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GGP Financial Model Assuming Foreclosure Latest Commercial Rental Rates page 1 Reggie Middleton's BoomBustBlog.com 02/14/2008 Some of the best analysis on the Web! Reggie Middleton's BoomBustBlog.com Commercial Rental Rates page 2 Reggie Middleton's BoomBustBlog.com 02/14/2008 Disclaimer Reggie Middleton, LLC’s Boom Bust Blog analysis and conclusions in this presentation are based on publicly available information. Reggie Middleton, LLC recognizes that there may be confidential information in the possession of the Companies discussed in the presentation that could lead these Companies to disagree with Reggie Middleton LLC’s conclusions. The analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the Companies. Such statements, estimates, and projections reflect various assumptions by Reggie Middleton, LLC concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein. Actual results may vary materially from the estimates and projected results contained herein. Reggie Middleton, LLC and its affiliates may own investments that are bullish or bearish on the subject entity in this material. These investments may include credit-default swaps, equity put options and short sales of common stock. Reggie Middleton, LLC is in the business of trading - buying and selling - public and private securities. It is possible that there will be developments in the future that cause Reggie Middleton, LLC to change its position regarding the Companies and possibly increase, reduce, dispose of, or change the form of its investment in the Companies. This information is copyrighted, but you may use this information freely, but must attribute the boombustblog.com as the source, and whenever possible, provide a live hyperlink back to the site, or if in printed material, plainly exhibit the hyperlink as the source. Some of the best analysis on the Web! Reggie Middleton's BoomBustBlog.com Commercial Rental Rates page 3 Reggie Middleton's BoomBustBlog.com 02/14/2008 Marcus & Millichap Property 1 Property 2 Gross Vacancy Effective Real estate Total Gross Vacancy Effective Real estate Total Gross Real estate Pro Forma Gross Sq Rentable Price per potential Allowances Vacancy gross Real estate Repairs and Management Total Total Gross Rent tax per sq Insurance Repairs per Mgmt fee expenses NOI per sq Pro Forma Gross Sq Rentable Price per potential Allowances Vacancy gross Real estate Total Total Gross Rent tax per sq Insurance Repairs per Mgmt fee expenses NOI per sq Income per Vacancy tax per sq Insurance Repairs per Management Other Total NOI per sq S.no Property City Zip State Zip Asking Price CAP Rate CAP feet sq feet sq feet Income (%) Allowances income tax Insurance maintainance fee expenses NOI Reserves income per sq feet feet per sq feet sq feet per sq feet per sq feet feet Zip Asking Price CAP Rate CAP feet sq feet sq feet Income (%) Allowances income tax Insurance Repairs Mgmt fee expenses NOI Reserves income per sq feet feet per sq feet sq feet per sq feet per sq feet feet Wt 1 Wt 2 sq feet allowance feet per sq feet sq feet expenses expenses expenses feet 1 Century Plaza Birmingham, AL 35210 AL N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 2 Riverchase Galleria Hoover,AL 35244 AL N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 3 The Pines Pine Bluff, AR 71601 AR N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 4 Pinnacle Hills Promenade Rogers,AR 72758 AR N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 5 Woodlands Village Flagstaff, AZ 86001 AZ N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 6 ParkPkWt West Peoria,AZPiAZ 85345 AZ N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 7 Arizona Center Phoenix, AZ 85004 AZ 85009 $11,750,000 6.88% 8.00% 60,233 60,233 $195 $1,125,658 3.7% $29,319 $1,096,339 $97,734 $13,600 $42,342 $20,252 $288,398 $807,941 $807,941 $18.2 $1.6 $0.2 $0.7 $0.3 $4.8 $13.4 85008 $2,115,000 7.25% 7.25% 9,141 9,141 $231 $192,854 $192,854 $15,527 $1,650 $6,400 $9,000 $39,487 $153,367 $153,367 $21.1 $1.7 $0.2 $0.7 $0.0 $4.3 $16.8 44% 56% $20 3.7% 8.5% 1.0% 3.6% 0.9% 9.3% 23.4% 76.6% 8 Mall At Sierra Vista Sierra Vista, AZ AZ N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 9 Tucson Mall Tucson, AZ 85705 AZ N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 10 Park Place Tucson, AZ 85711 AZ N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 11 Anaheim Crossing Anaheim, CA 92668 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 12 Valley Plaza Mall Bakersfield, CA 93304 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 13 Burbank Town Center Burbank,CA 91502 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 14 Chico Mall Chico, CA 95928 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 15 Chula Vista Center Chula Vista,CA 91910 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 16 Otay Ranch Town Center Chula Vista,CA 91915 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 17 Elk Grove Promenade Elk Grove,CA 95624 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 18 Bayshore Mall Eureka, CA 95501 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 19 Palladio at Broadstone Folsom,CA 95630 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 20 Glendale Galleria Glendale,CA 91210 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 21 Southland Mall Hayward, CA 94545 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 22 Montclair Plaza Montclair,CA 91763 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 23 Moreno Valley Mall Moreno Valley,CA 92553 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 24 NewPark Mall Newark,CA 94560 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 25 Northridge Fashion Center Northridge, CA 91324 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 26 Redlands Mall Redlands, CA 92373 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 27 Galleria at Tyler Riverside,CA 92503 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 28 Stonestown Galleria San Francisco, CA 94132 CA 94107 $4,750,000 12.32% 12.32% 16,262 16,262 $292 $649,630 $649,630 $54,198 $10,000 $64,198 $585,432 $585,432 $39.9 $3.3 $0.6 $0.0 $0.0 $3.9 $36.0 94111 $5,040,000 5.46% 5.46% 12,600 12,600 $400 $415,800 5.0% $20,790 $395,010 $56,952 $6,300 $44,100 $9,450 $119,952 $275,058 $275,058 $31.4 $4.5 $0.5 $3.5 $9.5 $21.8 46% 54% $35 5.0% 11.4% 1.6% 5.6% 1.2% 0.4% 20.1% 79.9% 29 Eastridge Mall San Jose, CA 82609 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 30 West Valley Mall Tracy, CA 95304 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 31 Visalia Mall Visalia, CA 93277 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 32 Fallbrook Center West Hills, CA 91307 CA N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 33 Austin Bluffs Plaza Colorado Springs, CO 80918 CO 80129 $1,149,000 7.75% 7.51% 4,820 4,820 $238 $130,696 4.3% $4,003 $126,693 $25,277 $2,409 $5,675 $3,600 $37,684 $89,009 $89,009 $26.3 $5.2 $0.5 $1.2 $0.7 $7.8 $18.5 80123 $996,000 8.10% 8.10% 6,370 6,370 $156 $127,191 5.0% $4,660 $122,531 $21,307 $3,318 $12,680 $4,528 $41,833 $80,698 $80,698 $19.2 $3.3 $0.5 $2.0 $6.6 $12.7 50% 50% $23 4.7% 18.7% 2.3% 7.4% 1.4% 2.1% 31.9% 68.1% 34 Chapel Hills Mall Colorado Springs, CO 80920 CO 80911 $975,000 8.31% 8.31% 5,360 5,360 $182 $81,000 $81,000 $81,000 $81,000 $15.1 80910 $4,275,000 5.49% 8.52% 26,406 26,406 $162 $234,559 $234,559 $234,559 $234,559 $8.9 53% 47% $12 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 35 Foothills Mall Fort Collins, CO 80525 CO 80525 $1,265,000 8.26% 8.26% 11,000 11,000 $115 $157,667 5.0% $5,500 $152,167 $28,624 $1,629 $13,564 $3,850 $47,667 $104,500 $104,500 $13.8 $2.6 $0.1 $1.2 $0.4 $4.3 $9.5 80524 $785,000 8.02% 8.02% 8,400 8,400 $93 $87,922 3.5% $2,217 $85,705 $9,042 $1,772 $8,400 $2,217 $22,731 $62,974 $655 $62,319 $10.2 $1.1 $0.2 $1.0 $2.7 $7.5 100% 0% $14 4.3% 14.7% 1.6% 9.4% 1.3% 2.1% 28.9% 71.1% 36 Southwest Plaza Littleton, CO 80123 CO 80129 $1,149,000 7.75% 7.51% 4,820 4,820 $238 $130,696 4.3% $4,003 $126,693 $25,277 $2,409 $5,675 $3,600 $37,684 $89,009 $89,009 $26.3 $5.2 $0.5 $1.2 $0.7 $7.8 $18.5 80123 $996,000 8.10% 8.10% 6,370 6,370 $156 $127,191 5.0% $4,660 $122,531 $21,307 $3,318 $12,680 $4,528 $41,833 $80,698 $80,698 $19.2 $3.3 $0.5 $2.0 $6.6 $12.7 0% 100% $19 4.7% 18.7% 2.3% 7.4% 1.4% 2.1% 31.9% 68.1% 37 Park Meadows Lone Tree,CO 80124 CO N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 38 Brass Mill Center Waterbury,CT 6706 CT N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 39 Christiana Mall Newark,DE 19702 DE N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 40 Altamonte Mall Altamonte Springs,FL 32701 FL 32714 $7,675,000 6.94% 9.17% 67,689 67,689 $113 $1,263,886 20.3% $247,962 $1,015,924 $106,080 $54,427 $186,316 $30,478 $483,036 $532,888 $16,922 $515,966 $15.0 $1.6 $0.8 $2.8 $0.5 $7.1 $7.9 100% 0% $15 20.3% 10.4% 5.4% 18.3% 3.0% 10.4% 47.5% 52.5% 41 Mizner Park Boca Raton,FL 33432 FL N/A N/A N/A 10.9% 9.2% 1.9% 4.7% 1.2% 4.2% 21.3% 78.7% 42 Regency Square Mall Jacksonville, FL 32225 FL 32207 $2,750,000 7.00% 8.45% 37,554 37,554 $73 $275,462 5.0% $11,928 $263,534 $29,500 $20,000 $4,000 $11,000
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