1. Global (Real Estate) Capital Markets

2. Global (Real Estate) Capital Markets Residential Prices

12. Global (Real Estate) Capital Markets Income Property Cap Rates

17. Composition of Buyers office, industrial, retail and multifamily properties $5 mil.+ 32% 30% 34% 22% 7% 12%3% 6% 5% 3% 7% 9% 14% 40% 17% 13% 11% 10% 8% 7% 11% 17% 19% 22% 13% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2004200520062007 9 mos inst'l foreign reit/public user/other fund syndicator condo converter private Equity Capital Source: Real Capital Analytics

18. Source: Real Estate Alert The Universe of Private Equity Funds Equity Source: Real Capital Analytics

19. Sources of Equity Capital % of Acquisitions Finance by CMBS 13% 25% 54% 72% 56% 22% 32% 39% inst'l foreign reit/public fund syndicator pvt out of state pvt in state total inst'l, 13% foreign, 11% reit/public, 10% fund, 40% syndicator, 2% pvt in state, 12% pvt out of state, 10% Equity Capital Source: Real Capital Analytics

20. Foreign Foreign Acquisitions of US Property (trailing 12 months, office, industrial, apartment, retail properties) Source: Real Capital Analytics

21. Global (Real Estate) Capital Markets Mortgage Debt Outstanding

22. Global (Real Estate) Capital Markets Change in Mortgage Debt Outstanding

23. Global (Real Estate) Capital Markets Where Did the Money Come From?

24. Global (Real Estate) Capital Markets Where did the money come from?

26. Global (Real Estate) Capital Markets The Fed

30. Global (Real Estate) Capital Markets Where Did the Real Estate Capital Come From?

31. Global (Real Estate) Capital Markets Where did the Real Estate Capital Come From?

32. Global (Real Estate) Capital Markets The Present

33. Source: Commercial Real Estate Direct; Real Capital Analytics CMBS Spreads to Treasuries 0 100 200 300 400 500 600 Jan ‘05 AprJulOctJan ‘06 AprJulOctJan ‘07 AprJulOct AAA10Yr BBB-

35. Global (Real Estate) Capital Markets The Future

37. Global (Real Estate) Capital Markets Currency Markets

39. Global (Real Estate) Capital Markets The Future

41. Global (Real Estate) Capital Markets