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80 Real Estate Focus

2014 May Vol.72 81

115,320 345,960 691,920 1,383,840 2,075,760 80,430 241,280 482,560 965,110 1,447,670 154,770 464,320 928,640 1,857,280 2,785,920 134,670 404,000 808,010 1,616,020 2,424,030 82 Real Estate Focus

W * At W *(1-M) = T-age+1 t=0 AtPt (1-ra) t Ptt ram RMEA = W W W 235,792 707,383 1,414,758 2,829,517 4,244,275 368,367 1,105,092 2,210,175 - - 599,267 1,797,792 3,595,575 - - 2014 May Vol.72 83

P M 84 Real Estate Focus

0.59007 0.59071 0.59074 0.59056 0.58967 0.55898 0.56885 0.57221 0.57345 0.57321 0.57059 0.57778 0.58046 0.58010 0.57924 0.58095 0.58282 0.58533 0.58649 0.58606 0.72970 0.64509 0.62008 0.60518 0.59901 0.73254 0.64002 0.61059 0.59356 0.58705 0.69975 0.62569 0.60443 0.59229 0.58749 0.71404 0.63344 0.61179 0.59926 0.59468 0.82643 0.70261 0.65698 0.62689 0.61437 0.83570 0.70846 0.65668 0.62107 0.60550 0.80376 0.68291 0.63965 0.61077 0.59907 0.81567 0.69145 0.64795 0.61985 0.60820 0.90310 0.77536 0.70293 0.65690 0.63699 0.91604 0.78673 0.71073 0.65803 0.63446 0.88660 0.75446 0.68507 0.63967 0.62020 0.89595 0.76450 0.69379 0.64927 0.63004 0.94993 0.82310 0.74316 0.68158 0.65650 0.96125 0.83695 0.75434 0.68668 0.65809 0.93538 0.80289 0.72319 0.66411 0.63911 0.94376 0.81275 0.73341 0.67384 0.64922 0.97776 0.85839 0.77413 0.70287 0.67362 0.98755 0.87217 0.78685 0.71190 0.67804 0.96602 0.84054 0.75538 0.68507 0.65601 0.97267 0.84938 0.76511 0.69475 0.66620 0.85 0.80 0.75 0.70 0.65 0.60 0.55 2014 May Vol.72 85

0.90 0.85 0.80 0.75 0.70 0.65 0.60 0.55 2,050 6,139 12,278 2,205 6,467 12,834 2,147 6,333 12,586 2,095 6,258 12,440 1,892 6,033 12,157 1,872 6,120 12,461 2,102 6,363 12,658 2,002 6,232 12,423 1,736 5,948 12,006 1,643 5,831 12,016 1,962 6,342 12,612 1,843 6,171 12,322 1,454 5,616 11,883 1,259 5,332 11,571 1,701 6,139 12,597 1,561 5,888 12,248 86 Real Estate Focus

14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 37.09 49.45 61.81 74.17 86.54 98.90 44.50 59.34 74.17 89.01 103.84 118.68 51.92 69.23 86.54 103.84 121.15 138.46 59.34 79.12 98.90 118.68 138.46 158.24 66.76 89.01 111.26 133.51 155.76 178.02 74.17 98.90 123.62 148.35 173.07 197.80 2014 May Vol.72 87

188,633 565,900 1,131,808 165,058 495,167 990,333 141,475 424,425 848,858 117,900 353,692 707,383 94,317 282,950 565,900 70,742 212,217 424,425 1.25 1.20 1.15 1.10 1.00 0.95 0.90 0.85 0.80 88 Real Estate Focus

0.85914 0.85921 0.85918 0.82764 0.83762 0.84000 0.83941 0.84644 0.84854 0.84990 0.85142 0.85358 0.92400 0.88592 0.87360 0.92692 0.88054 0.86415 0.89676 0.86534 0.85801 0.90962 0.87356 0.86534 0.97187 0.91406 0.89078 0.98152 0.91928 0.89047 0.94822 0.89279 0.87301 0.96065 0.90226 0.88152 1.01034 0.94677 0.91253 1.02323 0.95835 0.91945 0.99198 0.92548 0.89395 1.00237 0.93570 0.90329 1.03950 1.04075 1.04018 1.00662 1.01896 1.02054 1.01891 1.02786 1.02929 1.02986 1.03288 1.03445 1.05661 1.04731 1.04380 1.05926 1.04261 1.03510 1.02852 1.02929 1.02945 1.04194 1.03649 1.03620 1.06930 1.05487 1.04843 1.07932 1.05983 1.04813 1.04602 1.03470 1.03135 1.05826 1.04368 1.03953 1.07932 1.06356 1.05462 1.09210 1.07524 1.06159 1.06148 1.04345 1.03587 1.07193 1.05311 1.04529 1.21926 1.21926 1.21926 1.18649 1.19728 1.19933 1.19853 1.20539 1.20757 1.20926 1.20997 1.21287 1.19517 1.21547 1.21593 1.19801 1.21017 1.20697 1.16518 1.19517 1.20108 1.17951 1.20328 1.20810 1.17678 1.20352 1.21061 1.18568 1.20921 1.21028 1.15497 1.18107 1.19265 1.16643 1.19066 1.20070 1.15755 1.18816 1.20320 1.16982 1.20069 1.21062 1.13951 1.16636 1.18345 1.15003 1.17618 1.19327 2014 May Vol.72 89

90 Real Estate Focus

2014 May Vol.72 91