Retail 2001—2009

5,000 12% 50,000,000

Retail Transactions & Avg Cap Rate Retail Absorption
10% 40,000,000
4,000
8% 30,000,000
3,000 20,000,000
6%
2,000 10,000,000
4%
0
1,000 2%
-10,000,000 00' 01' 02' 03' 04' 05' 06' 07' 08' 09'
0 0% -20,000,000
Trans 01' 02' 03' 04' 05' 06' 07' 08' 09' CAP -30,000,000
Source: Real Capital Analytics Source: Reis

$80,000 $250 $18.00 12

Retail Volume & Price/SF Retail Rental & Vacancy Rates
$70,000
$200 $17.00 10
$60,000
$50,000
8
$150 $16.00
$40,000 6
$30,000 $100 $15.00
4
$20,000 $14.00
$50 2
$10,000
$0 $0 $13.00 0
Millions 01' 02' 03' 04' 05' 06' 07' 08' 09' P/SF Rental
01' 02' 03' 04' 05' 06' 07' 08' 09'Vacancy
Source: Real Capital Analytics Source: Reis

Significant Transactions: Strip Malls

Name City, ST SF Price $/SF Buyer Year
LaSalle Bank JV Madison
Bay Street Emeryville Emeryville, CA 383,055 $234,000,000 $611 Marquette 2008
Suburban Square Ardmore, PA 360,501 $215,000,000 $596 Kimco Realty 2007
Jack London Square Oakland, CA 460,484 $191,000,000 $414 Nat Electrical Benefit Fund 2007
Villa Marina Mktplace Marina del Rey, CA 450,000 $189,000,000 $420 RREEF Funds 2006
Winter Garden Village Winter Garden, FL 758,988 $180,000,000 $238 Cole Capital Partners 2008

Significant Transactions: Malls

Mall of America Minneapolis, MN 4,200,000 $1,800,000,000 $429 Triple Five Group 2006
Sawgrass Mills Sunrise, FL 1,991,491 $1,025,000,000 $515 Simon Property Group 2007
Grand Canal Shoppes Las Vegas, NV 445,151 $766,000,000 $1,721 General Growth Properties 2004
Potomac Mills Prince William, VA 1,606,000 $520,000,000 $324 Simon Property Group 2007
Macerich JV Alaska Permanent
Westfield North Bridge Chicago, IL 680,933 $515,000,000 $756 2008
Fund Corp
Source: Real Capital Analytics
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Retail Breakdown

13

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