Market Commentary RealtyRates.com™ Investor Survey Cap Rate Indices Decrease For All Property Types During 1st Quarter 2009 Consistent with a 66 basis point drop in Treasury rates to which most commercial mortgage interest rates are indexed, the RealtyRates.com™ Investor Survey Weighted Composite (Cap Rate) IndexTM decreased 28 basis points, from 9.91% to 9.62% during the 1st Quarter of 2009. All 11 property sectors surveyed recorded quarter-over-quarter index decreases with the greatest recorded by the Lodging sector, down 41 basis points, followed by the Industrial sector, down 31 basis points. The smallest decrease was recorded by the Self Storage sector, down 16 basis points, followed by the Office sector, down 22 basis points from the previous quarter. The decrease in the Weighted Composite (Cap Rate) IndexTM should in no way be construed as a positive sign, indeed, just the opposite, as the decline is clearly indicative of greater decreases in Net Operating Income (NOI) relative to sale prices. In short, lower cap rates do not mean higher property values because relatively less income is being capitalized.