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A r~' i4 <br />:.. Reat+~e~. - tryvest~r S~vey <br />Welcoau to the 1st Quarter 2009 edition (4th Quarter 2008 data) of the RealtyRatcs.com^"Inveslor Survey. <br />The lmestor Survry presents the results of our polling of 312 appraisal and brokerage ftrms, developers, investors, and <br />lenders nationwide. The bulk of the data is comprised of individual tables for each property typo that include surveyed <br />minimum, maximum and average mortgage and equity requirements and resulting built-up overall capitalization rates <br />(OARs) via debt coverage ratio and band of investment techniques, together with surveyed OAR's based on actual net <br />operating incomes (NOn exclusive of reserves and actual sale prices. Reserves for repairs and replacements are also <br />tracked and presented by property type in a separate table. <br />In addition, the Investor Survry also includes a market commentary, discount rates for acquisitions, re-capitalizations <br />and'new construction, a mortgage matrix, a separate equity dividend rates table, interim (construction and mini perm} <br />financing matrices, a property desirability matrix, historical average OARS, land lease cap and discount rates, and as <br />indicated above, reserve requirements, all by property type, <br />RealtyRates.eomTM is aTrade Name and Trademark of Robert G. Watts (RGW). Founded in Honolulu, Hawaii as <br />Pacific Research Company and now headquartered in Bradenton, Florida, RGW has bean providing professional <br />analytical, advisory and development management services to investors, property owners, major corporations, tenders <br />and government agencies worldwide since 1973. <br />We hope you find the Investor Survey useful and informative. <br />~~ca~- <br />Robert Watts <br />Copyright m 2009 Robert d. Watts / ReaNyRates.com" <br />