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1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION July-August

2

3 ARES SPECIAL ARES July-August

4 4 ARES July-August 2009 ARES SPECIAL

5 5 ARES July-August 2009 ARES SPECIAL

6 6 ARES July-August 2009 ARES SPECIAL

7 7 ARES July-August 2009 ARES SPECIAL

8 8 ARES July-August 2009 ARES SPECIAL

9 ARES SPECIAL ARES July-August

10 A RESNEWS 10 ARES July-August 2009

11 11 ARES July-August 2009 A NEWS RES

12 A NEWS RES 12 ARES July-August 2009

13 13 ARES July-August 2009 A NEWS RES

14 A RESNEWS 14 ARES July-August 2009

15 A RESNEWS = = ARES July-August

16 16 ARES July-August 2009 A NEWS RES

17 ARES REPORT ARES July-August

18 18 ARES July-August 2009 ARES REPORT

19 19 ARES July-August 2009 ARES REPORT

20 20 ARES July-August 2009 ARES REPORT

21 21 ARES July-August 2009 ARES REPORT

22 22 ARES July-August 2009 ARES REPORT

23 23 ARES July-August 2009 ARES REPORT

24 ARES REPORT 24 ARES July-August 2009

25 ARES REPORT ARES July-August

26 26 ARES July-August 2009 ARES REPORT

27 27 ARES July-August 2009 ARES REPORT

28 28 ARES July-August 2009 ARES REPORT

29 29 ARES July-August 2009 ARES REPORT

30 ARES REPORT 30 ARES July-August 2009

31 ARES REPORT ARES July-August

32 ARES REPORT 32 ARES July-August 2009

33 33 ARES July-August 2009 ARES REPORT

34 ARES REPORT 34 ARES July-August 2009

35 ARES REPORT ARES REPORT ARES July-August

36 ARES REPORT 36 ARES July-August 2009

37 ARES REPORT ARES July-August

38 ARES REPORT 38 ARES July-August 2009

39 ARES REPORT ARES July-August

40 ARES REPORT 40 ARES July-August 2009

41 ARES REPORT ARES July-August

42 ARES REPORT 42 ARES July-August 2009

43 ARES July-August

44 44 ARES July-August 2009

45 ARES July-August

46 46 ARES July-August 2009

47 ARES July-August

48 48 ARES July-August 2009

49 ARES July-August

50 50 ARES July-August 2009

51 ARES July-August

52 52 ARES July-August 2009

53 ARES July-August

54 54 ARES July-August 2009

55 ARES July-August

56 56 ARES July-August 2009

57 ARES July-August

58 58 ARES July-August 2009

59 Vol July-August

60 60 July-August 2009

61 July-August

62 62 July-August 2009

63 July-August

64 64 July-August 2009

65 July-August

66 66 July-August 2009

67 67 July-August 2009

68 68 July-August 2009

69 July-August

70 70 July-August 2009

71 71 July-August 2009

72 E T A T D T E T E t = max( A DT D, 0) A t D t E t A0 D 0 E 0 t t AT A T D T 72 July-August 2009

73 D T A T A T D T A T D T PrA T D T A t tt E 0 E D T r f TE O E D T r f T A 0 A A 0 A A 0 D 0 µ A A 0 A A ~ T D T E 0 σ D r E T f T A 0 σ A A 0 σ A D r T f T T E 0 σ E D T r T f A σ 0 A July-August

74 E σ 0 d d A 1 2 Pr( A A N( d ) T 0 d ln A / D 1 σ σ A T D T T σ A e ( r r f T A 0 A E 0 e h h 1 2 a = A rf T f T E N( d ) σ 0 E Ω N( d1) A0 0 D T ) 1 N d 2 2 A 2 / 2) T σ 2a ( N( d1) ( A0 / DT ) N( h1 )) 2a N( d ) ( A / D ) N( h D T ln ln r F E ( )) ( A / D ) ( r ( σ / 2) ) 0 2 ( A / D ) + ( r ( σ / 2) ) 0 2 A 2 A ( σ σ T T / 2) σ σ A A F T F T T A A 2 T T σ A = N( d a A 1 ) ( E0 / A0) ( A / D ) 2a 0 E 0 E D T r f T E 0 E D T T N( h ) 1 σ E 2a ( A / D ) N( ) Pr( A < D ) = N( h1 ) + 0 h2 T T µ = a 2 ( / 2) A rf σ A r F 2 σ A 2 ( σ / 2) σ A 2 A µ σ A 2 A T 74 July-August 2009

75 75 July-August 2009 r f T

76 E E D T A T D T E T A T D T A T 76 July-August 2009

77 E E r f r f A July-August

78 E 78 July-August 2009

79 July-August

80 80 July-August 2009

81 81 July-August 2009

82 82 July-August 2009

83 83 July-August 2009

84 84 July-August 2009

85 Cap base Cap=aCap base +b+ July-August

86 86 July-August 2009

87 July-August

88 88 July-August 2009

89 89 July-August 2009

90 90 July-August 2009

91 91 July-August 2009

92 92 July-August 2009

93 93 July-August 2009

94 94 July-August 2009

95 July-August

96 96 July-August 2009

97 97 July-August 2009

98 98 July-August 2009

99 99 July-August 2009

100 100 July-August 2009

101 101 July-August 2009

102 102 July-August 2009

103 July-August

104

39...\1-4

39...\1-4 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 39 2009May-June 3 19 24 30 35 40 46 53 2 ARES SPECIAL ARES May-June 2009 3 ARES SPECIAL 4 ARES May-June 2009 5 ARES May-June 2009 ARES SPECIAL ARES SPECIAL

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2003July-August Vol. 4 3 5 55 60 62 9 17 23 80 86 93 101 31 40 66 70 74 78 82 104 2

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