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Macy's West Acres Center <br />3902 13th Avenue South <br />Fargo, ND 58103 <br />Parcel Number <br />01-6750-00180-000, 01-6570-00200-000 <br />Income Approach Based on Percentage Rent - 2009 <br />Gross Buidling Square Footage 114,394 <br />Gross Sales History <br />Twelve Months Ending <br />January 31, 2007 <br />January 31, 2008 <br />January 31, 2009 <br />Stabilized Sales (Three Year Average) <br />Rent Percentage <br />Stabilized Sales $142.08 <br />3% of first $125 Per Square Foot <br />2% of sales between $125 and $175 <br />1 % of sales exceeding $175 <br />Gross Potential Income <br />Less: Vacancy & Collection Loss <br />Effective Gross Income <br />Less: Expenses of Owner/Landlord <br />Estimated Expense Q <br />Net Operating Income <br />Overall Capitalization Rate: <br />Indicated Value of Economic Unit <br />Estimated Market Value of Tax Parcel <br />Total Per SF <br />$18, 786,000 $146.74 1.64% <br />$18,178,000 $141.42 -3.82% <br />$15, 789, 000 $138.02 -2.40% <br />$16,251,000 $142.06 <br />$428,978 $3.75 <br />$39,035 $0.34 <br />$0.00 $0.00 <br />$488,013 $4.09 <br />2% $9,360 $0.08 <br />$458,852 $4.01 <br />5% $22,933 $0.20 <br />$435,720 $3.81 <br />8.00% <br />$5,446,495 $47.61 <br />SS,400,000 <br />5 <br />ANALYSIS West Acres 09 <br />