MARKETBEAT. U.S. Shopping Center Snapshot Q Lowest Vacancy in Six Years Despite Cloudier Outlook ECONOMIC INDICATORS. National (Yr/Yr Chg.

National (Yr/Yr Chg.) National Shopping Center Market Rental Rate vs. Overall Vacancy Availability by Type Q4 14 Q4 15 GDP Growth 2.5% 1.8% CPI Growth 1.6% -0.4% Consumer Spending Growth 3.2% 2.6% Retail Sales Growth 4.3% 1.8% Q4 14 Q4 15 Vacancy Rate 8.3% 8.0% Net Absorption 14.3 MSF 9.8 MSF Under Construction 26.5 MSF 20.8 MSF Average Asking Rent (NNN, Annual) $24.11 $24.74 $27 $25 $23 $21 $19 $17 ECONOMIC INDICATORS 2010 2011 2012 2013 2014 2015 Asking Rent, $ PSF 16% 13% 2% 69% Overall Vacancy Rate 12-Month Forecast 12-Month Forecast Neighborhood & Community Strip 10.0% 9.5% 9.0% 8.5% 8.0% 7.5% Power & Regional Mall Lifestyle Lowest Vacancy in Six Years Despite Cloudier Outlook As the fourth quarter of 2015 (Q4 2015) came to a close, U.S. shopping center vacancy was 8.0%, unchanged from the third quarter of the year and marking the 15th consecutive quarter of steady or declining vacancy in the marketplace. Cushman & Wakefield is currently tracking over 314 million square feet (MSF) of available space in the over 3.9 billion square feet of shopping center space (including community/neighborhood, power/regional strip and lifestyle centers) across more than 65 major U.S. markets. During Q4 2015, availability declined slightly by roughly 2.3 MSF but the decline was not enough to push the overall vacancy rate upward. Indeed, since peaking at 10.3% in Q1 2010, shopping center vacancy has fallen in 20 of the last 23 quarters. The shopping center market recorded nearly 9.8 MSF of occupancy growth in Q4 2015, bringing annual net absorption for 2015 to just under 39 MSF. This is 17.5% below the 47 MSF of occupancy growth posted in 2014 but well above the 33 MSF of positive annual net absorption that the market has averaged since the current expansion phase began in 2010. Over 25.9 MSF of new shopping center space was added to inventory in 2015 and new product continued to be a major driver of occupancy growth. The vacancy rate in new projects delivered in 2015 was roughly 7.5% at year end. In general, developers are not building new projects without significant pre-leasing commitments from both anchor and inline tenants, even though the amount of speculative inline shop space in new developments is increasing slightly. In addition, user demand remains white-hot for new, Class A or premium space with most tenants willing to pay a premium for quality product even where affordable Class B or secondary locations may be available at considerably lower rents. Over half of the new development that we tracked in 2015 was in the form of expansions of existing shopping centers, typically in dominant Class A projects. We are currently tracking 20.8 MSF of new shopping center space under construction and anticipate that final delivery total for 2016 will approach the level in 2015. A slight uptick in new, single-family home construction in 2016 may lead to a modest increase in new, ground-up development in suburban markets; however, most planned projects that we are tracking remain within the urban core or mature outlying communities. Source: CoStar, Cushman & Wakefield Research

A New Retail Paradigm Despite a rapidly changing and challenging marketplace, shopping center occupancy in the U.S. has grown by 198.9 MSF since 2010. Retailer demand is now driven overwhelmingly by two major factors: the barbell of prosperity (with discounters and luxury brands in strong growth mode while weakness remains in the middle) and the impact of e-commerce and technology. RETAIL CLOSURES WILL BE ELEVATED THIS YEAR BUT DEMAND WILL ALSO INCREASE. OCCUPANCY GROWTH WILL REMAIN MODESTLY POSITIVE. The Barbell of Prosperity While mid-price point retailers may be in flat or negative occupancy growth mode, both luxury retail and discount/off-price retail at the far ends of the economic spectrum have driven net absorption for hard goods retail. Prime urban retail districts from New York to San Francisco and from Miami to Seattle have experienced declining vacancies and climbing rents as new luxury and fast-fashion concepts (both foreign and domestic) continue to seek high street locations. For shopping centers, the real growth numbers have come from discounters and off-price concepts. The growth of dollar store chains alone since 2010 has equated to a new store opening in the U.S. every 4.5 hours. The top five off-price apparel concepts combined are expected to take over 3.6 MSF of space in 2016. This trend of off-price apparel retailers leading growth is not expected to end soon. Middle-class consumers became more frugal during the recession and have yet to return to their old spending patterns, despite rising incomes and declining debt. Outlook Overall shopping center vacancy levels will continue to decrease in 2016; but the pace of declines will slow. Restaurant concepts will remain white-hot but market saturation will result in some failures in 2016. Still, incoming private equity players will still drive further growth. Increased merger and acquisition activity will result in consolidation in a few key retail sectors in 2016, but not enough to reverse overall growth. The Impact of E-Commerce By offering goods at lower prices, e-commerce has sharply impacted retailer growth patterns. Additionally, the practice of showrooming has negatively impacted retailer margins while creating a more competitive marketplace. While the impact has been most profound on mid-price point, hard goods retailers, it has also impacted growth patterns. Service-related and food retail (whether grocery or restaurant) remains extremely robust. However, after five consecutive years of aggressive restaurant growth, there is reason to be concerned about market saturation for this sector. Still, growth (particularly from fast casual chains) will actually rise in 2016, though closures will also increase. New Construction (MSF) 30 25 20 15 10 2010 2011 2012 2013 2014 2015 U/C Source: CoStar, Cushman & Wakefield Research More Closures This Year The first quarter is typically when retailers close underperforming stores. This is usually driven by the typical life cycles of retailers and holiday sales performance often plays into these decisions. According to the National Retail Federation (NRF), retail sales during the 2015 holiday season increased by 3.1%. While this is a respectable number, it is less than the 4.1% boost recorded one year earlier. More troubling is the fact that 2015 s gains were driven partially by a surge in e-commerce sales. (MasterCard Advisors reported a 20% year-over-year increase.) Retail foot traffic was sub-par until late in the season when sales were driven by sharp discounting which reduced margins. As a result, 2016 s normal life-cycle closures will be augmented by an increasing number of retailers right-sizing their bricks-andmortar footprint for e-commerce. Additionally, a number of major mergers and acquisitions will result in the closure of redundancies over the course of the year. Still, net growth should remain modestly positive but it will further bifurcate conditions in the marketplace.

REGION INVENTORY VACANCY RATE CURRENT NET ABSORPTION YTD NET ABSORPTION DELIVERIES UNDER CNSTR AVERAGE ASKING RENT (NNN) Atlantic 1,361,815,827 7.0% 4,853,354 13,816,908 3,078,193 9,418,776 $26.77 Midwest 780,047,996 9.9% 1,451,022 7,562,748 840,789 2,829,146 $20.25 Mountain 339,729,143 10.4% 367,528 2,151,560 494,069 1,017,884 $24.80 Pacific 772,483,839 6.7% 335,518 5,109,492 1,500,257 3,604,839 $32.05 South 693,340,712 7.9% 2,751,642 10,330,588 1,652,337 3,951,490 $19.82 U.S. Totals 3,947,417,517 8.0% 9,759,064 38,971,296 7,565,645 20,822,135 $24.74 SHOPPING CENTER TYPES INVENTORY VACANCY RATE CURRENT NET ABSORPTION YTD NET ABSORPTION DELIVERIES UNDER CNSTR AVERAGE ASKING RENT (NNN) Community/Neighborhood 2,511,882,122 8.7% 3,686,088 21,940,745 3,678,300 9,989,171 $20.69 Strip 563,179,195 8.7% 1,866,478 5,812,071 757,148 2,030,431 $21.46 Power Center 763,763,520 5.1% 2,825,676 6,113,684 1,846,972 5,002,249 $25.40 Lifestyle 108,592,680 7.0% 1,380,822 5,104,796 1,283,225 3,800,284 $31.40 U.S. Totals 3,947,417,517 8.0% 9,759,064 38,971,296 7,565,645 20,822,135 $24.74 *Rental rates reflect triple net asking $psf/annually; rental rates are not weighted. Our statistical coverage includes community, neighborhood, power and lifestyle centers only. It does not include malls, outlet centers, theme retail centers, airport retail or freestanding retail product. A Have Vs. Have-Not Marketplace Thanks to seemingly contradictory occupancy growth trends (demand from the two ends of the economic spectrum and contraction in the middle), the market has increasingly become bifurcated. While stories continue to circulate about dead malls, vacancy in premier, trophy shopping centers is extremely low. There is a shortage of Class A space in most U.S. markets (a factor driving construction); 75% of the national vacancy is concentrated in Class B or C product. Meanwhile, rental rate growth is being almost entirely driven by Class A projects; Class B rents are mostly flat and the market for Class C remains extremely tenant favorable. New development will remain relatively robust in 2016, but retail closures are likely to increase as well with more chains rightsizing their omni-channel presence and increased merger and acquisition activity resulting in greater consolidation. As a result, most existing demand will continue to be in Class A projects with only a little relief likely for the nation s Class B centers (outside of the most space constricted metros) and virtually no relief for Class C product. The gulf between the retail haves and havenots will continue to widen. Looking Ahead While we expect the number of retail closures will rise in 2016, it is also likely that total aggregate retailer demand will increase. Closures will be limited for the most part to a few retail sectors, primarily those most directly impacted by e-commerce. But outside of sectors like office supplies, media, toys and consumer electronics, aggregate demand is expected to rise incrementally across nearly every other retail sector thanks to stronger consumer spending growth. In fact, the most recent retail sales data released by the Bureau of Economic Analysis indicates that total U.S. retail sales (adjusted for inflation) grew at a rate of 4.9% in 2015, the largest increase since 1999. This was partly due to the impact of falling gasoline prices over the past 19 months which put more money in consumers pockets. In addition, the U.S. added over 2.9 million jobs in 2015 and we are finally starting to see signs of across-the-board wage growth (though it remains modest). But while consumers are spending more on automobiles, food (including dining out), housing, medical care and other costs, they remain largely in discountmode when it comes to hard goods retail. We don t expect this frugality to end any time soon.

NET ABSORPTION Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p United States 14,323,196 6,238,615 8,768,413 14,205,204 9,759,064 Atlantic 5,254,085 2,300,414 2,955,914 3,707,226 4,853,354 Midwest 3,029,808 200,383 2,775,676 3,135,667 1,451,022 Mountain 1,053,623 420,402 92,350 1,271,280 367,528 Pacific 3,287,138 1,125,291 1,032,416 2,616,267 335,518 South 1,698,542 2,192,125 1,912,057 3,474,764 2,751,642 NET ABSORPTION Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p Albuquerque 29,745 178,527 18,544 142,886 (43,179) Atlanta 641,731 369,192 407,444 558,031 807,514 Austin 205,477 172,611 221,008 337,045 305,963 Bakersfield (660) 118,036 (25,577) 315 (67,316) Baltimore (164,374) 18,286 32,533 (50,470) 66,110 Birmingham (28,018) 107,781 159,515 120,943 110,249 Boston 589,816 539,849 374,415 313,614 161,806 Chicago 497,100 (285,964) 820,239 765,167 725,435 Charleston 114,528 9,153 78,031 351,703 64,522 Charlotte 454,961 225,580 (94,695) 150,574 372,792 Cincinnati 487,550 (138,438) (21,374) 357,384 475,090 Cleveland 478,997 235,819 362,197 118,275 (27,377) Columbus 515,374 179,145 147,730 304,854 (78,279) Dallas 760,298 753,281 793,431 742,508 1,136,065 Denver 265,288 277,743 (99,140) 140,465 378,065 Des Moines 54,195 (4,846) (2,104) (23,351) (41,777) Detroit 178,550 191,558 381,983 388,504 211,121 Hampton Roads 608,154 59,627 (149,277) 302,815 132,171 Hawaii 19,885 157,528 47,593 114,757 60,130 Houston 136,879 520,351 597,070 847,161 566,388 Indianapolis 65,880 50,180 152,047 (10,704) (14,387) Inland Empire 313,025 73,125 474,380 250,051 (28,508) Jacksonville 284,689 404,522 135,565 91,915 76,344 Kansas City 390,856 64,433 460,049 23,421 85,228 Knoxville 64,532 194,371 (20,062) 24,132 220,969 *Rental rates reflect gross asking $psf/year Las Vegas 279,891 (324,695) (12,178) 549,442 (158,314) Little Rock (54,909) 86,619 36,927 13,459 19,386 Los Angeles 520,080 176,130 114,712 841,701 (47,381) Louisville 170,224 170,340 (46,525) 107,608 25,110 Memphis 360,115 (59,377) (80,076) 219,672 2,009 Miami/South Florida 542,107 416,455 512,191 535,301 865,445

NET ABSORPTION Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p Milwaukee 78,257 (57,064) 218,021 292,674 (130,242) Minneapolis 26,707 (80,691) 83,205 434,419 233,142 Mobile 27,082 39,700 149,067 290,112 (11,233) Nashville (6,291) (33,632) 41,899 30,736 (142,982) New Orleans (6,291) (33,632) 41,899 30,736 (142,982) New York City (Greater Tri-State) 365,970 (52,458) 110,810 441,538 986,571 Oakland/East Bay 299,033 94,943 23,088 211,380 96,593 Oklahoma City (36,180) 17,238 (30,222) 160,736 31,178 Omaha 82,769 172,551 (31,300) 93,688 (17,041) Orange County 185,694 205,230 37,103 210,839 (45,267) Orlando 423,531 256,417 127,843 7,744 307,426 Phoenix 472,320 269,587 202,086 396,412 196,834 Philadelphia 236,878 (54,045) 336,327 137,554 245,890 Pittsburgh 126,087 19,162 99,557 30,251 61,181 Portland 232,406 142,349 62,645 292,166 164,252 Providence (5,480) (11,151) (11,085) 39,439 73,365 Raleigh/Durham 316,061 51,707 186,789 387,785 108,309 Reno 49,401 60,128 (6,316) (17,139) 77,169 Richmond 34,980 178,771 16,957 44,629 57,319 Sacramento 347,926 30,249 119,266 277,442 283,993 Salt Lake City 175,734 91,781 (16,152) (5,873) 66,415 San Antonio 118,918 170,591 (35,446) 337,128 225,238 San Diego 191,992 7,468 (27,762) 189,091 (578,656) San Francisco 291,569 120,280 23,963 75,256 115,326 San Jose 387,799 (39,078) (21,550) 79,111 372,206 Seattle 498,389 39,031 204,555 74,158 10,146 St. Louis 173,573 (126,300) 204,983 391,336 30,109 Tampa 164,981 (125,096) 201,897 192,635 151,389 Tucson (43,022) (40,888) (10,646) 59,214 (83,047) Tulsa 13,374 51,443 74,595 82,142 83,949 Washington, DC 519,465 (5,557) 590,612 172,168 315,200 Our statistical coverage includes community, neighborhood, power and lifestyle centers only. It does not include malls, outlet centers, theme retail centers, airport retail or freestanding retail product. p = preliminary Methodology Cushman & Wakefield s quarterly estimates are derived from a variety of data sources, including our own proprietary database as well as data gleaned from reliable thirdparty data sources. The market statistics are calculated from a base shopping center inventory made up of shopping center properties deemed to be competitive in their respective local markets. The inventory is subject to revisions due to resampling. Vacant space is defined as space that is available immediately or imminently after the end of the quarter. The figures provided for the current quarter are preliminary and all information contained in this report is subject to correction of errors and revisions based on the receipt of additional pertinent data.

OVERALL VACANCY RATE Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p United States 8.3% 8.3% 8.2% 8.0% 8.0% Atlantic 7.4% 7.3% 7.2% 7.1% 7.0% Midwest 10.3% 10.4% 10.2% 10.0% 9.9% Mountain 10.6% 10.6% 10.6% 10.3% 10.4% Pacific 6.8% 6.8% 6.8% 6.6% 6.7% South 8.6% 8.5% 8.3% 8.1% 7.9% OVERALL VACANCY RATE Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p Albuquerque 9.0% 8.1% 8.1% 7.9% 8.2% Atlanta 10.7% 10.5% 10.2% 9.9% 9.5% Austin 7.0% 6.7% 6.2% 5.6% 5.3% Bakersfield 8.1% 7.8% 8.4% 8.5% 9.3% Baltimore 5.5% 5.5% 5.5% 5.6% 5.7% Birmingham 12.1% 11.7% 11.1% 10.7% 10.3% Boston 4.6% 4.5% 4.2% 4.1% 3.9% Chicago 11.1% 11.4% 11.2% 11.0% 10.7% Charleston 8.6% 8.5% 8.0% 6.3% 6.1% Charlotte 7.4% 7.3% 7.6% 7.4% 7.3% Cincinnati 10.7% 10.9% 11.1% 10.8% 10.6% Cleveland 10.2% 10.0% 9.6% 9.5% 9.6% Columbus 8.7% 8.5% 8.3% 8.0% 8.2% Dallas 9.9% 9.7% 9.5% 9.3% 9.0% Denver 7.6% 7.5% 7.6% 7.5% 7.5% Des Moines 6.8% 6.9% 6.9% 7.1% 7.4% Detroit 12.2% 12.0% 11.7% 11.3% 11.1% Hampton Roads 7.2% 7.2% 7.6% 7.6% 7.4% Hawaii 4.3% 4.2% 4.1% 3.8% 3.6% Houston 7.4% 7.4% 7.2% 7.0% 7.0% Indianapolis 9.6% 9.5% 9.2% 9.2% 9.2% Inland Empire 10.2% 10.2% 10.0% 9.9% 10.1% Jacksonville 11.0% 10.4% 10.1% 10.1% 10.0% Kansas City 10.9% 11.1% 10.7% 10.8% 10.7% Knoxville 9.8% 8.8% 8.9% 8.8% 7.6% *Rental rates reflect gross asking $psf/year Las Vegas 11.6% 12.1% 12.2% 11.5% 11.7% Little Rock 7.1% 6.6% 6.3% 6.3% 6.3% Los Angeles 5.9% 5.8% 5.9% 5.8% 5.9% Louisville 5.8% 5.1% 5.3% 4.9% 4.8% Memphis 10.5% 10.6% 10.9% 10.8% 10.8% Miami/South Florida 7.2% 7.2% 6.9% 6.7% 6.4%

OVERALL VACANCY RATE Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p Milwaukee 9.8% 10.0% 10.0% 9.6% 10.0% Minneapolis 8.3% 8.5% 8.4% 7.9% 7.6% Mobile 9.6% 9.0% 10.1% 9.8% 10.0% Nashville 8.4% 9.1% 9.0% 8.8% 9.7% New Orleans 8.4% 9.1% 9.0% 8.8% 9.7% New York City (Greater Tri-State) 6.2% 6.3% 6.5% 6.4% 6.3% Oakland/East Bay 5.2% 5.3% 5.4% 5.1% 5.1% Oklahoma City 8.9% 8.9% 9.0% 8.8% 8.9% Omaha 8.1% 8.2% 8.4% 8.0% 8.3% Orange County 5.4% 5.2% 5.1% 4.9% 5.2% Orlando 8.6% 8.2% 8.0% 8.2% 7.9% Phoenix 12.1% 12.0% 11.9% 11.6% 11.5% Philadelphia 8.2% 8.3% 8.2% 8.2% 8.2% Pittsburgh 4.8% 4.8% 4.6% 4.6% 4.6% Portland 7.2% 7.4% 7.4% 7.2% 7.0% Providence 9.7% 9.9% 10.0% 9.8% 9.4% Raleigh/Durham 6.6% 6.5% 6.2% 5.9% 5.7% Reno 14.3% 13.9% 13.9% 14.1% 13.5% Richmond 8.7% 8.3% 8.3% 8.2% 8.1% Sacramento 11.1% 11.1% 10.9% 10.7% 10.3% Salt Lake City 5.7% 5.5% 5.6% 5.6% 5.5% San Antonio 8.1% 7.8% 7.8% 7.5% 7.2% San Diego 5.8% 5.9% 6.1% 5.9% 6.9% San Francisco 4.6% 4.7% 4.7% 4.6% 4.3% San Jose 4.9% 5.2% 5.5% 5.3% 5.2% Seattle 6.9% 6.9% 6.6% 6.5% 6.7% St. Louis 9.9% 10.0% 9.8% 9.5% 9.4% Tampa 8.9% 9.1% 8.9% 8.7% 8.5% Tucson 9.0% 9.2% 9.2% 9.1% 9.5% Tulsa 9.5% 9.5% 9.2% 8.9% 8.7% Washington, DC 4.9% 4.9% 4.9% 4.9% 4.8% Our statistical coverage includes community, neighborhood, power and lifestyle centers only. It does not include malls, outlet centers, theme retail centers, airport retail or freestanding retail product. p = preliminary Methodology Cushman & Wakefield s quarterly estimates are derived from a variety of data sources, including our own proprietary database as well as data gleaned from reliable thirdparty data sources. The market statistics are calculated from a base shopping center inventory made up of shopping center properties deemed to be competitive in their respective local markets. The inventory is subject to revisions due to resampling. Vacant space is defined as space that is available immediately or imminently after the end of the quarter. The figures provided for the current quarter are preliminary and all information contained in this report is subject to correction of errors and revisions based on the receipt of additional pertinent data.

AVERAGE ASKING RENT Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p United States $24.11 $24.06 $24.65 $24.70 $24.74 Atlantic $25.72 $25.65 $26.71 $26.86 $26.77 Midwest $19.41 $19.24 $19.97 $20.11 $20.25 Mountain $24.58 $24.38 $25.12 $24.85 $24.80 Pacific $31.26 $31.05 $31.80 $31.77 $32.05 South $19.57 $19.98 $19.64 $19.91 $19.82 AVERAGE ASKING RENT Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p Albuquerque $23.37 $23.60 $24.76 $25.09 $25.19 Atlanta $22.49 $22.38 $23.26 $23.28 $23.37 Austin $23.80 $24.03 $25.86 $25.89 $26.26 Bakersfield $17.13 $17.65 $18.55 $18.93 $19.36 Baltimore $34.42 $32.86 $34.25 $34.36 $32.96 Birmingham $21.50 $21.13 $21.38 $22.16 $22.43 Boston $26.97 $27.18 $28.50 $29.04 $28.97 Chicago $23.03 $22.42 $23.80 $23.35 $23.22 Charleston $22.28 $23.11 $29.08 $28.80 $29.50 Charlotte $24.49 $23.90 $25.00 $25.08 $25.47 Cincinnati $15.39 $15.25 $15.83 $15.49 $15.39 Cleveland $17.29 $16.56 $17.23 $17.45 $18.05 Columbus $16.30 $16.06 $16.61 $16.57 $16.52 Dallas $23.08 $23.28 $24.26 $24.94 $25.36 Denver $22.43 $22.97 $24.83 $24.76 $25.26 Des Moines $19.57 $19.50 $21.03 $20.58 $20.41 Detroit $20.74 $20.80 $22.11 $22.06 $22.10 Hampton Roads $21.50 $21.42 $22.42 $22.64 $23.35 Hawaii $46.79 $47.16 $47.99 $47.11 $47.88 Houston $26.55 $26.67 $27.24 $27.56 $23.95 Indianapolis $22.04 $21.84 $22.47 $22.60 $23.33 Inland Empire $22.99 $23.37 $24.23 $24.83 $26.23 Jacksonville $20.49 $21.09 $22.07 $21.86 $21.71 Kansas City $19.70 $19.58 $20.30 $20.90 $21.19 *Rental rates reflect triple net asking $psf/year. Inventory includes community, neighborhood, regional, power and lifestyle centers only. It does not include malls, outlet centers, theme retail centers, airport retail, freestanding retail or urban, high street retail locations. Knoxville $15.73 $16.64 $17.77 $18.46 $18.55 *Rental rates reflect gross asking $psf/year Las Vegas $26.03 $26.26 $26.51 $26.77 $26.62 Little Rock $20.26 $20.00 $20.88 $21.08 $21.02 Los Angeles $31.88 $32.59 $34.72 $35.89 $36.44 Louisville $19.04 $19.75 $20.71 $21.09 $21.15 Memphis $22.21 $22.40 $23.27 $23.13 $23.17 Miami/South Florida $30.52 $30.32 $32.13 $32.42 $32.56

AVERAGE ASKING RENT Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015p Milwaukee $22.15 $22.26 $22.91 $23.00 $23.12 Minneapolis $19.95 $20.23 $20.87 $21.03 $21.30 Mobile $19.58 $19.50 $20.42 $20.98 $21.06 Nashville $29.67 $29.68 $30.65 $30.94 $31.44 New Orleans $29.67 $26.87 $27.87 $28.06 $27.81 New York City (Greater Tri-State) $30.20 $29.90 $31.13 $30.92 $31.39 Oakland/East Bay $27.46 $27.55 $29.00 $29.43 $30.46 Oklahoma City $18.54 $18.69 $19.48 $20.03 $20.30 Omaha $19.36 $19.44 $20.67 $21.13 $21.15 Orange County $34.72 $34.83 $36.80 $35.84 $36.08 Orlando $22.89 $22.28 $23.28 $23.19 $22.81 Phoenix $24.89 $24.47 $26.07 $26.36 $25.87 Philadelphia $23.64 $23.71 $23.81 $24.06 $20.95 Pittsburgh $25.35 $25.04 $26.07 $26.69 $26.75 Portland $27.10 $27.39 $28.78 $29.62 $29.96 Providence $25.61 $25.67 $27.10 $27.70 $28.36 Raleigh/Durham $21.91 $22.33 $23.47 $23.58 $23.94 Reno $27.47 $27.50 $28.60 $28.03 $28.16 Richmond $20.74 $21.30 $22.09 $22.01 $21.92 Sacramento $25.84 $25.94 $26.60 $26.39 $26.31 Salt Lake City $21.66 $22.27 $24.18 $24.20 $24.40 San Antonio $20.74 $23.93 $24.75 $24.52 $24.42 San Diego $32.09 $32.55 $33.87 $34.98 $34.92 San Francisco $29.97 $30.30 $31.46 $30.55 $31.91 San Jose $45.15 $45.06 $48.14 $45.22 $46.73 Seattle $33.33 $29.87 $31.16 $40.01 $36.17 St. Louis $15.93 $15.38 $16.04 $17.32 $17.27 Tampa $25.11 $25.16 $26.23 $26.31 $26.11 Tucson $24.73 $24.94 $25.64 $25.94 $25.72 Tulsa $15.87 $19.80 $21.81 $21.27 $21.72 Washington, DC $35.91 $36.03 $37.58 $38.52 $38.88 Rental rates reflect triple net asking $psf/annually for all tracked shopping center types. This metric reflects currently available space across all class and size ranges for each respective shopping center type. Our statistical coverage includes community, neighborhood, power and lifestyle centers only. Rental rates are not weighted. It does not include malls, outlet centers, theme retail centers, airport retail or freestanding retail product. p = preliminary Methodology Cushman & Wakefield s quarterly estimates are derived from a variety of data sources, including our own proprietary database as well as data gleaned from reliable thirdparty data sources. The market statistics are calculated from a base shopping center inventory made up of shopping center properties deemed to be competitive in their respective local markets. The inventory is subject to revisions due to resampling. Vacant space is defined as space that is available immediately or imminently after the end of the quarter. The figures provided for the current quarter are preliminary and all information contained in this report is subject to correction of errors and revisions based on the receipt of additional pertinent data.

REGIONS INVENTORY DELIVERIES (2015) UNDER CONSTRUCTION United States 3,947,417,517 25,938,771 20,822,135 Atlantic 1,361,815,827 9,064,556 9,418,776 Midwest 780,047,996 4,547,737 2,829,146 Mountain 339,729,143 1,373,765 1,017,884 Pacific 772,483,839 5,099,790 3,604,839 South 693,340,712 5,852,923 3,951,490 MARKETS INVENTORY DELIVERIES (2015) UNDER CONSTRUCTION Albuquerque 19,945,675 239,781 31,881 Atlanta 140,052,804 425,570 394,308 Austin 47,364,046 239,781 31,881 Bakersfield 50,865,494 159,806 690,963 Baltimore 11,381,576 182,640 85,689 Birmingham 27,928,667 12,165 0 Boston 68,823,026 999,026 348,159 Chicago 14,895,200 145,153 63,880 Charleston 66,328,340 601,865 353,554 Charlotte 189,010,340 6,901,454 874,924 Cincinnati 69,634,544 2,181,282 182,000 Cleveland 86,948,014 1,541,067 30,911 Columbus 46,643,942 350,570 215,200 Dallas 183,925,553 2,052,095 1,065,073 Denver 80,664,578 709,680 241,744 Des Moines 12,090,810 31,000 0 Detroit 87,420,975 1,085,821 200,467 Hampton Roads 54,589,124 502,739 414,303 Hawaii 24,452,932 219,516 809,728 Houston 161,325,780 1,959,014 1,670,102 Indianapolis 46,560,063 183,050 0 Inland Empire 101,944,494 644,759 338,190 Jacksonville 42,029,169 301,848 290,809 Kansas City 59,110,786 3,858,353 97,644 *Rental rates reflect triple net asking $psf/year. Inventory includes community, neighborhood, regional, power and lifestyle centers only. It does not include malls, outlet centers, theme retail centers, airport retail, freestanding retail or urban, high street retail locations. Knoxville 18,426,835 0 0 *Rental rates reflect gross asking $psf/year Las Vegas 68,702,454 186,856 331,425 Little Rock 15,505,419 46,200 0 Los Angeles 190,518,835 1,251,015 426,700 Louisville 26,781,499 7,350 13,000 Memphis 37,403,412 237,784 104,373 Miami/South Florida 155,212,715 1,077,982 776,830

MARKETS INVENTORY DELIVERIES (2015) UNDER CONSTRUCTION Milwaukee 35,859,590 1,759,822 572,439 Minneapolis 53,037,681 1,120,355 326,850 Mobile 7,112,840 547,180 0 Nashville 37,101,246 146,273 522,681 New Orleans 16,802,570 125,017 18,000 New York City (Greater Tri-State) 269,654,176 1,953,644 3,156,417 Oakland/East Bay 50,710,942 360,464 412,939 Oklahoma City 32,075,941 180,577 402,939 Omaha 24,256,122 1,477,818 182,553 Orange County 83,732,579 241,166 609,044 Orlando 51,574,106 374,650 127,991 Phoenix 132,653,275 300,667 311,438 Philadelphia 135,015,867 728,460 883,823 Pittsburgh 54,598,174 109,534 78,390 Portland 46,523,780 620,139 19,376 Providence 14,984,955 57,382 17,589 Raleigh/Durham 46,990,047 322,465 190,348 Reno 13,693,688 0 0 Richmond 37,051,146 72,781 435,613 Sacramento 59,402,968 278,798 392,253 Salt Lake City 51,857,654 22,234 266,998 San Antonio 56,178,132 218,577 39,567 San Diego 67,652,718 349,864 25,812 San Francisco 40,618,947 218,806 364,806 San Jose 37,298,246 519,198 110,300 Seattle 58,245,822 213,425 10,002 St. Louis 69,475,129 1,179,966 146,158 Tampa 69,074,994 152,000 302,832 Tucson 24,069,473 39,102 44,277 Tulsa 25,408,772 80,910 83,874 Washington, DC 90,076,490 1,079,651 892,967 About Cushman & Wakefield Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms in the world with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facilities services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), tenant representation and valuations & advisory. To learn more, visit www. or follow @Cushwake on Twitter. Garrick Brown Vice President Retail Research for the Americas Tel: +1 916 329 1558 Fax: +1 916 376 8840 Garrick.Brown@cushwake.com

Bil US$ psf/yr MARKETBEAT gfgg RETAIL SNAPSHOT UNITED STATES A Cushman & Wakefield Research Publication Q2 2015 STEADY ECONOMIC MOMENTUM The U.S. economy gained ground during the second quarter of 2015 following a sluggish start to the year. While U.S. gross domestic product (GDP) increased at a 2.3% annual rate in the second quarter, outpacing the meager 0.6% increase in the first quarter, the performance is far from impressive and is a clear sign the economy remains in slow-growth mode. Job growth has certainly been the bright spot thus far in 2015. The average number of jobs added each month through June was 208,000, well below the 260,000 monthly average for 2014, yet the second-best average since the current economic expansion began in 2010. While the expanding labor market has resulted in a declining unemployment rate that fell to 5.3% in June the lowest since April 2008 it has not yet led to any significant acceleration in wage growth, which continues to constrain the retail market s full potential. REFLECTIVE RETAIL LANDSCAPE In addition to marginal wage growth, consumer confidence has moderated. Although the first quarter 2015 consumer confidence index rose above 100 for the first time since 2007, it fell to 99.8 by the end of June, which had a direct impact on retail sales. Second quarter retail sales (including food service) totaled $1.3 trillion, an increase of 1.9% year-over-year (YoY), the smallest YoY increase in retail sales since fourth quarter 2009. Despite the measured economic growth, retailers remain optimistic about the near-term prospects. While several retailers including Gap, Anna s Linens and Izod announced sizable store closings during the second quarter, others including J. Crew Mercantile and Macy s Backstage, both off-price brands, announced expansion plans. ECONOMIC INDICATORS NATIONAL 2014 2015F 2016F GDP Growth 2.4% 2.4% 3.0% CPI Growth 1.6% 0.4.% 2.7% Consumer Spending Growth 2.5% 3.4% 3.8% Retail Sales Growth 3.8% 2.8% 5.6% Median Household Income $53,442 $55,052 $56,947 Population Growth 0.7% 0.8% 0.8% Unemployment 6.1% 5.3% 4.9% Source: Moody s Analytics UNITED STATES STATISTICS BY TYPE* VACANCY RENTAL RATES PSF/YR YTD NET ABSORPTION (SF) General Retail 4.0% $17.21 21,709,629 Mall 5.3% $16.07 631,205 Power Center 4.7% $16.71 1,956,088 Neighborhood/Community/ Strip Center 9.2% $14.76 11,422,510 Specialty Center 6.2% $17.79 601,940 TOTAL MARKET 6.0% $15.70 36,321,372 Source: CoStar Group * Select U.S. markets RETAIL SALES AND CONSUMER CONFIDENCE TRENDS $8,000 120 OVERALL RENTAL VS. VACANCY RATES* $16.00 7.5% $6,000 90 $15.50 7.0% $4,000 60 $15.00 6.5% $2,000 30 $14.50 6.0% $0 0 2011 2012 2013 2014 2015F RETAIL SALES CONSUMER CONFIDENCE $14.00 5.5% 2011 2012 2013 2014 2015 YTD OVERALL NET RENTAL RATE OVERALL VACANCY RATE Source: Moody s Analytics Source: CoStar Group * Select U.S. markets Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10019-6178 www./knowledge For more information, contact: Ronnie Davis, Managing Director, Research 404 853 5249 ronnie.davis@cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. 2015 Cushman & Wakefield, Inc. All rights reserved. 1

POSITIVE SUPPLY TRENDS Thanks in part to a still-restrained construction pipeline, retail supply fundamentals continued to improve. Overall retail vacancy fell to 6.0% at the end of the second quarter, a 50 basis point decline from a year earlier and the lowest since 2007. Average asking rent continued to climb and reached a six-year high of $15.70 per square foot (psf), a 1.7% increase YoY. Second quarter construction completions totaled 11.6 million square feet (msf), the lowest quarterly total since Q2 2013. Some of the largest deliveries included the 465,000-sf Mountain Grove project in Redlands, CA anchored by Nordstrom Rack, TJ Maxx, HomeGoods and Buy Buy Baby, and the 167,900-sf Sun Garden Center in San Jose, CA anchored by Walmart and Big 5 Sporting Goods. An additional 45.3 msf remained under construction at the end of June, the lowest amount since 2012. The delivery pipeline is expected to remain constrained for the foreseeable future, given that new construction starts are well below historic averages. STILL-GROWING INVESTMENT VOLUME Retail investment sales volume in the second quarter totaled $19.1 billion, up 22.0% YoY, pushing the YTD total to $45.6 billion. Cap rates continued to decline and averaged 6.6% at the end of the quarter, down 30 basis points YoY. Cap rates for mall & other retail property types averaged 6.0% while cap rates for strip centers averaged 7.0%. Although higher than apartment cap rates, average retail cap rates are now below those of other commercial property types including hotel, office and industrial. Not surprisingly, Manhattan continued to dominate investment sales volume with $4.8 billion in YTD transactions through June. Hawaii and Los Angeles were the only other markets recording over $2.0 billion in sales through mid-year, with $3.1 Billion and $2.4 Billion, respectively. Other top ten investment sales markets included Chicago, NYC Boroughs, Northern NJ, Dallas, Seattle, Houston and the DC/VA Suburbs, all of which topped $1.0 billion YTD June. Among the largest second quarter transactions were Vornado s purchase of the Old Navy Flagship Store on W 34 th Street in Manhattan for $350 million or $4,501 psf and Prudential Real Estate Investors purchase of the Mercato shops in Naples, FL for $239.6 million or $525 psf. STRENGTHENING SECOND HALF 2015 Looking ahead to the second half of 2015, optimistic outlooks dominate the forecast. Throughout the remainder of the year, improvement in GDP and retail sales are expected. While the FED will likely raise interest rates, the effects will be counterbalanced and overshadowed by shrinking unemployment, rising income levels, growing consumer confidence and increased consumer spending, all of which point to a strengthening economy and lively retail landscape. MARKET HIGHLIGHTS SIGNIFICANT Q2 2015 LEASE MARKET TENANT TRANSACTION DATE SQUARE FEET TRANSACTIONS Dillard s New Orleans, LA Dillard s Inc. Q2 2015 128,000 600 NE Barry Road Kansas City, MO At Home Q2 2015 84,000 White Bear Marketplace Minneapolis, MN Cub Foods Q2 2015 77,233 SIGNIFICANT Q2 2015 SALE MARKET BUYER PURCHASE PRICE / $PSF SQUARE FEET TRANSACTIONS Old Navy Flagship Store Manhattan, NYC Vornado Realty Trust $350,000,000 / $4,501 77,760 Mercato Naples, FL Prudential RE Investors $239,550,000 / $525 456,359 Park Place Kansas City, MO KBS REIT III $126,491,500 / $262 483,119 SIGNIFICANT Q2 2015 PORTFOLIO MARKET BUYER PURCHASE PRICE / $PSF SQUARE FEET TRANSACTIONS WP Glimcher JV Retail Portfolio 15 Multiple O'Connor Capital Partners $1,654,500,000 / $521 3,176,807 Zimmer Dev/Brody Co Mayfaire Retail Wilmington, NC CBL $192,000,000 / $252 762,447 SIGNIFICANT Q2 2015 MARKET DEVELOPER COMPLETION DATE SQUARE FEET CONSTRUCTION COMPLETIONS Mountain Grove at Citrus Plaza Redlands, CA Majestic Realty Co. Q2 2015 465,000 Sun Garden Center San Jose, CA SDS NexGen Partners, LP Q2 2015 167,900 Dulles Landing Dulles, VA Beatty Development Corp. Q2 2015 153,000 Shops at Southline Charlotte, NC Stiles Development Q2 2015 74,900 SIGNIFICANT PROJECTS UNDER MARKET DEVELOPER COMPLETION DATE SQUARE FEET CONSTRUCTION American Dream Meadowlands East Rutherford, NJ Triple Five Development Corp. Q2 2017 2,069,000 City Point Brooklyn, NY Acadia Realty Q1 2016 675,000 Brickell City Centre Retail Miami, FL Swire Properties, Inc. Q4 2016 505,000 Sources: CoStar Group, Real Capital Analytics, Cushman & Wakefield Retail Research Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10019-6178 www./knowledge For more information, contact: Ronnie Davis, Managing Director, Research 404 853 5249 ronnie.davis@cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. 2015 Cushman & Wakefield, Inc. All rights reserved. 2

UNITED STATES MARKET STATISTICS* MARKET INVENTORY (SF) VACANCY (SF) VACANCY RATE YTD NET ABSORPTION YTD DELIVERIES (SF) UNDER CONSTRUCTION (SF) AVERAGE ASKING RENT (US$/PSF/YR) Atlanta, GA 351,954,452 27,837,132 7.9% 1,387,976 373,635 786,992 $12.51 Baltimore, MD 137,657,657 6,643,519 4.8% 129,308 146,689 1,047,582 $19.07 Boston, MA 327,187,071 12,643,454 3.9% 1,195,211 1,096,551 1,831,313 $17.16 Charlotte, NC 154,867,799 9,359,188 6.0% 779,118 677,858 646,799 $13.23 Chicago, IL 518,358,491 42,865,176 8.3% 1,436,467 1,300,515 2,453,320 $16.17 Cincinnati, OH 123,437,402 8,265,882 6.7% 485,290 9,018 935,755 $9.85 Cleveland, OH 199,965,845 13,962,938 7.0% 940,642 337,572 176,321 $10.44 Dallas/Ft Worth, TX 397,979,831 24,778,813 6.2% 4,403,403 3,363,909 1,949,450 $14.15 Denver, CO 192,223,960 10,065,100 5.2% 860,853 373,803 799,954 $15.48 Detroit, MI 243,750,724 20,117,784 8.3% 2,035,137 527,625 318,845 $12.06 East Bay/Oakland, CA 120,820,650 4,820,926 4.0% 166,926 200,868 291,652 $22.16 Hartford, CT 146,976,554 7,656,439 5.2% 546,604 435,702 107,449 $12.75 Honolulu, HI 57,370,224 1,643,907 2.9% 358,902 326,631 1,250,006 $34.74 Houston, TX 354,517,022 18,809,421 5.3% 2,129,995 1,538,485 1,938,555 $15.55 Indianapolis, IN 120,967,872 7,679,885 6.3% 627,805 253,932 414,589 $12.10 Inland Empire, CA 185,759,304 15,444,613 8.3% 349,627 441,632 353,132 $16.09 Jacksonville, FL 89,966,216 6,050,816 6.7% 846,185 361,830 209,999 $12.88 Kansas City, MO 111,373,682 8,694,647 7.8% 931,606 530,959 91,075 $12.39 Las Vegas, NV 109,816,595 10,921,133 9.9% (287,230) 204,781 822,512 $15.47 Los Angeles, CA 460,784,319 21,357,125 4.6% 521,054 515,537 1,399,631 $25.94 Memphis, TN 83,456,052 7,248,678 8.7% 94,024 244,644 640,306 $9.66 Miami, FL 125,424,925 4,196,077 3.3% 857,641 719,016 1,159,812 $32.17 Milwaukee, WI 138,804,191 9,131,411 6.6% 320,538 406,332 751,597 $10.45 Minneapolis, MN 200,051,461 10,032,385 5.0% 136,176 156,180 748,418 $13.14 Nashville, TN 99,179,912 6,129,143 6.2% 436,034 297,016 724,463 $14.78 New Orleans, LA 75,865,055 4,549,232 6.0% 145,911 216,449 460292 $14.35 Manhattan, NY 51,203,185 1,779,040 3.5% 71,349 114,762 2,685,260 $91.77 Northern New Jersey 368,740,455 20,408,680 5.5% 841,045 1,188,334 3,249,745 $19.90 Oklahoma City, OK 85,928,742 5,512,256 6.4% 306,672 278,717 388,225 $11.13 Orange County, CA 140,747,315 6,067,169 4.3% 457,454 22,366 1,116,359 $23.47 Orlando, FL 161,260,996 10,445,337 6.5% 1,256,045 571,729 775,509 $14.13 Palm Beach County, FL 77,527,577 4,644,146 6.0% 353,218 263,854 179,028 $18.74 FL Philadelphia, PA 515,027,364 29,381,809 5.7% 541,553 632,394 1,537,264 $13.82 Phoenix, AZ 218,590,291 20,865,320 9.5% 646,755 513,301 451,007 $13.97 Pittsburgh, PA 137,320,510 4,985,713 3.6% 230,271 148,090 219,176 $12.06 Portland, OR 106,147,668 5,120,414 4.8% 133,191 372,676 314,320 $17.33 Raleigh/Durham, NC 95,329,835 4,391,526 4.6% 952,018 622,250 355,019 $14.77 Richmond, VA 78,769,535 4,573,819 5.8% 437,174 177,131 395,318 $13.99 Sacramento, CA 97,781,811 8,150,184 8.3% 602,690 338,141 506,038 $16.17 Salt Lake City, UT 128,419,400 5,117,094 4.0% 487,193 362,219 353,088 $13.49 San Antonio, TX 124,525,434 6,637,891 5.3% 285,989 324,289 392,713 $14.32 San Diego, CA 133,841,127 5,656,402 4.2% 13,933 361,063 192,007 $22.86 San Francisco, CA 81,688,998 1,661,052 2.0% 73,654 73,752 241,200 $36.74 Seattle, WA 172,722,499 7,894,229 4.6% 750,888 143,044 282,328 $17.57 Tampa, FL 220,968,340 13,825,090 6.3% 630,617 453,339 944,838 $13.65 Washington, D.C. 222,551,443 9,933,564 4.5% 535,951 745,025 1,275,905 $26.17 TOTAL MARKET* 10,205,047,802 607,254,865 6.0% 36,321,372 25,905,273 45,317,065 $15.70 RENTAL RATES REFLECT ASKING $PSF/YEAR Source: CoStar Group *Select U.S. markets. Retail properties only. Does not include retail space in non-retail buildings (i.e. office, condo, apartment, etc.) Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10019-6178 www./knowledge For more information, contact: Ronnie Davis, Managing Director, Research 404 853 5249 ronnie.davis@cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. 2015 Cushman & Wakefield, Inc. All rights reserved. 3

RETAIL SNAPSHOT UNITED STATES A Cushman & Wakefield Research Publication Q1 2015 FIRST QUARTER ECONOMIC LULL The U.S. economy remained sluggish in the first quarter of 2015 as the U.S. gross domestic product (GDP) increased at an annualized rate of 0.2%, a further slowdown from the already sluggish 2.2% rate of growth recorded in the fourth quarter of 2014. This slowdown was driven in part by severe winter weather that resulted in weaker consumer spending, which increased at an annualized rate of only 1.9%, down from 4.4% in the fourth quarter. RESILIENT RETAIL LANDSCAPE Despite the temporary economic lull in the first quarter, the Consumer Confidence Index as measured by the Conference Board rose above 100 for the first time since third quarter 2007. Although consumers are still somewhat cautious, particularly as it relates to future expectations, retail and food service sales totaled an estimated $1.3 trillion in the first quarter, a moderate increase of 2.2% over the prior-year period. Much of the softness in retail sales was a result of declining gasoline prices. Excluding gasoline, sales rose a much more robust 5.3% from a year ago. Despite some well-publicized store closings by Dollar Tree, Walgreens, Pier 1 Imports and New York & Company, other retailers are moving forward with expansion plans. H&M, Uniqlo, Party City, Century 21 and Mattress Firm are just a few retailers that announced new store openings for 2015. Notably, the off-price segment continues to experience impressive growth. The sector gained popularity during the recession and has maintained a loyal fan base since. Even luxury retailers such as Saks Fifth Avenue and Nordstrom have faith in the long-term strength of the segment, as growth in their off-price brands of Saks Off 5 th and Nordstrom Rack, respectively, is expected to outpace that of their full-line stores. ECONOMIC INDICATORS NATIONAL 2014 2015F 2016F GDP Growth 2.4% 3.1% 3.5% CPI Growth 1.6% 0.6.% 2.6% Consumer Spending 2.5% 3.6% 4.2% Growth Retail Sales Growth 4.0% 2.8% 6.0% Median Household Income $53,442 $55,121 $57,160 Population Growth 0.7% 0.8% 0.8% Unemployment 6.2% 5.4% 5.1% Source: Moody s Analytics UNITED STATES STATISTICS BY TYPE* VACANCY RENTAL RATES PSF/YR YTD NET ABSORPTION (SF) General Retail 4.1% $17.11 7,315,573 Mall 5.4% $16.17 285,759 Power Center 4.7% $16.61 587,390 Neighborhood/Community/ 9.4% $14.68 3,354,879 Strip Center Specialty Center 6.4% $16.26 70,482 TOTAL MARKET 6.1% $15.60 11,614,083 Source: CoStar Group * Select U.S. markets RETAIL SALES AND CONSUMER CONFIDENCE TRENDS $8,000 120 OVERALL RENTAL VS. VACANCY RATES* $16.00 7.5% $6,000 90 $15.50 7.0% Bil US$ $4,000 $2,000 60 30 psf/yr $15.00 $14.50 6.5% 6.0% $0 0 2011 2012 2013 2014 2015F RETAIL SALES CONSUMER CONFIDENCE $14.00 5.5% 2011 2012 2013 2014 2015 YTD OVERALL NET RENTAL RATE OVERALL VACANCY RATE Source: Moody s Analytics Source: CoStar Group * Select U.S. markets Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10019-6178 www./knowledge For more information, contact: Ronnie Davis, Managing Director, Research 404 853 5249 ronnie.davis@cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. 2015 Cushman & Wakefield, Inc. All rights reserved. 1

SUSTAINED SUPPLY/DEMAND BALANCE At first quarter-end, overall retail vacancy in select upper-tier markets remained at 6.1%, as it was at year-end 2014, yet down from 6.6% year-over-year. Overall average quoted rent increased 0.3% during the quarter to $15.60 per square foot (psf) marking nine consecutive quarters of rising rent. New construction starts totaled less than 5.0 million square feet (msf), its lowest level in years, while completions remained at historic lows and totaled less than 10.0 msf for the quarter. The largest deliveries included the 1.3-msf Phase I of The Pinnacle in Bristol, Tennessee and the 97,300-square foot (sf) Magnolia Marketplace in New Orleans, Louisiana. At first quarter-end, 43.0 msf of retail space remained under construction, the smallest amount since 2012. SUSTAINED INVESTMENT SALES ACTIVITY Retail investment sales volume in first quarter totaled $24 billion, up 5.0% from a year earlier. The average sales price of $230 psf was an increase of 14.0% year-over-year. Cap rates continued to compress and averaged 6.4% at quarter-end, finally falling below the previous low-water mark of 6.5% recorded in 2007. Notably, cap rates for urban/storefront assets averaged 5.0%, providing further evidence of the sector s popularity. Geographically, Manhattan and Los Angeles led all other U.S. markets in first quarter retail transaction volume by a sizeable amount, totaling $6.5 billion and $6.2 billion, respectively. Other top five markets included Chicago, Dallas and the outer boroughs of New York City, all of which recorded transaction volume of $2.0 billion or more. The first quarter s largest transactions included the 1.4-msf Springfield Town Center in Springfield, Virginia which traded for $465 million or $328 psf, and the 316,000-sf Midtown Crossing in Los Angeles, purchased by Bentall Kennedy for $186.6 million or $591 psf. EXPECTED STRENGTHENING THROUGHOUT 2015 The outlook for the remainder of 2015 remains very positive. The U.S. economy is poised to record its best year of growth in at least a decade, with conservative projections of GDP growth in the 3.0% to 3.5% range. Demand will strengthen, driven by healthy job growth, rising incomes, optimistic consumers and increased consumer spending. Supply-side characteristics will strengthen as well, thanks largely to the still-restrained retail construction pipeline. Available space will continue to be absorbed as increasingly healthy retailers execute their bricks and mortar strategies amid an evolving retail landscape. MARKET HIGHLIGHTS SIGNIFICANT Q1 2015 LEASE MARKET TENANT TRANSACTION DATE SQUARE FEET TRANSACTIONS The Pinnacle Phase I Bristol, TN Belk Q1 2015 132,000 2601 Port Covington Drive Baltimore, MD Under Armour Q1 2015 130,595 Green Acres Mall Valley Stream, NY Century 21 Department Store Q1 2015 72,266 SIGNIFICANT Q1 2015 SALE MARKET BUYER PURCHASE PRICE / $PSF SQUARE FEET TRANSACTIONS Springfield Town Center Springfield, VA PREIT $465,000,000/ $328 1,415,660 503 Broadway (Retail Condo) New York, NY Inditex Group (Parent Co. of Zara) $284,200,000/ $6,896 41,215 Midtown Crossing Los Angeles, CA Bentall Kennedy $186,600,000/ $591 316,000 SIGNIFICANT Q1 2015 PORTFOLIO MARKET BUYER PURCHASE PRICE / $PSF SQUARE FEET TRANSACTIONS Glimcher Retail Portfolio 15 Multiple Simon Property Group $1,090,000,000/ $745 1,463,971 Kite Realty US Retail Portfolio 2014 Multiple Inland Real Estate Corp. $313,600,000/ $157 1,999,074 Uniwest Virginia Retail Sale 2015 DC VA Suburbs Retail Properties of America $121,500,000/ $363 335,000 SIGNIFICANT Q1 2015 MARKET DEVELOPER COMPLETION DATE SQUARE FEET CONSTRUCTION COMPLETIONS The Pinnacle Phase I Bristol, TN Johnson Commercial Development Q1 2015 1,300,000 Parkway Plaza Chattanooga, TN CBL & Associates Properties, Inc. Q1 2015 134,100 Magnolia Marketplace New Orleans, LA Stirling Properties/JCH Development Q1 2015 97,300 SIGNIFICANT PROJECTS UNDER MARKET DEVELOPER COMPLETION DATE SQUARE FEET CONSTRUCTION American Dream Meadowlands East Rutherford, NJ Triple Five Development Corp. Q3 2016 2,839,000 Ovation at Cool Springs Nashville, TN Thomas Land & Development Q4 2016 1,400,000 Brickell City Centre Retail Miami, FL Swire Properties, Inc. Q4 2016 505,000 Sources: CoStar Group, Real Capital Analytics, Cushman & Wakefield Retail Research Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10019-6178 www./knowledge For more information, contact: Ronnie Davis, Managing Director, Research 404 853 5249 ronnie.davis@cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. 2015 Cushman & Wakefield, Inc. All rights reserved. 2

UNITED STATES MARKET STATISTICS* MARKET INVENTORY (SF) VACANCY (SF) VACANCY RATE YTD NET ABSORPTION YTD DELIVERIES (SF) UNDER CONSTRUCTION (SF) AVERAGE ASKING RENT (US$/PSF/YR) Atlanta, GA 349,588,959 28,860,290 8.3% 212,045 32,839 531,807 $12.63 Baltimore, MD 136,508,270 6,793,095 5.0% 11,436 49,053 518,039 $19.04 Boston, MA 323,486,409 12,503,898 3.9% 661,993 600,862 1,572,393 $17.11 Charlotte, NC 153,602,588 9,314,559 6.1% 515,847 377,383 296,805 $12.96 Chicago, IL 511,826,793 43,062,974 8.4% 15,195 215,888 2,133,460 $15.85 Cincinnati, OH 122,618,435 8,503,282 6.9% 173,229 0 853,110 $9.75 Cleveland, OH 199,990,093 14,918,853 7.5% 461,669 205,559 126,473 $10.46 Dallas/Ft Worth, TX 389,652,139 25,569,579 6.6% 1,294,563 947,892 3,484,073 $14.19 Denver, CO 191,612,500 10,469,109 5.5% 449,076 236,878 695,948 $15.29 Detroit, MI 241,163,964 20,620,700 8.6% 544,510 114,738 546,416 $11.95 East Bay/Oakland, CA 120,726,042 4,820,132 4.0% 150,414 190,868 228,099 $22.13 Hartford, CT 146,416,884 7,691,922 5.3% 47,966 19,500 377,601 $12.77 Honolulu, HI 57,834,476 1,661,808 2.9% 298,181 314,782 586,945 $34.50 Houston, TX 350,795,981 19,482,971 5.6% 598,126 628,889 1,667,297 $15.28 Indianapolis, IN 120,116,928 8,010,279 6.7% 207,487 13,493 438,811 $12.16 Inland Empire, CA 185,259,083 15,377,272 8.3% (17,103) 70,200 296,802 $15.97 Jacksonville, FL 89,780,694 6,231,747 6.9% 507,155 202,184 66,022 $12.89 Kansas City, MO 110,364,847 9,113,061 8.3% 91,434 202,339 419,951 $12.29 Las Vegas, NV 109,266,445 10,697,750 9.8% (319,283) 74,686 478,310 $15.24 Los Angeles, CA 458,460,084 21,387,040 4.7% 220,857 151,329 1,646,760 $25.64 Memphis, TN 82,653,259 7,106,931 8.6% (15,514) 8,320 641,450 $9.50 Miami, FL 124,958,606 4,472,138 3.6% 370,052 495,975 1,134,212 $31.69 Milwaukee, WI 138,115,668 9,133,537 6.6% (6,618) 186,684 1,054,083 $10.67 Minneapolis, MN 199,623,506 10,137,083 5.1% 64,589 97,506 371,386 $13.16 Nashville, TN 99,043,911 6,313,005 6.4% 125,126 109,998 1,667,998 $14.44 New Orleans, LA 76,544,814 4,825,924 6.3% (97,527) 188,491 68,320 $14.71 Manhattan, NY 51,089,072 1,728,286 3.4% 91,271 24,682 958,913 $88.26 Northern New Jersey 362,900,531 19,997,705 5.5% 150,688 121,706 4,999,085 $19.79 Oklahoma City, OK 85,239,568 5,563,178 6.5% 64,388 83,179 561,054 $11.26 Orange County, CA 140,833,484 6,140,467 4.4% 374,731 10,236 1,045,910 $23.15 Orlando, FL 160,241,214 10,890,845 6.8% 980,410 417,096 452,556 $14.02 Palm Beach County, 77,008,649 4,802,538 6.2% 19,809 97,510 131,377 $18.55 Philadelphia, PA 506,390,812 30,206,940 6.0% (637,609) 138,704 696,250 $13.88 Phoenix, AZ 217,289,781 21,052,835 9.7% 545,110 385,110 548,729 $13.85 Pittsburgh, PA 136,263,348 5,150,844 3.8% (46,808) 31,366 390,482 $12.04 Portland, OR 106,239,781 4,987,870 4.7% 182,481 122,734 348,178 $16.96 Raleigh/Durham, NC 94,687,684 4,789,635 5.1% 294,751 263,129 498,731 $14.46 Richmond, VA 78,460,402 4,574,800 5.8% 353,618 120,542 228,193 $13.88 Sacramento, CA 97,073,878 8,570,819 8.8% 281,213 73,832 267,957 $16.28 Salt Lake City, UT 127,730,025 5,487,296 4.3% 94,839 173,768 337,707 $13.09 San Antonio, TX 124,120,762 6,638,875 5.3% 23,137 63,817 243,167 $14.29 San Diego, CA 134,225,302 5,415,773 4.0% 179,103 232,825 222,535 $22.92 San Francisco, CA 81,571,007 1,672,759 2.1% 4,458 6,600 317,035 $35.79 Seattle, WA 171,939,890 8,345,410 4.9% 151,252 27,394 265,440 $17.60 Tampa, FL 219,297,146 13,876,499 6.3% 269,934 153,315 618,088 $13.75 Washington, D.C. 224,084,842 10,063,751 4.5% 232,041 258,173 1,220,503 $25.93 TOTAL MARKET* 10,129,499,248 617,265,855 6.1% 11,614,083 9,476,149 42,995,069 $15.60 RENTAL RATES REFLECT ASKING $PSF/YEAR Source: CoStar Group *Select U.S. markets. Retail properties only. Does not include retail space in non-retail buildings (i.e. office, condo, apartment, etc.) Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10019-6178 www./knowledge For more information, contact: Ronnie Davis, Managing Director, Research 404 853 5249 ronnie.davis@cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. 2015 Cushman & Wakefield, Inc. All rights reserved. 3