When did the New Normal begin? Longer-term Outlook Months since trough Source: Bureau of Labor Statistics, Haver Analytics. 3

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1

2

3 Months since trough

4 :Q2 2008:Q3-2009:Q4 2010:Q1-2010:Q3 2010:Q4-2012:Q2-1

5

6 Percent change year change 4 3- year change The "Lost Decade" is into re- runs - 4-6

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8

9

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11 11

12 12

13 Actual 10-year Treasury yield (solid black line) Predictions out to five quarters ahead of professional forecasters (hatched lines)

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17 Average,

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19 Commercial Property Prices

20 Gross Acquisitions and Dispositions

21 Net Acquisitions Adjusted*

22 REITs are raising record amounts of capital 60 Billions of dollars Debt Preferred shares 50 IPO Secondary equity offerings *

23 Net Acquisitions buy low, sell high $ Millions $ Millions $ Millions $ Millions $ Millions 15,400 (20,898) (7,425) 27,313 14,390 11,760 (81,483) 9,120 (22,957) (22,360) (13,101) 141,731 5,579 (2,439) 131, ,140 2,533 1,054 42,464 (14,795) (77,490) (9,808) (2,971) (166,264)

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