Watt Companies, established over 60 years ago, specializes in owning, developing, and managing retail, commercial, and residential real estate, with a portfolio valued at $1.5 billion. The company offers extensive redevelopment and construction management services, and has successfully completed numerous projects including shopping centers and mixed-use developments. Watt's leadership, with experienced executives like Jim Maginn and Susan Rorison, has strengthened its reputation in the real estate market, buoyed by a strong financial position and a commitment to value creation.

1. Watt Development Services
a Division of Watt Companies, Inc.

2. Watt Companies Overview
Watt Companies is one of the most experienced
and financially secure owners, developers, and
managers of retail, commercial and residential real
estate in the United States.
With over 60 years of experience, and $1.5 billion of
property under ownership and management, Watt
has a proven track record of executing
comprehensive and diversified retail real estate
strategies – encompassing investment and Watt Plaza Office Towers
advisory, development and asset management.
Watt’s excellent track record demonstrates the
value of decades of experience managing real
estate cycles. As a company with strong
entrepreneurial operating capabilities and
significant liquidity, Watt is well poised to realize
extraordinary opportunities in today’s market.
2

3. Watt Development Services
Redevelopment Expertise Tenant Coordination
• building assessments, alternate use • criteria manuals, shell specs, sign
evaluation, reinvestment strategies, programs, landlord work exhibits,
consultant selection, parking ratio critical date tracking, LODs
analyses, environmental evaluation
and mitigation oversight Construction Management
• estimating, value engineering,
Design and Architecture supervision as owners representative
• schematic design, elevation studies,
3D modeling, physical plant Contract Administration
diagnosis, production documents
• contract preparation, administration,
and close out; draw requests, change
Entitlement and Planning orders, tenant allowances, contract
• due diligence, jurisdictional review, logs, payables, insurance, liens
site planning, purchase and sale
negotiation Project Underwriting
• acquisitions support, feasibility
Financial Modeling analysis, capital expenditure forecast,
• pro forma, budget reports, cashflow deferred maintenance evaluation,
projections, debt and equity repositioning strategies
underwriting, investment summaries
required for loan procurement
3

4. Partial Listing of Projects
RETAIL DEVELOPMENTS
Lathrop Marketplace Lathrop, CA 290,000 sf $ 24,000,000 27 acre ground up
Palo Woods Harbor City, CA 110,000 sf $ 15,500,000 10 acre redevelopment
Rose Crossing Oxnard, CA 85,000 sf $ 7,000,000 8 acre ground up
Trader Joe's Davis, CA 14,000 sf $ 2,000,000 pad development in existing center
Southport Town Center Sacramento, CA 9,500 sf $ 1,300,000 shop development in existing center
Starbucks w/ drive thru Lompoc, CA 1,700 sf $ 980,000 pad development in existing center
Edinger Plaza Huntington Beach, CA TBD TBD full redevelopment analysis
Alamitos Bay Long Beach, CA TBD TBD full redevelopment analysis
RETAIL RENOVATIONS
Eagle Rock Plaza Eagle Rock, CA 110,000 sf $ 4,125,000 remodel of enclosed mall
Petco/Pier 1 Imports Lompoc, CA 31,760 sf $ 2,461,000 shell and tenant improvements
Landmark Plaza Huntington Beach, CA 20,000 sf $ 1,250,000 façade renovation / utility upgrade
Montalvo Square Ventura, CA 217,000 sf $ 1,000,000 various tenant improvements
Shoe Pavilion Vallejo, CA 20,630 sf $ 967,000 expansion of existing tenant
Do-It-Center Santa Paula, CA 31,150 sf $ 500,000 expansion of existing tenant
Mira Mesa Mall San Diego, CA $ 367,500 renovation of exterior common area
Goodwill Industries Puente Hills, CA 16,500 sf $ 350,000 shell and tenant improvements
Ocean View Plaza San Clemente, CA $ 250,000 renovation of exterior common area
Telephone Road Plaza Ventura, CA $ 225,000 renovation of exterior common area
4

5. Harbor City, CA 110,000 SF
10 acre redevelopment project. Conversion of former Kmart for Ross and LA Fitness,
created two new pad locations, replaced all site improvements. Responsible for concept,
site planning, design, pro forma, investment committee approval, and entitlements.
5

6. Lathrop, CA 290,000 SF
27 acre development and public infrastructure project. Responsible for concept,
planning/design, feasibility analysis, entitlement, advocacy efforts, securing City
reimbursements, and oversight of construction.
6

7. Huntington Beach, CA 20,000 SF
Complete facade renovation of shop building in Vons-anchored center. Responsible for
design, pro forma, investment committee approval, entitlements, and implementation.
7

8. San Diego, CA 411,550 SF
Renovation of exterior common areas, including hardscape, landscape, environmental
graphics, and FF&E. Responsible for concept, design, pro forma, investment
committee approval, and implementation.
8

9. Long Beach, CA 125,000 SF
Redevelopment Analysis of existing center
examine value add opportunities, confirm
retailer interest, address mixed-use
possibilities, direct design, and complete
preliminary pro forma
9

10. A Proven Track Record
Watt’s philosophy, as developed by founder Ray Watt, has been to maintain solid
fundamentals, a strong work ethic, close relationships, and well managed operating teams.
This has produced a strong track record of value creation and a solid competitive edge.
During Watt’s 60 year operating history, the company has successfully navigated numerous
cycles. Watt Companies has built an impressive development track record, including:
• 8 million square feet of retail, industrial, and office properties
• 50 shopping centers
• 6 master planned communities
• 100,000 homes and condominiums
Watt has built a solid company level balance sheet totaling over $750 million in owned retail
real estate assets, with less than 40% leverage and significant liquidity in anticipation of the
current cycle. Watt has delivered un-leveraged returns of over 13% to its shareholders on
these properties over the last 12 years.
10

11. Watt Commercial Properties
Watt Commercial Properties currently directs a significant portfolio
of property totaling 6.8 million square feet:
• 39 retail properties in California and Nevada (3.6M SF)
• 15 multifamily / MHP properties (3,400 units)
• 4 Office buildings (1.0M SF)
• 7 Industrial buildings (0.6M SF)
Watt Commercial Properties delivers measurable returns for retail,
multifamily, office and industrial assets by providing:
• Asset and Property Management with a focus on creating and
maximizing value through strong tenant relationships.
• Leasing and marketing for income-producing properties,
including retail, office, and industrial.
• Development Services with the ability to execute renovation
and ground up projects regardless of asset class.
• Accounting and reporting services in a precise and timely
manner.
11

12. Team Profiles
Jim Maginn - President & Chief Executive Officer
Watt Companies
Jim Maginn joined Watt in 1986 as Senior Vice President/Chief Financial Officer. In this position, he was responsible for
all of the development, permanent, and mortgage financing relating to residential and commercial operations. In the early
nineties he assumed the position of President of Watt Companies where he worked on restructuring the organization
which included selling one residential subsidiary to Beazer Homes which subsequently went public and forming a joint
venture with Goldman Sachs with another residential subsidiary. This JV eventually evolved into John Laing Homes
which built over 3,000 homes per year and generated over $1.1 billion in revenue. Mr. Maginn was a member of the John
Laing Board of Directors until the company was sold in June 2006.
Before coming to Watt, he was Manager of Corporate Banking for California First Bank, a wholly owned subsidiary of the
Bank of Tokyo Group. In this position, he was also responsible for the U.S. business in the Far East and spent three
years in Tokyo. He received his B.S. from the U.S. Naval Academy and MBA from UCLA. He is also a member of ULI,
ICSC, the California Business Property Association and is a retired Navy Captain.
Susan Rorison - President
Watt Commercial Properties
Susan brings over 25 years of institutional asset management and investment advisory experience to Watt Companies.
Susan Rorison joined Watt in 2004 to supervise asset management for its affiliate, Centro-Watt, a national REIT
specializing in shopping centers. During her tenure at Centro-Watt, its shopping center portfolio grew to over $11 billion in
assets with a presence in 38 states. Susan’s primary focus was to develop and redevelop properties to create and unlock
value and to supervise national asset management and its integrated disciplines. She has a strong track record of building
and managing effective teams, managing complex joint venture relationships, and sourcing and nurturing new business
opportunities. Her real estate experience extends to multiple property types including regional malls, shopping centers,
and mixed-use developments. Prior to joining Watt Companies, she directed national asset management for Burnham
Pacific Properties and was Western Regional Vice President for Prudential Real Estate Investors in charge of its regional
mall portfolio.
She has an M.B.A. from the University of Southern California and a degree in mathematics from Purdue and Southern
Illinois University. She is a member of the International Council of Shopping Centers and the Urban Land Institute.
12

13. Team Profiles
Scott Huffman - Vice President, Development Services
Watt Commercial Properties
Scott Huffman joined Watt in January of 2004 as part of the team dedicated to the Centro-Watt retail property portfolio.
After serving as Construction Manager for the West Coast portfolio, he was promoted to Development Director in the Los
Angeles office. In 2007, Scott accepted the role of Vice President, Development Services and was charged with
establishing and leading a new development and construction department within Watt Commercial Properties.
Prior to joining Watt, Scott directed operations for Parkstone Companies. During his eight year tenure he was responsible
for managing select development projects, entitlements, permitting, budget preparation, consultant oversight, and tenant
coordination.
Scott brings with him over 15 years of development, construction, and operational experience. He earned his B.A. in
Business Management from University of Phoenix. He is a Certified Development Design & Construction Professional and
member of the Urban Land Institute.
Lem Gonzales, Architect – Director, Design & Construction
Watt Commercial Properties
Lem joined Watt in 2007, as the Director of Tenant Coordination, servicing all retail development projects. In 2008, his
duties expanded to include construction management and tenant coordination for Watt’s industrial and office assets. Lem’s
design and drafting proficiency allows Watt Development Services to provide swift results in an environment where every
day is crucial.
Prior to joining Watt, Lem spent eight years with Westfield Corporation and was responsible for directed tenant coordination
for all operational properties on the east coast, totaling over 30 regional malls. Lem was also responsible for tenant
coordination of several major re-development projects including Westfield Promenade (Canoga Park, CA) and Westfield
Palm Desert (Palm Desert, CA). During his tenure, Lem worked with a wide range of tenants including: Maggiano’s, Corner
Bakery, Ruth’s Chris Steakhouse, Buffalo Wild Wings, Barnes & Noble, and Dick’s Sporting Goods.
Lem brings 14 years experience in design and construction. He is a licensed architect in California, and received his
Bachelor’s Degree in Architecture from California State Polytechnic University in Pomona.
13

14. Contact Information
Scott Huffman
Vice President
(310) 314-2569 Direct
(310) 314-2430 Main
shuffman@wattcompanies.com
www.wattcompanies.com
2716 Ocean Park Boulevard
Suite 3040
Santa Monica, CA 90405
14