1	October 14, 2005
2	Real Estate Update October 14, 2005
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4	Real Estate Capital Markets Top Ten Issues
5	Real Estate Capital Markets Top Ten Issues
6	Economic “Messages” Positive Steady GDP/Employment Growth Increased Federal Spending Healthy Retail Sales Record Commercial Real Estate Sales Prices Projected US growth above Europe/World Average Established Capital Markets Strong history of Corporate Profits and Investment Ongoing “Safe Haven” for Foreign Direct Investment Low Interest Rates
7	GDP Actual and Blue Chip Forecast Annualized Percent Change From Prior Quarter
8	Employment Growth U.S.
9	Personal Consumption Expenditures Contribution to % Change in GDP
10	Business Fixed Investment Contribution to % Change in GDP
11	Retail Sales Millions of Dollars, Seasonally Adjusted
12	Economic “Messages” Mixed Strong Fed messages / short term rate increases Growing Inflation Concerns Positive but fluctuating Business Investment Recent Strong Corporate Profits, but future unclear Mixed Industrial Signals, durable goods/inventories Potential Housing Bubble in Some Areas
13	3-Month T-Bill vs. 10-Year T-Bond
14	Spread - 3-Month T-Bill vs. 10-Year T-Bond
15	Economic “Messages” Negative Nervous Consumers/ lower consumer confidence Stock Market Volatility Treasury Yield Compression Record Private Debt /Low Personal Savings Rate Growing Trade/Budget Deficit Corporate Scandals
16	Federal Budget Balance
17	Current Account Balance of Payments Basis
18	Vacancy Rate by Type
19	Completions by Type
20	Cincinnati : Vacancy By Type
21	Real Estate Investment Outlooks
22	Office Employment, Office Vacancy and Rent Data as of 1Q 2005
23	Office Sales Price Vs. Rents Data as of 2q05
24	Retail Sales, Vacancy and Rent Data as of 1q05
25	Retail Sales Price Vs. Rents Rent data as of 1q05, sales data as of 2q05
26	Real Estate Investment Outlooks Multi-Family Investors need to sort out the different dynamics of the rental and condo conversion components of the sector. Condo conversions are driving values up and cap rates down in hot markets. Many investors will keep what they have, but razor-thin spreads in some markets should raise red flags about increasing their allocation.
27	Multi-Family Completions & Vacancy % As of 1Q 2005
28	Multi-Family Sales Price Vs. Rents Rent data as of 1q05, Sales data as of 2q05
29	U.S. Existing Single Family Home Sales
30	Full Service Hotel Occupancy and Room Rate Data as of 1q2005
31	Limited Service Hotel Occupancy and Room Rate Data as of 1q2005
32	Hotel Going-In Cap Rate
33	Comparative Returns YTD from Prior Year End
34	Comparative Returns
35	NCREIF Comparative Returns Historical Returns
36	Property Sales Volumes
37	NCREIF Returns -Annual
38	NCREIF Total Return by Type
39	NCREIF Total Return by Region
40	Avg. Cap Rate Spreads To 10-Year Treasury Yield
41	REIT Market Capitalization (All REITs)
42	Capital Flows to Private REITs
43	REIT Market Cap by Segment as of 7/31/2005
44	REIT Returns by Property Type YTD % Returns
45	US/Non-US CMBS Issuance
46	CMBS by Property Type
47	International GDP History & Forecast
48	European Property Returns by Country
49	Foreign Investment in US Real Estate
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51	Panel Discussion Bill Blackham, Eagle Hospitality John Frank, Jr., Colliers Turley Martin Tucker Bob Gorman, Deloitte Mario San Marco, Eagle Realty Group
52	Acquisitions Unleveraged Returns Going-In Capitalization Rates/Overall Investment Yields
53	Acquisitions Leveraged Returns Going-In Capitalization Rates/Overall Investment Yields
54	Development Projects Unleveraged Returns Going-In Capitalization Rates/Overall Investment Yields
55	Development Projects Leveraged Returns Going-In Capitalization Rates/Overall Investment Yields