Pwc real estate investor survey.

First Quarter 2014

a. Rate on unleveraged. all-cash transactions Definitions: b.p. basis points Discount Andrew Cordle Rate (IRR). Internal rate of return in an all-cash transaction, based on at twat year-end compounding Overall Cap Rate (OAR). Initial rate of return in an all-cash transaction Residual Cap Rate. Overall capitalization rate used in calculation of residual price; typically applied to the NOI in the year following the forecast Source: PWC Real Estate Investor Survey, formerly known as the Korpacz Real Estate Investor Survey Personal survey conducted by NC during January 2014 For subscription information, please visit www.pwc.com/us/realestatesurvey or cal/1-800-654-3387.





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