Retail Market Report Inland Empire - CA

Home , Inland Empire, Moreno Valley Mall, Ontario Mills, Promenade Temecula, Valley Plaza

PREPARED BY

Kimberly Wright Economic Development Manager Inland Empire Retail

RETAIL MARKET REPORT

Market Key Statistics 1 Leasing 2 Rent 6 Construction 8 Under Construction Properties 10 Sales 12 Sales Past 12 Months 14 Economy 16 Market Submarkets 21 Supply & Demand Trends 24 Rent & Vacancy 28 Sale Trends 32

5/20/2021 Copyrighted report licensed to Riverside County EDA - 1126743 Overview Inland Empire Retail

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 1M 973K 7.7% 1.8%

The Inland Empire has the highest vacancy rate in the built in phases to reduce the risk of extended vacancy. nation among metros with a population of more than half There are several shopping centers under construction a million (115 metros). While vacancies rose in 2020, near new industrial buildings where daytime spending partly because of the pandemic and partly because can be more reliable. several large retailers had announced store closures prior to the year, demand began to improve in 2021. Yet despite the limited rent gains and elevated Leasing volume has returned to pre-pandemic levels, vacancies, price appreciation has been healthy. The and rents edged out 1.8% growth over the past 12 market price grew by roughly 2% year over year in April months. 2021, compared to 0.5% growth for the national index. Locally based buyers remain the most active in the Construction levels have been a small fraction of what market, but volume is still off pace relative to the past was built in the 2000s, and most recent development is five years.

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction Malls 15,049,344 15.2% $2.32 6.4% 171,501 0 0 Power Center 20,114,193 6.8% $2.18 7.6% 40,742 0 44,000 Neighborhood Center 78,462,842 10.0% $1.89 11.5% 482,042 9,200 181,704 Strip Center 15,306,625 6.3% $1.65 7.2% 18,405 0 80,641 General Retail 66,636,856 3.5% $1.68 4.5% 242,795 22,206 224,972 Other 2,441,592 16.0% $1.93 18.1% 12,708 0 4,050 Market 198,011,452 7.7% $1.86 8.1% 968,193 31,406 535,367

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0% 7.8% 7.5% 9.6% 2011 Q2 5.0% 2007 Q3 Net Absorption SF 973K 1,420,722 995,137 8,245,942 2007 Q1 (2,140,953) 2009 Q4 Deliveries SF 1M 2,166,445 1,078,590 7,240,534 2007 Q1 406,264 2011 Q1 Rent Growth 1.8% -0.2% 3.1% 6.3% 2007 Q1 -10.4% 2009 Q4 Sales Volume $987M $1.1B N/A $1.6B 2015 Q4 $397.2M 2010 Q1

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Leasing volume has returned to pre-pandemic levels in The Galleria at Tyler and Montclair Place. In 20Q1, more 2021 as many businesses view an improved economic than 1 MSF was vacated by Sears/K-Mart, JC Penney, outlook. Still, most leases signed recently involve small and Forever 21. In previous years, Fallas/Factory 2U and and mid-sized spaces and most new tenants are in Toys "R" Us/Babies "R" Us closed several stores as well. service industries, including restaurants, personal services, health care, and education. Some of the largest Retail stores in the Inland Empire are especially leases symbolize the struggles impacting big-box space. dependent on local consumers as the Inland Empire For example, a former 179,800-SF Lowe's was leased attracts only a modest number of leisure travelers. In line by a recreational vehicle and boat storage company early with local demand, roughly 40% of retail inventory is in in 2020 after sitting vacant for more than 10 years. In a neighborhood centers, compared to 26% nationally. A smaller format, Legends Barbell—a cross-fit few exceptions are the metro's various outlet centers, gym—leased 55,000-SF at a former Target store in including Ontario Mills, the Cabazon Outlets, and the Victorville. Outlets at Lake Elsinore.

Many nationally recognized retailers have been closing The outlook for the market consists of steady vacancies stores in the market for several years, especially for the next four quarters in CoStar's Base Case impacting big-box space. One of the most recent scenario, driven by accelerated job growth. examples is Nordstrom, who closed stores in Riverside's

NET ABSORPTION, NET DELIVERIES & VACANCY

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VACANCY RATE

AVAILABILITY RATE

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12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

Net Absorption SF Building Name/Address Submarket Bldg SF Vacant SF 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 12 Month Apple Valley Commons Mojave River Valley 179,810 0 0 0 0 0 179,810 Moreno Valley Mall Moreno Valley/Perris 152,750 0 0 152,750 0 0 152,750 Lowe's San Bernardino 134,788 0 134,788 0 0 0 134,788 Costco Business Center Airport Area 133,000 0 0 0 0 0 133,000 Central Plaza South Riverside 127,700 0 127,700 0 0 0 127,700 Bear Valley Plaza Mojave River Valley 126,395 0 0 126,395 0 0 126,395 Mission Grove Plaza Moreno Valley/Perris 103,795 0 0 103,795 0 0 103,795 Deanza Country Plaza Riverside 130,000 1,120 0 87,406 0 0 85,338 15321 Palmdale Rd Mojave River Valley 105,471 0 0 65,000 0 0 65,000 Murrieta Town Center South Riverside 74,570 3,970 0 0 0 0 58,822 Promenade Temecula South Riverside 111,380 5,766 54,700 484 0 0 55,184 Montclair Place Upland/Montclair 110,690 55,594 0 0 0 0 55,096 The Merge Retail Corona/Eastvale 70,000 18,000 0 0 0 0 52,000 Glasgow Residential Restaurant Riverside 51,000 0 0 0 0 0 51,000 Sunnymead Village Moreno Valley/Perris 63,276 0 0 48,457 0 0 48,457 New Haven Marketplace Airport Area 44,662 0 0 0 0 0 44,662 1270 E Main St Mojave River Valley 37,586 0 0 37,586 0 0 37,586 Subtotal Primary Competitors 1,756,873 84,450 317,188 621,873 0 0 1,511,383 Remaining Inland Empire Market 196,433,247 15,090,224 (100,162) 343,242 0 0 (538,389) Total Inland Empire Market 198,190,120 15,174,674 217,026 965,115 0 0 972,994

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TOP RETAIL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Qtr Tenant Name Tenant Rep Company Leasing Rep Company

681 E San Jacinto Ave Moreno Valley/Perris 114,599 Q4 20 Inland Auto Boat & RV Sa… - -

Civic Plaza * Beaumont/Hemet 109,708 Q4 20 County Of Riverside - L2 Development Comm…

Palm Plaza Shopping Center South Riverside 86,479 Q4 20 - - Lee & Associates Com…

Palm Court * Airport Area 78,944 Q2 20 24 Hour Fitness - -

Shoppes At Fontana * Airport Area 77,966 Q4 20 Superior Grocers - -

Promenade Temecula South Riverside 55,690 Q4 20 Dicks Sporting Goods Cushman & Wakefield JLL

15321 Palmdale Rd Mojave River Valley 55,000 Q1 21 Legends Barbell Coldwell Banker Co… JLL;NAI Capital

Mission Plaza Shopping Center * Coachella Valley 42,966 Q1 21 In-Shape - Retail Insite

Bowlero * Upland/Montclair 35,724 Q4 20 Bowlero - -

Temecula Town Center South Riverside 35,292 Q3 20 - - Flocke & Avoyer Comm…

Canyon Springs Shopping Center Moreno Valley/Perris 35,000 Q4 20 Big Lots - Progressive Real Estat…

Murrieta Crossings South Riverside 34,103 Q4 20 Jungle Jim's - Level Asset Management

Murrieta Town Center South Riverside 27,465 Q2 20 Amazon Go Groceries - -

Murrieta Spectrum South Riverside 25,732 Q1 21 U.S. Dept of Veterans Aff… - Lee & Associates Com…

Euclid & Francis-Maple Center Airport Area 25,023 Q2 21 - - Reliable Properties

Palm Court * Airport Area 23,839 Q2 20 T.J. Maxx - Argent Retail Advisors

Highland Plaza San Bernardino 23,803 Q4 20 - - Realty Executives Com…

2000 Hamner Ave Corona/Eastvale 23,000 Q3 20 California Motors - Calvert Real Properties…

Liberty Village Mojave River Valley 21,973 Q1 21 Rite Aid - KORUS Real Estate

Victor Plaza Mojave River Valley 21,930 Q2 21 - - PacWest Management,…

Howard's * Upland/Montclair 20,510 Q3 20 Howard's TV & Appliance - -

Foothill Crossing Airport Area 20,000 Q1 21 STGi Newmark Knight Frank Argent Retail Advisors

Aldi Mojave River Valley 19,054 Q2 20 ALDI - -

Tractor Supply Company Moreno Valley/Perris 18,800 Q2 20 Tractor Supply Company - -

6250 Brockton Ave * Riverside 18,714 Q4 20 Tournament House Gym - -

Murrieta Plaza South Riverside 18,060 Q2 21 Powerhouse Gym - JLL

Indio Plaza Coachella Valley 18,000 Q1 21 Revivals - Lee & Assoc

Commons At Temecula * South Riverside 18,000 Q1 21 Cost Plus World Market - Newmark;Retail Proper…

Hi-Desert Plaza Mojave River Valley 16,130 Q4 20 Grocery Outlet SRS Real Estate Pa… BH Properties LLC;Pro…

Tri-City Shopping Center Redlands/Loma Linda 16,097 Q3 20 Self Made Training Facility - Lee & Associates

Clinton Keith Village Shopping Cent South Riverside 16,052 Q4 20 Grocery Outlet - Colliers International

French Valley Commons South Riverside 16,000 Q4 20 Dollar Tree - Cushman & Wakefield;…

Gordon Ranch Marketplace Chino/Chino Hills 15,300 Q1 21 - - CBRE

Gordon Ranch Marketplace Chino/Chino Hills 15,300 Q1 21 Dollar Tree - Sunny Hills Manageme…

Arlington Square Riverside 15,000 Q4 20 - - NewMark Merrill Comp…

Dollar Tree Store & Shops Coachella Valley 14,806 Q2 21 State of California - Coldwell Banker Comm…

Vineyard Valley Center * Airport Area 14,576 Q4 20 Chuck E. Cheese - -

22722 Cactus Ave Moreno Valley/Perris 14,208 Q1 21 - - Magnum Properties

Overland Business Park South Riverside 14,000 Q4 20 - - Belco Investments

McKinley Crossroads Corona/Eastvale 13,332 Q2 21 - - ShopOne Centers REI… *Renewal

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Rents grew by 1.8% over the past 12 months and long- Slight variation in rent trends exists across the Inland term gains have been subtle due to the high number of Empire's submarkets, with year-over-year rents growing store closures in recent years. Furthermore, the average the most in Upland/Montclair (2.2% as of April) and asking rent remains about 10% below its peak in 07Q3. growing the least Chino/Chino Hills (-0.6%). The metro's underperformance over the longer horizon also coincides with the ongoing changes in how With the pace of job growth expected to accelerate in consumer purchases are shifting toward online sales. 2021, rent growth is expected to rise for the remainder of Furthermore, the pandemic has led to more growth in e- the year and into 2022 in CoStar's Base Case scenario. commerce.

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FEET

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Retail development has been scarce over the past ten opened in the shopping center in 2018. About 24,000- years and exclusive to parts of the Inland Empire with SF of retail stores delivered in early 2020 and about the most housing development and population growth. 106,000 SF are listed for lease in proposed buildings. About 1.0 million SF delivered in 2020 and 570,000 are expected to deliver in 2021. In comparison, more than Unlike coastal markets in L.A. and Orange County, few 6.5 million SF delivered in both 2007 and 2008, the peak shopping centers have had extensive renovations to of the previous cycle. Most recent developments also accommodate experiential retail. However, Montclair tend to be smaller shopping centers or built in phases to Place was recently renovated to convert a former secure leasing. anchor-space to a top floor AMC movie theater and bottom floor dining with entertainment areas. AMC was For example, Goodman's The Station is a community expected to open in the Summer of 2020, but the center that is part of the Goodman Commerce Center opening was postponed as in-door theaters were not Eastvale—a 200-acre mixed-use development primarily allowed to open until recently. composed of logistics space. A 152,000-SF Costco

DELIVERIES & DEMOLITIONS

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SUBMARKET CONSTRUCTION

Under Construction Inventory Average Building Size

No. Submarket Bldgs SF (000) Pre-Leased SF (000) Pre-Leased % Rank All Existing Under Constr Rank 1 South Riverside 9 154 84 54.7% 5 14,028 17,092 1 2 Moreno Valley/Perris 9 112 54 48.1% 7 14,915 12,404 3 3 Coachella Valley 9 72 17 23.7% 9 12,782 8,032 6 4 Redlands/Loma Linda 5 63 22 35.7% 8 9,562 12,601 2 5 Beaumont/Hemet 6 43 28 65.8% 3 9,340 7,107 8 6 Chino/Chino Hills 3 25 15 60.1% 4 16,269 8,173 5 7 Mojave River Valley 5 22 17 78.5% 1 9,738 4,359 10 8 Airport Area 3 21 12 53.9% 6 13,068 7,121 7 9 Corona/Eastvale 2 9 7 73.0% 2 12,512 4,688 9 10 Upland/Montclair 1 9 0 0% 10 14,110 9,225 4 All Other 2 6 6 100% 9,251 2,841 Totals 54 535 261 48.8% 11,451 9,914

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Properties Square Feet Percent of Inventory Preleased 54 535,367 0.3% 48.8%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner French Valley Marketplace NAC Development Company 1 78,400 1 Mar 2021 Nov 2021 Winchester Rd French Valley Towne Center II LLC Wood Crest Piazza - Ret… - 2 56,000 1 Sep 2020 Jul 2021 18171 Van Buren Blvd Mohammad M & Klara M Sadegh… Redlands Packing Hous… - 3 28,500 3 Jun 2020 Jun 2021 3rd Street and Stuart Ave John McAlearney 3578 Benton Rd CDM Group Inc. 4 26,900 1 Aug 2020 Jun 2021 TRC 29013 Antelope Rd - 5 21,420 1 Nov 2019 Jun 2021 Muirfield Properties Highland Crossings - Ph… - 6 18,164 1 Mar 2020 Jun 2021 SEQ Greenspot Rd & I 210 - Pad 1 - 7 15,740 1 May 2019 Jun 2021 27630 Eucalyptus Ave CBRE Global Investors Ltd

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UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Commonwealth Crossin… - 8 15,000 1 Apr 2021 Jun 2021 S San Jacinto St Sonic Luiseno Village - 9 14,582 1 Feb 2021 Nov 2021 1372 E Main St Soboba Band Of Luiseno Indians The Preserve at Chino - 10 12,470 1 Sep 2020 Jun 2021 15709 Euclid Ave David Wick "Palm Village" Gourmet… - 11 12,375 1 Jan 2021 Sep 2021 42455 Washington St Luko Management Future Retail Pad - 12 10,000 1 Jan 2021 Jan 2022 42225 Jackson St - Retail Pad A - 13 10,000 1 Jan 2021 Jan 2022 42225 Jackson St - Retail Pad D - 14 10,000 1 Jan 2021 Jan 2022 42425 Jackson St - 9885 Sierra Ave - 15 9,910 1 Mar 2021 Oct 2021 Mez Investment Group 8715 Trautwein Rd - 16 9,480 1 Nov 2019 Jun 2021 - Campus Ave - 17 9,225 1 Aug 2019 Jun 2021 Rancho Pacific Coml Inc 5th & Boulder - 18 8,640 1 Jun 2020 Jun 2021 SWC 5th St Fred F Mashian Bldg L - 19 8,500 1 Jul 2019 Jun 2021 NEC Van Buren Blvd Blvd Jh Hospitality, Inc. 6903 Schaefer Ave - 20 8,000 1 Mar 2021 Sep 2021 The Evans Company Bldg 1 - 21 7,948 1 May 2020 Jun 2021 27559 Newport Rd GS Investment Properties NEC Grove Ave & Philad… - 22 7,354 1 Mar 2021 Feb 2022 Phelan Development Company 39368 Washington St - 23 7,165 1 Jul 2020 Jun 2021 - Veteran's Plaza - 24 7,000 1 Jul 2019 Jun 2021 22400 Van Buren Blvd Dan Wright Future Retail Pad - 25 7,000 1 Jan 2021 Jan 2022 42225 Jackson St - Future Retail Pad - 26 7,000 1 Jan 2021 Jan 2022 42225 Jackson St - N Perris Blvd - 27 6,800 1 Apr 2021 Oct 2021 - Western Dental - 28 6,000 1 Mar 2021 Jul 2021 14678 7th St Sage Investco

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Sales volume since March 2020 is off pace and investors Yet the Inland Empire also offers many lower-risk have shied away from properties valued at over $10 investment options and investors have demonstrated million. One exception is a 36,700-SF Honda dealership greater interest in low-cap rate deals since mid-March. in Corona that sold for $18.4 million in July 2020, For example, Realty Income Corporation acquired a new whereas the largest sale in 2019 consists of the Lake 18,800-SF standalone building in Riverside for $8.8 Arrowhead Village shopping center that sold for nearly million ($467/SF) at a 5% cap rate in October. The $50 million. building is leased to Tractor Supply Company. Similarly, a private investor acquired the 14,400-SF Chino Valley Cap rates still hold a wide gap relative to those in Shopping Center for $8.4 million ($580/SF) at a 5.2% Southern California's coastal markets and it's not cap rate. The property is leased to Walgreens on a triple uncommon when properties trade at a cap rate over 7%. net basis. For example, Netsreit acquired an 81,541-SF anchor space in The Centre at La Quinta for $9.6 million The market price grew by 1.3% year-over-year in April ($118/SF) at an 8.5% cap rate. The building was leased and has averaged 3% annual growth over the past five to Floor & Decor for the next 10 years on a triple net years. basis.

SALES VOLUME & MARKET SALE PRICE PER SF

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MARKET CAP RATE

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Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 539 5.9% $209 13.2%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $85,000 $1,899,873 $1,100,000 $16,589,511

Price/SF $18 $209 $215 $8,523

Cap Rate 3.7% 5.9% 5.6% 11.0%

Time Since Sale in Months 0.2 5.6 5.2 12.0

Property Attributes Low Average Median High Building SF 176 9,022 4,166 152,750

Stories 1 1 1 2

Typical Floor SF 176 8,060 3,730 126,395

Vacancy Rate At Sale 0% 13.2% 0% 100%

Year Built 1860 1978 1981 2021

Star Rating 2.4

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RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate Spreen Honda Corona 1 - - 36,683 0% 7/20/2020 $16,589,511 $452 - 1080 Pomona Rd 3700 Tyler St 2 - 1988 81,522 0% 4/26/2021 $16,401,183 $201 -

Bldg C 3 - 2009 46,097 0% 3/9/2021 $14,154,794 $307 - 5001 E Ramon Rd 26800-26926 Cherry Hills… 4 - 1965 87,004 14.9% 2/26/2021 $13,150,000 $151 6.7%

Food 4 Less 5 - 2002 59,111 0% 1/27/2021 $13,000,000 $220 - 1150 N Pepper Ave Corona Nissan 6 - 1993 25,160 0% 1/21/2021 $9,850,000 $391 - 2575 Wardlow Rd Corona Nissan 6 - 1993 25,160 0% 11/12/2020 $9,800,000 $390 - 2575 Wardlow Rd 79315 Highway 111 7 - 2007 81,541 0% 6/19/2020 $9,593,058 $118 8.5%

681 E San Jacinto Ave 8 - 1994 114,599 0% 12/30/2020 $9,500,000 $83 -

7223 Church St 9 - 1990 27,375 0% 12/30/2020 $9,329,977 $341 -

The Gardens on El Paseo 10 - 1998 91,889 0% 12/29/2020 $9,167,665 $125 - 73525-73585 El Paseo 7200 Arlington Ave 11 - 1990 94,700 100% 12/17/2020 $9,034,061 $95 -

Tractor Supply Company 12 - 2020 18,800 0% 10/9/2020 $8,779,500 $467 5.3% 17155 Van Buren Blvd Walgreens 13 - 2012 14,393 0% 4/7/2021 $8,721,000 $606 5.1% 918 E Foothill Blvd 15272 Bear Valley Rd 14 - 1983 126,395 100% 2/19/2021 $8,703,500 $69 -

311 S Mountain Ave 15 - 1977 23,000 0% 7/13/2020 $8,635,000 $375 5.7%

Chino Valley Shopping C… 16 - 2002 14,405 0% 8/26/2020 $8,360,000 $580 5.2% 12490 Central Ave 3780-3790 Tyler St 17 - 1970 37,007 0% 4/26/2021 $8,240,862 $223 -

Coachella Shopping Cen… 18 - 1973 125,835 0% 3/29/2021 $8,000,000 $64 - 49617-49939 Cesar Chav… 735 Showcase Dr 19 - 1989 36,558 0% 10/30/2020 $7,700,000 $211 -

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The Inland Empire is one of the largest logistics hubs in been growing over the past year. Many retailers have the United States due to its proximity to the ports in Los distribution facilities in the Inland Empire, as well. Angeles and Long Beach and its relatively affordable land. Housing is also affordable by Southern California While the economy may recover rapidly over the short standards and many residents commute west and south term, there are a few impediments to more pronounced to job nodes Los Angeles, Orange County, and San long-term growth, such as slower growth in the region's Diego. The metropolitan area comprises two population and limited high-wage job opportunities. counties—Riverside and San Bernardino— and the most developed areas are in one of the 52 incorporated cities. The Inland Empire's population grew by 0.6% from July 2019 to July 2020—per the state's department of finance, The coronavirus pandemic caused many businesses to and population growth has averaged about 1% similar shut down and lay off workers during 20Q2. The growth since 2010. While the growth rate is above the recovery has been intermittent, but a sharp decline in national average, the metropolitan area had population new coronavirus cases has allowed the state to ease growth rates of around 3% in the 1980s, 1990s, and restrictions in 2021. One of the industries most impacted early 2000s. The structural change in population growth by the pandemic is tourism, but tourism is a relatively from decades ago to now has contributed to less small industry outside of Palm Springs, Big Bear, and development across most property types (outside of Temecula. The unemployment rate reached 7.7% in industrial), and the economy is no longer structured March 2021, whereas pre-pandemic unemployment was around growth-related sectors (i.e., there is a smaller under 4%. proportion of construction and real estate workers and a larger proportion of health care workers). Job growth in the logistics sector has accelerated as a result of the pandemic, as consumers increased online There are limited opportunities for high-wage sector spending. Payrolls grew by more than 20% from March workers. There are no Fortune 500 companies 2020 to March 2021. Amazon is a major employer in the headquartered in the metro. Inland Empire, and third-party logistics companies have

INLAND EMPIRE EMPLOYMENT BY INDUSTRY IN THOUSANDS

CURRENT JOBS CURRENT GROWTH 10 YR HISTORICAL 5 YR FORECAST

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 95 0.7 -2.06% 1.14% 1.11% 0.52% 1.05% 0.28% Trade, Transportation and Utilities 418 1.5 6.86% 3.19% 4.30% 0.88% 1.16% 0.50% Retail Trade 176 1.1 5.37% 4.72% 1.12% 0.44% 1.00% 0.40% Financial Activities 45 0.5 -0.62% 0.68% 1.07% 1.34% 1.05% 0.59% Government 241 1.1 -3.90% -2.61% 0.65% -0.31% 1.44% 0.98% Natural Resources, Mining and Construction 111 1.3 4.79% 1.82% 6.32% 2.51% 0.60% 0.97% Education and Health Services 255 1.0 2.59% 1.44% 4.53% 1.53% 2.18% 1.68% Professional and Business Services 156 0.7 1.91% 2.71% 2.22% 1.88% 1.27% 1.39% Information 9 0.3 -4.09% -0.29% -2.99% 0.21% 4.72% 2.02% Leisure and Hospitality 147 1.0 0.14% 5.53% 1.71% 0.44% 4.11% 4.02% Other Services 42 0.7 0.25% 4.22% 0.54% 0.34% 2.59% 1.09% Total Employment 1,518 1.0 1.96% 1.71% 2.81% 0.93% 1.70% 1.31% Source: Oxford Economics LQ = Location Quotient

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JOB GROWTH (YOY)

Source: Oxford Economics UNEMPLOYMENT RATE (%)

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NET EMPLOYMENT CHANGE (YOY)

MEDIAN HOUSEHOLD INCOME

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POPULATION GROWTH (YOY %)

NET POPULATION CHANGE (YOY)

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DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 4,693,342 330,043,875 0.6% 0.2% 0.9% 0.6% 1.1% 0.5% Households 1,391,012 123,303,867 0.6% 0.1% 0.8% 0.7% 1.0% 0.4% Median Household Income $82,861 $73,373 12.0% 8.0% 4.6% 3.9% 0.6% 1.8% Labor Force 2,060,955 160,680,766 0.2% 0% 1.1% 0.5% 0.6% 0.7% Unemployment 7.6% 6.2% -2.6% -2.7% -0.6% -0.3% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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INLAND EMPIRE SUBMARKETS

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 1 Airport Area 2,031 26,542 13.4% 2 11 242 0.9% 1 3 21 0.1% 8 2 Beaumont/Hemet 1,262 11,788 5.9% 8 4 105 0.9% 4 6 43 0.4% 5 3 Chino/Chino Hills 449 7,305 3.7% 12 0 0 0% - 3 25 0.3% 6 4 Coachella Valley 2,102 26,867 13.6% 1 3 30 0.1% 10 9 72 0.3% 3 5 Corona/Eastvale 883 11,048 5.6% 9 6 86 0.8% 5 2 9 0.1% 9 6 Mojave River Valley 1,841 17,928 9.0% 5 8 62 0.3% 7 5 22 0.1% 7 7 Moreno Valley/Perris 871 12,991 6.6% 7 7 70 0.5% 6 9 112 0.9% 2 8 Redlands/Loma Linda 1,005 9,609 4.8% 10 2 6 0.1% 12 5 63 0.7% 4 9 Riverside 1,743 16,970 8.6% 6 3 56 0.3% 8 0 - - - 10 Riverside Outlying 147 935 0.5% 14 1 9 1.0% 11 0 - - - 11 San Bernardino 2,294 22,081 11.1% 3 7 42 0.2% 9 2 6 0% 11 12 San Bernardino Outlying 80 446 0.2% 15 0 0 0% - 0 - - - 13 South Riverside 1,543 21,646 10.9% 4 8 178 0.8% 2 9 154 0.7% 1 14 Twentynine Palms 387 2,594 1.3% 13 0 0 0% - 0 - - - 15 Upland/Montclair 669 9,439 4.8% 11 5 149 1.6% 3 1 9 0.1% 10

SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Airport Area $2.08 5 1.5% 10 5.4% 4 2 Beaumont/Hemet $1.62 10 2.4% 3 3.4% 11 3 Chino/Chino Hills $2.34 1 1.2% 13 6.2% 1 4 Coachella Valley $1.88 6 2.2% 5 4.6% 8 5 Corona/Eastvale $2.13 2 1.3% 12 5.0% 6 6 Mojave River Valley $1.51 11 2.0% 7 2.6% 12 7 Moreno Valley/Perris $1.87 8 1.8% 8 5.1% 5 8 Redlands/Loma Linda $1.85 9 2.0% 6 3.5% 10 9 Riverside $1.88 7 1.7% 9 4.5% 9 10 Riverside Outlying $1.33 13 0.8% 15 -0.1% 14 11 San Bernardino $1.44 12 2.3% 4 4.8% 7 12 San Bernardino Outlying $1.30 14 0.8% 14 -3.9% 15 13 South Riverside $2.11 3 1.4% 11 5.5% 3 14 Twentynine Palms $1.24 15 2.5% 2 2.0% 13 15 Upland/Montclair $2.10 4 2.7% 1 5.7% 2

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SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 Airport Area 1,426,749 5.4% 1 42,945 0.2% 8 5.6 2 Beaumont/Hemet 763,453 6.5% 6 146,739 1.2% 6 0 3 Chino/Chino Hills 727,255 10.0% 12 (204,638) -2.8% 15 - 4 Coachella Valley 2,514,372 9.4% 11 (203,430) -0.8% 14 - 5 Corona/Eastvale 696,901 6.3% 4 51,717 0.5% 7 1.6 6 Mojave River Valley 1,201,986 6.7% 8 438,459 2.4% 1 0.1 7 Moreno Valley/Perris 1,399,011 10.8% 14 162,112 1.2% 5 0.3 8 Redlands/Loma Linda 662,602 6.9% 9 (51,479) -0.5% 13 - 9 Riverside 1,100,175 6.5% 7 168,659 1.0% 4 0.3 10 Riverside Outlying 54,377 5.8% 3 32,453 3.5% 9 0.3 11 San Bernardino 2,233,760 10.1% 13 240,077 1.1% 2 0 12 San Bernardino Outlying 53,415 12.0% 15 (37,777) -8.5% 11 - 13 South Riverside 1,366,298 6.3% 5 236,042 1.1% 3 0.7 14 Twentynine Palms 150,263 5.8% 2 (45,072) -1.7% 12 - 15 Upland/Montclair 824,057 8.7% 10 (3,811) 0% 10 -

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 201,543,827 1,127,059 0.6% 1,005,923 0.5% 1.1 2024 200,416,768 1,048,720 0.5% 1,107,683 0.6% 0.9 2023 199,368,048 733,792 0.4% 1,107,333 0.6% 0.7 2022 198,634,256 298,789 0.2% 960,179 0.5% 0.3 2021 198,335,467 566,574 0.3% 997,895 0.5% 0.6 YTD 198,011,452 242,559 0.1% 1,180,881 0.6% 0.2 2020 197,768,893 1,049,329 0.5% (1,677,997) -0.8% - 2019 196,719,564 558,379 0.3% 639,607 0.3% 0.9 2018 196,161,185 1,426,688 0.7% 1,809,803 0.9% 0.8 2017 194,734,497 1,463,641 0.8% 1,336,076 0.7% 1.1 2016 193,270,856 732,821 0.4% 2,211,636 1.1% 0.3 2015 192,538,035 573,509 0.3% 579,321 0.3% 1.0 2014 191,964,526 1,209,374 0.6% 1,932,179 1.0% 0.6 2013 190,755,152 497,421 0.3% 1,517,840 0.8% 0.3 2012 190,257,731 539,829 0.3% 977,692 0.5% 0.6 2011 189,717,902 (97,765) -0.1% (440,926) -0.2% - 2010 189,815,667 326,093 0.2% 845,134 0.4% 0.4 2009 189,489,574 2,320,990 1.2% (2,140,953) -1.1% -

MALLS SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 15,311,297 96,444 0.6% 117,787 0.8% 0.8 2024 15,214,853 89,938 0.6% 155,211 1.0% 0.6 2023 15,124,915 64,374 0.4% 191,895 1.3% 0.3 2022 15,060,541 23,846 0.2% 93,725 0.6% 0.3 2021 15,036,695 (12,649) -0.1% 21,379 0.1% - YTD 15,049,344 0 0% 187,947 1.2% 0 2020 15,049,344 110,690 0.7% (1,004,990) -6.7% - 2019 14,938,654 8,425 0.1% (5,157) 0% - 2018 14,930,229 0 0% (196,965) -1.3% - 2017 14,930,229 0 0% (311,905) -2.1% - 2016 14,930,229 0 0% 204,593 1.4% 0 2015 14,930,229 60,468 0.4% 48,439 0.3% 1.2 2014 14,869,761 0 0% 26,377 0.2% 0 2013 14,869,761 0 0% 117,787 0.8% 0 2012 14,869,761 0 0% 75,910 0.5% 0 2011 14,869,761 0 0% (180,440) -1.2% - 2010 14,869,761 0 0% (55,754) -0.4% - 2009 14,869,761 40,887 0.3% (461,573) -3.1% -

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POWER CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 20,307,716 63,189 0.3% 46,440 0.2% 1.4 2024 20,244,527 58,161 0.3% 61,487 0.3% 0.9 2023 20,186,366 37,520 0.2% 75,094 0.4% 0.5 2022 20,148,846 50,509 0.3% 107,823 0.5% 0.5 2021 20,098,337 (15,856) -0.1% (109,290) -0.5% - YTD 20,114,193 0 0% 37,187 0.2% 0 2020 20,114,193 72,370 0.4% (12,517) -0.1% - 2019 20,041,823 70,339 0.4% 482,826 2.4% 0.1 2018 19,971,484 365,331 1.9% 147,306 0.7% 2.5 2017 19,606,153 64,003 0.3% 29,646 0.2% 2.2 2016 19,542,150 109,770 0.6% 93,750 0.5% 1.2 2015 19,432,380 366,054 1.9% 299,795 1.5% 1.2 2014 19,066,326 687,920 3.7% 652,434 3.4% 1.1 2013 18,378,406 189,390 1.0% 451,932 2.5% 0.4 2012 18,189,016 365,448 2.1% 454,205 2.5% 0.8 2011 17,823,568 46,000 0.3% (116,961) -0.7% - 2010 17,777,568 2,448 0% 335,711 1.9% 0 2009 17,775,120 344,079 2.0% (510,232) -2.9% -

NEIGHBORHOOD CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 79,812,897 437,844 0.6% 384,185 0.5% 1.1 2024 79,375,053 407,606 0.5% 457,408 0.6% 0.9 2023 78,967,447 288,613 0.4% 503,056 0.6% 0.6 2022 78,678,834 96,852 0.1% 421,406 0.5% 0.2 2021 78,581,982 192,145 0.2% 643,630 0.8% 0.3 YTD 78,462,842 73,005 0.1% 514,463 0.7% 0.1 2020 78,389,837 422,233 0.5% (525,143) -0.7% - 2019 77,967,604 378,624 0.5% 167,257 0.2% 2.3 2018 77,588,980 528,062 0.7% 580,941 0.7% 0.9 2017 77,060,918 744,296 1.0% 623,561 0.8% 1.2 2016 76,316,622 384,920 0.5% 1,043,943 1.4% 0.4 2015 75,931,702 344,114 0.5% 529,786 0.7% 0.6 2014 75,587,588 534,797 0.7% 826,949 1.1% 0.6 2013 75,052,791 229,360 0.3% 569,658 0.8% 0.4 2012 74,823,431 384,147 0.5% 401,461 0.5% 1.0 2011 74,439,284 91,186 0.1% 70,369 0.1% 1.3 2010 74,348,098 393,014 0.5% 413,046 0.6% 1.0 2009 73,955,084 1,553,866 2.1% (555,999) -0.8% -

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STRIP CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 15,962,925 198,201 1.3% 167,962 1.1% 1.2 2024 15,764,724 186,234 1.2% 160,002 1.0% 1.2 2023 15,578,490 139,267 0.9% 125,408 0.8% 1.1 2022 15,439,223 63,697 0.4% 83,805 0.5% 0.8 2021 15,375,526 204,336 1.3% 198,649 1.3% 1.0 YTD 15,306,625 135,435 0.9% 134,288 0.9% 1.0 2020 15,171,190 63,924 0.4% (835) 0% - 2019 15,107,266 107,420 0.7% 209,442 1.4% 0.5 2018 14,999,846 194,778 1.3% 309,031 2.1% 0.6 2017 14,805,068 99,978 0.7% 236,537 1.6% 0.4 2016 14,705,090 101,512 0.7% 231,538 1.6% 0.4 2015 14,603,578 44,214 0.3% 89,296 0.6% 0.5 2014 14,559,364 33,146 0.2% 198,012 1.4% 0.2 2013 14,526,218 114,554 0.8% 185,469 1.3% 0.6 2012 14,411,664 34,915 0.2% 144,207 1.0% 0.2 2011 14,376,749 87,574 0.6% 46,536 0.3% 1.9 2010 14,289,175 38,667 0.3% 49,335 0.3% 0.8 2009 14,250,508 203,860 1.5% (57,277) -0.4% -

GENERAL RETAIL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 67,673,500 319,693 0.5% 286,151 0.4% 1.1 2024 67,353,807 295,948 0.4% 265,028 0.4% 1.1 2023 67,057,859 196,626 0.3% 199,024 0.3% 1.0 2022 66,861,233 61,777 0.1% 255,585 0.4% 0.2 2021 66,799,456 196,719 0.3% 357,379 0.5% 0.6 YTD 66,636,856 34,119 0.1% 401,116 0.6% 0.1 2020 66,602,737 380,112 0.6% (130,250) -0.2% - 2019 66,222,625 (10,129) 0% (158,628) -0.2% - 2018 66,232,754 322,343 0.5% 772,543 1.2% 0.4 2017 65,910,411 555,364 0.8% 720,928 1.1% 0.8 2016 65,355,047 136,619 0.2% 635,917 1.0% 0.2 2015 65,218,428 (243,807) -0.4% (438,235) -0.7% - 2014 65,462,235 (223,489) -0.3% 12,517 0% - 2013 65,685,724 (35,883) -0.1% 188,588 0.3% - 2012 65,721,607 (244,681) -0.4% (16,776) 0% - 2011 65,966,288 (328,883) -0.5% (197,042) -0.3% - 2010 66,295,171 (108,036) -0.2% 137,759 0.2% - 2009 66,403,207 178,298 0.3% (522,999) -0.8% -

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OTHER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 2,475,492 11,688 0.5% 3,398 0.1% 3.4 2024 2,463,804 10,833 0.4% 8,547 0.3% 1.3 2023 2,452,971 7,392 0.3% 12,856 0.5% 0.6 2022 2,445,579 2,108 0.1% (2,165) -0.1% - 2021 2,443,471 1,879 0.1% (113,852) -4.7% - YTD 2,441,592 0 0% (94,120) -3.9% - 2020 2,441,592 0 0% (4,262) -0.2% - 2019 2,441,592 3,700 0.2% (56,133) -2.3% - 2018 2,437,892 16,174 0.7% 196,947 8.1% 0.1 2017 2,421,718 0 0% 37,309 1.5% 0 2016 2,421,718 0 0% 1,895 0.1% 0 2015 2,421,718 2,466 0.1% 50,240 2.1% 0 2014 2,419,252 177,000 7.9% 215,890 8.9% 0.8 2013 2,242,252 0 0% 4,406 0.2% 0 2012 2,242,252 0 0% (81,315) -3.6% - 2011 2,242,252 6,358 0.3% (63,388) -2.8% - 2010 2,235,894 0 0% (34,963) -1.6% - 2009 2,235,894 0 0% (32,873) -1.5% -

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OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.15 112 2.1% 11.8% 14,599,763 7.2% 0% 2024 $2.11 110 2.9% 9.6% 14,513,401 7.2% -0.1% 2023 $2.05 106 4.3% 6.4% 14,606,720 7.3% -0.2% 2022 $1.96 102 3.7% 2.1% 15,007,282 7.6% -0.3% 2021 $1.89 98 3.3% -1.6% 15,667,718 7.9% -0.2% YTD $1.86 97 1.7% -3.1% 15,150,798 7.7% -0.5% 2020 $1.83 95 1.0% -4.8% 16,089,120 8.1% 1.3% 2019 $1.81 94 2.5% -5.7% 13,378,424 6.8% -0.3% 2018 $1.77 92 3.5% -8.0% 13,842,008 7.1% -0.3% 2017 $1.71 89 3.4% -11.1% 14,230,523 7.3% 0% 2016 $1.65 86 3.0% -14.1% 14,114,855 7.3% -0.8% 2015 $1.60 83 2.8% -16.6% 15,600,659 8.1% 0% 2014 $1.56 81 2.7% -18.9% 15,618,235 8.1% -0.4% 2013 $1.52 79 0.6% -21.0% 16,341,040 8.6% -0.6% 2012 $1.51 79 -2.3% -21.4% 17,348,949 9.1% -0.3% 2011 $1.54 80 -3.6% -19.6% 17,786,812 9.4% 0.2% 2010 $1.60 83 -7.0% -16.7% 17,443,651 9.2% -0.3% 2009 $1.72 90 -10.4% -10.4% 17,972,692 9.5% 2.3%

MALLS RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.63 124 1.8% 17.0% 2,160,937 14.1% -0.2% 2024 $2.59 121 2.6% 14.9% 2,182,578 14.3% -0.5% 2023 $2.52 118 3.9% 12.0% 2,248,159 14.9% -0.9% 2022 $2.43 114 3.3% 7.8% 2,375,973 15.8% -0.5% 2021 $2.35 110 4.4% 4.4% 2,445,945 16.3% -0.2% YTD $2.32 109 2.9% 2.9% 2,291,889 15.2% -1.2% 2020 $2.25 106 2.3% 0% 2,479,836 16.5% 7.3% 2019 $2.20 103 2.7% -2.2% 1,364,156 9.1% 0.1% 2018 $2.14 101 5.1% -4.8% 1,350,574 9.0% 1.3% 2017 $2.04 96 1.4% -9.4% 1,153,609 7.7% 2.1% 2016 $2.01 94 1.9% -10.7% 841,704 5.6% -1.4% 2015 $1.97 93 2.6% -12.4% 1,046,297 7.0% 0.1% 2014 $1.92 90 3.0% -14.6% 1,034,268 7.0% -0.2% 2013 $1.87 88 0.9% -17.1% 1,060,645 7.1% -0.8% 2012 $1.85 87 -1.0% -17.9% 1,178,432 7.9% -0.5% 2011 $1.87 88 -0.8% -17.1% 1,254,342 8.4% 1.2% 2010 $1.88 88 -4.1% -16.4% 1,073,902 7.2% 0.4% 2009 $1.96 92 -7.8% -12.8% 1,018,148 6.8% 3.4%

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POWER CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.52 116 2.1% 16.4% 1,411,231 6.9% 0.1% 2024 $2.46 114 3.0% 14.0% 1,395,686 6.9% 0% 2023 $2.39 111 4.3% 10.7% 1,400,232 6.9% -0.2% 2022 $2.29 106 3.7% 6.2% 1,438,444 7.1% -0.3% 2021 $2.21 102 4.0% 2.4% 1,495,731 7.4% 0.5% YTD $2.18 101 2.3% 0.7% 1,364,614 6.8% -0.2% 2020 $2.13 98 0.4% -1.6% 1,401,801 7.0% 0.4% 2019 $2.12 98 3.0% -2.0% 1,316,914 6.6% -2.1% 2018 $2.06 95 4.4% -4.8% 1,729,401 8.7% 1.0% 2017 $1.97 91 3.4% -8.9% 1,511,376 7.7% 0.2% 2016 $1.90 88 3.2% -11.9% 1,477,019 7.6% 0% 2015 $1.84 85 2.5% -14.7% 1,460,999 7.5% 0.2% 2014 $1.80 83 3.0% -16.7% 1,394,740 7.3% -0.1% 2013 $1.75 81 1.1% -19.1% 1,359,254 7.4% -1.5% 2012 $1.73 80 -2.2% -20.0% 1,621,796 8.9% -0.7% 2011 $1.77 82 -3.0% -18.2% 1,710,553 9.6% 0.9% 2010 $1.82 84 -6.6% -15.7% 1,547,592 8.7% -1.9% 2009 $1.95 90 -9.8% -9.8% 1,880,855 10.6% 4.7%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.17 111 2.0% 10.5% 7,249,526 9.1% 0% 2024 $2.13 108 2.9% 8.4% 7,204,085 9.1% -0.1% 2023 $2.07 105 4.2% 5.3% 7,261,861 9.2% -0.3% 2022 $1.99 101 3.6% 1.1% 7,484,293 9.5% -0.4% 2021 $1.92 98 3.4% -2.4% 7,809,282 9.9% -0.6% YTD $1.89 96 1.8% -3.9% 7,816,039 10.0% -0.6% 2020 $1.86 94 1.1% -5.6% 8,257,497 10.5% 1.2% 2019 $1.84 93 2.6% -6.6% 7,310,121 9.4% 0.2% 2018 $1.79 91 3.4% -9.0% 7,128,160 9.2% -0.1% 2017 $1.73 88 3.8% -12.0% 7,181,039 9.3% 0.1% 2016 $1.67 85 3.3% -15.2% 7,060,293 9.3% -0.9% 2015 $1.61 82 3.1% -17.9% 7,719,372 10.2% -0.3% 2014 $1.57 80 2.6% -20.3% 7,905,044 10.5% -0.5% 2013 $1.53 78 0.1% -22.3% 8,197,196 10.9% -0.5% 2012 $1.52 78 -2.6% -22.4% 8,510,995 11.4% -0.1% 2011 $1.57 80 -4.0% -20.3% 8,528,309 11.5% 0% 2010 $1.63 83 -7.5% -17.0% 8,507,492 11.4% -0.1% 2009 $1.76 90 -10.3% -10.3% 8,537,524 11.5% 2.7%

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STRIP CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $1.91 109 2.1% 9.2% 1,006,477 6.3% 0.1% 2024 $1.87 107 3.0% 6.9% 979,619 6.2% 0.1% 2023 $1.82 104 4.3% 3.9% 956,802 6.1% 0% 2022 $1.74 100 3.8% -0.4% 946,216 6.1% -0.2% 2021 $1.68 96 2.7% -4.0% 967,285 6.3% 0% YTD $1.65 95 1.2% -5.5% 962,038 6.3% 0% 2020 $1.63 93 1.3% -6.6% 960,891 6.3% 0.4% 2019 $1.61 92 2.6% -7.8% 901,132 6.0% -1.0% 2018 $1.57 90 2.6% -10.1% 1,039,104 6.9% -0.9% 2017 $1.53 88 3.5% -12.4% 1,153,357 7.8% -1.0% 2016 $1.48 85 2.4% -15.4% 1,289,916 8.8% -1.0% 2015 $1.44 83 2.5% -17.4% 1,419,942 9.7% -0.4% 2014 $1.41 81 2.2% -19.4% 1,476,803 10.1% -1.2% 2013 $1.38 79 0.8% -21.1% 1,641,669 11.3% -0.6% 2012 $1.37 78 -2.5% -21.8% 1,712,584 11.9% -0.8% 2011 $1.40 80 -3.7% -19.7% 1,821,876 12.7% 0.2% 2010 $1.46 83 -6.8% -16.6% 1,780,838 12.5% -0.1% 2009 $1.56 89 -10.6% -10.6% 1,791,506 12.6% 1.7%

GENERAL RETAIL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $1.96 109 2.3% 9.4% 2,350,275 3.5% 0% 2024 $1.91 107 3.2% 7.0% 2,338,263 3.5% 0% 2023 $1.86 104 4.5% 3.7% 2,328,618 3.5% 0% 2022 $1.78 99 4.0% -0.8% 2,345,746 3.5% -0.3% 2021 $1.71 95 2.8% -4.6% 2,537,118 3.8% -0.2% YTD $1.68 94 1.2% -6.1% 2,325,513 3.5% -0.6% 2020 $1.66 93 0.7% -7.2% 2,692,510 4.0% 0.7% 2019 $1.65 92 2.2% -7.9% 2,193,778 3.3% -0.3% 2018 $1.61 90 2.9% -9.9% 2,362,279 3.6% -0.7% 2017 $1.57 88 3.5% -12.5% 2,817,879 4.3% -0.3% 2016 $1.51 85 2.9% -15.5% 2,995,351 4.6% -0.8% 2015 $1.47 82 2.7% -17.9% 3,501,582 5.4% 0.3% 2014 $1.43 80 2.7% -20.0% 3,307,139 5.1% -0.3% 2013 $1.39 78 1.0% -22.1% 3,543,145 5.4% -0.4% 2012 $1.38 77 -2.2% -22.9% 3,781,605 5.8% -0.3% 2011 $1.41 79 -3.9% -21.1% 4,009,510 6.1% -0.2% 2010 $1.47 82 -7.3% -17.9% 4,141,351 6.2% -0.4% 2009 $1.59 89 -11.4% -11.4% 4,387,146 6.6% 1.0%

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OTHER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $2.16 109 1.4% 9.0% 421,317 17.0% 0.2% 2024 $2.13 107 2.3% 7.5% 413,170 16.8% 0% 2023 $2.08 105 3.6% 5.1% 411,048 16.8% -0.3% 2022 $2.01 101 3.0% 1.4% 416,610 17.0% 0.2% 2021 $1.95 98 2.8% -1.6% 412,357 16.9% 4.7% YTD $1.93 97 1.7% -2.7% 390,705 16.0% 3.9% 2020 $1.90 96 1.0% -4.2% 296,585 12.1% 0.2% 2019 $1.88 95 2.3% -5.2% 292,323 12.0% 2.4% 2018 $1.84 93 3.0% -7.3% 232,490 9.5% -7.5% 2017 $1.78 90 3.6% -10.0% 413,263 17.1% -1.5% 2016 $1.72 87 3.5% -13.1% 450,572 18.6% -0.1% 2015 $1.66 84 3.4% -16.0% 452,467 18.7% -2.0% 2014 $1.61 81 2.2% -18.8% 500,241 20.7% -3.4% 2013 $1.57 79 1.3% -20.5% 539,131 24.0% -0.2% 2012 $1.55 78 -0.8% -21.6% 543,537 24.2% 3.6% 2011 $1.57 79 -4.4% -21.0% 462,222 20.6% 3.1% 2010 $1.64 83 -7.6% -17.3% 392,476 17.6% 1.6% 2009 $1.77 90 -10.5% -10.5% 357,513 16.0% 1.5%

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$287.74 148 6.2% 2024 ------$282.08 145 6.2% 2023 ------$273.84 141 6.2% 2022 ------$262.32 135 6.1% 2021 ------$253.12 130 6.1% YTD 204 $413.6M 1.0% $2,140,355 $219.77 6.0% $245.97 127 6.2% 2020 521 $948.1M 2.2% $1,887,437 $222.44 5.9% $241.91 125 6.3% 2019 952 $1.6B 4.4% $2,573,166 $232.10 6.1% $237.63 122 6.3% 2018 1,049 $1.4B 6.5% $2,207,296 $203.12 5.8% $231.98 119 6.3% 2017 1,126 $1.5B 5.3% $2,363,981 $202.03 6.1% $223.84 115 6.3% 2016 975 $1.2B 4.2% $1,860,141 $200.33 5.9% $215.86 111 6.4% 2015 979 $1.6B 5.4% $2,409,660 $221.83 6.0% $207.14 107 6.5% 2014 962 $1.5B 5.2% $2,226,897 $184.57 6.6% $194.26 100 6.7% 2013 843 $944.5M 4.9% $1,738,025 $150.07 6.9% $173.17 89 7.0% 2012 844 $733.4M 4.8% $1,785,344 $142.19 7.3% $171.81 88 7.0% 2011 665 $472.5M 3.5% $1,417,154 $125.92 7.5% $163.80 84 7.2% 2010 483 $643.6M 2.9% $2,051,723 $164.48 8.1% $159.82 82 7.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

MALLS SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$253.48 142 6.0% 2024 ------$249.32 140 6.0% 2023 ------$243.07 136 6.0% 2022 ------$233.86 131 5.9% 2021 ------$226.79 127 5.9% YTD 1 $4.2M 0% $4,200,000 $716.36 6.0% $220.90 124 6.0% 2020 9 $33.8M 2.4% $3,760,556 $92.53 - $217.75 122 6.1% 2019 ------$213.60 120 6.1% 2018 22 $27.5M 24.9% $3,437,500 $108.35 - $209.36 117 6.1% 2017 22 $72.4M 7.6% $18,103,125 $101.81 5.3% $200.92 113 6.2% 2016 4 $43.9M 1.4% $10,972,500 $207.51 - $195.26 109 6.2% 2015 29 $188.1M 12.1% $11,753,527 $277.34 5.7% $188.05 105 6.3% 2014 4 $177.9M 6.1% $88,974,000 $200.90 - $176.66 99 6.5% 2013 14 $36.8M 10.5% $3,341,364 $98.57 7.1% $159.41 89 6.7% 2012 16 $83.9M 6.6% $6,993,691 $232.92 - $158.89 89 6.7% 2011 6 $0 1.6% - - - $151.85 85 6.9% 2010 10 $75.8M 2.0% $7,579,953 $258.32 - $148.12 83 7.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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POWER CENTER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$297 144 6.1% 2024 ------$291.15 141 6.1% 2023 ------$282.79 137 6.1% 2022 ------$270.87 131 6.1% 2021 ------$261.40 127 6.1% YTD 1 $5.4M 0% $5,353,000 $666.96 6.1% $253.75 123 6.2% 2020 9 $33M 0.6% $2,922,625 $261.81 5.5% $250.49 122 6.2% 2019 53 $284.7M 5.5% $5,372,554 $256.54 5.2% $246.23 119 6.2% 2018 44 $158.2M 5.1% $3,594,765 $154.39 6.0% $244.46 119 6.2% 2017 15 $153.4M 2.4% $10,227,784 $325.85 4.9% $235.92 114 6.2% 2016 30 $51.1M 2.1% $4,260,667 $318.11 5.6% $228.46 111 6.2% 2015 15 $48.5M 1.3% $3,733,962 $199.71 5.5% $222.49 108 6.3% 2014 41 $153.1M 5.7% $4,503,889 $192.58 5.5% $208.64 101 6.5% 2013 19 $90.3M 3.1% $8,204,588 $218.11 7.3% $185.67 90 6.8% 2012 27 $58.3M 5.4% $4,481,041 $88.13 6.8% $185.56 90 6.8% 2011 11 $24.9M 1.3% $2,763,322 $119.72 7.3% $177.46 86 7.0% 2010 48 $86.8M 4.5% $6,199,893 $387.27 6.0% $171.66 83 7.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

NEIGHBORHOOD CENTER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$278.64 147 6.2% 2024 ------$273.36 144 6.2% 2023 ------$265.70 140 6.2% 2022 ------$254.75 135 6.2% 2021 ------$246.07 130 6.2% YTD 44 $169.2M 1.2% $3,934,609 $182.89 6.2% $239.18 126 6.3% 2020 86 $275.7M 1.7% $3,361,835 $217.76 5.8% $235.27 124 6.3% 2019 171 $628.1M 3.8% $4,126,316 $225.34 6.4% $230.50 122 6.4% 2018 196 $556.9M 4.3% $3,514,316 $191.24 5.7% $225.61 119 6.4% 2017 216 $642.3M 4.7% $3,628,538 $207.71 5.8% $217.38 115 6.4% 2016 177 $425.9M 4.5% $3,434,651 $170.55 5.8% $209.83 111 6.4% 2015 217 $601.6M 4.6% $3,163,174 $194.36 6.0% $200.80 106 6.5% 2014 212 $583.2M 4.8% $3,200,479 $182.45 6.4% $189.01 100 6.7% 2013 186 $425.2M 4.8% $2,853,458 $140.28 6.5% $168.77 89 7.1% 2012 182 $267.6M 3.7% $2,449,224 $161.90 7.2% $167.47 88 7.1% 2011 148 $182.2M 3.3% $2,143,564 $143.44 7.2% $160.23 85 7.2% 2010 141 $300.4M 3.4% $2,770,332 $147.33 7.3% $156.06 82 7.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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STRIP CENTER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$299.44 149 6.2% 2024 ------$293.66 146 6.2% 2023 ------$285.35 142 6.2% 2022 ------$273.52 136 6.2% 2021 ------$263.85 131 6.2% YTD 15 $35.3M 0.9% $2,355,594 $251.97 6.0% $256.50 128 6.2% 2020 47 $100.1M 2.9% $2,130,496 $224.59 6.4% $251.43 125 6.3% 2019 72 $93.3M 3.9% $2,221,831 $257.20 6.3% $247.22 123 6.3% 2018 85 $110M 4.5% $2,036,815 $239.37 6.1% $238.41 119 6.4% 2017 108 $123.4M 6.4% $1,814,587 $199.35 6.6% $230.81 115 6.4% 2016 87 $123.5M 4.9% $1,789,455 $205.71 6.4% $221.94 110 6.4% 2015 82 $152M 4.8% $2,082,206 $237.30 6.3% $212.60 106 6.5% 2014 86 $91.4M 5.8% $1,442,337 $139.44 7.3% $198.74 99 6.8% 2013 84 $103.2M 5.6% $1,778,706 $173.10 7.5% $177.38 88 7.1% 2012 66 $55.6M 3.3% $1,794,001 $196.70 7.1% $175.62 87 7.1% 2011 53 $47.4M 3.0% $1,897,800 $195.89 7.7% $167.17 83 7.3% 2010 35 $36.6M 2.4% $1,308,027 $125.23 9.7% $164.20 82 7.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

GENERAL RETAIL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$300.75 152 6.2% 2024 ------$294.34 148 6.2% 2023 ------$285 144 6.2% 2022 ------$272.43 137 6.2% 2021 ------$262.27 132 6.2% YTD 143 $199.6M 1.3% $1,496,342 $248.53 6.0% $254.67 128 6.3% 2020 369 $500M 3.2% $1,427,218 $243.50 6.0% $250.25 126 6.3% 2019 653 $574.3M 5.5% $1,488,258 $227.07 6.2% $246.48 124 6.3% 2018 697 $564.9M 5.9% $1,496,591 $241.04 5.8% $239.14 121 6.4% 2017 762 $488.2M 6.2% $1,335,289 $200.23 6.1% $231.16 117 6.4% 2016 674 $479.2M 4.9% $1,169,206 $218.92 5.8% $222.24 112 6.4% 2015 625 $517.9M 5.7% $1,362,819 $215.11 6.0% $212.60 107 6.5% 2014 612 $383.2M 4.7% $1,019,659 $189.97 6.7% $198.67 100 6.8% 2013 540 $289.1M 4.4% $918,510 $153.81 6.9% $176.35 89 7.1% 2012 551 $263.9M 5.8% $1,078,212 $121.95 7.6% $174.40 88 7.1% 2011 431 $199.7M 4.1% $976,194 $117.84 7.8% $165.43 83 7.3% 2010 249 $144M 2.4% $939,677 $135.34 8.3% $161.96 82 7.5% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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OTHER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$280.48 143 6.1% 2024 ------$276.52 141 6.1% 2023 ------$268.31 137 6.1% 2022 ------$258.81 132 6.1% 2021 ------$251.48 128 6.1% YTD ------$246.29 125 6.1% 2020 1 $5.5M 0.2% $5,500,000 $996.02 4.9% $241.70 123 6.2% 2019 3 $56.2M 10.7% $18,729,000 $214.29 4.3% $237.58 121 6.2% 2018 5 $6.4M 1.4% $2,121,500 $385.59 7.6% $233.87 119 6.2% 2017 3 $13.1M 2.4% $4,375,333 $228.22 6.6% $225.31 115 6.2% 2016 3 $32.6M 4.6% $10,851,833 $289.35 6.2% $217.17 111 6.2% 2015 11 $138.3M 14.8% $12,575,000 $386.84 5.5% $214.99 109 6.2% 2014 7 $90.6M 19.3% $12,942,857 $194.46 5.8% $202.02 103 6.4% 2013 ------$180.75 92 6.8% 2012 2 $4.2M 2.0% $4,150,000 $111.26 - $180.88 92 6.7% 2011 16 $18.3M 22.2% $1,825,080 $54.13 4.3% $172.85 88 6.9% 2010 ------$167.41 85 7.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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