The Economic and Market Views for Q2

There was a Morgan Stanley REIT report that assumed like underwriting at 40% LTVs continued in declines in net operating income 7.5% cost of debt all of which would result in cap rates for office of almost 10%. That sounds really dire to me but as an exercise we do have a chart in here that shows how a property underwritten a few years ago if its debt happens to come to to do today. So that's a lot of pressure on properties that are seeing their debts mature. And then the last part of this section looks at what's going on with the regional banks and how they're the largest lenders in hotels, retails, industrial and office.