The CoStar Retail Report

Transcription

1 The CoStar Retail Report Y E A R - E N D

2 YEAR-END 2011 SOUTH FLORIDA Table of Contents Table of Contents A Methodology C Terms & Definitions D Market Highlights & Overview CoStar Markets & Submarkets Inventory & Development Analysis Construction Activity Map Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Building Type & Market Figures at a Glance by Building Type & Submarket Historical Figures at a Glance Leasing Activity Analysis Leasing Activity Map Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Markets Select Same Building Sales Select Land Sales Aventura Market Biscayne Corridor Market Boca Raton Market Boynton/Lantana Market Brickell Market Coconut Grove Market Commercial Blvd Market Coral Gables Market Coral Way Market Cypress Creek Market Delray Beach Market Downtown Fort Lauderdale Market Downtown Miami Market Fort Lauderdale Market Hallandale Market Hollywood Market Jupiter Market Kendall Market Medley/Hialeah Market Miami Market Miami Airport Market Miami Beach Market Miami Lakes Market Miami-Dade Central County Market North Palm Beach Market Northeast Dade Market NW Broward/Coral Springs Market Outlying Broward County Market 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT A

3 SOUTH FLORIDA YEAR-END 2011 Table of Contents (Continued) Outlying Miami-Dade Cnty Market Palm Beach Market Palm Springs/Lake Worth Market Plantation Market Pompano Beach Market Royal Palm Bch/Wellington Market Sawgrass Park Market South Dade Market Southwest Broward Market West Miami Market West Palm Beach Market B THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

4 YEAR-END 2011 SOUTH FLORIDA 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 multitenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2012 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 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT C

5 SOUTH FLORIDA YEAR-END 2011 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. : 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 buildingtype 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, off-price stores, warehouse clubs, or "category killers," i.e., D THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

6 YEAR-END 2011 SOUTH FLORIDA 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 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). Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. 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: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construction and until it receives a certificate of occupancy. 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. : 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 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT E

7 OVERVIEW YEAR-END 2011 SOUTH FLORIDA South Florida s Decreases to 6.2% Net Absorption Positive 681,450 SF in the Quarter The South Florida retail market experienced a slight improvement in market conditions in the fourth quarter The vacancy rate went from 6.4% in the previous quarter to 6.2% in the current quarter. Net absorption was positive 681,450 square feet, and vacant sublease space increased by 16,934 square feet. rental rates decreased from third quarter 2011 levels, ending at $19.64 per square foot per year. A total of 12 retail buildings with 171,476 square feet of retail space were delivered to the market in the quarter, with 269,102 square feet still under construction at the end of the quarter. Net Absorption Retail net absorption was moderate in South Florida fourth quarter 2011, with positive 681,450 square feet absorbed in the quarter. In third quarter 2011, net absorption was positive 656,898 square feet, while in second quarter 2011, absorption came in at positive 457,348 square feet. In first quarter 2011, positive 487,904 square feet was absorbed in the market. Tenants moving into large blocks of space in 2011 include: Ashley Furniture Home Store moving into 93,680 square feet at 3350 Airport Rd; Burlington Coat Factory moving into 86,156 square feet at Pine Island Plaza; and Burlington Coat Factory moving into 67,899 square feet at Lauderdale Lakes Mall. South Florida s retail vacancy rate decreased in the fourth quarter 2011, ending the quarter at 6.2%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 6.7% in the first quarter 2011, to 6.6% at the end of the second quarter 2011, 6.4% at the end of the third quarter 2011, to 6.2% in the current quarter. The amount of vacant sublease space in the South Florida market has trended up over the past four quarters. At the end of the first quarter 2011, there were 278,322 square feet of vacant sublease space. Currently, there are 290,141 square feet vacant in the market. Largest Lease Signings The largest lease signings occurring in 2011 included: the 55,000-square-foot-lease signed by PGA Golf & Tennis Super Store at Delray Crossing; the 50,000-square-foot-deal signed by West Marine at 2401 S Andrews Ave; and the 45,600-squarefoot-lease signed by Publix at Boynton Lakes Plaza. Rental Rates Average quoted asking rental rates in the South Florida retail market are down over previous quarter levels, and up from their levels four quarters ago. rents ended the fourth quarter 2011 at $19.64 per square foot per year. That compares to $19.79 per square foot in the third quarter 2011, and $19.41 per square foot at the end of the first quarter This represents a 0.8% decrease in rental rates in the current quarter, and a 1.17% increase from four quarters ago. Inventory & Construction During the fourth quarter 2011, 12 buildings totaling 171,476 square feet were completed in the South Florida retail market. Over the past four quarters, a total of 661,679 square feet of retail space has been built in South Florida. In addition to the current quarter, 10 buildings with 106,989 square feet were completed in third quarter 2011, 10 buildings totaling 140,489 Rates by Building Type Power Center Specialty Center General Retail Shopping Center Mall Total Market 13% 11% 9% 7% 5% 3% 1% q q q q q q q q q q q q q q q q q q q q q q q q 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 1

8 SOUTH FLORIDA YEAR-END 2011 OVERVIEW square feet completed in second quarter 2011, and 242,725 square feet in 14 buildings completed in first quarter There were 269,102 square feet of retail space under construction at the end of the fourth quarter Some of the notable 2011 deliveries include: 3350 Airport Rd, a 93,680-square-foot facility that delivered in first quarter 2011 and SW 112th Ave, a 55,561-square-foot building that delivered in second quarter Total retail inventory in the South Florida market area amounted to 310,597,272 square feet in 21,242 buildings and 3136 centers as of the end of the fourth quarter & Rent Past 10 Quarters Price in Dollars per Unit $22 $22 $21 $21 $20 $20 $19 $19 $ q q Average Rental Rate q q q q q Rate q q 4q 7.2% 7.0% 6.8% 6.6% 6.4% 6.2% 6.0% 5.8% Rate Percentage Shopping Center The Shopping Center market in South Florida currently consists of 3048 projects with 128,974,262 square feet of retail space in 4,986 buildings. In this report the Shopping Center market is comprised of all Community Center, Neighborhood Center, and Strip Centers. After absorbing 471,185 square feet and delivering 63,274 square feet in the current quarter, the Shopping Center sector saw the vacancy rate go from 8.8% at the end of the third quarter 2011 to 8.5% this quarter. Over the past four quarters, the Shopping Center vacancy rate has gone from 9.5% at the end of the first quarter 2011, to 9.3% at the end of the second quarter 2011, to 8.8% at the end of the third quarter 2011, and finally to 8.5% at the end of the current quarter. Rental rates ended the fourth quarter 2011 at $18.45 per square foot, down from the $18.69 they were at the end of third quarter Rental rates have trended down over the past year, going from $18.72 per square foot a year ago to their current levels. Net absorption in the Shopping Center sector has totaled 1,639,256 square feet over the past four quarters. In addition to the positive 471,185 square feet absorbed this quarter, positive 629,026 square feet was absorbed in the third quarter 2011, positive 381,836 square feet was absorbed in the second quarter 2011, and positive 157,209 square feet was absorbed in the first quarter Power Centers The Power Center average vacancy rate was 5.3% in the fourth quarter With positive 47,059 square feet of net absorption and no new deliveries, the vacancy rate went from 5.7% at the end of last quarter to 5.3% at the end of the fourth quarter. In the third quarter 2011, Power Centers absorbed positive 48,260 square feet, delivered no new space, and the vacancy rate went from 6.2% to 5.7% over the course of the quarter. Rental started the quarter at $20.37 per square foot and ended the quarter at $19.01 per square foot. A year ago, in fourth quarter 2010, the vacancy rate was 7.7%. Over the past four quarters, Power Centers have absorbed a cumulative 259,145 square feet of space and delivered cumulative 3,960 square feet of space. Vacant sublease space has gone from 7,114 square feet to 28,436 square feet over that time period, and rental rates have gone from $21.34 to $ At the end of the fourth quarter 2011, there was no space under construction in the South Florida market. The total stock of Power Center space in South Florida currently sits at 10,642,337 square feet in 29 centers comprised of 186 buildings. No space was under construction at the end of the fourth quarter General Retail Properties The General Retail sector of the market, which includes all freestanding retail buildings, except those contained within a center, reported a vacancy rate of 3.6% at the end of fourth quarter There was a total of 4,654,974 square feet vacant at that time. The General Retail sector in South Florida currently has average rental rates of $20.93 per square foot per year. There are 234,102 square feet of space under construction in this sector, with 108,202 square feet having been completed in the fourth quarter. In all, there are a total of 15,750 buildings with 130,644,101 square feet of General Retail space in South Florida. Specialty Centers There are currently 10 Specialty Centers in the South Florida market, making up 1,436,469 square feet of retail space. In this report the Specialty Center market is comprised of Outlet Center, Airport Retail and Theme/Festival Centers. Specialty Centers in the South Florida market have experienced positive 9,286 square feet of net absorption in The vacancy rate currently stands at 9.9%, and rental rates average $19.83 per square foot. Malls Malls recorded net absorption of positive 72,449 square Source: CoStar Property 2 THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

9 OVERVIEW YEAR-END 2011 SOUTH FLORIDA feet in the fourth quarter This net absorption number, combined with no new space that was built in the quarter, caused the vacancy rate to go from 8.0% a quarter ago to 7.9% at the end of the fourth quarter Rental rates went from $27.71 per square foot to $30.00 per square foot during that time. In this report the Mall market is comprised of 49 Lifestyle Center, Regional Mall and Super Regional Malls. Absorption & Deliveries Past 10 Quarters (0.2) (0.4) 1.01 (0.25) q Source: CoStar Property q Net Absorption q q Sales Activity Tallying retail building sales of 15,000 square feet or larger, South Florida retail sales figures rose during the third quarter 2011 in terms of dollar volume compared to the second quarter of In the third quarter, 25 retail transactions closed with a total volume of $243,948,613. The 25 buildings totaled 1,731,829 square feet and the average price per square foot equated to $ per square foot. That compares to 23 transactions totaling $158,151,675 in the second quarter The total square footage in the second quarter was 1,140,951 square feet for an average price per square foot of $ Total retail center sales activity in 2011 was up compared to In the first nine months of 2011, the market saw 59 retail sales transactions with a total volume of $511,069,212. The price per square foot averaged $ In the same first nine months of 2010, the market posted 47 transactions with a total volume of $428,132,981. The price per square foot averaged $ Cap rates have been higher in 2011, averaging 8.17% compared to the same period in 2010 when they averaged 8.10%. One of the largest transactions that has occurred within the last four quarters in the South Florida market is the sale of Aventura Square in Aventura. This 113,450 square foot retail center sold for $55,500,000, or $ per square foot. The property sold on 10/6/2011. Reports compiled by: Matt Burdette, CoStar Research Manager and the South Florida research staff q 0.06 (0.13) q q Deliveries q q q 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 3

10 SOUTH FLORIDA YEAR-END 2011 MARKETS CoStar Markets & Submarkets In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Markets Aventura Biscayne Corridor Submarkets Aventura Biscayne Corridor Boca Raton Boca Raton East Boca Raton North Boca Raton West Boynton/Lantana Brickell Coconut Grove Commercial Blvd Coral Gables Coral Way Cypress Creek Delray Beach Downtown Fort Lauderdale Downtown Miami Fort Lauderdale Hallandale Hollywood Jupiter Kendall Medley/Hialeah Miami Miami Airport Miami Beach Miami Lakes Miami-Dade Central County North Palm Beach Northeast Dade NW Broward/Coral Springs Outlying Broward County Outlying Miami-Dade Cnty Boynton/Lantana Brickell Coconut Grove Commercial Blvd Coral Gables Coral Way Cypress Creek Delray Beach Downtown Fort Lauderdale Downtown Miami Fort Lauderdale Hallandale Hollywood Jupiter Kendall Medley/Hialeah Miami Miami Airport Miami Beach Miami Lakes Hialeah Gardens North Palm Beach Northeast Dade NW Broward/Coral Springs Outlying Broward County Outlying Miami-Dade Cnty Palm Beach Palm Bch Cty Outlying Palm Beach Palm Springs/Lake Worth Plantation Pompano Beach Royal Palm Bch/Wellington Sawgrass Park South Dade Southwest Broward West Miami West Palm Beach Palm Springs/Lake Worth Plantation Pompano Beach Royal Palm Bch/Wellington Sawgrass Park South Dade Southwest Broward West Miami West Palm Beach 4 THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

11 INVENTORY & DEVELOPMENT YEAR-END 2011 SOUTH FLORIDA Construction Highlights in Select CoStar Markets Color Coded by Under Construction Square Footage as a Percentage of 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 5

12 SOUTH FLORIDA YEAR-END 2011 INVENTORY & DEVELOPMENT Historical Deliveries Millions of SF Deliveries Average Delivered 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 Miami 2 68,437 68, ,048 34,218 Fort Lauderdale 3 36,907 36, ,898 12,302 Miami Beach 2 36,063 6, % 14,979 18,031 Southwest Broward 1 35,000 35, ,869 35,000 Medley/Hialeah 3 28,631 24, % 14,250 9,544 Downtown Fort Lauderdale 1 20,000 20, ,681 20,000 Northeast Dade 2 15,500 14, % 10,013 7,750 South Dade 1 13,597 13, ,156 13,597 Miami-Dade Central County 1 8,107 8, ,718 8,107 Biscayne Corridor 1 4,470 4, ,873 4,470 All Other 1 2,390 2, ,244 2,390 Totals , , % 14,622 14,950 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2007 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 8.0 Leased Un-Leased 160 Preleased Un-Leased Millions of SF Thousands of SF T q q q q 6 THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

13 INVENTORY & DEVELOPMENT YEAR-END 2011 SOUTH FLORIDA Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction Construction Starts Deliveries Millions of SF 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 , , % $ , ,601 50,000 SF - 99,999 SF 4 252, , $ , , ,000 SF - 249,999 SF $ ,000 SF - 499,999 SF $ >= 500,000 SF $ Recent Development by Tenancy Based on GLA Developed for Single & Multi Tenant Use 2011 Deliveries Currently Under Construction Comparison Based on Total GLA General Retail Shopping Center 49% 51% 46% 54% Mall Power Center Specialty Center Multi Single Multi Single Millions of Square 0Feet COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 7

14 SOUTH FLORIDA YEAR-END 2011 INVENTORY & DEVELOPMENT 8 THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

15 INVENTORY & DEVELOPMENT YEAR-END 2011 SOUTH FLORIDA 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 9

16 SOUTH FLORIDA YEAR-END 2011 FIGURES AT A GLANCE General Retail Market Statistics Year-End 2011 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura ,239 3,500 3, % (1,476) 0 0 $35.00 Biscayne Corridor 184 1,663,408 59,100 59, % 36, ,470 $24.17 Boca Raton 269 4,200,868 76,892 83, , ,180 0 $20.50 Boynton/Lantana 346 2,738,866 67,479 67, % (2,398) 4,748 0 $21.07 Brickell ,425 36,205 36, % 28, $36.12 Coconut Grove ,786 21,922 23, % 19,646 4,000 0 $28.41 Commercial Blvd ,550 42,154 42, % (13,640) 0 0 $12.94 Coral Gables 319 2,023,868 86,340 86, % 35, $31.79 Coral Way 271 1,824,104 28,341 28, % (7,012) 0 0 $20.49 Cypress Creek 155 1,419,889 45,497 45, % (441) 4,152 0 $17.45 Delray Beach 399 3,145, , , % (1,772) 0 0 $21.94 Downtown Fort Lauderdale 373 3,282, , , % (71,412) 0 20,000 $25.63 Downtown Miami 142 4,247, , , % 19, $28.33 Fort Lauderdale 1,687 11,035, , , % (13,115) 70,122 36,907 $19.99 Hallandale 393 2,778,314 22,811 22, % 34, $17.38 Hollywood 837 4,447, , , % 42,969 13,013 0 $16.70 Jupiter 178 1,434,201 60,339 60, % (14,496) 0 0 $18.30 Kendall 430 4,495,626 59,022 59, % (10,185) 7,938 0 $20.28 Medley/Hialeah 629 5,588, , , % 135, ,390 28,631 $22.96 Miami 2,026 10,993, , , % (24,653) 9,420 68,437 $15.94 Miami Airport 367 3,308,685 15,769 18, % 30,705 11,646 0 $35.40 Miami Beach 473 5,894, , , % 68,627 31,785 36,063 $45.73 Miami Lakes 114 2,198,862 77,385 77, % 1, $21.83 Miami-Dade Central County 312 1,211,114 76,696 76, % 5, ,107 $16.05 North Palm Beach 506 4,856, , , % 28, $17.10 Northeast Dade 748 4,353, , ,929 6,551 8,885 15,500 $19.04 NW Broward/Coral Springs 266 3,212, , , % 8, $14.42 Outlying Broward County ,914 8,707 8, % 12,972 6,359 0 $17.45 Outlying Miami-Dade Cnty ,278 19,356 19, % (1,288) 0 0 $18.00 Palm Beach 144 1,630,344 51,123 51, % (14,437) 0 0 $38.18 Palm Springs/Lake Worth 191 1,115,995 43,156 43, % (8,847) 0 0 $17.54 Plantation 296 3,083,529 96,500 96, % 2, $9.07 Pompano Beach 685 7,049, , , % 25,212 15,337 0 $17.08 Royal Palm Bch/Wellington 93 1,221,470 20,404 20, % 4, $20.22 Sawgrass Park ,020 24,822 24, % (24,822) 0 0 $31.47 South Dade 646 5,450, , , % 57,797 32,835 13,597 $13.89 Southwest Broward 256 4,663,474 50,177 50, % 5, $14.39 West Miami 475 2,414,124 57,922 57, % (8,733) 20,330 2,390 $21.46 West Palm Beach 1,138 9,026, , , % 18,909 47,418 0 $15.44 Totals 15, ,644,101 4,532,528 4,654, % 520, , ,102 $ THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

17 FIGURES AT A GLANCE YEAR-END 2011 SOUTH FLORIDA Mall Market Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 3 3,161,000 35,697 35, % 4, $0.00 Biscayne Corridor $0.00 Boca Raton 5 2,608,105 45,154 45, % 38, $29.21 Boynton/Lantana 2 1,391, , , % (113,358) 0 0 $27.00 Brickell $0.00 Coconut Grove 1 199,683 11,739 11, % 15, $33.71 Commercial Blvd $0.00 Coral Gables 1 1,046,672 46,602 46, % (23,243) 0 0 $0.00 Coral Way $0.00 Cypress Creek $0.00 Delray Beach $0.00 Downtown Fort Lauderdale 2 1,301, , , % $0.00 Downtown Miami 1 311,413 9,922 9, % 9, $0.00 Fort Lauderdale 1 581, , , % (14,567) 0 0 $9.00 Hallandale 1 420, , , % $0.00 Hollywood 2 1,033,901 89,011 89, % (4,448) 0 0 $17.18 Jupiter $0.00 Kendall 4 3,542, , , % $45.06 Medley/Hialeah 1 786, $0.00 Miami 0 32, $0.00 Miami Airport 4 3,798,721 98, , % (11,007) 0 0 $30.00 Miami Beach 2 1,523,390 45,637 50, % 7,339 28,326 0 $ Miami Lakes $0.00 Miami-Dade Central County 1 453,917 65,166 65, % 24, $14.00 North Palm Beach 3 1,976,222 57,041 59, % 28, $26.76 Northeast Dade 1 681,469 36,899 36, % (561) 0 0 $0.00 NW Broward/Coral Springs 1 1,037,203 12,600 12, % $30.00 Outlying Broward County $0.00 Outlying Miami-Dade Cnty $0.00 Palm Beach 1 147, , $0.00 Palm Springs/Lake Worth $0.00 Plantation 2 2,095, , , % 26, $0.00 Pompano Beach 2 1,107,653 60,224 60, % 6, $26.59 Royal Palm Bch/Wellington 1 1,273, $0.00 Sawgrass Park 1 2,405, $0.00 South Dade 1 981,450 36,299 36, % 8, $30.09 Southwest Broward 3 1,467,655 19,749 19, % 1, $26.85 West Miami $0.00 West Palm Beach 2 3,533, , , % (150,000) 0 0 $0.00 Totals 49 38,900,103 3,039,910 3,058, % (144,958) 28,326 0 $ COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 11

18 SOUTH FLORIDA YEAR-END 2011 FIGURES AT A GLANCE Power Center Market Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 1 445, $0.00 Biscayne Corridor $0.00 Boca Raton 1 227, $0.00 Boynton/Lantana 3 912, , , % 3, $13.85 Brickell $0.00 Coconut Grove $0.00 Commercial Blvd 1 248, , $25.00 Coral Gables $0.00 Coral Way 1 250,000 33,028 33, % (1,449) 0 0 $38.73 Cypress Creek $0.00 Delray Beach 2 993,262 40,538 40, % 39, $17.19 Downtown Fort Lauderdale $0.00 Downtown Miami $0.00 Fort Lauderdale 1 427,455 2,205 2, % $21.89 Hallandale 1 341,366 13,500 13, $0.00 Hollywood 3 1,320,596 16,465 19, % 38,960 3,960 0 $23.97 Jupiter $0.00 Kendall 1 361, $0.00 Medley/Hialeah 2 795, , $0.00 Miami $0.00 Miami Airport 1 411, $0.00 Miami Beach 1 504,300 3,194 3, % 3, $50.00 Miami Lakes $0.00 Miami-Dade Central County $0.00 North Palm Beach 1 366,298 41,945 45, % (3,970) 0 0 $18.00 Northeast Dade $0.00 NW Broward/Coral Springs $0.00 Outlying Broward County $0.00 Outlying Miami-Dade Cnty $0.00 Palm Beach $0.00 Palm Springs/Lake Worth $0.00 Plantation 1 488,721 23,203 23, % 52, $0.00 Pompano Beach 1 259,340 17,434 17, % (3,684) 0 0 $19.24 Royal Palm Bch/Wellington 3 844,618 41,940 63, % (19,022) 0 0 $15.88 Sawgrass Park $0.00 South Dade 1 350,101 6,534 6, % 55, $0.00 Southwest Broward 3 1,094, , , % 20, $17.75 West Miami $0.00 West Palm Beach $0.00 Totals 29 10,642, , , % 259,145 3,960 0 $ THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

19 FIGURES AT A GLANCE YEAR-END 2011 SOUTH FLORIDA Shopping Center Market Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 25 1,890,900 47,417 47, % 57, $33.96 Biscayne Corridor ,373 61,055 61, % 16, $16.43 Boca Raton 105 4,831, , , % 25, $21.36 Boynton/Lantana 72 5,181, , , % 51, $17.89 Brickell 5 106, $0.00 Coconut Grove ,256 16,854 16, % (2,739) 0 0 $28.73 Commercial Blvd 16 1,099,666 55,566 55, % 11, $12.34 Coral Gables ,026 22,044 22, % 2, $35.12 Coral Way ,405 8,975 8, % $23.01 Cypress Creek 39 1,460, , , % 15, $12.89 Delray Beach 64 3,042, , , % 17, $15.87 Downtown Fort Lauderdale 23 1,038,463 55,538 55, % (20,216) 0 0 $25.21 Downtown Miami 5 276, , , % $15.00 Fort Lauderdale 230 5,877, , , % (16,352) 0 0 $18.04 Hallandale 90 1,580, , , % 30, $16.59 Hollywood 151 4,408, , , % 52, $18.62 Jupiter 54 2,898, , , % 23, $19.24 Kendall 130 8,683, , , % 202, $25.86 Medley/Hialeah 155 4,941, , , % 60,093 52,780 0 $20.55 Miami 165 2,195, , , % 5, $13.92 Miami Airport 118 5,298, , , % 15, $18.91 Miami Beach ,578 37,973 37, % 1, $63.99 Miami Lakes 37 2,523, , , % 10, $19.76 Miami-Dade Central County 35 1,244,688 87,587 87, % (14,331) 0 0 $15.71 North Palm Beach 86 4,180, , , % 101, $15.03 Northeast Dade 237 5,459, , , % 34, $20.13 NW Broward/Coral Springs 110 6,663, , , % 137, $16.13 Outlying Broward County 38 2,469, , , % 43, $20.62 Outlying Miami-Dade Cnty 5 240,907 29,766 29, % 2, $23.40 Palm Beach 31 2,825, , , % 168, $20.12 Palm Springs/Lake Worth 20 1,109, , , % (20,794) 0 0 $12.79 Plantation 105 7,170, , , % 104, $15.58 Pompano Beach 172 7,879, , , % 28, $15.91 Royal Palm Bch/Wellington 37 4,044, , , % 15, $17.17 Sawgrass Park 14 1,278,861 48,177 48, % 49, $19.67 South Dade 109 5,786, , , % 130,906 61,561 0 $19.06 Southwest Broward 96 7,510, , , % 147,177 4,494 35,000 $21.90 West Miami 144 4,152, , , % 14, $24.95 West Palm Beach 158 7,372, , , % 134, $15.77 Totals 3, ,974,262 10,782,114 10,903, % 1,639, ,835 35,000 $ COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 13

20 SOUTH FLORIDA YEAR-END 2011 FIGURES AT A GLANCE Specialty Center Market Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura $0.00 Biscayne Corridor $0.00 Boca Raton $0.00 Boynton/Lantana $0.00 Brickell 1 194,000 2,000 2, % $0.00 Coconut Grove 1 297,175 16,212 16, % 4, $23.50 Commercial Blvd $0.00 Coral Gables $0.00 Coral Way $0.00 Cypress Creek $0.00 Delray Beach $0.00 Downtown Fort Lauderdale $0.00 Downtown Miami 1 37,600 36,500 36, % $22.50 Fort Lauderdale 1 167, , $0.00 Hallandale 1 60, $17.00 Hollywood $0.00 Jupiter $0.00 Kendall $0.00 Medley/Hialeah $0.00 Miami 1 138,813 19,244 19, % 3, $0.00 Miami Airport 1 50, $0.00 Miami Beach $0.00 Miami Lakes $0.00 Miami-Dade Central County $0.00 North Palm Beach $0.00 Northeast Dade $0.00 NW Broward/Coral Springs $0.00 Outlying Broward County $0.00 Outlying Miami-Dade Cnty $0.00 Palm Beach $0.00 Palm Springs/Lake Worth $0.00 Plantation $0.00 Pompano Beach 1 137,860 67,918 67, % (1,400) 0 0 $12.00 Royal Palm Bch/Wellington $0.00 Sawgrass Park $0.00 South Dade 1 207, $0.00 Southwest Broward 1 145, $0.00 West Miami $0.00 West Palm Beach $0.00 Totals 10 1,436, , , % 9, $ THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

21 FIGURES AT A GLANCE YEAR-END 2011 SOUTH FLORIDA Total Retail Market Statistics Year-End 2011 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 123 6,316,399 86,614 86, % 60, $34.05 Biscayne Corridor 198 1,954, , , % 53, ,470 $21.26 Boca Raton ,867, , , % 173, ,180 0 $21.84 Boynton/Lantana ,224, , , % (61,408) 4,748 0 $17.47 Brickell ,844 38,205 38, % 28, $36.12 Coconut Grove 137 1,802,900 66,727 68, % 37,033 4,000 0 $28.42 Commercial Blvd 101 1,925,934 97,720 97, % 68, $13.02 Coral Gables 379 3,485, , , % 14, $32.21 Coral Way 323 2,602,509 70,344 70, % (7,736) 0 0 $31.39 Cypress Creek 214 2,880, , , % 15,166 4,152 0 $13.73 Delray Beach 526 7,181, , , % 55, $16.84 Downtown Fort Lauderdale 411 5,622, , , % (91,628) 0 20,000 $25.42 Downtown Miami 156 4,873, , , % 28, $26.42 Fort Lauderdale 2,033 18,088,941 1,184,231 1,228, % (41,179) 70,122 36,907 $16.22 Hallandale 498 5,180, , , % 64, $16.85 Hollywood 1,073 11,210, , , % 130,233 16,973 0 $18.30 Jupiter 295 4,332, , , % 8, $19.18 Kendall ,083, , , % 192,780 7,938 0 $27.73 Medley/Hialeah ,112, , , % 197, ,170 28,631 $21.13 Miami 2,209 13,361, , , % (15,776) 9,420 68,437 $15.37 Miami Airport ,867, , , % 35,293 11,646 0 $19.81 Miami Beach 564 8,448, , , % 81,375 60,111 36,063 $68.81 Miami Lakes 173 4,722, , , % 11, $20.36 Miami-Dade Central County 377 2,909, , , % 15, ,107 $15.00 North Palm Beach ,379, , , % 154, $15.81 Northeast Dade 1,048 10,493, , , % 40,546 8,885 15,500 $19.78 NW Broward/Coral Springs ,912,694 1,040,081 1,044, % 145, $15.95 Outlying Broward County 172 3,289, , , % 56,332 6,359 0 $20.58 Outlying Miami-Dade Cnty ,185 49,122 49, $21.04 Palm Beach 219 4,603, , , % 156, $23.71 Palm Springs/Lake Worth 222 2,225, , , % (29,641) 0 0 $14.34 Plantation ,837,672 1,575,165 1,588, % 186, $15.06 Pompano Beach 1,041 16,433,830 1,169,030 1,179, % 55,573 15,337 0 $16.67 Royal Palm Bch/Wellington 224 7,383, , , % $17.31 Sawgrass Park 85 4,581,674 72,999 72, % 24, $23.22 South Dade ,776, , , % 252,656 94,396 13,597 $18.64 Southwest Broward ,882, , , % 174,586 4,494 35,000 $20.67 West Miami 653 6,566, , , % 5,686 20,330 2,390 $24.43 West Palm Beach 1,447 19,931,396 2,108,573 2,115, % 3,699 47,418 0 $15.68 Totals 21, ,597,272 19,027,570 19,317, % 2,283, , ,102 $ COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 15

22 SOUTH FLORIDA YEAR-END 2011 FIGURES AT A GLANCE General Retail Submarket Statistics Year-End 2011 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura ,239 3,500 3, % (1,476) 0 0 $35.00 Biscayne Corridor 184 1,663,408 59,100 59, % 36, ,470 $24.17 Boca Raton East 217 2,521,946 76,167 83, % 107, ,180 0 $20.06 Boca Raton North , % $0.00 Boca Raton West 38 1,145, , $33.27 Boynton/Lantana 346 2,738,866 67,479 67, % (2,398) 4,748 0 $21.07 Brickell ,425 36,205 36, % 28, $36.12 Coconut Grove ,786 21,922 23, % 19,646 4,000 0 $28.41 Commercial Blvd ,550 42,154 42, % (13,640) 0 0 $12.94 Coral Gables 319 2,023,868 86,340 86, % 35, $31.79 Coral Way 271 1,824,104 28,341 28, % (7,012) 0 0 $20.49 Cypress Creek 155 1,419,889 45,497 45, % (441) 4,152 0 $17.45 Delray Beach 399 3,145, , , % (1,772) 0 0 $21.94 Downtown Fort Lauderdale 373 3,282, , , % (71,412) 0 20,000 $25.63 Downtown Miami 142 4,247, , , % 19, $28.33 Fort Lauderdale 1,687 11,035, , , % (13,115) 70,122 36,907 $19.99 Hallandale 393 2,778,314 22,811 22, % 34, $17.38 Hialeah Gardens 312 1,211,114 76,696 76, % 5, ,107 $16.05 Hollywood 837 4,447, , , % 42,969 13,013 0 $16.70 Jupiter 178 1,434,201 60,339 60, % (14,496) 0 0 $18.30 Kendall 430 4,495,626 59,022 59, % (10,185) 7,938 0 $20.28 Medley/Hialeah 629 5,588, , , % 135, ,390 28,631 $22.96 Miami 2,026 10,993, , , % (24,653) 9,420 68,437 $15.94 Miami Airport 367 3,308,685 15,769 18, % 30,705 11,646 0 $35.40 Miami Beach 473 5,894, , , % 68,627 31,785 36,063 $45.73 Miami Lakes 114 2,198,862 77,385 77, % 1, $21.83 North Palm Beach 506 4,856, , , % 28, $17.10 Northeast Dade 748 4,353, , ,929 6,551 8,885 15,500 $19.04 NW Broward/Coral Springs 266 3,212, , , % 8, $14.42 Outlying Broward County ,914 8,707 8, % 12,972 6,359 0 $17.45 Outlying Miami-Dade Cnty ,278 19,356 19, % (1,288) 0 0 $18.00 Palm Bch Cty Outlying 101 1,174,488 15,530 15, % (1,930) 0 0 $16.82 Palm Beach ,856 35,593 35, % (12,507) 0 0 $49.60 Palm Springs/Lake Worth 191 1,115,995 43,156 43, % (8,847) 0 0 $17.54 Plantation 296 3,083,529 96,500 96, % 2, $9.07 Pompano Beach 685 7,049, , , % 25,212 15,337 0 $17.08 Royal Palm Bch/Wellington 93 1,221,470 20,404 20, % 4, $20.22 Sawgrass Park ,020 24,822 24, % (24,822) 0 0 $31.47 South Dade 646 5,450, , , % 57,797 32,835 13,597 $13.89 Southwest Broward 256 4,663,474 50,177 50, % 5, $14.39 West Miami 475 2,414,124 57,922 57, % (8,733) 20,330 2,390 $21.46 West Palm Beach 1,138 9,026, , , % 18,909 47,418 0 $15.44 Totals 15, ,644,101 4,532,528 4,654, % 520, , ,102 $ THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

23 FIGURES AT A GLANCE YEAR-END 2011 SOUTH FLORIDA Mall Submarket Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 3 3,161,000 35,697 35, % 4, $0.00 Biscayne Corridor $0.00 Boca Raton East 2 724,845 35,264 35, % 17, $23.33 Boca Raton North $0.00 Boca Raton West 3 1,883,260 9,890 9, % 20, $31.93 Boynton/Lantana 2 1,391, , , % (113,358) 0 0 $27.00 Brickell $0.00 Coconut Grove 1 199,683 11,739 11, % 15, $33.71 Commercial Blvd $0.00 Coral Gables 1 1,046,672 46,602 46, % (23,243) 0 0 $0.00 Coral Way $0.00 Cypress Creek $0.00 Delray Beach $0.00 Downtown Fort Lauderdale 2 1,301, , , % $0.00 Downtown Miami 1 311,413 9,922 9, % 9, $0.00 Fort Lauderdale 1 581, , , % (14,567) 0 0 $9.00 Hallandale 1 420, , , % $0.00 Hialeah Gardens 1 453,917 65,166 65, % 24, $14.00 Hollywood 2 1,033,901 89,011 89, % (4,448) 0 0 $17.18 Jupiter $0.00 Kendall 4 3,542, , , % $45.06 Medley/Hialeah 1 786, $0.00 Miami 0 32, $0.00 Miami Airport 4 3,798,721 98, , % (11,007) 0 0 $30.00 Miami Beach 2 1,523,390 45,637 50, % 7,339 28,326 0 $ Miami Lakes $0.00 North Palm Beach 3 1,976,222 57,041 59, % 28, $26.76 Northeast Dade 1 681,469 36,899 36, % (561) 0 0 $0.00 NW Broward/Coral Springs 1 1,037,203 12,600 12, % $30.00 Outlying Broward County $0.00 Outlying Miami-Dade Cnty $0.00 Palm Bch Cty Outlying $0.00 Palm Beach 1 147, , $0.00 Palm Springs/Lake Worth $0.00 Plantation 2 2,095, , , % 26, $0.00 Pompano Beach 2 1,107,653 60,224 60, % 6, $26.59 Royal Palm Bch/Wellington 1 1,273, $0.00 Sawgrass Park 1 2,405, $0.00 South Dade 1 981,450 36,299 36, % 8, $30.09 Southwest Broward 3 1,467,655 19,749 19, % 1, $26.85 West Miami $0.00 West Palm Beach 2 3,533, , , % (150,000) 0 0 $0.00 Totals 49 38,900,103 3,039,910 3,058, % (144,958) 28,326 0 $ COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 17

24 SOUTH FLORIDA YEAR-END 2011 FIGURES AT A GLANCE Power Center Submarket Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 1 445, $0.00 Biscayne Corridor $0.00 Boca Raton East $0.00 Boca Raton North $0.00 Boca Raton West 1 227, $0.00 Boynton/Lantana 3 912, , , % 3, $13.85 Brickell $0.00 Coconut Grove $0.00 Commercial Blvd 1 248, , $25.00 Coral Gables $0.00 Coral Way 1 250,000 33,028 33, % (1,449) 0 0 $38.73 Cypress Creek $0.00 Delray Beach 2 993,262 40,538 40, % 39, $17.19 Downtown Fort Lauderdale $0.00 Downtown Miami $0.00 Fort Lauderdale 1 427,455 2,205 2, % $21.89 Hallandale 1 341,366 13,500 13, $0.00 Hialeah Gardens $0.00 Hollywood 3 1,320,596 16,465 19, % 38,960 3,960 0 $23.97 Jupiter $0.00 Kendall 1 361, $0.00 Medley/Hialeah 2 795, , $0.00 Miami $0.00 Miami Airport 1 411, $0.00 Miami Beach 1 504,300 3,194 3, % 3, $50.00 Miami Lakes $0.00 North Palm Beach 1 366,298 41,945 45, % (3,970) 0 0 $18.00 Northeast Dade $0.00 NW Broward/Coral Springs $0.00 Outlying Broward County $0.00 Outlying Miami-Dade Cnty $0.00 Palm Bch Cty Outlying $0.00 Palm Beach $0.00 Palm Springs/Lake Worth $0.00 Plantation 1 488,721 23,203 23, % 52, $0.00 Pompano Beach 1 259,340 17,434 17, % (3,684) 0 0 $19.24 Royal Palm Bch/Wellington 3 844,618 41,940 63, % (19,022) 0 0 $15.88 Sawgrass Park $0.00 South Dade 1 350,101 6,534 6, % 55, $0.00 Southwest Broward 3 1,094, , , % 20, $17.75 West Miami $0.00 West Palm Beach $0.00 Totals 29 10,642, , , % 259,145 3,960 0 $ THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

25 FIGURES AT A GLANCE YEAR-END 2011 SOUTH FLORIDA Shopping Center Submarket Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 25 1,890,900 47,417 47, % 57, $33.96 Biscayne Corridor ,373 61,055 61, % 16, $16.43 Boca Raton East 67 1,908, , , % 21, $18.81 Boca Raton North 4 116,581 2,700 2, % 5, $31.18 Boca Raton West 34 2,806, , , % (1,229) 0 0 $23.57 Boynton/Lantana 72 5,181, , , % 51, $17.89 Brickell 5 106, $0.00 Coconut Grove ,256 16,854 16, % (2,739) 0 0 $28.73 Commercial Blvd 16 1,099,666 55,566 55, % 11, $12.34 Coral Gables ,026 22,044 22, % 2, $35.12 Coral Way ,405 8,975 8, % $23.01 Cypress Creek 39 1,460, , , % 15, $12.89 Delray Beach 64 3,042, , , % 17, $15.87 Downtown Fort Lauderdale 23 1,038,463 55,538 55, % (20,216) 0 0 $25.21 Downtown Miami 5 276, , , % $15.00 Fort Lauderdale 230 5,877, , , % (16,352) 0 0 $18.04 Hallandale 90 1,580, , , % 30, $16.59 Hialeah Gardens 35 1,244,688 87,587 87, % (14,331) 0 0 $15.71 Hollywood 151 4,408, , , % 52, $18.62 Jupiter 54 2,898, , , % 23, $19.24 Kendall 130 8,683, , , % 202, $25.86 Medley/Hialeah 155 4,941, , , % 60,093 52,780 0 $20.55 Miami 165 2,195, , , % 5, $13.92 Miami Airport 118 5,298, , , % 15, $18.91 Miami Beach ,578 37,973 37, % 1, $63.99 Miami Lakes 37 2,523, , , % 10, $19.76 North Palm Beach 86 4,180, , , % 101, $15.03 Northeast Dade 237 5,459, , , % 34, $20.13 NW Broward/Coral Springs 110 6,663, , , % 137, $16.13 Outlying Broward County 38 2,469, , , % 43, $20.62 Outlying Miami-Dade Cnty 5 240,907 29,766 29, % 2, $23.40 Palm Bch Cty Outlying 28 2,594, , , % 163, $17.57 Palm Beach 3 230,579 32,171 32, , $41.34 Palm Springs/Lake Worth 20 1,109, , , % (20,794) 0 0 $12.79 Plantation 105 7,170, , , % 104, $15.58 Pompano Beach 172 7,879, , , % 28, $15.91 Royal Palm Bch/Wellington 37 4,044, , , % 15, $17.17 Sawgrass Park 14 1,278,861 48,177 48, % 49, $19.67 South Dade 109 5,786, , , % 130,906 61,561 0 $19.06 Southwest Broward 96 7,510, , , % 147,177 4,494 35,000 $21.90 West Miami 144 4,152, , , % 14, $24.95 West Palm Beach 158 7,372, , , % 134, $15.77 Totals 3, ,974,262 10,782,114 10,903, % 1,639, ,835 35,000 $ COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 19

26 SOUTH FLORIDA YEAR-END 2011 FIGURES AT A GLANCE Specialty Center Submarket Statistics Year-End 2011 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura $0.00 Biscayne Corridor $0.00 Boca Raton East $0.00 Boca Raton North $0.00 Boca Raton West $0.00 Boynton/Lantana $0.00 Brickell 1 194,000 2,000 2, % $0.00 Coconut Grove 1 297,175 16,212 16, % 4, $23.50 Commercial Blvd $0.00 Coral Gables $0.00 Coral Way $0.00 Cypress Creek $0.00 Delray Beach $0.00 Downtown Fort Lauderdale $0.00 Downtown Miami 1 37,600 36,500 36, % $22.50 Fort Lauderdale 1 167, , $0.00 Hallandale 1 60, $17.00 Hialeah Gardens $0.00 Hollywood $0.00 Jupiter $0.00 Kendall $0.00 Medley/Hialeah $0.00 Miami 1 138,813 19,244 19, % 3, $0.00 Miami Airport 1 50, $0.00 Miami Beach $0.00 Miami Lakes $0.00 North Palm Beach $0.00 Northeast Dade $0.00 NW Broward/Coral Springs $0.00 Outlying Broward County $0.00 Outlying Miami-Dade Cnty $0.00 Palm Bch Cty Outlying $0.00 Palm Beach $0.00 Palm Springs/Lake Worth $0.00 Plantation $0.00 Pompano Beach 1 137,860 67,918 67, % (1,400) 0 0 $12.00 Royal Palm Bch/Wellington $0.00 Sawgrass Park $0.00 South Dade 1 207, $0.00 Southwest Broward 1 145, $0.00 West Miami $0.00 West Palm Beach $0.00 Totals 10 1,436, , , % 9, $ THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

27 FIGURES AT A GLANCE YEAR-END 2011 SOUTH FLORIDA Total Retail Submarket Statistics Year-End 2011 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 123 6,316,399 86,614 86, % 60, $34.05 Biscayne Corridor 198 1,954, , , % 53, ,470 $21.26 Boca Raton East 315 5,154, , , % 147, ,180 0 $19.51 Boca Raton North ,778 3,425 3, % 6, $31.18 Boca Raton West 147 6,062, , , % 20, $25.01 Boynton/Lantana ,224, , , % (61,408) 4,748 0 $17.47 Brickell ,844 38,205 38, % 28, $36.12 Coconut Grove 137 1,802,900 66,727 68, % 37,033 4,000 0 $28.42 Commercial Blvd 101 1,925,934 97,720 97, % 68, $13.02 Coral Gables 379 3,485, , , % 14, $32.21 Coral Way 323 2,602,509 70,344 70, % (7,736) 0 0 $31.39 Cypress Creek 214 2,880, , , % 15,166 4,152 0 $13.73 Delray Beach 526 7,181, , , % 55, $16.84 Downtown Fort Lauderdale 411 5,622, , , % (91,628) 0 20,000 $25.42 Downtown Miami 156 4,873, , , % 28, $26.42 Fort Lauderdale 2,033 18,088,941 1,184,231 1,228, % (41,179) 70,122 36,907 $16.22 Hallandale 498 5,180, , , % 64, $16.85 Hialeah Gardens 377 2,909, , , % 15, ,107 $15.00 Hollywood 1,073 11,210, , , % 130,233 16,973 0 $18.30 Jupiter 295 4,332, , , % 8, $19.18 Kendall ,083, , , % 192,780 7,938 0 $27.73 Medley/Hialeah ,112, , , % 197, ,170 28,631 $21.13 Miami 2,209 13,361, , , % (15,776) 9,420 68,437 $15.37 Miami Airport ,867, , , % 35,293 11,646 0 $19.81 Miami Beach 564 8,448, , , % 81,375 60,111 36,063 $68.81 Miami Lakes 173 4,722, , , % 11, $20.36 North Palm Beach ,379, , , % 154, $15.81 Northeast Dade 1,048 10,493, , , % 40,546 8,885 15,500 $19.78 NW Broward/Coral Springs ,912,694 1,040,081 1,044, % 145, $15.95 Outlying Broward County 172 3,289, , , % 56,332 6,359 0 $20.58 Outlying Miami-Dade Cnty ,185 49,122 49, $21.04 Palm Bch Cty Outlying 168 3,769, , , % 161, $17.51 Palm Beach ,267 67,764 67, % (5,813) 0 0 $46.30 Palm Springs/Lake Worth 222 2,225, , , % (29,641) 0 0 $14.34 Plantation ,837,672 1,575,165 1,588, % 186, $15.06 Pompano Beach 1,041 16,433,830 1,169,030 1,179, % 55,573 15,337 0 $16.67 Royal Palm Bch/Wellington 224 7,383, , , % $17.31 Sawgrass Park 85 4,581,674 72,999 72, % 24, $23.22 South Dade ,776, , , % 252,656 94,396 13,597 $18.64 Southwest Broward ,882, , , % 174,586 4,494 35,000 $20.67 West Miami 653 6,566, , , % 5,686 20,330 2,390 $24.43 West Palm Beach 1,447 19,931,396 2,108,573 2,115, % 3,699 47,418 0 $15.68 Totals 21, ,597,272 19,027,570 19,317, % 2,283, , ,102 $ COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 21

28 SOUTH FLORIDA YEAR-END 2011 FIGURES AT A GLANCE General Retail Market Statistics Year-End 2011 Net Deliveries UC Inventory Period # Blds Total GLA Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 15, ,644,101 4,532,528 4,654, % 81, , ,102 $ q 15, ,535,899 4,527,876 4,627, % 124, , ,001 $ q 15, ,466,526 4,544,376 4,683, % 134, , ,659 $ q 15, ,395,947 4,629,148 4,747, % 180, , ,447 $ q 15, ,164,829 4,612,610 4,696, % 172, , ,555 $ q 15, ,115,921 4,727,920 4,820, % 103, , ,897 $ q 15, ,133,509 4,849,070 4,941, % 189, , ,763 $ q 15, ,070,729 4,988,778 5,067, % 196, , ,562 $ q 15, ,933,577 5,003,774 5,126, % (235,681) 6 58, ,547 $ q 15, ,878,169 4,721,684 4,835, % (311,459) 8 150, ,863 $ q 15, ,727,796 4,205,774 4,374, % 98, , ,433 $ q 15, ,623,478 4,172,840 4,368, % 316, , ,495 $ q 15, ,090,608 3,999,442 4,151, % (131,714) , ,493 $ q 15, ,692,454 3,550,615 3,621, % (108,667) , ,065,932 $ q 15, ,424,677 3,203,825 3,245, % 326, , ,175,542 $ q 15, ,131,461 3,240,672 3,278, % 790, , ,010 $24.86 Mall Market Statistics Year-End 2011 Net Deliveries Period # Ctrs Total GLA Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 49 38,900,103 3,039,910 3,058, % 72, $ q 49 38,900,103 3,114,958 3,130, % (145,001) 1 13, $ q 49 38,886,126 2,957,483 2,971, % (94,342) 1 14, ,977 $ q 49 38,871,777 2,850,378 2,862, % 21, ,326 $ q 49 38,871,777 2,877,414 2,884, % (40,239) ,349 $ q 49 38,871,777 2,837,175 2,844, % (14,389) $ q 49 38,871,777 2,822,786 2,830, % (27,687) $ q 49 38,871,777 2,795,099 2,802, % (216,163) 1 400, $ q 49 38,471,777 2,178,936 2,186, % 334, , ,000 $ q 48 38,142,726 2,184,631 2,192, % 41, , ,051 $ q 48 38,009,514 2,090,031 2,100, % (219,097) ,263 $ q 48 38,009,514 1,840,350 1,881, % 24, , ,257 $ q 47 37,865,581 1,758,956 1,761, % (104,638) 9 412, ,130 $ q 46 37,453,371 1,243,066 1,244, % (30,736) ,143 $ q 46 37,453,371 1,213,343 1,213, % (510,122) ,999 $ q 46 37,453, , , % 15, , ,999 $26.45 UC Inventory Power Center Market Statistics Year-End 2011 Net Deliveries UC Inventory Period # Ctrs Total GLA Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 29 10,642, , , % 47, $ q 29 10,642, , , % 48, $ q 29 10,642, , , % 34, $ q 29 10,642, , , % 129, , $ q 29 10,638, , , % (77,618) ,960 $ q 29 10,638, , , % 35, ,960 $ q 29 10,638, , , % 57, $ q 29 10,638, , , % 4, $ q 29 10,638, , , % 25, $ q 29 10,638, , , % 462, , $ q 28 10,134, , , % (67,278) ,300 $ q 28 10,134, , , % (267,735) ,300 $ q 28 10,134, , , % 99, , ,300 $ q 28 9,885, , , % (60,414) ,475 $ q 28 9,885, , , % 100, , ,175 $ q 28 9,855, , , % 490, , ,174 $ THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

29 FIGURES AT A GLANCE YEAR-END 2011 SOUTH FLORIDA Shopping Center Market Statistics Year-End 2011 Net Deliveries UC Inventory Period # Ctrs Total GLA Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 3, ,974,262 10,782,114 10,903, % 471, , ,000 $ q 3, ,910,988 11,180,875 11,311, % 629, ,274 $ q 3, ,910,988 11,799,886 11,940, % 381, , ,274 $ q 3, ,855,427 12,126,045 12,266, % 157, ,835 $ q 3, ,855,427 12,282,588 12,423, % (135,753) 1 7, ,055 $ q 3, ,848,327 12,098,015 12,280, % 180, , ,155 $ q 3, ,818,707 12,220,280 12,431, % 339, ,214 $ q 3, ,818,707 12,562,958 12,771, % 278, , ,214 $ q 3, ,675,194 12,542,711 12,905, , , ,007 $ q 3, ,472,379 12,464,270 12,847,099 1 (436,089) 7 220, ,728 $ q 3, ,251,578 11,764,439 12,190, % (1,206,106) 5 88, ,529 $ q 3, ,163,166 10,498,566 10,895, % (700,631) , ,575 $ q 3, ,722,366 9,405,543 9,754, % (219,023) , ,838 $ q 3, ,944,084 8,602,535 8,756, % 431, ,275, ,478,527 $ q 3, ,668,948 7,759,336 7,913, % 487, , ,938,593 $ q 3, ,754,833 7,377,754 7,486, % (95,641) , ,657,286 $21.76 Specialty Center Market Statistics Year-End 2011 Net Deliveries Period # Ctrs Total GLA Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 10 1,436, , , % 9, $ q 10 1,436, , , % (56) $ q 10 1,436, , , % $ q 10 1,436, , , % (452) $ q 10 1,436, , , % (50,793) $ q 10 1,436, , , % $ q 10 1,436, , , % 9, $ q 10 1,436, , , % 14, $ q 10 1,436, , , % 13, $ q 10 1,436, , , % (2,000) $ q 10 1,436, , , % 15, $ q 10 1,436, , , % 15, $ q 10 1,436, , , % (38,584) $ q 10 1,436, , , % (11,342) $ q 10 1,436, , , % 5, $ q 10 1,436, , , % 42, $24.14 UC Inventory Total Retail Market Statistics Year-End 2011 Net Deliveries UC Inventory Period # Blds Total GLA Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates q 21, ,597,272 19,027,570 19,317, % 681, , ,102 $ q 21, ,425,796 19,554,478 19,827, % 656, , ,275 $ q 21, ,342,446 20,081,618 20,401, % 457, , ,910 $ q 21, ,201,957 20,439,770 20,718, % 487, , ,608 $ q 21, ,966,879 20,731,423 20,970, % (131,645) 7 56, ,919 $ q 21, ,910,871 20,493,510 20,783, % 305, , ,012 $ q 21, ,898,839 20,757,033 21,076, % 567, , ,977 $ q 21, ,836,059 21,266,487 21,581, % 277, , ,776 $ q 21, ,155,394 20,662,402 21,178, % 282, , ,554 $ q 21, ,568,120 20,330,583 20,873, % (245,439) 20 1,008, ,305,642 $ q 21, ,559,434 18,942,506 19,618, % (1,378,686) , ,255,525 $ q 21, ,366,704 17,311,574 18,047, % (612,342) 51 1,117, ,178,627 $ q 21, ,249,101 15,712,491 16,317, % (393,995) 53 1,836, ,852,761 $ q 21, ,412,280 13,834,358 14,086, % 220, ,580, ,273,077 $ q 20, ,869,367 12,542,890 12,764, % 409, ,242, ,432,309 $ q 20, ,632,037 11,727,654 11,936,209 1,243, ,226, ,850,469 $ COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 23

30 SOUTH FLORIDA YEAR-END 2011 LEASING ACTIVITY Leasing Highlights in Select CoStar Markets Color Coded by Rate 24 THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

31 LEASING ACTIVITY YEAR-END 2011 SOUTH FLORIDA Historical Rental Rates Based on NNN Rental Rates Power Center Specialty Center General Retail Shopping Center Mall Total Market $29.00 $24.00 $19.00 $14.00 $ q q q q q q q q q q q q q q q q q q q q q q q q by Available Space Type Percent of All in Direct vs. Sublet by Building Type Percent of All by Building Type 2% Shopping Center General Retail Mall Power Center 98% Specialty Center Direct Sublet 0% 10% 20% 30% 40% 50% 60% GLA By Building Type Ratio of Total GLA by Building Type Future Space Available Space Scheduled to be Available for Occupancy* General Retail Shopping Center Mall Power Center Millions Specialty Center Millions of Square 0Feet q q q q q q * Includes Under Construction Spaces 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 25

32 SOUTH FLORIDA YEAR-END 2011 LEASING ACTIVITY Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2011 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Delray Crossing Delray Beach 55,000 3rd PGA Golf & Tennis Super Store The Shopping Center Group, LLC Coldwell Banker Commercial NRT 2 West Marine Fort Lauderdale 50,000 2nd West Marine Direct Deal Stiles Realty 3 Boynton Lakes Plaza Boynton/Lantana 45,600 3rd Publix Direct Deal Regency Centers Corporation N Federal Hwy Fort Lauderdale 44,000 1st Dick s Sporting Goods N/A Direct Deal 5 Coco Centre Pompano Beach 32,542 2nd LRX Group Direct Deal Coconut Creek Properties Inc 6 Palm Springs Mile Medley/Hialeah 32,500 1st N/A N/A Philips International Holding Corp. 7 Lakeside Centre* Boca Raton West 27,000 2nd Marshalls Direct Deal Coldwell Banker Commercial NRT 8 Acura Hallandale 25,204 4th N/A N/A Cook Commercial Realty, Inc. 9 Delray Crossing Delray Beach 25,000 1st Deals The Rotella Group, Inc. Coldwell Banker Commercial NRT 10 Homestead Pavilion South Dade 25,000 1st HH Gregg N/A DDR Corp. 11 Biscayne Plaza Shopping Center Biscayne Corridor 24,016 1st Sabor Tropical N/A Terranova Corporation 12 Biscayne Plaza Shopping Center Biscayne Corridor 22,220 1st DD s Discount N/A Terranova Corporation 13 Miramar Square Bldg 1 Southwest Broward 21,237 3rd Miami Children s Hospital N/A Woolbright Development, Inc. 14 El Dorado Plaza Pompano Beach 21,222 3rd The Wow Factory Strategic Retail Advisors, Inc. Continental Real Estate Companies 15 The Fountains Plantation 20,000 1st Joann Fabrics N/A DDR Corp. 16 Westview Shoppes Outlying Broward County 19,206 2nd N/A N/A Atlantic Retail Properties Okeechobee Blvd West Palm Beach 18,000 1st N/A N/A Atlantic Retail Properties 18 Cocowalk Coconut Grove 17,563 1st Sushi Central Lounge N/A PMAT Acquisition Building Plantation 17,086 3rd LaVan & Neidenberg N/A Equity One, Inc S Dixie Hwy South Dade 17,059 2nd Vita Foods V N/A Phoenix Real Estate Group, Inc 21 Homestead Pavilion South Dade 16,000 2nd Planet Fitness N/A DDR Corp. 22 Bird Ludlum West Miami 15,724 4th Axis Behavioral Health N/A Equity One, Inc. 23 The Great Florida Bank Center Southwest Broward 15,345 3rd Barry University CresaPartners The Amadi Companies N 10th Ave West Palm Beach 14,888 3rd Brand Name Wholesale Direct Deal Allstate S Dixie Hwy South Dade 14,820 2nd Dollar General Katz & Associates Corporation Gallaher & Birch, Inc 26 Trail Plaza Pompano Beach 14,500 1st Lab Corp N/A Cohen Commercial Realty, Inc. 27 Sound Advice West Palm Beach 14,268 3rd N/A N/A Florida Executive Realty Management Biscayne Blvd Northeast Dade 14,000 1st Navarro Discount Pharmacy Direct Deal N/A Forest Hill Blvd Royal Palm Bch/Wellington 13,955 4th Good Life Enterprises The Fitzgerald Group SEC Commercial Realty Group, Inc. 30 Penn Dutch Plaza - South Building NW Broward/Coral Springs 13,500 3rd You Fit Health Club N/A Equity One, Inc. 31 Flamingo Park Plaza Medley/Hialeah 13,444 3rd Goodwill Global Fund Investments, Inc. Saglo Development Corporation N Andrews Ave Fort Lauderdale 13,336 1st N/A N/A Atlantic Commercial Group 33 Shoppers Haven Shopping Center Pompano Beach 13,236 2nd You Fit N/A Brixmor Property Group N Federal Hwy - CVS Pharmacy Hollywood 13,013 2nd CVS Pharmacy N/A N/A NW 44th St Fort Lauderdale 13,000 2nd N/A N/A Griffin Susan J 36 Kendall Mall Kendall 12,940 3rd Postal Annex 4022 N/A Continental Real Estate Companies th St Miami Beach 12,500 1st N/A N/A Koniver Stern Group 38 Melin Building Miami 12,486 4th N/A N/A Dacra Realty, Inc. 39 Shoppes at Palm Coast West Palm Beach 12,131 4th N/A N/A Dacar Management LLC 40 Furniture Power Northeast Dade 12,000 4th N/A Direct Deal G and E Realty Group * Renewal 26 THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

33 SALES ACTIVITY YEAR-END 2011 SOUTH FLORIDA The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates 9.0% Cap Rate Price/SF $ % $700 Cap Rate Percentage 7.0% 6.0% 5.0% 3.0% $600 $500 $400 $300 $200 Dollars/SF 1.0% $ q q q q q q q q q q q q $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From Oct Sept Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $300 $250 Millions of Sales Volume Dollars $250 $200 $150 $100 $50 $200 $150 $100 $50 Price/SF < 25,000 SF 296 2,117,773 $ 566,936,503 $ % 25K-99K SF 35 1,588,291 $ 272,921,160 $ % 100K-249K SF 18 2,437,804 $ 325,153,100 $ % $ q q q q q q q q $0 >250K SF 1 250,000 $ 16,700,000 $ Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Retail Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Retail Building Sales of 15,000 SF and Larger $280 South Florida US 1 South Florida US Dollars per SF $230 $180 $130 $80 Cap Rate Percentage 9.0% 8.0% 7.0% 6.0% 5.0% $ q q q q q q q q 3.0% q q q q q q q q Source: CoStar COMPS Source: CoStar COMPS 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 27

34 SOUTH FLORIDA YEAR-END 2011 SALES ACTIVITY 28 THE COSTAR RETAIL REPORT 2012 COSTAR GROUP, INC.

35 SALES ACTIVITY YEAR-END 2011 SOUTH FLORIDA Select Land Sales Based on Commercially Zoned Land Sales Occurring From Oct Dec SW 1st Ct, Miami NW 117th Ave & NW 41st St, Miami SW 88th St, Miami Sale Price: $14,775,000 Sale Price: $13,750,000 Sale Price: $11,713,333 Acres: 3.02 Acres: Acres: Price/SF: $ Price/SF: $18.90 Price/SF: $3.36 Closing Date: 03/02/2011 Closing Date: 05/26/2011 Closing Date: 09/07/2011 Zoning: SD-7 Zoning: BU-IA, County Zoning: TND Intended Use: Retail / Hospitality Intended Use: Neighborhood Center Intended Use: Commercial Buyer: South Miami Avenue LLC Buyer: CC Devco Buyer: BankAtlantic Bancorp, Inc. Seller: BVT Equity Holdings, Inc. Seller: Ocean Bank Seller: Prestige Builders Partners th Ave N, Palm Springs S Dixie Hwy, Miami 1250 SW 2nd Ave, Miami Sale Price: $7,347,200 Sale Price: $6,250,000 Sale Price: $4,999,000 Acres: Acres: 6.66 Acres: 0.69 Price/SF: $9.67 Price/SF: $21.53 Price/SF: $ Closing Date: 01/31/2011 Closing Date: 08/23/2011 Closing Date: 08/05/2011 Zoning: RH Zoning: CRMUC Zoning: C-1 w/ SD-23 overlay Intended Use: Strip Center Intended Use: Self-Storage Intended Use: Bank Buyer: Wal-Mart Stores, Inc. Buyer: Wal-Mart Stores, Inc. Buyer: JP Morgan Chase Bank Seller: Cornerstone Group Seller: Kimco Realty Corporation Seller: Key Realty Advisors, Inc. Source: CoStar COMPS 2012 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 29