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• Comparable 2 was adjusted for a significantly superior parking ratio. <br /> Economic Characteristics <br /> The economic characteristics of a property include its occupancy levels, operating expense ratios, <br /> tenant quality, and other items not covered under prior adjustments that would have an <br /> economic impact on the transaction. <br /> For retail properties such as the subject (in it's as-stabilized condition) we observe a strong <br /> correlation between the economic characteristics of the property and its corresponding sale <br /> price. To measure this difference, we will apply regression analysis, comparing the NOI per SF <br /> for each of the comparables with the Adjusted Price per SF (including all adjustments except for <br /> Economic Characteristics). Our analysis is as follows: <br /> Sale No. NOI per SF Adjusted Sale Price per SF, <br /> 1 $6.77 $79.55 <br /> 2 $11.32 $143.87 <br /> 3 $8.00 $99.53 <br /> 4 $9.30 $118.59 <br /> 5 $12.10 $123.25 <br /> First, we present the regression analysis with a linear trendline: <br /> $150.00 Y=9.1 539MBX+ . <br /> R2=0.78960274 <br /> $140.00 - Z <br /> $130.00 <br /> $120.00 <br /> Q. I <br /> ?; $110.00 <br /> a` I <br /> $100.00 <br /> 'a $90.00 <br /> I <br /> $80.00 <br /> I <br /> $70.00 I <br /> I <br /> I <br /> $60.00 <br /> $4.00 $6.00 $8.00 510.00 $12.00 $14.00 <br /> NOI per SF <br /> 83 Page <br />