RETAIL MARKET REPORT Q3 2020 Denver, CO

OUR NETWORK IS YOUR EDGE. PREPARED BY:

All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should Brandon Langiewicz carefully verify each item of information contained herein. Partner

Hoff & Leigh | 2700 S Broadway #307 | Denver, CO 80113 | 720.572.5187 office www.hoffleigh.com/denver DenverDenver Retail Retail

RETAIL MARKET REPORT

Market Key Statistics 2 Leasing 4 Rent 9 Construction 11 Under Construction Properties 13 Sales 15 Sales Past 12 Months 17 Economy 19 Market Submarkets 22 Supply & Demand Trends 25 Rent & Vacancy 29 Sale Trends 33

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 OVERVIEWOverview DenverDenver Retail Retail

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 1.1 M (939 K) 5.3% 0.6%

Denver has reclaimed about half of the jobs lost during even with the growing market share of e-commerce and April shutdowns, according to June data from the Bureau evolving consumer patterns. Store closures largely of Labor Statistics. The nonfarm unemployment rate contributed to absorption turning negative last year, compressed below 10%, outperforming the national including another Safeway shuttering, but well-located average. At the start of 2020, Denver's unemployment assets continued to perform well. rate was below 3%, making it one of the tightest job markets in the country. Trade area demographics were buttressing strong consumer demand as the metro has experienced robust Leisure and hospitality still weighed on the labor market growth in population, employment, and buying power this as employment in the sector was down 20% from the cycle. These factors, coupled with limited new supply, same point last year. Other services, which includes resulted in Denver outperforming nearly all major metros many jobs tied to retail, were down about 14%. Work- in the change of buying power per SF since 2010. from-home industries continue to weather the storm relatively well. Information jobs were up 1% annually, Although leading retail indicators have been encouraging and professional and business services was only down this cycle, development activity has been rather minimal. about 1.5%. Denver's retail stock has only grown by about 5.5% cumulatively since 2010—near the national average The economic impact of the pandemic and shelter-in- despite far superior demographic trends. But developers place orders in April dwarfed that of the Great Financial appear to have made the right call to step on the brakes Crisis, which spanned several years. From 2008-09, in recent quarters as the national economy, as well as Denver lost about 67,000 jobs, or about 100,000 fewer Denver, encounter the growing likelihood of a recession. than reported last month. Until 2019, retail rents in Denver were growing by about The last time oil prices fell this low in 2016, the local 5% annually on average since 2016. Following the economy felt the impact. An oil price war between Saudi national trend, rent growth has noticeably cooled from Arabia and Russia caused prices to plummet to $20 a growth rates observed earlier in the cycle. With non- barrel in March. The fallout of the demand shock caused essential retail virtually shut down throughout the state, by the coronavirus led to oil prices hitting all-time lows in rents will likely face tremendous downward pressure in April, even after the U.S. and Mexico agreed to cut oil the near term. production along with OPEC+. Oil markets rebounded in May, hovering around $30 per barrel. Investment activity is expected to slow to a crawl in the coming quarters due to the financial uncertainty of the Denver's retail market was on solid footing entering economy coming to a hard stop. 2020, as vacancies were trending near historical lows

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 2 OVERVIEWOverview DenverDenver Retail Retail

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction Malls 16,763,810 3.8% $32.42 3.9% 79,161 0 12,000 Power Center 15,723,041 8.2% $24.45 9.3% (80,798) 0 7,500 Neighborhood Center 50,381,001 7.5% $21.17 9.2% 2,906 0 41,262 Strip Center 7,969,695 6.2% $20.51 7.9% (3,943) 0 15,000 General Retail 65,477,216 3.2% $21.85 4.7% 10,362 50,000 437,968 Other 1,321,183 0.3% $21.46 0.2% 0 0 0 Market 157,635,946 5.3% $22.94 6.6% 7,688 50,000 513,730

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 1.1% 6.2% 6.3% 8.7% 2009 Q3 3.8% 2018 Q4 Net Absorption SF (939 K) 1,591,018 116,896 4,698,949 2007 Q2 (957,520) 2020 Q3 Deliveries SF 1.1 M 1,751,811 1,034,325 5,081,730 2006 Q4 646,954 2010 Q4 Rent Growth 0.6% 1.9% 0.9% 5.8% 2014 Q4 -2.9% 2009 Q4 Sales Volume $946 M $968.6M N/A $1.7B 2018 Q2 $335.4M 2010 Q3

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 3 LEASINGLeasing DenverDenver Retail Retail

Retail has been one of the hardest-hit job sectors in fitness centers: Vasa Fitness (56,000 SF), Chuze Fitness Denver, and uncertainty looms for the market as retailers (50,000 SF & 40,000 SF), and Prestige Fitness (38,000 attempt to survive the pandemic. SF).

Vacancies that peaked at 9% during the downturn were As malls attempt to generate more foot traffic, they have near historical lows entering 2020. However, the focused on experiential retail to draw consumers in. coronavirus shock to the retail market resulted in the Urban Air, a trampoline park for children, is shuttering of all non-essential stores for an extended representative of this emerging trend. In early 2019, the period of time. Lost revenue in the coming months could company opened a 36,000 SF location at Towne Center force many tenants to permanently close their doors, at Brookhill in Westminster. By the summer of 2020, unless both tenants, landlords, and lenders can get Urban Air will open a 50,000 SF location at the creative during this crisis. Cornerstar shopping center in Aurora.

With retail inventory nearly at full capacity at the start of Limited new retail developments, coupled with a growing 2019, the vacancy rate expanded slightly during the year and highly educated, high-income population with a following a string of store closures. These closings were large concentration of “big spenders” (the demographic largely a result of unprofitable national retailers that failed aged 35–54 years), should continue to provide the retail to evolve in the digital age rather than a perceived sector with a much needed lift in the face of e- weakness in Denver as a consumer market. commerce driven headwinds.

Sears was behind most of 2019's negative absorption. Vacancies are concentrated in bad retail centers and The 125-year-old retailer filed for bankruptcy at the end have not spread into the average retail center. Moreover, of 2019 and closed two stores in early 2019: a 150,000 a concerted movement of households, wealth, and SF location in Lakewood, and a 130,000 SF Sears at the employment to downtown submarkets have produced Streets at SouthGlenn. Both spaces were still on the routinely above-average rent gains in the Downtown and market at the start of 20Q1. Cherry Creek Submarkets, and vacancies in these areas have been razor thin for years. Centers and mixed-use Safeway continued to plague the market after years of developments with retail components in these rapidly store closures throughout the state of Colorado. The growing neighborhoods are thriving. grocery chain shuttered another big box location in 2019—54,000 SF at Westminster Plaza in Westminster. In other cases, retail in bad trade areas has often been removed from inventory or is undergoing renovations and A Kmart and several Toys "R" Us locations have also in some cases, repurposing. With stronger demand closed in recent years. drivers to weather the new age of retail, and supply that has only mirrored the national average despite superior The top leases and move-ins of 2019 reflect the ongoing demographic and economic trends, the Denver retail shift in consumer trends and where tenant demand is the market has enjoyed an atypical amount of resilience to strongest. Four of the top seven move-ins belonged to the effects of e-commerce.

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 4 LEASINGLeasing DenverDenver Retail Retail

NET ABSORPTION, NET DELIVERIES & VACANCY

VACANCY RATE

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 5 LEASINGLeasing DenverDenver Retail Retail

AVAILABILITY RATE

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 6 LEASINGLeasing DenverDenver Retail Retail

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 3235 Larimer St Central Ret 200,000 3,503 190,800 5,697 0 0 196,497 Market Station Downtown Ret 88,500 0 0 0 88,500 0 88,500 Defy Denver Aurora Ret 104,400 0 60,000 0 0 0 60,000 Candelas Marketplace Northwest Ret 140,000 0 43,560 12,000 0 0 55,560 AMC Central Ret 44,000 0 44,000 0 0 0 44,000 Promenade at Castle Rock Southeast Outlying Ret 43,000 0 0 43,000 0 0 43,000 Alpine Buick GMC South Ret 41,000 0 0 0 41,000 0 41,000 South Lowry Marketplace Central Ret 95,763 6,756 0 (1,680) 2,678 0 33,923 9th & Colorado Central Ret 34,500 0 0 0 0 0 29,999 13750 Grant St Northeast Ret 38,000 8,500 0 0 0 29,500 29,500 Southlands Southeast Ret 148,347 0 9,423 7,559 10,093 0 27,075 Center Tech Plaza Aurora Ret 71,438 0 (8,115) 0 34,065 0 25,950 Village On The Park Central Ret 45,800 21,970 24,162 2,189 (2,521) 0 23,830 The Gardens on Havana Aurora Ret 61,737 23,649 23,287 0 0 0 23,287 5445 W Evans Ave West Ret 21,891 0 0 0 21,891 0 21,891 Northglenn Marketplace Northwest Ret 25,091 0 0 0 0 0 21,818 Washington Plaza Northeast Ret 128,257 4,500 25,000 0 0 0 21,086 Subtotal Primary Competitors 1,331,724 68,878 412,117 68,765 195,706 29,500 786,916 Remaining Denver Market 156,305,462 8,249,841 (372,206) (389,201) (788,542) (21,812) (1,725,770) Total Denver Market 157,637,186 8,318,719 39,911 (320,436) (592,836) 7,688 (938,854)

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 7 LEASINGLeasing DenverDenver Retail Retail

TOP RETAIL LEASES PAST 12 MONTHS

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

Arvada Marketplace * Northwest 68,238 Q2 20 Floor and Decor Outlets - NewMark Merrill Comp…

Northridge Shopping Center Northwest 56,674 Q2 20 Spirit Halloween - -

Westminster Plaza Northwest 56,127 Q1 20 VASA Fitness David, Hicks & Lam… Crosbie Real Estate Gr…

Westminster City Center Marketplace Northwest 54,260 Q3 20 Overstock Furniture and… - Brixmor Property Grou…

Centennial Promenade South 44,300 Q3 20 Total Wine - SITE Centers Corp.

Westminster City Center Marketplace Northwest 42,900 Q1 20 Golf Galaxy - Brixmor Property Grou…

Aurora City Center * Aurora 39,421 Q4 19 24 Hour Fitness - DePaul Real Estate Ad…

Seven Hills Shopping Center * Aurora 35,974 Q4 19 Movie Tavern - -

Sunrise Village Shopping Center * Northeast 29,727 Q1 20 Arc Thrift Stores of Colorado - Emerald Real Estate G…

Belmar West 27,611 Q3 20 - - SRS Real Estate Partn…

CityCenter Englewood Southwest Denver 27,216 Q3 20 24 Hour Fitness - SullivanHayes Brokerage

Towne Center at Brookhill Northwest 25,467 Q1 20 - - SullivanHayes Brokerage

Washington Plaza Northeast 25,000 Q4 19 Goodwill - TEL Management

Larkridge Northeast 23,824 Q3 20 - - Jordon Perlmutter & Co.

Jefferson Marketplace Southwest 20,430 Q4 19 - - Newmark Knight Frank

Parker Hilltop Town Square Southeast 20,388 Q4 19 - - Newmark Knight Frank

Abilene Market Aurora 20,000 Q1 20 - - SullivanHayes Brokerage

Aurora City Square Aurora 18,884 Q1 20 Innovative Services - SRS Real Estate Partn…

Willow Creek Shopping Center South 18,500 Q3 20 Perfect Teeth For Kids Rare Space Inc. Legend Partners

Westminster City Center Marketplace Northwest 17,233 Q3 20 Golf Galaxy - Brixmor Property Grou…

Villager Square Northwest 16,908 Q3 20 Restore Habitat for Huma… - SRS Real Estate Partn…

Westminster City Center Marketplace Northwest 16,302 Q3 20 Kids Empire Legend Partners Retro Commercial

Mission Plaza Aurora 15,636 Q1 20 Octapharma Plasma - SullivanHayes Brokerage

Abilene Market Aurora 15,232 Q3 20 - - NAI Shames Makovsky

Belmar Southwest Denver 14,946 Q3 20 - - SRS Real Estate Partn…

Promenade at Castle Rock Southeast Outlying 14,000 Q4 19 - - David, Hicks & Lampert…

Noah's Event Center Northwest 13,319 Q3 20 Noah's Event Venue - John Propp Commercia…

Iliff Exchange Shopping Center Aurora 12,000 Q1 20 - - Newmark Knight Frank

Candelas Marketplace Northwest 12,000 Q1 20 - - Crosbie Real Estate Gr…

Pioneer Hills Southeast 11,714 Q2 20 Dollar Tree - SRS Real Estate Partn…

Arvada Marketplace Northwest 11,152 Q3 20 Five Below - SullivanHayes Brokerage

Alameda Crossing West 11,000 Q3 20 Fiesta Furniture - Retro Commercial

Festival Shopping Center South 10,973 Q3 20 Appliance Factory Outlet - Miller Real Estate Inves…

Arlington Square * Northwest 10,472 Q1 20 Gen-X - Peak Property Manage…

Solaire Shoppes Northwest 10,268 Q2 20 - - Gibbons-White, Inc.

Southlands Southeast 10,093 Q2 20 ULTA - SRS Real Estate Partn…

Arapahoe Crossings Southeast 10,055 Q3 20 Goldfish Swim School - Brixmor Property Group

Arapahoe Crossings Southeast 10,055 Q2 20 Goldfish Swim School - Brixmor Property Grou…

Southwest Plaza Southwest 10,000 Q2 20 - - Brookfield Properties R…

5060-5062 S Syracuse St Southeast 10,000 Q4 19 Lions Den - SullivanHayes Brokerage *Renewal

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 8 RENTRent DenverDenver Retail Retail

With retail fundamentals wobbling, rents have flattened submarkets with the strongest locations and out in the third quarter. Retail rents posted average demographics. Where Metro Denver's rents have annual gains of nearly 5% from 2013-2018, one of the surpassed last cycle's peak by 25% (one of the best best performances out of the 50 largest metros performances nationally), rents in Downtown Denver nationally. Mirroring the national trend, rent growth have eclipsed the peak of the last cycle by 50%, also moderated further in 2019 and into 2020. Annual gains among the best out of more than 2,000 retail submarkets clocked in below 1% for the first time since 2011. Given in the national index. Cherry Creek/Colorado Blvd and current economic conditions, rent growth is likely to the South submarkets have also produced robust growth continue its moderation. as rents are 40% and 32% above the last cycle's highs, respectively. The top performers in the past decade have been the

MARKET RENT GROWTH (YOY)

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 9 RENTRent DenverDenver Retail Retail

MARKET RENT PER SQUARE FEET

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 10 CONSTRUCTIONConstruction DenverDenver Retail Retail

The Colorado Governor's stay-at-home order Premium Outlets hosts an array of high profile tenants, considered jobs in the construction industry as essential, including Kate Spade, Hugo Boss, and a Nike factory which allowed developers to move forward with existing store. projects. Deteriorating economic conditions could keep upcoming groundbreakings on hold, and speculative Developers are starting to blend in some significant retail projects slated to deliver in Colorado in 2020 must components to Downtown Denver mixed-use grapple with the uncertainty of demand. developments. Continuum Partners is building almost 90,000 SF of retail at its Market Station project, just a Overall, the moderation in construction levels could not few blocks away from Union Station. Construction is have come at a better time due to the sudden stop of all expected to wrap up in early 2020. Market Station will non-essential retail activity. also include 225 market-rate apartments and 95,000 SF of office space. Many developments in past years have been built for internet-resistant tenants, including fitness centers, A similar project is slated to complete in 2021: A group of entertainment centers, and car dealerships. Annual developers, led by The Rockies organization, is including deliveries have been well below the historical average 75,000 SF of retail in a mixed-use development across this cycle, and perhaps after record retail completions the street from Coors Field. In addition to retail, there will from 2005–08, a respite was in store. This may have be office and residential components, along with a hotel. been a blessing in disguise for Denver's retail fundamentals as e-commerce had an outsized impact In Westminster, the city plans to redevelop the on consumer trends during the 2010s. Westminster Mall site into a 108-acre multi-use town center, which will include a significant retail component. With the completion of the 330,000-SF Denver Premium Multifamily developments with sizable retail components Outlets in Thornton at end of 2018, no further mall-style are now underway, and pure retail components are likely developments were being pursued entering 2020. Denver to follow.

DELIVERIES & DEMOLITIONS

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 11 CONSTRUCTIONConstruction DenverDenver Retail Retail

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 Northeast 6 113 21 18.9% 9 12,974 18,877 3 2 Downtown 1 76 0 0% 10 16,489 75,500 1 3 Northwest 7 66 19 29.2% 8 16,544 9,380 6 4 Central 4 62 62 100% 1 8,813 15,608 4 5 West 9 54 53 97.9% 5 10,230 5,987 9 6 Southeast 8 50 50 100% 1 17,822 6,188 8 7 Aurora 1 43 35 81.5% 6 16,694 43,250 2 8 Southeast Outlying 3 39 16 40.8% 7 11,620 12,959 5 9 Southwest 1 8 8 100% 1 21,521 7,500 7 10 South 1 4 4 100% 1 19,844 3,867 10 All Other 0 - - - 11,682 - Totals 41 514 268 52.1% 13,467 12,530

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 12 UNDERUnder CONSTRUCTION Construction Properties PROPERTIES DenverDenver Retail Retail

Properties Square Feet Percent of Inventory Preleased 41 513,730 0.3% 52.1%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner McGregor Square Retail Hensel Phelps 1 75,500 2 Oct 2018 Jan 2021 1901 Wazee St McGregor Square Nec of Chambers Rd & 1… Thompson Thrift 2 70,000 1 Aug 2019 Dec 2020 Thompson Thrift Parkside@City Centre Northstar Commercial Partners 3 43,250 1 Sep 2019 Nov 2020 14531 E Alameda Ave Regional Transportation District Central Square Sherman Associates, Inc. 4 34,312 1 Mar 2019 Dec 2020 Westminster Blvd And 92nd Sherman Associates, Inc. 2896 Fairfax St - 5 27,000 1 May 2019 Nov 2020 HM Capital Encore Castle Rock Confluence Companies 6 26,877 1 Jan 2019 Sep 2021 20 Wilcox St Confluence Companies Quebec St & Lowry Blvd Confluent Development 7 25,000 1 Dec 2019 Dec 2020 Kelmore Development Corporation

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 13 UNDERUnder CONSTRUCTION Construction Properties PROPERTIES DenverDenver Retail Retail

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Gateway Village Northstar Commercial Partners 8 15,275 1 Jul 2020 Mar 2021 Morrison And I-70 - Smoky Hill Crossing - 9 15,000 1 Aug 2020 Feb 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger 13565 Grant St - 10 14,000 1 Jan 2020 Nov 2020 Kelly Chuong Smoky Hill Crossing - Pa… - 11 13,200 1 Aug 2020 Feb 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger 825 S Kuner Rd - 12 12,862 1 Jun 2019 Nov 2020 Lamour Wadsworth & Byers - 13 10,000 1 Jun 2018 Nov 2020 Wadsworth & Byers HCA Healthcare, Inc. 2903 Larimer St - 14 8,085 1 Sep 2020 Feb 2021 Sterling Bay The Origin Hotel - Retail The Thrash Group, LLC 15 8,000 1 Nov 2018 Nov 2020 89th & Westminster Blvd - ROB - 16 7,500 1 Jan 2020 Feb 2021 3521 River Point Pky Weingarten Realty Investors 5300 Sheridan Blvd - 17 7,200 1 Oct 2019 Nov 2020 - Panda Express Evergreen Development Co. 18 7,000 1 Jul 2019 Nov 2020 56th Ave & Central Park B Evergreen Development Co. Atrium Dr Alberta Development Partners, LLC 19 7,000 1 Apr 2020 Dec 2020 Forum Real Estate Group Bldg A - 20 6,820 1 Aug 2020 Aug 2021 3795 Wadsworth Blvd - 50th Avenue & Bridge St - 21 6,116 1 Jan 2020 Nov 2020 - Kum & Go #2310 - 22 5,669 1 Mar 2020 Nov 2020 3432 Clear Creek Dr - Reed St - 23 5,450 1 Sep 2019 Mar 2021 Douglas Hickel 6405 Ponderosa Dr - 24 5,000 1 Jun 2020 Jan 2021 Canvas Credit Union Chick-fil-A - 25 5,000 1 Dec 2019 Nov 2020 4301 W 120th Ave - Bldg F- Restaurant Pad… The Kroenke Group 26 5,000 1 Oct 2019 Nov 2020 3795 Wadsworth Blvd The Kroenke Group 2-C Alberta Development Partners, LLC 27 5,000 1 Nov 2019 Nov 2020 Castlegate Dr Town of Castle Rock Build To Suit - 28 4,400 1 Aug 2020 Dec 2021 15570 E Broncos Pky -

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 14 SALESSales DenverDenver Retail Retail

Investment activity has slowed dramatically as the long Sotheby's International, Ocean Prime, and Bar Louie. term impact of the coronavirus on the economy plays Like in many metros, fitness centers are fueling some of out. Before the outbreak, several major deals took place, the biggest deals of the year. In September, Minnesota- driving sales volume that is generally on par with first- based Life Time Inc. acquired a 110,000 SF health club quarter figures from the past several years. from Millice Group for $30 million ($273/SF). The building received $7 million in capital improvements in 2017, After a somewhat quiet first half, investment activity including a renovated lobby and cafe. The buyer will picked up in the second half of 2019. More than $1.2 continue to operate the property as a health club. billion worth of retail assets traded, falling about $200 million short of 2018's volume. Based on CoStar's Pricing One of the largest trades of 2019 was a California- Trends, values continued to climb, albeit at a slower based buyer's acquisition of a 45,500 SF fitness center in pace than in past years. Cap rates tightened slightly, but Highlands Ranch for $22.8 million ($500/SF). ACRE have generally remained in the mid- to high-6% range Corporation, also based in California, sold the asset, that has become the norm in the market. which was fully leased by 24-Hour Fitness through 2035 with rent escalations every five years, beginning in 2025. The Kroenke Group dominated headlines in the final The reported cap rate based on current income and quarter of 2019. The firm, owned by billionaire real estate expenses was around 7.4%. mogul Stan Kroenke, acquired two shopping centers which turned out to be the biggest deals of the year. Prior to 2013, 10% of Metro Denver's suburban retail stock was within a mile of a light rail station. By 2020, In December 2019, Kroenke acquired the 218,000 SF more than 30% of the retail stock will be within a mile of Meadows Marketplace from Dallas-based Invesco a light rail station, an increase of 23 million SF. This Advisers for nearly $58 million ($266/SF). The Lone Tree assumes completion of the now under construction N asset delivered in 1996 and was anchored by Home Line and the southeast light rail extensions by 2020, in Depot. addition to the W, A, R, B, and G Line extensions which opened from 2013-19. For investors of existing retail, or One month earlier, the billionaire investor paid just under those pondering a redevelopment, there is a growing $49 million ($457/SF) for the 107,000 SF Belleview roster of suburban opportunities to consider. Promenade in Greenwood Village. Tenants included

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 15 SALESSales DenverDenver Retail Retail

SALES VOLUME & MARKET SALE PRICE PER SF

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 16 SALESSales PAST Past 12 12 MONTHS Months DenverDenver Retail Retail

Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 589 6.0% $266 6.3%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $110,000 $2,455,726 $1,535,600 $27,580,614

Price/SF $3.72 $266 $295 $2,949

Cap Rate 2.6% 6.0% 6.0% 9.9%

Time Since Sale in Months 0.1 6.2 7.0 12.0

Property Attributes Low Average Median High Building SF 338 9,187 4,405 137,885

Stories 1 1 1 4

Typical Floor SF 338 8,270 4,041 114,788

Vacancy Rate At Sale 0% 6.3% 0% 100%

Year Built 1875 1975 1980 2021

Star Rating 2.5

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 17 SALESSales PAST Past 12 12 MONTHS Months DenverDenver Retail Retail

RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate Bldg C-E 1 - 2000 55,554 12.6% 11/25/2019 $27,580,614 $496 - 8000 E Belleview Ave Meadows Marketplace 2 - 1996 107,099 0% 12/5/2019 $25,962,873 $242 - 8477 S Yosemite St Safeway 3 - 2000 51,609 0% 1/31/2020 $16,383,490 $317 5.1% 560 Corona St 8457-8467 S Yosemite St 4 - 1997 72,481 0% 12/5/2019 $15,964,643 $220 -

Shops B 5 - 2002 104,725 0% 2/14/2020 $14,929,158 $285 - 40-100 S Abilene St Safeway 6 - 1998 55,650 0% 12/23/2019 $14,750,000 $265 5.2% 9229 E Lincoln Ave Conifer Marketplace 7 - 1984 86,658 0% 1/16/2020 $12,250,000 $141 8.9% 10853 Hwy 285 Town Center Highlands… 8 - 1996 55,807 0% 11/7/2019 $12,000,000 $215 5.2% 9255 S Broadway 11051 S Parker Rd 9 - 1994 61,810 0% 10/31/2019 $11,800,000 $191 -

5220 Wadsworth Byp 10 - 1988 38,711 4.2% 6/3/2020 $10,633,000 $275 6.2%

Havana Square 11 - 1983 105,944 0% 10/30/2019 $10,350,000 $98 8.3% 1911-1999 S Havana St Shops A 12 - 2003 72,172 73.3% 2/14/2020 $10,288,539 $285 - 14140-14180 E Ellsworth… Best Buy 13 - 2001 45,872 0% 12/23/2019 $10,000,000 $218 - 1400 Colorado Mills Pky Brookhill Town Center 14 - 1989 99,142 0% 2/13/2020 $9,125,000 $92 - 6735-6795 W 88th Ave Shops C 15 - 2003 60,920 0% 2/14/2020 $8,684,500 $285 - 130-170 S Abilene St Building B 16 - 2000 14,336 0% 11/25/2019 $8,109,094 $566 - 8000 E Belleview Ave Animal Emergency & Sp… 17 - 2004 19,338 0% 9/17/2020 $7,815,000 $404 6.2% 17701 Cottonwood Dr Walgreens 18 - 2000 12,694 0% 6/30/2020 $7,143,000 $563 - 10390 Federal Blvd Kum & Go #939 19 - 2018 6,975 0% 1/15/2020 $6,975,438 $1,000 5.7% 5112 E Bromley Ln Natural Grocers 20 - 2020 13,300 0% 4/15/2020 $6,857,100 $516 5.3% 18471 Green Valley Ranc…

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 18 ECONOMYEconomy DenverDenver Retail Retail

Denver has reclaimed about two-thirds of the jobs lost coronavirus-induced downturn. Tech employers typically during April shutdowns, according to the Bureau of Labor allow the flexibility of telecommuting, and many office- Statistics. The nonfarm unemployment rate has using employers have the capacity to facilitate a work- compressed below the national average. At the start of from-home transition. Office-using jobs in Denver have 2020, Denver's unemployment rate was below 3%, grown above the national average the past five years at making it one of the tightest job markets in the country. about 3% annually.

Leisure and hospitality still weighed on the labor market Government employment has also been consistent, if not as employment in the sector was down more than 20% pedestrian, in terms of employment growth in the state from last year. Other services, which includes many jobs capital. The public sector has often been a stabilizing tied to retail, were down about 14%. Work-from-home force during past economic downturns. The government industries continue to weather the storm relatively well. and professional and business services sectors were the Jobs in information and professional and business only nonfarm job sectors in Denver to grow at or above services were virtually unchanged from the previous their five-year average in 2019. year. Although education and health services job gains were With a job location quotient near the national average for below their five-year average in 2019, it ranked as the retail and leisure and hospitality, Denver is not overly third-strongest employment growth sector behind exposed to the hardest-hit sectors. Nevertheless, professional and business services and government. Denver International Airport is a key economic driver for Healthcare is seeing a major investment in the $1.3 the region, generating more than $33 billion for the state billion VA hospital in Aurora, the Denver Health in a 5-year span. Administration's new headquarters in South Midtown, and Catalyst's 300,000-SF digital health facility in the Flights have been reduced by up to 90% by several RiNo neighborhood. airlines. Although Denver will not be more affected than most major metros in this regard, it does rely heavily on On the downside, oil and gas companies clustered in in-migration to fuel its labor force growth and overall Denver's CBD are now faced with volatile oil prices that economy, metrics which are expected to decline sharply plunged to 18-year lows in March. The last time oil in the coming months. prices were this weak in 2016, layoffs were widespread throughout the industry. This time, energy companies are The economic impact of the pandemic and shelter-in- faced with dual threats: oversupply due to Saudi Arabia place orders in April dwarfed that of the Great Financial and Russia posturing, and a precipitous fall in demand Crisis, which spanned several years. From 2008-09, as the movement of people and goods becomes Denver lost about 67,000 jobs, or about 100,000 fewer increasingly restricted due to the coronavirus. than reported during April. Even though Denver's overall employment growth Initial unemployment claims in Colorado have climbed showed signs of a slowdown last year along with the past 550,000 since mid-March. But weekly jobless national index, it added tech jobs at an accelerating claims, including gig workers and the self-employed, pace. Employment in Professional, Scientific & Technical continue to fall into July. Services grew by more than 7% annually in 2019, one of the best growth rates in the country. Corporate The last time oil prices fell this low in 2016, the local expansions and relocations by tech companies such as economy felt the impact. An oil price war between Saudi Amazon, Slack, and Conga drove employment gains and Arabia and Russia caused prices to plummet to $20 per epitomize the trend of West Coast firms choosing to barrel in March. The fallout of the demand shock caused expand in Denver for its robust workforce, quality of life, by the coronavirus led to oil prices hitting all-time lows in and cost of doing business. April, even after the U.S. and Mexico agreed to cut oil production along with OPEC+. Oil markets rebounded in Denver has been frequently lauded as a hot destination May, hovering around $30 per barrel. for young, educated job seekers throughout this cycle. Headwinds to this trend could come from housing costs, Denver's emergence as a bona fide technology market which are dramatically higher today for both renters and this cycle has helped insulate it from the impact of the prospective owners. While home prices continue to climb

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 19 ECONOMYEconomy DenverDenver Retail Retail

into the stratosphere (albeit at a slower rate than the Along with a young, highly educated, and growing labor peak years of this cycle), apartment rent growth has force, the FasTracks transit expansion is another selling moderated alongside elevated levels of construction, point. Transit-oriented development is taking hold which may provide a relief valve for those considering through the metro as additional lines connect downtown the metro for its otherwise robust employment prospects. to North Denver, Aurora, Southeast Denver, and the Denver International Airport.

DENVER EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 70 0.6 -1.58% -5.77% 1.33% 0.46% 0.54% 0.65% Trade, Transportation and Utilities 265 1.0 -5.07% -7.05% 1.53% 0.46% 1.43% 1.35% Retail Trade 128 0.9 -7.84% -8.58% 0.59% -0.13% 1.76% 1.68% Financial Activities 110 1.2 -3.40% -1.27% 1.90% 1.21% 1.07% 0.68% Government 203 0.9 -0.71% -3.23% 1.41% -0.22% 0.58% 0.63% Natural Resources, Mining and Construction 106 1.3 -5.78% -4.64% 4.34% 2.36% 1.73% 1.24% Education and Health Services 186 0.8 -4.04% -4.74% 2.61% 1.46% 2.54% 2.18% Professional and Business Services 280 1.3 -1.69% -7.04% 3.21% 1.67% 1.86% 2.21% Information 52 1.8 1.83% -3.11% 1.71% 0.28% 0.01% 1.35% Leisure and Hospitality 122 1.0 -30.07% -32.74% -0.47% -1.58% 7.74% 8.22% Other Services 51 1.0 -15.21% -15.13% 0.41% -0.61% 3.20% 3.07% Total Employment 1,446 1.0 -6.49% -8.59% 1.92% 0.58% 2.10% 2.08% Source: Oxford Economics LQ = Location Quotient

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 20 ECONOMYEconomy DenverDenver Retail Retail

YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro U.S. Metro U.S. Metro U.S. Metro U.S. Population 3,002,022 330,072,563 1.1% 0.5% 1.6% 0.6% 1.1% 0.5% Households 1,156,458 122,529,484 1.0% 0.4% 1.4% 0.7% 1.0% 0.4% Median Household Income $82,989 $64,504 0.6% 1.2% 3.5% 2.6% 2.9% 2.9% Labor Force 1,612,885 159,642,625 -4.5% -2.6% 1.3% 0.4% 1.6% 0.9% Unemployment 10.2% 13.4% 7.6% 9.8% 0.1% 0.4% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 21 SUBMARKETSSubmarkets DenverDenver Retail Retail

DENVER SUBMARKETS

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 22 SUBMARKETSSubmarkets DenverDenver Retail Retail

SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction as % of Inventory

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 1 Aurora 729 12,170 7.7% 7 4 22 0.2% 10 1 43 0.4% 7 2 Central 2,440 21,504 13.6% 3 14 385 1.8% 1 4 62 0.3% 4 3 Colorado Bl/Cherry Ck 323 5,075 3.2% 9 1 2 0% 11 0 - - - 4 Downtown 236 3,891 2.5% 11 1 89 2.3% 6 1 76 1.9% 2 5 Northeast 1,165 15,115 9.6% 6 19 147 1.0% 2 6 113 0.7% 1 6 Northwest 1,505 24,898 15.8% 2 10 75 0.3% 7 7 66 0.3% 3 7 South 950 18,852 12.0% 4 10 108 0.6% 3 1 4 0% 10 8 Southeast 868 15,469 9.8% 5 12 94 0.6% 5 8 50 0.3% 6 9 Southeast Outlying 335 3,893 2.5% 10 8 95 2.5% 4 3 39 1.0% 8 10 Southwest 483 10,394 6.6% 8 3 28 0.3% 9 1 8 0.1% 9 11 Southwest Outlying 227 1,350 0.9% 12 1 1 0.1% 12 0 - - - 12 West 2,438 24,942 15.8% 1 6 57 0.2% 8 9 54 0.2% 5

SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Aurora $16.73 12 1.1% 1 4.8% 6 2 Central $23.05 5 0.7% 8 6.0% 1 3 Colorado Bl/Cherry Ck $42.60 1 -0.1% 11 4.4% 9 4 Downtown $32.01 2 -0.1% 12 5.5% 2 5 Northeast $21.09 6 1.0% 3 5.1% 4 6 Northwest $20.79 7 0.7% 7 4.1% 12 7 South $28.08 3 0.2% 9 4.1% 11 8 Southeast $25.07 4 0.7% 6 4.9% 5 9 Southeast Outlying $19.38 10 1.0% 2 4.6% 7 10 Southwest $20.59 8 0.9% 4 4.4% 8 11 Southwest Outlying $16.76 11 0.2% 10 5.4% 3 12 West $20.42 9 0.7% 5 4.4% 10

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 23 SUBMARKETSSubmarkets DenverDenver Retail Retail

SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 Aurora 729,469 6.0% 10 (72,051) -0.6% 7 - 2 Central 905,290 4.2% 3 44,788 0.2% 3 7.4 3 Colorado Bl/Cherry Ck 229,552 4.5% 5 (94,943) -1.9% 8 - 4 Downtown 211,615 5.4% 8 (27,354) -0.7% 6 - 5 Northeast 652,579 4.3% 4 151,952 1.0% 1 0.8 6 Northwest 1,597,871 6.4% 12 (243,662) -1.0% 10 - 7 South 1,112,746 5.9% 9 (349,295) -1.9% 12 - 8 Southeast 737,179 4.8% 6 28,726 0.2% 4 2.2 9 Southeast Outlying 120,055 3.1% 1 68,871 1.8% 2 1.3 10 Southwest 658,537 6.3% 11 (287,214) -2.8% 11 - 11 Southwest Outlying 52,886 3.9% 2 (4,264) -0.3% 5 - 12 West 1,299,435 5.2% 7 (142,904) -0.6% 9 -

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 24 SUPPLYSupply & & DEMAND Demand TRENDS Trends DenverDenver Retail Retail

OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 160,438,136 959,249 0.6% 864,545 0.5% 1.1 2023 159,478,887 928,470 0.6% 931,657 0.6% 1.0 2022 158,550,417 516,467 0.3% 646,380 0.4% 0.8 2021 158,033,950 274,816 0.2% (872,374) -0.6% - 2020 157,759,134 922,495 0.6% (1,565,942) -1.0% - YTD 157,635,946 799,307 0.5% (865,673) -0.5% - 2019 156,836,639 666,139 0.4% (48,169) 0% - 2018 156,170,500 1,317,790 0.9% 2,135,851 1.4% 0.6 2017 154,852,710 1,509,384 1.0% 1,802,317 1.2% 0.8 2016 153,343,326 812,864 0.5% 1,517,636 1.0% 0.5 2015 152,530,462 847,394 0.6% 1,299,779 0.9% 0.7 2014 151,683,068 430,706 0.3% 1,451,669 1.0% 0.3 2013 151,252,362 1,001,173 0.7% 2,013,736 1.3% 0.5 2012 150,251,189 378,287 0.3% 1,123,181 0.7% 0.3 2011 149,872,902 898,245 0.6% 1,667,953 1.1% 0.5 2010 148,974,657 628,119 0.4% 1,432,621 1.0% 0.4 2009 148,346,538 2,361,328 1.6% 1,405,528 0.9% 1.7 2008 145,985,210 2,749,945 1.9% 1,979,117 1.4% 1.4

MALLS SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 16,801,105 10,712 0.1% 8,217 0% 1.3 2023 16,790,393 10,372 0.1% 32,341 0.2% 0.3 2022 16,780,021 5,668 0% 23,724 0.1% 0.2 2021 16,774,353 6,394 0% (293,325) -1.7% - 2020 16,767,959 68,649 0.4% (257,144) -1.5% - YTD 16,763,810 64,500 0.4% (65,971) -0.4% - 2019 16,699,310 27,393 0.2% (174,035) -1.0% - 2018 16,671,917 75,072 0.5% 546,417 3.3% 0.1 2017 16,596,845 339,754 2.1% 481,397 2.9% 0.7 2016 16,257,091 188,969 1.2% 274,613 1.7% 0.7 2015 16,068,122 84,823 0.5% 153,428 1.0% 0.6 2014 15,983,299 7,264 0% (91,305) -0.6% - 2013 15,976,035 0 0% 96,951 0.6% 0 2012 15,976,035 38,547 0.2% (82,997) -0.5% - 2011 15,937,488 270,000 1.7% 42,769 0.3% 6.3 2010 15,667,488 7,232 0% 102,186 0.7% 0.1 2009 15,660,256 563,311 3.7% 583,835 3.7% 1.0 2008 15,096,945 662,139 4.6% 443,371 2.9% 1.5

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 25 SUPPLYSupply & & DEMAND Demand TRENDS Trends DenverDenver Retail Retail

POWER CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 15,803,768 31,644 0.2% 21,804 0.1% 1.5 2023 15,772,124 30,593 0.2% 39,272 0.2% 0.8 2022 15,741,531 16,615 0.1% 40,698 0.3% 0.4 2021 15,724,916 4,555 0% (81,718) -0.5% - 2020 15,720,361 (2,680) 0% (203,636) -1.3% - YTD 15,723,041 0 0% (92,024) -0.6% - 2019 15,723,041 93,809 0.6% (68,424) -0.4% - 2018 15,629,232 57,500 0.4% (116,539) -0.7% - 2017 15,571,732 47,500 0.3% 143,964 0.9% 0.3 2016 15,524,232 18,099 0.1% (387,937) -2.5% - 2015 15,506,133 25,005 0.2% 75,982 0.5% 0.3 2014 15,481,128 119,775 0.8% 369,711 2.4% 0.3 2013 15,361,353 88,608 0.6% 116,383 0.8% 0.8 2012 15,272,745 128,031 0.8% 263,285 1.7% 0.5 2011 15,144,714 425,199 2.9% 639,637 4.2% 0.7 2010 14,719,515 27,609 0.2% 299,536 2.0% 0.1 2009 14,691,906 803,454 5.8% 430,050 2.9% 1.9 2008 13,888,452 1,015,518 7.9% 551,315 4.0% 1.8

NEIGHBORHOOD CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 50,804,118 151,638 0.3% 175,714 0.3% 0.9 2023 50,652,480 146,796 0.3% 218,624 0.4% 0.7 2022 50,505,684 81,605 0.2% 198,156 0.4% 0.4 2021 50,424,079 (3,211) 0% (233,684) -0.5% - 2020 50,427,290 111,989 0.2% (805,019) -1.6% - YTD 50,381,001 65,700 0.1% (649,388) -1.3% - 2019 50,315,301 230,997 0.5% (40,576) -0.1% - 2018 50,084,304 170,534 0.3% 499,689 1.0% 0.3 2017 49,913,770 252,882 0.5% 417,173 0.8% 0.6 2016 49,660,888 212,886 0.4% 752,563 1.5% 0.3 2015 49,448,002 461,153 0.9% 467,903 0.9% 1.0 2014 48,986,849 277,198 0.6% 537,968 1.1% 0.5 2013 48,709,651 315,432 0.7% 726,313 1.5% 0.4 2012 48,394,219 496,603 1.0% 892,790 1.8% 0.6 2011 47,897,616 115,322 0.2% 346,036 0.7% 0.3 2010 47,782,294 325,047 0.7% 384,234 0.8% 0.8 2009 47,457,247 313,320 0.7% 254,940 0.5% 1.2 2008 47,143,927 515,455 1.1% 202,183 0.4% 2.5

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 26 SUPPLYSupply & & DEMAND Demand TRENDS Trends DenverDenver Retail Retail

STRIP CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 8,133,926 63,100 0.8% 61,288 0.8% 1.0 2023 8,070,826 61,044 0.8% 61,641 0.8% 1.0 2022 8,009,782 33,962 0.4% 38,954 0.5% 0.9 2021 7,975,820 11,317 0.1% (20,886) -0.3% - 2020 7,964,503 10,508 0.1% (59,038) -0.7% - YTD 7,969,695 15,700 0.2% (86,209) -1.1% - 2019 7,953,995 48,695 0.6% 75,125 0.9% 0.6 2018 7,905,300 122,802 1.6% 109,674 1.4% 1.1 2017 7,782,498 51,663 0.7% 46,977 0.6% 1.1 2016 7,730,835 34,548 0.4% 79,095 1.0% 0.4 2015 7,696,287 34,322 0.4% 112,912 1.5% 0.3 2014 7,661,965 40,508 0.5% 148,989 1.9% 0.3 2013 7,621,457 58,221 0.8% 105,136 1.4% 0.6 2012 7,563,236 20,078 0.3% 72,917 1.0% 0.3 2011 7,543,158 0 0% 77,697 1.0% 0 2010 7,543,158 0 0% 111,820 1.5% 0 2009 7,543,158 88,353 1.2% (9,742) -0.1% - 2008 7,454,805 280,048 3.9% 166,410 2.2% 1.7

GENERAL RETAIL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 67,538,483 687,566 1.0% 584,871 0.9% 1.2 2023 66,850,917 665,526 1.0% 567,122 0.8% 1.2 2022 66,185,391 370,466 0.6% 338,371 0.5% 1.1 2021 65,814,925 255,968 0.4% (232,166) -0.4% - 2020 65,558,957 735,148 1.1% (251,542) -0.4% - YTD 65,477,216 653,407 1.0% 12,264 0% 53.3 2019 64,823,809 265,245 0.4% 159,741 0.2% 1.7 2018 64,558,564 563,762 0.9% 715,766 1.1% 0.8 2017 63,994,802 810,181 1.3% 776,807 1.2% 1.0 2016 63,184,621 300,685 0.5% 739,064 1.2% 0.4 2015 62,883,936 242,091 0.4% 486,316 0.8% 0.5 2014 62,641,845 (14,039) 0% 487,512 0.8% - 2013 62,655,884 538,912 0.9% 965,052 1.5% 0.6 2012 62,116,972 (304,972) -0.5% (28,659) 0% - 2011 62,421,944 87,724 0.1% 562,664 0.9% 0.2 2010 62,334,220 268,231 0.4% 528,783 0.8% 0.5 2009 62,065,989 592,890 1.0% 163,405 0.3% 3.6 2008 61,473,099 147,546 0.2% 490,439 0.8% 0.3

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 27 SUPPLYSupply & & DEMAND Demand TRENDS Trends DenverDenver Retail Retail

OTHER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2024 1,356,736 14,589 1.1% 12,651 0.9% 1.2 2023 1,342,147 14,139 1.1% 12,657 0.9% 1.1 2022 1,328,008 8,151 0.6% 6,477 0.5% 1.3 2021 1,319,857 (207) 0% (10,595) -0.8% - 2020 1,320,064 (1,119) -0.1% 10,437 0.8% - YTD 1,321,183 0 0% 15,655 1.2% 0 2019 1,321,183 0 0% - - - 2018 1,321,183 328,120 33.0% 380,844 28.8% 0.9 2017 993,063 7,404 0.8% (64,001) -6.4% - 2016 985,659 57,677 6.2% 60,238 6.1% 1.0 2015 927,982 0 0% 3,238 0.3% 0 2014 927,982 0 0% (1,206) -0.1% - 2013 927,982 0 0% 3,901 0.4% 0 2012 927,982 0 0% 5,845 0.6% 0 2011 927,982 0 0% (850) -0.1% - 2010 927,982 0 0% 6,062 0.7% 0 2009 927,982 0 0% (16,960) -1.8% - 2008 927,982 129,239 16.2% 125,399 13.5% 1.0

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 28 RENTRent & & VACANCY Vacancy DenverDenver Retail Retail

OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $23.89 134 0.7% 4.6% 10,161,319 6.3% 0% 2023 $23.73 133 1.6% 3.9% 10,087,129 6.3% -0.1% 2022 $23.35 131 3.8% 2.3% 10,110,788 6.4% -0.1% 2021 $22.50 126 -0.1% -1.5% 10,250,645 6.5% 0.7% 2020 $22.53 126 -1.3% -1.3% 9,095,017 5.8% 1.5% YTD $22.94 129 0.5% 0.5% 8,318,719 5.3% 1.0% 2019 $22.83 128 2.3% 0% 6,668,646 4.3% 0.4% 2018 $22.32 125 3.7% -2.2% 5,975,167 3.8% -0.6% 2017 $21.53 121 5.1% -5.7% 6,810,546 4.4% -0.2% 2016 $20.49 115 4.6% -10.3% 7,121,052 4.6% -0.5% 2015 $19.58 110 3.7% -14.2% 7,829,858 5.1% -0.3% 2014 $18.88 106 5.8% -17.3% 8,269,591 5.5% -0.7% 2013 $17.84 100 3.8% -21.9% 9,303,523 6.2% -0.7% 2012 $17.18 96 1.1% -24.7% 10,319,949 6.9% -0.5% 2011 $17.00 95 0.1% -25.5% 11,064,843 7.4% -0.6% 2010 $16.98 95 -1.9% -25.6% 11,834,776 7.9% -0.5% 2009 $17.32 97 -2.9% -24.2% 12,580,914 8.5% 0.5% 2008 $17.84 100 -1.2% -21.9% 11,618,928 8.0% 0.4%

MALLS RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $33.82 140 0.7% 4.6% 1,086,699 6.5% 0% 2023 $33.59 139 1.7% 3.9% 1,084,716 6.5% -0.1% 2022 $33.03 137 3.8% 2.2% 1,107,201 6.6% -0.1% 2021 $31.82 132 -0.1% -1.6% 1,125,479 6.7% 1.8% 2020 $31.86 132 -1.5% -1.5% 825,637 4.9% 1.9% YTD $32.42 134 0.3% 0.3% 630,293 3.8% 0.8% 2019 $32.34 134 2.2% 0% 499,822 3.0% 1.2% 2018 $31.64 131 2.8% -2.1% 298,394 1.8% -2.8% 2017 $30.78 127 4.6% -4.8% 769,739 4.6% -1.0% 2016 $29.41 122 5.0% -9.0% 911,382 5.6% -0.6% 2015 $28.00 116 2.0% -13.4% 1,004,026 6.2% -0.5% 2014 $27.44 114 6.5% -15.1% 1,072,631 6.7% 0.6% 2013 $25.76 107 4.3% -20.3% 974,062 6.1% -0.6% 2012 $24.70 102 1.3% -23.6% 1,071,013 6.7% 0.7% 2011 $24.39 101 1.6% -24.6% 949,469 6.0% 1.3% 2010 $24.00 99 1.2% -25.8% 722,463 4.6% -0.6% 2009 $23.72 98 -1.9% -26.7% 817,417 5.2% -0.3% 2008 $24.17 100 -1.3% -25.2% 837,941 5.6% 1.3%

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 29 RENTRent & & VACANCY Vacancy DenverDenver Retail Retail

POWER CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $25.31 133 0.5% 4.2% 1,461,402 9.2% 0% 2023 $25.18 132 1.5% 3.7% 1,452,257 9.2% -0.1% 2022 $24.81 130 3.6% 2.2% 1,461,649 9.3% -0.2% 2021 $23.94 126 -0.3% -1.4% 1,486,260 9.5% 0.5% 2020 $24.01 126 -1.1% -1.1% 1,399,650 8.9% 1.3% YTD $24.45 129 0.7% 0.7% 1,290,522 8.2% 0.6% 2019 $24.28 128 2.2% 0% 1,198,498 7.6% 1.0% 2018 $23.76 125 3.7% -2.1% 1,036,265 6.6% 1.1% 2017 $22.92 121 5.1% -5.6% 862,226 5.5% -0.6% 2016 $21.81 115 4.9% -10.2% 958,690 6.2% 2.6% 2015 $20.80 109 3.8% -14.3% 552,654 3.6% -0.3% 2014 $20.04 105 6.0% -17.4% 603,631 3.9% -1.7% 2013 $18.91 99 3.6% -22.1% 853,567 5.6% -0.2% 2012 $18.25 96 1.3% -24.8% 881,342 5.8% -0.9% 2011 $18.02 95 0.2% -25.8% 1,016,596 6.7% -1.7% 2010 $17.98 95 -2.2% -25.9% 1,231,034 8.4% -1.9% 2009 $18.39 97 -3.3% -24.3% 1,502,961 10.2% 2.1% 2008 $19.02 100 -1.2% -21.7% 1,129,557 8.1% 3.0%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $22.00 131 0.6% 4.8% 3,987,976 7.8% -0.1% 2023 $21.86 130 1.6% 4.1% 4,015,854 7.9% -0.2% 2022 $21.52 128 3.7% 2.5% 4,091,482 8.1% -0.2% 2021 $20.75 123 -0.2% -1.2% 4,210,619 8.4% 0.5% 2020 $20.79 123 -1.0% -1.0% 3,978,646 7.9% 1.8% YTD $21.17 126 0.8% 0.8% 3,775,913 7.5% 1.4% 2019 $20.99 125 1.8% 0% 3,060,825 6.1% 0.5% 2018 $20.63 122 3.8% -1.7% 2,788,072 5.6% -0.7% 2017 $19.87 118 5.1% -5.4% 3,127,145 6.3% -0.4% 2016 $18.90 112 4.7% -10.0% 3,291,643 6.6% -1.1% 2015 $18.04 107 4.1% -14.1% 3,831,320 7.7% -0.1% 2014 $17.33 103 5.2% -17.4% 3,838,387 7.8% -0.6% 2013 $16.48 98 3.1% -21.5% 4,099,157 8.4% -0.9% 2012 $15.98 95 0.7% -23.9% 4,512,118 9.3% -0.9% 2011 $15.86 94 -0.2% -24.5% 4,908,305 10.2% -0.5% 2010 $15.89 94 -2.8% -24.3% 5,139,019 10.8% -0.1% 2009 $16.35 97 -3.0% -22.1% 5,140,390 10.8% 0.1% 2008 $16.85 100 -1.3% -19.7% 5,082,010 10.8% 0.6%

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 30 RENTRent & & VACANCY Vacancy DenverDenver Retail Retail

STRIP CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $21.33 129 0.6% 4.4% 486,717 6.0% 0% 2023 $21.19 128 1.6% 3.8% 486,364 6.0% -0.1% 2022 $20.86 126 3.8% 2.2% 488,383 6.1% -0.1% 2021 $20.10 122 -0.2% -1.6% 494,316 6.2% 0.4% 2020 $20.13 122 -1.4% -1.4% 461,558 5.8% 0.9% YTD $20.51 124 0.4% 0.4% 493,635 6.2% 1.3% 2019 $20.42 124 1.9% 0% 391,726 4.9% -0.4% 2018 $20.03 121 3.5% -1.9% 418,156 5.3% 0.1% 2017 $19.35 117 4.9% -5.3% 405,028 5.2% 0% 2016 $18.45 112 4.0% -9.7% 398,717 5.2% -0.6% 2015 $17.73 107 4.0% -13.2% 443,264 5.8% -1.1% 2014 $17.05 103 5.3% -16.5% 521,854 6.8% -1.5% 2013 $16.19 98 3.9% -20.7% 630,335 8.3% -0.7% 2012 $15.59 94 0.6% -23.7% 677,250 9.0% -0.7% 2011 $15.49 94 -0.6% -24.1% 730,089 9.7% -1.0% 2010 $15.59 94 -2.8% -23.7% 807,786 10.7% -1.5% 2009 $16.04 97 -3.0% -21.4% 919,606 12.2% 1.3% 2008 $16.53 100 -1.2% -19.0% 815,325 10.9% 1.1%

GENERAL RETAIL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $22.81 135 0.7% 4.6% 3,114,729 4.6% 0.1% 2023 $22.65 134 1.7% 3.9% 3,026,047 4.5% 0.1% 2022 $22.27 132 3.9% 2.2% 2,941,625 4.4% 0% 2021 $21.44 127 0% -1.7% 2,915,185 4.4% 0.7% 2020 $21.44 127 -1.6% -1.6% 2,421,133 3.7% 1.4% YTD $21.85 129 0.2% 0.2% 2,124,081 3.2% 0.9% 2019 $21.80 129 2.8% 0% 1,497,845 2.3% 0.1% 2018 $21.21 126 3.9% -2.7% 1,414,350 2.2% -0.3% 2017 $20.41 121 5.2% -6.4% 1,573,754 2.5% 0% 2016 $19.39 115 4.4% -11.0% 1,559,371 2.5% -0.7% 2015 $18.58 110 4.1% -14.8% 1,994,784 3.2% -0.4% 2014 $17.85 106 6.0% -18.1% 2,226,040 3.6% -0.8% 2013 $16.84 100 4.3% -22.8% 2,740,560 4.4% -0.7% 2012 $16.14 96 1.2% -25.9% 3,168,483 5.1% -0.4% 2011 $15.95 95 -0.1% -26.8% 3,444,796 5.5% -0.8% 2010 $15.97 95 -2.3% -26.7% 3,919,736 6.3% -0.4% 2009 $16.34 97 -3.2% -25.0% 4,179,740 6.7% 0.6% 2008 $16.88 100 -1.0% -22.6% 3,750,255 6.1% -0.6%

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 31 RENTRent & & VACANCY Vacancy DenverDenver Retail Retail

OTHER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2024 $22.61 133 0.9% 6.5% 23,796 1.8% 0.1% 2023 $22.40 132 1.9% 5.5% 21,891 1.6% 0.1% 2022 $21.99 129 4.1% 3.6% 20,448 1.5% 0.1% 2021 $21.13 124 0.2% -0.5% 18,786 1.4% 0.8% 2020 $21.10 124 -0.6% -0.6% 8,393 0.6% -0.9% YTD $21.46 126 1.1% 1.1% 4,275 0.3% -1.2% 2019 $21.23 125 1.2% 0% 19,930 1.5% 0% 2018 $20.98 123 3.4% -1.2% 19,930 1.5% -5.8% 2017 $20.29 119 4.9% -4.5% 72,654 7.3% 7.2% 2016 $19.33 114 4.6% -8.9% 1,249 0.1% -0.3% 2015 $18.48 109 4.1% -13.0% 3,810 0.4% -0.3% 2014 $17.75 104 4.5% -16.4% 7,048 0.8% 0.1% 2013 $16.99 100 3.0% -20.0% 5,842 0.6% -0.4% 2012 $16.50 97 -0.2% -22.3% 9,743 1.0% -0.6% 2011 $16.54 97 0.6% -22.1% 15,588 1.7% 0.1% 2010 $16.44 97 -1.4% -22.6% 14,738 1.6% -0.7% 2009 $16.68 98 -1.9% -21.5% 20,800 2.2% 1.8% 2008 $17.01 100 -1.5% -19.9% 3,840 0.4% 0.4%

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 32 SALESale TRENDS Trends DenverDenver Retail Retail

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 2024 ------$241.67 175 6.4% 2023 ------$239.02 173 6.4% 2022 ------$232.98 169 6.5% 2021 ------$218.19 158 6.6% 2020 ------$219.43 159 6.8% YTD 435 $602.1M 2.3% $2,203,331 $248.36 5.9% $227.05 165 6.6% 2019 626 $1.3B 4.0% $2,754,418 $253.69 6.2% $224.61 163 6.6% 2018 724 $1.5B 6.7% $2,721,308 $198.66 6.5% $214.98 156 6.7% 2017 640 $1.3B 5.5% $2,605,556 $183.82 6.2% $207.62 150 6.7% 2016 647 $1.3B 4.2% $2,432,714 $246.38 6.6% $197.80 143 6.8% 2015 747 $1.4B 6.7% $2,427,310 $191.50 6.8% $188.70 137 6.9% 2014 698 $1B 5.8% $1,814,923 $154.76 7.1% $174.64 127 7.2% 2013 653 $1B 5.6% $2,166,398 $161.03 7.5% $152.13 110 7.6% 2012 544 $857.9M 4.9% $2,224,898 $178.40 7.8% $146.76 106 7.7% 2011 411 $499.6M 3.7% $1,650,168 $135.25 8.3% $133.33 97 8.1% 2010 324 $351.8M 2.4% $1,310,778 $107.33 8.2% $126.44 92 8.4% 2009 233 $476M 2.0% $2,431,871 $192.11 8.3% $121.67 88 8.6% (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 2024 ------$229.07 157 6.3% 2023 ------$226.59 155 6.3% 2022 ------$220.79 151 6.3% 2021 ------$206.77 142 6.5% 2020 ------$208.02 142 6.6% YTD 7 $9M 1.9% $3,010,000 $61.74 - $214.96 147 6.5% 2019 4 $13M 0.1% $3,240,000 $556.77 5.4% $212.05 145 6.5% 2018 48 $199.5M 18.8% $6,235,218 $146.99 6.0% $202.31 139 6.6% 2017 14 $77.8M 2.5% $7,073,874 $265.98 5.5% $196.19 134 6.6% 2016 13 $18.8M 2.7% $3,128,340 $347.66 5.4% $187.40 128 6.7% 2015 22 $256.2M 10.4% $25,623,040 $403.54 5.6% $182.75 125 6.7% 2014 5 $10M 2.9% $3,339,333 $59.88 6.9% $171.00 117 6.9% 2013 22 $25.7M 3.5% $3,211,750 $394.84 - $158.55 109 7.2% 2012 30 $302.9M 10.5% $37,858,678 $522.43 8.2% $154.75 106 7.2% 2011 2 $3.5M 1.4% $1,753,500 $15.45 8.9% $141.27 97 7.6% 2010 2 $4.6M 0.1% $2,309,250 $568.43 9.0% $134.46 92 7.8% 2009 2 $232.1M 3.8% $232,050,193 $607.31 - $129.10 88 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.

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 33 SALESale TRENDS Trends DenverDenver Retail Retail

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 2024 ------$226.26 161 6.4% 2023 ------$224.17 160 6.5% 2022 ------$218.84 156 6.5% 2021 ------$205.35 146 6.6% 2020 ------$207.01 148 6.8% YTD 23 $56.9M 1.7% $2,588,400 $219.87 5.5% $214.25 153 6.6% 2019 16 $54.5M 1.6% $3,632,667 $228.15 6.1% $212.40 151 6.6% 2018 26 $115.9M 4.3% $4,625,640 $173.88 6.7% $202.56 144 6.7% 2017 19 $77M 6.2% $4,529,721 $102.35 6.5% $198.23 141 6.7% 2016 12 $77M 1.5% $6,417,705 $330.01 7.0% $189.30 135 6.8% 2015 32 $115.7M 7.3% $5,507,476 $186.27 6.2% $181.87 130 6.8% 2014 45 $56.1M 6.4% $5,606,457 $241.11 7.1% $171.91 123 7.0% 2013 48 $255.9M 10.1% $10,234,735 $226.95 7.4% $150.91 108 7.4% 2012 34 $53.4M 6.2% $4,105,307 $160.40 7.5% $147.34 105 7.5% 2011 21 $36M 8.2% $6,008,302 $168.54 10.2% $135.22 96 7.8% 2010 6 $8M 1.6% $1,602,320 $34.38 - $129.28 92 8.1% 2009 1 $3.9M 0.5% $3,850,000 $48.15 - $124.03 88 8.2% (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 2024 ------$213.05 169 6.5% 2023 ------$210.82 167 6.5% 2022 ------$205.63 163 6.6% 2021 ------$192.79 153 6.7% 2020 ------$194.20 154 6.9% YTD 63 $103.4M 1.7% $4,068,412 $212.42 5.9% $200.77 159 6.7% 2019 103 $452M 5.0% $5,373,963 $202.62 6.3% $199.16 158 6.7% 2018 118 $356.5M 5.1% $3,593,605 $155.89 6.8% $189.47 150 6.8% 2017 130 $465.3M 6.0% $4,213,440 $167.64 6.2% $182.98 145 6.9% 2016 121 $559.7M 4.6% $4,862,459 $249.91 6.5% $174.41 138 7.0% 2015 136 $405.5M 6.4% $3,407,641 $146.62 6.6% $166.83 132 7.0% 2014 122 $352.7M 5.5% $3,235,976 $144.21 6.8% $155.67 123 7.3% 2013 117 $334.8M 5.6% $3,282,381 $145.50 8.0% $135.75 108 7.7% 2012 97 $168.7M 4.2% $2,677,483 $103.76 7.6% $132.48 105 7.8% 2011 81 $202.5M 3.8% $3,214,150 $148.45 7.3% $120.65 96 8.2% 2010 44 $112.2M 2.3% $2,794,686 $116.82 7.9% $115.52 92 8.4% 2009 28 $78.3M 1.5% $2,900,870 $117.14 8.0% $111.33 88 8.6% (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.

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 34 SALESale TRENDS Trends DenverDenver Retail Retail

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 2024 ------$272.58 181 6.5% 2023 ------$269.73 179 6.5% 2022 ------$263.05 175 6.5% 2021 ------$246.47 164 6.7% 2020 ------$248.03 165 6.8% YTD 17 $26.4M 2.0% $2,170,318 $243.41 6.1% $256.76 171 6.6% 2019 36 $80.8M 4.2% $2,676,661 $280.85 7.1% $251.53 167 6.7% 2018 46 $81.7M 4.9% $2,765,878 $329.31 5.9% $245.51 163 6.7% 2017 55 $88.6M 6.8% $2,507,573 $230.39 7.2% $236.61 157 6.7% 2016 54 $89.9M 7.0% $2,089,634 $197.59 7.1% $225.85 150 6.8% 2015 58 $106.7M 8.4% $2,539,589 $209.00 7.2% $213.33 142 6.9% 2014 62 $72.8M 7.2% $1,343,825 $141.42 7.6% $195.88 130 7.2% 2013 43 $47.7M 6.4% $1,524,907 $132.97 8.1% $168.05 112 7.8% 2012 48 $59.9M 7.0% $1,726,832 $145.47 8.4% $160.66 107 7.9% 2011 27 $25.6M 3.4% $1,666,678 $138.08 8.3% $146.01 97 8.3% 2010 19 $19.1M 2.5% $1,853,711 $147.16 7.5% $136.96 91 8.7% 2009 14 $15.7M 2.0% $1,311,592 $123.19 9.4% $131.95 88 8.8% (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 2024 ------$266.28 187 6.4% 2023 ------$263.14 184 6.4% 2022 ------$256.31 180 6.4% 2021 ------$239.79 168 6.6% 2020 ------$240.78 169 6.7% YTD 325 $406.4M 3.2% $1,928,545 $285.36 5.9% $249.37 175 6.6% 2019 467 $711.4M 4.9% $2,069,638 $297.70 6.0% $246.63 173 6.6% 2018 485 $708.8M 5.8% $2,007,465 $252.90 6.5% $236.75 166 6.6% 2017 420 $579.8M 5.4% $1,781,424 $204.52 6.1% $227.81 160 6.7% 2016 447 $576.1M 4.7% $1,565,148 $241.89 6.6% $216.66 152 6.7% 2015 499 $561.6M 5.7% $1,390,049 $186.13 6.8% $205.27 144 6.9% 2014 464 $523.4M 6.5% $1,362,439 $163.67 7.2% $187.86 132 7.2% 2013 422 $373.6M 5.0% $1,191,990 $144.15 7.0% $161.15 113 7.7% 2012 335 $273.2M 3.6% $1,005,704 $146.92 7.6% $153.60 108 7.8% 2011 280 $232M 3.3% $1,062,685 $136.16 8.3% $138.80 97 8.2% 2010 253 $207.8M 3.4% $984,269 $106.79 8.3% $130.57 91 8.6% 2009 187 $146.1M 2.2% $936,702 $119.79 8.1% $125.63 88 8.7% (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.

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 35 SALESale TRENDS Trends DenverDenver Retail Retail

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 2024 ------$243.78 165 6.5% 2023 ------$240.55 163 6.5% 2022 ------$233.85 158 6.5% 2021 ------$218.25 148 6.6% 2020 ------$218.77 148 6.8% YTD ------$226.00 153 6.7% 2019 ------$219.59 149 6.7% 2018 1 $0.00 0.4% - - - $207.40 141 6.8% 2017 2 $16.8M 6.2% $8,415,850 $274.23 6.2% $204.44 139 6.8% 2016 ------$196.84 133 6.8% 2015 ------$189.60 128 6.8% 2014 ------$177.82 120 7.1% 2013 1 $0.00 2.2% - - - $155.95 106 7.5% 2012 ------$152.40 103 7.5% 2011 ------$139.71 95 7.9% 2010 ------$134.29 91 8.1% 2009 1 $0.00 1.9% - - - $130.65 89 8.2% (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.

10/12/2020 Copyrighted report licensed to Hoff & Leigh, Inc. - 689708 Page 36 RETAIL MARKET REPORT Q3 2020 Denver, CO

RECENT RETAIL TRANSACTIONS

1440 Brentwood Street 9421 W. Colfax Avenue 8020 W. Colfax Avenue $360,000 $ 2,500 /Month (MG) $7,750 / Month (Net) SIZE TERMS SIZE TERMS SIZE TERMS 1,200 SF FOR SALE 2,250 SF FOR LEASE 9,436 SF FOR LEASE

DENVER AGENTS

BEAU HERSHBERGER BRANDON LANGIEWICZ CHRIS ISBELL SENIOR BROKER PARTNER BROKER ASSOCIATE 303.667.2530 715.512.0265 480.285.8751 [email protected] [email protected] [email protected]

ISAIAH MAYFIELD ROB ASH SHANE ROBSON BROKER ASSOCIATE BROKER ASSOCIATE VICE PRESIDENT 574.216.6149 720.560.5651 512.450.8203 [email protected] [email protected] [email protected]

OUR NETWORK IS YOUR EDGE. PREPARED BY:

All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should Brandon Langiewicz carefully verify each item of information contained herein. Partner

Hoff & Leigh | 2700 S Broadway #307 | Denver, CO 80113 | 720.572.5187 office www.hoffleigh.com/denver