Recent Global Debt Deals in Real Estate

Issue
Date		IssuerPrin-
cipal
Amount
($ mil)		Final
Maturity		Coupon
(%)		Offer
Yield
to Maturity
(%)		Bookrunner(s)Moody
Rating		Stan-
dard
&
Poor's
Rating		Fitch
Rating
5/16/2008iStar Financial Inc7506/01/20138.6258.751Banc of America Securities LLC
Citi
JP Morgan		Baa2BBBBBB
5/12/2008Simon Property Group LP7005/30/20135.35.358Banc of America Securities LLC
Citi
Deutsche Bank Securities Corp
Goldman Sachs & Co		A3A-A-
5/12/2008Simon Property Group LP8005/30/20186.1256.14Banc of America Securities LLC
Citi
Deutsche Bank Securities Corp
Goldman Sachs & Co		A3A-A-
5/05/2008Duke Realty LP(Duke Realty)3255/15/20136.256.266Wachovia Securities IncBaa1BBB+BBB
5/01/2008ProLogis6005/15/20186.6256.657Citi
Goldman Sachs & Co
Greenwich Capital Markets Inc		Baa1BBB+BBB+
4/28/2008AMB Property LP3256/01/20136.36.334JP Morgan
Banc of America Securities LLC
Morgan Stanley & Co		Baa1BBBBBB+
3/31/2008Kommunekredit201.15/08/20183.253.24Credit Suisse
Deutsche Bank AG		AaaAAANR
3/25/2008Akademiska Hus AB98.87/26/20132.52.827UBS Investment BankNRAANR
          

Recent Global Equity Deals in Real Estate

Issue
Date		IssuerPrincipal
Amt - sum
of all Mkts
($ mil)		Offer
Price		06/16/08 PriceGross Spread
as % of
Prncpl Amt -
in this Mkt		Bookrunner(s)IPO
Flag
(Y/N)
6/11/2008Ciref Ltd4.31.32.719naSeymour Pierce LtdNo
6/10/2008Open Investments493.76915.97 naING
Renaissance Capital Group		No
6/09/2008Tetrys1.24.626.499naKaupthing Bank HFYes
6/03/2008Senior Housing Properties358.521.0921.254.5UBS Investment Bank
Merrill Lynch
Morgan Stanley		No
6/02/2008Allied Properties REIT60.521.2520.7754Scotia Capital IncNo
6/02/2008H&R Real Estate Invest Trust149.819.7519.4774CIBC World Markets Inc
RBC Capital Markets		No
6/01/2008Inwan Investment PLC19.51 naJordan Investment Trust PlcYes
5/30/2008Central China Real Estate176.22.750.2693.25Morgan Stanley (Asia) LtdYes
5/30/2008Central China Real Estate176.22.750.2693.25Morgan Stanley (Asia) LtdYes
5/28/2008Champion REIT379.83.60.474naCitiNo
5/28/2008Extendicare REIT30.49.79.1774CIBC World Markets IncNo
5/28/2008MFA Mortgage Investments Inc2786.956.854.75Morgan Stanley
Deutsche Bank Securities Corp
UBS Investment Bank		No
5/26/2008Consultatio SA112.23.20.955naJP Morgan
Credit Suisse		Yes
5/24/2008Binjiang Real Estate Group Co175.820.31 naCITIC SecuritiesYes
5/22/2008Black Diamond Income Fund2614.214.1565Raymond James LtdNo

Equity/Equity Related Volume

DateEquityDebt
June 20078619.12518.9
July 20078285.22714.9
August 20074923997.3
September 20076401.13817.8
October 20078757.64192.1
November 20076467.51790.1
December 20072876518.5
January 200844231319.7
February 20082169.6828
March 20082405.5908
April 20081752.31755.2
May 20084857.54578.9
June 2008754.21329.5

Real Estate

Recent US Syndicated Loans

Financial
Close
Date		BorrowerBusiness DescriptionLoan Package
Amt (US$ Mil)		Bookrunner(s)Loan Description
6/11/2008Macquarie CountryWide-RegencyOwn,op shopping centers50PNC Bank CorpRev Cred Fac
6/06/2008Boston Properties IncRE invest trust395JP Morgan
BankAmerica		Rev Cred Fac
6/06/2008Boston Properties IncRE invest trust1000.00BankAmerica
JP Morgan		Rev Cred Fac
6/06/2008DCT Industrial Trust IncRE invest trust200BankAmerica
Wells Fargo Bank NA		Term Loan A
6/06/2008DSF Guilford LLCReal estate development firm26.737KeyBank CorpTerm Loan
6/06/2008RREEF America REIT II IncReal estate investment trust558JP MorganRevCred/Term Ln
6/06/2008RREEF America REIT II IncReal estate investment trust558JP MorganRevCred/Term Ln
6/04/2008Faison Enterprises IncREIT,RE dvlp firm48.7BankAmericaTerm Loan
6/03/2008Classic Residence by HyattReal estate development firm195KeyBank CorpTerm Loan
5/30/2008CBRE Realty Finance Inc-RodgerOwn,op condominiums50BankAmericaTerm Loan
5/30/2008Camden Jamboree Development LPReal Estate Investments Trusts82.5BankAmericaTerm Loan
5/30/2008Fenway Ventures PointReal estate development firm11.2 Term Loan
5/30/2008Hamilton Town Center, LLCLand subdividers & developers110National City Bank MI/IL
LaSalle Bank NA		Term Loan
5/27/2008Capri Urban InvestorsReal estate investment trust250BankAmericaRev Cred Fac
5/27/2008Simon Pppty Grp IncPvd re invest svcs30JP Morgan
BankAmerica		Term Loan

Announced Global Real Estate M&A Deals

Industry1/1/2008 -
12/31/2008 ($ Mil)		Deals1/1/2007 -
6/16/2007 ($ Mil)		Deals
     
Non Residential3285417477957.1357
Other Real Estate27389.338739653.8425
REITs10293.686109714.3150
Real Estate Management & Development5647.112137223147
Residential3262.4708115.2106
     
Industry Total79446.3838272663.41185
     

Global Real Estate Sector Breakdown

Industry1/1/2008 -
6/16/2008 (US$ Mil)		Deals1/1/2007 -
6/16/2007 (US$ Mil)		Deals
     
REITs16357.96739014.8174
Other Real Estate7833.46028879.3112
Non Residential1611.584254.923
Real Estate Management & Development1278.69773124
Residential--619.95
     
Industry Total27081.314480499.9338
     

Global Volume by Product

 (01/01/08- 06/16/08) (01/01/07- 06/16/07) 
Security TypeProceeds ($mil)IssuesProceeds ($mil)Issues
Common Stock11978.66538322.6186
Convertibles4383.51618795.243
Straight Debt10208.25519128.686
Straight Preferred478.642419.214
Taxable Municipals32.54215.27
ABS/MBS--1619.12
     
     
     
     
     
     
     
     
     
     
     
     
     
     

Announced Global Target M&A Advisers in Real Estate

Advisor1/1/2008 -
6/16/2008 ($ Mil)		Rank1/1/2007 -
6/16/2007 ($ Mil)		Rank
     
Goldman Sachs & Co11497144986.73
Morgan Stanley10981.22116845.61
Citi8315.73438034
Merrill Lynch7749.3442642.45
Deutsche Bank AG5778516390.114
JP Morgan5508.7619885.712
Sal Oppenheim5255743758
Lehman Brothers4584.6837699.36
Santander Global Banking28049--
Credit Suisse2239.91012381.715
     
Industry Total79446.3-272663.4-
     

Announced U.S. Target M&A Advisers in Real Estate

Advisor1/1/2008 -
6/16/2008 ($ Mil)		Rank1/1/2007 -
6/16/2007 ($ Mil)		Rank
     
Merrill Lynch6133.2121182.94
Goldman Sachs & Co5659213585.36
JP Morgan5041.1313874.65
Morgan Stanley4684444090.21
Citi41695632310
Deutsche Bank AG39496*84368
Lehman Brothers39496*28372.83
Greenhill & Co, LLC171085736.311
Wachovia Corp1208.995670.512
PricewaterhouseCoopers66610--
     
Industry Total21019.1-102860-
     

Recently Announced Global M&A Deals in Real Estate

Date
Announced		Target NameTarget
Nation		Acquiror NameAcquiror
Nation		Value of
Transaction
($mil)
6/16/2008DCT Industrial Trust Inc-AstsUnited StatesUndisclosed AcquirorUnknown64.5
6/16/2008Office Bldg, Regent St,W1United KingdomUndisclosed AcquirorUnknown188.215
6/16/2008Staubach Holdings IncUnited StatesJones Lang LaSalle IncUnited States727
6/16/2008Wilshire Enterprises IncUnited StatesMetals Creek Resources CorpCanada30.73
6/13/2008Becton Ret Fund-Non-core AstsAustraliaUndisclosed AcquirorUnknown27.967
6/13/2008Changzhou Yuyuan RE Co LtdChinaJiangyin Shenda Ppty Invest CoChina15.523
6/13/2008Chengdu Yuyuan Real Estate CoChinaJiangyin Shenda Ppty Invest CoChina14.551
6/13/2008Chongqing Dongyuan Dima PptyChinaChongqing Dongyin Ind(Grp)CoChina3.086
6/13/2008Freeth MelhuishUnited KingdomBrasier HarrisUnited Kingdom 
6/13/2008Hunter's CrossingUnited StatesFerncroft Capital LLCUnited States 
6/13/2008Jiangyin Shenda Re Co LtdChinaJiangyin Shenda Ppty Invest CoChina7.791
6/13/2008Moral High LtdChinaBRE/Changshou SARLLuxembourg90.746
6/13/2008Peacocks Shopping CentreUnited KingdomUndisclosed AcquirorUnknown225.91
6/12/2008Casa PalmsUnited StatesSiegel Group Nevada IncUnited States5
6/12/2008Fabege AB-UndisclosedSwedenIvarsson & UllbergSweden19.119

Global Real Estate

Bookrunner1/1/2008 -
6/16/2008 (US$ Mil)		Rank1/1/2007 -
6/16/2007 (US$ Mil)		Rank
     
Citi3450.116794.23
Merrill Lynch3145.924125.37
Morgan Stanley2286.638955.32
Goldman Sachs & Co2189.442632.68
Deutsche Bank AG2140.556232.66
JP Morgan2041.5611401.71
UBS1560.676303.65
RBC Capital Markets1276.181073.215
Banc of America Securities LLC1130.692321.110
Nomura776101480.813
     
Industry Total27081.3-80499.9-