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Regional Mall Capitalization Rates <br />1'WC - Korpacz <br />National Regional Mall Market <br />National Power Center Market <br />National Strip Shopping Center <br />IRR Viewpoint <br />Minneapolis, MN <br />Kansas City, MO/KS <br />Denver, CO <br />4th Qrtr. <br />2008 Average <br />5.0-9.5% 6.96% <br />6.o-io.o% 7.57% <br />5.80-9.0% 7.49% <br />AVG <br />2009 <br />6.75% <br />7.00% <br />6.50 <br />6.75% <br />These capitalizaton rates are for regional <br />malls and not for an independent anchor <br />department store. Since anchor stores <br />have a limited number of potential users <br />and limited potential for increased income <br />levels, there is more risk associated with <br />this investment. Based on an analysis of <br />all available data, I estimate the rate below <br />is appropriate for this property. <br />Concluded Capitalization Rate: <br />8.00% <br />s <br />