Sample Retail Asset Advisor

11201 US Highway One
North Palm Beach, FL 33408

Contents
3
Reis Observer
Metro Analysis
Section 1 - Current Metro Rent Details 13
Section 2 - Nonanchor Rent Growth Comparisons 13
Section 3 - Current Metro Rent Details 14
Section 5 - Current Metro Vacancy Details 15
Section 6 - Vacancy Rate Comparisons 15
Section 7 - Current Metro Vacancy Details 16
Section 9 - Nonanchor Rent Growth Comparisons and Forecast 17
Section 10 - Vacancy Rate Comparisons and Forecast 17
Section 11 - Metro Inventory Detail 18
Section 12 - Inventory Growth Comparison 18
Section 13 - Construction/Absorption Change 19
Section 14 - Construction Deliveries 20
Section 15 - Submarket New Construction Project Tally 20
Section 16 - Metro Inventory Detail 21
Section 18 - Occupancy at Completion 22
Section 19 - Stabilization Data 22
Section 20 - New Construction Listing 23
Section 21 - Submarket Snapshot 25
Section 22 - Economic and Demographic Trends 26
Section 23 - Metro Area - Palm Beach 27
Section 24 - Metro Data 28
Submarket Analysis
Section 27 - Current Submarket Rent Details 32
Section 29 - Current Submarket Rent Details 33
Section 31 - Current Submarket Vacancy Details 34
Section 33 - Current Submarket Vacancy Details 35
Section 35 - Nonanchor Rent Growth Comparisons and Forecast 36
Section 36 - Vacancy Rate Comparisons and Forecast 36
Section 37 - Submarket Inventory Detail 37
Section 38 - Inventory Growth Comparison 37
Section 40 - Submarket Data 39
Rent Comps
Sales Comparables

Because Reis Observers are narrative reports that present a thoughtful
analysis of Reis findings in a given metro, our editorial staff can not
begin writing them until the Reis quartely data is released. Therefore the
Observers are published on a rolling schedule throughout the quarter and may
contain data that predates the rest of this Asset Advisor by one quarter.

Reis Observer

Reis Observer
Retail - Asset Advisor Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach
Published October 24 2007

THE ECONOMY Employment:
Like other hard-hit areas of South Florida, upscale Palm Beach County BLS reports a seasonally
•
must patiently bide its time as the housing-lending downturn runs its unadjusted unemployment rate of
course. Home sales and building remain down and employment in the 4.8% in August for the West
Palm Beach Metropolitan
county’s construction sector is down as well—for the first time in several
Division, up from 4.1% a year
years. According to data provided by the U.S. Department of Labor,
earlier.
Bureau of Labor Statistics (BLS), this sector lost 1,100 jobs net over the
12-month period concluding with July 2007. According to the U.S.
Moody’s Economy.com reports a
•
Bureau of the Census, residential building authorizations for the first eight
second quarter 2007 average
months of the year for the greater Miami area are down 55.2% year over household income of $130,751
year. for the Palm Beach County
metro area. Average household
While these are serious matters, the slowdown in the Palm Beach County incomes of $112,361 and
economy, as a whole to-date, has been less than drastic. Over the 12- $103,273 are reported for the
month period ending with July, nonagricultural employment grew at the top metros in the nation and
South Atlantic region,
rate of 2.5% (adding 14,100 jobs net), a substantial growth rate by any
respectively.
standard. Concerns expressed earlier in the year by some local observers
that regional economies would be in recession by summer 2007 now seem
grossly exaggerated. As of late June, The Florida Metro Forecast from the
Employment Growth
Institute for Economic Competitiveness at the University of Central
Florida was predicting a “soft landing” for the state as a whole. Job
growth in Palm Beach County, meanwhile, has been particularly strong in 30 6%
25 5%
the leisure and hospitality sector, which added 5,400 jobs over the latest
Jobs Added (000's)

20 4%

Rate of Growth
15 3%
July-to-July period for a striking 7.9% gain. Substantial increases were 10 2%
achieved as well by the professional and business services, education and 5 1%
0 0%
health services, and trade sectors. And waiting in the wings is the -5 -1%
-10 -2%
biotechnology sector with its bright promises for the future of the Palm 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
Beach economy. Anchoring this sector is Scripps Research Institute and Jobs Added Rate of Growth

the new development it is expected to generate. Scripps presently is Source: BLS

developing a facility in Jupiter.
Employment by Sector:
After averaging 2.2% over the five-year period concluding with 2004,
population growth has slowed significantly, according to Moody’s Manufacturing
Constr, Trans,
Education & 3%
Economy.com, with the slowdown likely a result of rapid home price Util, Nat. Rsrce
Health Svc. 10%
escalation. Growth rates in 2005 and 2006, accordingly, were 1.3% and 13% Wholesale
4%
1.6%. Improvement, however, is on the way: this source is projecting a gain Information
Government
of 2.4% for 2007 (31,000 residents net) with larger gains expected 2%
11%
Finance
thereafter. 7%
Leisure &
Hospitality
Prof. &
12%
Business Svc.
Retail Trade & 21%
Consumer Svc.
17% Source: BLS

1
Copyright 2007 Reis, Inc. Page 4

Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach

OUTLOOK

It may be 2009 before the housing market rights itself. So far, the Palm
Beach County economy has done well in weathering the upset. Over the
longer term, the county economy’s significant assets—its diversity, its
affluent and well-educated work force, its strong population growth
profile, and the promise seen in biotechnology—bode well.

2

Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach

THE REAL ESTATE MARKET Special Real Estate Factors::

Office: “Developers and
•
financiers, trying to make sense of
OFFICE high purchase prices for premier
properties, suspect the deals will
The present year, and drive up tenant lease rates to
possibly next year as unsustainable heights and make it
Palm Beach County Office Supply and Demand Trends

well, will challenge the even tougher for smaller investors
to buy.” So states CB Richard
office market with 2,000 30%

Ellis in its third quarter 2007
increasing volumes of 1,500 25%
Square Feet (000's)

report on the local market.
new supply at a time of

Vacancy Rate
1,000 20%
“Regional investors are exploring
slower economic 500 15%
cheaper markets or taking on
growth. The 608,000 0 10%
institutional partners to pave the
square feet Reis expects -500 5%
way to quicker, cheaper funding.”
will deliver this year -1,000 0%
Meanwhile, the subprime lending
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
would be the largest troubles have raised borrowing
Completed Absorbed Vacancy Rate
single-year sum since costs “and tightened the supply of
Source: Reis, Inc.
2001. Fortunately for money for even the largest
the health of the market, total existing inventory should grow by only investors.”
about 400,000 square feet, as some existing spaces depart from the
Apartment: “Transaction
•
market. The near lack of deliveries year-to-date (48,000 square feet) has
velocity continues to decelerate due
allowed the vacancy rate to slip to 10.3% during second quarter, shedding
to the absence of conversion buyers
30 basis points. First Glance reporting from Reis indicates a third quarter
and tighter mortgage financing,”
vacancy rate of 11.1%. Net absorption for the year is forecast at 283,000
states Marcus & Millichap Real
square feet. Reis expects 2008 to present the market with 912,000 square Estate Investment Brokerage
feet of new space as development remains active. The firm’s latest Company in a third quarter report
forecast expects net absorption to remain close at 852,000 square feet. on the local market. Average cap
rates and property prices are
At 10.5% asking and 11.5% effective, last year’s rent growth was “difficult to discern” at present due
extraordinary. High development costs for new space have been a central to the substantial slowdown. For
sales closed over the four-quarter
element in rent growth in many of the nation’s markets, especially where,
span concluding with the second of
as in Palm Beach County, hungry condo developers have pushed up the
2007, Reis reports an average
price of land. Second quarter asking and effective rents were reported at
capitalization rate and selling price
$28.38 psf and $24.46 psf, while third quarter First Glance data show an
of 7.1% and $326,713 per unit.
asking rent of $28.81 psf. In addition, investment sales at high prices
mandate higher lease rates as new owners pass their acquisition costs on Retail: A big and quiet deal.
•
to tenants. Both Blackstone Group and JP Morgan, for example, have In what the Palm Beach Post
been recent buyers of Palm Beach County office properties (see Special described in August as “a hush-
Real Estate Factors for more information about current investment hush deal,” Menin Development
dynamics in the county market). For its part, CB Richard Ellis reports 1.0 has sold nearly all of its stake in
million square feet under construction per the close of third quarter, with the Downtown at the Gardens
shopping center to Institutional

3

Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach

most of the space underway in the West Palm Beach and Boca Raton
submarkets. Net absorption year-to-date is reckoned by this source at Special Real Estate Factors:
negative 198,700 square feet; the net absorption for third quarter was Continued
negative 84,000 square feet. The largest for-lease project presently under
Mall Investors, a company co-
construction is the 296,000-square-foot second phase of CityPlace Tower
owned by the California Public
in West Palm Beach, for which Reis expects completion in January. The
Employees Retirement System
167,000-square-foot Milan at Towncenter is underway in Boca Raton for
(CalPERS) and Miller Capital
delivery the following month.
Advisory Inc. According to local
real estate sources, “the center
fetched $150 million to $250
CB Richard Ellis reports third quarter vacancy at 11.9%, up from 8.4% four quarters
•
million, which would make it one
earlier. The average asking rent is given as $19.90 psf full-service gross, up 5.1%. of the biggest real estate deals in
county history.” For retail
properties changing hands over the
APARTMENT 12-month span ending at mid-
year, Reis reports an average
capitalization rate and selling price
The condo of 7.5% and $261 psf.
Palm Beach County Apartment Supply and Demand Trends
conversion trend, 6,000 12%
Industrial: “First Industrial
•
that assisted the 4,000
Realty Trust has snapped up most
10%
apartment market 2,000 of the former Palm Beach Park of
by supporting its 8%
Vacancy Rate
No. of Units

Commerce in a deal that may
0
occupancy, has 6%
jump-start industrial construction
-2,000
undergone a 4%
in Palm Beach County,” reported
-4,000
dramatic reversal South Florida Business Journal in
2%
-6,000
due to oversupply June. “The bellwether deal…
-8,000 0%
in the condo gives the Chicago-based real estate
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
sector. According developer control of 537 acres
Source: Reis, Inc.
to Reis, net re- along the Beeline Highway in the
northwestern reaches of the
conversion during the final quarter of last year returned 1,248 units to the
county.” “First Industrial plans
rental sector. Accordingly, apartment supply increased by 2,094 units
to come out of the ground later this
during the last half of last year (new construction of 846 units plus the re-
year with speculative distribution
converted units). With this, the rapid decrease in vacancy and strong rent
warehouses and other light
growth established during the preceding period come to an end. Further,
industrial facilities for lease
a slowdown in rental development and zero net conversions to-date in although the final plan is still
2007 have been of little help. being hammered out,” adds the
report. While terms of the sale
Second quarter vacancy was 7.0%, up 50 basis points from the end of last were not disclosed, sources report
year and on its way to 7.3% by the end of 2007, even as only 110 new that the developer paid about
rental units enter the market via new construction (all scheduled for the $162 million, about $7 psf.
“With industrial sites further
second half). Early reporting from Reis shows a third quarter rate of
south trading in the teens, the price
7.3%. After slowing significantly during the last half of last year, rent
is a value. The acquisition is part
growth fell negative during second quarter 2007, as losses of 0.5% for

4

Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach

both asking and effective averages dropped these rates to $1,110 and
$1,049 per month. Growth rates for the year are forecast at 2.0% for both Special Real Estate Factors:
rent categories, well off the respective increases of 5.6% and 5.9% Continued
recorded for 2006. First Glance reporting from Reis shows a third quarter
asking rent of $1,111 per month.
of a $1 billion joint-venture fund
with the California State
Competition from the heavy condo supply and, to a lesser extent, slower Teachers' Retirement System.”
job and population growth, are the chief causes of these trends. Indeed,
condo projects continue to dominate Reis’s accounting of multifamily
construction recently completed, under construction, planned and
proposed. Fortunately, rental construction will remain subdued. With
annual volumes increasing year by year, the few units forecast to deliver in
2007 will be followed by an annual average of only 675 units through the
remainder of Reis’s five-year forecast period. Among significant projects
underway as of mid-year is the 356-unit 500 Ocean Plaza condos in
Boynton Beach, for which Reis cites an October completion date. Also in
Boynton Beach, the 300-unit Monterey Bay townhomes complex is due
on line in November 2008. As recently as August, GlobeSt.com reported
the closing of a $137 million construction loan for a 52-unit condo project
in Boca Raton. A spring 2009 completion is planned. Prices will range
from $2.75 million to more than $15 million. Presales have been
“significant,” states the report.

Marcus & Millichap reports third quarter 2007 Palm Beach County apartment
•
vacancy at 7.0%, up a full 170 basis points from a quarter earlier and up 220
over 12 months. The third quarter asking average rent is put at $1,119 per
month, up 1.9% from a year earlier. The effective mean grew by 1.2% over the
same period to close the quarter at $1,058.

5

Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach

RETAIL

With its high incomes, Palm Beach County Retail Supply and Demand Trends
strong population 1000 16%
growth and strong 14%
800
economic prospects,
Square Feet (000's)

12%

Vacancy Rate
600
Palm Beach County 10%
400 8%
remains fertile ground
6%
for retailers and retail 200
4%
real estate. While a 0
2%
mild excess of space -200 0%

delivered over space 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

absorbed this year will Completed Absorbed Vacancy Rate
Source: Reis, Inc.
result in a small
increase in the vacancy rate for community and neighborhood center
space, the level stays low. According to Reis’s forecast, 562,000 square
feet will complete construction; 399,000 square feet will be absorbed.

Reis puts second quarter vacancy at 5.0%, same as a quarter earlier, up 40
basis points since year end. An additional increase, but only to 5.2%, is
projected for year-end 2007; while preliminary data from Reis indicate a
rate of 5.7% for the third quarter. The power center market is tighter still.
Reis reports 350,000 square feet under construction, all in the West Boca
Commons project in Boca Raton due on line in October 2008. Another
475,000 square feet of additional power center space are planned. Power
center vacancy at mid-year was 2.8%, up from 1.6% a year earlier. Other
significant projects underway include the 400,000-square-foot retail
portion of the mixed-use Boynton Town Center in Boynton Beach, due
on line next June.

“With its exploding population base,” reports CB Richard Ellis, “more
retail product is expected to come on line in late 2007 or early 2008 to
meet the demand of rapidly expanding communities.” This source reports
1.0 million square feet under construction at the close of second quarter—
the largest shares, 411,000 and 389,000 square feet respectively, belonging
to the Wellington-Royal Palm Beach and Boynton Beach-Lantana
submarkets. Marcus & Millichap expects 1.5 million square feet to
complete construction this year, down from more than 2.0 million in
2006. Asking and effective lease rates for community and neighborhood
center space increased 7.9% and 7.7% last year, Reis reports. Respective
gains of 4.8% and 4.4% are projected for 2007. Second quarter averages
were $22.57 and $20.52 psf, each up 0.5% from a quarter earlier. Early

6

Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach

reporting from Reis shows an asking rent rate of $22.68 psf for third
quarter. The second quarter mean rate for power center space was $21.76,
up 5.9% year-over-year.

CB Richard Ellis reports overall second quarter retail vacancy at 4.01%, up from
•
3.11% a year earlier. The average triple-net lease rate is given as $22.78 psf, up
from $21.54.

INDUSTRIAL

High-rent district. Palm Beach County Industrial Supply and Demand Trends
With high-tech and
biotech industry 1,400 12%
1,200
playing significant 10%
Square Feet (000's)

1,000

Vacancy Rate
roles in the local 8%
800
economy, the Palm 600 6%
400
Beach County 4%
200
industrial market 2%
0
offers a somewhat -200 0%
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
different profile
than the other Source: Reis, Inc.
South Florida
markets, with their warehouse/distribution orientations. In addition, its
higher land and development costs tend to preclude development of
lower-rent properties. Significant increases in construction delivery
volumes of multi-tenant, non-manufacturing space in 2006 and 2007 have
done, and will do, little to alter that sectors low vacancy profile. The
726,000 square feet that delivered in 2006 were accompanied by demand
sufficiently strong enough to chop 60 basis points from the vacancy rate,
which closed the year at 5.1%. The delivery of nearly 1 million square feet
in 2007, most in a single year since 1986, will be met by strong net
absorption at 804,000 square feet. Thus, the vacancy rate will rise, but
only as high as 5.5%. A completion total nearly as great next year,
moreover, will be surpassed by net absorption, driving the vacancy rate
downward once again. By 2011, the final year of Reis’s five-year forecast
period, vacancy should be running at 4.5%. Rent growth reflects the
market’s tightness and its favorable supply and demand dynamics.
Average asking and effective lease rates increased 6.4% and 6.7% last year.
Respective increases of 4.3% and 3.9%, producing year-end averages of
$6.57 and $6.44 psf, are projected for 2007.

7

Reis Observer
October 24, 2007
PALM BEACH
Metro: Palm Beach

According to CB Richard Ellis, the 455,000 square feet that completed
construction during third quarter were preleased at 46%. Space remaining
underway at quarter’s end is counted at 759,300 square feet, the largest
portions of which are found in West Palm Beach and Jupiter, site of the
Scripps facility now under development. Construction, notes this source,
is underway on land purchased prior to the recent acceleration of land
prices that fell upon the entire region. “Demand is intense enough,”
notes CB, “that developers are purchasing parcels in Martin and St. Lucie
counties “where lower land prices make it feasible to assemble large
competitively priced industrial parks.” Meanwhile, First Industrial Realty
Trust has purchased a 537-acre site in northwest Palm Beach County with
plans for 6.5 million square feet of industrial facilities of all types (see
Special Real Estate Factors for more information). Despite the apparent
vigor of the market, CB reports year-to-date net absorption at negative
721,300 square feet. With recent increases in operating expenses
impacting tenant bottom line, comments this source, “tenants have begun
to downsize and consolidate their industrial space requirements.”

CB reports third quarter overall vacancy at 6.9%, up more or less steadily through
•
recent quarters. Rates by property type are given as 6.0% for industrial and 9.1%
for flex. Respective average asking rents of $10.92 and $8.45 psf combine to form
an average of $9.69.

Vacancy
Sector 2Q07 2Q06 Chg
Office 10.3% 10.1% 20 bps
Multifamily 7.0% 4.2% 280 bps
Retail 5.0% 4.4% 60 bps
Industrial 5.1% 5.7% -60 bps

Rents
Sector 2Q07 2Q06 Chg
Office $28.38 psf $25.77 psf 10.1%
Multifamily $1,110 month $1,097 month 1.2%
Retail $22.57 psf $21.30 psf 6.0%
Industrial $6.30 psf $5.92 psf 6.4%
For additional metro and
submarket level information on
the top 80 markets for the four
principal property types, visit
www.reis.com or call Reis at:
(800) 366-REIS.

8
Unless otherwise indicated, economic and demographic data provided by Moody’s Economy. com
Publication Date October 2007 © 2007 Reis, Inc.

Retail - Asset Advisor 3rd Quarter 2007
11201 US Highway One North Palm Beach, FL 33408
Metro: Palm Beach

Neighborhood Shopping Centers
Section 1 - Current Metro Rent Details

Nonanchor Asking Rent Nonanchor Asking Rent Distribution Nonanchor Asking Rent Growth Rate Distribution
by Age
Low 25% Mean Median 75% High Low 25% Mean Median 75% High
Year Built Rent
Before 1970 $20.49 $12.15 $16.96 $20.98 $20.37 $25.83 $37.52 - 3.3% 0.1% 0.6% 0.3% 2.0% 5.4%
1970-1979 $18.86
42 110
1980-1989 $21.27
38
Number of Properties

37
1990-1999 $25.49
After 1999 $30.75 28
All $20.98
19
As of 09/30/07 41
9 8
7 16
6 6 6
3
0
Under $15.58 $18.83 $22.08 $25.33 $28.58 $31.83 $35.08 Under - 2.6% - 1.3% 0.0% 1.3% 2.6% 3.9% 5.2%
$15.57 $18.82 $22.07 $25.32 $28.57 $31.82 $35.07 Over - 2.7% - 1.4% - 0.1% 1.2% 2.5% 3.8% 5.1% Over

Negative Growth
22 166
Positive Growth

As of 09/30/07 Qtr Ending 09/30/07

Low 25% Mean Median 75% High
Anchor Asking Rent Distribution
$ 6.69 $10.89 $13.92 $13.57 $16.81 $28.84
As of 09/30/07

Section 2 - Nonanchor Rent Growth Comparisons

Asking Rent Growth Quarterly Rent Growth Rate Trends
%
Quarterly Annualized
2.0
3Q07 2Q07 YTD Avg 1 Year 3 Year 5 Year
1.8
Palm Beach 0.6% 1.1% 1.0% 7.0% 5.3% 4.5% 1.6
1.4
South Atlantic 0.6% 0.6% 0.7% 4.3% 3.8% 3.3%
1.2
United States 0.7% 0.9% 0.8% 4.0% 3.5% 3.2% 1.0
0.8
Average over period ending: 09/30/07 06/30/07 09/30/07 12/31/06 12/31/06 12/31/06
0.6
0.4
Metro Ranks
Metro Rank Total 0.2
Compared to: Metros
0.0
3Q07 2Q07 YTD 1 Year 3 Year 5 Year
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07
South Atlantic 24 10 4 3 3 3 2
Palm Beach South Atlantic
United States 76 35 21 17 7 7 8 US

Period ending 09/30/07

Asking Rent Growth Rate Trends
%
7.0
6.0
Palm Beach
5.0
4.0 South Atlantic
3.0
US
2.0
1.0
0.0
2002 2003 2004 2005 2006


Metro: Palm Beach

Community Shopping Centers
Section 3 - Current Metro Rent Details

Nonanchor Asking Rent Nonanchor Asking Rent Distribution Nonanchor Asking Rent Growth Rate Distribution
by Age
Low 25% Mean Median 75% High Low 25% Mean Median 75% High
Year Built Rent
Before 1970 $28.70 $15.01 $20.50 $24.63 $25.73 $31.58 $62.69 - 1.7% 0.2% 0.1% 0.8% 2.1% 14.4%
1970-1979 $23.19
12 30
1980-1989 $26.36

1990-1999 $30.34
9
After 1999 $39.94
7
16
All $24.63 6 6 6
5
As of 09/30/07
4
5
2 1 1 0 0
Under $15.58 $18.83 $22.08 $25.33 $28.58 $31.83 $35.08 Under - 2.6% - 1.3% 0.0% 1.3% 2.6% 3.9% 5.2%
$15.57 $18.82 $22.07 $25.32 $28.57 $31.82 $35.07 Over - 2.7% - 1.4% - 0.1% 1.2% 2.5% 3.8% 5.1% Over

Negative Growth
4 51
Positive Growth

As of 09/30/07 Qtr Ending 09/30/07

Anchor Asking Rent Distribution
$ 6.92 $11.88 $16.64 $15.10 $20.62 $26.46
As of 09/30/07

Section 4 - Nonanchor Rent Growth Comparisons

Asking Rent Growth Quarterly Rent Growth Rate Trends
%
2.2
3Q07 2Q07 YTD Avg 1 Year 3 Year 5 Year
2.0
Palm Beach 0.1% 0.0% 0.6% 8.6% 5.2% 4.9% 1.8
1.6
South Atlantic 0.4% 0.5% 0.6% 4.3% 3.6% 3.1% 1.4
1.2
United States 0.5% 0.7% 0.7% 3.6% 3.2% 2.9%
1.0
Average over period ending: 09/30/07 06/30/07 09/30/07 12/31/06 12/31/06 12/31/06 0.8
0.6
0.4
Metro Ranks
Metro Rank Total
0.2
Compared to: Metros
0.0
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07
United States 76 59 56 32 1 6 4 US


Asking Rent Growth Rate Trends
%

8.0

Palm Beach
6.0
South Atlantic
4.0
US
2.0

0.0
2002 2003 2004 2005 2006


Metro: Palm Beach

Neighborhood Shopping Centers
Section 5 - Current Metro Vacancy Details

Vacancy Rate By Age Vacancy Rate Distribution

Year Built Vac. Rate
Before 1970 8.2% 0.0% 0.0% 5.6% 2.4% 7.5% 33.6%
1970-1979 3.9%
107
1980-1989 7.6%

1990-1999 2.3%
After 1999 6.4%
All 5.6%
As of 09/30/07
35
18
9 7
5 4
3

Under 4.0% 7.9% 11.8% 15.7% 19.6% 23.5% 27.4%
3.9% 7.8% 11.7% 15.6% 19.5% 23.4% 27.3% Over

As of 09/30/07

Section 6 - Vacancy Rate Comparisons

Vacancy Rates Quarterly Vacancy Rates
%
3Q07 2Q07 YTD Avg 1 Year 3 Year 5 Year 7.8
7.6
7.4
Palm Beach 5.6% 4.9% 5.1% 5.0% 5.0% 5.4% 7.2
7.0
South Atlantic 7.2% 7.2% 7.2% 6.9% 6.6% 6.8% 6.8
6.6
United States 7.9% 7.8% 7.7% 7.2% 7.0% 7.0% 6.4
6.2
6.0
5.6
5.4
5.2
Metro Ranks
Metro Rank Total
5.0
Compared to: Metros 4.8
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07
United States 76 18 14 17 20 19 20 US


Vacancy Rate Trends
%

7.0
Palm Beach
6.5
South Atlantic
6.0
US
5.5

5.0

2002 2003 2004 2005 2006


Metro: Palm Beach

Community Shopping Centers
Section 7 - Current Metro Vacancy Details

Vacancy Rate By Age Vacancy Rate Distribution

Year Built Vac. Rate
Before 1970 12.9% 0.0% 0.9% 5.7% 5.8% 11.2% 31.5%
1970-1979 9.2%
29
1980-1989 8.0%

1990-1999 1.3%
After 1999 9.6%
All 5.7%
12
As of 09/30/07

5 5
2
1 1
0
Under 4.0% 7.9% 11.8% 15.7% 19.6% 23.5% 27.4%
3.9% 7.8% 11.7% 15.6% 19.5% 23.4% 27.3% Over

As of 09/30/07

Section 8 - Vacancy Rate Comparisons

Vacancy Rates Quarterly Vacancy Rates
%
3Q07 2Q07 YTD Avg 1 Year 3 Year 5 Year 6.8
6.6
6.4
Palm Beach 5.7% 5.2% 5.4% 4.5% 4.5% 5.4% 6.2
6.0
South Atlantic 6.3% 6.3% 6.3% 6.4% 7.1% 7.3% 5.8
5.6
United States 6.9% 6.8% 6.8% 6.7% 7.1% 7.2% 5.4
5.2
4.8
4.6
4.4
Metro Ranks
Metro Rank Total 4.2
Compared to: Metros 4.0
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07
United States 76 30 27 27 16 16 22 US


Vacancy Rate Trends
%

8.0

Palm Beach
7.0
South Atlantic
6.0
US
5.0

4.0

2002 2003 2004 2005 2006


Metro: Palm Beach
Neighborhood and Community Shopping Centers
Section 9 - Nonanchor Rent Growth Comparisons and Forecast
Asking Rent Growth
3Q07 2Q07 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast
Palm Beach 0.5% 0.5% 0.8% 7.9% 5.3% 4.7% 4.2%
South Atlantic 0.5% 0.6% 0.7% 4.3% 3.7% 3.2% 3.3%
United States 0.6% 0.8% 0.8% 3.8% 3.3% 3.0% 3.4%
Average over period ending: 09/30/07 06/30/07 09/30/07 12/31/06 12/31/06 12/31/06 12/31/11

Metro Ranks
Metro Rank Total
Compared to: Metros
3Q07 2Q07 YTD 1 Year 3 Year 5 Year 5 Yr Forecast
South Atlantic 24 12 9 5 1 3 2 1
United States 76 38 34 20 2 5 6 6

Asking Rent Growth Rate Trends and Forecast
%

7.0
6.0 Palm Beach
5.0
South Atlantic
4.0
3.0 US
2.0
1.0
0.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Section 10 - Vacancy Rate Comparisons and Forecast
Vacancy Rates
3Q07 2Q07 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast
Palm Beach 5.7% 5.0% 5.2% 4.8% 4.8% 5.4% 5.3%
South Atlantic 6.8% 6.8% 6.7% 6.7% 6.9% 7.1% 7.0%
United States 7.4% 7.3% 7.3% 7.0% 7.0% 7.1% 7.3%
Average over period ending: 09/30/07 06/30/07 09/30/07 12/31/06 12/31/06 12/31/06 12/31/11

Metro Ranks
Metro Rank Total
Compared to: Metros
3Q07 2Q07 YTD 1 Year 3 Year 5 Year 5 Yr Forecast
South Atlantic 24 5 4 5 5 5 5 5
United States 76 21 19 20 20 18 20 19

Vacancy Rate Trends and Forecast
%

7.5
7.0
Palm Beach
6.5
South Atlantic
6.0
5.5 US
5.0
4.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


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