1. Beyond Distress
State of the Market
Presentation by the Numbers
Robert M. White, Jr., CRE, FRIC
September 22, 2011

2. Strong Q2 and H1 Transaction Volumes
RCAnalytics.com

3. Broad Rebound in Sales Across Property Types
H1’11 Sales Across Property Types
H1 ‘11 Year-Over-Year
H1 ‘11 Volume Change in Volume
Office $25.9 Seniors & Care 412%
Apartment $23.1 Hotel 154%
Retail $21.8 Apartment 102%
Seniors & Care $16.2 Office 88%
Industrial $11.0 Retail 63% Centro
Hotel $8.7 Industrial 59%
Billions
RCAnalytics.com

4. Broad Rebound in Sales Across Markets
RCAnalytics.com

5. But, US Investment Markets May be Stumbling…
July
RCAnalytics.com

6. CMBS Market Turbulent; Conduits Pulling Back
Quarterly CMBS Issuance
$80
$70
$60
$50
$40
$30
$20
$10
$-
3
4
2
4
3
4
2
4
3
4
2
3
4
3
4
2
3
3
4
2
3
2
3
2
3
2
2
4
2
4
1 '01
1 '03
1 '05
1 '07
1 '09
1 '11
1 '02
1 '04
1 '06
1 '08
1 '10
RCAnalytics.com

7. Forecast: $200 Billion in Property Sales in 2011
450
2007 2006
400
$billion
2005
350
300
250
200 2011e
2008
150
2010
100
2009
50
-
J F M A M J J A S O N D
RCAnalytics.com

8. Distressed Situation Improving Slowly…

9. Additions to Distress Down, But Still Significant

10. Sales of Distressed Properties Rising
RCAnalytics.com

11. An End to Extend & Pretend?
RCAnalytics.com

12. Distress by Property Type
H1’11 Summary
* Recovery Rate before fees and costs

13. Distress by Lender Type
H1’11 Summary
* Recovery Rate before fees and costs

14. Certain Markets Clearing Distress Rapidly
RCAnalytics.com

15. Thank You
rwhite@rcanalytics.com
RCAnalytics.com