TRAFFIC PATTERNS

HUGO'S THE BOSS

Hugo Boss has the highest concentration of its stores in the top five mall REITs with a full 88 percent of its locations in those properties. Elder Beerman has the lowest concentration.

HIGHEST RETAILER CONCENTRATION IN MALLS AND LIFESTYLE CENTERS
Retailer	Stores in Top 5 REIT Malls	Stores in All Malls & LCs	Top 5 Market Share
Hugo Boss	30	34	88%
Occhiali da Sole	34	39	87
Neiman Marcus	29	34	85
Sony Style	28	33	85
Bailey Banks & Biddle	61	75	81
Nordstrom	82	101	81
Armani Exchange	34	42	81
Sephora	94	117	80
Ben Bridge Jewelers	61	76	80
Torrid	101	126	80
Steve Madden	67	84	80
Movado	26	33	79
Swarovski	72	92	78
Burberry	25	32	78
Montblanc	25	32	78
Bebe Sport	31	40	78
Louis Vuitton	31	40	78
Janie n Jack	58	75	77
Vans Shoes	70	91	77
Aldo	182	238	76

LOWEST RETAILER CONCENTRATION IN MALLS AND LIFESTYLE CENTERS
Retailer	Stores in Top 5 REIT Malls	Stores in All Malls & LCs	Top 5 Market Share
Elder Beerman	7	51	14
Bon Ton	7	38	18
Hatzone	8	42	19
Burlington Coat	12	58	21
Belk's	34	147	23
Dress Barn	18	71	25
Shoe Department	79	295	27
Michael's	12	44	27
Dollar Tree	33	120	28
Beall's	11	39	28
Source: Friedman, Billings, Ramsey & Co., Inc., company and mall Web sites and Costar

BUILDING INTELLIGENCE

Of all retail types, lifestyle centers have been the fastest-growing segment for seven straight years. Mall construction has reduced to a trickle, with just a 0.2 percent increase over existing space built last year.

SHOPPING CENTER GROWTH 2000-2006
	2000	2001	2002	2003	2004	2005	2006
Strip (less than 100,000)	1.3%	1.3%	1.2%	1.4%	1.6%	1.9%	1.8%
Strip (100,000 to 200,000)	1.8	1.3	1.1	1.0	1.2	1.3	1.1
Strip (200,000 to 400,000)	2.5	2.8	2.6	2.3	1.9	2.1	1.9
Strip (over 400,000)	3.5	3.6	2.9	2.8	2.8	2.8	2.6
Sub-category: malls	0.7	0.8	0.7	0.5	0.4	0.3	0.2
Sub-category: lifestyle centers	10.3	17.3	19.3	11.4	11.9	10.8	10.4
Total shopping center	1.6	1.5	1.4	1.4	1.5	1.8	1.6
Source: Merrill Lynch, ICSC

LEADING THE PACK

In recent months, mall-based anchors have been posting the largest same-store sales gains of any retail segment. However, mall-based specialty retailers have been the weakest.

MONTHLY SAME-STORE SALES BY PROPERTY TYPE
	Feb-06	Sep-06	Oct-06	Nov-06	Dec-06	Jan-07	Feb-07
Mall-based Specialty Retailers	-4.5%	5.9%	-0.5%	1.2%	0.1%	1.3%	-0.9%
Mall-based Anchors	1.1	7.2	6.3	3.7	4.8	7.2	5.4
Community Center Retailers	1.8	7.4	3.2	2.5	3.8	4.6	1.6
Power/Community Center Anchors	3.3	3.9	2.1	2.7	2.7	3.5	3.3
Power Center Anchors	1.6	1.5	1.8	2.5	4.4	2.8	3.3
Total:	2.3	6.0	2.3	2.0	2.1	3.2	2.0
Source: Merrill Lynch

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