The CoStar Retail Report. F i r s t Q u a r t e r National Retail Market

Transcription

1 The CoStar Retail Report F i r s t Q u a r t e r

2 First Quarter 2015 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 First Quarter 2015 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 First Quarter 2015 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 First Quarter 2015 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 First Quarter 2015 National U.S. s Vacancy Decreases to 6.0% Net Absorption Positive 15,414,406 SF in the Quarter The U.S. Retail market did not experience much change in market conditions in the first quarter The vacancy rate went from 6.1% in the previous quarter to 6.0% in the current Net absorption was positive 15,414,406 square feet, and vacant sublease space decreased by (400,269) square feet. Quoted rental rates increased from fourth quarter 2014 levels, ending at $14.96 per square foot per year. A total of 604 Retail buildings with 13,287,471 square feet of Retail space were delivered to the market in the quarter, with 49,568,473 square feet still under construction at the end of the Net Absorption Retail net absorption was slightly positive in U.S. first quarter 2015, with positive 15,414,406 square feet absorbed in the In fourth quarter 2014, net absorption was positive 36,515,560 square feet, while in third quarter 2014, absorption came in at positive 29,187,922 square feet. In second quarter 2014, positive 24,045,675 square feet was absorbed in the market. Vacancy U.S. s Retail vacancy rate decreased in the first quarter 2015, ending the quarter at 6.0%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 6.4% in the second quarter 2014, to 6.2% at the end of the third quarter 2014, 6.1% at the end of the fourth quarter 2014, to 6.0% 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 second quarter 2014, there were 22,844,924 square feet of vacant sublease space. Currently, there are 22,037,622 square feet vacant in the market. Largest Lease Signings The largest lease signings occurring in 2015 included: the 132,000-square-foot-lease signed by Belk s at The Pinnacle in the Kingsport/Bristol/Bristol market; and the 130,595-squarefoot-lease signed by Under Armour at 2601 Port Covington Drive in the Baltimore 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 first quarter 2015 at $14.96 per square foot per year. That compares to $14.91 per square foot in the fourth quarter 2014, and $14.83 per square foot at the end of the second quarter This represents a 0.3% increase in rental rates in the current quarter, and a 0.87% increase from four quarters ago. Inventory & Construction During the first quarter 2015, 604 buildings totaling 13,287,471 square feet were completed in the U.S. Retail market. Over the past four quarters, a total of 64,967,224 square feet of Retail space has been built in U.S. In addition to the current quarter, 799 buildings with 19,102,690 square feet were completed in fourth quarter 2014, 761 buildings totaling 17,665,994 square feet completed in third quarter 2014, and 14,911,069 square feet in 680 buildings completed in second quarter 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 3q2007 1q2007 3q2008 1q2008 3q2009 1q2009 3q2010 1q2010 3q q2011 3q2012 1q2012 3q2013 1q2013 3q2014 1q2014 3q2015 1q * Select markets included in this historical chart - see Methodology page CoStar Group, Inc. The CoStar Retail Report 1

7 National First Quarter 2015 Overview There were 49,568,473 square feet of Retail space under construction at the end of the first quarter Some of the notable 2015 deliveries include: The Outlets at the Border, a 140,000-square-foot facility in the San Diego market that delivered in the First Quarter 2015 and is now 100% occupied, and the Parkway Plaza, a 134,100-square-foot facility in the Chattanooga market that delivered in the First Quarter 2015 and is now 100% occupied. Total Retail inventory in the U.S. market area amounted to 12,625,424,555 square feet in 1,086,635 buildings and centers as of the end of the first quarter Sales Activity Tallying Retail building sales of 15,000 square feet or larger, U.S. Retail sales figures rose during the fourth quarter 2014 in terms of dollar volume compared to the third quarter of In the fourth quarter, 922 Retail transactions closed with a total volume of $8,544,539,310. The 922 buildings totaled 53,330,791 square feet and the average price per square foot equated to $ per square foot. That compares to 840 transactions totaling $7,592,276,381 in the third quarter The total square footage in the third quarter was 46,677,434 square feet for an average price per square foot of $ Total Retail center sales activity in 2014 was up compared to In the twelve months of 2014, the market saw 3,235 Retail sales transactions with a total volume of $29,339,597,435. The price per square foot averaged $ In the same twelve months of 2013, the market posted 2,979 transactions with a total volume of $23,461,805,528. The price per square foot averaged $ Cap rates have been lower in 2014, averaging 7.58% compared to the same period in 2013 when they averaged 7.76%. One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of Riverpoint Marketplace in the Sacramento market. This 132,287 square foot retail center sold for $43,900,000, or $ per square foot. The property sold on 12/19/2014, at a 6.57% cap rate. Albany/Schenectady/Troy The Albany/Schenectady/Troy Retail market ended the quarter with a vacancy rate of 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 21,535 square feet. Vacant sublease space decreased to 48,673 square feet. Rental rates ended the first quarter at $11.59, an increase over the previous A total of two buildings with 54,600 square feet of space delivered to the market, with 329,116 square feet still under construction at the end of the Albuquerque The Albuquerque Retail market ended the quarter with a vacancy rate of 5.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 116,961 square feet. Vacant sublease space decreased to 44,200 square feet. Rental rates ended the first quarter at $13.85, an increase over the previous A total of one building with 8,000 square feet of space delivered to the market, with 18,875 square feet still under construction at the end of the Anchorage With no space currently under construction, Anchorage absorbed (76,789) square feet of space and delivered 15,000 square feet of space, resulting in a vacancy rate that went from 2.3% to 2.7% over the course of the Rental rates went from $17.16 to $18.04 per square foot. Asheville The Asheville 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 160,753 square feet. Vacant sublease space decreased to 53,336 square feet. Rental rates ended the first quarter at $13.06, a decrease over the previous A total of four buildings with 88,731 square feet of space delivered to the market, with 350,448 square feet still under construction at the end of the Atlanta The Atlanta 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 212,045 square feet. Vacant sublease space decreased to 737,693 square feet. Rental rates ended the first quarter at $12.63, a decrease over the previous A total of six buildings with 32,839 square feet of space delivered to the market, with 531,807 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 10.6%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (100,090) square feet. Vacant sublease space increased to 15,000 square feet. Rental rates ended the first quarter at $9.81, a decrease over the previous A total of two buildings with 46,677 square feet of space delivered to the market, with 52,800 square feet still under construction at the end of the Austin The Austin Retail market ended the quarter with a vacancy rate of 4.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 163,061 square feet. Vacant sublease space decreased to 89,693 square feet. Rental rates ended the first quarter at $18.30, an increase over the previous A total of eight buildings with 57,500 square feet of space delivered to the market, with 385,741 square feet still under construction at the end of the 2 The CoStar Retail Report 2015 CoStar Group, Inc.

8 Overview First Quarter 2015 National Bakersfield and negative (21,884) square feet of net absorption, Bakersfield s vacancy rate went from 6.0% to 6.1% in the Rental rates went from $13.55 to $13.71 during that time. At the end of the quarter, there was 156,795 square feet underway for future delivery. Baltimore The vacancy rate remained unchanged in Baltimore in the first With 49,053 square feet in deliveries, and positive 11,436 square feet in net absorption, the vacancy rate held at 5.0%, the same rate reported in the previous The market had 518,039 square feet under construction at the end of the quarter, and rental rates stood at $19.04 per square foot. Baton Rouge The Baton Rouge 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 (16,648) square feet. Vacant sublease space decreased to 33,964 square feet. Rental rates ended the first quarter at $10.32, a decrease over the previous A total of three buildings with 20,132 square feet of space delivered to the market, with 12,838 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 first quarter With this limited construction activity, net absorption of negative (25,892) square feet caused the vacancy rate to increase from 4.0% to 4.1% in the Rental rates stood at $9.81. Birmingham The Birmingham 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 219,519 square feet. Vacant sublease space increased to 130,610 square feet. Rental rates ended the first quarter at $9.09, an increase over the previous A total of three buildings with 43,802 square feet of space delivered to the market, with 309,365 square feet still under construction at the end of the Boise City/Nampa and positive 208,232 square feet of net absorption, Boise City/ Nampa s vacancy rate went from 6.5% to 5.9% in the Rental rates went from $11.88 to $11.83 during that time. At the end of the quarter, there was 40,986 square feet underway for future delivery. Boston The vacancy rate remained unchanged in Boston in the first With 600,862 square feet in deliveries, and positive 661,993 square feet in net absorption, the vacancy rate held at 3.9%, the same rate reported in the previous The market had 1,572,393 square feet under construction at the end of the quarter, and rental rates stood at $17.11 per square foot. Bremerton/Silverdale The Bremerton/Silverdale Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 36,755 square feet caused the vacancy rate to decrease from 7.3% to 7.0% in the Rental rates stood at $ Broward County The vacancy rate remained unchanged in Broward County in the first With 165,291 square feet in deliveries, and positive 100,313 square feet in net absorption, the vacancy rate held at 6.5%, the same rate reported in the previous The market had 323,577 square feet under construction at the end of the quarter, and rental rates stood at $19.74 per square foot. Brownsville/Harlingen With no space currently under construction, Brownsville/ Harlingen absorbed (4,956) square feet of space and delivered 8,220 square feet of space, resulting in a vacancy rate that went from 7.8% to 7.9% over the course of the Rental rates went from $13.35 to $13.10 per square foot. Buffalo/Niagara Falls and positive 401,635 square feet of net absorption, Buffalo/ Niagara Falls s vacancy rate went from 6.4% to 5.7% in the Rental rates went from $10.07 to $9.93 during that time. At the end of the quarter, there was 700 square feet underway for future delivery. Charleston WV The Charleston WV Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of negative (10,439) square feet caused the vacancy rate to increase from 2.9% to 3.0% in the Rental rates stood at $ Charleston/N Charleston The vacancy rate remained unchanged in Charleston/N Charleston in the first With 34,800 square feet in deliveries, and positive 32,786 square feet in net absorption, the vacancy rate held at 5.5%, the same rate reported in the 2015 CoStar Group, Inc. The CoStar Retail Report 3

9 National First Quarter 2015 Overview previous The market had 405,642 square feet under construction at the end of the quarter, and rental rates stood at $16.68 per square foot. Charlotte The Charlotte 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 515,847 square feet. Vacant sublease space decreased to 204,243 square feet. Rental rates ended the first quarter at $12.96, a decrease over the previous A total of 20 buildings with 377,383 square feet of space delivered to the market, with 296,805 square feet still under construction at the end of the Chattanooga The Chattanooga Retail market ended the quarter with a vacancy rate of 7.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 224,547 square feet. Vacant sublease space increased to 9,864 square feet. Rental rates ended the first quarter at $9.23, an increase over the previous A total of three buildings with 149,360 square feet of space delivered to the market, with 80,500 square feet still under construction at the end of the Chicago The vacancy rate remained unchanged in Chicago in the first With 215,888 square feet in deliveries, and positive 15,195 square feet in net absorption, the vacancy rate held at 8.4%, the same rate reported in the previous The market had 2,133,460 square feet under construction at the end of the quarter, and rental rates stood at $15.85 per square foot. Cincinnati and positive 173,229 square feet of net absorption, Cincinnati s vacancy rate went from 7.1% to 6.9% in the Rental rates went from $9.90 to $9.75 during that time. At the end of the quarter, there was 853,110 square feet underway for future delivery. Cleveland The Cleveland Retail market ended the quarter with a vacancy rate of 7.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 461,669 square feet. Vacant sublease space decreased to 425,289 square feet. Rental rates ended the first quarter at $10.46, an increase over the previous A total of nine buildings with 205,559 square feet of space delivered to the market, with 126,473 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 69,582 square feet. Vacant sublease space stayed the same at 36,783 square feet. Rental rates ended the first quarter at $11.09, an increase over the previous A total of four buildings with 48,836 square feet of space delivered to the market, with 23,556 square feet still under construction at the end of the Columbia The Columbia Retail market ended the quarter with a vacancy rate of 7.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 220,912 square feet. Vacant sublease space decreased to 72,894 square feet. Rental rates ended the first quarter at $11.61, a decrease over the previous A total of nine buildings with 97,756 square feet of space delivered to the market, with 34,650 square feet still under construction at the end of the Columbus The Columbus Retail market ended the quarter with a vacancy rate of 6.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 253,181 square feet. Vacant sublease space increased to 117,928 square feet. Rental rates ended the first quarter at $11.21, a decrease over the previous A total of nine buildings with 178,997 square feet of space delivered to the market, with 169,557 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 6.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 56,152 square feet. Vacant sublease space decreased to 85,334 square feet. Rental rates ended the first quarter at $11.84, an increase over the previous A total of two buildings with 44,117 square feet of space delivered to the market, with 163,525 square feet still under construction at the end of the Corpus Christi and negative (60,453) square feet of net absorption, Corpus Christi s vacancy rate went from 5.5% to 5.7% in the Rental rates went from $12.71 to $12.51 during that time. At the end of the quarter, there was 143,869 square feet underway for future delivery. Dallas/Ft Worth The Dallas/Ft Worth Retail market ended the quarter 4 The CoStar Retail Report 2015 CoStar Group, Inc.

10 Overview First Quarter 2015 National with a vacancy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,294,563 square feet. Vacant sublease space decreased to 498,996 square feet. Rental rates ended the first quarter at $14.19, an increase over the previous A total of 46 buildings with 947,892 square feet of space delivered to the market, with 3,484,073 square feet still under construction at the end of the Davenport/Moline/Rock Island and positive 28,583 square feet of net absorption, Davenport/ Moline/Rock Island s vacancy rate went from 7.0% to 6.9% in the Rental rates went from $10.01 to $9.93 during that time. At the end of the quarter, there was 35,000 square feet underway for future delivery. Dayton and positive 63,223 square feet of net absorption, Dayton s vacancy rate went from 7.1% to 7.0% in the Rental rates went from $9.24 to $8.99 during that time. At the end of the quarter, there was 34,000 square feet underway for future delivery. Deltona/Daytona Beach and negative (16,951) square feet of net absorption, Deltona/ Daytona Beach s vacancy rate went from 7.6% to 7.7% in the Rental rates went from $12.05 to $12.04 during that time. At the end of the quarter, there was 9,000 square feet underway for future delivery. Denver The Denver 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 449,076 square feet. Vacant sublease space increased to 300,998 square feet. Rental rates ended the first quarter at $15.29, an increase over the previous A total of 14 buildings with 236,878 square feet of space delivered to the market, with 695,948 square feet still under construction at the end of the Des Moines The vacancy rate remained unchanged in Des Moines in the first With 153,311 square feet in deliveries, and positive 145,047 square feet in net absorption, the vacancy rate held at 5.4%, the same rate reported in the previous The market had 343,149 square feet under construction at the end of the quarter, and rental rates stood at $10.64 per square foot. Detroit The Detroit Retail market ended the quarter with a vacancy rate of 8.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 544,510 square feet. Vacant sublease space increased to 787,403 square feet. Rental rates ended the first quarter at $11.95, an increase over the previous A total of 11 buildings with 114,738 square feet of space delivered to the market, with 546,416 square feet still under construction at the end of the Duluth The Duluth Retail market ended the quarter with a vacancy rate of 3.6%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (11,592) square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the first quarter at $8.24, an increase over the previous A total of one building with 8,400 square feet of space delivered to the market, with 15,000 square feet still under construction at the end of the East Bay/Oakland The vacancy rate remained unchanged in East Bay/ Oakland in the first With 190,868 square feet in deliveries, and positive 150,414 square feet in net absorption, the vacancy rate held at 4.0%, the same rate reported in the previous The market had 228,099 square feet under construction at the end of the quarter, and rental rates stood at $22.13 per square foot. El Paso and positive 16,485 square feet of net absorption, El Paso s vacancy rate went from 4.8% to 4.7% in the Rental rates went from $12.55 to $12.28 during that time. At the end of the quarter, there was 237,000 square feet underway for future delivery. Erie The Erie Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 10,112 square feet caused the vacancy rate to remain at 2.6% in the Rental rates stood at $7.43. Evansville and positive 17,774 square feet of net absorption, Evansville s vacancy rate went from 6.2% to 6.1% in the Rental rates went from $8.93 to $9.16 during that time. At the end of the quarter, there was 8,320 square feet underway for future delivery CoStar Group, Inc. The CoStar Retail Report 5

11 National First Quarter 2015 Overview Fayetteville and negative (18,743) square feet of net absorption, Fayetteville s vacancy rate went from 5.3% to 5.4% in the Rental rates went from $9.60 to $9.72 during that time. At the end of the quarter, there was 212,909 square feet underway for future delivery. Fayetteville/Springdale/Rogers The Fayetteville/Springdale/Rogers 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 214,290 square feet. Vacant sublease space stayed the same at 7,000 square feet. Rental rates ended the first quarter at $12.71, a decrease over the previous A total of two buildings with 36,130 square feet of space delivered to the market, with 43,637 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 first quarter With this limited construction activity, net absorption of negative (11,250) square feet caused the vacancy rate to increase from 5.7% to 5.8% in the Rental rates stood at $7.49. Fort Wayne With no space currently under construction, Fort Wayne absorbed (64,577) square feet of space and delivered 4,500 square feet of space, resulting in a vacancy rate that went from 8.9% to 9.2% over the course of the Rental rates went from $9.11 to $9.05 per square foot. Fresno The vacancy rate remained unchanged in Fresno in the first With 62,331 square feet in deliveries, and positive 8,062 square feet in net absorption, the vacancy rate held at 8.0%, the same rate reported in the previous The market had 201,173 square feet under construction at the end of the quarter, and rental rates stood at $13.23 per square foot. Green Bay The Green Bay Retail market ended the quarter with a vacancy rate of 6.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (29,586) square feet. Vacant sublease space increased to 34,897 square feet. Rental rates ended the first quarter at $9.71, a decrease over the previous A total of one building with 7,726 square feet of space delivered to the market, with 5,575 square feet still under construction at the end of the Greensboro/Winston-Salem The Greensboro/Winston-Salem Retail market ended the quarter with a vacancy rate of 6.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (68,265) square feet. Vacant sublease space increased to 214,045 square feet. Rental rates ended the first quarter at $10.58, an increase over the previous A total of two buildings with 26,792 square feet of space delivered to the market, with 106,339 square feet still under construction at the end of the Greenville/Spartanburg The Greenville/Spartanburg 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 206,478 square feet. Vacant sublease space decreased to 291,071 square feet. Rental rates ended the first quarter at $9.81, an increase over the previous A total of 10 buildings with 166,811 square feet of space delivered to the market, with 232,132 square feet still under construction at the end of the Hampton Roads The vacancy rate remained unchanged in Hampton Roads in the first With 88,689 square feet in deliveries, and positive 43,796 square feet in net absorption, the vacancy rate held at 5.7%, the same rate reported in the previous The market had 328,449 square feet under construction at the end of the quarter, and rental rates stood at $13.32 per square foot. Hartford The vacancy rate remained unchanged in Hartford in the first With 19,500 square feet in deliveries, and positive 47,966 square feet in net absorption, the vacancy rate held at 5.3%, the same rate reported in the previous The market had 377,601 square feet under construction at the end of the quarter, and rental rates stood at $12.77 per square foot. Hawaii The vacancy rate remained unchanged in Hawaii in the first With 314,782 square feet in deliveries, and positive 298,181 square feet in net absorption, the vacancy rate held at 2.9%, the same rate reported in the previous The market had 586,945 square feet under construction at the end of the quarter, and rental rates stood at $34.50 per square foot. Houston The vacancy rate remained unchanged in Houston in the first With 628,889 square feet in deliveries, and positive 598,126 square feet in net absorption, the vacancy rate held at 5.6%, the same rate reported in the previous 6 The CoStar Retail Report 2015 CoStar Group, Inc.

12 Overview First Quarter 2015 National The market had 1,667,297 square feet under construction at the end of the quarter, and rental rates stood at $15.28 per square foot. Huntington/Ashland The Huntington/Ashland Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of negative (22,561) square feet caused the vacancy rate to increase from 3.9% to 4.0% in the Rental rates stood at $ Huntsville and negative (107,083) square feet of net absorption, Huntsville s vacancy rate went from 7.8% to 8.3% in the Rental rates went from $10.53 to $10.58 during that time. At the end of the quarter, there was 191,092 square feet underway for future delivery. Indianapolis The Indianapolis 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 207,487 square feet. Vacant sublease space increased to 151,699 square feet. Rental rates ended the first quarter at $12.16, no change over the previous A total of two buildings with 13,493 square feet of space delivered to the market, with 438,811 square feet still under construction at the end of the Inland Empire (California) The vacancy rate remained unchanged in Inland Empire (California) in the first With 70,200 square feet in deliveries, and negative (17,103) square feet in net absorption, the vacancy rate held at 8.3%, the same rate reported in the previous The market had 296,802 square feet under construction at the end of the quarter, and rental rates stood at $15.97 per square foot. Jackson The Jackson Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of negative (10,297) square feet caused the vacancy rate to remain at 6.9% in the Rental rates stood at $ Jacksonville (Florida) The Jacksonville (Florida) 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 507,155 square feet. Vacant sublease space decreased to 190,634 square feet. Rental rates ended the first quarter at $12.89, an increase over the previous A total of nine buildings with 202,184 square feet of space delivered to the market, with 66,022 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 8.3%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 91,434 square feet. Vacant sublease space increased to 270,277 square feet. Rental rates ended the first quarter at $12.29, an increase over the previous A total of seven buildings with 202,339 square feet of space delivered to the market, with 419,951 square feet still under construction at the end of the Killeen/Temple/Fort Hood and negative (29,868) square feet of net absorption, Killeen/ Temple/Fort Hood s vacancy rate went from 4.4% to 4.6% in the Rental rates went from $10.90 to $10.43 during that time. At the end of the quarter, there was 25,000 square feet underway for future delivery. Kingsport/Bristol/Bristol The Kingsport/Bristol/Bristol 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 1,334,059 square feet. Vacant sublease space decreased to 0 square feet. Rental rates ended the first quarter at $7.53, a decrease over the previous A total of one building with 1,300,000 square feet of space delivered to the market, with 99,100 square feet still under construction at the end of the Knoxville The Knoxville 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 167,815 square feet. Vacant sublease space decreased to 133,255 square feet. Rental rates ended the first quarter at $11.38, an increase over the previous A total of one building with 12,000 square feet of space delivered to the market, with 7,500 square feet still under construction at the end of the Lafayette The Lafayette Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 33,632 square feet caused the vacancy rate to decrease from 5.0% to 4.8% in the Rental rates stood at $ Las Vegas The Las Vegas Retail market ended the quarter with a vacancy rate of 9.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (319,283) 2015 CoStar Group, Inc. The CoStar Retail Report 7

13 National First Quarter 2015 Overview square feet. Vacant sublease space increased to 941,219 square feet. Rental rates ended the first quarter at $15.24, a decrease over the previous A total of three buildings with 74,686 square feet of space delivered to the market, with 478,310 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 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 37,345 square feet. Vacant sublease space increased to 19,834 square feet. Rental rates ended the first quarter at $12.50, an increase over the previous A total of two buildings with 10,020 square feet of space delivered to the market, with 111,880 square feet still under construction at the end of the Lincoln and negative (3,993) square feet of net absorption, Lincoln s vacancy rate went from 4.8% to 4.7% in the Rental rates went from $12.26 to $12.31 during that time. At the end of the quarter, there was 41,000 square feet underway for future delivery. Little Rock/N Little Rock The Little Rock/N Little Rock 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 268,374 square feet. Vacant sublease space increased to 57,829 square feet. Rental rates ended the first quarter at $11.83, a decrease over the previous A total of five buildings with 72,988 square feet of space delivered to the market, with 34,000 square feet still under construction at the end of the Long Island (New York) The Long Island (New York) 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 446,495 square feet. Vacant sublease space decreased to 103,514 square feet. Rental rates ended the first quarter at $30.94, a decrease over the previous A total of three buildings with 138,500 square feet of space delivered to the market, with 1,479,018 square feet still under construction at the end of the Los Angeles The vacancy rate remained unchanged in Los Angeles in the first With 151,329 square feet in deliveries, and positive 220,857 square feet in net absorption, the vacancy rate held at 4.7%, the same rate reported in the previous The market had 1,646,760 square feet under construction at the end of the quarter, and rental rates stood at $25.64 per square foot. Louisville The vacancy rate remained unchanged in Louisville in the first With 243,029 square feet in deliveries, and positive 188,726 square feet in net absorption, the vacancy rate held at 5.7%, the same rate reported in the previous The market had 245,400 square feet under construction at the end of the quarter, and rental rates stood at $11.57 per square foot. Lubbock and negative (24,269) square feet of net absorption, Lubbock s vacancy rate went from 3.5% to 3.6% in the Rental rates went from $11.01 to $11.04 during that time. At the end of the quarter, there was 56,298 square feet underway for future delivery. Madison The Madison 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 (84,662) square feet. Vacant sublease space decreased to 74,555 square feet. Rental rates ended the first quarter at $12.01, an increase over the previous A total of one building with 8,000 square feet of space delivered to the market, with 118,500 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 6.4%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (32,359) square feet. Vacant sublease space decreased to 34,924 square feet. Rental rates ended the first quarter at $14.82, an increase over the previous A total of one building with 8,000 square feet of space delivered to the market, with 51,147 square feet still under construction at the end of the Memphis The vacancy rate remained unchanged in Memphis in the first With 8,320 square feet in deliveries, and negative (15,514) square feet in net absorption, the vacancy rate held at 8.6%, the same rate reported in the previous The market had 641,450 square feet under construction at the end of the quarter, and rental rates stood at $9.50 per square foot. Miami-Dade County The Miami-Dade County Retail market ended the quarter with a vacancy rate of 3.6%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 370,052 8 The CoStar Retail Report 2015 CoStar Group, Inc.

14 Overview First Quarter 2015 National square feet. Vacant sublease space increased to 53,321 square feet. Rental rates ended the first quarter at $31.69, a decrease over the previous A total of nine buildings with 495,975 square feet of space delivered to the market, with 1,134,212 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 up over the previous quarter, with net absorption totaling negative (6,618) square feet. Vacant sublease space stayed the same at 255,155 square feet. Rental rates ended the first quarter at $10.67, a decrease over the previous A total of four buildings with 186,684 square feet of space delivered to the market, with 1,054,083 square feet still under construction at the end of the Minneapolis The vacancy rate remained unchanged in Minneapolis in the first With 97,506 square feet in deliveries, and positive 64,589 square feet in net absorption, the vacancy rate held at 5.1%, the same rate reported in the previous The market had 371,386 square feet under construction at the end of the quarter, and rental rates stood at $13.16 per square foot. Mobile The Mobile 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 (11,072) square feet. Vacant sublease space stayed the same at 165,640 square feet. Rental rates ended the first quarter at $11.46, an increase over the previous A total of two buildings with 49,437 square feet of space delivered to the market, with 6,000 square feet still under construction at the end of the Montgomery The vacancy rate remained unchanged in Montgomery in the first With 24,078 square feet in deliveries, and positive 32,878 square feet in net absorption, the vacancy rate held at 9.5%, the same rate reported in the previous The market had 81,354 square feet under construction at the end of the quarter, and rental rates stood at $9.14 per square foot. Myrtle Beach/Conway The Myrtle Beach/Conway Retail market ended the quarter with a vacancy rate of 7.1%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (61,562) square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the first quarter at $10.34, an increase over the previous A total of three buildings with 22,044 square feet of space delivered to the market, with 55,785 square feet still under construction at the end of the Nashville The vacancy rate remained unchanged in Nashville in the first With 109,998 square feet in deliveries, and positive 125,126 square feet in net absorption, the vacancy rate held at 6.4%, the same rate reported in the previous The market had 1,667,998 square feet under construction at the end of the quarter, and rental rates stood at $14.44 per square foot. 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 (97,527) square feet. Vacant sublease space increased to 38,261 square feet. Rental rates ended the first quarter at $14.71, a decrease over the previous A total of six buildings with 188,491 square feet of space delivered to the market, with 68,320 square feet still under construction at the end of the New York City The New York City 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 91,271 square feet. Vacant sublease space increased to 60,203 square feet. Rental rates ended the first quarter at $88.26, a decrease over the previous A total of one building with 24,682 square feet of space delivered to the market, with 958,913 square feet still under construction at the end of the North Bay/Santa Rosa The North Bay/Santa Rosa Retail market ended the quarter with a vacancy rate of 4.6%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 110,533 square feet. Vacant sublease space increased to 190,651 square feet. Rental rates ended the first quarter at $19.19, an increase over the previous A total of four buildings with 141,384 square feet of space delivered to the market, with 12,153 square feet still under construction at the end of the Northern New Jersey The vacancy rate remained unchanged in Northern New Jersey in the first With 121,706 square feet in deliveries, and positive 150,688 square feet in net absorption, the vacancy rate held at 5.5%, the same rate reported in the previous quar CoStar Group, Inc. The CoStar Retail Report 9

15 National First Quarter 2015 Overview ter. The market had 4,999,085 square feet under construction at the end of the quarter, and rental rates stood at $19.79 per square foot. Ocala With no space currently under construction, Ocala absorbed (30,257) square feet of space and delivered 9,100 square feet of space, resulting in a vacancy rate that went from 7.6% to 8.0% over the course of the Rental rates went from $11.01 to $11.00 per square foot. Oklahoma City The vacancy rate remained unchanged in Oklahoma City in the first With 83,179 square feet in deliveries, and positive 64,388 square feet in net absorption, the vacancy rate held at 6.5%, the same rate reported in the previous The market had 561,054 square feet under construction at the end of the quarter, and rental rates stood at $11.26 per square foot. Olympia The Olympia 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 19,751 square feet. Vacant sublease space stayed the same at 4,500 square feet. Rental rates ended the first quarter at $16.42, an increase over the previous A total of one building with 13,985 square feet of space delivered to the market, with 10,153 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 5.6%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 169,626 square feet. Vacant sublease space increased to 288,540 square feet. Rental rates ended the first quarter at $12.07, an increase over the previous A total of four buildings with 231,138 square feet of space delivered to the market, with 85,650 square feet still under construction at the end of the Orange County (California) The Orange County (California) 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 374,731 square feet. Vacant sublease space decreased to 176,489 square feet. Rental rates ended the first quarter at $23.15, an increase over the previous A total of two buildings with 10,236 square feet of space delivered to the market, with 1,045,910 square feet still under construction at the end of the Orlando The Orlando Retail market ended the quarter with a vacancy rate of 6.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 980,410 square feet. Vacant sublease space decreased to 181,968 square feet. Rental rates ended the first quarter at $14.02, a decrease over the previous A total of 15 buildings with 417,096 square feet of space delivered to the market, with 452,556 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 6.2%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 19,809 square feet. Vacant sublease space increased to 115,035 square feet. Rental rates ended the first quarter at $18.55, an increase over the previous A total of six buildings with 97,510 square feet of space delivered to the market, with 131,377 square feet still under construction at the end of the Pensacola and negative (69,127) square feet of net absorption, Pensacola s vacancy rate went from 5.9% to 6.1% in the Rental rates went from $12.45 to $12.15 during that time. At the end of the quarter, there was 8,353 square feet underway for future delivery. Peoria The Peoria Retail market ended the quarter with a vacancy rate of 8.1%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (30,578) square feet. Vacant sublease space stayed the same at 5,708 square feet. Rental rates ended the first quarter at $10.63, an increase over the previous A total of one building with 8,320 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 6.0%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (637,609) square feet. Vacant sublease space increased to 743,540 square feet. Rental rates ended the first quarter at $13.88, a decrease over the previous A total of 19 buildings with 138,704 square feet of space delivered to the market, with 696,250 square feet still under construction at the end of the 10 The CoStar Retail Report 2015 CoStar Group, Inc.

16 Overview First Quarter 2015 National Phoenix The Phoenix Retail market ended the quarter with a vacancy rate of 9.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 545,110 square feet. Vacant sublease space decreased to 657,229 square feet. Rental rates ended the first quarter at $13.85, a decrease over the previous A total of 16 buildings with 385,110 square feet of space delivered to the market, with 548,729 square feet still under construction at the end of the Pittsburgh The Pittsburgh Retail market ended the quarter with a vacancy rate of 3.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (46,808) square feet. Vacant sublease space decreased to 44,515 square feet. Rental rates ended the first quarter at $12.04, a decrease over the previous A total of three buildings with 31,366 square feet of space delivered to the market, with 390,482 square feet still under construction at the end of the Port St Lucie/Fort Pierce and negative (50,443) square feet of net absorption, Port St Lucie/Fort Pierce s vacancy rate went from 6.6% to 6.9% in the Rental rates went from $14.50 to $14.74 during that time. At the end of the quarter, there was 24,167 square feet underway for future delivery. Portland The Portland 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 182,481 square feet. Vacant sublease space decreased to 104,544 square feet. Rental rates ended the first quarter at $16.96, an increase over the previous A total of nine buildings with 122,734 square feet of space delivered to the market, with 348,178 square feet still under construction at the end of the Portland/South Portland and negative (68,310) square feet of net absorption, Portland/ South Portland s vacancy rate went from 4.3% to 4.5% in the Rental rates went from $12.29 to $12.24 during that time. At the end of the quarter, there was 16,265 square feet underway for future delivery. Providence The Providence Retail market ended the quarter with a vacancy rate of 6.4%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (26,028) square feet. Vacant sublease space increased to 274,160 square feet. Rental rates ended the first quarter at $13.38, an increase over the previous A total of four buildings with 46,048 square feet of space delivered to the market, with 43,999 square feet still under construction at the end of the Raleigh/Durham The vacancy rate remained unchanged in Raleigh/ Durham in the first With 263,129 square feet in deliveries, and positive 294,751 square feet in net absorption, the vacancy rate held at 5.1%, the same rate reported in the previous The market had 498,731 square feet under construction at the end of the quarter, and rental rates stood at $14.46 per square foot. Reno/Sparks and positive 9,307 square feet of net absorption, Reno/Sparks s vacancy rate went from 12.2% to 12.1% in the Rental rates went from $14.10 to $14.09 during that time. At the end of the quarter, there was 2,800 square feet underway for future delivery. Richmond VA The Richmond VA Retail market ended the quarter with a vacancy rate of 5.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 353,618 square feet. Vacant sublease space decreased to 217,666 square feet. Rental rates ended the first quarter at $13.88, an increase over the previous A total of five buildings with 120,542 square feet of space delivered to the market, with 228,193 square feet still under construction at the end of the Roanoke and negative (14,254) square feet of net absorption, Roanoke s vacancy rate went from 4.6% to 4.7% in the Rental rates went from $15.28 to $15.58 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 first With 21,869 square feet in deliveries, and positive 14,650 square feet in net absorption, the vacancy rate held at 8.2%, the same rate reported in the previous The market had 203,876 square feet under construction at the end of the quarter, and rental rates stood at $10.66 per square foot. Sacramento The Sacramento Retail market ended the quarter with a vacancy rate of 8.8%. The vacancy rate was down over the 2015 CoStar Group, Inc. The CoStar Retail Report 11

17 National First Quarter 2015 Overview previous quarter, with net absorption totaling positive 281,213 square feet. Vacant sublease space decreased to 238,525 square feet. Rental rates ended the first quarter at $16.28, an increase over the previous A total of seven buildings with 73,832 square feet of space delivered to the market, with 267,957 square feet still under construction at the end of the Salinas and positive 11,484 square feet of net absorption, Salinas s vacancy rate went from 3.4% to 3.3% in the Rental rates went from $16.75 to $16.94 during that time. At the end of the quarter, there was 60,000 square feet underway for future delivery. Salt Lake City The Salt Lake City 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 positive 94,839 square feet. Vacant sublease space decreased to 104,211 square feet. Rental rates ended the first quarter at $13.09, an increase over the previous A total of eight buildings with 173,768 square feet of space delivered to the market, with 337,707 square feet still under construction at the end of the San Antonio The vacancy rate remained unchanged in San Antonio in the first With 63,817 square feet in deliveries, and positive 23,137 square feet in net absorption, the vacancy rate held at 5.3%, the same rate reported in the previous The market had 243,167 square feet under construction at the end of the quarter, and rental rates stood at $14.29 per square foot. San Diego The vacancy rate remained unchanged in San Diego in the first With 232,825 square feet in deliveries, and positive 179,103 square feet in net absorption, the vacancy rate held at 4.0%, the same rate reported in the previous The market had 222,535 square feet under construction at the end of the quarter, and rental rates stood at $22.92 per square foot. San Francisco The San Francisco Retail market ended the quarter with a vacancy rate of 2.1%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 4,458 square feet. Vacant sublease space increased to 189,714 square feet. Rental rates ended the first quarter at $35.79, an increase over the previous A total of one building with 6,600 square feet of space delivered to the market, with 317,035 square feet still under construction at the end of the San Luis Obispo/Paso Robles and positive 2,342 square feet of net absorption, San Luis Obispo/Paso Robles s vacancy rate remained at 3.4% in the Rental rates went from $22.03 to $22.07 during that time. At the end of the quarter, there was 9,560 square feet underway for future delivery. Santa Barbara/Sta Maria/Goleta The Santa Barbara/Sta Maria/Goleta Retail market ended the quarter with a vacancy rate of 2.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 21,207 square feet. Vacant sublease space stayed the same at 5,110 square feet. Rental rates ended the first quarter at $24.16, an increase over the previous A total of one building with 3,427 square feet of space delivered to the market, with 45,281 square feet still under construction at the end of the Santa Cruz/Watsonville The Santa Cruz/Watsonville Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 2,697 square feet caused the vacancy rate to decrease from 4.0% to 3.9% in the Rental rates stood at $ Savannah The Savannah 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 33,592 square feet. Vacant sublease space stayed the same at 85,781 square feet. Rental rates ended the first quarter at $15.06, an increase over the previous A total of two buildings with 12,380 square feet of space delivered to the market, with 430,634 square feet still under construction at the end of the Seattle/Puget Sound The vacancy rate remained unchanged in Seattle/Puget Sound in the first With 27,394 square feet in deliveries, and positive 151,252 square feet in net absorption, the vacancy rate held at 4.9%, the same rate reported in the previous The market had 265,440 square feet under construction at the end of the quarter, and rental rates stood at $17.60 per square foot. Shreveport/Bossier City With no space currently under construction, Shreveport/ Bossier City absorbed 101,874 square feet of space and delivered 41,117 square feet of space, resulting in a vacancy rate that went from 5.7% to 5.4% over the course of the Rental rates went from $10.16 to $10.41 per square foot. 12 The CoStar Retail Report 2015 CoStar Group, Inc.

18 Overview First Quarter 2015 National South Bay/San Jose The South Bay/San Jose Retail market ended the quarter with a vacancy rate of 3.7%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (101,794) square feet. Vacant sublease space increased to 213,534 square feet. Rental rates ended the first quarter at $29.53, an increase over the previous A total of five buildings with 65,895 square feet of space delivered to the market, with 378,144 square feet still under construction at the end of the South Bend/Mishawaka The South Bend/Mishawaka Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of positive 4,613 square feet caused the vacancy rate to remain at 4.7% in the Rental rates stood at $8.42. Southwest Florida The vacancy rate remained unchanged in Southwest Florida in the first With 98,172 square feet in deliveries, and positive 122,061 square feet in net absorption, the vacancy rate held at 7.2%, the same rate reported in the previous The market had 335,169 square feet under construction at the end of the quarter, and rental rates stood at $14.47 per square foot. Spokane and positive 15,863 square feet of net absorption, Spokane s vacancy rate went from 7.3% to 7.2% in the Rental rates went from $11.32 to $11.16 during that time. At the end of the quarter, there was 15,750 square feet underway for future delivery. Springfield The Springfield Retail market ended the quarter with a vacancy rate of 5.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 60,056 square feet. Vacant sublease space stayed the same at 7,300 square feet. Rental rates ended the first quarter at $9.07, a decrease over the previous A total of one building with 9,100 square feet of space delivered to the market, with 5,696 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 7.3%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 6,774 square feet. Vacant sublease space decreased to 72,984 square feet. Rental rates ended the first quarter at $11.93, a decrease over the previous A total of four buildings with 86,320 square feet of space delivered to the market, with 652,532 square feet still under construction at the end of the Stockton/Modesto and negative (23,866) square feet of net absorption, Stockton/ Modesto s vacancy rate went from 6.1% to 6.2% in the Rental rates went from $13.50 to $13.34 during that time. At the end of the quarter, there was 357,120 square feet underway for future delivery. Syracuse and positive 292,986 square feet of net absorption, Syracuse s vacancy rate went from 5.7% to 5.0% in the Rental rates went from $9.92 to $10.12 during that time. At the end of the quarter, there was 132,000 square feet underway for future delivery. Tallahassee and negative (147,062) square feet of net absorption, Tallahassee s vacancy rate went from 4.7% to 5.4% in the Rental rates went from $13.17 to $14.01 during that time. At the end of the quarter, there was 40,202 square feet underway for future delivery. 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 269,934 square feet. Vacant sublease space decreased to 516,371 square feet. Rental rates ended the first quarter at $13.75, an increase over the previous A total of eight buildings with 153,315 square feet of space delivered to the market, with 618,088 square feet still under construction at the end of the Toledo and positive 28,242 square feet of net absorption, Toledo s vacancy rate remained at 6.7% in the Rental rates went from $7.65 to $7.61 during that time. At the end of the quarter, there was 237,779 square feet underway for future delivery. Tucson The vacancy rate remained unchanged in Tucson in the first With 18,764 square feet in deliveries, and positive 28,580 square feet in net absorption, the vacancy rate held at 6.7%, the same rate reported in the previous The mar CoStar Group, Inc. The CoStar Retail Report 13

19 National First Quarter 2015 Overview ket had 373,050 square feet under construction at the end of the quarter, and rental rates stood at $14.45 per square foot. Tulsa The Tulsa 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 positive 97,380 square feet. Vacant sublease space increased to 285,036 square feet. Rental rates ended the first quarter at $11.80, an increase over the previous A total of six buildings with 128,079 square feet of space delivered to the market, with 532,548 square feet still under construction at the end of the Utica/Rome The Utica/Rome Retail market reported no new deliveries and no space under construction at the end of the first quarter With this limited construction activity, net absorption of negative (3,327) square feet caused the vacancy rate to increase from 4.9% to 5.0% in the Rental rates stood at $8.49. Visalia/Porterville and negative (25,387) square feet of net absorption, Visalia/ Porterville s vacancy rate went from 5.4% to 5.6% in the Rental rates went from $15.20 to $15.05 during that time. At the end of the quarter, there was 9,100 square feet underway for future delivery. Washington The vacancy rate remained unchanged in Washington in the first With 258,173 square feet in deliveries, and positive 232,041 square feet in net absorption, the vacancy rate held at 4.5%, the same rate reported in the previous The market had 1,220,503 square feet under construction at the end of the quarter, and rental rates stood at $25.93 per square foot. West Michigan The West Michigan 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 339,174 square feet. Vacant sublease space increased to 307,511 square feet. Rental rates ended the first quarter at $9.38, an increase over the previous A total of three buildings with 44,512 square feet of space delivered to the market, with 459,800 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 5.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (196,513) square feet. Vacant sublease space increased to 243,484 square feet. Rental rates ended the first quarter at $23.52, an increase over the previous A total of six buildings with 75,196 square feet of space delivered to the market, with 896,174 square feet still under construction at the end of the Wichita The Wichita Retail market ended the quarter with a vacancy rate of 5.0%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (163,375) square feet. Vacant sublease space stayed the same at 25,172 square feet. Rental rates ended the first quarter at $9.76, an increase over the previous A total of five buildings with 131,665 square feet of space delivered to the market, with 139,842 square feet still under construction at the end of the Wilmington The Wilmington Retail market ended the quarter with a vacancy rate of 4.8%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 17,919 square feet. Vacant sublease space increased to 48,260 square feet. Rental rates ended the first quarter at $13.08, an increase over the previous A total of four buildings with 37,026 square feet of space delivered to the market, with 249,544 square feet still under construction at the end of the Yakima and negative (15,719) square feet of net absorption, Yakima s vacancy rate went from 5.0% to 5.1% in the Rental rates went from $9.41 to $10.21 during that time. At the end of the quarter, there was 19,276 square feet underway for future delivery. Youngstown/Warren/Boardman The Youngstown/Warren/Boardman Retail market ended the quarter with a vacancy rate of 5.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 72,756 square feet. Vacant sublease space stayed the same at 12,541 square feet. Rental rates ended the first quarter at $7.74, a decrease over the previous A total of two buildings with 17,315 square feet of space delivered to the market, with 5,981 square feet still under construction at the end of the 14 The CoStar Retail Report 2015 CoStar Group, Inc.

20 Inventory & development First Quarter 2015 National 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 60 4,999,085 4,517, % 10,418 83,318 Dallas/Ft Worth 81 3,484,073 3,229, % 13,994 43,013 Chicago 72 2,133,460 1,559, % 13,551 29,631 Nashville 10 1,667,998 1,162, % 11, ,800 Houston 45 1,667,297 1,396, % 15,782 37,051 Los Angeles 48 1,646,760 1,341, % 10,020 34,307 Boston 45 1,572,393 1,047, % 12,422 34,942 Long Island (New York) 30 1,479,018 1,140, % 8,044 49,301 Washington 28 1,220,503 1,099, % 13,760 43,589 Miami-Dade County 19 1,134, , % 12,616 59,695 Milwaukee 20 1,054, , % 10,548 52,704 Orange County (California) 17 1,045, , % 14,034 61,524 New York City , , % 11,931 68,494 Westchester/So Connecticut , , % 10,762 37,341 Cincinnati 7 853, , % 11, ,873 Philadelphia , , % 12,018 21,098 Denver , , % 13,509 25,776 St. Louis , , % 14,244 54,378 Memphis 7 641, , % 10,863 91,636 Tampa/St Petersbur g , , % 12,126 34,338 Hawaii , , % 15,414 25,519 Oklahoma City , , % 10,007 29,529 Phoenix , , % 16,248 15,242 Detroit , , % 10,423 32,142 Tulsa 8 532, , % 10,521 66,568 Atlanta , , % 13,676 16,619 Baltimore 8 518,039 42, % 11,348 64,755 Raleigh/Durham , , % 12,443 21,684 Las Vegas 9 478, , % 15,630 53,146 West Michi gan 3 459, , % 9, ,267 Orlando ,556 98, % 14,587 41,141 Indianapolis , , % 11,956 33,755 Savannah 4 430,634 9, % 10, ,658 Kansas City , , % 13,337 32,304 Charleston/N Charleston , , % 9,252 28,974 Pittsburgh 9 390, , % 10,375 43,387 Austin , , % 12,017 19,287 South Bay/San Jose 9 378, , % 11,901 42,016 Hartford 7 377, , % 10,257 53,943 Tucson 4 373, , % 9,669 93,262 Minneapolis , , % 12,332 16,881 Stockton/Modest o 7 357, , % 12,027 51,017 Asheville 5 350, , % 12,555 70,090 Portland , , % 11,007 23,212 Des Moines 7 343, , % 13,530 49,021 United States 1,393 49,568,473 37,279, % 11,619 35, CoStar Group, Inc. The CoStar Retail Report 15

21 National First Quarter 2015 Inventory & development 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 * 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 555 6,750,409 5,289, % $ ,645,817 4,104,592 50,000 SF - 99,999 SF 26 1,901,681 1,733, % $ ,307 1,037, ,000 SF - 249,999 SF 21 2,835,381 2,344, % $ ,301 1,959, ,000 SF - 499,999 SF % $ >= 500,000 SF 2 1,800,000 1,777, % $ ,800,000 Recent Development by Tenancy Based on GLA Developed for Single & Multi Tenant Use 2015 Deliveries Currently Under Construction Existing Inventory Comparison Based on Total GLA 33% 28% General Retail Shopping Center Mall Power Center 67% 72% Specialty Center Multi Single Multi Single Millions of Square 0Feet 1,000 2,000 3,000 4,000 5,000 6,000 7, The CoStar Retail Report 2015 CoStar Group, Inc.

22 Inventory & development First Quarter 2015 National 2015 CoStar Group, Inc. The CoStar Retail Report 17

23 National First Quarter 2015 Inventory & development 18 The CoStar Retail Report 2015 CoStar Group, Inc.

24 Figures at a Glance First Quarter 2015 National General Retail Market Statistics First Quarter 2015 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect. 9,815 61,224,985 2,190,641 2,235, % 57,703 54, ,116 $10.65 Albuquerque 4,451 29,765, , , % 36,364 8,000 18,875 $14.14 Anchorage ,415, , , % (16,438) 0 0 $20.42 Asheville 1,970 18,254, , , % 111,310 88, ,448 $14.13 Atlanta 19, ,513,314 7,593,272 7,898, % 186,284 18, ,690 $12.63 Augusta/Richmon 2,830 18,715,155 1,159,552 1,159, % (19,035) 0 52,800 $9.01 Austin 6,669 45,438,987 1,382,138 1,406, % 26,232 53, ,077 $20.10 Bakersfield 1,289 8,722, , , % (22,920) 0 66,755 $12.70 Baltimore 10,026 60,430,391 2,094,791 2,154, % 27,034 49, ,839 $19.51 Baton Rouge 2,324 19,162, , , % (16,816) 20,132 12,838 $11.25 Beaumont/Port A. 1,292 10,750, , , % 7, $7.93 Birmingham 7,475 54,997,738 2,286,662 2,341, % 54,350 43, ,365 $10.30 Boise City/Namp. 3,195 19,431, , , % 178, ,986 $10.24 Boston 22, ,146,204 5,295,476 5,592, % 254,098 44, ,923 $16.47 Bremerton/Silve ,096, , , % 54, $10.83 Broward County 4,965 39,287,809 1,200,577 1,238, % 161, , ,260 $20.06 Brownsville/Har ,689, , , % 16,610 8,220 0 $12.07 Buffalo/Niagara. 4,321 35,551,970 1,789,804 1,793, % 261, $10.40 Charleston WV 1,633 11,259, , , % (11,730) 0 0 $9.96 Charleston/N Ch. 3,696 21,058, , , % 17,508 14, ,842 $18.80 Charlotte 9,721 73,390,814 3,037,815 3,155, % 333, , ,729 $11.94 Chattanooga 1,839 13,975, , , % 89, ,360 80,500 $9.91 Chicago 31, ,495,228 18,097,489 18,429, % 58, , ,649 $17.08 Cincinnati 9,424 66,258,472 2,772,688 2,784, % 114, ,110 $10.19 Cleveland 13,095 99,950,364 4,098,731 4,136, % 295, ,263 64,208 $9.71 Colorado Spring. 2,463 16,970, , , % 23,406 18,836 2,850 $12.29 Columbia 4,160 27,624,618 1,369,948 1,372, % 161,222 89,356 17,850 $11.84 Columbus 5,567 39,760, ,508 1,041, % 150, , ,903 $13.50 Columbus GA 1,469 12,401, , , % 24,859 44,117 18,240 $10.46 Corpus Christi 1,693 13,250, , , % (41,626) 0 143,869 $11.51 Dallas/Ft Worth 20, ,496,209 5,695,798 5,935, % 750, ,322 2,738,378 $14.99 Davenport/Molin. 1,074 9,999, , , % 30, ,000 $10.77 Dayton 6,055 39,435,754 1,391,612 1,413, % 123, $8.30 Deltona/Daytona. 2,866 18,036, , , % (4,808) 0 0 $12.44 Denver 9,762 77,272,989 2,505,897 2,541, % 311, , ,540 $16.90 Des Moines 2,275 19,467, , , % 152, , ,149 $9.95 Detroit 19, ,664,162 7,020,454 7,278, % 562, , ,874 $11.23 Duluth 1,870 13,996, , , % 20,606 8,400 15,000 $8.33 East Bay/Oaklan. 10,342 61,582,555 1,760,566 1,807, % 55,371 65,488 0 $22.82 El Paso 3,705 22,720, , , % 23, ,000 $12.06 Erie 1,418 10,899, , , % 9, $7.95 Evansville 1,401 11,106, , , % 33, ,320 $8.63 Fayetteville 1,439 8,994, , , % (19,624) 0 212,909 $12.01 Fayetteville/Sp. 1,800 15,507, , , % 158,741 36,130 43,637 $13.05 Fort Smith 957 8,633, , , % (18,342) 0 0 $6.07 Fort Wayne 1,694 15,138,973 1,000,579 1,000, % (13,801) 4,500 0 $7.44 Fresno 4,901 31,980,933 1,644,321 1,739, % 77,077 27,031 72,573 $11.70 Green Bay 2,220 21,290,003 1,107,287 1,138, % (32,561) 7,726 0 $ CoStar Group, Inc. The CoStar Retail Report 19

25 National First Quarter 2015 Figures at a Glance General Retail Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 7,765 51,417,872 2,169,336 2,211, % 105,702 6,400 61,200 $9.14 Greenville/Spar. 8,117 46,944,687 2,180,042 2,252, % 203, ,811 47,450 $10.39 Hampton Roads 5,565 40,992,277 1,312,498 1,379, % 12,344 9,024 50,600 $14.06 Hartford 12,427 86,702,327 3,711,758 3,731, % (4,941) 9,500 33,601 $12.23 Hawaii 3,025 30,243, , , % 311, , ,768 $27.18 Houston 15, ,607,505 3,518,844 3,563, % 258, , ,122 $15.04 Huntington/Ashl. 2,705 18,668, , , % (10,760) 0 0 $6.58 Huntsville 1,002 10,292, , , % (103,221) 0 191,092 $10.73 Indianapolis 7,959 57,030,798 1,820,640 1,860, % 175,136 13, ,468 $12.08 Inland Empire (. 9,447 58,000,160 2,585,492 2,739, % (45,210) 61, ,350 $13.93 Jackson 2,328 19,516, , , % 25, $9.40 Jacksonville (F. 6,038 39,325,420 1,420,162 1,469, % 51,120 12,816 26,969 $12.04 Kansas City 6,201 46,113,637 2,456,122 2,463, % 61,389 25, ,451 $11.24 Killeen/Temple/. 1,341 8,161, , , % 6, ,000 $12.77 Kingsport/Brist. 1,247 11,781, , , % 1,290,645 1,300,000 99,100 $7.65 Knoxville 3,598 25,637, , , % (17,400) 12,000 7,500 $12.89 Lafayette 803 6,732, , , % (2,414) 0 0 $10.12 Las Vegas 3,581 31,090,598 1,671,931 1,818, % (15,649) 10,486 8,000 $14.72 Lexington/Fayet. 1,853 14,053, , , % 13,394 10, ,880 $12.31 Lincoln 1,415 10,807, , , % (7,336) 0 41,000 $11.26 Little Rock/N L. 4,364 29,025, , , % 184,316 72,988 34,000 $12.92 Long Island (Ne. 33, ,894,178 8,629,528 8,707, % 363, ,500 1,479,018 $32.95 Los Angeles 35, ,393,424 8,611,517 8,861, % 31,158 71, ,715 $28.91 Louisville 6,060 41,293,891 1,933,434 1,958, % 38, , ,150 $11.62 Lubbock 1,888 13,771, , , % 11, $11.21 Madison 3,177 28,736,669 1,698,692 1,712, % (72,009) 8,000 98,500 $12.60 McAllen/Edinbur ,983, , , % (28,873) 8,000 39,147 $13.25 Memphis 6,001 38,979,832 1,795,694 1,806, % 19,984 8, ,450 $9.52 Miami-Dade Coun 7,701 57,991,253 1,867,699 1,880, % 275, , ,090 $37.96 Milwaukee 11,743 89,252,811 3,707,254 3,789, % 91, , ,786 $10.38 Minneapolis 13, ,455,279 3,614,550 3,873, % 172,856 64, ,798 $12.66 Mobile 3,082 19,770, , , % 60,654 49,437 6,000 $10.74 Montgomery 1,328 10,525, , , % 7,431 24,078 12,247 $9.31 Myrtle Beach/Co. 1,589 11,408, , , % (42,702) 3,547 25,155 $9.61 Nashville 7,479 52,811,351 1,660,802 1,829, % 60,015 34,998 1,667,998 $13.80 New Orleans/Met. 6,422 47,275,405 2,460,935 2,464, % 16,021 91,185 8,320 $15.38 New York City 4,271 48,814,713 1,636,281 1,696, % 85,271 24, ,913 $88.25 North Bay/Santa. 5,254 34,262,042 1,055,616 1,089, % 44,109 49,500 12,153 $18.38 Northern New Je. 31, ,076,950 10,100,562 10,286, % 309,598 80,931 1,259,715 $19.72 Ocala 676 5,576, , , % (2,557) 9,100 0 $8.61 Oklahoma City 6,975 46,949,410 1,773,440 1,848, % 24,355 77, ,815 $12.65 Olympia 900 6,925, , , % 18,725 13,985 3,653 $15.97 Omaha/Council B. 4,233 30,935, , , % 220, ,538 55,150 $11.14 Orange County (. 6,167 41,838,397 1,233,918 1,243, % 82,424 1,836 40,630 $21.88 Orlando 8,246 64,648,426 2,719,017 2,784, % 177,455 38,028 23,737 $14.61 Palm Beach Coun. 3,321 28,360,556 1,020,200 1,060, % 82,996 83,510 27,000 $21.31 Pensacola 3,006 17,699, , , % (27,999) 0 8,353 $11.40 Peoria 949 8,566, , , % 28,560 8,320 9,000 $10.14 Existing Inventory Vacancy 20 The CoStar Retail Report 2015 CoStar Group, Inc.

26 Figures at a Glance First Quarter 2015 National General Retail Market Statistics First Quarter 2015 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 36, ,687,215 10,306,719 10,561, % (248,621) 81, ,844 $13.76 Phoenix 7,723 62,945,691 3,530,070 3,683, % 110, , ,276 $14.58 Pittsburgh 11,557 72,548,631 2,460,359 2,460, % (37,134) 31, ,482 $11.05 Port St Lucie/F. 1,247 11,517, , , % 39, ,000 $14.70 Portland 7,585 54,266,776 1,573,293 1,608, % 5,561 30,279 77,903 $15.90 Portland/South. 3,590 24,821, , , % (33,087) 0 16,265 $11.86 Providence 6,030 34,522,878 1,592,518 1,619, % 27,472 46,048 43,999 $13.34 Raleigh/Durham 5,569 33,563, , , % 254, , ,281 $14.06 Reno/Sparks 1,401 11,927, ,940 1,017, % (9,896) 0 2,800 $12.59 Richmond VA 5,534 35,704,282 1,316,142 1,326, % 166,688 79, ,193 $13.32 Roanoke 1,546 14,050, , , % (23,435) 0 54,000 $14.50 Rochester 4,674 33,948,209 1,455,578 1,460, % 50,146 21, ,876 $10.29 Sacramento 4,835 33,736,884 1,702,199 1,703, % 129,259 12, ,627 $14.10 Salinas 1,399 9,066, , , % 14, $18.42 Salt Lake City 7,873 65,576,365 1,739,409 1,766, % 143, ,268 27,707 $12.85 San Antonio 9,922 59,533,136 2,061,851 2,074, % (19,855) 54, ,185 $13.38 San Diego 8,870 52,456,288 1,390,034 1,408, % 17,510 28, ,900 $25.63 San Francisco 9,889 63,210,217 1,042,339 1,227, % 8, ,035 $35.35 San Luis Obispo. 1,340 8,730, , , % 3, ,560 $24.72 Santa Barbara/S. 1,674 14,134, , , % 6,235 3,427 0 $31.06 Santa Cruz/Wats. 1,254 6,690, , , % 5, $19.00 Savannah 1,919 12,337, , , % 28,392 12, ,200 $14.65 Seattle/Puget S. 11,232 89,113,950 3,028,918 3,135, % 120,567 16,834 66,898 $17.17 Shreveport/Boss. 1,544 12,699, , , % 54,194 41,117 0 $10.47 South Bay/San J. 4,785 32,031, , , % (21,589) 7,045 56,113 $32.89 South Bend/Mish. 1,714 13,626, , , % 3, $7.75 Southwest Flori. 4,178 30,246, , , % 48,654 10, ,169 $16.90 Spokane 3,098 21,999,493 1,283,618 1,290, % (15,065) 0 9,500 $11.00 Springfield 1,690 16,166, , , % 21,425 9,100 5,696 $9.19 St. Louis 8,575 71,587,035 3,673,035 3,741, % 25,064 46, ,952 $12.09 Stockton/Modest. 3,338 24,243,519 1,210,144 1,212, % (43,836) 0 75,800 $10.86 Syracuse 3,507 25,872,452 1,102,481 1,173, % 45, ,000 $10.12 Tallahassee 2,248 13,627, , , % (81,116) 0 40,202 $14.90 Tampa/St Peters. 14, ,007,555 3,936,508 4,123, % 101,203 27, ,188 $14.34 Toledo 6,527 46,897,859 2,160,181 2,191, % 14, ,779 $7.03 Tucson 3,594 19,181, , , % 29,026 18,764 7,550 $12.03 Tulsa 5,584 39,659,909 1,096,465 1,129, % 108, , ,548 $15.06 Utica/Rome 1,776 14,656, , , % 7, $8.14 Visalia/Porterv. 1,424 9,496, , , % (19,740) 0 9,100 $10.91 Washington 12,680 83,372,895 2,893,408 2,916, % 232, , ,804 $29.54 West Michigan 12,426 88,159,940 3,469,396 3,685, % 179,309 44, ,800 $8.79 Westchester/So. 16, ,805,615 5,851,211 5,933, % (50,304) 22, ,475 $25.45 Wichita 3,243 27,425,949 1,053,962 1,079, % (39,795) 111,265 40,469 $8.87 Wilmington 2,653 14,994, , , % 42,243 31, ,544 $12.38 Yakima 1,106 8,252, , , % (17,599) 0 0 $7.64 Youngstown/Warr 3,421 22,662, , , % 54,815 17,315 5,981 $6.55 Totals 879,897 6,333,323, ,360, ,906, % 10,772,014 8,519,185 25,692,547 $ CoStar Group, Inc. The CoStar Retail Report 21

27 National First Quarter 2015 Figures at a Glance Mall Market Statistics First Quarter 2015 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 6,272, , , % ,000 $18.35 Albuquerque 4 3,487, , , % $10.59 Anchorage 4 2,506,814 55,400 55, % (40,400) 15,000 0 $33.38 Asheville 3 1,640,308 36,166 36, % 2, $30.87 Atlanta 33 25,104,180 1,084,126 1,087, % (94,759) 0 0 $15.39 Augusta/Richmon 3 2,663,251 1,096,940 1,096, % $0.00 Austin 12 8,179, , , % (4,354) 0 0 $16.15 Bakersfield 2 1,694, , , % $9.74 Baltimore 21 17,941,086 1,182,489 1,187, % (22,670) 0 0 $22.24 Baton Rouge 6 4,650, , , % (6,348) 0 0 $20.19 Beaumont/Port A. 3 2,662,660 85,453 85, % $0.00 Birmingham 12 7,915, , , % 5, $18.52 Boise City/Namp. 4 2,865, , , % (3,902) 0 0 $12.48 Boston 36 27,547, , , % 495, , ,000 $0.00 Bremerton/Silve , % $0.00 Broward County 12 8,570, , , % (22,805) 0 150,000 $17.39 Brownsville/Har. 2 1,411,853 94,561 94, % $19.03 Buffalo/Niagara. 3 3,565,543 80,851 80, % $9.51 Charleston WV 1 897,000 42,630 42, % ###### Charleston/N Ch. 2 2,101,239 19,448 19, % (133) 0 0 $0.00 Charlotte 23 13,842, , , % 18, ,326 $17.76 Chattanooga 2 2,131, , , % 26, $7.11 Chicago 39 36,604,453 1,687,894 1,731, % (16,285) 0 617,172 $19.68 Cincinnati 13 10,908, ,315 1,004, % (26,950) 0 632,000 $4.45 Cleveland 21 19,021,417 2,691,053 2,691, % 11, $11.52 Colorado Spring. 3 3,140, , , % 7, $5.00 Columbia 5 5,835, , , % (1,276) 0 0 $13.90 Columbus 7 7,292, , , % 3, $7.45 Columbus GA 5 3,696, , , % $27.50 Corpus Christi 3 2,530,943 70,155 70, % 2, $0.00 Dallas/Ft Worth 43 35,853,100 2,068,377 2,073, % 28,478 13,600 0 $21.31 Davenport/Molin. 2 1,974,294 3,000 3, % (3,000) 0 0 $0.00 Dayton 7 6,002, , , % (3,198) 0 0 $12.63 Deltona/Daytona. 2 1,759,291 12,841 12, % $18.25 Denver 21 18,827,110 1,342,316 1,343, % 25, ,845 $25.53 Des Moines 6 5,852, , , % $16.71 Detroit 19 21,431,395 1,798,612 1,798, % (116,631) 0 0 $7.90 Duluth 3 1,537, , , % $6.00 East Bay/Oaklan ,766, , , % 78, ,380 0 $20.18 El Paso 4 3,485,005 25,016 25, % $8.47 Erie 2 1,917,125 2,542 2, % $8.72 Evansville 2 1,315,331 97,334 97, % (11,444) 0 0 $10.38 Fayetteville 1 1,190,570 2,195 2, % $0.00 Fayetteville/Sp. 2 2,595,952 86,366 86, % 73, $0.00 Fort Smith 1 751,565 7,631 7, % (3,537) 0 0 $0.00 Fort Wayne 3 2,239,738 20,656 20, % (2,036) 0 0 $0.00 Fresno 10 5,254, , , % (10,410) 4,800 0 $16.70 Green Bay 4 2,770, , , % (2,499) 0 0 $ The CoStar Retail Report 2015 CoStar Group, Inc.

28 Figures at a Glance First Quarter 2015 National Mall Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 11 8,716, , , % (209,775) 0 0 $12.83 Greenville/Spar. 4 3,886,425 22,625 22, % $25.00 Hampton Roads 13 9,010, , , % 5,802 7, ,499 $24.32 Hartford 11 8,195, , , % 1, $25.32 Hawaii 10 7,775, , , % (10,375) 0 208,395 $42.15 Houston 35 28,729,357 1,477,704 1,536, % 10, ,000 $23.57 Huntington/Ashl. 4 3,003, , , % $17.68 Huntsville 3 2,488, , , % $16.54 Indianapolis 14 11,845, , , % (5,027) 0 0 $25.00 Inland Empire ( ,950,013 1,162,594 1,223, % 6, $16.32 Jackson 5 3,674, , , % (20,069) 0 0 $13.49 Jacksonville (F. 8 5,576, , , % 8, $21.75 Kansas City 17 12,552,019 1,070,191 1,220, % 30,366 38, ,000 $24.37 Killeen/Temple/. 2 1,188,837 77,121 77, % (22,561) 0 0 $0.00 Kingsport/Brist. 2 1,030,278 5,585 5, % $14.00 Knoxville 6 4,509, , , % (5,945) 0 0 $17.21 Lafayette 4 2,106,443 34,166 34, % $0.00 Las Vegas 14 10,787, , , % (2,034) 0 224,554 $17.46 Lexington/Fayet. 4 2,429,435 16,802 31, % 2, $13.87 Lincoln 3 1,769,922 68,942 71, % $24.47 Little Rock/N L. 7 2,804,939 74,516 96, % (18,818) 0 0 $13.11 Long Island (Ne ,941, , , % (1,500) 0 0 $28.54 Los Angeles 51 41,965,216 1,701,754 1,705, % (15,441) 0 806,800 $33.91 Louisville 5 4,955, , , % (5,171) 0 0 $8.50 Lubbock 2 1,816,554 35,960 35, % $11.00 Madison 4 3,179,237 46,028 46, % (3,000) 0 0 $15.37 McAllen/Edinbur. 3 2,205, , , % $22.00 Memphis 7 4,842, , , % (3,430) 0 0 $1.72 Miami-Dade Coun 20 16,030, , , % 7, , ,123 $41.56 Milwaukee 12 8,625,451 1,246,484 1,246, % (3,225) 0 440,158 $10.33 Minneapolis 17 15,668, , , % (10,173) 0 0 $15.80 Mobile 5 3,501, , , % (5,000) 0 0 $15.74 Montgomery 5 3,190, , , % 11, $21.04 Myrtle Beach/Co. 5 3,178, , , % $15.78 Nashville 11 7,660,226 1,491,472 1,493, % (19,485) 0 0 $24.14 New Orleans/Met. 11 6,621, , , % 5, $22.89 New York City % ,000 $0.00 North Bay/Santa. 7 4,658,090 12, , % $9.00 Northern New Je ,197, , , % (93,733) 0 2,839,000 $39.29 Ocala 2 1,069, , , % $0.00 Oklahoma City 6 4,314,296 1,048,727 1,048, % 2, $12.16 Olympia 2 994,720 30,369 30, % $20.50 Omaha/Council B. 7 5,894, , , % (1,180) 0 0 $16.22 Orange County ( ,773, , , % 65, ,415 $32.44 Orlando 22 16,530, , , % 153, $12.59 Palm Beach Coun. 13 8,063, , , % 1, $26.09 Pensacola 2 1,919, , , % $26.00 Peoria 2 1,339,284 44,669 44, % (2,525) 0 0 $14.50 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 23

29 National First Quarter 2015 Figures at a Glance Mall Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 54 46,467,184 2,444,217 2,490, % 21, ,520 $20.87 Phoenix 20 17,022,186 1,158,468 1,158, % 129, ,689 $27.89 Pittsburgh 16 15,889, , , % (11,513) 0 0 $12.36 Port St Lucie/F ,601 6,884 6, % $15.00 Portland 10 7,677, , , % (1,072) 0 0 $19.36 Portland/South. 6 3,123, , , % 2, $14.55 Providence 5 3,964, , , % (616) 0 0 $0.00 Raleigh/Durham 14 10,227, , , % 37,301 14, ,950 $12.60 Reno/Sparks 3 2,502, , , % (5,527) 0 0 $24.11 Richmond VA 8 6,854, , , % (8,451) 0 0 $21.06 Roanoke 3 2,609, , , % 10, $13.50 Rochester 6 5,352,550 1,183,840 1,183, % $18.64 Sacramento 9 5,776, , , % 32,613 28,624 33,026 $18.15 Salinas 2 1,922,649 19,787 19, % $0.00 Salt Lake City 14 9,748, , , % (7,692) 0 200,000 $23.10 San Antonio 13 10,561, , , % 2, ,950 $23.74 San Diego 13 13,808, , , % (25,422) 0 0 $22.65 San Francisco 6 5,120,777 44,243 44, % 4, ,000 ###### San Luis Obispo % $0.00 Santa Barbara/S. 3 1,595,621 4,974 4, % (600) 0 0 $25.71 Santa Cruz/Wats ,988 19,953 19, % (2,399) 0 0 $27.00 Savannah 3 1,955,438 6,775 6, % $0.00 Seattle/Puget S ,863, , , % 5, $31.16 Shreveport/Boss. 2 1,307,333 44,555 44, % $0.00 South Bay/San J. 10 9,491, , , % (36,028) 14,372 0 $29.55 South Bend/Mish. 2 1,961,721 8,953 8, % (2,080) 0 0 $0.00 Southwest Flori. 10 7,999, , , % 5, $26.11 Spokane 4 2,684, , , % 0 0 6,250 $34.43 Springfield 2 1,841, % $0.00 St. Louis 17 13,027,095 1,676,710 1,676, % (6,597) 0 0 $12.34 Stockton/Modest. 8 5,798, , , % (3,974) 0 0 $19.41 Syracuse 4 5,278, , , % 1, $12.58 Tallahassee 3 2,575, , , % $0.00 Tampa/St Peters ,205, , , % (12,256) 0 0 $22.73 Toledo 7 5,224, , , % (4,500) 0 0 $18.82 Tucson 6 4,744, , , % 3, $26.80 Tulsa 9 4,623, , , % (6) 0 0 $16.52 Utica/Rome 1 864,093 35,018 35, % $8.97 Visalia/Porterv , , , % $24.00 Washington 44 33,614,300 1,423,947 1,465, % (108,070) 0 174,000 $24.63 West Michigan 14 10,365, , , % (21,558) 0 0 $13.76 Westchester/So ,038, , , % $33.99 Wichita 6 4,484, , , % (129,571) 5,000 7,373 $13.97 Wilmington 2 1,996,954 38,188 38, % (6,209) 0 0 $28.00 Yakima 2 1,333, , , % 1, $11.72 Youngstown/Warr 4 3,439,265 10,010 10, % $0.00 Totals 1,361 1,094,661,445 60,473,956 61,711, % 108, ,440 9,654,045 $15.92 Existing Inventory Vacancy 24 The CoStar Retail Report 2015 CoStar Group, Inc.

30 Figures at a Glance First Quarter 2015 National Power Center Market Statistics First Quarter 2015 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, , , % (16,692) 0 0 $15.00 Albuquerque 4 1,723,011 41,261 56, % 28, $15.17 Anchorage 1 462, % $0.00 Asheville 4 1,596,947 32,110 32, % $18.00 Atlanta 69 31,181,184 1,422,319 1,512, % 73, $15.44 Augusta/Richmon 3 1,461, , , % (23,163) 0 0 $12.00 Austin 32 15,142, , , % (1,200) 0 18,000 $18.71 Bakersfield 4 2,097,685 4,116 4, % $33.00 Baltimore 27 11,895, , , % (9,199) 0 0 ###### Baton Rouge 4 1,939,853 2,200 2, % $0.00 Beaumont/Port A ,837 18,050 18, % $22.00 Birmingham 14 5,750, , , % (50,831) 0 0 $18.97 Boise City/Namp. 6 2,780, , , % $15.77 Boston 43 18,671, , , % 17,367 8, ,250 $13.22 Bremerton/Silve ,469 1,500 1, % $28.00 Broward County 14 6,657, , , % (6,887) 0 50,000 $19.86 Brownsville/Har ,547 24,402 24, % $18.71 Buffalo/Niagara. 7 3,605, , , % 4, $8.36 Charleston WV 2 929,778 3,600 3, % $0.00 Charleston/N Ch. 6 2,446,899 85,522 86, % 14,997 20,000 0 $22.25 Charlotte 28 12,136, , , % 10, $20.89 Chattanooga 3 1,074, % $18.00 Chicago 85 38,181,306 2,729,353 2,789, % (89,482) 12,500 10,500 $12.88 Cincinnati 19 8,431, , , % 27, ,000 $15.20 Cleveland 35 17,059, , , % 1, $16.21 Colorado Spring. 10 4,695, , , % (16,400) 0 6,028 $11.16 Columbia 7 2,568, , , % 3, $9.28 Columbus 22 9,604, , , % 25, $9.05 Columbus GA 2 673,157 12,968 12, % $15.00 Corpus Christi 1 345, % $0.00 Dallas/Ft Worth 71 28,706,475 1,079,258 1,080, % 33,979 34,416 4,500 $20.61 Davenport/Molin. 6 1,683,028 18,563 18, % 1, $14.83 Dayton 10 3,784,644 59,278 59, % ,000 $12.94 Deltona/Daytona ,109 30,537 30, % $25.00 Denver 48 20,755, , , % 30,170 5,400 0 $17.22 Des Moines 3 1,073, , , % $14.55 Detroit 47 20,106,284 1,322,475 1,472, % 34, $13.12 Duluth 1 376, % $0.00 East Bay/Oaklan. 17 7,759, , , % (41,105) 0 16,500 $28.68 El Paso 6 2,729, , , % (218) 0 0 $34.35 Erie 3 1,472,246 40,800 40, % (5,590) 0 0 $0.00 Evansville 3 1,380,202 89, , % (4,719) 0 0 $17.35 Fayetteville % $0.00 Fayetteville/Sp. 4 1,846, , , % (28,910) 0 0 $9.61 Fort Smith 1 417,011 14,798 14, % $18.91 Fort Wayne 5 2,104, , , % (206) 0 0 $14.24 Fresno 7 2,505,257 45,570 45, % (1,235) 0 0 $13.67 Green Bay 2 609,059 60,082 60, % 1, $ CoStar Group, Inc. The CoStar Retail Report 25

31 National First Quarter 2015 Figures at a Glance Power Center Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 8 2,943,926 81,024 81, % (2,160) 0 0 $29.19 Greenville/Spar. 11 3,909, , , % 21, $15.95 Hampton Roads 17 7,854, , , % (17,807) 0 0 $16.13 Hartford 17 6,916, , , % 51, $9.09 Hawaii 5 1,822,697 48,285 48, % $46.20 Houston 58 26,727, , , % (9,164) 0 374,000 $15.24 Huntington/Ashl % $0.00 Huntsville 4 1,416, , , % (2) 0 0 $10.74 Indianapolis 24 11,606,328 1,001,496 1,001, % 41, $16.86 Inland Empire ( ,219,742 1,389,429 1,471, % (91,991) 0 0 $16.86 Jackson 4 2,108, , , % $18.57 Jacksonville (F. 10 4,611, , , % 31, $14.85 Kansas City 23 10,091, , , % 15, $16.48 Killeen/Temple/ ,163 6,950 6, % $0.00 Kingsport/Brist ,121 19,007 19, % $17.94 Knoxville 9 3,758, , , % 6, $9.29 Lafayette 1 446,673 4,935 4, % $25.44 Las Vegas 29 14,426, , , % 10, $17.16 Lexington/Fayet. 4 2,453,234 51,800 51, % $14.81 Lincoln 2 1,292,466 12,434 12, % 5, $13.27 Little Rock/N L. 6 2,738, , , % $17.82 Long Island (Ne ,247, , , % 10, $19.42 Los Angeles 61 27,248,446 1,014,109 1,052, % 52, $18.36 Louisville 7 3,604, , , % (3,700) 0 6,250 $19.56 Lubbock 1 777, % $0.00 Madison 5 1,876,786 11,151 11, % 1, $15.50 McAllen/Edinbur. 4 1,669,266 60,511 60, % $24.98 Memphis 16 6,597, , , % (88,922) 0 0 $10.44 Miami-Dade Coun 9 3,349,913 36,667 36, % 1, $30.03 Milwaukee 12 4,301, , , % (5,174) 0 0 $5.55 Minneapolis 33 13,270, , , % 2,446 8,500 0 $14.09 Mobile 4 1,656, , , % (12,404) 0 0 $22.50 Montgomery 4 1,756, , , % $13.03 Myrtle Beach/Co. 4 1,562,052 43,914 43, % 14,550 18,497 21,880 $22.12 Nashville 18 7,676, , , % 6, $17.38 New Orleans/Met. 3 2,616,407 46,199 46, % (9,120) 0 0 $25.00 New York City 3 791,164 27,535 27, % (4,500) 0 0 ###### North Bay/Santa. 6 2,700,714 13,761 13, % ###### Northern New Je ,887,020 1,162,216 1,162, % (18,899) 0 425,000 $22.53 Ocala 1 252,526 33,290 33, % 4, $11.17 Oklahoma City 15 6,080, , , % 8, $14.42 Olympia 2 1,191,467 52,895 52, % $8.09 Omaha/Council B. 9 4,152, , , % 1, ,500 $16.43 Orange County ( ,562, , , % 54, $31.56 Orlando 27 11,631, , , % 299, ,260 55,329 $15.04 Palm Beach Coun. 10 3,776, , , % (27,785) 0 0 $18.41 Pensacola % $0.00 Peoria 3 1,422,197 16,221 16, % $16.36 Existing Inventory Vacancy 26 The CoStar Retail Report 2015 CoStar Group, Inc.

32 Figures at a Glance First Quarter 2015 National Power Center Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 98 42,600,461 2,559,232 2,599, % (191,947) 0 0 $13.08 Phoenix 59 30,753,287 1,382,742 1,531, % 235, ,362 7,751 $20.68 Pittsburgh 33 14,681, , , % 1, $16.52 Port St Lucie/F. 6 2,338, , , % 3, $20.78 Portland 17 7,716, , , % 48,470 42,000 0 $20.03 Portland/South , % $0.00 Providence 9 4,166,305 80, , % (6,388) 0 0 $10.78 Raleigh/Durham 27 11,216, , , % (28,198) 0 0 $17.21 Reno/Sparks 8 3,056, , , % 12, $11.95 Richmond VA 12 5,103, , , % 7, $17.99 Roanoke 1 407,175 27,543 27, % (14,863) 0 0 $13.34 Rochester 9 3,950, , , % 3, $13.46 Sacramento 27 11,084, , , % 59, ,000 $19.46 Salinas 6 2,339,111 73,847 78, % ,000 $16.25 Salt Lake City 18 9,134, , , % $15.99 San Antonio 15 9,262, , , % 29, $21.02 San Diego 27 11,760, , , % (10,842) 0 0 $30.24 San Francisco 6 2,421,479 28,748 28, % (1,610) 0 0 $51.33 San Luis Obispo. 5 1,773,610 50,237 50, % 5, $32.54 Santa Barbara/S ,869 10,279 10, % ###### Santa Cruz/Wats , % $0.00 Savannah 2 881,659 6,400 6, % (4,600) 0 0 ###### Seattle/Puget S. 20 8,591, , , % (4,242) 0 0 $25.67 Shreveport/Boss. 3 1,421,336 48,571 48, % 3, $17.97 South Bay/San J. 8 3,928, , , % (13,033) 0 0 $34.63 South Bend/Mish. 4 2,088,505 50,945 50, % $16.90 Southwest Flori. 11 3,611, , , % (37,157) 0 0 $15.65 Spokane 3 1,334,694 13,198 13, % $14.19 Springfield 1 359, % $20.00 St. Louis 26 13,322, , , % (8,731) 0 0 $9.72 Stockton/Modest. 8 3,606,613 74,444 74, % 2, $21.46 Syracuse 6 2,706, , , % $0.00 Tallahassee 1 423, % $0.00 Tampa/St Peters. 28 9,649, , , % 9, ,400 $18.91 Toledo 8 3,049, , , % 2, $14.57 Tucson 9 3,504, , , % 20, ,500 $22.70 Tulsa 6 2,913, , , % $10.08 Utica/Rome 3 1,506, , , % $0.00 Visalia/Porterv ,792 51,653 51, % 1, $20.74 Washington 41 20,917, , , % (26,215) 0 312,979 $23.06 West Michigan 19 7,916, , , % 102, $12.59 Westchester/So. 12 6,353, , , % (2,581) 0 0 $29.43 Wichita 1 347,825 6,013 6, % $20.09 Wilmington 4 1,089,456 52,766 54, % (1,600) 0 0 $15.03 Yakima % $0.00 Youngstown/Warr 6 3,121, , , % 4, $9.08 Totals 1, ,424,608 39,384,495 41,148, % 567, ,935 1,955,367 $16.37 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 27

33 National First Quarter 2015 Figures at a Glance Shopping Center Market Statistics First Quarter 2015 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect ,418,868 1,315,190 1,319, % (13,576) 0 0 $12.15 Albuquerque ,859,315 1,573,353 1,573, % 51, $13.78 Anchorage 97 5,162, , , % (16,192) 0 0 $15.52 Asheville 173 7,372, , , % 46, $11.82 Atlanta 3, ,092,484 17,694,334 18,033, % 71,657 14, ,117 $12.38 Augusta/Richmon ,290,644 1,290,720 1,305, % (57,892) 46,677 0 $10.27 Austin ,143,807 2,559,486 2,590, % 142,383 4,100 47,664 $17.37 Bakersfield 151 8,644, , , % 1, ,040 $14.44 Baltimore ,987,766 3,024,112 3,151, % 17, ,200 $18.39 Baton Rouge ,949,176 1,348,912 1,374, % 6, $9.44 Beaumont/Port A ,181, , , % (33,323) 0 0 $10.98 Birmingham ,713,690 3,331,223 3,404, % 208, $8.34 Boise City/Namp ,261,253 1,064,133 1,077, % 32, ,000 $12.40 Boston 1,792 89,877,527 4,950,828 5,483, % (108,373) 48, ,220 $18.18 Bremerton/Silve ,743, , , % (17,699) 0 0 $12.80 Broward County 1,107 48,063,291 4,116,304 4,165, % 72, ,317 $19.66 Brownsville/Har. 60 3,341, , , % (21,566) 0 0 $12.49 Buffalo/Niagara ,806,089 1,390,330 1,401, % 136, $9.68 Charleston WV 31 2,566, , , % 1, $10.77 Charleston/N Ch ,078,593 1,433,716 1,467, % ,800 $15.13 Charlotte 1,189 53,361,553 4,912,058 4,959, % 153, , ,750 $13.13 Chattanooga 154 8,508, , , % 109, $8.95 Chicago 3, ,057,701 19,708,846 20,054, % 54,515 16, ,139 $15.19 Cincinnati ,294,756 3,643,449 3,852, % 58, $10.89 Cleveland 1,324 63,179,026 6,859,246 7,244, % 152,735 60,296 62,265 $10.30 Colorado Spring ,286,887 1,315,253 1,331, % 54,433 30,000 14,678 $11.28 Columbia ,920,406 1,395,773 1,465, % 57,923 8,400 16,800 $10.41 Columbus ,949,316 2,858,515 2,897, % 72, ,654 $11.23 Columbus GA 157 8,401, , , % 31, ,285 $13.20 Corpus Christi 194 6,584, , , % (16,027) 0 0 $13.75 Dallas/Ft Worth 3, ,530,377 16,124,796 16,377, % 480, , ,195 $13.48 Davenport/Molin. 89 4,493, , , % (38) 0 0 $8.92 Dayton ,474,769 3,070,917 3,074, % (57,241) 0 0 $8.90 Deltona/Daytona ,984,217 1,508,892 1,532, % (10,939) 0 9,000 $11.77 Denver 1,427 73,892,011 5,637,544 5,898, % 79, , ,563 $14.23 Des Moines ,476, , , % (7,438) 0 130,000 $10.37 Detroit 1,904 75,111,349 9,619,510 9,999, % 64,368 8,640 97,542 $12.40 Duluth 43 2,200, , , % (32,198) 0 0 $13.56 East Bay/Oaklan ,966,186 1,863,749 2,069, % 59, ,599 $21.54 El Paso ,916,044 1,054,511 1,077, % (7,060) 0 21,000 $12.30 Erie 81 4,319, , , % 5, $6.57 Evansville 127 6,254, , , % $8.85 Fayetteville 206 9,736, , , % $8.77 Fayetteville/Sp ,527, , , % 10, $13.67 Fort Smith 86 3,132, , , % 10, $8.24 Fort Wayne 169 8,858,071 1,458,694 1,458, % (48,534) 0 0 $9.62 Fresno ,024,382 2,563,950 2,844, % (57,370) 30,500 1,260 $13.25 Green Bay 174 6,864, , , % 4, ,575 $ The CoStar Retail Report 2015 CoStar Group, Inc.

34 Figures at a Glance First Quarter 2015 National Shopping Center Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins ,813,557 3,664,642 3,836, % 37,968 20,392 45,139 $10.60 Greenville/Spar ,837,251 2,926,757 3,144, % (19,273) 0 184,682 $9.27 Hampton Roads ,407,292 3,414,599 3,615, % 43,457 71,865 89,350 $12.45 Hartford ,643,730 3,000,304 3,309, % (612) 10,000 24,000 $13.56 Hawaii ,356, , , % (2,746) 4, ,181 $38.22 Houston 3, ,526,849 12,927,671 13,118, % 341, , ,175 $15.01 Huntington/Ashl. 63 4,241, , , % (11,801) 0 0 $13.45 Huntsville 159 6,988, , , % (3,860) 0 0 $9.92 Indianapolis ,384,622 4,294,553 4,406, % (4,210) 0 24,343 $11.67 Inland Empire (. 1,787 88,927,692 9,157,949 9,442, % 109,895 9, ,452 $16.28 Jackson 229 8,536, , , % (15,708) 0 0 $9.07 Jacksonville (F ,378,015 3,997,223 4,138, % 419, ,368 39,053 $13.00 Kansas City ,363,131 4,680,569 4,746, % (8,995) 137,945 35,500 $11.36 Killeen/Temple/ ,042, , , % (14,211) 0 0 $8.33 Kingsport/Brist ,809, , , % 43, $7.54 Knoxville ,482,558 1,568,438 1,686, % 184, $10.72 Lafayette 59 3,462, , , % 36, $11.53 Las Vegas ,766,722 6,776,752 7,560, % (321,136) 64, ,756 $14.89 Lexington/Fayet ,943, , , % 21, $12.27 Lincoln 123 5,312, , , % (2,314) 0 0 $11.76 Little Rock/N L ,069,657 1,106,490 1,123, % 102, $10.51 Long Island (Ne. 1,307 53,327,165 2,328,772 2,353, % 77, $24.33 Los Angeles 4, ,963,447 9,230,553 9,634, % 149,302 79, ,245 $23.31 Louisville ,927,187 2,018,114 2,035, % 159, $11.32 Lubbock 225 7,085, , , % (35,829) 0 56,298 $10.98 Madison ,024, , , % (10,893) 0 20,000 $11.15 McAllen/Edinbur ,558, , , % (3,486) 0 12,000 $15.92 Memphis ,143,327 3,353,477 3,463, % 56, $10.37 Miami-Dade Coun 1,401 46,360,364 2,063,747 2,101, % 85,690 63,000 16,999 $24.28 Milwaukee ,498,141 3,557,771 3,682, % (89,226) 10, ,139 $11.12 Minneapolis 1,319 53,523,173 4,664,261 5,051, % (100,540) 24, ,588 $13.31 Mobile 244 8,978, , , % (54,322) 0 0 $10.44 Montgomery 167 7,949, , , % 8, ,107 $8.22 Myrtle Beach/Co ,735, , , % (33,410) 0 8,750 $10.39 Nashville ,024,404 2,640,658 2,738, % 78,681 75,000 0 $13.88 New Orleans/Met ,586,207 2,001,154 2,035, % (109,524) 97,306 60,000 $13.43 New York City 8 1,483,195 4,267 4, % 10, ,000 $0.00 North Bay/Santa ,945,082 1,550,331 1,557, % 62,799 85,373 0 $20.17 Northern New Je. 1,912 93,488,633 7,511,606 7,704, % (48,121) 40, ,370 $19.68 Ocala 82 3,552, , , % (31,700) 0 0 $12.38 Oklahoma City ,306,717 2,513,136 2,535, % 28,795 5,850 22,239 $10.01 Olympia 99 4,672, , , % 1, ,500 $17.13 Omaha/Council B ,307,623 1,665,288 1,666, % (51,484) 12,600 0 $12.02 Orange County (. 1,540 67,849,319 3,518,681 3,682, % 148,434 8,400 69,865 $23.09 Orlando 1,376 63,762,253 6,611,747 6,708, % 300,022 12,600 23,490 $13.85 Palm Beach Coun ,377,603 3,259,075 3,290, % (37,040) 14, ,377 $17.64 Pensacola 215 9,602, , , % (41,128) 0 0 $12.52 Peoria 91 4,318, , , % (56,613) 0 0 $10.97 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 29

35 National First Quarter 2015 Figures at a Glance Shopping Center Market Statistics First Quarter 2015 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 2, ,238,883 14,017,292 14,419, % (185,758) 56, ,886 $13.93 Phoenix 1, ,447,900 14,196,748 14,551, % 70,404 60, ,013 $13.28 Pittsburgh ,727,746 1,568,527 1,593, % (24) 0 286,000 $12.50 Port St Lucie/F ,246, , , % (94,214) 0 13,167 $14.31 Portland ,980,126 2,668,419 2,709, % 134,922 50, ,275 $17.37 Portland/South ,069, , , % (37,723) 0 0 $12.07 Providence ,689,695 1,417,632 1,491, % (46,496) 0 0 $14.64 Raleigh/Durham ,473,707 3,019,135 3,107, % 35,114 9,320 14,500 $14.34 Reno/Sparks ,983,194 1,936,195 2,022, % 12, $14.29 Richmond VA ,743,369 2,707,443 2,913, % 187,601 41,179 0 $13.57 Roanoke 68 4,712, , , % 13, ,117 $18.11 Rochester ,885,234 1,986,507 2,059, % (39,318) 0 0 $10.68 Sacramento 1,019 45,605,320 5,248,001 5,433, % 59,478 32,518 70,304 $16.55 Salinas 71 4,274, , , % (2,917) 0 0 $15.40 Salt Lake City ,851,761 2,486,363 2,548, % (41,328) 2, ,000 $12.73 San Antonio 1,235 44,612,651 3,667,263 3,813, % 10,511 9,400 24,032 $14.06 San Diego 1,271 54,443,512 3,275,951 3,416, % 57,857 64,813 90,635 $21.29 San Francisco 255 9,334, , , % (7,014) 6,600 0 $31.07 San Luis Obispo. 82 4,487, , , % (7,623) 0 0 $19.55 Santa Barbara/S ,047, , , % 15, ,281 $19.71 Santa Cruz/Wats ,459, , , % (675) 0 0 $20.00 Savannah 214 7,960, , , % 9, ,434 $15.38 Seattle/Puget S. 1,381 58,236,226 4,580,126 4,635, % 29,758 10, ,542 $17.51 Shreveport/Boss ,459, , , % 44, $9.56 South Bay/San J ,009,751 1,588,446 1,677, % (31,144) 44, ,031 $27.82 South Bend/Mish. 69 4,043, , , % 3, $8.82 Southwest Flori ,396,501 3,683,468 3,963, % 105,473 87,772 0 $13.25 Spokane 214 9,282,421 1,049,802 1,052, % 30, $11.20 Springfield 184 5,995, , , % 38, $8.93 St. Louis 1,140 54,988,362 5,322,784 5,327, % (162) 40, ,580 $11.94 Stockton/Modest ,467,522 1,565,809 1,700, % 64, ,320 $13.57 Syracuse ,685, , , % 246, $10.04 Tallahassee 203 7,584, , , % (65,946) 0 0 $13.26 Tampa/St Peters. 2,194 88,297,676 8,326,622 8,647, % 171, ,810 76,500 $13.05 Toledo ,262,082 2,233,259 2,328, % 16, $7.71 Tucson ,909,916 2,255,636 2,279, % (24,506) 0 0 $14.82 Tulsa ,842,847 2,219,028 2,411, % (11,634) 0 0 $9.72 Utica/Rome 61 4,716, , , % (11,331) 0 0 $8.81 Visalia/Porterv. 75 5,820, , , % (7,152) 0 0 $14.81 Washington 1,321 84,064,912 5,036,973 5,190, % 134,917 75, ,720 $22.85 West Michigan ,795,250 4,267,612 4,349, % 62, $9.33 Westchester/So. 1,045 51,833,677 3,783,558 3,939, % (143,628) 52, ,699 $20.23 Wichita 248 9,387, , , % 5,991 15,400 92,000 $9.87 Wilmington 312 9,104, , , % (16,515) 6,000 0 $12.37 Yakima 50 1,785,624 95,413 95, % ,276 $15.27 Youngstown/Warr ,758,408 1,103,245 1,106, % 13, $8.22 Totals 93,801 4,228,513, ,254, ,719, % 3,944,356 3,070,192 9,707,573 $ The CoStar Retail Report 2015 CoStar Group, Inc.

36 Figures at a Glance First Quarter 2015 National Specialty Center Market Statistics First Quarter 2015 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect ,874 27,100 27, % (5,900) 0 0 $20.87 Albuquerque % $0.00 Anchorage 1 36,056 3,759 3, % (3,759) 0 0 $0.00 Asheville % $0.00 Atlanta 14 2,697, , , % (25,000) 0 0 $10.55 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 4,978 4, % (1,200) 0 0 $0.00 Baton Rouge 1 342,776 4,000 4, % $17.12 Beaumont/Port A. 1 24,851 18,170 18, % $14.00 Birmingham 2 422, , , % 2, $10.84 Boise City/Namp ,941 73,485 73, % 1, $13.51 Boston 10 2,244,416 78,576 78, % 3, $25.00 Bremerton/Silve % $0.00 Broward County 2 345, , , % (104,135) 0 0 $24.12 Brownsville/Har % $0.00 Buffalo/Niagara , % $0.00 Charleston WV % $0.00 Charleston/N Ch. 3 1,012,980 18,247 18, % $35.70 Charlotte 3 871, , , % $6.83 Chattanooga 1 157, % $0.00 Chicago 14 3,488,105 57,255 57, % 8, $15.47 Cincinnati 4 725,265 50,140 50, % $0.00 Cleveland 3 779,679 21,674 21, % $20.00 Colorado Spring ,076 6,259 6, % $25.56 Columbia % $0.00 Columbus 2 322, , , % 2, $9.21 Columbus GA 1 113,428 13,500 13, % $0.00 Corpus Christi 2 228,547 5,600 5, % (5,600) 0 0 $18.00 Dallas/Ft Worth 12 2,065, , , % 1, $0.00 Davenport/Molin % $0.00 Dayton 1 50, % $0.00 Deltona/Daytona ,808 88,231 88, % (1,460) 0 0 $12.42 Denver 4 864, % 2, $20.00 Des Moines % $0.00 Detroit 3 1,850,774 72,246 72, % $25.15 Duluth % $0.00 East Bay/Oaklan ,995 3,700 3, % (2,500) 0 0 $27.95 El Paso 3 578,456 12,000 12, % $0.00 Erie % $0.00 Evansville % $0.00 Fayetteville % $0.00 Fayetteville/Sp ,665 4,870 4, % $0.00 Fort Smith % $0.00 Fort Wayne % $0.00 Fresno 1 69,253 14,692 14, % ,340 ###### Green Bay 1 259,496 35,556 35, % $ CoStar Group, Inc. The CoStar Retail Report 31

37 National First Quarter 2015 Figures at a Glance Specialty Center Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins ,446 15,516 15, % $20.00 Greenville/Spar ,414 4,066 4, % $7.38 Hampton Roads 3 895,515 69,856 69, % $0.00 Hartford 5 959, , , % ,000 $6.84 Hawaii 4 636,484 46,541 46, % ,601 $55.90 Houston 16 3,204, , , % (2,458) 0 0 $18.66 Huntington/Ashl % $0.00 Huntsville 1 675, % $0.00 Indianapolis 1 249,864 7,701 7, % $26.76 Inland Empire (. 13 2,161, , , % 3, $21.65 Jackson 2 628,037 11,556 11, % $24.59 Jacksonville (F ,926 3,218 3, % (3,218) 0 0 $12.00 Kansas City 3 1,245, , , % (7,061) 0 0 $11.04 Killeen/Temple/ % $0.00 Kingsport/Brist ,908 75,375 75, % $3.11 Knoxville 1 178,063 2,800 2, % $18.50 Lafayette % $0.00 Las Vegas 10 2,195, , , % 9, ,000 $22.74 Lexington/Fayet. 1 93, % $0.00 Lincoln % $0.00 Little Rock/N L % $0.00 Long Island (Ne. 6 2,165,347 78,085 78, % (3,820) 0 0 $27.01 Los Angeles 17 3,889, , , % 3, $13.33 Louisville 2 364,956 70,562 70, % $17.90 Lubbock 2 118,384 3,216 3, % $9.50 Madison 2 795,879 32,021 32, % $0.00 McAllen/Edinbur , % $0.00 Memphis 5 1,090, , , % ,000 $15.00 Miami-Dade Coun 4 1,226,686 37,922 37, % ###### Milwaukee 3 438,138 10,107 10, % $16.40 Minneapolis 7 1,705,405 71,320 95, % $19.72 Mobile 2 559, % $0.00 Montgomery 2 340,411 13,130 13, % 5, $19.74 Myrtle Beach/Co , % $0.00 Nashville 6 871,028 27,435 27, % (912) 0 0 $13.38 New Orleans/Met ,460 72,013 72, % $22.27 New York City % $0.00 North Bay/Santa. 6 1,737, , , % 3,625 6,511 0 $30.65 Northern New Je. 10 2,250,023 79,215 79, % 1, $21.85 Ocala % $0.00 Oklahoma City 2 588,296 4,411 4, % $12.54 Olympia % $0.00 Omaha/Council B % $0.00 Orange County (. 11 1,809,970 45,333 45, % 23, ,000 $38.55 Orlando 15 3,668, , , % 50,050 64, ,000 $16.39 Palm Beach Coun ,000 19,444 19, % $0.00 Pensacola 1 50, % $0.00 Peoria % $0.00 Existing Inventory Vacancy 32 The CoStar Retail Report 2015 CoStar Group, Inc.

38 Figures at a Glance First Quarter 2015 National Specialty Center Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 21 5,397, , , % (32,738) 0 180,000 $14.08 Phoenix 10 2,120, , , % (2,000) 0 0 $11.84 Pittsburgh 1 415, % $0.00 Port St Lucie/F % $0.00 Portland 4 599,386 5,400 5, % (5,400) 0 0 $0.00 Portland/South ,882 3,800 3, % $24.00 Providence 2 586, , , % $6.00 Raleigh/Durham 5 1,205,182 40,738 40, % (3,862) 0 0 $21.76 Reno/Sparks 1 91, % $0.00 Richmond VA 1 54, % $0.00 Roanoke % $0.00 Rochester % $0.00 Sacramento 4 870,175 51,656 51, % $12.64 Salinas 3 396,801 56,594 56, % $12.00 Salt Lake City 6 1,419,039 87,075 87, % $14.88 San Antonio 4 150,613 33,210 33, % $12.00 San Diego 13 1,756,552 91,464 91, % 140, ,000 0 $17.83 San Francisco 5 1,484,246 29,096 29, % ###### San Luis Obispo ,379 6,478 6, % 1, $16.80 Santa Barbara/S % $0.00 Santa Cruz/Wats. 1 82,102 5,245 5, % ###### Savannah 1 214,813 2,432 2, % ###### Seattle/Puget S. 5 1,135,072 17,410 17, % $15.22 Shreveport/Boss. 1 1,135,277 29,218 29, % $0.00 South Bay/San J. 2 1,072, % $0.00 South Bend/Mish % $0.00 Southwest Flori ,687 10,000 10, % $0.00 Spokane % $0.00 Springfield % $0.00 St. Louis 5 1,283, , , % (2,800) 0 0 $13.33 Stockton/Modest , , , % (43,415) 0 0 $18.00 Syracuse % $0.00 Tallahassee % $0.00 Tampa/St Peters. 5 1,136,773 77,453 77, % $21.71 Toledo % $0.00 Tucson 1 141, % ,000 $12.00 Tulsa 1 8, % $0.00 Utica/Rome % $0.00 Visalia/Porterv ,474 4,168 4, % $25.00 Washington 12 2,115,515 32,806 32, % (916) 0 0 $53.26 West Michigan 3 478,020 81,786 81, % 16, ,000 $9.79 Westchester/So , , , % $23.58 Wichita 2 473, % $0.00 Wilmington % $0.00 Yakima % $0.00 Youngstown/Warr % $0.00 Totals ,502,036 5,985,932 6,010, % 22, ,719 2,558,941 $16.17 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 33

39 National First Quarter 2015 Figures at a Glance Total Retail Market Statistics First Quarter 2015 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect. 10,520 91,761,081 3,752,419 3,801, % 21,535 54, ,116 $11.59 Albuquerque 5,441 53,834,920 2,751,275 2,795, % 116,961 8,000 18,875 $13.85 Anchorage 1,029 18,583, , , % (76,789) 15,000 0 $18.04 Asheville 2,299 28,864,010 1,160,759 1,214, % 160,753 88, ,448 $13.06 Atlanta 25, ,588,959 28,122,597 28,860, % 212,045 32, ,807 $12.63 Augusta/Richmon 3,339 35,286,083 3,724,394 3,739, % (100,090) 46,677 52,800 $9.81 Austin 8, ,103,532 4,645,181 4,734, % 163,061 57, ,741 $18.30 Bakersfield 1,809 21,158,878 1,276,029 1,290, % (21,884) 0 156,795 $13.71 Baltimore 12, ,508,270 6,539,764 6,793, % 11,436 49, ,039 $19.04 Baton Rouge 2,859 38,045,100 2,518,081 2,552, % (16,648) 20,132 12,838 $10.32 Beaumont/Port A. 1,594 21,464, , , % (25,892) 0 0 $9.81 Birmingham 8,665 96,799,760 6,761,029 6,891, % 219,519 43, ,365 $9.09 Boise City/Namp. 4,073 38,828,236 2,251,980 2,308, % 208, ,986 $11.83 Boston 26, ,486,409 11,670,639 12,503, % 661, ,862 1,572,393 $17.11 Bremerton/Silve. 1,128 12,984, , , % 36, $12.32 Broward County 7, ,924,867 6,554,419 6,704, % 100, , ,577 $19.74 Brownsville/Har ,358,978 1,024,970 1,049, % (4,956) 8,220 0 $13.10 Buffalo/Niagara. 4,897 60,331,163 3,431,534 3,453, % 401, $9.93 Charleston WV 1,725 15,652, , , % (10,439) 0 0 $14.88 Charleston/N Ch. 4,615 42,698,166 2,304,517 2,350, % 32,786 34, ,642 $16.68 Charlotte 12, ,602,588 9,110,316 9,314, % 515, , ,805 $12.96 Chattanooga 2,174 25,847,015 1,899,811 1,909, % 224, ,360 80,500 $9.23 Chicago 37, ,826,793 42,280,837 43,062, % 15, ,888 2,133,460 $15.85 Cincinnati 10, ,618,435 8,260,886 8,503, % 173, ,110 $9.75 Cleveland 15, ,990,093 14,493,564 14,918, % 461, , ,473 $10.46 Colorado Spring. 3,478 40,299,451 2,257,369 2,294, % 69,582 48,836 23,556 $11.09 Columbia 4,870 50,949,216 3,695,178 3,768, % 220,912 97,756 34,650 $11.61 Columbus 7,241 89,930,106 5,288,807 5,406, % 253, , ,557 $11.21 Columbus GA 1,785 25,286,211 1,596,763 1,682, % 56,152 44, ,525 $11.84 Corpus Christi 1,979 22,939,566 1,312,214 1,314, % (60,453) 0 143,869 $12.51 Dallas/Ft Worth 27, ,652,139 25,070,583 25,569, % 1,294, ,892 3,484,073 $14.19 Davenport/Molin. 1,264 18,149,940 1,145,295 1,250, % 28, ,000 $9.93 Dayton 6,860 69,747,215 4,854,280 4,879, % 63, ,000 $8.99 Deltona/Daytona. 3,357 33,035,917 2,472,794 2,529, % (16,951) 0 9,000 $12.04 Denver 14, ,612,500 10,168,111 10,469, % 449, , ,948 $15.29 Des Moines 2,725 36,868,815 1,983,299 1,986, % 145, , ,149 $10.64 Detroit 23, ,163,964 19,833,297 20,620, % 544, , ,416 $11.95 Duluth 1,953 18,111, , , % (11,592) 8,400 15,000 $8.24 East Bay/Oaklan. 12, ,726,042 4,553,909 4,820, % 150, , ,099 $22.13 El Paso 4,964 46,429,963 2,161,162 2,197, % 16, ,000 $12.28 Erie 1,629 18,608, , , % 10, $7.43 Evansville 1,629 20,056,642 1,192,630 1,227, % 17, ,320 $9.16 Fayetteville 1,845 19,920,925 1,029,872 1,072, % (18,743) 0 212,909 $9.72 Fayetteville/Sp. 2,123 25,739,109 1,206,052 1,213, % 214,290 36,130 43,637 $12.71 Fort Smith 1,068 12,934, , , % (11,250) 0 0 $7.49 Fort Wayne 2,115 28,341,323 2,601,229 2,601, % (64,577) 4,500 0 $9.05 Fresno 6,291 63,834,576 4,759,908 5,135, % 8,062 62, ,173 $13.23 Green Bay 2,525 31,794,020 2,130,594 2,165, % (29,586) 7,726 5,575 $ The CoStar Retail Report 2015 CoStar Group, Inc.

40 Figures at a Glance First Quarter 2015 National Total Retail Market Statistics First Quarter 2015 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Greensboro/Wins. 9,474 99,278,772 6,593,779 6,807, % (68,265) 26, ,339 $10.58 Greenville/Spar. 9,634 84,004,461 5,264,396 5,555, % 206, , ,132 $9.81 Hampton Roads 7, ,159,679 5,504,519 5,807, % 43,796 88, ,449 $13.32 Hartford 14, ,416,884 7,358,918 7,691, % 47,966 19, ,601 $12.77 Hawaii 3,752 57,834,476 1,571,542 1,661, % 298, , ,945 $34.50 Houston 22, ,795,981 19,159,054 19,482, % 598, ,889 1,667,297 $15.28 Huntington/Ashl. 2,834 25,914,163 1,026,443 1,026, % (22,561) 0 0 $10.70 Huntsville 1,306 21,861,096 1,769,089 1,814, % (107,083) 0 191,092 $10.58 Indianapolis 10, ,116,928 7,858,580 8,010, % 207,487 13, ,811 $12.16 Inland Empire (. 15, ,259,083 14,795,766 15,377, % (17,103) 70, ,802 $15.97 Jackson 2,735 34,464,741 2,389,992 2,393, % (10,297) 0 0 $10.47 Jacksonville (F. 7,897 89,780,694 6,041,113 6,231, % 507, ,184 66,022 $12.89 Kansas City 8, ,364,847 8,842,784 9,113, % 91, , ,951 $12.29 Killeen/Temple/. 1,551 14,264, , , % (29,868) 0 25,000 $10.43 Kingsport/Brist. 1,434 18,681,902 1,164,900 1,164, % 1,334,059 1,300,000 99,100 $7.53 Knoxville 4,355 51,566,909 3,172,478 3,305, % 167,815 12,000 7,500 $11.38 Lafayette ,748, , , % 33, $11.24 Las Vegas 6, ,266,445 9,756,531 10,697, % (319,283) 74, ,310 $15.24 Lexington/Fayet. 2,276 29,973,197 1,427,414 1,447, % 37,345 10, ,880 $12.50 Lincoln 1,705 19,183, , , % (3,993) 0 41,000 $12.31 Little Rock/N L. 5,187 49,639,270 2,034,575 2,092, % 268,374 72,988 34,000 $11.83 Long Island (Ne. 35, ,575,181 11,424,529 11,528, % 446, ,500 1,479,018 $30.94 Los Angeles 45, ,460,084 20,691,590 21,387, % 220, ,329 1,646,760 $25.64 Louisville 7,265 78,145,769 4,446,124 4,488, % 188, , ,400 $11.57 Lubbock 2,256 23,568, , , % (24,269) 0 56,298 $11.04 Madison 3,640 44,613,129 2,675,304 2,749, % (84,662) 8, ,500 $12.01 McAllen/Edinbur. 1,169 19,641,845 1,216,701 1,251, % (32,359) 8,000 51,147 $14.82 Memphis 7,609 82,653,259 6,985,484 7,106, % (15,514) 8, ,450 $9.50 Miami-Dade Coun 9, ,958,606 4,418,817 4,472, % 370, ,975 1,134,212 $31.69 Milwaukee 13, ,115,668 8,878,382 9,133, % (6,618) 186,684 1,054,083 $10.67 Minneapolis 16, ,623,506 9,305,496 10,137, % 64,589 97, ,386 $13.16 Mobile 3,583 34,468,152 2,152,641 2,318, % (11,072) 49,437 6,000 $11.46 Montgomery 1,670 23,763,665 2,257,464 2,257, % 32,878 24,078 81,354 $9.14 Myrtle Beach/Co. 2,013 22,549,993 1,600,660 1,600, % (61,562) 22,044 55,785 $10.34 Nashville 8,859 99,043,911 6,044,073 6,313, % 125, ,998 1,667,998 $14.44 New Orleans/Met. 7,175 76,544,814 4,787,663 4,825, % (97,527) 188,491 68,320 $14.71 New York City 4,282 51,089,072 1,668,083 1,728, % 91,271 24, ,913 $88.26 North Bay/Santa. 6,625 64,303,533 2,754,041 2,944, % 110, ,384 12,153 $19.19 Northern New Je. 34, ,900,531 19,617,402 19,997, % 150, ,706 4,999,085 $19.79 Ocala ,450, , , % (30,257) 9,100 0 $11.00 Oklahoma City 8,518 85,239,568 5,465,355 5,563, % 64,388 83, ,054 $11.26 Olympia 1,201 13,784, , , % 19,751 13,985 10,153 $16.42 Omaha/Council B. 5,240 58,289,035 2,972,337 3,260, % 169, ,138 85,650 $12.07 Orange County (. 10, ,833,484 5,963,978 6,140, % 374,731 10,236 1,045,910 $23.15 Orlando 10, ,241,214 10,708,877 10,890, % 980, , ,556 $14.02 Palm Beach Coun. 4,845 77,008,649 4,687,503 4,802, % 19,809 97, ,377 $18.55 Pensacola 3,403 29,270,970 1,794,088 1,794, % (69,127) 0 8,353 $12.15 Peoria 1,134 15,646,920 1,259,479 1,265, % (30,578) 8,320 9,000 $10.63 Existing Inventory Vacancy 2015 CoStar Group, Inc. The CoStar Retail Report 35

41 National First Quarter 2015 Figures at a Glance Total Retail Market Statistics First Quarter 2015 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Philadelphia 42, ,390,812 29,463,400 30,206, % (637,609) 138, ,250 $13.88 Phoenix 13, ,289,781 20,395,606 21,052, % 545, , ,729 $13.85 Pittsburgh 13, ,263,348 5,106,329 5,150, % (46,808) 31, ,482 $12.04 Port St Lucie/F. 1,680 24,057,418 1,640,335 1,648, % (50,443) 0 24,167 $14.74 Portland 9, ,239,781 4,883,326 4,987, % 182, , ,178 $16.96 Portland/South. 3,901 36,590,693 1,620,262 1,658, % (68,310) 0 16,265 $12.24 Providence 6,821 58,929,757 3,480,560 3,754, % (26,028) 46,048 43,999 $13.38 Raleigh/Durham 7,610 94,687,684 4,626,201 4,789, % 294, , ,731 $14.46 Reno/Sparks 2,224 31,560,942 3,648,651 3,827, % 9, ,800 $14.09 Richmond VA 6,938 78,460,402 4,357,134 4,574, % 353, , ,193 $13.88 Roanoke 1,727 21,779,321 1,012,418 1,020, % (14,254) 0 95,117 $15.58 Rochester 5,309 62,136,285 5,005,688 5,083, % 14,650 21, ,876 $10.66 Sacramento 7,758 97,073,878 8,332,294 8,570, % 281,213 73, ,957 $16.28 Salinas 1,722 17,999, , , % 11, ,000 $16.94 Salt Lake City 10, ,730,025 5,383,085 5,487, % 94, , ,707 $13.09 San Antonio 12, ,120,762 6,473,562 6,638, % 23,137 63, ,167 $14.29 San Diego 12, ,225,302 5,254,240 5,415, % 179, , ,535 $22.92 San Francisco 10,432 81,571,007 1,483,045 1,672, % 4,458 6, ,035 $35.79 San Luis Obispo. 1,602 15,249, , , % 2, ,560 $22.07 Santa Barbara/S. 2,092 23,714, , , % 21,207 3,427 45,281 $24.16 Santa Cruz/Wats. 1,492 11,271, , , % 2, $19.57 Savannah 2,303 23,349,695 1,245,037 1,330, % 33,592 12, ,634 $15.06 Seattle/Puget S. 14, ,939,890 8,183,272 8,345, % 151,252 27, ,440 $17.60 Shreveport/Boss. 1,864 24,023,268 1,303,230 1,305, % 101,874 41,117 0 $10.41 South Bay/San J. 6,599 78,533,714 2,658,263 2,871, % (101,794) 65, ,144 $29.53 South Bend/Mish. 1,884 21,719,941 1,010,093 1,024, % 4, $8.42 Southwest Flori. 5,797 77,876,724 5,172,028 5,589, % 122,061 98, ,169 $14.47 Spokane 3,606 35,301,101 2,534,319 2,544, % 15, ,750 $11.16 Springfield 1,950 24,363,120 1,267,195 1,274, % 60,056 9,100 5,696 $9.07 St. Louis 10, ,207,970 11,130,836 11,203, % 6,774 86, ,532 $11.93 Stockton/Modest. 4,555 54,781,462 3,236,791 3,392, % (23,866) 0 357,120 $13.34 Syracuse 3,916 45,541,977 2,193,091 2,294, % 292, ,000 $10.12 Tallahassee 2,575 24,211,310 1,296,248 1,296, % (147,062) 0 40,202 $14.01 Tampa/St Peters. 18, ,297,146 13,360,128 13,876, % 269, , ,088 $13.75 Toledo 7,373 73,433,856 4,768,765 4,895, % 28, ,779 $7.61 Tucson 5,221 50,480,946 3,328,372 3,376, % 28,580 18, ,050 $14.45 Tulsa 6,848 72,049,042 3,648,403 3,933, % 97, , ,548 $11.80 Utica/Rome 1,915 21,742,529 1,026,670 1,077, % (3,327) 0 0 $8.49 Visalia/Porterv. 1,732 17,311, , , % (25,387) 0 9,100 $15.05 Washington 16, ,084,842 9,822,128 10,063, % 232, ,173 1,220,503 $25.93 West Michigan 14, ,715,094 8,568,142 8,875, % 339,174 44, ,800 $9.38 Westchester/So. 17, ,816,177 10,907,287 11,150, % (196,513) 75, ,174 $23.52 Wichita 3,739 42,120,250 2,073,116 2,098, % (163,375) 131, ,842 $9.76 Wilmington 3,264 27,185,761 1,245,696 1,293, % 17,919 37, ,544 $13.08 Yakima 1,204 11,371, , , % (15,719) 0 19,276 $10.21 Youngstown/Warr 3,999 39,982,220 2,068,588 2,081, % 72,756 17,315 5,981 $7.74 Totals ###### 12,625,424, ,458, ,496, % 15,414,406 13,287,471 49,568,473 $ The CoStar Retail Report 2015 CoStar Group, Inc.

42 Figures at a Glance First Quarter 2015 National 2015 CoStar Group, Inc. The CoStar Retail Report 37

43 National First Quarter 2015 Figures at a Glance 38 The CoStar Retail Report 2015 CoStar Group, Inc.

44 Leasing Activity First Quarter 2015 National 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 3q2007 1q2007 3q2008 1q2008 3q2009 1q2009 3q q2010 3q q2011 3q2012 1q2012 3q2013 1q2013 3q2014 1q2014 3q2015 1q * 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 Millions Specialty Center Millions of Square 0Feet 1,000 2,000 3,000 4,000 5,000 6,000 7, q q q * Includes Under Construction Spaces 2015 CoStar Group, Inc. The CoStar Retail Report 39

45 National First Quarter 2015 Leasing Activity Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2015 Building Market SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 The Pinnacle- Phase I Kingsport/Bristol/Bristol 132,000 1st Belk s N/A Johnson Commercial Development Port Covington Dr Baltimore 130,595 1st Under Armour N/A Starwood Ceruzzi LLC 3 Wegmans Route 202 Philadelphia 130,000 1st Wegmans Food Markets N/A Metro Commercial Real Estate, Inc. 4 Chippenham Square* Richmond VA 85,018 1st UPS Ground Freight Inc N/A Colliers International 5 White Bear Marketplace Minneapolis 73,000 1st Cub Foods N/A Colliers International 6 Elk Grove Town Center Chicago 72,385 1st Joe Caputo & Sons Fruit Market IGA N/A Brixmor Property Group 7 Green Acres Mall Long Island (New York) 72,266 1st Century 21 Department Store Cushman & Wakeeld, Inc. The Macerich Company 8 The Fields - Retail Chicago 68,000 1st Cermak Fresh Market N/A Merit Partners 9 Iverson Mall Washington 66,528 1st Rose s N/A Renaud Consulting 10 Southland 75 Center Dayton 61,621 1st Furniture Fair N/A Foresite Realty Partners, LLC SW Malabar Rd Orlando 60,000 1st Roses Department Stores N/A Cohen Commercial Realty, Inc. 12 Cinemark Theatres Salinas 60,000 1st Cinemark Theatre Direct Deal Direct Deal 13 Airport Plaza Long Island (New York) 60,000 1st Stew Leonard s Inc. N/A Kimco Realty Corporation Northwest Hwy Chicago 58,441 1st Burlington Coat Factory Metro Commercial Real Estate Brixmor Property Group Civic Center Dr Las Vegas 52,446 1st Conn s Appliances CBRE R.O.I. Commercial Real Estate, Inc E Lincoln Hwy Philadelphia 52,000 1st Floor & Decor N/A Waterstone Retail Bobby Jones Expy Augusta/Richmond County 50,000 1st Conn Appliances N/A US Properties Group 18 Park Crossing Fresno 50,000 1st Sportsman s Warehouse N/A Commercial West Associates Aviation Blvd* Los Angeles 50,000 1st The Proud Bird Restaurant Direct Deal LA Department of Airports 20 Heb Plaza* San Antonio 49,049 1st H-E-B N/A United Commercial Realty W Beloit Rd Milwaukee 48,734 1st Dunham s Sports N/A Lee & Associates 22 Home Depot Plaza Westchester/So Connecticut 48,250 1st Dicks Sporting Goods N/A Saugatuck Commercial Real Estate 23 Beltway Plaza Mall Washington 46,600 1st Laugh Out Loud N/A Quantum Companies Middle Country Rd* Long Island (New York) 45,020 1st King Kullen Island Associates Real Estate, Inc. Island Associates Real Estate, Inc. 25 Conn s Appliance* Houston 42,825 1st Conn s CBRE Rutledge Commercial Real Estate 26 The Mall at Grand Canyon Las Vegas 41,500 1st Flip N Tag LLC N/A Newmark Grubb Knight Frank 27 Festival Centre Charleston/N Charleston 40,704 1st Sears Outlet N/A Brixmor Property Group 28 Minneapolis City Center Minneapolis 40,321 1st Saks Fifth Ave Outlet O 5th N/A Colliers International 29 Waverly - Bldg B - Whole Foods 2016 Charlotte 40,000 1st Whole Foods Market N/A Childress Klein 30 Meadows Square Bldg 1 Palm Beach County 39,795 1st Presidente Supermarket N/A DDR Corp Imperial Hwy Orange County (California) 37,247 1st Whole Foods Market N/A Regency Centers Avondale Dr Raleigh/Durham 37,067 1st Kimbrell s Furniture N/A Harbor Group International S Fort Apache Rd Las Vegas 36,994 1st Colleen s Consignment and Collectibles Dunbar Commercial LLC Weingarten Realty Investors W Metcalf Ave Kansas City 36,284 1st Boundless N/A Varnum-Armstrong-Deeter, L.L.C NE 132nd St Seattle/Puget Sound 36,014 1st Seattle Goodwil Industries Wallace Properties, Inc. Wallace Properties, Inc N Gilbert Rd Phoenix 35,959 1st Smart & Final De Rito Partners Inc. Colony Capital Acquisitions LLC 37 Abington Shopping Center Philadelphia 35,268 1st Sports Authority N/A BET Investments, Inc. 38 Orchard Green Shopping Center* Houston 33,449 1st Sellers Brothers, Inc. N/A CBRE 39 Paseo Del Oro Phoenix 33,236 1st AZ Elite Sports N/A De Rito Partners Inc. 40 Orland Arcade Chicago 31,882 1st Sky Zone Edgemark Commercial Real Estate Ser CBRE * Renewal 40 The CoStar Retail Report 2015 CoStar Group, Inc.

46 Sales Activity First Quarter 2015 National The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 8.5% Cap Rate Price/SF $500 $ % $400 Cap Rate Percentage 7.5% 7.0% $350 $300 $250 $200 $150 Dollars/SF 6.5% $100 $50 6.0% 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 Jan Dec $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 12,940 90,217,828 $24,201,654,936 $ % 25K-99K SF 100K-249K SF 1,545 73,802,487 $11,049,664,662 $ % ,849,000 $7,751,042,182 $ % $20 $0 $0 >250K SF 80 32,303,555 $5,798,398,643 $ % 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 2015 CoStar Group, Inc. The CoStar Retail Report 41

47 42 The CoStar Retail Report 2015 CoStar Group, Inc. National First Quarter 2015 Sales Activity