Retail Investment Market Overview Significant Amount of Capital Seeking Retail Properties from both the Private and Institutional Sector. Growth of TIC Sponsors – More than 55 Today vs. Less Than 10 Four Years Ago. Continued Lack of Quality Retail Properties Available for Purchase. Historically Low 10-Year Treasury Rate (4.55% as of 2-17-06). 1031 Exchange Investors Continue to Pay Highest Prices/Lowest Cap Rates. Narrow Spread in Cap Rates for Class A, B and C Retail Properties. Malls Built Today Reflect a Lifestyle Format with Department Store Anchors. Australian Investors Have Been the Low Cost Capital Partners for U.S. Retail REITs.

National Financial Returns Retail – Class A Retail – Class B

National Retail Bidding Profile

National Class A Retail Cap Rates

Recent Shopping Center Sales Activity

Recent Shopping Center Sales Activity

CLOSED SALE City Place Long Beach, California  Total GLA: 342,844 square feet Tenants: Wal-Mart, Ross, Nordstrom Rack Occupancy: 85% Price: $73,750,000 Seller: Coventry Partners Buyer: Shooshani Developers LLC Broker: Todd Goodman – Newport Beach

Bakersfield, California CLOSED SALE The Marketplace Bakersfield, California  Total GLA: 298,619 square feet  Tenants: Edwards Theatre, Vons, Rite Aid Drugstore Occupancy: 99% Price: $84,500,000 Seller: Castle & Cooke Buyer: Donahue Schriber Broker: Todd Goodman – Newport Beach

Sacramento, California CLOSED SALE Park Place II Sacramento, California  Total GLA: 250,374 square feet  Tenants: Kohl’s, Marshalls, Borders Books & Music, Bed, Bath & Beyond Occupancy: 95% Price: $68,750,000 Seller: Donahue Schriber Buyer: SCI Real Estate Investments Broker: Todd Goodman – Newport Beach

CLOSED SALE Cerritos Town Center Cerritos, California  Total GLA: 504,736 square feet  Tenants: Wal-Mart, Kohl’s, Edwards Theatres, Ross, Office Max, Old Navy, Trader Joe’s, and Best Buy (NAP) Occupancy: 97% Price: $73,590,000 Seller: The RREEF Funds / Vestar Buyer: Cornerstone RE Advisers Broker: Todd Goodman – Newport Beach

PENDING SALE Downey Landing Downey, California  Total GLA: 376,165 square feet  Tenants: Best Buy, Marshalls, Bed Bath & Beyond, Ross, Staples, Michaels, Old Navy, PETsMART Occupancy: 100% Price: +/- $109,000,000 Seller: Springcreek Investors/ Eclipse Development Buyer: Pending Broker: Todd Goodman – Newport Beach