Retail Market Report - MA

PREPARED BY

Ernest Wronka President Boston 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 28 Rent & Vacancy 32 Sale Trends 36

6/1/2021 Copyrighted report licensed to Wronka, Ltd. Commercial Real Estate Advisors - 54321 Overview Boston Retail

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 632K 150K 3.0% -3.3%

The Boston Retail Market has struggled, during the decade. Supply-side pressures will remain limited over coronavirus pandemic with net absorption negative by the near, term with under construction inventory about 200,000 SF and rents falling by about 5% over the representing less than 1% of the existing stock. last year. The local economy has struggled and the hardest hit sector has been the leisure and hospitality Investors have moved cautiously during the pandemic, industry. and investment declined in 2020 to a 7-year low. Sales volume picked up in 20Q4 compared with the previous Despite the market's struggles, vacancies remain below two quarters, however, and liquidity in 21Q1 was their historical average. Tight occupancies are largely stronger than in the mid-quarters of last year. As with due to a lack of supply, with annual deliveries rents, cap rates and market pricing have weakened consistently trailing the historical average over the last during the pandemic.

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction Malls 23,397,273 1.4% $36.34 3.2% 43,684 0 265,153 Power Center 10,424,062 3.0% $20.72 6.1% 0 0 12,000 Neighborhood Center 50,294,717 4.9% $21.66 7.3% 203,560 0 356,850 Strip Center 11,518,648 3.9% $20.65 5.5% (19,968) 0 0 General Retail 144,740,844 2.6% $23.57 3.4% 46,094 34,070 588,822 Other 998,362 1.3% $30.81 1.9% (7,187) 0 0 Market 241,373,906 3.0% $24.18 4.4% 266,183 34,070 1,222,825

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0.2% 4.0% 3.0% 5.6% 2006 Q4 2.5% 2017 Q3 Net Absorption SF 150K 1,713,707 671,702 5,299,926 2008 Q1 (422,724) 2006 Q4 Deliveries SF 632K 1,916,863 1,030,303 4,035,791 2008 Q4 605,721 2020 Q4 Rent Growth -3.3% 1.1% 0.3% 4.4% 2017 Q3 -4.8% 2021 Q1 Sales Volume $1.4B $1.1B N/A $1.7B 2017 Q2 $275.3M 2009 Q4

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The Boston Retail Market has struggled during the compared over the last year in Boston. As a result, many coronavirus pandemic, due to the area's high restaurants have gone out of business and restaurant unemployment and tight restrictions on in-person retail. leasing declined by about 15% from 2019 to 2020. Vacancies have increased since the start of last year, and negative net absorption has been recorded. Rent Grocery stores have been among the most resilient growth has also struggled, with asking rents falling by sectors of retail during the pandemic. Several of the about 5% over the last 12 months. largest leases signed across the metro since the start of 20Q2 were for grocery chains. The largest deal was BJ's Leisure and hospitality has been the hardest hit lease for 113,000 SF at a new development in employment sector. Restaurants have been adversely Rockingham that will open in 21Q4. Another notable deal affected by ' tight restrictions on dining was Aldi's lease for 20,000 SF in Natick. Aldi will move and consumers increased preference for eating at home. into the space at the Cloverleaf Mall, which was on the OpenTable reservations are also down by about 60% market for 32 months, this summer.

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 Maynard Crossing Concord/Maynard 69,374 0 0 0 0 0 69,374 217-251 Washington St Peabody/Salem 57,370 11,474 0 0 0 0 45,896 Framingham/Natick 194,722 0 0 0 0 0 45,000 Apple Tree Shopping Center Rockingham 204,646 1,650 1,490 2,765 0 0 43,979 The Shoppes at Simonds Park Burlington/Woburn 43,750 0 35,734 8,016 0 0 43,750 Building One Lawrence/Andover 43,000 2,200 40,800 0 0 0 40,800 The Shoppes at Stoughton Com… Route 24 58,000 0 0 58,000 0 0 39,516 Merchants Row Route 3 Corridor 38,700 0 38,700 0 0 0 38,700 Saugus Plaza Saugus/Lynn 67,887 0 0 0 0 0 34,065 Arsenal Yards Watertown 32,000 0 32,000 0 0 0 32,000 Plymouth Plaza Route 3 South 60,004 0 30,614 0 0 0 30,614 Sharon Marketplace I-95 Corridor South 103,698 15,081 0 15,000 0 0 30,000 179 Main St Rockingham 36,500 0 0 0 0 0 30,000 103 N Beacon St Allston/Brighton 30,000 0 0 0 0 0 28,702 Volvo Cars Plymouth Route 3 South 28,254 0 0 0 0 0 28,254 151 Andover St Peabody/Salem 25,000 0 25,000 0 0 0 25,000 Avon Corporate Center Route 24 170,000 45,918 23,412 0 0 0 22,983 Subtotal Primary Competitors 1,262,905 76,323 227,750 83,781 0 0 628,633 Remaining Boston Market 240,158,226 7,195,723 (50,962) 182,402 0 0 (478,854) Total Boston Market 241,421,131 7,272,046 176,788 266,183 0 0 149,779

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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

Seabrook Crossing West Rockingham 113,000 Q4 20 BJ's Wholesale Club - Waterstone Properties…

709 State Rd Route 3 South 35,811 Q1 21 Clement's Marketplace - -

Avon Corporate Center Route 24 23,412 Q4 20 Lowes - F.X. Messina Enterprises

Fellsway @ 630 Medford/Malden 22,478 Q4 20 Lowe's - Atlantic Retail

98 Accord Park Dr Route 3 Corridor 22,000 Q2 21 - - CBRE

98 Accord Park Dr Route 3 Corridor 22,000 Q4 20 - - Charles River Realty G…

Fellsway Plaza Medford/Malden 20,300 Q2 21 Biolife Plasma - Charter Realty & Devel…

157 W Central St * Framingham/Natick 18,285 Q2 21 Chambers Motors - Newmark Knight Frank

Walgreens Rockingham 16,658 Q2 20 Walgreens - -

Stone Bldg Back Bay 15,803 Q1 21 Capital One RetailUnion Brokers UrbanMeritage, LLC

Walgreens Route 24 15,220 Q2 20 Walgreens - -

The Ridge Marketplace Strafford County 15,000 Q4 20 - - SRS Real Estate Partn…

Sharon Marketplace I-95 Corridor South 15,000 Q3 20 Liqour World - Capital Group Propertie…

456 Chelmsford St Lowell/Chelmsford 15,000 Q1 21 - - Frontier Development

Sudbury Crossing Concord/Maynard 14,630 Q1 21 Goddard School - Phillips Edison & Comp…

1070 Washington St Route 3 Corridor 13,000 Q3 20 - - Atlantic Properties

38 Merrimac St Amesbury/Ipswich 12,827 Q2 20 Tuscan Sea Grill & Bar - -

Dundee Park Lawrence/Andover 12,000 Q2 21 Elev802 Boston - Ozzy Properties, Inc.

286 N Broadway Rockingham 12,000 Q3 20 Enterprise Rent-A-Car Co… - Shea Commercial Prop…

Museum Place Mall Peabody/Salem 11,925 Q3 20 - - Marley Properties

Brockton Plaza Route 24 11,900 Q3 20 Brockton Furniture - Brockton Plaza Realty…

406 VFW Dr Route 3 Corridor 11,000 Q1 21 Article 15 - Olde Towne Developm…

Crescent Plaza Route 24 10,996 Q4 20 Jerssalem Furniture& Mat… - Atlantic Retail

393 W Center St Route 3 South 10,900 Q4 20 PBS - Landmark Real Estate

1 Lafayette Rd Rockingham 10,688 Q3 20 House of Billiards - Colliers International

Village Mall Lawrence/Andover 10,430 Q4 20 - - Summit Realty Partners

Sharon Marketplace I-95 Corridor South 10,000 Q4 20 Dollar Tree - Capital Group Propertie…

Bellingham Marketplace I-95 Corridor South 10,000 Q3 20 Christalight Auditorium An… - HomeSmart Profession…

Bellingham Marketplace I-95 Corridor South 10,000 Q2 20 Kali Rose - Colonial Properties LLC

The Street - Chestnut Hill, MA Newton/Brookline 9,246 Q4 20 Limani District Real Estate… W/S Development

1583 Boston Providence Tpke Route 1 South 9,008 Q2 21 - - Khyber Investments LLC

Riverwalk Lawrence/Andover 9,000 Q2 21 - - Lupoli Companies

297 Highland Ave Peabody/Salem 9,000 Q2 20 Atlantic Medical Partners - Denenberg Realty Advi…

14-32 Concord St Framingham/Natick 9,000 Q1 21 - - MetroWest Commercial…

Salem Park Plaza Rockingham 8,980 Q1 21 Jos. A. Bank - Linear Retail Properties

City Place Midtown 8,950 Q1 21 CVS - Boston Urban Partners

Quincy Granite Place Quincy/Braintree 8,450 Q3 20 AutoPart International Wyman Street Advis… Atlantic Retail

Raymond Shopping Center Rockingham 8,024 Q4 20 Pawtuckaway Trading Post - Verani Commercial

25 Lafayette Rd Rockingham 8,000 Q2 21 - - Nautilus Realty Group

Durgin Square Rockingham 7,781 Q4 20 Pure Hockey - Atlantic Retail;Newmar… *Renewal

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After peaking in 20Q1 at more than $25/SF, rents was due to Boston's job growth, which slightly bested the dropped over the last 12 months, as the market national average, but another reason was Boston's lower struggled to retain its tenant base during the coronavirus concentration of retail. Metros in the Midwest often have pandemic. Three consecutive quarters of negative the most retail SF per capital because of a lack of demand were recorded to finish 2020, and absorption did economic growth. For example, Cleveland has the not keep pace with new supply in 21Q1 and vacancies highest SF per capita at 70 SF per person. Dense increased. Losses have been especially pronounced in metros such as Boston, where land costs are more malls, with rents falling by about 10%. expensive and there are fewer large parcels to build on, have far lower per capita rates. Boston has 49 retail SF In the 10-year period prior to the pandemic, annual rent per person, or 30% less than Cleveland. Hopefully, for growth in Boston averaged about 2%, and mildly landlords, this will mean that retail will hold up better in outperformed the national average of 1.6%. Part of this is Boston.

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FEET

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Boston faces limited supply-side pressure, with about and numerous bars and restaurants. Included in the 1.2 million SF under construction, which represents expansion is 200,000 SF of lab/office space, 425 about 0.5% of the existing inventory. Demand has apartments, and a 150-key hotel. The final phase of this struggled during the coronavirus pandemic and project will complete in 2021. vacancies have expanded, so this relative lack of supply will insulate the market from more significant vacancy Following the millennials to the urban core have been increases. Most of the space in the pipeline is also retail developers, many of whom have transformed once located in build-to-suit projects, and less than 25% of desolate areas into prime retail destinations. Boston the underway inventory is available for lease. Properties and Delaware North recently opened their retail phase of the Hub on Causeway, a 1.5-million-SF Incorporating multifamily development into center mixed-use development on the former site of the Boston construction has been popular, particularly within Route Garden. The first phase included multistory 128. This has often taken the form of bold expansions for retail/restaurants, a 60,000-SF Star Market, and a existing centers without a significant number of 60,000-SF ArcLight Cinema, along with other uses and multifamily units already in place. Boylston Properties infrastructure improvements. A total of nearly 2,000 and The Wilder Companies' $400 million expansion of apartments have recently delivered or underway near the former Arsenal Mall in Watertown is perhaps the North Station, fundamentally changing the area. The most ambitious of these projects. Located on the site of coronavirus pandemic has reversed trends of the Civil War-era Watertown Arsenal, this '80s-vintage urbanization, however, with renters leaving Boston for mall is receiving new life as a dynamic mixed-use outer-ring suburbs. Whether this is a short- or long-term development. The developers have almost completed trend may dictate the success of these mixed-use work, adding an additional 250,000 SF of retail anchored projects. by a new Roche Bros grocery store, Majestic Cinema,

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 Burlington/Woburn 7 182 182 100% 1 16,884 26,021 7 2 I-95 Corridor South 8 175 16 8.9% 10 14,073 21,838 9 3 Rockingham 6 171 149 87.2% 9 12,820 28,450 6 4 Seaport 1 125 125 100% 1 23,571 125,000 1 5 Route 24 1 122 120 98.0% 7 13,057 122,000 2 6 Peabody/Salem 2 117 117 100% 1 12,305 58,300 3 7 Watertown 3 94 94 100% 1 13,318 31,167 5 8 Somerville/Everett 3 63 62 99.4% 6 11,380 20,884 10 9 Route 3 South 2 47 47 100% 1 12,325 23,561 8 10 Route 1 South 1 39 37 93.6% 8 15,636 39,000 4 All Other 8 89 49 54.6% 10,598 11,175 Totals 42 1,223 996 81.4% 11,470 29,115

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Properties Square Feet Percent of Inventory Preleased 42 1,222,825 0.5% 81.4%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Echelon Seaport Retail Cottonwood Management LLC 1 125,000 1 Mar 2017 Jul 2021 133-152 Seaport Blvd CW Capital Management LLC 19 Highland Ave - 2 122,000 1 Sep 2020 Dec 2021 Chase Corporation Life Time Simon Property Group, Inc. 3 114,000 3 Oct 2019 Jul 2021 210 Andover St Canada Pension Plan Investments BJ's Waterstone Properties Group Inc. 4 113,000 2 Aug 2020 Dec 2021 603 Lafayette Rd Waterstone Properties Group Inc. Woburn Village EDENS 5 95,310 1 Jul 2019 Jul 2021 300 Mishawum Rd AvalonBay Communities, Inc. 715 S Main St - 6 80,000 1 Mar 2020 Jul 2021 George Jreige Cinema EDENS 7 50,000 1 Jul 2019 Jul 2021 296 Mishawum Rd AvalonBay Communities, Inc.

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UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Building F The Wilder Companies 8 45,000 7 Jul 2017 Jul 2021 615 Arsenal St The Wilder Companies Shops at Cordage JANCO Development 9 40,000 1 May 2021 Dec 2021 381 Court St JANCO Development 288 Washington St - 10 39,000 3 Jan 2021 Dec 2021 - 715 S Main St - 11 35,200 2 Mar 2020 Jul 2021 George Jreige Block 8 - Retail Portion Federal Realty Investment Trust 12 30,322 - Mar 2019 Jul 2021 Assembly Row Federal Realty Investment Trust Building C The Wilder Companies 13 27,500 - Oct 2018 Jul 2021 615 Arsenal St The Wilder Companies Block 5B - Retail Portion Federal Realty Investment Trust 14 27,331 1 Feb 2019 Jul 2021 455 Grand Union Blvd Federal Realty Investment Trust 715 S Main St - 15 25,000 1 Mar 2020 Jul 2021 George Jreige 240 Newbury St - 16 23,000 1 Jan 2017 Jan 2022 - Building D The Wilder Companies 17 21,000 1 Oct 2018 Jul 2021 615 Arsenal St The Wilder Companies 888 Eastern Ave - 18 20,000 1 Jan 2021 Aug 2021 United Properties, Inc. Pad Site - 19 19,700 1 Mar 2020 Aug 2021 99 Rockingham Park Blvd Tuscan Brands Development The Speedway Graffito SP 20 17,000 1 Oct 2019 Jul 2021 525 Western Ave Harvard Real Estate 715 S Main St - 21 14,000 1 Mar 2020 Jul 2021 George Jreige 296 Mishawum Rd EDENS 22 13,200 1 Jul 2019 Jul 2022 AvalonBay Communities, Inc. 45 Gosling Rd - 23 12,000 1 Dec 2019 Jul 2021 - 4 New Hampshire 85 - 24 10,000 1 Dec 2020 Jul 2021 - 65 Range Rd Deepak Sharma 25 10,000 2 May 2019 Jul 2021 Deepak Sharma Shops - 26 9,500 1 Mar 2020 Jul 2021 715 S Main St - 296 Mishawum Rd EDENS 27 9,500 1 Jul 2019 Jul 2021 AvalonBay Communities, Inc. 342-346 Boston Rd NSD Real Estate LLC 28 8,600 1 Oct 2018 Apr 2022 NSD Real Estate

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Sales volume declined to a 7-year low in 2020, as the Commonwealth Ave. in Brookline in April. The company coronavirus pandemic weakened the market's paid $19 million, or $423/SF, for the 100%-leased fundamentals and left many investors taking a cautious property, which is directly across the street from Boston approach. Investment picked up in 20Q4, perhaps University. The Grossman Companies leveraged a 1031 indicating a return of liquidity. Sales volume in 21Q1 also exchange in the transaction, using $10.5 million in outperformed the mid-quarters of last year, but declined proceeds from the sale of an industrial property in East from 20Q4. Boston.

The transaction count in 2020 was not far from 2019's Ownership in the Boston retail market is concentrated in total, but fewer large deals closed. One of the largest the hands of REITs and other long-term holders. Simon trades since the pandemic started was not even an Property Group has by far the largest stake in Boston indicator of retail growth. The healthcare REIT Alexandria and owns more than 11 million SF of space, or almost purchased the Mount Auburn Club in Watertown, for half of the market's mall inventory. This includes highly $32.6 million, or $443/SF in July. Alexandria plans to successful malls like , The Burlington Mall, scrape the site and build lab space, which will and the Natick Mall, properties the giant REIT could hold complement its existing holdings in its new Arsenal on to for generations. Surprisingly, local group W/S campus. Development has the second-largest share, including its Seaport Square Development, but a large concentration In another one of the largest trades, The Grossman of that is in neighborhood and grocery-anchored centers Companies purchased the 45,0000-SF 874-880 in the suburbs.

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 714 6.8% $272 4.0%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $500 $2,581,875 $1,000,000 $130,000,000

Price/SF $0.04 $272 $209 $3,998

Cap Rate 1.7% 6.8% 6.6% 12.0%

Time Since Sale in Months 0.0 6.0 6.0 12.0

Property Attributes Low Average Median High Building SF 105 8,595 4,377 260,867

Stories 1 2 1 6

Typical Floor SF 1 7,144 3,000 260,867

Vacancy Rate At Sale 0% 4.0% 0% 100%

Year Built 1800 1946 1950 2020

Star Rating 2.3

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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 Watertown Mall 1 - 1975 260,867 0% 4/21/2021 $130,000,000 $498 - 550 Arsenal St Showcase Cinemas 2 - - 90,336 0% 5/27/2021 $49,800,000 $551 - 565 Squire Rd College House 3 - 1882 50,000 0% 12/22/2020 $45,000,000 $900 - 1430 Massachusetts Ave Stop & Shop 4 - 1994 69,807 0% 1/11/2021 $35,500,000 $509 - 700 Pleasant St BJ's Wholesale Club 5 - 2008 120,224 0% 2/26/2021 $26,938,824 $224 - 5 Ward St Super Stop & Shop 6 - 1994 84,198 6.5% 11/24/2020 $23,500,000 $279 - 235 Old Connecticut Path Stop & Shop 7 - 1995 58,679 0% 3/18/2021 $21,354,282 $364 - 905 Massachusetts Ave 19 Howley St 8 - 1867 56,172 0% 3/18/2021 $21,304,105 $379 -

BJ's Wholesale Club 9 - 1995 118,770 0% 12/28/2020 $20,000,000 $168 - 85 Cedar St Whole Foods Market 10 - 1967 35,907 0% 10/5/2020 $19,250,000 $536 - 331 Paradise Rd Acton Toyota of Littleton 11 - 2008 51,186 0% 10/21/2020 $19,000,000 $371 - 221 Great Rd Stop & Shop 12 - 1994 44,193 0% 3/18/2021 $18,649,187 $422 - 36 Bedford St Stop & Shop 13 - 2003 65,425 0% 10/16/2020 $16,221,898 $248 - 932 N Montello St Vita JP 14 - 2019 25,349 0% 3/9/2021 $15,886,711 $627 - 3531 Washington St 131 Commerce Way 15 - - 10,615 0% 2/17/2021 $15,593,150 $1,469 -

45-53 Washington St 16 - 1999 72,312 0% 4/30/2021 $13,500,000 $187 -

McGovern Ford of Frami… 17 - 1973 39,290 0% 10/30/2020 $12,500,000 $318 - 1200 Worcester Rd 166 Walnut St 18 - 2006 21,320 0% 2/3/2021 $12,250,000 $575 6.3%

289-297 Harvard St 19 - 1920 6,914 0% 12/7/2020 $12,000,000 $1,736 -

226 Harvard Ave 20 - 2008 33,000 0% 3/16/2021 $11,900,000 $361 -

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The economic impact of the coronavirus pandemic has like Cincinnati and Cleveland. been severe in Boston and throughout Massachusetts. The leisure and hospitality sectors remain the most Overall nonfarm employment is still down roughly 9% impacted as tourism and business travel is far below pre- year-over-year in the Boston metro and the pandemic levels. The sector initially lost 63% (168,000 unemployment rate remains above the national average. jobs) of its total employment in the first two months and The statewide unemployment rate continues to see has since regained about half of those jobs but is still improvements, dropping nearly 1000 basis points to down about 40% year-over-year. On a nominal basis, 7.4% since its peak in June. Massachusetts no longer the education and health services and the trade, has the highest unemployment rate in the country and transportation, and utility sectors have seen the next now ranks ahead of several states like Hawaii (9.3%), highest losses, with overall employment down 43,000 Nevada (9.2%), New York (8.2%), and California (9%). and 12,000 respectively from its February totals. At the beginning of the pandemic, the Boston metro lost On a positive note, losses in office-using sectors have just over 460,000 jobs in March and April but has since fared well with total employment down just over 1%. recouped roughly 55% of those jobs in the past eight Boston has one of the highest work-from-home months. So, while Boston was one of the hardest-hit percentages in the country, with just shy of 40% of its markets at the beginning of the pandemic, with total employment able to telecommute. This has allowed employment losses amounting to nearly 17%, the metro many businesses to effectively transition to work-from- has also been one of the strongest to recover. Total home, and thus reducing the number of layoffs in these employment growth between April and December was sectors. more than 10%, only trailing the growth of a few metros

BOSTON 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 166 0.7 1.21% 2.48% -0.57% 0.53% -0.57% 0.25% Trade, Transportation and Utilities 399 0.8 7.98% 4.68% 0.05% 0.88% 0.70% 0.49% Retail Trade 244 0.9 10.75% 6.48% 0.04% 0.43% 0.69% 0.40% Financial Activities 192 1.2 0.69% 1.09% 0.49% 1.34% 0.42% 0.59% Government 288 0.7 -2.74% -1.82% -0.34% -0.31% 0.93% 0.98% Natural Resources, Mining and Construction 122 0.8 16.29% 3.30% 4.23% 2.50% 1.52% 0.95% Education and Health Services 560 1.3 2.87% 3.06% 1.18% 1.55% 2.01% 1.63% Professional and Business Services 523 1.4 2.18% 4.26% 2.37% 1.87% 1.24% 1.37% Information 81 1.6 -0.47% 1.75% 1.06% 0.27% 1.87% 1.90% Leisure and Hospitality 214 0.8 19.04% 13.59% -0.56% 0.51% 5.96% 3.87% Other Services 95 0.9 12.68% 7.30% 0.40% 0.35% 2.37% 1.06% Total Employment 2,641 1.0 4.48% 3.67% 0.80% 0.94% 1.61% 1.28% 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 4,885,674 330,057,813 0.1% 0.2% 0.6% 0.6% 0.4% 0.5% Households 1,858,732 123,306,430 0% 0.1% 0.6% 0.7% 0.3% 0.4% Median Household Income $104,432 $73,457 6.3% 7.7% 4.3% 3.9% 2.3% 1.8% Labor Force 2,738,163 160,779,078 4.9% 0.5% 1.1% 0.5% 0.7% 0.7% Unemployment 7.2% 6.2% -4.2% -4.0% 0.1% -0.3% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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BOSTON 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 Allston/Brighton 250 2,464 1.0% 30 0 0 0% - 2 25 1.0% 11 2 Amesbury/Ipswich 778 5,725 2.4% 18 0 0 0% - 0 - - - 3 Back Bay 228 2,994 1.2% 28 0 0 0% - 0 - - - 4 Burlington/Woburn 415 7,007 2.9% 14 4 66 0.9% 3 7 182 2.6% 1 5 Charlestown/East Boston 205 1,287 0.5% 42 1 24 1.9% 10 0 - - - 6 Chelsea/Revere 380 3,668 1.5% 23 0 0 0% - 0 - - - 7 Concord/Maynard 507 5,725 2.4% 17 6 111 1.9% 1 0 - - - 8 Danvers/Beverly 406 6,385 2.6% 15 0 0 0% - 1 23 0.4% 12 9 E Cambridge/Kendall Sq 98 1,732 0.7% 35 1 20 1.2% 11 0 - - - 10 Essex/Gloucester 315 2,367 1.0% 31 2 14 0.6% 12 0 - - - 11 Financial District 67 1,440 0.6% 39 0 0 0% - 0 - - - 12 Framingham/Natick 524 9,593 4.0% 7 0 0 0% - 0 - - - 13 Groton/Townsend 341 3,052 1.3% 26 0 0 0% - 1 4 0.1% 16 14 Hopkinton/Holliston 112 1,169 0.5% 44 1 3 0.3% 20 0 - - - 15 I-95 Corridor South 693 9,752 4.0% 5 3 10 0.1% 15 8 175 1.8% 2 16 Lawrence/Andover 1,202 11,498 4.8% 3 5 87 0.8% 2 1 6 0.1% 15 17 Lexington/Arlington 346 2,530 1.0% 29 0 0 0% - 0 - - - 18 Longwood/Fenway 135 1,654 0.7% 36 0 0 0% - 0 - - - 19 Lowell/Chelmsford 843 9,662 4.0% 6 2 11 0.1% 14 2 12 0.1% 14 20 Lynnfield/Wakefield 146 1,567 0.6% 37 0 0 0% - 0 - - - 21 Marlborough 208 4,015 1.7% 22 1 10 0.3% 16 0 - - - 22 Medford/Malden 355 4,299 1.8% 21 0 0 0% - 1 20 0.5% 13 23 Mid-Cambridge/Harvard Sq 269 2,317 1.0% 32 0 0 0% - 0 - - - 24 Midtown 115 988 0.4% 45 0 0 0% - 0 - - - 25 Newton/Brookline 482 5,526 2.3% 20 0 0 0% - 0 - - - 26 North End/Waterfront 210 1,249 0.5% 43 0 0 0% - 0 - - - 27 North Station/Beacon Hill 87 703 0.3% 46 0 0 0% - 0 - - - 28 Peabody/Salem 587 7,223 3.0% 13 2 61 0.8% 4 2 117 1.6% 6 29 Quincy/Braintree 736 8,577 3.6% 9 1 6 0.1% 18 0 - - - 30 Rockingham 2,122 27,205 11.3% 1 4 39 0.1% 6 6 171 0.6% 3 31 Route 1 South 478 7,474 3.1% 11 2 26 0.3% 9 1 39 0.5% 10 32 Route 24 796 10,393 4.3% 4 1 2 0% 21 1 122 1.2% 5 33 Route 3 Corridor 874 9,355 3.9% 8 1 30 0.3% 8 0 - - - 34 Route 3 South 1,226 15,110 6.3% 2 3 53 0.3% 5 2 47 0.3% 9 35 Roxbury/Dorchester 729 5,748 2.4% 16 1 6 0.1% 17 0 - - - 36 Saugus/Lynn 681 8,241 3.4% 10 1 13 0.2% 13 0 - - - 37 Seaport 24 566 0.2% 47 0 0 0% - 1 125 22.1% 4 38 Somerville/Everett 500 5,690 2.4% 19 0 0 0% - 3 63 1.1% 8 39 South Boston 266 1,372 0.6% 40 0 0 0% - 0 - - - 40 South End 183 1,520 0.6% 38 0 0 0% - 0 - - - 41 South Suffolk County 372 3,651 1.5% 24 0 0 0% - 0 - - - 42 Strafford County 761 7,413 3.1% 12 1 6 0.1% 19 0 - - -

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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 43 W Cambridge/Alewife 136 1,357 0.6% 41 1 2 0.2% 22 0 - - - 44 Waltham 310 3,122 1.3% 25 0 0 0% - 0 - - - 45 Watertown 160 2,131 0.9% 33 1 32 1.5% 7 3 94 4.4% 7 46 Wellesley/Needham 182 1,879 0.8% 34 0 0 0% - 0 - - - 47 Wilmington/Reading 207 3,018 1.3% 27 0 0 0% - 0 - - -

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SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Allston/Brighton $32.81 14 -3.6% 28 8.0% 10 2 Amesbury/Ipswich $17.09 44 -1.2% 2 1.4% 43 3 Back Bay $83.97 1 -5.7% 45 8.4% 7 4 Burlington/Woburn $25.59 23 -3.4% 21 5.9% 18 5 Charlestown/East Boston $30.35 17 -3.5% 24 1.2% 44 6 Chelsea/Revere $20.05 36 -2.7% 13 2.1% 37 7 Concord/Maynard $21.48 34 -3.0% 17 2.2% 36 8 Danvers/Beverly $22.08 32 -2.8% 15 2.6% 34 9 E Cambridge/Kendall Sq $22.49 30 -5.4% 44 8.8% 5 10 Essex/Gloucester $16.96 45 -1.6% 4 0.8% 46 11 Financial District $50.31 2 -6.3% 47 9.7% 1 12 Framingham/Natick $28.79 19 -3.7% 29 6.0% 17 13 Groton/Townsend $19.69 38 -2.4% 12 3.4% 26 14 Hopkinton/Holliston $18 43 -1.0% 1 2.1% 38 15 I-95 Corridor South $20.32 35 -2.1% 7 3.1% 28 16 Lawrence/Andover $19.37 39 -2.3% 9 2.9% 31 17 Lexington/Arlington $32.99 13 -3.6% 25 7.2% 12 18 Longwood/Fenway $41.12 8 -4.9% 42 8.3% 8 19 Lowell/Chelmsford $19.31 40 -2.4% 10 3.0% 29 20 Lynnfield/Wakefield $23.11 27 -3.6% 27 3.2% 27 21 Marlborough $22.47 31 -4.1% 32 4.9% 22 22 Medford/Malden $20.04 37 -4.2% 34 5.3% 21 23 Mid-Cambridge/Harvard Sq $46.68 4 -3.6% 26 9.0% 4 24 Midtown $45.38 5 -5.3% 43 7.5% 11 25 Newton/Brookline $40.01 9 -4.0% 31 8.7% 6 26 North End/Waterfront $48.72 3 -4.1% 33 5.3% 20 27 North Station/Beacon Hill $44.82 6 -4.8% 41 6.6% 15 28 Peabody/Salem $25.83 22 -3.3% 20 2.8% 32 29 Quincy/Braintree $29.80 18 -4.3% 35 4.3% 23 30 Rockingham $18.72 42 -2.2% 8 2.5% 35 31 Route 1 South $23.69 25 -3.4% 23 3.9% 24 32 Route 24 $18.87 41 -2.1% 6 2.0% 39 33 Route 3 Corridor $22.01 33 -2.4% 11 2.9% 30 34 Route 3 South $16.82 46 -1.7% 5 2.7% 33 35 Roxbury/Dorchester $24.27 24 -3.9% 30 1.0% 45 36 Saugus/Lynn $22.75 29 -3.1% 19 1.9% 40 37 Seaport $37.29 11 -5.8% 46 9.1% 3 38 Somerville/Everett $26.67 20 -4.4% 37 6.8% 14 39 South Boston $32.79 15 -3.4% 22 0.4% 47 40 South End $37.35 10 -4.7% 40 7.1% 13 41 South Suffolk County $22.84 28 -2.7% 14 1.7% 41 42 Strafford County $12.64 47 -1.4% 3 1.7% 42

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SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 43 W Cambridge/Alewife $42.11 7 -4.6% 38 9.7% 2 44 Waltham $25.87 21 -2.9% 16 5.9% 19 45 Watertown $30.44 16 -4.7% 39 8.2% 9 46 Wellesley/Needham $36.36 12 -4.4% 36 6.6% 16 47 Wilmington/Reading $23.56 26 -3.0% 18 3.4% 25

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SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 Allston/Brighton 28,376 1.2% 5 23,212 0.9% 9 - 2 Amesbury/Ipswich 117,344 2.0% 15 20,371 0.4% 12 - 3 Back Bay 117,163 3.9% 36 (40,721) -1.4% 40 - 4 Burlington/Woburn 194,252 2.8% 24 21,112 0.3% 11 3.1 5 Charlestown/East Boston 30,865 2.4% 18 (1,532) -0.1% 25 - 6 Chelsea/Revere 33,768 0.9% 3 (15,770) -0.4% 35 - 7 Concord/Maynard 261,202 4.6% 39 42,061 0.7% 8 2.6 8 Danvers/Beverly 123,897 1.9% 14 19,570 0.3% 14 - 9 E Cambridge/Kendall Sq 10,942 0.6% 1 19,890 1.1% 13 1.0 10 Essex/Gloucester 40,519 1.7% 12 16,461 0.7% 15 0.9 11 Financial District 134,058 9.3% 45 (49,840) -3.5% 41 - 12 Framingham/Natick 345,890 3.6% 31 43,151 0.4% 7 - 13 Groton/Townsend 118,517 3.9% 35 (4,512) -0.1% 28 - 14 Hopkinton/Holliston 15,962 1.4% 7 8,562 0.7% 17 0.4 15 I-95 Corridor South 292,983 3.0% 27 153,488 1.6% 1 0.1 16 Lawrence/Andover 393,600 3.4% 30 (85,440) -0.7% 45 - 17 Lexington/Arlington 42,316 1.7% 11 243 0% 21 - 18 Longwood/Fenway 26,162 1.6% 10 (12,254) -0.7% 32 - 19 Lowell/Chelmsford 365,516 3.8% 34 (69,819) -0.7% 44 - 20 Lynnfield/Wakefield 11,844 0.8% 2 4,009 0.3% 18 - 21 Marlborough 160,011 4.0% 37 (30,123) -0.8% 37 - 22 Medford/Malden 98,521 2.3% 16 (90,596) -2.1% 47 - 23 Mid-Cambridge/Harvard Sq 124,314 5.4% 42 (15,629) -0.7% 34 - 24 Midtown - - - 0 0% - - 25 Newton/Brookline 163,058 3.0% 25 (38,988) -0.7% 39 - 26 North End/Waterfront 18,895 1.5% 9 (11,574) -0.9% 31 - 27 North Station/Beacon Hill 10,458 1.5% 8 (1,108) -0.2% 24 - 28 Peabody/Salem 139,464 1.9% 13 93,505 1.3% 5 0.7 29 Quincy/Braintree 216,555 2.5% 23 931 0% 20 4.9 30 Rockingham 676,687 2.5% 22 101,677 0.4% 4 0.4 31 Route 1 South 297,991 4.0% 38 (64,826) -0.9% 43 - 32 Route 24 332,639 3.2% 28 124,413 1.2% 3 - 33 Route 3 Corridor 229,059 2.4% 20 22,826 0.2% 10 1.2 34 Route 3 South 447,538 3.0% 26 136,772 0.9% 2 0.4 35 Roxbury/Dorchester 138,682 2.4% 19 (34,308) -0.6% 38 - 36 Saugus/Lynn 281,479 3.4% 29 (861) 0% 23 - 37 Seaport - - - 3,317 0.6% 19 - 38 Somerville/Everett 214,913 3.8% 33 (25,099) -0.4% 36 - 39 South Boston 51,798 3.8% 32 (1,877) -0.1% 26 - 40 South End 15,310 1.0% 4 (12,697) -0.8% 33 - 41 South Suffolk County 90,427 2.5% 21 (10,639) -0.3% 30 - 42 Strafford County 428,022 5.8% 44 (90,569) -1.2% 46 -

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SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 43 W Cambridge/Alewife 65,169 4.8% 40 (10,596) -0.8% 29 - 44 Waltham 74,284 2.4% 17 (4,441) -0.1% 27 - 45 Watertown 26,485 1.2% 6 62,697 2.9% 6 0.5 46 Wellesley/Needham 94,719 5.0% 41 (56,199) -3.0% 42 - 47 Wilmington/Reading 170,392 5.6% 43 11,529 0.4% 16 -

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 244,360,436 1,175,322 0.5% 1,063,921 0.4% 1.1 2024 243,185,114 919,524 0.4% 921,058 0.4% 1.0 2023 242,265,590 318,047 0.1% 766,352 0.3% 0.4 2022 241,947,543 (74,525) 0% 610,424 0.3% - 2021 242,022,068 862,208 0.4% 271,045 0.1% 3.2 YTD 241,373,906 214,046 0.1% 442,971 0.2% 0.5 2020 241,159,860 542,631 0.2% (330,809) -0.1% - 2019 240,617,229 632,448 0.3% 631,719 0.3% 1.0 2018 239,984,781 556,355 0.2% 13,701 0% 40.6 2017 239,428,426 1,734,402 0.7% 2,187,283 0.9% 0.8 2016 237,694,024 744,129 0.3% 1,992,958 0.8% 0.4 2015 236,949,895 1,678,911 0.7% 2,309,281 1.0% 0.7 2014 235,270,984 1,862,546 0.8% 2,603,730 1.1% 0.7 2013 233,408,438 840,827 0.4% 1,381,354 0.6% 0.6 2012 232,567,611 782,346 0.3% 1,474,180 0.6% 0.5 2011 231,785,265 566,349 0.2% 1,301,772 0.6% 0.4 2010 231,218,916 842,491 0.4% 2,094,233 0.9% 0.4 2009 230,376,425 2,946,136 1.3% 1,049,769 0.5% 2.8

MALLS SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 24,199,326 268,982 1.1% 240,385 1.0% 1.1 2024 23,930,344 223,510 0.9% 176,387 0.7% 1.3 2023 23,706,834 104,804 0.4% 122,322 0.5% 0.9 2022 23,602,030 (39,082) -0.2% 143,619 0.6% - 2021 23,641,112 275,839 1.2% 28,058 0.1% 9.8 YTD 23,397,273 32,000 0.1% 68,885 0.3% 0.5 2020 23,365,273 84,970 0.4% 98,741 0.4% 0.9 2019 23,280,303 280,493 1.2% 349,323 1.5% 0.8 2018 22,999,810 256,606 1.1% 59,462 0.3% 4.3 2017 22,743,204 1,025,709 4.7% 1,093,953 4.8% 0.9 2016 21,717,495 202,165 0.9% 100,220 0.5% 2.0 2015 21,515,330 596,969 2.9% 721,809 3.4% 0.8 2014 20,918,361 892,276 4.5% 889,301 4.3% 1.0 2013 20,026,085 320,624 1.6% 366,595 1.8% 0.9 2012 19,705,461 103,199 0.5% 108,233 0.5% 1.0 2011 19,602,262 0 0% (81,950) -0.4% - 2010 19,602,262 0 0% 75,854 0.4% 0 2009 19,602,262 640,009 3.4% 560,166 2.9% 1.1

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POWER CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 10,471,636 32,654 0.3% 33,515 0.3% 1.0 2024 10,438,982 24,985 0.2% 32,429 0.3% 0.8 2023 10,413,997 5,569 0.1% 46,014 0.4% 0.1 2022 10,408,428 (18,278) -0.2% 24,642 0.2% - 2021 10,426,706 2,644 0% (46,197) -0.4% - YTD 10,424,062 0 0% 1,433 0% 0 2020 10,424,062 4,471 0% (57,780) -0.6% - 2019 10,419,591 53,216 0.5% 51,446 0.5% 1.0 2018 10,366,375 12,274 0.1% 24,383 0.2% 0.5 2017 10,354,101 464,574 4.7% 402,576 3.9% 1.2 2016 9,889,527 340,211 3.6% 351,956 3.6% 1.0 2015 9,549,316 9,690 0.1% 14,013 0.1% 0.7 2014 9,539,626 224,174 2.4% 369,761 3.9% 0.6 2013 9,315,452 109,433 1.2% (103,278) -1.1% - 2012 9,206,019 13,013 0.1% 20,031 0.2% 0.6 2011 9,193,006 76,579 0.8% 81,796 0.9% 0.9 2010 9,116,427 17,892 0.2% 156,355 1.7% 0.1 2009 9,098,535 281,898 3.2% 218,032 2.4% 1.3

NEIGHBORHOOD CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 51,363,182 388,667 0.8% 363,578 0.7% 1.1 2024 50,974,515 318,682 0.6% 342,249 0.7% 0.9 2023 50,655,833 135,105 0.3% 283,326 0.6% 0.5 2022 50,520,728 (72,483) -0.1% 94,360 0.2% - 2021 50,593,211 346,544 0.7% 71,521 0.1% 4.8 YTD 50,294,717 48,050 0.1% 58,935 0.1% 0.8 2020 50,246,667 146,838 0.3% (179,996) -0.4% - 2019 50,099,829 281,660 0.6% 149,927 0.3% 1.9 2018 49,818,169 113,380 0.2% 77,199 0.2% 1.5 2017 49,704,789 202,115 0.4% 400,176 0.8% 0.5 2016 49,502,674 126,360 0.3% 283,076 0.6% 0.4 2015 49,376,314 190,021 0.4% 389,203 0.8% 0.5 2014 49,186,293 319,923 0.7% 142,755 0.3% 2.2 2013 48,866,370 344,194 0.7% 526,465 1.1% 0.7 2012 48,522,176 473,408 1.0% 689,555 1.4% 0.7 2011 48,048,768 210,684 0.4% 398,725 0.8% 0.5 2010 47,838,084 390,939 0.8% 677,015 1.4% 0.6 2009 47,447,145 998,503 2.1% 545,726 1.2% 1.8

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STRIP CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 11,466,715 (3,144) 0% (368) 0% - 2024 11,469,859 (5,682) 0% 11,757 0.1% - 2023 11,475,541 (12,396) -0.1% 25,420 0.2% - 2022 11,487,937 (20,725) -0.2% (9,059) -0.1% - 2021 11,508,662 (9,986) -0.1% (15,019) -0.1% - YTD 11,518,648 0 0% 28,884 0.3% 0 2020 11,518,648 0 0% (98,486) -0.9% - 2019 11,518,648 53,270 0.5% 60,142 0.5% 0.9 2018 11,465,378 28,300 0.2% 43,021 0.4% 0.7 2017 11,437,078 21,200 0.2% 72,391 0.6% 0.3 2016 11,415,878 26,255 0.2% 244,426 2.1% 0.1 2015 11,389,623 76,157 0.7% 58,678 0.5% 1.3 2014 11,313,466 128,369 1.1% 267,539 2.4% 0.5 2013 11,185,097 77,993 0.7% 80,428 0.7% 1.0 2012 11,107,104 53,410 0.5% 86,895 0.8% 0.6 2011 11,053,694 17,900 0.2% 103,916 0.9% 0.2 2010 11,035,794 36,597 0.3% 116,098 1.1% 0.3 2009 10,999,197 142,600 1.3% (109,692) -1.0% -

GENERAL RETAIL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 145,857,532 484,830 0.3% 424,217 0.3% 1.1 2024 145,372,702 355,476 0.2% 356,482 0.2% 1.0 2023 145,017,226 84,385 0.1% 288,843 0.2% 0.3 2022 144,932,841 77,883 0.1% 357,434 0.2% 0.2 2021 144,854,958 248,110 0.2% 248,301 0.2% 1.0 YTD 144,740,844 133,996 0.1% 297,456 0.2% 0.5 2020 144,606,848 306,352 0.2% (93,288) -0.1% - 2019 144,300,496 (36,191) 0% 14,181 0% - 2018 144,336,687 145,795 0.1% (188,099) -0.1% - 2017 144,190,892 15,134 0% 215,047 0.1% 0.1 2016 144,175,758 49,138 0% 1,006,735 0.7% 0 2015 144,126,620 806,074 0.6% 1,131,841 0.8% 0.7 2014 143,320,546 297,804 0.2% 931,726 0.7% 0.3 2013 143,022,742 (11,417) 0% 511,499 0.4% - 2012 143,034,159 139,316 0.1% 544,878 0.4% 0.3 2011 142,894,843 261,186 0.2% 795,935 0.6% 0.3 2010 142,633,657 397,063 0.3% 1,066,198 0.7% 0.4 2009 142,236,594 883,126 0.6% (159,432) -0.1% -

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OTHER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 1,002,045 3,333 0.3% 2,594 0.3% 1.3 2024 998,712 2,553 0.3% 1,754 0.2% 1.5 2023 996,159 580 0.1% 427 0% 1.4 2022 995,579 (1,840) -0.2% (572) -0.1% - 2021 997,419 (943) -0.1% (15,619) -1.6% - YTD 998,362 0 0% (12,622) -1.3% - 2020 998,362 0 0% - - - 2019 998,362 0 0% 6,700 0.7% 0 2018 998,362 0 0% (2,265) -0.2% - 2017 998,362 5,670 0.6% 3,140 0.3% 1.8 2016 992,692 0 0% 6,545 0.7% 0 2015 992,692 0 0% (6,263) -0.6% - 2014 992,692 0 0% 2,648 0.3% 0 2013 992,692 0 0% (355) 0% - 2012 992,692 0 0% 24,588 2.5% 0 2011 992,692 0 0% 3,350 0.3% 0 2010 992,692 0 0% 2,713 0.3% 0 2009 992,692 0 0% (5,031) -0.5% -

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OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $24.85 118 1.4% -1.4% 7,062,431 2.9% 0% 2024 $24.52 116 1.5% -2.8% 6,989,562 2.9% 0% 2023 $24.14 115 1.5% -4.2% 7,011,085 2.9% -0.2% 2022 $23.79 113 -0.2% -5.6% 7,453,026 3.1% -0.3% 2021 $23.83 113 -1.8% -5.5% 8,100,145 3.3% 0.2% YTD $24.18 115 -0.3% -4.1% 7,265,726 3.0% -0.1% 2020 $24.27 115 -3.7% -3.7% 7,496,366 3.1% 0.4% 2019 $25.21 120 1.9% 0% 6,626,056 2.8% 0% 2018 $24.74 117 3.4% -1.9% 6,702,024 2.8% 0.2% 2017 $23.92 114 3.8% -5.1% 6,160,994 2.6% -0.2% 2016 $23.04 109 3.6% -8.6% 6,642,182 2.8% -0.5% 2015 $22.23 106 2.4% -11.8% 7,914,892 3.3% -0.3% 2014 $21.71 103 2.4% -13.9% 8,545,262 3.6% -0.4% 2013 $21.19 101 2.6% -15.9% 9,296,798 4.0% -0.3% 2012 $20.66 98 1.6% -18.1% 9,867,325 4.2% -0.3% 2011 $20.33 96 -0.4% -19.4% 10,521,148 4.5% -0.3% 2010 $20.41 97 -0.6% -19.0% 11,296,571 4.9% -0.6% 2009 $20.54 97 -2.5% -18.5% 12,548,313 5.4% 0.8%

MALLS RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $37.53 116 1.4% -4.5% 490,848 2.0% 0.1% 2024 $37.03 114 1.6% -5.8% 462,641 1.9% 0.2% 2023 $36.45 112 1.5% -7.3% 415,923 1.8% -0.1% 2022 $35.90 111 -0.1% -8.6% 433,475 1.8% -0.8% 2021 $35.94 111 -2.1% -8.6% 615,929 2.6% 1.0% YTD $36.34 112 -1.0% -7.5% 331,091 1.4% -0.2% 2020 $36.70 113 -6.6% -6.6% 367,976 1.6% -0.1% 2019 $39.30 121 1.2% 0% 381,747 1.6% -0.3% 2018 $38.83 120 1.8% -1.2% 450,577 2.0% 0.8% 2017 $38.16 118 3.3% -2.9% 253,433 1.1% -0.4% 2016 $36.95 114 4.5% -6.0% 321,677 1.5% 0.3% 2015 $35.34 109 3.1% -10.1% 243,613 1.1% -0.6% 2014 $34.28 106 3.5% -12.8% 368,453 1.8% -0.1% 2013 $33.13 102 2.9% -15.7% 365,478 1.8% -0.3% 2012 $32.19 99 0.8% -18.1% 411,449 2.1% 0% 2011 $31.92 98 -0.2% -18.8% 416,483 2.1% 0.4% 2010 $31.98 98 -0.5% -18.6% 334,533 1.7% -0.4% 2009 $32.13 99 -1.1% -18.3% 410,387 2.1% 0.4%

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POWER CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $21.30 116 1.4% -1.4% 274,535 2.6% 0% 2024 $21.01 115 1.6% -2.8% 275,780 2.6% -0.1% 2023 $20.68 113 1.5% -4.3% 283,400 2.7% -0.4% 2022 $20.38 111 -0.2% -5.6% 323,849 3.1% -0.4% 2021 $20.43 112 -1.3% -5.5% 366,440 3.5% 0.5% YTD $20.72 113 0.1% -4.1% 316,012 3.0% 0% 2020 $20.70 113 -4.2% -4.2% 317,445 3.0% 0.6% 2019 $21.60 118 2.2% 0% 255,194 2.4% 0% 2018 $21.14 116 3.5% -2.2% 253,424 2.4% -0.1% 2017 $20.42 112 3.7% -5.5% 265,533 2.6% 0.5% 2016 $19.69 108 3.5% -8.9% 203,535 2.1% -0.2% 2015 $19.02 104 2.9% -12.0% 215,280 2.3% 0% 2014 $18.48 101 2.2% -14.5% 219,603 2.3% -1.6% 2013 $18.08 99 2.0% -16.3% 365,190 3.9% 2.3% 2012 $17.73 97 1.7% -18.0% 152,479 1.7% -0.1% 2011 $17.44 95 -0.8% -19.3% 159,497 1.7% -0.1% 2010 $17.58 96 -1.0% -18.6% 164,714 1.8% -1.5% 2009 $17.75 97 -3.0% -17.9% 303,177 3.3% 0.6%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $22.15 117 1.3% -1.4% 2,412,107 4.7% 0% 2024 $21.87 116 1.4% -2.6% 2,389,307 4.7% -0.1% 2023 $21.56 114 1.3% -4.0% 2,415,152 4.8% -0.3% 2022 $21.28 113 -0.3% -5.3% 2,564,150 5.1% -0.3% 2021 $21.34 113 -1.4% -5.0% 2,729,084 5.4% 0.5% YTD $21.66 115 0.1% -3.6% 2,442,151 4.9% 0% 2020 $21.64 115 -3.7% -3.7% 2,453,036 4.9% 0.6% 2019 $22.46 119 2.6% 0% 2,126,202 4.2% 0.2% 2018 $21.90 116 4.0% -2.5% 2,015,256 4.0% 0.1% 2017 $21.06 112 3.7% -6.3% 1,979,075 4.0% -0.4% 2016 $20.31 108 3.5% -9.6% 2,177,136 4.4% -0.3% 2015 $19.62 104 2.9% -12.7% 2,333,852 4.7% -0.4% 2014 $19.07 101 2.0% -15.1% 2,533,034 5.1% 0.3% 2013 $18.70 99 1.7% -16.8% 2,355,866 4.8% -0.4% 2012 $18.38 97 1.6% -18.2% 2,538,137 5.2% -0.5% 2011 $18.09 96 -0.6% -19.5% 2,763,473 5.8% -0.4% 2010 $18.20 96 -0.9% -19.0% 2,951,514 6.2% -0.7% 2009 $18.36 97 -2.7% -18.3% 3,237,590 6.8% 0.8%

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STRIP CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $21.15 117 1.3% -0.4% 419,597 3.7% 0% 2024 $20.87 115 1.5% -1.7% 420,545 3.7% -0.1% 2023 $20.56 114 1.4% -3.2% 436,109 3.8% -0.3% 2022 $20.27 112 -0.2% -4.6% 472,534 4.1% -0.1% 2021 $20.32 112 -1.6% -4.4% 482,628 4.2% 0.1% YTD $20.65 114 0% -2.8% 447,891 3.9% -0.3% 2020 $20.65 114 -2.8% -2.8% 476,775 4.1% 0.9% 2019 $21.24 117 2.3% 0% 378,289 3.3% -0.1% 2018 $20.77 115 3.9% -2.2% 385,161 3.4% -0.1% 2017 $20 111 4.1% -5.9% 399,882 3.5% -0.5% 2016 $19.21 106 3.2% -9.6% 451,073 4.0% -1.9% 2015 $18.63 103 2.4% -12.3% 669,244 5.9% 0.1% 2014 $18.19 101 1.9% -14.4% 651,765 5.8% -1.3% 2013 $17.85 99 2.1% -16.0% 790,935 7.1% -0.3% 2012 $17.49 97 1.7% -17.7% 823,370 7.4% -0.3% 2011 $17.19 95 -0.7% -19.1% 856,855 7.8% -0.8% 2010 $17.32 96 -0.9% -18.5% 942,871 8.5% -0.8% 2009 $17.48 97 -3.4% -17.7% 1,022,372 9.3% 2.2%

GENERAL RETAIL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $24.23 119 1.4% -0.7% 3,450,255 2.4% 0% 2024 $23.89 117 1.6% -2.0% 3,426,896 2.4% 0% 2023 $23.52 116 1.5% -3.6% 3,446,887 2.4% -0.1% 2022 $23.18 114 -0.1% -5.0% 3,645,557 2.5% -0.2% 2021 $23.21 114 -1.9% -4.8% 3,891,366 2.7% 0% YTD $23.57 116 -0.4% -3.4% 3,715,959 2.6% -0.1% 2020 $23.66 116 -3.0% -3.0% 3,881,134 2.7% 0.3% 2019 $24.39 120 1.9% 0% 3,484,624 2.4% -0.1% 2018 $23.95 118 3.6% -1.8% 3,590,906 2.5% 0.2% 2017 $23.11 113 4.1% -5.3% 3,258,636 2.3% -0.2% 2016 $22.21 109 3.4% -9.0% 3,486,856 2.4% -0.7% 2015 $21.47 105 2.1% -12.0% 4,444,453 3.1% -0.2% 2014 $21.04 103 2.3% -13.7% 4,770,220 3.3% -0.5% 2013 $20.56 101 2.8% -15.7% 5,414,494 3.8% -0.4% 2012 $19.99 98 1.8% -18.0% 5,937,410 4.2% -0.3% 2011 $19.63 96 -0.3% -19.5% 6,295,772 4.4% -0.4% 2010 $19.70 97 -0.5% -19.2% 6,870,521 4.8% -0.5% 2009 $19.80 97 -2.8% -18.8% 7,539,656 5.3% 0.7%

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OTHER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $31.75 115 1.4% -5.4% 15,089 1.5% 0.1% 2024 $31.30 113 1.6% -6.7% 14,393 1.4% 0.1% 2023 $30.80 111 1.5% -8.2% 13,614 1.4% 0% 2022 $30.34 109 -0.1% -9.6% 13,461 1.4% -0.1% 2021 $30.36 110 -2.8% -9.5% 14,698 1.5% 1.5% YTD $30.81 111 -1.3% -8.1% 12,622 1.3% 1.3% 2020 $31.23 113 -6.9% -6.9% 0 0% 0% 2019 $33.54 121 0.9% 0% 0 0% -0.7% 2018 $33.24 120 1.3% -0.9% 6,700 0.7% 0.2% 2017 $32.82 118 3.1% -2.2% 4,435 0.4% 0.3% 2016 $31.82 115 4.5% -5.1% 1,905 0.2% -0.7% 2015 $30.44 110 3.1% -9.2% 8,450 0.9% 0.6% 2014 $29.52 107 3.7% -12.0% 2,187 0.2% -0.3% 2013 $28.45 103 3.3% -15.2% 4,835 0.5% 0% 2012 $27.55 99 0.7% -17.9% 4,480 0.5% -2.5% 2011 $27.37 99 -0.2% -18.4% 29,068 2.9% -0.3% 2010 $27.42 99 -0.2% -18.3% 32,418 3.3% -0.3% 2009 $27.48 99 -0.8% -18.1% 35,131 3.5% 0.5%

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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 ------$248.13 165 6.3% 2024 ------$245.19 163 6.3% 2023 ------$241.90 161 6.3% 2022 ------$238.57 159 6.3% 2021 ------$239.63 159 6.3% YTD 255 $719.6M 1.0% $3,560,237 $307.47 6.6% $240.57 160 6.4% 2020 740 $1.2B 2.5% $2,010,796 $222.30 6.9% $236.94 158 6.4% 2019 712 $1.6B 3.0% $2,759,412 $257.80 7.0% $243.48 162 6.3% 2018 695 $1.3B 3.2% $2,361,596 $223.42 6.9% $235.33 157 6.4% 2017 625 $1.4B 3.0% $2,742,609 $244.66 6.4% $228.65 152 6.4% 2016 763 $1.6B 3.6% $2,532,554 $205.21 6.9% $221.32 147 6.4% 2015 745 $1.5B 3.4% $2,014,460 $217.23 7.0% $213.84 142 6.4% 2014 722 $1.3B 3.4% $2,043,157 $182.20 7.0% $199.86 133 6.7% 2013 537 $873.4M 3.3% $1,968,363 $144.82 7.0% $177.65 118 7.0% 2012 506 $1B 2.7% $2,365,745 $206 7.9% $168.64 112 7.2% 2011 433 $923.1M 2.9% $2,601,677 $220.76 6.7% $152.16 101 7.6% 2010 376 $562.1M 1.8% $1,811,214 $147.74 8.2% $142.27 95 7.9% (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 ------$266.56 164 5.9% 2024 ------$263.41 162 5.9% 2023 ------$259.59 160 5.9% 2022 ------$255.86 158 5.9% 2021 ------$256.83 158 5.9% YTD ------$256.81 158 6.0% 2020 1 $0 0.2% - - - $248.30 153 6.1% 2019 ------$254.40 157 6.0% 2018 2 $0 4.4% - - - $244.03 150 6.0% 2017 2 $61M 1.3% $30,494,129 $213.58 - $236.52 146 6.0% 2016 10 $262.1M 6.1% $29,124,907 $220.09 6.5% $231.01 142 6.0% 2015 12 $183.1M 5.8% $20,812,894 $267.16 5.0% $224.88 139 6.1% 2014 4 $54.8M 1.6% $13,704,216 $163.72 - $211.27 130 6.3% 2013 9 $70.3M 8.2% $35,134,920 $72.02 6.8% $189.77 117 6.6% 2012 7 $0 3.5% - - - $181.28 112 6.7% 2011 13 $0 5.8% - - - $164.60 102 7.1% 2010 1 $31.8M 2.7% $31,750,000 $59.55 - $154.43 95 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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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 ------$220.49 156 6.3% 2024 ------$217.83 154 6.3% 2023 ------$214.67 152 6.3% 2022 ------$211.71 150 6.3% 2021 ------$212.76 150 6.3% YTD 1 $2M 0% $2,029,000 $1,194.23 - $213.59 151 6.4% 2020 14 $87.9M 4.2% $6,281,112 $202.32 5.5% $204.50 145 6.5% 2019 5 $107.7M 3.9% $21,538,571 $265.46 5.3% $214.14 151 6.4% 2018 3 $15.9M 0.4% $5,283,660 $364.46 - $208.62 147 6.4% 2017 2 $17.1M 1.3% $8,525,000 $122.36 7.4% $205.84 145 6.3% 2016 8 $56.2M 4.8% $7,030,320 $119.53 8.0% $199.97 141 6.3% 2015 1 $0 1.2% - - - $193.53 137 6.4% 2014 3 $23.2M 1.6% $11,591,607 $182.44 - $181.42 128 6.6% 2013 16 $38M 5.7% $4,753,669 $86.98 - $163.57 116 6.9% 2012 1 $21M 0.5% $21,000,000 $462.02 7.0% $153.63 109 7.1% 2011 6 $65M 2.9% $10,832,800 $246.21 7.5% $141.75 100 7.4% 2010 ------$133.08 94 7.7% (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 ------$208.11 153 6.5% 2024 ------$205.82 151 6.4% 2023 ------$203.08 149 6.4% 2022 ------$200.48 147 6.4% 2021 ------$201.63 148 6.5% YTD 12 $158.1M 0.9% $19,605,439 $363.70 7.2% $202.61 148 6.5% 2020 19 $96.4M 1.3% $5,944,150 $146.37 8.7% $198.07 145 6.6% 2019 43 $247.1M 2.5% $7,054,855 $227.93 7.2% $205.64 151 6.5% 2018 28 $144.3M 2.9% $7,158,480 $110.49 7.3% $199.53 146 6.5% 2017 25 $156.1M 2.8% $8,669,472 $154.53 6.2% $195.94 144 6.4% 2016 32 $151.2M 2.5% $7,160,568 $142.01 7.4% $192.65 141 6.4% 2015 41 $283.1M 2.5% $8,552,344 $243.70 6.6% $187.71 138 6.4% 2014 56 $362.5M 5.1% $8,781,554 $168.40 6.2% $175.77 129 6.6% 2013 35 $92.3M 3.0% $4,859,388 $91.59 7.5% $158.11 116 6.9% 2012 27 $214.4M 2.5% $8,933,540 $188.44 7.1% $149.92 110 7.1% 2011 45 $138.8M 4.3% $6,306,833 $153.06 7.8% $138.13 101 7.4% 2010 9 $77.5M 1.3% $8,621,825 $120.11 8.7% $129.67 95 7.7% (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 ------$227.34 163 6.4% 2024 ------$224.74 161 6.4% 2023 ------$221.58 159 6.4% 2022 ------$218.63 156 6.4% 2021 ------$219.79 157 6.4% YTD 13 $30.3M 1.3% $2,706,364 $205.49 6.9% $221 158 6.5% 2020 31 $51.7M 2.8% $2,599,041 $194.04 8.6% $216.86 155 6.5% 2019 30 $42.8M 3.1% $2,127,485 $160.11 6.7% $220.77 158 6.5% 2018 35 $52.2M 3.3% $2,162,413 $175.97 8.2% $212.68 152 6.5% 2017 34 $88.9M 3.2% $3,395,637 $276.26 6.9% $204.85 147 6.5% 2016 40 $55.9M 3.1% $2,360,711 $158.27 7.3% $199.60 143 6.5% 2015 38 $48.4M 3.3% $1,599,467 $138.02 7.2% $192.26 138 6.6% 2014 30 $56.9M 3.1% $2,098,340 $164.97 7.1% $180.24 129 6.8% 2013 23 $38.9M 2.7% $2,270,069 $147.30 8.2% $160.07 115 7.2% 2012 24 $38.1M 2.0% $2,095,208 $199.49 9.0% $153.68 110 7.3% 2011 12 $25.3M 1.4% $2,675,333 $169.33 10.0% $138.89 99 7.7% 2010 18 $40.7M 2.9% $2,260,338 $127.84 6.6% $130.47 93 8.0% (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 ------$262.35 170 6.3% 2024 ------$259.18 168 6.3% 2023 ------$255.72 166 6.3% 2022 ------$252.16 163 6.3% 2021 ------$253.19 164 6.3% YTD 229 $529.2M 1.3% $2,907,805 $301.25 6.5% $254.24 165 6.4% 2020 675 $947M 3.1% $1,755,758 $239.01 6.9% $252.14 163 6.4% 2019 634 $1.2B 3.5% $2,316,586 $269.99 7.0% $258.31 167 6.3% 2018 627 $1.1B 3.4% $2,163,335 $259.60 6.7% $249.58 162 6.4% 2017 562 $1.1B 3.4% $2,319,704 $270.31 6.3% $241.75 157 6.4% 2016 673 $1.1B 3.5% $1,877,937 $227.75 6.8% $232.48 151 6.4% 2015 653 $1B 3.4% $1,531,843 $209.51 7.0% $223.75 145 6.5% 2014 629 $825.8M 3.2% $1,438,394 $191.92 7.2% $208.71 135 6.7% 2013 454 $633.9M 2.6% $1,588,123 $189.44 6.8% $184.36 119 7.1% 2012 446 $694.3M 2.8% $1,815,676 $200.04 8.3% $174.88 113 7.3% 2011 356 $694M 2.1% $2,181,348 $242.55 6.5% $156.37 101 7.7% 2010 348 $412.2M 1.9% $1,477,250 $178.59 8.4% $145.82 94 8.1% (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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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 ------$284.87 144 6.2% 2024 ------$281.37 142 6.2% 2023 ------$277.25 140 6.2% 2022 ------$273.29 138 6.2% 2021 ------$274.39 138 6.2% YTD ------$275.57 139 6.3% 2020 ------$272.50 137 6.4% 2019 ------$289.56 146 6.2% 2018 ------$288.35 145 6.2% 2017 ------$286.99 145 6.1% 2016 ------$276.71 139 6.1% 2015 ------$280.52 141 6.1% 2014 ------$268.41 135 6.3% 2013 ------$242.73 122 6.5% 2012 1 $40M 4.8% $40,000,000 $845.31 4.8% $230.80 116 6.6% 2011 1 $0 9.7% - - - $211.40 107 6.9% 2010 ------$203.96 103 7.0% (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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