Real GDP Growth

1
Real GDP Growth
2
U.S. Employment Growth
3
U.S. Unemployment Rate
4
Consumer ConfidenceConference Board Survey
Index
5
U.S. Merchandise Exports to East Asia plus Japan
Million per Month
6
U.S. Net Exports
1992 (Billion)
7
Consumer and Producer Prices
Annual Change
8
3-Month T-Bill vs. 10-Year T-Bond
9
Equity REIT Offering Volume
Billion
10
Growth in Public Real Estate Securities
Billion
11
Investment PerformanceREITs vs. SP 500 Index
Total Return
12
REIT Market ValuationStock Market vs. Real
Estate Value
Number of Companies
Discount Real Estate Value Premium
13
REIT Yield ComparisonAFFO vs. Dividend
14
Relative ValuationSP 500 P/E vs. REIT AFFO
Multiple
Ratio
15
Net LendingCommercial Properties
of GDP
Billion
16
Commercial MBSGross Amount Issued
Billion
17
CMBS Spreads to Treasuries
Basis Points
18
Pricing SpreadsCommercial Mortgage Rate vs.
10-Year T-Bond
Basis Points
19
U.S. Employment Growth
20
Fastest Growing U.S. MSAsRanked by Annual
Absolute Change in Employment
21
Fastest Growing U.S. MSAsRanked by Annual
Change in Employment
22
Fastest Growing U.S. MSAsRanked by Annual
Change in Employment
23
Fastest Growing U.S. MSAsRanked by Annual
Change in Employment
24
Slowest Growing U.S. MSAsRanked by Annual
Change in Employment
25
Employment GrowthNew York MSA vs. U.S.
26
Employment GrowthCalifornia vs. U.S.
27
Real Estate Cycle
Extended Stay Hotel - 1200
12
Power Center - 1030
Overshooting Phase
Decline Phase
Sun Belt Apt - 930
Factory Outlet - 300
3
9
Industrial - 830
Single Family/ Multifamily - 800
Absorption Phase
Growth Phase
Neighborhood/Strip/ Suburban Office - 730
6
Apts Northeast/Calif - 700
CBD Office/Full Service Hotel/ Regional Mall -
630
28
Office ConstructionContracts Awarded - F.W.
Dodge
Million SF
29
Office Employment GrowthAnnual Change in Jobs
Thousand
30
Office Vacancy RatesDowntown and Suburban
31
Downtown Office Rent Growth
32
Private Market Total Return (NCREIF)Office
33
Real Estate CycleOffice
12
Overshooting Phase
Decline Phase
Atlanta/ Houston - 930
3
9
Boston/Minneapolis San Jose - 800
Absorption Phase
Growth Phase
6
Seattle/Wash, DC - 700
Chicago/Miami/New York/ San Francisco - 630
Los Angeles - 600
34
Multifamily Housing Starts
Units, Thousand
35
Multifamily PermitsCalifornia
Units, Thousand
36
Rental Vacancy Rates
37
Rental Inflation
Annual Change
38
U.S. Household Formation
Million
39
Divorce Rate in the U.S.
Rate per 1,000
40
U.S. Population Growth1995 - 2000f
41
Private Market Total Return (NCREIF)Multifamily
42
Real Estate CycleMultifamily
12
Overshooting Phase
Decline Phase
Atlanta/Las Vegas/ Phoenix - 930
3
9
Dallas/ San Jose - 830
Absorption Phase
Growth Phase
San Francisco - 800
6
New York - 730
Boston/Los Angeles - 700
43
Retail ConstructionContracts Awarded - F.W.
Dodge
Million SF
44
Real Retail Sales GrowthExcluding Autos
Annual Change
45
Private Market Total Return (NCREIF)Retail
46
Real Estate CycleRetail
12
Overshooting Phase
Decline Phase
Atlanta - 930
3
9
Boston/Chicago/ S.F./Seattle - 830
Absorption Phase
Growth Phase
6
Los Angeles/New York/ Washington, DC - 630
47
Hotel ConstructionContracts Awarded - F.W. Dodge
Million SF
48
Hotel Occupancy Rate
49
RevPAR Growth
Annual Change
50
Hotel Industry ProfitsNet Profit or Loss
Billion
51
Real Estate CycleHotel
Extended Stay Hotel - 1200
12
Overshooting Phase
Decline Phase
3
9
Absorption Phase
Growth Phase
6
Full Service Hotel - 630
52
Industrial ConstructionContracts Awarded - F.W.
Dodge
Million SF
53
Industrial Vacancy Rate
54
Private Market Total Return (NCREIF)Warehouse
55
Real Estate CycleIndustrial
12
Overshooting Phase
Decline Phase
Atlanta/Dallas - 930
3
9
Chicago - 900
San Jose - 830
Absorption Phase
Growth Phase
Detroit/Oakland/ Portland/Seattle - 730
6
Los Angeles - 700
Boston/Newark - 630