Office

Annual Returns

Year

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Index (PSF)

$ 258.67

$ 320.90

$ 296.73

$ 244.36

$ 263.97

$ 294.50

$ 288.59

$ 330.74

$ 349.75

$ 407.93

$ 439.22

$ 474.31

$ 501.23

$ 461.93

$ 547.79

Return

24.06%

-7.53%

-17.65%

8.03%

11.57%

-2.01%

14.60%

5.75%

16.63%

7.67%

7.99%

5.67%

-7.83%

18.59%

Index Characteristics

Property Values (mms)

Correlations*

AF CRE Composite

AF CRE Residential

AF CRE Retail

AF CRE Hospitality

S&P 500

10 Yr. Treasury Yield

Volatility

* Since 9/1/16

$147,357

91.5%

81.4%

74.3%

61.5%

49.0%

-6.1%

9.4%

Annualized 5.51%