U.S. Capital Markets Glide Path to Clearer Skies

Key lending thresholds pressured amid rising rates

LTVs Reflecting Tightening Standards

….all as DSCR’s Contract Amid Rising Rates

75%

2.2

70%

2.0

1.8

65%

1.6

60%

1.4

55%

1.2

50%

1.0

2004

2005

2006

2007

2008

2009 2010 Commercial 2011

2012

2013

2014

2015 2016 Apartment 2017

2018

2019

2020

2021

2022

2023

2004

2005

2006

2007

2008

2009

2010 Commercial 2011 2012

2013

2014

2015

2016 Apartment 2017

2018

2019

2020

2021

2022

2023

37

Source: MSCI Real Capital Analytics

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