Terranova Corporation Retail Real Estate Mindy McIlroy Executive Vice President Main: Fax: Arthur Godfrey Road, Suite 600 Miami Beach, Florida

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

Overall Vacancy 3

4 Overall Rental Rates

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

New Construction

Square Feet Proposed/Under Construction 2 projects 16 projects 13 projects 2 projects 6 projects 9 projects 7

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 8

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

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 117 th 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 87 th Ave and Bird Rd. in Miami Anchors: Sedano’s, Walgreens 10

Major Factors Affecting Retail Sector 11

Property Name Location Square Feet Sale Price Price per Square Foot Sale Date Date Shoppes at Monarch Lakes Miramar 64,020 $8.3 million $129July ’09 Coral LandingsCoral Springs106,863 $18 million $168May ’09 Sawgrass LandingSunrise 64,500 $22.3 million $345Dec ’08 Courtyard Shops at Wellington Wellington127,000 $38 million $298Sept ’08 Carter SquareMiami 67,370 $40.8 million $605April ‘08 Capital Markets: Lower Shopping Center Values Individual Transactions 12

Capital Markets: Lower Shopping Center Values Bulk Transactions Property NameLocationSquare Feet Avg. Price PSF Sale Date KIMCO-DRA DEAL Cypress Creek StationFt. Lauderdale229,034$159Oct ‘09 Oakwood PlazaHollywood757,539$159Oct ‘09 Kendall Lakes PlazaMiami402,801$159Oct ‘09 Cross County PlazaWest Palm Beach357,537$159Oct ‘09 WEINGARTEN-JAMESTOWN DEAL Northridge Shopping CenterFt. Lauderdale234,500$133Nov ‘09 Pembroke CommonsPembroke Pines316,000$133Nov ‘09 Flamingo Pines PlazaPembroke Pines126,428$133Nov ‘09 Hollywood Hills PlazaHollywood364,700$133Nov ‘09 Tamiami TrailMiami110,867$133Nov ‘09 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 13

Housing Cost Source: Florida Association of Realtors Median Sales Price Existing Single-Family Homes County November 2006 October 2009 Percent Decrease Miami- Dade $372,400$178, % Broward $362,000$211, % Palm Beach $370,400$243, % Decreasing Property Value 14

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 Other Factors - The Operational Side 15

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