The CoStar Retail Report. Y e a r - E n d National Retail Market

Transcription

1 The CoStar Retail Report Y e a r - E n d

2 Year-End 2014 National Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview Inventory & Development Analysis Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance by Building Type & Submarket Historical Figures at a Glance Leasing Activity Analysis Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions 2015 CoStar Group, Inc. The CoStar Retail Report A

3 National Year-End 2014 Methodology The CoStar Retail Report calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 95.6 billion square feet of coverage in 4.4 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates. CoStar regularly opens new markets to expand its geographic coverage which results in varying start dates for historical data. Due to differences in market start dates and a desire to show as long a historical timeframe as possible, only the following markets are included in the historical charts within this report: Atlanta, Austin, Baltimore, Boston, Broward County, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas/Ft Worth, Dayton, Denver, Detroit, East Bay/Oakland, Houston, Indianapolis, Inland Empire (California), Jacksonville (Florida), Kansas City, Long Island (New York), Los Angeles, Memphis, Miami-Dade County, Nashville, Northern New Jersey, Orange (California), Orlando, Palm Beach County, Philadelphia, Phoenix, Pittsburgh, Raleigh/Durham, Sacramento, San Diego, San Francisco, Seattle/Puget Sound, South Bay/San Jose, St. Louis, Tampa/ St Petersburg, Washington, and Westchester/So Connecticut. When ever possible all markets are included to provide as broad as possible national coverage. The Market Highlights and Overview narrative includes all markets. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2015 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC (800) NASDAQ: CSGP B The CoStar Retail Report 2015 CoStar Group, Inc.

4 Year-End 2014 National Terms & Definitions Anchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traffic at the property. Sometimes called a destination tenant, usually these tenants lease at least 25,000 SF. Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). Community Center: A shopping center development that has a total square footage between 100, ,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more common anchors are supermarkets and super drugstores. Community Center tenants sometime contain retailers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually configured as a strip, in a straight line, or an L or U shape. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. General Retail: Typically are single tenant freestanding generalpurpose commercial buildings with parking. Many single retail buildings fall into this use code, especially when they don t meet any of the more detailed use code descriptions. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores. Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet. Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Outlet Center: Usually located in a rural or occasionally in a tourist location, an Outlet Center consists of manufacturer s outlet stores selling their own brands at a discount. 50, ,000 SF. An Outlet Center does not have to be anchored. A strip configuration is most common, although some are enclosed malls and others can be arranged in a village cluster. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Power Center: The center typically consists of several freestanding (unconnected) anchors and only a minimum amount of small specialty tenants. 250, ,000 SF. A Power Center is dominated by several large anchors, including discount department stores, offprice stores, warehouse clubs, or "category killers," i.e., stores that offer tremendous selection in a particular merchandise category at low prices. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate 2015 CoStar Group, Inc. The CoStar Retail Report C

5 National Year-End 2014 of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more department stores are considered Super Regional. (See also: Super Regional Mall). Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center. Sports & Entertainment: A facility suited for recreational activities, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility. Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape. Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall). Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Theme/Festival Center: These centers typically employ a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80, ,000 SF. Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D The CoStar Retail Report 2015 CoStar Group, Inc.

6 Overview Year-End 2014 National U.S. s Vacancy Decreases to 6.1% Net Absorption Positive 34,905,476 SF in the Quarter The U.S. Retail market experienced a slight improvement in market conditions in the fourth quarter The vacancy rate went from 6.3% in the previous quarter to 6.1% in the current Net absorption was positive 34,905,476 square feet, and vacant sublease space decreased by (600,245) square feet. Quoted rental rates increased from third quarter 2014 levels, ending at $14.90 per square foot per year. A total of 561 Retail buildings with 14,658,932 square feet of Retail space were delivered to the market in the quarter, with 49,367,365 square feet still under construction at the end of the Net Absorption Retail net absorption was strong in U.S. fourth quarter 2014, with positive 34,905,476 square feet absorbed in the In third quarter 2014, net absorption was positive 28,376,128 square feet, while in second quarter 2014, absorption came in at positive 22,707,969 square feet. In first quarter 2014, positive 23,816,867 square feet was absorbed in the market. Tenants moving out of large blocks of space in 2014 include: Kmart moving out of 96,805 square feet at 195 Troy Schenectady Rd; Kmart moving out of 86,500 square feet at Shopper s World Shopping Center; and Price Chopper moving out of 61,666 square feet at Raymour & Flanigan Plaza. Tenants moving into large blocks of space in 2014 include: Lord & Taylor moving into 100,000 square feet at 1 Crossgates Mall Rd; Price Chopper Supermarkets moving into 44,000 square feet at 2614 State Route 66; and Price Chopper Supermarkets moving into 40,200 square feet at th St. Vacancy U.S. s Retail vacancy rate decreased in the fourth quarter 2014, ending the quarter at 6.1%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 6.5% in the first quarter 2014, to 6.4% at the end of the second quarter 2014, 6.3% at the end of the third quarter 2014, to 6.1% in the current The amount of vacant sublease space in the U.S. market has trended down over the past four quarters. At the end of the first quarter 2014, there were 23,881,180 square feet of vacant sublease space. Currently, there are 22,450,540 square feet vacant in the market. Largest Lease Signings The largest lease signings occurring in 2014 included: the 250,000-square-foot lease signed by Neiman Marcus at The Shops & Restaurants at Hudson Yards in the New York City market; the 185,000-square-foot deal signed by Costco at the Lynnwood Place in the Seattle/Puget Sound market; and the 156,000-square-foot deal signed by Walmart in The Court of Hamilton in the Northern New Jersey market. Rental Rates Average quoted asking rental rates in the U.S. Retail market are up over previous quarter levels, and up from their levels four quarters ago. Quoted rents ended the fourth quarter 2014 at $14.90 per square foot per year. That compares to $14.88 per square foot in the third quarter 2014, and $14.67 per square foot at the end of the first quarter This represents a 0.1% increase in rental rates in the current quarter, and a 1.54% increase from four quarters ago. Vacancy Rates by Building Type* Power Center Specialty Center General Retail Shopping Center Mall Total Market 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% q2006 3q q2007 3q q2008 3q q2009 3q q q q q q q q q q q * Select markets included in this historical chart - see Methodology page CoStar Group, Inc. The CoStar Retail Report 1

7 National Year-End 2014 Overview Inventory & Construction During the fourth quarter 2014, 561 buildings totaling 14,658,932 square feet were completed in the U.S. Retail market. Over the past four quarters, a total of 60,568,713 square feet of Retail space has been built in U.S.. In addition to the current quarter, 686 buildings with 17,151,833 square feet were completed in third quarter 2014, 649 buildings totaling 13,535,780 square feet completed in second quarter 2014, and 15,222,168 square feet in 916 buildings completed in first quarter There were 49,367,365 square feet of Retail space under construction at the end of the fourth quarter Some of the notable 2014 deliveries include: Summerlin Centre Dr, a 1,600,000-square-foot facility in the Las Vegas market that delivered in fourth quarter 2014 and is now 100% occupied, and The Mall at University Town Center, an 880,000-square-foot building in the Tampa/St Petersburg market that delivered in fourth quarter 2014 and is now 100% occupied. Total Retail inventory in the U.S. market area amounted to 12,576,643,826 square feet in 1,080,203 buildings and centers as of the end of the fourth quarter Sales Activity Tallying Retail building sales of 15,000 square feet or larger, U.S. Retail sales figures rose during the third quarter 2014 in terms of dollar volume compared to the second quarter of In the third quarter, 822 Retail transactions closed with a total volume of $7,307,588,592. The 822 buildings totaled 45,290,667 square feet and the average price per square foot equated to $ per square foot. That compares to 748 transactions totaling $6,209,669,515 in the second quarter The total square footage in the second quarter was 41,104,438 square feet for an average price per square foot of $ Total Retail center sales activity in 2014 was up compared to In the first nine months of 2014, the market saw 2,273 Retail sales transactions with a total volume of $20,181,219,869. The price per square foot averaged $ In the same first nine months of 2013, the market posted 2,135 transactions with a total volume of $15,342,919,873. The price per square foot averaged $ Cap rates have been lower in 2014, averaging 7.68% compared to the same period in 2013 when they averaged 7.86%. One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of World Trade Center Retail in New York. This 167,500 square foot Retail center sold for $800,000,000, or $4, per square foot. The property sold on 3/18/2014. Albany/Schenectady/Troy With no new Retail space being delivered to the market, and positive 21,878 square feet of net absorption, Albany/ Schenectady/Troy s vacancy rate went from 4.5% to 4.4% in the Rental rates went from $11.84 to $11.45 during that time. At the end of the quarter, there was 45,296 square feet underway for future delivery. Albuquerque The Albuquerque Retail market ended the quarter with a vacancy rate of 5.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 167,691 square feet. Vacant sublease space decreased to 45,802 square feet. Rental rates ended the fourth quarter at $13.42, an increase over the previous A total of two buildings with 46,329 square feet of space delivered to the market, with 13,683 square feet still under construction at the end of the Anchorage With no new Retail space being delivered to the market, and positive 21,525 square feet of net absorption, Anchorage s vacancy rate went from 2.3% to 2.2% in the Rental rates went from $17.80 to $17.16 during that time. At the end of the quarter, there was 15,000 square feet underway for future delivery. Asheville With no new Retail space being delivered to the market, and positive 60,459 square feet of net absorption, Asheville s vacancy rate went from 4.7% to 4.5% in the Rental rates went from $13.57 to $13.92 during that time. At the end of the quarter, there was 349,908 square feet underway for future delivery. Atlanta The Atlanta Retail market ended the quarter with a vacancy rate of 8.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,757,791 square feet. Vacant sublease space decreased to 778,134 square feet. Rental rates ended the fourth quarter at $12.87, an increase over the previous A total of 22 buildings with 605,911 square feet of space delivered to the market, with 385,058 square feet still under construction at the end of the Augusta/Richmond County The Augusta/Richmond County Retail market ended the quarter with a vacancy rate of 10.2%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 13,242 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $10.01, 2 The CoStar Retail Report 2015 CoStar Group, Inc.

8 Overview Year-End 2014 National an increase over the previous A total of three buildings with 26,129 square feet of space delivered to the market, with 46,677 square feet still under construction at the end of the Austin The Austin Retail market ended the quarter with a vacancy rate of 4.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 303,447 square feet. Vacant sublease space increased to 90,939 square feet. Rental rates ended the fourth quarter at $17.88, an increase over the previous A total of six buildings with 55,788 square feet of space delivered to the market, with 387,769 square feet still under construction at the end of the Bakersfield With no new Retail space being delivered to the market, and positive 101,340 square feet of net absorption, Bakersfield s vacancy rate went from 6.5% to 6.1% in the Rental rates went from $13.14 to $13.55 during that time. At the end of the quarter, there was 90,540 square feet underway for future delivery. Baltimore The Baltimore Retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 231,862 square feet. Vacant sublease space decreased to 296,748 square feet. Rental rates ended the fourth quarter at $18.55, a decrease over the previous A total of six buildings with 45,228 square feet of space delivered to the market, with 246,814 square feet still under construction at the end of the Baton Rouge The Baton Rouge Retail market ended the quarter with a vacancy rate of 7.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 23,810 square feet. Vacant sublease space decreased to 42,990 square feet. Rental rates ended the fourth quarter at $10.53, an increase over the previous A total of one building with 13,650 square feet of space delivered to the market, with 19,440 square feet still under construction at the end of the Beaumont/Port Arthur The Beaumont/Port Arthur Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of negative (7,035) square feet caused the vacancy rate to increase from 3.9% to 4.0% in the Rental rates stood at $9.92. Birmingham The vacancy rate remained unchanged in Birmingham in the fourth With 39,437 square feet in deliveries, and positive 69,934 square feet in net absorption, the vacancy rate held at 7.2%, the same rate reported in the previous The market had 72,575 square feet under construction at the end of the quarter, and rental rates stood at $8.89 per square foot. Boise City/Nampa The Boise City/Nampa Retail market ended the quarter with a vacancy rate of 6.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 441,958 square feet. Vacant sublease space increased to 38,737 square feet. Rental rates ended the fourth quarter at $11.88, an increase over the previous A total of one building with 1,500 square feet of space delivered to the market, with 77,971 square feet still under construction at the end of the Boston The Boston Retail market ended the quarter with a vacancy rate of 3.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,350,056 square feet. Vacant sublease space decreased to 719,090 square feet. Rental rates ended the fourth quarter at $16.86, an increase over the previous A total of 15 buildings with 805,090 square feet of space delivered to the market, with 1,799,497 square feet still under construction at the end of the Bremerton/Silverdale The Bremerton/Silverdale Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 59,618 square feet caused the vacancy rate to decrease from 7.7% to 7.3% in the Rental rates stood at $ Broward County The Broward County Retail market ended the quarter with a vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 300,214 square feet. Vacant sublease space increased to 121,869 square feet. Rental rates ended the fourth quarter at $19.44, an increase over the previous A total of four buildings with 20,220 square feet of space delivered to the market, with 408,094 square feet still under construction at the end of the Brownsville/Harlingen With no new Retail space being delivered to the market, and negative (29,212) square feet of net absorption, 2015 CoStar Group, Inc. The CoStar Retail Report 3

9 National Year-End 2014 Overview Brownsville/Harlingen s vacancy rate went from 7.3% to 7.6% in the Rental rates went from $13.03 to $13.35 during that time. At the end of the quarter, there was 8,220 square feet underway for future delivery. Buffalo/Niagara Falls The Buffalo/Niagara Falls Retail market ended the quarter with a vacancy rate of 6.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 280,391 square feet. Vacant sublease space decreased to 47,057 square feet. Rental rates ended the fourth quarter at $10.07, a decrease over the previous A total of one building with 23,000 square feet of space delivered to the market, with 700 square feet still under construction at the end of the Charleston WV The Charleston WV Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of negative (39,944) square feet caused the vacancy rate to increase from 2.7% to 3.0% in the Rental rates stood at $ Charleston/N Charleston The Charleston/N Charleston Retail market ended the quarter with a vacancy rate of 5.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 213,557 square feet. Vacant sublease space decreased to 95,341 square feet. Rental rates ended the fourth quarter at $16.14, an increase over the previous A total of four buildings with 61,506 square feet of space delivered to the market, with 231,887 square feet still under construction at the end of the Charlotte The Charlotte Retail market ended the quarter with a vacancy rate of 6.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 833,129 square feet. Vacant sublease space decreased to 245,089 square feet. Rental rates ended the fourth quarter at $13.20, an increase over the previous A total of eight buildings with 101,286 square feet of space delivered to the market, with 578,801 square feet still under construction at the end of the Chattanooga The Chattanooga Retail market ended the quarter with a vacancy rate of 7.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 184,815 square feet. Vacant sublease space stayed the same at 9,014 square feet. Rental rates ended the fourth quarter at $9.11, a decrease over the previous A total of two buildings with 12,713 square feet of space delivered to the market, with 76,160 square feet still under construction at the end of the Chicago The Chicago Retail market ended the quarter with a vacancy rate of 8.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,640,207 square feet. Vacant sublease space increased to 724,340 square feet. Rental rates ended the fourth quarter at $15.79, an increase over the previous A total of 24 buildings with 399,866 square feet of space delivered to the market, with 1,534,800 square feet still under construction at the end of the Cincinnati The Cincinnati Retail market ended the quarter with a vacancy rate of 7.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 407,871 square feet. Vacant sublease space decreased to 253,721 square feet. Rental rates ended the fourth quarter at $9.90, an increase over the previous A total of one building with 9,230 square feet of space delivered to the market, with 1,147,110 square feet still under construction at the end of the Cleveland The Cleveland Retail market ended the quarter with a vacancy rate of 7.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 608,764 square feet. Vacant sublease space increased to 439,634 square feet. Rental rates ended the fourth quarter at $10.45, a decrease over the previous A total of 10 buildings with 334,343 square feet of space delivered to the market, with 493,403 square feet still under construction at the end of the Colorado Springs The Colorado Springs Retail market ended the quarter with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 97,431 square feet. Vacant sublease space increased to 36,783 square feet. Rental rates ended the fourth quarter at $10.95, an increase over the previous A total of two buildings with 14,710 square feet of space delivered to the market, with 76,513 square feet still under construction at the end of the Columbia The Columbia Retail market ended the quarter with a vacancy rate of 7.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 173,236 square feet. Vacant sublease space decreased to 60,843 square feet. Rental rates ended the fourth quarter at $11.61, a decrease over the previous A total of four buildings 4 The CoStar Retail Report 2015 CoStar Group, Inc.

10 Overview Year-End 2014 National with 25,500 square feet of space delivered to the market, with 46,400 square feet still under construction at the end of the Columbus The Columbus Retail market ended the quarter with a vacancy rate of 6.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 552,117 square feet. Vacant sublease space increased to 83,689 square feet. Rental rates ended the fourth quarter at $11.67, an increase over the previous A total of six buildings with 61,678 square feet of space delivered to the market, with 352,950 square feet still under construction at the end of the Columbus GA The Columbus GA Retail market ended the quarter with a vacancy rate of 7.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 120,437 square feet. Vacant sublease space increased to 87,065 square feet. Rental rates ended the fourth quarter at $11.18, an increase over the previous A total of one building with 6,300 square feet of space delivered to the market, with 68,285 square feet still under construction at the end of the Corpus Christi The Corpus Christi Retail market ended the quarter with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 77,013 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $12.13, no change over the previous A total of three buildings with 29,618 square feet of space delivered to the market, with 33,615 square feet still under construction at the end of the Dallas/Ft Worth The Dallas/Ft Worth Retail market ended the quarter with a vacancy rate of 6.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,219,449 square feet. Vacant sublease space decreased to 524,450 square feet. Rental rates ended the fourth quarter at $14.11, an increase over the previous A total of 38 buildings with 705,134 square feet of space delivered to the market, with 3,652,781 square feet still under construction at the end of the Davenport/Moline/Rock Island With no new Retail space being delivered to the market, and positive 41,532 square feet of net absorption, Davenport/ Moline/Rock Island s vacancy rate went from 7.3% to 7.1% in the Rental rates went from $9.94 to $10.01 during that time. At the end of the quarter, there was 35,000 square feet underway for future delivery. Dayton With no new Retail space being delivered to the market, and positive 295,219 square feet of net absorption, Dayton s vacancy rate went from 7.6% to 7.2% in the Rental rates went from $9.14 to $9.24 during that time. At the end of the quarter, there was 34,000 square feet underway for future delivery. Deltona/Daytona Beach The Deltona/Daytona Beach Retail market ended the quarter with a vacancy rate of 7.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 41,359 square feet. Vacant sublease space stayed the same at 57,161 square feet. Rental rates ended the fourth quarter at $12.05, an increase over the previous A total of one building with 2,285 square feet of space delivered to the market, with 9,000 square feet still under construction at the end of the Denver The Denver Retail market ended the quarter with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 435,814 square feet. Vacant sublease space increased to 255,484 square feet. Rental rates ended the fourth quarter at $15.17, an increase over the previous A total of 10 buildings with 259,075 square feet of space delivered to the market, with 873,653 square feet still under construction at the end of the Des Moines The Des Moines Retail market ended the quarter with a vacancy rate of 5.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 277,986 square feet. Vacant sublease space stayed the same at 3,409 square feet. Rental rates ended the fourth quarter at $10.70, a decrease over the previous A total of four buildings with 49,636 square feet of space delivered to the market, with 296,396 square feet still under construction at the end of the Detroit The Detroit Retail market ended the quarter with a vacancy rate of 8.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 376,202 square feet. Vacant sublease space increased to 781,541 square feet. Rental rates ended the fourth quarter at $11.92, no change over the previous A total of nine buildings 2015 CoStar Group, Inc. The CoStar Retail Report 5

11 National Year-End 2014 Overview with 84,303 square feet of space delivered to the market, with 661,175 square feet still under construction at the end of the Duluth The vacancy rate remained unchanged in Duluth in the fourth With 4,500 square feet in deliveries, and negative (4,476) square feet in net absorption, the vacancy rate held at 3.5%, the same rate reported in the previous The market had 8,400 square feet under construction at the end of the quarter, and rental rates stood at $8.01 per square foot. East Bay/Oakland The East Bay/Oakland Retail market ended the quarter with a vacancy rate of 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 346,720 square feet. Vacant sublease space decreased to 304,826 square feet. Rental rates ended the fourth quarter at $21.98, an increase over the previous A total of three buildings with 56,397 square feet of space delivered to the market, with 438,204 square feet still under construction at the end of the El Paso The El Paso Retail market ended the quarter with a vacancy rate of 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 103,947 square feet. Vacant sublease space increased to 42,171 square feet. Rental rates ended the fourth quarter at $12.55, a decrease over the previous A total of one building with 25,000 square feet of space delivered to the market, with 237,000 square feet still under construction at the end of the Erie The Erie Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 26,281 square feet caused the vacancy rate to decrease from 3.4% to 3.3% in the Rental rates stood at $7.41. Evansville The Evansville Retail market ended the quarter with a vacancy rate of 6.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 68,941 square feet. Vacant sublease space decreased to 43,742 square feet. Rental rates ended the fourth quarter at $8.92, an increase over the previous A total of two buildings with 18,480 square feet of space delivered to the market, with 8,320 square feet still under construction at the end of the Fayetteville With no new Retail space being delivered to the market, and negative (17,992) square feet of net absorption, Fayetteville s vacancy rate went from 5.3% to 5.4% in the Rental rates went from $9.59 to $9.60 during that time. At the end of the quarter, there was 26,920 square feet underway for future delivery. Fayetteville/Springdale/Rogers The Fayetteville/Springdale/Rogers Retail market ended the quarter with a vacancy rate of 5.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 31,857 square feet. Vacant sublease space stayed the same at 7,000 square feet. Rental rates ended the fourth quarter at $12.87, an increase over the previous A total of one building with 5,000 square feet of space delivered to the market, with 72,767 square feet still under construction at the end of the Fort Smith The Fort Smith Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 49,437 square feet caused the vacancy rate to decrease from 6.1% to 5.7% in the Rental rates stood at $7.53. Fort Wayne The Fort Wayne Retail market ended the quarter with a vacancy rate of 9.0%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 6,385 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $9.11, an increase over the previous A total of four buildings with 26,600 square feet of space delivered to the market, with 8,194 square feet still under construction at the end of the Fresno The Fresno Retail market ended the quarter with a vacancy rate of 8.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 148,894 square feet. Vacant sublease space decreased to 472,426 square feet. Rental rates ended the fourth quarter at $12.82, an increase over the previous A total of four buildings with 39,587 square feet of space delivered to the market, with 153,881 square feet still under construction at the end of the Green Bay With no new Retail space being delivered to the market, and positive 17,142 square feet of net absorption, Green Bay s vacancy rate went from 6.8% to 6.7% in the Rental rates went from $9.84 to $9.96 during that time. At the end of the quarter, there was 12,775 square feet underway for future delivery. Greensboro/Winston-Salem The Greensboro/Winston-Salem Retail market ended the quarter with a vacancy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling 6 The CoStar Retail Report 2015 CoStar Group, Inc.

12 Overview Year-End 2014 National positive 427,503 square feet. Vacant sublease space increased to 213,245 square feet. Rental rates ended the fourth quarter at $10.24, an increase over the previous A total of three buildings with 20,400 square feet of space delivered to the market, with 149,439 square feet still under construction at the end of the Greenville/Spartanburg The vacancy rate remained unchanged in Greenville/ Spartanburg in the fourth With 165,225 square feet in deliveries, and positive 157,321 square feet in net absorption, the vacancy rate held at 6.7%, the same rate reported in the previous The market had 341,995 square feet under construction at the end of the quarter, and rental rates stood at $9.60 per square foot. Hampton Roads The Hampton Roads Retail market ended the quarter with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 975,308 square feet. Vacant sublease space decreased to 305,099 square feet. Rental rates ended the fourth quarter at $13.42, no change over the previous A total of 10 buildings with 774,663 square feet of space delivered to the market, with 540,949 square feet still under construction at the end of the Hartford The vacancy rate remained unchanged in Hartford in the fourth With 17,600 square feet in deliveries, and negative (11,935) square feet in net absorption, the vacancy rate held at 5.2%, the same rate reported in the previous The market had 461,237 square feet under construction at the end of the quarter, and rental rates stood at $12.52 per square foot. Hawaii The vacancy rate remained unchanged in Hawaii in the fourth With 18,342 square feet in deliveries, and negative (7,263) square feet in net absorption, the vacancy rate held at 2.8%, the same rate reported in the previous The market had 352,250 square feet under construction at the end of the quarter, and rental rates stood at $34.16 per square foot. Houston The vacancy rate remained unchanged in Houston in the fourth With 377,127 square feet in deliveries, and positive 376,055 square feet in net absorption, the vacancy rate held at 5.6%, the same rate reported in the previous The market had 2,355,126 square feet under construction at the end of the quarter, and rental rates stood at $15.17 per square foot. Huntington/Ashland The Huntington/Ashland Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of negative (111,796) square feet caused the vacancy rate to increase from 3.4% to 3.8% in the Rental rates stood at $9.31. Huntsville The Huntsville Retail market ended the quarter with a vacancy rate of 8.0%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 108,566 square feet. Vacant sublease space stayed the same at 38,140 square feet. Rental rates ended the fourth quarter at $10.53, a decrease over the previous A total of three buildings with 188,800 square feet of space delivered to the market, with 293,015 square feet still under construction at the end of the Indianapolis The Indianapolis Retail market ended the quarter with a vacancy rate of 6.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 239,052 square feet. Vacant sublease space increased to 147,689 square feet. Rental rates ended the fourth quarter at $12.16, a decrease over the previous A total of six buildings with 93,871 square feet of space delivered to the market, with 297,243 square feet still under construction at the end of the Inland Empire (California) The Inland Empire (California) Retail market ended the quarter with a vacancy rate of 8.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 211,231 square feet. Vacant sublease space increased to 569,493 square feet. Rental rates ended the fourth quarter at $15.98, an increase over the previous A total of 11 buildings with 120,199 square feet of space delivered to the market, with 359,545 square feet still under construction at the end of the Jackson With no space currently under construction, Jackson absorbed 106,827 square feet of space and delivered 9,100 square feet of space, resulting in a vacancy rate that went from 7.4% to 7.1% over the course of the Rental rates went from $10.27 to $10.23 per square foot. Jacksonville (Florida) The Jacksonville (Florida) Retail market ended the quarter with a vacancy rate of 7.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 333,392 square feet. Vacant sublease space increased to 277,813 square feet. Rental rates ended the fourth quarter at 2015 CoStar Group, Inc. The CoStar Retail Report 7

13 National Year-End 2014 Overview $12.57, an increase over the previous A total of eight buildings with 42,370 square feet of space delivered to the market, with 169,632 square feet still under construction at the end of the Kansas City The Kansas City Retail market ended the quarter with a vacancy rate of 8.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 603,805 square feet. Vacant sublease space decreased to 261,467 square feet. Rental rates ended the fourth quarter at $12.28, a decrease over the previous A total of seven buildings with 180,659 square feet of space delivered to the market, with 464,910 square feet still under construction at the end of the Killeen/Temple/Fort Hood The Killeen/Temple/Fort Hood Retail market ended the quarter with a vacancy rate of 4.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 46,456 square feet. Vacant sublease space stayed the same at 10,065 square feet. Rental rates ended the fourth quarter at $10.90, an increase over the previous A total of four buildings with 33,920 square feet of space delivered to the market, with 25,000 square feet still under construction at the end of the Kingsport/Bristol/Bristol With no new Retail space being delivered to the market, and negative (8,959) square feet of net absorption, Kingsport/ Bristol/Bristol s vacancy rate remained at 7.0% in the Rental rates went from $8.23 to $7.96 during that time. At the end of the quarter, there was 99,100 square feet underway for future delivery. Knoxville The vacancy rate remained unchanged in Knoxville in the fourth With 36,058 square feet in deliveries, and positive 33,212 square feet in net absorption, the vacancy rate held at 6.9%, the same rate reported in the previous The market had 18,160 square feet under construction at the end of the quarter, and rental rates stood at $11.29 per square foot. Lafayette With no space currently under construction, Lafayette absorbed 174,835 square feet of space and delivered 120,092 square feet of space, resulting in a vacancy rate that went from 5.3% to 4.8% over the course of the Rental rates went from $10.93 to $11.23 per square foot. Las Vegas The Las Vegas Retail market ended the quarter with a vacancy rate of 9.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,966,406 square feet. Vacant sublease space decreased to 667,167 square feet. Rental rates ended the fourth quarter at $15.59, a decrease over the previous A total of six buildings with 1,692,442 square feet of space delivered to the market, with 556,790 square feet still under construction at the end of the Lexington/Fayette The Lexington/Fayette Retail market ended the quarter with a vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 142,261 square feet. Vacant sublease space decreased to 19,334 square feet. Rental rates ended the fourth quarter at $12.22, a decrease over the previous A total of two buildings with 20,500 square feet of space delivered to the market, with 130,097 square feet still under construction at the end of the Lincoln With no new Retail space being delivered to the market, and positive 2,703 square feet of net absorption, Lincoln s vacancy rate remained at 4.7% in the Rental rates went from $12.14 to $12.26 during that time. At the end of the quarter, there was 7,000 square feet underway for future delivery. Little Rock/N Little Rock The vacancy rate remained unchanged in Little Rock/N Little Rock in the fourth With 11,250 square feet in deliveries, and positive 16,089 square feet in net absorption, the vacancy rate held at 4.7%, the same rate reported in the previous The market had 140,594 square feet under construction at the end of the quarter, and rental rates stood at $12.05 per square foot. Long Island (New York) The Long Island (New York) Retail market ended the quarter with a vacancy rate of 4.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 588,969 square feet. Vacant sublease space increased to 135,795 square feet. Rental rates ended the fourth quarter at $31.03, a decrease over the previous A total of one building with 14,500 square feet of space delivered to the market, with 1,508,039 square feet still under construction at the end of the Los Angeles The Los Angeles Retail market ended the quarter with a vacancy rate of 4.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 627,255 square feet. Vacant sublease space increased to 779,214 square feet. Rental rates ended the fourth quarter at $25.15, an increase over the previous A total of 11 buildings with 197,367 square feet of space delivered to the market, with 8 The CoStar Retail Report 2015 CoStar Group, Inc.

14 Overview Year-End 2014 National 1,690,835 square feet still under construction at the end of the Louisville The Louisville Retail market ended the quarter with a vacancy rate of 6.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 315,513 square feet. Vacant sublease space decreased to 93,460 square feet. Rental rates ended the fourth quarter at $11.10, an increase over the previous A total of two buildings with 200,001 square feet of space delivered to the market, with 291,675 square feet still under construction at the end of the Lubbock The Lubbock Retail market ended the quarter with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 110,294 square feet. Vacant sublease space increased to 20,903 square feet. Rental rates ended the fourth quarter at $11.01, an increase over the previous A total of three buildings with 81,635 square feet of space delivered to the market, with 25,665 square feet still under construction at the end of the Madison The Madison Retail market ended the quarter with a vacancy rate of 6.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 18,728 square feet. Vacant sublease space stayed the same at 152,258 square feet. Rental rates ended the fourth quarter at $11.79, a decrease over the previous A total of two buildings with 8,723 square feet of space delivered to the market, with 32,500 square feet still under construction at the end of the Marin/Sonoma The Marin/Sonoma Retail market ended the quarter with a vacancy rate of 3.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 254,814 square feet. Vacant sublease space decreased to 182,855 square feet. Rental rates ended the fourth quarter at $18.76, a decrease over the previous A total of four buildings with 196,621 square feet of space delivered to the market, with 57,540 square feet still under construction at the end of the McAllen/Edinburg/Pharr The McAllen/Edinburg/Pharr Retail market ended the quarter with a vacancy rate of 6.2%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (36,876) square feet. Vacant sublease space stayed the same at 35,666 square feet. Rental rates ended the fourth quarter at $14.88, an increase over the previous A total of two buildings with 10,445 square feet of space delivered to the market, with 18,000 square feet still under construction at the end of the Memphis The Memphis Retail market ended the quarter with a vacancy rate of 8.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 447,886 square feet. Vacant sublease space decreased to 161,277 square feet. Rental rates ended the fourth quarter at $9.48, a decrease over the previous A total of seven buildings with 114,237 square feet of space delivered to the market, with 299,032 square feet still under construction at the end of the Miami-Dade County The Miami-Dade County Retail market ended the quarter with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 351,375 square feet. Vacant sublease space decreased to 27,623 square feet. Rental rates ended the fourth quarter at $32.11, an increase over the previous A total of seven buildings with 149,331 square feet of space delivered to the market, with 1,455,300 square feet still under construction at the end of the Milwaukee The Milwaukee Retail market ended the quarter with a vacancy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 333,338 square feet. Vacant sublease space decreased to 255,155 square feet. Rental rates ended the fourth quarter at $10.78, a decrease over the previous A total of three buildings with 37,129 square feet of space delivered to the market, with 688,740 square feet still under construction at the end of the Minneapolis The Minneapolis Retail market ended the quarter with a vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 509,808 square feet. Vacant sublease space decreased to 836,787 square feet. Rental rates ended the fourth quarter at $13.20, an increase over the previous A total of five buildings with 65,803 square feet of space delivered to the market, with 405,407 square feet still under construction at the end of the Mobile The Mobile Retail market ended the quarter with a vacancy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 150,766 square feet. Vacant sublease space stayed the same at 165,640 square feet. Rental rates ended the fourth quarter at $11.34, a 2015 CoStar Group, Inc. The CoStar Retail Report 9

15 National Year-End 2014 Overview decrease over the previous A total of three buildings with 89,866 square feet of space delivered to the market, with 49,437 square feet still under construction at the end of the Montgomery The Montgomery Retail market ended the quarter with a vacancy rate of 9.7%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (22,132) square feet. Vacant sublease space decreased to 0 square feet. Rental rates ended the fourth quarter at $9.08, a decrease over the previous A total of one building with 4,000 square feet of space delivered to the market, with 21,800 square feet still under construction at the end of the Myrtle Beach/Conway The vacancy rate remained unchanged in Myrtle Beach/ Conway in the fourth With 22,761 square feet in deliveries, and positive 1,886 square feet in net absorption, the vacancy rate held at 6.7%, the same rate reported in the previous The market had 32,330 square feet under construction at the end of the quarter, and rental rates stood at $10.15 per square foot. Nashville The Nashville Retail market ended the quarter with a vacancy rate of 6.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 274,547 square feet. Vacant sublease space decreased to 223,141 square feet. Rental rates ended the fourth quarter at $14.38, an increase over the previous A total of three buildings with 17,200 square feet of space delivered to the market, with 354,106 square feet still under construction at the end of the New Orleans/Metairie/Kenner The New Orleans/Metairie/Kenner Retail market ended the quarter with a vacancy rate of 6.3%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (36,625) square feet. Vacant sublease space decreased to 4,031 square feet. Rental rates ended the fourth quarter at $14.76, an increase over the previous A total of two buildings with 33,857 square feet of space delivered to the market, with 283,920 square feet still under construction at the end of the New York City The vacancy rate remained unchanged in New York City in the fourth With 8,534 square feet in deliveries, and negative (86,693) square feet in net absorption, the vacancy rate held at 3.5%, the same rate reported in the previous The market had 895,404 square feet under construction at the end of the quarter, and rental rates stood at $93.51 per square foot. Northern New Jersey The Northern New Jersey Retail market ended the quarter with a vacancy rate of 5.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,078,705 square feet. Vacant sublease space increased to 385,183 square feet. Rental rates ended the fourth quarter at $19.94, an increase over the previous A total of 11 buildings with 241,770 square feet of space delivered to the market, with 5,093,959 square feet still under construction at the end of the Ocala The Ocala Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of negative (631) square feet caused the vacancy rate to remain at 7.7% in the Rental rates stood at $ Oklahoma City The vacancy rate remained unchanged in Oklahoma City in the fourth With 93,685 square feet in deliveries, and positive 96,480 square feet in net absorption, the vacancy rate held at 6.7%, the same rate reported in the previous The market had 247,502 square feet under construction at the end of the quarter, and rental rates stood at $11.08 per square foot. Olympia The Olympia Retail market ended the quarter with a vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 42,918 square feet. Vacant sublease space stayed the same at 4,500 square feet. Rental rates ended the fourth quarter at $16.34, an increase over the previous A total of three buildings with 33,052 square feet of space delivered to the market, with 24,138 square feet still under construction at the end of the Omaha/Council Bluffs The Omaha/Council Bluffs Retail market ended the quarter with a vacancy rate of 5.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 110,373 square feet. Vacant sublease space stayed the same at 279,294 square feet. Rental rates ended the fourth quarter at $11.98, an increase over the previous A total of three buildings with 68,483 square feet of space delivered to the market, with 287,028 square feet still under construction at the end of the Orange County (California) The vacancy rate remained unchanged in Orange County (California) in the fourth With 62,085 square feet in deliveries, and positive 138,905 square feet in net absorption, the vacancy rate held at 4.7%, the same rate reported in the 10 The CoStar Retail Report 2015 CoStar Group, Inc.

16 Overview Year-End 2014 National previous The market had 991,111 square feet under construction at the end of the quarter, and rental rates stood at $23.01 per square foot. Orlando The Orlando Retail market ended the quarter with a vacancy rate of 7.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 700,865 square feet. Vacant sublease space decreased to 204,341 square feet. Rental rates ended the fourth quarter at $14.15, a decrease over the previous A total of five buildings with 45,963 square feet of space delivered to the market, with 1,234,161 square feet still under construction at the end of the Palm Beach County The Palm Beach County Retail market ended the quarter with a vacancy rate of 6.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 476,660 square feet. Vacant sublease space increased to 97,880 square feet. Rental rates ended the fourth quarter at $18.42, an increase over the previous A total of three buildings with 312,790 square feet of space delivered to the market, with 174,083 square feet still under construction at the end of the Pensacola The vacancy rate remained unchanged in Pensacola in the fourth With 25,000 square feet in deliveries, and positive 38,245 square feet in net absorption, the vacancy rate held at 6.0%, the same rate reported in the previous The market had 8,353 square feet under construction at the end of the quarter, and rental rates stood at $12.45 per square foot. Peoria The Peoria Retail market ended the quarter with a vacancy rate of 7.2%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (12,356) square feet. Vacant sublease space stayed the same at 5,708 square feet. Rental rates ended the fourth quarter at $10.29, a decrease over the previous A total of two buildings with 15,100 square feet of space delivered to the market, with 9,000 square feet still under construction at the end of the Philadelphia The Philadelphia Retail market ended the quarter with a vacancy rate of 5.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (74,123) square feet. Vacant sublease space increased to 694,646 square feet. Rental rates ended the fourth quarter at $14.02, an increase over the previous A total of six buildings with 33,257 square feet of space delivered to the market, with 762,131 square feet still under construction at the end of the Phoenix The Phoenix Retail market ended the quarter with a vacancy rate of 9.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 819,805 square feet. Vacant sublease space decreased to 739,658 square feet. Rental rates ended the fourth quarter at $13.87, a decrease over the previous A total of 21 buildings with 377,959 square feet of space delivered to the market, with 427,089 square feet still under construction at the end of the Pittsburgh The Pittsburgh Retail market ended the quarter with a vacancy rate of 3.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 165,683 square feet. Vacant sublease space increased to 44,965 square feet. Rental rates ended the fourth quarter at $12.20, a decrease over the previous A total of five buildings with 61,452 square feet of space delivered to the market, with 126,894 square feet still under construction at the end of the Port St Lucie/Fort Pierce The Port St Lucie/Fort Pierce Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 76,840 square feet caused the vacancy rate to decrease from 7.0% to 6.6% in the Rental rates stood at $ Portland The Portland Retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 316,938 square feet. Vacant sublease space decreased to 101,594 square feet. Rental rates ended the fourth quarter at $16.86, an increase over the previous A total of three buildings with 82,820 square feet of space delivered to the market, with 265,931 square feet still under construction at the end of the Portland/South Portland The Portland/South Portland Retail market ended the quarter with a vacancy rate of 4.3%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (84,515) square feet. Vacant sublease space decreased to 11,180 square feet. Rental rates ended the fourth quarter at $12.29, a decrease over the previous A total of one building with 8,320 square feet of space delivered to the market, with 10,560 square feet still under construction at the end of the Providence The Providence Retail market ended the quarter with a vacancy rate of 6.2%. The vacancy rate was up over the pre CoStar Group, Inc. The CoStar Retail Report 11

17 National Year-End 2014 Overview vious quarter, with net absorption totaling negative (172,307) square feet. Vacant sublease space increased to 251,558 square feet. Rental rates ended the fourth quarter at $13.40, an increase over the previous A total of four buildings with 16,825 square feet of space delivered to the market, with 34,733 square feet still under construction at the end of the Raleigh/Durham The Raleigh/Durham Retail market ended the quarter with a vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 539,304 square feet. Vacant sublease space increased to 104,427 square feet. Rental rates ended the fourth quarter at $14.58, a decrease over the previous A total of six buildings with 98,411 square feet of space delivered to the market, with 766,962 square feet still under construction at the end of the Reno/Sparks With no space currently under construction, Reno/Sparks absorbed 86,680 square feet of space and delivered 26,370 square feet of space, resulting in a vacancy rate that went from 12.7% to 12.5% over the course of the Rental rates went from $14.00 to $14.09 per square foot. Richmond VA The Richmond VA Retail market ended the quarter with a vacancy rate of 5.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 239,233 square feet. Vacant sublease space increased to 183,830 square feet. Rental rates ended the fourth quarter at $13.85, an increase over the previous A total of three buildings with 77,178 square feet of space delivered to the market, with 253,437 square feet still under construction at the end of the Roanoke With no new Retail space being delivered to the market, and negative (6,747) square feet of net absorption, Roanoke s vacancy rate remained at 4.6% in the Rental rates went from $15.37 to $15.28 during that time. At the end of the quarter, there was 95,117 square feet underway for future delivery. Rochester The vacancy rate remained unchanged in Rochester in the fourth With 180,000 square feet in deliveries, and positive 191,980 square feet in net absorption, the vacancy rate held at 8.2%, the same rate reported in the previous The market had 216,175 square feet under construction at the end of the quarter, and rental rates stood at $10.78 per square foot. Sacramento The Sacramento Retail market ended the quarter with a vacancy rate of 8.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 429,224 square feet. Vacant sublease space decreased to 236,743 square feet. Rental rates ended the fourth quarter at $16.17, an increase over the previous A total of six buildings with 58,587 square feet of space delivered to the market, with 465,981 square feet still under construction at the end of the Salinas The Salinas Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 14,588 square feet caused the vacancy rate to decrease from 3.4% to 3.3% in the Rental rates stood at $ Salt Lake City The Salt Lake City Retail market ended the quarter with a vacancy rate of 4.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 214,705 square feet. Vacant sublease space increased to 106,919 square feet. Rental rates ended the fourth quarter at $12.87, a decrease over the previous A total of four buildings with 24,688 square feet of space delivered to the market, with 639,900 square feet still under construction at the end of the San Antonio The vacancy rate remained unchanged in San Antonio in the fourth With 165,252 square feet in deliveries, and positive 129,471 square feet in net absorption, the vacancy rate held at 5.3%, the same rate reported in the previous The market had 293,759 square feet under construction at the end of the quarter, and rental rates stood at $14.13 per square foot. San Diego The San Diego Retail market ended the quarter with a vacancy rate of 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 297,492 square feet. Vacant sublease space decreased to 169,681 square feet. Rental rates ended the fourth quarter at $22.53, a decrease over the previous A total of three buildings with 117,322 square feet of space delivered to the market, with 360,891 square feet still under construction at the end of the San Francisco The San Francisco Retail market ended the quarter with a vacancy rate of 2.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 226, The CoStar Retail Report 2015 CoStar Group, Inc.

18 Overview Year-End 2014 National square feet. Vacant sublease space increased to 182,136 square feet. Rental rates ended the fourth quarter at $34.11, an increase over the previous A total of three buildings with 79,019 square feet of space delivered to the market, with 83,635 square feet still under construction at the end of the San Luis Obispo/Paso Robles With no new Retail space being delivered to the market, and positive 1,483 square feet of net absorption, San Luis Obispo/Paso Robles s vacancy rate went from 3.4% to 3.4% in the Rental rates went from $21.37 to $22.03 during that time. At the end of the quarter, there was 9,560 square feet underway for future delivery. Santa Barbara/Sta Maria/Goleta With no space currently under construction, Santa Barbara/Sta Maria/Goleta absorbed 58,581 square feet of space and delivered 10,204 square feet of space, resulting in a vacancy rate that went from 3.2% to 3.0% over the course of the Rental rates went from $23.75 to $23.53 per square foot. Santa Cruz/Watsonville With no space currently under construction, Santa Cruz/ Watsonville absorbed 21,786 square feet of space and delivered 16,537 square feet of space, resulting in a vacancy rate that went from 4.0% to 4.0% over the course of the Rental rates went from $19.84 to $19.27 per square foot. Savannah The vacancy rate remained unchanged in Savannah in the fourth With 6,000 square feet in deliveries, and negative (8,067) square feet in net absorption, the vacancy rate held at 6.0%, the same rate reported in the previous The market had 454,380 square feet under construction at the end of the quarter, and rental rates stood at $14.86 per square foot. Seattle/Puget Sound The Seattle/Puget Sound Retail market ended the quarter with a vacancy rate of 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 704,458 square feet. Vacant sublease space decreased to 219,645 square feet. Rental rates ended the fourth quarter at $17.53, an increase over the previous A total of three buildings with 40,041 square feet of space delivered to the market, with 453,432 square feet still under construction at the end of the Shreveport/Bossier City With no new Retail space being delivered to the market, and negative (116,366) square feet of net absorption, Shreveport/Bossier City s vacancy rate went from 5.3% to 5.8% in the Rental rates went from $11.14 to $10.07 during that time. At the end of the quarter, there was 41,117 square feet underway for future delivery. South Bay/San Jose The South Bay/San Jose Retail market ended the quarter with a vacancy rate of 3.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 342,488 square feet. Vacant sublease space decreased to 211,374 square feet. Rental rates ended the fourth quarter at $28.29, an increase over the previous A total of six buildings with 297,810 square feet of space delivered to the market, with 448,968 square feet still under construction at the end of the South Bend/Mishawaka With no space currently under construction, South Bend/ Mishawaka absorbed 156,832 square feet of space and delivered 148,000 square feet of space, resulting in a vacancy rate remained at 4.8% over the course of the Rental rates went from $8.05 to $8.42 per square foot. Southwest Florida The vacancy rate remained unchanged in Southwest Florida in the fourth With 105,974 square feet in deliveries, and positive 113,997 square feet in net absorption, the vacancy rate held at 7.3%, the same rate reported in the previous The market had 176,344 square feet under construction at the end of the quarter, and rental rates stood at $14.22 per square foot. Spokane The Spokane Retail market ended the quarter with a vacancy rate of 7.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 161,997 square feet. Vacant sublease space decreased to 10,997 square feet. Rental rates ended the fourth quarter at $11.32, an increase over the previous A total of one building with 35,000 square feet of space delivered to the market, with 15,750 square feet still under construction at the end of the Springfield The Springfield Retail market ended the quarter with a vacancy rate of 5.5%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (58,052) square feet. Vacant sublease space stayed the same at 7,300 square feet. Rental rates ended the fourth quarter at $9.10, a decrease over the previous A total of one building with 6,000 square feet of space delivered to the market, with 9,100 square feet still under construction at the end of the St. Louis The St. Louis Retail market ended the quarter with a vacancy rate of 6.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 349, CoStar Group, Inc. The CoStar Retail Report 13

19 National Year-End 2014 Overview square feet. Vacant sublease space decreased to 111,251 square feet. Rental rates ended the fourth quarter at $12.04, a decrease over the previous A total of four buildings with 41,962 square feet of space delivered to the market, with 712,552 square feet still under construction at the end of the Stockton/Modesto The Stockton/Modesto Retail market ended the quarter with a vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 307,677 square feet. Vacant sublease space decreased to 175,382 square feet. Rental rates ended the fourth quarter at $13.50, an increase over the previous A total of two buildings with 111,070 square feet of space delivered to the market, with 27,600 square feet still under construction at the end of the Syracuse The Syracuse Retail market ended the quarter with a vacancy rate of 5.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 229,801 square feet. Vacant sublease space increased to 105,152 square feet. Rental rates ended the fourth quarter at $9.92, a decrease over the previous A total of one building with 148,000 square feet of space delivered to the market, with 100,000 square feet still under construction at the end of the Tallahassee The Tallahassee Retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 84,068 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $13.17, a decrease over the previous A total of one building with 5,438 square feet of space delivered to the market, with 11,000 square feet still under construction at the end of the Tampa/St Petersburg The Tampa/St Petersburg Retail market ended the quarter with a vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,316,979 square feet. Vacant sublease space increased to 688,893 square feet. Rental rates ended the fourth quarter at $13.73, an increase over the previous A total of nine buildings with 1,155,882 square feet of space delivered to the market, with 427,148 square feet still under construction at the end of the Toledo With no new Retail space being delivered to the market, and positive 121,996 square feet of net absorption, Toledo s vacancy rate went from 6.9% to 6.8% in the Rental rates went from $7.57 to $7.65 during that time. At the end of the quarter, there was 18,028 square feet underway for future delivery. Tucson The Tucson Retail market ended the quarter with a vacancy rate of 6.7%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (48,634) square feet. Vacant sublease space increased to 70,632 square feet. Rental rates ended the fourth quarter at $14.27, a decrease over the previous A total of three buildings with 30,817 square feet of space delivered to the market, with 26,858 square feet still under construction at the end of the Tulsa The vacancy rate remained unchanged in Tulsa in the fourth With 100,690 square feet in deliveries, and positive 124,539 square feet in net absorption, the vacancy rate held at 5.5%, the same rate reported in the previous The market had 40,034 square feet under construction at the end of the quarter, and rental rates stood at $9.88 per square foot. Utica/Rome The Utica/Rome Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 65,564 square feet caused the vacancy rate to decrease from 5.6% to 5.3% in the Rental rates stood at $8.12. Visalia/Porterville The Visalia/Porterville Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 15,141 square feet caused the vacancy rate to decrease from 5.5% to 5.4% in the Rental rates stood at $ Washington The Washington Retail market ended the quarter with a vacancy rate of 4.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,048,407 square feet. Vacant sublease space increased to 220,582 square feet. Rental rates ended the fourth quarter at $26.19, an increase over the previous A total of 19 buildings with 844,646 square feet of space delivered to the market, with 1,894,008 square feet still under construction at the end of the West Michigan The West Michigan Retail market ended the quarter with a vacancy rate of 6.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 276, The CoStar Retail Report 2015 CoStar Group, Inc.

20 Overview Year-End 2014 National square feet. Vacant sublease space increased to 283,604 square feet. Rental rates ended the fourth quarter at $9.35, a decrease over the previous A total of two buildings with 23,518 square feet of space delivered to the market, with 350,000 square feet still under construction at the end of the Westchester/So Connecticut The Westchester/So Connecticut Retail market ended the quarter with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 312,316 square feet. Vacant sublease space decreased to 244,041 square feet. Rental rates ended the fourth quarter at $22.94, an increase over the previous A total of four buildings with 24,336 square feet of space delivered to the market, with 952,937 square feet still under construction at the end of the Wichita With no new Retail space being delivered to the market, and positive 58,014 square feet of net absorption, Wichita s vacancy rate went from 4.2% to 4.1% in the Rental rates went from $9.40 to $9.28 during that time. At the end of the quarter, there was 41,105 square feet underway for future delivery. previous quarter, with net absorption totaling positive 66,005 square feet. Vacant sublease space stayed the same at 44,860 square feet. Rental rates ended the fourth quarter at $12.97, an increase over the previous A total of one building with 11,962 square feet of space delivered to the market, with 277,470 square feet still under construction at the end of the Yakima The Yakima Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of negative (34,618) square feet caused the vacancy rate to increase from 4.6% to 4.9% in the Rental rates stood at $8.84. Youngstown/Warren/Boardman The Youngstown/Warren/Boardman Retail market reported no new deliveries and no space under construction at the end of the fourth quarter With this limited construction activity, net absorption of positive 66,943 square feet caused the vacancy rate to decrease from 5.7% to 5.6% in the Rental rates stood at $7.80. Wilmington The Wilmington Retail market ended the quarter with a vacancy rate of 4.7%. The vacancy rate was down over the 2015 CoStar Group, Inc. The CoStar Retail Report 15

21 National Year-End 2014 Inventory & development Historical Deliveries Deliveries Average Delivered SF Millions SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total GLA Preleased SF Preleased % All Existing U/C Northern New Jerse y 61 5,093,959 4,487, % 10,484 83,508 Dallas/Ft Worth 91 3,652,781 3,363, % 14,051 40,140 Houston 45 2,355,126 2,048, % 15,851 52,336 Washington 42 1,894,008 1,106, % 13,629 45,095 Boston 37 1,799,497 1,252, % 12,411 48,635 Los Angeles 56 1,690,835 1,364, % 10,024 30,193 Chicago 55 1,534,800 1,200, % 13,630 27,905 Long Island (New York) 34 1,508,039 1,123, % 8,058 44,354 Miami-Dade County 27 1,455, , % 12,611 53,900 Orlando 11 1,234, , % 14, ,196 Cincinnati 8 1,147, , % 11, ,389 Orange County (California) ,111 79, % 14,074 70,794 Westchester/So Connecticut , , % 10,783 32,860 New York City , , % 11,906 68,877 Denver , , % 13,535 23,612 Raleigh/Durham , , % 12,468 23,968 Philadelphia , , % 12,093 23,095 St. Louis , , % 14,335 54,812 Milwaukee , , % 10,529 38,263 Detroit , , % 10,448 25,430 Salt Lake City , , % 12,480 53,325 Charlotte , , % 12,409 21,437 Las Vegas , , % 15,604 55,679 Hampton Roads , , % 13,202 21,638 Cleveland , , % 12,583 30,838 Sacramento , , % 12,324 19,416 Kansas City 6 464, , % 13,331 77,485 Hartford 9 461, , % 10,246 51,249 Savannah 4 454, , % 10, ,595 Seattle/Puget Sound , , % 11,715 23,865 South Bay/San Jose , , % 11,877 34,536 East Bay/Oakland , , % 9,382 23,063 Tampa/St Petersbur g , , % 12,162 25,126 Phoenix , , % 16,241 11,864 Broward Count y , , % 14,516 22,672 Minneapolis , , % 12,342 15,015 Austin , , % 12,018 17,626 Atlanta , , % 13,765 20,266 San Diego , , % 10,469 21,229 Inland Empire (California) , , % 11,934 35,954 Nashville , , % 11,144 35,411 Columbus , , % 12,415 25,211 Hawaii , , % 15,466 29,354 West Michi gan 1 350, , % 9, ,000 Asheville 5 349, , % 12,696 69,982 United States 1,447 49,367,365 36,808, % 11,643 34, The CoStar Retail Report 2015 CoStar Group, Inc.

22 Inventory & development Year-End 2014 National Historical Construction Starts & Deliveries* Square Footage Per Quarter Starting and Completing Construction Construction Starts Deliveries Millions of SF q q q q q q q q * Select markets included in this historical chart - see Methodology page. Recent Deliveries by Project Size of Year-to-Date Development Building Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant < 50,000 SF 2,529 25,861,124 21,607, % $ ,634,326 14,226,798 50,000 SF - 99,999 SF ,133,288 9,395, % $ ,361,925 5,771, ,000 SF - 249,999 SF ,177,171 16,593, % $ ,649,366 9,527, ,000 SF - 499,999 SF 12 4,137,130 3,131, % $ ,000 3,362,130 >= 500,000 SF 3 3,260,000 2,909, % $ ,260,000 Recent Development by Tenancy Based on GLA Developed for Single & Multi Tenant Use 2014 Deliveries Currently Under Construction Existing Inventory Comparison Based on Total GLA General Retail 40% 24% Shopping Center Mall Power Center 60% 76% Specialty Center Multi Single Multi Single Millions of Square Feet 0 1,000 2,000 3,000 4,000 5,000 6,000 7, CoStar Group, Inc. The CoStar Retail Report 17

23 National Year-End 2014 Inventory & development 18 The CoStar Retail Report 2015 CoStar Group, Inc.

24 Inventory & development Year-End 2014 National 2015 CoStar Group, Inc. The CoStar Retail Report 19

25 National Year-End 2014 Figures at a Glance General Retail Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect. 9,805 61,276,349 2,304,657 2,361, % 398, ,110 45,296 $10.64 Albuquerque 4,448 29,756, , , % 417, ,120 13,683 $13.78 Anchorage ,339, , , % 127, $19.31 Asheville 1,926 17,866, , , % 166,053 89, ,908 $15.57 Atlanta 19, ,560,806 7,486,864 7,843, % 1,890,329 1,195, ,381 $12.47 Augusta/Richmon 2,816 18,445,449 1,145,594 1,145, % 311, ,903 41,117 $8.98 Austin 6,601 44,908,214 1,378,081 1,398, % 257, , ,105 $19.37 Bakersfield 1,280 8,720, , , % 64,027 4,033 66,500 $11.95 Baltimore 9,963 60,711,929 2,017,029 2,077, % 427, , ,214 $18.38 Baton Rouge 2,280 19,353,691 1,182,729 1,193, % 581, ,405 19,440 $12.16 Beaumont/Port A. 1,247 10,590, , , % 59, $8.30 Birmingham 7,405 54,682,674 2,137,402 2,198, % 383, ,678 72,575 $10.03 Boise City/Namp. 3,194 19,283, , , % 297,565 15,912 62,371 $10.13 Boston 22, ,768,478 5,495,837 5,770, % 1,736, ,255 1,317,049 $16.14 Bremerton/Silve ,076, , , % 140,704 59,000 0 $10.88 Broward County 4,945 38,966,773 1,159,697 1,197, % 125, , ,977 $20.12 Brownsville/Har ,625, , , % 11,408 7,200 8,220 $12.71 Buffalo/Niagara. 4,300 35,129,436 1,869,914 1,873, % (139,435) 64, $10.52 Charleston WV 1,631 11,245, , , % (13,455) 0 0 $9.08 Charleston/N Ch. 3,678 20,953, , , % 221, , ,587 $18.31 Charlotte 9,543 72,420,970 3,097,192 3,208, % 882, , ,817 $12.24 Chattanooga 1,803 13,480, , , % 161,272 74,517 76,160 $9.84 Chicago 30, ,506,311 17,619,679 17,877, % 3,541,230 1,827, ,704 $16.69 Cincinnati 9,389 66,092,281 2,898,087 2,920, % 261,457 86, ,110 $10.27 Cleveland 13,029 99,698,433 4,112,068 4,162, % 917, , ,760 $9.66 Colorado Spring. 2,454 16,914, , , % 172,359 72,502 70,485 $12.27 Columbia 4,122 27,454,885 1,481,102 1,484, % 8,309 73,566 38,000 $11.30 Columbus 5,549 39,468,276 1,046,323 1,058, % 935, , ,950 $13.17 Columbus GA 1,419 12,149, , , % (47,496) 26,920 63,285 $10.51 Corpus Christi 1,669 13,236, , , % 92,050 40,218 33,615 $11.03 Dallas/Ft Worth 19, ,923,747 5,921,364 6,179, % 1,433,764 1,755,877 2,721,450 $14.69 Davenport/Molin. 1,051 9,910, , , % 69,072 5,350 35,000 $10.95 Dayton 6,042 39,421,645 1,523,426 1,545, % 309,814 72,068 0 $8.51 Deltona/Daytona. 2,858 17,999, , , % (76,850) 20,343 0 $12.68 Denver 9,700 76,750,491 2,722,772 2,770, % 497, , ,375 $16.28 Des Moines 2,265 19,333, , , % 237, , ,396 $10.00 Detroit 19, ,435,425 7,463,065 7,714, % 796, , ,915 $11.19 Duluth 1,867 13,954, , , % 403, ,034 8,400 $7.36 East Bay/Oaklan. 10,947 64,920,037 1,928,242 1,976, % 448,176 30,613 89,284 $22.38 El Paso 3,690 22,581, , , % 184,941 83, ,000 $12.83 Erie 1,397 10,818, , , % (35,771) 5,772 0 $7.11 Evansville 1,390 10,992, , , % 169,012 28,480 8,320 $8.50 Fayetteville 1,421 8,595, , , % 168, ,920 $11.90 Fayetteville/Sp. 1,799 15,575, , , % 413, ,202 72,767 $13.47 Fort Smith 944 8,570, , , % 51,762 31,789 0 $5.83 Fort Wayne 1,686 15,028, , , % 79,514 33,993 4,500 $7.46 Fresno 4,900 31,999,148 1,606,132 1,798, % 110,111 86,547 76,111 $10.83 Green Bay 2,190 21,327,530 1,069,873 1,094, % 169,683 7,556 7,200 $ The CoStar Retail Report 2015 CoStar Group, Inc.

26 Figures at a Glance Year-End 2014 National General Retail Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 7,731 51,249,403 2,293,140 2,334, % 441, , ,600 $8.94 Greenville/Spar. 8,071 46,622,413 2,195,919 2,271, % 257, , ,410 $10.33 Hampton Roads 5,553 41,394,067 1,323,162 1,389, % 558, , ,935 $14.20 Hartford 12,392 86,499,878 3,646,378 3,649, % 509, , ,237 $11.83 Hawaii 2,949 29,027, , , % 12,894 24, ,803 $27.19 Houston 15, ,287,455 3,588,530 3,625, % 2,103,215 1,576,181 1,607,424 $14.56 Huntington/Ashl. 2,703 18,661, , , % (127,100) 0 0 $6.53 Huntsville ,063, , , % 163, , ,015 $10.32 Indianapolis 7,922 56,867,155 1,979,623 2,025, % 805, , ,243 $11.89 Inland Empire (. 9,420 57,562,642 2,465,812 2,618, % 41, , ,694 $13.94 Jackson 2,311 19,419, , , % 188,332 29,417 0 $9.37 Jacksonville (F. 6,018 39,236,429 1,459,029 1,518, % 150, ,602 11,000 $11.64 Kansas City 6,163 45,848,961 2,451,974 2,451, % 499, , ,000 $11.11 Killeen/Temple/. 1,330 8,196, , , % 29,562 42,354 25,000 $14.20 Kingsport/Brist. 1,225 10,412, , , % 44,338 47,930 99,100 $8.12 Knoxville 3,588 25,569, , , % 129, ,798 18,160 $13.74 Lafayette 791 6,695, , , % 68,736 21,458 0 $11.81 Las Vegas 3,579 31,071,914 1,559,785 1,713, % 17, ,753 34,500 $16.30 Lexington/Fayet. 1,838 13,795, , , % 101,375 75, ,097 $11.52 Lincoln 1,416 10,816, , , % 117, ,175 7,000 $11.18 Little Rock/N L. 4,346 28,885, , , % 186, , ,594 $13.03 Long Island (Ne. 33, ,460,819 8,903,701 9,002, % 1,674, ,454 1,508,039 $32.96 Los Angeles 35, ,334,680 8,481,418 8,774, % 721, , ,702 $28.40 Louisville 6,021 40,838,389 1,873,095 1,897, % 753, , ,425 $11.07 Lubbock 1,881 13,671, , , % 72,287 46,692 0 $10.70 Madison 3,147 28,477,981 1,605,445 1,632, % 25, ,075 12,500 $12.31 Marin/Sonoma 3,273 19,674, , , % 22,618 4,121 5,800 $18.41 McAllen/Edinbur ,866, , , % 141,793 32,525 6,000 $12.87 Memphis 5,970 38,732,619 1,816,951 1,828, % 494, , ,430 $9.39 Miami-Dade Coun 7,660 57,464,240 1,879,536 1,892, % 766, , ,504 $38.10 Milwaukee 11,726 88,935,717 3,680,351 3,762, % 465, , ,582 $10.69 Minneapolis 13, ,461,098 3,764,499 4,029, % 758, , ,407 $12.63 Mobile 3,051 19,558, , , % 469, ,502 49,437 $10.84 Montgomery 1,305 10,365, , , % (37,040) 9,920 21,800 $9.05 Myrtle Beach/Co. 1,587 11,423, , , % 22, ,450 $10.19 Nashville 7,456 52,328,109 1,745,984 1,872, % 821, , ,906 $13.74 New Orleans/Met. 6,367 47,245,828 2,601,902 2,601, % 102, , ,920 $15.34 New York City 4,281 48,828,064 1,710,110 1,756, % (440,168) 70, ,404 $93.47 Northern New Je. 31, ,447,181 10,268,129 10,440, % 1,740, ,631 1,351,233 $19.68 Ocala 671 5,560, , , % 1,601 27,412 0 $7.78 Oklahoma City 6,947 46,521,872 1,773,142 1,878, % 354, , ,652 $12.46 Olympia 897 6,895, , , % 94,389 34,652 17,638 $15.98 Omaha/Council B. 4,231 30,726, , , % 528, , ,528 $11.17 Orange County (. 6,148 41,645,248 1,293,568 1,303, % 288, ,468 40,630 $20.90 Orlando 8,182 64,348,573 2,839,448 2,916, % 423, , ,177 $14.68 Palm Beach Coun. 3,304 28,208, ,833 1,017, % 166,908 96, ,737 $23.00 Pensacola 2,992 17,623, , , % 120,710 94,800 8,353 $12.13 Peoria 939 8,518, , , % (111,009) 15,100 9,000 $10.12 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 21

27 National Year-End 2014 Figures at a Glance General Retail Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 36, ,578,153 9,976,358 10,229, % 848, , ,735 $13.93 Phoenix 7,697 61,999,115 3,308,064 3,457, % 330, , ,730 $14.17 Pittsburgh 11,456 72,003,054 2,363,247 2,363, % 437, , ,894 $11.13 Port St Lucie/F. 1,237 11,469, , , % 48,791 8,900 0 $14.21 Portland 7,589 54,340,702 1,567,988 1,589, % 490, , ,292 $15.63 Portland/South. 3,573 24,715, , , % 172,212 97,218 10,560 $11.82 Providence 5,972 34,020,309 1,551,272 1,555, % (52,537) 32,452 34,733 $13.40 Raleigh/Durham 5,502 32,948, ,334 1,014, % 391, , ,366 $14.02 Reno/Sparks 1,386 11,839,108 1,052,644 1,085, % 101,264 67,813 0 $12.92 Richmond VA 5,486 35,415,438 1,345,273 1,353, % 377, , ,437 $13.17 Roanoke 1,524 13,957, , , % 72, ,000 $14.54 Rochester 4,652 33,834,327 1,490,882 1,495, % 179, , ,175 $10.13 Sacramento 6,184 44,804,134 2,202,350 2,206, % 659, , ,223 $14.02 Salinas 1,388 8,998, , , % $17.96 Salt Lake City 7,812 64,537,548 1,678,797 1,708, % 719, , ,900 $12.79 San Antonio 9,880 59,189,256 1,959,679 1,973, % 1,159,625 1,350, ,377 $13.12 San Diego 8,869 52,400,492 1,381,634 1,399, % 232, ,151 81,083 $24.47 San Francisco 9,884 62,968,493 1,039,044 1,219, % 194,312 23,482 77,035 $33.88 San Luis Obispo. 1,334 8,710, , , % 5,407 4,742 9,560 $23.57 Santa Barbara/S. 1,672 14,129, , , % 43,929 13,464 0 $30.85 Santa Cruz/Wats. 1,255 6,708, , , % 31,156 37,037 0 $18.83 Savannah 1,877 12,137, , , % 28,843 42, ,380 $15.28 Seattle/Puget S. 11,219 89,090,925 3,079,295 3,237, % 714, , ,500 $16.97 Shreveport/Boss. 1,507 12,341, , , % 20,290 29,899 41,117 $10.13 South Bay/San J. 4,784 32,009, , , % 310, ,908 70,784 $28.66 South Bend/Mish. 1,704 13,626, , , % 235, ,000 0 $7.74 Southwest Flori. 4,167 30,117, , , % 310, , ,929 $16.02 Spokane 3,094 21,954,349 1,262,612 1,270, % 51,888 35,000 9,500 $11.29 Springfield 1,676 16,074, , , % 84,203 18,793 9,100 $9.23 St. Louis 8,454 70,858,684 3,523,207 3,618, % 144, , ,972 $11.71 Stockton/Modest. 3,320 24,240,173 1,200,393 1,202, % 181, ,187 12,780 $11.22 Syracuse 3,491 25,784,121 1,083,596 1,158, % 1, , ,000 $9.58 Tallahassee 2,240 13,537, , , % 61,578 19,787 11,000 $14.13 Tampa/St Peters. 13, ,001,140 3,850,306 4,099, % 866, , ,148 $14.37 Toledo 6,494 46,713,596 2,104,649 2,204, % (319,317) 211,306 18,028 $6.85 Tucson 3,589 18,933, , , % 139, ,605 4,653 $12.05 Tulsa 5,555 39,038,004 1,094,301 1,121, % 381, ,799 17,034 $9.51 Utica/Rome 1,762 14,566, , , % 162,342 30,000 0 $7.65 Visalia/Porterv. 1,419 9,449, , , % 48,601 38,176 0 $10.64 Washington 12,655 81,315,017 2,729,750 2,751, % 600, , ,191 $29.39 West Michigan 12,355 87,974,214 3,653,674 3,857, % 1,069, ,574 0 $8.63 Westchester/So. 15, ,053,278 5,676,168 5,732, % 926, , ,439 $24.47 Wichita 3,226 27,150, , , % 230,562 12,000 41,105 $8.64 Wilmington 2,633 14,840, , , % 105,143 23, ,470 $12.18 Yakima 1,106 8,255, , , % (70,987) 16,018 0 $6.88 Youngstown/Warr 3,404 22,388, , , % 185,442 33,106 0 $6.65 Totals 873,991 6,290,193, ,146, ,988, % 49,476,998 32,982,914 29,185,943 $ The CoStar Retail Report 2015 CoStar Group, Inc.

28 Figures at a Glance Year-End 2014 National Mall Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect. 8 6,747, , , % 66, $18.35 Albuquerque 4 3,487, , , % 82, $10.59 Anchorage 4 2,408, % 5, ,000 $0.00 Asheville 3 1,640,308 38,791 38, % 5, $31.14 Atlanta 34 25,914,882 1,725,074 1,728, % 509, ,037 0 $22.04 Augusta/Richmon 3 2,663,251 1,096,940 1,096, % $0.00 Austin 12 8,179, , , % 48,702 54,750 0 $16.01 Bakersfield 2 1,694, , , % 79, $9.74 Baltimore 21 17,646,701 1,158,348 1,162, % (20,699) 0 0 $21.51 Baton Rouge 6 4,650, , , % 60, $20.43 Beaumont/Port A. 3 2,662,660 85,453 85, % 11, $0.00 Birmingham 12 7,915, , , % 68, $19.03 Boise City/Namp. 4 2,865, , , % (18,079) 0 0 $11.49 Boston 34 26,789, , , % 130, $0.00 Bremerton/Silve , % 11, $0.00 Broward County 12 8,570, , , % 25, ,000 $16.72 Brownsville/Har. 2 1,411,853 94,561 94, % (46,413) 0 0 $19.00 Buffalo/Niagara. 3 3,565,543 80,851 80, % (26,968) 0 0 $9.72 Charleston WV 1 897,000 42,630 42, % ###### Charleston/N Ch. 2 2,101,239 19,315 19, % (8,472) 0 0 $0.00 Charlotte 23 13,840, , , % 58,227 22,500 5,326 $19.07 Chattanooga 2 2,131,137 77,300 77, % 132, $7.11 Chicago 39 36,608,322 1,664,934 1,708, % 22,700 43, ,172 $23.38 Cincinnati 13 10,908, , , % 30, ,000 $4.44 Cleveland 21 19,243,746 2,897,604 2,897, % 61, $11.61 Colorado Spring. 3 3,140, , , % 9, $5.00 Columbia 5 5,835, , , % (24,634) 0 0 $14.83 Columbus 7 7,281, , , % (4,422) 0 0 $7.45 Columbus GA 5 3,697, , , % (34,779) 0 0 $28.67 Corpus Christi 3 2,530,943 72,955 72, % (3,145) 0 0 $0.00 Dallas/Ft Worth 42 35,657,067 2,076,965 2,082, % 153, ,940 13,600 $23.02 Davenport/Molin. 2 1,974, % $0.00 Dayton 6 5,640, , , % 163, $12.63 Deltona/Daytona. 2 1,759,291 13,097 13, % (2,513) 0 0 $17.01 Denver 21 18,819,952 1,367,938 1,369, % 33,852 16,500 0 $23.16 Des Moines 5 5,408, , , % 27,246 17,500 0 $16.87 Detroit 19 21,392,827 1,681,981 1,681, % 66,503 57,784 0 $7.68 Duluth 3 1,537, , , % 5, $6.00 East Bay/Oaklan ,832, , , % (7,575) 33, ,380 $20.51 El Paso 4 3,485,005 25,016 25, % (1,120) 0 0 $8.47 Erie 2 1,917,125 27,540 27, % $8.72 Evansville 2 1,315,331 85,890 85, % (36,090) 0 0 $10.38 Fayetteville 1 1,190,570 2,195 2, % 45,195 46,000 0 $0.00 Fayetteville/Sp. 2 2,595, , , % (6,039) 0 0 $0.00 Fort Smith 1 751,565 4,094 4, % $0.00 Fort Wayne 3 2,239,738 18,620 18, % $0.00 Fresno 10 5,248, , , % 117, ,800 $16.70 Green Bay 3 2,463, , , % $ CoStar Group, Inc. The CoStar Retail Report 23

29 National Year-End 2014 Figures at a Glance Mall Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 11 9,814, , , % 16, $12.62 Greenville/Spar. 4 3,875,521 22,625 22, % 11,257 4,500 10,000 $0.00 Hampton Roads 12 9,002, , , % 57, ,299 $24.40 Hartford 11 8,213, , , % $25.32 Hawaii 10 8,043, , , % (26,882) 0 0 $42.01 Houston 33 28,605,482 1,502,224 1,560, % 327, ,960 0 $19.58 Huntington/Ashl. 4 3,003, , , % 2, $19.03 Huntsville 3 2,488, , , % 178, ,000 0 $16.54 Indianapolis 14 11,845, , , % 67,619 3,000 0 $24.72 Inland Empire ( ,001,073 1,150,574 1,211, % 110, ,000 0 $16.41 Jackson 5 3,674, , , % 103, $13.33 Jacksonville (F. 8 5,576, , , % 96, ,000 0 $22.05 Kansas City 17 12,506,641 1,055,591 1,205, % (23,368) 93, ,910 $24.50 Killeen/Temple/. 2 1,184,040 54,560 54, % (16,944) 6,850 0 $14.32 Kingsport/Brist. 2 1,028,603 5,585 5, % 47, $13.23 Knoxville 6 4,509, , , % 17, $11.99 Lafayette 4 2,106,443 34,166 34, % 2, $0.00 Las Vegas 14 10,587, , , % 1,662,915 1,631, ,554 $17.34 Lexington/Fayet. 4 2,429,435 18,926 34, % 61,914 18,200 0 $13.87 Lincoln 3 1,769,922 68,942 71, % 52,210 46,000 0 $24.47 Little Rock/N L. 7 2,819,939 74,034 77, % (6,798) 0 0 $13.14 Long Island (Ne ,941, , , % (3,651) 0 0 $30.98 Los Angeles 50 41,685,745 1,679,358 1,683, % 87, , ,800 $34.59 Louisville 5 4,955, , , % 12, $8.55 Lubbock 2 1,816,554 35,960 35, % (3,068) 0 0 $11.00 Madison 4 3,176,837 43,028 43, % 15, ###### Marin/Sonoma 5 3,187,274 12, , % 148, ,000 51,740 $9.00 McAllen/Edinbur. 3 2,205, , , % 9, $0.00 Memphis 7 4,842, , , % 120, $1.72 Miami-Dade Coun 19 15,884, , , % 36,647 9, ,000 $54.16 Milwaukee 12 8,455,925 1,243,259 1,243, % (80,555) 0 440,158 $10.33 Minneapolis 17 15,675, , , % 7,099 18,589 0 $15.80 Mobile 5 3,501, , , % 49, $14.16 Montgomery 5 3,190, , , % 4, $21.04 Myrtle Beach/Co. 5 3,178, , , % 7, $15.78 Nashville 11 7,655,573 1,478,691 1,478, % 9, $24.06 New Orleans/Met. 11 6,621, , , % 374, ,650 0 $30.28 New York City % ,000 $0.00 Northern New Je ,069, , , % (16,308) 6,500 2,839,000 $39.29 Ocala 2 1,069, , , % (41,263) 0 0 $0.00 Oklahoma City 6 4,291,401 1,055,674 1,055, % 47, $12.33 Olympia 2 994,720 30,369 30, % 10, $20.50 Omaha/Council B. 7 5,889, , , % 36,601 8,294 0 $15.22 Orange County ( ,817, , , % 44,563 71, ,415 $32.80 Orlando 22 16,216, , , % (196,199) 0 0 $12.98 Palm Beach Coun. 13 8,058, , , % (8,515) 0 0 $26.27 Pensacola 2 1,919, , , % 5, $26.00 Peoria 2 1,339,284 42,144 42, % 8, $14.50 Existing Inventory Vacancy 24 The CoStar Retail Report 2015 CoStar Group, Inc.

30 Figures at a Glance Year-End 2014 National Mall Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 54 46,630,686 2,468,180 2,514, % (464,603) 7,000 89,520 $20.80 Phoenix 20 17,019,079 1,288,404 1,288, % (94,387) 0 0 $27.78 Pittsburgh 16 15,889, , , % 18, $12.36 Port St Lucie/F ,601 6,884 6, % $15.00 Portland 10 7,397, , , % 134, ,830 0 $19.63 Portland/South. 6 3,123, , , % (20,077) 0 0 $14.55 Providence 5 3,964, , , % 43,999 50,499 0 $0.00 Raleigh/Durham 14 10,247, , , % 321, , ,776 $12.60 Reno/Sparks 3 2,502, , , % 19, $24.11 Richmond VA 8 6,977, , , % 31, $21.09 Roanoke 3 2,715, , , % (16,507) 0 0 $13.50 Rochester 6 5,352,550 1,184,340 1,184, % (127,188) 55,000 0 $21.38 Sacramento 10 5,579, , , % 7, $18.12 Salinas 2 1,922,649 19,787 19, % (285) 0 0 $0.00 Salt Lake City 14 9,748, , , % 57,588 53, ,000 $23.05 San Antonio 13 10,569, , , % 101,161 76,000 21,950 $13.42 San Diego 13 14,027, , , % 21, $22.65 San Francisco 6 5,120,777 48,879 48, % 72, ###### San Luis Obispo % $0.00 Santa Barbara/S. 3 1,595,621 4,374 4, % 20, $12.11 Santa Cruz/Wats ,988 17,554 17, % $27.00 Savannah 3 1,955,438 22,041 22, % 108, ,666 0 $0.00 Seattle/Puget S ,863, , , % 45,731 13,520 0 $37.21 Shreveport/Boss. 2 1,307,333 44,555 44, % (10,217) 0 0 $0.00 South Bay/San J. 10 9,437, , , % 36, $29.55 South Bend/Mish. 2 1,961,721 6,873 6, % $0.00 Southwest Flori. 10 7,989, , , % (20,784) 0 0 $24.71 Spokane 4 2,684, , , % 131, ,000 6,250 $34.43 Springfield 2 1,841, % $0.00 St. Louis 17 12,897,069 1,368,763 1,368, % (56,896) 0 0 $12.67 Stockton/Modest. 8 5,798, , , % 6, $17.19 Syracuse 4 5,278,125 99,035 99, % 183, $13.01 Tallahassee 3 2,575, , , % $0.00 Tampa/St Peters ,205, , , % 1,088, ,000 0 $23.14 Toledo 7 5,224, , , % (2,334) 0 0 $18.82 Tucson 6 4,735, , , % 21,060 7,500 0 $26.80 Tulsa 10 4,751, , , % (11,911) 0 23,000 $15.80 Utica/Rome 1 864,093 35,018 35, % (9,797) 0 0 $8.97 Visalia/Porterv , , , % 8, $24.00 Washington 46 34,163,801 1,309,098 1,350, % 294, , ,627 $23.32 West Michigan 14 10,365, , , % 55,956 3,280 0 $14.10 Westchester/So ,038, , , % 427, ,000 0 $33.99 Wichita 6 3,965,970 68,884 68, % 76,383 21,000 0 $12.93 Wilmington 2 1,996,954 31,979 31, % (17,269) 0 0 $28.00 Yakima 2 1,333, , , % 9, $11.72 Youngstown/Warr 4 3,439,265 10,010 10, % $0.00 Totals 1,353 1,092,392,766 60,732,155 61,979, % 7,715,101 7,228,149 8,018,277 $16.20 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 25

31 National Year-End 2014 Figures at a Glance Power Center Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect. 12 5,339,938 81,759 81, % 17, $15.00 Albuquerque 4 1,722,711 70,141 85, % (575) 0 0 $15.22 Anchorage 1 462, % $0.00 Asheville 4 1,566,519 32,110 32, % (7,110) 0 0 $18.00 Atlanta 70 31,431,941 1,481,927 1,571, % 318, $16.02 Augusta/Richmon 3 1,461, , , % (33,717) 0 0 $16.20 Austin 32 15,131, , , % 26,807 45,047 18,000 $18.32 Bakersfield 4 2,097,685 4,116 4, % 40,886 4,543 0 $33.00 Baltimore 27 11,814, , , % (2,916) 0 0 $35.61 Baton Rouge 4 1,939,853 2,200 2, % 8, $23.00 Beaumont/Port A ,837 18,050 18, % (13,667) 0 0 $22.00 Birmingham 13 5,492, , , % 145, $20.50 Boise City/Namp. 6 2,777, , , % 24,046 3,092 2,600 $15.61 Boston 42 18,010, , , % 366, ,035 75,000 $13.19 Bremerton/Silve ,469 1,500 1, % $28.00 Broward County 14 6,751, , , % 34, $19.59 Brownsville/Har ,547 24,402 24, % 9, $18.71 Buffalo/Niagara. 7 3,605, , , % 71, $8.53 Charleston WV 2 929,778 3,600 3, % $0.00 Charleston/N Ch. 6 2,425,978 81,769 81, % 6,313 8,225 0 $21.23 Charlotte 28 12,144, , , % 80, $19.88 Chattanooga 3 1,074, % 10, $18.00 Chicago 85 38,001,645 2,609,019 2,668, % 42, $13.33 Cincinnati 20 8,849, , , % (34,198) 0 135,000 $15.19 Cleveland 35 17,099, , , % 104, ,900 0 $16.14 Colorado Spring. 10 4,695, , , % 42,446 10,883 6,028 $10.87 Columbia 7 2,568, , , % (2,623) 0 0 $9.06 Columbus 20 8,919, , , % 332,154 10,960 0 $8.79 Columbus GA 2 673,157 12,968 12, % 5, $15.00 Corpus Christi 1 345, % $0.00 Dallas/Ft Worth 69 28,197,088 1,066,137 1,067, % 208, ,382 $19.75 Davenport/Molin. 6 1,668,822 17,056 17, % 6, $14.83 Dayton 10 3,784,644 59,278 59, % 38, ,000 $13.16 Deltona/Daytona ,109 30,537 30, % (4,813) 0 0 $25.00 Denver 48 20,741, , , % 430, , ,000 $19.36 Des Moines 3 1,073, , , % (1,845) 0 0 $14.55 Detroit 47 20,724,484 1,343,104 1,502, % 161, $13.32 Duluth 1 376, % $0.00 East Bay/Oaklan. 20 8,883, , , % 143, $28.42 El Paso 6 2,742, , , % 13,050 6,000 0 $21.30 Erie 3 1,465,940 40,800 40, % 2, $0.00 Evansville 3 1,380,202 85, , % 1, $17.35 Fayetteville % $0.00 Fayetteville/Sp. 5 2,108,558 96,310 96, % (40,830) 0 0 $9.36 Fort Smith 1 417,011 14,798 14, % (2,186) 0 0 $19.43 Fort Wayne 5 2,100, , , % 15, ,694 $14.78 Fresno 7 2,505,257 44,335 44, % 82,424 49,349 0 $13.67 Green Bay 2 609,059 61,128 61, % (25,765) 0 0 $ The CoStar Retail Report 2015 CoStar Group, Inc.

32 Figures at a Glance Year-End 2014 National Power Center Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 8 2,920,526 72,838 72, % (8,825) 0 0 $17.00 Greenville/Spar. 11 3,910, , , % 25, $13.95 Hampton Roads 17 7,724, , , % (2,923) 0 0 $16.06 Hartford 17 6,764, , , % 32, $7.67 Hawaii 5 1,822,697 48,285 48, % (22,228) 0 6,700 $46.70 Houston 57 26,636, , , % 188,300 16,538 0 $15.50 Huntington/Ashl % $0.00 Huntsville 4 1,416, , , % (51,400) 0 0 $10.03 Indianapolis 24 11,604,539 1,043,084 1,043, % 40, $17.04 Inland Empire ( ,232,521 1,258,601 1,340, % 49,541 18,120 0 $17.57 Jackson 4 2,108, , , % (64,755) 0 0 $18.57 Jacksonville (F. 10 4,607, , , % 83,460 8,648 0 $13.30 Kansas City 23 10,091, , , % (37,564) 8,850 0 $17.16 Killeen/Temple/ ,163 6,950 6, % 1, $0.00 Kingsport/Brist ,121 19,007 19, % 31, $17.94 Knoxville 9 3,758, , , % 73, $8.34 Lafayette 1 446,673 4,935 4, % 3, $24.23 Las Vegas 29 14,378, , , % 181, $17.22 Lexington/Fayet. 4 2,453,234 51,800 51, % 21, $14.81 Lincoln 2 1,292,466 18,091 18, % (4,028) 0 0 $13.27 Little Rock/N L. 6 2,738, , , % 13, $17.82 Long Island (Ne ,247, , , % 249, ,000 0 $21.60 Los Angeles 61 27,230,831 1,029,820 1,091, % 563, ,996 0 $18.99 Louisville 7 3,604, , , % (2,949) 0 6,250 $19.09 Lubbock 1 777, % 44,000 43,000 0 $0.00 Madison 5 1,875,458 16,891 16, % 64, $12.63 Marin/Sonoma 3 1,411,828 2,904 2, % $0.00 McAllen/Edinbur. 4 1,669,266 60,511 60, % (2,315) 0 0 $22.56 Memphis 16 6,521, , , % 153,749 68,300 73,602 $9.84 Miami-Dade Coun 9 3,349,913 37,805 37, % (3,369) 0 0 $30.03 Milwaukee 12 4,320, , , % 248, ,330 0 $5.74 Minneapolis 33 13,401, , , % (15,967) 14,500 0 $14.32 Mobile 4 1,656, , , % 6, $22.50 Montgomery 4 1,532, , , % 86, $12.92 Myrtle Beach/Co. 5 1,722,380 39,467 39, % 279, ,343 21,880 $19.00 Nashville 18 7,676, , , % (23,546) 7,009 0 $17.82 New Orleans/Met. 3 2,616,407 37,079 37, % (5,470) 0 0 $25.00 New York City 3 791,164 23,035 23, % ###### Northern New Je ,885,706 1,081,217 1,081, % 152, ,000 $21.61 Ocala 1 252,526 37,290 37, % $11.17 Oklahoma City 15 6,095, , , % (11,274) 1,792 0 $14.52 Olympia 2 1,191,467 52,895 52, % $8.09 Omaha/Council B. 9 4,104, , , % 2,129 6,295 21,500 $15.46 Orange County ( ,535, , , % 90, $32.68 Orlando 26 11,442, , , % 14,212 10, ,116 $15.15 Palm Beach Coun. 10 3,776, , , % (69,234) 0 0 $18.88 Pensacola % $0.00 Peoria 3 1,422,197 8,221 8, % (893) 0 0 $16.36 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 27

33 National Year-End 2014 Figures at a Glance Power Center Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 99 42,983,346 2,398,014 2,434, % 228, $13.03 Phoenix 58 30,473,034 1,503,069 1,651, % 203,585 5,859 55,113 $22.16 Pittsburgh 33 14,683, , , % 460, ,161 0 $16.69 Port St Lucie/F. 6 2,338, , , % 11, $20.78 Portland 16 7,526, , , % 63, $19.68 Portland/South , % $0.00 Providence 9 4,170,093 74, , % (10,065) 0 0 $10.78 Raleigh/Durham 27 11,216, , , % 207,729 21,570 0 $17.03 Reno/Sparks 8 3,056, , , % 110, $12.02 Richmond VA 11 4,235, , , % 21,530 20,011 0 $17.80 Roanoke 1 407,175 12,680 12, % 13, $13.34 Rochester 9 4,025, , , % 21, $13.93 Sacramento 30 13,098, , , % 244, ,732 66,400 $19.36 Salinas 6 2,339,111 73,847 78, % 18, $16.06 Salt Lake City 18 9,134, , , % 31, $16.30 San Antonio 15 9,252, , , % 56,026 28,283 0 $21.33 San Diego 27 11,760, , , % 70,085 9,600 0 $30.31 San Francisco 6 2,421,479 27,138 27, % 10, $53.85 San Luis Obispo. 5 1,773,610 55,391 55, % (40,852) 0 0 $32.75 Santa Barbara/S ,869 10,279 10, % ###### Santa Cruz/Wats , % $0.00 Savannah 2 881,659 1,800 1, % 1, ###### Seattle/Puget S. 20 8,670, , , % 84, $24.15 Shreveport/Boss. 3 1,421,336 52,236 52, % 2, $18.10 South Bay/San J. 8 3,906, , , % 7, $33.44 South Bend/Mish. 4 2,088,505 50,945 50, % 5, $16.90 Southwest Flori. 11 3,611, , , % 32, $15.82 Spokane 3 1,334,694 13,198 13, % 11, $14.19 Springfield 1 359, % $20.00 St. Louis 26 13,309, , , % 172,617 35,062 0 $10.14 Stockton/Modest. 8 3,610,686 77,391 77, % 17,751 6,700 0 $21.64 Syracuse 6 2,703, , , % 20, $0.00 Tallahassee 1 423, % $0.00 Tampa/St Peters. 28 9,649, , , % 314, ,422 0 $18.74 Toledo 8 3,049, , , % 3, $14.91 Tucson 9 3,495, , , % 7, ,500 $20.52 Tulsa 6 2,913, , , % (66,996) 4,875 0 $9.36 Utica/Rome 3 1,506, , , % (390) 0 0 $0.00 Visalia/Porterv ,792 53,158 53, % 6,297 13,250 0 $21.20 Washington 43 21,314, , , % 267, , ,979 $25.71 West Michigan 19 7,897, , , % 64, $12.57 Westchester/So. 12 6,353, , , % (9,922) 0 0 $29.42 Wichita 1 347,825 6,013 6, % (6,013) 0 0 $20.09 Wilmington 4 1,089,456 52,766 52, % (152) 0 0 $15.25 Yakima % $0.00 Youngstown/Warr 6 3,121, , , % 28, $9.12 Totals 1, ,333,303 39,228,733 41,061, % 7,682,633 3,404,447 1,999,744 $16.48 Existing Inventory Vacancy 28 The CoStar Retail Report 2015 CoStar Group, Inc.

34 Figures at a Glance Year-End 2014 National Shopping Center Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect ,510,870 1,325,547 1,334, % (157,043) 40,300 0 $12.05 Albuquerque ,857,049 1,627,969 1,635, % 369,283 42,129 0 $13.27 Anchorage 97 5,162, , , % 78, $15.50 Asheville 174 7,555, , , % 121, $12.16 Atlanta 3, ,104,581 17,672,423 18,000, % 2,001, ,680 15,677 $12.48 Augusta/Richmon ,227,421 1,160,351 1,160, % 84,852 13,108 5,560 $10.63 Austin ,707,090 2,676,183 2,714, % 329, ,083 47,664 $17.12 Bakersfield 152 8,661, , , % 46, ,040 $14.40 Baltimore ,162,280 2,720,415 2,847, % 590, ,529 59,600 $18.40 Baton Rouge ,040,676 1,362,194 1,392, % 161, ,726 0 $9.30 Beaumont/Port A ,280, , , % 158,768 6,526 0 $11.17 Birmingham ,872,569 3,573,019 3,633, % 101,669 9,200 0 $8.09 Boise City/Namp ,176,297 1,110,974 1,123, % 300,992 46,800 13,000 $12.53 Boston 1,794 90,299,719 4,992,373 5,433, % 732, , ,448 $17.96 Bremerton/Silve ,743, , , % 10, $12.93 Broward County 1,106 48,316,017 4,125,556 4,171, % 333, ,774 24,117 $19.27 Brownsville/Har. 59 3,341, , , % 33,158 36,000 0 $12.50 Buffalo/Niagara ,806,039 1,687,398 1,723, % 291,301 90,000 0 $9.77 Charleston WV 31 2,570, , , % 21, $10.72 Charleston/N Ch ,195,402 1,385,069 1,458, % 258, ,700 36,300 $14.60 Charlotte 1,189 53,489,037 5,340,649 5,435, % 999, , ,658 $13.21 Chattanooga 154 8,504,072 1,017,308 1,017, % (115,589) 0 0 $8.79 Chicago 3, ,896,378 19,590,455 19,953, % 2,868, , ,924 $15.21 Cincinnati ,958,580 3,696,734 3,906, % 487,300 23,074 0 $10.97 Cleveland 1,325 63,089,166 7,108,477 7,494, % 748, ,085 65,643 $10.32 Colorado Spring ,220,377 1,339,686 1,356, % 115,059 11,595 0 $11.12 Columbia ,062,326 1,414,301 1,472, % 50,471 11,100 8,400 $10.28 Columbus ,671,650 2,917,448 2,956, % 363, ,000 0 $12.17 Columbus GA 157 8,411, , , % (181,813) 17,500 5,000 $11.95 Corpus Christi 194 6,583, , , % 24, $13.89 Dallas/Ft Worth 3, ,690,498 16,429,019 16,689, % 2,455,627 1,010, ,349 $13.39 Davenport/Molin. 89 4,493, , , % (176,096) 0 0 $8.86 Dayton ,295,613 3,045,993 3,056, % 245,383 4,986 0 $9.14 Deltona/Daytona ,001,127 1,497,553 1,521, % 95,034 66,752 9,000 $11.74 Denver 1,431 74,090,712 5,783,210 5,987, % 645, , ,278 $14.21 Des Moines ,920, , , % 107,521 51,000 0 $10.52 Detroit 1,901 74,950,289 9,835,577 10,205, % 851,906 53, ,260 $12.36 Duluth 43 2,200,746 80,008 80, % (10,051) 9,000 0 $13.10 East Bay/Oaklan ,545,107 1,995,598 2,210, % 399,404 41, ,540 $21.67 El Paso ,938,385 1,076,631 1,099, % 20,747 20,850 21,000 $12.31 Erie 81 4,315, , , % (16,475) 0 0 $7.95 Evansville 130 6,297, , , % 110, $8.47 Fayetteville 206 9,726, , , % 39,784 6,417 0 $8.79 Fayetteville/Sp ,507, , , % 13, $13.26 Fort Smith 86 3,127, , , % 76, $8.19 Fort Wayne 169 8,832,053 1,412,918 1,412, % (40,001) 6,000 0 $9.70 Fresno ,001,203 2,476,080 2,756, % 547, ,647 30,500 $13.12 Green Bay 175 6,953, , , % 61, ,575 $ CoStar Group, Inc. The CoStar Retail Report 29

35 National Year-End 2014 Figures at a Glance Shopping Center Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins ,908,241 3,589,192 3,761, % 415,651 89,500 41,839 $10.85 Greenville/Spar ,894,685 2,976,537 3,194, % 328, ,025 50,585 $8.97 Hampton Roads ,404,903 3,356,921 3,559, % 1,081, , ,715 $12.52 Hartford ,399,929 3,005,055 3,310, % 360,635 28,452 15,000 $13.44 Hawaii ,354, , , % 72,081 39,316 4,747 $37.83 Houston 3, ,610,978 12,820,347 12,983, % 1,427, , ,702 $15.09 Huntington/Ashl. 63 4,241, , , % (13,720) 0 0 $11.50 Huntsville 159 6,990, , , % 36,503 23,835 0 $10.20 Indianapolis ,335,563 4,319,938 4,422, % 265, ,342 20,000 $11.70 Inland Empire (. 1,790 89,351,470 9,252,515 9,526, % 858, , ,851 $16.19 Jackson 231 8,928, , , % 145, $8.74 Jacksonville (F ,187,185 4,124,531 4,343, % 144,926 57, ,632 $12.75 Kansas City ,005,951 4,495,980 4,560, % 388, ,672 24,000 $11.28 Killeen/Temple/ ,106, , , % (1,345) 0 0 $8.37 Kingsport/Brist ,808, , , % (9,798) 7,402 0 $7.53 Knoxville ,348,804 1,810,454 1,928, % 243, ,000 0 $10.45 Lafayette 59 3,704, , , % 31, ,192 0 $10.69 Las Vegas ,744,280 6,577,686 7,080, % 590, , ,736 $15.12 Lexington/Fayet ,877, , , % 136, $12.27 Lincoln 123 5,312, , , % 35, $11.81 Little Rock/N L ,137,328 1,259,794 1,276, % 30,182 53,000 0 $10.88 Long Island (Ne. 1,303 53,322,622 2,416,492 2,453, % (38,708) 45,800 0 $24.53 Los Angeles 4, ,570,658 9,417,170 9,837, % 1,127, , ,733 $22.75 Louisville ,021,327 2,238,041 2,306, % 417, $10.93 Lubbock 225 7,083, , , % 59,353 16,935 25,665 $11.19 Madison ,007, ,254 1,039, % 61, ,000 $10.92 Marin/Sonoma ,772, , , % 200, ,500 0 $20.18 McAllen/Edinbur ,626, , , % 22,370 31,158 12,000 $16.45 Memphis ,129,228 3,415,901 3,565, % 406,897 2,400 0 $10.41 Miami-Dade Coun 1,401 47,160,097 2,146,258 2,157, % 258, , ,796 $24.59 Milwaukee ,527,060 3,491,203 3,615, % 233,543 27,129 26,000 $11.15 Minneapolis 1,314 53,415,113 4,525,044 4,910, % (458,072) 97,893 5,000 $13.39 Mobile 244 8,978, , , % 2,242 5,000 0 $10.56 Montgomery 167 7,993, , , % 60,106 13,182 0 $8.26 Myrtle Beach/Co ,368, , , % 82, $9.95 Nashville ,910,511 2,597,839 2,694, % 401,539 45,000 89,200 $13.74 New Orleans/Met ,562,867 1,854,553 1,858, % 15,778 11,850 0 $13.51 New York City 8 1,483,195 14,767 14, % (1,830) 0 200,000 $0.00 Northern New Je. 1,911 93,636,923 7,457,307 7,656, % 896, , ,726 $20.12 Ocala 81 3,490, , , % (20,441) 0 0 $12.17 Oklahoma City ,435,909 2,596,960 2,619, % 156, ,830 20,850 $9.89 Olympia 98 4,628, , , % (14,856) 0 6,500 $17.01 Omaha/Council B ,238,854 1,602,639 1,602, % 286, ,570 0 $11.97 Orange County (. 1,540 68,167,803 3,641,375 3,896, % 688,179 61,630 15,066 $23.22 Orlando 1,372 63,746,538 6,797,365 6,905, % 1,037, ,061 5,900 $13.98 Palm Beach Coun ,244,213 3,169,335 3,203, % 552, ,913 3,346 $16.96 Pensacola 214 9,588, , , % 19, $12.52 Peoria 91 4,300, , , % 52,451 6,113 0 $10.31 Existing Inventory Vacancy 30 The CoStar Retail Report 2015 CoStar Group, Inc.

36 Figures at a Glance Year-End 2014 National Shopping Center Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 2, ,008,174 13,855,578 14,214, % 990, , ,876 $14.08 Phoenix 1, ,697,245 14,259,347 14,700, % 1,535, , ,246 $13.29 Pittsburgh ,706,024 1,554,813 1,579, % 261, ,579 0 $12.63 Port St Lucie/F ,235, , , % 16, $14.12 Portland ,173,444 2,750,202 2,801, % 392, , ,639 $17.35 Portland/South ,148, , , % 84, $12.28 Providence ,667,329 1,361,136 1,435, % 205,811 9,299 0 $14.59 Raleigh/Durham ,431,308 3,039,169 3,065, % 516,051 11,886 23,820 $14.54 Reno/Sparks ,981,726 1,979,665 2,050, % (42,644) 28,870 0 $14.23 Richmond VA ,855,581 2,781,394 2,954, % 527, ,961 0 $13.63 Roanoke 68 4,711, , , % 83, ,117 $16.78 Rochester ,882,594 1,924,843 2,004, % 62, $10.66 Sacramento 1,163 51,666,377 6,030,360 6,208, % 629,161 81, ,104 $16.52 Salinas 71 4,274, , , % 25, $15.48 Salt Lake City ,704,610 2,453,670 2,516, % 115,062 70, ,000 $12.40 San Antonio 1,233 44,465,060 3,658,176 3,797, % 921, ,131 33,432 $14.05 San Diego 1,271 54,435,132 3,237,329 3,378, % 807, , ,808 $21.35 San Francisco 256 9,342, , , % 74,932 67,877 6,600 $32.31 San Luis Obispo. 82 4,486, , , % 3, $19.78 Santa Barbara/S ,050, , , % 16,323 4,320 0 $18.87 Santa Cruz/Wats ,459, , , % 22, $19.85 Savannah 215 7,932, , , % 174, ,500 0 $14.33 Seattle/Puget S. 1,378 58,250,243 4,623,010 4,684, % 1,007,365 81, ,932 $17.51 Shreveport/Boss ,438, , , % 28, ,000 0 $9.23 South Bay/San J ,834,466 1,476,457 1,562, % 889, , ,184 $28.03 South Bend/Mish. 69 4,027, , , % 48, $8.80 Southwest Flori ,256,004 3,732,769 4,013, % 199, ,727 31,415 $13.13 Spokane 214 9,282,421 1,080,730 1,083, % (19,598) 0 0 $11.24 Springfield 184 6,059, , , % (53,873) 0 0 $8.97 St. Louis 1,138 54,695,647 5,201,423 5,217, % 561, , ,580 $12.27 Stockton/Modest ,491,544 1,636,107 1,791, % 287,100 20,705 14,820 $13.82 Syracuse ,673,529 1,050,178 1,080, % (39,948) 0 0 $10.01 Tallahassee 203 7,520, , , % 132, $12.35 Tampa/St Peters. 2,192 88,233,014 8,164,824 8,581, % 854,572 35, ,000 $12.99 Toledo ,449,149 2,284,239 2,379, % 198, $7.87 Tucson ,230,680 2,222,179 2,264, % 238, ,618 16,705 $14.63 Tulsa ,746,368 2,225,245 2,407, % 341, ,943 0 $9.61 Utica/Rome 61 4,719, , , % (15,767) 0 0 $8.44 Visalia/Porterv. 75 5,817, , , % 18,608 9,002 0 $14.76 Washington 1,327 82,416,329 4,993,126 5,150, % 741, , ,211 $23.31 West Michigan ,726,570 4,433,775 4,504, % 384,574 21,500 0 $9.40 Westchester/So. 1,042 51,788,565 3,639,437 3,790, % (122,314) 0 542,498 $20.02 Wichita 247 9,396, , , % (45,966) 30,900 0 $9.24 Wilmington 311 9,098, , , % 206,177 74,000 0 $12.33 Yakima 50 1,785,160 95,413 95, % 19, $14.28 Youngstown/Warr ,846,396 1,198,508 1,202, % 43, $8.25 Totals 93,733 4,225,532, ,349, ,851, % 43,057,613 15,732,609 8,672,109 $ CoStar Group, Inc. The CoStar Retail Report 31

37 National Year-End 2014 Figures at a Glance Specialty Center Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect ,914 21,200 21, % 23, $15.00 Albuquerque % $0.00 Anchorage 1 36, % $0.00 Asheville % $0.00 Atlanta 14 2,689, , , % 139, $10.24 Augusta/Richmon 1 155,235 22,800 22, % $0.00 Austin 3 1,198,720 4,469 4, % $32.48 Bakersfield % $0.00 Baltimore 1 253,438 3,778 3, % (388) 0 0 $0.00 Baton Rouge 1 342,776 4,000 4, % $17.12 Beaumont/Port A. 1 24,851 18,170 18, % (1,500) 0 0 $14.00 Birmingham 2 422, , , % 1, $10.93 Boise City/Namp ,941 77,599 77, % (3,275) 0 0 $13.66 Boston 8 1,913,172 27,750 27, % (6,729) 0 0 $25.00 Bremerton/Silve % $0.00 Broward County 2 345,871 7,584 7, % 114, $24.57 Brownsville/Har % $0.00 Buffalo/Niagara , % $0.00 Charleston WV % $0.00 Charleston/N Ch. 3 1,012,980 18,247 18, % (2,205) 0 0 $35.70 Charlotte 3 871, , , % 12, $6.83 Chattanooga 1 157, % $0.00 Chicago 14 3,488,105 65,549 65, % 148, ,000 0 $17.00 Cincinnati 4 725,265 50,140 50, % 2, $0.00 Cleveland 3 779,679 21,674 21, % (3,498) 0 0 $20.00 Colorado Spring ,076 6,578 6, % 1, $22.63 Columbia % $0.00 Columbus 2 322, , , % (1,440) 0 0 $9.21 Columbus GA 1 113,428 13,500 13, % (13,500) 0 0 $0.00 Corpus Christi 2 228, % $0.00 Dallas/Ft Worth 12 2,065, , , % 49,007 50,995 0 $0.00 Davenport/Molin % $0.00 Dayton 1 50, % $0.00 Deltona/Daytona ,808 86,771 86, % (6,835) 0 0 $12.00 Denver 4 864,942 2,110 2, % $20.00 Des Moines % $0.00 Detroit 3 1,850,774 72,246 72, % (20,898) 0 0 $25.15 Duluth % $0.00 East Bay/Oaklan , % $0.00 El Paso 3 578,456 12,000 12, % $0.00 Erie % $0.00 Evansville % $0.00 Fayetteville % $0.00 Fayetteville/Sp % $0.00 Fort Smith % $0.00 Fort Wayne % $0.00 Fresno 1 69,253 14,692 14, % 6, ,470 $0.00 Green Bay 1 259,496 35,556 35, % $ The CoStar Retail Report 2015 CoStar Group, Inc.

38 Figures at a Glance Year-End 2014 National Specialty Center Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins ,446 9,778 9, % $20.00 Greenville/Spar ,414 4,066 4, % $7.38 Hampton Roads 3 895,515 69,856 69, % $0.00 Hartford 5 959, , , % (5,400) 0 320,000 $6.84 Hawaii 4 636,484 46,541 46, % (5,296) 0 0 $55.90 Houston 16 3,184, , , % 186, $17.55 Huntington/Ashl % $0.00 Huntsville 1 675, % $0.00 Indianapolis 1 249,864 7,701 7, % (1,675) 0 0 $26.76 Inland Empire (. 14 2,995, , , % 25, $19.75 Jackson 2 628,037 11,556 11, % 71,931 70,696 0 $24.59 Jacksonville (F , % $0.00 Kansas City 3 1,245, , , % (4,701) 3,000 0 $12.11 Killeen/Temple/ % $0.00 Kingsport/Brist ,908 75,375 75, % $3.11 Knoxville 1 178,063 2,800 2, % (2,800) 0 0 $18.50 Lafayette % $0.00 Las Vegas 10 2,195, , , % (24,511) 0 140,000 $18.77 Lexington/Fayet , % 2, $19.00 Lincoln % $0.00 Little Rock/N L % $0.00 Long Island (Ne. 7 2,200,347 74,265 74, % 2, $27.01 Los Angeles 18 3,992, , , % 40, ,600 $14.19 Louisville 2 364,956 65,484 65, % (5,030) 0 0 $17.75 Lubbock 2 118,384 3,216 3, % $9.50 Madison 2 795,879 32,021 32, % (3,813) 0 0 $0.00 Marin/Sonoma 1 205, % $0.00 McAllen/Edinbur , % $0.00 Memphis 5 1,090, , , % (3,000) 0 0 $15.00 Miami-Dade Coun 3 376,686 4,208 4, % 6, ###### Milwaukee 3 438,138 10,107 10, % (2,500) 0 0 $16.40 Minneapolis 7 1,705,405 71,320 95, % 409, ,000 0 $19.72 Mobile 2 559, % $0.00 Montgomery 2 340,411 18,651 18, % (422) 0 0 $19.74 Myrtle Beach/Co , % $0.00 Nashville 6 871,028 26,523 26, % 139, $13.13 New Orleans/Met ,460 72,013 72, % (59,542) 0 0 $22.27 New York City % $0.00 Northern New Je. 10 2,250,023 66,511 66, % 3, $21.59 Ocala % $0.00 Oklahoma City 2 588,296 4,411 4, % 20,983 19,092 0 $13.62 Olympia % $0.00 Omaha/Council B % $0.00 Orange County (. 11 1,810,707 69,268 69, % 2, ,000 $37.51 Orlando 15 3,603, , , % 73,727 27,811 27,968 $16.25 Palm Beach Coun ,000 19,444 19, % 410, ,000 0 $0.00 Pensacola 1 50, % $0.00 Peoria % $0.00 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 33

39 National Year-End 2014 Figures at a Glance Specialty Center Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 20 4,862, , , % (12,677) 0 40,000 $13.43 Phoenix 10 2,120, , , % 44,681 60,000 0 $11.85 Pittsburgh 1 415, % $0.00 Port St Lucie/F % $0.00 Portland 4 599, % $0.00 Portland/South ,882 3,800 3, % 4, $24.00 Providence 2 586, , , % $6.00 Raleigh/Durham 5 1,205,120 36,876 36, % (953) 0 0 $22.38 Reno/Sparks 1 91, % $0.00 Richmond VA 2 922,752 24,807 24, % $17.00 Roanoke % $0.00 Rochester % $0.00 Sacramento 8 2,202, , , % 81, ,254 $14.06 Salinas 3 396,801 56,594 56, % $12.00 Salt Lake City 6 1,419,039 87,075 87, % (87,075) 0 0 $14.88 San Antonio 4 150,613 33,210 33, % 1, $12.00 San Diego 12 1,616,552 91,464 91, % 41, ,000 $18.57 San Francisco 5 1,484,246 29,510 29, % 5, ###### San Luis Obispo ,379 7,629 7, % 4, $16.80 Santa Barbara/S % $0.00 Santa Cruz/Wats. 1 82,102 5,245 5, % (5,245) 0 0 $0.00 Savannah 1 214,813 2,432 2, % (2,432) 0 0 ###### Seattle/Puget S. 5 1,135,072 17,410 17, % 33, $14.48 Shreveport/Boss. 1 1,135,277 29,218 29, % $0.00 South Bay/San J. 2 1,072, % 1, $0.00 South Bend/Mish % $0.00 Southwest Flori ,687 10,000 10, % $0.00 Spokane % $0.00 Springfield % $0.00 St. Louis 6 1,633, , , % 8, $14.00 Stockton/Modest , , , % 1, $18.00 Syracuse % $0.00 Tallahassee % $0.00 Tampa/St Peters. 5 1,136,773 77,453 77, % 9, $18.26 Toledo % $0.00 Tucson 1 141, % 2, $12.65 Tulsa 1 8, % $0.00 Utica/Rome % $0.00 Visalia/Porterv ,474 4,168 4, % $25.00 Washington 12 2,165,863 68,465 68, % 19, ,000 $46.56 West Michigan 3 478,020 98,488 98, % 1, ,000 $9.79 Westchester/So , , , % 3, $23.58 Wichita 2 473, % 2, $0.00 Wilmington % $0.00 Yakima % $0.00 Youngstown/Warr % $0.00 Totals ,191,643 5,746,429 5,773, % 1,874,095 1,220,594 1,491,292 $15.63 Existing Inventory Vacancy 34 The CoStar Retail Report 2015 CoStar Group, Inc.

40 Figures at a Glance Year-End 2014 National Total Retail Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect. 10,514 92,422,783 4,031,344 4,097, % 349, ,410 45,296 $11.45 Albuquerque 5,438 53,823,761 2,845,702 2,891, % 868, ,249 13,683 $13.42 Anchorage 1,015 18,409, , , % 212, ,000 $17.16 Asheville 2,255 28,628,641 1,239,210 1,294, % 285,591 89, ,908 $13.92 Atlanta 25, ,701,782 28,669,834 29,447, % 4,859,165 1,860, ,058 $12.87 Augusta/Richmon 3,321 34,953,154 3,556,904 3,556, % 362, ,011 46,677 $10.01 Austin 8, ,125,611 4,754,369 4,845, % 662, , ,769 $17.88 Bakersfield 1,800 21,173,818 1,278,246 1,281, % 231,691 8,576 90,540 $13.55 Baltimore 11, ,588,762 6,273,468 6,570, % 993, , ,814 $18.55 Baton Rouge 2,815 38,327,671 2,772,368 2,815, % 811, ,131 19,440 $10.53 Beaumont/Port A. 1,550 21,403, , , % 214,943 6,526 0 $9.92 Birmingham 8,598 96,385,173 6,819,847 6,943, % 700, ,878 72,575 $8.89 Boise City/Namp. 4,070 38,592,903 2,342,397 2,381, % 601,249 65,804 77,971 $11.88 Boston 25, ,781,115 11,834,893 12,553, % 2,958,047 2,014,884 1,799,497 $16.86 Bremerton/Silve. 1,123 12,964, , , % 162,308 59,000 0 $12.39 Broward County 7, ,950,466 6,413,390 6,535, % 633, , ,094 $19.44 Brownsville/Har ,295,083 1,005,547 1,005, % 8,086 43,200 8,220 $13.35 Buffalo/Niagara. 4,876 59,908,579 3,812,976 3,860, % 196, , $10.07 Charleston WV 1,723 15,642, , , % 7, $14.33 Charleston/N Ch. 4,599 42,689,081 2,214,792 2,310, % 475, , ,887 $16.14 Charlotte 12, ,766,588 9,732,844 9,977, % 2,032,596 1,193, ,801 $13.20 Chattanooga 2,138 25,346,664 1,834,742 1,843, % 188,488 74,517 76,160 $9.11 Chicago 37, ,500,761 41,549,636 42,273, % 6,624,060 2,902,866 1,534,800 $15.79 Cincinnati 10, ,534,471 8,348,842 8,602, % 747, ,256 1,147,110 $9.90 Cleveland 15, ,910,512 14,967,409 15,407, % 1,829, , ,403 $10.45 Colorado Spring. 3,466 40,176,509 2,271,815 2,308, % 340,549 94,980 76,513 $10.95 Columbia 4,831 50,921,344 3,826,627 3,887, % 31,523 84,666 46,400 $11.61 Columbus 7,222 89,662,652 5,429,395 5,513, % 1,625, , ,950 $11.67 Columbus GA 1,733 25,045,309 1,664,217 1,751, % (272,188) 44,420 68,285 $11.18 Corpus Christi 1,954 22,924,388 1,304,754 1,304, % 113,764 40,218 33,615 $12.13 Dallas/Ft Worth 27, ,534,378 25,596,839 26,121, % 4,300,107 2,961,037 3,652,781 $14.11 Davenport/Molin. 1,240 18,047,001 1,173,391 1,278, % (100,330) 5,350 35,000 $10.01 Dayton 6,841 69,192,841 4,957,972 4,990, % 756,876 77,054 34,000 $9.24 Deltona/Daytona. 3,350 33,015,530 2,481,443 2,538, % 4,023 87,095 9,000 $12.05 Denver 14, ,267,480 10,556,331 10,811, % 1,607, , ,653 $15.17 Des Moines 2,715 36,735,987 1,967,425 1,970, % 370, , ,396 $10.70 Detroit 23, ,353,799 20,395,973 21,177, % 1,855, , ,175 $11.92 Duluth 1,950 18,069, , , % 399, ,034 8,400 $8.01 East Bay/Oaklan. 13, ,527,706 4,713,663 5,018, % 983, , ,204 $21.98 El Paso 4,947 46,325,763 2,216,480 2,258, % 217, , ,000 $12.55 Erie 1,607 18,517, , , % (49,446) 5,772 0 $7.41 Evansville 1,620 19,985,220 1,194,403 1,238, % 245,367 28,480 8,320 $8.92 Fayetteville 1,827 19,512,768 1,004,229 1,046, % 253,050 52,417 26,920 $9.60 Fayetteville/Sp. 2,120 25,787,586 1,431,351 1,438, % 379, ,202 72,767 $12.87 Fort Smith 1,055 12,866, , , % 126,489 31,789 0 $7.53 Fort Wayne 2,106 28,200,781 2,531,410 2,531, % 55,992 39,993 8,194 $9.11 Fresno 6,285 63,823,590 4,611,404 5,083, % 863, , ,881 $12.82 Green Bay 2,492 31,612,965 2,104,959 2,130, % 205,088 7,556 12,775 $ CoStar Group, Inc. The CoStar Retail Report 35

41 National Year-End 2014 Figures at a Glance Total Retail Market Statistics Year-End 2014 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 9, ,278,981 6,418,434 6,631, % 865, , ,439 $10.24 Greenville/Spar. 9,596 83,729,961 5,354,653 5,648, % 622, , ,995 $9.60 Hampton Roads 7, ,421,203 5,437,700 5,742, % 1,693,841 1,170, ,949 $13.42 Hartford 14, ,837,525 7,327,408 7,639, % 897, , ,237 $12.52 Hawaii 3,678 56,885,194 1,551,952 1,611, % 30,569 63, ,250 $34.16 Houston 21, ,325,086 19,112,856 19,404, % 4,232,709 2,323,829 2,355,126 $15.17 Huntington/Ashl. 2,832 25,907, , , % (138,241) 0 0 $9.31 Huntsville 1,276 21,634,587 1,699,306 1,737, % 327, , ,015 $10.53 Indianapolis 10, ,902,437 8,079,509 8,227, % 1,176, , ,243 $12.16 Inland Empire (. 15, ,143,031 14,655,127 15,224, % 1,086, , ,545 $15.98 Jackson 2,717 34,758,745 2,454,215 2,457, % 444, ,113 0 $10.23 Jacksonville (F. 7,871 89,497,021 6,244,245 6,522, % 475, , ,632 $12.57 Kansas City 8, ,697,613 8,648,121 8,909, % 822,615 1,047, ,910 $12.28 Killeen/Temple/. 1,540 14,359, , , % 12,373 49,204 25,000 $10.90 Kingsport/Brist. 1,412 17,311,286 1,161,019 1,213, % 113,464 55,332 99,100 $7.96 Knoxville 4,344 51,365,338 3,393,466 3,531, % 461, ,798 18,160 $11.29 Lafayette ,953, , , % 105, ,650 0 $11.23 Las Vegas 6, ,977,388 9,442,377 10,109, % 2,427,214 1,989, ,790 $15.59 Lexington/Fayet. 2,262 29,778,420 1,497,219 1,516, % 324,181 93, ,097 $12.22 Lincoln 1,706 19,191, , , % 200, ,175 7,000 $12.26 Little Rock/N L. 5,171 49,581,687 2,293,292 2,331, % 223, , ,594 $12.05 Long Island (Ne. 35, ,172,279 11,812,579 11,948, % 1,884, ,254 1,508,039 $31.03 Los Angeles 45, ,814,690 20,752,387 21,531, % 2,540,475 1,280,774 1,690,835 $25.15 Louisville 7,226 77,783,920 4,667,986 4,761, % 1,174, , ,675 $11.10 Lubbock 2,249 23,467, , , % 173, ,627 25,665 $11.01 Madison 3,611 44,333,882 2,611,639 2,763, % 163, ,075 32,500 $11.79 Marin/Sonoma 4,055 37,252,143 1,206,124 1,388, % 371, ,621 57,540 $18.76 McAllen/Edinbur. 1,150 19,593,503 1,185,400 1,221, % 171,348 63,683 18,000 $14.88 Memphis 7,573 82,315,773 6,959,857 7,121, % 1,172, , ,032 $9.48 Miami-Dade Coun 9, ,235,343 4,353,107 4,380, % 1,063, ,614 1,455,300 $32.11 Milwaukee 13, ,677,547 8,776,512 9,031, % 864, , ,740 $10.78 Minneapolis 16, ,658,645 9,274,520 10,111, % 700, , ,407 $13.20 Mobile 3,552 34,255,581 2,094,542 2,260, % 527, ,502 49,437 $11.34 Montgomery 1,647 23,423,059 2,276,222 2,276, % 113,383 23,102 21,800 $9.08 Myrtle Beach/Co. 2,008 22,358,069 1,505,101 1,505, % 391, ,343 32,330 $10.15 Nashville 8,834 98,442,123 6,079,570 6,302, % 1,348, , ,106 $14.38 New Orleans/Met. 7,118 76,491,897 4,778,005 4,782, % 427, , ,920 $14.76 New York City 4,292 51,102,423 1,747,912 1,793, % (441,222) 70, ,404 $93.51 Northern New Je. 34, ,289,429 19,683,752 20,068, % 2,775,899 1,078,561 5,093,959 $19.94 Ocala ,372, , , % (60,103) 27,412 0 $11.01 Oklahoma City 8,493 84,932,583 5,564,323 5,692, % 567, , ,502 $11.08 Olympia 1,197 13,710, , , % 90,271 34,652 24,138 $16.34 Omaha/Council B. 5,232 57,959,688 2,924,514 3,203, % 853, , ,028 $11.98 Orange County (. 10, ,976,978 6,245,195 6,592, % 1,113, , ,111 $23.01 Orlando 10, ,357,229 11,178,908 11,383, % 1,351, ,387 1,234,161 $14.15 Palm Beach Coun. 4,825 76,717,641 4,548,154 4,646, % 1,052, , ,083 $18.42 Pensacola 3,388 29,181,399 1,741,499 1,741, % 146,001 94,800 8,353 $12.45 Peoria 1,123 15,580,604 1,121,387 1,127, % (50,946) 21,213 9,000 $10.29 Existing Inventory Vacancy 36 The CoStar Retail Report 2015 CoStar Group, Inc.

42 Figures at a Glance Year-End 2014 National Total Retail Market Statistics Year-End 2014 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 41, ,062,643 28,801,332 29,495, % 1,589, , ,131 $14.02 Phoenix 13, ,309,190 20,486,462 21,226, % 2,019, , ,089 $13.87 Pittsburgh 13, ,697,548 4,985,853 5,030, % 1,177, , ,894 $12.20 Port St Lucie/F. 1,669 23,999,285 1,585,185 1,592, % 76,960 8,900 0 $14.50 Portland 9, ,038,072 4,977,802 5,079, % 1,081,265 1,001, ,931 $16.86 Portland/South. 3,885 36,564,432 1,574,374 1,585, % 241,211 97,218 10,560 $12.29 Providence 6,764 58,408,610 3,375,814 3,627, % 187,208 92,250 34,733 $13.40 Raleigh/Durham 7,543 94,048,967 4,679,142 4,783, % 1,436, , ,962 $14.58 Reno/Sparks 2,210 31,471,452 3,767,026 3,930, % 187,911 96,683 0 $14.09 Richmond VA 6,884 78,407,026 4,459,545 4,643, % 958, , ,437 $13.85 Roanoke 1,705 21,792,424 1,003,523 1,011, % 153, ,117 $15.28 Rochester 5,285 62,094,612 5,009,484 5,094, % 136, , ,175 $10.78 Sacramento 9, ,350,638 9,753,603 9,990, % 1,622, , ,981 $16.17 Salinas 1,711 17,931, , , % 43, $16.75 Salt Lake City 10, ,544,057 5,282,088 5,389, % 836, , ,900 $12.87 San Antonio 12, ,626,817 6,430,248 6,586, % 2,239,506 2,105, ,759 $14.13 San Diego 12, ,240,249 5,170,954 5,340, % 1,172, , ,891 $22.53 San Francisco 10,427 81,337,867 1,486,320 1,668, % 357,207 91,359 83,635 $34.11 San Luis Obispo. 1,596 15,227, , , % (27,409) 4,742 9,560 $22.03 Santa Barbara/S. 2,090 23,713, , , % 80,558 17,784 0 $23.53 Santa Cruz/Wats. 1,493 11,289, , , % 48,836 37,037 0 $19.27 Savannah 2,256 23,121,865 1,307,520 1,393, % 310, , ,380 $14.86 Seattle/Puget S. 14, ,010,039 8,279,114 8,498, % 1,885, , ,432 $17.53 Shreveport/Boss. 1,825 23,644,273 1,358,397 1,365, % 40, ,899 41,117 $10.07 South Bay/San J. 6,589 78,260,720 2,479,324 2,690, % 1,244, , ,968 $28.29 South Bend/Mish. 1,874 21,703, ,343 1,034, % 289, ,000 0 $8.42 Southwest Flori. 5,783 77,598,002 5,274,029 5,647, % 521, , ,344 $14.22 Spokane 3,602 35,255,957 2,544,241 2,555, % 174, ,000 15,750 $11.32 Springfield 1,937 24,335,416 1,319,301 1,326, % 30,330 18,793 9,100 $9.10 St. Louis 10, ,393,946 10,540,169 10,651, % 830, , ,552 $12.04 Stockton/Modest. 4,538 54,797,510 3,260,596 3,435, % 494, ,592 27,600 $13.50 Syracuse 3,897 45,438,909 2,415,388 2,520, % 166, , ,000 $9.92 Tallahassee 2,567 24,058,219 1,146,866 1,146, % 193,760 19,787 11,000 $13.17 Tampa/St Peters. 17, ,226,069 13,095,301 13,784, % 3,134,103 1,845, ,148 $13.73 Toledo 7,339 73,436,660 4,785,777 4,980, % (119,645) 211,306 18,028 $7.65 Tucson 5,220 50,536,927 3,312,447 3,383, % 410, ,723 26,858 $14.27 Tulsa 6,823 71,458,628 3,662,944 3,931, % 644, ,617 40,034 $9.88 Utica/Rome 1,901 21,656,416 1,090,287 1,141, % 136,388 30,000 0 $8.12 Visalia/Porterv. 1,727 17,261, , , % 82,208 60,428 0 $15.20 Washington 16, ,375,349 9,550,615 9,771, % 1,923,766 1,611,729 1,894,008 $26.19 West Michigan 14, ,442,197 9,016,249 9,299, % 1,576, , ,000 $9.35 Westchester/So. 17, ,018,728 10,561,125 10,805, % 1,225,257 1,080, ,937 $22.94 Wichita 3,719 41,335,703 1,667,626 1,692, % 257,436 63,900 41,105 $9.28 Wilmington 3,243 27,025,994 1,230,793 1,275, % 293,899 97, ,470 $12.97 Yakima 1,204 11,373, , , % (41,780) 16,018 0 $8.84 Youngstown/Warr 3,984 39,796,076 2,196,180 2,208, % 256,777 33,106 0 $7.80 Totals ###### 12,576,643, ,203, ,654, % 109,806,440 60,568,713 49,367,365 $ CoStar Group, Inc. The CoStar Retail Report 37

43 National Year-End 2014 Figures at a Glance General Retail Market Statistics* Year-End 2014 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 687,802 4,928,381, ,188, ,895, % 10,913, ,618, ,086,095 $ q 687,634 4,926,637, ,354, ,065, % 10,274, ,434, ,188,627 $ q 687,375 4,923,940, ,979, ,643, % 8,267, ,593,920 1,113 27,587,958 $ q 687,177 4,919,989, ,796, ,958, % 9,968, ,495,802 1,110 27,534,288 $ q 686,789 4,914,496, ,150, ,434, % 8,530, ,711,682 1,180 27,372,891 $ q 686,469 4,912,506, ,849, ,974, % 5,931, ,042,439 1,332 29,054,692 $ q 686,140 4,907,417, ,002, ,818, % 9,791, ,254,623 1,378 28,229,484 $ q 685,809 4,902,280, ,717, ,472, % 7,991, ,571,748 1,226 26,119,729 $ q 685,475 4,898,582, ,114, ,765, % 8,942, ,548,231 1,126 20,913,099 $ q 685,058 4,892,379, ,324, ,505, % 1,555, ,158,663 1,251 21,409,926 $ q 684,807 4,889,282, ,814, ,964, % (2,362,802) 334 4,585,995 1,096 19,491,281 $ q 684,583 4,886,338, ,786, ,657, % 15,955, ,830, ,713,753 $ ,128 4,880,962, ,966, ,237, % 24,111,792 1,800 23,105,369 1,082 18,207,185 $ ,845 4,866,095, ,721, ,482, % 26,500,276 1,921 27,495,916 1,115 17,236,601 $ ,313 4,844,102, ,581, ,989, % 10,550,472 2,838 35,537,564 1,347 21,805,951 $ ,810 4,812,782, ,610, ,219, % 45,839,309 4,625 61,463,222 2,035 29,538,336 $17.03 * Select markets included in this historical chart - see Methodology page. Quoted Mall Market Statistics* Year-End 2014 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 1, ,888,900 47,153,135 47,849, % 4,378, ,394, ,940,487 $ q 1, ,493,980 48,179,467 48,832, % 956, ,779, ,964,453 $ q 1, ,714,600 47,331,373 48,009, % 267, , ,437,604 $ q 1, ,463,135 47,295,308 48,025, % 257, , ,459,477 $ q 1, ,817,911 46,984,498 47,638, % 1,574, ,460, ,847,483 $ q 1, ,356,917 47,234,408 47,751, % 1,603, ,301, ,381,410 $ q 1, ,055,316 47,539,584 48,053, % 688, , ,787,869 $ q 1, ,939,849 48,044,887 48,626, % 1,607, ,003, ,827,195 $ q 1, ,936,482 48,301,224 49,230, % 1,696, ,278, ,399,894 $ q 1, ,658,142 48,751,051 49,648, % 810, , ,433,653 $ q 1, ,109,940 48,800,046 49,910, % (1,039,384) , ,231,542 $ q 1, ,427,856 47,022,214 48,189, % 1,549, ,634, ,590,884 $ , ,793,579 46,895,591 48,103, % 5,053, ,817, ,995,798 $ , ,976,089 46,845,704 48,339, % 3,971, ,995, ,357,880 $ , ,980,231 45,440,184 47,315, % 187, ,710, ,352,397 $ , ,269,733 34,118,216 35,793, % 9,913, ,332, ,115,639 $22.91 * Select markets included in this historical chart - see Methodology page. Quoted Power Center Market Statistics* Year-End 2014 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 1, ,124,119 33,604,030 35,308, % 1,789, , ,931,092 $ q 1, ,434,954 34,675,825 36,409, % 1,797, , ,259,641 $ q 1, ,788,373 35,793,883 37,560, % 1,962, ,073, ,719,905 $ q 1, ,714,425 36,508,803 38,448, % 1,276, , ,099,882 $ q 1, ,158,352 37,094,592 39,168, % 1,457, , ,177,819 $ q 1, ,414,784 37,636,201 39,883, % 3,018, ,326, ,417,072 $ q 1, ,088,118 39,338,528 41,574, % 1,631, , ,250,262 $ q 1, ,801,612 40,542,339 42,919, % 2,220, ,259, ,119,222 $ q 1, ,542,064 41,336,526 43,880, % 2,626, , ,386,341 $ q 1, ,804,566 43,191,454 45,769, % 2,967, ,745, ,485,070 $ q 1, ,058,660 44,257,156 46,990, % 1,248, , ,663,871 $ q 1, ,716,749 45,138,760 47,897, % 1,148, , ,998,119 $ , ,895,351 45,426,887 48,225, % 6,657, ,053, ,964,230 $ , ,841,889 46,589,998 49,829, % 11,788, ,788, ,555,800 $ , ,053,589 52,472,682 56,829, % 5,456, ,243, ,886,103 $ , ,810,023 38,640,487 44,042, % 26,930, ,656, ,897,166 $21.06 * Select markets included in this historical chart - see Methodology page. Quoted 38 The CoStar Retail Report 2015 CoStar Group, Inc.

44 Figures at a Glance Year-End 2014 National Shopping Center Market Statistics* Year-End 2014 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 77,572 3,485,520, ,942, ,562, % 11,988, ,532, ,408,885 $ q 77,546 3,481,988, ,087, ,018, % 9,822, ,592, ,292,701 $ q 77,508 3,478,395, ,417, ,248, % 8,136, ,867, ,277,981 $ q 77,467 3,475,527, ,644, ,517, % 7,660, ,276, ,700,213 $ q 77,413 3,472,251, ,977, ,901, % 5,907, ,791, ,048,532 $ q 77,365 3,468,459, ,927, ,017, % 7,265, ,088, ,467,674 $ q 77,311 3,464,370, ,391, ,194, % 5,996, ,003, ,286,360 $ q 77,274 3,462,367, ,931, ,187, % 4,807, ,054, ,789,507 $ q 77,233 3,459,312, ,921, ,940, % 10,698, ,379, ,688,960 $ q 77,174 3,454,933, ,137, ,258, % 6,071, ,463, ,555,222 $ q 77,137 3,452,469, ,717, ,866, % 3,123, ,587, ,150,306 $ q 77,081 3,449,882, ,601, ,403, % 2,285, ,189, ,821,743 $ ,035 3,446,692, ,846, ,499, % 15,779, ,821, ,742,538 $ ,845 3,432,871, ,125, ,457, % 15,607, ,007, ,665,166 $ ,601 3,417,863, ,640, ,057, % (16,041,679) 1,736 35,955, ,079,019 $ ,996 3,381,908, ,052, ,060, % 31,597,376 3,740 75,724,177 1,467 30,164,570 $16.92 * Select markets included in this historical chart - see Methodology page. * Select markets in this included historical chart - see Methodology page. Quoted Specialty Center Market Statistics* Year-End 2014 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q ,534,694 4,881,776 4,909, % 287, , ,448,822 $ q ,474,694 5,104,940 5,136, % 795, , ,508,822 $ q ,880,607 5,303,433 5,337, % 573, , ,712,909 $ q ,387,796 5,381,541 5,418, % 206, , ,793,120 $ q ,384,796 5,583,989 5,622, % 84, , ,680,056 $ q ,124,219 5,397,924 5,446, % 1,063, ,137, ,748,923 $ q ,986,640 5,329,042 5,372, % 593, , ,519,302 $ q ,570,864 5,494,072 5,550, % 59, , ,376,078 $ q ,513,078 5,499,203 5,552, % 722, , ,844,772 $ q ,580,352 5,297,943 5,342, % 354, , ,555,733 $ q ,004,292 5,076,912 5,121, % 439, , ,420,833 $ q ,578,034 5,092,735 5,135, % 52, , ,723,113 $ ,472,286 5,039,960 5,082, % 508, , ,473,935 $ ,150,215 5,208,127 5,268, % 309, , ,723 $ ,638,981 4,941,722 5,066, % (514,204) , ,356 $ ,340,720 4,159,414 4,254, % 4,150, ,473, ,132 $21.85 * Select markets included in this historical chart - see Methodology page. * Select markets in this included historical chart - see Methodology page. Quoted Total Retail Market Statistics* Year-End 2014 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 858,148 10,117,449, ,769, ,525, % 29,357, ,295,105 1,247 43,815,381 $ q 857,819 10,108,029, ,401, ,462, % 23,646, ,047,646 1,494 50,214,244 $ q 857,381 10,098,719, ,826, ,798, % 19,208, ,279,528 1,696 55,736,357 $ q 857,016 10,090,082, ,627, ,369, % 19,369, ,976,761 1,676 54,586,980 $ q 856,440 10,080,108, ,791, ,765, % 17,554, ,968,084 1,737 54,126,781 $ q 855,903 10,071,862, ,045, ,073, % 18,883, ,897,194 1,955 57,069,771 $ q 855,326 10,058,918, ,601, ,013, % 18,702, ,076,037 2,061 55,073,277 $ q 854,821 10,050,960, ,730, ,757, % 16,686, ,946,798 1,829 48,231,731 $ q 854,276 10,041,886, ,173, ,370, % 24,686, ,876,519 1,699 41,233,066 $ q 853,579 10,028,355, ,702, ,525, % 11,759, ,492,412 1,938 44,439,604 $ q 853,144 10,019,925, ,666, ,854, % 1,410, ,623,633 1,795 42,957,833 $ q 852,734 10,012,943, ,641, ,282, % 20,992, ,581,105 1,595 37,847,612 $ ,056 10,001,816, ,175, ,148, % 52,110,189 2,671 47,119,956 1,698 37,383,686 $ ,902 9,962,934, ,490, ,376, % 58,178,391 2,925 52,798,868 1,874 40,384,170 $ ,366 9,915,638, ,076, ,259, % (360,791) 5, ,745,332 2,294 48,197,826 $ ,490 9,818,111, ,581, ,370, % 118,431,148 9, ,649,449 4,141 92,047,843 $17.37 * Select markets included in this historical chart - see Methodology page. * Select markets in this included historical chart - see Methodology page. Quoted 2015 CoStar Group, Inc. The CoStar Retail Report 39

45 National Year-End 2014 Leasing Activity Historical Rental Rates* Based on NNN Rental Rates Power Center Specialty Center General Retail Shopping Center Mall Total Market $30.00 $28.00 $26.00 Dollars/SF/Year $24.00 $22.00 $20.00 $18.00 $16.00 $ q2006 3q q2007 3q q2008 3q q2009 3q q q q q q q q q q q * Select markets included in this historical chart - see Methodology page. Vacancy by Available Space Type Percent of All Vacant Space in Direct vs. Sublet Vacancy by Building Type Percent of All Vacant Space by Building Type 3% Shopping Center General Retail Mall Power Center 97% Specialty Center Direct Sublet 0% 10% 20% 30% 40% 50% 60% Vacancy Rate By Building Type Based Ratio of Vacant Space to Total GLA by Building Type Future Space Available Space Scheduled to be Available for Occupancy* General Retail Shopping Center 15.0 Mall Power Center Specialty Center Millions Millions of Square 0Feet 1,000 2,000 3,000 4,000 5,000 6,000 7, q q q * Includes Under Construction Spaces 40 The CoStar Retail Report 2015 CoStar Group, Inc.

46 Leasing Activity Year-End 2014 National Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2014 Building Market SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 The Shops & Restaurants At Hudson Yards NYC 250,000 3rd Neiman Marcus N/A The Related Companies 2 Lynnwood Place - Costco Seattle/Puget Sound 185,000 3rd Costco N/A N/A 3 The Court of Hamilton Northern New Jersey 156,000 4th Walmart N/A Amazing Space Properties 4 The Marquis - South (Phase II) Hampton Roads 136,454 3rd Sam s Club N/A Divaris Real Estate, Inc Coconut Creek Pky Broward County 135,477 4th Coconut Flea Market N/A Coconut Creek Properties Inc 6 Kenrick Shopping Center St. Louis 135,000 3rd Wal-Mart N/A Crestwood Square Assoc. 7 Wegman s Richmond VA 130,000 4th Wegman s N/A Cushman & Wakeeld Thalhimer S Miami Ave Miami-Dade County 107,000 3rd Saks Fifth Avenue N/A Swire Properties Inc River Point Pky Denver 104,396 3rd Conn s N/A Weingarten Realty Investors 10 1 Crossgates Mall Rd Albany/Schenectady/Troy 100,000 3rd Lord & Taylor N/A N/A 11 Dillard s* Tampa/St Petersburg 96,312 4th Dillard s N/A N/A Grand Ave San Diego 91,554 3rd Winco N/A Flocke & Avoyer Commercial Real Est 13 Center Of The Northshore Chicago 90,000 4th Mariano s N/A Metro Commercial Real Estate 14 Market Center Crossing Albuquerque 87,915 4th At Home Velocity Retail Group LLC Velocity Retail Group LLC S Orange Blossom Trl Orlando 87,000 3rd Crayola Experience Attraction N/A Simon Property Group, Inc Liberty St NYC 86,654 3rd Saks Fifth Avenue Laura Pomerantz Real Estate, LLC Brookeld Oce Properties, Inc Ninth Ave NYC 84,000 4th Restoration Hardware Open Realty Advisors Aurora Capital Associates 18 Cabela s Washington 79,000 4th Cabela s N/A The Peterson Companies, LC. 19 Fox Run Square Chicago 72,215 3rd Mariano s N/A N/A Mill Creek Dr* Northern New Jersey 70,066 3rd Marshalls N/A N/A 21 Stop&Shop, #215 Boston 67,839 4th Burlington N/A Atlantic Retail Properties University Ave San Diego 66,284 3rd El Super N/A Albertsons 23 McHenry Center* Nashville 64,264 3rd Hobby Lobby Crafts N/A Vision Real Estate LLC N Michigan Ave Chicago 61,304 3rd Uniglo N/A General Growth Properties, Inc. 25 Medical & Merchants Center At San Pablo Jacksonville (Florida) 61,000 3rd Family Medical Center San Pablo N/A Available Real Estate Company Spalding Vlg Atlanta 59,431 3rd Hobby Lobby N/A RCG Ventures LLC Abercorn St Savannah 58,596 3rd Hobby Lobby SRS Real Estate Partners RCG Ventures Grand Ave San Diego 58,000 3rd Hobby Lobby N/A Flocke & Avoyer Commercial Real Est Ives Dairy Rd Miami-Dade County 57,000 4th National Lumber & Hardware N/A RK Centers W Peoria Ave Phoenix 56,875 3rd State Trailer RV & Outdoor Supply Rein & Grossoehme Rein & Grossoehme 31 Peacock Center Baltimore 56,439 3rd Carroll Health Group N/A KLNB Retail 32 Faiview City Centre St. Louis 55,089 4th Hobby Lobby N/A Kimco Realty Corporation 33 NEQ Beltway Crenshaw Rd Houston 55,000 4th Burlington Coat Factory N/A Transwestern 34 Greeneld Plaza - Bldg B Phoenix 53,700 4th Fat Cats Entertainment Direct Deal Arizona Gold Properties 35 State Road 436 Orlando 51,116 4th Epic Theatres Inc N/A The Shopping Center Group, LLC Riverchase Village Birmingham 51,000 4th Whole Foods N/A Southpace Properties, Inc. 37 Sahara Pavilion North Las Vegas 50,661 4th El Super Direct Deal Voit Real Estate Services 38 Shoppes at Centre Pointe Two Charleston/N Charleston 50,302 4th Field & Stream The Navigator Group RealtyLink 39 Walpole Mall Boston 50,000 4th Brodericks Gymnastics School N/A Waldman & Associates 40 Santa Clara Square Marketplace South Bay/San Jose 50,000 4th Whole Foods Retail West Prime Commercial, Inc. * Renewal 2015 CoStar Group, Inc. The CoStar Retail Report 41

47 National Year-End 2014 Sales Activity The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 8.2% Cap Rate Price/SF $ % $ % $400 Cap Rate Percentage 7.6% 7.4% 7.2% 7.0% 6.8% $350 $300 $250 $200 $150 Dollars/SF 6.6% $ % $50 6.2% q q q $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From Oct Sept $12,000 Sales Volume Price/SF $200 Bldg Size # RBA $ Volume Price/SF Cap Rate Millions of Sales Volume Dollars $10,000 $8,000 $6,000 $4,000 $2,000 $180 $160 $140 $120 $100 $80 $60 $40 Price/SF < 25,000 SF 12,606 88,128,796 $22,268,224,893 $ % 25K-99K SF 100K-249K SF 1,462 70,235,155 $10,349,236,294 $ % ,994,507 $7,872,292,233 $ % $20 $0 $0 >250K SF 81 34,426,117 $5,996,523,893 $ % q q q q Source: CoStar COMPS Source: CoStar COMPS Historical Price/SF Average Based on Retail Building Sales of 15,000 SF and Larger Historical Cap Rate Average Based on Retail Building Sales of 15,000 SF and Larger $ % $ % Dollars per SF $150 $130 $110 $90 $70 Cap Rate Percentage 7.0% 6.0% 5.0% $50 4.0% $30 3.0% q q Source: CoStar COMPS Source: CoStar COMPS 42 The CoStar Retail Report 2015 CoStar Group, Inc.

48 Year-End 2014 National 2015 CoStar Group, Inc. The CoStar Retail Report 43 Sales Activity