The Real Estate Research Corporation $($RERC$)$ regularly surveys a sample of

institutional investors and managers in order to gain insight into the required

returns and risk adjustments used by industry professionals when making real

estate acquisitions. Most of the properties that RERC examines are large,

relatively new, located in major metropolitan areas and fully or substantially

leased. These classifications of properties are commonly referred to as:

Multiple Choice

investment grade properties.

speculative grade properties.

net$-$lease properties.

indexed properties.