Commercial Mortgage Alert - Commercial Mortgage Brokers - Commercial Mortgage Lenders

(03/31/2010)

Lead- and Co-Managers of Unsecured Notes Issued by REITs

		1Q-10 Issuance ($Mil.)	No. of Deals	Market Share (%)	1Q-09 Issuance ($Mil.)	No. of Deals	Market Share (%)	’09-’10 % Chg.
1	Citigroup	$5,200.0	11	85.7	$0.0	0	0.0
2	RBS	4,650.0	8	76.6	650.0	1	100.0	615.4
3	Scotia Capital	3,900.0	7	64.3	0.0	0	0.0
4	Morgan Stanley	3,800.0	7	62.6	0.0	0	0.0
5	RBC Capital	3,400.0	6	56.0	0.0	0	0.0
6	Bank of America	3,300.0	9	54.4	650.0	1	100.0	407.7
7	Barclays	2,800.0	5	46.2	0.0	0	0.0
7	Morgan Keegan	2,800.0	5	46.2	0.0	0	0.0
9	SunTrust	2,650.0	5	43.7	0.0	0	0.0
10	Wells Fargo	2,300.0	6	37.9	0.0	0	0.0
11	Calyon	2,250.0	3	37.1	0.0	0	0.0
11	Fifth Third Securities	2,250.0	3	37.1	0.0	0	0.0
13	Goldman Sachs	2,050.0	5	33.8	650.0	1	100.0	215.4
13	Deutsche Bank	2,050.0	6	33.8	0.0	0	0.0
15	Daiwa	1,900.0	4	31.3	0.0	0	0.0
15	U.S. Bancorp	1,900.0	4	31.3	0.0	0	0.0
17	UBS	1,500.0	4	24.7	0.0	0	0.0
18	J.P. Morgan	1,200.0	4	19.8	650.0	1	100.0	84.6
19	Societe Generale	1,100.0	2	18.1	0.0	0	0.0
19	Williams Capital	1,100.0	2	18.1	0.0	0	0.0
21	PNC	950.0	3	15.7	0.0	0	0.0
22	Bank of New York	800.0	2	13.2	0.0	0	0.0
22	KeyBank	800.0	2	13.2	0.0	0	0.0
24	Credit Suisse	750.0	2	12.4	650.0	1	100.0	15.4
25	Credit Agricole	300.0	1	4.9	0.0	0	0.0
25	ING Financial	300.0	1	4.9	0.0	0	0.0
27	Capital One	150.0	1	2.5	0.0	0	0.0
27	Sandler O’Neill	150.0	1	2.5	0.0	0	0.0
	OTHER	117.0	3	1.9	0.0	0	0.0
	TOTAL	6,067.0	17	100.0	650.0	1	100.0	833.4