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Macy's West Acres Center <br />390213th 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 2006 <br />January 31, 2008 2007 <br />January 31, 2009 2008 <br />Stabilized Sales (Three Year Average) <br />Rent Percentage <br />2008 Sales $138.02 <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 2% <br />Effective Gross Income <br />Less: Expenses of Owner/Landlord <br />Estimated Expense Q 5% <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 />$16, 786,000 $146.74 1,64% <br />$16,178,000 $141.42 -3.62% <br />$15, 789, 000 $138.02 -2.40% <br />$16,251,000 $142.06 <br />$428,978 $3.75 <br />$29, 795 $0.26 <br />$0 $0.00 <br /> <br />$458,773 $4.01 <br />$9,175 $0.08 <br />$449,597 $3.93 <br />$22,480 $0.20 <br />$427,117 $3.73 <br />8.00% <br />$5,338,965 $46.67 <br />$5,300,000 <br />6 <br />ANALYSIS West Acres 09 <br />