德意志银行 2010年3季度CRE市场展望abogado.pdf

Deutsche Bank Q3 2010 CRE Outlook: At The Crossroads Harris Trifon Head of CRE Debt Research July 2010 Deutsche Bank Securities Inc. All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 007/05/2010 Table of contents 1. Delinquency rates: current and projected trends 2. A review of year-end 2009 financial results 3. Recent special servicer behavior Deutsche Bank Harris Trifon +1 212.250.5893 1 July 2010 28/07/2010 10:11:51 2010 DB Blue template Delinquency rates: current and projected trends Deutsche Bank Harris Trifon +1 212.250.5893 2 July 2010 28/07/2010 10:11:51 2010 DB Blue