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Terranova Corporation

Terranova Corporation. Retail Real Estate Mindy McIlroy Executive Vice President mindy@terranovacorp.com Main: 305.695.8700 Fax: 305.672.7800 801 Arthur Godfrey Road, Suite 600 Miami Beach, Florida 33140. South Florida Market Overview: Occupancy Rental Rates. Overall Vacancy.

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Terranova Corporation

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  1. Terranova Corporation Retail Real Estate Mindy McIlroy Executive Vice Presidentmindy@terranovacorp.comMain: 305.695.8700 Fax: 305.672.7800801 Arthur Godfrey Road, Suite 600Miami Beach, Florida 33140

  2. South Florida Market Overview: • Occupancy • Rental Rates

  3. Overall Vacancy

  4. Overall Rental Rates

  5. Major Projects Recently Completed, Underway or Proposed in South Florida

  6. New Construction 2009

  7. Square FeetProposed/Under Construction 16 projects 9 projects 6 projects 13 projects 2 projects 2 projects

  8. Palm Beach County • Delray Marketplace • 300,000 SF of retail proposed • NW corner of Atlantic Ave. and Lyons Rd. Extension in Delray Beach • Anchors: Publix, Frank Theatres • Frenchman’s Crossing • 62,200 SF of retail proposed • NW corner of Hood Rd. and Alternate A1A in West Palm Beach • Anchor: Publix

  9. Broward County • Village at Gulfstream Park • 410,000 SF of retail • SE corner of U.S. 1 and Hallandale Beach Blvd. in Hallandale • Under construction; Completion in Feb 2010 • Anchors: Crate & Barrel, Pottery Barn, Z Gallerie, Container Store • Hallandale Square • Proposed 358,000 SF of retail • SE corner of Hallandale Beach Blvd. and U.S. 1 in Hallandale • 749-seat movie theatre on-site 9

  10. Miami-Dade County • The Palms at Kendall Town & Country • 700,000 SF of retail and restaurant space under construction • NW corner of Kendall Dr. and SW 117th Ave. in Kendall • Anchors: Kohl’s, Nordstrom Rack (opening Spring 2010) • Bird 87 Village Shopping Center • 91,300 SF of retail under construction • NE corner of SW 87th Ave and Bird Rd. in Miami • Anchors: Sedano’s, Walgreens

  11. Major Factors Affecting Retail Sector

  12. Capital Markets: Lower Shopping Center Values Individual Transactions

  13. Capital Markets: Lower Shopping Center Values Bulk Transactions • Kimco bought a remaining 85% interest in DRA Advisors 21-property portfolio for $825 million, or an average of $159 psf, including South • Florida properties • German investment fund Jamestown paid $160 million for an 80% interest in six shopping centers, or an average of $133 psf, including South • Florida properties

  14. Housing Cost Decreasing Property Value Source: Florida Association of Realtors

  15. Other Factors - The Operational Side • Operating Issues • Lack of bank financing • Rent defaults • Economic Climate • Recession • Decline in employment • Limited availability of credit • Housing collapse • Rise in foreclosures, bankruptcies, and loan defaults

  16. Terranova Corporation Visit us at www.terranovacorp.com

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