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Demographics & Economics Last Previous Metro Trend Analysis

y Population Unemployment Rate Quarter Year Salt Lake City MSA 1.1 million Salt Lake City2 3.2% Office Salt Lake City 1.75% Utah2 3.3% Size-Weighted Average PPSF   Growth1 Weighted Average Cap Rate = = National Growth1 1.23% National3 6.5% Industrial Household Income & Value Per Capita Income $27,026 2008 Households 363,305 Size-Weighted Average PPSF   1-year Job Growth 0.80% Household Growth 1.77% Weighted Average Cap Rate   1-year Job Additions 5,400 Median Home Price $258,891 Retail Major Employers Size-Weighted Average PPSF  = University Hospital Weighted Average Cap Rate   Huish Detergents Inc. Apartment OC Tanner Co. Size-Weighted Average PPU   University of Utah Staker & Parson Co. Weighted Average Cap Rate   Sources: Bureau of Labor Statistics, NAR, STDB Online. Hotel “2008 Local Market Report” - Salt Lake City Region ©2008 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic Weighted Average Cap Rate   media included) is prohibited without written permission. 1Projected annual growth over 5 years (2008-2013). 2Rates are non-seasonally adjusted as of September Metro Cap Rate Comparison* Current Quarter 2008. 3Rates are non-seasonally adjusted as of October 2008. Noteworthy Transactions Retail Sale Date Sale Price Sq. Ft./Units PPSF/PPU vs. West Region  Office  Salt Lake Cit vs. Nation Renaissance Centre 7-08 $30,200,000 112,188 $269 Apartment 11086 S Redwood Road 8-08 $5,000,000 45,000 $111 vs. West Region  Industrial vs. Nation  341 S Rio Grande St. 8-08 $3,750,000 19,080 $197 1911-1915 S 900 W 9-08 $5,900,000 93,000 $63 Hotel Retail vs. West Region  Three Tenant Shopping vs. Nation 

Center 9-08 $2,800,000 60,220 $46 *Comparison of current quarter weighted average capitalization rates. 2735-2795 W 7800 S 9-08 $3,937,500 60,170 $65 Source: RERC. Apartment Westminster Park 7-08 $10,390,000 136 $76,397 Sun Valley 9-08 $20,500,000 430 $47,674 Hotel Hotel Monaco 9-08 $48,050,000 225 $213,556 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Cottonwood Mall Retail R 730,000 2010 City Creek Center Mixed Use N N/A 2011 222 South Main Office N 420,000 2009 Sources: CBRE, RE Business.

Investment Trends Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute. 152 Quarterly Salt Lake City Transaction Breakdown 12-Month Trailing Averages (10/01/07 - 9/30/08) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $55 $44 $48 $16 – Size Weighted Avg. ($ per sf/unit) $103 $70 $139 $67,457 – Price Weighted Avg. ($ per sf/unit) $132 $97 $212 $69,343 – Median ($ per sf/unit) $108 $79 $130 $67,857 – > $5 Million Volume (Mil) $109 $92 – $251 – Size Weighted Avg. ($ per sf/unit) $180 $76 – $86,868 – Price Weighted Avg. ($ per sf/unit) $195 $103 – $88,826 – Median ($ per sf/unit) $159 $75 – $86,184 – All Transactions Volume (Mil) $165 $137 $67 $267 – Size Weighted Avg. ($ per sf/unit) $144 $74 $121 $85,354 – Price Weighted Avg. ($ per sf/unit) $174 $101 $182 $87,625 – Median ($ per sf/unit) $118 $78 $128 $80,211 – Capitalization Rates (All Transactions) Weighted Average (%) – – 8.1 7.1 – Median (%) – – 7.8 6.5 – Source: RERC.

n The amount of current-quarter transaction data available n The commercial real estate market, particularly the for analysis and reporting for Salt Lake City was very industrial sector, is holding up well in the Salt Lake City limited this quarter. This is due in part to the slowing area. economy and slow transaction volume, as investors continue a “wait and see” approach to buying and n To contribute property sales transactions to the selling property. information available for RERC analysis, you may share it with the CCIM Institute and RERC by clicking: http:// n The unemployment rate in Salt Lake City and the state memberconsole.ccim.com/profile/transactions.action of Utah both decreased during third quarter 2008.