2021 Retail Investor Survey Report

17 ESTIMATED TIME FOR DEBT MARKETS TO RETURN TO PRE- COVID LEVELS FOR NON-GROCERY ANCHORED ASSETS

NEVER 6.5%

2ND HALF OF 2021 24.3%

2022-2023 54.2%

3-5 YEARS 15.0%

RESPONDENT PROFILE

2022-2023

2ND HALF OF 2021

PRIVATE INVESTOR 36.2% INSTITUTIONAL INVESTOR / ADVISOR 25.9%

PRIVATE INVESTOR 42.3% INSTITUTIONAL INVESTOR / ADVISOR 11.5%

PUBLIC REIT 15.5%

PUBLIC REIT 19.2%

PRIVATE REIT 22.4%

PRIVATE REIT 26.9%

16 // RETAIL INVESTOR SURVEY REPORT