This PowerPoint was created to showcase the commercial real estate market in the Tampa Bay Florida area. NAIOP Broker members did 7 presentations covering all aspects of the industry.

1. NAIOP Tampa Bay 2010 Broker Update Welcome NAIOP Chairman, Larry Pobuda

2. Thank you to our Silver Sponsors

12. Mike Davis Executive Director Cushman & Wakefield of Florida Inc. Investment Sales & Industrial Brokerage

16. Warehouse/Distribution Industrial Cycle Market Equilibrium Accelerating Slow Growth Weakening Recovering Atlanta, Baltimore, Boston, Chicago, Contra Costa, Dallas, Hartford, Houston, Jacksonville, LA- Central, LA- North, LA- South, Long Island, Minneapolis, New Jersey- Central and Northern, Northern Virginia, Oakland, Orange County, Orlando, Portland, SF Peninsula , Silicon Valley, St. Petersburg/Clearwater, Suburban Maryland, Tampa Denver, Ft. Lauderdale, Inland Empire, Lakeland, Miami, PA I-81/I-78 Corridor, Palm Beach, Philadelphia, Phoenix, San Diego Source: Cushman & Wakefield Research

17. Florida Statewide Industrial Overall Absorption 2003 – YTD 2010 Source: Cushman & Wakefield Research

18. Florida Statewide Industrial Sales Activity 2003 - YTD 2010 Source: Cushman & Wakefield Research

19. Central Florida Industrial Average Rents & Vacancy 2003 - YTD 2010 Source: Cushman & Wakefield Research

22. Total Transactions (000s) U.S. Sales $1 million and above Sources: Marcus & Millichap Research Services, CoStar Group, Inc., Real Capital Analytics 1H 2010 Annualized Total Dollar Volume (Bil.) Total Dollar Volume Total Transactions 1H 2010 Annualized Commercial Real Estate Sales Trends Tampa-St. Petersburg

23. Distress Scaled to Activity Distress Volume (billions) Scaled Distress as % of Market* * Distress volume as of July 21, 2010 as a % of total sales volume 2005-2008 Includes apartment, office, retail, industrial, and hotel properties (excluding casinos) Sources: Marcus & Millichap Research Services, Real Capital Analytics

24. Tampa Cap Rate Trends Includes Sales $1M+ Sources: Marcus & Millichap Research Services, CoStar Group, Inc. Average Cap Rate

27. The National Retail Perspective NOT GOOD! The State Retail Perspective The Tampa Bay Retail Perspective Even Worse! Don’t Ask!

28. THE U.S. RETAIL SUMMARY

32. WHY TENANTS ARE NOT TAKING ADVANTAGE OF CURRENT MARKET CONDITIONS

35. THE TAMPA BAY RETAIL SUMMARY Healthiest retail submarkets: Northeast and Northwest Tampa $14.50 SF 318,543 (512,190) 16,351,000 (7.8%) 210,956,000 Quoted Rental Rates Under Construction YTD Net Absorption Vacancy Total SF Existing Inventory Total GLA

36. TRENDS Tight lending will keep a check on speculative development An oversupply of retail space will slow speculative development Note sales of distressed properties by commercial banks

37. LANDLORD MOVES TO SURVIVE Managing bank relationships and capital issues Managing co-tenancy issues Leasing as much space as possible – Co-tenancy!

38. Sources: Marcus & Millichap Research Services, Realpoint WHAT WE NEED TO RECOVER IN RETAIL Jobs Jobs increase consumer confidence A confident consumer buys retail stuff

40. RETAILER OVERVIEW David Conn CB Richard Ellis

41. When Does Recovery Turn Into Expansion? Source: CBRE EA Summer 2010 Outlook Sum of 55 Retail Markets RECOVERY EXPANSION

42. No Rent Expansion Until 2016 Sources: CBRE Econometric Advisors

43. United States | Retail | Market Trends: Forecast Baseline Fall 2010 Outlook data as of 2Q-2010 Rent Expansion 2019

44. US Retail Store Openings (Closures 2008-2010)

45. July 2010 Comparable Stores Sales Report

46. Tampa Bay Big Box Deals FAMILY DOLLAR DOLLAR GENERAL DOLLAR TREE hh gregg ALDI

56. Kyle Burd Principal|Regional Vice President Eola Capital NAIOP Presentation September 8, 2010

57. Tampa Office Vacancy 21.4%

58. Westshore Availabilities SF Spaces Bldgs. 0-5K 512 146 5-10K 201 78 10-20K 117 54 20-50K 65 25 50-100K 22 5

60. Making Deals – What Doesn’t Work? Over Selling

62. Thank you to our Silver Sponsors

66. Amendment 4