DESTIN, FLORIDA

PROPERTY OVERVIEW

SILVER SANDS PREMIUM OUTLETS® A HOWARD GROUP AND SIMON CENTER DESTIN, FL

Dothan MAJOR METROPOLITAN AREAS SELECT TENANTS AL

Pensacola: 55 miles Saks Fifth Avenue OFF 5TH, Ann Taylor Factory Store, Armani, FL Mobile, AL: 115 miles Banana Republic Factory Store, BCBG, Brooks Brothers Factory Store, 10 10 Tallahassee: 135 miles Calvin Klein Company Store, Coach, Cole Haan Outlet, Dooney & Bourke, 10 10 Montgomery, AL: 170 miles J.Crew Factory, kate spade new york, LACOSTE Outlet, Michael Kors Pensacola Outlet, NikeFactoryStore, The North Face, Polo Ralph Lauren Factory 98 Destin RETAIL Store, Tumi, Under Armour, Vera Bradley 98

Panama City Beach GLA (sq. ft.) 451,000; 110 stores TOURISM / TRAFFIC

OPENING DATES The center is located in the heart of South Walton, along Northwest Florida’s Gulf Coast, situated west of Sandestin® Golf and Beach Resort. Opened August 1992 Florida’s Emerald Coast offers 50 miles of turquoise waters and sugar-white-sand beaches stretching along the Gulf of Mexico. The area’s beaches have been voted among the top ten in the country by the SILVER SANDS RADIUS POPULATION Travel Channel, Good Morning America, and Yahoo Travel. PREMIUM OUTLETS DESTIN, FL 15 miles: 93,759 30 miles: 236,712 The area benefits from three distinct markets: permanent residents, 45 miles: 463,864 secondary homeowners, and visitors. — The area attracts approximately 17 million visitors a year — The average household income of visitors to the Northwest Florida AVERAGE HH INCOME region is approximately $98,000 and $134,800 in South Walton 30 miles: $71,086 — The region also benefits from a year-round season since South Walton is a favorite area for coastal second homes

Flight travel for the region has increased an estimated 20% with three airports serving the area: Northwest Florida Regional Airport (VPS); Northwest Florida Beaches International Airport (ECP), the first international airport to be built in the U.S. since 1995, 43 miles from the center; and Pensacola International Airport (PNS).

LOCATION / DIRECTIONS

Located on U.S. Hwy. 98. Accessible from the north across the Mid-Bay Bridge from SR 20 and from US Hwy. 331 from I-10, exit Highway 85S at Defuniak Springs.

Information accurate as of 5/1/16. Source: SPG Research; trade area demographic information per STI: PopStats (2015).

MASTER PLAN

'2.02 '2.02

'7.92 SPR '7.92

81.1'

VACANT

'55 '55 86C 90' 4,738

SPR

'3.24 '3.24

VACANT 90'

'3

'3 86B 83' .54

.5 '

4 4,076 '2.01 10.4'2.01

'6.01 '6.01

OOM SHOES

10' 10' 10.4'

1 1

A A RACK R I I

RZ RZ

'4.

'4. 86A A A

A A '

' '

56 56

3 3

X X

. .

AM GBCB AM AM GBCB AM 48

5,264 75.3 48

'4.5 '4.5

NIEL NIEL

'2.5

87 '2.5

K K

'

N N IVL IVL 3,701

33.7

A A

C C 35.6'

88

S' S'

RE

R 4,40040' E

TRAC TRAC 96' RESTROOMS

91 2 90 8 '9. .

'1 34.5' 8.64' TNAC 4,5040.9'0

46.9'

C

'9 '9 AV AV

. .

5 5

10'

1 91 SAKS FIFTH AVENUE OFF 5TH

TNACAV 4 '

' 8 ATM '9.18

7

5,001 7

.

. 9.7'

1 45.5' 1 2

4 4 CAV

1

14,7761 110' 93 3,246 29.5' 8.64' HANESBRANDS

'9.81

9.84185A

ESOB ESOB ' 11,850

94 9 ' 4,12 37.5 '

81.4 N

E RUAL RUAL

L L 29.5' HPLA

HPLAR 82

ETIR EDIR 2,511ETIR

R

'

OLOP OLOP

' 23.6 85

81 3

EGAGGUL NNAM EGAGGUL T 2,00 S 98 ' 28.2

80

15,647142.2' T

/ESUO EKRAM EKRAM 2,400 110' 104.3' '

23.5 TRAH

H

79 ETIHW

1 KCA

SECNARGA

2,00 RENG LB

IS

YNKD YNKD

E

D R

TEL

F

T

110' 99

U TNACAV

TNACAV 84.9'

' 76 4 T O 4'

3,08280 YR EROTS

F 7,21 ROL MEN

' OL

Y

SPR 0 29.9 NNA AT

' 6.7 41

10 75 6

8.4' O

TCAF

REV 33'3 4,400 SRET

22.6' 40' 3,505 11,21 WOMEN '

120'

LI 75.3

20.3' SKIU '

T

DO

74 I

ERUTUOC YCIUJ ERUTUOC ' 80

FTUO ELG FTUO

SLAUTN

'

69.8' JC

ZI 12.7

2,014 Q 45.6'

ATM 110' ATM PERFUMANIA 68.5

' 85 39

7 45

45' ECS

' 85

AE NA AE ' 73 3,17 19.9

39.7' 1,500 JOURNEY'S TELTU ,950 ERAB E

25' 4

' 46

C '

4 12' IREMA

20.2

O ER O

19.9' 120 IMU 10 1,520 SAMSONITE

51.5' 2,545 110' A

OTS T

' 47 8

KCA ETSOCAL

22.5' 20

5 33 1,48

' 41.5

YE

' J ' 80

10 0 ' DN ' 85

N 35.2 8,914

SI 74.3'

S 1,70

20' 84.5 EET REDUAL A E A

R OSHKOSH B'GOSH

N

70 6 D

EROTS YROTCAF EROTS

EHTORB SKOOR EHTORB YLEV

I

CILBUPER ANAN CILBUPER

NAJ 106 8,73 110' ' 48 7

' 15

2,511 E

59.5'

29.5 EERTBARC & 4,46

117' 32 6

S

' 79.6

E 1,54 ' 80

110' B 31

AB 1,583

39.6' ' ' 33 33 107 19.8' 19.3'

NUS 30 4 '

N 7,360 67.4' ' NAUTICA

AAH E AAH

71.4' 62.9' C

AP 1,62 92.8

DESTIN GOURMET 20.3 ' 51 ' 4

' .95 LOC ' ' 76.9 76.9 27.1

91 49' 27 5,021

117' TESUE TESUERC TESUERC

SADIDA '

124 ER

' 14.4

'

' 3,827 48.3'

194 '

'

10.4 32.7 O

TUH SSALGNUS SSALGNUS TUH TUH

STOBL

110 SPR YROTC TS

84.8 84.8 ' ' ONDS 39.7 LIDS

3,30030' MICHAEL77.4 KORS' 30.2 75.3

EL

46.6' 23 '2.02 54 SPR AT 68 2

100' 9.1' 975

10.9' AF WERC AF

CLARKS BOSTONIAN ' 4,52

125 1 ALLEN-EDM 38.7' E

ELATSOPORE OUTLET 11

12.7'

LATSOPORE '

37.6 SHOE

2,042 Y MERRELL

'

16.9 123 EKCOJ 4,359 67

24 39.6' 55

126 3

3,260 .J

'

100' 0.7

' TE

' ' MOVADO 4

1,712 EL 3,06

20.2 HAGGAR REUAB LTUO ' 77.3

84.8 84.8 10' 10'

OC H OC 15 1

1 85.4' 105.4' 0 A A ' 122 112 77.4'

L'OCCITANE 7,50 TENNEK 110' 32.5 3,932 62.4'

127 1 3,250 35.7' ORD WILSONS

YRO

3,85 117' 57 T

45.4' '

EID ' 40

' 80

LEVI'S OUTLET94.5 WATERF T 3,008 CAF

DE

EKRUOB EKRUOB & YE & EKRUOB

E E

T 114 2 WEDGEWOOD

ROTS ROTS ROT

STUCWER

121 8 NA ' 80 LEY VAUL

4,98 65 ' ' 42.5 42.5

C & DAVID HCAOC

HCA 3,96 45.3' 105.4' 10

A OAK

V Y

IKS 43.8' RO 5,832

HARRY 51.5' 59 7

TCAF 4 ' 80 115

VORAWS N 39.9'

ZALES ' C 3,00 OOD 64 129 1,62

9' 20.3 119 2 YKCOR TM 5

7,9932.7' 6

' ' 35.6

35.6 44.3

1,56 43.8' 11 E 1,5759.7' KITCHEN

CNAL TLUAV YELKAO TLUAV

TLUAV YELK TLUAV COLLECTION S S

'

6.8 ' 2,414 4 ' CISA

CI 30.2' 2 61

OT 7 75.3

AB W AB

1,56 38.2'

ALEG 8.6' ' 19.5'1 2,87

117

EN 28.3

130A 935 RNINGWARE LI

'

2,700 25.9' 80 CO '

49.4 1 7 118 131

4,75 '9.4 59.5' '9.

2,617 1,4823.6'3 45.4'

23.8' 24.6' 41

1 '

KOBEER

KOBE 15

10' 10'

1 1

100' 100' 2

13

RUOMRA RUOMRA 8,332

75.8'7

REDNU RED

MROFNEDI MROFNEDIA

134

RED

RED 5,412

54.1'

I I

S S-POT YRRE S-POT

-POT YRREP -POT

M SKROW YTI SKROW 136 7

2,40

24.1'

S N 137

RETAM ,828 '

3

38.3

SREHCEKS

TELTUO TSEW EN TSEW TELTUO 10' 100'

1 138 7 2,40 24.1'

139 1

3,17 IN 31.7'

140

2,684

24.4' TELTUO

109.3'

63.7'

PAG

IN

R R

ECALP 10' 1 141 '

9.4'

' ' 15 15 10,28593.5 .7'

SNER

PARADISE

90.7'

85.3'

100

90.7'

DLIHC EHT DLIHC 66.2'

25'

7.9'

CHEESEBURGE

CARRABBA'S

9.3' 10' 1

GNC

YR

' 143

149B OTCAF

TOMMY HILFIGER TOMMY

30.7 6,153 EMIT 44.3'

150 WOMEN '

SCORC ' 43.8 87.1 MEN 144

20' 850

ALLEB OAIC ALLEB 19.4'

AZ 145

ZIP ATM ' 2,600

25.1' 56.4

146 9 ' 1,93 29.3

120'

' US HWY. 98 / EMERALD COAST PKWY. 100

AERIAL OVERVIEW

'2.02 '2.02

'7.92 SPR '7.92

81.1'

VACANT

'55 '55 86C 90' 4,738

SPR

'3.24 '3.24

VACANT 90'

'3

'3 86B 83' .54

.5 '

4 4,076 '2.01 10.4'2.01

'6.01 '6.01

OOM SHOES

10' 10' 10.4'

1 1

A A RACK R I I

RZ RZ

'4.

'4. 86A A A

A A '

' '

56 56

3 3

X X

. .

AM GBCB AM AM GBCB AM 48

5,264 75.3 48

'4.5 '4.5

NIEL NIEL

'2.5

87 '2.5

K K

'

N N IVL IVL 3,701

33.7

A A

C C 35.6'

88

S' S'

RE

R 4,40040' E

TRAC TRAC 96' RESTROOMS

91 2 90 8 '9. .

'1 34.5' 8.64' TNAC 4,5040.9'0

46.9'

C

'9 '9 AV AV

. .

5 5

10'

1 91 SAKS FIFTH AVENUE OFF 5TH

TNACAV 4 '

' 8 ATM '9.18

7

5,001 7

.

. 9.7'

1 45.5' 1 2

4 4 CAV

1

14,7761 110' 93 3,246 29.5' 8.64' HANESBRANDS

'9.81

9.84185A

ESOB ESOB ' 11,850

94 9 ' 4,12 37.5 '

81.4 N

E RUAL RUAL

L L 29.5' HPLA

HPLAR 82

ETIR EDIR 2,511ETIR

R

'

OLOP OLOP

' 23.6 85

81 3

EGAGGUL NNAM EGAGGUL T 2,00 S 98 ' 28.2

80

15,647142.2' T

/ESUO EKRAM EKRAM 2,400 110' 104.3' '

23.5 TRAH

H

79 ETIHW

1 KCA

SECNARGA

2,00 RENG LB

IS

YNKD YNKD

E

D R

TEL

F

T

110' 99

U TNACAV

TNACAV 84.9'

' 76 4 T O 4'

3,08280 YR EROTS

F 7,21 ROL MEN

' OL

Y

SPR 0 29.9 NNA AT

' 6.7 41

10 75 6

8.4' O

TCAF

REV 33'3 4,400 SRET

22.6' 40' 3,505 11,21 WOMEN '

120'

LI 75.3

20.3' SKIU '

T

DO

74 I

ERUTUOC YCIUJ ERUTUOC ' 80

FTUO ELG FTUO

SLAUTN

'

69.8' JC

ZI 12.7

2,014 Q 45.6'

ATM 110' ATM PERFUMANIA 68.5

' 85 39

7 45

45' ECS

' 85

AE NA AE ' 73 3,17 19.9

39.7' 1,500 JOURNEY'S TELTU ,950 ERAB E

25' 4

' 46

C '

4 12' IREMA

20.2

O ER O

19.9' 120 IMU 10 1,520 SAMSONITE

51.5' 2,545 110' A

OTS T

' 47 8

KCA ETSOCAL

22.5' 20

5 33 1,48

' 41.5

YE

' J ' 80

10 0 ' DN ' 85

N 35.2 8,914

SI 74.3'

S 1,70

20' 84.5 EET REDUAL A E A

R OSHKOSH B'GOSH

N

70 6 D

EROTS YROTCAF EROTS

EHTORB SKOOR EHTORB YLEV

I

CILBUPER ANAN CILBUPER

NAJ 106 8,73 110' ' 48 7

' 15

2,511 E

59.5'

29.5 EERTBARC & 4,46

117' 32 6

S

' 79.6

E 1,54 ' 80

110' B 31

AB 1,583

39.6' ' ' 33 33 107 19.8' 19.3'

NUS 30 4 '

N 7,360 67.4' ' NAUTICA

AAH E AAH

71.4' 62.9' C

AP 1,62 92.8

DESTIN GOURMET 20.3 ' 51 ' 4

' .95 LOC ' ' 76.9 76.9 27.1

91 49' 27 5,021

117' TESUE TESUERC TESUERC

SADIDA '

124 ER

' 14.4

'

' 3,827 48.3'

194 '

'

10.4 32.7 O

TUH SSALGNUS SSALGNUS TUH TUH

STOBL

110 SPR YROTC TS

84.8 84.8 ' ' ONDS 39.7 LIDS

3,30030' MICHAEL77.4 KORS' 30.2 75.3

EL

46.6' 23 '2.02 54 SPR AT 68 2

100' 9.1' 975

10.9' AF WERC AF

CLARKS BOSTONIAN ' 4,52

125 1 ALLEN-EDM 38.7' E

ELATSOPORE OUTLET 11

12.7'

LATSOPORE '

37.6 SHOE

2,042 Y MERRELL

'

16.9 123 EKCOJ 4,359 67

24 39.6' 55

126 3

3,260 .J

'

100' 0.7

' TE

' ' MOVADO 4

1,712 EL 3,06

20.2 HAGGAR REUAB LTUO ' 77.3

84.8 84.8 10' 10'

OC H OC 15 1

1 85.4' 105.4' 0 A A ' 122 112 77.4'

L'OCCITANE 7,50 TENNEK 110' 32.5 3,932 62.4'

127 1 3,250 35.7' ORD WILSONS

YRO

3,85 117' 57 T

45.4' ' L

EID ' 40

' 80

LEVI'S OUTLET94.5 WATERF T 3,008 CAF

DE

EKRUOB EKRUOB & YE & EKRUOB

E E

T 114 2 WEDGEWOOD

ROTS ROTS ROT

STUCWER

121 8 NA ' 80 LEY VAU

4,98 65 ' ' 42.5 42.5

C & DAVID HCAOC

HCA 3,96 45.3' 105.4' 10

A OAK

V Y

IKS 43.8' RO 5,832

HARRY 51.5' 59 7

TCAF 4 ' 80 115

VORAWS N 39.9'

ZALES ' C 3,00 OOD 64 129 1,62

9' 20.3 119 2 YKCOR TM 5

7,9932.7' 6

' ' 35.6

35.6 44.3

1,56 43.8' 11 E 1,5759.7' KITCHEN

CNAL TLUAV YELKAO TLUAV

TLUAV YELK TLUAV COLLECTION S S

'

6.8 ' 2,414 4 ' CISA

CI 30.2' 2 61

OT 7 75.3

AB W AB

1,56 38.2'

ALEG 8.6' ' 19.5'1 2,87

117

EN 28.3

130A 935 RNINGWARE LI

'

2,700 25.9' 80 CO '

49.4 1 7 118 131

4,75 '9.4 59.5' '9.

2,617 1,4823.6'3 45.4'

23.8' 24.6' 41

1 '

KOBEER

KOBE 15

10' 10'

1 1

100' 100' 2

13

RUOMRA RUOMRA 8,332

75.8'7

REDNU RED

MROFNEDI MROFNEDIA

134

RED

RED 5,412

54.1'

I I

S S-POT YRRE S-POT

-POT YRREP -POT

M SKROW YTI SKROW 136 7

2,40

24.1'

S N 137

RETAM ,828 '

3

38.3

SREHCEKS

TELTUO TSEW EN TSEW TELTUO 10' 100'

1 138 7 2,40 24.1'

139 1

3,17 IN 31.7'

140

2,684

24.4' TELTUO

109.3'

63.7'

PAG

IN

R R

ECALP 10' 1 141 '

9.4'

' ' 15 15 10,28593.5 .7'

SNER

PARADISE

90.7'

85.3'

100

90.7'

DLIHC EHT DLIHC 66.2'

25'

7.9'

CHEESEBURGE

CARRABBA'S

9.3' 10' 1

GNC

YR

' 143

149B OTCAF

TOMMY HILFIGER TOMMY

30.7 6,153 EMIT 44.3'

150 WOMEN '

SCORC ' 43.8 87.1 MEN 144

20' 850

ALLEB OAIC ALLEB 19.4'

AZ 145

ZIP ATM ' 2,600

25.1' 56.4

146 9 ' 1,93 29.3

US HWY. 98 / EMERALD COAST PKWY.

120'

100'

NORTH SURROUNDING AREA CENTERS

Malvern Brewton Rehobeth Samson Hartford Slocomb Simon Centers East Brewton Competition Riverview Geneva Florala Eunola Madrid Flomaton Pollard 1 Silver Sands Premium Outlets® Lockhart Black Century Dixonville Paxton Noma Graceville 2 Laurel Hill Jay Campbellto 3 Destin Commons Fidelis 4 Grand Boulevard at Sandestin Brownsdale Cobbtown Jacob City 5 Panama City Mall Pine Level Munson 6 Pier Park 7 Santa Rosa Mall Cotton Chumuckla Allentown Caryville Bonifay Chipley Springhill Crestview Westville Ponce de Leon Molino De Funiak Springs Point Baker Alford Wallace Roeville Harold

Pace Milton Wausau East Milton Vernon Pea Ridge Gonzalez Floridatown Bagdad Mulat Avalon Ensley Niceville Ferry Pass Freeport Valparaiso Dickerson City iew Brent 2 Garcon Point Holley Eglin AFB Grove Goulding Shalimar Ebro Navarre Cinco Bayou ensacola 76 Tiger Point Midway Mary Esther Destin Warrington 32 Miramar Beach Oriole Beach Navarre Beach 1 4 Gulf Breeze

Laguna Beach Panama City Beach Lynn Haven 5 15 MILES 6 Pretty Bayou Cedar Grove Upper Grand Lagoon 45 Lower Grand Lagoon Callaway Parker

Tyndall AFB 30 MILES

Mexico Bea

45 MILES OTHER RETAIL

SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME

Grand Boulevard at Sandestin Publix Food & Pharmacy, Chico’s, Tommy 830,000 sf 3 miles / 4 minutes Miramar Beach, FL Bahama

Destin Commons Belk, Bass Pro Shops Outdoor World, 500,000 sf 5 miles / 7 minutes Destin, FL H&M, Whole Foods Market

Santa Rosa Mall 740,000 sf Dillard’s, Sears, JCPenney 20 miles / 32 minutes Mary Esther, FL

Pier Park 896,000 sf Dillard’s, JCPenney, Marshalls, Target 33 miles / 42 minutes Panama City Beach, FL

Panama City Mall 694,000 sf Dillard’s, JCPenney, Sears 47 miles / 59 minutes Panama City, FL

Cordova Mall Belk, Dillard’s, Best Buy, Bed Bath 922,000 sf 61 miles / 1 hour 33 minutes Pensacola, FL & Beyond, Dick’s Sporting Goods

OUTLET SHOPPING GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME

Tanger Outlets VF Outlet, Polo Ralph Lauren 557,000 sf 87 miles / 2 hrs 10 minutes Foley, AL Factory Store 60 Columbia Road Building B 3rd Floor Morristown, NJ 07960 (973) 228-6111 premiumoutlets.com

Simon is a global leader in retail real estate ownership, management and development and an S&P 100 company (, NYSE:SPG).