2010 Recap  Market turned the corner earlier than expected  Flight to quality left space in short supply in the most desirable locations  Significant increase in downtown street-level openings RETAIL

Retail Robin Hilliard Weingarten Realty 2011 Triangle NC-CCIM Commercial Real Estate Market Forecast Networking. Education. Technology.

3 “I think we’re in good enough shape to start making the same mistakes again.”

Retail Trends At Your Service 4Q10 25% 41 Deals The basic needs category such as Dry Cleaning, Tutoring, Tax Preparation, Insurance and Financial Services showed a big jump in the third quarter. These types of services find that supermarket anchored centers are most advantageous for convenient errands. The beauty and small pleasures category continues to explode in importance. We saw activity in during 2010 more than double with a focus on Fitness Studios and Hair Salons. BeautyFirst 4Q10 10% 16 Deals 4

Retail Trends Our leasing team signed 91 deals in 2010 with quick serve and low priced eateries. Strong trends include yogurt, pizza and burgers. We are seeing repetitive business with cupcake concepts, Edible Arrangements, Freebirds, Chipotle, Subway and Dunkin Donuts. FastBites 4Q10 17% 28 Deals Year-to-Date we have signed 55 deals with value oriented full service and buffet style restaurants that satisfy the budget conscience lunch, dinner and “family night out” experience. Mexican and Italian restaurants and Chinese Buffets were competitive trends here. FamilyDining 4Q10 4% 6 Deals 5

Retail Trends We saw a 50% increase in transactions during 2010, indicating more interest in discretionary spending from the female and family shopper. FrugalFashion 4Q10 14% 22 Deals These “stay connected” retailers continue to provide the latest in electronic communication to our shoppers. StayConnected 4Q10 4% 6 Deals 6

Retail Trends Supermarkets, stores and services that offer wellness for the mind, body and soul continue to be attracted to our product type due to the ease of access and convenient parking. HealthyLiving 4Q10 9% 14 Deals 7 Home Comfort 4Q10 6% 6 Deals