5001 1st Avenue SE • Suite 105 • Cedar Rapids, IA 52402 • Telephone: 1.319.693.4620 • www.rpimpact.com

RETAIL PROPERTIES IMPACT

INTRODUCTION Retail Real Estate is undergoing a huge transformation. Store closures were at record levels with over 105 million square feet in 2017 and 145 million square feet in 2018. American retailers have already announced 6,000 store closures this year. That's more than all last year.

With many retailers looking to streamline rather than expand their brick-and-mortar footprint, filling vacant Shopping Center space today presents a challenge. As a Shopping Center Owner, you need to respond quickly and creatively to this changing dynamic and can benefit from the opportunity to welcome new tenants at potentially higher rents taking your Shopping Center to the next level.

Retail Properties Impact (RPI) provides solutions by creatively leasing and redeveloping vacant Shopping Center space through its proprietary multi-channel technology that is not available in the traditional retail leasing approach. We utilize an Owner's Representative model and can serve either as your Shopping Center’s sole leasing unit or as a compliment to your existing leasing team.

ABOUT

The principals of RPI along with their past team members have provided retail development, leasing, management, asset management, brokerage, accounting, consulting and/or marketing services for over $3 billion of shopping center properties across the nation.

RPI delivers superior quality, service and value. Built on a solid foundation of more than 30 years of retail real estate experience, we provide creative solutions that focus on results and deliver exceptional returns for our clients, investors and retail partners. We implement our extensive experience and resources to create value for our owners, investors and retail partners that we represent.

We have developed proprietary multi-channel technology that enables us to quickly and efficiently identify and attract traditional retail AND non-traditional alternative use tenants to your Shopping Center.

RETAIL PROPERTIES IMPACT

BY THE NUMBERS The principals of RPI along with their past team members have provided services as follows:

100 Million SQUARE FEET OF RETAIL GLA SERVED

6 Million SQUARE FEET OF GLA LEASED

200 RETAIL PROPERTIES SERVED

270 REAL ESTATE PROPERTIES SERVED

$1 Billion RETAIL REAL ESTATE SOLD

$7 Billion DEBT AND EQUITY COMMITMENTS

42 NUMBER OF STATES SERVED

278 NUMBER OF MARKETS SERVED

THE COMPANY WE KEEP

RETAIL PROPERTIES IMPACT

SERVICES

OWNER REPRESENTATION – LOCAL. REGIONAL. NATIONAL.

We are Your Connection to Traditional and Non-Traditional shopping center Tenants – We are in the market everyday keeping a pulse on the heartbeat of shopping center industry as well as a bird's eye view of the latest industry trends. We think like an owner because our principals have deep experience as owners and developers – We take the long view adding significant value to optimize returns for owners and investors. Customized, Integrated Services – We provide a broad range of integrated real estate services. We package and customize these services as appropriate for each individual property, maximizing the return to investors. We work hard to find the best tenants for your property. We research your market's demographics, review your shopping center's attributes, and put together a plan of action to target and secure tenants who would be a perfect fit for your property. We'll take care of everything, from prospecting potential traditional and non-traditional shopping center tenants to developing property marketing materials to negotiating letters of intent to lease and assisting with lease negotiations. Maximizing Value of Your Asset(s) – RPI works with owners of shopping centers to maximize the value of their asset by ensuring their properties are leased to their full potential by the strongest traditional retail and non-traditional tenants. Our intimate knowledge of the market and close relationships with the retail and commercial real estate community allow us to fill vacancies and develop creative leasing solutions to enhance the value of the owner's property. We provide a full complement of site selection, market research, creative marketing, and brokerage services to national and regional retailers, shopping center owners and developers across the nation. Our big-picture approach creates a strategy that not only increases the property's value but meets the expectations of the individual communities and investors we serve.

TENANT REPRESENTATION – WE ARE YOUR PARTNERS, NOT JUST YOUR BROKERS.

As your partner, our business is to know your business. RPI's tenant specialists provide superior solutions for retail site selection for all of our clients, whether your business is a national brand, a regional retail franchise, or a local retailer looking for their first location. We consistently assist our retail clients in identifying the optimum location for their business needs, while simultaneously implementing a multi-faceted approach that allows RPI to present the best available site options, provide detailed trade area analysis with precise demographic

RETAIL PROPERTIES IMPACT

SERVICES (CONTINUED) data, and negotiate the most attractive business terms according to each client's respective real estate requirements. Furthermore, RPI's tenant representatives have strong relationships with landlords, developers, and property owners throughout the country which allows us to continuously provide our retail clients with current market information and knowledge of upcoming opportunities. RPI understands that retailers all have unique goals and requirements, and it is our job to provide collaboration with our clients to help each retailer to meet or exceed their respective real estate requirement. Simply put: RPI puts the client's needs first and provides successful results for retail tenant representation on a local, regional, and national level. Our extensive market knowledge, retail relationships and national resources place RPI in a unique position to assist tenants seeking real estate opportunities. Past Retail Tenant Representation Partners Served by RPI Principals/Prior Organizations: (Partial List) • Ann Taylor • Aveda Salons • Bed Bath & Beyond • California Pizza Kitchen • Chico's • Coach • Cosi • Darden Restaurants • Faconnable • Hobby Lobby • Kohl's • Lowe's • McCormick & Schmick's • Michael's • Menards • Nine West • Office Depot • Panera Bread • Pet Food Warehouse • Pier 1 Imports • Pottery Barn • Restoration Hardware • Ruby Tuesday's • Staples • Starbucks • Target • Trader Joe's • Walgreens • Whole Foods

RETAIL PROPERTIES IMPACT

ASSET MANAGEMENT

Asset Management – Always striving for superior investment performance, the principals of

RPI and their past organizations have provided the following highly specialized asset

management services to institutional, corporate and private investors. These services are critical

to the creating an effective strategic plan for managing and measuring portfolio performance.

• Debt structure review and recommended changes

• Detailed financial analysis of projects for buy/sell decisions

• Disposition analysis for all types of commercial properties

• Investment return analysis for new and renewal leases

• Monthly and quarterly physical inspections of properties

• Pursuing recommended debt strategies through funding of new debt

• Supervision of property management and leasing companies

Past Clients Served by RPI Principals/Prior Organizations: (Partial List)

• AEW Capital Management, Inc.

• BlackRock Realty Advisors

• CalPERS

• CalSTRS

• Canadian Imperial Bank of Commerce (CIBC)

• Heitman Advisors

• ING Clarion

• J.P. Morgan Investment Management

• La Salle Capital Management

• Northwestern Mutual

• Oaktree Capital

• Principal Capital Management

• RREEF

• TIAA

• UBS Realty Investors

CASE STUDY University Park Village

A redevelopment remerchandising programs were developed that included the addition of

125,000 square feet of new retail space to the existing 47,000 square foot center. This

expansion added Apple, The Gap, Williams-Sonoma, Pottery Barn, Barnes & Noble, Mimi

Maternity, Nine West, Ann Taylor, five Limited divisions, three restaurants and several local and

regional tenants to create a highly successful center. Complementing the entire project's

exceptional merchandise mix, the architecture was oriented toward the sophisticated tastes of

the center's clientele, reflecting the heritage and architectural history of Fort Worth and bringing

a sense of village shopping and local community. The GLA was increased from 47,000 square

feet to 172,000 square feet which resulted in a 294% increase in NOI.

RETAIL PROPERTIES IMPACT

FOUNDER BIO

John Nagle

John Nagle, CLS (Certified Leasing Specialist), has been in the real estate business for over 30

years as an owner, developer, manager and broker. As Founder and Chief Executive Officer of

RPI, John Nagle has generated over $1 billion in commercial real estate sales, over 6 million

square feet of retail tenant leasing activity and has secured over $7 billion in commitments of

debt and equity funding for Shopping Center real estate.

Prior to Founding RPI, Strategic Growth Capital Advisors and Strategic Growth Retail, John

Nagle was Co-Founder, Chief Operating Officer and Principal of Capital Growth Properties, Inc.

and Capital Growth Madison Marquette, LLC a private shopping center real estate development

and management company, where he was responsible for rapidly growing the third-party

management services portfolio from zero to over $1.3 billion in assets in less than 2 years and

owned retail real estate portfolio to a value in excess of $76 million.

John Nagle was Co-Founder and Principal of Imagine Resorts & Hotels; Co-Founder, Chief

Operating Officer and Principal of The Great Lakes Companies (predecessor to Great Wolf

Resorts). The Great Lakes Companies, Inc. (GLC) was founded in 1995 as a diversified real

estate company with a focus on hotel and indoor waterpark resort development and

management, land development and assisted-living and affordable senior housing. Less than 10

years later, the company had grown into a real estate conglomerate with over 4,000 employees

and a combined asset value exceeding one billion dollars. In December, 2004 GLC successfully

spun off the resort portfolio in an $800 million enterprise value IPO, as Great Wolf Resorts

(NASDAQ:WOLF). Great Wolf was, and remains, the largest owner, operator and developer of

indoor waterpark resorts in North America, and currently has 18 resorts.

John Nagle, served as Assistant to the Chairman of the Board, Vice President of

Leasing, Director of Hotel Operations and Principal of General Growth Properties, Inc. (GGP),

during which time he completed sale of 19 malls for $800 million, which at the time was the

largest single asset real estate transaction in history. GGP grew to be the country's second-

largest developer and manager of regional enclosed shopping malls, largest manager of

institutionally owned assets and world's fifth largest owner of real estate of any kind by square

footage with over 127 retail properties comprised of over 121 million square feet of GLA. John

Nagle pioneered the concept of the "Portfolio Review", which has now become an industry

standard. The Portfolio Review offers established national brands, regional operators and

entrepreneurs looking to enter markets an opportunity to evaluate different property types and

locations across the portfolio to find the best fit for their needs in one convenient session.

Licensed in the States of Iowa and Illinois.