| ■ | Recent volatility reflects international uncertainty, not U.S. economic performance. |
| ■ | A side benefit of the volatility is that the Federal Reserve may delay rate increases, potentially supporting low mortgage rates awhile longer. |
| ■ | Broad-based economic momentum and commercial real estate performance are both exceptionally strong right now, and capital entering the commercial real estate market has risen accordingly. |
Happy Investing!
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