Syracuse - NY

Syracuse - NY

PREPARED BY

Tom Lischak

Licensed Real Estate Broker

Retail Market Report

RETAIL MARKET REPORT

Market Key Statistics 2

Leasing 3

Rent 7

Construction 8

Under Construction Properties 9

Sales 10

Sales Past 12 Months 11

Economy 13

Market Submarkets 16

Supply & Demand Trends 18

Rent & Vacancy 22

Sale Trends 26

Syracuse Retail

7/24/2020Copyrighted report licensed to NAI Bridgeway Commercial - 522005

OverviewSyracuse Retail

29 K (486 K) 4.6% -0.2%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

Retail rents in the Syracuse Market were essentiallyunchanged over the past year, but have posted anaverage annual gain of 0.4% over the past three years.In addition to 110,000 SF that has delivered over thepast three years (a cumulative inventory expansion of0.4%), there is 4,400 SF currently underway,representing a fractional expansion of the existinginventory. Vacancies were essentially in line with the tenyear average as of 2020Q3, but trended slightly upwardsover the past four quarters.

Over a longer timeframe, the market has seen a materialamount of demolition activity, in addition to newconstruction. The market's 930,000 square feet of net

deliveries over the past 10 years is comprised of about1.3 million square feet of new construction, offset by330,000 square feet demolished over that timeframe.

Nonfarm payrolls decreased by about -17.7% over thepast year. Over the past five years, employment haschanged at an average annual rate of -0.3% (acumulative difference of about -47,000 jobs), comparedto a 0.9% average increase nationally. Retail tradeemployment has contracted at an average annual rate of-2.8% over the past five years, compared to a-0.5% average annual change nationally. That representsa cumulative decline of about -12,000 retail jobs over thattimeframe.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$24.551.4%5,989,870Malls 5.1% 0 0 0

$15.1511.5%2,764,913Power Center 12.4% (58,612) 0 0

$11.617.4%9,874,798Neighborhood Center 7.9% (25,790) 0 0

$12.725.3%995,006Strip Center 8.2% 3,532 0 0

$12.013.7%28,510,554General Retail 4.8% (35,364) 0 4,400

$17.130.7%450,995Other 2.7% 0 0 0

$13.724.6%48,586,136Market 6.0% (116,234) 0 4,400

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

5.6%4.9%1.0%Vacancy Change (YOY) 6.5% 2008 Q1 2.9% 2016 Q2

(118,388)176,465(486 K)Net Absorption SF 1,125,238 2015 Q2 (417,770) 2020 Q2

58,653157,04929 KDeliveries SF 674,883 2007 Q4 28,489 2013 Q4

0.2%0.2%-0.2%Rent Growth 3.0% 2013 Q2 -3.8% 2009 Q4

N/A$55.5M$48 MSales Volume $95.6M 2019 Q3 $26.8M 2010 Q3


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LeasingSyracuse Retail

NET ABSORPTION, NET DELIVERIES & VACANCY

VACANCY RATE


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AVAILABILITY RATE


Page 4


12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absorption SF

Greater Syracuse 21,500 0 0 0 0 0 21,500Solvay Electric Supply

NE Outer Onondaga… 26,400 0 0 0 0 0 19,5135300 W Taft Rd

SE Outer Onondaga… 25,612 0 0 0 0 0 18,930Friendly Honda of Fayetteville

Oswego County 12,720 0 0 12,720 0 0 12,720Central Square Farm & Lumber

NE Outer Onondaga… 12,608 0 12,608 0 0 0 12,608CVS

Greater Syracuse 191,948 34,328 0 0 0 0 10,290Shop City Shopping Center

SE Outer Onondaga… 10,000 0 0 10,000 0 0 10,000Building 2

SE Outer Onondaga… 12,047 0 0 0 0 0 8,904230 Old Bridge St

NE Outer Onondaga… 21,150 0 0 8,500 0 0 8,5005221-5225 W Taft Rd

Greater Syracuse 8,600 0 0 0 8,000 0 8,4433019 Erie Blvd E

NE Outer Onondaga… 26,116 3,540 0 0 0 0 8,318Kimbrook Village Square

NE Outer Onondaga… 47,567 2,400 3,100 0 0 0 8,050Liverpool Plaza

SE Outer Onondaga… 7,633 0 7,633 0 0 0 7,6336985 Collamer Rd

SE Outer Onondaga… 7,652 0 0 7,400 0 0 7,4002956-2960 Erie Blvd E

Greater Syracuse 7,150 0 0 0 0 0 7,1502700-2704 E Erie Blvd

Greater Syracuse 7,000 0 0 0 0 0 7,0002516 Erie Blvd E

SE Outer Onondaga… 115,500 3,060 0 0 0 0 6,607Marshall's Plaza

561,203 43,328 23,341 38,620 8,000 0 183,566Subtotal Primary Competitors

48,024,933 2,186,170 120 (141,833) (124,234) 0 (669,473)Remaining Syracuse Market

48,586,136 2,229,498 23,461 (103,213) (116,234) 0 (485,907)Total Syracuse Market


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TOP RETAIL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr

Tractor Supply Plaza Oswego County 38,540 - Donovan Real Estat… Donovan Real Estate S…Q2 20

Tractor Supply Plaza Oswego County 38,540 Big Lots - Silver Builders Real Est…Q4 19

Michaels SE Outer Onondaga Cou… 24,413 CNY Gymnastics Centre - -Q3 19

CVS NE Outer Onondaga Cou… 12,608 Bryant and Stratton - Cushman and Wakefiel…Q3 19

4975 Bear Rd NE Outer Onondaga Cou… 11,347 Dollar General - -Q3 19

Town Square Centre * W Outer Onondaga County 10,000 New Heart Ministries - -Q1 20

5600 Newport Rd W Outer Onondaga County 10,000 TK Tavern - Olympus Brokerage Co…Q1 20

5221-5225 W Taft Rd NE Outer Onondaga Cou… 8,500 - - J. Fiorie & Co.Q1 20

Fayetteville Square SE Outer Onondaga Cou… 7,168 - - Cushman and Wakefiel…Q1 20

2516 Erie Blvd E Greater Syracuse 7,000 Tuff Shed - Arlie Brokerage, LLCQ4 19

208 W Main St W Outer Onondaga County 7,000 - - Signature Realty Inc.Q3 19

Central Square Plaza * Oswego County 6,864 Square Deal Discount Liq… - -Q4 19

240 W Seneca St * SE Outer Onondaga Cou… 6,000 Manlius Car Wash - -Q4 19

Empire Plaza SE Outer Onondaga Cou… 5,800 Smith's Office Supply - Venture Brokerage GroupQ2 20

Destiny USA Greater Syracuse 5,000 Tuxedo Junction - -Q1 20

Shoppingtown Mall * SE Outer Onondaga Cou… 4,320 Syracuse Martial Arts Aca… - -Q4 19

State Tower Building Syracuse CBD 3,557 - - The Pioneer CompaniesQ1 20

Liverpool Plaza NE Outer Onondaga Cou… 3,350 - - Cushman and Wakefiel…Q3 19

Kimbrook Village Square NE Outer Onondaga Cou… 3,268 Sprout Therapy Group - The Icon CompaniesQ4 19

Marshall's Plaza SE Outer Onondaga Cou… 3,000 Blaze Pizza Vanguard-Fine, LLC -Q3 19

Marshall's Plaza SE Outer Onondaga Cou… 2,959 Spectrum The Icon Companies -Q4 19

Wacky Wyatt's W Outer Onondaga County 2,724 - - Cushman and Wakefiel…Q3 19

Shoppingtown Mall * SE Outer Onondaga Cou… 2,700 CNY Artists & Creativity In… - -Q1 20

4463 E Genesee St SE Outer Onondaga Cou… 2,500 - - Coldwell Banker Prime…Q1 20

1718 Grant Blvd Greater Syracuse 2,431 - - Hanna Commercial Re…Q1 20

MaMa Nancy's Restaurant Greater Syracuse 2,287 Serpico's NAI Bridgeway Com… NAI Bridgeway Comme…Q3 19

University Building Syracuse CBD 2,110 Downtown Dental Syracuse - Washington Street Part…Q3 19

Village Mall * NE Outer Onondaga Cou… 2,000 Hope Cafe - -Q3 19

New Aldi Plaza NE Outer Onondaga Cou… 2,000 Cafe Bing - -Q3 19

McCarthy Building Syracuse CBD 2,000 - - Washington Street Part…Q4 19

McCarthy Building Syracuse CBD 2,000 - - Washington Street Part…Q3 19

Liverpool Plaza NE Outer Onondaga Cou… 2,000 - - Cushman and Wakefiel…Q1 20

Donahue Building Syracuse CBD 2,000 - - CBD BrokerageQ1 20

Creekside Plaza Oswego County 2,000 - - Redstone InvestmentsQ3 19

1086 State Fair Blvd W Outer Onondaga County 1,950 - - Cushman and Wakefiel…Q1 20

Tim Hortons NE Outer Onondaga Cou… 1,900 - - Flaum Management Co…Q3 19

Lakeshore Drive-In Shopping Plaza NE Outer Onondaga Cou… 1,855 PEACE - LRM Realty LLCQ3 19

717 Old Liverpool Rd NE Outer Onondaga Cou… 1,770 - - The Scripa GroupQ1 20

Hinsdale Plaza W Outer Onondaga County 1,745 Enterprise - -Q3 19

315-327 N Salina St Greater Syracuse 1,700 African Fashion & Braiding - Mike Barney Managem…Q4 19

*Renewal


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RentSyracuse Retail

MARKET RENT GROWTH (YOY)

MARKET RENT PER SQUARE FEET


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ConstructionSyracuse Retail

DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 SE Outer Onondaga Cou… 1 4 4,400100% 1 13,3624 1

2 Greater Syracuse 0 - -- - 10,531- -

3 Madison County 0 - -- - 9,936- -

4 NE Outer Onondaga Cou… 0 - -- - 14,048- -

5 Oswego County 0 - -- - 8,685- -

6 Syracuse CBD 0 - -- - 13,026- -

7 W Outer Onondaga County 0 - -- - 10,457- -

Totals 1 4 4,400100% 11,3024


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Under Construction PropertiesSyracuse Retail

1 4,400 0% 100%Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Oct 20193445 Erie Blvd

4,400 1 Aug 2020-

Benderson Development Compa…1


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SalesSyracuse Retail

SALES VOLUME & MARKET SALE PRICE PER SF


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Sales Past 12 MonthsSyracuse Retail

104 7.5% $80 6.3%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $87,000 $622,105 $260,000 $7,884,000

Price/SF $4.36 $80 $71 $753

Cap Rate 5.5% 7.5% 7.4% 11.4%

Time Since Sale in Months 1.0 6.7 7.2 11.8

Property Attributes Low Average Median High

Building SF 992 7,012 4,000 68,380

Stories 1 1 1 4

Typical Floor SF 938 5,404 2,841 36,360

Vacancy Rate At Sale 0% 6.3% 0% 100%

Year Built 1805 1964 1966 2013

Star Rating 2.0


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Sales Past 12 MonthsSyracuse Retail

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 Price Rite2012 36,360 0% $7,884,000 $217

1625 Erie Blvd E4/6/2020 6.3%

-2 Walgreens1998 10,908 0% $4,070,000 $373

7400 Oswego Rd9/25/2019 7.4%

-3 4101 W Genesee St1975 18,515 0% $3,300,000 $1782/20/2020 -

-4 3852 State Route 312013 6,039 0% $3,000,000 $49711/1/2019 6.7%

-5 KFC/Taco Bell1998 3,341 0% $2,515,000 $753

1055 7th North St12/13/2019 5.5%

-6 Kinney Drugs1975 11,517 0% $1,805,000 $157

41 Albany St3/3/2020 7.4%

-7 5221-5225 W Taft Rd2008 21,150 40.2% $1,550,000 $7312/27/2019 7.8%

-8 100-102 Limestone Plz1850 10,550 33.2% $1,420,000 $1352/26/2020 11.4%

-9 135 E Water St1887 13,452 0% $1,420,000 $1063/20/2020 8.0%

-10 5229 W Taft Rd2000 7,597 0% $1,030,000 $13611/26/2019 5.8%

-11 3489 Erie Blvd E- 4,000 0% $888,249 $22210/16/2019 -

-10 5229 W Taft Rd2000 7,597 0% $810,000 $1079/25/2019 -

-12 6903 E Genesee St1962 7,285 0% $800,000 $11011/8/2019 -

-13 4401 W Genesee St1995 2,824 0% $735,000 $26010/7/2019 7.2%

-14 3800 W Genesee St1967 2,802 0% $700,000 $2501/28/2020 -

-15 5298 Terry Rd2008 8,000 0% $675,000 $849/3/2019 -

-16 Kraftees Plaza1996 4,850 0% $655,000 $135

262 W Seneca St6/24/2020 7.6%

-17 Childtime Learning Cent…1989 6,611 0% $635,294 $96

7453 1/2 Morgan Rd8/23/2019 8.5%

-18 200 S Main St1930 2,331 0% $585,000 $25110/25/2019 -

-19 Mid-Town Center1966 68,380 0% $580,000 $8.48

34 E 2nd St3/31/2020 -


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EconomySyracuse Retail

The outbreak of the coronavirus has caused widespreadfear and uncertainty to seep into Syracuse's economy forthe first time in almost a decade. This is uncharteredterritory as the current economic crisis isn't a normalslow down or drop in productivity, it's a full and completehalt. The difference between the current situation and thefinancial crisis of 2008 is that instead of a credit crisisthat caused market confidence to evaporate due tolosses at the bottom, the market has been shut down atthe top due to external confidence shock. If the currenteconomic crisis continues for more than a month, cashflows will dry up which will permeate all the way to thetop as one level after another, landlords, mortgageholders, lenders, are crushed by the weight of inactivity.

Even though this is nothing like what anyone has everseen before and, to some extent, economists have onlyconjecture at this point to predict what the future willhold, it is still important to take into account what we doknow.

First off, a sharp near-term decline in Syracuse'seconomic figures looks certain for the next severalmonths. To limit the potential for the virus to spreadrapidly and cause an unnecessary burden on thehealthcare system, New York has ordered allnonessential businesses to close and for people to stayat home and “suspend activities that are not necessaryto sustain or protect life”. This order does not constrainwork that is necessary for “minimum basic operations”, oroperations that employ “critical infrastructure workers”,and allows pharmacies to remain open as well asrestaurants that continue with carry-out and deliveryorders. The implications on local business deemed “non-essential” will be severe, and the spillover into wagegrowth and unemployment will continue to deepen thelonger the crisis continues.

The retail sector, which makes up more than 10% of theregional economy, will likely be the worst-affectedindustry. Manufacturing was already in a slight decline inproductivity in the latter half of 2019 which permeateddown to the retail industry, and caused an almost -2%

decline in job growth compared to the previous 12months, before the onset of the virus. Now almost everysector is experiencing a contraction as the economy has,essentially, been halted and workers forced to stayhome. The depth and duration of the pain in thesesectors hinge on how well the healthcare industryresponds and how quickly the federal reserve canfacilitate policies that encourage a fiscal solution thatgets cash flowing through the system again.

On a more positive note, Syracuse is positioned to betterwithstand the crisis than the vast majority of major U.S.cities and will weather the more severe predictions of theeconomic impact of the coronavirus. Syracuse is a majortransportation hub for upstate New York, connecting theports of Rochester and Buffalo with the rest of NewEngland and New York City. The largest employers inthe Syracuse region are in higher education andmedicine, including Upstate Medical University, SyracuseUniversity, and St. Joseph's Hospital. University Hill isthe fastest-growing business district and residentialneighborhood. Syracuse University and Upstate MedicalUniversity are leading this expansion, and it is estimatedthat over 20,000 people work on “The Hill” that producesa combined annual payroll of over $400 million. Thethree tallest office buildings are the State Tower Building,standing at 23 stories, and AXA Towers I & II, whichstand at 19 stories.

Lastly, the economic shock that is accompanying thecoronavirus outbreak does not threaten the factors thathave driven Syracuse's economy over the past decade.The region's status as a major healthcare center andtransportation corridor will not be shaken, as demand forlogistical solutions and food distribution servicesincreases due to the changing habits of consumersduring the crisis. Syracuse will continue to be attractiveto the younger generation looking for employmentopportunities and it will continue to be attractive tohealthcare companies looking to take advantage of theskilled labor and infrastructure that has been developedhere over the last several decades.


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SYRACUSE EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Level 12 Month Change 10 Year Change 5 Year Forecast

1.40%1.20%0.13%-1.33%-8.99%-10.14%1.024Manufacturing

2.19%4.31%0.07%-2.74%-10.71%-22.87%0.947Trade, Transportation and Utilities

2.64%5.40%-0.58%-3.19%-12.73%-26.98%0.925 Retail Trade

0.79%0.51%1.13%-2.01%-1.48%-4.71%0.814Financial Activities

0.88%0.93%-0.49%-0.72%-4.34%-6.07%1.355Government

2.08%3.19%1.94%-1.32%-8.29%-20.21%0.711Natural Resources, Mining and Construction

2.82%1.85%1.16%1.05%-7.24%-9.61%1.461Education and Health Services

2.57%3.55%1.55%-1.12%-8.33%-17.02%0.830Professional and Business Services

2.14%0.61%-0.14%-1.57%-6.57%-2.55%0.84Information

10.31%11.89%-2.48%-5.31%-38.69%-47.39%0.816Leisure and Hospitality

3.60%4.57%-0.86%-2.94%-17.07%-25.08%0.99Other Services

Total Employment 269 1.0 -16.55% -11.29% -1.37% 0.25% 3.01% 2.75%

Source: Oxford Economics

LQ = Location Quotient


YEAR OVER YEAR JOB GROWTH


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DEMOGRAPHIC TRENDS

12 Month ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10 Year Change

Metro U.S. Metro U.S.

5 Year Forecast

Population 329,722,063646,299 -0.5% 0.5% -0.3% 0.6% -0.5% 0.5%

Households 122,424,469255,447 -0.5% 0.4% 0% 0.7% -0.6% 0.4%

Median Household Income $64,480$60,968 1.6% 1.9% 2.1% 2.6% 2.8% 2.7%

Labor Force 158,011,031289,025 -5.6% -3.1% -1.4% 0.3% 0.9% 1.1%

Unemployment 13.4%14.2% 10.1% 9.8% 0.6% 0.4% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


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SubmarketsSyracuse Retail

SYRACUSE SUBMARKETS


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SubmarketsSyracuse Retail

SUBMARKET INVENTORY

12 Month Deliveries Under Construction as % of Inventory

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 Greater Syracuse 12,006 24.8% 1 0 - - -1,140 1 3 0% 3

2 Madison County 3,597 7.4% 6 0 - - -362 0 0 0% -

3 NE Outer Onondaga Cou… 10,578 21.9% 2 0 - - -753 2 7 0.1% 2

4 Oswego County 5,828 12.0% 5 0 - - -671 0 0 0% -

5 SE Outer Onondaga Cou… 8,926 18.5% 3 1 4 0% 1668 1 19 0.2% 1

6 Syracuse CBD 1,355 2.8% 7 0 - - -104 0 0 0% -

7 W Outer Onondaga County 6,086 12.6% 4 0 - - -582 0 0 0% -

SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 Greater Syracuse 2.7%1 0.6% 2$16.61 4

2 Madison County 2.5%7 -2.2% 7$9.94 5

3 NE Outer Onondaga Cou… 3.1%4 -0.1% 3$13.95 2

4 Oswego County 1.4%6 -1.4% 6$10.47 7

5 SE Outer Onondaga Cou… 2.8%3 -0.3% 4$14.24 3

6 Syracuse CBD 2.1%2 0.8% 1$14.57 6

7 W Outer Onondaga County 3.2%5 -0.5% 5$12.03 1

SUBMARKET VACANCY & NET ABSORPTION

12 Month Absorption

Rank Construc. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 Greater Syracuse 422,961 3.5% -(87,658) -0.7% 53

2 Madison County 95,271 2.6% -(10,820) -0.3% 11

3 NE Outer Onondaga Cou… 357,192 3.4% -(50,471) -0.5% 32

4 Oswego County 249,311 4.3% -(103,381) -1.8% 64

5 SE Outer Onondaga Cou… 523,225 5.9% -(57,569) -0.6% 45

6 Syracuse CBD 130,676 9.6% -(35,659) -2.6% 27

7 W Outer Onondaga County 449,662 7.4% -(140,350) -2.3% 76


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Supply & Demand TrendsSyracuse Retail

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2024 100,186 0.2% 0.1%50,719 2.048,778,941

2023 96,453 0.2% 0.2%110,623 0.948,678,755

2022 14,125 0% 0.1%72,235 0.248,582,302

2021 (19,230) 0% -0.8%(384,511) -48,568,177

2020 96,374 0.2% -0.9%(419,863) -48,587,407

YTD 95,103 0.2% -0.4%(195,986) -48,586,136

2019 89,784 0.2% -0.7%(348,308) -48,491,033

2018 6,317 0% -0.2%(91,004) -48,401,249

2017 115,330 0.2% 0.6%311,371 0.448,394,932

2016 95,638 0.2% 0.2%120,096 0.848,279,602

2015 230,586 0.5% 2.2%1,075,251 0.248,183,964

2014 90,244 0.2% 0.7%357,043 0.347,953,378

2013 25,881 0.1% 0%(4,597) -47,863,134

2012 60,875 0.1% -0.4%(207,429) -47,837,253

2011 158,356 0.3% 0.2%110,778 1.447,776,378

2010 98,617 0.2% 1.0%489,144 0.247,618,022

2009 182,450 0.4% 0.2%104,941 1.747,519,405

2008 276,207 0.6% 0.5%241,225 1.147,336,955

MALLS SUPPLY & DEMAND



2024 4,598 0.1% 0%(2,138) -5,998,559

2023 4,445 0.1% 0.1%7,791 0.65,993,961

2022 761 0% 0.1%4,455 0.25,989,516

2021 (902) 0% -1.5%(91,582) -5,988,755

2020 (213) 0% -2.1%(125,801) -5,989,657

YTD 0 0% -0.9%(53,348) -5,989,870

2019 0 0% -0.5%(31,600) -5,989,870

2018 0 0% 1.2%74,577 05,989,870

2017 0 0% 1.1%67,456 05,989,870

2016 0 0% -0.8%(50,100) -5,989,870

2015 0 0% 0.6%33,002 05,989,870

2014 0 0% 3.4%202,099 05,989,870

2013 0 0% 0.2%14,436 05,989,870

2012 0 0% -0.2%(10,000) -5,989,870

2011 150,000 2.6% 2.6%156,800 1.05,989,870

2010 0 0% 2.3%136,034 05,839,870

2009 0 0% -0.1%(2,951) -5,839,870

2008 0 0% -2.0%(118,840) -5,839,870


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POWER CENTER SUPPLY & DEMAND



2024 0 0% 0%(124) -2,764,913

2023 0 0% 0.2%4,717 02,764,913

2022 0 0% 0.2%6,093 02,764,913

2021 0 0% -0.9%(25,678) -2,764,913

2020 0 0% -3.5%(95,725) -2,764,913

YTD 0 0% -2.7%(75,700) -2,764,913

2019 0 0% -1.2%(33,711) -2,764,913

2018 0 0% 0.3%7,858 02,764,913

2017 0 0% -0.1%(3,895) -2,764,913

2016 0 0% -3.5%(95,410) -2,764,913

2015 0 0% 2.2%59,852 02,764,913

2014 3,200 0.1% -0.2%(4,638) -2,764,913

2013 0 0% -0.7%(19,604) -2,761,713

2012 0 0% -0.5%(12,924) -2,761,713

2011 0 0% -0.8%(22,459) -2,761,713

2010 6,900 0.3% -1.8%(49,926) -2,761,713

2009 4,000 0.1% 0.4%11,917 0.32,754,813

2008 0 0% 4.0%110,575 02,750,813

NEIGHBORHOOD CENTER SUPPLY & DEMAND



2024 0 0% 0%(3,580) -9,874,798

2023 0 0% 0.1%13,930 09,874,798

2022 0 0% 0.2%18,894 09,874,798

2021 0 0% -0.8%(75,387) -9,874,798

2020 0 0% -0.3%(31,227) -9,874,798

YTD 0 0% 0%(458) -9,874,798

2019 0 0% -2.8%(279,891) -9,874,798

2018 0 0% 1.8%177,282 09,874,798

2017 35,904 0.4% 1.9%186,246 0.29,874,798

2016 10,000 0.1% -0.1%(12,710) -9,838,894

2015 36,000 0.4% 2.2%214,819 0.29,828,894

2014 156,480 1.6% 1.1%109,686 1.49,792,894

2013 6,039 0.1% 0.6%55,917 0.19,636,414

2012 36,360 0.4% -0.3%(26,165) -9,630,375

2011 0 0% 0.8%74,532 09,594,015

2010 0 0% 2.6%247,023 09,594,015

2009 117,589 1.2% -0.3%(28,140) -9,594,015

2008 169,484 1.8% 0.4%35,425 4.89,476,426


Page 19


STRIP CENTER SUPPLY & DEMAND



2024 0 0% -0.1%(690) -995,006

2023 0 0% 0.1%1,116 0995,006

2022 0 0% 0.2%1,640 0995,006

2021 0 0% -0.6%(5,880) -995,006

2020 0 0% 0.8%8,138 0995,006

YTD 0 0% 1.2%11,547 0995,006

2019 0 0% -4.6%(45,538) -995,006

2018 0 0% 1.5%15,200 0995,006

2017 0 0% 1.9%19,379 0995,006

2016 0 0% 1.1%11,360 0995,006

2015 0 0% 1.7%17,197 0995,006

2014 0 0% 2.5%24,633 0995,006

2013 0 0% 0.2%2,388 0995,006

2012 0 0% -1.2%(11,908) -995,006

2011 14,473 1.5% 3.4%33,800 0.4995,006

2010 0 0% -1.5%(14,996) -980,533

2009 0 0% 2.6%25,258 0980,533

2008 21,150 2.2% 0.9%8,458 2.5980,533

GENERAL RETAIL SUPPLY & DEMAND



2024 95,229 0.3% 0.2%58,402 1.628,693,965

2023 91,662 0.3% 0.3%83,478 1.128,598,736

2022 13,297 0% 0.1%41,558 0.328,507,074

2021 (18,273) -0.1% -0.6%(182,044) -28,493,777

2020 96,599 0.3% -0.6%(172,942) -28,512,050

YTD 95,103 0.3% -0.3%(78,027) -28,510,554

2019 80,984 0.3% 0.1%36,692 2.228,415,451

2018 6,317 0% -1.3%(365,921) -28,334,467

2017 79,426 0.3% 0.1%31,086 2.628,328,150

2016 85,638 0.3% 1.0%269,055 0.328,248,724

2015 194,586 0.7% 2.7%750,381 0.328,163,086

2014 (69,436) -0.2% 0.1%25,263 -27,968,500

2013 19,842 0.1% -0.2%(48,734) -28,037,936

2012 24,515 0.1% -0.5%(146,432) -28,018,094

2011 (6,117) 0% -0.5%(131,895) -27,993,579

2010 91,717 0.3% 0.6%168,730 0.527,999,696

2009 60,861 0.2% 0.4%98,857 0.627,907,979

2008 85,573 0.3% 0.7%202,886 0.427,847,118


Page 20


OTHER SUPPLY & DEMAND



2024 359 0.1% -0.3%(1,151) -451,700

2023 346 0.1% -0.1%(409) -451,341

2022 67 0% -0.1%(405) -450,995

2021 (55) 0% -0.9%(3,940) -450,928

2020 (12) 0% -0.5%(2,306) -450,983

YTD 0 0% -- -450,995

2019 8,800 2.0% 1.3%5,740 1.5450,995

2018 0 0% -- -442,195

2017 0 0% 2.5%11,099 0442,195

2016 0 0% -0.5%(2,099) -442,195

2015 0 0% -- -442,195

2014 0 0% 0%0 -442,195

2013 0 0% -2.0%(9,000) -442,195

2012 0 0% -- -442,195

2011 0 0% -- -442,195

2010 0 0% 0.5%2,279 0442,195

2009 0 0% -- -442,195

2008 0 0% 0.6%2,721 0442,195


Page 21

Rent & VacancySyracuse Retail

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2024 102 0.3% 0.3%$13.92 2,790,166 5.7% 0.1%

2023 101 1.6% 0%$13.88 2,748,081 5.6% -0.1%

2022 100 4.7% -1.5%$13.67 2,768,862 5.7% -0.1%

2021 95 -0.6% -6.0%$13.05 2,827,035 5.8% 0.8%

2020 96 -5.4% -5.4%$13.13 2,454,766 5.1% 0.9%

YTD 100 -1.2% -1.2%$13.72 2,229,498 4.6% 0.4%

2019 101 1.9% 0%$13.88 2,028,256 4.2% 0.9%

2018 100 0.2% -1.8%$13.63 1,590,164 3.3% 0.2%

2017 99 -0.5% -2.1%$13.59 1,492,843 3.1% -0.4%

2016 100 -0.2% -1.6%$13.66 1,692,180 3.5% -0.1%

2015 100 1.0% -1.4%$13.69 1,716,638 3.6% -1.8%

2014 99 0.2% -2.4%$13.55 2,561,303 5.3% -0.6%

2013 99 3.0% -2.5%$13.53 2,828,102 5.9% 0.1%

2012 96 1.0% -5.4%$13.14 2,797,624 5.8% 0.6%

2011 95 0.1% -6.3%$13.00 2,529,320 5.3% 0.1%

2010 95 -1.4% -6.4%$12.99 2,481,742 5.2% -0.8%

2009 96 -3.8% -5.1%$13.17 2,872,269 6.0% 0.1%

2008 100 1.3% -1.4%$13.69 2,794,760 5.9% 0%

MALLS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 103 0.3% -10.6%$25.03 247,516 4.1% 0.1%

2023 103 1.7% -10.9%$24.94 240,836 4.0% -0.1%

2022 101 4.8% -12.4%$24.54 244,231 4.1% -0.1%

2021 97 -0.5% -16.4%$23.41 247,924 4.1% 1.5%

2020 97 -4.8% -16.0%$23.53 157,190 2.6% 2.1%

YTD 101 -0.7% -12.3%$24.55 84,948 1.4% 0.9%

2019 102 5.0% -11.7%$24.72 31,600 0.5% 0.5%

2018 97 -5.2% -16.0%$23.53 0 0% -1.2%

2017 102 -6.8% -11.4%$24.82 74,577 1.2% -1.1%

2016 110 -3.9% -4.9%$26.64 142,033 2.4% 0.8%

2015 114 1.6% -1.0%$27.71 91,933 1.5% -0.6%

2014 113 -2.6% -2.6%$27.27 124,935 2.1% -3.4%

2013 116 12.3% 0%$28.00 327,034 5.5% -0.2%

2012 103 4.6% -11.0%$24.93 341,470 5.7% 0.2%

2011 98 5.0% -14.9%$23.84 331,470 5.5% -0.3%

2010 94 -0.2% -18.9%$22.71 338,270 5.8% -2.3%

2009 94 -6.1% -18.7%$22.76 474,304 8.1% 0.1%

2008 100 1.0% -13.4%$24.24 471,353 8.1% 2.0%


Page 22


POWER CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 106 -0.2% 0.2%$15.03 354,131 12.8% 0%

2023 106 1.0% 0.4%$15.06 354,007 12.8% -0.2%

2022 105 4.2% -0.6%$14.90 358,724 13.0% -0.2%

2021 101 -1.2% -4.6%$14.31 364,817 13.2% 0.9%

2020 102 -3.5% -3.5%$14.48 339,139 12.3% 3.5%

YTD 107 1.0% 1.0%$15.15 319,114 11.5% 2.7%

2019 106 0.3% 0%$15.00 243,414 8.8% 1.2%

2018 105 2.4% -0.3%$14.96 209,703 7.6% -0.3%

2017 103 1.5% -2.6%$14.61 217,561 7.9% 0.1%

2016 101 1.8% -4.0%$14.40 213,666 7.7% 3.5%

2015 100 1.2% -5.7%$14.15 118,256 4.3% -2.2%

2014 98 1.4% -6.8%$13.98 178,108 6.4% 0.3%

2013 97 1.1% -8.1%$13.78 170,270 6.2% 0.7%

2012 96 1.5% -9.1%$13.63 150,666 5.5% 0.5%

2011 95 -0.4% -10.4%$13.44 137,742 5.0% 0.8%

2010 95 -1.9% -10.1%$13.49 115,283 4.2% 2.1%

2009 97 -3.2% -8.3%$13.75 58,457 2.1% -0.3%

2008 100 0.2% -5.3%$14.20 66,374 2.4% -4.0%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 105 0.1% 0.3%$11.71 804,594 8.1% 0%

2023 105 1.4% 0.2%$11.69 801,014 8.1% -0.1%

2022 103 4.6% -1.2%$11.53 814,944 8.3% -0.2%

2021 99 -0.8% -5.5%$11.02 833,838 8.4% 0.8%

2020 99 -4.8% -4.8%$11.11 758,451 7.7% 0.3%

YTD 104 -0.5% -0.5%$11.61 727,682 7.4% 0%

2019 104 1.8% 0%$11.67 727,224 7.4% 2.8%

2018 103 1.9% -1.8%$11.46 447,333 4.5% -1.8%

2017 101 1.8% -3.7%$11.24 624,615 6.3% -1.6%

2016 99 1.4% -5.3%$11.04 774,957 7.9% 0.2%

2015 97 0.8% -6.7%$10.89 752,247 7.7% -1.9%

2014 97 1.1% -7.5%$10.80 931,066 9.5% 0.3%

2013 96 0.3% -8.5%$10.68 884,272 9.2% -0.5%

2012 95 0.7% -8.7%$10.65 934,150 9.7% 0.6%

2011 95 -1.1% -9.3%$10.58 871,625 9.1% -0.8%

2010 96 -1.7% -8.3%$10.69 946,157 9.9% -2.6%

2009 97 -2.7% -6.8%$10.87 1,193,180 12.4% 1.4%

2008 100 0.7% -4.2%$11.18 1,047,451 11.1% 1.2%


Page 23


STRIP CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 101 0.2% 0%$12.89 59,804 6.0% 0.1%

2023 100 1.5% -0.2%$12.86 59,114 5.9% -0.1%

2022 99 4.7% -1.7%$12.66 60,230 6.1% -0.2%

2021 94 -0.7% -6.1%$12.10 61,870 6.2% 0.6%

2020 95 -5.5% -5.5%$12.18 55,990 5.6% -0.8%

YTD 99 -1.3% -1.3%$12.72 52,581 5.3% -1.2%

2019 101 1.5% 0%$12.89 64,128 6.4% 4.6%

2018 99 1.3% -1.5%$12.69 18,590 1.9% -1.5%

2017 98 1.4% -2.8%$12.53 33,790 3.4% -1.9%

2016 96 1.0% -4.1%$12.36 53,169 5.3% -1.1%

2015 96 0.9% -5.1%$12.23 64,529 6.5% -1.7%

2014 95 1.0% -5.9%$12.12 81,726 8.2% -2.5%

2013 94 -0.1% -6.9%$12.00 106,359 10.7% -0.2%

2012 94 0% -6.8%$12.00 108,747 10.9% 1.2%

2011 94 -1.3% -6.9%$12.00 96,839 9.7% -2.1%

2010 95 -1.8% -5.7%$12.15 116,166 11.8% 1.5%

2009 97 -3.3% -3.9%$12.38 101,170 10.3% -2.6%

2008 100 1.6% -0.6%$12.80 126,428 12.9% 1.0%

GENERAL RETAIL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 99 0.3% -0.5%$12.22 1,312,163 4.6% 0.1%

2023 99 1.6% -0.8%$12.18 1,282,648 4.5% 0%

2022 98 4.8% -2.4%$11.99 1,281,016 4.5% -0.1%

2021 93 -0.6% -6.9%$11.44 1,309,340 4.6% 0.6%

2020 94 -6.1% -6.4%$11.50 1,138,642 4.0% 0.6%

YTD 98 -1.9% -2.2%$12.01 1,042,113 3.7% 0.3%

2019 100 0.9% -0.3%$12.25 958,830 3.4% 0.1%

2018 99 1.6% -1.2%$12.14 914,538 3.2% 1.3%

2017 97 1.3% -2.8%$11.94 542,300 1.9% 0.2%

2016 96 0.8% -4.0%$11.79 497,256 1.8% -0.7%

2015 95 0.8% -4.8%$11.70 680,673 2.4% -2.0%

2014 94 1.1% -5.5%$11.60 1,236,468 4.4% -0.3%

2013 93 0% -6.6%$11.48 1,331,167 4.7% 0.2%

2012 93 -0.4% -6.6%$11.48 1,262,591 4.5% 0.6%

2011 94 -1.4% -6.2%$11.52 1,091,644 3.9% 0.5%

2010 95 -1.6% -4.9%$11.69 965,866 3.4% -0.3%

2009 97 -3.3% -3.3%$11.88 1,042,879 3.7% -0.1%

2008 100 1.7% 0%$12.29 1,080,875 3.9% -0.5%


Page 24


OTHER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 105 0.4% -0.3%$17.52 11,958 2.6% 0.3%

2023 105 1.7% -0.7%$17.45 10,462 2.3% 0.2%

2022 103 4.9% -2.4%$17.15 9,717 2.2% 0.1%

2021 98 -0.4% -7.0%$16.35 9,246 2.1% 0.9%

2020 99 -4.6% -6.6%$16.42 5,354 1.2% 0.5%

YTD 103 -0.5% -2.5%$17.13 3,060 0.7% 0%

2019 103 -2.1% -2.1%$17.22 3,060 0.7% 0.7%

2018 105 6.7% 0%$17.58 0 0% 0%

2017 99 7.3% -6.2%$16.48 0 0% -2.5%

2016 92 0.6% -12.6%$15.36 11,099 2.5% 0.5%

2015 92 0.2% -13.1%$15.27 9,000 2.0% 0%

2014 91 -0.2% -13.3%$15.24 9,000 2.0% 0%

2013 92 -0.5% -13.1%$15.27 9,000 2.0% 2.0%

2012 92 -0.3% -12.7%$15.35 0 0% 0%

2011 92 -2.0% -12.5%$15.38 0 0% 0%

2010 94 -2.9% -10.7%$15.69 0 0% -0.5%

2009 97 -3.0% -8.1%$16.16 2,279 0.5% 0%

2008 100 0.6% -5.2%$16.66 2,279 0.5% -0.6%


Page 25

Sale TrendsSyracuse Retail

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2024 -- - -- 154- $114.82 7.9%

2023 -- - -- 153- $113.96 7.9%

2022 -- - -- 148- $110.58 8.0%

2021 -- - -- 134- $100.21 8.3%

2020 -- - -- 138- $102.72 8.5%

YTD $23.9M50 0.8% $77.70$678,457 1498.1% $111.30 8.1%

2019 $89.8M132 2.6% $110.30$945,443 1426.9% $106.06 8.3%

2018 $67.3M120 2.8% $66.38$770,474 1347.1% $100.24 8.5%

2017 $57.1M112 3.1% $46.81$828,058 1378.5% $102.44 8.2%

2016 $69.3M131 2.0% $91.64$745,188 1388.0% $102.87 8.1%

2015 $58.8M146 2.6% $53.87$477,961 1367.8% $101.23 8.1%

2014 $63.6M171 2.9% $61.03$499,609 1247.6% $92.55 8.5%

2013 $48.3M115 3.6% $31.13$568,501 1119.2% $82.64 8.9%

2012 $52.1M129 2.6% $50.13$542,663 1038.1% $77.01 9.2%

2011 $69.9M123 3.8% $58.26$785,138 968.7% $71.79 9.6%

2010 $35.3M110 2.2% $42.76$430,021 928.4% $68.69 9.9%

2009 $42.6M88 1.8% $74.50$708,306 8610.5% $64.35 10.2%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

MALLS SALES





2024 -- - -- 159- $118.21 7.3%

2023 -- - -- 158- $117.29 7.3%

2022 -- - -- 153- $113.73 7.4%

2021 -- - -- 138- $102.76 7.7%

2020 -- - -- 141- $105.15 7.9%

YTD -- - -- 153- $114.10 7.5%

2019 -- - -- 139- $103.27 7.9%

2018 -- - -- 121- $90.10 8.4%

2017 $9.4M2 12.2% $12.87$4,722,500 127- $94.56 8.0%

2016 -- - -- 130- $96.43 7.8%

2015 $2M1 2.0% $16.67$2,000,000 129- $95.63 7.8%

2014 -- - -- 115- $85.18 8.3%

2013 $13.7M2 16.6% $13.73$6,825,000 104- $77.44 8.6%

2012 $23.2M1 1.9% $199.88$23,153,754 96- $71.62 8.9%

2011 $0.001 1.9% -- 91- $67.90 9.2%

2010 -- - -- 90- $66.57 9.4%

2009 -- - -- 85- $63.17 9.6%




Page 26


POWER CENTER SALES





2024 -- - -- 156- $108.78 7.8%

2023 -- - -- 155- $108.25 7.8%

2022 -- - -- 151- $105.31 7.9%

2021 -- - -- 137- $95.70 8.2%

2020 -- - -- 141- $98.36 8.4%

YTD -- - -- 152- $106.55 8.0%

2019 -- - -- 144- $101.04 8.2%

2018 -- - -- 136- $94.97 8.4%

2017 $250K1 0.2% $47.81$250,000 140- $98.17 8.1%

2016 -- - -- 142- $99.06 7.9%

2015 -- - -- 140- $97.80 7.9%

2014 -- - -- 125- $87.33 8.4%

2013 -- - -- 112- $78.32 8.8%

2012 -- - -- 102- $71.40 9.2%

2011 -- - -- 101- $70.91 9.3%

2010 -- - -- 102- $71.08 9.4%

2009 $10.6K1 0.1% $3.01$10,600 94- $65.60 9.8%



NEIGHBORHOOD CENTER SALES





2024 -- - -- 155- $123.00 7.7%

2023 -- - -- 154- $122.28 7.7%

2022 -- - -- 150- $118.78 7.7%

2021 -- - -- 136- $107.67 8.1%

2020 -- - -- 139- $110.46 8.3%

YTD $12M4 1.3% $94.18$2,992,250 1516.3% $119.95 7.9%

2019 $20.7M14 2.8% $130.36$2,960,821 1426.7% $112.82 8.1%

2018 $9.2M4 3.8% $24.43$2,981,667 136- $107.56 8.3%

2017 $4.4M4 0.7% $75.90$2,213,140 138- $109.90 8.0%

2016 $6M6 0.9% $70.75$1,206,980 1396.5% $110.07 7.9%

2015 $8.6M11 3.4% $33.34$1,228,786 136- $107.89 7.9%

2014 $13.8M8 1.8% $78.94$2,730,314 1227.0% $97.19 8.3%

2013 $7.7M6 0.8% $141.02$1,536,029 110- $87.58 8.7%

2012 $1.9M4 1.2% $16.83$469,002 10010.0% $79.64 9.2%

2011 $40.9M10 7.6% $81.58$4,541,289 969.5% $75.91 9.4%

2010 $4.1M9 3.9% $15.83$669,833 93- $73.75 9.6%

2009 $28.1M4 3.6% $130.12$13,995,000 85- $67.52 10.0%




Page 27


STRIP CENTER SALES





2024 -- - -- 163- $116.96 7.8%

2023 -- - -- 162- $116.22 7.8%

2022 -- - -- 157- $112.87 7.8%

2021 -- - -- 143- $102.34 8.2%

2020 -- - -- 146- $105.00 8.4%

YTD $320K2 3.3% $10.95$320,000 159- $113.88 8.0%

2019 $1.9M2 2.3% $83.30$955,876 1507.8% $107.52 8.2%

2018 $875K1 2.5% $35.18$875,000 1349.5% $96.16 8.7%

2017 -- - -- 138- $98.82 8.4%

2016 $0.001 0.5% -- 138- $99.09 8.3%

2015 $711K2 1.5% $48.37$355,500 136- $97.96 8.3%

2014 $460K2 2.2% $27.06$460,000 126- $90.81 8.6%

2013 $1.3M4 3.3% $43.08$432,223 1139.8% $80.91 9.0%

2012 $0.002 3.2% -- 107- $77.00 9.2%

2011 $2M1 1.5% $130.03$1,965,000 98- $70.55 9.7%

2010 $0.001 0.6% -- 92- $66.04 10.1%

2009 $880K2 0.9% $97.04$440,000 86- $61.62 10.4%



GENERAL RETAIL SALES





2024 -- - -- 152- $112.05 8.1%

2023 -- - -- 151- $111.13 8.1%

2022 -- - -- 147- $107.78 8.2%

2021 -- - -- 133- $97.70 8.5%

2020 -- - -- 136- $100.12 8.7%

YTD $11.6M44 0.7% $76.76$381,900 1478.6% $108.36 8.3%

2019 $67.2M116 3.3% $106.24$781,159 1436.8% $105.03 8.5%

2018 $57.2M115 3.4% $93.62$689,292 1376.3% $100.78 8.6%

2017 $43M105 2.4% $101.60$672,105 1398.5% $102.33 8.4%

2016 $63.3M124 3.0% $94.30$718,950 1398.1% $102.49 8.2%

2015 $47.5M132 2.8% $67.96$420,147 1377.8% $100.80 8.2%

2014 $49.4M161 4.3% $58.04$407,759 1277.7% $93.31 8.6%

2013 $25.7M103 2.2% $54.30$342,610 1128.9% $82.70 9.0%

2012 $27.1M122 3.5% $33.34$297,427 1067.4% $77.99 9.3%

2011 $27M110 3.0% $39.58$342,287 977.9% $71.40 9.7%

2010 $31.2M100 2.3% $54.92$411,088 918.4% $67.24 10.1%

2009 $13.6M81 1.7% $39.64$247,595 8610.5% $63.46 10.4%




Page 28


OTHER SALES





2024 -- - -- 142- $97.94 7.9%

2023 -- - -- 141- $97.12 8.0%

2022 -- - -- 137- $94.12 8.0%

2021 -- - -- 124- $85.26 8.4%

2020 -- - -- 127- $87.28 8.5%

YTD -- - -- 137- $94.32 8.2%

2019 -- - -- 127- $87.75 8.4%

2018 -- - -- 120- $82.46 8.6%

2017 -- - -- 124- $85.26 8.3%

2016 -- - -- 125- $86.20 8.1%

2015 -- - -- 124- $85.29 8.1%

2014 -- - -- 112- $76.87 8.5%

2013 -- - -- 102- $70.36 8.9%

2012 -- - -- 92- $63.66 9.3%

2011 $0.001 26.1% -- 96- $66.32 9.1%

2010 -- - -- 101- $69.68 9.0%

2009 -- - -- 95- $65.16 9.4%




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Documents

Syracuse - NY