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Home My WebLink About20111847 (it Le. CLERK TO THE BOARD PHONE (970)AX: (970) Ext. 0242 FAX: 352-0242(970) P. O. BOX 758 GREELEY, COLORADO 80632 111k COLORADO August 3, 2011 MLCFC 2006-4 GREELEY RETAIL LLC 1601 WASHINGTON AVENUE SUITE 700 MIAMI BEACH, FL 33139 RE: THE BOARD OF EQUALIZATION, 2011,WELD COUNTY, COLORADO-DENY, IN PART, PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R4473006 PARCEL#: 096119218001 - GR GM LOT 1 GREELEY MALL MINOR Dear Petitioner: On July 29,2011,the Board of County Commissioners of Weld County,Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above,for the year 2011. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon your above described property as set below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. The assessment and valuation is set as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $27,407,840 $17,067,837 C'C.'%/Oe/ierr) 5'- 5-02O�� 2011-1847 AS0079 MLCFC 2006-4 GREELEY RETAIL LLC - R4473006 Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals(BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 NOTE: On or after August 10, 2011, any appeal of the valuation of rent- producing commercial real property to the Board of Assessment Appeals shall provide to the County Board of Equalization the following information within ninety (90) days after the appeal is filed. For two full years, including the base year for the relevant property tax year: (1) actual annual rental income (2) tenant reimbursements (3) itemized expenses (4) rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 2011-1847 AS0079 MLCFC 2006-4 GREELEY RETAIL LLC - R4473006 Page 3 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator,the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. If you have questions or need additional information, please do not hesitate to contact me at(970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1847 AS0079 Weld Count CHRISTOPHER M. WOODRUFF COUNTY ASSESSO BRENDA DONES, DEPUTY ASSESSO VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization MLCFC 2006-4 Greeley Retail LLC (Greeley Mall) PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-19-2-18-001 Enclosed mall 0961-19-2-18-001 Theatre 0961-19-2-18-002 Convenience Center 0961-19-2-18-003 East Land area 0961-19-2-18-004 Lad Pad Schedule Number: R4473006 R2719704 R4473206 R4473306 R4473406 Log Number: Date: 07/29/2011 Time: 11:00 am Board: CBOE PREPARED BY APPRAISERS NAME Signature Date Chuck Jack 07/29/11 ASSESSOR'S OFFICE STAFF APPRAISER SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/11 based on an appraisal date of 6/30/10. Property Rights Appraised Unencumbered fee simple interest. Location 2050 GREELEY MALL ST GREELEY Land Area 2,603,453 Square Feet (59.77 acres) Property Type Commercial Regional Mall (Shopping Center) Year Built 1973 / 2003 Year Remodeled Constant & on-going Quality Good Class Metal Frame Number of Stories 1 Improvement Sq. Ft. 330,714 Value Indications: Land $9,776,004 Cost Approach n/a Market Approach $23,150,000 Income Approach $22,700,000 Assessor's Value $33,040,003 Page 2 Enclosed Mall I II NI y f V+� '�� r$AQlAL *E aT RA...OVWL1J� III a+ ! 1Jam" • 1 r r i ...adIt -J 1r. mow• i ! P'f Y • ..Y1`.� . . ' . ' 10' 011f. ' 311 1 • > _ ,`T - -S -.Ina.. N.4_,. / - C „, .• E4:- , • , , I . 4 0 i „.• , _ _. 1 _ • r' ` + n> ._ , 1 , • . 07 / 31 / 2009•J ~ � .47. Rt.. Page SKETCH OF ENCLOSED MALL BLDG#1 Location of Seers 282.0' Blt 2003 6,552 sq ft. 85.0' 85 0' 26.0' 'p0 02 I )13n. n O 230.0' 243.0' 9a xh a q Bldg#1co a a o' m Enclosed Mall Area 90 940 22 4,409 sigfft 255.0' 263.0' o Location of 12-flex Theater 'v m 0 J 221.0' AY. 50 6a 60.0' a Open Walkway80 n' 410.0' 3726.0 al Location o1 JO.Pennys Location of Dillards Sketch by Apex Medina^' DILLARDS SKETCH s o' 220.0' Bldg#3 Dillards Department Store 41,140 sq ft 186.0' 19]P 186.0' 44.0 Second Floor 1980.0 of 45.0' 102.0' 16.0' 102.0' 3.0' I r / Op Into' sore e5 V 41.0' 51.0canine MOM st 30V mean by Po•.babe."' PAGE 4 Cinemark 12 Theatre -y V3 al.:" - - - —- - - c ` es _ _�_ _-�_ • • -. _.t " _ _ _ - _ 6 . 2004 Theater 12-Plex First Floor 45737.1 sq. ft. Bit 2003 32' wh Mezz. 3,616 sq ft Class C Fire Sprinklers HVAC 311 .3' 38.7' 39.0' 39.0' 39.0' 39.0' 39.0' 39.0' 38.7' Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium Auditorium M en en en ao En __ _ En ai Mezz. over Corridor S Auditorium Auditorium Lobby Auditorium Auditorium in en N-- N- 25.0' 25.0' 14 49.7' 49.7' ti I I 49.7' 49.7' 99.5' 62 .3' 99.5' Sketch by Apex IV^" Page 5 - • lift' � � I F ¶ 11 k _4. i.. , . . , .y,,,,,,It x4 F . .F - 7 I ••- _ `I a. _ I - �. - " .- - 'TiMill "UR . .. - i ill - MC .'""Idia- Mt I " 471 111 .1 I k r • .' i i , Convenience Center it 256 .0' Bldg #4 o Convenience Center 0 33280 .0 sf 1 30 .0' a> U is Sketch by Apex IV\Windows TM' Page 6 C n v - '' r v Tc cii CI u , ? W - a r3 _ ..1„i (.9 f. D4 u u = Q x fX a a $21 ,. ., 0.._451r� Ay _Op 7 t ' Wits ' .- • • net ' y I _ ' Iii stipatova. -7- :.4 :Imo '4r . - . ter" a 1 J -4/1 ; Alrighb in III Oll 1 Salgini 1 : 41 if I 1/21:tir %il 1..-..... 4144 a PP1 �.L..., • 14 4.+ -. i- IP 1 t*1 el 4,1li el - 1% . I r Afai r �` : 4 • oI ' O 4zil , , , • • , , . , h v .. L' a t 1 1 I ill I _ � 1 . fy. ' .: c f1, 11hi : iiit illi‘ . lit � ? I I e• •,•,.. % . 4 6 I 't as, : -iit _ ..r � � it','4 t I I li I ' _' ; r , 112 N P !•' : i Ir r 'Pa �pT W $ . M �I ' f t S ..M 11i.i4 I No N 6 E - _ __sot* 23RDQ '. . . . - _..:, , Q 0 1 w , M el ` MARKET APPROACH SUMMARY Real Property for the tax year 2011 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2010. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, the perioE of five years immediately prior to July 1, 2010 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal The Sales Comparison Approach was considered in developing a market value for the Subject. SalE used to establish a market value for the tax year 2011 are from January 1, 2009 through June 30, 2010. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July 1, 2010 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $23,150,000 accurately reflects the market value of the subject property. VALUE As INDICATED BY THE MARKET APPROACH $23,150,000 Page 8 in, \ 0 § co q CO ) CO ) ) u ( \ \ N. \ k CO I o m 2 [ } e - w } \ m Cr 0 \ \ r co 0 i 0 E n t E = 0 co 7 ° co w Nt. 10 • ° k = . ; c o n a \ m `_co ) % 0 4 S § \ \ t CO i B N ` ] \ 2 ] j % \ ° ^ toa 2 ) { 3 )• 0 -1 f k L " / \ uCr 0 7 § b o = o $ g § , m R e , o 0 n o m . ® \ \ \ \ \ co ) \ \ % 2 ( ) | / § el ^ E4 I z = z z i ce \ / r 11) { c o ) ) a 2 co CO a. a ru \ \ R } '- ) N ro 6 \ ( G \ k 4 4 ! CO g e 2 = a % r § A 2 - ) g ° \ r a _ ^ On k + = CO o CO CO E \ ! \ ( / \ 7 N \ § n © 0 § ) 2 \ t _ 2 N k ( \ i - | I \ \ \ ) \ ® ( . 0 ■ o r / q Q 0 co < g L + i ! G \ ` g 01 \ S CO a m t K N n o 2 o \ % k co 6 ( (1.1 \ \ .0 N f ) 10 w � , 0 Co 2 0 Q ] 7 p $ ; k 2 2 � ® ' O ° \ \ k ( k 0 ° N 1w w aLL 3 co a. a i it cu f a $ q@ 2 = L.° IX } 2 « ° ■ 0 2 CO a k ° 2 . . . E \ § ) 2 2 \ coy c o ) '5 ( ( ( O Q• a « 0 0 m N J a rn D » m « 0 0 0 / 8120030 6 sq.*. 060 06° 290 �'�4 2:00 2aTa s aa b : .. $1 2 D Jnes ` Enclosed Mal Area o M° 225310.0 266 troika el 12.1014x ° is Tlyda 4 2211 wa "° (,C7 _ 0p 800' ow ' 410O "°' I II J) ..., WAN el ■ lC.Penny Laatla d Dleas minsilif1'. ; Q ' .y - sal - ea 220.0' Bldg#3 Dllards Department Store in 188.0' 42,852 sf 186 0' + Dillard% 1900 0 a. 111eLesegeilhapi Off 102.0' 3.0' 1^ 102.0' ear «i 61 a eas.i urn io 0 %keener*ea wra..ee...• COMPARABLE SALE #1 COUNTY: WELD ACCOUNT R4473006 + PARCEL NUMBER: 096119218001 + PRIMARY OCC: Regional Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 2050 GREELEY MALL ST, GREELEY RECEPT NUMBER: 3407475 SALE DATE: 7/27/2006 GRANTOR: MACERICH GREELEY ASSOCIATES SALE PRICE: $47,200,000 GRANTEE: GREELEY MALL I/GKD FUND I LLC ADJ SALE PRICE: $45,880,000 YEAR BUILT: 1973 & 2003 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 5.34 LAND SIZE (SF): 2, 168,554 LAND VALUE: $8,674,216 BLDG SIZE (SF): 411,073 IMPS PRICE/SF: $90.51 WALL HEIGHT: 20 SALE PRICE/SF: $111 .61 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: Sale includes the enclosed mall (096119218001 ), the Cinemark Theatre (096119218055), the larger Dillard': store (096119218020), and the Pizza Hut (096119218052) Page 10 I . ' . t,-17,-- -•j_ Aill0 ,---Sra."1 TITT :Ton —.r - i , COMPARABLE SALE #2 COUNTY: WELD ACCOUNT R2459886 PARCEL NUMBER: 095913412013 PRIMARY OCC: Neighborhood Shopping PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 2305 TI-IRU 2401 W 27 ST GREELEY RECEPT NUMBER: 3357052 SALE DATE: 1/19/2006 GRANTOR: 2305 GREELEY LLC UND 20% INT & SALE PRICE: $7, 100,000 GRANTEE: SOUTH STREET PARTNERS LTD LLC ADJ SALE PRICE: YEAR BUILT: 1979 Tl-1RU 1986 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 4.28 LAND SIZE (SF): 368.561 LAND VALUE: $ 1 ,474,244 BLDG SIZE (SF): 86,064 IMPS PRICE/SF: $65.36 WALL HEIGHT: 16 SALE PRICE/SF: $82.49 STORIES: I INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: GRE CH POINTS PAID: QUALITY: Average COMMENTS: WILLOW STATION SHOPPING CENTER I S AN UNANCIIORED CENTER WITH FIVE SEPARATE RETAIL BUILDINGS. APPROXIMATELY 20% VACANT AT TIME OF SALE. CONFIRMED WITH NAVID SAID!. PAGE 11 w ` T IM MO, r /ll/fl l Cr- . s S' lift - -, - -mss- - -_-� �_ . -- •�G�`_i- - • I i i Ilty - za-- s COMPARABLE SALE #3 COUNTY: WELD ACCOUNT R2429803 PARCEL NUMBER: 080718402001, 002,003, 006, 013 PRIMARY OCC: Community Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 1520, 1540, 1550, 1560 MAIN ST WINDSOR RECEPT NUMBER: 3431469 SALE DATE: 10/24/2006 GRANTOR: NEW WINDSOR MARKETPLACE LLC SALE PRICE: $9,900,000 GRANTEE: NSS WINDSOR HOLDINGS LLC ADJ SALE PRICE: $9,600,000 YEAR BUILT: 2003 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 4.92 LAND SIZE (SF): 472,389 LAND VALUE: $2,834,334 BLDG SIZE (SF): 96,062 IMPS PRICE/SF: $70.43 WALL HEIGHT: 25 & 22 SALE PRICE/SF: $99.94 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Good COMMENTS: NEW WINDSOR MARKETPLACE HAS 96,062 S.F. OF RETAIL SPACE. THE CENTER IS ANCHORED BY A 66,662 S.F. KING SOOPER'S STORE WITH AN ATTACHED SMALL RETAIL STRIP WING WITH 15,400 S.F.. A SECOND STANDALONE RETAIL BUILDING CONTAINS 14,000 S.F.. THE PURCHASE PRICE WAS ADJUSTED BY $300,000 FOR THE KING SOOPER SELF SERVE GAS STATION INCLUDED IN SALE. 4,200 S.F. WAS VACANT OR 4.3% AT TIME OF SALE. CONFIRMED SALE WITH NICK STUDEN JR. CBOE_COMM 01f Page y r' ' rcesec- w_ 7' i COMPARABLE SALE #4 COUNTY: WELD ACCOUNT PARCEL NUMBER: 09513115003 PRIMARY OCC: Community Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 910 E Eisenhower Blvd, Loviand RECEPT NUMBER: 0031382 SALE DATE: 05/01/2008 GRANTOR: Loveland Shopping SALE PRICE: $8,625,000 GRANTEE: Jax Loveland Property ADJ SALE PRICE: YEAR BUILT: 1993 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 3.94 LAND SIZE (SF): 383,328 LAND VALUE: $1,533,312 BLDG SIZE (SF): 97,318 IMPS PRICE/SF: $72.87 WALL HEIGHT: SALE PRICE/SF: $88.63 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Good COMMENTS: Major tenants are Jax Sporting Goods & Gold's Gym CBOE_COMM_01( Page 1. Olrer - tees _ . . . u Y • I l air 4 ..de • — - _ fir COMPARABLE SALE #5 COUNTY: Boulder ACCOUNT R0100388 PARCEL NUMBER: PRIMARY OCC: Regional Shopping Center PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 1250 S. Hover St, Longmont RECEPT NUMBER: SALE DATE: 08/01 /2007 GRANTOR: CBL & Associates SALE PRICE: $33,600,000 GRANTEE: EPC Twin Peaks (Panattoni Development) ADJ SALE PRICE: $31 , 100,000 YEAR BUILT: 1984 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 7.25 LAND SIZE (SF): 3,354, 120 LAND VALUE: BLDG SIZE (SF): 462,653 IMPS PRICE/SF: WALL HEIGHT: 22' SALE PRICE/SF: $67.22 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: Average COMMENTS: The purchase did not include the 93,000 sq ft Dillard's building. Other Twin Peak Mall tenants include Sears, Steve & Barry's University Sportswear, & United Artists Theater. Redevelopment is planned soon after the sale. CBOE_COMM_01i Page INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame January 1, 2009 through June 30, 2010. This information, combined with statewide and industry-wic data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has pu more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $22,700,000 CBOE_COMM_01( Page Actual Income & expense Average 2009 & 2010 Parcel : 096119218001 Name : Greeley Mall Address : 2050 Greeley Mall St, Greeley Bldg Sq Ft Use 330 ,714 Regional Mall Effective Tax Rate Mill Rate Assm't Rate Tax Rate 0.075823 0.29 0.0219887 Avg Rent PSF Subject Rents Annual Rent per Annual Gross Area Rent PSF Month Income Main Fir PSF 330,714 $369,372 $4,432 ,464 LessVacancy & Expenses Vacancy EGI $4,432 ,464 Expenses insurance $47 ,855 utilities $250,747 maintenance $360,874 Security $259,500 Administrative $356,714 Food Court $ 14,568 Management $ 154,804 Specialty leasing $55,895 Miscellanous $ 151 ,034 et Incom $2 ,780,473 Net Income/Overall Cap Rate = Property Value Property Value p Rate + Eff Tax Rate 0.100 0.0220 0. 1225 $22 ,697,739 estimated Property Value $22,700,000 Value psf $68.64 rRoF_ .CPMM_n1r Page Capitalization Rates The overall capitalization rate was established by utilizing the Winter 2009/2010 issue of the Burbach & Associates Real Estate Investment Survey and the Korpacz Real Estate Investor Survey. The Burbach Report showed a range of stabilized cap rates from 8.75% to 9.75%. The Korpacz Report showed an average rate of 9.02%. For the purpose of this report a capitalization rate of 10.0% was chosen to be applicable for the subject property. Added to the 10.0% cap rate was an effective tax rate of 2.2% and then rounded to 12.25% . CBOE_COMM_01 Pagi CONCLUSION Real property for tax year 2011 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2010. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a cla: of property. The period of five years immediately prior to July 1, 2010 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, et or creation of a condominium, or any new regulations restricting or increasing the use of the land, or combination thereof. {39-1-104(11)(b)(1) C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {3s-1-103(5)(a) C. R. s.} The Assessor has consider( all three approaches to value for the subject parcel on appeal. CBOE_COMM 01 Pag, FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $22,700,000 most accurately reflects the value of the subject property in Weld County for the 2011 tax year. Cost Approach Sales Comparable Income Approach Approach n/a $23,150,000 $22,700,000 Assessor's Value Land $ 9,776,004 Improvements $23,263,999 Total Value $33,040,003 Assessor's Proposed Value Land $ 8,691,727 Improvements $14,008,273 Total $22,700,000 CBOE_COMM_01( Page ADDENDUM Parcels Appealed in 2011 Parcel Appealed Account# Description Land size Land Value Imp Size Imp Value Total Value 0961192185001 R4473006 Enclosed Mall 2,168,554 $8,674,216 251,549 $18,733,624 $27,407,840 0961192185001 R2719704 Theatre 0 $0 45,755 $4,117,950 $4,117,950 096119218002 R4473206 Cony Center 263,993 $659,982 33,410 $412,425 $1,072,407 096119218003 R4473306 East Land 161,212 $403,030 - $0 $403,030 096119218004 R4473406 Land Pad 9,694 $38,776 - $0 $38,776 2,603,453 $9,776,004 330,714 $23,263,999 $33,040,003 CBOE_COMM_01i raw fir rx • /9PA ,re• %(-414l — n• -, , s -4 . 1 l III ! Ca a . , S U E n L. it) elL MB . 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I ;it 1 ---r 1 ,, _, CP ig _ it ... 14 A iv y 7 11111 \. -ye d- •, s ts..) 4_f.), am. - • t efsfii -drisi - ‘, E •- . v • st s • 4 , 2 ± ._._ I , •4.4. \ II • rj, r. i•- • - .� 6 t rr.r ( aQ I 6.: ' • ?till , • ••'•.�� ,mow`-��.= -.. — r- 1 �r7• III , '1o.. �...Cr�—:- ; I , _141��— ; , .215 CBOE_COMM_01( Page GREELEY MULL INCOME CAPITALRATON APPROACH -.. .... OPERATINC'HISTORY&PRO3 ECI JOAN .1 Mr-1 I Arrant Aea.al HdjF1 Income hi 20f.R 25419 2✓II O 2011 Place I NCO 431 lase Relit £'',1.0215 S2,93462 42,444,191 £5.551;49 5:;:90.639 !%qc-,sr Rembllrela•942 52,020,L35 51 A93,445 S1,:42,573 S(44.495 £657229 Speeialry leasing Income 3451,443 15x41;1^3 SU Ill k0 292393.399 RerA IOC-+'9k 5115.549 SO Pa VI O.hec I.:arnr 5.I:7443 34.264 5491 545 S1;52409 57540650 7L5TnF'TIAI.GROCC n4CnML• 3alf.,cir; .S4,74e;,%IR ,54,4$$;4 0 £'+.id8,'.a'7 $ 4J7N+9 Vac.n y at 0.011 SO C,,IIceion Lem ire 4.014 $1 3 FFECCIVC nRv755TN['Oai 3'.$0f.55f, 54,156.215. $L,ftS.7:n .}5.is;41,29^ 31.425959 L'XL%NSE4 :Leal E,.xte'I'axe% S024..5h3 37gL.217 92315,'_24 40.02.662 5726.5135 Jr_Yunlax. 132.552 S53,710 540,000 10 545.903 :.;li.ai 5'_39.161 3213,750 S257,^.•19 3365?22 5754,900 Maialcrancc 5111.60.9 33394 13 5331,571 S-1115.356 5375.003 Seclr-.l:: S2411.516 121J,329 31-2.1,4 71 5312.11: 32 92.1.11212 Admriw.sLLLva S4.4 1.370 31I 0,722 9402,'.05 S5311.592 540)903 —mall Carr 3'4.120 S!Litt) $0 30 30 \7un:Ibrmerr. 9124.24 3144.523 5:45,059 SI:1.350 5:37,114 S,xbIly Woks s 339.301 855493 I+0 $0 50 S1;aceLenrsue $S I.1 E1 $157.°W 5.•74,53'7 510145 S:00.069 TOTAL LXPmJCSES £2_,59:1.339 =.41.3,7321 32,42,62_5 32_AS4S53 43.,26320241 NET OPE AT:NC; :N(:L511E 51,201.217 S2.332,4N3 31;126,965 51111-16 41,:1239 'INCOME PER SQl:ARE.FOOT 3asc Nod 37.65 SE.47 1.5.911 36.10 $446 3:p .te Rbjaburusnrnb £4.56 5345 32.73 $1,64 Spe.ixlty LwiatI Jrcu,ne 11.12 S0.97 591.49 In OO $.0.00 rc23cr.age!bat $O.t9 5024 SU.:JU 54041 $1.00 Oterbooa,e £OA? SOUL SI 1i $I1.12 51.:7 POl't.A'T13d.Q1O55LNCO31b YEll SI 51:163 }IIab 59,14 IR.IK S.i.20 Ir4F9acy al 0.0% SJ.OU Culler:ion Lam al J.uli 9).01.1 LI'I'LL'lla'L GROSS INCOMElrbtt St S126.SS III 43 S914 Ik.I)6 11211 YXPLNSLS PER WILIA11b 1001 Real.UAG:TAMS 1I it: jI.5k 51.53 }1.49 $1.74 Jraun:w; fa.* SI?.JS SO.io £0.00 S3 II L I:IIIi 40.52 30.5'_ 31.69 30.34 41.40 .199-2mxncc $1.03 30.51 SC.:9 3IA) S3 90 drearily 10.35 30.59 %0.56 1[L}3 4:1 fit: AJuiulsmGYr f 1.05 30.74 50.96 51.31 Sic 96 kocd CDon 40.03 30.04 SO.Ju 39.03 53.455 $7¢gP;Iuwn 64.42_ 30.73 S039 10.37 50 9:1 ipe:ia:1;L::.I.ziu 41.21 30.1.5 S0.30 10.00 soon WL:cellmuvua 0.10 $0.1: 50.22 1417+1 SO24 1111 Al.fr PI:VSf.9 Pin RQ1'.{2r r013T 56.22 55.71 S3.51 $?,x: 5546 NOI 1WO SQL-MO RIOT 57.65 45.71 54.33 522.I9 52.:4 ❑axis Leasable.Area 441.1: 4114'79 417439 417470 41747S 41:.a:!t • INN prajecloa income is rte Ioal xnn.al-n:e,rr.40713.I.1.'...I.:P.in.pa Bo I,:Inr.r6'a3a,1 of venowy and cdiefliun 1»-. II,iir.:.l insane it,the a:t.al xcmra.]In iue b;:ii adlle.ly:l by vI:0rq:crr9^•nee. mm - - ---- PACE 00 CUOE_COMM_01 Pagi NOTICE OF DETERMINATION /7A 1/5/1/.371./g Christopher M. Woodruff Date of Notice: 6/22/2011 Weld County Assessor Telephone: (970) 353-3845 or (720) 652-4255 1400 N 17th Ave Fax: (970) 3O4-6433 Greeley, CO 80631 E-mail: appeals@co.weld.co.us www.co.weld.co.us Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R4473006 2011 4049 GR GM LOT 1 GREELEY MALL MINpI 2050 GREELEY MALL ST, GREELEY- CC MLCFC 2006-4 GREELEY RETAIL LLC 33 1601 WASHINGTON AVENUE SUITE 700 cc MIAMI BEACH, FL 33139 W cc a ASSESSOR'S VALUATION 0a PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 27,407,840 27,407,840 TOTAL $27,407,840 $27,407,840 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: LHO2- No change has been made to the valuation of this property. Colorado law requires us to send this notice of denial for all properties on which we do not adjust the value. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The deadline for filing personal property appeals is July 20. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER CO 80202 2011-1847 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10th Street, Greeley, CO To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail or deliver a copy of both sides of this form to: Weld County Board of Equalization 915 10`"Street, P.O. Box 758 Greeley, CO 80632 Telephone (970) 356-4000 Ext, 4225 To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property and on or before July 20 for personal property— after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 12, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 9th Avenue and 9th Street Denver, CO 80203 P.O. Box C (303) 866-5880 Greeley, Colorado 80632 www.dola.colorado.cov/baa (970) 356-4000 Ext. 4520 Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30,2010? (Your opinion of value in terms of a specific dollar amount is required for real property pur uant to § 39-8-106(1.5), C.R.S.) $ 2c� ryC4r What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original installed cost, appraisal, etc.) y�77i 7 1 z5, / Ob, aZa C1-1'/'xt-zr�. /I 412cer th',M'UT AAR45/,u69+/% c.t/ ✓,gztJC �P,Or'J4 "Eeef/O tD //✓ CJVX/C S ilh2-c.gs = Sit,- Z ZOL4m rc U 41 / ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any attachments hereto are true and complete. no-Tr ( 303 ) 573 0975 7- 8-Zo Sig ure Telephone Number Date Attach letter of authorization signed by property owner. a jct., CLERK TO THE BOARD PHONE (970) 336-7215 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us ' 915 10TH STREET P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 25, 2011 MLCFC 2006-4 GREELEY RETAIL LLC 1601 WASHINGTON AVENUE SUITE 700 MIAMI BEACH, FL 33139 Parcel No.: 096119218001 Account No.: R4473006 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 28, 2011, at or about the hour of 3:15 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2011, and mailed to you on or before August 12, 2011. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. 2011-1847 AS0079 MLCFC 2006-4 GREELEY RETAIL LLC - R4473006 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1847 AS0079 BOE SUMMARY SHEET Account Number: R4473006 Parcel Number: 096119218001 MLCFC 2006-4 GREELEY RETAIL LLC 1601 WASHINGTON AVENUE SUITE 700 MIAMI BEACH, FL 33139 HEARING DATE: 7/29/2011, AT 11:00 AM ��f HEARING ATTENDED? 6Y/N) NAME: £2' 7 )Ja e/1 AGENT NAME: MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 APPRAISER NAME: CCJ Cl dekek DECI ION ACTUAL VALUATION APPROVE BY SET BY ASSESSOR BOARD TOTAL ACTUAL VALUE 27,407,840 COMMENTS: MOTION BY J R TO di SECONDED BY �� r ,;1019) 77O/ D0O • -'or LII pareeI5 Conway -- N) Failed to prove appropriate value Garcia -- N) No comparables given Long -- N) Assessor's value upheld Rademacher-- /N) Other: RESOLUTION NO. 2011-1847 M:\BOE\SUMMARY.dotx EXHIBI g COMPLETE APPRAISAL SELF CONTAINED REPORT W is REGIONAL MALL PROPERTY Greeley Mall 2050 Greeley Mall Street Greeley,Weld County, Colorado 80631 PREPARED FOR: Ms. Cynthia A. Debenedetto, MAI Manager Commercial Appraisal LNR Partners, Inc. 1601 Washington Avenue, Suite 700 Miami Beach,FL 33139 Deal #MLCFC 2006-4 Loan#M170203801 EFFECTIVE DATE OF THE APPRAISAL: April 6,2011 INTEGRA REALTY RESOURCES-DENVER File Number: 2011-280 YI D _ --4 - { I F - JNTEGR& Realty Resources L LOCAL EXPERTISE...NATIONALLY 0 2010 BY SO GRA REALTY RESOURCES r • ]Z - _ . -IFS Q f 5 _ 1 r t - * ;A rrJ R .. - • Greeley Mall 2050 Greeley Mall Street Greeley, Colorado 80631 NTEGRA Realty Resources DE1JVER Local Expertise...Nationally April 11, 2011 Ms. Cynthia A. DeBenedetto, MAI Manager Commercial Appraisal LNR Partners, Inc. 1601 Washington Avenue, Suite 700 Miami Beach,FL 33139 SUBJECT: Market Value Appraisal Greeley Mall 2050 Greeley Mall Street Greeley,Weld County, Colorado 81008 Integra Denver File No. 2011-280 Dear Ms. DeBenedetto, Integra Realty Resources — Denver is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value as is of the leased fee interest in the property, and to develop an opinion of the market value upon stabilization of the leased fee interest in the property. The attached report sets forth the data, research, analyses, and conclusions of the appraisal. The report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP), and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. Our opinion of market value is premised upon the Assumptions and Limiting Conditions contained within this report. The definition of market value is contained in the following paragraphs. We have performed work on the subject property for the same client within the 3-year period immediately preceding the acceptance of this assignment. The opinions of value expressed in this report are based on estimates and forecasts that are prospective in nature and subject to considerable risk and uncertainty. Events may occur that could cause the performance of the property to materially differ from our estimates, such as changes in the economy, interest rates, capitalization rates, financial strength of tenants, and behavior of investors, lenders, and consumers. Additionally, our opinions and forecasts are based partly on data obtained from interviews and third party sources, which are not always completely reliable. Although we are of the opinion that our findings are reasonable based on available evidence, we are not responsible for the effects of future occurrences that cannot be reasonably foreseen at this time. IRK 2000 S.Colorado Blvd.,Suite 10800• Denver,CO 80222•Phone: 303-300-3320• Fax 303-300-3789•www.irr.com Ms. Cynthia A. DeBenedetto, MM LNR Partners, Inc p2 The subject is an existing regional mall containing 417,879 square feet of gross leasable area, including all of the mall's inline shop space (167,296 SF) and four anchor spaces, including JCPenney (49,672 SF), Cinemark Theaters (45,000 SF), and two vacant anchor spaces formerly occupied by Dillard's (93,270 SF and 40,000 SF). There are a total of five anchor stores at the mall and one of them is separately owned, Sears (86,772 SF). The main mall improvements were originally constructed in 1973, were expanded in 1975 and expanded and renovated in 2003. The 2003 renovation and expansion had a reported budget of$14 million and included the addition of the Cinemark Theater and a new main entrance. Additional renovations included new vaulted ceilings, flooring, and exterior paint. The improvements are 44% leased and occupied as of the effective appraisal date. The in-line portion of the mall is 53.2% leased. There are no longer"temporary tenants" occupying space at the subject. The tenants which had formerly been considered temporary are now considered to be permanent tenants and are on lease agreements rather than license agreements. The site area is 50.01 acres, or 2,178,248 square feet. Since the date of our last appraisal (March 2010), the economic fundamentals of the subject property have deteriorated significantly. Inline occupancy has decreased from 103,320 square feet, to 89,013 square feet as of April 2011. This is an occupancy decrease of 14,307 square feet, or 8.56% of the inline space at the mall. Additionally, many of the remaining tenants have renegotiated their leases to lower rent levels, either as a flat gross rent or a percent-in- lieu of rent basis. Current contract rents, based on occupied space, are 18% lower than contract rents in place at the time of our previous appraisal. Tenant lease expirations have accelerated since our previous appraisal, completed in March 2010. At that time, 52% of inline tenant leases were set to expire within the first two years of analysis. Currently, 80% of the inline tenant leases are set to expire within the first 2 years of analysis. Furthermore, year-end 2010 Net Operating Income declined by 23.35% from the year-end 2009 NOI. The budget for 2011 indicates that NOI will decline an additional 49.9% over the year-end 2010 NOI. These combined factors suggest that the subject property will not likely gain occupancy within the foreseeable future. Therefore in our opinion for the purposes of this appraisal the "as is" value of the property is the same as the "stabilized" value. Additionally, our concluded "as is" value is substantially lower than that of our previous appraisal. This appraisal is prepared for LNR Partners, Inc. ("LNR") on behalf of ML-CFC 2006-4 Greeley Retail LLC, a Colorado Limited Liability Company, LNR Partners LLC, a Florida Limited Liability Company successor by statutory conversion to LNR Partners Inc., a Florida corporation, it's manager and is intended to for the exclusive use of LNR, the Trustee, their consultants and attorneys. The contents of the appraisals and the value estimate should not be revealed to any other than LNR, or the Trustee, or their attorneys. This report may also be relied upon by any purchaser or assignee of the Property Note in determining whether to acquire the Property Note or an interest herein (which may include securities which are secured all or in part by the Property Note). In addition, this report may be relied upon by any rating agency involved in rating securities secured by, or representing an interest in, the Ms. Cynthia A. DeBenedetto,MAI LNR Partners, Inc p3 Property Note and any investors purchasing securities issued by a trust with an ownership interest, either directly or indirectly, in the Property Note. This report may be used in connection with the materials offering for sale of the Property Note, or an interest in the Property Note, and in presentations to any rating agency. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows: VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value As Is Leased Fee April 6,2011 $10,400,000 Prospective Market Value at Stabilization Leased Fee April 6,2011 $10,400,000 Ms. Cynthia A. DeBenedetto,MM LNR Partners, Inc If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, INTEGRA REALTY RESOURCES-DENVER Brad A. Weiman, MAI Christia Goodwin Managing Director Director Certified General Real Estate Appraiser Certified General Real Estate Appraiser Colorado Certificate#CG0 1313144 Colorado Certificate#CG 100023316 /°'l fif--zs Tom R. Je • Analyst TABLE OF CONTENTS PAGE NO. SUMMARY OF SALIENT FACTS AND CONCLUSIONS 1 GENERAL INFORMATION 3 Identification of Subject 3 Current Ownership and Sales History 3 Purpose, Property Rights and Effective Date 3 Definition of Market Value 3 Definition of Property Rights Appraised 4 Intended Use and Intended User 4 Scope of Appraisal 4 ECONOMIC ANALYSIS 6 Greeley MSA Area Analysis 6 Area Map 13 Surrounding Area Analysis 14 Retail Market Analysis 19 Regional Mall Market Analysis 22 Trade Area 23 PROPERTY ANALYSIS 41 Land Description and Analysis 41 Improvements Description and Analysis 46 Highest and Best Use Analysis 53 VALUATION ANALYSIS 55 Valuation Methodology 55 Sales Comparison Approach 56 Income Capitalization Approach 61 CERTIFICATION 100 ASSUMPTIONS AND LIMITING CONDITIONS 102 ADDENDA Appraiser Qualifications Addendum A Definitions Addendum B Subject Photographs Addendum C Financials and Property Information Addendum D Comparable Data Addendum E Letter of Authorization Addendum F JJ ®2011 BY INTEGRA REALTY RESOURCES Mega Realty Resources GREELEY MALL SUMMARY OF SALIENT FACTS AND CONCLUSIONS SUMMARY OF SALIENT FACTS AND CONCLUSIONS PART ONE Property Name Greeley Mall Address 2050 Greeley Mall Street Greeley,Colorado 80631 Property Type Retail-Regional Mall Owner of Record Greeley Mall Fund 1/GKD Fund I LLC Tax ID R4473006,R4473206,R2719704,R4473406,and R4473306 Land Area 50.01 acres;2,178.248 SF Percent Leased 53% Year Built 1973-2005 Year Renovated 1975&2003 Zoning Designation C-H,Commercial High Intensity Highest and Best Use As if Vacant Retail use As Improved Continued retail use Exposure Time;Marketing Period 12-24 months; 12-24 months Date of the Report April 11,2011 VALUE CONCLUSIONS Value Appraisal Premise Interest Appraised Date of Value Conclusion Market Value As Is Leased Fee April 6,2011 510,400,000 Prospective Market Value at Stabilization Leased Fee April 6,2011 $10,400,000 PAGE 1 Mega Realty Resources GREELEY MALL SUMMARY OF SALIENT FACTS AND CONCLUSIONS Greeley Mall Leasable Areas as of 04/01/2011 Tenant Area(SF) % of Total Mall Owned SF % of Subject Non-owned Anchors Sears 86,772 17.2% Total Non-owned Anchors 86,772 17.2% Owned Anchors JC Penney 49,672 9.8% 49,672 11.9% Cinemark Theaters 45,000 8.9% 45,000 10.8% Vacant 93,270 18.5% 93,270 22.3% Vacant 40,000 7.9% 40,000 9.6% Total Owned Anchors 227,942 45.2% 227,942 54.5% Total Anchors 314,714 62.4% 227,942 54.5% Outlots Olive Garden 6,500 1.3% 6,500 1.6% Perkins 4,325 0.9% 4,325 1.0% Chuck E.Cheese 8,000 1.6% 8,000 1.9% Road Kill Grill 3,816 0.8% 3,816 0.9% Total Outlots 22,641 4.5% 22,641 5.4% Pennamently Occupied Inline 89,013 17.6% 89,013 21.3% Vacant/Tengt Inline 78,283 15.5% 78,283 18.7% TotallnlineGLA 167,296 33.2% 167,296 40.0% Total Inline Occupancy 89,013 17.6% 89,013 53.2% Total Occupancy 270,457 53.6% 183,685 44.0% Total Appraised GLA 82.8% 417,879 100.0% Total Mall Size 504,651 100.0% Owned Mall Ratio(Inline GLA Ns.Owned GLA) 40.0% Total Mall Ratio(Inline GLA is.Total GLA) 33.2% PAGE 2 Integra Rem Resources GREELEY MALL GENERAL INFORMATION GENERAL INFORMATION IDENTIFICATION OF SUBJECT The subject is an existing regional mall containing 417,879 square feet of gross leasable area, including all of the mall's inline shop space (167,296 SF) and four anchor spaces, including JCPenney (49,672 SF), Cinemark Theaters (45,000 SF), and two vacant anchor spaces formerly occupied by Dillard's (93,270 SF and 40,000 SF). There are a total of five anchor stores at the mall and one of them is separately owned, Sears (86,772 SF). The main mall improvements were originally constructed in 1973, were expanded in 1975 and expanded and renovated in 2003. The 2003 renovation and expansion had a reported budget of$14 million and included the addition of the Cinemark Theater and a new main entrance. Additional renovations included new vaulted ceilings, flooring, and exterior paint. The improvements are 44% leased and occupied as of the effective appraisal date. The in-line portion of the mall is 53.2% leased. There are no longer "temporary tenants" occupying space at the subject. The tenants which had formerly been considered temporary are now considered to be permanent tenants and are on lease agreements rather than license agreements. The site area is 50.01 acres, or 2,178,248 square feet. The street address is 2050 Greeley Mall Street, Greeley, Weld County, Colorado, 80631. It is identified by the tax assessment office as follows: R4473006, R4473206, R2719704, R4473406, and R4473306. A legal description of the property was requested but not provided. CURRENT OWNERSHIP AND SALES HISTORY The owner of record is Greeley Mall Fund I/GKD Fund I LLC. This party acquired the property from The Macerich Company on July 27, 2006 for a recorded price of $47,200,000. The transaction is recorded in Reception #3407475 of the Weld County public records. According to public records and other sources, the subject property entered foreclosure in late 2010, and LNR Partners, et al. completed foreclosure on the subject property in January 2011. The transfer value for the foreclosure was $33,800,000. To the best of our knowledge, no sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy. The subject is expected to be listed for sale in the coming months and there has not been an established purchase price. PURPOSE,PROPERTY RIGHTS AND EFFECTIVE DATE The purpose of the appraisal is to develop an opinion of the market value as is of the leased fee interest in the property as of the effective date of the appraisal, April 6, 2011. DEFINITION OF MARKET VALUE Market value is defined as: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and PAGE 3 Integra Realty Resources GREELEY MALL GENERAL INFORMATION knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Leased fee interest is defined as: "An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor(the leased fee owner)and the lessee are specified by contract terms contained within the lease." (Source: The Dictionary of Real Estate Appraisal, Fourth Edition, 2002.) INTENDED USE AND INTENDED USER This appraisal is prepared for LNR Partners, Inc. ("LNR") on behalf of ML-CFC 2006-4 Greeley Retail LLC, a Colorado Limited Liability Company, LNR Partners LLC, a Florida Limited Liability Company successor by statutory conversion to LNR Partners Inc., a Florida corporation, its manager and is intended to for the exclusive use of LNR, the Trustee, their consultants and attorneys. The contents of the appraisals and the value estimate should not be revealed to any other than LNR, or the Trustee, or their attorneys. This report may also be relied upon by any purchaser or assignee of the Property Note in determining whether to acquire the Property Note or an interest herein (which may include securities which are secured all or in part by the Property Note). In addition, this report may be relied upon by any rating agency involved in rating securities secured by, or representing an interest in, the Property Note and any investors purchasing securities issued by a trust with an ownership interest, either directly or indirectly, in the Property Note. This report may be used in connection with the materials offering for sale of the Property Note, or an interest in the Property Note, and in presentations to any rating agency. The report is not intended for any other use or user. SCOPE OF APPRAISAL To perform this assignment, we took the following steps to gather, confirm, and analyze relevant data. • Physically inspected the property and the surrounding area. Brad A. Weiman, MAI, Christian Goodwin, and Tom Jeffries conducted an interior and exterior inspection on April 6, 2011. TDD PAGE 4 Integra Realty Resources GREELEY MALL GENERAL INFORMATION • Collected factual information about the property and the surrounding market, and confirmed that information with various sources. • Prepared a highest and best use analysis of the subject site as if vacant and of the property as improved. • Collected, confirmed, and analyzed market information under all applicable approaches to value. • Reviewed the rent roll in effect at the property as well as income and expense statements. We requested leases, but they were not provided for our review. • Reconciled the indications of value into a conclusion of value as of the effective date of the appraisal. Other steps taken to complete this assignment are described in individual sections of the report. This is a complete appraisal in a self-contained report that is intended to conform with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. IRR PAGE 5 Integra Realty Resources GREELEY MALL GREELEY MSA AREA ANALYSIS ECONOMIC ANALYSIS GREELEY MSA AREA ANALYSIS The subject is located in the Greeley, CO Metropolitan Statistical Area, hereinafter called the Greeley MSA, as defined by the U.S. Office of Management and Budget. The Greeley MSA is 3,992 square miles in size, and ranks 179 in population out of the nation's 363 metropolitan statistical areas. POPULATION The Greeley MSA has an estimated 2010 population of 262,218, which represents an average annual 3.8% increase over the 2000 census of 180,926. The Greeley MSA added an average of 8,129 residents per year over the 2000-2010 period, and its annual growth rate exceeded the State of Colorado rate of 1.7%. POPULATION TRENDS Population Compound Ann.%Cling 2000 Census 2010 Est. 2015 Fst. 2000-2010 2010-2015 Greeley,CO 180,926 262,218 301,237 3.8% 2.8% Colorado 4,301,261 5,087,819 5,454,368 1.7% 1.4% Source:Claritas Looking forward, the Greeley MSA's population is projected to increase at a 2.8% annual rate from 2010-2015, equivalent to the addition of an average of 7,804 residents per year. The Greeley MSA's growth rate is expected to exceed that of Colorado, which is projected to be 1.4%. EMPLOYMENT Total employment in the Greeley MSA is currently estimated at 77,500 jobs. Between year end 1999 and the present, employment rose by 10,800 jobs, equivalent to a 16.2% increase over the entire period. Employment gains that occurred in the mid-2000's exceeded job losses that occurred in the current economic downturn starting in 2008. Over a ten-year time span, there were eight years in which employment grew and two years in which it declined. The Greeley MSA's rate of employment growth over the last decade surpassed that of Colorado, which experienced an increase in employment of 1.6% or 34,600 jobs over this period. Trends in employment are a key indicator of economic health and strongly correlate with real estate demand. PAGE 6 Integra Realty Resources GREELEY MALL GREELEY MSA AREA ANALYSIS EMPLOYMENT TRENDS Total Employment(Year End) Unemployment Rate(Ann.Avg.) o % Year Greeley MSA Change Colorado Change Greeley MSA Colorado 1999 66,700 2,189,500 3.7% 3.0% 2000 69,900 4.8% 2.274,600 3.9% 2.7% 2.7% 2001 70,700 1.1% =212,100 -2.7% 35% 3.8% 2002 71,600 t.3% 2.197,700 -0.7% 52% 5.7% 2003 73,900 3.2% 2,177,400 -0.9% 59% 6.1% 2004 75,700 2.4% 2,224,400 2.2% 5.7% 5.6% 2005 78,900 4.2% 2,276,600 2.3% 5.6% 5.1% 2006 81,600 3.4% 2,325,800 2.2% 4.8% 4.4% 2007 82,900 1.6% 2372,900 2.0% 4.2% 39'% 2008 82,200 -0.8% 2,340,500 -t.4% 5.3% 4.8% 2009 77,500 -5.7% 2,224,100 -5.0'/a 8.7% 7.7% Overall Change 1999-2009 10,800 16.2% 34,600 1.6% Avg Unemp.Rate 1999-2009 5.0% 4.8% Unemployment Rate-April 2010 9.0% 7.8% Source:Bureau of Labor Statistics and Economy.com Employment figures are from the Current Employment Survey(CES).Unemployment rates are from the Current Population Survey(CPS).The figures are not seasonally adjusted. Unemployment rate trends are another way of gauging an area's economic health. Over the past decade, the Greeley MSA unemployment rate has been generally higher than that of Colorado, with an average unemployment rate of 5.0% in comparison to a 4.8% rate for Colorado. This is indicative of an element of volatility in the Greeley MSA job market that is not reflected in the rising employment figures. At the current time, the Greeley MSA unemployment rate is 9.0% in comparison to a 7.8%rate for Colorado, a negative sign for the Greeley MSA. EMPLOYMENT SECTORS The composition of the Greeley MSA job market is depicted in the chart below, along with that of Colorado. Total employment for both areas is broken down by major employment sector, and the sectors are ranked from largest to smallest based on the percentage of Greeley MSA jobs in each category. IRR PAGE 7 Integra Realty Resources GREELEY MALL GREELEY MSA AREA ANALYSIS EMPLOYMENT SECTORS-2010 0% 5% 10% 15% 20% 25% Government 20.0% 17.5% Trade:Transportation and Utilities 13.5% Manufacunirg 58a 10.7% Education and Health Sen'io:s 118% raeara 10.6% Mining&Constructim Leisure and Hospitality 6.5% 12.0% Professional and Business Services 6.4% 5.7°/ Financial Activities l� 67% Other Services inii3 Informmiort 1� •Greeley MGR OComado Source:Bureau of Labor Statistics and Economy.com The Greeley MSA has greater concentrations than Colorado in the following employment sectors: 1. Government, representing 20.0% of Greeley MSA payroll employment compared to 17.6% for Colorado as a whole. This sector includes employment in local, state, and federal government agencies. 2. Manufacturing, representing 13.5% of Greeley MSA payroll employment compared to 5.8% for Colorado as a whole. This sector includes all establishments engaged in the manufacturing of durable and nondurable goods. 3. Mining & Construction, representing 10.6% of Greeley MSA payroll employment compared to 6.0% for Colorado as a whole. This sector includes construction of buildings, roads, and utility systems, as well as mining, quarrying, and oil and gas extraction. The Greeley MSA is underrepresented in the following sectors: 1. Trade; Transportation; and Utilities, representing 17.5% of Greeley MSA payroll employment compared to 18.2% for Colorado as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. 2. Education and Health Services, representing 10.7% of Greeley MSA payroll employment compared to 11.8% for Colorado as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. TJ]R PAGE 8 Integra Realty Resources GREELEY MALL GREELEY MSA AREA ANALYSIS 3. Leisure and Hospitality, representing 8.5% of Greeley MSA payroll employment compared to 12.0% for Colorado as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. 4. Professional and Business Services, representing 8.4% of Greeley MSA payroll employment compared to 14.3% for Colorado as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. MAJOR EMPLOYERS Major employers in the Greeley MSA are shown in the table below. MAJOR EMPLOYERS Employer #of Employees JBS Swift&Company 3,650 North Colorado Medical Center 2,700 Weld School District 6 2,307 Weld County 1,490 State Fann Insurance Companies 1,322 City of Greeley 1,306 State of Colorado,Including University 1,159 of Northern Colorado StarTek,Inc. 906 Carestream Health 800 Vestas Blades A/S 650 Source: Upstate Colorado Economic Development GROSS DOMESTIC PRODUCT The Greeley MSA ranks 218 in Gross Domestic Product (GDP) out of the nation's 363 metropolitan statistical areas. Economic growth, as measured by annual changes in GDP, has been somewhat lower in the Greeley MSA than Colorado overall during the past eight years. The Greeley MSA has grown at a 1.9% average annual rate while Colorado has grown at a 2.2% rate. The area has felt the effects of the current downturn to a greater extent than Colorado. The Greeley MSA's GDP rose by 1.9% in 2008 while Colorado's GDP rose by 2.9%. The Greeley MSA has a per capita GDP of $22,520, which is 45% less than Colorado's GDP of $41,102. This means that Greeley MSA industries and employers are adding relatively less value to the economy than their counterparts in Colorado. IRR PAGE 9 Integra Realty Resources GREELEY MALL GREELEY MSA AREA ANALYSIS GROSS DOMESTIC PRODUCT ($Mil) % ($Mil) Year Greeley MSA Change Colorado Change 2001 4,923 174,763 2002 5,030 2.2% 175,484 0.4% 2003 4,908 -2.4% 176,525 0.6% 2004 5,051 2.9% 180,595 2.3% 2005 5,336 5.6% 188,353 4.3% 2006 5,429 1.7% 193,398 2.7% 2007 5,520 1.7% 197,303 2.0% 2008 5,625 1.9% 203,024 2.9% Compound%Chg(2001-2008) 1.9% 2.2% ®P Per Capita 2008 $22,520 $41,102 Source:Bureau of Economic Analy sis and Economy.com Gross Domestic Product is a measure of economic activity based on the total value of goods and services produced in a specific geographic area. The figures in the table above represent inflation adjusted "real" GDP, with the Greeley MSA figures stated in 2001 dollars and the Colorado figures stated in 2000 dollars. HOUSEHOLD INCOME The Greeley MSA has a lower level of household income than Colorado. Median household income for the Greeley MSA is $54,628, which is 6.1% less than the corresponding figure for Colorado. MEDIAN HOUSEHOLD INCOME - 2010 Greeley,CO $54,628 Colorado $58,206 Comparison of Greeley,CO to Colorado V 6.1% Source:Claritas The chart below shows the distribution of households across eleven income levels. The Greeley MSA has a greater concentration of households in the lower income levels than Colorado. Specifically, 31% of Greeley MSA households are below the $35,000 level in household income as compared to 28% of Colorado households. A lesser concentration of households is apparent in the higher income levels, as 32%of Greeley MSA households are at the $75,000 or greater levels in household income versus 36% of Colorado households. fT]j] PAGE 10 Integra Realty Rewurces GREELEY MALL GREELEY MSA AREA ANALYSIS HOUSEHOLD INCOME DISTRIBUTION - 2010 $500,000 and more So. $200,000- $499999 MII ; bo, $150,000- $ 199999 IIIIM4U°n $125,000- $ 149,999 IMMIC5 0,,IIIIIIIIIIIIIIM$100,000- $ 124999 8 9,:p $75,000 - $99,999 13.P' . $50,000 - $74..999 ,t G'10 20 8°0 $35,000 - $49,999 IMIIIIIIIIIIIIIIMIl s ;, $25,000 - $34,999 Mill.M.MMMITTII $15,000 - $24,999 tillill8.6°0 Less than $ 15,000 .17.9111111. 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% • Greeley. CO DColorado Source: Claritas EDUCATION AND AGE Residents of the Greeley MSA have a lower level of educational attainment than those of Colorado. An estimated 26% of Greeley MSA residents are college graduates with four year degrees, versus 35% of Colorado residents. People in the Greeley MSA are younger than their Colorado counterparts. The median age for the Greeley MSA is 32 years, while the median age for Colorado is 36 years. EDUCATION AND AGE - 2010 Percent College Graduate Median Age 77 80% 50 7 70% 45 E3 60°•0 40 77 32 �� 35 MI 50°b 35�iL 30 II 40% , - 26% . 25 ID 30% 20 20% 15 10% 10 Greeley. CO Colorado Greeley, CO Colorado Source: Claritas CONCLUSION In the short term, the Greeley MSA will continue to suffer the effects of the current downturn, including job losses and an abnormally high unemployment rate that are exerting a negative influence on real estate demand. Over the long term, the Greeley MSA will be affected by a growing population base and lower income and education IRR PAGE 11 Integra Realty Resources GREELEY MALL GREELEY MSA AREA ANALYSIS levels. The Greeley MSA experienced growth in the number of jobs over the past decade, and it is reasonable to assume that employment growth will occur in the future. Based on these factors, we anticipate that the Greeley MSA economy will recover and employment growth will resume, strengthening the demand for real estate. PAGE 12 Integra Realty Resources GREELEY MALL AREA MAP AREA MAP 14 Pierce Fort Collins _ t4} s Crow Creek Ray Stoneham LOGAN Au Grimy Map Hague Greek 17 t Eaton 2O50 Greeley Mall E L D e it Lost Lake • Greeley, CO 80631 Windsor Crystal aMweaj LARIMER —, ' Lake Mountain t+ q;' Baltic A 34t . Greeley Kersey 71 Ur�on Rocky Loveland- Coo • • Eer Mounin E_1es Park Camps. E•rans Weldona S P ° • National Park La Salle ,�✓—•, � , � nyder° e Berthoud p ' •wr' Mi ki en e - . 5o+N�1 = Camden • • Fort �yg, t -!“tears-- - _ -. Longs Peak Lyons '5 r r R G A N Brush •J9 14,2558 ° Platteville C O L O R A D O :e ms 38t 2 t B.yoe/ Creek Longmont Ninemile a . *Corner Roosevelt National Forest • 38 L1J i i • b U L C E R � � : L`! :Fart Lupton • 1( tpl Y87• e— -`.52n- - e L 72 ,— � tlf0lfder - ,: ,Larayette° 7}'• ,Woodrow Nederland ° , . e @r : ; ,y NO / - A D A M S rr Lake Arapaho National Forest 71 GILPIN WeStminSte : Thor iI 93 e WASHINGTON Arvada r f atm • o Central City ._ y . ,, . Din vet JEFFtK50 ®d YE'll 70 �� 30 Springs ra7o) o \ _! A Irera Flyer �� CLEAR CREEK L;�keya�op • y En9teyvaod./ , mount Evergreen L?k riders ° _ v: ;.�;re a�,a Ni _ Fier:tilt 14,2641t 7--:. a - Trail tnoa 1426411 7 Littleton ,Centennial ; ARAPAHOE Copynpht•©'and (P) 1988-2008 Microsoft Corporation and/or its suppliers All rights reserved. ., 1142 PAGE 13 Integra Realty Resources GREELEY MALL SURROUNDING AREA ANALYSIS SURROUNDING AREA ANALYSIS BOUNDARIES The property is located in the south-central part of the City of Greeley. This market area is generally delineated as follows: North West 10th Street South 37th Street(CR 54) East Highway 85 (8th Avenue) West 47th Avenue ACCESS AND LINKAGES Primary highway access to the area is via US Highways 85 and 34. US 85 is a north- south highway and provides access to the Denver metro area, the economic and cultural center of the region, approximately 60 miles to the south. The subject lies adjacent to the south of US 34 with traffic counts of approximately 25,000 daily vehicles. US 34 is a east-west highway and provides access to Interstate 25 and the towns of Loveland and Fort Collins which lie 15 to 20 miles to the west and north. Public transportation is provided by Greeley-Evans Transit (GET) which provides access to the Greeley, Garden City and Evans areas. Greeley-Evans Transit has a fixed route service providing transportation from bus stop to bus stop in Greeley and Evans. Six routes provide connections to schools, shopping centers, Greeley Mall, downtown business district, recreation and senior centers, medical centers, and major employers. Major transfer points include downtown Greeley, and the South Greeley Transfer Center at the Greeley Mall. Overall, the primary mode of transportation in the area is the automobile. The Greeley-Weld County Airport is located 3 miles northeast of the subject, and the Fort Collins/Loveland Regional Airport is located about 15 miles west of the property; but primary air travel is via Denver International Airport 60 miles to the south via I-25 and E-470. Travel time to DIA is about one hour, depending on traffic conditions. DEMAND GENERATORS Major employers in the Greeley/Weld County area include Atmos Energy Corporation, Aims Community Colleges, Agland Inc., Burris Company, Eastman Kodak, Vestas Blades, Northern Colorado Medical Center, StarTek, Inc., Carestream Health, King Soopers, Hensel Phelps Construction, Harsh International, Hall-Irwin Corp., a State Farm Insurance operations center and the City of Greeley and Weld County governments. IRR PAGE 14 Integra Realty Resources GREELEY MALL SURROUNDING AREA ANALYSIS DEMOGRAPHICS A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table. SURROUNDING AREA DEMOGRAPHICS 2010 Estimates 5-Mile Radius 10-Mile Radius 20-Mile Radius Greeley,CO Colorado Population 2000 95,399 110202 199,137 180,926 4,301,261 Population 2010 12_0,930 142.599 275,137 262.218 5,087.819 Population2015 136,000 161,137 311,739 301237 5454368 Compound%Change 2000.2010 2.4% 2.6% 3.3% 3.8% 17% Compound%Change 2010-2015 14% 25% 2.5% 2.8% 1.4% Households 2000 33,992 38,946 71,441 63,242 1,658,238 Households 2010 42,881 50,081 98,741 91,028 1,949,583 Households 2015 48,220 56,522 111,858 104,270 2088,190 Compound%Change 2000-2010 24% 15% 3.3% 3.7% 1.6% Compound%Change 2010-2015 2.4% 2.4% 2.5% 2.8% 1.4% Median Household Income 2010 $44,777 $46,690 $55,816 $54,628 $58,206 Average Household Size 2.7 2.8 2.7 2.8 2.6 College Graduate% 28% 28% 31% 26% 35% Medan Age 31 31 32 32 36 Owner Occupied% 61% 63% 69% 70% 68% Renter Occupied% 39% 37% 31% 30% 32% Median Owner Occupied Housing Value $152,500 $157,419 $184,546 5174.290 5220,940 Median Year Structure Built 1980 1980 1991 1990 1981 Avg.Travel Time to Work in Min. 23 23 24 26 25 Source:Claritas As shown above, the current population within a 10-mile radius of the subject is 142,599, and the average household size is 2.8. Population in the area has grown since the 2000 census, and this trend is projected to continue over the next five years. Compared to the Greeley MSA overall, the population within a 3-mile radius is projected to grow at a slower rate. Median household income is $46,690, which is lower than the household income for the Greeley MSA. Residents within a 10-mile radius have a similar level of educational attainment to those of the Greeley MSA, while median owner occupied home values are considerably lower. Drawing Power of Nearby Retail Uses The area contains other retail properties. These include Kmart, Super Wal-Mart, Hastings Books, King Sooper's (Kroger) and several other retailers within the immediate area of the subject. Most of the regional retail outlets within the local market are concentrated along the 28th Street(HWY 34)corridor. LAND UsE In the immediate vicinity of the subject, predominant land uses are retail and other commercial uses. Other land use characteristics are summarized below. 7R PAGE 15 Integra Realty Resources GREELEY MALL SURROUNDING AREA ANALYSIS Predominant Age of Improvements 10-50 years Predominant Quality and Condition Average Approximate Percent Developed 80% Life Cycle Stage Stable Infrastructure/Planning Average Predominant Location of Undeveloped Land West Prevailing Direction of Growth West Subject's Immediate Surrounding Land Uses North 28th Street and Retail South Residential East Retail and Residential West Retail DEVELOPMENT ACTIVITY AND TRENDS During the last ten years, development has been predominantly of retail and residential uses, and has been predominantly in the area west of the mall. The pace of development has generally declined over this time. Newer retail properties were developed recently west of the subject along the 28th Street corridor. These include Centerplace at Greeley, Elk Lakes Shopping Center and Greeley Commons. These properties are all outdoor properties and the subject is one of only 3 enclosed regional malls in Northern Colorado. OUTLOOK AND CONCLUSIONS The Greeley market area is in the stable stage of its life cycle. Recent development activity has been intermittent in the immediate subject neighborhood. Given the history of the area and the growth trends, we expect that property values will remain stagnant in the near future. In comparison to other areas in the region, the market area is rated as follows: PAGE 16 Integra Realty Resources GREELEY MALL SURROUNDING AREA ANALYSIS MARKET AREA ATTRIBUTE RATINGS Demand Generators Average Convenience to Supporting Services Average Nearby Land Uses Retail Accessibility to Highways Very Good Employment Stability Average Demographic Trends Average Property Compatibility Average General Appearance of Properties Average Appeal to Market Average Prices/Value Trend Stagnant mn PAGE 17 Integra Realty Resources GREELEY MALL SURROUNDING AREA ANALYSIS SURROUNDING AREA MAP --._ i WFSt _____\...--4 .. a 0 • t Gil �C St I �. g vv C St , D Stry46bJ 8 t A B St C Ro E C Si County Road 62 --- 82 �; of ( W A St_f t 1st St f ? � 1` ( f �)lf'' a> u2nd St > 4's ' x ft1 --nr: -•�l Q Q > o }+ t' W 4th $t ,__ - -z-s--�" _`i,T L a ' .; E r- 1 r 6th St 4 @ r^ Greeley-Weld as v - a I a r 3a 7tb st W 6th St / II N � 2 g r a m 8t County Airport, V m t Bus m r: _ o I283 J: Q W R W 'It St 9th a o ,ra .— Gien - : 't- /V 10th St i �2h G 11th t ,� 41 tr q .',/,-;•l 3 ci . ko i a "` _, W 13th St p Y ._`` 13th St 4 o i;„.; i \ \ W 13th St,1 r � �� rn 1 I II- ri; f E� in 85 \ ° I W16thSt — thSt f; rn rn, -' 16th �t �. y >,_. Fi-N 1�' iijLi\4l1 1h _� StBsE18thA��j i N20thSt W 20th St ,�UrlN ^� —.- > g.!68``I a Q th c:-: `r �ry h I �: ``k .' ts 41" -:r c ti� + > 22nd St 1 �' tit � N c� Greeley Mal 2 LP* 1.IA I W r )' / Rd Res& 2050 Greeley Mall E 24th St E 24th St �C, I Y` Sr a, y; , ; Greeley, CO 30531 7 .--istueit, �? I x`2575 ctl, < 4 W 251h St ,. ; rj Jj d '� y .6 HO I I I ' C ° eyD I k ""�. c� cirri st D o ,Garden GAY —34 V°,+ L Iii St v 3! 34 �- cv yyYY n_�_� _ . St--- - ' 5 W h �� f a 3bth sff - -74-'s s5 'I `f� 'C t ``rte� trn, , , 1 I l 1+ u': 3 .. 'J 32nd Si o 31st {l a O. y $t,_ ; > f t 3 4 34th St . 37th =t - • �° Q ] rlw_Iliu.J�l;1 —T{541—_146I i J I� a yam, 47 I j . 861 �F� 4 * View Dr 42nd St a' , 'Riverside O 4 lI t Park Auburnct 49th $I I 49th St i 52 i County Road 52 casitY road 52 •52 'o Copyright (P)1988-2008 Microsoft Corporation and/or its suppliers All rights reserved. ( ) MR PAGE 18 Integra Realty Resources GREELEY MALL RETAIL MARKET ANALYSIS RETAIL MARKET ANALYSIS Statistics available from Costar indicate that over the past five years, the Greeley MSA retail market has weakened over the past 5 years. The charts and related discussion below detail the key retail supply and demand components. Greeley Retail Submarket Statistics Bcistl Inventory Vacancy RBA, RBA UNIT Quoted Sag Submarket 081dgs Total RBA ` Ab$O pgon Vacant' DelIYeted Conic' Rates(PINN) 200610 420 6,020,437 (66,234) 6.63% 51,843 38,633 $13.29 20062O 423 6,059,070 (3,308) 7.28% 14,370 13,000 $13.57 200634 423 6,059,070 (10,637) 7.45% 0 46,825 $13.09 20064O 425 6,072,070 24,709 7.25% 0 33,825 $13.06 200710 428 6,105,895 88,093 6.32% 43,325 0 $13.33 2007 2Q 428 6,105,895 15,563 6.06% 0 114,590 $12.74 20073O 428 6,105,895 16,566 5.79% 0 128,590 $12.76 2007 4Q 429 6,115,395 34,648 5.37% 0 119,090 $12.67 200810 431 6,234,485 134,473 5.02% 123,850 155,532 $12.97 200820 431 6,234,485 (11,463) 5.20% 0 155,532 $11.93 20083Q 434 6,248,245 (182,952) 8.34% 0 141,772 $11.08 200840 435 6,390,017 41,160 9.73% 141,772 0 $11.07 200910 435 6,390,017 (12,042) 9.92% 0 0 $11.27 20092Q 435 6,390,017 (31,188) 10.41% 0 0 $11.16 2009 3Q 435 6,390,017 43,621 9.72% 0 0 $10.63 2009 4Q 435 6,390,017 3,983 9.66% 0 0 $11.24 201010 435 6,390,017 (53,445) 10.50% 0 0 $10.66 20102Q 435 6,390,017 550 10.49% 0 0 $10.41 201030 435 6,390,017 10,167 10.33% 0 0 $10.13 20104Q 435 6,390,017 15,424 10.09% 0 0 $9.99 2011 1Q 435 6,390,017 12,735 9.89% 0 120,536 $10.01 syearquarrbrlg Asiagi, *8'.13 ' a.24%•.?,:'16,11.1',-‘,: 51A65` 911.69 NET ABSORPTION Absorption was generally positive over the last five years through mid 2008. From the 2"d Quarter 2008 through the Pt Quarter 2010, the market generally experienced negative absorption in line with the downturn in the local and national economy. During this period, overall absorption was negative in the total amount of 202,326 square feet, with an average quarterly absorption of negative 25,291 square feet. Over the past four quarters however, net absorption was positive, totaling 38,876 square feet. It is estimated that absorption will remain relatively flat in 2011, as the economy continues its recovery. INVENTORY&CONSTRUCTION Over the past five years, 15 new retail buildings were added to the existing inventory, bringing the total to 435, as of the 1R` Quarter 2011. Total rentable building area increased from 6,020,437 square feet to 6,390,017 square feet, representing an increase of 5.5% over the five year period. New retail deliveries averaged 16,166 square feet per quarter for the past five years. New construction activity peaked in the 4`h quarter of 2008, and no new construction activity occurred until the 1st Quarter 2011. There is a King Sooper's anchored ea Inn PAGE 19 Integra Realty Resources GREELEY MALL RETAIL MARKET ANALYSIS shopping center currently under construction at 6922 W. 10th Street in Northwest Greeley. It is anticipated that new construction will remain limited in the near future due to the flat submarket performance. Greeley Retail Submarket Statistics 200,000 — 11.00% 150,000 — — 10.00% 100,000 — — 9.00% $ 50,000 — — 8.00% w Z 0 III I_ - New Space - Absorption c - 7.00% srvacancy 9 (50,000) - a - 6.00% (100,000) - --- 5.00% (150,000) -- (200,000) - Period - 4.00% d b0 'ya 'V 3d ad 'La "V 3d 0, % 'La 3a b. % 'ld 'b QO % O�° Or° 01 O� 01 3 Oc O3 03 O°� O°� O°� O°� 70 ,5O ,�O ,y0 ,1'y o do do tio° ,yo ,yo ,yoo ,yo do ,yo ,yo ,yo do ,yo ,yo rt. o do o VACANCY Retail vacancy rates were relatively low between 1st Quarter 2006 and 2"d Quarter 2008. A large increase in vacancy occurred in the 3rd Quarter 2008 as a result of negative net absorption. Vacancy continued to increase through the 2"d Quarter 2009. For two consecutive quarters (3rd and 4th 2009), vacancy rates decreased; in the 1St Quarter 2010, vacancy increased again. Since that time, vacancy has steadily decreased in-line with positive absorption tallies over the past 4 quarters. Vacancy rates should return to a level consistent with the 5-year quarterly average over the long term; the short term outlook is for stabilizing conditions in the market that will likely keep vacancy rates flat or decreasing slightly. LRR PAGE 20 Integra Realty Resources GREELEY MALL RETAIL MARKET ANALYSIS Greeley Retail Submarket Rental Rate Statistics $14.00 $13.50 $13.00 $12.50 $12.00 in d ti $11.50cc mimPRental Rates $11.00 (NNN) $10.50 $10.00 $9.50 $9.00 , , r , IO- I I t o�% o`°b� o��o- o�ao- o��o- °��o- 00% o�bati°% ti° o- do ,yo ,yo do ,yo do ,yo do ,yo do Period RENTAL RATES As depicted in the chart above, average quoted triple-net retail rental rates trended downward over the past five years. Quoted rental rates averaged $ 13.57 per square foot at 2nd Quarter 2006, and fell to a low of $9.99 at 4th Quarter 2010, representing a decline of 26%. Rental rates are expected to stabilize as the economy recovers. SUBMARKET CONCLUSIONS The Greeley MSA retail market generally worsened over the last 5 years. As of 1St Quarter 2010, rental rates are near the lowest point in the last 5 years and vacancy is above the 5-year average. Absorption has been relatively flat over the past year, and new construction activity is minimal. A meaningful recovery will not likely occur until job and population growth returns. The retail market fundamentals will likely remain stable in the near future. In the long run, the expected growth in Greeley should provide a foundation for stronger retail fundamentals. IRR. PAGE 21 Integra Realty Resources GREELEY MALL REGIONAL MALL MARKET ANALYSIS REGIONAL MALL MARKET ANALYSIS PROPERTY AND INVESTMENT CLASSIFICATION Retail properties are typically classified based largely on size and configuration (e.g. neighborhood center, regional mall, power center, etc.). It is also appropriate to categorize properties by investment grade of classification. Typically investment properties are separated into three categories: Classes A, B and C. These categories are defined as follows: • Class A - Generally regarded as the highest quality space available in the marketplace, Class A properties are typically of recent construction and are situated in prime locations. They are characterized by high-traffic locations with excellent visibility and access, high quality construction, high occupancy levels, top rental rates and strong anchor tenants. • Class B - Regarded as modem (although not necessarily new) properties, or older (i.e. Class C) structures recently renovated to modem standards. Good locations, reasonably high occupancy levels, competitive rental rates and average to good anchor tenants characterize these buildings. • Class C - Lowest quality space available in the marketplace that is used for retail activity. These properties are generally old, but in fair condition. Rental rates are the lowest within the market and the properties may have functional problems. If market demand conditions are high and if the location of a Class C building is good, then the highest and best use of that Class C building may be demolition for replacement with a Class A property. Given the subject's age and quality of construction, its design, current tenant mix, occupancy level and competitive position within the market place, most investors would generally consider Greeley Mall as a Class C regional mall and investment opportunity. TR PAGE 22 Integra Realty Resources GREELEY MALL TRADE AREA TRADE AREA INTRODUCTION The trade area can be defined as a geographic area from which a major portion of the continued patronage necessary for the steady support of the shopping center is obtained. To a great extent, families buy food and sundries within their immediate neighborhoods. They go considerable distances to buy large items such as furniture, major appliances and clothing. Within a shopping center's trade area, the strongest influence will be exerted closest to the site, with influence diminishing gradually as the distance increases. The size of the trade area is directly related to the location, size and type of retail facility and shoppers' habits. The primary factors which determine the extent and configuration of a retail facility's trade area are: 1) the relative size, quality and location of competitive retail locations, 2) the time or distance that shoppers will travel to purchase the types of goods offered at that retail facility, and 3) physical and/or major psychological barriers curtailing a center's sphere of influence. The strongest influence on a shopping center is exerted by the portion of the trade area closest to the site. The influence tends to diminish as the distance increases. Trade areas are typically divided into zones or categories of influence that can be classified as primary, secondary and tertiary(or fringe) areas. The type of shopping center has a distinct bearing on its ability to attract and retain retail demand. As retail development evolved, four basic types emerged, each distinctive in its own function: the neighborhood, the community, the regional, and the super regional. In all cases, a shopping center's type and function are determined by its major tenant or tenants; they are never based solely on site area or square feet of the structure. A neighborhood center provides for the sale of convenience goods such as food, drugs, and sundries, and personal services including laundry and dry cleaning, barbering, shoe repairing, etc. for the day-to-day living needs of the immediate neighborhood. It is built around supermarket as the principal tenant. In theory, the neighborhood center has a typical gross leasable area approximating 50,000 square feet. In practice, it may range in size from 30,000 to 100,000 square feet. A typical trade area is within a one to two mile radius. In addition to the convenience goods and personal services by the neighborhood center, a community center provides a wider range of facilities for the sale of soft lines such as apparel for men, women, and children and hard lines including hardware and appliances. The community center makes a greater variety of merchandise available in sizes, styles, colors, and prices. Many are built around a junior department store, variety store, or discount department store as the major tenant, in addition to a supermarket or super store. Others are built around multiple anchors in what are commonly referred to as power centers or super community centers. These anchors are large super stores, category killers, and off-price stores. Community centers do not have a full-line department store, though it may have a strong specialty store or stores. A typical size is 150,000 square feet of gross leasable area,but in practice, it may range in size from 100,000 to 500,000 square feet. In extreme cases, these centers contain more than 1,000,000 square feet. As a result, the community center is the most difficult JPAGE 23 Integra Realty Resources GREELEY MALL TRADE AREA to estimate for size and drawing power. A typical trade area is within a three to five mile radius. The regional center provides for general merchandise, apparel, furniture, and home furnishings in depth and variety, as well as a range of services and recreational facilities. It is built around one or two full-line department stores of generally no less than 100,000 square feet. Its typical size may range from 300,000 to more than 1,000,000 square feet. The regional center is the second largest type of shopping center. As such, it provides services typical of business district yet not as extensive as those super regional centers. A trade area is usually between ten and fifteen miles. A super regional center provides for extensive variety in general merchandise, apparel, furniture, and home furnishings, as well as a variety of services and recreational facilities. It is built around three or more full-line department stores of generally no less than 100,000 square feet each. A typical size of a super regional center is about 800,000 square feet of gross leasable area. In practice, the size ranges from about 600,000 to more than 2,000,000 square feet. A typical trade area is 20 or more miles. All centers typically include a site area(the gross land area within the property lines) of sufficient size to provide for customer and employees parking in relation to the gross leasable area as determined by accepted standards. Greeley Mall meets the technical definition of a regional mall because of its size, tenant mix, and the market that it serves. The goal of our analysis is to evaluate the demand for retail goods and services within the trade area, the buying power that may be attracted to the mall, and the impact of regional competition. The end result of the analysis is an estimate of retail sales that the center should generate during the investment holding period and a general perspective for the future performance of the center both relative to regional competition and national averages. Thus, the analysis provides the guidance necessary to determine the economic feasibility of the center and specific forecast assumptions to apply to the center from the ranges indicated by the marketplace. The assumptions will provide corroborative evidence for projected rental rates, sales levels, and in turn,our value conclusion. Our analysis is based on a review of a variety of data from numerous sources. This includes Claritas,NPA, and Sales and Marketing Management. IIR PAGE 24 Integra Realty Resources GREELEY MALL TRADE AREA TRADE AREA DELINEATION The trade boundary for the mall has been estimated by considering shoppers' habits, the location of general competing facilities, the drawing power of the tenants, and transportation access. Regional shopping centers are highly dependent upon automobile travel. Examination of shopping patterns for existing centers in large population areas reveals that the majority (60% or greater) of sales activity is generated within a 15 to 20 minute driving radius. In addition, the frequency of trips within 10 minutes of the facility is such that a proportionately higher volume of sales is obtained from this area as opposed to the outer driving radius. The trade area of these shopping centers is typically broken down into primary trade area(reflecting approximately 10 minutes driving time), a secondary trade area (reflecting 10 to 20 minutes driving time), and a tertiary trade area which provides the remainder of sales activity. These drive times can vary by the circumstances surrounding the property. For this analysis, we have considered demographic statistics for a trade area extending up to 20 miles around the subject property. There are no regional malls located within the subject trade area. The data for this trade area has been compiled from information provided by Claritas, Inc. as shown in the following chart. IRR PAGE 25 Integra Realty Resources a '° W N EU Q 0 7 N N 7 N V N o o N ,o o �O o o g W ,n of, QS. 07 _ 7 Ln M .4)00 N O C N O O V 'O o 0 - c7a N M M N .-. N U V• vi vi - -- N 69 0 U N M N 00 U 01 N N o o N O o o ,0 00 M F7• E'0 N CAN• 00 00 .ct r 00:-32 000 N 0 M N re) N � N N N M N 6R ur 7 7) N N O, _ CO ' 4 C4 - - r- o e 4- r W 0 o W N o N \ o V� 3 V U • _ M t _ M to N M S q OT N •• ^ fg h —, re; N - 0 ON - M N en cO M Z .. N M 69 NN a© 0b Cr, q 4 — N N - " o o V 00 N o o 00 0 e o W M W .-12.... O Nv �p NN 0o Fr: `D N cV a,0 N• NM 'cM � ON A M V1 69 O NW .-. W V• y P. 88 --•;1; O y O o o 00 N o o N N o .. o A ,y ON M N N M V 7 N N N N M rn in Q, N 61 EA a a a vl 7 To au C 0 'n co to 0 a _ O O co O 0 N 7 N d d E s NN NN •N N N N OJ § m a F. bD bO up to ^ 'O o 7 7 O cal co co a O O 0 o U O `• O O n O 7 Q2 gotnuu 8oevv � c � -0 -0 y0 0 0 0 o N N N o o 0 7 7 ¢, q 0 (-' .+ N N N o 0 vi ti y O 0 b b0 U V C�1 C G 'd 't7 Ti 'D b b 'O O ,yO y N O O C C C C T. x V Q X O >" C -� •y O O O v �d " -J '�, 7 7 L L L 7 7 C M O C C C ¢ R ro 00 O O a� (O� O :,p .c� a''i a''i R .ro F V a 2O E E VI (A VI s y N O O O O O O O O O O O > O L _ O V O � 8 i wNn. an. UU = X : UU 7 < 3 0x77 ¢ i O GREELEY MALL TRADE AREA POPULATION&HOUSEHOLDS The data shows that the population and number of households in the subject's 10-mile trade area are increasing and are projected to gradually rise in the next five years. Within 20 miles of the subject, the population and number of households are also projected to increase, but at a faster rate. The population and number of households in the State of Colorado is projected to increase at rates faster than the trade area and the United States population is projected to increase at rates similar to the trade area. INCOME Median household income of the 10-mile trade area for 2010 is estimated at $46,690. The 20-mile income characteristics are higher at $55,816. Within the Greeley MSA and the State of Colorado, the median household incomes are $54,628 and $58,206, respectively. The subject must be able to properly target a middle income shopper in order to be successful, which suggests that retail sales and rents would be lower than other malls with superior demographic characteristics. PRIMARY COMPETITION There are no competitive enclosed regional malls within a reasonable driving distance or 20 miles of the subject property; however, there are several regional shopping centers. The largest concentration of new retail development is situated at the interchange between Highway 34 and Interstate 25 in Loveland. A total of approximately 1.19 million square feet of retail space exists within 3 separate developments at this interchange: Promenade Shops at Centerra (665,000 SF), Outlets at Loveland (330,000 SF) and Centerra Marketplace (195,000 SF). These are considered competitive with the subject because they are located about 14 miles west of the subject in Loveland and catch traffic exiting I-25 at Hwy 34. Anchor tenants at these 3 centers include Macy's, Barnes & Noble, Dick's Sporting Goods, Best Buy, Target, PetsMart, Pier I Imports, Marshall's, Old Navy, Bed Bath & Beyond, Sportsman's Warehouse, and JoAnn Fabrics. This super-regional retail hub has a strong mixture of national tenants including The Gap, Aeropostale, The Buckle, Express, The Disney Store, Joseph A. Banks, Finish Line, Journeys, Pacific Sunwear, Victoria's Secret and Zumiez, among others. Most of the subject's national tenants are duplicated within one of these three centers. According to CoStar, these 3 centers are currently 97% leased overall. The subject's primary competition comes from the three retail centers at the I-25/Hwy 34 interchange. Closer to the subject are two relatively new anchored shopping centers: Centerplace at Greeley and Elk Lake Shopping Center. Both of these centers are located along the Hwy 34 corridor, to the west of the subject. The centers are both approximately 150,000 square feet and contain a mix of big box stores and in-line shop space. Anchor tenants include Target, Safeway, Ross, Borders Books & Music, Office Depot, PetsMart and Home Depot. There are several other major shopping centers located within a 20-mile radius of the subject that feature big box space. These centers also feature inline space for smaller PAGE 27 Integra Realty Resources GREELEY MALL TRADE AREA tenants (less than 10,000 SF), but the majority of these tenants have smaller trade areas and therefore the space is not considered to compete directly with smaller spaces within the subject property. At present, there is little demand for new retail construction in the market area. Existing neighborhood and community shopping centers appear to meet the current demand. Retail centers in the submarket area are seeing an uptick in vacancy rates and a general decline in rental rates. The most significant supply and demand indicators for the subject are rental and occupancy rates experienced by directly competing properties. A summary of these properties considered to compete for sales with the subject are shown in the following chart. SUMMARY OF COMPETITIVE PROPERTIES GLA Occupancy Year No. Property Name/Address (SF) Rate Built Anchor Tenants 1 Promenade Shops at Macy's,Dick's Sporting Centerra 5971 Sky Pond Drive 655,000 91.3% 2004 Goods,Barnes&Noble, Metrolux Theater,Best Buy Loveland, CO Comments: This super-regional retail hub is the dominant shopping center in the region and duplicates many of the subject property's national tenants. The property is formatted in an outdoor lifestyle design. 2 Marketplace at Centerra Target,Sportsman's 1625 Foxtail Drive 195,000 96% 2005-2006 Warehouse,Marshall's,JoAnn Fabrics Loveland, CO Comments: This outdoor lifestyle center features a large medium-box portion as well as some freestanding in-line retail space. 3 Outlets at Loveland Nike Factory Outlet,Levi's, 5661 McWhinney Blvd 330,000 100% 1993 Bose,Polo Ralph Lauren, Loveland, CO Tommy Hilfiger Comments: This outlet center features a large number of national retail outfits. 4 Centerplace at Greeley 4500-4520 Centerplace Dr 154,304 100% 2003 Target,Safeway,Ross Dress for Less Greeley, CO Continents: This power center features multiple anchors with attached in-line space and has good visibility front Highway 34. Located 2.5 miles west of the subject. 5 Elk Lakes Shopping Center Home Depot,Borders Music 2815-2833 35m Ave 150,445 100% 2000 &Books,PetsMart,Office Depot Greeley, CO Comments: This is a power center with big box stores as well as medium box and in-line retail space. Located 1.5 miles west of the subject. JCPenney,Sears,Cinemark SUBJECT 504,435 53.6% 1973 Theater PAGE 28 Integra Realty Resources Q C) N Q I - co il I W M tO a W m > co o O 0 1 sod il, - 4 sew- - ti 1/4.2 >•• _st-otr-z-_- .: � I \ i so 2 � u � � \'r— • ulNl7 > 1 g ,.... C.2 it I-6 _C lJ _ . Cr 1 \..? vt 7� CI) O' 1 � Avp� in a CO tan/ m ,fraW N l9 I iI i 01 AV y1S£ < j cr tI ! 1 ami gliN -13 amv 4 9--,,,, ›. e \ tri. 0 CS log il ) I m kik,p. 7 I .. rr — - �`'�J I 1 " �'-`, 0 LI n3 0 p Opt (jr \i /2-- a) it0 J ti_ I' ..} el e LI C U W S lz�� I in 0 /1 - ki WC° '� It °i; ID Was V l9 / -, c T` e. W II� � r E i . It i <1. Li Li? f? -• tam in ti ---A ga Ill C4r� II CI y 1-_-, , 1I t s . / -at i I r c ,_, TF....01 44, 1 al W 5 Nto 'a-) Ifni � v L /f IIilrf n o o i f 'f +1..,: ( CL, 3 tco a0 II��I 13 a) as a. - C C C W 4 a C i1 \ t i O > ti i1U7J • a J ^ I V V amallifr--- . -D J: CO j i MI il-: (V • � arc M � I a. 1.21 CO > C dl r0 t - — r— o .6O ,: c in a 0 L U MP 111 0 up 23 Zi. N —IT N u C . CO C v Q i C ^ 70 Jr IT) p y'ti� i CC Wr_ I r -. i — - a p gazn, L-, C_ J I- V C 0 GREELEY MALLTRADE AREA TRADE AREA FUTURE COMPETITION There are no regional malls or power centers currently under construction within the trade area. COMPARABLE COLORADO REGIONAL MALLS The following is a summary of regional mall properties in Colorado that are considered comparable to the subject in terms of size, age and trade area characteristics. While they do not directly compete with the subject, their performance is relevant considering the specialized nature of the regional mall product type and the low overall supply of these properties. 1 . Foothills Mall, Fort Collins (General Growth Properties): 615,000 SF 04116.1" ® 0 k The Foothills Mall is Fort Collins' only enclosed shopping mall. Built in 1973, the mall was expanded in 1980 and again in 1989. The mall is anchored by Macy's and Sears and has two vacant anchor spaces. Macy's occupies approximately 138,000 square feet and Sears occupies approximately 75,000 square feet. The two vacant anchor spaces are 65,500 and 75,000 square feet and were formerly occupied by JC Penney and Mervyn's, respectively. The total anchor space is approximately 353,500 square feet and the inline portion of the mall totals approximately 260,000 square feet. Management at the Foothills Mall would not provide current inline occupancy details. The most recent lease plan available is dated January 2008 and is posted on the owner's website. This lease plan shows 33,873 square feet of vacant inline space. This translates into an approximate 13% vacancy rate on the inline space. When anchors are included, the mall is approximately 72% leased overall. A visual inspection of the mall on April 6, 2011 revealed that the Foothills Mall is reasonably well occupied considering the loss of the two anchors. IRR PAGE 30 Integra Realty Resources GREELEY MALLTRADE AREA TRADE AREA 2. Twin Peaks Mall, Longmont (Panattoni) 467,000 SF 7 -, bt 4*A %. isiiiii ,ts . , illt. The Twin Peaks Mall is Longmont's only enclosed shopping mall. Built in 1984, the mall has not been significantly updated or renovated. The mall is anchored by Dillard's and Sears and has two vacant anchor spaces. Dillard's occupies approximately 92,000 square feet and Sears occupies approximately 75,000 square feet. The two vacant anchor spaces are 96, 100 and 51 ,000 square feet and were formerly occupied by Mervyn's and Dillard's, respectively. The total anchor space is approximately 347,500 square feet and the inline portion of the mall totals approximately 210,000 square feet. The Twin Peaks Mall's inline space is currently 31 % permanently leased, and about 49% occupied when temporary tenants are included. When anchors are included, the mall is approximately 56% leased overall. 3. Citadel Mall, Colorado Springs (Midwest Mall Properties) 1 , 100,000 SF *ea M . . r 9L ". -•.... , - IP -41 it IA Silar. 4" 21t it IIP �C - a . -.. .::: # ..:-_— r_ tr..r. - e....,i,. . .1, , : — _xi The Citadel Mall is located in eastern Colorado Springs and was originally constructed in 1970. Anchor tenants include JCPenney ( 193,000 SF), Dillard's ( 180,000 SF), and Burlington Coat Factory ( 100,000 SF). The Burlington Coat Factory space was occupied by Mervyn's until early 2006, when the company closed 10 of its 11 Colorado locations. Macy's closed their 123,000 square foot store at the Citadel Mall in February 2009 due to poor performance. The mall also recently lost major tenants including Steve and Barry's (42,000 SF) and Old Navy ( 16,000 SF). The Citadel Mall's current inline occupancy level is not known; our most recent inspection of the mall took place on March 31 , 2010. At that time, the IRR PAGE 31 Integra Realty Resources GREELEY MALLTRADE AREA TRADE AREA inline space appeared reasonably well occupied. The vacancy of inline space appeared to be 15-20%, which includes the large vacancy at the former Steve and Barry's space. The vacancies at Macy's, Steve and Barry's and Old Navy comprise approximately 16.5% of the total mall space. The food court in the mall appeared to be fully occupied and includes major national franchises such as Starbucks, Subway, Chick-fil-A, Taco Bell and Ruby Tuesday. The recent loss of Macy's will likely have a negative impact on sales volumes for remaining tenants and will place downward pressure on rent levels in the interior mall. 4. Santa Fe Place Mall, Santa Fe, NM (Babcock & Brown): 570,000 SF s ih.suli ♦- • •_ I , 13 —, Santa Fe Place was originally constructed in 1985, and extensively renovated in 2004. Anchor tenants include Dillard's (74,500 SF), Sears (71 ,500 SF), JCPenney (83,000 SF) and United Artists (22,000 SF). Mervyn's vacated their 62, 100 square foot space at the mall in 2008. Inline occupancy at Santa Fe Place is approximately 77% based on a review of a lease plan posted on the property's website, dated January 2010. The loss of Mervyn's has had a downward impact on sales volumes of the remaining tenants in the mall due to a decrease in foot traffic; this is evidenced by a 5% decrease in inline occupancy over the past year. 5. Pueblo Mall (GEM Realty): 570,000 SF . k :. The Pueblo Mall is located in central Pueblo, CO near Interstate 25. The mall was originally built in 1976. The mall was renovated in 2005. The mall is anchored by Sears, JC Penney, Dillard's and Sports Authority. All of the anchor PAGE 32 Integra Realty Resources GREELEY MALLTRADE AREA TRADE AREA spaces are leased and open for business as of March, 2010. Anchor space at the Pueblo Mall totals approximately 385,000 square feet. As of March 2011 , the mall is approximately 95% leased, including some temporary tenants. The Pueblo Mall has maintained strong occupancy since it was renovated in 2005. The mall attracted new national tenants including Zumiez, Pacific Sunwear, Hot Topic, and Victoria's Secret in the past 3 years. One of the main reasons for the mall's success is its strategic regional location; the mall is the only enclosed shopping mall in Southern Colorado and draws visitors from a very broad trade area. 6. Mesa Mall, Grand Junction (Macerich): 880,000 SF 4.+.:. ;- • tag The Mesa Mall was constructed in 1980. The property has been renovated several times, most recently in 2007. The mall contains 880,000 square feet including five anchor spaces totaling 450,000 square feet, 135,000 square feet outparcel space, and 295,000 square feet of enclosed shop space. All five anchor spaces are occupied, including Herberger's, Sears, Target, Cabela's and JCPenney. The inline space is currently 94% occupied, including temporary tenants. Permanent occupancy at the enclosed portion of Mesa Mall is approximately 93%, and the total mall including anchors and outparcels is 95%. Conclusion of Comparable Colorado Regional Malls Six regional malls were analyzed for this assignment in order to develop a perspective of the overall general health of similar regional malls in Colorado and one in New Mexico. All of the malls presented above are dealing with the loss of anchor tenants, with the exception of Pueblo Mall. This theme is common amongst second-tier malls across the United States. As these second- tier malls lose anchor tenants, inline occupancy rates begin to decline. RETAIL MARKET OUTLOOK AND CONCLUSIONS The subject is a 417,879 square foot (NRA) portion of a 504,435 square foot regional mall in the Greeley market. Direct and indirect competition comes mostly from the area retail centers, and to a lesser extent, the Foothills Mall in Fort Collins, as this mall is located outside the subject's primary trade area. Supply and demand trends in the Greeley area for the short term are expected to stabilize. Rental rates for retail strip centers are expected to remain flat. IRR PAGE 33 Integra Realty Resources GREELEY MALLTRADE AREA TRADE AREA The subject mall lost anchor tenant Dillard's in 2008 and their former spaces remain vacant through the effective date of value. The subject mall is 58% occupied overall, including the Sears anchor which is not a part of this appraisal. The appraised portion of the subject is 44% leased and occupied. This performance is inferior to each of the comparable regional malls presented above, with the exception of Twin Peaks Mall, which has a similar in-line occupancy level. During the period between the renovation of the subject (2004) and the loss of Dillard's (2008), the subject's inline occupancy levels were reportedly in the 85-90% range. The loss of Dillard's created two large vacant anchor spaces at the mall and since that time, occupancy levels declined significantly. Another major factor which has impacted the subject mall is the new retail centers developed at the I-25/Hwy 34 interchange in Loveland. These new centers have attracted large national anchor tenants including Macy's, Target, Barnes & Noble and Best Buy. The location at I-25 and Hwy 34 is much more advantageous to retailers as their trade area is broader in comparison to the subject's location. While the subject caters mostly to the Greeley community, the retailers at I-25/Hwy 34 are within a reasonable drive time from Loveland, Fort Collins, Windsor and Greeley. For this reason, among others, traditional mall tenants have chosen this location for their stores despite the outdoor design of these center. This is evidenced by The Gap store choosing not to renew their lease at the Greeley Mall but rather to move into a new suite at the Centerra development in Loveland. The subject's current vacancy includes 78,273 square feet of inline space and 133,270 square feet of anchor space. We were not provided with any future leasing plans for this space and we are not aware of any potential new leases at the subject. TR) PAGE 34 Integra RealtyR\eaXY Resources GREELEY MALL TENANT RETAIL SALES The rental rates that a mall can expect to achieve over time are largely a function of the retail sales generated by its tenants. We were provided with tenant sales for year-end 2008-2010. The goal of this analysis is to compare the subject's retail sales volumes to similar quality malls. Data from 39 West and Midwest class B & C regional malls (peer group) have been used in this analysis. The total GLA of the Peer Group is 27,637,661 square feet. Data for these centers includes retail sales from 2008 through 2010. We have analyzed sales by size category for general in-line space as well as by special categories such as jewelry merchants. This permits comparison with other similar centers and identifies the strengths as well as weaknesses of the merchandise line, mall design, and competition. Overall, the peer group retail sales were above the retail sale levels of Greeley Mall. However the average non-anchor retail sales for the peer group are $269 per occupied square foot, while the subject was at $285 per occupied square foot. The subject's sale volumes are reasonably reflective of the trade area's overall demographics. Sales volumes at the subject decreased during 2009, due to the continued decline in consumer spending and the loss of two major anchor stores. However, inline tenants saw a slight increase in sales volumes of 4.45% during 2010. JCPenney sales at the subject are below the average of the peer group. JCPenney had an average sales level of$126 per square foot during 2010, compared to sales of$137 per square foot for JCPenney tenants in the peer group. Overall, the subject produced a total of$160 per occupied square foot in 2010, compared to $219 for the peer group. I R PAGE 35 Integra Realty Resources GREELEY MALL Greeley Mall-2010 Sales Analysis Comparative Center 2008 2009 2010 2008-2010 Zero To 1,499 SF Total Sales $2,724,376.19 $1,687,089.00 $1,753,892.00 $347,230,122.29 Total Square Feet 8,764 5,706 6,918 919,383 Sales Per SF $310.86 $295.67 $253.53 $377.68 %Change 4.89% -14.25% 1,500 To 2,499 SF Total Sales $3,921,714.98 $1,332,322.00 $1,360,729.00 $345,895,616.71 Total Square Feet 9,461 5,474 5,474 1,109,705 Sales Per SF $414.51 $243.39 $248.58 $311.70 %Change -41.28% 2.13% 2,500 To 3,999 SF Total Sales $7,699,466.61 $4,946.672.00 $5,093,661.00 $477,898,125.60 Total Square Feet 35,247 28,087 28,087 1,832,563 Sales Per SF $218.44 $176.12 $181.35 $260.78 %Change -19.38% 2.97% 4,000 To 6,499 SF Total Sales $1,890,407.00 $1,022,887.00 $1,065,149.00 $709,441,412.12 Total Square Feet 8,570 4,020 4,020 2,929,324 Sales Per SF $220.58 $254.45 $264.96 $242.19 %Change 15.35% 4.13% 6,500 To 9,999 SF Total Sales $842,265.00 $898,547.00 $882,837.00 $383,208,257.41 Total Square Feet 6,606 6,606 6,606 1,770,834 Sales Per SF $127.50 $136.02 $133.64 $216.40 %Change 6.68% -1.75% Jewelry Total Sales $2,148,744.40 $2,432,065.00 $3,067,783.00 $256,948,945.18 Total Square Feet 3,894 3,894 3,894 366,758 Sales Per SF $551.81 $624.57 $787.82 $700.60 %Change 13.19% 26.14% Mt PAGE 36 Integra Realty Resources GREELEY MALL Food Court Total Sales $1,322,321.32 $1,114,253.00 $947,886.00 $149,651,076.46 Total Square Feet 3,386 3,386 3,386 268,816 Sales Per SF $390.53 $329.08 $279.94 $556.70 %Change -15.74% -14.93% Kiosk Total Sales $639,543.60 $305,559.00 $482,021.00 $38,579,647.65 Total Square Feet 468 324 324 30,207 Sales Per SF $1,366.55 $943.08 $1,487.72 $1,277.18 %Change -30.99% 57.75% Total: Regular In-Line Tenants Total Sales $21,188,839.10 $13,739,394.00 $14,653,958.00 $3,156,608,238.65 Total Square Feet 76,396 57,497 58,709 11,047,395 Sales Per SF $277.36 $238.96 $249.60 $285.73 %Change -13.84% 4.45% Total: In-Line Tenants Total Sales $21,188,839.10 $13,739,394.00 $14,653,958.00 $3,669,661,236.36 Total Square Feet 76,396 57,497 58,709 13,620,321 Sales Per SF $277.36 $238.96 $249.60 $269.43 %Change -13.84% 4.45% Cinemark Total Sales $3,582,900.00 $3,822,007.00 $3,546,272.00 $0.00 Total Square Feet 45,000 45,000 45,000 0 Sales Per SF $79.62 $84.93 $78.81 %Change 6.67% -7.21% J.C.Penneys Tote/Sales $6,860,199.92 $6,273,993.00 $6,274,091.00 $373,691,046.47 Total Square Feet 49,672 49,672 49,672 2,733,886 Sales Per SF $138.11 $126.31 $126.31 $136.69 %Change -8.55% 0.00% Total Center Total Sales $31,631,939.02 $23,835,394.00 $24,474,321.00 $6,059,347,093.65 Total Square Feet 171,068 152,169 153,381 27,637,661 Sales Per SF $184.91 $156.64 $159.57 $219.24 %Change -15.29% 1.87% IRR PAGE 37 Integra Really Resources GREELEY MALL DISTRIBUTION OF GROSS LEASABLE AREA BY CATEGORY The chart on the following page illustrating retail category representation within the center helps to identify the tenant mix and subsequent performance in comparison to the peer group. Compared to the Peer Group, the subject's tenant mix indicates it has a significantly greater proportion of Specialty Apparel and Accessories, and Cards and Gifts. The subject has a lower proportion of tenants in the Ladies Apparel, Food Service and Sporting Goods categories. Opportunities within the subject exist for Sporting Goods, Home Furnishings and Ladies Apparel, as these categories are under-represented. We are not aware of the management's plans for these categories. Greeley Mall -4/1/2011 Tenant Mix Analysis(In-line, Non-Anchor, Occupied Space) Subject Subject IRR Malls IRR Malls %of Sales %of Sales Category Total SF PSF Total SF PSF Ladies Apparel 11.2% $148 14.4% $193 All other Apparel 13.7% $168 19.0% $253 Specialty Apparel/Accessories 12.8% $323 7.6% $347 Women's Shoes 0.0% 0.3% $250 All other Shoes 9.3% $142 6.9% $221 Food Service 6.5% $280 6.7% $385 Jewelry 4.4% $788 2A% $689 Services/Cinema/Entertainment 5.0% $126 9.6% $148 Electronics 5.5% $289 4.6% $533 Cards and Gifts 12.1% $281 4.1% $232 Sporting Goods 0.0% 4.4% $174 Home Furnishings 0.0% 4.0% $230 Other 19.4% $228 16.0% $260 Totals/Average 100.0% $250 100.0% $268 IRR PAGE 38 Integra Realty Resources GREELEY MALL r t' -:gi iv' VY i J is Ladies Apparel ■All other Apparel Iii Specialty Apparel /Accessories IN Women's Shoes ■AII other Shoes O Food Service ■Jewelry ■Services/Cinema/Entertainment H Electronics S Cards and Gifts am Sporting Goods 0 Home Furnishings 1I Other Note: outer ring represents subject, while the inner ring represents the comparable malls. RETAIL SALES ANALYSIS AND PROJECTION Year one sales projections (utilized in the income approach of this report) are based on the reported 2008-2010 sales. Sales improved slightly ( 1 .87%) in 2010 over 2009, but remain below 2008 levels. CONCLUSION The Greeley Mall is a regional mall located within the Greeley MSA market area, which is in Northern Colorado. The primary trade area is dominated by the concentration of large retail centers at the interchange between Interstate 25 and Highway 34. Many national tenants have chosen this location over that of the Greeley Mall and several national tenants have left the Greeley Mall in favor of one of these centers. This is due to a larger trade area served at the I-25/Hwy 34 location compared to the subject's south Greeley location. The subject serves a trade area that is gradually expanding in population. The population and income are sufficient to support the existing property; however, much of the consumer spending in the area has been diverted to the aforementioned retail centers. Within the trade area, projected employment growth of 2.29% annually combined with limited directly competitive planned retail development suggests sales will remain flat in the short term with potential future recovery. As indicated by the comparison of tenant sales, the subject is capturing retail sales that are generally lower than the competitive set (Peer Group) for inline space. The subject's inline occupancy has declined substantially over the last three years. The subject is an established mall, IPR PAGE 39 Integra Realty Resources GREELEY MALL but has lost market share as a result of newer, more favorably located retail properties. The key to stabilizing retail sales at the subject mall is to lease the vacant anchor spaces. Until this occurs retail sales within the subject mall are not likely to increase. PAGE 40 Integra Realty Resources GREELEY MALL LAND DESCRIPTION AND ANALYSIS PROPERTY ANALYSIS LAND DESCRIPTION AND ANALYSIS The following description is based upon our inspection of the property as well as information provided through the Weld County Assessor and information provided by ownership. A copy of the site plan follows this section. LOCATION The property is located on the south side of 28th Street (Hwy 34), west of its interchange with Highway 85. The property is oriented mostly to 28th Street, which runs along the property's northern border. Also providing convenient access to the property are 23r' Avenue (west end) and 17th Avenue (east end), which border the property. LAND AREA The following table summarizes the subject's land area. The source of the land area is an ALTA Survey found in a previous appraisal provided by the client. LAND AREA SUMMARY Tax ID Address SF Acres R4473006 2050 Greeley Mall Street 2,168,554 49.78 R4473206 2050 Greeley Mall Street 0 0.00 R2719704 2050 Greeley Mall Street 0 0.00 R4473406 2050 Greeley Mall Street 0 0.00 R4473306 2050 Greeley Mall Street 9,694 0.22 Total 2,178,248 50.01 Source:Public Records SHAPE AND DIMENSIONS The site is irregular in shape, with maximum dimensions of approximately 2,500 feet in width and 1,250 feet in depth. Site utility based on shape and dimensions is average. Sears is connected to the main mall but is owned separately and is not considered in the analysis. TOPOGRAPHY The site is generally level and at street grade_ The topography does not result in any particular development limitations. DRAINAGE No particular drainage problems were observed or disclosed at the time of field inspection. This appraisal assumes that surface water collection, both on-site and in public streets adjacent to the subject, is adequate. TIED PAGE 41 Integra Realty Realty Resources GREELEY MALL LAND DESCRIPTION AND ANALYSIS FLOOD HAZARD STATUS The following table provides flood hazard information. FLOOD HAZARD STATUS Community Panel Number 0801840004B Date July 16, 1979 Zone C Description Areas of minimal flooding Insurance Required? No ENVIRONMENTAL HAZARDS An environmental assessment report was not provided for review, and during our inspection, we did not observe any obvious signs of contamination on or near the subject. However, environmental issues are beyond our scope of expertise. It is assumed that the property is not adversely affected by environmental hazards. We note that there is a Sears Automotive center on the site. GROUND STABILITY A soils report was not provided for our review. Based on our inspection of the subject and observation of development on nearby sites, there are no apparent ground stability problems. However, we are not experts in soils analysis. We assume that the subject's soil bearing capacity is sufficient to support the existing improvements. STREETS,ACCESS AND FRONTAGE Details pertaining to street access and frontage are provided in the following table. STREETS,ACCESS AND FRONTAGE Street 28th Street(HWY 34) S.23rd Avenue 17th Avenue Frontage Feet 2,500 1,250 450 Paving Asphalt Asphalt Asphalt Curbs Concrete Concrete Concrete Sidewalks None Concrete None Lanes Four Four Two Direction of Traffic East-West North-South North-South Condition Average Average Fair Traffic Levels High Medium Medium Signals/Traffic Control Interchange with 23rd 2 signalized Access road served Avenue and Signalized entrances to mall by dedicated tum Intersection at 17th lane for SB traffic. Avenue Access/Curb Cuts None Signalized One access point Intersection Visibility Good Average Average II R PAGE 42 Integra RealtyRealty Resources GREELEY MALL LAND DESCRIPTION AND ANALYSIS UTILITIES The availability of utilities to the subject is summarized in the following table. UTILITIES Service Provider Water City of Greeley Sewer City of Greeley Electricity Xcel Energy Natural Gas Xcel Energy Local Phone Various ZONING The subject is zoned C-H, by the City of Greeley. The C-H zone is intended to provide for commercial uses. Specific zoning requirements are summarized in the following table. ZONING SUMMARY Zoning Jurisdiction City of Greeley Zoning Designation C-H Description Commercial High Intensity Legally Conforming? Yes Zoning Change Likely? No Permitted Uses Office,retail and low-impact industrial Category Zoning Requirement Minimum Lot Area None Minimum Setbacks(Feet) 25' Maximum Building Height 40' Maximum Site Coverage 80% Maximum Floor Area Ratio None Parking Requirement I space per 250 SF Other 20%open space required According to the local planning department, there are no pending or prospective zoning changes. It appears that the current use of the site is a legally conforming use. OTHER LAND USE REGULATIONS We are not aware of any other land use regulations that would affect the property. EASEMENTS,ENCROACHMENTS AND RESTRICTIONS We were not provided a current title report to review. We are not aware of any easements, encumbrances, or restrictions that would adversely affect value. Our valuation assumes no adverse easements, encroachments or restrictions and that the subject has a clear and marketable title. TIED PAGE 43 Integra Realty Resources GREELEY MALL LAND DESCRIPTION AND ANALYSIS CONCLUSION OF SITE ANALYSIS Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. Uses permitted by zoning include office, retail and low-impact industrial. There are no other particular restrictions on development noted in the analysis. PAGE 44 Integra Realty Resources U) >- a Z Q O Z a Z O I- 0 Ec U cn O is III [ „fl d A 11'II M WO , I. ' CC ' WHIM 1404410v' $ CI. tII_ a J v �" 't r- l CQ HtH*I t - INN' s r 1 • . C rl *s `, it� 1., . _� t �•- r t is Tr r to* �1 r MOWN �i Y k r..� to x � cC C W �fttlH !kiNl =01 ` x = a iNNI Inn Z C4 >r fat < il ifr Wo4 c 04 C rz ci) it\ Hi, r#1 r , z 4 „ c > 41 ---4I�i1 j • 6 In Ia&sni.• Ih ..s1 ; o . - 7� . h r M .- M Ifif411 till T• A I \ iiir\ i. ! II 1. Lam/ � , - Lai\ t fe= - it ) r I C t GC ksTOT CtS CII CA a; I ( '\ rI C 1 e 8 d 1 io __I v J a r7. W J °C W W giva, Ce c a LL GREELEY MALL IMPROVEMENTS DESCRIPTION AND ANALYSIS IMPROVEMENTS DESCRIPTION AND ANALYSIS OVERVIEW The subject is an existing regional mall containing 417,879 square feet of gross leasable area, including all of the mall's inline shop space (167,296 SF) and four anchor spaces, including JCPenney (49,672 SF), Cinemark Theaters (45,000 SF), and two vacant anchor spaces formerly occupied by Dillard's (93,270 SF and 40,000 SF). There are a total of five anchor stores at the mall and one of them is separately owned, Sears (86,772 SF). The main mall improvements were originally constructed in 1973, were expanded in 1975 and expanded and renovated in 2003. The 2003 renovation and expansion had a reported budget of $14 million and included the addition of the Cinemark Theater and a new main entrance. Additional renovations included new vaulted ceilings, flooring, and exterior paint. The improvements are 44% leased and occupied as of the effective appraisal date. The in-line portion of the mall is 53.2% leased. There are no longer "temporary tenants" occupying space at the subject. The tenants which had formerly been considered temporary are now considered to be permanent tenants and are on lease agreements rather than license agreements. The site area is 50.01 acres, or 2,178,248 square feet. The following description is based on our inspection of the property and discussions with ownership. We did not review building plans. ,'IRR PAGE 46 FInt gra Realry Resources w v W J w a 2 E a a 4 CO o ` _ Z m `m a cn y Y Zr. C N CI V = A cn a cr C a m O A P. o a EE 13 _ C c T N Q 0 a E Y _ F Ta c u 2 c v v CO a = A to vO v , O v> 0 h "C v m W N ^.0 C rJ El D P Q v a�. Q C O L N c G 00 0 R > > W p P u C y O K cL a' in - - n — — U U 7 Q Qno l a - Z D ti I I- z W W c 7 N O a m K fl. v a to v — i.v C 0 A v Q u an d m ti o 4 c 0 Q c 8 N .p. F T 0 v a' .p .° E U p v a N u ^� u V v ca 7 = 0 N C 8 0 00 0 > > tr)o O Q N O. as OO rC 2 eii - — ,° — — O U2 Q Q .co 12NZO ava i c CO c m E v 7. N a' —Cc0 y p m oc a v 3 0 or [:. CO r , o a L v U Co >, u Q 0 = 8 )1.1E F = Z` v a' a o to W ? tE v G o en ol C 0 C) O M L O Q v a'.i° W V t u v p O N 'e > co C v ours ce N — oc - - C7 U2 a Qodo 16. N Z O = v, I 0 z F Z {il m c v CO C A O v c ea V O' C4 E A m 61 8 a v c .t°. F T 0 v CL v ° D Et tr, „ Y M u co c N C ca 0 N N N l] P Q u °' o U N C C co en V co > > t'1 .J' P N C O ac K in - - v - - 0 U7 Q Q v o I a — Z O = cn i t o v t o Y -, c U ,n CO y m - m `c o3 u v y en n o a _ L ri m r 2 m 0 co co o L T = P 6- u ^� -- N y3 V ta V V. V. Q o o Ou ` 6 to e V o ` `. u Vtrc W r r a. a 4' at a V L va N V C 6 'O > > 0. to P P N "' J en LLI Oa a' .eyv - - - Uin Q Q n ri oa - n In o0 a. to Q a 1 _ m 0 a u v) a in T ° U u 0 0 T -0 F v :: L c v, v 0) V .- C oo °' >'' p>. M F c H CO T CO Q .9 Vf -0 Y .E a V F CL u ate' a O F d " m m V A y -ca o o F m F v CO s c c c y N K av > a `n a A O o o a T a ° Tay n c a y v .. •.. Q Q c m C y u c c _> w c a o a E 2 c . . c c c c o 9 ° a m `m E i WaQ v e°.. J o ° o o o p = 0 v c ° N t0 W ZUa O a ZFZrn m UU U UU -ILi m > Y Z In a. a T, a LL GREELEY MALL IMPROVEMENTS DESCRIPTION AND ANALYSIS OCCUPANCY STATUS The improvements are 44% leased and occupied as of the effective appraisal date. The in-line portion of the mall is 53.2% leased. The following table provides a summary of the sizes and percentages leased of the principal building areas. Greeley Mall Leasable Areas as of 04/01/2011 Tenant Area(SF) % of Total Mall Owned SF % of Subject Non-owned Anchors Sears 86,772 17.2% Total Non-owned Anchors 86,772 17.2% Owned Anchors JC Penney 49,672 9.8% 49,672 11.9% Cinemark Theaters 45,000 8.9% 45,000 10.8% Vacant 93,270 18.5% 93,270 22.3% Vacant 40,000 7.9% 40,000 9.6% Total Owned Anchors 227,942 45.2% 227,942 54.5% Total Anchors 314,714 62.4% 227,942 54.5% Outlots Olive Garden 6,500 1.3% 6,500 1.6% Perkins 4,325 0.9% 4,325 1.0% Chuck E.Cheese 8,000 1.6% 8,000 1.9% Road Kill Grill 3,816 0.8% 3,816 0.9% Total Outlots 22,641 4.5% 22,641 5.4% Pennamently Occupied Inline 89,013 17.6% 89,013 21.3% Vacant/Temp Inline 78,283 15.5% 78,283 18.7% Total Inline GLA 167,296 33.2% 167,296 40.0% Total Inline Occupancy 89,013 17.6% 89,013 53.2% Total Occupancy 270,457 53.6% 183,685 44.0% Total Appraised GLA 82.8% 417,879 100.0% Total Mall Size 504,651 100.0% Owned Mall Ratio(Inline GLA vs.Owned GLA) 40.0% Total Mall Ratio(Inline GLA vs.Total GLA) 33.2% r Ti?!?V�� PAGE 48 Integra egra Realty Resources GREELEY MALL IMPROVEMENTS DESCRIPTION AND ANALYSIS IMPROVEMENTS ANALYSIS Quality and Condition The improvements are of average quality construction and are in average condition. The quality and maintenance of the subject is considered to be consistent with that of competing properties. The interior mall is in good condition and was expanded and renovated during 2003-2004. Functional Utility The improvements appear to suffer from functional obsolescence. The size and layout of the property are considered outdated and newer retail properties of this size are designed with exterior entrances with quick parking and storefront access. This functional issue is reflected in the subject's current occupancy and income levels. Deferred Maintenance No deferred maintenance is apparent from our inspection and none is identified based on the budget provided. Planned Capital Expenditures We have not reviewed a capital expense budget for the property. Therefore, we have concluded to a high-end capital reserve budget of$0.50 per square foot of inline space, to be deducted from the cash flow in the discounted cash flow model. This reserve should provide adequate funds for any major capital expense items. ADA Compliance Based on our inspection and information provided, there does not appear to be any major ADA issues. However, we are not experts in ADA matters and further study would be recommended to assess ADA compliance. The most significant ADA matter usually relates to bathrooms and doors, which appear to be in compliance with ADA. Hazardous Substances An environmental assessment report was not provided for review and environmental issues are beyond our scope of expertise. No hazardous substances were observed during our inspection of the improvements; however, we are not qualified to detect such substances. Unless otherwise stated, we assume no hazardous conditions exist on or near the subject. It is noted however, that a Sears Auto Center is located at the site. Personal Property There are no non-realty items that would be significant to the overall valuation. IRR PAGE 49 FIntegra Realty Resources to 0 H J 0 4 4 4z 4 ci z 4 z k a te I... c 1' . .. �� e�1Z .. . i. b `6 . J'i'rp. y 4- • i Ta 13 •a t. 03 Z D ' rI r r I Fly .• { a , 1 J ..: ., • f . i . .I . • : ThigUr..II I 1 ` • 1 � Al • I.11 i! _ • • J j c 4 2 >- J 5 W gtR. re GREELEY MALL IMPROVEMENTS DESCRIPTION AND ANALYSIS REAL ESTATE TAX ANALYSIS Real estate tax assessments are administered by Weld County and are estimated by jurisdiction on a county basis for the subject. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by dividing the assessed value for a property by 100, then multiplying the estimate by the composite rate. The composite rate is based on a consistent state tax rate throughout this state, in addition to one or more local taxing district rates. The assessed values are based upon the current conversion assessment rate of 29% of assessor's market value. Real estate taxes and assessments for the current tax year are shown in the following table. TAXES AND ASSESSMENTS-2009 pay 2010 Assessed Value Taxes and Assessments Ad Valorem Direct Tax ID Land Improvements Total Tax Rate Taxes Assessments Total R4473006 $2,515,520 $5,432,750 $7,948,270 7.582300% $602,662 $0 $602,662 R4473206 $191,390 $119,600 $310,990 7.582300% $23,580 $0 $23,580 R2719704 $0 $1,194,210 $1,194,210 7.582300% $90,549 $0 $90,549 R4473406 $11,250 $0 $11,250 7.582300% $853 $0 $853 R4473306 $116,880 $0 $116,880 7.582300% $8,862 $0 $8,862 Total $2,835,040 $6,746,560 $9,581,600 $726,506 $0 $726,506 State law requires that all real property be revalued at least every two years. The subject was reviewed to determine a new market value effective January 2011, for the following two year period. The schedule for the next assessment becomes effective January 2011, and the value is typically published in May. ASSESSOR'S MARKET VALUE Tax ID Land Improvements Total R4473006 $8,674,207 $18,733,621 $27,407,828 R4473206 $659,966 $412,414 $1,072,379 R2719704 $0 $4,117,966 $4,117,966 R4473406 $38,793 $0 $38,793 R4473306 $403,034 $0 $403,034 Total $9,776,000 $23,264,000 $33,040,000 Based on the concluded market value of the subject, the assessed value appears very high; it is possible that the assessor's market value will decrease upon reassessment, along with the associated real estate tax obligations. To further check the reasonableness of the assessor's market value, we have analyzed tax obligations for anchored retail centers within Greeley. The following table shows the tax comparables. PAGE 51 Integra Realty Resources GREELEY MALL IMPROVEMENTS DESCRIPTION AND ANALYSIS TAX COMPARABLES Total Assessed Assessed Total No. Property Name SF Value Value/SF Taxes Taxes/SF I Centerplace Greeley 151,418 $5,488,900 $36.25 $415,466 $2.74 2 Elk Lakes 69,526 $2,520,300 $36.25 $190,768 $2.74 3 University Shopping Center 227,439 $3,254,110 $14.31 $244,963 $1.08 Subject Greeley Mall 417,879 $9,581,600 $22.93 $726,506 $1.74 The above chart references assessed values for anchored retail centers near the subject within the City of Greeley. Assessed values range from $14.31 to $36.25 per square foot, compared to $21.04 per square foot for the subject. Tax obligations range from $1.08 to $2.74 per square foot, compared to $1.74 per square foot for the subject. On balance the subject's tax obligation appears reasonable. However it is important to note that there are no other comparable regional malls in Weld County, making comparison of tax obligations somewhat more subjective. PAGE 52 Integra Realty Resources GREELEY MALL HIGHEST AND BEST USE ANALYSIS HIGHEST AND BEST USE ANALYSIS PROCESS Before a property can be valued, an opinion of highest and best use must be developed for the subject site, both as if vacant, and as improved or proposed. By definition, the highest and best use must be: • Physically possible. • Legally permissible under the zoning regulations and other restrictions that apply to the site. • Financially feasible. • Maximally productive, i.e., capable of producing the highest value from among the permissible,possible, and financially feasible uses. HIGHEST AND BEST USE AS IF VACANT Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses. Legally Permissible The site is zoned C-H, Commercial High Intensity. Permitted uses include office, retail and low-impact industrial uses. To our knowledge, there are no legal restrictions such as easements or deed restrictions that would effectively limit the use of the property. Given prevailing land use patterns in the area, only commercial uses are given further consideration in determining highest and best use of the site, as though vacant. Financially Feasible Based on our analysis of the market, there is currently inadequate demand for new retail use in the subject's area. It appears that a newly developed retail use of the same size as the subject's current improvements on the site would not have a value commensurate with its cost, as evidenced by the current occupancy levels at the subject. Therefore, retail use is not considered to be financially feasible at the current time. However, as employment and population growth continue and demand for retail use increases, it is possible that full development of the site in the future with retail/commercial use could be financially feasible. Maximally Productive Based on our analysis, there does not appear to be any reasonably probable use of the site that would generate a higher residual land value than commercial use. The current improvements however are not a maximally productive use of the land in their current form as evidenced by the subject's large vacancy rate. Accordingly, it is our opinion that a modem configuration of commercial use, developed to the normal market density level permitted by zoning, is the maximally productive use of the property. IRR PAGE 53 Integra Realty Resources GREELEY MALL HIGHEST AND BEST USE ANALYSIS Conclusion Future development of the site, pending adequate demand for a properly-sized development project, for retail use is the only use that meets the four tests of highest and best use. Therefore, it is concluded to be the highest and best use of the property as if vacant. As IMPROVED The site has been developed with a regional mall which is consistent with the concluded retail/commercial highest and best use of the site as if it was vacant. Physically, the improvements are typical of other regional malls in similar trade areas developed in the same time period. However, as noted above, the current configuration and size of the improvements exhibit a certain degree of functional obsolescence. The property is 44%occupied. The existing improvements are currently leased and produce a positive cash flow. We expect that this cash flow will continue. However, the cash flow may decrease over time if existing tenants continue to close their businesses or relocate. Unless this trend can be reversed the existing improvements could become an interim use pending future renovation/reuse/redevelopment of the improvements. Based on our current analysis a continuation of the current use is concluded to be financially feasible. Based on our analysis, there does not appear to be any alternative use that could reasonably be expected to provide a higher present value than the current use, and the value of the existing improved property exceeds the value of the site, as if vacant. We have reviewed sales of similar-size parcels of commercial use land in northern Colorado. These sales produce a range of approximately $0.81 to $3.58 per square foot of land area. Our concluded value indicates a value per square foot of land at $5.83 per square foot which indicates the improvements add value to the site. For these reasons, continued retail use is concluded to be maximally productive, and the highest and best use of the property as improved. MOST PROBABLE BUYER Taking into account the current utility of the property and its current occupancy, the likely buyer is a local or regional developer. IRR PAGE 54 Integra Realty Resources GREELEY MALL VALUATION METHODOLOGY VALUATION ANALYSIS VALUATION METHODOLOGY Appraisers usually consider three approaches to estimating the market value of real property. These are the cost approach, sales comparison approach and the income capitalization approach. The cost approach assumes that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land, or when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data. The sales comparison approach is less reliable in an inactive market, or when estimating the value of properties for which no directly comparable sales data is available. The sales comparison approach is often relied upon for owner-user properties. The income capitalization approach reflects the market's perception of a relationship between a property's potential income and its market value. This approach converts the anticipated net income from ownership of a property into a value indication through capitalization. The primary methods are direct capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This approach is widely used in appraising income-producing properties. Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity and quality of available data in each approach and the applicability of each approach to the property type. We utilize the sales comparison and income capitalization approaches in the valuation of the property. The cost approach is omitted because of the age of the subject improvements. Investors in this type of real estate typically do not use the cost approach for valuing their assets. For these reasons, the cost approach is not applicable to the assignment. PAGE 55 Integra Real),Resources GREELEY MALL SALES COMPARISON APPROACH SALES COMPARISON APPROACH The sales comparison approach is defined as, "A set of appraisal procedures in which a value comparing the property being appraised to similar properties that have been sold recently, applying appropriate units of comparison, and making adjustments to the sale prices of the comparable based on the elements of comparison". The reliability of this technique is dependent upon (a) the availability of comparable sales data, (b) the verification of the sales data, (c) the degree of comparability or extent of adjustment necessary for differences, and (d) the absence of non-typical conditions affecting the sales price. In essence, all approaches to value (particularly when the purpose of the appraisal is to establish market value) are market data approaches since the factors considered are presumably market derived. Due to the subjective nature of comparing sales transactions of regional malls, combined with prevailing market buyer's primary reliance on the Income Capitalization approach to value, we use the Sales Comparison approach as a check of reasonableness for the Income Capitalization approach. DIRECT COMPARISON ANALYSIS: The unit of comparison most utilized to shopping center properties is price per square foot of gross leasable area. This method merges both land and center into a single unit of value by dividing total sales price by the gross leasable area. Adjustments must be made for non-typical conditions such as excess land as well as the standard adjustments for property rights, financing, market conditions, location, physical and economic characteristics. Additional units of comparison also include retail sales multipliers and overall rates. A brief description of adjustments follows: Real Property Rights Conveyed - adjustments are generally applied to reflect the transfer of property rights different than those being appraised, such as differences between properties leased at market rent and those leased at rent either below or above market levels. The length of remaining lease terms impact required adjustments. Financing Terms - adjustments are generally applied to a property that transfers with atypical financing such as having assumed an existing mortgage at a favorable interest rate. Conversely, a property may be encumbered with a mortgage at above market terms which has no prepayment clause or a very costly prepayment clause. Conditions of Sale - adjustment category reflects extraordinary motivations of the buyer and the seller. Examples include purchasing for assemblage when they may be anticipated incremental value, quick sale for cash - could be distress related, corporation recording a non-market price and many other circumstances. Time - Market Conditions - adjustment category reflects market differences occurring between the effective date of the appraisal and the sales date of comparables, when values have been affected. Since the time the comparable sales were transacted, general values have appreciated or depreciated due to investors' perceptions of market conditions. IR ( PAGE 56 Integra RealtyResources GREELEY MALL SALES COMPARISON APPROACH Location - adjustment category generally encompasses both general neighborhood influences, as well as the accessibility and visibility from a main thoroughfare. Adjustment can be considered based upon the current rent level of the subject in comparison to the comparable's rent levels as well as any property's perceived potential extraordinary increase or decrease in value. Physical Characteristics - adjustment category generally reflects differences between the subject and the comparables as to building size, quality of construction, age, condition, amenities, functional utility, ceiling height or any other physical characteristic. Economic Characteristics - adjustments generally reflects material differences between the net operating income and the net operating income of the comparables on a per unit basis. Characteristics that effect the net operating income of a property (other than factors discussed above for Property Rights Conveyed) are occupancy, tenant mix, rent concessions, lease expiration dates, operating expenses, anchor inclusion and many other factors. Price per square foot of gross leasable area of owned space is the traditional unit of comparison for the sales comparison approach. Units of comparison can vary greatly depending upon a myriad of factors including lease turnover prospects, age and condition of the property, and other factors which reflect inherent degrees of risk associated with the investment. Greeley Mall is a regional mall with a mix of tenants that supports the southern Greeley area and the adjacent communities of Evans, LaSalle and Gilchrest. It represents a secondary mall in the trade area, because of the intense concentration of retail development at 1-25 &Hwy 34. The mall is approaching the end of its useful life as evidenced by its rapidly declining occupancy and rental rates. We were able to identify several transactions that have varying similarities to the subject from which we can glean general value parameters. However, the subject mall is underperforming the majority of malls presented in the analysis. This is due to the fact that the subject mall has low overall occupancy. This results in a lower Net Operating Income per square foot than is typical in a regional mall and is an indication that most tenants at the subject are having issues with high occupancy costs. On the following page, comparable sale transactions indicate unit values ranging from$8.10 to $134.46 per square foot of total sold GLA. The average sale price of the malls is $58.95 per square foot of total sold GLA. On a total inline mall area basis, the sales reflect unit prices between $19.20 and $337.50 per square foot, with an average of $115.87 per square foot. In the following chart, we analyze recent sales of regional malls throughout the United States. Considering the characteristics outlined above, Sales 1, 2, 3, 4, and 7 appear to be the most comparable to the subject as they have similar inline-to-sold size ratios, and similar quality anchors. These sales produce an adjusted range of$8.10 to $32.72 for sale price per owned square foot as depicted in the following analysis. TR) PAGE 57 Integra Realty Resources I CO HI • 1 an W a. o 4 a. Ill it i 8 sQ s A= t : LL Ili U 8 - 29. J d d - _ ai a "� '•-, ry a"'.. w w N w « N 8 « cj t . 8 8 8 8 8 8 2 8 8 �. • w. w - w - .2 ,p x 5 E e 1 ag : g o a _F m 8 2 :: C V a f 8 8 {D 'AH N ,V,♦ 8 § 8 8 8 8 S O F ''I 4` § CO O § m O O C a N i N N S / - 8 § I 4 ' V 2 O w t7 M 0 `5- H A - - m v J 1 N a iw 4 O Vf - - --J ♦ § § Q § 9q 5� Ilk k ZS 25 J R c a o vi • LL p a ` g m N 8 .9 1� a 8 0 * ' g j N m a $ N A M » M lii ail * ig . N af 8 x N 8 N $ d I • ,w � o • §M M N Qw M « y • 0 § §K 2 N 14 § N • �t & , ,..` • 'ii. • i a '. c A0 i 8 � o 8 al u+ Sty L• n I I c O 0- t 0 8 F f� p , Fp� t w gi I 8g i i s =a as II 2 i 1 1 $ i 1 LL a■ r d V j W ` Q F 0 IIILLL C J q e a 8 # I a 3 ; 3 . a 0 r is i a .:CI • 1 I g- w i i S :3 3 iii .- w w ♦ N m w o `_c GREELEY MALL SALES COMPARISON APPROACH NET INCOME RATIO ANALYSIS The sales analyzed have unadjusted values ranging from $8.10 to $134.46 per square foot on an owned mall area basis. We have applied a NOI Ratio analysis, which compares the NOI and sale prices to the subject's NOI per square foot of owned GLA. As the rent a property will command typically will account for location and building factors, separate adjustments will not have to be made. We have used an in-place, stabilized income level which is $1,144,239 or approximately $2.74 per square foot of owned GLA. The net operating income per square foot for the subject is compared to the net operating income estimated for each of the improved sales. The resulting economic ratios are applied against the sale price per square foot of the comparable property, producing an adjusted value per square foot for the subject. Note that sales 4 and 5 are excluded, as capitalization rate and NOI information was not available for these sales. Improved Sale Adjustment Grid Netlncome/Owned SF Sale$ Adjusted Sale Subject Sale Factor I Owned SF OAR Price "11/' $214 SOS? 2.$L " $8.10 12.02°% $2278 , 74 52.00 i 3t $19-20:. 1443% $3b.29 '3 $2.74 ' $3.95 ^ 0.69` $29.69 j3.30% $20.54 6 $2.74 $12.11 0.23 $127.47 9.50% $28.82 9 ` 52.74 $2.53 L08 $25.28 1000% 52738 8 $2.74 $9.75 0.28 $134.46 7.25% $37.77 Average 0.81 $58.95 7.81% $27.27 Most Conparable $23.00 11.43% $23.58 In the Direct Comparison Analysis, the range of unit values for the owned GLA is $8.10 to $134.46 per square foot with an average of$58.95 per square foot overall and an average of$23.00 for those sales considered most comparable. Primary reliance in the direct comparison analysis is given to the average of the most comparable sales (1, 2, 3, 4 and 7). After considering the available market data in conjunction with the characteristics of the subject property, we conclude to a range of$25 to $35 per square foot of owned GLA. In the NOI Ratio Analysis, the adjusted potential unit values for the owned GLA range from $20.59 to $37.77 per square foot, with an average of$27.27 per square foot of owned GLA overall and an average of$23.58 per square foot of owned GLA for those sales considered most comparable. Primary reliance in the NOI ratio analysis is given to the average of the most comparable sales. After considering the available market data in conjunction with the characteristics of the subject property, we conclude to a range of$20 to $30 per square foot of owned GLA. 1I& PAGE 59 Integra Realty Resources GREELEY MALL SALES COMPARISON APPROACH The values are shown in the following chart. DIRECT COMPARISON ANALYSIS 417,879 SF @$25 to$35 Per SF $10,400,000 to $14,600,000 NOI RATIO ANALYSIS 417,879 SF @ $20 to$30 Per SF $8,400,000 to $12,500,000 SALES COMPARISON APPROACH CORRELATION The Direct Comparison and NOI Ratio Sales Comparison Approach methods produce the following value indications. Method Total Owned GLA Owned GLA Est. Value Estimate As Rounded 1 DIRECT COMPARISON 417,879 $25.00 $10,446,975 $10,400,000 417,879 $35.00 $14,625,765 $14,600,000 Method Total Owned GLA Owned GLA Est. Value Estimate As Rounded 2 NOI RATIO 417,879 $20.00 $8,357,580 $8,400,000 417,879 $30.00 $12,536,370 $12,500,000 Valve Conclusion - 417,879 $25.00 -::310,446,975 310,400,000' Primary reliance is placed on the NOI ratio analysis. Based on the preceding analysis, we arrive at a value indication by the sales comparison approach as follows: VALUE INDICATION BY SALES COMPARISON Indicated Value per SF $25.00 Subject Square Feet 417,879 Indicated Value $10,446,975 Rounded $10,400,000 PAGE 60 h,te9z Realty Resourco GREELEY MALL INCOME CAPITALIZATION APPROACH INCOME CAPITALIZATION APPROACH The income capitalization approach converts anticipated economic benefits of owning real property into a value estimate through capitalization. The steps taken to apply the income capitalization approach are: • Analyze the revenue potential of the property. • Consider appropriate allowances for vacancy, collection loss, and operating expenses. • Calculate net operating income by deducting vacancy, collection loss, and operating expenses from potential income. • Apply the most appropriate capitalization methods to convert anticipated net income to an indication of value. The two most common capitalization methods are direct capitalization and discounted cash flow analysis. In direct capitalization, a single year's expected income is divided by an appropriate capitalization rate to arrive at a value indication. In discounted cash flow analysis, anticipated future net income streams and a future resale value are discounted to a present value at an appropriate yield rate. In this analysis, we use both direct capitalization and discounted cash flow analysis because investors in this property type typically rely on both methods. The subject mall is facing decreasing occupancy and there are few prospects for new anchor tenants in the mall. Without new anchor tenants, the mall is not likely to increase its current occupancy. Moreover, the tenant base is shifting from national retailers to local proprietorships; national retailers Maurice's and Trade Secret, among others, have vacated the subject mall within the past 12-18 months. Many of the locally based tenants at the mall previously operated on `specialty leasing' terms and were not considered permanent tenants. New mall management, in order to maintain occupancy, has pursued permanent leasing terms with these operators. Local tenants include ETC/CIRA (4,068 SF), Angel's (3,885 SF), GOAL Academy (3,215 SF) and Brooklyn Village (3,051 SF), among others. Anchor tenants JCPenney and Cinemark appear to be operating profitably based on an analysis of their respective operating costs. At this point, they do not appear to be at risk of vacating the mall. Sears, owned separately, is also not considered to be at risk of going dark within the foreseeable future as they own their improvements and have been established in this location for over 30 years. Additionally, out parcel tenants Olive Garden, Chuck E. Cheese, Perkins Restaurant, and Roadkill Grill all appear to be operating profitably. These establishments, with the exception of Roadkill Grill, are national or regional chains with large trade areas, and are not expected to pose any above average credit or vacancy risk. Combined, these five tenants generate $840,607 in base rent and each are on NNN leases. This combined base rent accounts for 31% of projected year 1 income from the effective appraisal date. This income is considered a stable stream for the subject property. The remaining income comes from in-line tenants at the enclosed portion of the mall. Ira PAGE 61 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Year-over-year tenant retail sales improved on the whole in 2010 on a per-occupied square foot basis. This is due in part to several under-performing tenants, including Maurice's and Trade Secret, ceasing operations at the mall during 2010. It is also due in part to a stabilizing economy. The sales potential appears to be stable with the existing tenant base, as the economy is predicted to continue to grow during 2011. While it is likely that many of the remaining national retailers will vacate in the coming 2-3 years, it appears reasonable to expect that they will be replaced by local tenants, so long as the existing anchor tenants remain. As such, we expect that the current income levels at the subject will be relatively stable in the foreseeable future. As part of our analysis, we contacted several regional and national owners, operators and developers of regional shopping centers, including an acquisitions director of one of the nation's largest mall REITs. These discussions indicated that the subject mall has very little hope for a full recovery as a result of its age, functional obsolescence, newer competition within the trade area, current occupancy and economic characteristics. As such, typical buyers of regional malls in situations like this do not forecast lease-up of current vacant space. Furthermore, our discussions with market participants indicate that pricing decisions for regional malls/shopping centers such as the subject are based predominantly on income in-place and the expectation that current income will remain in-place until redevelopment opportunities come to fruition. The subject property's most likely buyer is a local or regional developer anticipating interim cash flows pending feasibility for a full or partial redevelopment of the site. As such, these buyers do not place value on any of the vacant space and underwrite in-place income. Our analysis is based on a review of existing tenant income and anticipated expenses to sustain such income, resulting in an `in-place' net operating income estimate. No vacancy factor is included as the existing occupancy is concluded to be stable with no further lease up of vacant space. A market capitalization rate is then applied to the in-place NOI for a resulting value conclusion. TT]n PAGE 62 mega Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH LEASED STATUS OF THE PROPERTY The current rent roll for the property is shown on the following page. The leased status is shown below. Greeley Mall Leasable Areas as of 04/01/2011 Tenant Area(SF) % of Total Mall Owned SF % of Subject Non-owned Anchors Sears 86,772 17.2% Total Non-owned Anchors 86,772 17.2% Owned Anchors JC Penney 49,672 9.8% 49,672 11.9% Cinennrk Theaters 45,000 8.9% 45,000 10.8% Vacant 93,270 18.5% 93,270 22.3% Vacant 40,000 7.9% 40,000 9.6% Total Owned Anchors 227,942 45.2% 227,942 54.5% Total Anchors 314,714 62.4% 227,942 54.5% Outlots Olive Garden 6,500 1.3% 6,500 1.6% Perkins 4,325 0.9% 4,325 1.0% ChuckE Cheese 8,000 1.6% 8,000 1.9% Road Kill Grill 3,816 0.8% 3,816 0.9% Total Outlots 22,641 4.5% 22,641 5.4% Permanently Occupied Inline 89,013 17.6% 89,013 21.3% Vacant/Temp Inline 78,283 15.5% 78,283 18.7% Total Inline GLA 167,296 33.2% 167,296 40.0% Total Inline Occupancy 89,013 17.6% 89,013 53.2% Total Occupancy 293,098 58.1% 183,685 44.0% Total Appraised GLA 82.8% 417,879 100.0% Total Mall Size 504,651 100.0% Owned Mall Ratio(Inline GLA vs.Owned GLA) 40.0% Total Mall Ratio(Inline GI A vs.Total GLA) 33.2% The improvements are 44% leased and occupied as of the effective appraisal date. The in-line portion of the mall is 53.2% leased. There are no longer "temporary tenants" occupying space at the subject. The tenants which had formerly been considered temporary are now considered to be permanent tenants and are on lease agreements rather than license agreements. U) PAGE 63 tijreJra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH RENT ROLL Lease Lease Term Contract Contract Market Rem PGR POR' Suite Tenant SF Stan End (Mos.) Rent Rent/SF Rent Applied Projected SF K03 T-Mobile 144 09/0105 12/31/11 76 571.436 $496.08 1350.00 Contract 571.436 $49608 KO5 Srmglass Hm 180 04'01100 12131/13 165 $37066 $205.92 $35000 Contract $37_066 12_0592 50C ProfesisoNAIL 623 05'0109 II/30311 31 $14338 $2301 52800 Contract 514338 $2301 50D Speedy Jewelry Repair 634 0501.09 04/30/12 36 $16.344 $25.78 $2_800 Contract $16344 $25.78 53 Fuji Chen 680 04.01/06 03/31/16 120 540.800 $60.00 $28.00 Contract $40800 $6000 54 Bob's Pint Plus 689 1201'04 12/31/12 97 128080 $40.75 $50.00 Contract 126.080 $40.75 IIB Pteazelmaker 810 1001'05 01/31314 100 130.999 53827 $5000 Contract $30,999 $38.27 30 EGraphi( 989 09/01/09 12/31/11 28 $16.031 11621 $2800 Contend $16,031 $16.21 41 Zales Jewelers 1.041 07'01'01 06/30/11 120 $72,640 $69.78 $80.00 Contract $72640 $69.78 OIC Gerardo Hello 1050 05/01'10 05/31/13 37 $18484 $1760 $28.00 Counsel $18,484 $17.60 24A Gordon's Jewelers 1.150 02✓01'01 06/30/12 137 $48001 $4174 580.00 Contract $48.101 $41.74 50 Clahe's Bomigne 1100 04/0193 06/30/14 255 $49980 $41.65 $28.00 Comm, $49.980 141.65 52A DQ Treat Center 1.207 0101'00 06/30/12 150 528800 $23.86 $5000 Contract $_8,800 123.86 34 Formal Specialists 1.212 0901/98 05/31/12 165 533000 $2)23 $28.00 Contract 133000 $2213 40 General Nutrition 1.212 11'01/03 1231311 98 $17,552 114.48 $2800 Contract $17,552 $14.48 33 Mastercnts 1139 07/0198 06/30/12 168 $14,400 $11.62 128.00 Contract $14,400 $1162 OIE Java Time 1362 03'01/10 03/31/12 25 $17,478 $12 83 $2800 Contract $17.478 $1283 09B Chinese Massage 1.420 11/01/08 06/30/12 44 $14,400 $10.14 $28.00 Contract 514_400 $10.14 11 Game Stop 1443 10'01 93 01/31/12 220 $47.601 13299 $28.00 Connect $47.601 $32.99 OID Vernon Wheless 1363 05'01'01 09/30/11 89 $53.632 134.31 $8000 Contract 453.632 $34.31 12 Journeys 1.604 03/01.02 06/3012 124 140,645 525.34 13250 Contract 140.645 $2534 010 Kay Jewelers 1_703 03/01/04 01/31/14 119 199387 55836 580.00 Contract $99187 $58.36 46 Fanzz 1.836 09.'01:01 12/31'111 124 $48,690 12652 13250 Contract 146.690 126.52 05F Spencer Gifts 2034 02/01.01 0191/13 144 $62,400 530,68 13230 Contract 162.400 $30.68 42 Bath&Body Works 2.424 06/01/97 12/31/11 175 $48,760 $19.91 $3250 Contract 548.260 $19.91 49C Ztmtiez 2.545 08/01/03 06/30/14 131 180.004 $31.44 $25.00 Contract $80004 13144 15 Vanity 2897 10/0106 09/30/11 60 $55,248 $19.07 $25.00 Contract 155,248 $19.07 01B Doctors Vision Works .928 02/01/06 06/30/16 125 172.732 $24.84 $25.00 Contract 472732 124.84 45 Asian Gifts 3.000 05/01/05 01/31/12 81 $28,2_00 59.40 $2500 Contract $28100 1940 16 Christopher and Banks 3013 01/01/04 12/31/14 132 $56.201 518.53 $25.00 Conrtacl $56.201 118.53 20 Fool Locker 3.043 04/01'01 0191/12 130 $42.424 $1394 $2500 Contract $42424 $1394 07B Brooklyn Village 3.053 07/01/06 06/30/12 72 $32,400 110.62 $2500 Contract $32400 SI0.62 63 Radio Shack 3.193 12:01/60 05/31/12 138 150.004 $15.66 $2_500 Contract $50.004 $15.66 61 GOAL Academy 3.215 06,01,10 05/31/12 24 515.600 1485 125.00 Contract $15.600 $4.85 27 Pearle Vision Center 3.265 09/01/89 06/30/12 274 548.972 $1500 $25.00 Contract 548.972 $15.00 26 Family Christian Stores 3.583 03/01/00 069012 146 149.980 $13.95 $25.00 Contract 149.980 $13.95 28 Payless Shoe Source 3.600 12/01/04 1291/14 121 $24,000 $6.67 $2500 Contract $24,000 $6.67 44 Finish Line 3,600 03/01/99 01/31/12 155 472.900 $2025 12500 Contract $2900 $20.25 LOT03 Road Kill Sports Grill 3.816 09/01.09 09/30/14 61 $45,792 $1200 $18.00 Contract 545792 $1200 9 Angers 3.885 08/01/05 07/31'12 84 $31008 $7.98 125.00 Coutract $31,008 $]98 13 Victoria's Secret 4.020 1001/97 05/31/12 176 $95515 $23.76 $15.00 Contract $95.515 523.76 05B ETC,Inc. 4068 08'01/10 0931/12 24 $2_6400 $6.49 515.00 Contract $2_6.400 $649 LOTOI Perkins Restaurant 4325 03/01/95 06/30/15 2_44 155.108 $12.74 $18.00 Contract $55.108 $12.74 LOT12 Olive Garden 6500 10,01/02 1031/12 III 554990 $846 118.00 Contract $94,990 $8.46 30 The Buckle 6.606 07/01/01 12/31/12 138 $108000 41635 $1000 Contract $108000 $1635 LOT02 Chuck E Cheese 8.032 09/01/05 12/31/14 112 5110.038 $13.70 118.00 Contract $110,038 $13.70 DOI Cinemark Theater 45.000 04/01/04 04/30/24 241 5488.250 $10.85 $1500 Contract $488,250 $10.85 D05 JCPetmey 49672 10/01/87 10/31/17 361 $86.429 $1.74 $3.50 Contract $86429 $1.74 Vacant Suite K04 144 SO $15000 Market 550400 5350.00 Vacant Satre K06 144 SO $35000 Market 150400 135000 Vacant Suite KO7 144 $0 535000 Market $50,400 $35000 Vacant Suite K09 160 50 $350.00 Market $56,000 $35000 Vacant Suite 011A 500 f0 128.00 Market $14000 $28.00 Vacant Suite 010A 600 10 128.00 Market $16800 $78.00 Vacant Suite 0508 626 10 12800 Market 517.528 $26.00 Vacant Suite 052 680 10 150.00 Market $3)000 $50.00 Vacant Suite 035 1.212 $0 $28.00 Market 533,936 $28 00 Vacant Suite 038 1.212 f0 528.00 Market $31,936 $28.00 Vacant Suite 019 1.21_2 10 $2800 Market 533.936 $2800 Vacant Suite 051/Storage 1.404 SO 52810 Market $39312 $28.00 Vacant Suite 126 1454 SO 128.00 Market $40712 128.00 Vacant Suite 014 1.995 50 132.50 Markel $64,818 $3250 Vacant Suite 021 2424 10 $32 50 Market $78.700 532.50 Vacant Suite 36 2428 SO $32.50 Market 578.910 $32.50 Vacant Suite 07 2511 SO $2500 Market 562775 $2500 Vacant Suite OIF 2.530 S0 S2_500 Market $63,250 $25.00 Vacant/Temp Suite 62 3.215 S0 $25.00 Market 180375 $25,00 Vacant/Temp Suite 57 3.441 SO $25.00 Market 586025 $25,00 Vacant Suite 050 3360 to $2500 Market 589000 $25.00 Vacant Suite 022/Stooge 3711 10 52500 Mattel $92,775 125.00 Vacant Suite 18 4.550 SO 515.00 Market 168.250 $15.00 Vacant Suite 0498 5599 10 $1510 Merkel 183,985 $1500 Vacant Suite 58 6.510 $0 11800 Matter 1117.180 $1800 Vacant Suite 017 ]583 10 11800 Market 1136.494 $18.00 Vacant Suite 08 9,153 10 118.00 Market 1164.754 $1800 Vacant Suite 023 9581 50 51800 Market 117_458 $18.00 Vacant Suite D04 40000 SO S350 Markel $140000 $3.50 Vacant Suite D03 93.270 50 5350 Market $32_6,445 53.50 TolaVAverage• 417,879 12700.639 $1309 55.078.293 $12.15 Vacant SF 211.553 51% Leased SF 206326 49•a •Astray contract rent is based witched square feet. 5.R) PAGE 64 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Expense Structure The division of expense responsibilities between the owner and the inline tenants varies from tenant to tenant according to the leases. Based on the information provided, it appears that the majority of tenants pay fixed expense reimbursements or are on gross leases and do not reimburse the owner for operating expenses. In well occupied malls, tenants typically pay reimbursements to the landlord on a pro rata basis. However, when performance deteriorates and occupancies decrease, it is common for landlords to negotiate fixed expense reimbursement payments with tenants, or agree to a percent-in-lieu of rent structure, where no expenses are passed-through. Major Tenants and Credit Evaluation The following table summarizes the largest tenants in the subject. MAJOR TENANTS Expiration %of Cumulative Suite Tenant Date SF Total %of Total 1 D05 JCPenney 10/31/17 49,672 12% 12% 2 D01 Cinemark Theater 04/30/24 45,000 11% 23% 3 LOT02 Chuck E Cheese 12/31/14 8,032 2% 25% 4 30 The Buckle 12/31/12 6,606 2% 26% 5 LOT12 Olive Garden 10/31/12 6,500 2% 28% 6 LOT0I Perkins Restaurant 06/30/15 4,325 1% 29% 7 05B ETC,Inc. 07/31/12 4,068 1% 30% 8 13 Victoria's Secret 05/31/12 4,020 1% 31% 9 9 Angel's 07/31/12 3,885 1% 32% Total Rentable Area-Major Tenants 135,924 33% 33% Total Subject 417,879 Moody's long term credit ratings for anchor tenants are as follows: JCPenney: Bal; Sears: Ba2; the anchor tenants are considered to have below investment grade credit. JCPenney's sales at the subject mall are below average for JCPenney stores in similar malls. Overall the credit quality of the tenancy appears to be above average based on the subject mall's occupancy and below average sales volumes. Risks associated with credit default are addressed in the selection of the discount rate. SUBJECT STATUS The subject property contains two major department store anchors (Sears and JCPenney) and only JCPenney is a part of the property being appraised. Sears separately owns the land and improvements upon which it operates. The JCPenney lease was originated in September 1986. The lease is for 30 years for the initial term and comes with four 5-year renewal options at a flat rent of$86,400 per year. JJ \ PAGE 65 bltQwa(Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Co-Tenancy Clauses A number of tenants at Greeley Mall have leases which contain co-tenancy agreements. After the closure of the two Dillard's anchor stores, many of these agreements went into effect. The following chart was provided by the client and outlines the co-tenancy agreements affecting the subject property. lRR PAGE 66 Integra Realty Resource x t- a t0 Q W 0 O a d :4 a O E. Q 3 iflistjf iii fig �! IllIJil Iii! IIt111 !!? 31 !I4 I it !l� � kof i i 4 it 12 12 � ; � , ri 1 - 1 -9il F. Zak iId 11 l € I aiii I I 60 II n 5 ror ! e 1 ; aak t C iri. s 11U 'nlL IL 1 FA 11 I H � t ., ! it II 1 I I it 1 a II ! J '1 r� £ ; r"iIiiriI Pi" 41 111, 1 i �� v9 a ii i i s` ! i II � � ft i60. . 1 � 1a AAA $ §I '" i 14 0 f ji 6 Iiii• = I 'dB l; 111 ji 6 1 '46 ';1 t ! .1, t li I'm il ' A 1-1 il iii -iiii : 11 1 111F1 il II il � a lieu!ini - I - Iii . 1 iliwisliclb n fl'ill i i V 8J IT L i t ! !ILA ¢ Ci p ' '8 9flj1!jiliili JLL!It El firli #1 . 11 1113 11Jii2j 1 - iii i g 3 1 l I 91 d Ii DiHi °p J J Q W J S W W K o GREELEY MALL INCOME CAPITALIZATION APPROACH Many of the remaining tenants have renegotiated the terms of their leases and are either on a "percent-in-lieu" of base rent agreement or pay a flat rent, with no obligation to reimburse the landlord for varying operating costs. OCCUPANCY COSTS One factor that significantly impacts future cash flow is the relative occupancy cost to tenants in the mall as measured against their individual sales levels. If occupancy costs are high, the center will have a greater risk of tenants leaving upon lease expiration, going out of business, and/or demanding a reduction in rent upon lease expiration. Likewise, low occupancy costs suggest the opportunity to increase rent levels upon rollover. Thus, current occupancy costs are an indicator of the potential for future income trends. It is generally accepted that occupancy costs (including promotion fund and marketing fund payments) should be 15% to 18% or the tenant could experience financial difficulty. This ratio varies by tenant type and by level of sales activity. Further, the occupancy costs might be lower in smaller (tertiary) markets, as overall sales on a per-square foot basis would be lower than in larger markets. According to our analysis of the occupancy costs, there are nine tenants totaling 13,885 square feet with occupancy costs exceeding 17.5%. This indicates that 15.6% of the leased inline spaces at the subject have above average occupancy costs, averaging 23%. These tenants represent a significant risk to the investor of vacating or renegotiating their lease terms. Greeley Mall-411/2011 Expiration Occupancy Cost for Same Cost for Same NAICS Tenant Name SF Date Cost Tenant in Peer Croup Class In Peer Group les Formal Wear 1,212 05/30/12 19.5% 22.1% 23.2% Christopher B Banks 3.033 12/31/14 35.1% 22.7% 20.0% Dairy Queen 1.207 06/30/12 18.9% 19.4% 23.5% Doctors Msionworks 2,928 06/30/16 17.6% 12.7% 15.5% Fuji Chen 680 03/21/16 19.0% 20.9% Journeys 1,604 06f30/12 22.7% 16.5% 16.4% Songless Hut 180 12/31/13 26.3% 21.6% 21.0% T-Mobile 144 12/31/11 29.6% 20.1% 16.7% Vanity 2,897 09/30/12 18.3% 16.2% 20.0% Total/Average 13,885 10/05/13 23.0% 18.9% 19.7% JCPenney has an occupancy cost of 1.73% as of year-end 2010. As this occupancy cost is reasonable, we do not consider them a risk to vacate the mall. It is also important to note that there are fifteen tenants which are considered to have below average occupancy costs. These tenants represent 47% of the leased in-line space at the subject mall and do not pose a risk of vacating due to high occupancy costs. ice) PAGE 68 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Greeley Mall•4/1/2011 Etpiration Occupancy Cost for Same Cost for Same NAKCS Tenant Name SF Date Cost Tenant in Peer Group Class in Peer Group FamilyChristian Store 3583 06/30/12 80% 134% 13.5% Fanzz 1,836 12/31/11 90% 18.6% Footlocker 3,043 01/31/14 57% 19.5% 19.1% Gamestop.com 1.443 01/30/12 7.6% 90% 93% General Nutrition Center 1212 12/31/11 5.8% 19.3% 178% Gordons Jewelers 1,150 06/30/12 11.9% 218% 15.3% Kay Jewelers 1,703 01/31/14 7.9% 107% 15.3% Mastercuts 1,239 06/30/12 10.8% 19.6% 23.6% PaNess ShoeSource 3,600 12/31/14 7.0% 19.1% 16.4% Pearle Vision 3,265 06/30/12 7.1% 14.8% 15.5% Radio Shack 3.193 05/31/12 7.7% 14.4% 161% Spencer Gifts 2,034 01/31/11 10.8% 18.6% 18.6% The Buckle 6606 01/31/12 12.2% 10.9% 13.6% Victories Secret 4,020 12/31/11 8.1% 13.1% 13.1% Zales Jewelers 1,041 06/30/12 4.3% 17.9% 15.3% Zumiez 2,545 06/30/14 12.3% 16.1% 13.6% Total/Average 41,513 09/26/12 8.5% 15.9% 159% Lease Expiration Analysis A lease expiration schedule for the existing tenants is shown below. LEASE EXPIRATIONS BY YEAR Analysis Fiscal Year % Cumulative Cumulative Year Ending SF Expiring Expiring SF Expiring %Expiring 1 04/30/12 25,811 6% 25,811 6% 2 04/30/13 51,941 12% 77,752 19% 3 04/30/14 3,743 1% 81,495 20% 4 04/30/15 22,226 5% 103,721 25% 5 04/30/16 5,005 1% 108,726 26% 6 04/30/17 2,928 1% 111,654 27% 7 04/30/18 49,672 12% 161,326 39% 8 04/30/19 0 0% 161,326 39% 9 04/30/20 0 0% 161,326 39% 10 04/30/21 0 0% 161,326 39% 11 04/30/22 0 0% 161,326 39% 12 04/30/23 0 0% 161,326 39% 13 04/30/24 45,000 11% 206,326 49% Vacant Space 211,553 51% 417,879 100% Total 417,879 Approximately 80% of the existing in-line tenants have lease expirations occurring in the coming two years, and many tenants are on month-to-month agreements. The rent roll provided indicates that multiple tenant leases have already expired at the subject center. As we were not provided with renewal terms or indications that these tenants will be vacating, we have assumed that these tenants will remain in occupancy through the end of the first year of analysis. Tom) PAGE 69 njte'aa Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Leased Status Conclusion The subject lost two anchor tenants in 2008 and occupancy has decreased consistently since that time. The mall suffers from extensive functional and economic obsolescence and appears to be nearing the end of its economic life. The tenant base is shifting from national retailers toward more local-based proprietorships. Sales volumes are below average, but generally increased during 2010 over 2009. Occupancy costs are generally reasonable for in-place tenants, averaging 11.6%. The lease structure in place results in an expiration exposure pattern that creates additional risk due to the short term nature of leases. IRR PAGE 70 Yiega Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH MARKET RENT ANALYSIS Contract rents typically establish income for leased space, and market rent is the basis for estimating income for current vacant space and future speculative re-leasing of space due to expired leases. However, we consider only income in-place for the subject in the income approach. To determine the stability of the in-place income, it is relevant to compare current contract rent levels with market rent levels. To estimate market rent, we analyze comparable rentals in various regional malls across the United States. Market Rental Estimates Recent leasing activity within an individual mall is typically a good indicator of market rent levels for that mall, provided occupancy costs are not excessive. Our occupancy cost analysis identified current costs that approximate 11.6% of stabilized retail sales, which is a reasonably comfortable level for most retailers. We have compared the subject's rental rates with other, Class B & C regional malls within the Western and Midwestern regions of the United States. The mall names, addresses and cities are confidential and cannot be revealed. The volume of square feet constituting the comparable leases is 9,493,265 square feet in total. The following chart depicts the analysis used to determine market rental rates based on occupancy costs, projected sales per square foot and estimated pass-through expenses. The chart also compares rental rates from comparable malls and from the average contractual rents in place at the subject mall, on a gross rental rate basis. Our forecast for the subject rents is based on a gross basis, where tenants do not reimburse the landlord for operating expenses. This is typical of malls with high vacancy rates. Recent Subject Leases Consideration is also given to recent subject leasing activity, summarized in the table below. The leases shown below are all gross with no expense reimbursements. RECENT SUBJECT LEASES Lease Term Initial Suite Tenant SF Type Start (Mos.) Rent/SF 05B ETC,Inc. 4,068 New 08/01/10 24 $6.49 61 GOAL Academy 3,215 New 06/01/10 24 $4.85 01C Gerardo Neito 1,050 New 05/01/10 37 $17.60 0IE Java Time 1,362 New 03/01/10 25 $12.83 The Gerardo Neito lease and the Java Time lease are for suites facing the main parking lot of the mall with exterior entrances. This portion of the mall was added in 2003/2004 along with the adjacent Cinemark Theater. These suites are expected to command higher lease rates than interior mall suites. IHR PAGE 71 Integra Realty Resources N = N. U W EC O O a a a Q Z o 0 0 0 0 0 0 0 0 0 0 o 0 to O o a o o O 0 o to a. o ctri Oo ri N -o IY N CO N r o 6 6 o N CO U 0- C U o Q U EA U) Eft EA e E) EA Eft Eft U) C U W ++ U) N 0 N- to d CO CO CO to N- 2 C) 0 n 0 0 CO N 't N N- N o d t3 d' M CO Lo EO tr) O 4 N- CO (.) •-, ++ N co r r r CO N- Eft Z z Ef) ) Eft Ut Ef) EA U) CO Eft U) (I) o ix CD Q N N 0 0) 00)) 0 NN' N r 0 Q 0 0) N N- L O tf) In CO C7 0 z in N co N CO CO co N rce co cA s_ Ut U) e EA Ut EA EA cv o Q EA E o 0 0 0 0 to 0 CO 0 0 0 0 0 to O O N tr) CC) to 0 N O) ce CO CO N co r- 00) 4 co ai am N EA > a e co Eft Eft U) e e CO U) e>, E o a — L- C 0 O O O O O O O O O O O co a y to ion to 0 to to O O O O 0) m u N N NN 6 N CO to O 0 cc; J r r r r r r �- N N a v o U o U . 0 0 0 0 0 o 0 o 0 0 o _ O 0 o 0 0 0 0 0 0 0 0 0 N 6 6 6 6 tri tri 6 6 to o 6 2 co`' o CO 0 to N- 0 to N- 0) CO r` M CO eft VIE ca EA Ea (N))- U) En EA e Eft a :Th �) Eft a) w a) L CO 0 CO 0) 0 0 0 CO CO 0 0 0) N- 0 0 0 CO N- N et CO N- • N 6 N 0 6 ton N co cd co 0) N CC co N CO CO Co N N N to N N Eft N NN — E In U Eft EA EftEAEft Eft U) EA CO r r- co in CO 0 CCO cv O CO 00) N CO CO 't CO a) co CO 4 CO (0 CO CO N CO 't co CO N co N N CO N r N- N ct N C N r Z N.: Eft EA EA EA Eft U Eft e Eft Eft V) d" EA LL LL LL LL LL V) U) U) V) U) a) C O) CO CO O) O) Nzt Tt O) Tt O) "J r N M cD O) C LL LL LL LL LL LL LL LL L LL LL LL LL U) (/) U) U) U) (/) (/) U) co U) (I) U) (i) J• O o o to o o U U) U) U) U F— Ev I— a) I— ccH a)O I— Ell O a) a) a) a) m m J — 6 .— a — RT3 — To — 5 a+ O U a3 To cL To co RT3 03 t_ a3 (n V) U) (n (/) (/) U) (n . . U) E (n (n o (n 0 0 °' O o o o a� o o s o O o O0 O O rpp. r n r- O • r c r- r U r J �a� O O in O ° O lt o a) O o 0 O o 0 0 (t 0 C O J OF- N N r N N N mt N cD N "') N LL NY Ni— N UN a N Q N O Q o cc w w 73 J W v' Wre Mithill c 0 GREELEY MALL INCOME CAPITALIZATION APPROACH Within the individual space categories, the actual leases recently signed at the subject as well as recent leases within the Peer Groups are explained in the following paragraphs. Market rents are determined for each of the respective categories recognizing that rent depends on mall location. 0 to 1,499 Square Feet: As depicted in the chart above, the tenants in the peer group average $377.68 per square foot of sales volume, higher than the average at the subject of$25.53 per square foot. We have estimated that tenants within this category at the subject will average $260 per square foot in sales volume. Based on a 12.5% occupancy cost, a gross rate of$32.50 per square foot is indicated by the occupancy cost method. In place at the subject, based on total weighted-average, gross rental rates for this category average $24.05 per square foot. The Peer Group indicates an average of$55.27 per square foot for this space type. A market rental range of$24.05 to $55.27 per square foot is indicated for this size category with a rent conclusion of$28.00 per square foot for the subject on a gross basis. 1,500 to 2,499 Square Feet: As depicted in the chart above, the tenants in the peer group average $311.70 per square foot of sales volume, higher than the average at the subject of$248.58 per square foot. We have estimated that tenants within this category at the subject will average $280 per square foot in sales volume. Based on a 12.5% occupancy cost, a gross rate of $35.00 per square foot is indicated by the occupancy cost method. In place at the subject, based on total weighted-average, gross rental rates for this category average $33.42 per square foot. The Peer Group indicates an average of$29.10 per square foot. A market rental range of$29.10 to $35.00 per square foot is indicated for this size category with a rent conclusion of$32.50 per square foot for the subject on a gross basis. 2,500 to 3,999 Square Feet: As depicted in the chart above, the tenants in the peer group average $260.78 per square foot of sales volume, higher than the average at the subject of$181.35 per square foot. We have estimated that tenants within this category at the subject will average $200 per square foot in sales volume. Based on a 12.5% occupancy cost, a gross rate of $25.00 per square foot is indicated by the occupancy cost method. In place at the subject, based on total weighted-average, gross rental rates for this category average $18.00 per square foot. No new leases in this category have been signed at the subject. The Peer Group indicates an average of$35.19 per square foot. A market rental range of$18.00 to $35.19 per square foot is indicated for this size category with a rent conclusion of $25.00 per square foot for the subject on a gross basis. 4,000 to 6,499 Square Feet: As depicted in the chart above, the tenants in the peer group average $242.19 per square foot of sales volume, lower than the average at the subject of$264.96 per square foot. We have estimated that tenants within this category at the subject will average $250 per square foot in sales volume. Based on a 12.5% occupancy cost, a gross rate of $31.25 per square foot is indicated by the occupancy cost method. In place at the subject, based on total weighted-average, gross rental rates for this category average $15.07 per square foot. The Peer Group indicates an average of$15.39 per square foot. A market rental range of$15.07 to $31.25 per square foot is TDD PAGE 73 Integra RealtyReally Resources GREELEY MALL INCOME CAPITALIZATION APPROACH indicated for this size category with a rent conclusion of$15.00 per square foot for the subject on a gross basis. 6,500 to 9,999 Square Feet: As depicted in the chart above, the tenants in the peer group average $216.40 per square foot of sales volume, higher than the average at the subject of$133.64 per square foot. We have estimated that tenants within this category at the subject will average $175 per square foot in sales volume. Based on a 10% occupancy cost, a gross rate of$17.50 per square foot is indicated by the occupancy cost method. In place at the subject, based on total weighted-average, gross rental rates for this category average $16.35 per square foot. No new leases in this category have been signed at the subject. The Peer Group indicates an average of$25.70 per square foot. A market rental range of$16.35 to $25.70 per square foot is indicated for this size category with a rent conclusion of $18.00 per square foot for the subject on a gross basis. Jewelry: As depicted in the chart above, the tenants in the peer group average $700.60 per square foot of sales volume, lower than the average at the subject of$787.82 per square foot. We have estimated that tenants within this category at the subject will average $775 per square foot in sales volume. Based on a 12.5% occupancy cost, a gross rate of$96.88 per square foot is indicated by the occupancy cost method. In place at the subject, based on total weighted-average, gross rental rates for this category average $61.24 per square foot. No new leases in this category have been signed at the subject. The Peer Group indicates an average of $86.42 per square foot. A market rental range of$61.24 to $96.88 per square foot is indicated for this size category with a rent conclusion of$80.00 per square foot for the subject on a gross basis. Food Court: As depicted in the chart above, the tenants in the peer group average $556.70 per square foot of sales volume, higher than the average at the subject of $279.94 per square foot. We have estimated that tenants within this category at the subject will average $300 per square foot in sales volume. Based on a 16.5% occupancy cost, a gross rate of$49.50 per square foot is indicated by the occupancy cost method. In place at the subject, based on total weighted-average, gross rental rates for this category average $45.46 per square foot. No new leases in this category have been signed at the subject. The Peer Group indicates an average of$133.51 per square foot. A market rental range of$45.46 to $133.51 per square foot is indicated for this size category with a rent conclusion of$50.00 per square foot for the subject on a gross basis. Kiosks: In addition to the size categories discussed at Greeley Mall, there is also kiosk space at numerous locations in the mall. No new kiosk leases have been signed at the subject property. The Peer Group contains 7 leases of kiosk rents with an average of $286.20 per square foot and an average sales volume of $1,277.18 per square foot. Kiosks at the subject averages $1,487.72 per square foot in 2010. We have estimated average sales of $1,350 per square foot for kiosks at the subject. Based on 25% occupancy costs, an indication of $337.50 per square foot is indicated by the occupancy cost method. Average gross rents in place at the subject are $370.23 per square foot. A market rental range of$286.20 to $370.23 per square foot is indicated for this category with a rent conclusion of$350.00 per square foot for the subject. Tnj&\ PAGE 74 kjn 114Z a(Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Cinema: The subject property contains one space in this category. The Peer Group average sales for this category are $88.00 per square foot, lower than the sales at the subject of$78.80 per square foot. We have estimated average sales for the subject in this category of$75 per square foot. Based on a 20% occupancy cost, a rate of$15.00 per square foot is indicated by the occupancy cost method. The current cinema tenant is paying $14.73 per square foot in gross rent. This tenant's lease expires in 2025, which is beyond our analysis period. We have concluded to a market rent of $15.00 per square foot for this category, which is inconsequential considering the length of this tenant's lease. Pad: The subject property contains four tenants in this category. The Peer Group average sales for this category are $297.79 per square foot, while the average at the subject is $288.41 per square foot within this category. We have estimated average sales for the subject in this category of $290 per square foot. Based on an 8% occupancy cost, a rate of $23.20 per square foot is indicated by the occupancy cost method. The Peer Group indicates 2 leases at an average rate of$18.90 per square foot. One new lease was signed in 2009 at the subject in this category at $16.73 per square foot, gross ($12.00 psf net). The average in-place gross rent at the subject is $17.25 per square foot. A market rental range of$17.25 to $23.20 per square foot is indicated for this size category with a rent conclusion of$18.00 per square foot for the subject on a gross basis. Anchor: As depicted in the chart above, the Peer Group average sales for this category are $228.77 per square foot, while the average at the subject is $126.31 per square foot within this category. We have estimated average sales for the subject in this category of $130 per square foot. Based on a 3.0% occupancy cost, a rate of$3.90 per square foot is indicated by the occupancy cost method. As depicted on the chart on the following page, the Peer Group indicates 26 anchor leases signed over the last 10 years at an average rate of$4.79 per square foot gross and an average occupancy cost of 3.84%. There is one lease currently in place for this category at the subject (JCPenney), at an overall rate of$3.17 per square foot gross ($1.75 psf net). This tenant pays real estate taxes directly to the Weld County Assessor. Considering their low overall occupancy cost, it is projected that JCPenney will exercise its renewal option in 2017. A market rental range of$3.17 to $4.79 per square foot is indicated for this size category with a rent conclusion of$3.50 per square foot for the subject on a gross basis. JTR PAGE 75 Integra Realty Resources . s e v o o e a sses s a es o s c �, om). m 0sfo_ o m go) uar 0 MOO ,a n 0 p • O !O 6OOa r rmc0N Nry CnN V t'1 0 3 ° U 0 D LL i0 0) 000 r 4 sMOM0 m<O N o r 0 r o h O r N m W Y NN- 9N (O (CNN In r yN r LL N NN N N V 0 M 04404 m (O 0N') 0 w N 6'1 N O r M sOsS (7 MONNs N N O Ns 0 N O 0 0 W 0 000 00 05 N ) N p pp Cpl r m N p O(oO O W(o-)) pa r o (Op- N m {.{pp Opp m N N NIpI (N(pp '-Opp r P 1A(Rf919f9f9MmIAfAW f919M W NW NiI9fA W W�mWfAf9f9 W N O• LL Jma 3 0 r 0 m 0 O N V) (7 O N O m 0 0 0 N ^ 0 0 m 0 O m 0 O r C (O N m V) r N N (0 O 0)O N O) N N O N r N C O r O (O C9 C) N N C)O N 6 N 6 6 h 6 t') m M (O y 6 N O 6 O www Mf919wwww1A(919t9Wf9(Af9(9wwwwwww M •• m • a to m . (0 Y) N r m(�N m O w N N 0) N N 9 (p� N (N V p O r - Op (O O• ONNNM55(900)rWWW5MW5WV)MNI90 NNSf9WiAS•tft N WR U E• X 4 W M r C� O O N- o r (7 W O m 0 0 0 Q 0 0 0 0 0 0 0 0 m Q a € N r p a r ? N N O OJ i0 O m t7 r Oi N m 0 N i0 h 0 O p a Q HE r z p • o • Y P 3 mm JN r m CO N N N 0 N M N O N a O O CCO O r r O N N l7 (0 0 4 0 5500000000000000 O 000000000 F C Q Q �V N Q N Q Q)N Q Q N N N Q Qo N N pQ Q�I Q N Q Q a 0 m m m m m Q C) (wo - rorr') m an( o t`) � a N I0 o N m d. (`Q O U 00 ! M r s ` N r r N 0'1 C) 4 C) r O 0 W J o 88888888888888888888888888 y (CD((0 {10 www o C m o ap m r r r r m m r - -- - - (0 • rQ3rN- r - r W r (Z+ m4 r (�+ i0rNON - So O r N `'J r m O� (N4 r r Oa 0 0 J m O O O O N m 0 0 0 0 (O(O V m N O p0p (r(pp N 0) p0 OO r r m o Np M N N N m N mN V S r n M N O V n 0 0 0 C)O o Or)M M y O N CO Or ON NN(O0 N M 000) '(06 Nr NQNmOOm m m C 0 Oa 000M00 < 40000 M000000000000 • • o o i o E •O 0 m m U 0 0 LL LL LL 0 m O 0 0 0 o 0 • O C _• O 0E C C C C 00 0 00 • C Ipp 0 0 m OC) 0 • j.0 L a rn e C 0 E, n , 0 m Y 0_ 00 0 c a Y l a a 0 0- 0 C 0 . 0 m m 0 0. 0 0 0 0 0. 0 =U m ° D 0 0 0= 0 0 0 aet Y m LL `M m m> Z Y m Y m m a m O O m S m m • m 0 J n 0 00 o v m — 0 m N 2 m = O (T ' N O' _ W m t „.=, 2 . ., , . - 0 . 2z ._ 22 . m m N m'm mac m m g o d E t t [m f@ m rc 2 W o m g 2 m . m o a a c 8 m g c o w u E E n ec W yyyyyy v m pp c 0 o C B r E o m g` O �O C J ] C r • O 0 . 0 U 0 • C J ' 33020E * • C7 v oo> a cc '0 3 0 o- d r o m m '3 0 mm o m ' own o a m` 2aaamom> mmmfl3 -JWswMwom_lrc(m 4A 7 N C V p N (~p N d d d 0 r (A r Ap 4 C�) 0)O�= m O)6 r 0 • 000001)000 P N _ C) N m O0 C) m 0�O(71000m mrm0 0 4 GREELEY MALL INCOME CAPITALIZATION APPROACH MARKET RENTAL CONCLUSIONS Our analysis of comparable rentals results in the following opinions of market rent for the space types contained in the property. We recognize that depending on location within the mall, market rental rates may range by as much as 10%up or down from the concluded rate. Both the high and low ends of current contract rental rates are supported by the market as depicted by the range of new lease rates provided by the comparables. Our analysis of comparable rentals results in the following opinions of market rent for the space types contained within the property. CONCLUDED MARKET LEASE TERMS Market Lease Rent/ Rent Term TI/SF Space Type SF SF/Yr Escal. Lease Type (Mos.) New 0-1,499 SF 21,284 $28.00 3%Annual Gross 60 $10.00 1,500-2,499 SF 14,745 $32.50 3%Annual Gross 60 $10.00 2,500-3,999 SF 63,806 $25.00 3%Annual Gross 60 $10.00 4,000-6,499 SF 18,237 $15.00 3%Annual Gross 60 $10.00 6,500-9,999 SF 39,433 $18.00 3%Annual Gross 60 $10.00 Jeweler 5,457 $80.00 3%Annual Gross 60 $10.00 Food Court 3,386 $50.00 3%Annual Gross 60 $10.00 Kiosk 916 $350.00 3%Annual Gross 60 $0.00 Anchor 182,942 $3.50 3%Annual Gross 120 $10.00 Out Lot 22,673 $18.00 3%Annual Gross 120 $0.00 Theater 45,000 $15.00 3%Annual Gross 120 $10.00 Our analysis of market rent indicates that the subject's contract rents are generally below market. This indicates that there is potential to increase rents at the subject property. However, the recent trend at the subject has been for reduced rent. It appears that management agreed to lower rents for most tenants in the interest of maintaining occupancy. While there appears to be potential to increase rents, the potential is minimal and may come at the cost of increasing vacancy. This factor is considered in the selection of the capitalization rate. ESTIMATE OF GROSS INCOME Potential Gross Rent In the following analysis,potential gross rent is based on contract rents in place. Percentage/Overage Rent Many of the leases at the Greeley Mall have been negotiated with a percentage rent provision or a percent-in-lieu of rent amendment. In some instances, the break-point for percentage rent payments has been set at the natural break-point (minimum rent divided by the overage factor). Others pay only a percent of sales in lieu of base rent. As space has been released, percentage rents have been eliminated. For this analysis, all projected percentage/overage rent is categorized as Base Rent. IRR PAGE 77 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Expense Recoveries Income is generated from tenant obligations to reimburse the owner for pass-through of operating expenses as well as additional occupancy fees. Expense recoveries are calculated on a lease-by-lease basis. Few tenants pay into dynamic CAM and tax pools and most are either fixed reimbursements or fully gross leases. Those tenants paying fixed reimbursements as additional rent have their reimbursements channeled into this category. We were not provided with any reciprocal easement agreements between the separately owned Sears store and the subject portion of the mall. However, according to owner's 2011 budget, it appears that Sears contributes expense reimbursements to the owner of the subject portion of the mall in the amount of $16,804 per year. This number is rounded to$17,000 annually. Specialty Leasing Income This revenue item is produced by seasonal tenants, which typically have a license to operate at the mall rather than a direct lease. As all specialty/temporary tenants have become permanent tenants at the subject, we do not forecast income for this line item. Promotional Fund Most tenants pay into a promotional fund that spends each dollar collected on advertising and marketing efforts. Each dollar spent on marketing is passed through to the tenants. Therefore, no income or expense for promotionaUmarketing is counted in our projection. Other Income This line item accounts for all additional income generated at the site including storage units, telephone, vending machines, lottery ticket sales and service center income. Our projection is based on the rent roll and the 2011 budget. Vacancy & Collection Loss Allowance A vacancy and collection loss allowance is not deducted as there is no implicit assumption of further leasing or increased vacancy. Effective Gross Income The effective gross income is calculated at$3,427,859, or $8.20 per square foot. This is consistent with the 2011 budget EGI. ANALYSIS OF OPERATING EXPENSES We requested three years of historical operating data, year-to-date figures, and a current budget for the property. We were provided with 2008, 2009, 2010 statements and a 2011 budget. To develop projections of stabilized operating expenses, we analyze the subject's historical expenses and the owner's 2011 budget. The following table summarizes our analysis. As appropriate, the owner's operating expenses are reclassified into standard PAGE 78 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH categories and exclude items that do not reflect normal operating expenses for this type of property. PAGE 79 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH OPERATING HISTORY&PROJECTIONS Actual Actual Actual Budget Income in 2008 2009 2010 2011 Place INCOME Base Rent $3,210,275 $2,703,062 $2,464,372 $2,551,149 $2,700,639 Expense Reimbursements $2,030,455 $1,610,871 $1,142,573 $684,465 $657,220 Specialty Leasing Income $467,583 $361,973 $0 $0 $0 Percentage Rent $80,498 $115,549 $0 $0 $0 Other Income $11,745 $4,764 $461,765 $132,683 $70,000 POTENTIAL GROSS INCOME* $5,800,556 $4,796,218 $4,068,710 $3,368,297 $3,427,859 Vacancy at 0.0% $0 Collection Loss at 0.0% $0 EFFECTIVE GROSS INCOME $5,800,556 $4,796,218 $4,068,710 $3,368,297 $3,427,859 EXPENSES Real Estate Taxes $824,563 $784,373 $638,224 $602,662 $726,506 Insurance $52,552 $55,710 $40,000 $0 $45,000 Utilities $239,161 $213,750 $287,744 $368,322 $250,000 Maintenance $431,689 $389,873 $331,874 $425,556 $375,000 Security $240,516 $244,529 $274,471 $312,441 $250,000 Administrative $451,870 $310,722 $402,705 $530,592 $400,000 Food Court $14,320 $14,812 $0 $0 $0 Management $174,202 $146,528 $163,079 $113,850 $137,114 Specialty Leasing $89,304 $55,895 $0 $0 $0 Miscellaneous $81,161 $197,540 $104,528 $101,528 $100,000 TOTAL EXPENSES $2,599,339 $2,413,730 $2,242,625 $2,454,951 $2,283,620 NET OPERATING INCOME $3,201,217 $2,382,488 $1,826,085 $913,346 $1,144,239 INCOME PER SQUARE FOOT Base Rent $7.68 $6.47 $5.90 $6.10 $6.46 Expense Reimbursements $4.86 $3.85 $2.73 $1.64 $1.57 Specialty Leasing Income $1.12 $0.87 $0.00 $0.00 $0.00 Percentage Rent $0.19 $0.28 $0.00 $0.00 $0.00 Other Income $0.03 $0.01 $1.11 $0.32 $0.17 POTENTIAL GROSS INCOME PER SF $13.88 $11.48 $9.74 $8.06 $8.20 Vacancy at 0.0% $0.00 Collection Loss at 0.0% $0.00 EFFECTIVE GROSS INCOME PER SF $13.88 $11.48 $9.74 $8.06 $8.20 EXPENSES PER SQUARE FOOT Real Estate Taxes $1.97 $1.88 $1.53 $1.44 $1.74 Insurance $0.13 $0.13 $0.10 $0.00 $0.11 Utilities $0.57 $0.51 $0.69 $0.88 $0.60 Maintenance $1.03 $0.93 $0.79 $1.02 $0.90 Security $0.58 $0.59 $0.66 $0.75 $0.60 Administrative $1.08 $0.74 $0.96 $1.27 $0.96 Food Court $0.03 $0.04 $0.00 $0.00 $0.00 Management $0.42 $0.35 $0.39 $0.27 $0.33 Specialty Leasing $0.21 $0.13 $0.00 $0.00 $0.00 Miscellaneous $0.19 $0.47 $0.25 $0.24 $0.24 TOTAL EXPENSES PER SQUARE FOOT $6.22 $5.78 $5.37 $5.87 $5.46 NOl PER SQUARE FOOT $7.66 $5.70 $4.37 $2.19 $2.74 Gross Leasable Area(SF): 417,879 417,879 417,879 417,879 417,879 * MR projected income is the total potential income attributable to the property before deduction of vacancy and collection loss.Historical income is the actual income that has been collected by the property owner. PAGE 80 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Unit expense data for the subject is summarized in the following table. EXPENSE ANALYSIS PER SQUARE FOOT Comp Data* Subject ULI Historical and Projected Expenses Year Built 1973-2005 SF 417,879 Income in Type Actual Actual Actual Budget Place Year 2008 2008 2009 2010 2011 Projection Real Estate Taxes $3.45 $1.97 $1.88 $1.53 $1.44 $1.74 Insurance $0.70 $0.13 $0.13 $0.10 $0.00 $0.11 Utilities $1.11 $0.57 $0.51 $0.69 $0.88 $0.60 Maintenance $3.67 $1.03 $0.93 $0.79 $1.02 $0.90 Security $1.67 $0.58 $0.59 $0.66 $0.75 $0.60 Administrative $0.67 $1.08 $0.74 $0.96 $1.27 $0.96 Food Court $0.00 $0.03 $0.04 $0.00 $0.00 $0.00 Management $1.49 $0.42 $0.35 $0.39 $0.27 $0.33 Specialty Leasing $0.00 $0.21 $0.13 $0.00 $0.00 $0.00 Miscellaneous $0.59 $0.19 $0.47 $0.25 $0.24 $0.24 Total $13.35 $6.22 $5.78 $5.37 $5.87 $5.46 Industry Benchmark: ULI Dollars&Cents of Shopping Centers 2008,US Regional Shopping Centers in the West Operating Expense Analysis by Category Discussions of our operating expense projections are presented in the following paragraphs. The ULI industry benchmark includes data from all mall classes and median levels are somewhat higher than the subject levels due to occupancy level differences, quality differences and age differences amongst the malls sampled for their survey. Real Estate Taxes This expense category includes all local, county, and state property tax levies. Our projection is based on the property assessment and tax rate for the subject, as discussed previously in the Real Estate Tax Analysis. The industry benchmark incorporates taxes from other states and municipalities and therefore we rely on actual taxes for the subject. REAL ESTATE TAXES DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $824,563 $784,373 $638,224 $602,662 $726,506 %of EGI — 14.2% 16.4% 15.7% 17.9% 21.2% $/SF $3.45 $1.97 $1.88 $1.53 $1.44 $1.74 PAGE 81 Integra Realty Resources GREELEY MALL INCOME CAPITALIZAT1ON APPROACH Insurance Insurance expense includes property and casualty insurance for the subject. Our projection is consistent with the subject's historical expenses but lower than the industry benchmark. INSURANCE DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $52,552 $55,710 $40,000 $0 $45,000 %of EGI - 0.9% 1.2% 1.0% 0.0% 1.3% $/SF $0.70 $0.13 $0.13 $0.10 $0.00 $0.11 Utilities This expense category includes all interior and exterior utility expenses such as electricity, gas, water and wastewater management. Our projection is consistent with the subject's historical expenses and lower than the industry benchmark. This may be a reflection of lower utilities costs in the area compared to the survey set. Additionally, the subject does not pay to heat and cool vacant space, which results in a lower utility cost. UTILITIES DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $239,161 $213,750 $287,744 $368,322 $250,000 %of EGI - 4.1% 4.5% 7.1% 10.9% 7.3% $/SF $1.11 $0.57 $0.51 $0.69 $0.88 $0.60 Repairs & Maintenance The expense category consists of normal, recurring repairs needed each year as well as other costs to maintain the subject property in a clean and usable condition. Our projection is consistent with the subject's historical expenses, but lower than the industry benchmark. This is most likely due to the categorization of expenses in the survey sample. Some landlords incorporate landscaping and janitorial costs in their Repairs& Maintenance budgets, for example. MAINTENANCE DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $431,689 $389,873 $331,874 $425,556 $375,000 %of EGI — 7.4% 8.1% 8.2% 12.6% 10.9% $/SF $3.67 $1.03 $0.93 $0.79 $1.02 $0.90 TDn PAGE 82 Integra RealtyRealty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Security Security expenses consist of payroll and benefits expenses for on-site staff and related security expenses. Our projection is consistent with the subject's historical expenses but lower than the industry benchmark. SECURITY DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $240,516 $244,529 $274,471 $312,441 $250,000 %ofEGI — 4.1% 5.1% 6.7% 9.3% 7.3% $/SF $1.67 $0.58 $0.59 $0.66 $0.75 $0.60 Food Court This expense category consists of additional food service related expenses such as additional utilities and janitorial services which are directly attributed to the food court area. This expense item was re-categorized by management and therefore is not included in our projection. FOOD COURT DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $14,320 $14,812 $0 $0 $0 %of EGI - 0.2% 0.3% 0.0% 0.0% 0.0% $/SF $0.00 $0.03 $0.04 $0.00 $0.00 $0.00 Administration This expense category consists of office related expenses as well as other costs to administratively operate the property. Our projection is consistent with the subject's historical expenses and higher than the industry benchmark. ADMINISTRATIVE DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — 5451,870 $310,722 $402,705 $530,592 $400,000 %of EGI - 7.8% 6.5% 9.9% 15.8% 11.7% $/SF $0.67 $1.08 $0.74 $0.96 $1.27 $0.96 IRR PAGE 83 Integra Realty Resources GREELEY MALL INCOME CAPITALIZA71ON APPROACH Management Management fees are considered an expense of operation, whether the services are contracted or provided by the property owner. Typical management fees for properties of this type range from 1.0% to 4.0%. Considering that the subject is a multi-tenant property with above average management needs, we project an overall management fee of 4.0% of effective gross income. MANAGEMENT DETAIL UI] Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $174,202 $146,528 $163,079 $113,850 $137,114 %ofEGI — 3.0% 3.1% 4.0% 3.4% 4.0% $/SF $1.49 $0.42 $0.35 $0.39 $0.27 $0.33 Specialty Leasing The expense category consists of additional costs related to license agreements for temporary tenants, including signage, repairs, administration and utilities. This expense item was re-categorized by management and therefore is not included in our projection. SPECIALTY LEASING DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $89,304 $55,895 $0 $0 $0 %ofEGI - 1.5% 1.2% 0.0% 0.0% 0.0% $/SF $0.00 $0.21 $0.13 $0.00 $0.00 $0.00 Miscellaneous The expense category consists of costs related to all other costs incurred at the mall. Our projection is consistent with the subject's historical expenses, but lower than the industry benchmark. MISCELLANEOUS DETAIL ULI Actual Actual Actual Budget Income in 2008 2008 2009 2010 2011 Place Total — $81,161 $197,540 $104,528 $101,528 $100,000 %ofEGI — 1.4% 4.1% 2.6% 3.0% 2.9% $/SF $0.59 $0.19 $0.47 $0.25 $0.24 $0.24 Replacement Reserves For the subject property type and local market, it is not customary to include replacement reserves as an expense line item in developing an estimate of net operating income. Total Operating Expenses Total operating expenses are projected at $2,283,620 overall, or $5.46 per square foot. These figures are consistent with the recent operating history of the subject. TR] PAGE 84 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH NET OPERATING INCOME Based on the preceding income and expense projections, stabilized net operating income is projected at$1,144,239, or$2.74 per square foot. CAPITALIZATION RATE SELECTION A capitalization rate is used to convert net income into an indication of value. Selection of an appropriate capitalization rate considers the future income pattern of the property and investment risk associated with ownership. We use the following methods to derive a capitalization rate for the subject: analysis of comparable sales, review of national investor surveys. FINANCIAL RETURN REQUIREMENTS In estimating the appropriate yield and reversion rates for the subject, we have considered the following factors. Positive Factors Impacting Return Requirements • Greeley Mall has attracted national tenants. • JCPenney has a low occupancy cost ratio and is expected to renew upon expiration. • The theater appears to be operating profitably. • The surrounding trade area is growing slowly. • The mall was extensively renovated in 2003-2004. • 31% of the income in place (JCPenney, CineMark and the out lots) is considered very stable income. Risk Factors Impacting Return Requirements • Greeley Mall is an older mall in a tertiary market. • 15.6% of the remaining inline tenants have average occupancy costs in excess of 17.5%. • Co-Tenancy clauses for at least six tenants have already been triggered resulting in reduced rents and risk of additional tenant vacancy. • Dillard's closed two anchor stores at the mall in 2008. • The non-owned anchor(Sears)poses a risk of vacating its space. • The tenant mix could be improved with several categories that are not represented. • Several national tenants have left the Greeley Mall in favor of the Centerra development in Loveland, and others have chosen the Loveland location over Greeley Mall when entering the trade area. As a result of our analysis, the preceding factors create an above average risk profile and an appropriate yield rate for the Greeley Mall should fall near the upper end of the range exhibited by the investor survey and comparable sales. IRR PAGE SS Integra Realty Resources GREELEY MALL. INCOME CAPITALIZATION APPROACH Analysis of Comparable Sales Capitalization rates derived from comparable sales are shown in the following table. The shaded rows indicate the most comparable malls. REGIONAL MALL RATES AND RATIOS GLA Owned No. Nam e Sale Date Sale Price (S9 In-Line Occ. Cap Rate 1 Cincinatti Mils Mall Mar-10 $ 11 ,646.960 1 .438,761 40% 12.02% 2 Charlestow ne Mall Jun-10 $ 12,000,000 625,000 43% 10.42% 3 West Oaks Mall Dec-09 $ 15,000,000 505,236 70% 13.30% 6 Westshore Reza Nov-09 S 135,000.000 1 ,059, 112 96% 9.50% 7 Great Mall of the Great Rains Jan-09 $ 20,500,000 811 ,000 55% 10.00% 8 South Bay Pavilion Jul-09 $ 49,751 ,333 370,000 92% 7.25% Average 66% 10.41% Most Comparable Average 11 .43% The average capitalization rate of the surveyed regional mall sales is 10.41%, with an average of 11 .43% for those considered most comparable. It is noted that the sales transacted in 2009 and 2010 and capitalization rates have declined since that time. We would expect the subject to command a capitalization rate to be consistent with the average of the range of the most comparable sales. Based on this information, a capitalization rate within a range of 10.00% to 12.00% could be expected for the subject. National Investor Surveys Current surveys identify a broad range of 5.00% to 10.50% for "going in" overall rates with an average range of 7.50% to 7.96%. The 1St Quarter 2011 PWC/Korpacz survey indicates a range of going-in OARs from 5.00% to 10.50%, with an average of 7.50% for regional malls. The PWC/Korpacz Investor Survey ( 1St Quarter 2010) identifies "going in" OARs in the range of 5.00% to 12.00%, with a considerably higher average of 8.34%. Rates have been moving downward over the past year, and this trend is expected to continue as the economy continues to emerge from recession. The second chart shows the average OARs for classes A and B regional malls. As the quality of the investment increases, the OAR decreases. Thus, as the subject is a Class 'C' regional mall, a rate in the range of 10.00% to 11 .00% would be appropriate. Summary of Investor Surveys Un-leveraged Survey Period IRR Going-In OAR Terminal OAR Viewpoint 2011 Year-End Range 8.00% - 11 .00% 6.50% - 10.00% 6.50% - 10.50% (Regional Malls) 2010 Average 9.40% 7.96% 8.46% PWC/Korpacz 1st Qtr. Range 5.75% - 14.00% 5.00% - 10.50% 5.75% - 12.00% (Regional Malls) 2011 Average 9.69% 7.50% 8.00% PWC/Korpacz 1° Qtr. Range 7.00% - 17.00% 5.00% - 12.00% 6.25% - 12.00% (Regional Malls) 2010 Average 10.70% 8.34% 8.91% Class Average A 6.45% IPR PAGE 86 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH lB 8.18% ( Source: PWC/Kof pace, 1st Quarter 2011 Real Capital Analytics Survey The following charts show capitalization rate data for regional mall sales from Real Capital Analytics. As shown, rates steadily decreased between 2002 and late 2008; rates then increased sharply. Through 2009, cap rates remained high and began to stabilize during 2010. cap rate country avg north amenca avg 0.0% 9.0% 8.0% 7.0% 6.0% '02 '03 '04 `0S '06 '07 '08 '09 '10 '11 rolling 12-mo avg rcaratytres corn The next chart displays transactions recorded by RCA since January 2010. The sample size is 65 transactions for approximately 34.8 million square feet of regional mall space and a total of $3.2 billion in investment. The mean and weighted average capitalization rate for this sample is 8.68%. Newly offered regional malls total approximately 25 million square feet in 49 properties with a total investment value of $2.2 billion. These new offerings have a mean capitalization rate of 8.04% and a weighted average cap rate of 8.22%. Selected market total 01/01/2010 -04/11/2011 Closed/Contract Newly Offend Total Volume (in mil.) $3,205.5 $2,216.8 *of Properties 65 49 Total sf 34,831 ,138 24,961 ,712 Price/ sf S87.4 564.4 Range tin mil.) $5.84312.7 55.74130.9 Avg. Property S On mil) $49.3 $45.2 Wghtd. Cap Rate 8.68% 8.22% Mean Cap Rate 8.68% 8.04% based on transactions S5mi1 or greater We would expect the subject's capitalization rate to be above the average based on its economic characteristics, described above. Based on this information, we would expect the subject to command a capitalization rate in the range of 10.00% to 12.00%. IRR PAGE 87 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Capitalization Rate Conclusion Based on the preceding analysis, a going-in capitalization rate for the subject is indicated within a range of 10.00% to 12.00%. As mentioned, an appropriate rate for the subject is at the higher end of the range. Accordingly, we conclude a capitalization rate as follows: CAPITALIZATION RATE CONCLUSION Going-In Capitalization Rate 11.00% DIRECT CAPITALIZATION ANALYSIS Net operating income is divided by the capitalization rate to indicate the stabilized value of the subject. Valuation of the subject by direct capitalization is shown below. DIRECT CAPITALIZATION Effective Gross Income $3,427,859 Expenses $2,283,620 Net Operating Income $1,144,239 Capitalization Rate 11.00% Indicated Value $10,402,169 Rounded $10,400,000 'R PAGE 88 Integra Realty Resources GREELEY MALI. INCOME CAPITALIZATION APPROACH DISCOUNTED CASH FLOW ANALYSIS We use industry-standard lease analysis software to develop a projection of periodic cash flows from the property over an anticipated investment holding period based on leases in place and anticipated changes in market rent and operating expenses. This analysis considers current market conditions and our interpretation of the attitudes of informed investors concerning future trends. The table below sets forth the basic assumptions and projections utilized in this analysis. Items requiring further elaboration are addressed in the discussion following the table. DISCOUNTED CASH FLOW ANALYSIS GENERAL ASSUMPTIONS Cash Flow Software Program Argus Version 14 Period of Analysis Analysis Start Date 05/01/11 Holding Period(Yrs) 10 Discount Rate and Reversion Can Rate Discount Rate 12.75% Reversion Capitalization Rate 12.00% Market Rent Growth Rate Year 2&after 3.0% Other Growth Rates CPI 3.0% Other Income 3.0% General Expenses 3.0% Real Estate Tax 3.0% Absorption of Vacant Space Total Gross Leasable Area(SF) 417,879 Vacant SF 211,553 It Months to Absorb N/A No Absorption Collection Loss-Holding Period Collection Loss 0.0% Turnover Vacancy-Holding Period Argus General Vacancy Used? No Argus General Vacancy N/A Capital Expenditures Capital Budget Deducted per Capital Budget Summary Reserves(SF) $0.20 per square foot Reserves Deducted Below NOI? Yes Reversion Analysis Factors Vacancy/Collection Loss Treatment Collection Loss 0.0% General Vacancy 0.0% Selling Expenses 1.0% The following table summarizes market lease terms, analyzed earlier, that are used in the discounted cash flow analysis. ERR PAGE 89 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH CONCLUDED MARKET LEASE TERMS Market Lease Rent/ Rent Term TESL' Space Type SF SF/Yr Escal. Lease Type (Mos.) New 0-1,499 SF 21,284 $28.00 3%Annual Gross 60 $10.00 1,500-2,499 SF 14,745 $32.50 3%Annual Gross 60 $10.00 2,500-3,999 SF 63,806 $25.00 3%Annual Gross 60 $10.00 4,000-6,499 SF 18,237 $15.00 3%Annual Gross 60 $10.00 6,500-9,999 SF 39,433 $18.00 3%Annual Gross 60 $10.00 Jeweler 5,457 $80.00 3%Annual Gross 60 $10.00 Food Court 3,386 $50.00 3%Annual Gross 60 $10.00 Kiosk 916 $350.00 3%Annual Gross 60 $0.00 Anchor 182,942 $3.50 3%Annual Gross 120 $10.00 Out Lot 22,673 $18.00 3%Annual Gross 120 $0.00 Theater 45,000 $15.00 3%Annual Gross 120 $10.00 Presented below are other market leasing assumptions utilized in the discounted cash flow analysis. SPECULATIVE RENEWAL ASSUMPTIONS Mos. Vacant Wtd.Avg. Renewal Btwn. Down- Space Type Probability TI-Weighted Leases time 0-1,499 SF 60% $4.00 8 3 1,500-2,499 SF 60% $4.00 8 3 2,500-3,999 SF 60% $4.00 8 3 4,000-6,499 SF 60% $4.00 8 3 6,500-9,999 SF 60% $4.00 8 3 Jeweler 60% $4.00 8 3 Food Court 60% $4.00 8 3 Kiosk 60% $0.00 8 3 Anchor 60% $4.00 8 3 Out Lot 60% $0.00 8 3 Theater 60% $4.00 8 3 As Leasing Commissions are paid out of the Management/Administrative expense line item, they are not separately charged in the discounted cash flow analysis. Issues requiring additional discussion are addressed in the following paragraphs. Holding Period A ten-year holding period is consistent with typical investor analysis. Market Rent Growth Rate A market rent growth rate of 0% year one and 3% thereafter is projected. This is consistent with typical investor expectations. Absorption of Vacant Space Vacant space at the subject is not projected to absorb. IR PAGE 90 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH Renewal Probabilities A 60% renewal probability has been applied to all inline tenants. JCPenney has renewal options at a rent below market and therefore they are projected to exercise each of their options. Vacancy Loss Allowance As discussed, the existing vacancy at the subject is assumed to remain vacant and therefore a vacancy loss allowance is not applied. Vacancy Between Leases and Average Vacancy Loss Based on current and anticipated market conditions, we have estimated the average period to lease a vacant space, once a tenant has vacated, at eight months. The previous conclusion of 60% renewal probability results in a weighted-average vacancy period of 3 months for the cash flow analysis. CAPITAL EXPENDITURES AND LEASING COSTS Besides operating expenses, it is prudent and customary to project expenditures for anticipated capital items and leasing costs. Tenant Improvements and Alterations Current payments for tenant alterations vary widely at regional malls and at the subject property. Larger tenant allowances are generally offered to national or creditworthy tenants and smaller allowances to local or tenants which are less secure with regard to their creditworthiness. Furthermore, the higher costs are typically for initial leasing with second generation space costing less. There is little information on the tenant improvement allowances given at the subject. In reviewing the Integra database for tenant finish charges, we have found that where information on tenant finish costs is provided (2,368 leases) it ranges from $0 to $70 per square foot and averages $4.29 per square foot for the 2,368 leases. Second generation tenant spaces would require less cost to finish the spaces than spaces that are being finished for the first tenant. Based on information provided by mall management, as well as support from the database, it is our opinion that a tenant improvement allowance would be $10.00 per square foot for new leases on in-line space. No tenant improvements are implied for the JCPenney space as they are expected to continue to occupy their space throughout the analysis period. For renewing tenants, no tenant finish allowance is projected. Leasing Commissions In most regional malls, leasing is done internally and it is included in the management costs for the property. This format is also followed at the subject property. Typically when leasing commissions are charged separately from the management of a regional mall, they would range from 4% to 6% of total tenant revenue. Leasing commissions are not charged in the DCF, as they are included management expense. Replacement Reserve Allowance Industry surveys indicate that an appropriate reserve for regional shopping centers generally range from $0.15 to $0.50 per square foot of in-line space. Throughout the IRIZ PAGE 91 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH term, we have estimated a reserve of approximately $0.50 per square foot of inline mall GLA considering the age of the improvements. CASH FLOW PROJECTIONS The forecasted year one cash flow is $903,901 subsequent to the deductions for tenant improvements, leasing commissions, and capital reserves. The second forecast year of our cash flow period is estimated at $966,991. The ten-year stabilized cash flow starting May 1, 2011 is depicted at the end of this section. DISCOUNT RATE AND REVERSION CAPITALIZATION RATE SELECTION Discount Rate Data from national investor surveys that we consider in selecting discount and reversion capitalization rates is shown below. INVESTOR SURVEYS- REGIONAL MALL IRA-Viewpoint 2011 PI C Survey 1Q-2011 Regional Mall National Regional Mall DISCOUNT RATE Range 7.50%- 11.0% 5.75%-14.00% Average 9.42% 9.69% REVERSION CAPITALI7ATION RATE Range 6.50%-10.50% 5.75%- 12.00% Average 8.46% 8.00% MARKEr RENT GROWTH RATE Range (5.00%)-3.00% (3.00%)-3.00% Average 0.44% 1.33% EXPENSE GROWTH RATE Range 2.00%-3.00% 0.00%-3.00% Average 2.60% 2.17% Source:IRR-Viewpoint 2011,published by Integra Realty Resources; PricewaterhouseCoopers Real Estate Investor Survey. IRR PAGE 92 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH NATIONAL MALL DISCOUNT RATE TRENDS b'r � 10.8 �G o°l of 10.4 �' �� q aa> 10 A• �bq Cd 9.6 oti q , O 9.2 v O 8.8 8.4 8 4Q-08 1Q-09 2Q-09 3Q-09 4Q-09 1Q-I0 2Q-I0 3Q-10 4Q10 IQ-I1 -MALL 9.02 9.13 10.09 10.43 10.63 10.7 10.04 9.98 9.81 9.69 Quarter/Year MALL-PricewaterhouseCoopers Real Estate Investor Survey-National National Regional Mall Market. f.ble s NATIONAL REGIONAL MALL MARKET First Quarter 2011 CURRENT LAST QUARTER YEAR AGO DISCOUNT RATE(IRR)' Range 5.75%-14.00% 6.00%- 14.00% 7.00%-17.00% Average 9.69% 9.81% to_70% Change(Basis Points) -12 -101 OVERALL CAP RATE(OAR)* Range 5.00%-10.50% 5.00%- 10.50% 5.00%-1200% Average 7.50% 7.58% 8-34% Change(Basis Points) -8 -8.4 RESIDUAL CAP RATE Range 5.75%-12.(0% 6.00%- 1200% 6.25%-t2.u0% Average 8.00% 8.o8% 8.91% Change(Basis Points) -A -91 MIARKEr RENT CHANGE` Range (3.00%)-3.00% (3.00%)-3.00% (4.00%)-1.00% Average 1.33% 0.67% (0.17%) Change(Basis Points) +66 +150 EXPENSE CHANGE'. Range 0.001%-3.00% 0.00%-3.00% 0.00%-5..00% Average 2.17% 1.92% 2_23% Change(Buis Points) +25 -6 MARKETING TIME` Range 3.00-18.00 3.(x)- 18.00 3.00-18.00 Average 7.42 7-42 7-79 Change(%) 0 -475 a_aatr ua aderera¢d allcasA ttanaaetium 6.Initial sate of diaaste c'JD amaa'. e fPAGE 93 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH In the past year, the trend in alternative yield rates, based on long-term Treasury and corporate bonds, has been down. As of April 11, 2011, the current yield for the ten- year Treasury bond is 3.58%. As of April II, 2011, the yield on corporate (AAA) bonds is 4.06%. Corporate bonds have a higher return than U.S. Treasury Bonds, but a lower rate of return than that required of real estate. The differential is based on investor expectations and requirements for the type of investment. Risk and liquidity are the principal factors driving rates of return. Discount rates for institutional grade properties typically range from 175% to 225% above the 10 year treasury. In addition, within the above range, as the treasury rate has declined, the percentage spread has tended to increase. As of April 11, 2011, the 10 year treasury was yielding 3.58%, at the lower end of the range, which would typically result in a wider spread. In consideration of the 10-year treasury rate as of the effective date of the appraisal, it appears that the appropriate institutional grade retail discount rate would be between 250% and 300% above the 10-year rate. Therefore, a discount rate between 8.95% and 10.74% would appear reasonable for an institutional grade regional mall property. The average institutional grade discount rate reported for regional mall properties as of I' Quarter 2011 is 9.69%. Considering the quality and economic characteristics of the subject, the rate appropriate for the subject would be at the upper end of the range. The subject property represents a property that is 52% leased, has two vacant anchors, and experienced declining net operating income over the past 3 years. The property was renovated in 2004, but due to the loss of anchors, the tenant base is eroding. Considering the above factors, we conclude to a discount rate of 12.75% as being appropriate for the subject. Reversion Capitalization Rate The PricewaterhouseCoopers survey indicates a range of 5.75% to 12.00%, with an average of 8.00%, for national regional malls. The average spread between the going-in and reversion rates is 50 basis points, and in general, reversion rates are typically 25 to 100 basis points greater than going-in rates. We conclude a reversion capitalization rate of 12.00%. This represents a spread of 100 basis points over our concluded stabilized going-in rate of 11.00%, which appears to be within the range of market figures. VALUE INDICATION—DISCOUNTED CASH FLOW ANALYSIS The value indications produced by the discounted cash flow analysis are as follows: DISCOUNTED CASH FLOW ANALYSIS INDICATED VALUE Appraisal Premise Indicated Value Market Value As Is $10,400,000 Prospective Market Value at Stabilization $10,400,000 Tom) PAGE 94 Ijntegraa Realty Resources I Q 0il re A- N w "-- 0 w N Q CO 0 C'1 0 w w w N N (O N 10 (O ((1 0. 0 Q C') 01 p N N N l0 N N co N to en w 10 N 0 N N E II W a V Cr W O t` N CO Q w w 0 V) N CO, w 0 0. N w CO 11 Q o N !� (O N N a )0 t0 t0 d l0 o 10 F O Q Q O CI N O V 11 t(J V) O M N w I[1 1() N CD C) O CO CO w C) N co f0 II Y 6 17 M C) r r w CO i0 C) 0 O (O a N 11 O ¢ V of a of co- a W e ri F.: A y p J ii O Np O 10 coO N CJ t7 C') COn N N 0 O) CO O N r 0 h (O O twp t. f0 N. 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N CO N CO N eM- ONI N a r OJ N CI L N [/] ry d r` F N co" M M Np N (T Q w M l0 V) O Nl co t0 M 0 N 8 T ¢ O N N r m N N r A- Ot M N CO.Q N P 1p r Nl0 Q O� r C') .2 j w Ci of of N r '- w o a o a y 2 V N N a ca 0N CID ' N N 0 m N e n y pn 0 0) v U Y a CID (O O C'I m N co co N O N O N O �' OJ N N N 0 .91 0 Q t` N M t0 N Q N V r V) N V_ p C] M Q Q N r O N d t 1 GZI tX S Q N 10 I� 0 N CO 0 0 CO CO N M N C) C) O O M N 0 O S O p N w t` w N N N r co N on 0 M t-- CO W a O 0 N N O) N w (0 a M M t` O 10 N O N C] N t0 co N O O w M OJ (0 t0 a C> m M w CI R If) Ol n r r tD OJ Y a n 10 CO r r 0 CO w Q N O N M N O 0 CO N w t0 Q� s Q O N M Cr CO CO N N Cr N Q - 10 M N U C M� v () M C) N r; Cr CO Cr m p V Cr N CD N (0') (MO (§ N Cr N N N 1 IQ CO ,, tMp p yy N N CO a O N N N a 10 O N m F N N CO N CI 00(p t8 (yO yO (0 f0 Y n (p7 NO tp t` mN 6 6 O 0 (NO In t0 a N O t� CJ V 0 N 0 a Q 8 N O0) w r N M N Q Q ` p M� t{p� M C')) C' 8 Ip0 p 8 N p y 69 CI r CI 0 0 .1- 00 N ry N 11) 00) N N Cl C') mN (CI 10 �N 100 O Q O My O m r Op 001 0 Y Q N 0 10 N r N CI M N p N (m') N Q CI N m M H M ` N M CI N tn; au to tpp 8 8 8 p p tpp p yp p Vy r p O N 0 (0Y 8 pp pr r �0 0 0 0 0 0 0 (O 01 O 10 YI el N N to 0) NN N O O 110 in p p p Y O. 8 10 �0 p0 lc 0 A N N O tri N N 10 O NO I� O N OD 0 O) Q r N Q t0 t` N M N Q N O) N 69 NN v N M M N CA 0 C C C m 0 U > 0 E m C N y > C &> d m 8 Nry C 0 j C 00 C M .0.. O w 0 0 0 0 0 0 0 m O C 'a o m m s °m ¢ a d LS u ffi m 8 m W F 0 0 0 yb 0 d 0) r' > 0 d _ ^3 0 C 0 O ~ V .2 C 2, c 0 W 0 w J 0 O d C ry J C O d C N aa C d .g (3 pp m c i eJ 0 C7 a .4 �o d �4+ d w ��OO d d t ,p L K .� 3 e G m T. 0 m C y) .4 8 2 W m �I 0 C 0 V E. C J ri 0 0 m0. d 3 :a �3gJ E c 0 O_d C 11- m .cry x Jis, li 8 m Q N ID no N F 16 O a S. tfi a F Z J H U F a eace ca GREELEY MALL INCOME CAPITALIZATION APPROACH ARGUS PRESENT VALUE SCHEDULE"AS IS" Purchase Price/Yield Matrix Greeley Mall Projection Start Dale 5/1/2011 ARGUS File Name 2010-054 Basis Fiscal Year ARGUS Refit 0 Holding Period 10 years Internal Rate of Return 12,75% Property Size 417,879 Sgfl Reversion Cap Rate 12,00% Reversion Sales Cost 1.00% Overall Rates Property Value per SgFt °A Reversion IRR Year1 Year 2 Year 3 Year 4 Year 5 Average $10,600,000 $25.37 41.20 1225% 8.5% 9.1% 14.5% 13.1% 14.7% 12.0% $10,400,000 $24.89 40.8% 12.50% 8.7% 9.3% 14.8% 13.3% 14.9% 12.2% $10.300,000 $24.65 40.9% 12.75% 8.8% 9.4% 14.9% 13.5% 15.1% 12 3% $10,100,000 $24.17 40.3% 13.00% 8.9% 9.6% 15.2% 13.7% 15.4% 12.6% 510,000,000 523.93 40.4% 13.25% 9.0% 9.7% 15.3% 13 9% 15.5% 12.7% Note:Value estimates rounded to the nearest$100,000 Note:IRRs rounded to the nearest 25 basis points Cash on Cash Rates IRR Year Year2 Year3 Year4 Years Average 12.25% 7.5% 6.1% 13.2% 12.0% 13.5% 10.5% 12.50% 77% 6.2% 13.5% 12.2% 13.8% 10.7% 12.75% 7.8% 63% 13.6% 12.3% 13 9% 10.8% 13.00% 7.9% 6.4% 13.9% 12.6% 14.2% 11.0% 13.25% 8.0% 6.5% 14.0% 12.7% 14.3% 11.1% Partitionment of IRR Reversion Calculation NPV of Cash Flow $6,105,125 Year 11 NOI $1,680,822 %of Value 59.27% Reversion Cap Rate 12.00% Return on Initial Equity $3,115,879 Goss Reversion $14,006,850 %of Value 30.25% Less:Sales Costs C 1.00% $140,069 Appreciation $1,078,996 Net Reversion $13,866,782 %of Value 10.48% PV of Reversion(¢12.75% $4,176,478 Totals $10,300,000 100.00% PV@ %of Cash Year NOI Cash Flow 12.75% Value Yield 1 $903,901 $798,357 $708,388 6.9% 7.8% 2 $966,991 $649,082 $511.032 5.0% 6.3% 3 $1,534,841 $1,402,169 5979,543 9.5% 13.6% 4 $1,387,240 51.268,601 $786,362 7.6% 12.3% 5 $1,554,372 $1,430,485 $786,783 7.6% 13.9% 6 $1498941 $1,385365 $676,099 6.6% 13.5% 7 $882.167 $604,229 $261,651 2.5% 5.9% 8 $1.496,956 $1,222,763 $469,826 4.6% 11.9% 9 $1.538,599 $1,420,040 $484,138 4.7% 13.8% 10 $1621957 $1,458,791 $441,303 4.3% 14.2% Total: 513,385,965 511,639,882 $6,105,125 59,3% 11\R PAGE 96 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH RECONCILIATION AND CONCLUSION OF VALUE Reconciliation involves the weighting of alternative value indications, based on the judged reliability and applicability of each approach to value, to arrive at a final value conclusion. Reconciliation is required because different value indications result from the use of multiple approaches and within the application of a single approach. The values indicated by our analyses are as follows: SUMMARY OF VALUE INDICATIONS Prospective Market Value As Market Value at Is Stabilization Cost Approach Not Used Not Used Sales Comparison Approach $10,400,000 $10,400,000 Income Capitalization Approach $10,400,000 $10,400,000 Reconciled $10,400,000 $10,400,000 COST APPROACH The cost approach is most reliable for newer properties that have no significant amount of accrued depreciation. Due to the age of the subject improvements, estimates of depreciation are subjective, limiting the reliability of this approach. Additionally, the cost approach is not typically used by market participants, except for new properties. Further, there is a limited market for sites similar to the subject, which would limit the reliability of a land value estimate. Accordingly, the cost approach was not developed for this analysis. SALES COMPARISON APPROACH The sales comparison approach is most reliable in an active market when an adequate quantity and quality of comparable sales data are available. In addition, it is typically the most relevant method for owner-user properties, because it directly considers the prices of alternative properties with similar utility for which potential buyers would be competing. Significant adjustments are required for many of the sales because of differences in the various elements of comparison. This reduces the reliability of this approach. As a result, the sales comparison approach is used primarily as support for the income capitalization approach. INCOME CAPITALIZATION APPROACH The income capitalization approach is usually given greatest weight when evaluating investment properties. The value indication from the income capitalization approach is supported by market data regarding income, expenses and required rates of return. An investor is the most likely purchaser of the appraised property, and a typical investor would place greatest reliance on the income capitalization approach. For these reasons, the income capitalization approach is given greatest weight in the conclusion of value. PAGE 97 Integra Realty Resources GREELEY MALL INCOME CAPITALIZATION APPROACH FINAL VALUE ESTIMATE Based on the preceding valuation analysis, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows: VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value As Is Leased Fee April 6,2011 $10,400,000 Prospective Market Value at Stabilization Leased Fee April 6,2011 $10,400,000 EXPOSURE AND MARKETING TIMES Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Exposure time is always presumed to precede the effective date of the appraisal. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the retail market, presented earlier in this report, it is our opinion that the probable exposure time for the property is 12-24 months. We foresee no significant changes in market conditions in the near term; therefore, it is our opinion that a reasonable marketing period is likely to be the same as the exposure time. Accordingly,we estimate the subject's marketing period at 12-24 months. IRR PAGE 98 Integra Realty Resources GREELEY MALL VALUATION ANALYSIS INSURABLE VALUE An estimate of insurable value based on Marshall Valuation Service is shown in the following table. In the absence of specific instructions from the client, insurable value is based on the replacement cost new of the building improvements. From the total of these amounts we deduct insurance exclusions. The following are not considered in our insurable value estimate: land value, site improvement costs, entrepreneurial profit,depreciation, and costs to demolish damaged structures. We have not viewed the specific policy that is in effect or may be written for the subject, nor have we been given specific instructions by the client on what is to be included in, or excluded from, the insurable value estimate. Moreover, methodologies for developing insurable value vary between underwriters. Therefore, reliance should not be placed on our insurable value estimate unless it is determined that the items included in our estimate are consistent with the terms of the subject's insurance coverage. ESTIMATE OF INSURABLE VALUE Replacement Cost New-Building Improvements Bldg Name MFS Building Type MT'S Class Quality Quantity Unit Unit Cost Cost New Enclosed Mall 992&700 C Average 417,663 SF $59.22 $24,734,003 Subtotal-Building Improvements $24,734,003 Less:Insurance Exclusions Foundation Below Ground 3.4% $840,956 Piping Below Ground 1.0% $247,340 Architect's fees 6.0% $1,484,040 Total Exclusions 10.4% $2,572,336 Insurable Value $22,161,667 Rounded: $22,160,000 Occupancy Class Height Rank 46% Int.Space.Region Shop etc Masonry boating walls 21.00 20 54°o Mall Anchor Department Store Masonry beanng walls 21.00 2.0 Total Area : 41'.663 Number of Stones(Section) 1.00 Slope • 20 Cost as of 01 2011 Total Cost Less Total Cost Units Unit Cost New Depreciation Depreciated Basic Stnscnvc Base Cost 41'.663 42.55 1'.896.860 0 17.896.860 Exterior Walls 225.538 8.4' 1.910.30' 0 1.910.307 Heating R Cooling 41'.663 11.80 4.928.423 0 4.9_`8.423 Basic Stnreture Cost 4r.663 59.22 24.'35.590 0 24.'35.590 1RR PAGE 99 Integra Realty Resources CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. We have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, which includes the Uniform Standards of Professional Appraisal Practice (USPAP), and also in conformity with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. Brad A. Weiman, MAI made a personal inspection of the property that is the subject of this report. Christian Goodwin and Tom R. Jeffries have personally inspected the subject. 10. No one provided significant real property appraisal assistance to the person(s) signing this certification. 11. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 12. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 13. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. 14. As of the date of this report, Brad A. Weiman, MAI has completed the continuing education program of the Appraisal Institute. TR) PAGE 100 Integra Realty Resources GREELEY MALL CERTIFICATION 15. We have performed work on the subject property within the past 3 years. INTTEG� �RAREAL/TY RESOURCES-DENVER l.(l (ter --- y Brad A. Weiman, MAI Christia Goodwin Managing Director Director Certified General Real Estate Appraiser Certified General Real Estate Appraiser Colorado Certificate#CG01313144 Colorado Certificate#CG 1 000233 1 6 Tom R. Jef Analyst [RD PAGE 101 Integra Realty Resources GREELEY MALL ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. I. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. j PAGE 102 Integra Realty Resources GREELEY MALL ASSUMPTIONS AND LIMITING CONDITIONS 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report(especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third-party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual 1 PAGE 103 Integra Realty Resources GREELEY MALL ASSUMPTIONS AND LIMITING CONDITIONS results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non-conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non-accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. Integra Realty Resources — Denver is not a building or environmental inspector. Integra Denver does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. It is expressly acknowledged that in any action which may be brought against Integra Realty Resources — Denver, Integra Realty Resources, Inc. or their respective officers, owners, managers, directors, agents, subcontractors or employees (the "Integra Parties"), arising out of, relating to, or in any way pertaining to this engagement, the appraisal reports, or any estimates or information contained therein, PAGE 104 Integra Realty Resources GREELEY MALL ASSUMPTIONS AND LIMITING CONDITIONS the Integra Parties shall not be responsible or liable for an incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with gross negligence. It is further acknowledged that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the appraisal report unless the appraisal was fraudulent or prepared with gross negligence. Finally, it is acknowledged that the fees charged herein are in reliance upon the foregoing limitations of liability. 25. Integra Realty Resources — Denver, an independently owned and operated company, has prepared the appraisal for the specific purpose stated elsewhere in the report. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 26. The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer-seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. Integra Realty Resources, Inc. and the undersigned are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property. 27. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. PAGE 105 Integra Really Resources GREELEY MALL ADDENDUM A APPRAISER QUALIFICATIONS iRR Integra Realty Resources PROFESSIONAL QUALIFICATIONS BRAD A. WEIMAN,MM EXPERIENCE: Managing Director for INTEGRA REALTY RESOURCES-DENVER of Denver, Colorado. Expel ienced in the valuation of commercial and industrial properties and is proficient in computer applications to real estate valuations, including discounted cash tlow analysis. His experience includes investment analyses and valuations of shopping centers, regional malls, office buildings, warehouses, apartments, and commercial tracts. Specialized experience includes ad valorem tax valuation,mineral interest, business related real estate and conservation easements. Mr. Weiman has testified before the Colorado State Board of Assessment Appeals, Federal Court in Kansas City, Missouri and Jefferson County District Court. He also provides litigation support for condemnation,foreclosure,bankruptcy,and business disputes. Mr. Weiman has national retail experience and has appraised retail properties in the following states: Maryland, New Jersey, New York, Ohio, Kentucky, Indiana, Illinois, Minnesota Missouri, Louisiana, Texas, Tennessee, Oklahoma, Nebraska, Wyoming, Montana, and Colorado. In addition, Mr. Weiman has appraised office buildings on a regional basis in the following states: Colorado,Utah, New Mexico, Kansas,Texas,Minnesota and Missouri. Other unique appraisal assignments include large mixed-use complexes, corporate headquarters, health care facilities, and truck maintenance facilities. PROFESSIONAL Member:Appraisal Institute(MAI No.8846) DESIGNATIONS AND Member:University of Denver Real Estate Alumni and Friends LICENSING: Licensed: Colorado General Appraiser License#CG013 13144 Temporary licenses in numerous states Licensed: Colorado Real Estate Broker EDUCATION: Bachelor of Science Degree B Business Administration, Major: Real Estate and Construction Management,University of Denver,Denver,Colorado(1982) Successfully completed numerous real estate related courses and seminars sponsored by the Appraisal Institute, the American Institute of Real Estate Appraisers,accredited universities and others. Currently certified by the Appraisal Institute's voluntary program of continuing education for its designated members. PROFESSIONAL Lecturer: "National Retail Trends"at Valuation International, Chicago,IL and New ACTIVITIES: York City 1995, 1996 and 1997 Lecturer: "National Retail Outlook" — Office of Comptroller of the Currency, Washington,DC QUALIFIED BEFORE Colorado State Board of Assessment Appeals COURTS AND Federal Court in Kansas City,Missouri ADMINISTRATIVE Jefferson County District Court BODIES: PROFESSIONAL QUALIFICATIONS CHRISTIAN J. GOODWIN EXPERIENCE: Director,INTEGRA REALTY RESOURCES-DENVER of Denver,Colorado.Mr. Goodwin has over 10 years experience in the underwriting and valuation of complex commercial and multi-family properties.As an expert in computer applications to real estate valuations, Mr. Goodwin is an adjunct professor at the University of Denver where he teaches software assisted discounted cash flow analysis.His experience with appraisal includes valuations nationwide of regional and super-regional malls, office buildings, industrial buildings, multi-family properties, and commercial and residential land tracts. Outside of valuation and appraisal, Mr. Goodwin also has experience with portfolio management,loan underwriting and investment analyses. EDUCATION: University At Albany: Bachelor of Science Degree, 1997 Appraisal Institute: 15 Hour National USPAP Basic Appraisal Principles Basic Appraisal Procedures Course 510:Advanced Income Capitalization Course 520:Highest&Best Use/Market Analysis Course 550:Advanced Applications PROFESSIONAL Appraisal Institute:Associate Member DESIGNATIONS Colorado Certified General Appraiser License#CG100023316 AND LICENSING: PROFESSIONAL QUALIFICATIONS TOM R. JEFFRIES EXPERIENCE: Analyst, INTEGRA REALTY RESOURCES-DENVER of Denver, Colorado. Mr. Jeffries is experienced in the valuation of commercial properties and is proficient in computer applications to real estate valuations, including discounted cash flow analysis. His experience includes valuations of shopping centers, office buildings,warehouses,restaurants and commercial tracts. Analyst, Q10 I ESSEX FINANCIAL GROUP. In this role, Mr. Jeffries analyzed commercial properties that were to be used as collateral for mortgage loans.He was active in the origination of over$300 million in debt and equity transactions during his tenure. EDUCATION: Bachelor of Science Degree,University of Colorado at Denver Master of Urban and Regional Planning,University of Colorado at Denver. INTEGRA REALTY RESOURCES, INC. CORPORATE PROFILE Integra Realty Resources, Inc. offers the most comprehensive property valuation and counseling coverage in the United States with 52 independently owned and operated offices in 30 states. Integra was created for the purpose of combining the intimate knowledge of well-established local firms with the powerful resources and capabilities of a national company. Integra offers integrated technology, national data and information systems, as well as standardized valuation models and report formats for ease of client review and analysis. Integra's local offices have an average of 25 years of service in the local market, and each is headed by a Managing Director who is an MAI member of the Appraisal Institute. The following map shows the locations of Integra's 52 local offices. I inter 1PIP IIII Ark' Illaript0 * Imirri:( Corporate Office 1133 Avenue of Americas, 27th Floor, New York, NY 10036, Telephone: (212) 532-0676; Fax: (646) 424- 1869; E-mail Integra@irr.com Website: www.irr.com GREELEY MALL DEFINITIONS ADDENDUM B DEFINITIONS Integra Realty Resources DEFINITIONS These definitions have been extracted, solely or in combination, from definitions and descriptions printed in: • The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute, Chicago, Illinois, 2002 (Dictionary). • The Appraisal of Real Estate, Twelfth Edition, Appraisal Institute, Chicago, Illinois, 2001 (Twelfth Edition). • Marshall Valuation Service, Marshall & Swift, Los Angeles, California, (MVS). • Dollars & Cents of Shopping Centers: 2004, Urban Land Institute, Washington, DC (ULI). Absolute Net Lease A lease in which the tenant pays all expenses including structural maintenance and repairs; usually a long-term lease to a credit tenant. (Dictionary) Accrued Depreciation The difference between the reproduction or replacement cost of the improvements on the effective date of the appraisal and the market value of the improvements on the same date. (Dictionary) Common Area The total area within a shopping center that is not designed for rental to tenants but that is available for common use by all tenants or groups of tenants, their invitees, and adjacent stores. Parking and its appurtenances, malls, sidewalks, landscaped areas, public toilets, truck and service facilities, and the like are included in the common area. (ULI) Common Area Charges Income collected from tenants for operating and maintenance items pertaining to the common areas. (ULI) Common Area Maintenance (CAM) The expense of operating and maintaining common areas. (Dictionary) Deferred Maintenance Curable, physical deterioration that should be corrected immediately, although work has not commenced; denotes the need for immediate expenditures, but does not necessarily suggest inadequate maintenance in the past. (Dictionary) Discounted Cash Flow(DCF)Analysis The procedure in which a discount rate is applied to a set of projected income streams and a reversion. The analyst specifies the quantity, variability, timing, and duration of the income streams as well as the quantity and timing of the reversion and discounts each to its present value at a specified yield rate. DCF analysis can be applied with any yield capitalization technique and may be performed on either a lease-by-lease or aggregate basis. (Dictionary) IRR PAGE B1 Integra Realty Resources Effective Date The date at which the analyses, opinions, and advice in an appraisal, review, or consulting service apply. (Dictionary) Entrepreneurial Incentive A market-derived figure that represents the amount an entrepreneur expects to receive as compensation for providing coordination and expertise and assuming the risks associated with the development of a project. (Twelfth Edition) Entrepreneurial Profit A market-derived figure that represents the amount an entrepreneur receives for his or her contribution to a project and risk; the difference between the development cost of a property and its market value upon completion and stabilization, which represents the entrepreneur's compensation for the risk and expertise associated with development. Entrepreneurial profit is an amount earned, estimated after completion, while entrepreneurial incentive is an amount anticipated, prior to development. (Twelfth Edition) Exposure Time The time a property remains on the market. The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market. Exposure time is always presumed to occur prior to the effective date of the appraisal. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges and under various market conditions. (Dictionary) Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. (Dictionary) Floor Area Ratio (FAR) The relationship between the above-ground floor area of a building, as described by the building code, and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, e.g., a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land area. (Dictionary) Gross Building Area (GBA) The total floor area of a building, measured from the exterior of the walls, including below-grade and basement space but excluding unenclosed areas. (Twelfth Edition) Gross Leasable Area (GLA) The total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines, and measured from the center of interior partitioning to outside wall surfaces; the standard measure for determining the size of shopping centers IRR PAGE B2 Integra Realty Resources where rent is calculated based on the GLA occupied. The area for which tenants pay rent. (Dictionary) Gross Lease A lease in which the landlord receives stipulated rent and is obligated to pay all or most of the property's operating expenses and real estate taxes. (Dictionary) Highest and Best Use The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. (Dictionary) Insurable Value Value used by insurance companies as the basis for insurance. Often considered to be replacement or reproduction cost plus allowances for debris removal or demolition less deterioration and noninsurable items. Sometimes cash value or market value, but often entirely a cost concept. (MVS) Leased Fee Interest An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the lessee are specified by contract terms contained within the lease. (Dictionary) Leasehold Interest The interest held by the lessee (the tenant or renter) through a lease transferring the rights of use and occupancy for a stated term under certain conditions. (Dictionary) Market Rent The rental income a property would probably command in the open market; indicated by the current rents that are either paid or asked for comparable space as of the date of the appraisal. (Twelfth Edition) Market Value The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • buyer and seller are typically motivated; • both parties are well informed or well advised, and acting in what they consider their best interests; • a reasonable time is allowed for exposure in the open market; • payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and PAGE B3 Integra Realty Resources • the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Dictionary; 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) Marketing Time The time it takes an interest in real property to sell on the market subsequent to the date of an appraisal. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal; the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price supportable by concurrent market conditions. (Dictionary) Modified Gross Lease A lease in which the landlord receives stipulated rent and is obligated to pay most, but not all, of the property's operating expenses and real estate taxes. (Dictionary) Net Lease Generally a lease in which the tenant pays for utilities, janitorial services, and either property taxes or insurance, and the landlord pays for maintenance, repairs, and the property taxes or insurance not paid by the tenant. Also called single net lease, modified gross lease, and semi-gross lease; sometimes used synonymously with single net lease but better stated as a partial net lease to eliminate confusion. (Dictionary) Net Net Lease Generally a lease in which the tenant pays for utilities,janitorial services, property taxes, and insurance in addition to the rent, and the landlord pays for maintenance and repairs. Also called double net lease, NN, modified gross lease, and semigross lease; sometimes used synonymously with single net lease but better stated as a partial net lease to eliminate confusion. (Dictionary) Net Net Net Lease A net lease under which the lessee assumes all expenses of operating a property, including both fixed and variable expenses and any common area maintenance that might apply, but the landlord is responsible for structural repairs. Also called triple net lease or NNN but better stated as a fully net lease. (Dictionary) Overage Rent The percentage rent paid over and above the guaranteed minimum rent or base rent; calculated as a percentage of sales in excess of a specified breakeven sales volume. (Dictionary) Percentage Rent Rental income received in accordance with the terms of a percentage lease; typically derived from retail store and restaurant tenants and based on a percentage of their retail sales. (Dictionary) PAGE B4 Integra Realty Resources Prospective Value Opinion A forecast of the value expected at a specified future date. A prospective value opinion is most frequently sought in connection with real estate projects that are proposed, under construction, or under conversion to a new use, or those that have not achieved sellout or a stabilized level of long-term occupancy at the time the appraisal report is written. (Dictionary) Replacement Cost The estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design and layout. (Dictionary) Reproduction Cost The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, superadequacies, and obsolescence of the subject building. (Dictionary) Shopping Center Classifications (ULI) Convenience Center: provides for the sale of personal services and convenience goods similar to those of a neighborhood center. It contains a minimum of three stores, with a total GLA of up to 30,000 square feet. Instead of being anchored by a supermarket, a convenience center is usually anchored by some other type of personal/convenience service such as a minimarket. Neighborhood Center: provides for the sale of convenience goods (foods, drugs, and sundries) and personal services (laundry and dry cleaning, barbering, shoe repairing, etc.) for the day-to-day living needs of the immediate neighborhood. It is built around a supermarket as the principal tenant and typically contains a GLA of about 60,000 square feet. In practice, it may range in size from 30,000 to 100,000 square feet. Community Center: provides a wider range of soft lines (wearing apparel for men, women, and children) and hard lines (hardware and appliances). The community center makes merchandise available in a greater variety of sizes, styles, colors, and prices. Many centers are built around a junior department store, variety store, super drugstore, or discount department store as the major tenant, in addition to a supermarket. Although a community center does not have a full-line department store, it may have a strong specialty store or stores. Its typical size is about 150,000 square feet of GLA, but in practice it may range from 100,000 to 500,000 or more square feet. Power Center: type of community center. It contains at least four category-specific, off- price anchors of 20,000 or more square feet. These anchors typically emphasize hard goods such as consumer electronics, sporting goods, office supplies, home furnishings, home improvement goods, bulk foods, drugs, health and beauty aids, toys, and personal computer hardware/software. They tend to be narrowly focused but deeply merchandised "category killers"together with the more broadly merchandised, price-oriented warehouse club and discount department stores. Anchors in power centers typically occupy 85 percent or more of the total GLA. Tit PAGE B5 Integra Realty Resources Stabilized Occupancy Occupancy at that point in time when abnormalities in supply and demand or any additional transitory conditions cease to exist and the existing conditions are those expected to continue over the economic life of the property; the optimum range of long- term occupancy which an income-producing real estate project is expected to achieve under competent management, after exposure for leasing in the open market for a reasonable period of time at terms and conditions comparable to competitive offerings. (Dictionary) Value As Is The value of specific ownership rights to an identified parcel of real estate as of the effective date of the appraisal; relates to what physically exists and is legally permissible and excludes all assumptions concerning hypothetical market conditions or possible rezoning. (Dictionary) PAGE BG IRR Integra Realty Resources GREELEY MALL ADDENDUM C SUBJECT PHOTOGRAPHS IRR Integra Healy Resources st", 1111111111 astioto�- ._ • i r A .MINA "Tir sir ■in r Sears Anchor Store on north end of mall Cinemark Anchor Store on northwest end of mall (Photo Taken on April 6, 2011 ) (Photo Taken on April 6, 2011 ) trrn SCAMS /a 1NXNtSIE ' 'ti.i; Mall Entrance Monument sign along Highway 34 (Photo Taken on April 6, 2011 ) (Photo Taken on April 6, 2011) N, O Outlot (Olive Garden) Outlot (Chuck E Cheese) (Photo Taken on April 6, 2011 ) (Photo Taken on April 6, 2011) IRIZ Integra Realty Resources ••i ` �1/4 ' i � ` L . `—`+ ' _ 1. Y •I a' , ,.r, •It-_. • �l b...r- bill' 1 v a. — ILIII WINtrai AIMW sea Interior View: Common Area In-line tenant: Bath & Body Works (Photo Taken on April 6, 2011 ) (Photo Taken on April 6, 2011 ) z Gale ,, , , i - . 1 0 I Asir A y_ I. &_p i Nrips 10F , , ti . , . .. . ... . 41_, _ _ . i • . _. . : : tout In-line local tenant Interior View of common area (Photo Taken on April 6, 2011) (Photo Taken on April 6, 2011) • _ — _ . . , alb - _ a _ 1. q' ,, n Were -- "it Interior View vacant space Interior View (Photo Taken on April 6, 2011) (Photo Taken on April 6, 2011) 1RR. Integra Realty Resources ADDENDUM D FINANCIALS AND PROPERTY INFORMATION 1W Integra Reran Resources e Prepared for: InterFlood Integra Joseph Farber & Company 0 try a la rode www.interflood.com • 1-800-252-6633 greeley, CO lake . Renoir: I—I / Alitlib. o - ,ct _ O , ill Cane [ 71-1? F-` 0184 0004 B I��II FLOODSCAPE Flood Hazards Map Map Number 08018400046 Effective Date July 16, 1979 C k o' 2000' 4000' 6o0d 8000' Powered by FbadSounoe 1 57T.i7.FLOOD 'MM.fbodsouroe.corm ®1999-231O souroeProse ardor FbodSowrx Corporatots.AlI rifts reserved.Patents 03,631,326 and e,e78,e15.Other patents pending. For Info: infoe&bodsowroe.corn. LNR Partner,Inc. Real Estate Asset Operalbu Greeley Mall.Greeley.CO 1011 Buten Plan Prvpnn Tale: Regional Mall Total Sq.EE: 412,682 Properly Nat: Greeley Mall Beg Ocrapaacy Slam: 49% Lora C M1702003001 End Oeapaw3'Rate: 49% Tide Date: I It II Act.Occaryacr DPe: 49% Assaaplmm: 20)0 Pm per 1010 Ac1uh are a combination°I ODIC llmAgoa CBRE(Ly Atteolx lave MS ill! Artmil .YL1 Dec).2011 AetuM me Wme fee Jan&Eels some Dec 2010 expenses Grua Passim,Ron 53332.985 1808 3142.989 0581 were paid is 3002011. ItsmLossYcy l a Cmvaio (llI.036) III 091 0 10.00 GSM.PNntla Oral Is mam.oral PLL tents 1*00 assmpums Eayav RmdnmmY 684,46S I 66 1.142.373 2 77 nude to lease nneol vacanciespesem6 . m Rem 0AI 41.38) 0 10 V40400 Less&Coaeensles Awls amen me based wnnren nar101 rams Pe0469IW 00 CO 0 000 Expense Rmmbareuaaa an expected®Pit Loon Amsou, Orb Renal income Percentage Rat unpm0e0pwsvim decline mks FRndrc Com'Income 63.368197 SP it 14068710 1986 Other loath Income 06 combination of mukmim impetus&and apecully leasing 1500000. Optaaq Expenses Real Estee Ines reflects tots-ton of 190.000 h®areceol ma ygeal R.'Emit Ines 602,662 1 46 638,224 I S5 and eym1M paymy0 5 fill m of April 30.2011 Phony Ina.. 000Prawns 0.10 Prasimunme expense lo be svlg4n by un Asset 00o Utilities 0.89 1000 00 Pepsin ad Mam0eaam and lanais]apaun show Pepsin mid Mumm¢ 211921 3 !0311 0.36 inability over preset smote to SK o* ® 'PR rem and Janitorial 203639 101.363 to expense a portico to mngemrvl Fen art based m a Oat(teaU.!000G'm Mamgm9t Fen 1138!0 0 20 040 Patmy&Benefits are inclusive of AI non SWy m l CP fae h 121 pol&Benefits 303.189 31105 092 nivdrvsnble. Adcvnsto and Markem! 102097 023 _ 02! Professions)Fen reflect accounting aucln fees and legal fm fan leasing Po0,00& Flea 40.200 06313 04 and stisr t& Cmeral&Adt®aTWe 3400M 2W423 073 AdsTWng&\bad.,„„mclmi,or uwke0ug irxpnuM and Goad R® 000 0 wreaks l&Ad fees Ow &Admlbtallve is lnchuise of s0uny costs wlicbm Ober Exposes 61.328 0 19 88,185 0'_I s 0eimbuable Tool Oym fl Enemas 620 743003 ! herExpenanne LL operative corn,marketing OM cwmw mls No Operetta.Incest(Loss) 1811,269 1197 11723103 s4 i68 and personal Pmpeny Ores. Lenten cnmmjsaas es'Rant lgmeran be m0 been -oaOperamtEoMsee uned Lore Commissions0 000 62.220 0.15 Clp001 Expenses.none plumed for 2011. Twat Impo0mes 0.00 Otherpm&mwal Frey 0 000 1250 0W capita¢Vm*mn 000 0 0.010 TOW Non-Opening Expense 0 0W 63.470 0.13 Net Ca aaoe 1011.269 II.97 51160.227 1402 Disposition Commend: Property Address: submitted:Real Emilie Asset Manager Loan Balance: Approved'.Direclm of Real Esu¢A000i Management Tonal Enposua: Apposed:Disiaion Rnideni T 41_'20113.1!PM PAGE 1 OF 1 e�p e e a e e o e e e a e e e e e e e e e a e e r g T y 0 h b O O O N N N 0 N N O S H O W f0 0 0 r a N N )' N O R Oi O N O to n v 4 0 S g O N 0 0 0 r 0 0 O < • pp p yp ,pp r 0 o 000 0 0 0 0 000r 0o O m 0 ,- 00000' 0W W. N ON) C) N C (O N O N O O O O N 0) h h i0 (0 0 0 10 N N a O N l0 OI 0) O N W O O N M N N N O) 0 O W (O lD N m M m y m 0 COW O 0 O V N r V h h M N N O 00 to No W 0, -. 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CO § \ ( ( U) k \ - , � 0 0 C0O 0 0 0 CI)0 0 0 0 000 CO -0 0 0 l- ADDENDUM E COMPARABLE DATA IRR Integra Realty Resources RETAIL SALE PROFILE ir Location & Property Identificatio ainillilla - • - - - - - Property Name : Cincinnati Mills Mall Sub-Property Type: Shopping Center: Super 1i►, ,z '7` "' - Regional Center/Mall - =^ • 4 ` GN::yNari a u� ! A. Address: 600 Cincinnati Mills Dr. 4,-..v....,..- ,. • , , tit City/State/Zip : Forest Park, OH 45240 '''may """" County : Hamilton • I • •-� c.et—• .... - 4 ' € • - - Market Orientation : Suburban .,, 9 •, - - _ .. ,.. G r 4, `.Ss6114 Property Location : NEC I-275 & Gilmore Road CINCINNATI MILLS L.rrr-I., r.'Iu �t Acr at Vc .v IRR Event ID ( 397890 ) MSA : CINCINNATI-MIDDLETOW Sale Information N, OH-KY-IN Sale Price: $5,900,000 METROPOLITAN STATISTICAL AREA Eff. R. E. Sale Price : $11,646,960 Legal/Tax/Parcel ID : 591-0028-0093-00 et al Sale Date: 03/16/2010 GBA-SF: 1,750,000 Sale Status: Closed GLA-SF: 1,438,761 $/SF GBA : $6.66 Acres(Usable/Gross) : 94.66/94.66 $/SF NRA : $8. 10 Land-SF(Usable/Gross) : 4, 123,215/4, 123,215 Grantor/Seller: Cincinnati Mills, LLC Usable/Gross Ratio : 1 .00 Grantee/Buyer: Cincinnati Holding Year Built: 1988- 1989 Company, LLC Most Recent Renovation : 2004 Prope. Rights Conveyed : Leased Fee Improvements Cond . : Average of Interest Conveyed : 100.00 No. of Buildings/Stories: 1/2 Terms of Sale : Cash to seller Multi-Tenant/Condo. : Yes/No Document Type: Warranty Deed Ceiling Height Minimum : 10.00 Recording No. : Various Ceiling Height Maximum : 16.00 Total Parking Spaces : 7500 Verified By : Raymond A. Jackson, MAI, CRE Park. Ratio 1000 SF GLA: 5 .21 Verification Date: 6/7/08 Park. Structure Space : 3000 Verification Type : Confirmed-Confidential No. Surface Spaces: 4500 Park. Ratio 1000 SF GBA: 4.29 Sale Analysis Parking Conformity: Yes Other Adj. : $5,746,960 Fire Sprinkler Type : Wet Adjust. Comments : Delinquent Taxes Current Use : Regional shopping mall Improvement and Site Data Cincinnati Mills Mall I Rik„. Copyright 2007 Integra Realty Resources, Inc. IRR-Data Point An IRR System RETAIL SALE PROFILE Improvement and Site Data (Cont'd) ;gni Roof Comm. : Roof: Rubber membrane (replaced in 2004) HVAC: Roof mounted gas-fired combination units with individual controls in tenant spaces. It is reported that 47 out of 52 units serving the non-anchor space were replaced in 2004. Shape: Irregular Topography: Rolling Bldg. to Land Ratio FAR : 0.42 Zoning Code : PB/C-2 Zoning Desc. : Planned Business/Commercial Encumbrance/Easements : No Environmental Issues : No Flood Plain : No Flood Zone : X - 39061C0070D Utilities : Electricity, Water Public, Sewer, Gas, TelePhone Improve. Info. Source : Inspection Source of Land Info. : Public Records Comments Sale of a large shopping mall that has had occupancy challenges over the last several years. This particular sale of the property contained an occupancy rate reported to be south of 40% . The sale includes a $4,753,040 transaction recorded in Hamilton County with the balance of $1, 146,960 being for the Butler County properties. Total recorded price of $5,900,000 and was essentially the outstanding mortgage debt on the property. Upon confirmation, it was reported that the buyer had to pay an additional $5,746,960 in back real estate taxes and penalties in order to get title to the property. This is added to the recorded price for a total consideration (effective purchase price) of $ 11,646,960. Prior sale in December 2008 (appears to be for 100% of the LLC interest which was essentially the real estate) for a reported price of $8,250,000 and vacancy was reportedly 41%. Roof: Rubber membrane (replaced in 2004) HVAC : Roof mounted gas-fired combination units with individual controls in tenant spaces. It is reported that 47 out of 52 units serving the non-anchor space were replaced in 2004. Cincinnati Mills Mall I \. 1 \ e Copyright 2007 Integra Realty Resources, Inc. IRR-Data Point An IRS?System RETAIL SALE PROFILE Location & Property Identification Property Name : Charlestowne Mall • at" '' i 'lt. ` I/ - Sub-Property Type: Shopping Center: Super "� , , I .,.! .Regional Center/Mall -- Address: 3800 E. Main St. ,-- . . S .• r.m _ti ,. City/State/Zip : St. Charles, IL 60174 i I , i s f•�f�' : . 4 M - ..-^- 1 I ifIUllllllllll' a, 4 is ~^ County : Kane ' Y . � -��.ti - ••^rip r . -. +. ll Market Orientation : Suburban -#' IRR Event ID ( 406419 ) Multi-Tenant/Condo. : Yes/No Sale Information Density-Unit/Gross Acre: 1 .41 Eff. R. E. Sale Price : $12,000,000 Bldg . to Land Ratio FAR : 0. 18 Sale Date: 06/10/2010 Improve. Info. Source: Public Records Sale Status: Closed Source of Land Info. : Public Records $/SF GBA: $19.21 Comments $/SF NRA : $19. 21 Anchor tenants at time of purchase included Von Eff. Price/Unit: $107, 142 /Suite Maur (separately owned space), Kohl's (separately Case Study Type: none owned space), Sears, Carson Pirie Scott, and Classic Prope. Rights Conveyed : Leased Fee Cinemas. The property management office quoted of Interest Conveyed : 100. 00 an occupancy rate of 75% based on square footage. However, according to an article in the St. Charles Document Type : Deed Republican, only 38 of the mall's 112 units (43%) Verified By : Nick McGinn were occupied at the time of purchase. Verification Date: 7/21/10 Leasing office quotes total mall square footage of Verification Type : Secondary Verification 847,370. This includes two separately owned anchor stores (Kohl's and Von Maur). After subtracting said Operating Data and Key Indicators anchor tenants' square footage, final square footage amounts to 624,798. Vacancy Rate: 25% Sale Analysis Current Use : Regional Mall Improvement and Site Data r MSA: Chicago GBA-SF: 624,798 GLA-SF:F: 624,798 Year Built: 1991 No. of Buildings/Stories: 1/2 No. of Units/Unit Type : 112/Suites Charlestowne Mall Copyright 2007 Integra Realty Resources, Inc. IRR-DataPoint An IRR System INDUSTRIAL SALE PROFILE Shopping Center:Super Regional Center/Mall IRR Event ID (358820) IRR Integra Realty Resources ..rd rt. South Bay Pavilion � .� .. y 20700 Avalon Blvd Carson, CA 90746 1 - " �'• ' - Sale Date: 07/20/09 —� an-. '� Effective Price/SF of Rentable Area: $134.46 Property Identification County: Los Angeles Latitude: 33.8436 MSA: LA Metro Longitude: -118.2632 Submarket: Los Angeles Sale Information Effective R.E. Sale Price: $49,751 ,333 Conveyance Doc. Type: Deed Grantor / Seller: Hopkins Real Estate Group Property Rights Conveyed: Leased Fee Grantee / Buyer: Vintage Capital Group Percent of Interest Conveyed: 100.00 Verification Date: 10/21/09 Sale Status: Closed Verification Source: Hopkins Real Estate Market Terms of Sale: Cash to Seller Verification Type: Confirmed-Seller Operating Data and Key Indicators Net Operating Income: $3,606,972 OAR (Cap rate) Actual: 7.25 Operating Data Type: In-Place Income Sale Analysis Current Use: Shopping Center Proposed Use Change: No Improvement Data NRA (SF): 370,000 Construction Description: Masonry Year Built: 1973 Building Class: B Most Recent Renovation: '1992 M&S Classification and Class: B Multi-Tenant: Yes Improvements Condition: Good Site Data Gross Land Area (Acres): 73.00 Usable Land Area (SF): 3,179,880 Comments This center contains 240,000 sf of in-line stores. The additional 130,000 sf is contained in outparcels including a 24 Hour Fitness, Chili's, Tony Roma, and WaMu. The anchors are separately owned and have reciprocal easements with the mall. In-line occupancy was ] RR-Data Point An;RR System v2007-01-31 approximately 92% inclusive of temporary tenants. In-line sales were approximately $250/sf. The cap rate was approximately 7.25%. Previous ownership invested around $30 million toward renovating the property. The buyer plans to add a cinema to the tenant mix. I RR-Data Point An IRR Sy stem V2007-01-31 gees 'e al�� - -- . ! i - u 1 ere ISale No. 7 I Property Name Flatiron Crossing Location Broomfield. CO Grantor Macerich Grantee GI Partners .Year Built / Renov 2000 Sale Price $347,333,000 Sale Date Aug-09 )SF(In-Line Shops 723,000 Price/ Total SF $421 .52 In-Line Sales PSF $443.00 Price/ GLA Sold $421 .52 Estimated NOI $42,500,000 Price/ Inline SF $480.41 )SF(GLA Sold 824,000 )SF(Total GLA 824,000 NOI/ Sold SF $51 .58 .In-Line Occ 91% Inline/ Total SF Ratio 88% Inline/ Sold SF Ratio 88% Cap Rate 7.5% r _ , . ..Ne _t_, - . _ . 4,, . tii1 • mil' .. ,. .....„ . " ¶t a - i ,..Ili Ilk / . fi de t IS r Jeer- awe Ulli? r ti ' ISale No. 6I Property Name Johnstown Galleria Location Johnstown, PA Grantor Zamias Services Grantee Gemini Real Estate .Year Built / Renov 1992 Sale Price $57,250,000 Sale Date Jun-08 )SF(In-Line Shops 252,000 Price/ Total SF $421 .52 In-Line Sales PSF $280.00 Price/ GLA Sold $421 .52 Estimated NOI $4,580,750 Price/ Inline SF $227.18 )SF(GLA Sold 365,000 )SF(Total GLA 365,000 NOV Sold SF $12.55 .In-Line Occ 92% Inline/ Total SF Ratio 69% Inline/ Sold SF Ratio 69% Cap Rate 8.0% - c . 40 AS )11k, . { S. '� �g: r--._` - , i ipv, . I . i 1 • . • t 0 lit • ` agehetit a- i _( .Year Built ! Renov 1997 Sale Price $20,500,000 Sale Date Jan-09 )SF(In-Line Shops 400,000 Price/ Total SF $25.28 In-Line Sales PSF 150 Price/ GLA Sold $25.28 Estimated NOI 2.027,500 Price/ Inline SF 82.00 $ )SF(GLA Sold 811 .000 )SF(Total GLA 811 ,000 NOI/ Sold SF $2.50 .In-Line Occ 55% Inline/ Total SF Ratio 49% Inline/ Sold SF Ratio 49% Cap Rate 10.0% 7 �." 4.1.'��1' . 17- __ �— ^ 1 •/ :i• rM��..ti O, 1 • . • • • . 1 • • •' • • • - * "pi-1 I 1 Sr _ - a .nwr►w aweaIOw• I ill i 1. rig! , ,, . IIIIIMEI - —ii - 1 i , , •.. .. . ... vett 7-- 1 r i - --1 .Au _ i I tricei , !TJTET e i a • , , i, it; :ail_ ', - ' , . ' i 4f ' It' ._ . _alit -."-_•••- ' ti. • Ili _ -..-. k- hitt Alli . -L.:-...-- --; „:7--.1 --; LL.1: --:::: I .Sale No 4 I Property Name Westshore Plaza Location Tampa . FL Grantor Glimcher Realty Trust Grantee Blackstone Group .Year Built / Renov 1967/2001 Sale Price $135,000,000 Sale Date Nov-09 )SF(In-Line Shops 400,000 Price/ Total SF 195.40 $ In-Line Sales PSF $422.00 Price/ GLA Sold 127.47 Estimated NOI 25,657,767 Price/ Inline SF - $ )SF(GLA Sold 1 ,059,112 )SF(Total GLA 1 ,059,112 NOW Sold SF 12.11 $ .In-Line Occ 96% Inline/ Total SF Ratio 38% Inline/ Sold SF Ratio 38% Cap Rate 9.5% 0 _ _ r •. ti S. - • ti ' - i ear •1 1 P I .Sale No 3 I Property Name Hill Country Galleria Location Austin. TX Grantor Opus West Grantee Research Near Built / Renov 2008 Sale Price $61 ,553,030 Sale Date Feb-10 )SF(In-Line Shops 425,000 Price/ Total SF $94.70 In-Line Sales PSF N/A Price/ GLA Sold $94.70 Estimated NOI N/A Price/ Inline SF 144.83 $ )SF(GLA Sold 650,000 )SF(Total GLA 650,000 NOI/ Sold SF N/A .In-Line Occ 70% Inline/ Total SF Ratio 65% Inline/ Sold SF Ratio 65% Cap Rate 0.0% v. MALL in --- El; Ji,4 1 4 • dr+ Inas l . • ;' -*-, tv 4 A r II l t t •• • I p' M "`',M- ---sit I .Sale No 2 I Property Name Greenbriar Mall Location Atlanta, GA Grantor Hendon Properties Grantee KDI Atlanta Mall LLC .Year Built / Renov 1965/1997 Sale Price $26,430,000 Sale Date Feb-10 )SF(In-Line Shops 375,000 Price/ Total SF $32.72 In-Line Sales PSF $250 Price/ GLA Sold $32.72 Estimated NOI N/A Price/ Inline SF 70.48 $ SF Sold GLA 807,697 SF Total GLA 807,697 NOI/ Sold SF N/A .In-Line Occ 96% Inline/ Total SF Ratio 46% Inline/ Sold SF Ratio 46% Cap Rate N/A w lilliT.. . air e \ t L . 1 ?..1141%;sea ., a i 4frit . . ...- IS. . 0 * . 5 Mi•IV i t s NM , ..,,, , •-„,. • ir a s . ? —�'--,, ,Y r•� -- !t , `. ' , AL 'r4ciitv_. '.'" L a .• Tea Irma • ' .. I . al .1 . el\ Ina li I _ ttl, I A i!: 4 Le • a _ • I .Sale No 1 1 Property Name West Oaks Mall Location Houston, TX Grantor LNR Partners Grantee Partners .Year Built / Renov 1984/2004 Sale Price $15,000,000 Sale Date Dec-09 )SF(In-Line Shops 330,236 Price/ Total SF $29.69 In-Line Sales PSF N/A Price/ GLA Sold $29.69 Estimated NOI 1,995,000 Price/ Inline SF 45.42 $ )SF(GLA Sold 505,236 )SF(Total GLA 505,236 NOI/ Sold SF $3.95 .In-Line Occ 70% Inline/ Total SF Ratio 65% Inline/ Sold SF Ratio 65% Cap Rate 13.3% ADDENDUM F DCF REPORTS 1W Integra Realty Resources LLLwE& 00¢ or O-a Oro F) n %0 NO LL _ m..yg m .. V %-.. m ..% r..t c E tot ) U- T)C 2` LL d 2' oo E^ �°o .298 too t•9" t"eoo t° .E°o i'°In �e —y i"'OW -6.2 m • mm conic n4 nm w 'm 'flu wn'°R� °° —6 K n; o co- 2g 2E E v 2g'. -2 m 2E b 2'a 2 EE 2 E v 2 E . -oS m w p0 n wmLL 2- WLL q0 m0 " w Ew $ cs Q„ $ y Vl N O N N 0 0 N N CO J "m c E r0 O EME 0 4 0 Z.g 0 a E0.a c rc E E. 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J a 6 y d a qOw y O❑a p o w o o n o 0 o S ❑ Z,J o Z.J m` 0 Uo 02 5)a y O. n m m ro 0, d r d m 2g2 C m2 t m2 €a t. o Ii 0202 '5 ooi m :_ '5 :0 - 0 -3333000-5 0 c E U' m " E U E 0, w ".N m 2' mg m Cd i N S t W N t%1 N 0 N 0 N w N m U c a O o E a m z g y _ m" yC >a am Ua ad Wm U > Jmd C C C C C C C �C C C C O j —0o00 ,O aa ugaaE > > E m m m W m m Iv m m Iv m m Ia m t m Z1 u 0 E 0 n n E tcoo , O O O O O m o O O o O O O y0wp.c0 m N0p.tmU d J d m m O d 0 C C m m m W m moo m m m m IS CC > > > > > > > > > > > > > m��m¢5 $f�m¢5 oattUUUZ do» 0 U a 2 ADDENDUM G LETTER OF AUTHORIZATION 1W Integra Realty Resources RETAIL PROPERTY INSPECTION REPORT Site Inspector Information Name Tom Jeffries Firm/Company Name Integra Realty Resources Street Address 2000 S Colorado Blvd.,Tower 1,#10800 City/State/Zip Code Denver,CO 80222 Area Code/Phone Number 303-300-1211 Date of Inspection 4/6/2011 Reviewed By Date of Review Property Manager Information Name Sandra Oclock Firm/Company Name CBRE Street Address 2050 Greeley Mall Street City/State/Zip Code Greeley, CO 80631 Area Code/Phone Number 970 356 4255 Position Held General Manager Responsible for Leasing? No Length of Time Affiliated with Property less than one year None General Comments Page 8 RETAIL PROPERTY INSPECTION REPORT Property Condition INTERIOR CONDITION Excellent Good Fair Poor General Condition X Paint X Flooring/Carpeting X Common Areas X Mechanical Areas X Typical Store X Doors X Lighting X Ceilings X Overall Building Condition X EXTERIOR CONDITION Excellent Good Fair Poor General Condition X Landscaping X Adequacy of Interior Roads/Parking X Condition of Paving/Roads X Lighting X Paint X Windows X Facade X Roof X Amenities X Good Overall Quality of Property/Location Good Overall Property Condition None identified Deferred Maintenance None identified Environmental Concerns Page 3 RETAIL PROPERTY INSPECTION REPORT Property Rental Data Percentage 56% Sq. Ft. 197,030 Property Vacancy Market Vacancy(Stabilized) N/A Asking Rent(S/sq.ft.) Primary Space Varies Secondary Space Varies Avg. Free Rent(number of months) 0 Avg. Tenant/mprov.Allowance(S/sq.ft.) 10 Avg. Brokerage Commission (%& S/sq.ft.) N/A Other Concessions None Avg.Lease Term 3-5 yrs Type of Rental Escalation 3%annual Percentage Rent Varies by lease Gross or Net Lease(expense stops?) gross limited Describe Recent Leasing Activity none General Comments Page O RETAIL PROPERTY INSPECTION REPORT Subject Property Property Name Greeley Mall Street Address 2050 Greeley Mall Street Intersection Hwy 34& 23rd Avenue County Weld City/State/Zip Code Greeley, CO 80631 Subject Description Year Built 1973 Year Renovated 2003 Describe Renovation Addition,new fire sprinklers,new flooring,new fireplace Gross Sq. Ft N/A Net Rentable Sq.Ft. 417,663 Total Land Area 50.19 acres Neighborhood Data Area(urban,suburban, other) Suburban Growth(growing,stable, contracting) stable Centerra Subject's Primary Competition Subject's Competitiveness in Market Below average multifamily,commercial Uses in the Area&Percentages (multifamily,commercial,industrial, residential, vacant land) Income Level(upper,middle,lower) middle none New Construction Activity Major Off Site Demand Generators University of Northern Colorado Page 1 RETAIL PROPERTY INSPECTION REPORT Property Data Property Type(strip,neighborhood,etc.) Regional mall Number of Buildings l Number of Stories I Number of Anchor Units 5 Cinemark, Sears, JCPenney, two vacant anchors Anchor Tenant Name(s)& Occupancy Number of Outparcels 4 Roadkill Grill,Olive Garden, Perkins, Chuck E Cheese Outparcel Tenant Name(s)& Occupancy Security(including systems) Cameras, locks Sprinklered Wet system Multiple Ingress/Egress to Property Visibility&Access from Road Good Open Parking(number of spaces) Ample Covered Parking(number of spaces) None Ceiling Height 25-30 ft HVAC Systems/Energy Source Package units on roof Building Exterior(facade materials) Concrete aggregrate, eifs Structure(brick,block,tilt-up,metal) Block Roof Type(built-up,single ply, other) Built-up Shell Space(%& sq.ft.) N/A None General Comments Page 2 LNR Partner., LLC Via email: bweiman@irr.com March 10, 2011 Mr. Brad Weiman,MAI Integra Realty Resources Denver 2000 S. Colorado Blvd, Suite 10800 Denver, CO 80222 Dear Brad; This letter will confirm your engagement to prepare an Appraisal Update Assignment under the following terms and conditions. Please include the below property information in your appraisal report and your invoice. PROPERTY IDENTIFICATION Greeley Mall 2050 Greeley Mall Street Greeley, CO 80631 BORROWER NAME Greeley Mall I/GKD Fund I, LLC LOAN NUMBER M170203801 DEAL NUMBER MLCFC 2006-4 CONTACT INFORMATION Borrower Contact: Contact Asset Manager Asset Manager: Rod Lauredo (305) 695-5357 (Rlauredo@lnrproperty.com) For access to the property, please contact the borrower contact. Questions regarding the property should be directed to the LNR Asset Manager. The Asset Manager shall be contacted no later than three (3) days after receipt of this engagement letter and acceptance of the assignment. If information from the Asset Manager is not received within ten (10) days of the date requested, Cynthia DeBenedetto shall be notified. The appraisal report shall be prepared using current market data if the financial information is not received within fifteen (15) business days of the date requested. Please confirm with Cynthia. SCOPE OF ANALYSIS The appraisal must meet the following minimum requirements: • Estimate the As Is Market Value of the Leased Fee Interest of the Property, in its current condition, as of the date of your property inspection. • Estimate the As Stabilized Market Value of the Leased Fee Interest (if applicable) as of a prospective future date if the property is not stabilized. 1601 Washington Avenue• Suite 700 . Miami Beach, Florida 33139 Telephone: (305) 695-5600 •Fax: (305) 695-5601 Page 2 March 10, 2011 Re: Greeley Mall—Greeley, CO—Engagement letter 2011 • The appraisal must be a complete analysis, prepared in a Self-Contained report format with the Income Capitalization and Sales Comparison Approaches presented at a minimum. • A discounted cash flow analysis should be included utilizing Argus where applicable, and all inherent assumptions will be outlined and discussed. • If the Cost Approach is not deemed applicable, an Insurable Value estimate is required. • A comprehensive market analysis is required for all assignments. • Photographs and maps of all sales and rent comparables should be included, as well as complete sale write-ups. • All appraisers or associates who sign the appraisal report should have thoroughly inspected the subject property, the neighborhood, and at least an exterior inspection of the sales and rental comparables. • The report must be prepared and signed by a Member of the Appraisal Institute (MAI) and must include the qualifications of the designated MAI appraiser. The appraiser must also be a licensed State Certified General Appraiser licensed to do business in the State of the appraised property. Also, any junior level appraiser who significantly contributes in the preparation of the report must have a minimum of two years of appraisal experience and must be licensed and State Certified. LNR Partners, LLC. expects the designated MAI appraiser to sign the appraisal and take full responsibility for the analysis and conclusions within the report. DELIVERY DATES You agree to deliver one (1) draft copy and a PDF of your report, along with a copy of your invoice for payment, no later than 04/11/11. The draft copy shall be complete, proofread reports containing all exhibits and color photos. The following is a summary of the applicable due dates: Contact Asset Manager and request property financial information: 03/14/11 Notify Asset Manager & Cynthia DeBenedetto regarding missing information: 03/21/11 Initial draft copy due: 04/11/11 If the draft copies are not received by the stated due date, a late fee equal to One Hundred Fifty Dollars ($150.00) per day will be charged and deducted from the Maximum Fee due for this assignment. An extension may be requested, but must be approved by the Appraisal Manager at LNR Partners. Upon completion of our internal review and any required revisions, a final PDF and Argus Run will be delivered to the e mail address of the Appraisal Manager with a copy to the Asset Manager. (cdebenedetto@lnrproperty.com.) Page 3 March 10, 2011 Re: Greeley Mall—Greeley, CO—Engagement letter 2011 COMPENSATION TO APPRAISER As agreed, your fee for this assignment will not exceed Seven Thousand Eight Hundred Seventy Five Dollars(S7.8751 ("Maximum Fee). The process and payment of your invoice for specially serviced matters is unfortunately an involved and prolonged process, which can and often does take, up to 90 days. This is primarily attributable to the fact that payments are not made directly by LNR but must be processed through the respective master servicers for each separate REMIC transaction. Please advise your internal billing department of this matter. We will be happy to respond to any payment status inquiry after 60 days from receipt of invoice. RELIANCE LANGUAGE The report should be addressed to Cynthia DeBenedetto, MAI, Commercial Appraisal Manager LNR Partners LLC., at 1601 Washington Avenue Suite 700, Miami FL 33139, and must include the following reliance language in the Letter of Transmittal and in the Intended User section: "This appraisal is prepared for LNR Partners, LLC. ("LNR") on behalf of MLCFC 2006-4 GREELEY RETAIL, LLC, a Colorado limited liability company, LNR Partners, LLC, a Florida limited liability company successor by statutory conversion to LNR Partners, Inc., a Florida corporation, its manager and is intended for the exclusive use of LNR, the Trustee, their consultants and attorneys. The contents of the appraisals and the value estimate should not be revealed to any other than LNR, or the Trustee, or their attorneys. This report may also be relied upon by any purchaser or assignee of the Property Note in determining whether to acquire the Property Note or an interest herein (which may include securities which are secured all or in part by the Property Note). In addition, this report may be relied upon by any rating agency involved in rating securities secured by, or representing an interest in, the Property Note and any investors purchasing securities issued by a trust with an ownership interest, either directly or indirectly, in the Property Note. This report may be used in connection with the materials offering for sale of the Property Note, or an interest in the Property Note, and in presentations to any rating agency." Your acting in this capacity as an independent contractor and not as an employee, owner or agent of LNR and/or the Trustee, or Borrower, nor are you authorized, by implication or otherwise,to represent yourself as an employee or agent of LNR and/or the Trustee. CONFIDENTIALITY The appraisal report is intended for the exclusive use of LNR Partners, LLC., its successors and or assigns. Neither the content of the appraisal, property information obtained during the appraisal process, purpose of the report, or value estimate, should be revealed to anyone other than the Commercial Appraisal Manager or Asset Manager. Page 4 March 10, 2011 Re: Greeley Mall—Greeley, CO—Engagement letter 2011 GENERAL REQUIREMENTS The appraisal analyses, opinions and conclusions must be developed, and the appraisals must be prepared in conformance with all regulations issued by the appropriate regulatory entities regarding the enactment of Title XI of the Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREA), as well as the Uniform Standards of Professional Practice (USPAP). This Agreement is assignable by LNR to the Trustee or their successors. If at any time, LNR is terminated in its role as special servicer, this Agreement may be terminated by the Trustee, or LNR, and the fee shall be based upon a percentage of the work completed as of the date of termination. If you are in agreement with the terms of this engagement letter, please execute below and return email or via facsimile transmission to Cynthia DeBenedetto (305) 695- 5379 or cdebenedettona,LNRpropertv.com. Work on this assignment should commence immediately. Should you have any questions regarding this assignment, or require further assistance, please feel free to contact me. Sincerely, LNR PARTNERS, LLC. Cynthia A. DeBenedetto, MAI Manager Commercial Appraisal LNR Partners, LLC. 1601 Washington Avenue, Suite 700 Miami Beach, Florida 33139 (305) 695-5363 desk (305) 695-5379 fax cdebenedetto@LNRproperty.com cc: Rod Lauredo Page 5 March 10, 2011 Re: Greeley Mall—Greeley, CO—Engagement letter 2011 I HAVE READ THIS ENGAGEMENT LETTER AND AGREE WITH THE TERMS AND CONDITIONS HEREIN. 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Provided is a summary of the respondents'perceptions of the real estate market in the West/Central United States. A comparison of "Same Store" respondents was again made from the last survey to identify possible ANALYSIS METHODS capitalization rate trends. Although there were some increases in the stabilized rates,overall there was a slight We asked what type of valuation technique they most downward bias, which would translate into higher values. heavily relied upon. Capitalized Income or Direct The decreases were more prevalent in the apartment Capitalization remained the predominant method (92%) sector, consistent with most of the commentary we have followed by the Market Approach (81%). Of the been seeing on a national level. Decreasing rates were respondents, 31% indicated that they rarely use the Cost also starting to show up in the neighborhood/community Approach and 19% rarely used a Discounted Cash Flow retail sector as well. The suburban/low rise office market Technique. is still hying to find some direction as decreases were also Primary Secondary Rarely offset by increases in rates. Cost Approach 12% 58% 31% SALES/CLOSING COSTS Direct Sales/ 81% 15% 4% We also asked the respondents to estimate on a Market Approach percentage basis the total closing costs for a seller of real Capitalized 92% 8% 0% estate including brokerage commissions, legal/title work Income and other closing costs. The averages are summarized as follows: Discounted 38% 42% 19% Improved Cash Flow Vacant Commercial Sale Price Land Properties In Discounted Cash Flow (DCF) analyses, the holding period ranged from 3 to 10 years,trending more towards 7 Up to$1.0 Million 7% 7% to 10 years. ° MARKETING TIME $1.0 To$2.499 Million 6% 6% We again asked the respondents about marketing times for $2.5 To$4.999 Million 6% 5% properties. The first question asked how many months $5.0 To$9.999 Million 5%° ° typically elapsed between the time the property was listed 4/° and the time it was placed under contract, assuming the $10.0 Million&Over 5% 4% property was reasonably priced to begin with. The estimated marketing time decreased slightly from the last survey, with 23% of the respondents indicating a We look forward to continuing the survey with a Summer marketing time of up to six months, up from 19%in our 2011 issue. We welcome any comments or suggestions last survey. A marketing time of up to twelve months was you may have on how we may improve future issues to anticipated by 82%of the respondents. better meet the needs of those in the real estate industry. We sincerely thank those firms and individuals who The second question pertained to the time between participated in this Investment Survey. Let us know if contract and actual closing. 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O O O O O N O O O L . 4.! 0 E ti pO ., m cm �c+oo Cs 00 0000 oo oo cc roo ON Cs 1,gCN ,n Q co 46 roD Q-I m 2 U r e w W ` C 8 a on' gt: W L O O " F a" _ _ a a •, U e. a U O vE a N � � S c a ci) o' a 4 T il'� g A c z >, f, >, '<agi� .6V."'. _5 u o ''' • , m 0 u A, x-v,Vrx z.6 ii cd E it xv,z13 wA; Cel as U S >, 9 E r ft c• to u . Pq 0 U 'L10 y CO u G U 41 2 2 t 5C J u p NO 02 O vi 0 CI C) • PETITION TO STATE BOARD OF ASSESSMENT APPEALS For Office Use Only 1313 Sherman Street, Room 315 Phone: (303) 866-5880 Denver, Colorado 80203 Fax: (303) 866-4485 Docket No. Fee: Y N Check/Credit Card# Date: August 23, 2011 p F y Property Owner: MLCFC 2006-4 Greeley Retail LLC C/o Marvin F. Poer and Company Subject Property: 2050 Greeley Mall Street, Greeley Street Address City Schedule Number(s): See attached Attach separate sheet if necessary 0 Board of Equalization Appeals the decision of the Weld ['Board of Commissioners Dated: 7/29/2011 County ❑State Property Tax Administrator This Appeal concerns: IaValuation 0 Refund/Abatement 0 Exemption OState Assessed Tax Year: 2011 The subject property is currently classified as: ❑Agricultural 0Commercial 0Exempt ❑Industrial ❑Mixed Use ONatural Resources ❑Oil &Gas U Personal ❑Possessory O Producing ❑Residential ❑State Assessed O Vacant Land Interest Mines Actual Value assigned to subject property: $22,700,000 Petitiqner's estimate of value: $10,500,000 Estimated time for Petitioner to present the appeal: 60 minutes or 1 hours. Not less than 30 minutes. Board will allow equal time to County or Property Tax Administrator. Appearance: 0 Petitioner will be present at the hearing OPetitioner will appear by telephone 0 Petitioner will be represented by an agent Petitioner is responsible for calling the Board at 303-866-5880 0 Petitioner will be represented by an attorney on the scheduled date and time of hearing(Mountain Time Zone) fl Petitioner would like to appear by video conference Petitioner must contact the Board at 303-866-5880 at least 20 days in advance of the scheduled hearing to confirm availability of video conference equipment If the property owner is an entity,it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be represented by an officer of the entity as long as the amount in controversy does not exceed$10,000,exclusive of costs,interest or statutory penalties. A closely held entity can have no more than three owners. See Section 13-1-127,C.R.S. A closely held entity that will be represented by an officer of the entity must provide a letter to the Board with this petition stating that it has no more than three owners and that the tax amount at issue does not exceed$10,000.A trust filing a petition after 12/31/2010 must be represented by an attorney and must pay a$101.25 filing fee. Filing Fee: g None Petitioner is appearing pro se (self-represented)and has not filed more than two Petitions with the Board of Assessment Appeals during this fiscal year(July 1 —June 30). ❑ $ 33.75 Petitioner is appearing pro se(self-represented) and has filed more than two Petitions with the Board of Assessment Appeals during this fiscal year(July 1 —June 30). RI $101.25 Petitioner will be represented by an agent or by an attorney. In the space below, please explain why you disagree with the value assigned to the subject property Property overvalued by the income approach. �mvvwxc,Ce . n CC (11 yI iz on //- /CV 7 • • Required attachments to this form: 0 Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial O Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator Attachments required under certain circumstances: o A notarized Letter of Authorization if an agent will be representing Petitioner D A list of names, last known addresses and telephone numbers of co-owners or parties directly interested in the subject property if applicable. Certificate of Service I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to: ©Board of Equalization Weld p Board of Commissioners County U State Property Tax Administrator at the following loj address: P.O. Box 758 Greeley, CO 80632 O on S o2o i Date I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed, faxed or hand delivered to all co-owners or parties directly interested in the subject property on Date I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room 315, Denver, CO 80203 on C7 020) I Date (One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.) Petitioner's Mailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S. 39-8-109 Signature of Agent O or Attorney m Signatur of etitl er Ronald Loser Joe Monzon Printed Name Printed Name 1099 18th Street, Suite 2600 1601 Washington Avenue Mailing Address Mailing Address Denver, CO 80202 Miami Beach, FL 33139 City, State, Zip Code City, State, Zip Code Telephone: (303) 297-2600 Telephone: (303) 573-0975 Daytime number E-Mail: E-Mail: Attorney Reg. No.: It is the Petitioner's responsibility to notify the BAA of any change of address. Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to completing this Petition Form. The Instructions and Rules are available on the Web at www.dola.Colorado.gov/baa or may be requested by phone at 303-866-5880. Parcel Actual Value R2719704 $ 4,117,950 R4473006 $ 17,067,837 R4473206 $ 1,072,407 R4473306 $ 403,030 R4473406 $ 38,776 Total $ 22,700,000 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4242 FAX: ((970)) 352 352-0242 P. O. BOX 758 ' GREELEY, COLORADO 80632 �i COLORADO August 3, 2011 GREELEY MALL I/GKD FUND I LLC C/O GK DEVELOPMENT INC 257 E MAIN ST STE 100 BARRINGTON, IL 60010-4350 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R2719704 PARCEL#: 096119218001 -GR IMPS ONLY PT N2NW4 19-5-65 (YORK ANNEX GREELEY MALL) Dear Petitioner: On July 29, 2011,the Board of County Commissioners of Weld County, Colorado,convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above,for the year 2011. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon your above described property as set below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. The assessment and valuation is set as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $4,117,950 $4,117,950 AUG 0 4 RECD IVI.E.POEP DENVER 2011-1846 AS0079 GREELEY MALL I/GKD FUND I LLC - R2719704 Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals(BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 NOTE: On or after August 10, 2011, any appeal of the valuation of rent- producing commercial real property to the Board of Assessment Appeals shall provide to the County Board of Equalization the following information within ninety (90) days after the appeal is filed. For two full years, including the base year for the relevant property tax year: (1) actual annual rental income (2) tenant reimbursements (3) itemized expenses (4) rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates,option terms, base rent, square footage leased, and vacant space Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however,a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 2011-1846 AS0079 GREELEY MALL I/GKD FUND I LLC - R2719704 Page 3 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator,the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, ,s./X1 / Esther E. Gesick Deputy Clerk to the Board • cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1846 AS0079 / / ?7K/ (it CLERK TO THE BOARD PHONE (970) 336-7215, Ext, 4226 FAX: (970) 42 BOX 7 P. O. BOX 758 Wilge. GREELEY, COLORADO 80632 COLORADO August 3, 2011 MLCFC 2006-4 GREELEY RETAIL LLC 1601 WASHINGTON AVENUE SUITE 700 MIAMI BEACH, FL 33139 RE: THE BOARD OF EQUALIZATION,2011,WELD COUNTY, COLORADO-DENY, IN PART, PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R4473006 PARCEL#: 096119218001 - GR GM LOT 1 GREELEY MALL MINOR Dear Petitioner: On July 29, 2011,the Board of County Commissioners of Weld County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above,for the year 2011. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon your above described property as set below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. The assessment and valuation is set as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $27,407,840 $17,067,837 AUG 0 4 RECD POER DENVER 2011-1847 AS0079 •MLCFC 2006-4 GREELEY RETAIL LLC - R4473006 • Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals(BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 NOTE: On or after August 10, 2011, any appeal of the valuation of rent- producing commercial real property to the Board of Assessment Appeals shall provide to the County Board of Equalization the following information within ninety (90) days after the appeal is filed. For two full years, including the base year for the relevant property tax year: (1) actual annual rental income (2) tenant reimbursements (3) itemized expenses (4) rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of $101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 2011-1847 AS0079 .MLCFC 2006-4 GREELEY RETAIL LLC - R4473006 Page 3 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1847 AS0079 CLERK TO THE BOARD (it PHONE (970) 336-7215, Ext. 4226 FM: (970) 352-0242 P. O. BOX 758 ' GREELEY, COLORADO 80632 �i COLORADO August 3, 2011 GREELEY GKD LLC C/O GK DEVELOPMENT INC 303 EAST MAIN ST STE 201 BARRINGTON, IL 60010 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R4473206 PARCEL#: 096119218002 - GR GM LOT 2 GREELEY MALL MINOR Dear Petitioner: On July 29, 2011, the Board of County Commissioners of Weld County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above, for the year 2011. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon your above described property as set below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. The assessment and valuation is set as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $1,072,407 $1,072,407 AUG 0 4 PFC`D M1FPOEROENVFr" 2011-1843 AS0079 • GREELEY GKD LLC - R4473206 • Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 NOTE: On or after August 10, 2011, any appeal of the valuation of rent- producing commercial real property to the Board of Assessment Appeals shall provide to the County Board of Equalization the following information within ninety (90) days after the appeal is filed. For two full years, including the base year for the relevant property tax year: (1) actual annual rental income (2) tenant reimbursements (3) itemized expenses (4) rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however,a taxpayer being represented by an agent or an attorney must submit a fee of $101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 2011-1843 AS0079 GREELEY GKD LLC - R4473206 • Page 3 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, ___ Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1843 AS0079 /P/5/%g?y47 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 hiDe. GREELEY, COLORADO 80632 COLORADO August 3, 2011 GREELEY GKD LLC C/O GK DEVELOPMENT INC 303 EAST MAIN ST STE 201 BARRINGTON, IL 60010 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R4473306 PARCEL#: 096119218O03 - GR GM LOT 3 GREELEY MALL MINOR Dear Petitioner: On July 29, 2011, the Board of County Commissioners of Weld County, Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above,for the year 2011. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon your above described property as set below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. The assessment and valuation is set as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $403,030 $403,030 AUG 0 4 RECD M,F POER DENVER 2011-1844 AS0079 • GREELEY GKD LLC - R4473306 Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 NOTE: On or after August 10, 2011, any appeal of the valuation of rent- producing commercial real property to the Board of Assessment Appeals shall provide to the County Board of Equalization the following information within ninety (90) days after the appeal is filed. For two full years, including the base year for the relevant property tax year: (1) actual annual rental income (2) tenant reimbursements (3) itemized expenses (4) rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 2011-1844 AS0079 GREELEY GKD LLC - R4473306 Page 3 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator,the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, yt 6 Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1844 AS0079 L***- : /a' f5//39 n=n' Kit CLERK TO THE BOARD PHONE (970) 15, 3Ext.52 4226 FAX: (9(9 352 70) -0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO August 3, 2011 GREELEY GKD LLC C/O GK DEVELOPMENT INC 303 EAST MAIN ST STE 201 BARRINGTON, IL 60010 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R4473406 PARCEL#: 096119218004- GR GM LOT 4 GREELEY MALL MINOR Dear Petitioner: On July 29, 2011,the Board of County Commissioners of Weld County,Colorado, convened, and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered your petition of appeal of the County Assessor's valuation of your property described above,for the year 2011. The Board of Equalization found that the evidence presented at the hearing supported the value placed upon your above described property as set below. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated by law. The assessment and valuation is set as follows: ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY SET BY BOARD ASSESSOR $38,776 $38,776 AUG 0 4 RECD M.E PQR DENVER 2011-1845 AS0079 GREELEY GKD LLC - R4473406 Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals(BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 NOTE: On or after August 10, 2011, any appeal of the valuation of rent- producing commercial real property to the Board of Assessment Appeals shall provide to the County Board of Equalization the following information within ninety (90) days after the appeal is filed. For two full years, including the base year for the relevant property tax year: (1) actual annual rental income (2) tenant reimbursements (3) itemized expenses (4) rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 2011-1845 AS0079 GREELEY GKD LLC - R4473406 Page 3 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence, He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. If you have questions or need additional information, please do not hesitate to contact me at(970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor MARVIN F. POER AND COMPANY 410 17 ST SUITE 1175 DENVER, CO 80202 2011-1845 AS0079 Hello