4.08Income: 5.84 6.13 5.74 5.78 5.82 6.17 7.09 6.60 5.53 5.92 6.53 7.25 8.17 8.34 9.42

Mountain Office-CBD Total: 3.02 11.76 14.03Appreciation: -1.91 6.46 8.40

Income: 5.01 5.06 5.31Mountain Office-Suburban Total: 4.77 9.71 14.69 12.81 9.73 9.16 5.39 -21.21 -4.59 14.64 17.19 26.43 9.66 4.52 -2.12


Northeast Office-CBD Total: 5.84 14.52 9.59 10.89 10.81 16.78 19.11 -22.12 -14.31 29.73 33.09 19.98 13.09 8.29 8.83Appreciation: 2.09 10.07 5.05 6.04 5.59 11.08 11.94 -26.96 -17.79 24.24 25.79 12.84 5.56 0.53 0.45

Income: 3.69 4.14 4.38 4.64 5.01 5.28 6.60 6.12 4.01 4.67 6.15 6.52 7.24 7.73 8.36

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Calendar Year Returns (%)Office Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Northeast Office-Suburban Total: 7.49 11.81 11.04 8.42 6.37 10.92 10.87 -16.46 -7.29 14.83 13.48 22.28 9.63 4.54 3.62Appreciation: 2.45 6.43 4.67 2.28 -0.03 3.94 2.89 -22.54 -12.43 8.37 6.81 14.18 1.17 -4.31 -5.54

Income: 4.95 5.13 6.16 6.04 6.40 6.78 7.80 7.36 5.67 6.09 6.36 7.33 8.38 9.14 9.55Pacific Office-CBD Total: 8.03 15.66 13.92 10.44 14.98 19.61 11.30 -21.50 -2.36 23.55 24.68 14.90 16.51 4.14 -3.06


Pacific Office-Suburban Total: 8.75 13.96 14.98 10.61 10.02 16.10 9.89 -21.89 -9.40 23.91 19.01 22.48 12.81 4.72 -0.33Appreciation: 3.97 8.76 9.22 4.82 4.04 9.32 2.62 -26.78 -13.66 17.92 11.72 14.94 5.13 -3.27 -8.25

Income: 4.65 4.89 5.40 5.59 5.80 6.35 7.12 6.16 4.76 5.30 6.71 6.79 7.40 8.19 8.44Southeast Office-Suburban Total: 6.22 15.59 12.04 7.51 7.47 6.46 6.24 -18.04 -3.46 12.20 13.73 17.32 12.00 5.21 2.63


Southwest Office-CBD Total: 0.19Appreciation: -5.26

Income: 5.67Southwest Office-Suburban Total: 2.56 9.77 15.12 16.00 12.33 11.04 6.29 -12.62 3.43 18.34 15.76 16.23 7.45 3.32 0.43

Appreciation: -3.04 3.84 8.37 8.94 5.71 4.56 -0.34 -18.04 -1.97 11.28 8.21 8.42 -0.66 -4.91 -8.13Income: 5.73 5.77 6.35 6.63 6.35 6.27 6.65 6.30 5.49 6.53 7.12 7.34 8.16 8.54 9.12

Calendar Year Returns (%)Retail Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East Retail-Community Total: 6.96 10.66 9.59 10.37 11.90 11.72 12.88 -10.44 -4.71 11.80 12.98 20.31 20.97 14.83 13.43Appreciation: 1.53 4.83 3.43 3.51 5.28 5.09 5.73 -16.09 -10.29 5.56 6.10 12.39 12.09 5.71 4.14

Income: 5.37 5.63 6.00 6.68 6.37 6.39 6.86 6.44 6.05 5.99 6.58 7.26 8.15 8.75 9.01East Retail-Fashion/Specialty Center Total: 3.94

Appreciation: -0.88Income: 4.84

East Retail-Neighborhood Total: 8.98 13.67 15.89 10.61 12.08 16.68 10.09 -12.74 -3.59 8.81 13.87 32.51 18.52 14.84Appreciation: 3.55 7.78 9.51 4.16 5.07 9.22 2.30 -18.44 -9.16 2.56 7.27 24.03 9.46 5.60

Income: 5.29 5.56 5.97 6.25 6.76 6.98 7.67 6.63 5.98 6.13 6.26 7.24 8.47 8.88East Retail-Power Center Total: 8.22 9.85 7.50 8.31 7.32 15.29 11.70 -12.66 -7.05


East Retail-Single Tenant Total: 4.93 13.45 15.69 19.72 16.68Appreciation: 1.54 9.26 10.88 14.10 10.25

Income: 3.35 3.92 4.46 5.10 5.98

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Midwest Retail-Community Total: 7.25 9.64 10.77 11.03 8.28 8.59 7.54 -13.08 -4.77 12.16 11.90 20.24 16.80 11.86 9.07Appreciation: 1.55 3.71 4.61 2.88 1.48 1.34 0.06 -18.91 -10.65 5.25 4.91 12.21 8.04 2.47 0.47

Income: 5.64 5.77 5.95 7.98 6.72 7.18 7.48 6.82 6.39 6.65 6.75 7.38 8.27 9.23 8.57Midwest Retail-Neighborhood Total: 6.95 15.92 11.03 11.38 8.87 10.59 11.97 -11.26 -8.82 8.83 9.10 21.34 18.38 10.06

Appreciation: 1.50 9.49 4.54 4.28 1.39 3.07 3.64 -17.59 -13.93 2.58 2.56 13.41 9.02 0.57Income: 5.39 6.01 6.28 6.88 7.40 7.35 8.11 7.33 5.70 6.13 6.41 7.23 8.77 9.46

South Retail-Community Total: 8.33 16.95 14.29 13.44 9.67 13.05 8.58 -13.53 -6.72 11.29 14.26 20.96 21.95 15.41 9.93Appreciation: 2.77 10.66 7.77 6.29 2.84 5.79 1.32 -19.20 -12.21 5.14 7.27 13.23 13.27 6.80 0.89

Income: 5.46 5.84 6.17 6.83 6.69 6.96 7.19 6.65 6.05 5.93 6.64 7.04 7.91 8.19 8.98South Retail-Fashion/Specialty Center Total:


South Retail-Neighborhood Total: 9.39 15.96 14.93 11.94 9.57 11.37 9.46 -12.02 -7.20 11.27 15.52 19.06 17.98 14.42 13.61Appreciation: 3.68 9.75 8.29 5.24 3.06 4.47 2.27 -17.76 -12.41 5.23 8.66 11.50 9.33 5.61 4.65

Income: 5.55 5.79 6.26 6.45 6.36 6.68 7.06 6.65 5.75 5.81 6.45 6.97 8.09 8.45 8.66South Retail-Power Center Total: 8.99 13.38 9.61 13.07 10.54 8.57 7.19 -14.45 -10.74 8.67

Appreciation: 2.58 6.60 2.84 5.78 3.36 1.80 -0.57 -20.57 -16.26 2.91Income: 6.28 6.47 6.63 6.99 7.01 6.68 7.79 7.27 6.28 5.64

West Retail-Community Total: 10.39 13.77 11.18 12.22 10.01 17.82 12.66 -12.34 -4.09 12.57 14.84 22.15 19.95 20.21 13.89Appreciation: 4.98 8.13 5.25 6.05 3.67 10.82 5.67 -17.74 -9.40 6.37 8.25 14.50 11.62 10.82 4.54

Income: 5.21 5.32 5.71 5.91 6.17 6.48 6.70 6.25 5.72 5.92 6.21 6.91 7.67 8.70 9.05West Retail-Fashion/Specialty Center Total: 8.69 15.63


West Retail-Neighborhood Total: 10.03 15.44 10.40 12.25 12.67 16.34 9.29 -14.09 -5.51 10.70 12.19 22.83 19.32 20.55 13.83Appreciation: 4.74 9.56 4.62 6.33 6.22 9.29 1.93 -19.19 -10.45 4.60 5.57 14.88 10.52 11.00 4.45

Income: 5.11 5.49 5.59 5.66 6.17 6.60 7.26 5.99 5.37 5.90 6.36 7.17 8.16 8.84 9.09West Retail-Power Center Total: 7.91 13.54 9.45 11.99 12.26 13.31 13.45 -18.79 -5.57 11.27


West Retail-Regional Total:Appreciation:

Income:

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West Retail-Single Tenant Total:Appreciation:

Income:West Retail-Super Regional Total:


Calendar Year Returns (%)Retail Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

East North Central Retail-Community Total: 8.12 9.90 11.03 11.68 7.85 9.06 7.46 -12.42 -6.26 12.32 11.82 17.26Appreciation: 2.40 3.92 4.94 3.66 0.90 1.56 -0.21 -18.57 -12.20 5.37 4.89 9.27

Income: 5.61 5.82 5.87 7.81 6.90 7.41 7.69 7.17 6.54 6.69 6.69 7.48East North Central Retail-Neighborhood Total: 5.81 17.14 10.89 11.60 8.47 10.31 11.61 -11.36 -9.94 8.68 9.21 22.83

Appreciation: 0.66 10.79 4.55 4.51 1.12 2.74 3.36 -17.61 -14.82 2.56 2.53 14.73Income: 5.13 5.89 6.13 6.86 7.29 7.42 8.05 7.23 5.49 6.01 6.56 7.32

Mideast Retail-Community Total: 8.03 10.95 9.50 9.49 12.43 13.24 16.20 -12.99 -4.83 9.72 13.90 22.21Appreciation: 2.39 4.88 3.19 2.88 5.83 6.69 8.73 -18.73 -10.53 3.67 7.05 14.20

Income: 5.54 5.86 6.17 6.47 6.33 6.25 7.02 6.70 6.19 5.90 6.50 7.26Mideast Retail-Neighborhood Total: 10.28 15.24 15.55 8.55 12.69 19.23 9.81 -14.44 -1.37 8.74 13.30

Appreciation: 4.50 8.99 8.86 1.82 5.55 11.48 1.90 -20.02 -7.26 2.40 6.54Income: 5.59 5.87 6.28 6.64 6.86 7.15 7.80 6.60 6.22 6.23 6.46

Mideast Retail-Power Center Total: 9.54Appreciation: 3.96

Income: 5.41Mountain Retail-Neighborhood Total: 8.04 16.09 10.78 12.85 9.97 9.22 5.01 -14.94 -2.90 10.60


Northeast Retail-Community Total: 5.44 10.31 9.59 11.67 11.04 10.06 11.08 -8.90 -4.62 13.59 12.06Appreciation: 0.31 4.86 3.68 4.43 4.40 3.34 4.11 -14.50 -10.13 7.18 5.15

Income: 5.11 5.26 5.76 7.01 6.43 6.55 6.77 6.29 5.96 6.10 6.65Northeast Retail-Neighborhood Total: 7.43 12.07 16.58 13.51 10.55 12.05 10.51 -10.09 -7.47 8.72 14.36 24.21 16.60


Northeast Retail-Single Tenant Total: 4.82Appreciation: 1.48

Income: 3.30

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Pacific Retail-Community Total: 9.48 14.07 9.83 11.53 9.48 19.28 12.94 -10.87 -4.86 12.67 16.45 20.78 22.87 20.18 13.39Appreciation: 4.30 8.68 4.31 5.75 3.41 12.40 6.14 -16.19 -9.98 6.68 9.95 13.31 14.49 11.26 4.19

Income: 5.02 5.07 5.35 5.54 5.91 6.31 6.50 6.07 5.53 5.71 6.05 6.80 7.58 8.24 8.92Pacific Retail-Fashion/Specialty Center Total: 7.79


Pacific Retail-Neighborhood Total: 10.40 15.32 10.32 12.12 13.24 18.06 10.58 -13.82 -6.21 10.73 12.93 23.25 21.14 19.95 11.20Appreciation: 5.22 9.56 4.66 6.36 6.83 11.01 3.01 -19.01 -10.99 4.69 6.31 15.40 12.33 10.45 2.02

Income: 4.99 5.38 5.47 5.51 6.10 6.53 7.40 6.08 5.20 5.84 6.33 7.06 8.07 8.82 9.05Pacific Retail-Power Center Total: 8.69 13.89 9.19 11.84 12.72 15.59


Pacific Retail-Single Tenant Total:Appreciation:

Income:Southeast Retail-Community Total: 7.81 17.72 13.73 14.59 8.26 13.02 6.12 -15.42 -6.46 12.27 14.83 19.00 20.42 16.11 9.91

Appreciation: 1.99 11.62 7.41 7.34 1.49 5.67 -1.08 -20.99 -11.88 6.12 7.88 11.60 12.01 7.77 0.94Income: 5.73 5.62 6.00 6.88 6.70 7.06 7.26 6.64 5.96 5.88 6.57 6.82 7.73 7.89 8.91

Southeast Retail-Neighborhood Total: 10.08 15.67 14.91 10.36 9.32 11.19 8.93 -13.78 -7.13 11.48 16.55 19.93 17.71 13.80 14.12Appreciation: 4.38 9.53 8.19 3.72 2.92 4.24 1.94 -19.35 -12.27 5.64 10.10 12.30 9.08 5.05 4.84

Income: 5.53 5.74 6.34 6.46 6.26 6.74 6.89 6.54 5.67 5.61 6.01 7.00 8.08 8.44 8.95Southeast Retail-Power Center Total: 10.34 11.17 8.52 11.80 12.20 10.17 9.15 -17.15 -12.27


Southwest Retail-Community Total: 9.07 15.53 15.33 11.33 12.73 13.15 14.57 -8.01 -7.73Appreciation: 3.79 8.91 8.44 4.36 5.78 6.08 7.11 -14.03 -13.41

Income: 5.14 6.21 6.48 6.75 6.66 6.76 7.08 6.73 6.32Southwest Retail-Neighborhood Total: 7.63 16.58 15.03 16.35 10.36 11.70


Southwest Retail-Power Center Total: 7.72 15.24 10.63 14.39 8.71Appreciation: 1.75 8.75 4.08 7.42 2.24

Income: 5.89 6.10 6.36 6.61 6.37

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West North Central Retail-Neighborhood Total: 9.43Appreciation: 3.33

Income: 5.95Calendar Year Returns (%)

MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002CA-Anaheim-SantaAna-Irvine Total: 9.85 15.25 12.12 9.78 9.99 14.29 11.12 -19.97 -11.91 18.15 18.01 27.36 16.94 11.17 8.13


CA-Anaheim-SantaAna-Irvine Apartment Total: 9.42Appreciation: 4.70

Income: 4.56CA-Anaheim-SantaAna-Irvine Industrial Total: 12.76 14.24 14.47 12.42 10.85 15.41 8.34 -19.62 -6.99 20.74 24.81 23.92 15.71 13.13 11.64



Total: 12.67 14.57 14.77 12.81 13.03 16.69 7.94 -18.76 -6.50 22.81 25.69 24.20 15.31 11.88 11.42Appreciation: 7.91 9.49 9.64 7.43 6.89 9.91 1.53 -23.58 -11.09 16.68 18.89 16.49 8.11 4.19 2.88

Income: 4.50 4.75 4.79 5.11 5.85 6.32 6.34 5.89 5.01 5.47 5.98 6.88 6.80 7.45 8.36CA-Anaheim-SantaAna-Irvine Office Total: 8.84 14.98 11.17 7.33 8.38 12.94 8.48 -21.98 -17.62 19.11 15.59 28.40 16.80 6.81 2.06


CA-Anaheim-SantaAna-Irvine Office-Suburban

Total: 8.84 14.98 11.17 7.33 8.38 12.94 8.48 -21.98 -17.62 19.11 15.59 28.40 16.80 6.81 2.06Appreciation: 4.08 9.98 6.35 2.17 2.98 6.50 2.12 -26.49 -21.74 13.39 9.43 21.05 9.85 -0.42 -5.01

Income: 4.63 4.65 4.61 5.08 5.29 6.16 6.26 5.68 4.93 5.21 5.76 6.36 6.48 7.25 7.34CA-Anaheim-SantaAna-Irvine Retail Total: 9.17


GA-Atlanta-SandySprings-Roswell Total: 8.48 16.53 14.01 11.01 9.98 12.33 9.53 -17.42 -5.50 9.94 14.48 16.29 11.20 4.87 3.99Appreciation: 3.03 10.50 7.59 4.43 3.41 5.46 2.42 -22.78 -10.79 4.01 7.99 9.25 3.58 -2.75 -3.99

Income: 5.34 5.60 6.08 6.37 6.41 6.60 6.98 6.49 5.77 5.76 6.13 6.59 7.42 7.77 8.22GA-Atlanta-SandySprings-Roswell

ApartmentTotal: 8.57 16.54 16.47 14.10 11.48 14.02 13.57 -18.11 -6.73 9.30 15.48 15.12 7.78 4.89 3.87


GA-Atlanta-SandySprings-Roswell Apartment-Garden


Income: 5.23 5.44 5.86 5.99 6.06 5.99 6.31 5.59 5.21 5.15 5.70 5.78 5.52 6.03 6.49

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Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002


Total: 8.01 16.33 13.98 15.69 12.21Appreciation: 3.29 10.77 8.23 9.75 6.30

Income: 4.61 5.15 5.42 5.55 5.64GA-Atlanta-SandySprings-Roswell

IndustrialTotal: 11.87 16.53 14.67 10.29 8.75 15.12 6.17 -16.88 -5.02 13.06 13.65 18.77 10.89 5.06 5.96


GA-Atlanta-SandySprings-Roswell Industrial-Warehouse

Total: 11.83 16.19 15.03 10.17 8.85 16.01 6.75 -16.87 -5.18 12.55 13.95 19.13 11.44 4.66 6.32Appreciation: 5.53 9.42 8.34 3.35 2.29 8.14 -0.60 -22.72 -10.57 5.48 6.81 11.12 3.47 -2.99 -1.92

Income: 6.05 6.33 6.30 6.66 6.45 7.42 7.38 7.08 5.85 6.80 6.81 7.40 7.76 7.82 8.36GA-Atlanta-SandySprings-Roswell Office Total: 6.42 17.41 11.77 8.07 9.27 5.90 6.29 -18.37 -2.13 9.73 13.49 13.70 12.58 1.56 1.61

Appreciation: 1.18 11.34 5.37 1.61 2.54 -0.52 -0.87 -23.98 -7.86 3.70 7.18 6.81 3.83 -6.73 -7.16Income: 5.20 5.60 6.15 6.38 6.60 6.45 7.21 6.88 6.09 5.87 6.00 6.56 8.49 8.74 9.27

GA-Atlanta-SandySprings-Roswell Office-Suburban

Total: 6.34 17.05 12.59 8.43 9.98 5.43 6.23 -18.73 -1.84 10.03 12.33 14.14 13.46 1.20 1.47Appreciation: 0.88 10.80 6.19 1.90 2.93 -1.03 -0.87 -24.29 -7.60 4.03 6.20 7.23 4.74 -7.02 -7.26

Income: 5.42 5.78 6.11 6.43 6.90 6.51 7.14 6.84 6.11 5.83 5.86 6.56 8.41 8.68 9.23GA-Atlanta-SandySprings-Roswell Retail Total: 8.17 15.44 12.54 11.13 10.10 15.66 10.63 -15.89 -7.92 8.04 15.16 19.73 14.39


TX-Austin-RoundRock Total: 7.98 15.15 11.90 11.23 11.83 14.48 13.40 -14.08 -3.07 14.75 19.46 18.01 7.96 3.30 -3.49Appreciation: 2.82 9.46 5.92 5.15 5.51 8.40 7.22 -18.87 -7.88 8.61 12.20 10.67 0.17 -5.08 -10.95

Income: 5.05 5.32 5.73 5.86 6.06 5.73 5.86 5.61 5.11 5.78 6.66 6.81 7.78 8.71 8.13TX-Austin-RoundRock Apartment Total: 6.31 12.10 9.47 10.85 11.64 14.71 22.00 -12.78 -3.92 15.47 14.81 15.45 8.61 2.39 -0.40


TX-Austin-RoundRock Apartment-Garden Total: 8.05 12.37 10.48 12.17 12.00 16.75 21.72 -14.18 -3.34 16.20 13.75 14.51 8.74 2.60 -0.50Appreciation: 2.91 7.00 4.92 6.37 5.96 10.61 15.34 -18.96 -8.01 10.05 8.13 8.55 2.71 -3.49 -6.45

Income: 5.02 5.11 5.37 5.55 5.79 5.70 5.73 5.60 4.97 5.73 5.31 5.61 5.91 6.25 6.25TX-Austin-RoundRock Industrial Total: 10.79 24.15 14.86 12.38 8.97 14.93 9.97 -15.46 -0.06 18.62 22.80 19.65 1.63 2.60 -8.25

Appreciation: 4.48 17.53 7.55 5.22 2.42 7.98 2.53 -21.18 -6.09 10.61 15.07 10.88 -6.76 -6.77 -16.91Income: 6.11 5.87 6.92 6.90 6.44 6.55 7.29 6.82 6.31 7.43 6.96 8.11 8.84 9.86 9.95

TX-Austin-RoundRock Industrial-Warehouse


Income: 5.73 5.56 6.31 6.45 6.32

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TX-Austin-RoundRock Office Total: 8.68 17.11 14.74 9.84 10.92 13.72 4.24 -16.92 -0.21 18.91 22.97Appreciation: 3.31 11.02 8.65 3.90 4.89 8.17 -0.84 -21.20 -4.84 12.76 14.84

Income: 5.24 5.63 5.72 5.78 5.79 5.24 5.12 5.11 4.81 5.65 7.34TX-Austin-RoundRock Office-Suburban Total: 7.83 13.08


MD-Baltimore-Columbia-Towson Total: 6.90 8.71 9.72 9.91 10.11 15.65 15.25 -13.48 -5.59 10.64 16.11 21.76 19.71 12.23 14.60Appreciation: 1.39 3.06 3.67 3.68 3.71 8.93 7.85 -19.12 -10.86 4.49 9.13 13.71 10.80 3.16 4.57

Income: 5.45 5.53 5.89 6.06 6.22 6.30 7.00 6.61 5.74 5.95 6.54 7.33 8.26 8.87 9.71MD-Baltimore-Columbia-Towson Apartment Total: 5.86 6.02 8.18 10.19 8.91


MD-Baltimore-Columbia-Towson Industrial Total: 6.51 8.88 10.24 10.80 7.81 17.93 8.85 -12.69 -7.43 10.95 16.33 23.84 18.60 11.71 10.70Appreciation: 0.79 3.17 3.90 4.06 1.06 10.69 1.62 -18.50 -12.70 4.85 9.60 15.95 9.28 2.49 1.13

Income: 5.69 5.59 6.17 6.54 6.69 6.72 7.16 6.78 5.84 5.88 6.29 7.08 8.72 9.06 9.49MD-Baltimore-Columbia-Towson Industrial-

WarehouseTotal: 7.28 10.24 10.91 11.17 7.91 18.51 8.82 -11.38 -7.91 11.37 17.93 23.41 18.84 11.42 9.63


MA-Boston Total: 6.76 12.82 10.58 9.71 7.48 16.50 10.60 -23.12 -9.01 35.40 15.90 14.42 14.77 1.65 5.67Appreciation: 2.82 8.17 5.68 4.39 2.20 10.64 3.82 -27.71 -12.94 28.96 9.65 7.45 6.55 -5.68 -2.34

Income: 3.85 4.39 4.70 5.15 5.19 5.43 6.58 5.85 4.34 5.34 5.83 6.61 7.84 7.65 8.15MA-Boston Apartment Total: 7.68


MA-Boston Office Total: 6.58 12.90 10.49 9.44 6.79 17.78 9.23 -26.78 -10.75 46.61 19.51 13.99 15.92 0.15Appreciation: 2.89 8.32 5.70 4.27 1.57 11.67 2.16 -31.36 -14.44 39.53 12.97 6.64 7.35 -7.28

Income: 3.61 4.32 4.59 5.01 5.16 5.63 6.95 6.07 4.12 5.54 5.98 7.00 8.12 7.85MA-Boston Office-CBD Total: 6.81 13.38 10.71 9.80 6.61


MA-Boston Retail Total: 5.11Appreciation: 0.29

Income: 4.81

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MA-Cambridge-Newton-Framingham Total: 9.03 12.66 13.20 12.10 13.06 12.42 14.39 -16.72 -7.15 13.42 11.97 21.60 12.88 6.07 0.27Appreciation: 4.07 7.18 7.45 6.37 6.77 5.92 7.38 -21.91 -11.56 7.76 5.63 14.22 4.81 -2.40 -8.29

Income: 4.82 5.20 5.45 5.47 5.98 6.22 6.65 6.26 4.83 5.36 6.08 6.68 7.78 8.62 9.13MA-Cambridge-Newton-Framingham

ApartmentTotal: 8.90 9.11 10.44 11.74 14.63 21.07 23.89 -19.12

Appreciation: 4.45 4.38 5.75 6.52 8.95 14.95 16.93 -23.69Income: 4.30 4.58 4.51 4.97 5.33 5.51 6.19 5.61

MA-Cambridge-Newton-Framingham Office Total: 10.28 15.87 16.19 13.63 10.89 11.89 15.03 -21.49 -10.80 17.45 16.09 24.80 5.85 -0.77 -5.75Appreciation: 5.14 10.23 9.93 7.92 4.61 5.39 7.86 -26.51 -14.82 11.78 9.38 16.77 -2.71 -9.45 -14.33

Income: 4.95 5.25 5.83 5.40 6.08 6.25 6.77 6.34 4.53 5.22 6.28 7.15 8.73 9.35 9.62MA-Cambridge-Newton-Framingham Office-

SuburbanTotal: 10.28 15.87 16.19 13.63 10.89 11.89 15.03 -21.49 -10.80 17.45 16.09 24.80 5.85 -0.77 -5.75


NJ-Camden Total: 8.53Appreciation: 3.16

Income: 5.25NJ-Camden Industrial Total: 15.84


NJ-Camden Industrial-Warehouse Total: 15.55Appreciation: 10.05

Income: 5.12NC-SC-Charlotte-Concord-Gastonia Total: 11.50 13.27 12.61 13.10 15.01 13.05 10.30 -19.28 -1.87 15.87 17.55 11.85 8.38 4.58 5.05


NC-SC-Charlotte-Concord-Gastonia Apartment

Total:Appreciation:

Income:NC-SC-Charlotte-Concord-Gastonia

IndustrialTotal: 14.79


NC-SC-Charlotte-Concord-Gastonia Office Total: 9.58 15.93 12.42 14.37 10.86 9.34Appreciation: 3.20 9.08 5.14 6.71 3.22 1.47

Income: 6.24 6.41 7.02 7.31 7.46 7.79

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NC-SC-Charlotte-Concord-Gastonia Office-Suburban

Total:Appreciation:

Income:IL-Chicago-Naperville-ArlingtonHeights Total: 7.31 13.03 12.25 10.96 10.78 13.49 11.90 -13.73 -6.12 16.08 12.86 15.14 13.14 7.69 6.29


IL-Chicago-Naperville-ArlingtonHeights Apartment

Total: 5.88 11.03 9.99 10.96 12.54 16.22 19.19 -12.10 -4.21 11.63 15.99 11.53 10.95 5.29 7.26Appreciation: 1.49 6.37 5.05 5.70 6.87 10.57 12.93 -16.84 -8.57 6.41 10.30 6.00 5.40 -0.13 1.04

Income: 4.35 4.45 4.77 5.05 5.39 5.24 5.72 5.44 4.65 4.98 5.29 5.29 5.34 5.42 6.16IL-Chicago-Naperville-ArlingtonHeights

Apartment-HighRiseTotal: 5.77 11.02 10.27 11.81 13.01 16.99


IL-Chicago-Naperville-ArlingtonHeights Industrial

Total: 10.11 14.90 11.39 11.04 8.25 13.63 8.57 -19.30 -7.51 11.75 11.12 17.55 11.09 8.34 7.76Appreciation: 4.47 8.92 5.11 4.81 1.88 6.55 0.99 -24.95 -12.80 5.41 4.55 9.52 3.11 0.33 -0.01


Industrial-WarehouseTotal: 10.16 14.56 11.80 11.52 8.10 13.98 8.66 -18.93 -7.72 11.84 10.72 16.16 11.42 8.61 7.38


IL-Chicago-Naperville-ArlingtonHeights Office

Total: 5.44 11.69 12.81 7.67 7.70 9.41 6.54 -16.13 -5.03 15.08 12.32 15.20 5.73 4.35 2.56Appreciation: 0.42 6.18 6.82 1.23 1.05 3.16 -0.10 -21.31 -9.74 7.49 5.99 8.09 -1.41 -3.37 -5.62


Office-CBDTotal: 5.60 12.56


IL-Chicago-Naperville-ArlingtonHeights Retail



Retail-NeighborhoodTotal: 5.20 16.73 10.86 13.59 8.54 9.73 11.08 -11.69 -8.03


OH-KY-IN-Cincinnati Total: 6.93 9.06 12.12 15.78 7.06 12.53 6.21 -9.19 1.73 13.57 8.89 16.29 6.44 2.20 6.05Appreciation: 1.09 3.54 6.04 8.84 0.37 5.39 -0.83 -14.83 -4.24 7.11 2.43 7.58 -1.99 -6.79 -2.89

Income: 5.79 5.39 5.82 6.52 6.67 6.87 7.08 6.36 6.17 6.13 6.34 8.24 8.55 9.47 9.13

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TX-Dallas-Plano-Irving Total: 9.16 12.68 11.93 13.26 10.23 13.72 12.87 -14.77 -2.85 11.98 14.09 15.06 9.07 6.24 3.40Appreciation: 3.95 7.06 5.94 6.94 4.00 7.31 5.82 -20.12 -8.10 5.65 7.37 7.84 1.91 -1.45 -4.69

Income: 5.07 5.35 5.74 6.01 6.05 6.08 6.75 6.32 5.59 6.08 6.38 6.82 7.06 7.78 8.38TX-Dallas-Plano-Irving Apartment Total: 7.99 10.80 10.74 12.81 13.17 18.97 16.82 -11.29 -2.24 12.97 13.54 11.97 7.96 5.74 6.47


TX-Dallas-Plano-Irving Apartment-Garden Total: 9.06 14.43 10.69 13.93 12.04 20.30 16.28 -9.82 -0.83 14.80 11.23 11.17 7.42 5.89 6.47Appreciation: 3.33 8.24 4.45 7.40 5.79 13.32 9.46 -15.36 -6.15 8.83 5.23 5.32 1.48 -0.47 -0.49

Income: 5.60 5.83 6.04 6.19 5.99 6.36 6.37 6.28 5.58 5.61 5.77 5.62 5.87 6.39 6.99TX-Dallas-Plano-Irving Apartment-HighRise Total: 7.37 9.78 9.16 13.56 14.75


TX-Dallas-Plano-Irving Industrial Total: 11.94 14.00 14.20 13.74 10.79 13.68 12.99 -16.42 -2.75 13.22 11.95 15.73 7.92 6.54 3.99Appreciation: 6.09 7.76 7.54 6.98 4.14 6.80 5.17 -22.34 -8.81 6.05 5.13 8.05 0.37 -1.79 -4.73

Income: 5.60 5.90 6.30 6.43 6.45 6.54 7.53 7.15 6.48 6.86 6.57 7.25 7.53 8.44 9.04TX-Dallas-Plano-Irving Industrial-

WarehouseTotal: 12.49 14.37 14.08 14.40 10.79 13.82 13.32 -16.91 -1.48 13.55 12.38 15.59 8.00 6.82 4.12


TX-Dallas-Plano-Irving Office Total: 8.41 11.96 13.53 14.38 9.87 12.10 10.88 -17.80 -2.46 10.81 14.67 16.16 6.44 2.51 -1.77Appreciation: 2.89 5.96 7.01 7.72 3.59 5.80 3.96 -22.92 -7.27 4.35 7.80 8.64 -0.97 -5.26 -9.93

Income: 5.41 5.75 6.20 6.30 6.12 6.04 6.72 6.22 5.10 6.26 6.49 7.07 7.46 8.09 8.82TX-Dallas-Plano-Irving Office-Suburban Total: 8.19 13.03 14.51 16.58 10.95 13.25 9.96 -17.80 -2.46 13.92 16.86 16.08 7.13 1.57 -1.55


TX-Dallas-Plano-Irving Retail Total: 9.08 14.91 10.53 12.48 5.49 7.20 9.54 -12.86 -3.61 11.10Appreciation: 4.51 9.72 5.08 6.47 -0.23 1.60 2.43 -18.29 -9.24 4.89

Income: 4.43 4.85 5.26 5.73 5.72 5.54 6.99 6.30 6.04 5.99CO-Denver-Aurora-Lakewood Total: 8.98 15.63 14.65 14.88 13.41 15.40 16.07 -15.79 -3.14 15.22 14.76 18.51 8.41 5.83 3.58


CO-Denver-Aurora-Lakewood Apartment Total: 10.98 18.38 15.12 12.76 13.82 20.27 26.82 -15.68 -5.67 11.70 11.77 12.66 7.41 5.33Appreciation: 5.83 12.52 9.23 6.86 7.76 13.71 19.19 -20.86 -10.30 6.42 6.48 7.53 2.07 -0.33

Income: 4.94 5.36 5.51 5.62 5.73 5.96 6.69 6.16 5.01 5.03 5.05 4.87 5.26 5.67

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CO-Denver-Aurora-Lakewood Apartment-Garden

Total: 10.65 20.99 16.80 14.20 15.10 20.60 23.82 -12.61 -2.62 12.50 11.34 12.33 7.26 5.26Appreciation: 5.09 14.58 10.40 7.86 8.79 13.88 16.29 -18.25 -7.68 6.94 5.88 7.22 2.02 -0.33

Income: 5.36 5.80 5.95 6.00 5.93 6.09 6.72 6.56 5.37 5.29 5.24 4.85 5.16 5.61CO-Denver-Aurora-Lakewood Apartment-

HighRiseTotal: 11.85 16.35 13.02


CO-Denver-Aurora-Lakewood Industrial Total: 13.86 18.55 15.46 12.36 17.54 9.38 13.48 -10.68 -0.61 12.22 15.94 15.98 11.57 5.27 9.86Appreciation: 7.57 11.75 8.18 5.22 9.73 2.21 5.29 -16.48 -6.48 5.12 9.19 8.48 3.87 -1.98 0.50

Income: 5.96 6.26 6.86 6.88 7.30 7.05 7.88 6.64 6.17 6.85 6.32 7.05 7.49 7.36 9.33CO-Denver-Aurora-Lakewood Industrial-

WarehouseTotal: 13.93 18.95 15.77 12.28 12.77 7.85 9.87 -10.62


CO-Denver-Aurora-Lakewood Office Total: 4.59 10.94 14.65 17.68 10.87 14.07 8.16 -20.57 -3.29 19.49 16.34 21.16 7.21 3.21 -7.30Appreciation: -0.47 5.62 8.96 11.26 4.61 7.57 0.33 -25.91 -8.00 13.64 10.20 13.50 -0.45 -4.73 -14.28

Income: 5.08 5.11 5.34 5.92 6.06 6.16 7.80 6.67 5.01 5.32 5.71 6.97 7.70 8.21 7.82CO-Denver-Aurora-Lakewood Office-

SuburbanTotal: 4.41 8.99 15.28 15.77 9.95 15.83 8.15 -20.57 -3.23 17.05 14.82 16.80 9.96 3.97 -6.50

Appreciation: -0.70 3.68 9.32 8.82 3.28 9.33 0.24 -25.91 -7.96 11.16 8.57 9.35 1.88 -4.45 -13.58Income: 5.15 5.17 5.58 6.52 6.51 6.09 7.88 6.67 5.03 5.44 5.88 6.97 7.98 8.71 7.88

CO-Denver-Aurora-Lakewood Retail Total: 9.29 15.69 13.82 17.53 15.12 12.09 10.58 -10.08 3.15Appreciation: 4.19 9.96 7.98 11.19 8.45 5.35 3.83 -15.55 -2.64

Income: 4.95 5.33 5.52 5.86 6.28 6.49 6.56 6.20 5.91NC-Durham-ChapelHill Total: 10.02 12.58 13.17


IL-Elgin Total: 7.06 11.16 9.07 7.60 6.43Appreciation: 1.69 5.42 3.08 1.52 0.09

Income: 5.31 5.52 5.86 6.01 6.34IL-Elgin Industrial Total: 9.03 14.41 9.61 6.67 6.41


IL-Elgin Industrial-Warehouse Total: 9.32 14.49 9.69 6.59 6.35Appreciation: 4.08 8.73 3.67 0.59 0.02

Income: 5.08 5.41 5.87 5.97 6.33

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FL-FortLauderdale-PompanoBeach-DeerfieldBeach


Income: 5.48 5.46 5.53 5.76 5.77 6.17 6.72 6.15 5.30 5.65 6.67 6.61 6.73 6.90 7.69FL-FortLauderdale-PompanoBeach-

DeerfieldBeach ApartmentTotal: 10.17 13.38 11.45 8.61 7.71 17.02 21.43 -12.50 -11.77 8.40 21.22 38.38 20.35 10.93 9.95


FL-FortLauderdale-PompanoBeach-DeerfieldBeach Apartment-Garden


Income: 5.53 5.56 5.59 5.56 5.71 6.04 7.02 6.22 4.53 5.10 6.08 6.57 6.45 6.79 7.50FL-FortLauderdale-PompanoBeach-

DeerfieldBeach IndustrialTotal: 12.07 14.23 12.21 9.84 9.33 11.33 2.17 -27.20 -2.86

Appreciation: 6.58 8.35 6.73 4.24 3.57 5.10 -4.18 -31.60 -7.78Income: 5.24 5.54 5.23 5.42 5.61 6.00 6.55 5.84 5.24

FL-FortLauderdale-PompanoBeach-DeerfieldBeach Industrial-Warehouse

Total: 11.16 12.55 12.16 10.36 9.20 12.80 3.89 -29.45Appreciation: 5.61 6.56 6.53 4.47 3.00 6.12 -3.23 -33.93

Income: 5.33 5.71 5.36 5.69 6.06 6.40 7.29 6.13TX-FortWorth-Arlington Total: 9.40 15.01 13.13 14.22 8.92 15.76 14.12 -9.91 -3.57 11.00 12.36 12.75 14.12 8.95 8.30


TX-FortWorth-Arlington Industrial Total: 9.32 13.88 14.04 17.84 8.53 10.92 10.89 -11.95 -8.12 10.74 14.40 13.45 14.93Appreciation: 3.37 6.89 7.00 10.70 2.14 3.49 2.92 -18.18 -14.03 3.66 6.26 6.99 6.87

Income: 5.80 6.65 6.70 6.62 6.29 7.25 7.78 7.23 6.59 6.89 7.77 6.14 7.63TX-FortWorth-Arlington Industrial-

WarehouseTotal: 8.99 14.21 14.43 18.13 8.21


PA-Harrisburg-Carlisle Total: 9.83Appreciation: 3.85

Income: 5.81TX-Houston-TheWoodlands-SugarLand Total: 1.49 10.90 14.89 15.09 13.39 12.45 14.09 -10.24 4.87 20.23 11.34 19.60 11.14 10.24 8.76

Appreciation: -3.43 5.48 8.86 8.70 7.09 6.02 6.96 -15.74 -0.70 13.29 4.50 11.34 2.97 2.35 0.03Income: 5.05 5.20 5.65 6.01 5.99 6.15 6.78 6.26 5.60 6.32 6.62 7.63 7.99 7.75 8.73

TX-Houston-TheWoodlands-SugarLand Apartment

Total: -3.72 6.38 12.17 15.20 12.79 14.88 16.61 -9.53 1.85 9.99 10.89 9.67 7.52 8.55 13.18Appreciation: -8.13 1.47 6.55 8.97 6.57 8.56 10.00 -14.82 -3.72 3.92 4.95 3.61 1.70 2.07 4.66

Income: 4.70 4.85 5.36 5.84 5.93 5.94 6.15 5.96 5.73 5.90 5.73 5.90 5.75 6.38 8.23

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TX-Houston-TheWoodlands-SugarLand Apartment-Garden

Total: -2.31 6.98 13.10 14.76 13.14 14.84 17.55 -11.07 1.75 9.75 11.22 10.15 8.09 8.93 13.18Appreciation: -7.25 1.71 7.06 8.05 6.52 7.93 10.51 -16.51 -3.83 3.62 5.13 3.89 1.96 2.37 4.66

Income: 5.22 5.21 5.74 6.33 6.32 6.52 6.54 6.22 5.75 5.98 5.87 6.08 6.04 6.45 8.23TX-Houston-TheWoodlands-SugarLand

Apartment-HighRiseTotal: -4.48 7.36 12.27 15.88

Appreciation: -8.68 2.60 6.81 9.88Income: 4.50 4.67 5.20 5.59

TX-Houston-TheWoodlands-SugarLand Industrial

Total: 7.03 10.22 13.82 17.44 14.34 14.46 15.67 -10.73 2.85 13.08 12.17 17.21 10.65 4.90 4.73Appreciation: 1.39 4.21 7.64 10.57 7.48 7.22 7.68 -16.52 -3.38 5.50 4.34 8.66 1.89 -2.40 -4.15


Industrial-WarehouseTotal: 6.91 10.22 14.16 17.87 13.81 14.67 16.52 -13.93 3.79 12.13 12.03 17.36 9.24 4.51 4.72


TX-Houston-TheWoodlands-SugarLand Office

Total: -3.97 4.94 15.04 13.12 15.87 8.11 4.72 -12.69 12.49 30.63 11.84 15.16 6.73 4.64 4.78Appreciation: -9.47 -0.57 8.63 6.62 9.29 1.82 -1.86 -18.14 6.71 22.78 4.21 6.33 -2.23 -3.41 -3.79


Office-SuburbanTotal: -2.73 6.47 15.38 15.43 13.61 7.71 2.87 -6.34 13.24 22.91 11.95

Appreciation: -8.30 0.78 8.62 8.58 6.83 1.25 -3.57 -12.08 7.17 15.31 4.00Income: 5.94 5.66 6.35 6.45 6.45 6.40 6.62 6.33 5.76 6.84 7.72

TX-Houston-TheWoodlands-SugarLand Retail

Total: 11.01 24.15 17.61 16.83 11.75 15.26Appreciation: 6.54 18.62 11.83 10.64 5.83 8.81

Income: 4.26 4.87 5.32 5.74 5.67 6.06IN-Indianapolis-Carmel-Anderson Total: 7.78 15.83 10.64 14.65 8.58 12.55 4.92 -17.64 -1.73 14.01 14.23 13.40 9.22 7.00 7.25


IN-Indianapolis-Carmel-Anderson Industrial Total: 7.78 10.30Appreciation: 2.32 4.39

Income: 5.37 5.72IN-Indianapolis-Carmel-Anderson

Industrial-WarehouseTotal: 7.92 11.89


MO-KS-KansasCity Total: 6.56 11.34 8.44 9.68 8.85 10.93 6.89 -9.61 -2.71 11.12 10.88 12.48 8.69 5.86 -0.18Appreciation: 0.11 4.49 1.43 2.11 1.38 3.87 -0.55 -15.98 -8.53 4.37 3.32 4.54 1.19 -2.22 -7.95

Income: 6.44 6.64 6.94 7.46 7.39 6.86 7.46 7.25 6.22 6.54 7.38 7.68 7.43 8.22 8.26

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MO-KS-KansasCity Industrial Total: 9.05Appreciation: 1.46

Income: 7.51MO-KS-KansasCity Industrial-Warehouse Total: 8.83


IL-WI-LakeCounty-KenoshaCounty Total: 6.03 13.33 8.86 7.07 8.20 12.83 3.40 -12.95 -4.63 10.73 9.85 15.78 14.35 7.27 6.30Appreciation: -0.02 6.77 2.52 0.45 1.17 5.92 -3.27 -18.66 -10.28 4.45 2.84 7.74 6.02 -1.05 -1.80

Income: 6.06 6.24 6.22 6.60 6.96 6.62 6.83 6.66 6.12 6.08 6.86 7.61 7.98 8.38 8.21IL-WI-LakeCounty-KenoshaCounty

IndustrialTotal: 7.85 22.99 10.64 13.19 7.29 11.73 5.86 -17.08 -2.27 11.58


IL-WI-LakeCounty-KenoshaCounty Industrial-Warehouse

Total: 8.03 24.01 10.88 14.33 6.94 10.93 5.71 -18.32 -2.90Appreciation: 2.40 17.11 4.18 7.15 1.12 5.79 -0.54 -23.83 -8.46

Income: 5.54 6.15 6.50 6.81 5.77 4.93 6.26 6.76 5.94NV-LasVegas-Henderson-Paradise Total: 15.06 19.11 14.80 9.61 5.39 7.35 2.69 -26.07 -1.66

Appreciation: 9.21 12.42 7.80 2.92 -1.41 0.38 -3.50 -30.39 -6.54Income: 5.48 6.13 6.62 6.55 6.88 6.95 6.36 5.66 5.14

NV-LasVegas-Henderson-Paradise Industrial

Total: 16.51 24.39 22.15 12.08 1.46Appreciation: 9.79 17.16 13.67 3.82 -5.99

Income: 6.27 6.43 7.71 8.03 7.77NV-LasVegas-Henderson-Paradise

Industrial-WarehouseTotal: 16.69 24.52 23.23 12.85


CA-LosAngeles-LongBeach-Glendale Total: 10.24 13.80 13.30 10.66 8.60 14.84 13.35 -18.76 -6.40 21.26 20.25 20.90 16.16 11.99 9.23Appreciation: 5.61 8.91 8.07 5.27 3.07 8.54 6.56 -23.61 -10.86 15.55 14.15 13.90 8.56 4.02 1.01

Income: 4.44 4.59 4.94 5.19 5.41 5.92 6.48 5.93 4.85 5.12 5.52 6.36 7.15 7.73 8.16CA-LosAngeles-LongBeach-Glendale

ApartmentTotal: 9.36 11.45 9.67 10.28 13.40 14.64 21.38 -19.69 -12.92 13.31 18.09 18.33 14.13



Total:Appreciation:

Income:

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CA-LosAngeles-LongBeach-Glendale Apartment-HighRise

Total: 9.70 10.84 10.45 10.72 14.64 13.40 22.48Appreciation: 5.54 6.58 5.94 6.16 9.87 8.76 16.68

Income: 4.00 4.07 4.32 4.36 4.45 4.36 5.17CA-LosAngeles-LongBeach-Glendale



CA-LosAngeles-LongBeach-Glendale Industrial-Warehouse


Income: 4.80 4.96 4.96 5.03 5.55 6.11 6.92 6.72 5.50 5.79 6.25 7.14 7.78 8.31 7.95CA-LosAngeles-LongBeach-Glendale Office Total: 8.93 14.09 15.16 11.25 5.98 14.29 11.17 -19.96 -5.16 31.14 22.28 21.99 14.07 6.89 5.17


CA-LosAngeles-LongBeach-Glendale Office-Suburban


Income: 4.28 4.59 5.21 5.42 5.57 6.26 6.73 5.95 4.57 4.93 5.34 6.28 6.88 7.52 8.15CA-LosAngeles-LongBeach-Glendale Retail Total: 9.28 13.17 12.73 9.84 8.07 15.78 16.64 -14.43 -5.47 9.17 13.36 15.83

Appreciation: 4.58 8.32 7.48 4.30 2.17 8.89 9.12 -20.12 -10.98 3.45 7.14 8.78Income: 4.54 4.57 4.98 5.37 5.80 6.47 7.05 6.71 6.01 5.58 5.91 6.62

CA-LosAngeles-LongBeach-Glendale Retail-Neighborhood

Total: 12.42 14.27Appreciation: 7.39 8.59

Income: 4.77 5.34KY-IN-Louisville/JeffersonCounty Total: 8.21 13.15 11.13 17.37 6.29 16.10 13.83 -12.25 -1.17 10.00 18.85

Appreciation: 1.95 6.25 4.21 9.46 -1.44 7.25 4.20 -19.88 -7.99 2.53 10.47Income: 6.17 6.59 6.72 7.40 7.82 8.40 9.35 8.99 7.26 7.34 7.77

KY-IN-Louisville/JeffersonCounty Industrial Total: 9.55 15.67 12.67 15.48 5.66 11.02 14.37 -13.08 -0.14 12.29 21.54Appreciation: 3.02 8.55 5.73 6.52 -2.91 2.56 4.71 -20.74 -7.40 4.04 12.19

Income: 6.39 6.69 6.65 8.55 8.76 8.30 9.34 9.10 7.71 8.01 8.57KY-IN-Louisville/JeffersonCounty

Industrial-WarehouseTotal: 9.79 16.12 12.83 15.61 6.10 11.02 14.37 -13.08 -0.14 8.51 23.44

Appreciation: 3.06 8.88 5.87 6.55 -2.52 2.56 4.71 -20.74 -7.40 0.40 13.84Income: 6.58 6.80 6.68 8.65 8.79 8.30 9.34 9.10 7.71 8.08 8.70

TN-MS-AR-Memphis Total: 9.25 13.87 12.98 8.31 6.89 12.26 7.51 -12.56 -1.04 10.34 8.84 17.14 12.11 3.83 5.50Appreciation: 2.77 7.65 6.76 1.93 0.32 4.49 -0.54 -18.86 -7.58 3.36 1.46 8.55 3.63 -4.56 -2.98

Income: 6.35 5.89 5.92 6.30 6.56 7.52 8.08 7.36 6.94 6.81 7.30 8.08 8.26 8.69 8.68

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FL-Miami-MiamiBeach-Kendall Total: 8.10 15.65 15.10 13.21 13.95 14.58 12.52 -14.70 -3.85 19.10 18.74 15.93 13.52 8.00 7.26Appreciation: 3.07 10.17 9.30 7.18 7.59 7.59 4.89 -20.34 -9.09 12.60 11.97 8.94 6.44 0.80 -0.55

Income: 4.91 5.09 5.44 5.73 6.03 6.62 7.36 6.69 5.62 5.95 6.23 6.56 6.76 7.15 7.84FL-Miami-MiamiBeach-Kendall Apartment Total:


FL-Miami-MiamiBeach-Kendall Industrial Total: 7.75 10.02 10.28 11.58 14.07 13.60 11.19 -21.04 -4.11 14.18 22.83Appreciation: 2.28 4.26 4.71 5.67 7.96 6.98 3.47 -26.83 -9.72 7.49 14.53

Income: 5.38 5.58 5.39 5.68 5.77 6.30 7.52 7.33 6.06 6.33 7.52FL-Miami-MiamiBeach-Kendall Industrial-

WarehouseTotal: 7.49 10.02 10.31 11.48 14.22 13.85 11.42 -19.99 -4.13 12.89


FL-Miami-MiamiBeach-Kendall Office Total: 5.22 17.78 17.63 11.60Appreciation: 0.12 12.29 11.84 5.61

Income: 5.10 5.05 5.33 5.74FL-Miami-MiamiBeach-Kendall Office-

SuburbanTotal: 7.26 15.87


FL-Miami-MiamiBeach-Kendall Retail Total: 10.20 16.98 16.98 14.65 16.08Appreciation: 5.47 11.65 10.96 8.53 9.43

Income: 4.55 4.91 5.57 5.76 6.22MN-WI-Minneapolis-St.Paul-Bloomington Total: 5.69 8.43 9.57 8.98 8.30 10.84 10.34 -12.91 -3.86 12.31 12.52 17.33 10.88 5.65 5.65


MN-WI-Minneapolis-St.Paul-Bloomington Apartment

Total: 6.49 10.34 10.43 11.11 11.86 19.55 15.61 -11.03 -2.57 10.23Appreciation: 2.02 5.23 4.80 5.08 5.42 12.49 8.55 -16.35 -7.46 4.61

Income: 4.40 4.92 5.44 5.81 6.20 6.47 6.65 6.08 5.18 5.43MN-WI-Minneapolis-St.Paul-Bloomington



MN-WI-Minneapolis-St.Paul-Bloomington Industrial-Warehouse

Total: 6.94 12.58 10.73 10.06 12.61 10.01 7.91 -16.35 -6.95 8.21 11.19 17.23 13.33 5.00Appreciation: -0.46 4.16 2.15 2.56 5.52 3.19 0.41 -22.41 -12.83 1.40 3.92 9.84 6.16 -3.30

Income: 7.43 8.17 8.44 7.37 6.81 6.66 7.47 7.30 6.52 6.74 7.06 6.89 6.86 8.50

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MN-WI-Minneapolis-St.Paul-Bloomington Retail

Total: 6.35 9.59 11.12 9.43 7.75 9.60 11.41 -11.81 -3.91 12.99 9.64 18.88Appreciation: 0.86 3.89 4.88 2.35 1.44 3.15 4.46 -17.35 -9.33 6.59 3.29 11.31

Income: 5.46 5.54 6.02 6.96 6.24 6.31 6.72 6.38 5.83 6.10 6.20 6.99PA-MontgomeryCounty-BucksCounty-

ChesterCounty Total: 3.44 8.42 7.39 8.60 8.49 11.69 12.46 -14.40 -3.06 14.87 16.34 18.41 15.99 10.06 7.12


TN-Nashville-Davidson--Murfreesboro--Franklin

Total: 8.49 14.97 15.91 11.10 14.23 11.04 9.03 -11.73 0.19 12.70 16.30 16.96Appreciation: 2.30 8.46 8.18 3.74 6.77 4.23 1.75 -17.68 -6.05 5.79 8.93 9.02

Income: 6.08 6.13 7.29 7.16 7.11 6.60 7.20 6.88 6.53 6.63 6.92 7.45TN-Nashville-Davidson--Murfreesboro--

Franklin IndustrialTotal: 5.77 24.06 17.74 9.02 9.53

Appreciation: -0.52 16.78 8.72 1.23 2.57Income: 6.31 6.50 8.47 7.71 6.82

TN-Nashville-Davidson--Murfreesboro--Franklin Industrial-Warehouse

Total: 7.75Appreciation: 1.39

Income: 6.29NJ-PA-Newark Total: 6.07 8.14 9.85 8.48 5.22 12.34 13.30 -16.02 -9.20 10.92 14.98 18.61 13.22 10.22 7.80

Appreciation: 0.41 2.88 3.90 2.60 -0.63 6.32 5.49 -22.12 -14.34 4.67 8.35 11.23 5.35 1.24 -2.26Income: 5.64 5.15 5.78 5.77 5.89 5.76 7.50 7.35 5.77 6.04 6.24 6.82 7.57 8.90 10.23

NY-NJ-NewYork-JerseyCity-WhitePlains Total: 5.94 13.99 10.74 10.53 11.22 15.12 16.08 -21.54 -12.60 18.38 26.48 22.70 14.75 12.20 10.34Appreciation: 2.06 9.55 6.07 5.70 6.02 9.61 9.54 -25.81 -16.11 13.46 19.45 15.54 7.28 4.09 1.89

Income: 3.82 4.14 4.46 4.64 4.98 5.14 6.11 5.35 3.98 4.48 6.17 6.43 7.09 7.87 8.33NY-NJ-NewYork-JerseyCity-WhitePlains

ApartmentTotal: 5.22 11.26 10.58 9.74 10.81 11.97 8.65 -27.95 -12.15 14.16 14.45 27.32 11.81


NY-NJ-NewYork-JerseyCity-WhitePlains Apartment-HighRise


Income: 3.87 4.05 4.08 4.16 4.23 4.18 4.67 4.01 2.97 3.13 4.82 5.18NY-NJ-NewYork-JerseyCity-WhitePlains

Apartment-LowRiseTotal: 15.05 15.45 11.37


NY-NJ-NewYork-JerseyCity-WhitePlains Industrial


Income: 4.84 5.12 5.56 6.13 6.34 6.37 7.51 7.21 6.63 6.32 6.97 7.38 8.11 8.00 7.41

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NY-NJ-NewYork-JerseyCity-WhitePlains Industrial-Warehouse


Income: 4.86 5.15 5.62 6.17 6.34 6.35 7.57 7.26 6.61 6.26 6.99 7.40 8.26 7.88 7.41NY-NJ-NewYork-JerseyCity-WhitePlains

OfficeTotal: 5.57 14.93 9.47 10.97 11.92 16.60 22.04 -19.47 -15.51 23.78 36.64 24.56 12.04 11.44 10.83


NY-NJ-NewYork-JerseyCity-WhitePlains Office-CBD

Total: 5.32 15.03 9.43 11.23 12.50 16.84 22.78 -20.25 -15.85 24.61 40.79 24.65 11.60 12.46Appreciation: 1.56 10.61 4.93 6.48 7.25 11.27 15.56 -25.20 -19.26 19.62 33.13 17.55 4.51 4.28

Income: 3.73 4.10 4.34 4.53 4.98 5.15 6.49 6.16 3.98 4.36 6.18 6.30 6.86 7.93NY-NJ-NewYork-JerseyCity-WhitePlains

Office-SuburbanTotal:


NY-NJ-NewYork-JerseyCity-WhitePlains Retail


Income: 3.90 4.33 4.84 4.89 5.83CA-Oakland-Hayward-Berkeley Total: 11.80 19.50 14.97 11.73 12.84 14.17 11.69 -18.95 -9.01 18.97 15.12 16.43 14.13 4.72 3.51


CA-Oakland-Hayward-Berkeley Apartment Total:Appreciation:

Income:CA-Oakland-Hayward-Berkeley Industrial Total: 18.76 23.43 17.80 15.03 10.81 13.82 11.87 -18.81 -10.96 23.12 18.10 20.98 8.20 -1.23 3.08


CA-Oakland-Hayward-Berkeley Industrial-Warehouse

Total: 18.69 25.47 18.48 14.53 10.19 16.28 12.18 -20.56 -9.01 21.95 20.14 22.64 6.17 2.47 2.95Appreciation: 13.44 20.12 12.67 8.91 4.28 9.87 4.80 -25.57 -13.79 15.69 13.82 15.09 -1.56 -6.00 -4.83

Income: 4.78 4.67 5.31 5.28 5.74 5.98 7.12 6.24 5.33 5.62 5.74 6.80 7.81 8.87 8.07CA-Oakland-Hayward-Berkeley Office Total: 10.47 18.00 11.58 5.76 11.64 15.79 7.40 -22.91 -8.91 22.05 16.27 16.24 9.90 3.88 0.21


CA-Oakland-Hayward-Berkeley Office-Suburban

Total: 10.99 14.30 11.42 8.36 11.82 16.48 6.81 -23.97 -10.69 23.38 16.62 16.98 7.76 2.67 0.47Appreciation: 5.07 8.48 5.02 3.04 5.85 10.17 -1.51 -28.67 -15.14 16.73 8.72 8.05 -1.19 -6.18 -7.85

Income: 5.70 5.48 6.17 5.20 5.72 5.87 8.39 6.05 5.03 5.93 7.42 8.43 9.03 9.27 8.85

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CA-Oakland-Hayward-Berkeley Retail Total: 6.34 15.90 14.64Appreciation: 1.56 10.37 8.87

Income: 4.72 5.14 5.42FL-Orlando-Kissimmee-Sanford Total: 12.88 17.23 10.91 13.83 13.26 12.38 12.40 -16.00 -3.57 13.24 14.85 32.87 17.94 9.18 5.24


FL-Orlando-Kissimmee-Sanford Industrial Total: 19.03 18.07 12.93 7.49 8.75Appreciation: 12.21 11.15 5.64 0.61 1.98

Income: 6.26 6.40 7.01 6.84 6.67FL-Orlando-Kissimmee-Sanford Industrial-

WarehouseTotal: 19.24 18.90 13.19 8.22 8.30


FL-Orlando-Kissimmee-Sanford Retail Total: 14.85 17.16 11.47 17.24 20.26 16.52 13.78 -12.24 -3.21Appreciation: 9.57 11.27 5.02 10.51 13.19 8.87 6.11 -17.92 -8.73

Income: 4.93 5.44 6.22 6.26 6.45 7.17 7.34 6.57 5.90PA-Philadelphia Total: 8.13 9.87 8.56 10.30 11.68


AZ-Phoenix-Mesa-Scottsdale Total: 10.05 18.24 13.75 11.70 11.10 11.75 10.68 -20.91 -10.87 14.79 18.44 29.70 13.49 10.23 12.48Appreciation: 4.95 12.32 7.66 5.60 4.93 5.12 3.82 -25.64 -15.55 8.68 11.44 21.58 5.56 2.21 3.98

Income: 4.92 5.44 5.76 5.86 5.96 6.39 6.67 5.91 5.30 5.75 6.45 7.03 7.62 7.89 8.26AZ-Phoenix-Mesa-Scottsdale Apartment Total: 10.20 11.49 8.62 8.48 11.34 15.40 16.61 -21.68 -17.42 9.44 22.90 39.28 12.26 7.57 5.56


AZ-Phoenix-Mesa-Scottsdale Apartment-Garden

Total: 12.12 11.70 7.70 8.35 11.73 16.16 17.22 -22.04 -16.88 8.94 23.14 35.49 12.02 7.65 5.72Appreciation: 6.79 6.05 2.27 2.86 6.13 10.13 11.14 -26.22 -20.40 4.17 16.70 29.80 5.35 1.28 -1.22

Income: 5.08 5.41 5.34 5.38 5.36 5.61 5.62 5.24 4.16 4.64 5.75 4.66 6.41 6.31 7.00AZ-Phoenix-Mesa-Scottsdale Industrial Total: 9.78 10.76 12.37 15.29 14.84 11.58 -0.23 -20.84 -8.72 19.31 17.79 29.64 11.05 4.09 8.28


AZ-Phoenix-Mesa-Scottsdale Industrial-Warehouse

Total: 11.49 12.62 11.92 16.97 16.58 11.06 -0.53 -22.80 -8.44 18.07 19.09 32.27 12.65Appreciation: 6.62 7.06 6.34 11.23 10.68 5.23 -6.17 -26.88 -13.81 11.16 11.98 24.34 5.82

Income: 4.64 5.29 5.33 5.30 5.48 5.61 5.92 5.15 6.00 6.38 6.53 6.76 6.55

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AZ-Phoenix-Mesa-Scottsdale Office Total: 4.80 11.48 13.60 12.45 9.95 2.51 2.61 -23.89 -9.83 12.86 24.50 41.54 9.85 6.33 3.23Appreciation: -0.46 5.77 7.12 6.09 3.36 -4.13 -4.24 -28.97 -14.78 7.10 17.47 31.77 1.92 -1.45 -4.65

Income: 5.28 5.48 6.15 6.09 6.43 6.84 7.07 6.55 5.56 5.48 6.24 8.01 7.82 7.87 8.16AZ-Phoenix-Mesa-Scottsdale Office-

SuburbanTotal: 8.13 11.46 15.78 12.80 9.95 2.21 2.59 -24.25 -9.79 12.86 22.64 38.36 10.50 7.03 3.21

Appreciation: 2.61 5.59 9.15 6.44 3.35 -4.39 -4.28 -29.27 -14.71 7.10 15.72 28.84 2.37 -0.88 -4.74Income: 5.42 5.63 6.21 6.07 6.44 6.81 7.09 6.50 5.54 5.48 6.20 7.94 7.99 7.96 8.24

AZ-Phoenix-Mesa-Scottsdale Retail Total: 12.25 26.96 17.16 13.28 10.88 14.51 15.62 -18.51 -8.37 17.95 13.35Appreciation: 7.30 20.81 10.95 6.96 4.54 7.51 8.19 -23.43 -13.30 11.32 6.44

Income: 4.70 5.34 5.75 6.01 6.13 6.63 7.01 6.01 5.48 6.12 6.60OR-WA-Portland-Vancouver-Hillsboro Total: 12.56 15.54 12.87 12.56 8.84 13.95 7.79 -15.59 -1.39 20.08 17.23 21.54 9.84 7.41 7.79


OR-WA-Portland-Vancouver-Hillsboro Apartment


Income: 4.60 5.02 5.12 5.16 5.03OR-WA-Portland-Vancouver-Hillsboro

Apartment-HighRiseTotal:


OR-WA-Portland-Vancouver-Hillsboro Industrial

Total: 16.29 19.11 13.43 15.56 8.91 7.67 5.20 -16.80 -1.75 20.66 17.66 21.49 5.03 8.27 7.36Appreciation: 10.23 12.48 6.84 8.51 2.20 1.04 -1.15 -21.92 -7.62 14.06 10.69 14.27 -2.51 0.00 -1.20

Income: 5.64 6.07 6.27 6.63 6.60 6.58 6.41 6.15 6.23 5.99 6.47 6.53 7.69 8.27 8.63OR-WA-Portland-Vancouver-Hillsboro

Industrial-Flex SpaceTotal: 11.75 22.03 19.61


OR-WA-Portland-Vancouver-Hillsboro Industrial-Warehouse

Total: 17.82 18.09 9.84 16.67 11.82 9.36 6.06 -16.03 -1.97 20.30 17.38Appreciation: 11.74 11.54 3.57 9.70 4.97 2.64 -0.05 -21.09 -7.44 13.80 10.10

Income: 5.59 6.03 6.11 6.50 6.60 6.60 6.11 6.04 5.79 5.91 6.78RI-MA-Providence-Warwick Total: 11.75 10.32


RI-MA-Providence-Warwick Industrial Total:Appreciation:

Income:

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NC-Raleigh Total: 8.35 11.19 10.56 11.75 12.06 11.71 10.82 -13.97 -1.26 20.92 9.66 10.35 5.73 4.50 6.31Appreciation: 2.53 5.03 4.34 5.01 5.24 5.02 3.66 -19.02 -6.83 13.79 2.64 2.91 -1.54 -3.08 -1.83

Income: 5.71 5.94 6.02 6.49 6.57 6.45 6.96 5.91 5.87 6.48 6.88 7.28 7.35 7.76 8.25NV-Reno Total: 9.58 18.35 13.78 10.84 6.39

Appreciation: 3.97 11.64 6.95 3.12 -0.80Income: 5.45 6.18 6.49 7.55 7.22

CA-Riverside-SanBernardino-Ontario Total: 11.61 16.94 14.40 13.64 14.02 22.34 16.47 -24.31 -10.54 14.65 18.62 23.75 22.76 16.34 12.93Appreciation: 6.78 11.71 8.88 7.97 8.11 15.51 9.17 -28.86 -14.70 9.27 12.61 16.75 14.59 7.94 4.15

Income: 4.60 4.82 5.18 5.36 5.58 6.14 6.84 5.88 4.68 5.04 5.49 6.23 7.38 7.93 8.52CA-Riverside-SanBernardino-Ontario

ApartmentTotal: 15.65 16.27 12.73 8.66 14.20 14.75 17.93 -20.60 -13.82 9.07 13.02

Appreciation: 10.02 10.37 6.82 2.92 8.18 8.37 10.99 -25.04 -17.45 4.81 8.07Income: 5.24 5.48 5.63 5.62 5.68 6.01 6.43 5.51 4.17 4.12 4.67

CA-Riverside-SanBernardino-Ontario Apartment-Garden

Total: 15.65 16.39 11.91 8.50 10.55 15.80 14.42 -19.72 -13.12 9.73 13.58Appreciation: 10.02 10.49 6.07 2.82 4.71 9.48 7.78 -24.18 -16.90 5.21 8.60

Income: 5.24 5.48 5.58 5.57 5.65 5.91 6.28 5.48 4.34 4.36 4.68CA-Riverside-SanBernardino-Ontario



CA-Riverside-SanBernardino-Ontario Industrial-Warehouse


Income: 4.29 4.51 4.84 5.06 5.40 6.20 7.14 6.00 4.68 5.19 5.50 6.46 7.87 8.03 8.57CA-Sacramento--Roseville--Arden-Arcade Total: 5.32 10.08 12.61 11.09 7.81 10.69 9.37 -16.52 -6.57 14.88 12.54 17.03 18.90 17.37 11.33


MO-IL-St.Louis Total: 6.48 10.16 9.43 9.62 6.95 1.35 4.75 -10.56 -1.02 8.86 11.10 13.74 10.29 11.71 6.38Appreciation: -0.55 2.86 2.45 2.22 -0.74 -5.29 -2.46 -16.97 -7.53 2.00 4.00 5.85 2.92 3.82 -2.08

Income: 7.06 7.14 6.86 7.29 7.74 6.91 7.34 7.36 6.90 6.75 6.89 7.56 7.21 7.67 8.60TX-SanAntonio-NewBraunfels Total: 5.41 11.67 11.27 13.27 10.06 8.94 9.12 -8.02 -4.38 10.40 16.57 13.18 26.29 16.80 7.80


TX-SanAntonio-NewBraunfels Industrial Total: 7.07 11.57 13.37 10.39 4.89Appreciation: -0.10 4.39 5.61 3.01 -1.87

Income: 7.17 6.95 7.46 7.22 6.86

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TX-SanAntonio-NewBraunfels Industrial-Warehouse

Total: 9.08 14.22 15.29 10.84 3.08Appreciation: 2.10 6.96 7.34 3.48 -3.41

Income: 6.87 6.91 7.55 7.18 6.67CA-SanDiego-Carlsbad Total: 8.78 13.56 11.68 10.35 9.81 14.47 14.82 -13.94 -5.39 13.15 20.17 26.16 18.33 13.39 14.24


CA-SanDiego-Carlsbad Apartment Total: 10.05 12.58 10.29 8.72 9.31 13.56 25.56 -13.65 -2.45Appreciation: 5.12 7.52 5.15 3.75 4.16 7.93 18.92 -18.57 -6.88

Income: 4.75 4.79 4.95 4.84 5.00 5.33 5.84 5.74 4.67CA-SanDiego-Carlsbad Apartment-Garden Total:


CA-SanDiego-Carlsbad Industrial Total: 16.06 15.14 13.57 9.14 4.83 11.50 5.78 -19.16 -3.19 17.85 23.98 33.63 8.03 10.64 8.24Appreciation: 10.32 9.08 7.15 2.64 -2.00 4.44 -2.39 -24.33 -8.18 11.60 16.60 25.25 0.58 2.60 0.49

Income: 5.33 5.69 6.10 6.38 6.92 6.84 8.31 6.38 5.34 5.77 6.59 7.07 7.41 7.88 7.72CA-SanDiego-Carlsbad Industrial-

WarehouseTotal: 17.38 18.22


CA-SanDiego-Carlsbad Office Total: 4.63 9.24 8.19 9.69 10.01 8.33 5.78 -18.52 -15.02 13.22 21.95 25.17 21.03 10.05 15.15Appreciation: -0.17 3.89 3.23 4.14 3.88 1.76 -0.50 -23.22 -19.08 7.79 15.88 17.69 12.77 2.00 6.63

Income: 4.80 5.20 4.84 5.39 5.96 6.48 6.31 5.72 4.75 5.13 5.44 6.63 7.55 7.93 8.12CA-SanDiego-Carlsbad Office-Suburban Total: 5.04 10.18 8.45 10.79 11.04 10.40 6.78 -18.80 -14.62 14.50 24.21 20.81 19.33 8.72 15.49


CA-SanDiego-Carlsbad Retail Total: 8.89 17.33 14.64Appreciation: 4.18 11.85 8.97

Income: 4.56 5.04 5.32CA-SanFrancisco-RedwoodCity-

SouthSanFrancisco Total: 8.68 17.38 18.32 13.06 20.38 23.89 14.74 -24.61 -7.70 24.45 21.41 16.81 16.27 1.21 -3.63


CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Industrial

Total: 17.21 15.93Appreciation: 12.06 10.10

Income: 4.73 5.43

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CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Industrial-Warehouse

Total: 19.06Appreciation: 13.44

Income: 5.12CA-SanFrancisco-RedwoodCity-

SouthSanFrancisco OfficeTotal: 9.00 17.31 19.60 12.67 20.73 25.29 14.45 -26.23 -8.35 25.54 22.35 15.56 14.50 -1.68 -7.96


CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Office-CBD


Income: 3.64 3.59 3.85 3.83 4.35 5.52CA-SanFrancisco-RedwoodCity-

SouthSanFrancisco Office-SuburbanTotal: 9.39 15.41 21.80 12.10 21.74


CA-SanJose-Sunnyvale-SantaClara Total: 11.17 14.89 16.69 17.02 14.61 19.49 10.86 -17.33 -5.73 21.20 17.02 18.96 14.03 5.74 -4.45Appreciation: 6.29 9.70 10.75 10.71 8.26 12.77 3.53 -22.72 -10.53 15.09 10.51 11.37 5.93 -2.54 -12.51

Income: 4.67 4.84 5.51 5.84 5.99 6.15 7.14 6.54 5.21 5.50 6.04 7.01 7.75 8.43 8.91CA-SanJose-Sunnyvale-SantaClara

IndustrialTotal: 20.99 12.11 19.81 14.70 16.59 16.19 11.92 -16.91 -13.22 22.34 17.70 14.08 8.39 -3.43 -6.89


CA-SanJose-Sunnyvale-SantaClara Industrial-Warehouse

Total: 24.88 24.03 24.94 18.88 21.37 16.75 9.44 -11.81 -7.76Appreciation: 19.28 18.63 18.70 12.45 13.95 9.96 2.82 -17.17 -12.64

Income: 4.91 4.75 5.48 5.89 6.74 6.33 6.49 6.16 5.40CA-SanJose-Sunnyvale-SantaClara Office Total: 10.09 16.99 17.65 14.14 15.70 23.27 6.54 -19.79 -6.80 27.18 17.09

Appreciation: 5.02 11.38 11.28 7.79 9.36 16.30 -1.54 -25.59 -11.71 20.54 10.14Income: 4.90 5.17 5.88 6.00 5.93 6.23 8.16 7.24 5.38 5.78 6.48

CA-SanJose-Sunnyvale-SantaClara Office-Suburban

Total: 9.37 16.54 17.99 13.92 16.14 23.10 7.06 -21.00 -7.97 28.39Appreciation: 4.30 11.00 11.66 7.64 9.78 16.09 -1.20 -27.06 -13.19 21.36

Income: 4.91 5.12 5.82 5.95 5.93 6.28 8.33 7.68 5.79 6.10WA-Seattle-Bellevue-Everett Total: 9.63 12.78 9.72 9.67 14.23 16.61 12.46 -19.75 -4.78 19.96 18.39 18.57 11.76 8.95 3.41


WA-Seattle-Bellevue-Everett Apartment Total: 9.52 14.27 10.92 10.51 15.82 15.58 20.43 -22.45 -3.37 21.15 17.34 16.28 12.44 7.23 3.25Appreciation: 4.88 9.33 6.03 5.46 10.23 10.00 14.45 -26.31 -7.56 15.95 11.86 11.12 6.49 1.21 -2.88

Income: 4.48 4.62 4.68 4.85 5.21 5.20 5.40 4.85 4.45 4.66 5.04 4.77 5.68 5.96 6.26

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WA-Seattle-Bellevue-Everett Apartment-Garden

Total: 13.16 21.44 14.35 9.79 13.16 16.65 22.37 -20.52 -3.59 20.78 16.21Appreciation: 7.75 15.63 8.55 4.39 7.54 10.97 15.76 -24.94 -7.92 15.64 10.76

Income: 5.12 5.21 5.45 5.23 5.32 5.25 5.91 5.48 4.61 4.61 5.05WA-Seattle-Bellevue-Everett Apartment-

HighRiseTotal: 7.89 11.62 9.66 12.19


WA-Seattle-Bellevue-Everett Industrial Total: 17.52 14.52 12.98 10.72 14.45 12.51 10.63 -13.79 -4.31 17.44 15.38 23.21 9.29 7.81 6.48Appreciation: 11.90 8.68 7.11 4.73 8.17 5.61 2.99 -20.02 -9.80 10.73 8.84 15.23 1.78 0.15 -1.48

Income: 5.16 5.49 5.58 5.78 5.92 6.62 7.47 7.36 5.93 6.22 6.15 7.18 7.41 7.65 8.05WA-Seattle-Bellevue-Everett Industrial-

WarehouseTotal: 18.18 14.92 13.08 11.65 17.04 12.95 11.80 -15.66 -3.87 19.03 16.76 23.06 9.38 7.89 6.99


WA-Seattle-Bellevue-Everett Office Total: 6.50 11.55 8.40 9.19 12.08 19.79 9.06 -23.49 -6.63 22.14 22.83 16.15 13.28 9.42 -1.58Appreciation: 1.85 6.57 3.29 3.95 6.39 12.66 1.85 -28.60 -11.22 15.96 15.68 9.27 5.31 0.99 -9.38

Income: 4.59 4.75 4.98 5.08 5.44 6.52 7.11 6.56 5.02 5.53 6.42 6.45 7.66 8.37 8.41WA-Seattle-Bellevue-Everett Office-CBD Total: 7.62 13.62 8.89 10.36 12.57 23.09 11.50 -26.26 -8.83


WA-Seattle-Bellevue-Everett Office-Suburban

Total: 3.26 6.11 7.31 7.06 11.32 16.40 5.60 -19.90 -3.50 19.66 21.99 19.44Appreciation: -2.05 0.50 1.71 0.89 4.40 9.21 -1.15 -24.96 -8.12 13.48 14.13 11.00

Income: 5.40 5.58 5.52 6.13 6.70 6.73 6.80 6.25 4.92 5.63 7.12 7.81WA-Seattle-Bellevue-Everett Retail Total: 11.27 11.86 8.44 9.29 17.35 16.40 10.75 -10.14


MD-SilverSpring-Frederick-Rockville Total: 2.77 4.41 3.24 3.12 4.44 8.81 14.27 -14.22 -6.57 9.81 15.35 22.54 15.30 15.34 15.34Appreciation: -2.36 -0.88 -2.09 -2.75 -1.47 1.93 6.68 -20.03 -11.65 3.92 8.56 15.14 7.83 7.12 6.35

Income: 5.23 5.32 5.41 6.00 5.98 6.79 7.24 6.87 5.57 5.73 6.39 6.66 7.06 7.81 8.58WA-Tacoma-Lakewood Total: 14.27 12.10 4.72 13.75 15.23 22.13 14.47 -15.51

Appreciation: 8.86 7.05 -0.44 7.97 9.13 15.32 6.93 -21.30Income: 5.08 4.80 5.18 5.46 5.72 6.12 7.16 6.92

WA-Tacoma-Lakewood Industrial Total: 14.26 12.31 4.79 14.42 16.39 22.13Appreciation: 8.89 7.26 -0.40 8.59 10.24 15.32

Income: 5.03 4.78 5.21 5.48 5.72 6.12

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WA-Tacoma-Lakewood Industrial-Warehouse

Total: 14.26 12.31 4.79 14.42 16.39 22.13Appreciation: 8.89 7.26 -0.40 8.59 10.24 15.32

Income: 5.03 4.78 5.21 5.48 5.72 6.12FL-Tampa-St.Petersburg-Clearwater Total: 10.37 13.08 11.07 8.82 9.32 11.74 11.31 -18.54 -10.17 9.31 19.92 29.72 14.65 7.22 7.19


FL-Tampa-St.Petersburg-Clearwater Apartment


Income: 5.56 5.56 5.74 6.01 6.21 6.40 6.95 6.29 4.79 5.10 6.04 6.74FL-Tampa-St.Petersburg-Clearwater

Apartment-GardenTotal: 12.61 14.17 12.62 10.86 9.71 15.20 17.94 -15.66 -11.37 5.89




Income: 4.51 4.73 5.05 5.17 5.43 5.58 6.48 6.11 4.89 5.40 5.83 6.54 7.73 8.05 8.66DC-VA-MD-WV-Washington-Arlington-

Alexandria ApartmentTotal: 5.01 5.03 3.48 6.48 6.76 16.84 28.18 -10.20 -8.93 9.60 17.40 28.24 18.21 12.79 17.21

Appreciation: 0.50 0.70 -0.86 1.68 1.77 11.26 21.41 -15.02 -12.54 5.06 11.50 21.48 11.23 5.66 9.01Income: 4.49 4.31 4.37 4.74 4.93 5.15 5.86 5.45 3.98 4.38 5.44 5.84 6.46 6.84 7.69

DC-VA-MD-WV-Washington-Arlington-Alexandria Apartment-HighRise

Total: 4.80 4.71 3.51 6.11 7.35 16.75 33.42 -11.53 -8.48 7.90Appreciation: 0.40 0.43 -0.80 1.42 2.56 11.36 26.54 -16.16 -11.85 3.55

Income: 4.39 4.27 4.33 4.64 4.70 4.97 5.77 5.28 3.70 4.25DC-VA-MD-WV-Washington-Arlington-

Alexandria IndustrialTotal: 6.75 10.83 8.02 10.74 6.47

Appreciation: 1.02 4.73 1.93 3.79 -0.40Income: 5.69 5.89 6.00 6.76 6.88

DC-VA-MD-WV-Washington-Arlington-Alexandria Industrial-Warehouse

Total: 6.97 13.02 10.56 12.76Appreciation: 1.39 7.32 4.82 5.96

Income: 5.52 5.41 5.55 6.51DC-VA-MD-WV-Washington-Arlington-

Alexandria OfficeTotal: 4.10 6.59 5.57 6.71 5.55 14.26 18.62 -14.07 -4.38 15.19 16.73 21.91 22.16 11.40 9.56


DC-VA-MD-WV-Washington-Arlington-Alexandria Office-CBD


Income: 3.92 4.24 5.00 4.93 5.39 5.25 6.26 6.07 4.72 5.46 5.37 6.11 7.81 8.05 8.27

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DC-VA-MD-WV-Washington-Arlington-Alexandria Office-Suburban

Total: 0.26 3.42 3.09 5.26 4.33 14.85 14.03 -15.38 -5.95 12.60 18.07 23.66 21.34 8.60 4.84Appreciation: -5.11 -2.39 -2.32 -0.27 -1.13 8.71 6.91 -20.73 -10.85 6.70 11.21 15.80 12.10 0.46 -4.11

Income: 5.58 5.92 5.50 5.53 5.50 5.77 6.77 6.36 5.34 5.62 6.34 7.04 8.49 8.11 9.23DC-VA-MD-WV-Washington-Arlington-

Alexandria RetailTotal: 8.95 16.59 12.78 9.73 10.64 14.33 17.59 -8.33 -3.24 19.30 13.02 33.41 23.45 22.06

Appreciation: 4.19 11.31 7.16 4.05 4.68 7.66 10.19 -13.90 -8.34 12.91 6.62 25.40 14.49 11.86Income: 4.62 4.88 5.34 5.52 5.76 6.31 6.88 6.24 5.44 5.84 6.10 6.77 8.10 9.39

DC-VA-MD-WV-Washington-Arlington-Alexandria Retail-Neighborhood


Income: 5.36 5.70 6.06 6.06 6.59 7.09FL-WestPalmBeach-BocaRaton-DelrayBeach Total: 6.37 15.83 11.92 8.07 7.23 12.11 14.31 -17.08 -15.02 5.36 11.29 41.00 20.72 12.75 7.14


FL-WestPalmBeach-BocaRaton-DelrayBeach Apartment

Total: 9.78 15.73 11.01 7.07 8.69 16.43 25.55 -17.02 -16.07 1.36Appreciation: 4.50 9.88 5.34 1.83 3.16 10.26 17.84 -21.65 -19.65 -2.80

Income: 5.11 5.45 5.45 5.17 5.40 5.73 6.83 5.56 4.21 4.25FL-WestPalmBeach-BocaRaton-DelrayBeach

Apartment-GardenTotal:


FL-WestPalmBeach-BocaRaton-DelrayBeach Retail

Total:Appreciation:

Income:

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Total Index - NCREIF Property Index

Returns (%) Index Values

Quarter Properties Market Value Total Apprec Income Total Apprec Income Begin Mkt Value Income Capital Imp Partial Sales

1978-1 233 580,990,824 2.90 0.73 2.18 102.90 100.73 102.18 575,792,295 12,460,361 1,045,924 0

1978-2 259 618,339,141 3.07 0.83 2.23 106.06 101.56 104.46 609,771,269 13,549,340 3,512,157 0

1978-3 283 688,675,929 3.39 1.27 2.12 109.66 102.86 106.67 678,802,395 14,311,574 1,283,255 0

1978-4 291 729,986,518 5.89 3.85 2.04 116.11 106.81 108.85 700,435,921 14,228,940 2,744,192 0

1979-1 309 817,048,986 3.81 1.70 2.12 120.54 108.62 111.16 800,677,850 16,853,367 2,865,251 0

1979-2 331 933,456,479 4.32 2.03 2.29 125.75 110.83 113.70 913,108,775 20,769,432 1,935,049 0

1979-3 356 1,070,684,326 4.75 2.65 2.10 131.72 113.77 116.09 1,040,414,815 21,710,589 3,759,226 956,820

1979-4 370 1,231,133,627 6.19 4.03 2.16 139.87 118.35 118.59 1,176,664,071 25,295,067 8,943,206 1,676,393

1980-1 405 1,430,115,931 5.54 3.46 2.07 147.61 122.45 121.05 1,378,295,675 28,406,387 4,335,061 0

1980-2 428 1,582,310,228 2.36 0.28 2.07 151.09 122.80 123.56 1,570,794,466 32,426,249 7,085,424 0

1980-3 465 1,775,851,147 3.79 1.77 2.02 156.81 124.97 126.05 1,735,900,359 34,872,795 9,615,441 247,327

1980-4 493 1,976,014,374 5.32 3.33 1.99 165.15 129.14 128.56 1,904,991,793 37,664,990 8,149,203 286,173

1981-1 526 2,290,643,221 2.96 1.02 1.94 170.03 130.45 131.05 2,257,880,610 43,628,932 11,446,531 1,532,335

1981-2 569 2,689,864,442 4.23 2.16 2.07 177.23 133.27 133.76 2,616,246,739 53,952,894 17,209,245 0

1981-3 621 3,061,085,019 3.21 1.31 1.91 182.93 135.01 136.31 2,979,954,557 56,865,487 42,431,687 271,510

1981-4 681 3,668,148,597 5.29 3.38 1.91 192.61 139.57 138.92 3,516,152,346 67,199,895 33,896,827 529,000

1982-1 724 4,123,217,680 2.49 0.63 1.87 197.41 140.45 141.51 4,066,607,270 75,669,048 31,389,241 212,899

1982-2 757 4,538,598,298 2.07 0.13 1.94 201.50 140.64 144.25 4,474,840,662 86,665,484 57,804,140 0

1982-3 776 4,716,148,768 1.52 -0.36 1.88 204.56 140.13 146.97 4,697,159,565 88,183,225 35,872,735 0

1982-4 781 4,893,870,665 3.04 1.06 1.98 210.79 141.61 149.89 4,810,425,624 95,173,478 32,758,399 0

1983-1 941 7,459,641,924 1.75 -0.25 2.00 214.48 141.25 152.89 7,423,637,732 148,382,445 55,042,322 199,800

1983-2 978 8,293,800,809 2.54 0.59 1.95 219.92 142.08 155.87 8,215,379,482 159,595,101 31,289,032 905,773

1983-3 991 8,588,079,126 2.96 1.08 1.87 226.42 143.62 158.79 8,459,624,903 157,695,720 39,760,295 2,677,278

1983-4 989 9,025,037,692 5.31 3.47 1.84 238.45 148.61 161.71 8,656,471,634 158,989,316 68,954,177 180,000

1984-1 995 9,447,719,891 3.35 1.51 1.84 246.44 150.84 164.70 9,271,017,709 170,313,749 37,752,822 126,986

1984-2 1,057 10,561,489,204 3.16 1.27 1.88 254.21 152.77 167.79 10,362,821,011 194,268,879 75,880,187 8,920,778

1984-3 1,065 10,852,025,073 2.46 0.64 1.82 260.46 153.74 170.85 10,718,142,164 194,555,409 65,880,363 0

1984-4 1,060 11,476,035,737 4.21 2.35 1.86 271.44 157.36 174.03 11,109,752,265 206,525,668 105,357,637 1,500

1985-1 1,065 12,307,773,373 2.08 0.31 1.77 277.09 157.85 177.11 12,215,368,715 215,681,100 55,518,665 1,149,000

1985-2 1,125 13,282,140,026 2.60 0.68 1.92 284.29 158.92 180.51 13,124,456,388 250,822,794 71,969,506 2,937,781

1985-3 1,142 14,113,493,808 2.39 0.53 1.86 291.07 159.75 183.87 13,960,762,103 258,660,070 85,652,517 6,290,979

1985-4 1,159 15,407,790,207 3.73 1.95 1.78 301.93 162.88 187.13 15,013,222,122 265,925,322 106,431,134 4,564,020

1986-1 1,268 16,759,053,174 2.03 0.23 1.80 308.07 163.26 190.50 16,606,620,801 298,054,701 113,797,053 235,092

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1986-2 1,282 17,441,514,590 1.96 0.11 1.85 314.11 163.43 194.03 17,307,130,981 320,027,959 116,105,660 161,934

1986-3 1,272 17,441,451,813 1.50 -0.26 1.76 318.81 163.01 197.44 17,328,748,762 304,294,745 162,950,363 4,864,371

1986-4 1,253 17,870,897,077 2.57 0.81 1.76 326.99 164.32 200.92 17,660,975,362 309,355,420 142,113,815 74,098,209

1987-1 1,302 18,835,190,267 1.83 0.06 1.77 332.97 164.41 204.48 18,762,281,016 331,132,977 93,434,829 31,011,919

1987-2 1,377 20,697,396,769 1.19 -0.62 1.80 336.92 163.40 208.16 20,723,136,340 372,074,415 105,603,528 3,983,932

1987-3 1,369 20,959,043,612 2.09 0.34 1.76 343.97 163.95 211.82 20,764,683,314 363,463,580 129,583,520 5,341,847

1987-4 1,403 22,184,603,366 2.67 0.91 1.75 353.15 165.45 215.53 21,826,737,941 381,631,170 171,786,439 13,181,098

1988-1 1,430 23,080,994,821 1.84 0.12 1.72 359.66 165.65 219.24 22,907,646,744 393,665,658 151,078,902 5,404,400

1988-2 1,491 25,932,626,386 2.00 0.24 1.76 366.84 166.05 223.09 25,721,619,671 450,398,907 151,938,627 2,431,290

1988-3 1,493 26,712,345,680 2.39 0.72 1.67 375.62 167.25 226.82 26,344,658,594 439,110,110 177,477,496 0

1988-4 1,536 28,470,920,216 3.07 1.36 1.71 387.15 169.53 230.69 27,900,835,646 475,631,979 220,756,300 29,945,269

1989-1 1,556 29,778,298,483 1.75 0.08 1.67 393.93 169.67 234.54 29,627,162,753 492,503,902 143,117,179 16,305,680

1989-2 1,639 31,146,029,503 2.00 0.34 1.66 401.81 170.24 238.44 30,987,394,536 513,083,007 166,782,622 112,000,095

1989-3 1,648 31,902,241,408 2.05 0.48 1.56 410.03 171.06 242.17 31,611,027,189 492,794,416 194,907,076 55,490,468

1989-4 1,660 32,656,131,813 1.75 0.16 1.60 417.21 171.33 246.04 32,216,165,067 514,691,338 389,754,577 90

1990-1 1,774 35,491,395,608 1.38 -0.21 1.58 422.96 170.97 249.93 35,398,546,111 559,107,760 165,847,699 0

1990-2 1,807 36,709,140,702 1.52 -0.10 1.61 429.38 170.81 253.97 36,451,457,208 587,786,645 306,270,421 13,261,835

1990-3 1,828 37,878,064,444 0.84 -0.73 1.57 432.98 169.55 257.96 37,872,443,492 594,807,083 289,178,755 5,900,970

1990-4 1,877 37,970,807,036 -1.43 -3.10 1.66 426.77 164.30 262.26 38,962,305,697 646,532,159 287,757,389 76,023,389

1991-1 2,012 39,594,087,441 0.05 -1.57 1.62 426.97 161.72 266.50 40,052,557,909 645,490,323 175,172,715 6,493,918

1991-2 2,036 39,350,257,722 0.01 -1.68 1.69 427.02 159.01 271.00 39,881,252,401 671,216,532 180,512,133 45,028,085

1991-3 1,998 38,776,008,615 -0.33 -1.96 1.63 425.60 155.89 275.41 39,333,374,132 637,592,063 219,638,369 8,493,505

1991-4 2,028 37,009,612,799 -5.33 -7.01 1.67 402.90 144.97 280.01 39,504,773,594 659,452,961 269,011,712 2,473,662

1992-1 2,074 38,373,015,878 -0.03 -1.80 1.77 402.79 142.36 284.98 38,823,794,505 687,226,222 246,832,735 364,893

1992-2 2,144 38,290,757,393 -1.03 -2.93 1.90 398.63 138.19 290.38 39,266,293,461 741,163,830 169,730,913 40,000

1992-3 2,254 40,525,536,798 -0.44 -2.26 1.81 396.87 135.07 295.65 41,201,256,299 745,456,611 253,679,564 2,769,401

1992-4 2,233 39,499,283,316 -2.81 -4.69 1.88 385.72 128.74 301.20 41,089,729,199 769,297,182 336,790,189 5,478,110

1993-1 2,125 40,051,400,075 0.77 -1.23 2.00 388.70 127.16 307.23 40,408,387,924 804,425,386 147,735,650 10,954,008

1993-2 2,181 41,683,886,367 -0.24 -2.18 1.94 387.77 124.39 313.19 42,395,247,971 819,980,969 238,187,785 28,938,445

1993-3 2,134 42,366,253,020 1.10 -0.85 1.96 392.05 123.33 319.32 42,348,999,929 826,943,878 385,015,523 7,133,114

1993-4 2,069 40,949,888,447 -0.25 -2.32 2.07 391.06 120.47 325.92 41,531,478,468 856,738,831 401,200,538 21,569,088

1994-1 2,007 40,653,112,748 1.31 -0.74 2.05 396.17 119.57 332.61 40,651,733,349 830,952,107 314,154,556 11,244,368

1994-2 2,009 41,054,020,683 1.54 -0.58 2.12 402.26 118.88 339.65 41,073,566,178 865,536,932 240,552,667 22,732,531

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1994-3 1,978 41,079,854,194 1.51 -0.60 2.11 408.32 118.16 346.80 41,061,009,257 861,697,595 281,593,035 17,748,744

1994-4 1,969 41,012,615,946 1.88 -0.32 2.20 416.01 117.79 354.43 40,777,774,053 894,274,853 380,485,945 17,506,533

1995-1 2,003 41,993,880,294 2.11 -0.08 2.18 424.78 117.70 362.17 41,842,269,308 909,550,406 189,950,613 5,522,565

1995-2 2,179 43,284,292,607 2.08 -0.16 2.24 433.62 117.51 370.28 43,299,718,084 962,764,846 206,029,877 154,220,204

1995-3 2,294 46,689,165,273 2.06 -0.13 2.19 442.54 117.36 378.38 46,490,119,649 1,012,559,516 268,203,009 8,319,811

1995-4 2,322 48,278,542,054 1.09 -1.13 2.22 447.35 116.03 386.77 48,440,893,360 1,070,685,810 445,656,251 62,479,161

1996-1 2,405 51,765,173,939 2.40 0.26 2.14 458.09 116.33 395.07 51,373,036,710 1,096,463,914 284,300,959 23,089,298

1996-2 2,518 54,830,045,231 2.29 0.10 2.19 468.57 116.45 403.71 54,528,892,598 1,187,479,059 238,911,005 -7,793,404

1996-3 2,509 55,921,244,579 2.63 0.51 2.12 480.89 117.04 412.26 55,337,484,447 1,167,232,772 314,529,128 11,581,826

1996-4 2,368 54,324,764,528 2.61 0.46 2.14 493.43 117.58 421.10 53,588,981,224 1,145,403,227 535,618,903 48,145,674

1997-1 2,598 61,433,617,514 2.34 0.19 2.14 504.96 117.81 430.13 61,112,712,786 1,303,161,557 317,296,081 114,281,250

1997-2 2,719 65,274,873,811 2.82 0.59 2.23 519.21 118.51 439.73 64,610,072,785 1,434,762,953 350,853,672 65,106,673

1997-3 2,628 62,953,524,129 3.38 1.18 2.20 536.78 119.91 449.40 61,945,115,351 1,355,142,867 323,823,546 45,603,470

1997-4 2,532 65,729,654,384 4.71 2.49 2.21 562.04 122.90 459.33 63,768,507,960 1,403,787,338 452,867,676 75,583,158

1998-1 2,417 65,668,706,435 4.14 1.94 2.20 585.31 125.29 469.43 64,232,282,616 1,404,062,970 305,335,452 108,373,489

1998-2 2,465 66,958,490,268 4.19 2.07 2.12 609.84 127.89 479.37 65,279,188,851 1,376,129,612 412,710,587 81,730,150

1998-3 2,435 67,196,898,104 3.46 1.36 2.10 630.95 129.62 489.46 65,934,369,404 1,382,002,458 462,839,476 90,622,586

1998-4 2,402 66,704,284,337 3.55 1.47 2.09 653.37 131.52 499.67 65,255,988,220 1,356,387,029 530,144,475 36,782,655

1999-1 2,457 70,629,824,837 2.59 0.57 2.03 670.31 132.27 509.80 69,917,107,307 1,411,228,022 365,872,604 46,687,011

1999-2 2,507 75,551,789,502 2.62 0.53 2.09 687.88 132.97 520.45 74,880,581,652 1,556,021,480 351,171,328 77,274,444

1999-3 2,564 79,456,400,129 2.81 0.79 2.02 707.20 134.03 530.94 78,530,276,624 1,575,353,031 373,368,862 66,694,966

1999-4 2,576 80,727,337,395 2.89 0.89 2.00 727.62 135.22 541.56 79,598,912,287 1,585,661,670 475,896,012 50,963,718

2000-1 2,679 84,061,948,073 2.40 0.41 1.99 745.09 135.77 552.36 83,401,956,303 1,655,465,373 393,336,425 71,402,418

2000-2 2,942 89,441,975,659 3.05 0.94 2.11 767.85 137.04 564.04 88,137,807,619 1,855,714,457 535,894,492 56,816,268

2000-3 2,994 95,293,367,886 2.94 0.85 2.09 790.43 138.21 575.84 93,915,018,272 1,957,766,232 645,465,114 60,423,385

2000-4 2,972 95,778,621,529 3.33 1.22 2.11 816.76 139.89 588.00 94,047,332,138 1,978,458,714 761,088,503 171,150,700

2001-1 3,059 101,754,974,030 2.36 0.25 2.11 836.04 140.24 600.40 101,253,310,309 2,123,176,578 414,662,956 166,379,425

2001-2 3,237 108,156,638,214 2.47 0.34 2.14 856.72 140.71 613.23 107,251,427,020 2,281,708,797 622,326,384 76,470,381

2001-3 3,313 106,786,737,036 1.60 -0.49 2.09 870.39 140.02 626.05 106,697,092,582 2,220,266,944 684,490,996 70,264,402

2001-4 3,448 111,571,337,846 0.67 -1.40 2.07 876.22 138.06 639.01 112,569,884,048 2,320,672,506 662,687,752 91,821,407

2002-1 3,519 114,778,103,762 1.51 -0.57 2.08 889.47 137.27 652.31 115,241,422,101 2,384,836,201 348,278,859 157,857,332

2002-2 3,741 120,997,195,657 1.61 -0.48 2.09 903.80 136.62 665.94 121,291,698,856 2,518,762,977 512,595,522 231,374,957

2002-3 3,793 121,668,698,382 1.79 -0.25 2.04 919.97 136.27 679.52 122,016,868,634 2,470,442,476 479,451,786 525,372,334

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2002-4 3,680 121,965,061,509 1.67 -0.29 1.96 935.34 135.88 692.83 121,910,857,627 2,376,632,520 810,603,319 406,822,527

2003-1 3,847 124,344,040,544 1.88 -0.08 1.96 952.96 135.78 706.41 124,780,285,468 2,427,503,850 537,837,610 879,006,333

2003-2 3,967 127,224,789,134 2.09 0.11 1.98 972.85 135.93 720.37 129,161,478,600 2,515,451,264 637,690,713 2,715,085,103

2003-3 3,976 128,543,223,862 1.97 0.07 1.90 992.06 136.02 734.08 131,682,300,434 2,459,270,883 554,947,420 3,786,315,078

2003-4 4,060 132,391,498,480 2.76 0.86 1.90 1,019.49 137.20 748.06 135,123,341,769 2,520,459,973 700,707,476 4,571,419,567

2004-1 4,042 136,310,986,810 2.56 0.72 1.84 1,045.63 138.18 761.85 138,870,472,261 2,512,785,726 544,147,664 4,085,108,295

2004-2 3,979 138,456,646,929 3.13 1.28 1.85 1,078.32 139.95 775.94 139,444,728,063 2,536,704,913 755,516,241 3,496,779,006

2004-3 4,025 141,834,572,116 3.42 1.63 1.80 1,115.23 142.23 789.88 143,143,761,175 2,523,921,918 795,667,774 4,391,190,298

2004-4 4,152 145,443,211,350 4.66 2.89 1.77 1,167.18 146.34 803.85 148,957,790,040 2,551,717,621 980,298,583 8,663,528,674

2005-1 4,224 159,172,318,809 3.51 1.81 1.71 1,208.17 148.98 817.56 159,841,899,793 2,681,205,859 1,051,180,685 4,559,713,730

2005-2 4,554 165,915,524,903 5.34 3.66 1.68 1,272.64 154.43 831.28 168,151,563,300 2,738,473,487 1,034,547,115 9,237,379,390

2005-3 4,561 175,343,245,400 4.44 2.84 1.61 1,329.17 158.81 844.63 176,284,762,857 2,768,240,012 910,127,747 6,742,963,314

2005-4 4,713 189,704,592,407 5.43 3.83 1.60 1,401.33 164.89 858.11 189,163,037,868 2,951,440,058 1,071,074,840 7,616,514,255

2006-1 4,756 201,761,466,227 3.62 2.08 1.54 1,452.05 168.33 871.30 202,564,142,924 3,060,609,737 796,706,292 5,744,623,934

2006-2 5,055 220,843,713,482 4.01 2.47 1.54 1,510.32 172.48 884.76 220,229,980,624 3,347,553,418 1,048,492,125 5,783,963,408

2006-3 5,162 232,593,629,843 3.51 1.99 1.52 1,563.35 175.92 898.19 232,758,232,385 3,479,720,922 1,372,765,162 6,107,578,893

2006-4 5,333 247,059,293,678 4.51 3.03 1.48 1,633.91 181.25 911.50 245,451,467,027 3,578,969,295 1,873,305,799 7,581,114,834

2007-1 5,466 266,851,009,466 3.62 2.22 1.40 1,693.13 185.28 924.29 266,499,303,117 3,682,716,031 1,147,798,718 6,629,720,887

2007-2 5,563 279,910,997,977 4.59 3.21 1.38 1,770.90 191.22 937.09 278,407,995,821 3,787,443,690 1,488,765,525 8,760,372,724

2007-3 5,585 292,090,880,991 3.56 2.25 1.32 1,834.02 195.52 949.45 290,715,409,360 3,783,595,107 1,556,376,986 6,623,650,571

2007-4 5,711 309,307,565,205 3.21 1.86 1.35 1,892.85 199.16 962.23 306,071,234,594 4,085,800,452 3,119,672,278 5,533,608,183

2008-1 5,976 328,144,473,979 1.60 0.34 1.26 1,923.11 199.84 974.33 329,106,340,729 4,110,386,946 1,546,725,146 3,620,877,130

2008-2 6,118 332,876,420,929 0.56 -0.70 1.27 1,933.94 198.43 986.67 336,240,161,727 4,233,096,988 1,528,618,081 2,541,193,322

2008-3 6,255 331,611,411,760 -0.17 -1.42 1.25 1,930.61 195.62 998.98 338,707,598,405 4,192,490,782 1,461,733,743 3,788,125,286

2008-4 6,287 305,096,332,710 -8.29 -9.54 1.26 1,770.64 176.95 1,011.55 337,124,154,904 4,224,050,638 1,792,732,233 1,777,907,517

2009-1 6,071 268,565,434,200 -7.33 -8.70 1.37 1,640.92 161.56 1,025.40 293,375,560,195 4,004,711,260 1,024,906,828 412,783,571

2009-2 6,123 254,124,119,015 -5.20 -6.70 1.50 1,555.66 150.73 1,040.82 272,400,669,088 4,074,147,306 1,143,568,903 1,265,554,051

2009-3 6,186 243,818,266,089 -3.32 -4.88 1.56 1,504.05 143.39 1,057.04 257,385,879,088 3,980,522,520 910,032,657 2,021,025,327

2009-4 6,211 238,242,028,162 -2.11 -3.71 1.60 1,472.33 138.06 1,074.00 248,947,239,750 3,961,657,570 1,092,387,730 2,630,092,882

2010-1 6,067 233,154,763,409 0.76 -0.90 1.66 1,483.53 136.81 1,091.86 236,241,564,599 3,899,533,055 690,834,364 1,661,033,617

2010-2 6,066 234,484,563,982 3.31 1.61 1.70 1,532.66 139.02 1,110.44 232,966,995,818 3,923,244,913 863,784,942 3,058,067,150

2010-3 6,057 238,338,253,540 3.86 2.23 1.63 1,591.84 142.12 1,128.54 236,356,875,424 3,805,902,119 1,053,445,086 4,281,405,855

2010-4 6,175 247,074,030,084 4.62 3.02 1.60 1,665.42 146.42 1,146.58 243,141,400,320 3,840,053,127 1,274,669,831 4,604,881,676

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2011-1 6,267 255,871,511,308 3.36 1.84 1.52 1,721.35 149.10 1,164.04 252,782,988,765 3,817,053,780 1,037,126,932 2,553,198,063

2011-2 6,349 262,658,243,772 3.94 2.40 1.54 1,789.10 152.68 1,181.92 259,682,650,760 3,944,291,390 1,213,012,602 4,398,485,336

2011-3 6,489 272,741,710,807 3.30 1.83 1.46 1,848.08 155.48 1,199.20 270,919,605,914 3,920,179,174 1,314,908,476 4,410,192,481

2011-4 6,865 283,762,441,747 2.96 1.51 1.45 1,902.87 157.84 1,216.61 282,888,802,097 4,062,623,664 1,808,279,908 5,169,261,158

2012-1 7,106 298,598,336,910 2.59 1.15 1.43 1,952.10 159.66 1,234.05 297,616,034,809 4,229,033,179 1,092,210,596 3,512,791,954

2012-2 7,299 310,738,861,774 2.68 1.23 1.45 2,004.48 161.63 1,251.95 310,229,350,823 4,452,681,542 1,316,573,274 4,594,473,370

2012-3 7,276 315,284,562,298 2.34 0.92 1.42 2,051.39 163.11 1,269.72 317,027,079,386 4,447,878,454 1,344,808,010 5,970,607,083

2012-4 7,270 319,951,397,055 2.54 1.13 1.41 2,103.53 164.96 1,287.64 323,143,556,252 4,491,229,295 1,964,825,959 8,753,844,619

2013-1 7,181 329,071,622,796 2.57 1.18 1.39 2,157.49 166.90 1,305.50 330,270,274,025 4,523,502,454 1,146,596,848 6,190,968,449

2013-2 7,099 336,332,120,173 2.87 1.47 1.40 2,219.51 169.36 1,323.80 337,717,137,549 4,668,250,005 1,321,636,742 7,611,809,339

2013-3 7,027 343,691,930,224 2.59 1.22 1.37 2,277.00 171.43 1,341.89 344,889,279,174 4,656,939,319 2,041,891,438 7,405,487,726

2013-4 7,029 353,857,912,397 2.53 1.19 1.34 2,334.57 173.47 1,359.87 356,431,580,985 4,709,526,163 1,806,945,264 8,558,049,035

2014-1 6,968 366,394,420,236 2.74 1.44 1.31 2,398.64 175.96 1,377.63 364,102,661,835 4,715,369,491 1,362,757,882 4,264,460,029

2014-2 7,141 382,526,126,213 2.91 1.55 1.35 2,468.35 178.70 1,396.26 381,240,042,697 5,101,115,561 1,549,257,382 6,126,803,199

2014-3 7,170 395,433,995,740 2.63 1.32 1.31 2,533.36 181.06 1,414.55 396,862,489,821 5,134,202,019 1,803,321,277 8,416,769,526

2014-4 7,062 409,254,135,970 3.04 1.75 1.29 2,610.47 184.24 1,432.83 408,632,800,866 5,214,666,677 1,998,742,281 8,450,344,136

2015-1 6,863 426,003,858,653 3.57 2.33 1.24 2,703.72 188.53 1,450.59 421,550,687,759 5,172,750,603 1,535,103,163 6,810,698,755

2015-2 6,971 443,039,736,613 3.14 1.89 1.26 2,788.66 192.09 1,468.81 440,448,585,259 5,472,350,750 1,681,883,874 7,310,339,788

2015-3 7,012 458,822,626,458 3.09 1.86 1.22 2,874.75 195.67 1,486.79 455,920,513,109 5,524,697,239 2,472,102,182 7,978,473,407

2015-4 7,225 471,677,882,600 2.91 1.72 1.20 2,958.54 199.03 1,504.58 472,695,878,490 5,578,788,072 2,578,178,951 11,609,242,385

2016-1 7,323 490,800,994,749 2.21 1.04 1.17 3,023.92 201.09 1,522.25 491,540,602,699 5,716,499,246 1,838,234,287 7,618,344,947

2016-2 7,353 505,332,830,320 2.03 0.84 1.19 3,085.40 202.78 1,540.43 508,119,850,834 6,003,949,830 2,099,189,284 9,099,779,749

2016-3 7,371 516,392,733,692 1.77 0.60 1.16 3,139.93 204.00 1,558.36 521,245,034,585 5,997,767,189 2,068,230,304 10,030,392,097

2016-4 7,362 525,273,746,077 1.73 0.59 1.14 3,194.26 205.19 1,576.19 533,954,296,039 6,019,489,942 2,487,136,770 14,251,188,937

2017-1 7,139 533,752,860,437 1.55 0.40 1.15 3,243.68 206.02 1,594.26 537,025,338,958 6,102,871,267 2,017,462,250 7,421,323,122

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