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Retail REIT Update 06/26/18

|Includes: Acadia Realty Trust (AKR), BFS, BPR, CBL, EPR, FRT, GTY, KIM, KRG, MAC, O, PEI, REG, RPT, SITC, SPG, TCO, WRI
Yields are calculated on the Q2 dividend. The percent change numbers are since the first of the year - with the exception of the change in the dividend.The "1yr" dividend change is since Q2-17. The "3yr" dividend change is annualized since Q2-15.DDR had a reverse or 1 for 2 split on 5/21 that is not reflected in this data.

Share Price 18 FFO Estimate Div/ YTD Percent Change
____The_Full_Company_Name____ 1-01 06-26 1-01 06-29 Yield FFO Price Pr+Div 18 FFO Target Div 1yr Div 3yr

Acadia Realty Trust (AKR) 27.36 28.05 1.42 1.38 3.85 78.26 2.52 4.50 -2.82 -19.23 3.85 4.17
Saul Centers Inc. (BFS) 61.74 53.25 3.28 3.12 3.91 66.67 -13.75 -12.07 -4.88 -16.07 1.96 10.00
Cedar Realty Trust, Inc. (CDR) 6.08 4.79 0.57 0.58 4.18 34.48 -21.22 -19.57 1.75 -16.67 0.00 0.00
DDR Corp. (DDR) 8.95 8.91 1.02 0.96 8.53 79.17 -0.45 3.80 -5.88 -13.04 0.00 3.38
EPR Properties (EPR) 65.48 65.49 5.43 5.85 6.60 73.85 0.02 3.31 7.73 -12.51 5.88 6.34
Federal Realty Investment (FRT) 132.82 125.00 6.17 6.18 3.20 64.72 -5.89 -4.38 0.16 -5.39 2.04 4.98
Getty Realty Corp. (GTY) 27.15 27.60 1.88 1.82 4.64 70.33 1.66 4.01 -3.19 -4.17 14.29 15.15
Kimco Realty Corporation (KIM) 18.17 17.45 1.55 1.45 6.42 77.24 -3.96 -0.88 -6.45 -18.83 3.70 5.56
Kite Realty Group Trust (KRG) 19.60 17.33 2.08 2.00 7.32 63.40 -11.58 -8.35 -3.85 -23.45 4.62 7.31
Realty Income Corporation (O) 56.07 54.39 3.17 3.17 4.85 83.28 -3.00 -0.64 0.00 -3.61 4.27 5.36
Regency Centers Corporation (REG) 69.24 62.39 3.82 3.78 3.56 58.73 -9.89 -8.29 -1.05 -8.05 8.82 4.81
Ramco-Gershenson Prop. (RPT) 14.73 13.08 1.35 1.32 6.73 66.67 -11.20 -8.21 -2.22 -12.07 0.00 3.33
Weingarten Realty Investors (WRI) 32.87 31.25 2.47 2.31 5.06 68.40 -4.93 -2.53 -6.48 -10.70 2.60 4.83

Non-Mall Average 5.29 68.09 -6.28 -3.79 -2.09 -12.60 4.00
Mall
CBL & Associates Prop. (CBL) 5.66 6.15 2.02 1.74 13.01 45.98 8.66 15.72 -13.86 -21.51 -24.53 -8.18
General Growth Properties (GGP) 23.42 20.51 1.60 1.56 4.29 56.41 -12.43 -10.55 -2.50 -8.33 0.00 9.80
The Macerich Company (MAC) 65.71 57.24 4.09 3.96 5.17 74.75 -12.89 -10.64 -3.18 -3.76 4.23 4.62
Pennsylvania REIT (PEI) 11.89 11.40 1.74 1.52 7.37 55.26 -4.12 -0.59 -12.64 -9.49 0.00 0.00
Simon Property Group Inc. (SPG) 171.85 172.24 12.15 12.03 4.53 64.84 0.23 2.50 -0.99 -1.17 11.43 13.10
Taubman Centers, Inc. (TCO) 65.44 59.98 3.84 3.79 4.37 69.13 -8.34 -6.34 -1.30 1.17 4.80 5.31

Mall Average 6.46 61.06 -4.82 -1.65 -5.75 -7.18 -0.68

Average 5.66 65.87 -5.82 -3.12 -3.24 -10.89

Price/FFO Ratios 06-26 The FFO estimates came from Yahoo

FFO / Share FFO Growth Price/FFO
Co. 2010 2011 2012 2013 2014 2015 2016 2017 14-15 15-16 16-17 2015 2016 2017

AKR 123 97 104 120 134 153 157 147 14.18% 2.61% -6.37% 18.33 17.87 19.08
BFS 212 198 226 237 289 295 308 321 2.08% 4.41% 4.22% 18.05 17.29 16.59
CDR 59 49 47 50 52 52 55 55 0.00% 5.77% 0.00% 9.21 8.71 8.71
DDR 40 98 103 111 116 123 126 115 6.03% 2.44% -8.73% 7.24 7.07 7.75
EPR 334 250 359 390 403 443 477 517 9.93% 7.67% 8.39% 14.78 13.73 12.67
FRT 388 404 431 441 490 532 566 591 8.57% 6.39% 4.42% 23.50 22.08 21.15
GTY 214 146 99 143 117 153 153 195 30.77% 0.00% 27.45% 18.04 18.04 14.15
KIM 113 119 126 133 140 156 138 155 11.43% -11.54% 12.32% 11.19 12.64 11.26
KRG 168 176 164 192 204 199 205 204 -2.45% 3.02% -0.49% 8.71 8.45 8.50
O 183 198 202 241 260 277 285 294 6.54% 2.89% 3.16% 19.64 19.08 18.50
REG 233 240 256 262 282 291 326 369 3.19% 12.03% 13.19% 21.44 19.14 16.91
RPT 43 95 104 117 124 136 137 137 9.68% 0.74% 0.00% 9.62 9.55 9.55
WRI 142 118 183 196 204 218 230 243 6.86% 5.50% 5.65% 14.33 13.59 12.86

Retail Average 3.23% 4.86% 14.40 13.67
Mall
CBL 187 189 217 223 228 232 238 209 1.75% 2.59% -12.18% 2.65 2.58 2.94
GGP 10 93 99 116 133 144 153 158 8.27% 6.25% 3.27% 14.24 13.41 12.98
MAC 266 259 318 353 358 381 411 394 6.42% 7.87% -4.14% 15.02 13.93 14.53
PEI 193 86 163 181 186 179 185 164 -3.76% 3.35% -11.35% 6.37 6.16 6.95
SPG 501 687 798 885 890 986 1086 1121 10.79% 10.14% 3.22% 17.47 15.86 15.36
TCO 286 274 334 365 345 331 375 371 -4.06% 13.29% -1.07% 18.12 15.99 16.17

Mall Average 5.36% -1.84% 7.60 7.70

Sector Average 4.50% 2.16% 13.43 12.98

Disclosure: I am/we are long FRT,O, SPG.