CoStar Retail Statistics. Y e a r - E n d South Florida Retail Market

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1 CoStar Retail Statistics Y e a r - E n d

2 Table of Contents Table of Contents A Methodology C Terms & Definitions D Market Highlights & Overview CoStar Markets & Submarkets Inventory & Development Analysis 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 Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters 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 Outlying Miami-Dade Cnty Market Palm Beach Market Palm Springs/Lake Worth Market Plantation Market Pompano Beach Market 2017 CoStar Group, Inc. CoStar Retail Statistics A

3 South Florida Year-End 2016 Table of Contents (Continued) Royal Palm Bch/Wellington Market Sawgrass Park Market South Dade Market Southwest Broward Market West Miami Market West Palm Beach Market B CoStar Retail Statistics 2017 CoStar Group, Inc.

4 Methodology The CoStar Retail Statistics calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 95.6 billion square feet of coverage in 4.4 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2017 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 2017 CoStar Group, Inc. CoStar Retail Statistics C

5 South Florida Year-End 2016 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 building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet. Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Outlet Center: Usually located in a rural or occasionally in a tourist location, an Outlet Center consists of manufacturer s outlet stores selling their own brands at a discount. 50, ,000 SF. An Outlet Center does not have to be anchored. A strip configuration is most common, although some are enclosed malls and others can be arranged in a village cluster. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Power Center: The center typically consists of several freestanding (unconnected) anchors and only a minimum amount of small specialty tenants. 250, ,000 SF. A Power Center is dominated by several large anchors, including discount department stores, offprice stores, warehouse clubs, or "category killers," i.e., stores that offer tremendous selection in a particular merchandise category at low prices. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate D CoStar Retail Statistics 2017 CoStar Group, Inc.

6 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: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. 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. CoStar Retail Statistics E

7 Overview South Florida s Stays at 4.0% Net Absorption Positive 732,071 SF in the Quarter The South Florida retail market did not experience much change in market conditions in the fourth quarter The vacancy rate went from 4.0% in the previous quarter to 4.0% in the current quarter. Net absorption was positive 732,071 square feet, and vacant sublease space increased by 47,685 square feet. rental rates increased from third quarter 2016 levels, ending at $25.07 per square foot per year. A total of 27 retail buildings with 822,026 square feet of retail space were delivered to the market in the quarter, with 3,943,579 square feet still under construction at the end of the quarter. Net Absorption Retail net absorption was moderate in South Florida fourth quarter 2016, with positive 732,071 square feet absorbed in the quarter. In third quarter 2016, net absorption was positive 1,240,184 square feet, while in second quarter 2016, absorption came in at positive 1,231,987 square feet. In first quarter 2016, positive 410,947 square feet was absorbed in the market. Tenants moving out of large blocks of space in 2016 include: Bloomingdale s moving out of 251,830 square feet at Aventura Mall; Target moving out of 124,248 square feet at 5900 Lake Worth Rd - Target; and Kohl s moving out of 86,000 square feet at Coral Square Mall. Tenants moving into large blocks of space in 2016 include: Bloomingdale s moving into 228,318 square feet at Bloomingdale s; Walmart moving into 186,000 square feet at 301 N State Road 7; and Saks Fifth Avenue moving into 107,000 square feet at Brickell City Centre Retail. South Florida s retail vacancy rate changed in the fourth quarter 2016, ending the quarter at 4.0%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 4.5% in the first quarter 2016, to 4.3% at the end of the second quarter 2016, 4.0% at the end of the third quarter 2016, to 4.0% in the current quarter. The amount of vacant sublease space in the South Florida market has trended down over the past four quarters. At the end of the first quarter 2016, there were 343,727 square feet of vacant sublease space. Currently, there are 343,378 square feet vacant in the market. Largest Lease Signings The largest lease signings occurring in 2016 included: the 111,238-square-foot-lease signed by Lowe s at The Plaza; the 94,505-square-foot-deal signed by Rooms To Go at The Plaza at Lake Park; and the 50,500-square-foot-lease signed by Burlington Coat Factory at Point Royale Shopping Center. Rental Rates Average quoted asking rental rates in the South Florida retail market are up over previous quarter levels, and up from their levels four quarters ago. rents ended the fourth quarter 2016 at $25.07 per square foot per year. That compares to $24.72 per square foot in the third quarter 2016, and $24.02 per square foot at the end of the first quarter This represents a 1.4% increase in rental rates in the current quarter, and a 4.19% increase from four quarters ago. Rates by Building Type Power Center Specialty Center General Retail Shopping Center Mall Total Market 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% q q q q q q q q q q q 2017 CoStar Group, Inc. CoStar Retail Statistics 1

8 South Florida Year-End 2016 Overview Inventory & Construction During the fourth quarter 2016, 27 buildings totaling 822,026 square feet were completed in the South Florida retail market. Over the past four quarters, a total of 2,084,532 square feet of retail space has been built in South Florida. In addition to the current quarter, 42 buildings with 433,127 square feet were completed in third quarter 2016, 22 buildings totaling 549,189 square feet completed in second quarter 2016, and 280,190 square feet in 30 buildings completed in first quarter There were 3,943,579 square feet of retail space under construction at the end of the fourth quarter Some of the notable 2016 deliveries include: Brickell City Centre Retail, a 505,000-square-foot facility that delivered in fourth quarter 2016 and is now 40% occupied, and 301 N State Road 7, a 186,000-square-foot building that delivered in second quarter 2016 and is now 100% occupied. Total retail inventory in the South Florida market area amounted to 313,153,189 square feet in 22,550 buildings and 3297 centers as of the end of the fourth quarter Shopping Center The Shopping Center market in South Florida currently consists of 3210 projects with 131,578,578 square feet of retail space in 5,493 buildings. In this report the Shopping Center market is comprised of all Community Center, Neighborhood Center, and Strip Centers. After absorbing 444,859 square feet and delivering 169,037 square feet in the current quarter, the Shopping Center sector saw the vacancy rate go from 5.4% at the end of the third quarter 2016 to 5.2% this quarter. Over the past four quarters, the Shopping Center vacancy rate has gone from 6.2% at the end of the first quarter 2016, to 5.9% at the end of the second quarter 2016, to 5.4% at the end of the third quarter 2016, and finally to 5.2% at the end of & Rent Past 10 Quarters Price in Dollars per Unit $26 $25 $25 $24 $24 $23 $23 $22 $22 $21 $21 Average Rental Rate Rate q 6.0% 5.0% 4.0% 3.0% 1.0% Rate Percentage the current quarter. Rental rates ended the fourth quarter 2016 at $21.49 per square foot, up from the $21.36 they were at the end of third quarter Rental rates have trended up over the past year, going from $20.64 per square foot a year ago to their current levels. Net absorption in the Shopping Center sector has totaled 2,156,951 square feet over the past four quarters. In addition to the positive 444,859 square feet absorbed this quarter, positive 755,842 square feet was absorbed in the third quarter 2016, positive 569,677 square feet was absorbed in the second quarter 2016, and positive 386,573 square feet was absorbed in the first quarter Power Centers The Power Center average vacancy rate was 3.8% in the fourth quarter With positive 3,809 square feet of net absorption and no new deliveries, the vacancy rate went from 3.9% at the end of last quarter to 3.8% at the end of the fourth quarter. In the third quarter 2016, Power Centers absorbed negative (23,222) square feet, delivered no new space, and the vacancy rate went from 3.7% to 3.9% over the course of the quarter. Rental started the quarter at $20.01 per square foot and ended the quarter at $18.12 per square foot. A year ago, in fourth quarter 2015, the vacancy rate was 4.1%. Over the past four quarters, Power Centers have absorbed a cumulative 45,971 square feet of space and delivered cumulative 6,900 square feet of space. Vacant sublease space has gone from 65,748 square feet to 25,405 square feet over that time period, and rental rates have gone from $20.43 to $ At the end of the fourth quarter 2016, there were 8,000 square feet under construction in the South Florida market. The total stock of Power Center space in South Florida currently sits at 12,816,475 square feet in 32 centers comprised of 228 buildings. A total of 8,000 square feet of 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 3.0% at the end of fourth quarter There was a total of 3,908,322 square feet vacant at that time. The General Retail sector in South Florida currently has average rental rates of $30.36 per square foot per year. There are 2,484,095 square feet of space under construction in this sector, with 147,989 square feet having been completed in the fourth quarter. In all, there are a total of 16,489 buildings with 132,057,390 square feet of General Retail space in South Florida. 2 CoStar Retail Statistics 2017 CoStar Group, Inc.

9 Overview Specialty Centers There are currently 6 Specialty Centers in the South Florida market, making up 1,661,213 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 negative (25,487) square feet of net absorption in The vacancy rate currently stands at 4.6%, and rental rates average $16.00 per square foot. Malls Malls recorded net absorption of positive 228,468 square feet in the fourth quarter This net absorption number, combined with the 505,000 square feet that was built in the quarter, caused the vacancy rate to go from 2.7% a quarter ago to 3.4% at the end of the fourth quarter Rental rates went from $41.52 per square foot to $43.31 per square foot during that time. In this report the Mall market is comprised of 49 Lifestyle Center, Regional Mall and Super Regional Malls. Sales Activity Tallying retail building sales of 15,000 square feet or larger, South Florida retail sales figures fell during the third quarter 2016 in terms of dollar volume compared to the second quarter of In the third quarter, 32 retail transactions closed with a total volume of $509,549,112. The 32 buildings totaled 2,047,575 square feet and the average price per square foot equated to $ per square foot. That compares to 32 transactions totaling $780,848,706 in the second quarter The total square footage in the second quarter was 2,580,865 square feet for an average price per square foot of $ Total retail center sales activity in 2016 was down compared to In the first nine months of 2016, the market saw 93 retail sales transactions with a total volume of Absorption & Deliveries Past 10 Quarters Millions SF Net Absorption $1,492,870,118. The price per square foot averaged $ In the same first nine months of 2015, the market posted 136 transactions with a total volume of $2,601,110,626. The price per square foot averaged $ Cap rates have been higher in 2016, averaging 6.49% compared to the same period in 2015 when they averaged 6.26%. One of the largest transactions that occurred within the last four quarters in the South Florida market is the sale of The Palms at Town & Country in Miami. This 667,757 square foot retail center sold for $285,026,877, or $ per square foot. The property sold on 7/29/2016. Reports compiled by: Alfredo Negron, CoStar Research Manager Deliveries q CoStar Group, Inc. CoStar Retail Statistics 3

10 South Florida Year-End 2016 Markets CoStar Submarket Clusters & Submarkets In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets 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. Markets are then divided into Submarket Clusters, 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. Submarket Clusters 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 Palm Springs/Lake Worth Plantation Pompano Beach Royal Palm Bch/Wellington Sawgrass Park South Dade Southwest Broward West Miami West Palm Beach West Palm Beach West Palm Beach CBD 4 CoStar Retail Statistics 2017 CoStar Group, Inc.

11 Inventory & development Historical Deliveries Deliveries Average Delivered SF Millions of 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 Downtown Miami 3 599, , % 19, ,688 West Palm Beach , , % 12,598 51,213 Miami Airport 8 407,495 63, % 21,604 50,937 Medley/Hialeah 7 365,158 78, % 13,516 52,165 Northeast Dade 3 323, , , ,862 Southwest Broward , , % 25,730 16,593 Miami 8 173,838 20, % 6,012 21,730 Hollywood 6 140, , % 10,932 23,494 Miami Beach 5 133,454 83, % 12,180 26,691 Boynton/Lantana 1 110, , ,000 All Other , , % 14,956 13,945 Totals 133 3,943,579 2,196, % 13,887 29,651 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2012 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 3.5 Leased Un-Leased 1,800 Preleased Un-Leased Millions of SF Thousands of SF 1,600 1,400 1,200 1, T q q 2017 CoStar Group, Inc. CoStar Retail Statistics 5

12 South Florida Year-End 2016 Inventory & development Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 1.6 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 116 1,166,435 1,075, % $ , ,600 50,000 SF - 99,999 SF 3 227, , % $ , ,000 SF - 249,999 SF 1 186, , $ 0 186, ,000 SF - 499,999 SF $ 0 0 >= 500,000 SF 1 505, ,000 4 $ 0 505,000 Recent Development by Tenancy Based on GLA Developed for Single & Multi Tenant Use 2016 Deliveries Currently Under Construction Comparison Based on Total GLA General Retail 21% 16% Shopping Center Mall 79% 84% Power Center Specialty Center Multi Single Multi Single Millions of SF CoStar Retail Statistics 2017 CoStar Group, Inc.

13 Inventory & development 2017 CoStar Group, Inc. CoStar Retail Statistics 7

14 South Florida Year-End 2016 Inventory & development 8 CoStar Retail Statistics 2017 CoStar Group, Inc.

15 Figures at a Glance General Retail Market Statistics Year-End 2016 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura , ,483 $ Biscayne Corridor 203 1,752,456 84,587 84, % (34,799) 0 42,075 $49.91 Boca Raton 246 2,871,147 27,302 27, % 69,050 64,641 31,754 $37.43 Boynton/Lantana 369 2,993,889 29,037 33, % 29,432 19, ,000 $24.84 Brickell ,816 11,643 11, % 2, ,000 $96.90 Coconut Grove ,224 39,811 39, % (4,389) 0 6,626 $42.70 Commercial Blvd ,362 3,360 3, % ,000 $21.86 Coral Gables 323 2,183,796 34,081 34, % 57, ,000 $40.44 Coral Way 286 1,728,629 34,518 34,518 8,688 4,526 38,322 $33.13 Cypress Creek 146 1,083,757 30,892 30, % 14,157 5,655 6,200 $23.15 Delray Beach 408 3,377,760 88,329 88, % 75,571 50,319 3,960 $38.82 Downtown Fort Lauder ,531, , , % 21,039 6,370 72,801 $29.72 Downtown Miami 129 2,410, , , % (138,541) 0 149,064 $25.58 Fort Lauderdale 1,677 11,236, , , % 172, ,597 64,400 $24.53 Hallandale 390 1,901,154 59,425 59, % (7,515) 0 95,384 $28.03 Hollywood 808 4,634,534 77,532 77, % 240, , ,964 $20.23 Jupiter 169 1,377,204 49,845 49, % (8,870) 15,770 31,196 $17.75 Kendall 525 5,455, , , % (28,944) 0 58,769 $34.21 Medley/Hialeah 677 5,756,865 62,978 62, % 48,709 47,051 15,202 $26.90 Miami 2,227 11,907, , , % (8,136) 89, ,838 $36.89 Miami Airport 453 4,845,941 34,677 34, % 58,066 68,958 97,929 $38.92 Miami Beach 513 5,145, , , % 64, ,464 $61.14 Miami Lakes 109 2,005,478 7,665 7, % (4,794) 0 19,619 $17.79 Miami-Dade Central C ,486,245 23,610 23, % 47,217 17,922 18,517 $19.87 North Palm Beach 489 4,748, , , % 54,911 29,490 4,048 $23.72 Northeast Dade 808 5,574,115 93,463 95, % 68,550 39, ,587 $28.21 NW Broward/Coral Spr ,210,016 89,238 89, % 13,501 18,216 51,720 $24.00 Outlying Broward Cou. 2 10,338 4,445 4, % (4,445) 0 0 $ Outlying Miami-Dade , $ Palm Beach 225 1,907,256 53,643 53, % 36,265 20,000 6,000 $29.88 Palm Springs/Lake Wo ,293,119 21,830 21, % 56,600 9,910 3,696 $21.32 Plantation 291 3,342, , , % 13,097 49,526 33,597 $25.57 Pompano Beach 675 6,464,761 94, , % 32,395 48,736 16,938 $17.80 Royal Palm Bch/Welli ,273,123 26,025 26,025 8,525 14,600 4,400 $33.88 Sawgrass Park 39 1,025, $35.00 South Dade 633 5,439,885 70,610 70, % 72,069 17,414 10,930 $14.52 Southwest Broward 299 4,907,136 48,474 53, % 61,619 43, ,998 $22.47 West Miami 429 2,390,947 35,266 35, % (14,423) 0 24,483 $27.53 West Palm Beach 1,210 9,555, , , % 115,760 74, ,131 $19.85 Totals 16, ,057,390 3,864,377 3,908, % 1,188,975 1,073,025 2,484,095 $ CoStar Group, Inc. CoStar Retail Statistics 9

16 South Florida Year-End 2016 Figures at a Glance Mall Market Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 3 3,350, , $ Biscayne Corridor $ Boca Raton 4 2,394,466 13,048 13, % 4, $45.17 Boynton/Lantana 2 1,286, , $ Brickell 1 505, , , % 204, ,000 0 $ Coconut Grove 1 199,683 19,407 19, % (5,395) 0 0 $ Commercial Blvd $ Coral Gables 1 1,046, % 12, $ Coral Way $ Cypress Creek $ Delray Beach 1 259, , $40.60 Downtown Fort Lauder. 2 1,227, , , % $ Downtown Miami 1 213, , ,000 $ Fort Lauderdale 1 471,275 66,612 66, % (1,838) 0 0 $14.83 Hallandale 1 535, $ Hollywood 1 163,179 62,290 62, % $ Jupiter 1 122, , $ Kendall 4 3,339,116 35,149 35, % 73, $34.77 Medley/Hialeah 1 815, ,761 $5 Miami 0 32, $ Miami Airport 4 3,525,969 4,989 99, % (94,651) 0 300,000 $27.65 Miami Beach 2 1,535,825 95, , % (45,713) 0 82,990 $ Miami Lakes $ Miami-Dade Central C , , $15.06 North Palm Beach 3 1,821,902 13,580 13, % 27, $31.33 Northeast Dade 1 681,469 38,991 38, % 17, $ NW Broward/Coral Spr. 1 1,037, , $3 Outlying Broward Cou $ Outlying Miami-Dade $ Palm Beach 1 153, , $15 Palm Springs/Lake Wo $ Plantation 1 995,384 5,377 5, % 9, $ Pompano Beach 1 216,798 20,413 20, % (4,068) 0 11,000 $33.32 Royal Palm Bch/Welli. 3 1,964,806 17,000 17, % 6,919 18,719 0 $28.00 Sawgrass Park 1 2,416,115 99,000 99, % 11, $16.80 South Dade 1 961,486 14,906 14, % $ Southwest Broward 2 1,264,914 48,616 48, % (36,553) 0 0 $ West Miami $ West Palm Beach 2 2,034,533 6,057 6, % 7, $ Totals 49 35,039,533 1,100,531 1,205, % 248, ,719 1,189,751 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

17 Figures at a Glance Power Center Market Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 1 390, $ Biscayne Corridor $ Boca Raton 1 227,345 13,000 13, % $ Boynton/Lantana 3 1,316, , , % (44,255) 0 0 $13.15 Brickell $ Coconut Grove $ Commercial Blvd 1 248,718 3,000 3, % (3,000) 0 0 $ Coral Gables $ Coral Way 1 241,272 4,479 4, % 5, $22.00 Cypress Creek $ Delray Beach 2 993,262 5,114 5, % 8, $30.94 Downtown Fort Lauder $ Downtown Miami $ Fort Lauderdale 1 625,412 1,150 1, % (1,150) 0 0 $ Hallandale 1 341, $ Hollywood 3 1,119,399 13,654 19, % (3,123) 0 0 $29.35 Jupiter $ Kendall 1 362, $ Medley/Hialeah 2 774,079 7,066 7, % 2, $19.00 Miami $ Miami Airport 2 1,018, , $ Miami Beach 1 180, $ Miami Lakes $ Miami-Dade Central C $ North Palm Beach 1 421,485 16,181 16, % 31, $36.11 Northeast Dade $ NW Broward/Coral Spr $ Outlying Broward Cou $ Outlying Miami-Dade $ Palm Beach $ Palm Springs/Lake Wo $ Plantation 2 994,917 49,469 49, % (908) 0 0 $27.00 Pompano Beach 2 1,204,384 80,014 80, % 46, $15.63 Royal Palm Bch/Welli ,619 49,576 69, % 10, $20.07 Sawgrass Park $ South Dade 1 396,859 43,576 43, % (37,176) 0 0 $ Southwest Broward 3 1,136,775 18,910 18, % 22,769 6,900 8,000 $24.90 West Miami $ West Palm Beach $ Totals 32 12,816, , , % 45,971 6,900 8,000 $ CoStar Group, Inc. CoStar Retail Statistics 11

18 South Florida Year-End 2016 Figures at a Glance Shopping Center Market Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 23 1,881,210 80,653 80, % (25,617) 0 0 $34.49 Biscayne Corridor ,021 23,178 23, % 46, $30.26 Boca Raton 125 5,050, , , % 64,352 27,732 77,000 $27.53 Boynton/Lantana 75 5,138, , , % 144,799 2,200 0 $18.95 Brickell 6 159,464 6,830 6, % (6,830) 0 0 $ Coconut Grove ,921 7,190 7, % (2,748) 0 0 $66.30 Commercial Blvd ,243 42,377 42, % 16, $15.94 Coral Gables ,317 1,365 1, % 15, $45.65 Coral Way ,474 8,200 8, % (2,460) 0 0 $27.01 Cypress Creek 38 1,590,451 96,024 96, % 27, $21.71 Delray Beach 69 3,195, , ,440 1 (49,747) 0 0 $19.80 Downtown Fort Lauder. 27 1,020,268 49,747 49, % (20,663) 0 0 $35.94 Downtown Miami 4 120,988 10,000 10, % 1, $65.00 Fort Lauderdale 239 6,197, , , % 175, ,300 24,000 $19.59 Hallandale 95 1,770,930 86,746 87, % 69, $23.04 Hollywood 160 4,794, , , % 102,445 39,188 0 $20.12 Jupiter 55 2,799,055 60,244 60, % 78, $20.27 Kendall 152 9,910, , , % 115,973 70,689 0 $32.56 Medley/Hialeah 173 5,507, , , % 16,263 31,003 4,195 $26.57 Miami 168 2,173, , , % (16,534) 0 0 $24.23 Miami Airport 150 6,316, , , % 37, ,566 $27.76 Miami Beach ,758 20,944 20, % (7,594) 0 0 $60.42 Miami Lakes 39 2,713,306 89,931 95, % 40, ,292 $23.30 Miami-Dade Central C. 40 1,350,427 52,063 70, % $17.24 North Palm Beach 93 4,088, , , % 193,984 9,125 2,200 $19.53 Northeast Dade 254 5,727, , , % 119,432 38,580 0 $30.14 NW Broward/Coral Spr ,314, , , % 62, $19.39 Outlying Broward Cou ,534 21,929 21, % (4,143) 0 0 $26.90 Outlying Miami-Dade ,831 15,153 15, % (7,730) 0 0 $23.89 Palm Beach 34 2,700, , , % 117,331 94,655 5,000 $19.14 Palm Springs/Lake Wo. 24 1,324,457 53,885 53, % 13, $15.85 Plantation 106 6,832, , , % 185, $19.34 Pompano Beach 178 7,820, , , % 136, ,750 $17.61 Royal Palm Bch/Welli. 43 3,741, , , % 106,714 12,000 0 $16.76 Sawgrass Park 13 1,126,282 22,078 22,078 25, $25.78 South Dade 98 4,359, , , % 57, ,020 $22.50 Southwest Broward 96 7,838, , , % 26, ,710 $24.10 West Miami 125 4,342, , , % 8,600 2,226 0 $30.25 West Palm Beach 167 7,785, , , % 293,977 3,190 0 $15.71 Totals 3, ,578,578 6,648,887 6,817, % 2,156, , ,733 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

19 Figures at a Glance Specialty Center Market Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura $ Biscayne Corridor $ Boca Raton $ Boynton/Lantana $ Brickell $ Coconut Grove 1 30, $ Commercial Blvd $ Coral Gables $ Coral Way $ Cypress Creek $ Delray Beach $ Downtown Fort Lauder $ Downtown Miami $ Fort Lauderdale $ Hallandale $ Hollywood 1 898,893 35,178 35, % (35,178) 0 0 $ Jupiter $ Kendall $ Medley/Hialeah $ Miami 1 458,465 40,780 40, % (8,176) 0 0 $ Miami Airport $ Miami Beach $ Miami Lakes $ Miami-Dade Central C $ North Palm Beach $ Northeast Dade $ NW Broward/Coral Spr $ Outlying Broward Cou $ Outlying Miami-Dade $ Palm Beach $ Palm Springs/Lake Wo $ Plantation $ Pompano Beach 1 60, , $16.00 Royal Palm Bch/Welli $ Sawgrass Park $ South Dade 1 206, $ Southwest Broward 1 7, , $ West Miami $ West Palm Beach $ Totals 6 1,661,213 75,958 75, % (25,487) 0 0 $ CoStar Group, Inc. CoStar Retail Statistics 13

20 South Florida Year-End 2016 Figures at a Glance Total Retail Market Statistics Year-End 2016 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 129 6,467,613 80,653 80, % (24,367) 0 20,483 $34.49 Biscayne Corridor 222 2,295, , , % 11, ,075 $45.99 Boca Raton ,543, , , % 137,912 92, ,754 $29.40 Boynton/Lantana ,734, , , % 140,348 22, ,000 $18.03 Brickell 66 1,508, , , % 199, ,000 50,000 $ Coconut Grove 150 1,656,828 66,408 66, % (12,532) 0 6,626 $44.32 Commercial Blvd 99 1,573,323 48,737 48, % 14, ,000 $16.85 Coral Gables 380 3,625,784 36,146 36, % 85, ,000 $40.91 Coral Way 339 2,423,375 47,197 47, % 11,592 4,526 38,322 $31.75 Cypress Creek 214 2,674, , , % 42,073 5,655 6,200 $22.16 Delray Beach 565 7,825, , , % 50,444 50,319 3,960 $23.18 Downtown Fort Lauder ,779, , , % 376 6,370 72,801 $32.14 Downtown Miami 141 2,744, , , % (129,803) 0 599,064 $27.37 Fort Lauderdale 2,054 18,530, , , % 344, ,897 88,400 $21.26 Hallandale 514 4,549, , , % 61, ,384 $24.78 Hollywood 1,062 11,610, , , % 304, , ,964 $20.43 Jupiter 293 4,299, , , % 73,340 15,770 31,196 $19.41 Kendall ,067, , , % 160,560 70,689 58,769 $33.07 Medley/Hialeah ,853, , , % 67,671 78, ,158 $38.46 Miami 2,424 14,572, , , % (32,846) 89, ,838 $35.28 Miami Airport ,706, , , % 7,462 68, ,495 $30.70 Miami Beach 607 7,393, , , % 11, ,454 $67.16 Miami Lakes 182 4,718,784 97, , % 35, ,911 $22.63 Miami-Dade Central C ,303,416 75,673 94, % 52,902 17,922 18,517 $17.88 North Palm Beach ,080, , , % 308,378 38,615 6,248 $22.02 Northeast Dade 1,153 11,983, , , % 205,889 78, ,587 $29.55 NW Broward/Coral Spr ,561, , , % 88,653 18,216 51,720 $20.29 Outlying Broward Cou ,872 26,374 26, % (8,588) 0 0 $26.90 Outlying Miami-Dade ,066 15,153 15, % (7,730) 0 0 $23.89 Palm Beach 307 4,760, , , % 158, ,655 11,000 $22.36 Palm Springs/Lake Wo ,617,576 75,715 75, % 70,045 9,910 3,696 $18.27 Plantation ,165,326 1,002,661 1,007, % 207,827 49,526 33,597 $20.58 Pompano Beach 1,044 15,765, , , % 223,473 48,736 34,688 $18.18 Royal Palm Bch/Welli ,802, , , % 132,880 45,319 4,400 $18.30 Sawgrass Park 83 4,568, , , % 36, $25.86 South Dade ,364, , , % 92,107 17,414 80,950 $20.14 Southwest Broward ,155, , , % 80,161 50, ,708 $23.79 West Miami 616 6,733, , , % (5,823) 2,226 24,483 $29.20 West Palm Beach 1,538 19,375, , , % 417,704 77, ,131 $16.52 Totals 22, ,153,189 12,155,374 12,498, % 3,615,189 2,084,532 3,943,579 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

21 Figures at a Glance General Retail Submarket Statistics Year-End 2016 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura , ,483 $ Biscayne Corridor 203 1,752,456 84,587 84, % (34,799) 0 42,075 $49.91 Boca Raton East 195 1,458,791 20,277 20, % 67,749 61,136 19,354 $34.76 Boca Raton North ,518 2,025 2, % 2, ,000 $ Boca Raton West ,838 5,000 5, % (1,495) 3,505 4,400 $55.00 Boynton/Lantana 369 2,993,889 29,037 33, % 29,432 19, ,000 $24.84 Brickell ,816 11,643 11, % 2, ,000 $96.90 Coconut Grove ,224 39,811 39, % (4,389) 0 6,626 $42.70 Commercial Blvd ,362 3,360 3, % ,000 $21.86 Coral Gables 323 2,183,796 34,081 34, % 57, ,000 $40.44 Coral Way 286 1,728,629 34,518 34,518 8,688 4,526 38,322 $33.13 Cypress Creek 146 1,083,757 30,892 30, % 14,157 5,655 6,200 $23.15 Delray Beach 408 3,377,760 88,329 88, % 75,571 50,319 3,960 $38.82 Downtown Fort Lauder ,531, , , % 21,039 6,370 72,801 $29.72 Downtown Miami 129 2,410, , , % (138,541) 0 149,064 $25.58 Fort Lauderdale 1,677 11,236, , , % 172, ,597 64,400 $24.53 Hallandale 390 1,901,154 59,425 59, % (7,515) 0 95,384 $28.03 Hialeah Gardens 377 1,486,245 23,610 23, % 47,217 17,922 18,517 $19.87 Hollywood 808 4,634,534 77,532 77, % 240, , ,964 $20.23 Jupiter 169 1,377,204 49,845 49, % (8,870) 15,770 31,196 $17.75 Kendall 525 5,455, , , % (28,944) 0 58,769 $34.21 Medley/Hialeah 677 5,756,865 62,978 62, % 48,709 47,051 15,202 $26.90 Miami 2,227 11,907, , , % (8,136) 89, ,838 $36.89 Miami Airport 453 4,845,941 34,677 34, % 58,066 68,958 97,929 $38.92 Miami Beach 513 5,145, , , % 64, ,464 $61.14 Miami Lakes 109 2,005,478 7,665 7, % (4,794) 0 19,619 $17.79 North Palm Beach 489 4,748, , , % 54,911 29,490 4,048 $23.72 Northeast Dade 808 5,574,115 93,463 95, % 68,550 39, ,587 $28.21 NW Broward/Coral Spr ,210,016 89,238 89, % 13,501 18,216 51,720 $24.00 Outlying Broward Cou. 2 10,338 4,445 4, % (4,445) 0 0 $ Outlying Miami-Dade , $ Palm Bch Cty Outlyin ,249,254 29,153 29, % 32,910 20,000 6,000 $12.65 Palm Beach ,002 24,490 24, % 3, $58.03 Palm Springs/Lake Wo ,293,119 21,830 21, % 56,600 9,910 3,696 $21.32 Plantation 291 3,342, , , % 13,097 49,526 33,597 $25.57 Pompano Beach 675 6,464,761 94, , % 32,395 48,736 16,938 $17.80 Royal Palm Bch/Welli ,273,123 26,025 26,025 8,525 14,600 4,400 $33.88 Sawgrass Park 39 1,025, $35.00 South Dade 633 5,439,885 70,610 70, % 72,069 17,414 10,930 $14.52 Southwest Broward 299 4,907,136 48,474 53, % 61,619 43, ,998 $22.47 West Miami 429 2,390,947 35,266 35, % (14,423) 0 24,483 $27.53 West Palm Beach 948 7,406, , , % 102,235 74, ,131 $19.62 West Palm Beach CBD 262 2,148, , , % 13, $20.47 Totals 16, ,057,390 3,864,377 3,908, % 1,188,975 1,073,025 2,484,095 $ CoStar Group, Inc. CoStar Retail Statistics 15

22 South Florida Year-End 2016 Figures at a Glance Mall Submarket Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 3 3,350, , $ Biscayne Corridor $ Boca Raton East 2 317,695 5,004 5, % 8, $36.40 Boca Raton North $ Boca Raton West 2 2,076,771 8,044 8, % (4,386) 0 0 $5 Boynton/Lantana 2 1,286, , $ Brickell 1 505, , , % 204, ,000 0 $ Coconut Grove 1 199,683 19,407 19, % (5,395) 0 0 $ Commercial Blvd $ Coral Gables 1 1,046, % 12, $ Coral Way $ Cypress Creek $ Delray Beach 1 259, , $40.60 Downtown Fort Lauder. 2 1,227, , , % $ Downtown Miami 1 213, , ,000 $ Fort Lauderdale 1 471,275 66,612 66, % (1,838) 0 0 $14.83 Hallandale 1 535, $ Hialeah Gardens 1 466, , $15.06 Hollywood 1 163,179 62,290 62, % $ Jupiter 1 122, , $ Kendall 4 3,339,116 35,149 35, % 73, $34.77 Medley/Hialeah 1 815, ,761 $5 Miami 0 32, $ Miami Airport 4 3,525,969 4,989 99, % (94,651) 0 300,000 $27.65 Miami Beach 2 1,535,825 95, , % (45,713) 0 82,990 $ Miami Lakes $ North Palm Beach 3 1,821,902 13,580 13, % 27, $31.33 Northeast Dade 1 681,469 38,991 38, % 17, $ NW Broward/Coral Spr. 1 1,037, , $3 Outlying Broward Cou $ Outlying Miami-Dade $ Palm Bch Cty Outlyin $ Palm Beach 1 153, , $15 Palm Springs/Lake Wo $ Plantation 1 995,384 5,377 5, % 9, $ Pompano Beach 1 216,798 20,413 20, % (4,068) 0 11,000 $33.32 Royal Palm Bch/Welli. 3 1,964,806 17,000 17, % 6,919 18,719 0 $28.00 Sawgrass Park 1 2,416,115 99,000 99, % 11, $16.80 South Dade 1 961,486 14,906 14, % $ Southwest Broward 2 1,264,914 48,616 48, % (36,553) 0 0 $ West Miami $ West Palm Beach 1 825,006 6,057 6, % 7, $ West Palm Beach CBD 1 1,209, $ Totals 49 35,039,533 1,100,531 1,205, % 248, ,719 1,189,751 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

23 Figures at a Glance Power Center Submarket Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 1 390, $ Biscayne Corridor $ Boca Raton East $ Boca Raton North $ Boca Raton West 1 227,345 13,000 13, % $ Boynton/Lantana 3 1,316, , , % (44,255) 0 0 $13.15 Brickell $ Coconut Grove $ Commercial Blvd 1 248,718 3,000 3, % (3,000) 0 0 $ Coral Gables $ Coral Way 1 241,272 4,479 4, % 5, $22.00 Cypress Creek $ Delray Beach 2 993,262 5,114 5, % 8, $30.94 Downtown Fort Lauder $ Downtown Miami $ Fort Lauderdale 1 625,412 1,150 1, % (1,150) 0 0 $ Hallandale 1 341, $ Hialeah Gardens $ Hollywood 3 1,119,399 13,654 19, % (3,123) 0 0 $29.35 Jupiter $ Kendall 1 362, $ Medley/Hialeah 2 774,079 7,066 7, % 2, $19.00 Miami $ Miami Airport 2 1,018, , $ Miami Beach 1 180, $ Miami Lakes $ North Palm Beach 1 421,485 16,181 16, % 31, $36.11 Northeast Dade $ NW Broward/Coral Spr $ Outlying Broward Cou $ Outlying Miami-Dade $ Palm Bch Cty Outlyin $ Palm Beach $ Palm Springs/Lake Wo $ Plantation 2 994,917 49,469 49, % (908) 0 0 $27.00 Pompano Beach 2 1,204,384 80,014 80, % 46, $15.63 Royal Palm Bch/Welli ,619 49,576 69, % 10, $20.07 Sawgrass Park $ South Dade 1 396,859 43,576 43, % (37,176) 0 0 $ Southwest Broward 3 1,136,775 18,910 18, % 22,769 6,900 8,000 $24.90 West Miami $ West Palm Beach $ West Palm Beach CBD $ Totals 32 12,816, , , % 45,971 6,900 8,000 $ CoStar Group, Inc. CoStar Retail Statistics 17

24 South Florida Year-End 2016 Figures at a Glance Shopping Center Submarket Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 23 1,881,210 80,653 80, % (25,617) 0 0 $34.49 Biscayne Corridor ,021 23,178 23, % 46, $30.26 Boca Raton East 85 1,988,951 94,515 95, % 26, $26.24 Boca Raton North 5 140,197 14,430 14, % 17,502 27,732 32,000 $38.33 Boca Raton West 35 2,921, , , % 20, ,000 $26.94 Boynton/Lantana 75 5,138, , , % 144,799 2,200 0 $18.95 Brickell 6 159,464 6,830 6, % (6,830) 0 0 $ Coconut Grove ,921 7,190 7, % (2,748) 0 0 $66.30 Commercial Blvd ,243 42,377 42, % 16, $15.94 Coral Gables ,317 1,365 1, % 15, $45.65 Coral Way ,474 8,200 8, % (2,460) 0 0 $27.01 Cypress Creek 38 1,590,451 96,024 96, % 27, $21.71 Delray Beach 69 3,195, , ,440 1 (49,747) 0 0 $19.80 Downtown Fort Lauder. 27 1,020,268 49,747 49, % (20,663) 0 0 $35.94 Downtown Miami 4 120,988 10,000 10, % 1, $65.00 Fort Lauderdale 239 6,197, , , % 175, ,300 24,000 $19.59 Hallandale 95 1,770,930 86,746 87, % 69, $23.04 Hialeah Gardens 40 1,350,427 52,063 70, % $17.24 Hollywood 160 4,794, , , % 102,445 39,188 0 $20.12 Jupiter 55 2,799,055 60,244 60, % 78, $20.27 Kendall 152 9,910, , , % 115,973 70,689 0 $32.56 Medley/Hialeah 173 5,507, , , % 16,263 31,003 4,195 $26.57 Miami 168 2,173, , , % (16,534) 0 0 $24.23 Miami Airport 150 6,316, , , % 37, ,566 $27.76 Miami Beach ,758 20,944 20, % (7,594) 0 0 $60.42 Miami Lakes 39 2,713,306 89,931 95, % 40, ,292 $23.30 North Palm Beach 93 4,088, , , % 193,984 9,125 2,200 $19.53 Northeast Dade 254 5,727, , , % 119,432 38,580 0 $30.14 NW Broward/Coral Spr ,314, , , % 62, $19.39 Outlying Broward Cou ,534 21,929 21, % (4,143) 0 0 $26.90 Outlying Miami-Dade ,831 15,153 15, % (7,730) 0 0 $23.89 Palm Bch Cty Outlyin. 30 2,577, , , % 101,227 94,655 5,000 $19.14 Palm Beach 4 122, , $ Palm Springs/Lake Wo. 24 1,324,457 53,885 53, % 13, $15.85 Plantation 106 6,832, , , % 185, $19.34 Pompano Beach 178 7,820, , , % 136, ,750 $17.61 Royal Palm Bch/Welli. 43 3,741, , , % 106,714 12,000 0 $16.76 Sawgrass Park 13 1,126,282 22,078 22,078 25, $25.78 South Dade 98 4,359, , , % 57, ,020 $22.50 Southwest Broward 96 7,838, , , % 26, ,710 $24.10 West Miami 125 4,342, , , % 8,600 2,226 0 $30.25 West Palm Beach 160 7,723, , , % 291,727 3,190 0 $15.72 West Palm Beach CBD 7 62,037 1,280 1, % 2, $13.00 Totals 3, ,578,578 6,648,887 6,817, % 2,156, , ,733 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

25 Figures at a Glance Specialty Center Submarket Statistics Year-End 2016 YTD Net YTD Under Market # Ctrs Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura $ Biscayne Corridor $ Boca Raton East $ Boca Raton North $ Boca Raton West $ Boynton/Lantana $ Brickell $ Coconut Grove 1 30, $ Commercial Blvd $ Coral Gables $ Coral Way $ Cypress Creek $ Delray Beach $ Downtown Fort Lauder $ Downtown Miami $ Fort Lauderdale $ Hallandale $ Hialeah Gardens $ Hollywood 1 898,893 35,178 35, % (35,178) 0 0 $ Jupiter $ Kendall $ Medley/Hialeah $ Miami 1 458,465 40,780 40, % (8,176) 0 0 $ Miami Airport $ Miami Beach $ Miami Lakes $ North Palm Beach $ Northeast Dade $ NW Broward/Coral Spr $ Outlying Broward Cou $ Outlying Miami-Dade $ Palm Bch Cty Outlyin $ Palm Beach $ Palm Springs/Lake Wo $ Plantation $ Pompano Beach 1 60, , $16.00 Royal Palm Bch/Welli $ Sawgrass Park $ South Dade 1 206, $ Southwest Broward 1 7, , $ West Miami $ West Palm Beach $ West Palm Beach CBD $ Totals 6 1,661,213 75,958 75, % (25,487) 0 0 $ CoStar Group, Inc. CoStar Retail Statistics 19

26 South Florida Year-End 2016 Figures at a Glance Total Retail Submarket Statistics Year-End 2016 YTD Net YTD Under Market # Blds Total GLA Total SF Vac % Absorption Deliveries Const SF Rates Aventura 129 6,467,613 80,653 80, % (24,367) 0 20,483 $34.49 Biscayne Corridor 222 2,295, , , % 11, ,075 $45.99 Boca Raton East 319 3,765, , , % 102,703 61,136 19,354 $28.71 Boca Raton North ,715 16,455 16, % 20,298 27,732 40,000 $38.33 Boca Raton West 159 6,088, , , % 14,911 3,505 49,400 $28.90 Boynton/Lantana ,734, , , % 140,348 22, ,000 $18.03 Brickell 66 1,508, , , % 199, ,000 50,000 $ Coconut Grove 150 1,656,828 66,408 66, % (12,532) 0 6,626 $44.32 Commercial Blvd 99 1,573,323 48,737 48, % 14, ,000 $16.85 Coral Gables 380 3,625,784 36,146 36, % 85, ,000 $40.91 Coral Way 339 2,423,375 47,197 47, % 11,592 4,526 38,322 $31.75 Cypress Creek 214 2,674, , , % 42,073 5,655 6,200 $22.16 Delray Beach 565 7,825, , , % 50,444 50,319 3,960 $23.18 Downtown Fort Lauder ,779, , , % 376 6,370 72,801 $32.14 Downtown Miami 141 2,744, , , % (129,803) 0 599,064 $27.37 Fort Lauderdale 2,054 18,530, , , % 344, ,897 88,400 $21.26 Hallandale 514 4,549, , , % 61, ,384 $24.78 Hialeah Gardens 448 3,303,416 75,673 94, % 52,902 17,922 18,517 $17.88 Hollywood 1,062 11,610, , , % 304, , ,964 $20.43 Jupiter 293 4,299, , , % 73,340 15,770 31,196 $19.41 Kendall ,067, , , % 160,560 70,689 58,769 $33.07 Medley/Hialeah ,853, , , % 67,671 78, ,158 $38.46 Miami 2,424 14,572, , , % (32,846) 89, ,838 $35.28 Miami Airport ,706, , , % 7,462 68, ,495 $30.70 Miami Beach 607 7,393, , , % 11, ,454 $67.16 Miami Lakes 182 4,718,784 97, , % 35, ,911 $22.63 North Palm Beach ,080, , , % 308,378 38,615 6,248 $22.02 Northeast Dade 1,153 11,983, , , % 205,889 78, ,587 $29.55 NW Broward/Coral Spr ,561, , , % 88,653 18,216 51,720 $20.29 Outlying Broward Cou ,872 26,374 26, % (8,588) 0 0 $26.90 Outlying Miami-Dade ,066 15,153 15, % (7,730) 0 0 $23.89 Palm Bch Cty Outlyin ,826, , , % 134, ,655 11,000 $18.10 Palm Beach ,013 24,490 24, % 24, $63.29 Palm Springs/Lake Wo ,617,576 75,715 75, % 70,045 9,910 3,696 $18.27 Plantation ,165,326 1,002,661 1,007, % 207,827 49,526 33,597 $20.58 Pompano Beach 1,044 15,765, , , % 223,473 48,736 34,688 $18.18 Royal Palm Bch/Welli ,802, , , % 132,880 45,319 4,400 $18.30 Sawgrass Park 83 4,568, , , % 36, $25.86 South Dade ,364, , , % 92,107 17,414 80,950 $20.14 Southwest Broward ,155, , , % 80,161 50, ,708 $23.79 West Miami 616 6,733, , , % (5,823) 2,226 24,483 $29.20 West Palm Beach 1,258 15,955, , , % 401,929 77, ,131 $16.31 West Palm Beach CBD 280 3,420, , , % 15, $20.07 Totals 22, ,153,189 12,155,374 12,498, % 3,615,189 2,084,532 3,943,579 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

27 Figures at a Glance 2017 CoStar Group, Inc. CoStar Retail Statistics 21

28 South Florida Year-End 2016 Figures at a Glance 22 CoStar Retail Statistics 2017 CoStar Group, Inc.

29 Leasing Activity Historical Rental Rates Based on NNN Rental Rates Power Center Specialty Center General Retail Shopping Center Mall Total Market $44.00 $39.00 $34.00 $29.00 $24.00 $19.00 $14.00 $ 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 3% Shopping Center General Retail Mall Power Center 97% 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 1.0 Mall Millions Power Center 0.4 Specialty Center Millions of SF q q * Includes Under Construction Spaces 2017 CoStar Group, Inc. CoStar Retail Statistics 23

30 South Florida Year-End 2016 Leasing Activity Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2016 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company W State Road 84 Southwest Broward 111,238 2nd Lowe s N/A Konover South Development Corp Northlake Blvd North Palm Beach 94,505 1st Rooms To Go N/A Sterling Organization S Dixie Hwy South Dade 50,500 2nd Burlington Coat Factory N/A N/A NW North River Dr Miami 50,000 1st Burlington Coat Factory N/A N/A N State Road 7 Royal Palm Bch/Wellington 49,160 3rd Hobby Lobby N/A LandQwest Commercial N Federal Hwy Fort Lauderdale 45,000 2nd Orchard Supply Hardware N/A Felipe Yalale State Road 7 Palm Bch Cty Outlying 42,602 4th Burlington Coat Factory N/A N/A W Sunrise Blvd Sawgrass Park 40,000 2nd Century 21 N/A N/A N Federal Hwy Pompano Beach 40,000 4th Walmart N/A Konover South Development Corp Lake Worth Rd West Palm Beach 38,266 3rd Nissan N/A N/A State Road 7 Palm Bch Cty Outlying 37,777 2nd Dick s Sporting Goods N/A Ramco-Gershenson Properties Trust W McNab Rd NW Broward/Coral Springs 30,072 4th Ross Dress for Less N/A Katz & Associates Corporation SW 24th St West Miami 29,111 3rd Orchard Supply Hardware N/A Kimco Realty Corporation Forest Hill Blvd Royal Palm Bch/Wellington 25,050 3rd Ross Dress for Less N/A Crossman And Company Legacy Ave North Palm Beach 25,000 1st The Container Store N/A N/A W Atlantic Blvd Pompano Beach 24,426 1st dd s DISCOUNTS N/A The Shopping Center Group, LLC 17 SW 147th Ave South Dade 23,800 4th 24 Hour Fitness N/A Horizon Properties NE 167th St Northeast Dade 21,500 1st ALDI N/A Level Sales & Marketing Westview Dr NW Broward/Coral Springs 21,000 1st O ce Depot N/A New Group Building Management Okeechobee Blvd West Palm Beach 20,585 3rd Shoe Carnival N/A Morguard Management Company N Federal Hwy Pompano Beach 20,280 4th HomeGoods Strategic Retail Advisors, Inc. Kimco Realty Corporation Alternate A1A Hwy North Palm Beach 20,193 3rd Bealls Outlet N/A Woolbright Development, Inc N University Dr NW Broward/Coral Springs 19,666 1st Orchard Supply N/A CREC Pines Blvd Hollywood 18,874 4th Crunch Fitness N/A Sterling Organization N Federal Hwy Boca Raton East 18,791 3rd Palm Beach Fitness Direct Deal Thur and Associates NW 27th Ave Hialeah Gardens 18,760 3rd U Fit N/A Cohen Commercial Realty, Inc.; A & N University Dr NW Broward/Coral Springs 17,434 1st Orchard Supply Centre-Line Real Estate CREC Sunset Dr Kendall 17,172 3rd RH Outlet N/A The Comras Company of Florida, Inc W 20th Ave Medley/Hialeah 17,000 4th A Plus Mini Storage N/A N/A SW 8th St West Miami 15,683 2nd CVS N/A N/A NW 135 St Hialeah Gardens 15,500 2nd South Florida School of Excellence N/A CRD Corp Ives Dairy Rd Northeast Dade 15,200 1st Simons Sports Wear N/A RK Centers Collins Ave Miami Beach 15,000 1st H&M N/A Cushman & Wake eld Legacy Ave* North Palm Beach 15,000 1st Arhaus Furniture N/A Stiles Realty Wiles Rd NW Broward/Coral Springs 14,472 4th Tuesday Morning N/A CREC Pines Blvd Southwest Broward 14,000 1st Emanuel Church N/A Ghougasian Lawrence Pines Blvd Southwest Broward 13,500 3rd Tuesday Morning N/A Woolbright Development, Inc Collins Ave Aventura 12,000 1st White Hall N/A RK Centers Design Center Dr* North Palm Beach 11,957 1st La-Z-Boy Furniture Galleries N/A BBX Capital Corporation S State Road 7 Fort Lauderdale 11,880 3rd O Reilly Auto Parts N/A N/A * Renewal 24 CoStar Retail Statistics 2017 CoStar Group, Inc.

31 Sales Activity The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates 7.0% Cap Rate Price/SF $4, % $3,960 Cap Rate Percentage 5.0% 4.0% 3.0% $3,460 $2,960 $2,460 $1,960 $1,460 Dollars/SF 1.0% $ q q q $460 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 $1,200 Sales Volume Price/SF $400 Bldg Size # RBA $ Volume Price/SF Cap Rate Millions of Sales Volume Dollars $1,000 $800 $600 $400 $200 $350 $300 $250 $200 $150 $100 $50 Price/SF < 25,000 SF 576 3,859,977 $1,558,519,592 $ % 25K-99K SF 100K-249K SF 55 2,672,807 $557,843,531 $ % 15 1,952,408 $318,000,000 $ % $0 $0 >250K SF 6 2,376,477 $815,183,952 $ % q q q q 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 $380 South Florida US 9.0% South Florida US 8.0% Dollars per SF $330 $280 $230 $180 Cap Rate Percentage 7.0% 6.0% 5.0% 4.0% 3.0% $ % q q q q q q q q Source: CoStar COMPS Source: CoStar COMPS 2017 CoStar Group, Inc. CoStar Retail Statistics 25

32 26 CoStar Retail Statistics 2017 CoStar Group, Inc. South Florida Year-End 2016 Sales Activity