Rynne, Murphy & Associates, Inc.

Rate Survey
Rynne, Murphy & Associates, Inc. has developed a real estate survey.
RYNNE, MURPHY & ASSOCIATES, INC.
REAL ESTATE MARKET INVESTMENT RATE SURVEY
( 4th Quarter, 2007 )

EQUITY DIVIDEND RATES
Low        High        Avg EQUITY YIELD RATES
Low        High        Avg OVERALL DISCOUNT
Low        High        Avg OVERALL CAPITALIZATION*
Low        High        Avg

4.25% 13.75% 8.75%

4.75% 11.75% 8.50%

6.00% 13.50% 9.50%

8.00% 16.75% 10.25%

10.75% 18.50% 12.75%

11.25% 17.00% 13.00%

11.50% 14.75% 13.25%

11.75% 16.50% 14.25%

13.00% 17.00% 14.75%

14.00% 20.00% 16.75%

8.50% 12.50% 10.25%

8.50% 11.75% 10.25%

9.00% 13.50% 10.50%

9.50% 14.00% 11.50%

11.50% 14.75% 12.75%

5.75% 13.25% 8.75%

6.25% 10.75% 8.50%

7.75% 11.75% 9.00%

8.50% 14.00% 9.90%

10.00% 16.75% 11.50%

5.00% 13.00% 7.75%

5.75% 14.00% 8.75%

5.00% 14.25% 8.25%

11.00% 15.75% 13.00%

11.75% 16.50% 14.25%

11.25% 16.25% 13.75%

8.25% 13.00% 9.75%

8.75% 13.25% 10.25%

8.25% 13.50% 9.75%

5.50% 12.75% 8.00%

6.00% 13.25% 9.25%

5.00% 13.50% 8.90%

9.00% 18.00% 12.50%

10.75% 20.00% 14.00%

7.25% 15.00% 9.50%

7.00% 14.75% 9.00%

12.75% 20.00% 14.75%

14.00% 22.00% 16.00%

12.25% 16.75% 14.25%

12.00% 15.75% 14.00%

10.00% 15.75% 11.75%

10.50% 18.00% 12.75%

9.50% 13.75% 10.75%

9.00% 12.50% 10.75%

8.00% 16.50% 11.00%

9.25% 17.75% 12.00%

7.75% 14.25% 10.25%

7.75% 13.75% 10.00%

3.75% 18.25% 8.25%

5.50% 18.25% 9.25%

4.50% 14.75% 7.50%

5.00% 14.75% 7.75%

4.50% 11.75% 6.50%

10.75% 18.25% 13.25%

11.75% 17.50% 14.00%

10.75% 15.00% 13.25%

11.50% 15.25% 13.50%

10.75% 14.00% 13.00%

8.00% 14.50% 9.50%

8.25% 14.25% 10.00%

8.25% 13.50% 9.25%

8.50% 12.75% 9.75%

8.00% 11.00% 9.25%

4.25% 16.50% 8.25%

5.00% 15.00% 8.75%

4.25% 13.50% 7.75%

5.00% 12.50% 7.75%

4.75% 9.50% 7.00%

5.00% 15.50% 8.75%

8.00% 17.50% 11.25%

7.25% 15.25% 10.50%

13.25% 31.00% 21.00%

9.75% 24.00% 13.75%

9.00% 18.50% 12.50%

5.50% 19.50% 11.25%

11.00% 17.00% 13.75%

12.75% 17.75% 14.50%

12.75% 17.25% 14.25%

12.00% 25.00% 17.50%

13.00% 26.00% 15.50%

13.00% 23.00% 15.25%

10.75% 21.00% 14.50%

8.75% 13.75% 10.50%

8.75% 14.50% 11.25%

9.50% 13.75% 11.25%

12.00% 24.00% 14.50%

11.00% 17.50% 12.50%

10.00% 16.00% 12.00%

8.50% 14.75% 11.50%

6.00% 14.75% 9.00%

8.00% 14.50% 10.25%

8.25% 14.50% 10.25%

N/A% N/A% N/A%

8.50% 18.50% 12.00%

8.50% 17.50% 11.75%

5.50% 17.75% 10.25%

6.50% 13.00% 10.00%

11.00% 16.50% 14.25%

9.00% 13.00% 11.25%

7.50% 13.00% 10.00%

This is based primarily upon properties in Upstate New York. Lower end rates generally represent newer/modernized, higher quality suburban properties. Upper end rates generally represent older urban, lower quality properties. The above rates generally do not represent highly distressed properties. These rates assume that adequate management and reserve expenses are considered.

* Terminal capitalization rates generally 0.25% - 0.50% above going-in capitalization rates.
** Includes profit and overhead.

Phone: (585) 262-3277 OR Fax: (585) 262-3621
E-mail: johnrynne@rynnemurphy.com

Copyright � 2002 Rynne, Murphy & Associates, Inc.
All Rights Reserved.