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DANNY KAUFMANSenior ManagingDirectorJLL Capital Markets
WHERE’S THE LENDING?N A I O P C H I C A G O W E B I N A R
For Technical Assistance: Please call NAIOP Chicago at 773-472-3072 or email info@naiopchicago.org
Moderator Guest Speakers
ERIK FOSTERPrincipal, Head of Industrial Capital MarketsAvison Young
TRISH KELLYPresident, Commercial BankingTCF Banks
TONY PRICCOPresidentBridge DevelopmentPartners
KRISTIN STRANGEVice President –Capital MarketsDWS
THURSDAY, NOVEMBER 12THALL NEW VIRTUAL EVENT
N A I O P C H I C A G O
N O M I N AT I O N S O P E N I N G I N J U LY
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSLEADERSHIP C IRCLE
THANK YOU TO OUR 2020 PROGRAM SPONSORSGOLD
THANK YOU TO OUR 2020 PROGRAM SPONSORSGOLD
THANK YOU TO OUR 2020 PROGRAM SPONSORSSILVER
THANK YOU TO OUR 2020 PROGRAM SPONSORSSILVER
QUESTION AND ANSWER FUNCTION
For Technical Assistance: Please call NAIOP Chicago at 773-472-3072 or email info@naiopchicago.org
For Technical Support
EMAILinfo@naiopchicago.org
PHONE773-472-3072
Debt Market - Observations
• Debt markets have ample liquidity across virtually all constituents. • Overall debt pricing recovering and largely back to pre-covid levels for MH,
logistics and core, fixed rate loans. • Bridge and construction remain at elevated cost of capital due to lack of
meaningful money center bank bid supporting the market.• Lenders remain in a defensive posture and in a flight to quality. Logistics,
single tenant credit lease, multi-housing, medical office, high credit multi-tenant with long lease duration have most quotes.
• Lack of valuation transparency and challenges U/W demand, internal portfolio/asset management issues are the driver. Liquidity is NOT the issue.
Source: Mortgage Bankers Association
Mortgage originations accelerate in FY 201918%
-2%
5%
Chart1
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
1Q19
1Q20
Series 2
Billions
510.4232071125
183.9669813472
83.2575019329
118.765
185.609
244.195
358.488
399.816
503.785
490.572
530.118
573.854
600.598
112.675001675
110.1599346734
Sheet1
Series 2Series 3
2007$ 510.422
2008$ 183.972
2009$ 83.263
2010$ 118.775
2011$ 185.61
2012$ 244.20
2013$ 358.49
2014$ 399.82
2015$ 503.79
2016$ 490.57
2017$ 530.12
2018$ 573.85
2019$ 600.60
1Q19$ 112.68
1Q20$ 110.16
Source: JLL Research, Real Capital Analytics
Lender composition
CMBS Financial Gov’t Agency Insurance Bank Pvt/Other
Chart1
200720072007200720072007
200820082008200820082008
200920092009200920092009
201020102010201020102010
201120112011201120112011
201220122012201220122012
201320132013201320132013
201420142014201420142014
201520152015201520152015
201620162016201620162016
201720172017201720172017
201820182018201820182018
201920192019201920192019
CMBS
Financial
Gov't Agency
Insurance
Bank
Pvt/Other
0.54
0.06
0.06
0.05
0.28
0.01
0.02
0.11
0.24
0.09
0.53
0.01
0.03
0.03
0.49
0.1
0.33
0.02
0.1641391891
0.051228446
0.3075287918
0.1507275
0.3108702696
0.0155058035
0.170217429
0.055395403
0.2664469451
0.1954912449
0.3000965587
0.0123524192
0.2185744926
0.0482596415
0.2745943685
0.1354333441
0.3109477183
0.012190435
0.2518941925
0.0746841653
0.1715545192
0.1173004282
0.3740322404
0.0105344545
0.2816162859
0.086633306
0.187133689
0.1048103342
0.3288475669
0.0109588179
0.1944129965
0.0888591874
0.1915843016
0.1206048688
0.3889786297
0.015560016
0.1367424484
0.0809346252
0.2288993116
0.1149029759
0.427486231
0.0110344081
0.1951081035
0.0646407213
0.2671085031
0.0988872463
0.3623209535
0.0119344723
0.1683269497
0.0959568463
0.2424930491
0.1067928713
0.3773044787
0.0091258049
0.1519510053
0.0997379076
0.2176845578
0.0954192048
0.4246062631
0.0106010615
Sheet1
Column1CMBSFinancialGov't AgencyInsuranceBankPvt/Other
200754%6%6%5%28%1%
20082%11%24%9%53%1%
20093%3%49%10%33%2%
201016%5%31%15%31%2%
201117%6%27%20%0.30009655871%
201222%5%27%14%0.31094771831%
201325%7%17%12%0.37403224041%
201428%9%19%10%0.32884756691%
201519%9%19%12%0.38897862972%
201614%8%23%11%43%1%
201720%6%27%10%36%1%
201817%10%24%11%38%1%
201915%10%22%10%42%1%
2019 lender composition by property type
Source: JLL Research, Real Capital Analytics
Chart1
OfficeOfficeOfficeOfficeOfficeOffice
IndustrialIndustrialIndustrialIndustrialIndustrialIndustrial
RetailRetailRetailRetailRetailRetail
HotelHotelHotelHotelHotelHotel
ApartmentApartmentApartmentApartmentApartmentApartment
Snr Housing*Snr Housing*Snr Housing*Snr Housing*Snr Housing*Snr Housing*
CMBS
Financial
Private/Other
Government Agency
Insurance
Bank
0.2086198528
0.1448171585
0.0093421198
0.00053557
0.104388089
0.5322972099
0.2121255624
0.0718127428
0.0185878641
0.0015882585
0.1580245117
0.5378610605
0.2154973503
0.1230605274
0.018396351
0.0008736965
0.1136847773
0.5284872975
0.2718653879
0.1460358848
0.0157442369
0.0007549596
0.0368426912
0.5287568395
0.0700213247
0.0634392544
0.0055462012
0.4963683237
0.0861240474
0.2785008485
0.0370298649
0.1341108668
0.0121157053
0.3610905688
0.0204791016
0.4351738927
Volume & Pricing
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit https://app.rcanalytics.com
Last Updated: 03/23/2020
Cap Rates are 12 month rolling
Volume and Pricing - Monthly | US Big Pic
*Office, Industrial, Retail, Apartment, Hotel, Dev Site, Seniors Housing & Care
YrMthVolumeYOY ChgApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelSeniors Housing & CareApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelAll-PropertyIndividualPortfolioEntity
'01Jan$ 8,426,646,69363.56968.86061.13369.67865.25470.69561.59966.265$ 6,953,153,328$ 1,473,493,364$ - 0
'01Feb$ 5,641,810,88264.11569.04261.46569.78965.41270.76161.45666.541$ 3,974,945,216$ 1,666,865,666$ - 0
'01Mar$ 7,023,589,51964.62269.26661.77569.77865.45970.74861.34866.750$ 5,628,517,934$ 1,395,071,585$ - 0
'01Apr$ 7,708,421,68365.05269.49962.06069.65865.35970.68261.33566.884$ 6,409,001,800$ 1,299,419,883$ - 0
'01May$ 6,084,320,25565.38369.72362.31469.42465.18870.49461.41066.942$ 5,050,156,556$ 961,803,699$ 72,360,000
'01Jun$ 14,901,205,28465.61069.90462.52769.06564.94670.17461.61166.928$ 6,880,045,287$ 821,159,997$ 7,200,000,000
'01Jul$ 7,162,070,17665.75970.08962.69068.57864.66969.68861.90066.855$ 6,358,675,692$ 803,394,483$ - 0
'01Aug$ 6,342,350,32665.85270.29562.80068.02664.30569.16062.24966.742$ 5,000,698,699$ 1,341,651,627$ - 0
'01Sep$ 7,517,255,91865.91970.47162.85667.49963.92368.69862.59366.608$ 5,422,551,029$ 1,667,704,889$ 427,000,000
'01Oct$ 7,140,087,15765.98270.51962.87167.08563.58668.40562.90066.469$ 6,067,031,921$ 1,073,055,236$ - 0
'01Nov$ 5,882,546,86266.05270.36162.86766.81963.42368.25163.18766.330$ 4,511,431,122$ 1,371,115,740$ - 0
'01Dec$ 11,852,026,75866.13570.02462.87266.69063.47268.17363.45966.207$ 7,807,871,916$ 4,044,154,842$ - 0
'02Jan$ 7,083,009,900-16%8.5%9.1%8.8%8.9%8.5%9.1%9.5%10.7%66.2414.2%69.5641.0%62.9012.9%66.711-4.3%63.717-2.4%68.212-3.5%63.6943.4%66.118-0.2%$ 4,332,752,772$ 2,750,257,127$ - 0
'02Feb$ 5,529,199,810-2%8.5%9.2%8.9%9.0%8.6%9.1%9.6%10.7%66.3853.5%69.0850.1%62.9622.4%66.860-4.2%64.095-2.0%68.378-3.4%63.8583.9%66.087-0.7%$ 4,344,184,514$ 1,185,015,296$ - 0
'02Mar$ 8,847,037,42426%8.5%9.2%8.9%9.0%8.7%9.2%9.7%10.7%66.5773.0%68.658-0.9%63.0662.1%67.105-3.8%64.486-1.5%68.662-2.9%63.9364.2%66.122-0.9%$ 6,406,161,149$ 1,363,881,189$ 1,076,995,087
'02Apr$ 7,007,734,132-9%8.5%9.3%8.9%9.1%8.7%9.2%9.9%9.8%66.8212.7%68.347-1.7%63.2311.9%67.362-3.3%64.757-0.9%68.938-2.5%63.9504.3%66.225-1.0%$ 4,656,335,788$ 2,351,398,344$ - 0
'02May$ 9,192,398,33251%8.5%9.2%8.9%9.1%8.7%9.2%9.8%9.8%67.1432.7%68.171-2.2%63.4611.8%67.596-2.6%64.841-0.5%69.181-1.9%63.9244.1%66.402-0.8%$ 6,807,573,504$ 2,134,824,828$ 250,000,000
'02Jun$ 9,212,409,937-38%8.5%9.2%8.9%9.1%8.7%9.2%9.9%10.7%67.5633.0%68.143-2.5%63.7602.0%67.798-1.8%64.767-0.3%69.398-1.1%63.8523.6%66.667-0.4%$ 8,202,044,488$ 1,010,365,449$ - 0
'02Jul$ 11,315,898,37758%8.4%9.2%8.9%9.0%8.7%9.2%10.1%10.7%68.0903.5%68.201-2.7%64.1312.3%67.994-0.9%64.644-0.0%69.606-0.1%63.7212.9%67.0170.2%$ 7,443,494,435$ 2,782,478,143$ 1,089,925,799
'02Aug$ 8,418,406,81333%8.4%9.1%8.8%9.0%8.6%9.1%10.2%9.9%68.6904.3%68.282-2.9%64.5802.8%68.2110.3%64.6280.5%69.7710.9%63.5522.1%67.4351.0%$ 7,062,319,683$ 1,356,087,131$ - 0
'02Sep$ 9,679,828,20429%8.3%9.0%8.8%8.9%8.6%9.0%9.6%9.9%69.3115.1%68.381-3.0%65.0893.6%68.4761.4%64.7631.3%69.9231.8%63.3861.3%67.8931.9%$ 8,557,359,097$ 1,122,469,107$ - 0
'02Oct$ 9,850,160,51138%8.3%9.0%8.7%8.9%8.5%8.9%9.6%9.9%69.9116.0%68.523-2.8%65.6344.4%68.7722.5%64.9982.2%70.0792.4%63.2160.5%68.3722.9%$ 8,135,664,146$ 1,714,496,364$ - 0
'02Nov$ 8,647,602,07947%8.2%8.9%8.6%8.8%8.6%8.9%9.6%9.9%70.4816.7%68.707-2.4%66.2095.3%69.0833.4%65.2212.8%70.2863.0%63.016-0.3%68.8653.8%$ 7,665,549,723$ 982,052,356$ - 0
'02Dec$ 17,009,975,57044%8.1%8.8%8.5%8.8%8.5%8.8%9.8%9.9%71.0217.4%68.939-1.5%66.8216.3%69.4114.1%65.4523.1%70.5293.5%62.805-1.0%69.3724.8%$ 12,102,157,951$ 4,907,817,619$ - 0
'03Jan$ 10,039,515,75642%8.1%8.7%8.5%8.7%8.6%8.8%9.8%8.3%71.5318.0%69.265-0.4%67.4727.3%69.7794.6%65.7733.2%70.8133.8%62.626-1.7%69.8885.7%$ 7,635,559,355$ 2,403,956,400$ - 0
'03Feb$ 8,264,371,57649%8.1%8.7%8.5%8.7%8.5%8.8%9.7%8.3%72.0018.5%69.6730.9%68.1448.2%70.1725.0%66.2213.3%71.1274.0%62.488-2.1%70.3926.5%$ 6,305,085,982$ 1,231,854,594$ 727,431,000
'03Mar$ 10,607,604,36920%8.1%8.7%8.4%8.7%8.5%8.8%9.7%8.3%72.4358.8%70.0972.1%68.8269.1%70.5305.1%66.7643.5%71.4024.0%62.338-2.5%70.8587.2%$ 6,880,838,277$ 1,726,496,250$ 2,000,269,843
'03Apr$ 7,867,929,73112%8.0%8.7%8.4%8.7%8.5%8.7%9.7%8.4%72.8469.0%70.4333.1%69.5189.9%70.8375.2%67.3584.0%71.6463.9%62.146-2.8%71.2797.6%$ 6,520,372,015$ 1,347,557,716$ - 0
'03May$ 9,165,665,081-0%8.0%8.7%8.4%8.7%8.4%8.7%9.7%8.7%73.2279.1%70.6603.7%70.21810.6%71.0865.2%67.9294.8%71.8623.9%61.955-3.1%71.6547.9%$ 7,380,552,714$ 1,649,112,367$ 136,000,000
'03Jun$ 12,949,760,66841%7.9%8.7%8.3%8.6%8.4%8.7%9.9%8.7%73.5578.9%70.7643.8%70.93011.2%71.3105.2%68.4555.7%72.0813.9%61.895-3.1%71.9908.0%$ 10,496,275,436$ 2,453,485,232$ - 0
'03Jul$ 9,828,601,033-13%7.8%8.6%8.3%8.6%8.4%8.7%9.8%8.7%73.8248.4%70.8323.9%71.63511.7%71.5345.2%68.9806.7%72.2773.8%62.172-2.4%72.3117.9%$ 7,904,643,717$ 1,235,957,315$ 688,000,000
'03Aug$ 10,769,928,05728%7.8%8.6%8.2%8.6%8.4%8.6%9.7%8.7%74.0307.8%70.9313.9%72.34812.0%71.8035.3%69.5807.7%72.4693.9%62.819-1.2%72.6457.7%$ 9,969,384,763$ 800,543,294$ - 0
'03Sep$ 14,287,571,39648%7.7%8.7%8.2%8.6%8.3%8.7%9.8%8.7%74.1857.0%71.0743.9%73.06612.3%72.1245.3%70.2758.5%72.6673.9%63.7630.6%73.0037.5%$ 11,890,133,737$ 2,305,407,956$ 92,029,703
'03Oct$ 11,847,781,41920%7.6%8.6%8.2%8.6%8.3%8.6%9.9%8.7%74.2986.3%71.1933.9%73.79512.4%72.4595.4%71.0269.3%72.8734.0%64.8052.5%73.3677.3%$ 9,069,567,687$ 2,778,213,732$ - 0
'03Nov$ 14,137,729,29263%7.6%8.6%8.1%8.5%8.2%8.6%9.9%8.7%74.4035.6%71.2573.7%74.51012.5%72.7415.3%71.72710.0%72.9993.9%65.8754.5%73.7077.0%$ 10,412,810,685$ 2,740,783,391$ 984,135,216
'03Dec$ 21,782,535,16128%7.5%8.6%8.1%8.5%8.2%8.6%10.0%8.7%74.5455.0%71.2863.4%75.19012.5%73.0065.2%72.27910.4%73.1433.7%66.9076.5%74.0196.7%$ 16,741,033,114$ 5,041,502,047$ - 0
'04Jan$ 14,024,541,61740%7.5%8.5%8.1%8.5%8.2%8.6%10.0%8.7%74.7864.5%71.3513.0%75.83212.4%73.3505.1%72.59910.4%73.4453.7%67.8938.4%74.3536.4%$ 12,432,045,462$ 1,410,503,514$ 181,992,641
'04Feb$ 11,737,176,46842%7.4%8.5%8.0%8.4%8.2%8.5%9.8%8.7%75.1784.4%71.5862.7%76.42912.2%73.8675.3%72.6939.8%74.0744.1%68.76610.0%74.7746.2%$ 9,935,709,402$ 1,801,467,065$ - 0
'04Mar$ 16,607,564,64557%7.4%8.4%8.0%8.3%8.1%8.4%9.8%8.7%75.7664.6%72.0612.8%76.98611.9%74.5455.7%72.6748.9%74.9615.0%69.56511.6%75.3356.3%$ 12,778,534,572$ 3,829,030,073$ - 0
'04Apr$ 15,412,251,02196%7.4%8.3%7.9%8.3%8.0%8.4%9.6%8.7%76.5565.1%72.7913.3%77.51011.5%75.2766.3%72.6757.9%75.9075.9%70.30213.1%76.0316.7%$ 12,840,244,230$ 2,022,006,791$ 550,000,000
'04May$ 19,361,797,218111%7.3%8.3%7.9%8.2%8.0%8.3%9.6%8.3%77.5115.9%73.7184.3%78.01911.1%76.0016.9%72.8697.3%76.7696.8%71.03014.6%76.8317.2%$ 13,568,333,473$ 2,135,442,404$ 3,658,021,341
'04Jun$ 19,417,151,72450%7.3%8.3%7.8%8.2%8.0%8.3%9.4%7.8%78.5686.8%74.8115.7%78.54410.7%76.7117.6%73.2377.0%77.5617.6%71.76015.9%77.7037.9%$ 16,444,743,838$ 2,972,407,885$ - 0
'04Jul$ 19,385,557,06997%7.3%8.3%7.8%8.2%7.9%8.3%9.5%7.8%79.6657.9%76.0047.3%79.14510.5%77.4498.3%73.7646.9%78.3758.4%72.50516.6%78.6248.7%$ 14,830,454,063$ 3,015,939,324$ 1,539,163,682
'04Aug$ 21,266,973,40897%7.2%8.3%7.8%8.2%7.9%8.2%9.7%8.4%80.7729.1%77.0618.6%79.86910.4%78.2248.9%74.3416.8%79.2459.3%73.24616.6%79.5649.5%$ 15,916,958,036$ 5,350,015,372$ - 0
'04Sep$ 21,567,002,16251%7.2%8.2%7.7%8.1%7.9%8.2%9.7%8.4%81.84910.3%77.8829.6%80.73110.5%79.0529.6%75.0186.7%80.16310.3%73.96316.0%80.49310.3%$ 17,073,305,626$ 4,493,696,536$ - 0
'04Oct$ 24,566,168,402107%7.1%8.2%7.7%8.0%7.8%8.1%9.5%8.6%82.84911.5%78.45610.2%81.70610.7%79.90810.3%75.7746.7%81.06511.2%74.69315.3%81.38110.9%$ 15,644,404,613$ 3,944,769,074$ 4,976,994,716
'04Nov$ 32,091,945,807127%7.0%8.1%7.6%8.0%7.8%8.1%9.7%8.2%83.74412.6%79.03910.9%82.77711.1%80.72711.0%76.5686.7%81.88512.2%75.56814.7%82.24111.6%$ 15,204,978,164$ 6,132,567,577$ 10,754,400,067
'04Dec$ 32,588,532,13150%7.0%8.0%7.5%7.9%7.7%8.0%9.6%8.2%84.54413.4%79.68911.8%83.91011.6%81.49611.6%77.4087.1%82.64713.0%76.67014.6%83.09012.3%$ 23,815,136,712$ 8,075,042,889$ 698,352,530
'05Jan$ 25,339,587,26581%6.9%8.0%7.5%7.9%7.5%7.9%9.5%8.1%85.31114.1%80.48112.8%85.07312.2%82.22412.1%78.2717.8%83.41513.6%78.01714.9%83.94312.9%$ 22,192,453,850$ 3,147,133,415$ - 0
'05Feb$ 19,685,201,65668%6.8%8.0%7.4%7.8%7.5%7.9%9.5%7.1%86.10214.5%81.30713.6%86.22412.8%82.86712.2%79.1338.9%84.04913.5%79.56615.7%84.78013.4%$ 14,650,701,918$ 3,231,444,979$ 1,803,054,759
'05Mar$ 29,427,454,20777%6.8%8.0%7.4%7.8%7.4%7.9%9.5%7.1%86.95714.8%82.19114.1%87.33513.4%83.43611.9%80.07810.2%84.51312.7%81.25616.8%85.61713.6%$ 21,232,461,021$ 7,652,186,074$ 542,807,112
'05Apr$ 30,795,424,435100%6.7%7.9%7.3%7.8%7.3%7.9%9.5%7.3%87.90014.8%83.15314.2%88.39414.0%84.05211.7%81.37812.0%84.86311.8%83.01618.1%86.50913.8%$ 22,201,723,269$ 7,393,701,166$ 1,200,000,000
'05May$ 27,929,622,42444%6.6%7.9%7.3%7.7%7.3%7.8%9.5%7.5%88.92714.7%84.22214.2%89.40014.6%84.90711.7%83.18714.2%85.41811.3%84.71919.3%87.51113.9%$ 20,535,203,457$ 7,394,418,967$ - 0
'05Jun$ 33,229,186,19971%6.6%7.9%7.2%7.6%7.2%7.7%9.3%7.8%90.07614.6%85.34114.1%90.37215.1%85.96812.1%85.17516.3%86.18811.1%86.30720.3%88.62514.1%$ 25,315,520,499$ 7,913,665,700$ - 0
'05Jul$ 30,558,903,88458%6.5%7.8%7.2%7.5%7.1%7.7%9.4%7.8%91.37214.7%86.35113.6%91.33715.4%87.15012.5%86.84617.7%87.21111.3%87.93021.3%89.81614.2%$ 23,252,349,785$ 6,417,154,099$ 889,400,000
'05Aug$ 30,057,305,33341%6.5%7.8%7.1%7.5%7.0%7.6%9.3%8.0%92.79114.9%87.17413.1%92.30715.6%88.33812.9%88.03618.4%88.32611.5%89.68622.4%91.03614.4%$ 22,239,500,977$ 5,317,060,464$ 2,500,743,892
'05Sep$ 44,842,828,232108%6.4%7.7%7.1%7.4%6.9%7.6%9.2%7.9%94.20715.1%87.84212.8%93.28115.5%89.59813.3%88.99518.6%89.65011.8%91.46423.7%92.22814.6%$ 27,117,980,576$ 6,023,357,792$ 11,701,489,864
'05Oct$ 33,762,237,48737%6.4%7.6%7.0%7.4%6.9%7.5%9.2%7.8%95.47415.2%88.45212.7%94.23715.3%90.87213.7%89.82118.5%91.12112.4%92.99824.5%93.31214.7%$ 24,032,353,135$ 9,729,884,352$ - 0
'05Nov$ 26,943,738,664-16%6.4%7.6%7.0%7.3%6.8%7.5%9.0%7.9%96.47415.2%89.13012.8%95.13014.9%92.11314.1%90.68018.4%92.62413.1%94.17224.6%94.21814.6%$ 22,328,117,905$ 4,615,620,759$ - 0
'05Dec$ 45,488,191,47440%6.3%7.6%6.9%7.3%6.7%7.4%9.0%7.8%97.17514.9%90.05313.0%95.97414.4%93.18614.3%91.54818.3%93.85413.6%94.95623.9%94.94714.3%$ 30,630,508,248$ 12,371,083,413$ 2,486,599,812
'06Jan$ 36,001,594,74842%6.3%7.5%6.9%7.3%6.7%7.4%9.0%7.9%97.62914.4%91.17113.3%96.76413.7%94.09114.4%92.51018.2%94.78413.6%95.47722.4%95.55013.8%$ 25,715,783,273$ 6,865,811,476$ 3,420,000,000
'06Feb$ 27,951,210,64442%6.3%7.4%6.9%7.2%6.8%7.3%9.0%7.9%97.92013.7%92.38413.6%97.51513.1%94.84214.5%93.49018.1%95.46313.6%95.63620.2%96.10713.4%$ 20,159,844,332$ 5,871,491,637$ 1,919,874,674
'06Mar$ 34,785,275,54818%6.3%7.4%6.9%7.2%6.7%7.3%8.9%7.9%98.09212.8%93.53213.8%98.18012.4%95.49914.5%94.53818.1%95.98213.6%95.60517.7%96.63412.9%$ 24,014,433,114$ 5,898,829,443$ 4,872,012,991
'06Apr$ 37,114,693,94021%6.3%7.3%6.8%7.2%6.7%7.3%8.9%7.7%98.11411.6%94.64013.8%98.72011.7%96.07814.3%95.59117.5%96.30513.5%95.46215.0%97.10212.2%$ 21,692,731,165$ 5,039,561,289$ 10,382,401,486
'06May$ 30,033,995,3398%6.3%7.3%6.8%7.1%6.6%7.2%8.9%7.8%98.00110.2%95.76913.7%99.12110.9%96.72813.9%96.53616.0%96.75513.3%95.46112.7%97.50511.4%$ 22,419,154,243$ 6,162,231,444$ 1,452,609,653
'06Jun$ 37,025,486,48911%6.3%7.2%6.8%7.1%6.6%7.2%8.9%7.9%97.8418.6%96.73413.4%99.43110.0%97.46113.4%97.22314.1%97.41813.0%95.66110.8%97.84910.4%$ 27,243,356,804$ 9,743,662,501$ 38,467,184
'06Jul$ 38,719,873,90727%6.3%7.2%6.8%7.0%6.5%7.1%8.8%7.9%97.7527.0%97.43312.8%99.6669.1%98.18512.7%97.72412.5%98.16112.6%96.0479.2%98.1459.3%$ 27,966,451,362$ 4,917,119,078$ 5,836,303,467
'06Aug$ 23,111,158,163-23%6.3%7.1%6.7%7.0%6.5%7.1%8.9%7.5%97.8545.5%97.80212.2%99.8218.1%98.72911.8%98.11911.5%98.72211.8%96.4777.6%98.4188.1%$ 20,265,239,518$ 2,845,918,645$ - 0
'06Sep$ 38,220,583,983-15%6.3%7.1%6.7%7.0%6.5%7.1%8.9%7.6%98.1884.2%98.03111.6%99.8917.1%99.09710.6%98.48010.7%99.12310.6%96.9816.0%98.7097.0%$ 27,652,559,806$ 7,031,415,265$ 3,536,608,913
'06Oct$ 46,605,380,22038%6.3%7.1%6.7%6.9%6.5%7.1%8.9%7.9%98.7353.4%98.30811.1%99.9116.0%99.3699.4%98.90310.1%99.4239.1%97.6065.0%99.0556.2%$ 23,713,332,432$ 5,219,774,924$ 17,672,272,864
'06Nov$ 39,942,115,47948%6.3%7.1%6.7%6.9%6.4%7.0%8.9%7.9%99.3773.0%98.90611.0%99.9355.1%99.6418.2%99.4119.6%99.6797.6%98.6254.7%99.4805.6%$ 27,750,383,608$ 9,878,159,654$ 2,313,572,216
'06Dec$ 51,294,000,89813%6.3%7.1%6.7%6.9%6.4%7.0%8.9%7.9%100.0002.9%100.00011.0%100.0004.2%100.0007.3%100.0009.2%100.0006.5%100.0005.3%100.0005.3%$ 34,575,666,613$ 14,774,156,761$ 1,944,177,525
'07Jan$ 43,371,450,20520%6.3%7.0%6.7%6.8%6.3%6.9%8.9%7.9%100.5403.0%101.44411.3%100.1813.5%100.6977.0%100.9279.1%100.7356.3%101.7296.5%100.6735.4%$ 27,030,057,769$ 10,049,723,402$ 6,291,669,034
'07Feb$ 79,295,937,478184%6.3%7.0%6.7%6.8%6.2%6.9%8.9%7.9%101.0113.2%102.89111.4%100.5163.1%101.7367.3%102.2109.3%101.8846.7%103.7008.4%101.4965.6%$ 21,644,723,421$ 4,094,488,518$ 53,556,725,538
'07Mar$ 40,339,578,38416%6.3%7.0%6.7%6.7%6.2%6.9%9.0%7.8%101.4383.4%104.08611.3%101.0342.9%102.9657.8%103.8319.8%103.1317.4%105.86610.7%102.4266.0%$ 25,040,381,255$ 8,235,725,722$ 7,063,471,408
'07Apr$ 58,950,106,55059%6.3%7.0%6.6%6.7%6.1%6.8%9.0%7.8%101.8753.8%104.95410.9%101.6883.0%104.1048.4%105.33510.2%104.1228.1%108.01413.1%103.3856.5%$ 25,277,882,455$ 22,055,569,028$ 11,616,655,067
'07May$ 50,489,167,31668%6.3%6.9%6.6%6.7%6.0%6.8%8.9%7.7%102.2604.3%105.56510.2%102.4103.3%105.2008.8%106.69810.5%105.0158.5%109.71514.9%104.2957.0%$ 25,442,767,348$ 16,198,409,110$ 8,847,990,857
'07Jun$ 46,702,439,72026%6.3%6.9%6.6%6.7%6.0%6.8%8.9%7.5%102.4894.8%106.0389.6%103.1113.7%106.3449.1%107.97711.1%106.0568.9%110.75315.8%105.0777.4%$ 30,044,356,336$ 14,342,816,540$ 2,315,266,845
'07Jul$ 51,746,570,03334%6.3%6.9%6.6%6.6%5.9%6.8%8.9%7.6%102.4524.8%106.4499.3%103.6364.0%107.4009.4%109.11211.7%107.0779.1%111.26915.8%105.5577.6%$ 26,705,265,793$ 14,358,074,906$ 10,683,229,334
'07Aug$ 44,266,771,55392%6.3%6.9%6.6%6.6%5.9%6.8%8.9%7.7%102.1674.4%106.8649.3%103.8784.1%108.0869.5%110.13012.2%107.5949.0%111.54415.6%105.6207.3%$ 26,226,619,678$ 14,520,351,875$ 3,519,800,000
'07Sep$ 33,233,165,301-13%6.3%6.9%6.6%6.6%5.9%6.8%8.9%7.7%101.7093.6%106.8869.0%103.7283.8%108.2259.2%110.98012.7%107.3498.3%111.50115.0%105.2076.6%$ 22,691,212,220$ 7,784,860,270$ 2,757,092,811
'07Oct$ 71,258,031,51453%6.3%6.9%6.5%6.6%5.9%6.7%8.8%7.5%101.1522.4%106.5088.3%103.1783.3%108.0308.7%111.79813.0%106.7487.4%110.70413.4%104.4665.5%$ 19,878,782,252$ 3,573,699,804$ 47,805,549,458
'07Nov$ 25,835,288,111-35%6.3%6.9%6.5%6.6%5.8%6.7%8.8%7.4%100.5721.2%105.7346.9%102.2602.3%107.6398.0%112.42413.1%106.0336.4%109.28410.8%103.5454.1%$ 19,621,876,251$ 6,213,411,861$ - 0
'07Dec$ 36,160,615,772-30%6.3%6.9%6.5%6.6%5.8%6.8%8.8%7.3%100.0450.0%104.9184.9%101.0931.1%107.1167.1%112.60512.6%105.3755.4%107.8847.9%102.6002.6%$ 25,843,595,766$ 8,917,020,006$ 1,400,000,000
'08Jan$ 21,125,659,403-51%6.3%6.9%6.5%6.6%5.7%6.8%8.8%7.6%99.584-1.0%104.2042.7%99.814-0.4%106.4455.7%112.17411.1%104.7053.9%106.7334.9%101.6871.0%$ 17,798,603,072$ 3,067,056,331$ 260,000,000
'08Feb$ 16,994,228,038-79%6.3%6.9%6.5%6.6%5.8%6.8%8.8%8.1%99.123-1.9%103.6260.7%98.516-2.0%105.7163.9%111.1978.8%104.1962.3%105.6811.9%100.822-0.7%$ 12,260,503,895$ 4,733,724,143$ - 0
'08Mar$ 24,593,991,589-39%6.3%6.9%6.5%6.6%5.8%6.8%8.8%8.3%98.599-2.8%103.050-1.0%97.267-3.7%104.8891.9%109.8575.8%103.6850.5%104.638-1.2%99.975-2.4%$ 14,241,889,138$ 6,526,022,179$ 3,826,080,272
'08Apr$ 14,266,168,933-76%6.3%7.0%6.6%6.7%5.7%6.9%8.8%8.5%97.999-3.8%102.380-2.5%96.088-5.5%103.819-0.3%108.2842.8%102.923-1.2%103.858-3.8%99.101-4.1%$ 11,506,326,232$ 2,723,628,466$ 36,214,236
'08May$ 12,721,811,507-75%6.3%7.0%6.6%6.7%5.7%6.9%8.9%8.6%97.370-4.8%101.470-3.9%94.943-7.3%102.363-2.7%106.557-0.1%101.556-3.3%103.534-5.6%98.144-5.9%$ 10,812,347,663$ 1,909,463,843$ - 0
'08Jun$ 21,800,825,060-53%6.3%7.1%6.6%6.8%5.7%7.0%8.9%8.8%96.695-5.7%100.477-5.2%93.762-9.1%100.633-5.4%104.799-2.9%99.783-5.9%103.357-6.7%97.092-7.6%$ 16,991,342,811$ 3,855,409,801$ 954,072,448
'08Jul$ 13,077,687,610-75%6.3%7.2%6.7%6.9%5.9%7.0%9.0%8.9%95.914-6.4%99.549-6.5%92.498-10.7%98.841-8.0%103.189-5.4%97.855-8.6%103.157-7.3%95.966-9.1%$ 10,864,873,519$ 2,212,814,091$ - 0
'08Aug$ 15,567,638,720-65%6.3%7.3%6.7%6.9%6.0%7.1%9.0%9.0%94.928-7.1%98.746-7.6%91.178-12.2%97.153-10.1%101.749-7.6%96.076-10.7%102.896-7.8%94.780-10.3%$ 11,665,916,338$ 3,706,722,382$ 195,000,000
'08Sep$ 14,460,356,406-56%6.4%7.4%6.8%7.0%6.1%7.1%8.9%8.9%93.682-7.9%97.851-8.5%89.796-13.4%95.605-11.7%100.452-9.5%94.453-12.0%102.739-7.9%93.479-11.1%$ 10,986,563,569$ 3,473,792,837$ - 0
'08Oct$ 9,812,800,250-86%6.4%7.4%6.8%7.0%6.1%7.1%9.0%9.1%92.193-8.9%96.636-9.3%88.317-14.4%94.149-12.8%99.067-11.4%92.971-12.9%102.701-7.2%92.003-11.9%$ 7,662,720,758$ 2,150,079,491$ - 0
'08Nov$ 6,755,284,054-74%6.4%7.4%6.8%7.1%6.3%7.2%9.1%9.1%90.524-10.0%94.988-10.2%86.720-15.2%92.718-13.9%97.564-13.2%91.497-13.7%102.453-6.3%90.346-12.7%$ 5,646,663,006$ 1,108,621,049$ - 0
'08Dec$ 10,037,921,833-72%6.4%7.5%6.9%7.1%6.4%7.3%9.1%9.0%88.751-11.3%93.050-11.3%85.026-15.9%91.257-14.8%95.869-14.9%90.018-14.6%101.603-5.8%88.558-13.7%$ 7,516,868,871$ 2,521,052,962$ - 0
'09Jan$ 5,181,374,554-75%6.5%7.5%6.9%7.2%6.5%7.3%9.2%9.2%86.936-12.7%90.927-12.7%83.288-16.6%89.675-15.8%94.083-16.1%88.396-15.6%100.032-6.3%86.690-14.7%$ 4,563,747,930$ 617,626,625$ - 0
'09Feb$ 4,194,245,266-75%6.5%7.5%6.9%7.2%6.5%7.3%9.2%9.1%85.093-14.2%88.796-14.3%81.512-17.3%87.938-16.8%92.158-17.1%86.658-16.8%97.835-7.4%84.769-15.9%$ 3,423,786,314$ 770,458,952$ - 0
'09Mar$ 4,948,978,538-80%6.5%7.6%7.0%7.2%6.5%7.4%9.1%9.2%83.238-15.6%86.724-15.8%79.719-18.0%86.030-18.0%90.103-18.0%84.792-18.2%95.309-8.9%82.838-17.1%$ 4,209,269,549$ 739,708,989$ - 0
'09Apr$ 3,640,768,555-74%6.5%7.6%7.0%7.3%6.6%7.4%9.2%8.9%81.376-17.0%84.732-17.2%77.922-18.9%83.999-19.1%87.964-18.8%82.858-19.5%92.629-10.8%80.915-18.4%$ 3,342,607,451$ 298,161,104$ - 0
'09May$ 4,454,330,099-65%6.5%7.6%7.0%7.3%6.7%7.4%9.2%8.8%79.533-18.3%82.889-18.3%76.181-19.8%81.901-20.0%85.782-19.5%80.890-20.3%89.907-13.2%79.038-19.5%$ 3,811,351,668$ 642,978,431$ - 0
'09Jun$ 6,701,381,989-69%6.6%7.7%7.1%7.4%6.8%7.5%9.4%8.9%77.753-19.6%81.272-19.1%74.553-20.5%79.769-20.7%83.615-20.2%78.878-21.0%87.095-15.7%77.252-20.4%$ 4,878,879,117$ 1,822,502,872$ - 0
'09Jul$ 5,254,104,183-60%6.6%7.8%7.2%7.4%6.8%7.6%9.4%8.8%76.099-20.7%79.936-19.7%73.107-21.0%77.647-21.4%81.566-21.0%76.828-21.5%84.117-18.5%75.611-21.2%$ 4,781,946,572$ 472,157,610$ - 0
'09Aug$ 5,320,732,350-66%6.7%7.9%7.3%7.5%7.0%7.6%9.7%8.7%74.638-21.4%78.883-20.1%71.904-21.1%75.576-22.2%79.758-21.6%74.787-22.2%81.106-21.2%74.168-21.7%$ 4,781,702,761$ 539,029,588$ - 0
'09Sep$ 6,844,263,213-53%6.7%8.0%7.4%7.6%7.3%7.7%9.8%8.9%73.424-21.6%78.102-20.2%70.950-21.0%73.595-23.0%78.272-22.1%72.773-23.0%78.230-23.9%72.936-22.0%$ 5,066,266,642$ 1,397,791,425$ 380,205,146
'09Oct$ 7,034,331,670-28%6.8%8.1%7.5%7.8%7.8%7.8%10.0%8.8%72.466-21.4%77.534-19.8%70.210-20.5%71.752-23.8%77.066-22.2%70.835-23.8%75.682-26.3%71.911-21.8%$ 5,463,633,910$ 1,570,697,760$ - 0
'09Nov$ 5,750,662,584-15%6.8%8.2%7.5%7.9%7.7%7.9%9.9%8.8%71.750-20.7%76.998-18.9%69.609-19.7%70.101-24.4%76.063-22.0%69.073-24.5%73.487-28.3%71.059-21.3%$ 4,810,291,270$ 940,371,314$ - 0
'09Dec$ 12,682,357,15426%6.8%8.2%7.6%8.1%8.0%8.1%9.8%9.3%71.234-19.7%76.325-18.0%69.094-18.7%68.707-24.7%75.184-21.6%67.603-24.9%71.655-29.5%70.351-20.6%$ 8,233,234,496$ 3,924,249,920$ 524,872,738
'10Jan$ 6,938,128,43834%6.8%8.2%7.7%8.1%8.0%8.1%9.5%9.1%70.881-18.5%75.495-17.0%68.629-17.6%67.605-24.6%74.410-20.9%66.513-24.8%70.122-29.9%69.762-19.5%$ 5,462,057,714$ 1,476,070,724$ - 0
'10Feb$ 5,434,330,57130%6.8%8.2%7.8%8.1%8.0%8.2%9.0%9.2%70.667-17.0%74.638-15.9%68.194-16.3%66.783-24.1%73.792-19.9%65.721-24.2%68.809-29.7%69.286-18.3%$ 3,950,803,045$ 1,483,527,526$ - 0
'10Mar$ 7,587,451,65553%6.8%8.3%7.9%8.2%8.1%8.2%9.1%9.2%70.578-15.2%73.921-14.8%67.773-15.0%66.221-23.0%73.413-18.5%65.136-23.2%67.669-29.0%68.920-16.8%$ 5,852,153,188$ 1,735,298,466$ - 0
'10Apr$ 7,400,768,218103%6.9%8.4%7.9%8.3%8.1%8.4%9.0%9.5%70.599-13.2%73.408-13.4%67.351-13.6%65.897-21.6%73.340-16.6%64.685-21.9%66.726-28.0%68.669-15.1%$ 5,536,227,809$ 1,144,140,409$ 720,400,000
'10May$ 8,677,706,62595%6.9%8.4%8.0%8.3%7.8%8.4%8.9%9.5%70.728-11.1%73.109-11.8%66.945-12.1%65.787-19.7%73.609-14.2%64.365-20.4%65.961-26.6%68.533-13.3%$ 6,996,118,659$ 1,189,787,967$ 491,800,000
'10Jun$ 13,175,788,28297%6.9%8.4%8.0%8.3%7.7%8.4%8.9%9.4%70.962-8.7%72.952-10.2%66.578-10.7%65.832-17.5%74.171-11.3%64.151-18.7%65.330-25.0%68.501-11.3%$ 9,756,458,383$ 3,101,329,899$ 318,000,000
'10Jul$ 12,813,445,561144%6.8%8.3%8.0%8.2%7.6%8.4%9.0%9.4%71.324-6.3%72.844-8.9%66.283-9.3%65.930-15.1%74.892-8.2%63.970-16.7%64.761-23.0%68.562-9.3%$ 9,583,364,514$ 2,580,081,051$ 649,999,997
'10Aug$ 13,754,854,314159%6.8%8.4%8.0%8.3%7.6%8.4%8.7%9.2%71.826-3.8%72.700-7.8%66.073-8.1%66.048-12.6%75.673-5.1%63.791-14.7%64.269-20.8%68.707-7.4%$ 8,838,569,165$ 4,916,285,149$ - 0
'10Sep$ 14,190,668,811107%6.8%8.4%8.0%8.2%7.2%8.4%8.6%9.2%72.458-1.3%72.472-7.2%65.938-7.1%66.191-10.1%76.401-2.4%63.658-12.5%63.866-18.4%68.918-5.5%$ 11,506,232,336$ 2,684,436,475$ - 0
'10Oct$ 16,271,233,012131%6.8%8.4%7.9%8.0%7.0%8.3%8.4%9.2%73.1551.0%72.237-6.8%65.852-6.2%66.399-7.5%77.006-0.1%63.653-10.1%63.421-16.2%69.172-3.8%$ 9,381,239,485$ 3,021,593,570$ 3,868,399,957
'10Nov$ 14,514,879,377152%6.7%8.4%7.9%8.0%6.9%8.3%8.5%9.2%73.8462.9%72.022-6.5%65.801-5.5%66.670-4.9%77.3741.7%63.833-7.6%62.898-14.4%69.432-2.3%$ 10,458,700,086$ 4,056,179,291$ - 0
'10Dec$ 34,258,651,271170%6.7%8.3%7.9%7.9%6.8%8.2%8.3%9.1%74.4894.6%71.859-5.9%65.802-4.8%66.967-2.5%77.5223.1%64.145-5.1%62.265-13.1%69.687-0.9%$ 24,452,782,727$ 9,805,868,543$ - 0
'11Jan$ 13,777,740,19899%6.7%8.3%7.8%7.8%6.7%8.2%8.4%9.1%75.0765.9%71.748-5.0%65.855-4.0%67.249-0.5%77.6484.4%64.458-3.1%61.613-12.1%69.9260.2%$ 10,615,645,561$ 2,531,848,615$ 630,246,022
'11Feb$ 9,894,104,79382%6.7%8.3%7.8%7.8%6.6%8.2%8.4%9.1%75.6227.0%71.669-4.0%65.952-3.3%67.4791.0%77.8795.5%64.654-1.6%61.006-11.3%70.1491.2%$ 8,247,622,281$ 1,646,482,512$ - 0
'11Mar$ 19,481,120,241157%6.6%8.3%7.8%7.8%6.6%8.1%8.3%9.1%76.1807.9%71.570-3.2%66.074-2.5%67.6752.2%78.3256.7%64.733-0.6%60.494-10.6%70.3642.1%$ 12,794,514,901$ 4,286,605,340$ 2,400,000,000
'11Apr$ 21,168,179,406186%6.6%8.2%7.7%7.7%6.7%8.0%8.2%9.0%76.8128.8%71.410-2.7%66.213-1.7%67.8683.0%78.9597.7%64.7680.1%60.126-9.9%70.6002.8%$ 11,278,306,947$ 9,631,510,972$ 258,361,486
'11May$ 22,101,578,879155%6.6%8.2%7.7%7.7%6.7%8.0%8.2%9.0%77.5549.7%71.288-2.5%66.379-0.8%68.0983.5%79.7758.4%64.8400.7%59.870-9.2%70.8913.4%$ 14,622,541,273$ 3,699,037,606$ 3,780,000,000
'11Jun$ 36,604,090,507178%6.6%8.1%7.7%7.6%6.7%8.0%8.0%8.9%78.37810.5%71.290-2.3%66.577-0.0%68.3513.8%80.6728.8%64.9291.2%59.786-8.5%71.2514.0%$ 16,292,788,801$ 3,279,156,937$ 17,032,144,770
'11Jul$ 27,161,060,440112%6.5%8.1%7.7%7.6%6.6%8.0%8.0%9.0%79.26211.1%71.481-1.9%66.8390.8%68.6294.1%81.6109.0%65.0761.7%59.899-7.5%71.6994.6%$ 15,643,644,903$ 3,917,416,326$ 7,599,999,211
'11Aug$ 19,231,314,29240%6.5%8.0%7.6%7.5%6.6%7.9%7.9%9.0%80.15911.6%71.831-1.2%67.1621.6%68.9104.3%82.5219.0%65.2672.3%60.253-6.2%72.2155.1%$ 14,219,830,151$ 5,011,484,141$ - 0
'11Sep$ 20,947,133,36048%6.5%8.0%7.6%7.5%6.7%7.8%8.0%9.0%81.03211.8%72.285-0.3%67.5342.4%69.1714.5%83.3399.1%65.5162.9%60.790-4.8%72.7595.6%$ 16,829,413,314$ 4,097,820,890$ 19,899,156
'11Oct$ 19,663,499,66321%6.4%7.9%7.6%7.6%6.7%7.9%8.0%8.9%81.81811.8%72.7450.7%67.9193.1%69.3534.4%84.0159.1%65.7243.3%61.421-3.2%73.2685.9%$ 14,358,887,581$ 5,304,612,082$ - 0
'11Nov$ 15,070,530,5684%6.4%7.9%7.6%7.5%6.7%7.8%7.9%8.9%82.49311.7%73.1011.5%68.2823.8%69.4634.2%84.6009.3%65.8593.2%62.155-1.2%73.6966.1%$ 12,199,474,585$ 2,871,055,983$ - 0
'11Dec$ 36,549,433,0317%6.4%7.8%7.6%7.5%6.6%7.8%7.9%8.7%83.05811.5%73.3482.1%68.6174.3%69.5463.9%85.1819.9%65.9302.8%62.9731.1%74.0506.3%$ 26,910,591,070$ 9,635,841,961$ 3,000,000
'12Jan$ 15,778,068,07515%6.4%7.8%7.5%7.4%6.5%7.7%7.9%8.7%83.52011.2%73.5672.5%68.9394.7%69.6683.6%85.75410.4%66.0332.4%63.8693.7%74.3576.3%$ 10,987,020,566$ 4,791,047,509$ - 0
'12Feb$ 13,184,442,13233%6.4%7.8%7.5%7.4%6.5%7.7%7.9%8.5%83.93211.0%73.7802.9%69.2625.0%69.8063.4%86.23910.7%66.1602.3%64.6906.0%74.6526.4%$ 10,459,226,306$ 2,725,215,827$ - 0
'12Mar$ 25,639,192,61832%6.4%7.8%7.5%7.4%6.5%7.7%7.9%8.3%84.34810.7%73.9833.4%69.5705.3%69.9193.3%86.64310.6%66.2572.4%65.2867.9%74.9466.5%$ 15,734,690,163$ 5,320,683,748$ 4,583,818,707
'12Apr$ 17,111,093,480-19%6.4%7.7%7.5%7.4%6.4%7.8%7.9%8.3%84.83010.4%74.1433.8%69.8245.5%69.9963.1%86.93710.1%66.3022.4%65.5379.0%75.2336.6%$ 13,471,534,149$ 2,650,945,495$ 988,613,837
'12May$ 22,394,449,0591%6.3%7.7%7.4%7.4%6.3%7.7%7.9%8.2%85.40910.1%74.2564.2%70.0155.5%70.0932.9%87.1789.3%66.3722.4%65.5489.5%75.5266.5%$ 16,577,386,112$ 4,279,063,137$ 1,537,999,810
'12Jun$ 25,740,808,797-30%6.3%7.7%7.4%7.3%6.3%7.7%8.0%8.2%86.1049.9%74.3344.3%70.1645.4%70.2792.8%87.3968.3%66.5922.6%65.5249.6%75.8566.5%$ 18,653,612,443$ 6,896,756,895$ 190,439,460
'12Jul$ 28,277,598,6424%6.3%7.6%7.4%7.3%6.4%7.7%8.1%8.0%86.9439.7%74.3824.1%70.2895.2%70.5112.7%87.6267.4%66.9052.8%65.7289.7%76.2316.3%$ 15,894,887,458$ 4,206,914,205$ 8,175,796,979
'12Aug$ 22,560,132,74217%6.3%7.7%7.4%7.4%6.3%7.7%8.2%8.2%87.9589.7%74.4523.6%70.4194.8%70.7432.7%87.9066.5%67.2273.0%66.2309.9%76.6616.2%$ 18,746,357,318$ 3,813,775,424$ - 0
'12Sep$ 23,351,686,74311%6.3%7.6%7.4%7.3%6.3%7.7%8.2%8.3%89.15610.0%74.5743.2%70.5894.5%70.9182.5%88.2005.8%67.4663.0%66.87110.0%77.1416.0%$ 16,462,098,920$ 6,245,482,516$ 644,105,306
'12Oct$ 27,201,656,65938%6.3%7.5%7.4%7.3%6.3%7.6%8.2%8.4%90.45410.6%74.7302.7%70.8324.3%71.0742.5%88.4455.3%67.6843.0%67.4049.7%77.6716.0%$ 19,343,236,449$ 6,241,616,825$ 1,616,803,386
'12Nov$ 27,578,431,54183%6.3%7.5%7.4%7.3%6.2%7.6%8.2%8.2%91.69511.2%74.9092.5%71.1424.2%71.2512.6%88.5814.7%67.9583.2%67.7469.0%78.2176.1%$ 23,001,524,522$ 3,909,508,112$ 667,398,907
'12Dec$ 61,598,158,17069%6.2%7.5%7.3%7.3%6.2%7.6%8.2%8.2%92.73811.7%75.1552.5%71.5004.2%71.4862.8%88.7044.1%68.3023.6%67.9687.9%78.7486.3%$ 48,228,862,541$ 11,618,295,629$ 1,751,000,000
'13Jan$ 22,561,700,25743%6.2%7.5%7.3%7.3%6.3%7.6%8.3%8.2%93.56812.0%75.4962.6%71.9024.3%71.7843.0%88.8913.7%68.6804.0%68.1806.8%79.2566.6%$ 13,358,702,490$ 4,660,945,732$ 4,542,052,035
'13Feb$ 32,545,784,866147%6.2%7.5%7.3%7.2%6.3%7.6%8.2%8.2%94.20912.2%75.9552.9%72.3654.5%72.1583.4%89.2213.5%69.0914.4%68.4495.8%79.7666.9%$ 11,703,709,094$ 20,842,075,773$ - 0
'13Mar$ 23,793,147,924-7%6.2%7.5%7.2%7.2%6.2%7.6%8.2%8.4%94.72312.3%76.4583.3%72.9004.8%72.6303.9%89.6803.5%69.5725.0%68.7745.3%80.3037.1%$ 16,884,734,202$ 6,908,413,722$ - 0
'13Apr$ 21,695,356,03727%6.2%7.5%7.2%7.2%6.2%7.5%8.2%8.4%95.14112.2%77.0463.9%73.5175.3%73.2294.6%90.4524.0%70.1245.8%69.2435.7%80.8837.5%$ 18,327,287,697$ 3,368,068,341$ - 0
'13May$ 25,661,200,96615%6.2%7.5%7.2%7.2%6.2%7.5%8.2%8.3%95.53711.9%77.7204.7%74.2096.0%73.9485.5%91.5195.0%70.7326.6%69.8786.6%81.5147.9%$ 19,818,605,191$ 3,970,595,775$ 1,872,000,000
'13Jun$ 30,541,488,21119%6.2%7.5%7.2%7.1%6.1%7.5%8.2%8.1%95.93911.4%78.4515.5%74.9486.8%74.8136.5%92.9326.3%71.4707.3%70.6297.8%82.1898.3%$ 23,774,697,413$ 6,677,963,253$ 88,827,545
'13Jul$ 35,357,606,71825%6.2%7.5%7.2%7.1%6.0%7.5%8.2%8.1%96.39910.9%79.1176.4%75.7177.7%75.7447.4%94.5617.9%72.2278.0%71.4508.7%82.8968.7%$ 19,490,567,149$ 8,022,621,267$ 7,844,418,302
'13Aug$ 29,048,008,83829%6.2%7.4%7.2%7.1%6.0%7.4%8.2%8.0%96.95910.2%79.7637.1%76.4968.6%76.7138.4%96.3699.6%73.0338.6%72.3629.3%83.6279.1%$ 20,721,226,365$ 8,266,484,246$ 60,298,227
'13Sep$ 32,955,121,73041%6.2%7.5%7.1%7.1%6.0%7.4%8.1%7.9%97.6859.6%80.4447.9%77.2669.5%77.6049.4%98.22111.4%73.7189.3%73.4369.8%84.3719.4%$ 22,232,680,661$ 10,292,530,092$ 429,910,977
'13Oct$ 37,045,889,89536%6.2%7.5%7.1%7.1%6.0%7.5%8.2%7.8%98.5769.0%81.1498.6%78.00710.1%78.39610.3%99.94013.0%74.3439.8%74.70410.8%85.1229.6%$ 26,006,913,326$ 6,271,375,671$ 4,767,600,898
'13Nov$ 35,651,219,47829%6.2%7.5%7.1%7.1%6.0%7.5%8.1%8.0%99.5668.6%81.8309.2%78.70710.6%79.05010.9%101.49014.6%74.82010.1%75.99712.2%85.8569.8%$ 23,282,025,065$ 9,971,828,429$ 2,397,365,984
'13Dec$ 51,484,103,395-16%6.2%7.5%7.1%7.1%6.0%7.4%8.1%7.8%100.5858.5%82.4939.8%79.39111.0%79.61611.4%102.84415.9%75.23010.1%77.18513.6%86.5789.9%$ 37,263,066,599$ 13,428,163,386$ 792,873,410
'14Jan$ 33,365,010,37448%6.2%7.4%7.0%7.0%5.9%7.4%8.2%7.9%101.5668.5%83.17410.2%80.06911.4%80.17411.7%103.96117.0%75.69110.2%78.12514.6%87.29910.1%$ 24,342,621,107$ 8,865,295,013$ 157,094,254
'14Feb$ 34,843,731,5337%6.2%7.4%7.0%7.0%5.9%7.4%8.2%7.8%102.5168.8%83.82610.4%80.73811.6%80.80812.0%104.92817.6%76.25310.4%78.70015.0%88.03710.4%$ 18,226,911,616$ 3,508,897,272$ 13,107,922,644
'14Mar$ 27,731,007,12217%6.2%7.4%7.0%7.0%5.9%7.4%8.2%7.6%103.4209.2%84.46810.5%81.36911.6%81.55412.3%105.73517.9%76.95210.6%78.92614.8%88.78510.6%$ 19,711,545,014$ 8,019,462,109$ - 0
'14Apr$ 30,344,270,63340%6.2%7.3%7.0%7.0%5.9%7.4%8.2%7.6%104.3269.7%85.20810.6%81.94111.5%82.40912.5%106.52717.8%77.77610.9%78.93014.0%89.54510.7%$ 19,621,657,218$ 5,215,129,076$ 5,507,484,339
'14May$ 32,242,134,48926%6.1%7.3%7.0%7.0%5.8%7.4%8.2%7.5%105.29210.2%86.13110.8%82.46111.1%83.29212.6%107.30917.3%78.70011.3%79.02413.1%90.31710.8%$ 24,997,716,035$ 6,224,019,691$ 1,020,398,762
'14Jun$ 38,761,396,26827%6.1%7.3%7.0%7.0%5.9%7.4%8.2%7.6%106.35410.9%87.22411.2%82.94810.7%84.09812.4%108.18416.4%79.55411.3%79.34412.3%91.10010.8%$ 30,370,115,194$ 8,386,281,074$ 5,000,000
'14Jul$ 40,600,471,66315%6.1%7.2%6.9%7.0%5.9%7.4%8.2%7.6%107.47711.5%88.35311.7%83.43510.2%84.78711.9%109.22215.5%80.25711.1%79.94711.9%91.89110.9%$ 28,714,165,263$ 7,133,639,995$ 4,752,666,405
'14Aug$ 36,239,380,03925%6.1%7.2%6.9%7.0%5.8%7.3%8.2%7.3%108.63212.0%89.39412.1%83.9529.7%85.35211.3%110.38114.5%80.73410.5%80.68611.5%92.69610.8%$ 28,672,402,984$ 7,563,427,055$ 3,550,000
'14Sep$ 42,864,668,82430%6.1%7.2%6.9%7.0%5.8%7.3%8.2%7.4%109.76612.4%90.30512.3%84.5259.4%85.89110.7%111.60313.6%81.13810.1%81.54811.0%93.53510.9%$ 28,949,927,219$ 13,422,214,597$ 492,527,008
'14Oct$ 44,389,238,27520%6.0%7.1%6.9%6.9%5.7%7.2%8.2%7.6%110.86412.5%91.13012.3%85.1669.2%86.49910.3%112.77412.8%81.6059.8%82.49110.4%94.42710.9%$ 31,570,404,172$ 12,450,842,556$ 367,991,547
'14Nov$ 34,406,019,244-3%6.0%7.1%6.8%6.9%5.7%7.2%8.2%7.3%111.89112.4%91.98212.4%85.8789.1%87.29510.4%113.87112.2%82.33610.0%83.3829.7%95.37611.1%$ 24,823,298,382$ 9,534,339,770$ 48,381,093
'14Dec$ 57,591,987,33812%6.0%7.1%6.8%6.9%5.7%7.2%8.2%7.1%112.90412.2%92.85312.6%86.6469.1%88.27910.9%114.91011.7%83.36310.8%84.1639.0%96.36411.3%$ 40,179,367,535$ 12,627,834,405$ 4,784,785,397
'15Jan$ 50,256,702,28651%6.0%7.0%6.8%6.9%5.7%7.2%8.1%7.2%113.91512.2%93.76312.7%87.4329.2%89.30811.4%115.98111.6%84.47211.6%84.7688.5%97.34411.5%$ 31,838,817,477$ 7,821,811,883$ 10,596,072,927
'15Feb$ 48,443,338,27039%6.0%7.0%6.7%6.9%5.8%7.2%8.1%7.2%114.91712.1%94.59912.9%88.1869.2%90.24611.7%117.00611.5%85.50812.1%85.3448.4%98.26411.6%$ 25,931,255,191$ 9,195,996,324$ 13,316,086,755
'15Mar$ 45,374,813,54164%5.9%7.0%6.7%6.8%5.8%7.1%8.1%7.1%115.91912.1%95.27812.8%88.8749.2%91.04711.6%117.99911.6%86.39912.3%85.9658.9%99.10211.6%$ 30,050,838,889$ 15,311,070,602$ 12,904,050
'15Apr$ 37,158,217,38822%5.9%7.0%6.7%6.8%5.7%7.1%8.1%7.1%116.99912.1%95.69812.3%89.4879.2%91.74811.3%118.92711.6%87.23112.2%86.6649.8%99.87711.5%$ 26,772,611,217$ 7,991,507,618$ 2,394,098,554
'15May$ 47,275,298,65747%5.9%6.9%6.7%6.8%5.7%7.0%8.1%7.1%118.17112.2%95.97211.4%90.0369.2%92.26610.8%119.86611.7%87.78811.5%87.43610.6%100.60011.4%$ 30,009,769,082$ 10,137,100,784$ 7,128,428,792
'15Jun$ 47,465,577,62922%5.9%6.9%6.7%6.8%5.7%7.0%8.1%7.2%119.36812.2%96.27010.4%90.5349.1%92.54010.0%120.63911.5%88.00710.6%88.30611.3%101.26811.2%$ 31,619,751,882$ 15,194,975,750$ 650,849,996
'15Jul$ 41,084,490,6821%5.9%6.9%6.6%6.8%5.7%7.0%8.1%7.1%120.48312.1%96.7209.5%91.0009.1%92.6279.2%121.29311.1%87.9529.6%89.24711.6%101.88010.9%$ 29,110,351,780$ 9,589,931,659$ 2,384,207,244
'15Aug$ 41,576,801,99015%5.9%6.9%6.6%6.8%5.6%7.0%8.1%7.2%121.48411.8%97.3368.9%91.4518.9%92.7178.6%121.88210.4%87.9769.0%90.17011.8%102.45610.5%$ 33,562,595,136$ 5,517,676,221$ 2,496,530,633
'15Sep$ 38,706,328,784-10%5.9%6.9%6.6%6.8%5.7%7.0%8.1%7.0%122.39911.5%97.9498.5%91.8888.7%92.8878.1%122.5829.8%88.1338.6%90.95211.5%103.01810.1%$ 30,025,804,092$ 7,984,253,836$ 696,270,856
'15Oct$ 58,793,402,96332%5.9%6.8%6.6%6.8%5.7%7.0%8.2%6.9%123.31311.2%98.5758.2%92.2978.4%93.1237.7%123.2639.3%88.4368.4%91.76211.2%103.5849.7%$ 31,892,003,449$ 14,223,005,601$ 12,678,393,913
'15Nov$ 37,790,131,82010%5.8%6.8%6.5%6.8%5.8%7.0%8.3%6.9%124.32011.1%99.1227.8%92.6687.9%93.3416.9%123.8488.8%88.7277.8%92.58911.0%104.1579.2%$ 26,292,912,316$ 6,941,930,504$ 4,555,289,000
'15Dec$ 79,165,127,15237%5.8%6.7%6.5%6.8%5.8%7.0%8.3%6.5%125.47711.1%99.6147.3%93.0017.3%93.5285.9%124.3048.2%88.9666.7%93.47111.1%104.7458.7%$ 51,213,256,853$ 19,932,553,746$ 8,019,316,553
'16Jan$ 50,902,764,7851%5.8%6.8%6.5%6.8%5.7%7.0%8.4%6.5%126.74711.3%99.9596.6%93.3096.7%93.7114.9%124.8447.6%89.0345.4%94.29011.2%105.3488.2%$ 31,145,702,642$ 11,278,653,954$ 8,478,408,189
'16Feb$ 32,660,975,073-33%5.8%6.7%6.5%6.7%5.7%7.0%8.4%6.4%128.06411.4%100.2766.0%93.6036.1%94.0314.2%125.6387.4%89.0984.2%95.19311.5%105.9917.9%$ 23,926,276,063$ 8,734,699,010$ - 0
'16Mar$ 36,606,962,980-19%5.8%6.7%6.5%6.7%5.7%7.0%8.4%6.4%129.39511.6%100.7065.7%93.8925.6%94.5953.9%126.8067.5%89.3413.4%96.24512.0%106.7007.7%$ 27,117,845,404$ 5,695,780,811$ 3,793,336,765
'16Apr$ 31,205,958,021-16%5.8%6.7%6.5%6.7%5.7%7.0%8.5%6.5%130.73411.7%101.2165.8%94.1815.2%95.4174.0%128.2877.9%89.9243.1%97.32812.3%107.4857.6%$ 25,296,501,272$ 5,909,456,749$ - 0
'16May$ 36,980,247,332-22%5.7%6.7%6.5%6.7%5.6%7.0%8.5%6.5%132.06211.8%101.7946.1%94.4614.9%96.3614.4%129.9208.4%90.7053.3%98.35512.5%108.3227.7%$ 29,345,230,442$ 7,635,016,890$ - 0
'16Jun$ 49,232,516,7974%5.8%6.7%6.5%6.7%5.6%7.0%8.5%6.5%133.30811.7%102.3656.3%94.7224.6%97.2645.1%131.6109.1%91.4523.9%99.27412.4%109.1657.8%$ 40,880,485,299$ 8,352,031,498$ - 0
'16Jul$ 37,512,066,711-9%5.7%6.7%6.5%6.6%5.6%6.9%8.5%6.5%134.43111.6%103.0036.5%94.9414.3%98.0685.9%133.2119.8%92.0714.7%100.03412.1%109.9697.9%$ 30,201,043,702$ 4,644,373,623$ 2,666,649,386
'16Aug$ 37,530,566,731-10%5.7%6.7%6.5%6.6%5.6%6.9%8.5%6.6%135.47611.5%103.6676.5%95.0974.0%98.8186.6%134.74110.5%92.6555.3%100.62211.6%110.7168.1%$ 31,881,634,809$ 5,648,931,922$ - 0
'16Sep$ 56,405,856,25546%5.7%6.6%6.5%6.6%5.6%6.9%8.5%6.6%136.47011.5%104.4296.6%95.1863.6%99.5807.2%136.07811.0%93.3675.9%101.00711.1%111.4008.1%$ 34,958,891,257$ 14,765,567,270$ 6,681,397,728
'16Oct$ 42,883,093,029-27%5.7%6.6%6.5%6.6%5.6%6.9%8.5%6.6%137.41411.4%105.2446.8%95.2253.2%100.3537.8%137.11711.2%94.2446.6%101.20110.3%112.0188.1%$ 31,717,311,749$ 8,466,950,482$ 2,698,830,798
'16Nov$ 40,730,755,4358%5.7%6.6%6.5%6.6%5.6%6.9%8.6%6.7%138.28111.2%106.0467.0%95.2472.8%101.0318.2%137.64111.1%95.1787.3%101.1869.3%112.5668.1%$ 28,166,268,798$ 12,064,486,637$ 500,000,000
'16Dec$ 61,071,335,616-23%5.7%6.7%6.5%6.6%5.5%6.9%8.5%7.4%139.08910.8%106.7467.2%95.2702.4%101.5528.6%137.76810.8%95.9717.9%101.0598.1%113.0627.9%$ 44,257,268,761$ 12,176,047,244$ 4,638,019,611
'17Jan$ 37,167,218,129-27%5.7%6.6%6.5%6.6%5.5%6.9%8.5%7.5%139.88810.4%107.5157.6%95.3052.1%101.9328.8%137.74610.3%96.5398.4%101.0747.2%113.5637.8%$ 29,893,770,616$ 7,266,597,513$ 6,850,000
'17Feb$ 27,148,665,145-17%5.7%6.6%6.5%6.6%5.5%6.9%8.5%7.6%140.7449.9%108.4838.2%95.3511.9%102.2508.7%138.0099.8%96.8858.7%101.3906.5%114.1267.7%$ 21,817,321,547$ 5,331,343,598$ - 0
'17Mar$ 46,470,276,76027%5.7%6.7%6.5%6.6%5.5%6.9%8.6%7.5%141.7639.6%109.6428.9%95.4131.6%102.6038.5%138.6549.3%97.1618.8%101.8665.8%114.8057.6%$ 30,892,950,351$ 10,726,347,658$ 4,850,978,750
'17Apr$ 30,525,461,863-2%5.6%6.7%6.5%6.6%5.5%6.9%8.6%7.4%143.0559.4%110.8349.5%95.4881.4%103.0618.0%139.6748.9%97.5008.4%102.4285.2%115.6197.6%$ 23,301,157,681$ 4,172,815,342$ 3,051,488,840
'17May$ 40,799,909,32910%5.6%6.7%6.5%6.6%5.5%6.9%8.6%7.3%144.6249.5%111.8199.8%95.5801.2%103.6657.6%140.7778.4%97.9958.0%103.0614.8%116.5407.6%$ 30,387,538,912$ 10,412,370,416$ - 0
'17Jun$ 47,887,480,171-3%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.5%146.3299.8%112.65310.1%95.6831.0%104.3967.3%141.8427.8%98.6687.9%103.9454.7%117.5197.7%$ 37,178,719,245$ 10,708,760,926$ - 0
'17Jul$ 34,360,559,716-8%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.3%148.01810.1%113.41410.1%95.8080.9%105.1487.2%142.7807.2%99.3537.9%104.9594.9%118.4957.8%$ 27,280,067,874$ 6,108,671,836$ 971,820,006
'17Aug$ 43,178,879,21515%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.2%149.56610.4%114.20010.2%95.9580.9%105.8387.1%143.6926.6%99.9187.8%105.8545.2%119.4337.9%$ 30,430,655,244$ 9,979,498,894$ 2,768,725,077
'17Sep$ 53,512,441,024-5%5.6%6.6%6.5%6.6%5.6%6.9%8.8%7.1%150.95610.6%114.92210.0%96.1381.0%106.4376.9%144.6046.3%100.3267.5%106.3285.3%120.3108.0%$ 31,069,100,420$ 11,097,199,961$ 11,346,140,643
'17Oct$ 42,376,509,048-1%5.6%6.6%6.5%6.6%5.5%6.9%8.7%7.0%152.20010.8%115.5089.8%96.3341.2%106.9636.6%145.4676.1%100.6376.8%106.3585.1%121.1118.1%$ 33,298,794,003$ 7,710,921,913$ 1,366,793,132
'17Nov$ 37,738,175,063-7%5.6%6.6%6.5%6.6%5.6%6.9%8.8%6.7%153.35410.9%115.9689.4%96.5311.3%107.4656.4%146.1496.2%100.9906.1%106.1584.9%121.8318.2%$ 30,184,657,017$ 7,553,518,046$ - 0
'17Dec$ 52,587,309,756-14%5.5%6.5%6.5%6.6%5.6%6.9%8.7%6.6%154.50511.1%116.5109.1%96.7211.5%107.9486.3%146.5646.4%101.4335.7%106.1145.0%122.4988.3%$ 40,704,078,064$ 11,883,231,692$ - 0
'18Jan$ 44,873,498,38321%5.5%6.5%6.5%6.6%5.6%6.9%8.7%6.6%155.74011.3%117.3629.2%96.9041.7%108.4626.4%146.7126.5%102.0355.7%106.5805.4%123.1688.5%$ 32,142,411,709$ 8,805,177,191$ 3,925,909,483
'18Feb$ 33,830,954,17425%5.5%6.5%6.5%6.6%5.6%6.8%8.7%6.6%157.13711.6%118.5509.3%97.0861.8%109.0426.6%146.6866.3%102.7876.1%107.4976.0%123.8828.5%$ 26,211,807,078$ 6,206,633,133$ 1,412,513,963
'18Mar$ 42,313,399,793-9%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.6%158.72912.0%119.7439.2%97.2752.0%109.7737.0%146.6225.7%103.7706.8%108.7386.7%124.6468.6%$ 32,800,980,849$ 9,421,819,011$ 90,599,933
'18Apr$ 34,866,175,36714%5.5%6.4%6.5%6.6%5.7%6.8%8.7%6.7%160.52512.2%120.6078.8%97.4822.1%110.6367.3%146.6395.0%104.8937.6%110.0447.4%125.4448.5%$ 25,500,049,224$ 9,366,126,143$ - 0
'18May$ 39,805,560,783-2%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.7%162.43312.3%121.0688.3%97.7152.2%111.5747.6%146.8814.3%106.0628.2%111.1827.9%126.2708.3%$ 30,650,669,016$ 8,633,247,414$ 521,644,353
'18Jun$ 49,876,697,5354%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.6%164.34512.3%121.3907.8%97.9652.4%112.3977.7%147.3703.9%106.9788.4%111.9457.7%127.1048.2%$ 33,657,742,767$ 8,201,757,511$ 8,017,197,257
'18Jul$ 41,415,947,35821%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.7%166.06212.2%121.8937.5%98.2142.5%113.0307.5%148.0953.7%107.5808.3%112.2076.9%127.9238.0%$ 31,690,022,188$ 7,775,926,965$ 1,949,998,204
'18Aug$ 73,196,063,40770%5.5%6.4%6.5%6.6%5.6%6.8%8.7%6.8%167.47412.0%122.8067.5%98.4582.6%113.4037.1%148.7303.5%107.8447.9%112.2326.0%128.6887.7%$ 39,225,028,309$ 9,754,451,733$ 24,216,583,366
'18Sep$ 45,988,025,503-14%5.5%6.4%6.5%6.6%5.6%6.9%8.6%6.8%168.50311.6%124.0287.9%98.6952.7%113.6076.7%149.1493.1%107.9797.6%112.0685.4%129.3717.5%$ 31,070,176,821$ 11,676,519,039$ 3,241,329,643
'18Oct$ 51,990,574,04123%5.5%6.4%6.5%6.7%5.6%6.9%8.6%6.9%169.21311.2%125.2908.5%98.9232.7%113.6836.3%149.3632.7%108.0287.3%111.8015.1%129.9657.3%$ 34,894,206,576$ 9,685,733,671$ 7,410,633,795
'18Nov$ 48,583,642,41629%5.5%6.3%6.6%6.6%5.6%6.8%8.6%7.3%169.76310.7%126.5279.1%99.1372.7%113.7415.8%149.6722.4%108.0767.0%111.3794.9%130.5177.1%$ 35,329,226,131$ 8,875,217,332$ 4,379,198,953
'18Dec$ 73,128,653,92339%5.5%6.3%6.5%6.6%5.6%6.9%8.6%7.2%170.33310.2%127.7959.7%99.3412.7%113.8175.4%150.2902.5%108.0666.5%111.1724.8%131.0797.0%$ 43,416,792,931$ 11,117,714,694$ 18,594,146,297
'19Jan$ 38,076,996,766-15%5.5%6.3%6.5%6.7%5.6%6.9%8.6%7.1%171.0679.8%129.27010.1%99.5442.7%114.0145.1%151.3563.2%108.1236.0%111.4204.5%131.7056.9%$ 32,234,010,144$ 5,842,986,623$ - 0
'19Feb$ 35,800,275,0936%5.5%6.3%6.5%6.7%5.6%6.9%8.6%7.0%172.0289.5%130.82310.4%99.7472.7%114.3424.9%152.7564.1%108.2975.4%112.0804.3%132.4016.9%$ 28,176,608,454$ 7,127,520,536$ 496,146,103
'19Mar$ 39,547,962,111-7%5.5%6.3%6.5%6.7%5.5%6.9%8.7%7.2%173.2269.1%132.38910.6%99.9512.8%114.7634.5%154.1355.1%108.5944.6%112.7973.7%133.1636.8%$ 28,409,805,842$ 9,352,524,110$ 1,785,632,159
'19Apr$ 37,368,534,9877%5.5%6.3%6.6%6.6%5.5%6.9%8.7%7.3%174.6328.8%133.89811.0%100.1552.7%115.1674.1%155.1205.8%108.9313.9%113.2762.9%133.9646.8%$ 26,700,387,287$ 10,386,375,212$ 281,772,488
'19May$ 47,337,313,08719%5.5%6.3%6.6%6.7%5.5%6.9%8.6%7.4%176.1788.5%135.32811.8%100.3622.7%115.5073.5%155.5755.9%109.2553.0%113.5182.1%134.7916.7%$ 36,146,426,194$ 10,853,550,940$ 337,335,953
'19Jun$ 54,189,513,9319%5.5%6.3%6.6%6.7%5.6%6.9%8.6%7.3%177.7818.2%136.56812.5%100.5662.7%115.8143.0%155.6845.6%109.5572.4%113.4991.4%135.6096.7%$ 43,086,669,827$ 9,702,844,322$ 1,399,999,782
'19Jul$ 45,515,364,95510%5.5%6.3%6.6%6.7%5.6%6.9%8.7%7.2%179.4128.0%137.54312.8%100.7632.6%116.1512.8%155.7325.2%109.8762.1%113.2700.9%136.3926.6%$ 34,909,338,405$ 10,606,026,550$ - 0
'19Aug$ 43,468,052,146-41%5.5%6.3%6.6%6.7%5.6%6.9%8.6%7.1%181.0438.1%138.33212.6%100.9532.5%116.5772.8%156.0324.9%110.2412.2%112.9180.6%137.1126.5%$ 34,681,454,759$ 8,786,597,388$ - 0
'19Sep$ 70,149,969,98553%5.5%6.3%6.6%6.6%5.6%6.9%8.6%7.1%182.6358.4%139.13212.2%101.1452.5%117.0893.1%156.6145.0%110.6592.5%112.4600.3%137.7746.5%$ 39,398,978,373$ 27,050,991,900$ 3,699,999,712
'19Oct$ 53,245,524,9652%5.5%6.3%6.6%6.6%5.6%6.9%8.7%6.9%184.0978.8%140.07511.8%101.3482.5%117.6943.5%157.5345.5%111.1132.9%111.8860.1%138.4066.5%$ 39,411,392,099$ 13,776,678,508$ 57,454,358
'19Nov$ 47,454,908,205-2%5.5%6.3%6.6%6.6%5.5%6.9%8.6%6.8%185.4289.2%141.09211.5%101.5562.4%118.3704.1%158.6376.0%111.5763.2%111.130-0.2%139.0396.5%$ 33,524,138,521$ 11,534,286,324$ 2,396,483,359
'19Dec$ 73,578,751,1581%5.5%6.3%6.6%6.6%5.5%6.9%8.6%6.8%186.7569.6%142.06811.2%101.7582.4%119.1534.7%159.8036.3%112.1553.8%110.344-0.7%139.7106.6%$ 53,041,827,961$ 20,536,923,197$ - 0
'20Jan$ 42,437,174,99711%5.5%6.3%6.6%6.5%5.5%6.8%8.6%6.9%188.22410.0%142.96310.6%101.9402.4%120.0335.3%160.8936.3%112.8694.4%109.640-1.6%140.4326.6%$ 26,809,142,787$ 11,006,212,868$ 4,621,819,343
'20Feb$ 36,738,672,5053%5.4%6.3%6.6%6.6%5.4%6.8%8.6%6.9%189.87510.4%143.7179.9%102.1112.4%120.9685.8%161.7975.9%113.6965.0%109.171-2.6%141.2116.7%$ 19,267,976,098$ 6,876,680,244$ 10,594,016,162
*Office, industrial, retail, apartment, hotel, dev sites, and seniors housing & care
Volume & Pricing
Off
Ret
Ind
Apt
Htl
Summary Table
Individual
Portfolio
Entity
RCA CPPI
Lender Summary
YOY Chg
Lender Composition
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit https://app.rcanalytics.com
Feb '20Past 12 Mths
Vol ($b)YOYVol ($b)YOY
Office8.69%143.17%USANATOFFOffice
Retail2.9-32%63.5-27%USANATRETRetail
Industrial12.6132%127.333%USANATINDIndustrial
Hotel1.2-58%35.6-18%USANATHOTHotel
Apartment7.6-36%182.53%USANATAPTApartment
Seniors Housing & Care1.3-29%18.118%Seniors Housing & Care
Dev Site2.562%21.0-10%USANATALLUnited States National All Types
Total36.73%591.03%
Major Metros11.5-19%208.1-5%
Secondary Mkts15.7-0%280.18%
Tertiary Mkts5.3-10%89.6-5%
Portfolio17.5129%175.6-0%
Single Asset19.3-32%415.44%
Transaction Volume ($b)
Year-Over-Year Change
Cap Rates
Off
Ret
Ind
Apt
All-Property
RCA CPPI™Year-Over-Year Change
Office
Retail
Industrial
Apartment
All-Property
RCA CPPI™
Construction Lender Comp
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
All Types
Avg '19Avg '19Avg '18Avg '19Avg '18
Loan ($m)LTVLTVCapCap
Gov't Agency16.569.3%67.2%5.5%5.6%
CMBS16.864.5%62.5%6.8%6.9%
Int'l Bank23.966.1%65.3%5.8%6.0%
Nat'l Bank12.464.9%63.6%6.1%6.2%
Reg'l/Local Bank6.367.9%66.7%6.8%6.4%
Financial22.572.2%70.5%5.7%5.8%
Insurance19.661.1%60.3%5.7%5.8%
Grand Total12.367.0%65.7%6.1%6.0%
* Numbers may not sum as unclassified volume is included in the grand total.
Lender Comp by Investment Style
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
CMBSFinancialPrivate/OtherGovernment AgencyInsuranceBankNational BankRegional/Local Bank
2019201915%10%1%22%10%8%17%18%
2018201817%9%1%24%11%7%14%17%
2017201720%7%1%27%10%6%13%17%
2016201614%8%1%23%12%7%16%19%
2015201519%9%1%20%12%7%16%15%
OfficeOffice21%14%1%0%10%53%24%17%93%
IndustrialIndustrial21%7%2%0%16%54%22%23%99%
RetailRetail22%12%2%0%11%53%15%28%96%
HotelHotel27%15%2%0%4%53%18%25%96%
ApartmentApartment7%6%1%50%9%28%12%12%51%
Snr Housing*Seniors Housing & Care4%13%1%36%2%44%19%19%82%
Major MetrosMM15%13%1%12%10%13%19%17%
SecondaryS16%9%1%23%11%6%17%17%
TertiaryT17%8%1%22%6%3%15%28%
Individual
5025%12%0%25%10%9%16%2%
Senior Housing*
*The time series for this analysis is for 2019
Lender Comp by Investment Style
CMBS
Financial
Private/Other
Government Agency
Insurance
Bank
National Bank
Regional/Local Bank
Debt Metrics
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
Construction Lender Composition
FinancialPrivate/OtherGovernment AgencyInsuranceInternational BankNational BankRegional/Local Bank
2019201919%4%10%3%10%27%27%
2018201817%2%9%4%10%29%30%
2017201713%2%8%4%7%28%36%
201620168%1%6%4%11%38%31%
ApartmentApartment13%3%16%4%11%29%24%
OfficeOffice34%8%0%2%10%23%24%
HotelHotel37%9%0%0%5%13%35%
IndustrialIndustrial9%1%0%4%8%39%39%
RetailRetail19%3%0%3%3%28%43%
Seniors Housing & CareSeniors Housing & Care1%2%4%0%6%46%40%
Student HousingStudent Housing7%2%0%0%21%45%24%
Residential/CondoResidential/Condo43%9%0%2%15%8%22%
MM
S
T
$50m
Lender Composition
Debt Metrics
Financial
Private/Other
Government Agency
Insurance
International Bank
National Bank
Regional/Local Bank
Lender Comp by Property Type
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
Lender Composition by Investment Style
CMBSFinancialPvt/OtherGov't AgencyInsuranceInt'l BankNat'l BankReg'l/Local Bank
2019CMBSFinancialPrivate/OtherGovernment AgencyInsuranceInternational BankNational BankRegional/Local Bank
CoreAcquisition & Refi (Core)15%8%1%23%11%8%17%18%
Value-AddAcquisition & Refi (Value-Add)22%24%1%13%6%9%15%10%
ConstructionConstruction Loans0%19%4%10%3%10%27%27%
CMBSFinancialPvt/OtherGov't AgencyInsuranceInt'l BankNat'l BankReg'l/Local Bank
Core
Value-Add
Construction
Core
Value-Add
Construction
Core
Value-Add
Construction
Lender Comp by Property Type
CMBS
Financial
Private/Other
Government Agency
Insurance
International Bank
National Bank
Regional/Local Bank
LTV Distribution
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://app.rcanalytics.com
Last Updated: 3/23/2020
Debt Metrics* Monthly 10-year treasury data is based on officially published nominal 10-year treasury constant maturities.
SOURCE: Real Capital Analytics, Federal Reserve
200311
20031210yr UST*CommercialSpread
2004'0404Q1014.15%5.9%171.90
200404Q1024.08%5.8%170.73
200404Q1033.83%5.7%183.38
200404Q2044.35%5.6%125.91
200404Q2054.72%5.6%90.38
200404Q2064.73%5.7%101.49
200404Q3074.50%5.8%134.30
200404Q3084.28%5.9%160.61
200404Q3094.13%5.8%167.11
200404Q4104.10%5.7%156.49
200404Q4114.19%5.6%136.29
200404Q4124.23%5.5%125.91
2005'0505Q1014.22%5.5%126.15
200505Q1024.17%5.5%131.03
200505Q1034.50%5.5%99.39
200505Q2044.34%5.5%115.42
200505Q2054.14%5.5%135.13
200505Q2064.00%5.4%142.97
200505Q3074.18%5.4%118.18
200505Q3084.26%5.3%106.13
200505Q3094.20%5.3%112.27
200505Q4104.46%5.4%92.78
200505Q4114.54%5.5%92.44
200505Q4124.47%5.6%110.23
2006'0606Q1014.42%5.6%122.49
200606Q1024.57%5.7%112.51
200606Q1034.72%5.7%102.30
200606Q2044.99%5.8%84.12
200606Q2055.11%6.0%85.00
200606Q2065.11%6.1%97.76
200606Q3075.09%6.2%107.48
200606Q3084.88%6.2%131.34
200606Q3094.72%6.2%144.03
200606Q4104.73%6.1%135.83
200606Q4114.60%6.0%139.38
200606Q4124.56%5.9%133.41
2007'0707Q1014.76%5.8%108.31
200707Q1024.72%5.8%110.91
200707Q1034.56%5.8%126.65
200707Q2044.69%5.8%110.91
200707Q2054.75%5.8%105.06
200707Q2065.10%5.9%76.54
200707Q3075.00%6.0%98.99
200707Q3084.67%6.1%146.33
200707Q3094.52%6.3%174.39
200707Q4104.53%6.4%182.40
200707Q4114.15%6.4%226.68
200707Q4124.10%6.4%234.29
2008'0808Q1013.74%6.5%273.77
200808Q1023.74%6.5%276.21
200808Q1033.51%6.5%299.13
200808Q2043.68%6.4%269.68
200808Q2053.88%6.4%254.76
200808Q2064.10%6.1%198.22
200808Q3074.01%5.9%184.11
200808Q3083.89%5.9%197.00
200808Q3093.69%6.5%278.14
200808Q4103.81%6.5%264.86
200808Q4113.53%6.3%281.00
200808Q4122.42%6.3%384.00
2009'0909Q1012.52%6.1%359.67
200909Q1022.87%6.2%328.00
200909Q1032.82%7.5%466.10
200909Q2042.93%7.6%465.27
200909Q2053.29%7.5%417.88
200909Q2063.72%7.3%356.73
200909Q3073.56%7.0%343.54
200909Q3083.59%7.2%362.70
200909Q3093.40%6.8%336.78
200909Q4103.39%7.0%358.20
200909Q4113.40%6.7%334.00
200909Q4123.59%6.6%305.00
2010'1010Q1013.73%6.5%275.56
201010Q1023.69%6.5%279.20
201010Q1033.73%6.6%283.30
201010Q2043.85%6.4%255.10
201010Q2053.42%6.2%278.76
201010Q2063.20%5.9%271.28
201010Q3073.01%5.9%287.69
201010Q3082.70%5.9%315.96
201010Q3092.65%5.9%325.60
201010Q4102.54%5.7%312.51
201010Q4112.76%5.5%277.63
201010Q4123.29%5.6%226.41
2011'1111Q1013.39%5.7%227.43
201111Q1023.58%5.7%214.54
201111Q1033.41%5.8%239.12
201111Q2043.46%5.8%230.43
201111Q2053.17%5.7%248.11
201111Q2063.00%5.5%248.29
201111Q3073.00%5.4%240.64
201111Q3082.30%5.5%316.85
201111Q3091.98%5.6%361.73
201111Q4102.15%5.6%349.03
201111Q4112.01%5.6%362.72
201111Q4121.98%5.5%355.09
2012'1212Q1011.97%5.4%342.63
201212Q1021.97%5.3%328.43
201212Q1032.17%5.2%306.23
201212Q2042.05%5.3%321.93
201212Q2051.80%5.1%332.11
201212Q2061.62%5.0%335.60
201212Q3071.53%4.9%332.35
201212Q3081.68%4.8%312.70
201212Q3091.72%4.7%300.24
201212Q4101.75%4.7%295.35
201212Q4111.65%4.6%290.95
201212Q4121.72%4.4%270.53
2013'1313Q1011.91%4.4%244.46
201313Q1021.98%4.4%237.85
201313Q1031.96%4.4%241.80
201313Q2041.76%4.3%253.91
201313Q2051.93%4.2%231.36
201313Q2062.30%4.3%199.95
201313Q3072.58%4.6%201.65
201313Q3082.74%4.9%219.04
201313Q3092.81%5.1%231.58
201313Q4102.62%5.2%254.97
201313Q4112.72%5.1%238.89
201313Q4122.90%5.1%218.55
2014'1414Q1012.86%5.1%220.57
201414Q1022.71%5.0%233.24
201414Q1032.72%5.0%223.29
201414Q2042.71%4.9%219.19
201414Q2052.56%4.8%227.39
201414Q2062.60%4.8%215.80
201414Q3072.54%4.7%213.45
201414Q3082.42%4.6%222.27
201414Q3092.53%4.6%208.71
201414Q4102.30%4.6%225.39
201414Q4112.33%4.5%219.31
201414Q4122.21%4.4%223.25
2015'1515Q1011.88%4.4%252.48
201515Q1021.98%4.3%234.48
201515Q1032.04%4.3%224.75
201515Q2041.94%4.2%230.46
201515Q2052.20%4.3%207.40
201515Q2062.36%4.4%199.86
201515Q3072.32%4.5%219.45
201515Q3082.17%4.6%243.08
201515Q3092.17%4.6%247.41
201515Q4102.07%4.6%257.81
201515Q4112.26%4.7%242.29
201515Q4122.24%4.8%251.34
2016'1616Q1012.09%4.8%273.78
201616Q1021.78%4.9%310.18
201616Q1031.89%4.9%300.76
201616Q2041.81%4.9%310.18
201616Q2051.81%4.9%307.45
201616Q2061.64%4.7%306.69
201616Q3071.50%4.6%305.18
201616Q3081.56%4.4%286.73
201616Q3091.63%4.4%272.37
201616Q4101.76%4.4%260.06
201616Q4112.14%4.5%233.41
201616Q4122.49%4.7%216.83
2017'1717Q1012.43%4.8%238.70
201717Q1022.42%4.9%244.21
201717Q1032.48%4.9%239.74
201717Q2042.30%4.8%247.31
201717Q2052.30%4.7%244.58
201717Q2062.19%4.6%242.05
201717Q3072.32%4.6%225.01
201717Q3082.21%4.4%221.33
201717Q3092.20%4.4%222.61
201717Q4102.36%4.5%209.72
201717Q4112.35%4.5%215.75
201717Q4122.40%4.5%212.09
2018'1818Q1012.58%4.6%200.86
201818Q1022.86%4.7%184.87
201818Q1032.84%4.9%203.75
201818Q2042.87%5.0%208.18
201818Q2052.98%5.0%201.10
201818Q2062.91%5.0%207.35
201818Q3072.89%5.0%208.43
201818Q3082.89%4.9%204.85
201818Q3093.00%5.0%198.81
201818Q4103.15%5.1%193.82
201818Q4113.12%5.2%203.81
201818Q4122.83%5.1%231.75
2019'1919Q1012.71%5.1%236.78
201919Q1022.68%5.0%230.68
201919Q1032.57%4.9%237.63
201919Q2042.53%4.9%233.38
201919Q2052.40%4.7%232.41
201919Q2062.07%4.5%242.09
201919Q3072.06%4.3%227.30
201919Q3081.63%4.2%252.99
201919Q3091.70%4.1%235.59
201919Q4101.71%3.9%220.91
201919Q4111.81%3.9%209.77
201919Q4121.86%3.9%201.61
2020'2020Q1011.76%3.9%212.96
202020Q1
202020Q1
202020Q2
202020Q2
202020Q2
202020Q3
202020Q3
202020Q3
202020Q4
202020Q4
202020Q4
2019
LTV Distribution
10yr UST
Commercial mortgage
Spread
Recovery Rate by Prop Type
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
OfficeIndustrialRetailApartmentHotelSeniors Housing & Care
CMBSCMBS32%17%16%19%16%1%
FinancialFinancial33%9%14%26%13%5%
Private/OtherPrivate/Other20%22%19%21%13%4%
Government AgencyGovernment Agency0%0%0%93%0%6%
InsuranceInsurance25%21%13%37%3%1%
International BankInternational Bank38%13%13%23%11%2%
National BankNational Bank32%16%10%28%9%4%
Regional/Local BankRegional/Local Bank22%16%18%27%13%4%
2019201923%12%11%41%9%4%
Recovery Rate by Prop Type
00
Office
Industrial
Retail
Apartment
Hotel
Seniors Housing & Care
Recovery Rate Bubble Chart
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
LTV Distribution
LTVAll OthersFinancial Companies
20%0%1%
25%1%1%
30%1%0%
35%1%1%
40%2%0%
45%4%2%
50%8%9%
55%8%5%
60%16%9%
65%21%17%
70%14%14%
75%11%15%
80%9%13%
85%4%11%
90%0%1%
Lender Composition
All Lenders
Recovery Rate Bubble Chart
0.20.2
0.250.25
0.30.3
0.350.35
0.40.4
0.450.45
0.50.5
0.550.55
0.60.6
0.650.65
0.70.7
0.750.75
0.80.8
0.850.85
0.90.9
Financial companies/debt funds
All other lenders
0.0072463768
0.0043536099
0.0144927536
0.0060466804
0.0036231884
0.0102793566
0.0108695652
0.0111258919
0.0036231884
0.0208005805
0.0217391304
0.0366428831
0.0905797101
0.081630185
0.0471014493
0.0822348531
0.0942028986
0.1589067602
0.1702898551
0.2124803483
0.1376811594
0.1356875076
0.1485507246
0.1093239811
0.1304347826
0.0891280687
0.1050724638
0.0378522191
0.0144927536
0.0035070746
Market Data Table
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
YearOfficeIndustrialRetailApartment
'0968%76%64%63%
'1066%67%63%64%
'1167%72%61%73%
'1263%69%64%75%
'1364%74%66%78%
'1466%75%69%81%
'1567%75%68%87%
'1662%77%70%82%
'1768%86%66%91%
'1874%78%66%92%
'1969%83%61%90%
Loan-to-value range
Share of distribution
Market Data Table
Office
Retail
Industrial
Apartment
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
*standardized download niche type volume conventions
AllComAptMarketAllMarketAll
MarketNamesPrice ChgVol Chg$ VolPrice ChgRR$ VolPrice ChgRR$ VolTicker NameMarketPrice ChgVol Chg$ VolMarket TierProperty TypeTicker NameMarketPrice ChgVol Chg$ VolBELOW VERSION FOR REF ONLY, SHOWS 6MM HOTEL
AtlantaAtlanta11%4%$ 20.097%75%$ 47.1415%81%$ 40.55All TypesUSANATALLAll Types45.0%MMApartmentUSAMM6APT6MM Apartment48.2%-4%$ 52.30
BaltimoreBaltimore3%9%$ 6.0556%$ 13.22$ 10.78USANATAPTApartment65.4%NMMApartmentUSANMMAPTNMM Apartment71.1%27%$ 154.37
Boston MetroBoston Metro8%29%$ 20.258%60%$ 57.09$ 17.61USANATAGDGarden71.5%MMOffice - CBDUSAMM6CBD6MM Office - CBD41.8%-10%$ 36.49
CharlotteCharlotte8%28%$ 8.647%74%$ 16.3011%95%$ 13.03USANATCOMCommercial33.1%MMHotelUSAMM6HOT6MM Hotel19.0%-19%$ 12.74
ChicagoChicago4%-30%$ 16.984%62%$ 69.916%96%$ 22.50
DallasDallas7%4%$ 26.415%71%$ 58.5110%100%$ 48.51Single TenantUSANATISTSingle Tenant40.4%NMMIndustrialUSANMMINDNMM Industrial46.4%16%$ 73.55
DC MetroDC Metro2%-1%$ 25.31-0%58%$ 69.305%93%$ 38.15USANATIWHWarehouse53.7%MMRetailUSAMM6RET6MM Retail19.9%-30%$ 20.67
DenverDenver9%0%$ 13.217%82%$ 25.5212%$ 28.21USANATCBDOffice - CBD39.1%MMOffice - SubUSAMM6SUB6MM Office - Sub31.3%6%$ 33.72
HoustonHouston3%-12%$ 16.351%65%$ 38.226%$ 29.48Single TenantUSANATOSTSingle Tenant30.5%
JacksonvilleJacksonville11%0%$ 3.285%64%$ 6.1014%95%$ 6.13USANATSUBOffice - Sub34.5%
LA - Inland EmpireInland Empire7%-2%$ 10.245%79%$ 26.9611%90%$ 9.98AnchoredUSANATRANAnchored22.7%
LA - Los Angeles CoLos Angeles10%-1%$ 30.0310%91%$ 94.3710%94%$ 40.23USANATRCTCenters23.4%
LA - Orange CoOrange Co7%22%$ 9.467%89%$ 30.179%$ 8.35GroceryUSANATRGRGrocery14.3%
Las VegasLas Vegas12%12%$ 7.969%66%$ 18.4715%80%$ 12.36USANATRSHShops8.3%
Miami/So FlaMiami/So Fla7%10%$ 17.547%75%$ 46.358%96%$ 22.90Single TenantUSANATRSTSingle Tenant2.4%
MinneapolisMinneapolis5%-1%$ 6.524%69%$ 18.297%$ 8.15USANATHECEconomy
NashvilleNashville9%11%$ 5.969%77%$ 11.389%$ 8.51USANATHFSFull-Service26.7%
NYC - BoroughsNYC Boroughs9%-33%$ 10.649%94%$ 28.347%95%$ 25.23USANATHMSMidscale
NYC - BurbsNYC Burbs6%11%$ 19.176%64%$ 56.996%90%$ 22.75USANATHUSUpscale
NYC - ManhattanManhattan5%-28%$ 27.135%81%$ 122.614%100%$ 40.91
OrlandoOrlando9%-18%$ 6.208%72%$ 12.4113%91%$ 15.43
Philly MetroPhilly Metro4%-3%$ 8.845%60%$ 25.904%$ 12.21
PhoenixPhoenix11%14%$ 18.417%73%$ 31.9116%95%$ 28.18
PortlandPortland9%16%$ 6.977%76%$ 15.4411%$ 11.07
Raleigh/DurhamRaleigh/Durham7%-6%$ 6.285%67%$ 12.138%98%$ 12.93
SacramentoSacramento9%-14%$ 4.216%82%$ 11.4415%95%$ 6.85
San DiegoSan Diego8%-3%$ 9.486%75%$ 27.8611%$ 12.31
SeattleSeattle9%52%$ 26.308%76%$ 51.1311%$ 28.83
SF - Oakland/East BayOakland/East Bay11%18%$ 9.0511%76%$ 25.6412%$ 9.13
SF - San FranciscoSan Francisco10%28%$ 16.1210%100%$ 45.619%$ 11.02
SF - San JoseSan Jose10%8%$ 11.7810%89%$ 43.1911%$ 7.85
TampaTampa10%2%$ 7.157%78%$ 12.5011%76%$ 14.33
Metro MomentumRecovery Rates 2015-2019
Current Date2019-1219Q42019
Prior Date2014-1214Q42015
Current 4 QTRS2019-122019-092019-062019-03
Prior 4 QTRS2018-122018-092018-062018-03
19Q419Q319Q219Q1
18Q418Q318Q218Q1
Recovery Rates by Property Type
RR Apt
RR Comm
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2020. For more current deals, cap rates and property details visit http://rcanalytics.com
US Market Stats - Lender Composition
Loans Originated in 2019
All Property TypesCMBSFinancialPrivate/OtherGovernment AgencyInsuranceInternational BankNational BankRegional/Local Bank
Mid-AtlanticBaltimore9%6%1%37%13%3%19%13%
DC12%24%1%6%17%19%14%7%
DC MD burbs10%6%1%34%11%4%22%11%
DC VA burbs11%8%1%21%16%8%25%10%
Philadelphia24%7%1%26%6%5%16%14%
Pittsburgh28%12%0%24%5%3%13%15%
Richmond/Norfolk21%4%0%40%3%6%14%12%
Tertiary Mid-Atlantic21%3%1%19%8%6%18%23%
Mid-Atlantic Total16%9%1%24%11%7%19%13%
MidwestChicago14%15%1%12%11%11%21%16%
Cincinnati16%3%0%17%10%8%23%23%
Cleveland28%14%3%20%6%0%12%17%
Columbus14%6%0%23%9%4%29%14%
Detroit17%12%1%15%6%7%16%24%
Indianapolis16%9%1%15%6%6%24%24%
Kansas City22%6%0%19%11%4%15%22%
Minneapolis12%9%0%14%8%7%23%28%
St Louis15%9%1%12%8%5%15%35%
Tertiary Midwest14%9%1%16%6%4%14%36%
Total Midwest15%11%1%15%8%7%19%25%
NortheastBoston15%6%1%19%13%11%13%22%
Hartford12%1%0%36%4%3%13%30%
Long Island5%2%0%18%13%14%20%27%
Manhattan20%18%1%5%6%21%18%11%
No NJ13%7%0%17%16%6%13%27%
NYC Boroughs14%14%2%12%5%13%15%25%
Stamford12%28%0%17%9%10%7%18%
Westchester2%6%1%16%17%4%27%27%
Tertiary Northeast14%6%2%29%5%4%14%27%
Total Northeast16%13%1%12%8%15%16%19%
SoutheastAtlanta17%12%1%29%9%5%15%13%
Broward26%5%3%19%8%6%13%20%
Charlotte15%9%2%18%11%4%28%13%
Jacksonville15%5%1%38%10%3%19%10%
Memphis21%6%2%16%10%4%24%17%
Miami/Dade Co22%9%2%21%6%12%17%11%
Nashville9%11%1%23%17%0%19%20%
Orlando13%10%1%30%10%9%12%16%
Palm Beach Co28%10%3%23%10%4%10%11%
Raleigh/Durham7%7%1%27%13%2%29%13%
Tampa11%13%2%29%11%7%14%12%
Tertiary Southeast17%10%1%24%6%3%16%23%
Total Southeast17%10%1%25%9%5%17%17%
SouthwestAustin19%6%1%17%15%3%27%13%
Dallas13%14%1%24%12%2%14%20%
Denver13%7%0%22%19%4%22%12%
Houston17%10%1%22%16%2%15%17%
Phoenix16%10%1%27%13%4%13%17%
San Antonio19%12%2%25%9%3%9%21%
Tertiary Southwest16%7%1%23%7%2%12%31%
Total Southwest15%10%1%23%13%3%16%19%
WestEast Bay11%14%1%9%13%15%19%17%
Inland Empire16%11%1%17%16%8%11%20%
Las Vegas26%8%1%24%5%19%11%7%
Los Angeles14%11%2%9%9%11%25%21%
Orange Co14%11%1%16%13%7%24%15%
Portland17%10%2%23%10%6%15%17%
Sacramento10%1%2%29%8%8%17%25%
Salt Lake City12%16%3%18%22%1%13%17%
San Diego9%11%1%13%14%5%25%21%
San Francisco26%11%2%5%12%11%22%10%
San Jose18%9%1%15%11%11%24%11%
Seattle17%8%0%16%17%10%18%14%
Tertiary West17%8%2%19%8%4%16%26%
Total West16%10%1%14%11%10%20%17%
Total US15%10%1%22%10%8%17%18%
Cumulative recovery rate 2015-2019
Annualized price growth (RCA CPPI) 2015-2019
Loan Recovery Rates and Price Growth
DANNY KAUFMANSenior ManagingDirectorJLL Capital Markets
WHERE’S THE LENDING?N A I O P C H I C A G O W E B I N A R
For Technical Assistance: Please call NAIOP Chicago at 773-472-3072 or email info@naiopchicago.org
Moderator Guest Speakers
ERIK FOSTERPrincipal, Head of Industrial Capital MarketsAvison Young
TRISH KELLYPresident, Commercial BankingTCF Banks
TONY PRICCOPresidentBridge DevelopmentPartners
KRISTIN STRANGEVice President –Capital MarketsDWS
DANNY KAUFMANSenior ManagingDirectorJLL Capital Markets
Q & AN A I O P C H I C A G O W E B I N A R
For Technical Assistance: Please call NAIOP Chicago at 773-472-3072 or email info@naiopchicago.org
Moderator Guest Speakers
ERIK FOSTERPrincipal, Head of Industrial Capital MarketsAvison Young
TRISH KELLYPresident, Commercial BankingTCF Banks
TONY PRICCOPresidentBridge DevelopmentPartners
KRISTIN STRANGEVice President –Capital MarketsDWS
Slide Number 1Slide Number 2Slide Number 3Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Slide Number 13Slide Number 14Slide Number 15Slide Number 16QUESTION AND ANSWER FUNCTIONSlide Number 18Debt Market - ObservationsSlide Number 20Slide Number 21Slide Number 22Slide Number 23Slide Number 24
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