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9 (ˈôrdnˌerē)

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11 Net Absorption Rate 2010 vs SF 2009 SF BOY inventory total 6,274,248 6,124,770 BOY vacant 701, ,304 BOY occupied 5,572,527 5,711,466 EOY inventory total 6,377,702 6,274,248 EOY vacant 532, ,721 EOY occupied 5,845,247 5,572,527 Net Absorption 272,720 (138,939)

12 Vacancy Rate Local vs National 15.00% 13.00% 11.9% 13.0% 11.00% 9.00% 7.00% 5.00% 3.00% 5.9% 3.70% 10.20% 8.4% 7.3% 4.70% 8.0% 5.8% 2.94% 1.84% 6.0% 2.62% 7.3% 5.61% 9.7% 6.93% 10.80% 8.34% 1.00% -1.00% Greater Portland National

13 Retail Vacancy 2010 vs Primary Market 7.2% 11.8% Secondary Market 11.3% 9.3%

14 Asking Vacancy Lease Rate Rates By Center 2010 vs Type 2009 Type Total Area Vacancy % Reg/Power Center 3,481, , % Community 1,427, , % Strip 361,833 45, % Single Tenant 1,106,720 49, % All Types 6,377, , %

15 Asking Lease Rates 2010 vs Range Average Average Primary Market $ $25.00 $16.44 $14.43 Secondary Market $ $16.00 $12.49 $12.57 Overall $ $25.00 $14.40 $13.50

16 Average Annual Construction By Decade 200, , , , , ,632 94, ,754 71,102 50, 's 1970's 1980's 1990's 2000's 2010

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18 KITTERY When Pigs Fly Bakery expands an additional 5,000 SF SANFORD Tractor Supply Co. opens its 11 th store in Maine KENNEBUNK Hannaford purchases 56,800 SF Stop n Shop KENNEBUNK Sebago Brewing Co. leases former Ricetta s

19 KITTERY When Pigs Fly Bakery expands an additional 5,000 SF SANFORD Tractor Supply Co. opens its 11 th store in Maine KENNEBUNK Hannaford purchases 56,800 SF Stop n Shop KENNEBUNK Sebago Brewing Co. leases former Ricetta s

20 KITTERY When Pigs Fly Bakery expands an additional 5,000 SF SANFORD Tractor Supply Co. opens its 11 th store in Maine KENNEBUNK Hannaford purchases 56,800 SF Stop n Shop KENNEBUNK Sebago Brewing Co. leases former Ricetta s

21 KITTERY When Pigs Fly Bakery expands an additional 5,000 SF SANFORD Tractor Supply Co. opens its 11 th store in Maine KENNEBUNK Hannaford purchases 56,800 SF Stop n Shop KENNEBUNK Sebago Brewing Co. leases former Ricetta s

22 BIDDEFORD Kobe Japanese Grill leases former Chili s BIDDEFORD Casa Fiesta Mexican Bar & Grill leases former TGIF BIDDEFORD Linens n Things & Old Navy still vacant

23 SACO Norway Savings Bank opens new branch on Route 1 SACO Ocean Gateway FCU opens new branch on Route 1 SACO Movie Gallery closes across from Saco Valley Mall

24 SCARBOROUGH Marden s opens at the former Wal-Mart SCARBOROUGH Bull Moose expands to 13,000 SF SCARBOROUGH Red Robin purchases site on Gallery Blvd. SCARBOROUGH Wilderness House closes at Payne Road Plaza

25 SOUTH PORTLAND

26 SOUTH PORTLAND

27 SOUTH PORTLAND

28 SOUTH PORTLAND

29 SOUTH PORTLAND

30 SOUTH PORTLAND

31 PORTLAND

32 PORTLAND

33 PORTLAND

34 PORTLAND

35 PORTLAND TD Bank Walgreens Five Guys Burgers

36 FALMOUTH Gorham Savings Bank opens 1,500 SF branch FALMOUTH Norway Savings Bank under construction FALMOUTH Bangor Savings Bank & Ace Hardware under construction at former Saab dealership FALMOUTH Wal-Mart to expand to superstore format

37 FALMOUTH Gorham Savings Bank opens 1,500 SF branch FALMOUTH Norway Savings Bank under construction FALMOUTH Bangor Savings Bank & Ace Hardware under construction at former Saab dealership FALMOUTH Wal-Mart to expand to superstore format

38 FALMOUTH Gorham Savings Bank opens 1,500 SF branch FALMOUTH Norway Savings Bank under construction FALMOUTH Bangor Savings Bank & Ace Hardware under construction at former Saab dealership FALMOUTH Wal-Mart to expand to superstore format

39 FREEPORT Nordica Theater announces 16,000 SF theater at Freeport Village Station FREEPORT Bow Street Market new 15,000 SF market under construction

40 BRUNSWICK Wild Oats Bakery & Café opens at Tontine Mall BRUNSWICK Dollar Tree opens at Cooks Corner

41 TOPSHAM Town Fair Tire under construction at TFM TOPSHAM Village Candle closes 75,000 SF

42 TOPSHAM Town Fair Tire under construction at TFM TOPSHAM Village Candle closes 75,000 SF

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44 Growth Returned But Limited Overall market stabilization but uneven & 2010 Vacant Units UNITS 59 UNITS 44 UNITS

45 Growth Returned But Limited Overall market stabilization but uneven Narrow tenant growth Scorecard Big Box 0 Category Specialists 0 Pharmacy 1

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49 2010 Investment Sales TOTAL SF PRICE PSF Yarmouth Gateway Complex 8,575 SF $ Rite Aid, Westbrook 11,180 SF $ Former Bed & Body, Freeport 7,600 SF $394.74

50 US Retail E-Commerce Sales in Billions $160,000 $152 $140,000 $126 $132 $134 $120,000 $106 $100,000 $87 $80,000 $70 $60,000 $34 $44 $56 $40,000 $27 $20,000 $0 Source: US Department of Commerce

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65 FASB - Financial Accounting Standards Board The FASB is a private body whose mission is to "establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information."

66 Current Standard Source: Cushman & Wakefield

67 New Standard Source: Cushman & Wakefield

68 Rental Payment and P&L Charge Source: Cushman & Wakefield

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70 Even if you're on the right track, you'll get run over if you just sit there. Will Rogers