portfolio sponsor return optimization (jonathan smith) 6-20-2014

Excel Input Menu

VBA Model

JV Return Summary Report

Holding Period Optimization Report

Determine Return Metrics

Determine Optimal Hold Period

Input Portfolio Assumptions Waterfall Structure

Report

Waterfall Property 1 Debt Table



Partnership Structure Report

Cash Flow Input Data Spreadsheet

Property 1 Amort Table



Write Waterfall Structure

Program Execution Options

Y Run the Waterfall Structure Report 10% GP Equity Split 3/11/2022 Reversion DateY Run Property 1 Amortization Table 90% LP Equity Split 90,672,811 Assumed Actual Reversion PriceY Run Property 2 Amortization Table 93,570,307 Estimated Complete Portfolio Reversion Price (4 Properties)Y Run Property 3 Amortization Table 0.543% Portfolio Property Type Composite Index Driven Compound Monthly Growth RateY Run Partnership Structure Report 3% Future Cash Flow Growth 120 Months Between Purchase & ReversionY Run JV Returns Summary 325 Reversion Date Portfolio Property Type Composite Index Number

Y Write the Waterfall Structure Report 3/31/2014 Given Reversion DateY Write Property 1 Amortization Table 25 Property 1 Amortization Period 53,500,000 Reversion Price as of 3/31/2014Y Write Property 2 Amortization Table 25 Property 2 Amortization Period 4,615,742 Difference Between Reversion Price 3/31/2014 & Purchase PriceY Write Property 3 Amortization Table 25 Property 3 Amortization Period 471 Dollars per Day Between Given Reversion Date & Purchase DateY Write Partnership Structure Report 3,650 Days Between Reversion Price 3/31/2014 and Purchase PriceY Write JV Returns Summary

3/14/2012 Purchase Date48,884,258 Purchase Price

Assumptions: 170 Purchase Price Portfolio Property Type Composite Index Number

2,897,497 Property 4 Reversion Price1,718,246 Difference Between Reversion Price 3/31/2014 & Purchase Price (-) Property 4 Reversion Price

Major Markets (All-Property) Portfolio Makeup Composite Index List

3/11/2022 Max Projected Reversion Date44631 Reversion Date Code Used In VBA Calculation40982 Purchase Date Code Used in VBA Calculation

Free Cash Flow:1 Cash Flows Comments

3/14/2012 (13,684,258) Purchase3/20/2012 760,000 3/28/2012 (11,162)4/3/2012 3,647 6/19/2012 575,000 7/12/2012 2,897,497 Sale of 1 of the 4 properties9/14/2012 450,000 11/28/2012 (6,062)12/14/2012 275,000 12/28/2012 (5,175)3/19/2013 373,334 6/15/2013 400,000 9/16/2013 400,000 9/20/2013 (1,427)

10/31/2013 88,862 11/30/2013 181,850 12/31/2013 134,676 1/31/2014 106,170 2/28/2014 172,785

Debt:

3 Properties Principal Coupon IO Period (Months) Term (Months)Property 1: 8,000,000 4.18% 36 120Property 2: 12,000,000 4.34% 36 120Property 3: 15,200,000 4.06% 36 120

Waterfall:Pref 1 12%Promote 2%Pref 2 15%Promote 10%Pref 3 20%Promote 20%Pref 4 25%Equity 10% To Sponsor

90% To Investors

Start Debt Tables on 02/28/2012

Operating Portfolio Acquisition and Sale5-Tier Waterfall (Preferred Return & 4 Subsequent Tiers) - Daily, Cumulative, Compounded. Look-BackCash Flow Priority:

1. Payment of Preferred Return to Investor (Tier 1 through 4)2. Promote to Sponsor (Tier 1 through 4)

3. Residual Cash Flow Split (Tier 5)

Total Project Equity % Split Cash ContributionSponsor Share 10.00% $1,370,808Investor Share 90.00% $12,337,276Total Project Equity 100.00% $13,708,084

TOTALS 3/14/2012 3/15/2012 3/16/2012 3/17/2012 3/18/2012 3/19/2012 3/20/2012 3/21/2012 3/22/2012 3/23/2012 3/24/2012 3/25/2012 3/26/2012 3/27/2012Portfolio- Level Levered Cash Flow 2,881,243 (13,684,258) - - - - - 760,000 - - - - - - - Reversion Gross Proceeds 90,672,811 - - - - - - - - - - - - - - Debt Repayment at Reversion (22,254,118) - - - - - - - - - - - - - - Portfolio-Level Levered Cash Flow 71,299,935 (13,684,258) - - - - - 760,000 - - - - - - -

Total Portfolio Invested Equity (13,708,084) (13,684,258) - - - - - - - - - - - - - Total Portfolio Distribution 85,008,019 - - - - - - 760,000 - - - - - - - Total Portfolio Equity Flows 71,299,935 (13,684,258) - - - - - 760,000 - - - - - - -

Equity IRR (Portfolio Level) 28.74%

Investor Equity Investment ("Investor Injections") (12,337,276) (12,315,832) - - - - - - - - - - - - -

TIER 1 IRR Through: 12%BOP Balance - 12,315,832 12,319,657 12,323,482 12,327,309 12,331,137 12,334,967 11,654,797 11,658,416 11,662,037 11,665,658 11,669,281 11,672,905 11,676,529 Investor Injections 12,337,276 12,315,832 - - - - - - - - - - - - - Investor Accruals 9,251,803 - 3,825 3,826 3,827 3,828 3,829 3,830 3,619 3,620 3,622 3,623 3,624 3,625 3,626 Tier 1 Accrual Distribution (21,589,079) - - - - - - (684,000) - - - - - - - EOP Balance 12,315,832 12,319,657 12,323,482 12,327,309 12,331,137 12,334,967 11,654,797 11,658,416 11,662,037 11,665,658 11,669,281 11,672,905 11,676,529 11,680,155

Investor Cash Flow 90% 9,251,803 (12,315,832) - - - - - 684,000 - - - - - - - Sponsor Equity Cash Flow 10% 2,398,787 - - - - - - 76,000 - - - - - - - Sponsor Promote Cash Flow 0% 0 - - - - - - - - - - - - - -

Remaining Cash to Distribute 61,020,154 - - - - - - - - - - - - - -

TIER 2 IRR Through: 15%BOP Balance - 12,315,832 12,320,549 12,325,267 12,329,988 12,334,710 12,339,434 11,660,160 11,664,625 11,669,093 11,673,562 11,678,032 11,682,505 11,686,979 Investor Injections 12,337,276 12,315,832 - - - - - - - - - - - - - Investor Accruals 14,116,362 - 4,717 4,719 4,720 4,722 4,724 4,726 4,466 4,467 4,469 4,471 4,472 4,474 4,476 Tier 1 Accrual Distribution (21,589,079) - - - - - - (684,000) - - - - - - - Tier 2 Accrual Distribution (4,864,559) - - - - - - - - - - - - - - EOP Balance 12,315,832 12,320,549 12,325,267 12,329,988 12,334,710 12,339,434 11,660,160 11,664,625 11,669,093 11,673,562 11,678,032 11,682,505 11,686,979 11,691,455

Investor Cash Flow 88% 4,864,559 - - - - - - - - - - - - - - Sponsor Equity Cash Flow 10% 552,791 - - - - - - - - - - - - - - Sponsor Promote Cash Flow 2% 110,558 - - - - - - - - - - - - - -


TIER 3 IRR Through: 20%BOP Balance - 12,315,832 12,321,985 12,328,142 12,334,302 12,340,464 12,346,630 11,668,799 11,674,629 11,680,462 11,686,298 11,692,137 11,697,979 11,703,823 Investor Injections 12,337,276 12,315,832 - - - - - - - - - - - - - Investor Accruals 26,006,216 - 6,153 6,157 6,160 6,163 6,166 6,169 5,830 5,833 5,836 5,839 5,842 5,845 5,848 Tier 1 Accrual Distribution (21,589,079) - - - - - - (684,000) - - - - - - - Tier 2 Accrual Distribution (4,864,559) - - - - - - - - - - - - - - Tier 3 Accrual Distribution (11,889,854) - - - - - - - - - - - - - - EOP Balance 12,315,832 12,321,985 12,328,142 12,334,302 12,340,464 12,346,630 11,668,799 11,674,629 11,680,462 11,686,298 11,692,137 11,697,979 11,703,823 11,709,671

Investor Cash Flow 80% 11,889,854 - - - - - - - - - - - - - - Sponsor Equity Cash Flow 10% 1,486,232 - - - - - - - - - - - - - - Sponsor Promote Cash Flow 10% 1,486,232 - - - - - - - - - - - - - -


TIER 4 IRR Through: 25%BOP Balance - 12,315,832 12,323,364 12,330,900 12,338,441 12,345,986 12,353,536 11,677,091 11,684,232 11,691,377 11,698,527 11,705,681 11,712,839 11,720,002 Investor Injections 12,337,276 12,315,832 - - - - - - - - - - - - - Investor Accruals 44,455,447 - 7,532 7,536 7,541 7,545 7,550 7,555 7,141 7,145 7,150 7,154 7,158 7,163 7,167 Tier 1 Accrual Distribution (21,589,079) - - - - - - (684,000) - - - - - - - Tier 2 Accrual Distribution (4,864,559) - - - - - - - - - - - - - - Tier 3 Accrual Distribution (11,889,854) - - - - - - - - - - - - - - Tier 4 Accrual Distribution (18,449,231) - - - - - - - - - - - - - - EOP Balance 12,315,832 12,323,364 12,330,900 12,338,441 12,345,986 12,353,536 11,677,091 11,684,232 11,691,377 11,698,527 11,705,681 11,712,839 11,720,002 11,727,170

Investor Cash Flow 70% 18,449,231 - - - - - - - - - - - - - - Sponsor Equity Cash Flow 10% 2,635,604 - - - - - - - - - - - - - - Sponsor Promote Cash Flow 20% 5,271,209 - - - - - - - - - - - - - -


Residual Split IRR above: 25%Investor Cash Flow 90% 12,846,496 - - - - - - - - - - - - - - Sponsor Equity Cash Flow 10% 1,427,388 - - - - - - - - - - - - - - Sponsor Promote Cash Flow 0% 0 - - - - - - - - - - - - - -

Remaining Cash to Distribute 0 - - - - - - - - - - - - - -

RETURNS SUMMARY 3/14/2012 3/15/2012 3/16/2012 3/17/2012 3/18/2012 3/19/2012 3/20/2012 3/21/2012 3/22/2012 3/23/2012 3/24/2012 3/25/2012 3/26/2012 3/27/2012

Total Portfolio Cash Flow (13,684,258) - - - - - 760,000 - - - - - - - IRR 28.74%Net Cash Flow 71,299,935 Invested Equity 13,708,084 Cash Flow Multiple 6.20x

Investor Cash Flow (12,315,832) - - - - - 684,000 - - - - - - - IRR 27.56%Net Cash Flow 57,301,943 Invested Equity 12,337,276 Cash Flow Multiple 5.64x

Sponsor Cash FlowSponsor Injections (1,370,808) (1,368,426) - - - - - - - - - - - - - Sponsor Equity Cash Flow 8,500,802 - - - - - - 76,000 - - - - - - - Sponsor Promote Cash Flow 6,867,999 - - - - - - - - - - - - - - Net Cash Flow 13,997,992 (1,368,426) - - - - - 76,000 - - - - - - -

IRR 36.25%Invested Equity 1,370,808 Cash Flow Multiple 11.21x

Cash Flow Check - Must be $0

Internal Rate of Return Check: if the cash flows clear the Hurdle, the IRR Check will be equal to the Hurdle; if the cash flows do not clear the Hurdle, the IRR Check will be equal to the Investor IRR.IRR Hurdle IRR Check

Tier 1 12.00% 12.00% (12,315,832) - - - - - 684,000 - - - - - - - Tier 2 15.00% 15.00% (12,315,832) - - - - - 684,000 - - - - - - - Tier 3 20.00% 20.00% (12,315,832) - - - - - 684,000 - - - - - - - Tier 4 25.00% 25.00% (12,315,832) - - - - - 684,000 - - - - - - -

Financial Risk/Reward SummaryCash Flows By Tier Summary Financial Risk Financial Reward * * Exclusive of any fees

Sponsor 10% 20%Cash Flows Share Investor 90% 80%

Tier 1 $11,650,589 16%Tier 2 $5,527,908 8%Tier 3 $14,862,317 20%Tier 4 $26,356,045 36%Tier 5 $14,273,884 20%

Total $72,670,744 100%Less Sponsor Investment ($1,370,808)

Net Cash Flow $71,299,935

10%

90%

Financial Risk

Sponsor Investor

20%

80%

Financial Reward *

Sponsor Investor

$11,650,589

$5,527,908

$14,862,317 $26,356,045

$14,273,884

Cash Flows By Tier Summary

Tier 1 Tier 2 Tier 3 Tier 4 Tier 5

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

IRR

0.00x

2.00x

4.00x

6.00x

8.00x

10.00x

12.00x

CF MULTIPLECF Multiple

0.00x

2.00x

4.00x

6.00x

8.00x

10.00x

12.00x

‐150.00%

‐100.00%

‐50.00%

0.00%

50.00%

100.00%

OPTIMIZATION TRENDLINES

IRR Cash Multiple Linear (IRR) Linear (Cash Multiple)

Property 1 Permanent Loan Amortization Schedule

Loan Assumptions Month #AmortPeriod

BeginningBalance Interest Principal

Interim EndingBalance

Repayment of Principal from Property Sale

Final EndingBalance

Loan Amount: $8,000,000 1 8,000,000 27,867 0 8,000,000 0 8,000,000Interest Rate: 4.18% 2 8,000,000 27,867 0 8,000,000 0 8,000,000Term: 10 Years 3 8,000,000 27,867 0 8,000,000 0 8,000,000Amortization: 25 Years 4 8,000,000 27,867 0 8,000,000 0 8,000,000Interest Only: 3 Years 5 8,000,000 27,867 0 8,000,000 0 8,000,000LTV 73% 6 8,000,000 27,867 0 8,000,000 0 8,000,000Total Annual Loan Payment 4,603,814 7 8,000,000 27,867 0 8,000,000 0 8,000,000

8 8,000,000 27,867 0 8,000,000 0 8,000,0009 8,000,000 27,867 0 8,000,000 0 8,000,000

Annual Summary 10 8,000,000 27,867 0 8,000,000 0 8,000,000Year Interest Principal Total End Balance 11 8,000,000 27,867 0 8,000,000 0 8,000,0001 334,400 0 334,400 8,000,000 12 8,000,000 27,867 0 8,000,000 0 8,000,0002 334,400 0 334,400 8,000,000 13 8,000,000 27,867 0 8,000,000 0 8,000,0003 334,400 0 334,400 8,000,000 14 8,000,000 27,867 0 8,000,000 0 8,000,0004 297,295 0 297,295 7,498,689 15 8,000,000 27,867 0 8,000,000 0 8,000,0005 270,517 0 270,517 7,028,792 16 8,000,000 27,867 0 8,000,000 0 8,000,0006 245,602 0 245,602 6,588,341 17 8,000,000 27,867 0 8,000,000 0 8,000,0007 222,429 0 222,429 6,175,490 18 8,000,000 27,867 0 8,000,000 0 8,000,0008 200,886 0 200,886 5,788,510 19 8,000,000 27,867 0 8,000,000 0 8,000,0009 180,865 0 180,865 5,425,780 20 8,000,000 27,867 0 8,000,000 0 8,000,00010 162,267 0 162,267 5,085,779 21 8,000,000 27,867 0 8,000,000 0 8,000,00011 12,725 0 12,725 0 22 8,000,000 27,867 0 8,000,000 0 8,000,00012 0 0 0 0 23 8,000,000 27,867 0 8,000,000 0 8,000,00013 0 0 0 0 24 8,000,000 27,867 0 8,000,000 0 8,000,00014 0 0 0 0 25 8,000,000 27,867 0 8,000,000 0 8,000,00015 0 0 0 0 26 8,000,000 27,867 0 8,000,000 0 8,000,00016 0 0 0 0 27 8,000,000 27,867 0 8,000,000 0 8,000,00017 0 0 0 0 28 8,000,000 27,867 0 8,000,000 0 8,000,00018 0 0 0 0 29 8,000,000 27,867 0 8,000,000 0 8,000,00019 0 0 0 0 30 8,000,000 27,867 0 8,000,000 0 8,000,00020 0 0 0 0 31 8,000,000 27,867 0 8,000,000 0 8,000,00021 0 0 0 0 32 8,000,000 27,867 0 8,000,000 0 8,000,00022 0 0 0 0 33 8,000,000 27,867 0 8,000,000 0 8,000,00023 0 0 0 0 34 8,000,000 27,867 0 8,000,000 0 8,000,00024 0 0 0 0 35 8,000,000 27,867 0 8,000,000 0 8,000,00025 0 0 0 0 36 8,000,000 27,867 0 8,000,000 0 8,000,00026 0 0 0 0 37 1 8,000,000 25,845 17,181 7,956,974 0 7,956,97427 0 0 0 0 38 2 7,956,974 25,647 17,148 7,914,179 0 7,914,17928 0 0 0 0 39 3 7,914,179 25,449 17,115 7,871,615 0 7,871,61529 0 0 0 0 40 4 7,871,615 25,253 17,083 7,829,279 0 7,829,27930 0 0 0 0 41 5 7,829,279 25,058 17,050 7,787,171 0 7,787,171






Final EndingBalance

Loan Amount: $12,000,000 1 12,000,000 43,400 0 12,000,000 0 12,000,000Interest Rate: 4.34% 2 12,000,000 43,400 0 12,000,000 0 12,000,000Term: 10 Years 3 12,000,000 43,400 0 12,000,000 0 12,000,000Amortization: 25 Years 4 12,000,000 43,400 0 12,000,000 0 12,000,000Interest Only: 3 Years 5 12,000,000 43,400 0 12,000,000 0 12,000,000LTV 6 12,000,000 43,400 0 12,000,000 0 12,000,000Total Annual Loan Payment 7 12,000,000 43,400 0 12,000,000 0 12,000,000

8 12,000,000 43,400 0 12,000,000 0 12,000,0009 12,000,000 43,400 0 12,000,000 0 12,000,000







Final EndingBalance

Loan Amount: $15,200,000 1 15,200,000 51,427 0 15,200,000 0 15,200,000Interest Rate: 4.06% 2 15,200,000 51,427 0 15,200,000 0 15,200,000Term: 10 Years 3 15,200,000 51,427 0 15,200,000 0 15,200,000Amortization: 25 Years 4 15,200,000 51,427 0 15,200,000 0 15,200,000Interest Only: 3 Years 5 15,200,000 51,427 0 15,200,000 0 15,200,000LTV 6 15,200,000 51,427 0 15,200,000 0 15,200,000Total Annual Loan Payment 7 15,200,000 51,427 0 15,200,000 0 15,200,000

8 15,200,000 51,427 0 15,200,000 0 15,200,0009 15,200,000 51,427 0 15,200,000 0 15,200,000


Partnership Structure ‐ Portfolio ReturnSponsor and Investor, One 5‐Tier WaterfallCompounded accrual of returnsRepayment of capital and profits at sale of project

Total Required Equity $13,708,084

Sponsor 10.00% $1,370,808Investor 90.00% $12,337,276Total Equity $13,708,084

Waterfall % Equity IRR Hurdle Tier 1: 12% Tier 2: 15% Tier 3: 20% Tier 4: 25% Tier 5: > 25%Sponsor Equity 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%Sponsor Promote 0.00% 2.00% 10.00% 20.00% 0.00% 55.00%Sponsor Total 12.00% 20.00% 30.00% 10.00% 65.00%

Investor 90.00% 88.00% 80.00% 70.00% 90.00% 35.00%Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Profit Sharing Splits

Joint Venture Return DetailSponsor Investor Total Project

Equity Investment $1,370,808 $12,337,276 $13,708,084Share of Equity Investment 10.00% 90.00% 100.00%

Gross Return $15,368,801 $69,639,218 $85,008,019Net Profit (Return on Equity) 13,997,992 57,301,943 71,299,935 Multiple on Equity 11.21x 5.64x 6.20xInternal Rate of Return 36.25% 27.56% 28.74%Time from Equity Investment to Final Return (months)

122 122 122

Waterfall Summary ‐ Top‐Level Sponsor and Investor Waterfall Structure ‐ Top‐Level Sponsor and InvestorTier Sponsor

Cashflow Sponsor Share Investor

Cashflow Investor Share Total Cashflow

Sponsor/Developer Promote

Sponsor/Developer Equity Pro‐Rata Share

Investor Profit Share

Total (must be 100%)

Tier 1 $ 2,398,787 10.0% $ 21,589,079 90.0% $ 23,987,865 Tier 1 From 0% through 12% 0% 10% 90% 100%Tier 2 $ 663,349 12.0% $ 4,864,559 88.0% $ 5,527,908 Tier 2 Above 12% through 15% 2% 10% 88% 100%Tier 3 $ 2,972,463 20.0% $ 11,889,854 80.0% $ 14,862,317 Tier 3 Above 15% through 20% 10% 10% 80% 100%Tier 4 $ 7,906,813 30.0% $ 18,449,231 70.0% $ 26,356,045 Tier 4 Above 20% through 25% 20% 10% 70% 100%

Residual Split 1,427,388$ 10.0% $ 12,846,496 90.0% 14,273,884$ Residual Split Above 25% 0% 10% 90% 100%Total 15,368,801$ 18.1% $ 69,639,218 81.9% 85,008,019$

Less Equity Investment (1,370,808) 10% (12,337,276) 90% (13,708,084) Net Profit (Return on Equity) 13,997,992$ 20% $57,301,943 80% $71,299,935

IRR Hurdle Ranges

2/1/2014

Moody's/RCA CPPI - Composite Indices1,2

Updated February 2014, Data thru December 2013

Tier 1

Year MonthNational All-

Property Apartment Core Commercial Retail Industrial Office - CBD Office - Suburban OfficeMajor Markets (All-

Property)

Non-Major Markets

(All-Property)

36861 2000 December 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.0036892 2001 January 100.57 100.77 100.49 100.90 100.41 100.37 100.28 100.32 100.98 100.2236923 2001 February 100.53 101.72 100.10 101.00 100.04 99.88 99.47 99.67 100.85 100.2636951 2001 March 100.95 102.44 100.40 101.63 100.84 100.00 99.29 99.64 101.65 100.3636982 2001 April 101.17 102.96 100.51 102.08 100.95 100.07 99.09 99.57 102.32 100.1937012 2001 May 101.34 103.28 100.64 102.52 101.27 100.03 98.92 99.47 102.77 100.1337043 2001 June 101.31 103.59 100.47 102.85 101.02 99.90 98.30 99.08 102.89 99.9637073 2001 July 101.11 103.79 100.14 102.73 101.08 99.33 97.69 98.50 102.87 99.6237104 2001 August 100.82 104.15 99.60 102.39 101.19 98.20 97.07 97.62 102.39 99.4937135 2001 September 100.43 104.40 98.98 102.19 100.56 97.39 96.21 96.79 101.85 99.2337165 2001 October 100.14 104.49 98.55 102.37 100.01 96.50 95.73 96.11 101.53 98.9637196 2001 November 99.81 104.26 98.19 102.51 99.21 95.99 95.33 95.65 101.15 98.6737226 2001 December 99.77 104.34 98.10 102.72 98.68 95.89 95.29 95.59 101.09 98.6537257 2002 January 99.63 104.70 97.79 102.62 97.96 95.44 95.23 95.33 100.82 98.6237288 2002 February 99.20 104.85 97.17 102.26 97.13 94.16 95.15 94.67 99.89 98.6137316 2002 March 99.47 105.27 97.37 102.92 97.07 93.74 95.74 94.76 99.67 99.2737347 2002 April 99.94 106.21 97.68 103.40 97.19 93.61 96.43 95.05 99.74 100.0737377 2002 May 100.71 107.10 98.41 103.93 97.82 94.46 97.29 95.91 100.24 101.0637408 2002 June 101.63 108.46 99.18 105.19 98.31 95.08 97.97 96.56 101.19 101.9637438 2002 July 102.41 109.68 99.82 106.38 99.27 94.55 99.00 96.82 101.69 102.9837469 2002 August 103.35 111.12 100.57 107.66 99.83 95.40 99.33 97.41 102.72 103.8437500 2002 September 104.25 112.32 101.37 109.32 100.53 95.56 100.04 97.85 103.58 104.7837530 2002 October 105.26 113.66 102.27 110.64 101.70 96.43 100.37 98.44 104.64 105.7437561 2002 November 106.19 114.92 103.08 112.02 102.43 97.41 100.57 99.03 105.56 106.6837591 2002 December 107.06 116.21 103.81 113.32 103.80 97.92 100.54 99.26 106.41 107.5737622 2003 January 107.84 117.18 104.52 114.60 104.88 98.62 100.49 99.58 107.32 108.2337653 2003 February 107.86 117.67 104.39 114.51 104.85 98.92 99.81 99.39 107.87 107.8037681 2003 March 108.66 118.22 105.27 115.58 105.98 100.50 99.65 100.10 108.97 108.3437712 2003 April 109.68 119.03 106.36 117.40 106.75 102.20 99.72 100.98 110.47 108.9537742 2003 May 110.56 119.56 107.35 119.27 107.06 103.56 100.09 101.84 111.75 109.5037773 2003 June 111.29 120.18 108.12 121.17 106.95 105.03 99.78 102.42 112.81 109.9537803 2003 July 111.86 120.70 108.70 122.23 106.59 106.55 99.72 103.14 113.74 110.2137834 2003 August 112.62 121.19 109.54 123.12 106.67 108.21 100.23 104.23 114.74 110.7537865 2003 September 113.19 121.87 110.08 124.12 106.70 109.03 100.44 104.74 115.78 110.9237895 2003 October 113.76 122.33 110.68 125.18 106.92 109.74 100.82 105.29 116.92 111.0037926 2003 November 114.23 122.72 111.18 126.17 107.39 109.88 101.26 105.58 117.84 111.0937956 2003 December 114.98 123.43 111.94 127.21 107.45 110.38 102.52 106.46 119.08 111.4137987 2004 January 115.62 124.31 112.49 128.31 107.50 110.57 103.33 106.97 119.93 111.8838018 2004 February 115.65 124.93 112.34 128.78 107.29 109.12 103.89 106.59 119.61 112.2138047 2004 March 116.41 125.97 113.00 130.26 107.74 108.91 104.82 106.97 120.16 113.1238078 2004 April 117.39 127.46 113.81 131.15 108.49 109.26 106.02 107.78 121.05 114.1838108 2004 May 118.57 128.93 114.88 132.17 109.78 109.59 107.63 108.78 122.19 115.3738139 2004 June 119.81 130.62 115.98 133.32 111.22 110.29 108.76 109.71 123.38 116.6638169 2004 July 121.37 132.29 117.49 134.91 112.77 111.04 110.86 111.17 124.85 118.2738200 2004 August 122.89 134.28 118.85 136.44 114.10 112.10 112.34 112.46 126.39 119.7738231 2004 September 124.54 136.44 120.33 138.46 115.28 113.18 113.94 113.82 127.68 121.7138261 2004 October 126.27 138.68 121.89 140.28 116.52 115.22 115.07 115.38 129.17 123.6338292 2004 November 128.30 140.96 123.83 143.24 117.70 117.27 116.62 117.17 130.77 126.0038322 2004 December 130.22 143.46 125.55 145.68 118.97 119.20 117.87 118.75 132.42 128.1238353 2005 January 132.13 145.84 127.32 147.57 120.35 121.61 119.17 120.59 134.41 129.9738384 2005 February 133.26 147.72 128.20 148.66 121.08 123.57 118.94 121.43 135.63 131.0138412 2005 March 135.54 150.34 130.36 151.01 122.55 126.86 120.33 123.76 138.00 133.2138443 2005 April 138.04 153.20 132.73 153.87 124.21 130.23 121.85 126.18 140.49 135.7138473 2005 May 140.65 155.74 135.36 156.96 126.04 133.88 123.66 128.90 143.17 138.2638504 2005 June 143.22 158.50 137.86 160.40 127.49 137.52 125.06 131.40 145.97 140.6438534 2005 July 145.40 161.20 139.87 162.84 128.86 140.10 126.61 133.46 148.05 142.9038565 2005 August 147.66 163.79 142.02 165.14 130.49 143.42 127.85 135.71 150.26 145.2038596 2005 September 149.68 166.01 143.96 167.24 132.15 145.77 129.44 137.69 152.25 147.2338626 2005 October 151.38 167.59 145.70 169.06 133.50 147.51 131.35 139.51 154.11 148.8038657 2005 November 152.84 168.84 147.23 170.58 134.77 149.31 132.78 141.13 155.80 150.0738687 2005 December 154.11 169.78 148.60 171.56 136.23 150.19 134.84 142.61 157.16 151.2638718 2006 January 155.03 170.65 149.53 172.45 137.52 150.14 136.37 143.41 157.94 152.3038749 2006 February 155.02 170.66 149.51 171.65 137.94 148.36 138.17 143.55 157.15 152.9338777 2006 March 156.08 170.62 150.91 173.22 140.04 149.06 139.49 144.59 158.15 154.0238808 2006 April 156.92 170.63 152.02 173.96 141.82 149.69 140.77 145.57 159.23 154.6738838 2006 May 157.56 170.58 152.88 173.66 143.18 150.20 142.44 146.71 160.30 154.9638869 2006 June 158.05 170.57 153.53 173.76 144.29 150.73 143.26 147.39 161.07 155.2238899 2006 July 158.78 170.34 154.57 174.09 145.79 151.71 144.51 148.52 162.39 155.4738930 2006 August 159.54 170.19 155.62 174.81 146.93 152.72 145.76 149.67 163.65 155.8238961 2006 September 160.36 170.49 156.60 175.56 148.29 153.61 146.69 150.58 165.18 156.0538991 2006 October 161.45 170.90 157.90 176.11 149.75 155.94 147.54 152.12 166.83 156.6839022 2006 November 163.23 171.61 160.02 178.19 151.50 158.89 149.17 154.38 168.97 158.1739052 2006 December 164.76 172.64 161.70 179.44 153.60 161.01 150.46 156.06 171.13 159.1839083 2007 January 166.48 173.66 163.66 180.36 155.16 164.82 151.82 158.60 173.94 160.0439114 2007 February 168.31 174.79 165.73 182.41 156.93 168.09 153.01 160.78 177.59 160.4339142 2007 March 170.37 176.25 167.98 183.72 158.70 172.46 154.43 163.61 180.64 161.7039173 2007 April 172.58 178.10 170.30 185.52 160.47 176.45 156.03 166.36 183.41 163.4539203 2007 May 175.10 179.46 173.23 187.75 162.94 181.22 158.11 169.73 186.67 165.3939234 2007 June 177.39 180.82 175.83 189.27 165.01 186.47 159.55 172.99 189.84 166.9739264 2007 July 179.25 182.26 177.83 190.41 166.66 190.16 160.93 175.48 192.32 168.3539295 2007 August 180.96 183.50 179.68 190.44 168.03 194.88 162.01 178.29 195.18 169.1339326 2007 September 182.34 184.59 181.18 190.80 168.38 198.81 163.01 180.70 197.27 169.9639356 2007 October 183.33 185.01 182.35 190.76 168.64 202.26 163.76 182.73 199.53 169.9339387 2007 November 183.36 185.07 182.36 189.22 168.69 203.72 163.73 183.41 200.53 169.2039417 2007 December 182.96 184.80 181.93 187.69 168.30 204.68 162.89 183.43 200.86 168.22

Copyright © 2014 Real Capital Analytics, Inc. (RCA) and all licensors. All rights reserved. RCA has no liability to any person for any losses, damages, costs or expenses incurred as a result of any use of or reliance on any of the information which may be attributed to it. Irrespective of the fact that the data is presented in the Public Domain all RCA data, databases, indices and index statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data or indices is permitted without express permission of RCA.

Tier 2 Tier 3 Tier 5

2/1/2014



Tier 1



Property)

Non-Major Markets

(All-Property)



39448 2008 January 182.12 184.29 180.97 186.42 168.22 203.36 161.89 182.27 200.13 167.3339479 2008 February 181.95 185.02 180.48 183.74 167.88 204.04 162.23 182.77 198.11 168.4639508 2008 March 180.56 183.58 179.10 181.48 167.78 203.00 160.49 181.32 197.07 166.8339539 2008 April 178.72 181.44 177.38 178.28 166.40 202.73 158.70 180.17 195.96 164.5039569 2008 May 176.37 178.92 175.09 174.28 164.38 201.54 156.93 178.63 194.41 161.6239600 2008 June 173.08 176.64 171.44 170.49 161.51 197.86 152.99 174.75 191.76 157.9039630 2008 July 169.55 173.56 167.77 165.92 158.87 193.43 150.04 171.11 188.50 154.2339661 2008 August 165.46 169.78 163.57 161.70 156.03 187.83 146.09 166.39 184.08 150.4139692 2008 September 161.34 166.03 159.32 158.16 152.98 181.24 142.35 161.34 179.36 146.7639722 2008 October 156.65 161.07 154.74 153.92 149.51 175.25 137.94 156.18 174.07 142.5539753 2008 November 152.10 156.39 150.25 149.90 146.36 169.55 133.17 150.93 169.03 138.4039783 2008 December 147.19 151.17 145.46 145.87 142.94 162.67 128.51 145.24 163.64 133.8839814 2009 January 142.00 146.28 140.18 140.88 138.25 156.42 123.52 139.62 158.53 128.7139845 2009 February 138.05 139.48 137.24 142.11 133.84 151.48 119.60 135.21 155.54 124.1439873 2009 March 132.46 134.41 131.48 139.19 129.69 140.71 114.38 127.48 149.05 119.2639904 2009 April 127.34 130.06 126.10 135.93 125.04 131.62 109.69 120.80 143.19 114.7039934 2009 May 123.27 126.13 121.99 134.11 122.28 123.93 105.62 115.08 138.46 111.1539965 2009 June 119.26 122.37 117.90 130.92 120.11 117.08 101.73 109.84 133.34 107.9739995 2009 July 116.22 119.14 114.93 129.53 117.55 112.16 98.73 105.96 129.80 105.3040026 2009 August 113.79 116.71 112.51 127.77 116.05 108.49 96.16 102.87 126.98 103.1840057 2009 September 111.89 115.03 110.54 126.48 114.98 105.10 94.15 100.23 125.14 101.2640087 2009 October 110.74 114.29 109.24 124.18 114.68 104.87 92.29 99.05 124.54 99.7440118 2009 November 110.07 114.50 108.27 121.97 114.10 104.90 91.38 98.54 124.00 98.9940148 2009 December 109.19 114.44 107.10 119.71 113.15 104.62 90.38 97.85 123.35 97.9740179 2010 January 108.96 114.11 106.91 118.79 112.74 105.68 89.80 98.02 122.95 97.8640210 2010 February 109.67 113.94 107.91 118.43 113.29 107.99 90.92 99.69 123.21 98.8440238 2010 March 110.64 114.27 109.10 117.62 114.04 112.67 90.87 101.82 124.93 99.3140269 2010 April 111.50 114.87 110.04 116.45 114.75 117.34 90.34 103.68 126.72 99.5240299 2010 May 112.53 116.05 111.02 114.58 114.90 122.14 90.66 106.06 128.89 99.7740330 2010 June 113.59 117.47 111.96 112.94 114.85 127.39 90.43 108.35 131.38 99.8640360 2010 July 114.45 119.25 112.50 111.78 115.01 130.56 90.20 109.68 132.81 100.3140391 2010 August 115.41 121.15 113.13 110.95 114.72 133.70 90.33 111.19 134.78 100.5840422 2010 September 116.34 123.34 113.63 110.21 113.85 136.40 90.70 112.64 136.34 101.0740452 2010 October 117.43 125.00 114.52 110.77 113.10 138.63 91.64 114.18 137.97 101.7840483 2010 November 118.57 126.26 115.63 111.40 112.68 141.20 92.70 115.95 139.84 102.4240513 2010 December 119.80 127.87 116.72 113.06 112.52 142.63 93.78 117.20 141.66 103.2340544 2011 January 120.85 129.64 117.52 113.47 112.52 144.17 94.84 118.49 143.69 103.6440575 2011 February 123.82 133.05 120.33 115.49 114.77 147.99 97.71 121.86 148.91 105.1440603 2011 March 125.17 135.58 121.29 116.49 114.51 148.72 99.42 123.25 151.15 105.9140634 2011 April 126.44 137.92 122.19 117.41 114.83 149.34 100.77 124.35 152.92 106.8440664 2011 May 127.75 139.96 123.26 118.89 115.42 149.93 101.98 125.36 154.96 107.6740695 2011 June 128.81 141.84 124.04 119.97 116.15 149.90 102.98 125.98 156.42 108.4540725 2011 July 130.41 143.68 125.56 122.04 116.87 151.53 104.34 127.50 158.69 109.6040756 2011 August 131.47 145.15 126.47 123.20 117.51 152.16 105.31 128.37 159.87 110.5640787 2011 September 132.71 146.19 127.78 124.17 118.76 154.06 106.41 129.84 161.59 111.4740817 2011 October 133.63 147.63 128.52 124.52 120.02 155.34 106.74 130.56 162.94 112.1140848 2011 November 134.25 148.97 128.89 124.79 121.13 155.95 106.54 130.69 163.69 112.6240878 2011 December 134.61 150.63 128.83 124.33 122.08 156.66 105.67 130.42 164.34 112.8040909 2012 January 135.57 152.14 129.61 124.69 123.24 158.46 105.79 131.25 165.63 113.5340940 2012 February 138.03 156.11 131.57 125.24 125.05 162.07 107.76 133.97 169.28 115.2140969 2012 March 138.58 156.61 132.13 126.03 126.52 164.66 106.08 134.03 169.69 115.8241000 2012 April 138.86 157.98 132.07 125.45 126.67 166.81 104.83 134.16 170.12 116.0141030 2012 May 140.09 158.95 133.37 125.22 127.57 170.53 105.94 136.41 171.99 116.8241061 2012 June 140.29 160.97 132.99 125.39 126.75 172.57 103.74 135.92 172.23 116.9941091 2012 July 140.61 162.74 132.85 124.70 126.55 172.61 104.02 136.10 172.43 117.3741122 2012 August 141.10 164.54 132.93 123.89 126.35 175.44 103.15 136.76 173.05 117.7841153 2012 September 141.87 167.26 133.08 125.23 125.53 175.35 103.04 136.66 173.58 118.6641183 2012 October 142.70 168.75 133.70 125.91 124.98 177.69 103.14 137.70 175.25 118.9741214 2012 November 144.23 170.73 135.07 128.05 124.40 180.15 104.26 139.41 176.59 120.5641244 2012 December 144.86 172.52 135.33 129.81 123.97 178.47 104.96 139.14 176.67 121.4941275 2013 January 145.69 174.87 135.70 130.74 123.26 178.86 105.54 139.68 177.70 122.1941306 2013 February 147.04 176.54 136.94 132.37 125.36 184.25 103.24 140.30 179.95 122.9641334 2013 March 148.93 181.13 138.00 132.33 123.31 186.61 106.36 143.27 182.85 124.1841365 2013 April 150.94 182.51 140.18 135.58 124.44 187.02 109.16 145.26 184.98 126.0641395 2013 May 150.80 186.07 138.93 138.20 122.56 183.79 106.46 142.22 183.44 126.7541426 2013 June 153.66 186.57 142.49 141.04 124.62 184.25 113.04 146.71 186.16 129.6241456 2013 July 156.15 188.15 145.22 144.43 125.63 191.84 113.10 149.74 189.62 131.4541487 2013 August 158.82 189.04 148.39 150.19 126.75 193.15 116.25 152.32 193.15 133.5241518 2013 September 161.28 188.45 151.76 151.17 129.89 202.83 117.53 156.98 197.33 134.8941548 2013 October 163.43 191.05 153.76 154.84 131.58 202.31 119.62 158.14 197.87 137.9441579 2013 November 164.72 193.56 154.66 155.72 133.93 202.01 120.18 158.39 200.77 138.2241609 2013 December 168.41 195.73 158.78 158.58 135.99 213.69 121.67 163.98 205.95 140.92

2/1/2014



Tier 1



Property)

Non-Major Markets

(All-Property)



41640 2014 January 168.97 196.57 159.25 159.05 136.26 214.72 121.83 164.50 206.90 141.2341671 2014 February 169.54 197.42 159.72 159.52 136.53 215.76 121.98 165.02 207.86 141.5441699 2014 March 170.10 198.26 160.19 159.99 136.79 216.81 122.13 165.54 208.82 141.8541730 2014 April 170.67 199.11 160.67 160.46 137.06 217.86 122.28 166.06 209.78 142.1641760 2014 May 171.23 199.97 161.14 160.93 137.33 218.92 122.44 166.58 210.75 142.4741791 2014 June 171.80 200.82 161.61 161.40 137.60 219.98 122.59 167.11 211.72 142.7841821 2014 July 172.37 201.68 162.09 161.88 137.87 221.05 122.74 167.64 212.70 143.0941852 2014 August 172.95 202.55 162.57 162.35 138.14 222.12 122.90 168.17 213.68 143.4041883 2014 September 173.52 203.42 163.05 162.83 138.41 223.19 123.05 168.70 214.66 143.7241913 2014 October 174.10 204.29 163.53 163.31 138.68 224.28 123.20 169.23 215.65 144.0341944 2014 November 174.68 205.16 164.01 163.79 138.95 225.36 123.36 169.76 216.65 144.3541974 2014 December 175.26 206.04 164.50 164.27 139.23 226.46 123.51 170.30 217.65 144.6642005 2015 January 175.84 206.93 164.98 164.75 139.50 227.55 123.67 170.84 218.65 144.9842036 2015 February 176.43 207.81 165.47 165.24 139.77 228.66 123.82 171.38 219.66 145.3042064 2015 March 177.01 208.71 165.96 165.72 140.05 229.77 123.98 171.92 220.67 145.6142095 2015 April 177.60 209.60 166.45 166.21 140.32 230.88 124.13 172.46 221.69 145.9342125 2015 May 178.19 210.50 166.94 166.70 140.59 232.00 124.29 173.00 222.71 146.2542156 2015 June 178.79 211.40 167.43 167.19 140.87 233.12 124.44 173.55 223.74 146.5742186 2015 July 179.38 212.31 167.92 167.68 141.15 234.25 124.60 174.10 224.77 146.8942217 2015 August 179.98 213.22 168.42 168.18 141.42 235.39 124.75 174.65 225.81 147.2142248 2015 September 180.58 214.13 168.91 168.67 141.70 236.53 124.91 175.20 226.85 147.5342278 2015 October 181.18 215.05 169.41 169.17 141.98 237.68 125.07 175.75 227.90 147.8642309 2015 November 181.78 215.97 169.91 169.66 142.26 238.83 125.22 176.30 228.95 148.1842339 2015 December 182.38 216.90 170.41 170.16 142.54 239.99 125.38 176.86 230.00 148.5042370 2016 January 182.99 217.83 170.92 170.66 142.81 241.15 125.53 177.42 231.07 148.8342401 2016 February 183.60 218.76 171.42 171.17 143.09 242.32 125.69 177.98 232.13 149.1642430 2016 March 184.21 219.70 171.93 171.67 143.38 243.50 125.85 178.54 233.20 149.4842461 2016 April 184.82 220.64 172.43 172.17 143.66 244.68 126.01 179.10 234.28 149.8142491 2016 May 185.44 221.59 172.94 172.68 143.94 245.86 126.16 179.67 235.36 150.1442522 2016 June 186.05 222.54 173.45 173.19 144.22 247.05 126.32 180.23 236.44 150.4642552 2016 July 186.67 223.49 173.96 173.70 144.50 248.25 126.48 180.80 237.53 150.7942583 2016 August 187.29 224.45 174.48 174.21 144.79 249.46 126.64 181.37 238.63 151.1242614 2016 September 187.92 225.41 174.99 174.72 145.07 250.67 126.80 181.95 239.73 151.4542644 2016 October 188.54 226.38 175.51 175.23 145.35 251.88 126.95 182.52 240.84 151.7842675 2016 November 189.17 227.35 176.02 175.75 145.64 253.10 127.11 183.10 241.95 152.1242705 2016 December 189.80 228.32 176.54 176.27 145.92 254.33 127.27 183.67 243.06 152.4542736 2017 January 190.43 229.30 177.06 176.79 146.21 255.56 127.43 184.25 244.18 152.7842767 2017 February 191.06 230.28 177.59 177.31 146.50 256.80 127.59 184.83 245.31 153.1242795 2017 March 191.70 231.27 178.11 177.83 146.78 258.05 127.75 185.42 246.44 153.4542826 2017 April 192.33 232.26 178.64 178.35 147.07 259.30 127.91 186.00 247.58 153.7942856 2017 May 192.97 233.26 179.16 178.87 147.36 260.55 128.07 186.59 248.72 154.1242887 2017 June 193.62 234.26 179.69 179.40 147.65 261.82 128.23 187.18 249.87 154.4642917 2017 July 194.26 235.26 180.22 179.93 147.94 263.09 128.39 187.77 251.02 154.8042948 2017 August 194.91 236.27 180.75 180.46 148.23 264.36 128.55 188.36 252.18 155.1442979 2017 September 195.55 237.28 181.29 180.99 148.52 265.64 128.71 188.96 253.34 155.4843009 2017 October 196.20 238.30 181.82 181.52 148.81 266.93 128.87 189.55 254.51 155.8243040 2017 November 196.86 239.32 182.36 182.05 149.10 268.23 129.03 190.15 255.68 156.1643070 2017 December 197.51 240.35 182.89 182.59 149.39 269.53 129.20 190.75 256.86 156.5043101 2018 January 198.17 241.38 183.43 183.13 149.69 270.83 129.36 191.35 258.05 156.8443132 2018 February 198.83 242.41 183.97 183.67 149.98 272.15 129.52 191.96 259.24 157.1843160 2018 March 199.49 243.45 184.52 184.21 150.27 273.47 129.68 192.56 260.43 157.5343191 2018 April 200.15 244.50 185.06 184.75 150.57 274.79 129.84 193.17 261.64 157.8743221 2018 May 200.82 245.54 185.61 185.29 150.86 276.12 130.00 193.78 262.84 158.2243252 2018 June 201.49 246.60 186.15 185.84 151.16 277.46 130.17 194.39 264.05 158.5643282 2018 July 202.16 247.65 186.70 186.38 151.46 278.81 130.33 195.00 265.27 158.9143313 2018 August 202.83 248.71 187.25 186.93 151.75 280.16 130.49 195.62 266.50 159.2643344 2018 September 203.50 249.78 187.81 187.48 152.05 281.52 130.66 196.24 267.73 159.6143374 2018 October 204.18 250.85 188.36 188.03 152.35 282.88 130.82 196.85 268.96 159.9643405 2018 November 204.86 251.93 188.92 188.59 152.65 284.25 130.98 197.48 270.20 160.3143435 2018 December 205.54 253.01 189.47 189.14 152.95 285.63 131.15 198.10 271.45 160.6643466 2019 January 206.22 254.09 190.03 189.70 153.25 287.02 131.31 198.72 272.70 161.0143497 2019 February 206.91 255.18 190.59 190.25 153.55 288.41 131.48 199.35 273.96 161.3643525 2019 March 207.60 256.27 191.15 190.81 153.85 289.81 131.64 199.98 275.22 161.7143556 2019 April 208.29 257.37 191.72 191.38 154.15 291.21 131.80 200.61 276.49 162.0743586 2019 May 208.98 258.48 192.28 191.94 154.45 292.62 131.97 201.24 277.76 162.4243617 2019 June 209.68 259.58 192.85 192.50 154.75 294.04 132.13 201.88 279.05 162.7843647 2019 July 210.37 260.70 193.42 193.07 155.06 295.47 132.30 202.52 280.33 163.1343678 2019 August 211.07 261.82 193.99 193.64 155.36 296.90 132.46 203.15 281.63 163.4943709 2019 September 211.77 262.94 194.56 194.21 155.66 298.34 132.63 203.80 282.93 163.8543739 2019 October 212.48 264.06 195.14 194.78 155.97 299.79 132.80 204.44 284.23 164.2143770 2019 November 213.18 265.20 195.71 195.35 156.28 301.24 132.96 205.08 285.54 164.5643800 2019 December 213.89 266.33 196.29 195.92 156.58 302.70 133.13 205.73 286.86 164.9243831 2020 January 214.61 267.48 196.87 196.50 156.89 304.17 133.29 206.38 288.18 165.2843862 2020 February 215.32 268.62 197.45 197.08 157.20 305.64 133.46 207.03 289.51 165.6543891 2020 March 216.03 269.77 198.03 197.66 157.50 307.12 133.63 207.68 290.85 166.0143922 2020 April 216.75 270.93 198.62 198.24 157.81 308.61 133.80 208.34 292.19 166.3743952 2020 May 217.47 272.09 199.20 198.82 158.12 310.11 133.96 209.00 293.54 166.7443983 2020 June 218.20 273.26 199.79 199.41 158.43 311.61 134.13 209.66 294.89 167.1044013 2020 July 218.92 274.43 200.38 199.99 158.74 313.12 134.30 210.32 296.25 167.4744044 2020 August 219.65 275.61 200.97 200.58 159.05 314.64 134.47 210.98 297.62 167.8344075 2020 September 220.38 276.79 201.56 201.17 159.37 316.17 134.63 211.65 298.99 168.2044105 2020 October 221.11 277.97 202.16 201.76 159.68 317.70 134.80 212.31 300.37 168.5744136 2020 November 221.85 279.16 202.75 202.36 159.99 319.24 134.97 212.98 301.75 168.9444166 2020 December 222.59 280.36 203.35 202.95 160.30 320.79 135.14 213.66 303.14 169.31

2/1/2014



Tier 1



Property)

Non-Major Markets

(All-Property)



44197 2021 January 223.33 281.56 203.95 203.55 160.62 322.34 135.31 214.33 304.54 169.6844228 2021 February 224.07 282.77 204.55 204.15 160.93 323.91 135.48 215.01 305.95 170.0544256 2021 March 224.82 283.98 205.15 204.75 161.25 325.48 135.65 215.69 307.36 170.4244287 2021 April 225.56 285.20 205.76 205.35 161.57 327.06 135.82 216.37 308.78 170.7944317 2021 May 226.31 286.42 206.37 205.96 161.88 328.64 135.99 217.05 310.20 171.1644348 2021 June 227.07 287.65 206.98 206.56 162.20 330.23 136.16 217.73 311.63 171.5444378 2021 July 227.82 288.88 207.59 207.17 162.52 331.84 136.33 218.42 313.07 171.9144409 2021 August 228.58 290.12 208.20 207.78 162.84 333.44 136.50 219.11 314.51 172.2944440 2021 September 229.34 291.37 208.81 208.39 163.15 335.06 136.67 219.80 315.96 172.6744470 2021 October 230.10 292.61 209.43 209.00 163.47 336.69 136.84 220.49 317.42 173.0444501 2021 November 230.87 293.87 210.05 209.62 163.80 338.32 137.01 221.19 318.88 173.4244531 2021 December 231.64 295.13 210.67 210.23 164.12 339.96 137.18 221.89 320.36 173.8044562 2022 January 232.41 296.39 211.29 210.85 164.44 341.61 137.35 222.59 321.83 174.1844593 2022 February 233.18 297.66 211.91 211.47 164.76 343.26 137.52 223.29 323.32 174.5644621 2022 March 233.95 298.94 212.53 212.09 165.08 344.93 137.70 223.99 324.81 174.9544652 2022 April 234.73 300.22 213.16 212.72 165.41 346.60 137.87 224.70 326.31 175.3344682 2022 May 235.51 301.51 213.79 213.34 165.73 348.28 138.04 225.41 327.81 175.7144713 2022 June 236.30 302.80 214.42 213.97 166.06 349.97 138.21 226.12 329.32 176.1044743 2022 July 237.08 304.10 215.05 214.60 166.38 351.66 138.39 226.84 330.84 176.4844774 2022 August 237.87 305.40 215.69 215.23 166.71 353.37 138.56 227.55 332.37 176.8744805 2022 September 238.66 306.71 216.32 215.86 167.03 355.08 138.73 228.27 333.90 177.2544835 2022 October 239.45 308.03 216.96 216.50 167.36 356.80 138.91 228.99 335.44 177.6444866 2022 November 240.25 309.35 217.60 217.14 167.69 358.53 139.08 229.71 336.99 178.0344896 2022 December 241.05 310.67 218.24 217.77 168.02 360.27 139.25 230.44 338.54 178.4244927 2023 January 241.85 312.01 218.89 218.42 168.35 362.02 139.43 231.16 340.11 178.8144958 2023 February 242.66 313.34 219.53 219.06 168.68 363.77 139.60 231.89 341.67 179.2044986 2023 March 243.46 314.69 220.18 219.70 169.01 365.54 139.78 232.62 343.25 179.5945017 2023 April 244.2745047 2023 May 245.0945078 2023 June 245.90

1 The Moody’s/RCA CPPI is based on repeat-sales (RS) transactions that occurred at any time up through the month prior to the current report.

This February CPPI report provides price indices through December 2013. These indices are estimated using transaction data collected through the month of January 2014.

Because CPPI allows for backward revisions and incorporates any new data we receive subsequent to publishing, full history (from inception to current month) of future indices will reflect adjustments due to additional transaction data.

2 Tier 1-3 and 5 indices are available to the public. Tier 4 "building block" indices, comprised of major and non-major market breakouts of each property sector, are available to Moody's and RCA subscribers upon request. Tier 4 indices are calculated on a monthly basis for constructing the composite indices, but the are reported quarterly.

portfolio sponsor return optimization (jonathan smith) 6-20-2014

Documents