TAILIEUCHUNG - 2011 U.S. Real Estate Investment Outlook and Market Perspective

the Council is chaired by Kurt Roeloffs, Global Chief investment officer of RREEF Real Estate. patricia Connoll Director of sustainability at RREEF Real Estate, is Co-Cha of the Council. Kurt also oversees sustainability research, strategy, practices, and resources. andrew nelson is a Director of Research at RREEF Real Estate and leads RREEF Real Estate’s global research on sustainable investment practices and industry trends in sustainability. there are three Deutsche bank members on the Council representing Db Climate Change advisors (“DbCCa”), an Db Global logistics services (“DbGls”). the participation of these Deutsche bank groups on the Council allows us benefit from DbCCa’s focus on research in. | RREEF Research Number 80 2011 . Real Estate Investment March 2011 Outlook and Market Perspective RREEF America LLC New York Chicago San Francisco Overview What a difference a year makes After two years of negative returns the NCREIF Property Index NPI produced a total return of percent in 2010 primarily based on strong income yields and rising values in the third and fourth quarters. Appreciation totaled percent during the year recovering one-fifth of the losses experienced during the Great Recession. Renewed capital flows to real estate in the form of both equity and debt aided in particular by foreign investors and public REITs helped stabilize markets and eventually increase property values. Investors in core properties had access to public market cash and cheap debt thanks in part to Federal Reserve accommodative policy and lending by government-sponsored enterprises GSEs . Inexpensive debt propped up leveraged returns in prime apartment and office markets driving down going-in capitalization rates from their 2009 highs. Spot market activity in retail suburban office and industrial properties also netted compression but movements were less dramatic than in the apartment and office CBD sectors. This value support helped mitigate some looming distress and maturing debt issues. Just as the investment market responded quickly to downside pressures on real estate in 2008 investors are now hurrying to capture early upside with the prospect of sustained economic recovery. Real estate became a more widely accepted and understood investment asset class during the last cycle so capital flows are more nimble compared to previous recoveries. Investors should actively seek out opportunities in 2011 but remain selective. Economic and property market recovery will be gradual and uneven among metro areas and property sectors. As always asset and submarket selection will be key to outperformance and risk management. Economic recovery will fuel .

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