Hospitality

Annual Returns

Year

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Index (/Key)

$ 159.27

$ 218.11

$ 216.98

$ 157.36

$ 185.03

$ 234.38

$ 228.05

$ 263.53

$ 303.81

$ 369.95

$ 344.58

$ 374.30

$ 386.86

$ 354.88

$ 394.64

Return

36.95%

-0.52%

-27.48%

17.58%

26.67%

-2.70%

15.56%

15.28%

21.77%

-6.86%

8.62%

4.08%

-8.90%

11.20%

Index Characteristics

Property Values (mms)

Correlations*

AF CRE Composite

AF CRE Residential

AF CRE Retail

AF CRE Office

S&P 500

10 Yr. Treasury Yield

Volatility

* Since 9/1/16

$98,394

67.3%

48.1%

50.1%

61.5%

62.4%

14.2%

10.8%

Annualized 6.70%