PROFESSIONAL QUALIFICATIONS

AMERICAN VALUATION GROUP, INC. PROFESSIONAL PROFILE

MARK T. KENNEY, MAI, SRPA, MRICS

PRESENT POSITION:

Mr. Kenney is President and owner of the firm. His diverse experience includes national appraising of mega malls, super-regional and regional shopping malls, community and strip centers, department stores, discount department stores, “big box” stores, hotels, motels, resorts, apartment complexes, manufacturing facilities, warehouses, office buildings, banks, commercial and residential developments for acquisition, disposition, financing, syndication, ad valorem taxation and federal estate taxation.

PROFESSIONAL EXPERIENCE:

Prior to his current position, Mr. Kenney was a Principal in Equity Appraisal Co., Inc. from 1987-88. During 1984 to 1987, he was Vice President and part owner of Appraisal Affiliates, Inc., a firm specializing in valuation, finance, real estate taxation and shopping center valuation. Mr. Kenney had been a Senior Analyst with that firm from 1981 to 1984.

EDUCATION:

Mr. Kenney earned a Master of Business Administration (Concentration in Accounting) from La Salle University. He holds a Bachelor of Arts degree in Economics, Magna Cum Laude, from La Salle University (Concentration in Finance). He has attended numerous seminars on current real estate issues, including:

“Appraiser Expert Depositions: A Guide For the Attorney and the Expert Witness” at the IAAO’s 40th Annual Legal Seminar in Phoenix, AZ (December 6, 2019) presented by William Shepherd, Esq., “Bulletproofing the Assessment Litigation Appraisal Report” at the IAAO’s 40th Annual Legal Seminar in Phoenix, AZ (December 6, 2019) presented by Peter F. Korpacz, MAI, CRE, FRICS, “When Accuracy is at Stake” at the IAAO’s 40th Annual Legal Seminar in Phoenix, AZ (December 6, 2019) presented by Robert Grimaldi, Esq., “Dark Stores, Dark Theories, and Dark Magic” at the International Association of Assessing Officers’s (IAAO) 85th Annual International Conference in Niagara Falls, Ontario, Canada (September 11, 2019) presented by Peter F. Korpacz, MAI, CRE, FRICS and Steven Laposa, Ph.D., FRICS, “Fee Simple - Setting the Record Straight” at the International Association of Assessing Officers’s (IAAO) 85th Annual International Conference in Niagara Falls, Ontario, Canada (September 10, 2019) a panel discussion on PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

the IAAO’s Fee Simple position paper including Norman “Ned” Chappell, MAI, CAE, Thomas W. Hamilton, Ph.D., MAI, CCIM, CRE, FRICS, Peter F. Korpacz, MAI, CRE, FRICS, William D. Shepherd, Esq., Irene E. Sokoloff, MAI, CAE, CFE, and Kenneth Voss, MAI, CAE, “Litigation Strategies for Defending the Big Box Assessment” at the International Association of Assessing Officers’s (IAAO) 85th Annual International Conference in Niagara Falls, Ontario, Canada (September 9, 2019) presented by William D. Shepherd, Esq., “Retail: Dead or Alive?” at the International Association of Assessing Officers’s (IAAO) 85th Annual International Conference in Niagara Falls, Ontario, Canada (September 9, 2019) presented by Marc Moffit, MS, “Examining Property Rights and Implications in Valuation” presented by Leslie P. Sellers, MAI, SRA, former Appraisal Institute National President, for the Philadelphia Metropolitan Chapter of the Appraisal Institute (June 5, 2019), “Preparing for Real Estate Litigation” at the Assessors’ Association of Pennsylvania’s (AAP) 71st Annual Conference in Pittsburgh, PA (May 3, 2019) presented by M. Janet Burkhardt, Esq. and Victor “Vic” Kustra, Esq., “Big Box Appeals... Issues and Solutions” at the Assessors’ Association of Pennsylvania’s (AAP) 71st Annual Conference in Pittsburgh, PA (May 2, 2019) presented by Peter F. Korpacz, MAI, CRE, FRICS and Irene E. Sokoloff, MAI, CAE, “After Fee Simple...” & “Pretty Vacant” (two sessions together) at the International Association of Assessing Officers’s (IAAO) 84th Annual International Conference in Minneapolis, MN (September 26, 2018) presented by William D. Shepherd, Esq., “Implementing a Big-Box Methodology” at the International Association of Assessing Officers’s (IAAO) 84th Annual International Conference in Minneapolis, MN (September 25, 2018) a panel discussion including Norman “Ned” Chappell, MAI, CAE, Thomas W. Hamilton, Ph.D., MAI, CCIM, CRE, FRICS, Peter F. Korpacz, MAI, CRE, FRICS, William D. Shepherd, Esq., Irene E. Sokoloff, MAI, CAE, CFE, Kenneth Voss, MAI, and Paul A. Welcome, CAE, FRICS, ASA, RMA, Moderator, “When Fee Simple Is Not So Simple” at the International Association of Assessing Officers’s (IAAO) 84th Annual International Conference in Minneapolis, MN (September 25, 2018) presented by James Murrett, MAI, the 2018 Appraisal Institute National President, “Cap It Off! - Real World Cap Rate Development Methods” at the International Association of Assessing Officers’s (IAAO) 84th Annual International Conference in Minneapolis, MN (September 25, 2018) presented by Marcus M. Moffitt, RPA, MPA, from Denton TX, “Supersize Me! The Valuation of Corporate Headquarters” First Plenary Session at the International Association of Assessing Officers’s (IAAO) 84th Annual International Conference in Minneapolis, MN (September 25, 2018) presented by Tim Wilmath, MAI, SRA, PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

“Valuation Issues with Continuing Care Retirement Communities” at the International Association of Assessing Officers’s (IAAO) 84th Annual International Conference in Minneapolis, MN (September 24, 2018) presented by Brian Johnson, Pima County AZ Property Assessment Litigation Manager, “Nuances of Valuation” and “Developing a Supportable Work File” presented by Vincent Dowling, MAI, SRPA, MRICS for the Southern New Jersey Chapter of the Appraisal Institute in Atlantic City, NJ (June 12, 2018), “2018 Preparation & Trial of the Property Tax Appeal Seminar” at the University of North Carolina - School of Government in Chapel Hill, NC (June 7-8, 2018) presented by the International Association of Assessing Officers (IAAO), “Valuation Challenges: Cap Rates, Highest and Best Use, RCN” at the International Association of Assessing Officers’s (IAAO) 83rd Annual International Conference in Las Vegas, NV (September 27, 2017) presented by Jim Amorin, MAI, SRA, AI-GRS, Appraisal Institute National President 2009 & 2017 and Stephen Wagner, MAI, SRA, AI-GRS, “Valuation of Underperforming Regional Malls” Second Plenary Session at the International Association of Assessing Officers’s (IAAO) 83rd Annual International Conference in Las Vegas, NV (September 27, 2017) presented by Peter F. Korpacz, MAI, CRE, FRICS, “Valuing the Las Vegas “Strip” - Challenges & Limitations” First Plenary Session at the International Association of Assessing Officers’s (IAAO) 83rd Annual International Conference in Las Vegas, NV (September 27, 2017), “Don’t Cut Me Off! Use of Post-Valuation Date Evidence” at the International Association of Assessing Officers’s (IAAO) 83rd Annual International Conference in Las Vegas, NV (September 26, 2017), “Valuing Hospitals as Integrated Healthcare Facilities” at the International Association of Assessing Officers’s (IAAO) 83rd Annual International Conference in Las Vegas, NV (September 25, 2017), “The Dark Store Theory: Controversy in the Property Tax World” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 24, 2017), a panel presentation including Thomas W. Hamilton, PhD, MAI, CRE, FRICS, Mark Hutcheson, Esq., CMI, CRE, David Lennhoff, CRE, MAI, FRICS, AI-GRS, and Amy Seibel, Esq., CPA, “The Big Box Controversy: Looking for Solutions” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 23, 2017) presented by Peter F. Korpacz, MAI, CRE, FRICS, Kathryn D. Myers, Esq., and Gaylord A. Wood, Jr., Esq., “Separating Intangible Value, FF&E, and Real Estate” at the International Association of Assessing Officers’s (IAAO) 82nd Annual International Conference in Tampa, FL (August 30, 2016) presented by Jim Amorin, MAI, SRA, AI-GRS, Appraisal Institute National President 2009 & 2017, “Fee Simple...It’s Not So Complicated” Plenary Session at the International Association of Assessing Officers’s (IAAO) 82nd Annual International PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

Conference in Tampa, FL (August 30, 2016) presented by Peter F. Korpacz, MAI, CRE, FRICS, “Big Box, Big Box Issues Roundtable” at the International Association of Assessing Officers’s (IAAO) 82nd Annual International Conference in Tampa, FL (August 30, 2016) coordinated by Tim Wilmath, MAI, SRA, “Who’s Afraid of the Big, Bad Cost Approach?” at the International Association of Assessing Officers’s (IAAO) 82nd Annual International Conference in Tampa, FL (August 29, 2016) presented by William Shepherd, Esq., CFE, “Real Estate Stands Alone: Impact of Indexing on Real Estate Value” presented at the Institute for Professionals in Taxation’s (IPT) Annual Conference in Traverse City, MI by Robert Brazzell and Stephen Paul, Esq. (June 14, 2016), “Valuation Issues with Limited Market Properties” presented at the Institute for Professionals in Taxation’s (IPT) Annual Conference in Traverse City, MI by Brent Auberry, Esq., Daniel Stanley, Esq. And Lawrence Mitchell, MAI (June 14, 2016), “The Real Estate Bubble” presented at the Institute for Professionals in Taxation’s (IPT) Annual Conference in Traverse City, MI by Robert Goldman, Esq., David Kaplan, Esq., and Michael Kelly, MAI, SRPA (June 13, 2016), “Michigan, Indiana and Ohio State Updates” presented at the Institute for Professionals in Taxation’s (IPT) Annual Conference in Traverse City, MI by Robert Danzinger, Esq. (Ohio), Stewart Mandell, Esq. (Michigan), and Mark Loyd, Esq. (Indiana) (June 13, 2016), “Valuation Issues Involving the Dark Store Theory: Build-to-Suit, Sale- Leaseback and Vacant Properties” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 3, 2016), “Property Classification and Valuation Issues” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 3, 2016), “Fee Simple...It’s Not So Complicated” presented by Peter F. Korpacz, MAI, CRE, FRICS at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 3, 2016), “Roundtable - Property Tax Update on Key States” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 3, 2016), “Distinguishing the Value in Use vs. the Value in Exchange in the Appraisal of Industrial and Commercial Property” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 4, 2016), “2016-2017 USPAP National Update Course” seven-hour course provided by McKissock online education (December 7, 2015), “Appraisal of Land Subject to Ground Leases” seven-hour course provided by McKissock online education (October 25, 2015), PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

“Appraisal of Fast Food Facilities” seven-hour course provided by McKissock online education (October 24, 2015), “Technology: Realizing the Benefits and Managing the Challenges” presented at the International Association of Assessing Officers’s (IAAO) 81st Annual International Conference in Indianapolis, IN (September 16, 2015), “Meet With The Experts” presented at the International Association of Assessing Officers’s (IAAO) 81st Annual International Conference in Indianapolis, IN (September 15, 2015), “Tips and Trips in Assessing the Big Box” presented at the International Association of Assessing Officers’s (IAAO) 81st Annual International Conference in Indianapolis, IN (September 14, 2015), “Fair Market Value and the Hypothetical Buyer” presented at the International Association of Assessing Officers’s (IAAO) 81st Annual International Conference in Indianapolis, IN (September 14, 2015), “Regional Mall Assessment Valuations & Marketplace Solutions,” presented by Peter F. Korpacz, MAI, CRE, FRICS at the Institute for Professionals in Taxation’s (IPT) 2015 Annual Conference at the Hilton Bayfront, San Diego, CA (July 1, 2015), “Fair Value Measurements for Property Tax Valuation Purposes,” presented at the Institute for Professionals in Taxation’s (IPT) 2015 Annual Conference at the Hilton Bayfront, San Diego, CA (June 30, 2015), “Office Building Valuation Assessment,” presented at the Institute for Professionals in Taxation’s (IPT) 2015 Annual Conference at the Hilton Bayfront, San Diego, CA (June 30, 2015), “Intangibles - Case Review and a State Analysis,” presented at the Institute for Professionals in Taxation’s (IPT) 2015 Annual Conference at the Hilton Bayfront, San Diego, CA (June 29, 2015), “View of the Most Recent Court Cases,” presented at the Institute for Professionals in Taxation’s (IPT) 2015 Annual Conference at the Hilton Bayfront, San Diego, CA (June 29, 2015), “Recent Legal Decisions - Procedural and Substantive,” presented at the North Central Region Association of Assessing Officers’ 2015 NCRAAO Conference at the Chula Vista Resort, Wisconsin Dells, WI (June 17, 2015), “Valuation of Green Buildings,” presented at the North Central Region Association of Assessing Officers’ 2015 NCRAAO Conference at the Chula Vista Resort, Wisconsin Dells, WI (June 17, 2015), “Appraisers & Appeals at the BOR,” presented at the League of Wisconsin Municipalities’ 2014 Wisconsin Municipal Assessors Institute in Oconomowoc, WI (September 18, 2014), “WI Property Tax Litigation 2014: What Every Assessor Needs to Know,” presented at the League of Wisconsin Municipalities’ 2014 Wisconsin Municipal Assessors Institute in Oconomowoc, WI (September 17, 2014), “Commercial Appraisal,” presented at the League of Wisconsin Municipalities’ 2014 Wisconsin Municipal Assessors Institute in Oconomowoc, WI (September 16, 2014), PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

“Cap Rates and Valuation Metrics from REITs” presented at the International Association of Assessing Officers’s (IAAO) 80th Annual International Conference in Sacramento, CA (August 27, 2014), “Avoiding Hazards: Challenges of Golf Course & Club Valuation” presented at the IAAO’s 80th Annual International Conference in Sacramento, CA (August 26, 2014), “Ask the Valuation Experts” presented at the IAAO’s 80th Annual International Conference in Sacramento, CA (August 25, 2014), “Complex Litigation Appraisal Case Studies” presented by the Southern New Jersey Chapter of the Appraisal Institute in Atlantic City, NJ (June 3, 2014), “The Elusive Overall Cap Rate” 2-hour webinar presented by the International Association of Assessing Officers (IAAO) (February 19, 2014), “The End of Uniform and Equal Ad Valorem Taxation in Texas: Are You Next?,” presented by G. Todd Stewart, Esq. at the IAAO’s 34th Annual Legal Seminar in Fort Worth, TX (December 5, 2013), “Zen and the Art of Hotel Valuation,” “Timeshare and Fractional Ownership,” “Golf Courses,” “Casinos,” “Stadiums and Arenas,” and “Preparation for Dispute and Litigation,” presented at the IAAO/IPTI’s Challenges in the Valuation of Unique and Leisure Properties Seminar in Hollywood, FL (November 14-15, 2013), “State of the U.S. Real Estate Market” presented by Peter F. Korpacz, MAI, CRE, FRICS, at the IAAO’s 79th Annual International Conference in Grand Rapids, MI (August 26, 2013), “Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets” presented by Richard L. Borges, MAI, SRA, Appraisal Institute National President at the IAAO’s 79th Annual International Conference in Grand Rapids, MI (August 27, 2013), “Defending a Commercial Assessment Using the Three Approaches” presented at the IAAO’s 79th Annual International Conference in Grand Rapids, MI (August 27, 2013), “Property Taxation: Valuation and Consultation Services” 2-hour webinar presented by the Appraisal Institute (July 30, 2013), “Easement as a Burden: Evidence of the Diminution in Value Owing to Right-of-Way (Appurtenant) Easement” presented by Paul K. Asabere, Ph.D., from Temple University speaking at the ARES 29th Annual Meeting at Mauna Lani Bay Resort, Big Island, HI (April 12, 2013), “Opportunities in Hotel/Lodging Research - Hotel Valuation & Branding Study” presented by John O’Neill, MAI, CHE, Ph.D., from Penn State University speaking at the ARES 29th Annual Meeting at Mauna Lani Bay Resort, Big Island, HI (April 11, 2013), “The Elusive Cap Rate: Finding and Supporting Cap Rates in Uncertain Times” presented by Peter F. Korpacz, MAI, CRE, FRICS, at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2013), PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

“Determining the Existence of and Segregating Intangibles for Valuation Purposes” at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2013), “Personal Property Tax Nuts and Bolts” at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2013), “Capitalization Rates in an Uncertain Market” presented by Peter F. Korpacz, MAI, CRE, FRICS, at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 23, 2012), “Functional Obsolescence” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2012), “State Update Session I: New Jersey, New York, Ohio and Pennsylvania” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2012), “The Use of Review Appraisals in Property Valuation Cases” presented at the ABA/IPT’s Advanced Property Tax Seminar in New Orleans, LA (March 22, 2012), “Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets” provided by the Appraisal Institute in Chicago, IL (December 1-2, 2011), “Litigation Skills for the Appraiser” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (October 20, 2011), “Understanding and Using Investor Surveys Effectively” 2-hour webinar presented by the Appraisal Institute (January 11, 2011), “Billboard Assessments: The Valuation of Outdoor Advertising Signs for Property Tax Purposes” presented at the IAAO’s 31st Annual Legal Seminar in Chicago, IL (December 10, 2010), “The 2000's: A Decade of Change in Indiana Assessment Policy” presented at the IAAO’s 31st Annual Legal Seminar in Chicago, IL (December 10, 2010), “WI Property Tax Litigation 2010: What Every Assessor Needs to Know” (3 Hours) presented by the Wisconsin Municipal Assessors Institute at Chula Vista Resort, Wisconsin Dells, WI (September 15, 2010), “How to Critique an Appraisal” (7 Hours) presented by the Wisconsin Municipal Assessors Institute at Chula Vista Resort, Wisconsin Dells, WI (September 16, 2010), “Appraisal Curriculum Overview (2 Days)” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 16-17, 2010), “Changing Understanding of ‘Fair Market Value’” presented by Kenneth Voss, MAI at the International Association of Assessing Officers’ 30th Annual 2009 Legal Seminar (December 3, 2009), “Challenges in Market Financing” presented by Amy Seibel, Esq. at the International Association of Assessing Officers’ 30th Annual 2009 Legal Seminar (December 3, 2009), “Obstacles in Ad Valorem Assessment of Going-Concern Properties” presented by John Shevchuk, Barrister and Solicitor at the International PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

Association of Assessing Officers’ 30th Annual 2009 Legal Seminar (December 3, 2009), “Valuation Methodology Solutions for Distressed Markets” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 9, 2009), “Direct Capitalization & DCF Analysis: The Great Disconnect” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 9, 2009), “Intangible Assets in Commercial Real Estate” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 9, 2009), “Presenting a Complex Cap-Rate Case” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 10, 2009), “Real Estate Investment Trusts (REIT)” presented by the Institute for Professionals in Taxation at their 2009 Property Tax Symposium (November 11, 2009), “Green Technology and Real Estate” presented by the Southern New Jersey Chapter of the Appraisal Institute (June 1, 2009), “Appraising in 2009” with Ted Whitmer, MAI, CCIM, presented by the Southern New Jersey Chapter of the Appraisal Institute (June 1, 2009), “National USPAP Update Course” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 19, 2009), “Pennsylvania State Appraiser Regulations” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 19, 2009), “Appraising Environmentally Contaminated Properties” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (January 22, 2009), “Partial Interest Valuation - Divided” presented by the Southern New Jersey Chapter of the Appraisal Institute (May 30, 2008), “Analyzing Real Estate in Distressed or Troubled Markets” presented by the Southern New Jersey Chapter of the Appraisal Institute (May 29, 2008), “Partial Interest Valuation - Undivided” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (October 31, 2007), “Business Practices and Ethics” provided by the Appraisal Institute (October 6-7, 2007), “Real Estate Valuation: A Mosaic of Science and Art” presented by Peter F. Korpacz, MAI, CRE, FRICS for the Southern New Jersey Chapter of the Appraisal Institute (May 31, 2006), “The Truth About Mold” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (March 23, 2006), “Analyzing Operating Expenses” provided by Appraisal Institute online education (December 4, 2005), “Using Your 12C Financial Calculator” provided by Appraisal Institute online education (December 3, 2005), PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

“Expand Your Practice: Succeed As An Expert Witness” presented by the Philadelphia Chapter of the Appraisal Institute (September 14, 2005), “Appraisal Consulting: A Solutions Approach for Professionals” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (November 17, 2004), “Assessment Valuation Law in Pennsylvania” presented by the Philadelphia Metropolitan Chapter of the Appraisal Institute (July 14, 2004), “Attacking and Defending an Appraisal in Litigation - Part II” presented by the Southern New Jersey Chapter of the Appraisal Institute at Mount Laurel, NJ (December 2-3, 2003), “Course 800: Separating Real and Personal Property from Intangible Business Assets” presented by the Appraisal Institute at Tyson’s Corner, VA (October 5-6, 2001), “Course 800 Overview: Separating Real and Personal Property from Intangible Assets” presented by the Appraisal Institute at its 2001 National Conference, Minneapolis, MN (June 22, 2001), “Tax Appeals: Real and Personal Property Values” presented by the Appraisal Institute at its 2001 National Conference, Minneapolis, MN (June 22, 2001), “Business Enterprise Valuation” presented by the Appraisal Institute at its 1999 National Conference, Orlando, FL (June 26, 1999), “Defining and Allocating Going-Concern Value Components” presented at the Appraisal Institute’s 1999 Conference, Orlando, FL (June 27, 1999), “Trends in Retail Development and Valuation” presented by the IAAO at its 1998 Conference, Orlando, FL (September 12, 1998), “The Role of the Real Estate Expert” presented by the Appraisal Institute at the Princeton Conference (June 3, 1996), “Business Valuation Seminar” presented by the American Society of Appraisers, Sheraton Bucks County (April 21, 1995), and, “Appraisal of Retail Properties” sponsored by the Appraisal Institute, Philadelphia, PA (February 3, 1995).

PROFESSIONAL SOCIETIES:

Mr. Kenney is an MAI (No. 8475 - June, 1990) and SRPA (October, 1987) designated member of the Appraisal Institute. Mr. Kenney is also a MRICS designated member of the Royal Institute of Chartered Surveyors (RICS No. 1292768 - December 2009). Mr. Kenney is a member of the International Association of Assessing Officers (IAAO), the Assessors’ Association of Pennsylvania (AAP), the Northeast Regional Association of Assessing Officers (NRAAO), and is an affiliate member of the Urban Land Institute (ULI) and the International Council of Shopping Centers (ICSC). PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

LICENSING/APPROVALS:

Mr. Kenney is a Pennsylvania (No. GA-000108-L), New Jersey (No. 42RG00067800), New York (No. 46000049070), Virginia (No. 4001 015795), and Iowa (No. CG02649) State Certified General Appraiser. He was also a licensed real estate broker in the Commonwealth of Pennsylvania (License No. AB-045559-A). He is an approved instructor by the Pennsyl- vania State Real Estate Commission (Instructor No. RI-001230-L). He has instructed the “Appraisal of Real Estate” and “Income Property Appraisal” courses for the Polley Associates Real Estate School (approved for State Appraiser Certification).

EXPERT TESTIMONY:

Mr. Kenney was an expert witness for tax appeals of the Mall of America, Bloomington, Hennepin County, MN (Judge McClung - Case Nos. 94-21195 & 95-22440). Case settled out of court.

Mr. Kenney testified in U.S. Bankruptcy Court for the Eastern District of PA (Judge Twardowski - Case No. 91-23243-T on a large residential property) and the Southern District of NJ (Judge Ferguson - Case No. 95-30432 on a large industrial property).

Mr. Kenney also appeared before the Common Pleas Courts of Lebanon County (Judge Tylwalk -Case No. 92-01665 on Londonderry Shopping Center) and Luzerne County on Best Western East Mountain Inn (President Judge Conahan - Case No. 7745-C 2001 and Senior Judge Cappellini - Case No. 1619-C 1997) resulting in a favorable decision.

Mr. Kenney testified in the District Court of Johnson County, Iowa in Coralville Center, LLC, et al. v. Board of Review on January 12, 2005 (Judge Robinson - Case No. EQCV063928) resulting in a favorable decision.

Mr. Kenney testified in the Supreme Court of Nassau County, New York in Retail Property Trust (Roosevelt Field Mall) v. Board of Assessors of County of Nassau on April 28, 2008 (Judge Arthur M. Diamond - Case Index No. 404067/05) resulting in a favorable decision.

Mr. Kenney testified in the Minnesota Tax Court, Second Judicial District, Regular Division, in Kohl’s Department Stores, Inc. (Kohl’s at Maplewood Mall) v. County of Ramsey on July 30, 2008 (Judge Sheryl A. Ramstad - Court File Nos. C9-04-4427, C1-05-656, C3-06-3987 and C5-07-4701). PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

Mr. Kenney testified in the Minnesota Tax Court, Second Judicial District, Regular Division, in Federated Retail Holdings, Inc. (Macy’s at Maplewood Mall) v. County of Ramsey on February 10-12, 2009 (Judge Kathleen H. Sanberg - Court File Nos. C7-06-4298 and C5-07-4066).

Mr. Kenney testified in the Minnesota Tax Court, Fourth Judicial District, Regular Division, in Eden Prairie Mall, LLC (Eden Prairie Center & Von Maur Department Store) v. County of Hennepin on March 5 & 6, 2009 (Judge Sheryl A. Ramstad - Court File Nos. 27-CV-06-04210, 27-CV-06- 04212, 27-CV-07-08003 and 27-CV-07-08004). The Tax Court’s decision was very favorable with Hennepin County successfully defending assessments for the mall of $90,000,000 in 2005 and $100,000,000 in 2006. Judge Ramstad concluded to original mall values of $122,876,000 in 2005 and $120,142,000 in 2006. Von Maur department store assessments were also increased from $8,913,000 in 2005 up to $9,850,000, and from $9,408,000 in 2006 up to $10,490,000. This case was appealed by the taxpayer to the MN Supreme Court, and remanded back to Tax Court for further explanation of the court’s decision (Eden Prairie I). On remand, the Tax Court upon further analysis increased the mall assessments higher to $127,000,000 and $127,500,000, respectively. This case was again appealed by the taxpayer to the MN Supreme Court, and again remanded back to the Tax Court to apply the appropriate capitalization rates (Eden Prairie II). On remand, the Tax Court applied the appropriate capitalization rates thereby decreasing the mall assessments to $112,958,000 and $115,623,000, respectively.

Mr. Kenney testified before the Maine State Board of Property Tax Review in GGP - Maine Mall, LLC v. City of South Portland on October 21-23, 2009 before Chairwoman Rebecca Farnum and three other Board members (Docket No. 2008-001). The State Board of Property Tax Review is a state Board that is the trier of fact for appeals from denials of tax abatements by assessors or municipal Boards of Assessment Review regarding non- residential property with an municipal assessed valuation of $1,000,000 or greater. This case involved successfully defending a 2006 property assessment of approximately $260,000,000.

Mr. Kenney testified in the Circuit Court of Milwaukee County WI in Bonstores Realty One, LLC (Boston Store at Mayfair Mall) v. City of Wauwatosa on April 25-27, 2012 before Judge Francis Wasielewski (Docket No. 10-CV-10213). This case involved tax appeals relating to 2009 and 2010 property assessments of $25,593,300. Circuit Court decision was appealed to the WI Court of Appeals (Appeal No. 2012AP1754) with an appellate court decision dated and filed on October 8, 2013 affirming the Circuit Court decision, and recommending publication for the Court of Appeals decision PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

(Bonstores Realty One, LLC v. City of Wauwatosa, 351 Wis.2d 439 (Ct. App. 2013)).

Mr. Kenney was designated as an expert witness and testified in the Circuit Court of Fairfax County VA in the Estate of Barbara “Bobbie” Jean Bosworth v. Vornado Realty LP (Springfield Mall), et al. via video deposition on April 17, 2012. Case No. CL-2010-11031 assigned to Judge Charles Maxfield. This case involved testifying as to typical shopping mall market conditions, leasing and business operations, and was settled out of court.

Mr. Kenney testified in the Supreme Court of Rockland County, New York in Eklecco Newco, LLC (Palisades Center) v. The Assessor(s) of the Town of Clarkstown and the Town of Clarkstown on May 21-25 & 30, 2012 before Judge Margaret Garvey (Docket Nos. 8065/2009, 8130/2010 and 31125/2011). This case involved tax certiorari appeals relating to the 2009/2010, 2010/2011 and 2011/2012 property assessment for each year of $252,958,700, with town equalized values of $895,429,027, $829,372,787 and $784,368,062.

Mr. Kenney testified in the Common Pleas Court of Dauphin County, Pennsylvania, in Manor Inn Associates, L.P. (Days Inn Harrisburg North) v. Dauphin County Board of Assessment Appeals (Docket No. 2012-CV-345- TX) before Judge Scott A. Evans for a tax appeal litigation proceeding on October 2, 2012.

Mr. Kenney testified in the Circuit Court of Racine County, Wisconsin, in Dayton-Hudson Corporation (Target Store at Regency Mall) v. City of Racine on February 8, 2013 before Judge John Jude (Docket Nos. 10-CV- 1963 and 12-CV-1655). This case involved tax appeals relating to 2009 and 2010 property assessments of $8,200,000. Court decision was filed December 3, 2015.

Mr. Kenney testified in the Circuit Court of Eau Claire County, Wisconsin, in Bonstores Realty One, LLC (Younkers Store at Oakwood Mall) v. City of Eau Claire on February 26, 2013 before Judge Jon Theisen (Docket No. 10-CV-594). This case involved a tax appeal relating to the 2009 property assessment of $6,200,000.

Mr. Kenney testified in the Circuit Court of Brown County, Wisconsin, in Bonstores Realty One, LLC (Younkers Store at Bay Park Square Mall) v. Village of Ashwaubenon on April 24-25, 2013 before Judge Donald R. Zuidmulder (Docket Nos. 10-CV-1668 and 12-CV-1248). This case involved tax appeals relating to the 2009 and 2011 property assessment of $14,314,100. PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

Mr. Kenney testified in the District Court in and for Dallas County, Iowa in Hy-Vee Food Stores, Inc. v. Board of Review of Dallas County, Iowa on June 4-6, 2012 before Judge Gregory A. Hulse (Case Nos. EQCV036941 for 1725 Jordan Creek Parkway, West Des Moines store and EQCV036940 for 1211 Higway 141, Perry store). These cases involved tax appeals relating to the January 1, 2011 property assessment of $12,979,690 for the West Des Moines store and $2,729,730 for the Perry store. Appeal filed by Hy-Vee but ruling was affirmed by IA Court of Appeals, No. 13-1377, October 1, 2014.

Mr. Kenney testified again (case continued) in the Circuit Court of Racine County, Wisconsin, in Dayton-Hudson Corporation (Target Store at Regency Mall) v. City of Racine on July 9 and 10, 2013 before Judge John Jude (Docket Nos. 10-CV-1963 and 12-CV-1655). This case involved tax appeals relating to 2009 and 2010 property assessment of $8,200,000.

Mr. Kenney testified in the Circuit Court of Waukasha County, Wisconsin, in Bonstores Realty One, LLC (Boston Store at Brookfield Square Mall) v. City of Brookfield on September 18 and 19, 2013 before Judge James R. Kieffer (Docket Nos. 2010-CV-2558 for January 1, 2009 and 2010 value dates, 2012-CV-2177 for January 1, 2011, and 2013-CV-1704 for January 1, 2012). This case involved tax appeals relating to 2009-2012 property assessment of $23,620,000.

Mr. Kenney testified at the City of Wauwatosa, Wisconsin, Board of Review hearing in Mayfair Mall, LLC v. City of Wauwatosa on October 24, 2013. Mayfair is the largest mixed-use shopping center in the state located in metropolitan Milwaukee. The property includes a two-level, enclosed, super- regional shopping mall anchored by Boston Store, Macy’s, and AMC Theatre. There are also two, twelve-story office buildings and vacant retail land. Total gross leasable area is over 1,200,000 square feet. This tax appeal involved the 2013 property revaluation resulting in an assessment of $400,000,000.

Mr. Kenney testified in the Circuit Court of Racine County, Wisconsin, in Racine Joint Venture II, LLC (Regency Mall and Burlington Coat Factory) v. City of Racine on June 27, 2014 and July 28, 2014 before Judge Gerald P. Ptacek (Docket No. 10-CV-1235). This case involved tax appeals relating to the 2009, 2010 and 2011 property assessments totaling $53,500,000.

Mr. Kenney testified before the Iowa Property Assessment Appeal Board, Des Moines, Iowa, in Dillard’s, Inc. (Dillard’s at Coral Ridge Mall) v. Johnson County Board of Review on June 9 and 10, 2015 (Docket No. 13-52- 0140). This case involved the tax appeal relating to the 2013 revaluation at an assessment of $9,880,000. PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

Mr. Kenney testified before the Indiana Board of Tax Review (IBTR) in Southlake Indiana, LLC (Kohl’s at Southlake Mall) v. Lake County Assessor on February 24-26, 2016 and December 19 & 21, 2016 (Petition Nos. 45-046-07-1-4-0001, 45-046-08-1-4-00001, 45-046-09-1-4-00001, 45- 046-10-1-4-00002, 45-046-11-1-4-00004, 45-046-12-1-4-00001, 45-046-13- 1-4-00001 and 45-046-14-1-4-00001). IBTR was the trier of fact in this case. This case involved the March 1, 2007-2014 tax appeals related to assessments ranging from $13,700,000 to $16,775,300. Market value-in-use, fee simple estate valuation and dark store theory were important issues.

Mr. Kenney testified before the North Carolina Property Tax Commission, Raleigh, North Carolina, in the matter of appeal of: Lowe’s Home Centers, LLC (Lowe’s Kernersville NC) from the Decision of the Forsyth County Board of Equalization and Review on May 19, 2016 (Case No. 13 PTC 0904). This case involved the tax appeal relating to the 2013 revaluation at an assessment of $14,572,900. Market value, fee simple estate valuation and dark store theory were important issues in this case. The North Carolina Property Tax Commission filed a “Final Decision” dismissing Lowe’s appeal on August 24, 2016.

Mr. Kenney testified before the Iowa Property Assessment Appeal Board (PAAB), Des Moines, Iowa, in Wal-Mart Stores East, LP v. Dallas County Board of Review on February 2, 2017 (Docket Nos. 2015-025-00452C & 2016-025-00057C). This case involved the tax appeal relating to the 2015 revaluation at an assessment of $18,851,560. PAAB’s Findings of Fact, Conclusions of Law, and Order was filed on September 29, 2017 concluding that the property’s assessment was consistent with its fair market value, and finding that the Board of Review met its burden of upholding the assessment. On September 21, 2018, the Iowa District Court for Dallas County found that there was substantial evidence supporting PAAB’s findings of fact and adopts PAAB’s facts as its own. Further, the District Court affirmed PAAB’s ruling.

Mr. Kenney testified before the Spotsylvania County VA Circuit Court in Walgreen Co. v. County of Spotsylvania, Virginia on March 29, 2017 (Docket Nos. CL13-1151 & CL15-723). This case involved tax appeals relating to the 2010-2015 assessments for Walgreens on Plank Road (and Harrison Road) and the 2011-2015 assessments for Walgreens on Rollingwood Drive (and Courthouse Road) in Fredericksburg, Virginia. A Letter Opinion was issued on September 27, 2017 by Judge Ricardo Rigual finding in favor of Spotsylvania County in upholding the assessments.

Mr. Kenney testified before the Indiana Board of Tax Review (IBTR) in Southlake Indiana, LLC (Southlake Mall) v. Lake County Assessor on June 19-20, 2017 (Petition Nos. 45-046-11-1-4-00006 to -00013, 45-046-12-1-4- 00003 to -00010, 45-046-13-1-4-00002 to -00013 and 45-046-14-1-4-20525- PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

15 to -20536-15). IBTR was the trier of fact in this case. This case involved the March 1, 2011-2014 tax appeals related to total assessments of $239,200,000 (2011 & 2012) and $242,890,500 (2013 & 2014). Market value-in-use, fee simple estate valuation, analysis of mall classification, market rent derivation, existence of intangible assets and cap rate determination were important issues. On November 21, 2018, the IBTR issued a decision ruling that the true tax values of Southlake Mall were between $173 mil. and $190 mil. The property owner was seeking values of $98.3 mil. to $146.3 mil. Both parties have 45 days to petition for judicial review to the Indiana Tax Court, and taxpayer did appeal to IN Tax Court.

Mr. Kenney testified before the Indiana Board of Tax Review (IBTR) in CVS Corporation #0434-01 (CVS Hobart) and CVS Corporation #2519-01 (CVS Schererville) v. Lake County Assessor on August 7 & 9, 2017. IBTR was the trier of fact in this case. This case involved the assessment years of 2012- 2015 for #0434-01 and 2007-2014 for #2519-01. Market value-in-use, fee simple estate valuation, market rent derivation, and cap rate determination were important issues.

Mr. Kenney testified in the Circuit Court of Milwaukee County WI in Mayfair Mall, LLC v. City of Wauwatosa on January 29-31 and February 1- 2 and 5-6, 2018 before Judge Marshall B. Murray (Docket No. 14-CV-3776). Mayfair is the largest mixed-use shopping mall complex in the state located in metropolitan Milwaukee. The property includes a two-level, enclosed, super-regional shopping mall anchored by Boston Store, Macy’s, and AMC Theatre. There are also two, twelve-story office buildings and vacant retail land. Total gross leasable area is over 1,200,000 square feet. This tax appeal litigation involved the 2013 property revaluation (and 2014) at an assessment of $400,000,000, and the 2015 assessment of $421,008,500 was also under appeal. The property owner was seeking values of $280 mil. to $325 mil. On May 9, 2019, the Circuit Court issued a decision ruling that the taxpayer had failed to rebut the City’s presumption of correction, the City’s assessments were not excessive, and the Court entered judgment in favor of the City. Both parties have 90 days to petition for judicial review to the WI Court of Appeals, however, no appeal has been filed.

Mr. Kenney testified in the Circuit Court of the Ninth Judicial Circuit in and for Orange County FL in Walt Disney Parks and Resorts US, Inc. (Yacht & Beach Club Resort) v. Rick Singh, as Orange County Property Appraiser, on May 3 and 8, 2018 before Senior Judge Thomas W. Turner (Docket No. 2016-CA-005297-33). The Walt Disney World Yacht & Beach Club Resort is an 1,197-room hotel and convention center resort. This tax appeal litigation involved the 2015 property revaluation resulting in an Orange County market value of $336,922,772.

Mr. Kenney again testified in the Circuit Court of Milwaukee County WI in Mayfair Mall, LLC v. City of Wauwatosa on June 25, 2018 before Judge PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

Marshall B. Murray (Docket No. 14-CV-3776). Mayfair is the largest mixed- use shopping mall complex in the state located in metropolitan Milwaukee. The property includes a two-level, enclosed, super-regional shopping mall anchored by Boston Store, Macy’s, and AMC Theatre. There are also two, twelve-story office buildings and vacant retail land. Total gross leasable area is over 1,200,000 square feet. This tax appeal litigation involved the 2013 property revaluation resulting in an assessment of $400,000,000.

Mr. Kenney testified before the Iowa Property Assessment Appeal Board (PAAB), Des Moines, Iowa, in William C. Knapp, LC (Kum & Go Waukee) v. Dallas County Board of Review on June 26, 2018 (Docket No. 2017-025- 00378C). This case involved the tax appeal relating to the 2017 revaluation of a new convenience store/gas station at an assessment of $2,831,340. On September 28, 2018, the PAAB ruled that “Knapp failed to demonstrate the subject property is over assessed. The assessment is significantly less than the combined cost to purchase the subject site and construct the improvements. The subject’s assessment is also well-below the value arrived at in Kenney’s appraisal and the subject’s April 2016 sale price.” (Page 13) Therefore, the PAAB affirmed the Dallas County Board of Review’s decision to deny Knapp’s assessment appeal.

Mr. Kenney testified before the Iowa Property Assessment Appeal Board (PAAB), Des Moines, Iowa, in West Des Moines Hotel Associates, LLC (Marriott Hotel Jordan Creek Parkway) v. Dallas County Board of Review on June 28, 2018 (Docket No. 2017-025-00213C). This case involved the tax appeal relating to the 2017 revaluation of a full service Marriott Hotel at an assessment of $17,956,710. Issues in this case included the recent sale of the subject property, sufficiency of comparable sales, derivation of FF&E value, appropriate overall capitalization rate selection, impact of the subject’s Planned Improvement Program (PIP), and absence or existence of intangible asset value. On January 28, 2019, the PAAB issued a decision ruling that the assessment was affirmed. Both parties have 20 days to petition for judicial review to District Court, however, no appeal had been filed yet.

Mr. Kenney testified in the District Court of Polk County IA in Nationwide Mutual Insurance Company v. Polk County Board of Review on February 19 and 20, 2020 before Judge Paul Scott (Docket No. CVCV054470). This case involved two corporate headquarters buildings, 1100 and 1200 Locust Street, located in downtown Des Moines. The main building, 1100 Locust Street, is seven stories with approximately 800,000 square feet. The other building, 1200 Locust Street, is five stories with approximately 370,000 square feet. Total gross building area is almost 1,200,000 square feet. The buildings and a separate parking deck are connected by second-floor skywalks. This tax appeal litigation involved the January 1, 2017 property assessment of $131,960,000 for both properties. On September 22, 2020, the District Court ruling came down affirming the assessments. PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

Mr. Kenney testified before the Indiana Tax Court in Southlake Indiana, LLC (Southlake Mall) v. Lake County Assessor on August 17-18, 2020 before Judge Martha Blood Wentworth (Case 19T-TA-00022). Petition Nos. 45- 046-11-1-4-00006 to -00013, 45-046-12-1-4-00003 to -00010, 45-046-13-1- 4-00002 to -00013 and 45-046-14-1-4-20525-15 to -20536-15 for 2011-2014 were on appeal from the Indiana Board of Tax Review (IBTR). This case involved the March 1, 2011-2014 tax appeals related to total assessments of $239,200,000 (2011-2012) and $242,890,500 (2013-2014). Market value-in- use, fee simple estate valuation, analysis of mall classification, market rent derivation, existence of intangible assets and cap rate determination were important issues. On November 21, 2018, the IBTR issued a decision ruling that the true tax values of Southlake Mall were between $173 mil. and $190 mil. The property owner was seeking values of $98.3 mil. to $146.3 mil. for the 2011-2014 tax years, and $142.3 mil. and $144.5 mil. for the 2015-2016 tax years. On December 8, 2020, the Indiana Tax Court issued a decision that partially affirmed and remanded a final determination from the IBTR. Following a hearing on all of the appeals, the IBTR made two overarching conclusions. First, because both appraisers relied on the mall’s contract rents in their income capitalization approach analyses, the IBTR concluded that any argument about whose estimates best reflected the market was “misplaced” because they were substantially similar. Second, it found that Kenney’s approach to valuing the mall, and his rationale supporting that approach, was much more understandable than that of David Lennhoff (Southlake’s appraiser). Tax Court concluded, in part, that after weighing the evidence, the IBTR must find that Kenney presented the more persuasive estimate of NOI for each year. Addressing the mall’s claim that it was improper for the IBTR to adopt and use Kenney’s rental income estimates because he did not demonstrate that they reflected the market, the Tax Court found that based on all of the evidence before it, the IBTR could reasonably conclude Kenney’s rental income estimates reflected the market. It likewise found that Southlake’s argument was merely an attempt to have the court reweigh the evidence in its favor. As to the non-taxable property, the Tax Court first found that the evidence reasonably supported the IBTR’s conclusion that retail merchandising unit income was attributable to the mall’s real property. It further found that the testimony of the mall’s general manager during the administrative hearing reasonably supported the conclusion that “Brand/Media” income was attributable to the real property because it was income received for the use of mall space for advertising purposes. However, the Tax Court remanded to the IBTR to decide the issues regarding the Central Plant reimbursements and Common Area Maintenance (CAM) reimbursements and to adjust its final value conclusions as necessary.

Mr. Kenney testified before the Indiana Board of Tax Review (IBTR) in GIV Green Tree Mall Investor, LLC (Green Tree Mall) v. Clark County Assessor on September 22, 23 & 24, 2020 before Judge Thomas Martindale. Green Tree Mall is a 600,000 square foot regional mall located in Clarksville, IN (Louisville KY metro). IBTR was the trier of fact in this case. This case PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

involved the assessment years of 2017-2019 with assessments of approximately $35 mil. Market value-in-use, fee simple estate valuation, market rent derivation, retail sales analysis, tenant improvement allowances, and cap rate determination were important issues.

Mr. Kenney testified before the Indiana Board of Tax Review (IBTR) in Target Corporation, et. al. v. Lake County Assessor on November 17 & 18 & 20, 2020 before Judge David Pardo. IBTR was the trier of fact in this case. This case involved two Target stores, one in St. John IN and one in Hobart IN, for the assessment years of 2007-2018. IBTR was the trier of fact in this case. Market value-in-use, fee simple estate big-box valuation, market rent derivation, and cap rate determination were important issues.

Mr. Kenney testified in the District Court of Dallas County Iowa in West Des Moines Hotel Associates, LLC, et al. (Marriott Hotel Jordan Creek Parkway) v. Dallas County Board of Review on December 9, 2020 (Docket No. EQCV041864) before Judge Michael Jacobsen. This case involved the tax appeal relating to the 2019 revaluation of a full service Marriott Hotel at an assessment of $18,434,100. Issues in this case included the sale of the subject property, sufficiency of comparable sales, derivation of FF&E value, appropriate overall capitalization rate selection, impact of the subject’s Planned Improvement Program (PIP), and absence or existence of intangible asset value.

Mr. Kenney testified in the District Court of Johnson County Iowa in Wal- Mart Real Estate Business Trust v. Dallas County Board of Review on December 10, 2020 (Docket No. EQCV080960) before Judge Paul Miller. This case involved the tax appeal relating to the 2019 revaluation of a Walmart Supercenter at an assessment of $16,691,300. Issues in this case included the appropriate valuation of the fee simple estate under Iowa law, applicability of the Income Approach and Cost Approach, investment-grade property, appropriate overall capitalization rate selection, and absence or existence of intangible asset value.

In addition, Mr. Kenney has provided testimony before several boards, including the Berks, Bucks, Chester, Cumberland, Dauphin, Delaware, Lehigh, Montgomery, Schuylkill, and York County Boards of Assessment Appeals and the Philadelphia Board of Revision of Taxes in Pennsylvania and the Burlington County Board of Chosen Freeholders and the Atlantic County Board of Taxation in New Jersey.

SPEAKER:

Mr. Kenney has appeared as guest speaker on the following occasions: PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

September 11, 2019: International Association of Assessing Officers’ (IAAO) 85th Annual Conference at the Scotiabank Convention Centre, Niagara Falls, Ontario, Canada in a joint presentation with Thomas Hamilton, PhD, MAI, CCIM, CRE, FRICS, entitled “Shopping Mall Litigation Results - Tangible, Intangible or What?,”

September 26, 2017: International Association of Assessing Officers’ (IAAO) 83rd Annual Conference at the Bally’s Las Vegas, Las Vegas, NV where he was on a Plenary Session panel presentation entitled “The Research and Findings of the IAAO Big Box Task Force.” Other panel members included Thomas Hamilton, PhD, MAI, CRE, FRICS, Peter F. Korpacz, MAI, CRE, FRICS, William Shepherd, Esq., Irene E. Sokoloff, CAE, MAI, and Paul A. Welcome, CAE, FRICS, ASA, RMA, Committee Chairman.

April 27, 2017: Counselors of Real Estate’s (CRE) Delaware Valley Chapter held its Real Estate Symposium 2017 at Villanova University, Villanova, PA where his presentation was entitled “Big Box Stores - Shining a Light on Dark Store Theory,”

March 8, 2017: North Carolina Association of Assessing Officers, in partnership with the Property Tax Section of the NC Department of Revenue and the UNC School of Government, special one-day big-box store valuation workshop at the Joseph S. Koury Convention Center, Greensboro, NC where his presentation was entitled “Big Box Stores - Dark Store Theory or BRITE Store Reality,”

November 16, 2016: New Jersey State League of Municipalities’ (NJLM) 101st Annual Conference by invitation from the Association of Municipal Assessors of New Jersey at Bally’s Casino and Hotel, Atlantic City, NJ where his presentation was entitled “Tax Appeal Litigation - Appraisal Issues and Cap Rates,”

August 31, 2016: International Association of Assessing Officers’ (IAAO) 82nd Annual Conference at the Tampa Convention Center, Tampa, FL where he was on a Plenary Session panel presentation entitled “Understanding Intangible Assets and Real Estate: A Guide for Real Property Valuation Professionals.” Other panel members included Peter F. Korpacz, MAI, CRE, FRICS, Mark R. Linné CAE, MAI, SRA, AI-GRS, CDEI, FRICS, Toni Viens, MAI, SRA, Tim Wilmath, MAI, SRA, and Gaylord (Jay) A. Wood, Jr., JD, CMA (Will Shepherd stood in for Jay Wood for conference session),

June 14, 2016: Institute for Professionals in Taxation’s (IPT) Annual Conference in Traverse City, MI where his panel presentation was entitled “Cherry Picking” [Impact of “Reverse” or “School District” Appeals on Taxpayers including Case Studies]. Other panel members included Bruce J. Stavitsky, Esq. of Stavitsky & Associates and Gregg Manzione, MAI, Nationwide Consulting Co. The moderator was James Ryan, Esq., PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

October 2, 2015: National Association of Property Tax Attorneys’ (NAPTA) Annual Conference in Boston, MA where his panel presentation was entitled “Big Box Debate: A Question of Value or Equity.” Other panel members included Patrick L. Seely, Jr., Esq., E. Stewart Jones Hacker, Lee Lapierre, Property Tax Manager, CVS Caremark, and David Lennhoff, MAI, Altus Group. The moderator was Thomas Wilhelmy, Esq., Fredrikson & Byron, P.A.,

September 15, 2015: International Association of Assessing Officers’ (IAAO) 81st Annual Conference at the JW Marriott Hotel, Indianapolis, IN where his presentation was entitled “Tax Appeal Litigation - One Expert’s Perspective,”

June 16, 2015: North Central Region Association of Assessing Officers’ 2015 NCRAAO Conference at the Chula Vista Resort, Wisconsin Dells, WI where he presented “Reviewing Commercial Appraisals,”

September 18, 2014: League of Wisconsin Municipalities’ 2014 Wisconsin Municipal Assessors Institute at the Olympia Resort, Oconomowoc, WI where he presented “Ground Leases & Retail Trends,”

August 25, 2014: International Association of Assessing Officers’ (IAAO) 80th Annual Conference at the Sacramento Convention Center, Sacramento, CA where his presentation and simultaneous live streaming webcast was entitled “Cap Rates: Rates, Returns, Risks & Rewards,”

August 26, 2014: International Association of Assessing Officers’ (IAAO) 80th Annual Conference at the Sacramento Convention Center, Sacramento, CA where he was part of a panel discussion was entitled “BEV & Hotels,”

October 4, 2013: National Association of Property Tax Attorneys’ (NAPTA) Annual Meeting in Washington, D.C. where his presentation was entitled “Eden Prairie Mall I & II: MN Supreme Court Rules on Shopping Mall Valuation,”

October 11, 2012: Virginia Association of Assessing Officers’ (VAAO) 64th Annual Conference at the Hilton Beachfront Hotel, Virginia Beach, VA where his presentation was entitled “Appraising Retail: Big Box, Department Stores and Malls,”

October 8, 2012: American Society of Appraisers’ (ASA) 2012 International Conference and joint 2012 Advanced Business Valuation Conference at the Arizona Biltmore Hotel, Phoenix, AZ where his presentation was entitled “Shopping Mall Intangible Value Extraction: Prospects & Pitfalls in Assessment Disputes,” PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

September 11, 2012: International Association of Assessing Officers’ (IAAO) 78th Annual Conference at the Kansas City Convention Center, Kansas City, MO where his presentation and simultaneous webinar was entitled “Intangibles in Commercial Properties: Are They the Real Thing?,”

September 20, 2011: International Association of Assessing Officers’ (IAAO) 77th Annual Conference at the Sheraton Phoenix Downtown Hotel, Phoenix, AZ where he jointly presented “Regional Mall Valuation Issues for Assessment Purposes” with Peter F. Korpacz, MAI, CRE, FRICS,

September 15, 2011: League of Wisconsin Municipalities’ 2011 Wisconsin Municipal Assessors Institute at the Marriott Madison West, Middleton, WI where he jointly presented “Reviewing Commercial Appraisals” with Amy Seibel, JD, CPA, and Peter Weissenfluh, Chief Assessor, City of Milwaukee,

October 22, 2010: Minnesota Association of Assessing Officers’ 2010 Twin Cities Regional Meeting, Bloomington, MN where he presented “Assessing Retail Property: What’s The Right Value?,”

September 14, 2010: League of Wisconsin Municipalities’ 2010 Wisconsin Municipal Assessors Institute at the Chula Vista Resort, Wisconsin Dells, WI where he presented “Department Stores & Malls: Where’s The Value?,”

August 31, 2010: International Association of Assessing Officers’ (IAAO) 76th Annual Conference at the Walt Disney Dolphin Hotel, Orlando, FL where he presented “A Tale of Two Malls - Comparing Taxpayer and City Valuations of Two Super-Regional Malls in Tax Appeal Litigation,”

May 25, 2010: Northeastern Regional Association of Assessing Officers (NRAAO) Annual Conference at the Eastland Park Hotel, Portland, ME where he presented “A Tale of Two Malls - Comparing Taxpayer and City Valuations of Two Super-Regional Malls in Tax Appeal Litigation,”

May 6, 2010: Assessors’ Association of Pennsylvania’s (AAP) 62nd Annual Conference at Seven Springs Mountain Resort, Champion, PA where he presented “Assessing Retail: Big Box, Department Stores and Malls,”

June 23, 1997: The Appraisal Institute’s Summer Annual Conference at the Omni Shoreham Hotel, Washington, DC where he made a presentation entitled “Is There a Business Component in Shopping Mall Revenue?,”

September 28, 1995: Texas Association of Property Tax Professionals’ 5th Annual Conference where he spoke on “Business Value: Shopping Centers, Hotels, Hospitals and Fast Food Restaurants,” PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

May 5, 1993: Assessors’ Association of Pennsylvania’s 45th Annual Conference where he presented the “Appraisal of Condominiums,”

May 1, 1992: Assessors’ Association of Pennsylvania’s 44th Annual Conference he spoke on the “Business Value of Shopping Centers,”

February 25-26, 1992: California Assessors’ Association and IAAO’s Joint Seminar, Burbank and Sacramento, CA. The topic was “Business Enterprise Value,” and,

October 21, 1991: IAAO’s 57th Conference on Assessment Administration in Phoenix, Arizona where he spoke on business value in shopping malls, specifically “Shopping Mall Valuation: Putting Theory into Practice.”

AUTHOR:

Mr. Kenney has authored many published articles and papers, including:

“Shopping Mall Litigation Results - Tangible, Intangible or What?,” co- authored with Thomas Hamilton, PhD, MAI, CCIM, CRE, FRICS, International Association of Assessing Officers’ (IAAO) 85th Annual Conference, Niagara Falls, Ontario, Canada, September 11, 2019;

“Commercial Big-Box Retail: A Guide to Market-Based Valuation,” a Position Paper approved for distribution by the International Association of Assessing Officers’ (IAAO) Executive Board on September 26, 2017 coauthored with Stephen L. Baker, CAE, SAMA, Thomas Hamilton, PhD, MAI, CRE, FRICS, Peter F. Korpacz, MAI, CRE, FRICS, William Shepherd, Esq., Irene E. Sokoloff, CAE, MAI, and Paul A. Welcome, CAE, FRICS, ASA, RMA, Committee Chairman; also published in the Journal of Property Tax Assessment & Administration, IAAO, Kansas City, MO, 15 (1) 2018: 47- 67;

“Understanding Intangible Assets and Real Estate: A Guide for Real Property Valuation Professionals,” a White Paper approved for distribution by the International Association of Assessing Officers’ (IAAO) Executive Board on November 12, 2016 coauthored with Peter F. Korpacz, MAI, CRE, FRICS, Mark R. Linné CAE, MAI, SRA, AI-GRS, CDEI, FRICS, Toni Viens, MAI, SRA, Tim Wilmath, MAI, SRA, and Gaylord (Jay) A. Wood, Jr., JD, CMA; also published in the Journal of Property Tax Assessment & Administration, IAAO, Kansas City, MO, 14 (1) 2017: 41-91;

“Shopping Mall Valuation: Is there Intangible Value to Extract?,” ASA Real Property e-Journal, Issue 2, American Society of Appraisers, Reston, VA, July 2, 2012; PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

“Regional Malls & Intangible Assets: A Critical Examination,” International Association of Assessing Officers 77th Annual International Conference on Assessment Administration (IAAO), Phoenix, AZ, September 18-23, 2011;

“A Tale of Two Malls: Comparing Taxpayer and City Valuations in Assessment Appeal Litigation,” Conference Proceedings, International Association of Assessing Officers 76th Annual International Conference on Assessment Administration, Orlando, FL, August 29-September 1, 2010;

“Quantifying Business Enterprise Value in Shopping Malls: Current Issues & Future Trends,” The Appraisal Journal (July, 2000): 307-317, also appears in A Business Enterprise Value Anthology, David C. Lennhoff, ed. (Chicago, Illinois: Appraisal Institute, 2001), 199-209;

“A Business Component in Shopping Mall Revenue?,” Viewpoints: A Collection of Papers Presented at the Appraisal Institute 1997 National Summer Conference, Paper 15 (Chicago, Illinois: Appraisal Institute, 1997), 1-22;

“Is There a Business Component in Shopping Mall Revenue?,” The Assessment Journal (September/October, 1996): 23-31;

“Business Enterprise Value: The Debate Continues,” The Appraisal Journal (January, 1995): 33-40;

“Business Enterprise Value: A Practitioner’s Perspective,” Business Enterprise Value Proceedings, California Assessors’ Association and International Association of Assessing Officers Joint Seminar, Burbank and Sacramento, CA February 25-26, 1992;

“Does Shopping Mall Development Create Business Value?,” The Appraisal Journal (July, 1991): 303-313;

“Continuing Education Comes to the Appraisal Industry” Tri-State Real Estate Journal (November, 1992);

“Yet Another Definition of Value” Tri-State Real Estate Journal (June, ‘91);

“Appraisers Struggle to Establish the Value of Contaminated Properties” Tri- State Real Estate Journal (March, 1991);

“What Influences the Banking and Appraisal Industries” Tri-State Real Estate Journal (March, 1991);

“Does Mall Development Create Business Value” Tri-State Real Estate Journal (December, 1990); PROFESSIONAL PROFILE - MARK T. KENNEY, MAI, SRPA, MRICS

“An Analysis of the Role of Leases in Creating Value” Tri-State Real Estate Journal (September, 1990);

“Looking at the Regional Mall as a Dynamic Enterprise” Tri-State Real Estate Journal (August, 1990);

“Appraisal Industry Tackles Data Verification” Tri-State Real Estate Journal (June, 1990);

“The Tax Impact of Selling Retail Centers” Tri-State Real Estate Journal (February, 1990);

“Looking at Current Trends in Shopping Center Finance” Tri-State Real Estate Journal (December, 1989).

AWARDS: On September 24, 2018, Mr. Kenney received the James A. Howze, CAE, Distinguished Research and Development Award for “Commercial Big-Box Retail: A Guide to Market-Based Valuation,” a Position Paper published by the International Association of Assessing Officers (IAAO) Executive Board in September 2017, coauthored with Stephen Baker, SAMA, CAE, Thomas W. Hamilton, Ph.D., MAI, CCIM, CRE, FRICS, Peter F. Korpacz, MAI, CRE, FRICS, William D. Shepherd, Esq., Irene E. Sokoloff, MAI, CAE, CFE, and Paul A. Welcome, CAE, FRICS, ASA, RMA, Committee Chairman, serving as the IAAO Special Committee on Big-Box Valuation.

On September 25, 2017, Mr. Kenney received the Bernard L. Barnard Outstanding Technical Essay Award for “Understanding Intangible Assets and Real Estate: A Guide for Real Property Valuation Professionals,” a White Paper approved for distribution by the International Association of Assessing Officers (IAAO) Executive Board on November 12, 2016, coauthored with Peter F. Korpacz, MAI, CRE, FRICS, Mark R. Linné CAE, MAI, SRA, AI- GRS, CDEI, FRICS, Toni Viens, MAI, SRA, Tim Wilmath, MAI, SRA, Committee Chairman, and Gaylord (Jay) A. Wood, Jr., JD, CMA serving as the IAAO Special Committee on Intangibles; also published in the Journal of Property Tax Assessment & Administration, IAAO, Kansas City, MO, 14 (1) 2017: 41-91. PARTIAL LIST OF PROJECTS: SHOPPING MALL ASSIGNMENTS

Job Mall Total No. Property Name Date Type GLA SF Owner Location

Connecticut:

1 Danbury Fair Mall 2019 Super- 1,300,000 Macerich Danbury regional

2 Naugatuck Valley Mall* 1990s Regional 537,000 PREIT Waterbury

3 Shoppes at Buckland Hills 2019 Super- 1,075,000 Brookfield Manchester regional Property

4 Westfield Trumbull 2014 Regional 1,119,838 Westfield Trumbull

Florida:

5 Galleria at Fort 2000 Super- 1,300,000 Kravco Fort Lauderdale regional Simon Lauderdale

Indiana:

6 Glenbrook Square 2008 Super- 1,219,457 GGP Fort Wayne, regional Allen Co.

7 Westfield Southlake 2013 Super- 1,372,744 Westfield Hobart, regional Lake Co.

8 Southlake Mall 2020 Super- 1,363,805 Starwood & Hobart, regional Westfield Lake Co.

9 Green Tree Mall 2020 Regional 601,742 GEM Realty Clarksville, Capital Clark Co.

Iowa:

10 Coral Ridge Mall 2005 & Super- 1,005,248 GGP Coralville, 2014 regional Johnson Co.

11 Westdale Mall 2008 Super- 854,000 Fairfield Cedar Rapids, regional Financial Linn Co.

Maine:

12 Bangor Mall 1980s Regional 655,000 Kravco Bangor

13 The Maine Mall 2009 & Super- 1,020,000 GGP South Portland 2011 Regional City

Maryland:

Enclosed malls are underlined. *Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING MALL ASSIGNMENTS

Job Mall Total No. Property Name Date Type GLA SF Owner Location

14 Hunt Valley Mall 1990s Super- 889,000 Kravco Hunt Valley, (now Hunt Valley Towne regional Baltimore Co. Centre)

Massachusetts:

15 Fairfield Mall 1990s Regional 420,000 PREIT Chicopee, Hampden Co.

Minnesota:

16 Mall of America 1995 & Mega-mall 4,022,879 Triple Five/ Bloomington, (Largest mega mall in 2015 Simon Hennepin Co. U.S.)

17 Brookdale Center 1996 Super- 984,000 Talisman Brooklyn regional Center, Hennepin Co.

18 Knollwood Mall* 1998 & Regional 361,000 GGP St. Louis Park, 2000 Hennepin Co.

19 Ridgedale Center 2008 Super- 1,040,000 GGP Minnetonka, (Consulting) regional Hennepin Co.

20 Maplewood Mall 2019 Super- 905,810 Washington Maplewood, regional Prime Grp. Ramsey Co.

21 Eden Prairie Center 2009 & Super- 1,140,000 GGP Eden Prairie, 2019 regional Hennepin Co.

New Jersey:

22 Ocean One 1980s Specialty 303,000 Kravco Atlantic City, (Piers Shops at Caesars) Atlantic Co.

23 Fashion Center* 1990s Regional 622,762 Kravco Paramus, Bergen Co.

24 Cherry Hill Mall 2008 Super- 1,039,000 PREIT Cherry Hill, regional Camden Co.

25 Voorhees Town Center 2008 Regional & 648,000 PREIT Voorhees, (former Echelon Mall) Mixed Use Camden Co.

Enclosed malls are underlined. *Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING MALL ASSIGNMENTS

Job Mall Total No. Property Name Date Type GLA SF Owner Location

26 Deptford Mall* 2003 Super- 1,300,000 Deptford Deptford, regional Associates Gloucester Co.

27 Quaker Bridge Mall* 1990s & Super- 1,100,908 Kravco Lawrenceville, 2014 regional Simon Mercer Co.

New York:

28 Roosevelt Field Mall 2008 Super- 2,209,000 Simon Garden City, (Among top 5 malls) regional Nassau Co.

29 Palisades Center 2011 Mega-mall 2,217,322 Pyramid West Nyack, (Among top 5 malls) Rockland Co.

North Carolina:

30 Independence Mall 1990s Super- 1,000,000 Independence Wilmington regional Associates (now Centro)

Pennsylvania:

31 Berkshire Mall 1980s Super- 906,000 Equitable Reading regional Berks Co.

32 Lane Plaza 1990s Regional 500,000 Montgomery Berks County (former King’s Mall) Realty

33 Logan Valley Mall 2008 Super- 779,000 PREIT Altoona, regional Blair Co.

34 Woodhaven Mall 1980s Community 307,700 Kravco Bensalem, (former Price Club Plaza) Bucks Co.

35 Lincoln Plaza* 1980s & Community 267,449 Kravco Langhorne, 1990s Bucks Co.

36 Oxford Valley Mall* 1980s & Super- 1,208,528 Kravco Langhorne, 1990s regional Bucks Co.

37 Neshaminy Mall* 1980s Super- 1,062,487 Homart Bensalem, regional (now GGP) Bucks Co.

Enclosed malls are underlined. *Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING MALL ASSIGNMENTS

Job Mall Total No. Property Name Date Type GLA SF Owner Location

38 Richland Mall* 1980s & Community 206,500 Montgomery Quakertown, 1990s Realty Bucks Co.

39 The Outlet at Oxford 1980s & Outlet 275,000 Kravco Langhorne, Valley* 1990s center Bucks Co.

40 Nittany Mall 2020 Regional 537,800 Namdar State College Realty Centre Co.

41 Exton Square Mall 2010 Super- 1,087,000 PREIT Exton, regional Chester Co.

42 Phoenix/Kimberton Mall* 1980s Community 263,000 Kravitz Phoenixville, Chester Co.

43 M-J Mall* 1980s Community 350,000 Kravitz Carlisle, Cumberland Co.

44 Camp Hill Mall* 1980s Regional 528,630 Kravitz Camp Hill Cumberland Co.

45 Harrisburg Mall* 2009 Super- 835,817 TD Bank Harrisburg, (former Harrisburg East regional (Jones Lang Dauphin Co. Mall) LaSalle Manager)

46 The Point Mall* 1990s Community 262,000 Marathon Harrisburg, (former Union Deposit Properties Dauphin Co. Mall)

47 Bazaar of All Nations* 1980s Community 300,000 Kravitz Upper Darby, Delaware Co.

48 Springfield Mall 2001 Regional 595,000 Kaiserman Springfield, Enterprises Delaware Co. (now Simon & PREIT)

49 Chambersburg Mall 2008 Super- 454,000 PREIT Chambersburg regional Franklin Co.

Enclosed malls are underlined. *Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING MALL ASSIGNMENTS

Job Mall Total No. Property Name Date Type GLA SF Owner Location

50 Lebanon Plaza Mall 1980s Regional 387,244 JBG Lebanon, Rosenfeld Lebanon Co.

51 Lehigh Valley Mall* 2008 Super- 1,100,000 Kravco Allentown, regional Simon & Lehigh Co. PREIT

52 Trexler Mall* 1980s Community 285,000 Montgomery Trexlertown, Realty Lehigh Co.

53 Whitehall Mall* 1980s & Super- 665,985 Kravco Allentown, 1990s regional Simon Lehigh Co.

54 Laurel Mall 1980s Super- 578,396 PREIT Hazleton regional Luzerne Co.

55 Wyoming Valley Mall & 2008 Super- 916,000 PREIT Wilkes-Barre, Strip Center regional Luzerne Co.

56 Lycoming Mall 2008 Super- 835,000 PREIT Williamsport, regional Lycoming Co.

57 Stroud Mall 1980s Regional 427,194 Montgomery Stroudsburg, Realty Monroe Co.

58 Cedarbrook Mall* 1980s Regional 525,000 John Cheltenham, (now Cedarbrook Plaza) Merriam Montgomery County

59 The Plaza & The Court 1980s Super- 2,794,932 Kravco King of at King of Prussia* 1990s regional Simon Prussia, (Two properties combined 2015 Montgomery form largest retail mall on County east coast)

60 Montgomery Mall 1990s Super- 1,150,269 Kravco Montgomery, regional Simon Montgomery County

61 Plymouth Meeting Mall* 1970s & Super- 955,125 PREIT Plymouth 2008 & regional (Rouse Co.) Meeting, 2013 Montgomery (Consulting) County

Enclosed malls are underlined. *Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING MALL ASSIGNMENTS

Job Mall Total No. Property Name Date Type GLA SF Owner Location

62 Willow Grove Park 2008 Super- 1,202,000 PREIT Willow Grove, regional Montgomery County

63 Palmer Park Mall* 1980s Regional 447,289 PREIT Easton, Northampton County

64 Philadelphia Mills 2019 Super- 1,319,371 Simon Philadelphia, Regional Property Philadelphia Outlet Group County

65 New Market at Head 1980s Specialty 120,000 City of Philadelphia, House Square* Philadelphia Philadelphia County

66 The Gallery at Market 2008 Urban 1,081,000 PREIT Philadelphia, East super- Philadelphia regional County

67 Cressona Mall 1980s Community 300,000 Cressona Pottsville, Associates Schuylkill County

68 Susquehanna Valley Mall* 1980s & Super- 736,409 Kravitz Selinsgrove, 1990s regional (now PREIT) Snyder Co.

69 York Mall* 1980s Regional 720,000 Kravco York, York Co.

Rhode Island:

70 Lincoln Mall* 1980s Regional 580,000 Inland Lincoln (Providence Metro)

71 Wakefield Mall* 1980s Community 131,000 Wakefield Wakefield, Associates Washington County

Enclosed malls are underlined. *Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING MALL ASSIGNMENTS

Job Mall Total No. Property Name Date Type GLA SF Owner Location

Texas:

72 Ridgmar Mall 1980s Super- 1,122,000 Kravco Fort Worth, regional (now Tarrant Co. Macerich)

73 Broadway Square 1980s Super- 570,774 Simon Tyler, regional Smith Co.

Vermont:

74 Burlington Factory Outlet 1980s Regional 490,400 Kravco Burlington Center (now GGP) (now Burlington Town Center)

Virginia:

75 Landmark Mall 2012 Super- 955,739 Howard Alexandria Regional Hughes Corp.

76 Military Circle Mall 2019 Super- 745,839 GMACCMS- Norfolk (Appraisal Review) Regional 2004 C2

77 River Ridge Mall 2013 Super- 918,263 CBL & Lynchburg Regional Associates

78 Springfield Mall 2012 Super- 1,408,000 Vornado Springfield (Consulting/Testimony) Regional

Wisconsin:

79 Mayfair Mall Super- 1,222,483 GGP Wauwatosa Consulting/Testimony - 2013 & Regional Court Appraisal - 2016

80 Regency Mall 2010 Super- 936,202 CBL & Racine Regional Associates

Total GLA 69,979,340

Enclosed malls are underlined. *Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING CENTER APPRAISALS

Job Center Total No. Property Name Date Type GLA Owner Location

Delaware:

1 College Square S.C. 1990s Regional 352,588 Fusco Properties Newark New Castle Co.

Maryland:

2 Perring Plaza 1980s Regional 402,000 Kravco Baltimore Baltimore Co.

3 Arundel Shopping Center 1990s Community 250,000 Fair Food Glen Burnie Properties Anne Arundel Co.

4 Damascus Shopping Center* 1980s Community 140,000 Cynwyd Damascus Investments Montgomery Co.

New Jersey:

5 Pleasantville Shopping Center* 1980s Community 200,000 Cynwyd Pleasantville Investments Atlantic Co.

6 Willingboro Shopping Center* 1980s Neighborhood 94,000 Cynwyd Willingboro, Investments Burlington Co.

7 Black Horse Pike S.C.* 1990s Regional 490,000 Kravco Audubon, Camden Co.

8 Clementon Plaza 1995 Community 190,000 Blackwood Clementon, Clementon Camden Co. Associates

9 Garden State Pavilions 1999 Community 250,000 Private Investor Cherry Hill, Camden Co.

10 Westmont Plaza* 1990s Community 195,000 Kravco Westmont, Camden Co.

11 Rio Grande Plaza 1980s Community 219,586 Montgomery Rio Grande, Realty Cape May Co.

12 The Wharf 2003 Specialty 40,000 Stone Harbor Stone Harbor, Lumber Co. Cape May Co.

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING CENTER APPRAISALS

Job Center Total No. Property Name Date Type GLA Owner Location

13 Strathmore Shopping Center 1980s Neighborhood 56,000 Cynwyd Matawan, Investments Monmouth Co.

Pennsylvania:

14 Shillington Shopping Center 1990s Neighborhood 76,000 Private Investor Reading, Berks County

15 Chal-Brit Plaza (Town Center) 1990s Neighborhood 125,727 Trefoil New Britain, Properties Bucks County

16 Chalfont Village S. C. 1980s Neighborhood 46,051 Trefoil Chalfont, Properties Bucks County

17 Jamesway Plaza* 1980s Community 151,000 Goodman Warrington, (now Doylestown Pointe) Properties Bucks County

18 Levittown Shopping Center 1980s Community 597,300 Private Investor Levittown, Bucks County

19 Mercer Square* 1990s Neighborhood 91,400 Vesterra Doylestown, Corporation Bucks County

20 Mill Pond Center 1990s Strip 28,000 Vanguard Realty Morrisville, (formerly Bucks County Multicon Northeast)

21 New Britain Village Square 1990s Neighborhood 143,935 Vesterra Chalfont, Corporation Bucks County

22 Oxford Valley Plaza 2009 Strip 61,000 Willner Langhorne, (former Today’s Man Plaza) Properties Bucks County

23 Plumstead Village S. C. 1980s Neighborhood 66,264 Trefoil Plumsteadville, Properties Bucks County

24 Quakertown Shopping Center* 1980s Community 130,000 Private Investor Quakertown, Bucks County

25 Queen Anne Plaza 1990s Neighborhood 97,000 Windsor Fairless Hills, Development Bucks County

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING CENTER APPRAISALS

Job Center Total No. Property Name Date Type GLA Owner Location

26 Summit Square 2011 Neighborhood 115,409 Gigliotti Group Newtown, Bucks County

27 The Shops at Oxford Court 1990s Neighborhood 24,000 Meridian Langhorne, RealCorp Bucks County

28 Village Shires Center 2011 Strip 36,707 Gigliotti Group Newtown, Bucks County

29 Warminster Plaza* 2001 & Community 100,000 Cynwyd Warminster, 1993 Investments Bucks County

30 Warminster Square* 1980s & Neighborhood 40,000 Vanguard Realty Warminster, 1990s (formerly Bucks County Multicon Northeast)

31 Warrington Plaza 2002 Neighborhood 80,000 Valley Forge Warrington, Investment Corp Bucks County

32 Woodbourne Plaza 1980s & Neighborhood 30,000 Montgomery Langhorne, 1990s Realty Bucks County

33 Chesterbrook Village S. C.* 1990s Neighborhood 119,916 Valley Forge Wayne, Investment Corp Chester County

34 Devon Square 1980s Community 159,650 Cynwyd Devon, Investments Chester County

35 Festival at Exton 2001 Community 139,446 PREIT Exton, Chester County

36 New Garden Shopping Center 1990s & Community 149,270 New Plan Kennett Square, 2009 Realty Trust Chester County

37 Thorndale Shopping Center* 1980s Neighborhood 111,666 Cynwyd Thorndale, Investments Chester County

38 Upper Allen Plaza 1980s Neighborhood 59,470 Kimco Realty Mechanicsburg, Corporation Cumberland Co.

39 Kline Village Shopping Center* 1990s Community 240,000 Private Investor Harrisburg, Dauphin County

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING CENTER APPRAISALS

Job Center Total No. Property Name Date Type GLA Owner Location

40 Barclay Square Shopping 2009 Neighborhood 102,937 National Realty Upper Darby, Center Corporation Delaware County

41 Bond Shopping Center* 1990s & Neighborhood 83,118 Kravco Upper Darby, 2002 Delaware County

42 Darlington Square 2011 Strip & Office 21,655 National Realty Chester Heights Corporation Delaware County

43 Manoa Shopping Center* 1980s Community 310,000 Kravitz Havertown, Properties Delaware County

44 Edgmont Square 2011 Neighborhood 99,117 National Realty Newtown Square Corporation Delaware County

45 Sharon Hill Shopping Center 1990s Neighborhood 93,119 Cynwyd Sharon Hill, Investments Delaware County

46 Springfield Square Central 2011 Strip Center 47,185 National Realty Springfield, Shopping Center Corporation Delaware County

47 Springfield Square South 2011 Neighborhood & 138,600 National Realty Springfield, Shopping Center Office Buildings Corporation Delaware County

48 Upland Shopping Center 1980s Neighborhood 45,000 Cynwyd Upland, Investments Delaware County

49 Village Green Shopping Center 1980s Neighborhood 52,744 Cynwyd Aston, Investments Delaware County

50 Siniawa Shopping Center 1990s Community 155,932 Private Investor Dickson City, Lackawanna Co.

51 East Towne Mall 2003 Power center 315,000 Private Investor Lancaster, Lancaster County

52 Kmart Shopping Center 2001 Community 167,000 Private Investor Elizabethtown, Lancaster County

53 Lancaster Shopping Center 2006 Neighborhood 106,892 Private Investor Lancaster, Lancaster County

54 Cedar Crest Square 1990s Community 120,752 Private Investor Lebanon, Lebanon County

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING CENTER APPRAISALS

Job Center Total No. Property Name Date Type GLA Owner Location

55 North Londonderry S. C. 1990s Community 163,700 Private Investor Palmyra, Lebanon County

56 Plaza 422 2002 Neighborhood 154,791 Private Investor Lebanon, Lebanon County

57 Crest Plaza Shopping Center 1980s Community 155,000 PREIT Allentown, (now Kana Lehigh County Realty Corp.)

58 Penn Plaza 1990s Strip 40,000 Private Investor Wilkes-Barre, Luzerne County

59 Triangle Plaza 1990s Neighborhood 115,500 Private Investor Wilkes-Barre, Luzerne County

60 Pocono Commons* 1998 & Power center 330,000 Cedarwood Stroudsburg, 2000 Development Monroe County

61 Baederwood Shopping Center 1980s Neighborhood 63,500 Dondel Jenkintown, 1631 The Fairway Associates Montgomery Co.

62 Dreshertown Plaza* 1990s Neighborhood 99,133 Vesterra Dresher, Corporation Montgomery Co.

63 Flourtown Shopping Center* 1980s Community 190,825 Federal Realty Flourtown, Investment Trust Montgomery Co.

64 Hillcrest Shopping Center 1990s Community 133,363 Trefoil Lansdale, Properties Montgomery Co.

65 Huntingdon Valley S. C. 1990s Community 197,881 Kravco Rockledge, Montgomery Co.

66 Towamencin Village Square 1995 Community 133,000 Vesterra Lansdale, Corporation Montgomery Co.

67 Upper Dublin Shopping Center 1980s & Neighborhood 103,000 Kravitz Willow Grove, 1990s Properties Montgomery Co.

68 Blue Bell Shopping Center 1980s Neighborhood 43,000 Private Investor Philadelphia, Philadelphia Co.

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: SHOPPING CENTER APPRAISALS

Job Center Total No. Property Name Date Type GLA Owner Location

69 Boulevard Plaza 1998 Regional 399,019 Kravco Philadelphia, Philadelphia Co.

70 City Line Shopping Center 1990s Community 142,462 Federal Realty Philadelphia, 121 E. City Avenue Investment Trust Philadelphia Co.

71 Columbus Crossing S.C.* 2000 Community 145,000 Tower Philadelphia, Investments Philadelphia Co.

72 Holmesburg Shopping Center 1980s Neighborhood 63,000 New Plan Realty Philadelphia, Trust Philadelphia Co.

73 Mayfair Shopping Center 1990s Neighborhood 115,027 Valley Forge Philadelphia, Investment Corp Philadelphia Co.

74 Morrell Plaza 2008 Neighborhood 107,000 MAG II Morrell Philadelphia, Park, L.P. Philadelphia Co.

75 Mr. Goodbuys Center 1990s Neighborhood 97,300 Private Investor Philadelphia, Philadelphia Co.

76 Pennypack Circle S.C. 1980s Neighborhood 51,000 Private Investor Philadelphia, Philadelphia Co.

77 RiverView Plaza 1999 Community 130,000 Tower Philadelphia, Investments Philadelphia Co.

78 Proposed The Shopping Center 2016 Power Center 459,927 The Hankin Philadelphia, at The Arsenal Organization Philadelphia Co.

79 Eastern Boulevard 1990s Neighborhood 61,979 Kimco Realty York Corporation York County

80 Mt. Rose Plaza 1990s Neighborhood 53,000 Kimco Realty York Corporation York County

Wisconsin:

81 Pleasant Prairie Premium 2020 Outlet Center 402,613 Simon Property Pleasant Prairie Outlets Group Kenosha County

Total GLA 11,907,456

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

Alaska:

1 JCPenney Store & Parking 1980s Department Stores n/a Anchorage & Fairbanks

Arizona:

2 Super Target at Bell Towne Centre 2016 Supercenter 177,562 Phoenix

3 Target at Arcadia Crossing S.C. 2016 Discount Store 125,571 Phoenix

4 Target on W. Virginia Avenue 2016 Discount Store 122,361 Phoenix

5 Target at Glendale Towne Center 2016 Discount Store 131,307 Glendale

6 Target at Red Mountain Crossing 2016 Discount Store 129,599 Mesa

7 Wal-Mart on E. Rittenhouse Road 2016 Supercenter 216,568 Queen Creek

8 Wal-Mart on N. 95th Avenue 2016 Supercenter 199,303 Glendale

9 Wal-Mart on S. Stapley Drive 2016 Supercenter 219,685 Mesa

10 Wal-Mart on W. Anthem Way 2016 Supercenter 208,719 Phoenix

11 Walmart at Tucson Marketplace 2018 Supercenter 155,861 Tucson

12 Walmart W. Valencia Road 2018 Supercenter 222,143 Tucson

13 Walmart at Oro Valley Marketplace 2018 Supercenter 194,629 Oro Valley

14 Walmart LoChollo Boulevard 2018 Supercenter 209,131 Tucson

15 Walmart at Arizona Pavilions 2018 Supercenter 203,101 Tucson

16 Walmart at Sahuarita Plaza 2018 Supercenter 183470 Green Valley

Connecticut:

17 Macy’s at Danbury Fair Mall 2019 Department Store 240,413 Danbury

18 Sears & Primark at Danbury Fair Mall 2019 Department Store 181,182 Danbury

19 Multi-Tenant & Restaurants Danbury 2019 Multi-tenant 170,092 Danbury

20 JCPenney at Westfield Trumbull Mall* 2014 & 2019 Department Store 153,960 Trumbull

21 LA Fitness at Westfield Trumbull Mall* 2014 & 2019 Fitness Center 39,151 Trumbull

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

22 Lord & Taylor at Westfield Trumbull* 2014 & 2019 Department store 118,000 Trumbull

23 Macy’s at Westfield Trumbull Mall* 2014 & 2019 Department store 213,081 Trumbull

24 Target at Westfield Trumbull Mall* 2014 & 2019 Department store 194,322 Trumbull

25 Sears, Roebuck & Co. Stores 1980's Department Stores n/a Various Locations

Delaware:

26 Silco Properties Stores 1980s Discount Stores n/a Various Locations

27 Chrysler Realty Corp. Auto Agencies 1980s Car Dealerships n/a Delaware

28 Ford Motor Co. Auto Agencies 1980s Car Dealerships n/a Various Locations

Indiana:

29 Carson’s at Southlake Mall 2020 Department store 144,736 Hobart City

30 CVS 3655 S. Randolph St. 2016 Pharmacy 13,017 Hobart Township

31 CVS U.S. Route 41 2017 Pharmacy 10,125 Schererville Town

32 Home Depot 2017 Home Improvement 101,200 Hammond City

33 JCPenney at Southlake Mall 2020 Department store 166,145 Hobart City

34 JCPenney at Green Tree Mall 2020 Department store 119,604 Clarksville Town

35 Kohl’s at Southlake Mall 2015 Department store 91,234 Hobart City

36 Meijer on U.S. Route 30 2017 Supercenter 237,291 Merrillville Town

37 Menards 2018 Home Improvement 163,800 Hammond City

38 Old Time Pottery 2017 Discount Store 97,714 Merrillville Town

39 Sam’s Club at Crossings at Hobart 2018 Wholesale Club 138,047 Hobart City

40 Sears at Green Tree Mall 2020 Department store 105,400 Clarksville Town

41 Target at Highland Grove S.C. 2019 Discount Store 121,900 Highland Town

42 Target at Calumet Shopping Center 2019 Discount Store 122,628 Munster Town

43 Target at Southlake Plaza 2020 Discount Store 123,710 Hobart/Merrillville)

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

44 Target at St. John Marketplace 2020 Discount Store 124,474 St. John Town

Iowa:

45 Best Buy at Coral Ridge Mall 2004 Electronics 38,007 Coralville

46 Coral Ridge 10 Theatres 2005 Cinema 25,638 Coralville

47 Costco & Indoor Parking Warehouse 2013 Wholesale Club 415,267 Coralville

48 Dillard’s at Coral Ridge Mall* 2001 & 2013 Department store 129,584 Coralville

49 Dillard’s at Jordan Creek Town Center 2005 Department store 207,033 West Des Moines

50 Hy-Vee* 2012 & 2016 Supermarket 91,108 West Des Moines

51 Hy-Vee* 2012 & 2016 Supermarket 33,666 Perry

52 Hy-Vee 2013 Supermarket 73,616 Coralville

53 Hy-Vee Grocery, C-Store & Car Wash* 2015 & 2018 Supermarket 98,045 Waukee

54 Hy-Vee Grocery & C-Store 2015 Supermarket 63,562 Indianola

55 JCPenney at Coral Ridge Mall* 2001 & 2013 Department store 80,494 Coralville

56 Kohl’s/Famous Footwear/Dress Barn* 2002 & 2013 Discount Stores 115,229 Coralville

57 Lowe’s Store 2004 Home Improvement 134,574 Coralville

58 Lowe’s Store 2018 Home Improvement 142,386 West Des Moines

59 Scheels All Sports at Coral Ridge Mall 2005 Sporting Goods 104,330 Coralville

60 Scheels All Sports at Jordan Creek* 2018 & 2020 Sporting Goods 190,912 West Des Moines

61 Sears & TBA at Coral Ridge Mall* 2001 & 2013 Department store 105,888 Coralville

62 Former Sears Store at Coral Ridge Mall 2018 & 2019 Multi-tenant 97,772 Coralville

63 Super Target - Valley West 2013 Supercenter 118,912 West Des Moines

64 Super Target 2013 Supercenter 176,602 Ankeny

65 Target Store at West Glen Town Center 2013 Discount Store 176,563 West Des Moines

66 Target Store at Coral Ridge Mall 2013 Discount Store 120,521 Coralville

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

67 Walgreens 15601 Hickman Road 2020 Pharmacy 14,606 Clive

68 Wal-Mart Super Center* 2001 Supercenter 209,468 Coralville

69 Wal-Mart Super Center* 2018 Supercenter 209,468 Coralville

70 Walmart Super Center* 2016 Supercenter 215,351 West Des Moines

71 Walmart Super Center* 2020 Supercenter 215,351 West Des Moines

72 Younkers at Coral Ridge Mall* 2001 Department store 98,016 Coralville

73 Younkers at Coral Ridge Mall* 2013 Department store 98,016 Coralville

74 Former Younkers at Coral Ridge Mall 2018 & 2019 Department store 98,016 Coralville

75 Younkers at Jordan Creek Town Center* 2005 Department store 159,891 West Des Moines

76 Younkers at Jordan Creek Town Center* 2009 Department store 159,891 West Des Moines

77 Younkers at Jordan Creek Town Center* 2018 Department store 159,891 West Des Moines

Maine:

78 W. T. Grant Co. 1980's Department stores n/a Bangor

79 F. W. Woolworth Co. 1980's Discount stores n/a Various Locations

Maryland:

80 Sears, Roebuck & Co. 1980's Department stores n/a Various Locations

81 General Cinema Theaters 1980's Theaters n/a Baltimore Locations

Minnesota:

82 Mills Fleet Farm, C-Store & Car Wash 2018 Supercenter 249,352 Brooklyn Park

83 JCPenney at Maplewood Mall 2007 Department store 88,676 Maplewood

84 Kohl’s at Maplewood Mall 2008 Department store 86,738 Maplewood

85 Macy’s at Maplewood Mall 2009 Department store 224,474 Maplewood

86 Lowe’s at Arbor Lakes 2019 Home Improvement 137,637 Maple Grove

87 JCPenney at Eden Prairie Center 2020 Department store 129,422 Eden Prairie

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

88 Sears at Eden Prairie Center 2020 Department store 212,375 Eden Prairie

89 Von Maur at Eden Prairie Center 2020 Department store 150,000 Eden Prairie

New Jersey:

90 JCPenney & TBA at Quaker Bridge Mall 2013 Department store 176,145 Lawrenceville

91 Lord & Taylor at Quaker Bridge Mall 2013 Department store 154,372 Lawrenceville

92 Macy’s at Quaker Bridge Mall 2013 Department store 214,030 Lawrenceville

93 Sears & TBA at Quaker Bridge Mall 2013 Department store 200,900 Lawrenceville

94 Sears, Roebuck & Co. 1980's Department stores n/a Various Locations

95 Pier 1 Imports 1998 Specialty store 10,000 Cherry Hill

96 Pier 1 Imports 1998 Specialty store 10,000 Moorestown

New York:

97 BJ’s Wholesale Club 2011 Wholesale Club 118,076 West Nyack

98 Home Depot 2011 Home Improvement 132,800 West Nyack

99 JCPenney 2011 Department store 157,339 West Nyack

100 Lord & Taylor 2011 Department store 120,000 West Nyack

101 Macy’s 2011 Department store 201,000 West Nyack

102 Sony Theater 2011 Theater 74,270 West Nyack

103 Target 2011 Discount Store 130,140 West Nyack

104 JCPenney 1980's Department store n/a West Seneca

105 S. Klein 1980's Discount Store n/a Hicksville

106 Montgomery Ward & J. M. Field 1980's Department store n/a Schenectady

107 Wm. Hengerer (Associated Dry Goods) 1980's Department store n/a West Seneca

108 Wal-Mart 1990's Discount Store 120,000 Buffalo

North Carolina:

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

109 Lowe’s 2016 Home Improvement 135,652 Kernersville

110 Lowe’s 2016 Home Improvement 139,248 Winston-Salem

Pennsylvania:

111 AMC Theatres 2019 Theater 68,174 Philadelphia

112 Boscov’s at Laurel Mall 2008 Department store 178,800 Hazleton

113 Boscov’s at Plymouth Meeting Mall 2013 Department store 185,000 Plymouth Meeting

114 Burlington at Philadelphia Mills 2019 Discount Store 128,950 Philadelphia

115 Dave & Buster’s at Philadelphia Mills 2019 Entertainment 60,268 Philadelphia

116 Forman Mills, 5961 Rising Sun Avenue 1990's Discount Store n/a Philadelphia

117 General Cinema & Rite Aid 1990's Theater & Pharmacy n/a Philadelphia

118 General Cinema 1999 Theater n/a Philadelphia

119 Gimbel Brothers 1980's Department store n/a Harrisburg

120 Gimbel Brothers 1980's Department store n/a King of Prussia

121 Gimbel Brothers 1980's Department store n/a Bucks County

122 JCPenney at King of Prussia Mall 1980's Department store 171,558 King of Prussia

123 JCPenney at Montgomery Mall 1980's Department store 149,325 Montgomeryville

124 JCPenney at Philadelphia Mills 2019 Department store 100,200 Philadelphia

125 John Wanamaker 1980's Department store n/a Abington

126 John Wanamaker 1980's Department store n/a Harrisburg

127 John Wanamaker at King of Prussia Mall 1980's Department store 123,000 King of Prussia

128 Karen’s Furniture 2002 Furniture 85,000 Quakertown

129 Lowe’s at Hatfield Pointe 2009 Home Improvement 119,328 Hatfield

130 Lowe’s 2005 Home Improvement 131,575 Hazleton

131 Macy’s at King of Prussia Mall 1980's Department store 193,500 King of Prussia

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

132 Macy’s at Oxford Valley Mall 1980's Department store 195,407 Oxford Valley

133 Macy’s at Montgomery Mall 1980's Department store 217,976 Montgomeryville

134 Marshalls at Philadelphia Mills 2019 Discount Store 70,701 Philadelphia

135 OfficeMax at Wood Mill Commons 1996 Discount Store 23,500 Reading

136 OfficeMax at Pocono Commons 2000 Discount Store 23,000 Stroudsburg

137 Pier 1 Imports 1998 Home Goods 10,000 Harrisburg

138 Pier 1 Imports 1998 Home Goods 10,000 York

139 Regal 24 at The Marketplace at Oaks 2009 Theater 105,507 Oaks

140 Sears at King of Prussia Mall 1980's Department store 215,252 King of Prussia

141 Sears at Oxford Valley Mall 1980's Department store 173,000 Oxford Valley

142 Sears at Montgomery Mall 1980's Department store 149,925 Montgomeryville

143 Strawbridge & Clothier 1980's Department store 185,000 Plymouth Meeting

144 Strawbridge & Clothier 1980's Department store 194,000 King of Prussia

145 TJMaxx at Pocono Commons 2000 Discount Store 30,000 Stroudsburg

146 Wal-Mart at Hazle Market Place 2005 Supercenter 199,026 Hazleton

Virginia:

147 Dillard’s at Patrick Henry Mall 2019 Department store 144,157 Newport News

148 JCPenney at Ballston Common Mall 1980's Department store 120,000 Arlington

149 JCPenney at Springfield Mall 1980's Department store 209,144 Springfield

150 Kohl’s at Cosner’s Corner 2013 Department store 95,966 Fredericksburg

151 Walgreens Plank Road 2016 Pharmacy 14,735 Fredericksburg

152 Walgreens Rollingwood Drive 2016 Pharmacy 14,735 Fredericksburg

Wisconsin:

153 Boston Store at Brookfield Square 2010 Department store 216,326 Brookfield

*Denotes multiple appraisals. PARTIAL LIST OF PROJECTS: BIG BOXES & STORES

Job Store No. Property Name Date Type GLA Location

154 Boston Store at Mayfair Mall* 2010 Department store 213,482 Wauwatosa

155 Boston Store at Mayfair Mall* 2015 Department store 213,482 Wauwatosa

156 Burlington Coat Factory at Regency Mall 2011 Department store 80,000 Racine

157 Macy’s at Mayfair Mall 2013 Department store 289,479 Wauwatosa

158 Sears at Wausau Center 2013 Department store 88,701 Wausau

159 Target at Regency Mall 2012 Department store 102,324 Racine

160 Younkers at Bay Park Square 2011 Department store 136,184 Ashwaubenon

161 Younkers at Oakwood Mall 2010 Department store 105,255 Eau Claire

162 Younkers at Wausau Center 2011 Department store 111,684 Wausau

Total GLA 19,293,182

*Denotes multiple appraisals.