The national office market saw little change in the first quarter of 2010. Availability rates were largely stable, with a slight decline nationally. Asking rental rates continued to decline across most markets by around 2.5% nationally. Leasing activity was subpar and below historical averages, as companies remain cautious. While some economic indicators show improvement, companies are still hesitant to significantly increase hiring or leasing. Most tenants and landlords are focused on short-term extensions and cost reductions to maintain stability during an uncertain time.

1. 1Q 2010
Report
Report
NATIONAL
S T U D L E Y O F F I C E M A R K E T A N D S PA C E D ATA R E P O R T
NATIONAL HIGHLIGHTS Caution Still Trumps Opportunity
LITTLE CHANGE IN AVAILABILITY
RATES By many measures, the U.S economy exceeded expectations in the first quarter. Industrial production
has increased for nine months in a row and rose at a 7.8% annual rate during the first quarter. Corporate
profits spiked in the fourth quarter and Bloomberg estimates that S&P 500 companies will post average
Reversing a trend, the national overall
profit growth of 30% in the first quarter. In March, the Labor Department reported that productivity
availability rate (18.7%) registered a slight increased at an annual rate of 6.9% in the fourth quarter. These trends provide cause for optimism,
quarterly decline of 0.1 pp. It remained the but the spike in corporate profits, as well as productivity is indicative of the drastic cuts in expenses
highest it has been since midyear 2005. No and payrolls undertaken by businesses during 2008 and 2009. More importantly for the office market,
market recorded a dramatic fluctuation in its although employment trends are improving, companies are still proceeding tentatively when it comes to
overall availability rate. The rate was stable in hiring. Office-using employment has modest increases in 15 of the 19 largest markets over the last few
months, but of the roughly 875,000 office-using job losses in these markets, only 5.5% (48,807 jobs) had
Chicago and rose slightly in half of the remaining
been recovered as of February.
markets, posting the largest gain in Orange
County (+0.9 pp) and Tampa Bay (+0.9 pp). A few companies with stellar balance sheets are making aggressive moves to expand their market share
Silicon Valley (-1.5 pp) witnessed the greatest and the space they occupy, but in most markets this has been an anecdotal phenomenon rather than a
decline. The national Class A availability rate marketwide, sustained shift. In spite of the steep declines in rents, the quantity and quality of leasing was
inched down by 0.2 pp to 20.0%. It grew most subpar in most markets during the first quarter. Class A leasing activity fell to 86.3 msf nationwide, nearly
14.0 msf below its long-term historical average of 100.1 msf. Some companies are holding off because
in Tampa Bay (+1.4 pp), while the greatest
they do not expect rents to increase any time soon. Based on the number of short-term extensions and
decrease occurred in Silicon Valley (-2.4 pp). early renewals, though, most companies remain focused on cost-consciousness and caution still trumps
opportunity.
ASKING RENTS DECLINE
The majority of markets are currently engaged in a bit of a “push” and “pull.” Most tenants and landlords
The national overall rental rate continued are cash-strapped and are trying to protect their bottom line. Renewals, particularly short-term
extensions and early lease restructures, are a “push” for both tenants and landlords. While such leases
to decline (-2.5% to $28.59). On a quarterly
create some market activity they are cautious, stopgap measures that help tenants and landlords avoid
comparison, the rate increased in Northern out-of-pocket expenditures. In contrast, landlords eager to fill vacant spaces must lure firms from their
Virginia (+0.3%) and San Diego (+1.2%). It current locations. In most markets, property owners – particularly those marketing shell space – have
dipped in all other markets, with the largest been forced to repeatedly increase the value of concession packages as well as offering inducements
drops occurring in Los Angeles (-2.8%) and that are generally not on the table, such as lease buyouts and cancellation options. These efforts can
Orange County (-3.0%). The national Class A lead to the new leases and relocations that are a stronger form of demand – and that generate the “pull”
rental rate fell by 3.2% for the quarter to $30.03. in a market. The 2010 SERI (Studley Effective Rent Index) Report details the dramatic cost savings
captured by most tenants who signed leases during 2009. Since this index tracks larger direct leases and
The rate was flat in San Diego and posted excludes subleases and renewals, it focuses on the “pull” rather than the “push” at work in most markets.
increases in Philadelphia (+0.7%) and Silicon Concessions rose in every market analyzed in the SERI Report, rising to record rates in most markets,
Valley (+1.0%). Every other market reported and net rents were cut by 26.9%, causing tenant effective rents to post a record year-on-year decline of
declines, with the largest taking place in Los 23.8%.
Angeles (-2.9%) and San Francisco (-3.9%).
GROWTH IN TRAILING LEASING
ANNUAL EMPLOYMENT TRENDS
On a trailing four-quarter basis, national overall Office - Using Employment Total U.S. Employment (February 2010)
leasing activity (149.1 msf) rose by 5.9%. Most
markets reported quarterly growth in trailing
Change in Office- % Change in Office-
Metro Statistical Area Using Employment Using Employment Millions National
leasing, with the greatest increases in San Chicago
New York City
-58,847
-48,872
-5.4%
-4.1%
140 3.0%
Total Empl. % Ann. Change
Francisco (+19.8%), New York (+23.4%) and New Jersey
Los Angeles
-38,500
-33,000
-4.1%
-3.4%
138 2.0%
Philadelphia (+47.0%). Volume decreased Philadelphia
Atlanta
-32,206
-28,641
-4.7%
-4.7%
136
1.0%
most significantly in South Florida (-7.5%), New Houston -27,515 -5.0%
134
South Florida -23,123 -4.3%
Jersey (-8.9%) and Atlanta (-9.5%). Class A Washington, DC -17,241 -1.9%
132
0.0%
trailing leasing amounted to 86.3 msf, up by
San Francisco -17,198 -5.3%
Dallas/Fort Worth -16,404 -2.2% -1.0%
130
3.5% for the quarter. It increased in the majority Denver
San Diego
-15,943
-14,353
-4.6%
-4.6% -2.0%
of markets, led by Silicon Valley (+28.3%), Orange County
Silicon Valley
-13,097
-12,328
-4.0%
-5.1%
128
2010
Washington, DC (+34.7%) and Philadelphia Tampa Bay/St. Petersburg -8,423 -2.8% 126 -3.0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
National -778,000 -2.8%
(+61.4%). Volume dropped most substantially *Based on BLS Statistics- (February 2009 - February 2010). Office jobs includes information,
124
Source: Bureau of Labor Statistics
-4.0%
in Atlanta (-11.5%), South Florida (-14.8%) and professional and business services, and financial activities.
Houston (-22.2%).

2. If opportunism were predominant, this dramatic decline in rents and the generous concession packages
($/sf) Rental Rate Trends would have spurred the flight to quality and increased leasing volume that signal the kickoff of a recovery.
$40 Most office markets have displayed only anecdotal improvements or a slight increase in competition for
marquee spaces though. Activity in markets such as New York City and Houston has rebounded, but
$30.03 leasing totals were padded by many early renewals and lease restructures. Only a couple of markets
$30 $26.10
(Dallas/Fort Worth and Washington, DC) have enjoyed widespread leasing momentum that has lasted for
several months. The willingness of companies in Dallas/Fort Worth to relocate and sign leases in newer
$20 $23.92 properties is an indication of business confidence and opportunistic deal-making. Following the trend set
by government agencies during 2009, the private sector in the nation’s capital had a breakout quarter as
$19.76
law firms picked up the pace in committing to large, long-term leases in new Class A properties.
$10
In order to trigger the cycle of quality leasing and robust net positive absorption, other markets will need
Class A Class B & C to display the fluidity and strong private-sector demand for space seen in Dallas and Washington. A
$0
rebound in the private sector is even more critical because the most countercyclical sectors (education,
1Q 05 1Q 06 1Q 07 1Q 08 1Q 09 1Q 10 healthcare and government) are now facing the same belt-tightening and de-leveraging that private
companies have endured over the last two years. In March, Governor Schwarzenegger of California
announced that up to 23,000 teachers and other school employees could lose their jobs by 2011.
Similarly, in New Jersey, Governor Christie has proposed deep cuts ($820 million) to the educational
budget that could spur thousands of teacher layoffs.
(msf) Annual 4 Qtr Leasing Activity Trends
120.0 Leasing activity among a select set of private-sector industries such as colleges, life sciences companies
113.8 and the healthcare industry have been strong throughout the recession. However, these sectors are
100.0 86.3
not core consumers of the prime Class A space. The financial and legal industries, which are primary
80.0 consumers of such space, are generally out in front of other sectors after a recession. In many markets,
81.7 they are now making some of the most aggressive moves to secure premiere space. Implausible as it
60.0 would have seemed a year ago, the banks and investment firms left standing in the wake of the near-
62.8 collapse of 2008 and 2009 have been expanding their market share. Due to the amount of consolidation
40.0
that has occurred in the financial industry over the last couple of years, many banks with a national
20.0 Class A Class B & C presence have just started to sort out their real estate needs in each market. As a result, companies
such as JPMorgan Chase can be aggressively unloading space in many markets and yet be among the
0.0 most opportunistic lessors in others. In other industries, moves also represent a change in focus. Some
1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 real estate companies that made the shift from sales and construction to opportunity funds purchasing
debt and distressed properties have been expanding their occupancy. In Orange County, for example,
half of the top ten leases this quarter were completed by real estate investors, banks and law firms.
Constrained capital markets and the paralysis of some landlords who cannot fund tenant improvement
(%)
Availability Rate Trends allowances are unique factors in this downturn that are inhibiting the flight to quality. Following the blend
25% and extend strategy of landlords, many lenders seem to be leaning towards loan extensions. However,
20.0% many landlords have been limited to offering “cashless” concessions such as rent abatement. The “pull”
20% of new leases and relocations may start to win out over renewals as it becomes more feasible to fund
16.7%
these tenant improvement allowances and other concessions.
15% 17.2%
16.0%
CHICAGO Businesses remain reluctant to move forward with long-term plans until they have more
10% confidence in the recovery. This climate aligns with concerted efforts by landlords to retain tenants.
Several relocations helped plug some of the substantial holes in many buildings' rosters, but as firms
5% relocated they generally left behind a larger amount of space than they moved into.
Class A Class B & C
0% DALLAS Tenants in most U.S. office markets were tentative during the quarter, opting for renewals
1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 instead of relocations. Companies in the Dallas/Fort Worth region were responsive to the concessions
offered, and several significant leases were completed. Even so, landlords as well as municipalities
competed to induce firms to make a move.
TOP STUDLEY TRANSACTIONS - 1st Quarter 2010
Top Studley Transactions-1st Quarter 2010
Tenant Sq Feet Address Market Area
Polo Ralph Lauren Corporation 150,000 202-E Chimney Rock Road, Suite 100 Greensboro, NC
Align Technology Inc 129,024 2560-2570 Orchard Parkway, San Jose, CA Silicon Valley
Shutterfly, Inc 100,676 2800/3000 Bridge Parkway, Redwood City, CA San Francisco
E! Entertainment Television Inc 78,000 12312 W. Olympic Blvd, Los Angeles, CA Los Angeles
Lewis Brisbois Bisgaard & Smith LLP 75,716 77 Water Street, New York, NY New York City
RDA/PHDC/OHCD 70,000 1234 Market Street, Philadelphia, PA Philadelphia
Berks Technical Institute Inc 61,487 2205 Ridgewood Road, Wyomissing, PA Philadelphia
Mintz Levin Cohn Ferris Glovsky and Popeo PC 54,013 701 Pennsylvania Avenue, NW, Washington, DC Washington, DC
Tri-County Health Department 51,688 6162 South Willow Drive, Greenwood Village, CO Denver
US General Services Administration 46,660 12301 Research Boulevard, Austin,TX Austin, TX
Victor O Schinnerer & Company Inc 46,289 Two Wisconsin Circle, Chevy Chase, MD Suburban Maryland
Martin Professional Inc 45,000 700 Sawgrass Corporate Parkway, Sunrise, FL South Florida
US General Services Administration 44,530 6162 South Willow Street, Englewood, CO Denver
Jones Day 44,037 220 East 42nd St, New York, NY New York City
Buy Buy Baby 30,000 711 Route 28, Bridgewater, NJ New Jersey
1,027,120

3. DENVER Landlords continued to extend generous concession packages as most tenants were still
focused on their bottom line and felt little urgency to rush space-use decisions. Smaller and mid-sized
companies can still select from ample opportunities, though tenants looking for big blocks of premium Overall Rental Rate Comparison
space have a smaller pool to dip into.
New York City $49.14
SOUTH FLORIDA There is little reason to dispute the perspective that the office market faces a long
Washington, D.C. $48.80
road to recovery. Most companies are still focused on cost-conscious solutions and are opting for
renewals or short-term extensions. However, a few firms are finding the discounted rents and elevated Los Angeles Region $29.01
concession packages too alluring to resist.
Chicago CBD $28.86
HOUSTON Most economists are optimistic that Houston’s prospects for recovery are stronger than those
US Index $28.59
of many other markets, but area businesses are still tentative and waiting for key sectors such as energy
to gain further momentum. Houston’s office market continued its correction during the first quarter with a San Diego $28.42
slight increase in availability and a modest decline in rents.
South Florida $28.36
LOS ANGELES A few businesses moved forward with the expansions and relocations that signal
recovery, but in general too much uncertainty remains and most companies are consequently proceeding San Francisco $28.35
with caution and their eye on the bottom line. Cash-strapped companies with expirations in the next Northern Virginia $28.35
several years have been able to gain significant savings through lease restructures. Short-term
extensions have also been prevalent. New Jersey $26.09
NEW JERSEY Renewals and consolidations continued to dominate the market, with organizations Philadelphia CBD $25.67
opting to buy more time to make long-term occupancy decisions. Landlords are competing to retain
Orange County $25.09
tenants and are willing to trade lease term to lower tenants' occupancy cost. Leases now typically include
a generous tenant-improvement package. Silicon Valley $25.01
NEW YORK Few expected the economy and office market to hold up as well as they have. Leasing Houston Region $23.55
activity rose for the third straight quarter and was at its highest since the beginning of 2005. The number
of leases completed was also above average. The market, however, has yet to see the flurry of leasing Tampa Bay $21.31
activity or the breakout lease signaling that it is moving and that businesses can no longer afford to wait. Atlanta Region $21.12
ORANGE COUNTY The local economy is showing modest signs of improvement. In the office market, Dallas/Ft Worth Region $20.26
the consolidation that has occurred over the last two years has created more holes in many of the
region's top properties, and companies continued to shed space in the first quarter. Face rents fell for the Denver Region $20.03
ninth quarter in a row. Leasing activity declined slightly and remained well below its historical average.
($/sf) $0 $10 $20 $30 $40 $50 $60
PHILADELPHIA With leasing activity expanding, rent declines under control and availability stable,
perhaps the market has found its floor. Whether it shuffles along the bottom or rebounds dramatically
remains to be seen. Nevertheless, this recent positive news seems to be taking hold and pushing things
forward. There was a substantial increase in the size and number of large deals closed this quarter.
Availability Rate Comparison
SAN DIEGO The office market seemed to be stabilizing. However, tenants remain focused on minimizing
out-of-pocket expenditures. Renewals are prevalent, and the market has yet to see the pervasive flight- New York City 13.1%
to-quality that generally kicks off a recovery. Space is still in ample supply and most tenants see little
need to rush leasing decisions. Philadelphia CBD 13.9%
SAN FRANCISCO While several indicators are fueling renewed optimism in the marketplace, Washington, D.C. 14.6%
commercial real estate fundamentals remain depressed. Unfortunately for landlords and lenders, there
Northern Virginia 16.3%
is little reason to expect a quick recovery. Employment in office-using industries, the primary driver of
demand for space, has declined to unprecedented levels and continued to contract, locally and nationally, San Diego 16.4%
in the first quarter.
Chicago CBD 17.5%
SILICON VALLEY Silicon Valley appears to have pushed past the worst part of the correction.
Employment has registered modest growth in the last several months, with net gains in key sectors such New Jersey 18.2%
as professional/business services. The office market also showed some signs of perking up, with a solid
decline in availability for the second straight quarter and the completion of several significant leases. US Index 18.7%
Silicon Valley 19.2%
TAMPA BAY At the statistical level, the market didn’t show many signs of significant improvement over
the past quarter. However, there are indicators, such as modest competition for spaces, that are cause Houston Region 19.3%
for optimism that the market may have truly bottomed out. Employment has started to head in the right
direction, and businesses are increasingly confident that the worst part of the recession is behind them. San Francisco 19.7%
NORTHERN VIRGINIA After a dismal 2009, the office market showed signs of improvement. Demand is Los Angeles Region 20.0%
gradually catching up with supply as several small to mid-size leases lowered the overall availability rate,
ending a six-quarter run of rising rates. Tenants continued to have the upper hand in submarkets outside Denver Region 20.2%
the Beltway, where vacancies remain high. Inside the Beltway, submarkets have tightened considerably.
South Florida 21.9%
WASHINGTON, DC Government agencies took a breather from their frenetic pace in 2009, but private- Tampa Bay 22.8%
sector leasing was the most robust it has been in quite some time and, consequently, the market hardly
skipped a beat. Strong values and the most favorable lease terms in years induced many businesses to Orange County 22.9%
move forward with space-use decisions.
Dallas/Ft Worth Region 25.9%
Atlanta Region 26.1%
For glossary and market boundaries, please visit www.studley.com/research
The information in this report is obtained from sources deemed reliable, but no representation is made as to the accuracy thereof. (%) 0% 10% 20% 30%
Statistics compiled with the support of The Costar Group. Copyright © 2010 Studley
STUDLEY OFFICE MARKET AND SPACEDATA REPORT

4. MARKET SNAPSHOT: 1Q 2010
SUBMARKET TOTAL LEASING ACTIVITY AVAILABLE SF AVAILABILITY RATE ASKING RENTS PER SF
Inventory Last 5 % 5 pp 5 % 5
SF 12 yr This Change Yr Yrs This Change Yr Yrs This Change Yr Yrs
(1,000’s) Mos Average Qtr from Ago Ago Qtr from Last Ago Ago Qtr from Ago Ago
Last Qtr Qtr Last Qtr
Atlanta 143,124 7,983 10,109 37,380 1.0% 34,386 31,450 26.1% 0.3% 24.1% 23.0% $21.12 -0.6% $21.91 $18.66
Atlanta - Class A 88,436 4,903 6,980 23,651 0.7% 21,630 18,646 26.7% 0.2% 24.5% 23.0% $23.18 -0.9% $24.16 $20.40
Chicago CBD 129,005 7,738 9,181 22,535 0.1% 20,007 23,517 17.5% 0.0% 15.5% 18.6% $28.86 -1.2% $32.38 $25.76
Chicago - Class A 60,553 4,158 5,334 11,640 -0.5% 9,897 10,050 19.2% -0.1% 16.3% 17.7% $31.02 -1.0% $35.83 $29.95
Dallas/Fort Worth 184,098 11,488 14,039 47,621 0.7% 44,435 49,599 25.9% 0.2% 24.1% 26.5% $20.26 -0.8% $21.16 $17.14
Dallas/Fort Worth - Class A 93,409 5,992 7,434 24,627 0.5% 22,039 20,978 26.4% 0.1% 23.6% 24.2% $22.74 -1.0% $24.02 $20.02
Denver 110,024 7,255 9,329 22,190 2.9% 20,171 24,564 20.2% 0.6% 18.4% 23.1% $20.03 -0.9% $21.46 $16.53
Denver - Class A 43,357 3,370 4,344 9,941 2.4% 8,873 8,601 22.9% 0.5% 20.7% 21.7% $23.44 -1.2% $25.62 $18.49
South Florida 106,894 5,263 5,592 23,418 -2.9% 21,420 14,630 21.9% -0.7% 20.2% 14.7% $28.36 -1.9% $29.80 $23.66
South Florida - Class A 50,362 3,105 2,955 12,861 -4.8% 11,562 7,032 25.5% -1.3% 23.4% 17.2% $32.15 -2.0% $33.58 $26.19
Houston 188,261 10,206 13,412 36,407 2.2% 32,345 35,264 19.3% 0.3% 17.5% 20.7% $23.55 -0.9% $25.09 $17.14
Houston - Class A 92,465 3,687 6,886 17,762 3.5% 16,024 15,939 19.2% 0.4% 17.8% 20.3% $28.96 -1.9% $30.71 $19.51
Los Angeles 205,112 10,947 13,307 41,001 1.4% 35,729 31,531 20.0% 0.3% 17.5% 15.8% $29.01 -2.8% $32.02 $24.72
Los Angeles - Class A 147,472 8,741 10,497 30,862 0.5% 26,600 22,353 20.9% 0.1% 18.2% 16.1% $30.74 -2.9% $34.05 $26.38
New Jersey 126,549 7,349 10,199 22,981 -0.9% 23,680 23,371 18.2% -0.2% 18.9% 16.0% $26.09 -0.3% $27.06 $25.95
New Jersey - Class A 104,593 6,448 8,844 18,957 -4.2% 19,944 20,262 18.1% -0.8% 19.4% 16.5% $26.86 -0.2% $27.93 $26.64
New York 415,046 29,265 26,545 54,179 -3.2% 49,117 39,445 13.1% -0.4% 11.8% 9.7% $49.14 -2.7% $62.07 $41.87
New York - Class A 194,079 13,652 12,622 25,508 -1.0% 23,856 18,611 13.1% -0.1% 12.3% 10.0% $59.89 -2.1% $79.21 $52.27
Orange County 93,451 7,584 8,001 21,435 4.2% 19,295 12,033 22.9% 0.9% 20.6% 13.3% $25.09 -3.0% $27.43 $22.90
Orange County - Class A 49,689 5,085 4,886 14,662 3.7% 13,356 5,926 29.5% 1.0% 26.9% 12.9% $26.17 -2.8% $28.62 $25.99
Philadelphia CBD 42,592 2,152 3,046 5,934 -2.6% 5,269 7,345 13.9% -0.4% 12.4% 18.2% $25.67 -0.1% $25.59 $22.89
Philadelphia - Class A 26,799 1,834 2,114 3,796 -1.5% 3,269 4,786 14.2% -0.2% 12.2% 18.6% $27.60 0.7% $26.84 $24.60
San Diego 73,437 4,733 6,203 12,039 0.3% 11,770 6,292 16.4% 0.1% 16.0% 10.9% $28.42 1.2% $31.46 $27.76
San Diego - Class A 28,164 2,282 2,784 5,365 0.8% 5,678 2,203 19.0% 0.2% 20.2% 10.7% $32.18 0.0% $34.96 $31.94
San Francisco 81,218 5,243 5,584 16,022 -0.9% 15,079 12,840 19.7% -0.2% 18.2% 16.9% $28.35 -2.1% $33.43 $27.36
San Francisco - Class A 48,094 3,418 3,605 8,623 2.7% 8,186 9,029 17.9% 0.4% 17.1% 19.4% $28.72 -3.9% $34.74 $29.27
Silicon Valley 69,799 4,478 5,704 13,370 -7.4% 12,433 12,297 19.2% -1.5% 17.8% 20.0% $25.01 -1.6% $30.23 $23.32
Silicon Valley - Class A 21,993 1,804 2,214 6,047 -7.9% 6,019 4,216 27.5% -2.4% 27.4% 21.2% $31.61 1.0% $34.85 $26.34
Tampa Bay 48,568 2,785 3,233 11,091 4.0% 9,839 7,269 22.8% 0.9% 21.1% 16.2% $21.31 -1.3% $22.35 $17.94
Tampa Bay - Class A 21,345 1,274 1,593 5,436 5.8% 4,774 2,824 25.5% 1.4% 23.8% 15.9% $23.87 -0.5% $25.16 $20.23
Northern Virginia 164,729 10,162 10,749 26,887 -4.0% 26,078 18,250 16.3% -0.7% 15.6% 12.3% $28.35 0.3% $29.42 $25.21
Northern Virginia - Class A 93,285 6,872 6,653 16,065 -5.5% 16,180 9,388 17.2% -1.0% 17.1% 11.9% $30.03 -0.1% $31.55 $26.92
Washington, D.C. 122,949 6,315 6,045 17,966 -5.3% 14,697 6,929 14.6% -0.8% 12.2% 6.7% $48.80 -0.3% $50.80 $39.25
Washington, D.C. - Class A 68,043 4,198 3,165 10,969 -8.8% 8,920 3,345 16.1% -1.5% 13.6% 7.2% $53.15 -0.4% $55.55 $44.82
STUDLEY MAJOR
2,430,678 149,129 168,313 454,254 -0.5% 415,169 374,552 18.7% -0.1% 17.1% 16.1% $28.59 -2.5% $31.84 $23.04
MARKETS TOTAL
STUDLEY MAJOR
1,304,832 86,311 98,135 261,035 -0.8% 239,552 194,275 20.0% -0.2% 18.5% 16.7% $30.03 -3.2% $34.60 $26.92
MARKETS - Class A
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