James Real Estate RE Inv Criteria Dnvr 2000 3rd Qtr Page 5
JAMES REAL ESTATE SERVICES, INC.
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Overall Capitalization Rates Apartment (%)
1997
1998
1999
2000
1Q 2Q 3Q 4Q
Nat Den Nat Den Nat Den Nat Den Nat Den Nat Den Nat Den
RERC
National
8.7
8.7
8.7
8.8
8.9
West - 1
st
Tier
8.0
8.1
8.5
8.6
West - 2
nd
8.5
9.0
9.2
8.7
West - 3
rd
9.5
9.9
10.1
10.0
NREI
8.8
8.8
8.5
8.8
9.3
NREIM
11.2
C&W
8.9
9.0
KORP
Institut'l
8.9
8.8
8.8
8.8
8.8
- Non-Inst
9.7
9.8
9.8
JF
9.5
10.0
Overall Capitalization Rates Hotel (%)
1997
1998
1999
2000
1Q 2Q 3Q 4Q
Nat Den Nat Den Nat Den Nat Den Nat Den Nat Den Nat Den
RERC
National
9.5
10.4
10.6
10.6
West - 1
st
Tier
9.2
9.1
9.6
9.7
West - 2
nd
10.4
11.1
10.5
10.2
West - 3
rd
12.8
12.2
11.8
10.9
KORP
10.2
9.6
10.0
10.2
10.6
JF
12.0
11.5
Data Sources:
RERC
Real Estate Research Corp
KORP
Korpacz R E Investor Survey C&W
Cushman
&Wakefield
NREI
National Real Estate Index
NREIM
Nat'l R E Investor Magazine
IJF
Integra/Joseph Farber
