Property Report. Retail King St Charleston, SC Contents. Rent Comparables 1. Powered by Reis, inc.

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1 Property Report Retail Contents 1 Powered by Reis, inc.

2 SUBJECT PROPERTY -- 05/04/2010 Subject Property Location and Key Tenants ZIP Metro rth Latitude Longitude Key Tenants Food Lion, CVS, Rent-Way, Dollar Tree Comparable Group Summary Statistics COMPARABLE GROUP MARKET SUMMARY Avg. Lease Terms Subject Property Statistics Property Type Property Sub-Type Retail N Year Built 1969 Latest Renovation Total Size (SF) 53,000 Asking Rent $8.90 Vacancy 0.0% Low Mean Median High Current Asking Rent/SF (nanchor) $11.92 $15.10 $14.75 $25.15 Current Asking Rent/SF (Anchor) $10.00 $11.93 $12.72 $14.93 Current Vacancy Rate 0.0% 5.1% 4.5% 20.7% Total Operating Expenses PSF $2.67 $3.26 $3.34 $10.00 Real Estate Taxes PSF N/A N/A N/A N/A Property Size (SF) 12,600 92,390 29, ,312 Year Built Contract Rent Discount -8.8% Free Rent (months/lease) 2.4 Anchor Lease Length (years) 9.2 nanchor Lease Length (years) 3.9 Tenant Improvements/SF $3.96 Commissions 3.2% Page 2

3 COMPARABLE GROUP LOCATION Map Currently Unavailable -- 05/04/2010 Page 3

4 COMPARABLE GROUP LISTING -- 05/04/ Bay Street Shops 480 E Bay St ZIP rth /Summerville 2 East Bay Hardware Center 320 E Bay St ZIP rth /Summerville 3 Market Corner 164 Market St ZIP rth /Summerville Current Asking Rent (nanchor) $19.69 Current Asking Rent (Anchor) N/A Current Vacancy Rate 12.7% Distance from Subject (miles) 1.55 Property Size (SF) 18,000 Year Built 1986 Anchor/Major Tenants East Bay Cleaners Lotus Flower Current Asking Rent (nanchor) $14.50 Current Asking Rent (Anchor) $14.50 Current Vacancy Rate 0.0% Distance from Subject (miles) 1.77 Property Size (SF) 20,700 Year Built 1986 Anchor/Major Tenants Cat Clinic 3,000 SF Domino's Pizza East Bay Hardware Image Place Current Asking Rent (nanchor) $25.15 Current Asking Rent (Anchor) N/A Current Vacancy Rate 0.0% Distance from Subject (miles) 1.86 Property Size (SF) 12,600 Year Built ,200 SF 10,000 SF 7,500 SF Anchor/Major Tenants Mail Boxes Etc. 1,000 SF Metropolitan Deluxe Vickery Bar 5,000 SF 5,500 SF Page 4

5 COMPARABLE GROUP LISTING -- 05/04/ Majestic Square 211 King St ZIP rth /Summerville 5 South Windemere Center 74 Folly Rd Community Center 6 The Ashley Shoppes 29 Magnolia Rd Current Asking Rent (nanchor) $15.00 Current Asking Rent (Anchor) $14.93 Current Vacancy Rate 0.0% Distance from Subject (miles) 1.93 Property Size (SF) 37,000 Year Built 1996 Anchor/Major Tenants Saks Fifth Avenue 20,000 SF Current Asking Rent (nanchor) $15.90 Current Asking Rent (Anchor) $12.98 Current Vacancy Rate 0.0% Distance from Subject (miles) 2.33 Property Size (SF) 173,000 Year Built 1970 Anchor/Major Tenants Belk 30,000 SF Current Asking Rent (nanchor) $12.43 Current Asking Rent (Anchor) Japanese Restaurant O 3,200 SF Piggly Wiggly S 15,000 SF Rite Aid D 6,000 SF N/A Current Vacancy Rate 20.7% Distance from Subject (miles) 2.50 Property Size (SF) 21,257 Year Built Anchor/Major Tenants Custom Framing Gulla Gourmet O 4,500 SF Liberty Cafe Nail Salon Twigs & Ivy Voodoo Bar Page 5

6 COMPARABLE GROUP LISTING -- 05/04/ Orange Grove Plaza 1124 Sam Rittenberg Blvd 8 Ashley Landing 1401 Sam Rittenberg Blvd Community Center Current Asking Rent (nanchor) $14.50 Current Asking Rent (Anchor) N/A Current Vacancy Rate 9.9% Distance from Subject (miles) 2.66 Property Size (SF) 21,185 Year Built 1984 Anchor/Major Tenants Bobbie Harton's 3,500 SF Current Asking Rent (nanchor) $13.77 Current Asking Rent (Anchor) $11.90 Current Vacancy Rate 3.1% Distance from Subject (miles) 2.78 Property Size (SF) 418,312 Year Built First Federal Mortg Anchor/Major Tenants Big Lots 25,000 SF Burlington Coat Church Condon's Dept Store 60,575 SF 10,000 SF 32,976 SF CVS D 10,000 SF Gym 40,000 SF Publix S 48,000 SF Unknown Anchor Unknown Anchor 24,500 SF 17,500 SF Vacant O 650 SF Page 6

7 COMPARABLE GROUP LISTING -- 05/04/ Parkwood Plaza I+ii 1133 Savannah Hwy ZIP Village Square III Shopping Center 1610 Sam Rittenberg Blvd Community Center Current Asking Rent (nanchor) $18.00 Current Asking Rent (Anchor) $12.45 Current Vacancy Rate 5.9% Distance from Subject (miles) 2.95 Property Size (SF) 67,500 Year Built Anchor/Major Tenants Cafe O Church's Chicken Doscher Speedway O O 18,000 SF Unknown O 700 SF Unknown O 2,000 SF Vacant O 3,000 SF Wokony Current Asking Rent (nanchor) $11.92 Current Asking Rent (Anchor) $10.00 Current Vacancy Rate 15.9% Distance from Subject (miles) 3.41 Property Size (SF) 134,345 Year Built 1967 Anchor/Major Tenants Chuck E Cheese 10,000 SF Rent-A-Center Save a Lot S 14,000 SF Super Petz Vacant Anchor O 26,000 SF 20,000 SF Page 7

8 GLOSSARY -- 05/04/2010 Subject Property Location : Street address of the property as defined by the user. : The city in which the property is located as defined by the user. : The state in which the property is located as defined by the user. ZIP Code: Zip code in which the property is located as defined by the user. Metro: The Reis market in which the property is located as defined by its address. : The submarket in which the property is located as defined by its address. s with insufficient inventory for reporting purposes are excluded. Subject Property Stats Property Type: Primary property use as defined by the user. Property Sub-Type: Shopping center type as generally defined by IC and NAREIM, PREA, NCREIF Real Estate Information Standards, and indicated by the user. : Indication of whether the property has an enclosed common area. Year Built: Year of construction as defined by the user. Latest Renovation: The latest year in which the property underwent a major renovation as defined by the user. Total Size: Property's total area in square feet as defined by the user. Anchor/Major Tenants: Property's anchor stores and other significant tenants as defined by the user. Comp Group Summary Stats Current Asking Rent/SF (nanchor): The weighted average net annual rent per square foot for nonanchor tenants. Current Asking Rent/SF (Anchor): The weighted average net annual rent per square foot for anchor tenants. Current Vacancy Rate: Amount of available space expressed as a percentage of total square footage. Total Operating Expenses/SF: Annual cost, per square foot, of operating commercial buildings. Includes property taxes, energy, janitorial service, insurance, general maintenance and management. Real Estate Taxes/SF: Annual expense, per square foot, for the real estate property tax. Property Size: Property's total square feet of retail area (including non center-owned anchor apace). Year Built: Year of construction. Low: Minimum value for the selected peer group. Mean: Arithmetic weighted average value for the selected peer group. Median: The 50th percentile value for the selected peer group. High: Maximum value for the selected peer group. Average Market Lease Terms Contract Rent Discount: The average percentage discount offered by shopping center owners/managers in this submarket from the asking rent to final negotiated base rent for new leases. Free Rent (months/lease): The average free rent concession expressed as the number of months over the lease term. nanchor Lease Length (years): The average term (in years) currently being quoted for new nonanchor leases in this submarket. Anchor Lease Length (years): The average term (in years) currently being quoted for new anchor leases in this submarket. Tenant Improvements/SF: The average value granted to a new tenant by an owner for work done on previously occupied space in this submarket, expressed as dollars per square foot per lease term for new leases. Commissions: The average commission paid to leasing agents in this submarket, expressed as a percentage of market rent for new leases. Comp Group Listing : of peer property. : Street address of peer. : in which the peer is located. : The state in which the peer is located. ZIP Code: Zip code in which the peer is located. : in which the peer is located. : Reis defined submarket in which the peer is located. Sub ID: Reis code for the applicable submarket. : Shopping center type as generally defined by IC and NAREIM, PREA, NCREIF Real Estate Information Standards. : Indication of whether the peer property has an enclosed common area. Date as of: Reis' most recent quarterly update to this peer's record of information. Current Asking Rent (nanchor): Average asking net rent for nonanchor tenant spaces at the peer property as of the most recent quarterly update to this peer's record of information. Page 8

9 GLOSSARY -- 05/04/2010 Current Asking Rent (Anchor): Average asking net rent for anchor tenant spaces at the peer property as of the most recent quarterly update to this peer's record of information. Current Vacancy Rate: Amount of space available for lease expressed as a percentage of total leasable area as of the most recent quarterly update to this peer's record of information. Distance from Subject (miles): Distance, in miles, from the peer property to the subject property. Property Size: Total retail area of the peer in square feet (including anchor area not owned by the center). Year Built: Year in which the peer was built. Most Recent Renovation: Last year during which the peer property underwent a major renovation. Most Recent Expansion: Last year during which the peer property underwent an expansion. Anchor/Major Tenants: Retailers which generally occupy the largest spaces at a shopping center and serve as the primary draw of customers (anchors); and retailers, usually affiliated with a national or regional chain, which achieve higher levels of sales and customer traffic compared to other tenants in the center (majors). D: Indicates that tenant is a drug store. G: Indicates that tenant is on a ground lease at the peer property. O: Indicates that tenant is located on an outparcel at the peer property. S: Indicates that tenant is a supermarket or grocery store. Page 9