Summary RealtyRates.com™ Market Survey Finds Continuing Deterioration In Operating Fundamentals For All Property Types During 1st Quarter 2010 During the 1st Quarter of 2010, movements in operating fundamentals combined in such a way that implied property values decreased for all seven core property types surveyed nationwide; this on the heels of virtually identical scenarios the previous seven quarters, albeit to a somewhat lesser degree this quarter. Increases in vacancy rates and operating expenses and decreases in rents and average sale prices were noted for all property types. However, in some cases, Net Operating Incomes (NOI) decreased relatively more than sale prices resulting in declines in implied Overall Capitalization Rates (OAR). Nevertheless, although implied OAR's were down somewhat for CBD Office Buildings and Anchored Retail Centers nationally as well as other property types in a few markets, it did not mean increases in property values as relatively fewer dollars were being capitalized. The continuing widespread deterioration in core property operating fundamentals was evident across virtually all markets including those least affected by the current recession and/or the situation vis-à-vis the residential market. National Data Apartments The following summarizes market data for apartment properties nationwide (continental U.S.). Properties are typically garden style, 90-300 units; however, mid- and high-rise buildings are included in some markets, e.g., New York, San Francisco. Industrial The following summarizes market data for warehouses & distribution centers and flex/R&D industrial properties nationwide (continental U.S.). Office The following summarizes market data for CBD and suburban office properties nationwide (continental U.S.). Retail The following summarizes market data for anchored neighborhood and community and unanchored strip retail centers nationwide (continental U.S.).