MOST POPULAR GROCERS BY REGION

NORTHEAST MIDWEST SOUTH WEST
ShopRite 10.3% Wal-Mart 15.0% Wal-Mart 24.4% Safeway 10.6%
Stop 'n Shop 8.5 Kroger 9.6 Publix 8.6 Wal-Mart 9.7
Wal-Mart 6.1 Meijer 7.7 Kroger 8.4 Albertsons 6.3
Giant 4.6 Jewel-Osco 3.7 Food Lion 4.3 Ralph's 4.9
Shaw's 4.3 Giant Eagle 3.4 HEB 4.0 Von's 3.9
Source: BIGresearch

WORRISOME CONSUMERS

BIGresearch's latest consumer survey reveals a deep level of pessimism in the marketplace.

37.9%
Percent of consumers reducing how often they dine out.

35.2%
Percent cutting back on vacations or travel.

3.6%
Percent of adults that feel “very confident” about the chances for a strong economy during the next six months.

52.2%
Percent of adults that feel “little confidence” about the chances of a strong economy during the next six months.

45.4%
Percent of shoppers that indicate they've become more practical and realistic in purchasing, the highest reading since December 2005.

57.8%
Percent of consumers that think there will be more layoffs in the next six months.

82.2%
Percent of shoppers that say gas prices are affecting spending in other areas.

HOLDING STEADY

Most retail REITs gained ground from a month ago. In general, stock prices seem to have stabilized at levels comfortably above 52-week lows.

RETAIL REIT SCORECARD
Symbol Price* 52-week High Chg 52-week Low Chg One Month Ago Chg Dec. 31, 2007 YTD Chg
Weingarten Realty Investors WRI $37.12 $49.40 -24.86% $27.59 34.54% $33.83 9.73% $31.44 18.07%
Vornado Realty Trust VNO 93.29 123.27 -24.32 76.64 21.72 86.12 8.33 87.95 6.07
Simon Property Group SPG 101.99 118.25 -13.75 74.80 36.35 95.02 7.34 86.86 17.42
Regency Centers REG 69.85 85.30 -18.11 52.61 32.77 65.19 7.15 64.49 8.31
General Growth Properties GGP 40.25 65.81 -38.84 30.20 33.28 37.92 6.14 41.18 -2.26
Equity One EQY 25.27 30.88 -18.17 20.11 25.66 24.05 5.07 23.03 9.73
National Retail Properties NNN 23.51 26.15 -10.10 19.75 19.04 22.53 4.35 23.38 -0.56
Macerich MAC 72.88 98.10 -25.71 57.50 26.75 69.87 4.31 71.06 2.56
Ramco-Gershenson Properties Trust RPT 22.61 38.75 -41.65 19.04 18.75 21.79 3.76 21.37 5.80
Kimco Realty KIM 39.73 49.78 -20.19 29.00 37.00 38.30 3.73 36.40 9.15
Cousins Properties CUZ 26.84 35.17 -23.68 19.53 37.43 26.03 3.11 22.10 21.45
Acadia Realty Trust AKR 25.17 29.00 -13.21 21.17 18.89 24.49 2.78 25.61 -1.72
Taubman Centers TCO 56.20 61.52 -8.65 41.30 36.08 54.93 2.31 49.19 14.25
Inland Real Estate IRC 16.20 19.32 -16.15 10.84 49.45 15.95 1.57 14.16 14.41
Tanger Factory Outlet Centers SKT 40.41 44.43 -9.05 32.32 25.03 39.99 1.05 37.71 7.16
Federal Realty Investment Trust FRT 80.02 95.36 -16.09 61.60 29.90 79.21 1.02 82.15 -2.59
Realty Income O 27.00 30.70 -12.05 20.27 33.20 26.91 0.33 27.02 -0.07
Glimcher Realty Trust GRT 11.42 28.20 -59.50 10.31 10.77 11.40 0.18 14.29 -20.08
Capital Lease Funding LSE 8.31 11.77 -29.40 6.85 21.31 8.31 0.00 8.42 -1.31
Pennsylvania REIT PEI 24.93 49.38 -49.51 22.00 13.32 25.03 -0.40 29.68 -16.00
Developers Diversified Realty DDR 42.34 66.70 -36.52 32.20 31.49 42.64 -0.70 38.29 10.58
Cedar Shopping Centers CDR 12.29 16.75 -26.63 9.42 30.47 12.39 -0.81 10.23 20.14
Urstadt Biddle Properties UBA 16.62 19.73 -15.76 13.50 23.11 16.76 -0.84 15.50 7.23
Kite Realty Group KRG 13.61 21.80 -37.57 11.50 18.35 13.90 -2.09 15.27 -10.87
CBL & Associates Properties CBL 24.69 47.90 -48.46 21.12 16.90 25.27 -2.30 23.91 3.26
Saul Centers BFS 50.63 62.74 -19.30 41.86 20.95 51.91 -2.47 53.43 -5.24
Colonial Properties Trust CLP 23.56 50.59 -53.43 19.46 21.07 24.83 -5.11 22.63 4.11
Agree Realty ADC 25.97 35.04 -25.88 25.10 3.47 28.87 -10.95 30.10 -13.72
Feldman Mall Properties FMP 1.93 12.30 -84.31 1.26 53.17 2.73 -29.30 3.69 -47.70
* As of 4/23/2008, bold indicates new 52-week highs and lows.
Source: Retail Traffic

CONSTRUCTION ACTIVITY

Markets Ranked by Under Construction Square Footage

BUILDINGS TOTAL GLA PRE-LEASED SF PRE-LEASED
1 Dallas / Ft. Worth 130 13,333,556 7,708,677 57.8%
2 San Antonio 35 7,363,857 4,757,535 64.6
3 Phoenix 120 5,991,642 4,039,219 67.4
4 Inland Empire 113 5,482,398 3,728,406 68.0
5 Los Angeles 102 5,234,374 4,427,144 84.6
6 Chicago 80 5,155,470 3,364,608 65.3
7 Las Vegas 161 4,292,802 2,618,922 61.0
8 Tampa / St. Petersburg 47 4,213,793 3,499,820 83.1
9 Denver 79 4,002,692 3,311,813 82.7
10 Seattle / Puget Sound 102 4,001,015 2,203,539 55.1
11 Houston 81 3,781,638 2,009,620 53.1
12 Atlanta 87 3,703,491 2,380,144 64.3
13 Northern New Jersey 61 3,636,907 2,563,477 70.5
14 Washington, D.C. 36 3,071,383 1,972,876 64.2
15 Philadelphia 101 2,735,066 1,801,795 65.9
United States 2,464 132,892,528 87,503,234 65.8
Source: CoStar

CHANGE IN VACANT SQUARE FOOTAGE

First Quarter 2007-08

RANK REGION DIFFERENCE
1 Southwest Florida 72.3%
2 Tucson 50.4
3 Broward County 40.2
4 Jacksonville 37.2
5 Inland Empire 29.7
6 Phoenix 26.9
7 Orlando 25.5
8 Madison, Wis. 24.7
9 Oklahoma City 23.1
10 Palm Beach County, Fla. 22.5
11 Las Vegas 22.4
12 Hampton Roads, Va. 20.9
13 Birmingham, Ala. 20.1
14 Chicago 19.7
15 Austin, Texas 18.2
16 Minneapolis 18.1
17 Nashville 15.1
18 Memphis 14.6
19 Washington, D.C. 13.4
20 Atlanta 12.8
21 Tampa / St. Petersburg, Fla. 12.7
22 Los Angeles 11.2
23 San Diego 11.1
24 Miami - Dade County 11.0
25 Milwaukee 10.8
26 Richmond, Va. 10.7
27 Raleigh / Durham, N.C. 10.5
28 Dallas / Ft. Worth 9.0
29 East Bay / Oakland, Calif. 8.2
30 Greenville / Spartanburg, S.C. 6.6
31 West Michigan 6.3
32 St. Louis 5.6
33 San Antonio 4.4
34 Sacramento, Calif. 4.2
35 Tulsa, Okla. 4.0
36 Hartford, Conn. 3.1
37 Detroit 2.5
38 Indianapolis 2.4
39 Dayton, Ohio 1.6
40 Columbus, Ohio 1.5
41 Pittsburgh 1.4
42 Seattle / Puget Sound 0.8
43 Greensboro / Winston-Salem, N.C. 0.6

TOP 15 FASTEST GROWING MARKETS LAST FIVE YEARS

Market 2008 Inventory 2003 Inventory Percent Change
1 Phoenix 193,391,344 sf 154,738,455 sf 25
2 Las Vegas 109,824,016 88,927,768 23
3 Inland Empire, Calif. 161,433,731 132,700,289 22
4 San Antonio 111,432,783 92,765,541 20
5 Austin 54,616,413 45,883,583 19
6 Raleigh / Durham, N.C. 60,619,462 51,288,238 18
7 Dallas / Ft. Worth 300,736,456 257,591,709 17
8 Southwest Florida 80,143,540 68,689,962 17
9 Sacramento, Calif. 104,781,169 90,268,641 16
10 Denver 160,107,045 138,746,955 15
11 Nashville 82,399,458 71,517,756 15
12 Atlanta 257,285,427 223,944,940 15
13 Tucson, Ariz. 53,348,252 45,592,060 15
14 Charlotte, N.C. 50,494,006 44,254,295 14
15 Orlando, Fla. 138,881,454 121,973,319 14
* Includes space under construction.
Source: CoStar

RETURNS RING IN

Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Annual Return Since Inception Return Annualized
1978 2.78% 2.46% 2.71% 2.56% 10.93% 10.93%
1979 2.36 1.56 2.50 4.40 11.24 11.09
1980 2.37 2.37 3.55 3.93 12.78 11.65
1981 1.52 2.60 2.71 3.78 11.02 11.49
1982 1.61 1.38 1.22 2.64 7.02 10.59
1983 1.96 2.70 3.10 5.45 13.84 11.12
1984 4.36 2.68 2.73 6.19 16.89 11.93
1985 2.24 3.56 2.01 5.92 14.40 12.23
1986 2.00 2.61 2.05 5.35 12.53 12.27
1987 1.99 2.59 2.28 5.01 12.37 12.28
1988 1.91 3.19 2.64 6.49 14.94 12.52
1989 2.41 3.02 2.60 3.96 12.52 12.52
1990 1.63 2.50 1.36 0.35 5.96 12.00
1991 0.90 0.62 0.35 -3.67 -1.85 10.95
1992 0.12 -0.75 0.07 -1.70 -2.25 10.01
1993 0.95 1.03 1.55 1.22 4.84 9.68
1994 1.08 1.27 2.08 1.45 6.01 9.46
1995 1.75 1.46 1.32 -0.58 3.98 9.15
1996 1.68 1.32 1.74 0.04 4.85 8.92
1997 1.24 1.64 2.33 3.07 8.53 8.90
1998 2.92 3.52 2.76 3.13 12.91 9.09
1999 2.21 2.27 2.16 2.59 9.55 9.11
2000 1.99 2.05 1.91 1.60 7.76 9.05
2001 2.21 1.88 1.28 1.21 6.74 8.95
2002 1.88 3.55 3.07 4.60 13.74 9.14
2003 2.86 3.98 3.04 6.29 17.15 9.44
2004 3.00 5.35 5.08 7.83 22.95 9.91
2005 4.48 4.31 3.88 5.99 19.98 10.26
2006 3.41 2.96 2.97 3.39 13.35 10.36
2007 3.14 3.42 2.41 3.91 13.50 10.47
Source: NCREIF