New Construction Retail - 4Th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 1 - Construction Deliveries

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New Construction Retail - 4Th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 1 - Construction Deliveries New Construction Retail - 4th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 1 - Construction Deliveries Completed SF SF Under Construction Totals Planned Proposed Totals 2006 YTD 2007 2007 2008-2011 2006-2011 2007-2011 Neighborhood 206,700 123,935 0 137,000 467,635 246,000 0 246,000 Community 143,900 285,140 0 602,000 1,031,040 320,000 0 320,000 Power Center 658,000 1,444,857 0 905,000 3,007,857 800,000 0 800,000 Regional 0 1,189,000 0 0 1,189,000 35,000 0 35,000 Mixed Use 122,000 0 0 11,000 133,000 0 0 0 Other 150,000 12,000 0 0 162,000 330,000 0 330,000 Totals 1,280,600 3,054,932 0 1,655,000 5,990,532 1,731,000 0 1,731,000 Metro Construction by Project Type 2006 - 2011 Metro Construction by Top Five Submarket Share 2006 - 2011 7.5 % 10.3 % 8.7 % 0.8 % 2.1 % 9.8 % 18.7 % 37.9 % 23.3 % Neighborhood Detroit/West Wayne Community Macomb Power North Oakland Regional South Oakland Mixed Use S. Detroit/Downriver 51.6 % Other 29.3 % Section 2 - Submarket New Construction Project Tally 1. Completed 2. Under Construction 3. Planned/Proposed Neigh/ Power/ Neigh/ Power/ Neigh/ Power/ Grand Submarket Other Other Other Comm Reg. Comm Reg. Comm Reg. Total Detroit/West Wayne 93,080 837,000 162,000 105,000 370,000 0 380,000 0 330,000 2,277,080 Macomb 138,385 1,539,000 0 0 0 11,000 40,000 35,000 0 1,763,385 North Oakland 259,170 0 0 464,000 535,000 0 146,000 0 0 1,404,170 South Oakland 102,000 300,000 122,000 0 0 0 0 0 0 524,000 S. Detroit/Downriver 15,000 0 0 32,000 0 0 0 0 0 47,000 Non-Submarketed Areas 152,040 615,857 0 138,000 0 0 0 800,000 0 1,705,897 Copyright 2008 Reis, Inc. Page 1 New Construction Retail - 4th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 3 - Metro Inventory Detail Inventory By Center Age % Retail Inventory Growth Trend and Forecast Year Built Percent Before 1970 24.1% 2.5 1970-1979 21.7% 2.0 1980-1989 29.3% 1990-1999 13.1% 1.5 After 1999 11.7% 1.0 All 100.0% 0.5 As of 12/31/07 0.0 Current Inventory Level 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Properties Square Feet Detroit Midwest US 290 32,361,000 As of 12/31/07 Midwest Region Cumulative Inventory Growth Forecast Ranking 2007 - 2011 National Cumulative Inventory Growth Forecast Ranking 2007 - 2011 Metro Cumulative Growth Forecast Rank Metro Cumulative Growth Forecast Rank Kansas City 9.5% 1 Raleigh-Durham 14.6% 1 Wichita 6.7% 4 Oklahoma City 6.4% 43 Chicago 6.6% 5 Boston 6.1% 44 Detroit 6.0% 6 Detroit 6.0% 45 Omaha 5.8% 7 Birmingham 5.9% 46 St. Louis 5.6% 8 Orange County 5.9% 47 Dayton 2.9% 13 Colorado Springs 1.7% 76 Section 4 - Construction/Absorption Change Construction and Absorption Quarterly 4Q07 3Q07 YTD Avg Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Built Sq Ft Built Sq Ft Built Absorbed Ratio Absorbed Ratio Absorbed Ratio Detroit 301,000 136,000 2.2 15,000 -44,000 -0.3 87,000 67,000 1.3 Midwest 2,145,000 1,043,000 2.1 1,176,000 74,000 15.9 1,210,000 660,000 1.8 Average over period ending: 12/31/07 12/31/07 12/31/07 09/30/07 09/30/07 09/30/07 12/31/07 12/31/07 12/31/07 Annualized 1 Year History 3 Year History 5 Year History Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Built Sq Ft Built Sq Ft Built Absorbed Ratio Absorbed Ratio Absorbed Ratio Detroit 346,000 266,000 1.3 483,000 430,000 1.1 370,000 270,000 1.4 Midwest 4,840,000 2,638,000 1.8 5,969,000 3,904,000 1.5 5,945,000 4,188,000 1.4 Average over period ending: 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 Copyright 2008 Reis, Inc. Page 2 New Construction Retail - 4th Quarter 2007 Metro: Detroit As of 28-Jan-2008 5 - Metro Area - Detroit Completed Projects Under Construction Planned/Proposed Detroit Submarkets 1 Detroit/West Wayne 2 South Detroit/Downriver 3 Macomb 4 North Oakland 5 South Oakland Copyright 2008 Reis, Inc. Page 3 New Construction Retail - 4th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 6 - New Construction Listing Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion Submarket:Detroit/West Wayne WESTLAND CENTER PH IV 1 10-23-2007 Community WAYNE 10,000 Proposed FORD ST @ WAYNE RD WESTLAND, MI 48185 OUTLOT 1 @ LYON TOWNE CENTER 2 10-12-2007 Free Standing WAYNE 14,299 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 PLYMOUTH TOWNE CENTER PH II 3 NWC ANN ARBOR RD @ HAGGERTY RD 10-12-2007 Neighborhood WAYNE 100,000 4/2008 9/2008 Planned PLYMOUTH, MI 48170 UPTOWN RETAIL CENTER PH II 4 CHERRY HILL RD @ N RIDGE RD CANTON, MI 10-12-2007 Community WAYNE 75,000 Planned 48188 UNSPECIFIED OUTPARCEL AT CANTON 5 CORNERS MALL 10-10-2007 Free Standing WAYNE 8,000 8/2007 12/2007 Complete FORD RD @ LILLEY RD CANTON, MI 48187 UNSPECIFIED OUTPARCEL AT CANTON 6 CORNERS MALL 10-10-2007 Free Standing WAYNE 4,000 8/2007 12/2007 Complete FORD RD @ LILLEY RD CANTON, MI 48187 WONDERLAND VILLAGE PH II Under 08-14-2007 WAYNE 7 PLYMOUTH RD @ MIDDLEBELT RD LIVONIA, MI Power Center 70,000 2/2008 Constr. 48150 WONDERLAND VILLAGE PH I 8 30007 PLYMOUTH RD @ MIDDLEBELT RD 08-14-2007 Power Center WAYNE 429,000 3/2006 9/2007 Complete LIVONIA, MI 48150 OUTLOT 10 @ LYON TOWNE CENTER 9 06-30-2007 Free Standing WAYNE 30,000 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 OUTLOT 9 @ LYON TOWNE CENTER 10 06-30-2007 Free Standing WAYNE 30,000 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 OUTLOT 8 @ LYON TOWNE CENTER 11 06-30-2007 Free Standing WAYNE 8,250 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 FAIRLANE GREEN PH II 12 OAKWOOD BLVD @ OUTER DR/I-94 ALLEN 06-30-2007 Power Center WAYNE 600,000 Planned PARK, MI 48101 FAIRLANE GREEN PH I 13 OAKWOOD BLVD @ OUTER DR/I-94 ALLEN 06-30-2007 Power Center WAYNE 408,000 11/2006 Complete PARK, MI 48101 OUTLOT 7 @ LYON TOWNE CENTER 14 06-30-2007 Free Standing WAYNE 11,100 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 Copyright 2008 Reis, Inc. Page 4 New Construction Retail - 4th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion SHOPPES OF FAIRLANE MEADOWS 15 FORD RD @ MERCURY DR DEARBORN, MI 06-30-2007 Neighborhood WAYNE 20,080 6/2006 1/2007 Complete 48126 PLYMOUTH TOWNE CENTER PH III 16 NWC ANN ARBOR RD @ HAGGERTY RD 06-30-2007 Neighborhood WAYNE 30,000 9/2008 3/2009 Planned PLYMOUTH, MI 48170 PLYMOUTH TOWNE CENTER PH I Under 06-30-2007 WAYNE 17 NWC ANN ARBOR RD @ HAGGERTY RD Neighborhood 105,000 7/2007 8/2008 Constr. PLYMOUTH, MI 48170 LOWES SHOPPING CENTER PH I 18 FORD RD @ SHELDON RD/MORTON TAYL 06-30-2007 Free Standing WAYNE 150,000 5/2005 5/2006 Complete CANTON, MI 48187 SEVEN MILE CROSSING 19 19500 TELEGRAPH RD @ SEVEN MILE RD 06-30-2007 Community WAYNE 250,000 2/2008 2/2009 Planned DETROIT, MI 48219 OUTLOT 11 @ LYON TOWNE CENTER 20 06-30-2007 Free Standing WAYNE 30,000 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 OUTLOT F @ LYON TOWNE CENTER 21 06-30-2007 Free Standing WAYNE 6,500 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 HAMTRAMCK TOWN CENTER PH II 22 JOSEPH CAMPAU ST @ HOLBROOK 06-30-2007 Community WAYNE 20,000 1/2006 8/2006 Complete HAMTRAMCK, MI 48212 OUTLOT 4A @ LYON TOWNE CENTER 23 06-30-2007 Free Standing WAYNE 8,570 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 OUTLOT 4B @ LYON TOWNE CENTER 24 06-30-2007 Free Standing WAYNE 5,600 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 THE SHOPS AT NORTHEAST VILLAGE PH III 25 GRATIOT AVE @ SEVEN MILE RD DETROIT, MI 06-30-2007 Community WAYNE 35,000 11/2005 6/2006 Complete 48205 OUTLOT 6 @ LYON TOWNE CENTER 26 06-30-2007 Free Standing WAYNE 10,600 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 OUTLOT 5 @ LYON TOWNE CENTER 27 06-30-2007 Free Standing WAYNE 5,600 Proposed MILFORD ST @ I-96 DETROIT, MI 48208 THE SHOPPES AT GATEWAY PARK 28 WOODWARD AVE @ EIGHT MILE RD DETROIT, 06-30-2007 Lifestyle Center WAYNE 330,000 5/2009 Planned MI 48203 HIGHLAND POINT PLAZA 29 12050 WOODWARD AVE @ CALIFORNIA 06-30-2007 Neighborhood WAYNE 18,000 6/2006 Complete ST/ELMHURST ST HIGHLAND PARK, MI 48203 Copyright 2008 Reis, Inc.
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