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2015 YEAR IN REVIEW P U B L I S H E D J A N U A R Y 2 0 1 6

Retail 2015 Year in Review• Across all property sectors, retail posted the weak-

est gains in volume for 2015 with 1% yoy growth on sales of $88b. Despite this overall sign of weakness, the view from the perspective of individual asset sales is one of a market that is healthy and growing.

• The sale of individual assets grew 9% in 2015 on sales of $59b. These sales are an important sign of health in that one-off transactions tend to have a more diverse pool of buyers with more at stake in each individual deal. This growth is down from the 35% yoy pace set in 2014, but both years are at record levels. Even back in 2006 and 2007, deal volume for individual assets only peaked in the $43b range.

• Portfolio and entity-level transactions still posted strong numbers, even if the growth from 2014 is lower. These transactions accounted for $28b in sales for the year which is no small number. Besides 2014, only 2007 posted a higher total.

• Despite the flat deal volume in 2015 prices contin-ued to rise. Initial estimates of the Moody’s/RCA CPPITM suggest that prices increased 13% yoy. This growth is a bit of a reversal from 2014 which posted only 9% growth following the especially strong 18% growth set in 2013.

• Across retail subtypes, the strip center segment posted a 2% yoy decline on sales of $39b. This decline was all about a dearth of portfolio and entity-level deals with a 13% yoy growth for the sale of individual assets. The sale of malls and other retail properties grew 4% in 2015.

Retail Annual Sales Volumeand Pricing Trends

0

40

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$0

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$40

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'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

billionsIndividual Portfolio Entity CPPI*

-50%

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0%

25%

50%

-100%

-50%

0%

50%

100%

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

YoY Change YoY Change - Price

Retail Transaction Summary ($bil)

Yr Individual Portfolio Entity Total

‘12 $41.5 $12.4 $3.7 $57.7 ‘13 $40.4 $15.8 $6.1 $62.2 ‘14 $54.5 $19.5 $12.7 $86.7 ‘15 $59.2 $20.9 $7.5 $87.6

YEAR IN REVIEW 2015• Year in Review � � � � � � 1• Sector Trends � � � � � � � �2• Market Tiers � � � � � � � �3• Most Active Markets � � � �4• Cross Border Capital � � �5• Top Retail Transactions � �6

• Top Buyers & Sellers � � � �7• Market Table � � � � � � 8-9• Selected Transactions � 10-11• Top Brokers � � � � � � � � 12• Notes & Methodology � � 13

*RCA CPPI starts at 100 in December 2000; 2015 RCA CPPI results are preliminary

1©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

-100%

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'09 '10 '11 '12 '13 '14 '15 '09 '10 '11 '12 '13 '14 '15-100%

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Quarterly Volume & Pricing Trends

Sector Trends• Deal volume for most property sectors experienced

a pronounced slowdown and even periods of fall-ing growth in volume in H2’15. The retail sector fits this story with zero growth in Q3’15 and a 16% yoy decline in Q4’15.

• Again, the strip segment of the market is really where the weakness is. The growth in deal volume has slowed every quarter since Q4’14 and slipped to negative territory by Q3’15. Growth in individual asset sales was positive in each quarter since Q4’14 but here too the pace of growth is slowing, only 1% yoy in Q3’15 and 6% yoy in Q4’15.

• By contrast, with lumpier lot sizes involved, the mall and other retail properties category has seen deal volume bounce back and forth between strong and weak growth over quarters. Q4’15 was a down quarter for these subtypes of retail properties, down 16% yoy.

• Retail cap rates fell 20 bps yoy to hit 6.4% in Q4’15. Much of the decline came on the Q4’15 figures with cap rates relatively flat in all previous quarters. One might be tempted to think that this decline is just quarterly noise but the decline is consistent both across subtypes and for the highest quality assets.

Mall & Others Strip Centers All Retail

Transaction Volume

Year-Over-Year Change

Cap Rates

billions billions billions

4.5%

5.5%

6.5%

7.5%

8.5%

'09 '10 '11 '12 '13 '14 '15

Avg Cap RateTop Decile Cap Rate

'09 '10 '11 '12 '13 '14 '154.5%

5.5%

6.5%

7.5%

8.5%

'09 '10 '11 '12 '13 '14 '15

2 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

RETAIL

2015 YEAR IN REVIEW

Volume RCA CPPI Price Averages

Sector/Region $M YOY Change #Props YOY

ChangeYOY*

ChangePeak** to Now $/sf Cap

Rate

YOY Change

(bps)US Retail $87,643 1% 7,211 -12% 13% -1% $218 6.5% -23

US Strip $37,748 -2% 3,323 8% $162 7.0% -21US Mall & Other $49,895 4% 3,888 -25% $305 5.9% -31

6-Major-Metro Retail $33,840 21% 2,248 8% 20% 19% $399 5.7% -28

Non-Major-Metro Retail $53,803 -8% 4,963 -19% 9% -10% $159 6.8% -22

Anchored Retail Center $27,878 -12% 1,653 -7% $159 7.0% -19

Unanchored Retail Center $10,197 25% 1,764 25% $178 7.0% -26

Single-tenant Retail $18,546 11% 2,456 -16% $286 6.0% -35

US Strip $37,748 -2% 3,323 8% $162 7.0% -216-Major-Metro Strip $10,369 16% 719 13% $247 6.1% -37Non-Major-Metro Strip $27,379 -8% 2,604 7% $142 7.3% -17

US Mall & Other $49,895 4% 3,888 -25% $305 5.9% -316 Major Metro Mall & Other $23,471 23% 1,529 6% $534 5.3% -24Non-Major-Metro Mall & Other $26,424 -9% 2,359 -36% $190 6.2% -35

US Retail $87,643 1% 7,211 -12% 13% -1% $218 6.5% -23Northeast/Mid-Atlantic $23,414 13% 1,547 -2% $347 6.2% -12Southeast $16,068 -13% 1,537 -21% $165 6.9% -19

Midwest $11,524 12% 1,181 2% $139 7.0% -32

Southwest $11,970 22% 1,180 5% $179 6.8% -24

West $24,554 30% 1,741 15% $267 5.9% -28

US Retail $87,643 1% 7,211 -12% 13% -1% $218 6.5% -23US Office $145,849 16% 5,800 13% 14% 18% $247 6.8% -10US Industrial $87,643 1% 7,211 -12% 6% 3% $218 6.5% -23

US Apartment $149,990 32% 7,972 16% 13% 38% 5.9% -18

US Hotel $49,383 42% 2,341 26% 16% 4% 8.3% 19

Summary of Market Indicators for 2015

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

'11 '12 '13 '14 '15

Strip Cap Rate

Major Metro Secondary Tertiary

Cap Rates by Market Tier

* CPPI Year-over-year changes measure price movement between Q4’14 and Q4’15; ** Peak defined as Q4’07. 2015 RCA CPPI results are preliminary.

• As opposed to malls and other retail properties, strip center retail can seem boring with fewer dynamic upscale tenants. The consumer activity at these centers is focused more on the day-to-day needs of people within a fixed area.

• Still, because the needs in a fixed trading area are consistent from place to place, this sector provides an ideal view to determine the extent to which investors prefer assets in the 6 Major Metros.

• Cap rates for all strip center retail across all market tiers have compressed every year since 2010. Into December of 2015, cap rates in this segment for the 6 Major Metros fell 40 bps from a year earlier to hit 6.1%. In the secondary markets however, there was only a 20 bps decline with cap rates standing at 7.1%.

3©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

2009 2010 2011 2012 2013 2014 2015 Market 2015 Sales Volume ($M) YOY Change

9 2 1 1 3 1 1 Manhattan 7,236,642,403$ 4%2 1 2 2 1 2 2 Los Angeles 5,552,954,383$ -5%

10 4 3 3 2 3 3 Chicago 3,613,637,690$ 31%49 14 62 24 39 8 4 Hawaii 3,213,837,841$ 120%8 8 7 4 4 4 5 Dallas 2,993,288,282$ 27%4 19 17 5 8 5 6 NYC Boroughs 2,824,296,111$ 34%5 36 24 22 27 21 7 No NJ 2,689,798,276$ 189%6 6 9 6 18 11 8 Phoenix 2,210,225,304$ 69%

23 18 14 11 16 7 9 Miami 2,068,391,908$ 12%13 3 6 12 5 9 10 Houston 2,010,926,697$ 38%1 5 5 16 6 6 11 Atlanta 1,916,807,785$ -8%

19 45 22 7 7 13 12 Seattle 1,689,943,920$ 42%41 24 37 31 26 25 13 Central CA 1,674,387,055$ 107%14 23 30 26 15 31 14 DC VA burbs 1,631,033,553$ 131%12 38 34 13 25 33 15 Orange Co 1,601,764,437$ 135%25 41 19 30 9 17 16 Las Vegas 1,415,879,571$ 30%17 27 39 36 38 12 17 Palm Beach 1,397,108,124$ 8%7 32 27 14 10 19 18 Denver 1,391,261,194$ 29%

11 7 15 15 11 15 19 Inland Empire 1,371,739,038$ 17%15 16 4 8 12 10 20 Boston 1,283,326,417$ -8%40 52 35 18 24 27 21 San Francisco 1,247,283,386$ 62%16 13 13 9 19 23 22 San Diego 1,203,899,400$ 36%39 34 16 20 20 22 23 East Bay 1,080,466,009$ 16%3 30 26 17 23 30 24 Broward 985,731,330$ 38%

33 28 21 28 22 44 25 Minneapolis 920,400,482$ 57%36 25 23 19 13 16 26 Tampa 915,916,061$ -18%21 10 11 27 41 41 27 DC MD burbs 914,724,855$ 49%63 56 49 50 58 56 28 Columbus 882,521,188$ 188%34 47 20 38 30 52 29 Kansas City 876,681,057$ 130%45 12 31 33 14 24 30 Orlando 849,580,205$ 4%26 20 57 42 21 32 31 Portland 823,301,335$ 17%18 11 44 21 43 28 32 San Jose 800,874,387$ 8%37 15 28 32 37 37 33 SW Florida 766,101,295$ 20%24 21 32 35 42 34 34 Sacramento 707,801,979$ 8%67 26 36 40 32 20 35 Detroit 649,681,382$ -36%66 33 41 39 52 40 36 Stamford 634,073,000$ 3%32 9 25 53 31 29 37 Austin 602,399,198$ -19%82 74 88 84 74 38 Dayton 573,759,317$ 200%28 17 29 10 48 35 39 Baltimore 570,955,190$ -12%22 31 8 41 33 14 40 Philadelphia 490,544,331$ -58%

Rankings

$7,237$5,553

$3,614$3,214

$2,993$2,824$2,690

$2,210$2,068$2,011$1,917

$1,690$1,674$1,631$1,602$1,416$1,397$1,391$1,372$1,283$1,247$1,204$1,080$986$920$916$915$883$877$850$823$801$766$708$650$634$602$574$571$491

4%-5%

31%120%

27%34%

189%69%

12%38%

-8%42%

107%131%135%

30%8%29%

17%-8%

62%36%

16%38%57%

-18%49%

188%130%

4%17%8%20%8%

-36%3%

-19%200%

-12%-58%

Top 40 Retail Markets of 2015

• A handful of markets moved up significantly in the rankings from 2014. Hawaii for instance ranked only in the #8 slot in 2014 but moved up to #4 with 120% annual growth in deal volume. The partial interest sale of the Ala Moana Center helped drive this volume.

• Likewise, Northern New Jersey climbed 14 spots in the ranking to come in at the #7 spot on the back of 189% growth in deal volume. This volume was skewed by the Mills at Jersey Gardens transaction

which was part of a 2 property portfolio deal. The portion we are allocating to Northern New Jersey was likely 35% of total deal volume in 2015. Even without this one deal though, the market would rank among the top 15.

• Los Angeles posted a 5% decline in sales volume from 2014 but still claimed the #2 slot behind Man-hattan. Given the size of the retail market in Los Angeles, Chicago would have needed to cover a lot of ground to get to the #2 slot.

Most Active Markets of 2015

4 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

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2015 YEAR IN REVIEW

Cross Border Capital Summary

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'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15

Canada Europe Middle EastAsia Australia Latin America

billions

$0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6

Australia

Singapore

Russia

Canada

Spain

Switzerland

Germany

United Kingdom

China

Israel

Top 10 Cross Border Retail Investors ($B)

Market Acq (in $M)

#Props

% of Total Acq

1 Tertiary West $1,280.4 4 19%2 Los Angeles $1,262.3 14 23%3 Manhattan $1,099.4 14 14%4 Miami $624.5 15 30%5 Chicago $496.2 5 14%6 Phoenix $415.2 14 18%7 San Francisco $229.6 5 18%8 Dallas $221.3 4 7%9 Portland $209.5 2 25%10 Atlanta $185.1 4 10%11 Tertiary Southwest $174.1 3 7%12 DC MD burbs $137.4 1 15%13 DC $106.0 1 32%14 Boston $82.6 2 6%15 Tertiary Southeast $81.7 8 1%16 Seattle $79.1 4 5%17 Tertiary Midwest $71.6 5 2%18 Broward $64.4 6 7%19 Palm Beach $59.0 2 4%20 Cleveland $54.5 3 18%

• A major story for 2015 has been the growth of for-eign investment activity in US commercial real estate. In the retail sector it is not as exciting a story in terms of volume, but individual deals and some of the foreign players are informative.

• Foreign investors were behind $7.5b in retail property transactions in 2015, about 9% of total activity. In other sectors foreign investors accounted for up to 1/3 of total volume, so in retail it was not as important.

• Of note, Australian investors accounted for $1.4b in activity. Investors from Australia loved US commer-cial property, especially retail, in the period from 2005 to 2007 and were the dominant foreign buy-ers. The GFC and exchange rate difficulties moved against these investors for a number of years.

• The significant deal from Australian investors in 2015 however included AustralianSuper buying an interest in the Ala Moana Center in Honolulu. This deal is significant in two respects.

• First, it is a signal of renewed interest on the part of Australian buyers for high profile properties. Sec-ond, interests in regional malls rarely transact and this deal provides insight on the value of high end malls. We estimate this asset priced at $2,273 per square foot.

Cross Border Capital by Region of Origin: US Retail Investment

Top Countries for Cross Border Retail Investment ($B)

Top Market Destinations for Cross Border Retail Investment

5©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

RETAIL

2015 YEAR IN REVIEW

Top 25 Property SalesTransaction Location Inv Vol ($M)* SF PPSF Buyer

1 Springfield Town Center Springfield, VA $465.0 1,415,660 $328 PREIT

2 The Shops at Skyview Center (Retail Condo) Flushing, NY $384.5 508,817 $756 Blackstone

3 Old Navy Flagship Store New York, NY $355.0 77,760 $4,565 Vornado

4 Shops at Wailea Kihei, HI $342.0 164,425 $2,080 Heitman

5 Times Tower (Retail Condo) New York, NY $295.3 235,000 $1,257 Kushner Companies

6 669 Magnificent Mile Chicago, IL $295.0 148,245 $1,990 Meyer Bergman

7 Bella Terra Huntington Beach, CA $288.8† 840,909 $458 Prudential RE Investors

8 Zara (Retail Condo) New York, NY $284.2 41,215 $6,896 Inditex

9 Palm Beach Outlets West Palm Beach, FL $267.3† 460,000 $605 Clarion Partners

10 Mercato Naples, FL $239.6 456,359 $525 Prudential RE Investors

11 131-137 Spring St New York, NY $221.5† 65,500 $4,227 Invesco RE

12 Samsung Building New York, NY $200.0 63,131 $3,168 TIAA-CREF

13 Town Center at Atlantic Station Atlanta, GA $196.5 586,296 $335 Hines OBO Morgan Stanley

14 Midtown Crossing Los Angeles, CA $186.6 316,000 $591 Bentall Kennedy

15 Stonebridge at Potomac Town Center Woodbridge, VA $185.3 482,631 $384 JBG Cos

16 Village on The Parkway Dallas, TX n/a 381,166 n/a UBS

17 The Esquire Chicago, IL $176.0 58,000 $3,034 Ponte Gadea

18 The Shops at Tanforan San Bruno, CA $174.4 560,628 $311 QIC

19 Shoppes at Carlsbad Carlsbad, CA $170.0 1,100,000 $155 Rouse Properties

20 Streets of Woodfield Schaumburg, IL $168.5 711,402 $237 Blackstone

21 Downtown Crown (Retail Condo) Gaithersburg, MD $162.1 258,000 $628 Retail Properties of America

22 Town Brookhaven Atlanta, GA $162.0 460,609 $352 GLL Real Estate Partners

23 City Center at Geary Boulevard San Francisco, CA $155.0 139,000 $1,115 Acadia Realty

24 Chanel Beverly Hills, CA $152.0 11,500 $13,217 Chanel

25 Randhurst Village Mount Prospect, IL n/a 1,000,000 n/a DLC Management

Top 10 Portfolio SalesTransaction Location Inv Vol ($M)* SF PPSF Buyer

1 Glimcher Buyout 2015 Multiple, United States n/a n/a n/a WP Glimcher

2 Macerich Retail Portfolio 2015 Multiple, United States $1,385.7† 7,771,929 $483 GIC (Govt of Singapore)

3 Glimcher Retail Portfolio 15 Multiple, United States $1,090.0 1,463,971 $745 Simon Property Group

4 Blackstone Retail Portfolio 2015 Multiple, United States $930.0† 5,695,045 $245 Kimco

5 Westfield Mall Portfolio 2015 Multiple, United States $818.0† 3,370,616 $326 USAA Real Estate JV Blum Capital

6 WP Glimcher JV Retail Portfolio 15 Multiple, United States $810.7† 3,121,554 $530 O'Connor Capital Partners

7 Westfield Retail National Mall Portfolio 2015 Multiple, United States $415.2† 3,759,876 $246 O'Connor Capital Partners

8 Fryd Properties Retail Miami Portfolio Miami Beach, FL $370.0 75,000 $4,933 Ponte Gadea

9 Hudson Bay Company US Retail Portfolio 2015 Multiple, United States $363.9† n/a n/a Simon Property Group

10 ARCP (VEREIT) Retail 2015 Multiple, United States $319.2 909,510 $350 Pacific Convenience & Fuels LLC

* When prices are not known, estimated prices are used in the ranking but are not shown. In the case of partial interest deals, the pro-rated share of the property was used for the transaction price and the PPU/PPSF was based on the full 100% price.† Partial Interest

Top Retail Transactions of 2015

6©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

Methodology Rankings are based on the pro-rated share of the total property or portfolio value. Transactions $2.5M and greater. See notes page for full methodology.

Top Buyers by Region*

Mid-Atlantic WP Glimcher

PREITKimco

BlackstoneJBG Cos 0

Midwest WP Glimcher

Inland Real Estate CorpMeyer Bergman

O'Connor Capital PartnersUSAA Real Estate 0

Northeast GGP

Jeff SuttonSHVO

Capital GroupSimon Property Group 0

Southeast WP GlimcherBlackstone

Publix Supermarkets IncClarion Partners

Ponte Gadea 0 Southwest

EDENSBlackstone

GIC (Govt of Singapore)Kimco

WP Glimcher 0 West AustralianSuper

WP GlimcherGIC (Govt of Singapore)

BlackstoneRetail Opportunity Investments Corp

*ranked by investment volume

Top 25 by Investment Volume

Top 15 by Number of Properties

SellersBuyers

SellersBuyers

(in Billions)

$0 $3 $6Publix Supermarkets Inc

Ponte Gadea

Clarion Partners

Prologis

Phillips Edison Grocery Center REIT II

TIAA-CREF

Blum Capital

USAA Real Estate

EDENS

Centennial Real Estate Company LLC

Inland Real Estate Corp

O'Connor Capital Partners

AustralianSuper

Capital Group

SHVO

Kimco

GIC (Govt of Singapore)

Jeff Sutton

GGP

Simon Property Group

Blackstone

WP Glimcher

$0 $3 $6Prudential RE InvestorsStarwood Capital Group

Comras CompanyAngelo GordonAlbertsons LLC

Retail Properties of AmericaSears Holding Corporation

Life Time Fitness IncLubert-Adler

VornadoVEREIT

JP MorganAmREIT

Morris CosKimco

DDRWP Glimcher

40 North PropertiesSpitzer Enterprises

BlackstoneWestfieldMacerich

GGPExcel Trust

Glimcher Realty Trust

0 35 70Crow Holdings

Phillips Edison Grocery Center REIT IICole Capital

MCB Real EstateSTORE Capital (REIT)

EDENSInland Real Estate Corp

Spirit Realty CapitalChambers Street Properties

CP CapitalSimon Property Group

Realty Income CorpBlackstone

KimcoPacific Convenience & Fuels LLC

0 50 100GE Asset Management

HBCAmREIT

Sears Holding CorporationSpirit Realty Capital

Excel TrustDDR

BMO Financial GroupCVS

Gramercy Property TrustBlackstone

Albertsons LLCWalgreens

KimcoVEREIT

Top Retail Buyers & Sellers of 2015

7 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

Market Table: 2015 Summary - Strip CentersVolume Pricing

Transactions Reported Closed Full Year 2015 Vol ($M) YOY

Change # Props YOY Change Low PPSF High Low Avg Cap

Rate High

Mid-AtlanticBaltimore $383.2 -24% 28 8% $33 $159 $631 3.3% 6.5% 8.0%DC 75.4 37% 7 133% 167 248 1,169 DC MD burbs 485.2 16% 22 10% 60 233 364 3.3% 6.5% 10.8%DC VA burbs 61% 35 30% 25 232 1,436 6.4% 6.9% 7.7%Philadelphia 280.1 -16% 27 29% 29 130 549 5.5% 6.7% 7.5%Pittsburgh 261.8 141% 17 42% 17 105 1,472 5.5% 6.8% 7.7%Richmond/Norfolk 312.0 -2% 24 41% 27 151 453 5.4% 7.3% 8.8%Tertiary Mid-Atlantic 1,257.6 13% 97 26% 26 124 1,100 5.7% 7.3% 9.8%Total $3,716.3 14% 257 27% $17 $158 $1,472 3.3% 7.1% 10.8%

MidwestChicago 1,376.7 6% 110 7% 22 173 755 4.4% 6.8% 8.9%Cincinnati 166.9 -68% 19 -50% 41 110 518 6.6% 7.9% 10.3%Cleveland 194.6 -18% 21 40% 24 89 262 5.8% 7.5% 9.5%Columbus 239.7 21% 31 82% 11 82 597 5.8% 7.6% 11.0%Detroit 263.4 -14% 38 6% 11 88 450 6.5% 7.6% 8.7%Indianapolis 110.3 -48% 17 6% 30 75 209 6.4% 8.1% 10.6%Kansas City 307.8 31% 23 -8% 29 168 663 6.1% 7.0% 8.1%Minneapolis 379.4 38% 48 55% 39 149 646 6.4% 7.6% 9.1%St Louis 262.5 75% 31 41% 32 107 544 5.7% 7.1% 8.5%Tertiary Midwest 1,444.5 -23% 198 -6% 11 95 848 5.5% 7.7% 11.6%Total $4,746.0 -11% 536 4% $11 $117 $848 4.4% 7.5% 11.6%

NortheastBoston 620.3 -13% 43 -22% 40 206 733 5.2% 6.5% 8.0%Hartford 40.6 -55% 4 -60% 52 98 237 6.2% 6.8% 7.4%Long Island 268.9 32% 19 27% 48 224 533 5.9% 7.1% 8.2%Manhattan 12.2 1 No NJ 1,137.4 69% 60 28% 63 196 744 5.3% 6.9% 10.0%NYC Boroughs 339.6 47% 31 41% 160 485 1,456 4.8% 5.9% 8.4%Stamford 130.0 -66% 8 -43% 141 174 368 5.5% 6.3% 6.8%Westchester 246.3 -16% 15 7% 58 166 826 4.7% 6.0% 7.1%Tertiary Northeast 361.5 -50% 38 -41% 30 104 386 6.0% 7.6% 10.7%Total $3,156.7 -4% 219 -9% $30 $184 $1,456 4.7% 6.8% 10.7%

SoutheastAtlanta 1,063.5 -23% 117 -3% 16 117 554 5.7% 7.4% 11.8%Broward 754.4 32% 51 4% 67 183 596 5.5% 6.6% 9.1%Charlotte 324.2 -36% 31 -6% 17 136 441 4.8% 7.6% 9.3%Jacksonville 134.6 -74% 15 -35% 55 114 324 6.8% 7.3% 8.4%Memphis 91.8 -2% 21 75% 43 78 173 5.8% 8.1% 9.5%Miami 479.3 82% 48 50% 25 196 985 5.1% 6.6% 7.6%Nashville 154.3 -46% 25 -32% 23 124 581 6.5% 7.8% 10.8%Orlando 646.3 1% 61 33% 37 142 595 5.8% 7.7% 10.6%Palm Beach 903.6 133% 38 9% 56 288 709 4.9% 6.3% 8.2%Raleigh/Durham 291.6 -42% 25 -7% 47 141 440 5.5% 7.3% 9.2%Tampa 396.8 -7% 44 -4% 14 132 528 6.0% 7.2% 8.4%Tertiary Southeast 3,567.7 -29% 391 -8% 14 116 1,543 5.2% 7.7% 12.4%Total $8,808.0 -17% 867 -2% $14 $137 $1,543 4.8% 7.5% 12.4%

SouthwestAustin 419.3 -17% 37 16% 28 202 1,108 5.8% 6.9% 7.9%Dallas 1,793.0 66% 157 48% 53 175 599 5.2% 7.2% 9.4%Denver 678.7 -19% 63 3% 41 171 545 5.1% 7.1% 8.8%Houston 1,491.3 46% 133 16% 28 188 563 1.4% 7.0% 9.8%Phoenix 1,176.9 17% 93 -3% 24 145 616 5.4% 6.9% 8.7%San Antonio 258.8 -44% 32 28% 89 194 354 5.4% 7.5% 8.3%Tertiary Southwest 1,205.5 -16% 152 32% 25 129 1,155 5.4% 7.3% 11.0%Total $7,023.4 11% 667 21% $24 $159 $1,155 1.4% 7.1% 11.0%

WestEast Bay 786.9 94% 40 74% 72 258 840 4.5% 5.8% 7.5%Inland Empire 772.8 15% 74 21% 55 227 623 4.3% 6.1% 7.8%Las Vegas 863.1 5% 66 8% 62 207 733 5.7% 6.7% 8.3%Los Angeles 2,097.0 -11% 163 3% 57 304 1,779 3.0% 5.9% 8.8%Orange Co 433.7 0% 39 11% 132 311 1,057 2.7% 5.4% 6.4%Portland 271.3 -35% 33 -6% 46 178 619 5.6% 6.9% 8.2%Sacramento 576.0 23% 38 -3% 75 177 683 5.5% 6.3% 6.9%Salt Lake City 204.0 -61% 11 -35% 127 199 359 7.7% 8.1% 8.6%San Diego 663.5 4% 47 0% 87 268 949 4.7% 6.4% 10.9%San Francisco 362.7 373% 13 225% 58 704 8,833 5.0% 5.4% 6.5%San Jose 430.6 159% 21 0% 186 337 1,321 3.7% 5.2% 6.4%Seattle 686.6 25% 55 17% 40 243 928 5.3% 6.3% 7.3%Tertiary West 2,149.3 22% 177 35% 23 170 2,750 4.2% 6.9% 10.6%Total $10,297.6 11% 777 14% $23 $239 $8,833 2.7% 6.2% 10.9%US Other -100% -100%Total US $37,748.0 -2% 3,323 8% $11 $162 $8,833 1.4% 7.0% 12.4%

8 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

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2015 YEAR IN REVIEW

Market Table: 2015 Summary - Mall & OtherVolume Pricing

Transactions Reported Closed Full Year 2015 Vol ($M) YOY

Change # Props YOY Change Low PPSF High Low Avg Cap

Rate High

Mid-AtlanticBaltimore $187.8 31% 25 25% $78 $237 $1,985 4.3% 6.3% 9.3%DC 258.8 -56% 22 -29% 402 1,205 3,501 5.0% 5.2% 5.4%DC MD burbs 429.5 119% 15 -40% 223 521 1,421 5.2% 5.5% 5.6%DC VA burbs 970.0 228% 54 86% 79 363 1,867 4.7% 5.5% 6.9%Philadelphia 210.4 -75% 36 -40% 49 309 1,786 5.3% 5.9% 6.9%Pittsburgh 72.8 -22% 9 -50% 13 35 494 5.3% 6.0% 6.8%Richmond/Norfolk 310.7 -31% 25 -42% 28 139 845 5.0% 6.2% 9.3%Tertiary Mid-Atlantic 1,120.3 62% 82 -32% 10 143 1,039 5.0% 6.7% 10.0%Total $3,560.3 8% 268 -23% $10 $224 $3,501 4.3% 6.2% 10.0%

MidwestChicago 2,236.9 53% 165 15% 13 321 3,034 4.5% 5.8% 7.6%Cincinnati 89.3 -18% 12 -14% 195 266 618 5.7% 6.3% 7.2%Cleveland 100.8 22% 15 -29% 36 90 536 5.2% 5.8% 6.3%Columbus 642.8 491% 28 87% 15 100 900 5.3% 6.0% 7.8%Detroit 386.2 -45% 57 14% 22 175 1,417 5.5% 6.6% 10.5%Indianapolis 63.8 -71% 15 -73% 135 316 680 5.5% 6.6% 7.8%Kansas City 568.8 288% 26 -4% 67 241 465 5.9% 6.7% 7.7%Minneapolis 541.0 74% 35 40% 38 154 836 6.0% 6.4% 7.0%St Louis 170.7 -39% 27 -4% 8 67 506 5.0% 5.7% 7.1%Tertiary Midwest 1,977.9 29% 265 0% 5 101 600 4.5% 6.6% 9.8%Total $6,778.4 37% 645 0% $5 $168 $3,034 4.5% 6.4% 10.5%

NortheastBoston 663.1 -3% 77 5% 20 290 2,832 4.6% 5.9% 8.2%Hartford 50.6 -63% 11 -21% 46 248 484 5.4% 5.5% 5.7%Long Island 147.2 -49% 29 -9% 100 361 2,686 4.3% 5.6% 8.0%Manhattan 7,224.4 4% 280 -8% 302 2,354 16,864 2.3% 4.0% 5.4%No NJ 1,552.4 502% 62 22% 26 207 1,634 5.0% 6.7% 8.1%NYC Boroughs 2,484.7 32% 258 21% 146 667 8,750 1.7% 5.0% 11.0%Stamford 504.1 115% 25 -7% 38 321 1,667 5.0% 5.6% 6.5%Westchester 45.3 -63% 9 -44% 53 98 545 Tertiary Northeast 309.2 -13% 52 -15% 16 142 1,405 4.5% 6.0% 7.7%Total $12,980.9 19% 803 2% $16 $751 $16,864 1.7% 5.4% 11.0%

SoutheastAtlanta 853.3 23% 45 -55% 54 226 2,254 4.9% 6.3% 7.7%Broward 231.4 65% 31 48% 59 179 2,693 4.3% 5.0% 5.8%Charlotte 88.3 -85% 15 -58% 110 181 580 4.9% 7.2% 8.6%Jacksonville 83.2 -3% 16 -11% 41 175 877 6.4% 8.1% 9.5%Memphis 98.3 -10% 12 -70% 198 298 916 5.2% 5.9% 6.5%Miami 1,589.1 1% 100 -4% 156 633 8,246 2.9% 4.9% 6.5%Nashville 179.0 25% 25 -31% 19 99 994 5.8% 6.4% 7.1%Orlando 203.3 17% 22 -39% 59 182 1,983 4.3% 6.1% 7.4%Palm Beach 493.6 -45% 31 94% 63 298 1,379 2.2% 5.2% 7.5%Raleigh/Durham 42.2 -68% 11 -65% 63 189 809 5.1% 6.8% 8.2%Tampa 519.1 -25% 39 -11% 30 132 1,549 4.7% 6.2% 8.3%Tertiary Southeast 2,879.0 6% 323 -45% 5 194 2,579 4.1% 6.2% 9.4%Total $7,259.8 -8% 670 -37% $5 $238 $8,246 2.2% 6.1% 9.5%

SouthwestAustin 183.1 -22% 23 -23% 117 378 1,584 4.9% 5.7% 7.1%Dallas 1,200.3 -6% 112 9% 23 276 1,893 4.2% 6.1% 8.4%Denver 712.6 199% 41 2% 45 265 1,849 4.6% 6.2% 8.0%Houston 519.6 19% 63 31% 152 328 795 4.0% 6.1% 8.2%Phoenix 1,033.4 239% 64 21% 16 173 1,927 4.3% 6.1% 13.2%San Antonio 134.3 2% 25 -38% 164 282 750 5.0% 5.1% 5.1%Tertiary Southwest 1,162.9 32% 185 -30% 23 181 1,894 5.0% 6.5% 8.8%Total $4,946.2 41% 513 -11% $16 $229 $1,927 4.0% 6.2% 13.2%

WestEast Bay 293.6 -44% 40 8% 107 275 891 3.8% 5.6% 8.1%Inland Empire 599.0 20% 57 -2% 26 201 1,404 4.0% 5.7% 6.9%Las Vegas 552.8 108% 29 38% 52 356 2,310 4.4% 6.1% 7.0%Los Angeles 3,455.9 -1% 247 4% 49 477 13,217 1.2% 5.2% 7.8%Orange Co 1,168.1 367% 52 41% 121 359 1,587 2.9% 4.9% 7.5%Portland 552.0 93% 31 48% 50 204 627 5.1% 5.7% 6.8%Sacramento 131.8 -29% 18 -36% 31 66 389 5.3% 5.7% 6.4%Salt Lake City 163.0 -39% 26 117% 77 232 574 5.0% 5.7% 6.0%San Diego 540.4 121% 50 9% 38 215 1,925 3.6% 5.1% 6.5%San Francisco 884.6 28% 82 -4% 175 502 3,662 2.7% 4.8% 6.5%San Jose 370.2 -36% 27 -18% 81 382 1,577 3.9% 4.9% 6.1%Seattle 1,003.4 56% 89 141% 39 243 2,383 4.9% 5.8% 7.1%Tertiary West 4,542.0 170% 216 21% 16 231 4,025 3.5% 6.0% 8.8%Total $14,256.8 49% 964 16% $16 $299 $13,217 1.2% 5.5% 8.8%US Other 112.9 -99% 25 -97%Total US $49,895.3 4% 3,888 -25% $5 $305 $16,864 1.2% 5.9% 13.2%

9©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

RETAIL

2015 YEAR IN REVIEW

Property Name SF Price OwnerAddress Year Built PPSF SellerLocation Notes Quali� er Broker

Reported in the Past 45 DaysSelected Investment Sales Transactions

Mid-Atlantic

Stonebridge at Potomac Town Cnt. 482,631 $185,250,000 14900 Potomac Town Center 2012 383.83 Woodbridge, VA Mall & Other approximate

Marketplace at Tech Center 210,000 $72,671,339 12080 Jefferson Ave 2015 346.05 Newport News, VA Strip confi rmed

Chambersburg Crossing 271,411 $45,000,000 900 Norland Ave 2007 165.80 Chambersburg, PA Strip confi rmed

ShopHouse 4,685 $6,000,000 2805 M St NW 1900 1,280.68 Washington, DC Mall & Other approximate

Wawa 4,828 $3,500,000 1140 Carl D Silver Pkwy 1998 724.94 Fredericksburg, VA Mall & Other approximate

Midwest

Westfi eld Hawthorn Mall 649,000 $196,600,000 122 Hawthorn Center 1973 302.93 Vernon Hills, IL Mall & Other approximate

Burbank Station 303,566 $51,850,000 7720 S Cicero Ave 1995 170.80 Burbank, IL Strip confi rmed

Steinhafels 99,846 $13,600,000 7001 118th Ave 1998 136.21 Kenosha, WI Mall & Other confi rmed

Elm Creek Plaza 11,612 $7,500,000.0 12725 Elm Creek Blvd N 2015 645.88 Osseo, MN Strip confi rmed

Oak Creek Centre 91,510 $6,928,900 8581 S Howell Ave 1988 75.72 Oak Creek, WI Strip approximate

Northeast

Westfi eld Connecticut Post 812,000 $209,700,000 1201 Boston Post Rd 1960 258.25 Milford, CT Mall & Other approximate

Dolce & Gabbana 8,000 $47,000,000 820 Madison Ave 1910 5,875.00 New York, NY Mall & Other approximate

295 Route 17 South 146,220 $32,717,586 295 NJ-17 2000 223.76 Paramus, NJ Strip approximate

107 High St 21,487 $12,750,000 107 High St 1958 593.38 Danvers, MA Strip confi rmed

JBG Cos from Blackstone JV Roadside Dev by Newmark Grubb Knight Frank

Inland Group from SJ Collins JV Ellis Gibson JV WM Jordan Co Inc by Cushman & Wakefi eld

Katz Properties by CBRE from Kimco by CBRE

2805 M Street LLC from Wexford Capital P

MCB Real Estate JV Artemis RE Partners OBO NYSCRF from Kimco JV GE Pension Trust by Eastdil

USAA Real Estate JV Blum Capital JV Centennial Real Estate Company LLC from Westfi eld

JP Morgan Asset Management JV NYSCRF from Abbell Associates JV Hutensky Capital Partners by CBRE

RPM Investments from Steinhafels by JLL

Crow Holdings by Capital Pacifi c from OneCorp by Capital Pacifi c

Time Equities from Vanbarton Group OBO LACERA by Mid-America RE Group

USAA Real Estate JV Blum Capital JV Centennial Real Estate Company LLC from Westfi eld

Sitt Asset Management from Duell Management Systems

Invesco RE from Robert Boyle by NAI Global

White Cap of Florida Inc from Stonecrest Management Inc

by Stan Johnson Co

10©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

Property Name SF Price OwnerAddress Year Built PPSF SellerLocation Notes Quali� er Broker

Reported in the Past 45 DaysSelected Investment Sales Transactions

Southeast

Marketplace at the Outlets 297,705 $116,677,500 1801 Palm Beach Lakes Blvd 2014 391.92 West Palm Beach, FL Mall & Other confi rmed

Mayfaire Community Center 210,000 $56,300,000 1120-1138 Military Cutoff 2006 268.10 Wilmington, NC Strip confi rmed

Hammond Aire Plaza 349,907 $37,230,000 9600 Airline Hwy 1985 106.40 Baton Rouge, LA Strip confi rmed

Hank's Seafood 13,801 $20,012,480 10 Hayne St 1985 1,450.07 Charleston, SC Mall & Other approximate

Aldo Shoes 4,240 $10,000,000 751 Collins Ave 1952 2,358.49 Miami Beach, FL Mall & Other confi rmed

Southwest

Christown Spectrum 850,638 $115,287,500 1703 W Bethany Home Rd 1961 135.53 Phoenix, AZ Strip confi rmed

Yale Village 101,000 $31,800,000 9128 S Yale Ave 2013 314.85 Tulsa, OK Strip confi rmed

Shops to King Soopers 116,699 $10,343,000 9975-9979 N Wadsworth Pkwy 1982 88.63 Westminster, CO Strip confi rmed

West

MainPlace 884,228 $353,900,000 2800 N Main St 1987 400.24 Santa Ana, CA Mall & Other approximate

Criterion on the Promenade 52,900 $96,250,000 1313 3rd St Promenade 1929 1,819.47 Santa Monica, CA Mall & Other confi rmed

Walgreens 37,516 $54,000,000 611 Keeaumoku St 2015 1,439.39 Honolulu, HI Mall & Other approximate

Four Corner Square 119,000 $41,900,000 23800 SE Kent-Kangley Rd 2013 352.10 Maple Valley, WA Strip confi rmed

Smith's Shopping Center 108,700 $20,000,000 9350 W Flamingo Rd 2002 183.99 Las Vegas, NV Strip confi rmed

Clarion Partners from New England Development

Principal RE Investors from CBL by Savills Studley

Viking Partners from Kimco by JLL

RockBridge Capital from Holliday Companies

Slope Realty Co from Aldo Shoe Inc

Kimco by Palmer Capital from Coventry Realty Advisors by Eastdil

Dividend Cap Diversifi ed Prop Fund from Lincoln Property Co by CBRE

Priority Investment Group by Pinnacle RE Advisors from GDA Real Estate by Hanley Investment Group

USAA Real Estate JV Blum Capital JV Centennial Real Estate Company LLC from Westfi eld

American Realty Advisors from Metropolitan Pacifi c Cap Inc JV

Clarion Partners by Eastdil

Salem Partners JV Argosy Real Estate from Walgreens by Colliers International

Retail Opportunity Investments Corp from Kite Realty Group

Sterling Organization from Kirkorian Enterprises by CBRE

11 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

RETAIL

2015 YEAR IN REVIEW

$0 $4 $8

Hanley Investment GroupPD Properties LLCThe Moshe Group

Sands Investment GroupLee & Associates

The Boulder GroupBerkeley Capital

Faris Lee InvestmentsDTZRKF

Matthews RetailSVN

Eastern ConsolidatedSavills StudleyCapital Pacific

Prince Realty AdvisorsColliers International

Stan Johnson CoNewmark Grubb Knight Frank

JLLCushman & Wakefield

HFFCBRE

Marcus & MillichapEastdil

$0 $3 $6

Disney Investment GroupLee & Associates

SRS Real Estate PartnersStan Johnson Co

Hanley Investment GroupSVN

Flocke & AvoyerC-III Realty Services

NAI GlobalVoit RE Services

Faris Lee InvestmentsTranswestern

Capital PacificNewmark Grubb Knight Frank

Mid-America RE GroupDTZ

Savills StudleyBerkeley Capital

JLLCushman & Wakefield

Colliers InternationalEastdil

Marcus & MillichapHFF

CBRE

$0 $5 $10

Voit RE ServicesFlocke & Avoyer

Lee & AssociatesHanley Investment Group

TranswesternNAI Global

Eastern ConsolidatedMatthews Retail

Prince Realty AdvisorsFaris Lee Investments

SVNMid-America RE Group

Capital PacificDTZ

Savills StudleyStan Johnson CoBerkeley Capital

Newmark Grubb Knight FrankJLL

Colliers InternationalCushman & Wakefield

HFFMarcus & Millichap

CBREEastdil

Top 15 by Number of Properties

Mall & Other Strip Center All RetailBy Region*

*ranked by investment volume

Methodology

Full credit assigned to sellers’ representative. When two brokers represent same seller, both sellers’ representatives assigned full credit. For partial-interest, rankings are based on the pro-rated share of the total property or portfolio value. For more information on rankings please visit www.rcanalytics.com/Misc/Brokers_Ranking_Methodology.pdf

Mid-AtlanticCBRE

HFF

Marcus & Millichap

Eastdil

JLL

MidwestCBRE

Marcus & Millichap

Cushman & Wakefield

Eastdil

Mid-America RE Group

NortheastEastdil

Cushman & Wakefield

CBRE

Marcus & Millichap

HFF

SoutheastHFF

CBRE

Marcus & Millichap

Eastdil

Berkeley Capital

SouthwestCBRE

HFF

Eastdil

Marcus & Millichap

JLL

WestEastdil

CBRE

Colliers International

Marcus & Millichap

HFF

0 250 500

Berkeley CapitalMatthews Retail

DTZThe Boulder Group

Capital PacificSVN

Newmark Grubb Knight FrankJLL

Colliers InternationalEastdil

Cushman & WakefieldStan Johnson Co

HFFCBRE

Marcus & Millichap

0 190 380

Mid-America RE GroupHanley Investment Group

C-III Realty ServicesDTZSVNJLL

EastdilCapital Pacific

Newmark Grubb Knight FrankBerkeley Capital

Cushman & WakefieldColliers International

HFFMarcus & Millichap

CBRE

0 430 860

The Boulder GroupMatthews Retail

DTZBerkeley Capital

Capital PacificSVNJLL

Newmark Grubb Knight FrankEastdil

Stan Johnson CoColliers International

Cushman & WakefieldHFF

CBREMarcus & Millichap

Mall & Other Strip Center All Retail

*The transaction volume of brokerage firms that have merged are left unconsolidated before the merger date and are attributed to the surviving or newly formed company after the merger date.

Top 25 by Investment Volume(in Billions)

Top Retail Brokers of 2015

12©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.

2015 YEAR IN REVIEW

ABOUT REAL CAPITAL ANALYTICS

Real Capital Analytics, Inc (RCA) is an indepen-dent data and analytics firm focused exclusively on the capital investment markets for commercial real estate. RCA offers the most in-depth, comprehen-sive and current information of activity in the indus-try. Formed in 2000, RCA has offices in New York City, San Jose, and London. In addition to collecting trans-actional information for property sales and financing, RCA interprets the data including capitalization rates, market trends, pricing and sales volume. The firm pub-lishes a series of Capital Trends reports and offers an online service that provides real-time, global transac-tional market information. For more information, visit: www.rcanalytics.com.

ABOUT US CAPITAL TRENDS®

US Capital Trends is published by Real Capital Ana-lytics, Inc. Copyright ©2015 Real Capital Analytics, Inc. All rights reserved.It is a violation of Federal law to photocopy or repro-duce any part of this publication, or forward it elec-tronically, without first obtaining permission from Real Capital Analytics, Inc. To subscribe as an individual or to purchase a corporate license for your office, please call 1.866.REAL.DATA.Information presented by RCA has been compiled from sources believed to be reliable. While we have no reason to doubt its accuracy, RCA makes no representation or warranty regarding the information. The information is provided as is without warranties of any kind, express or implied, and may be subject to material revisions.

NOTES & METHODOLOGY

The information maintained by RCA and presented in this report encompasses markets nationally and includes only properties or portfolios $2.5M or greater. Readers should note that there is substantial investment activity, largely local in nature, that falls below this threshold and is not captured in this report.Records are maintained for transactions that represent the transfer of a controlling interest in a property or port-folio of properties that are $2.5M or greater. Transactions are assumed to be fee simple; leasehold and commer-cial condominium interests are noted, if known. Trans-actions include both real estate asset sales as well as transactions involving real estate operating and invest-ment entities. Thus, for example, merger and acquisition activity among entire REITs or other real estate entities is included in this report unless noted otherwise. Sales of partial interest transactions will receive credit and be valued at the pro-rated share.

For this report, market classifications are defined as followed:Major Metros: Boston, Chicago, DC Metro, LA Metro, NYC Metro and SF MetroSecondary: Atlanta, Austin, Charlotte, Cincinnati, Cleveland, Columbus, Dallas, Baltimore, Denver, Detroit, Houston, Indianapolis, Jacksonville, Kansas City, Las Vegas, Memphis, Milwaukee, Minneapolis, Nashville, Norfolk, Orlando, Philly Metro, Phoenix, Pittsburg, Port-land, Raleigh/Durham, Sacramento, Salt Lake City, San Antonio, San Diego, Seattle, South Florida, St Louis and Tampa.Tertiary: All other US markets.Commercial Property Price Indices (RCA CPPI™): CPPI use advanced repeat-sale regression (RSR) meth-odology, which uses qualified repeat-sale observations to measure price change in commercial real estate. All CPPI are based on similar index methodology developed by RCA and further information is available on our web-site. The US suite of CPPI includes 23 Moody’s/RCA CPPI national benchmarks and over 200 RCA US CPPI for regions, markets and property niches. The Moody’s /RCA CPPI suite includes national compos-ites for all property types and all commercial. Each of the apartment, hotel, CBD office, suburban office, retail and industrial sector indices are composites with each based on Major Metro and Non-Major Metro indices. The RCA US CPPI were developed and published by Real Capital Analytics to complement the Moody’s/RCA CPPI but are not maintained, reviewed, endorsed, or otherwise affiliated with Moody’s Investors Service or its affiliates.Ranking Methodology: Based on transactions $2.5M and greater. Full dollar value is assigned to each buyer, seller, or broker in joint venture transactions. Partial interest sales are included at the pro-rated share of the total property or portfolio value.Trend analysis may exclude certain transactions that exceed 5% of the data sample or that may otherwise skew results. A complete glossary and methodology can be found at www.rcanalytics.com.Abbreviations:

REAL CAPITAL ANALYTICSwww.rcanalytics.com

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ANALYTICS TEAMDoug Murphy Managing Director, AnalyticsYiqun Wang Senior Director, AnalyticsAndrew Pisanelli Director, AnalyticsHermann Lademann Director, Research & AnalyticsSean Kane Senior ManagerAlexis Maltin Senior AnalystElizabeth Szep Senior AnalystRachel Tipermas Senior AnalystWillem Vlaming Senior AnalystYogeeta Chatoredussy AnalystJoseph Kizel Analyst

Notes & Defi nitions

PPSF = Price Per-Square-FootBPS = Basis PointsYOY = Year-Over-Year

YTD = Year-to-DateQ1 = First Quarter of YearH1 = First Half of Year

13 ©2016 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision; based on properties & portfolios $2.5m and greater.