boulder q1 2020 · 2020-04-22 · the district boulder 6,660 q1 20 - - the colorado group, inc....

BOULDER

MARKET REPORTRETAIL

Q1 2020

303.321.5888 UNIQUEPROP.COM

FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONSPrivately-Owned and Operated for Over 40 Years

RETAIL MARKET REPORT

Market Key Statistics 2

Leasing 3

Rent 7

Construction 9

Under Construction Properties 10

Sales 11

Sales Past 12 Months 12

Economy 14

Market Submarkets 17

Supply & Demand Trends 19

Rent & Vacancy 22

Sale Trends 25

Boulder Retail

4/22/2020Copyrighted report licensed to Unique Properties, Inc. - 1130503.

OverviewBoulder Retail

115 K 17.5 K 5.2% 3.0%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

The Colorado governor ordered all bars, restaurants,theaters, and fitness centers close through April 26, andpossibly longer. With virtually all non-essentialbusinesses shuttered, the fate of many smaller retailtenants hangs in the balance as they rely on governmentaid on a local and federal level.

The coronavirus pandemic is having an unprecedentedimpact on the national and local economies. Joblessclaims due to shutdowns are skyrocketing as stay-at-home orders force non-essential businesses to shutteracross the state. The health of commercial real estateand the economy virtually hinges on the mitigation effortsto slow the spread of the virus.

Fiscal and monetary stimulus was quickly enacted andshould provide a bridge for many people and businessesimpacted by the crisis, at least in the short-term. We willbe updating our analysis frequently as more informationbecomes available. The current report largely reflects theenvironment before the pandemic.

Broader sentiment suggests that construction anddemand will slow substantially in the coming quarters,but to what degree remains to be seen.

After vacancies rose by more than 100 basis points in

2019, the Boulder metro showed improved signs in 2020,before the pandemic.

Burlington moved into more than 30,000 SF inLongmont, taking a space that was vacated by SportsAuthority several years ago. Crunch also moved into a30,000 SF plus space that had sat vacant at MarketSquare in the city of Boulder. Overall, strong absorptionand no supply pressure in 20Q1 has tightened vacanciesbelow the market's long term average.

Construction will remain minimal moving forward as onlya handful of projects under 30,000 SF are in the pipeline.

Rent growth has generally mirrored the national averagein recent years, a trend that continues in early 2020. Theaverage rent in Boulder is just a tick below those inDenver, demonstrating how highly retail tenants valuethe local consumer base.

Investors also valued Boulder retail properties in 2019.Nearly $140 million worth of assets traded last year, thethird-highest mark of the cycle.

Investment activity is expected to slow to a crawl in thecoming quarters due to the financial uncertainty of theeconomy coming to a hard stop.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$29.2013.8%1,240,638Malls 13.8% 0 0 0

$26.233.5%1,140,410Power Center 5.9% 0 0 0

$23.506.1%6,013,882Neighborhood Center 7.5% (68,500) 0 27,443

$18.396.8%1,238,168Strip Center 8.1% (4,996) 0 0

$21.753.3%7,916,417General Retail 4.0% 1,245 0 53,211

--0Other - 0 0 0

$22.935.2%17,549,515Market 6.3% (72,251) 0 80,654

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

5.6%6.1%0.5%Vacancy Change (YOY) 8.6% 2009 Q2 3.5% 2017 Q1

109,022128,88517.5 KNet Absorption SF 834,334 2007 Q2 (260,675) 2018 Q2

101,130168,275115 KDeliveries SF 1,344,904 2006 Q4 5,500 2012 Q3

0.9%1.3%3.0%Rent Growth 4.1% 2015 Q1 -3.4% 2009 Q4

N/A$87.9M$127 MSales Volume $171.1M 2015 Q4 $24M 2011 Q3


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LeasingBoulder Retail

Boulder vacancies expanded more rapidly in 2019 thanin any other year this cycle. From 2018-19, the vacancyrate rose from just under 5% to 6%, or about 100 basispoints. The Boulder metro has erased most of last year'snegative absorption that caused the uptick in vacancies,led by 30,000 SF-plus move-ins by Burlington andCrunch Fitness. These two tenants represent wheredemand remains strong in the ongoing evolution of retail:Discount stores and fitness centers.

Sports Authority closed all of its stores nationally severalyears ago, including a 32,000-SF location at Village atthe Peaks in Longmont which Burlington recentlyoccupied. Another 40,000-SF location at 301 Marshall

Road in Superior was leased by two tenants, StickleyFurniture (23,000 SF) and Goldfish Swim School (17,000SF).

Crunch Fitness occupied more than 30,000 SF at MarketSquare in Boulder. The space sat vacant since 2015 andwas formerly used for an OfficeMax.

A host of key demographic and economic metrics suchas job, income, and population growth are behind astrong consumer base. Boulder has the highest medianincome in the Front Range and has posted strongeremployment and population growth than the nationalaverage over the past five years.

NET ABSORPTION, NET DELIVERIES & VACANCY


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VACANCY RATE

AVAILABILITY RATE


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12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Building SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absoption SF

Boulder Ret 128,653 0 128,653 0 0 0 128,653Centennial Marketplace

Boulder Ret 55,000 0 0 0 0 0 55,000Kohl's

Boulder Ret 38,000 0 0 0 0 0 38,00024 Hour Fitness

Longmont Ret 92,397 0 32,397 0 0 0 32,397Village at the Peaks (1)

Boulder Ret 109,000 1,109 31,173 0 0 0 30,891Market Square

Boulder Ret 8,460 0 0 0 0 0 8,4602355 30th St

Boulder Ret 7,500 0 0 0 0 0 5,686Lafayette Promenade

Longmont Ret 6,430 0 3,300 0 0 0 5,338101 E 2nd Ave

Boulder Ret 17,856 0 0 0 0 0 5,307Art Mart

Longmont Ret 7,000 0 5,015 0 0 0 5,015Village at the Peaks (2)

Boulder Ret 25,023 0 0 0 0 0 5,002North 28th Street Plaza

Longmont Ret 6,247 0 0 0 0 0 4,7361125 Neon Forest Cir

Boulder Ret 183,084 8,760 4,251 (6,040) 0 0 4,734Table Mesa Shopping Center

Boulder Ret 15,770 0 0 0 0 0 4,191High Street Lofts Office Condos

Boulder Ret 27,450 15,398 0 (373) 0 0 4,043Diagonal Plaza

Longmont Ret 8,443 0 0 0 0 0 3,873Parkway Promenade

Boulder Ret 15,636 1,684 4,623 (1,023) 0 0 3,7101313-1335 Broadway St

751,949 26,951 209,412 (7,436) 0 0 345,036Subtotal Primary Competitors

16,797,566 892,705 (11,290) (64,815) 0 0 (324,661)Remaining Boulder Market

17,549,515 919,656 198,122 (72,251) 0 0 20,375Total Boulder 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

24 Hour Fitness Boulder 38,000 24 Hour Fitness - -Q3 19

Village at the Peaks Longmont 32,397 Burlington - NewMark Merrill Comp…Q2 19

Market Square Boulder 31,173 Crunch - Quadrant PropertiesQ4 19

Parkway Promenade Longmont 9,500 Sears - SullivanHayes BrokerageQ3 19

Pearl Street Mall Boulder 9,426 Charlotte's Web - -Q1 20

700 Ken Pratt Blvd Longmont 6,703 Longs Peak Academy Be… - SullivanHayes BrokerageQ3 19

Parkway Promenade Longmont 6,664 Benjamin Moore - SullivanHayes BrokerageQ3 19

The District Boulder 6,660 - - The Colorado Group, Inc.Q1 20

Marshalls Plaza Boulder 6,408 - - Tebo PropertiesQ4 19

Walnut Eleven Building Boulder 6,267 - - Market Real EstateQ1 20

Pearl Street Mall Boulder 5,779 - - Gibbons-White, Inc.Q3 19

202-220 Kimbark St Longmont 5,000 - - Gibbons-White, Inc.Q3 19

3rd & Lashley Longmont 4,990 - - RIO CommercialQ3 19

43 S Main St Longmont 4,940 - - Tebo PropertiesQ1 20

Twin Peaks Square Longmont 4,616 Leenie's Cafe - Colliers InternationalQ2 19

Parkway Promenade Longmont 4,558 - - SullivanHayes BrokerageQ3 19

Christopher Plaza Boulder 4,249 - - Tebo PropertiesQ2 19

Table Mesa Shopping Center Boulder 4,105 - - The W.W. Reynolds Co…Q3 19

Table Mesa Shopping Center Boulder 3,527 - - The W.W. Reynolds Co…Q3 19

Meadows on the Parkway Boulder 3,241 Vegan Fusion Academy - Phillips Edison & Comp…Q4 19

1615 Pearl St Boulder 3,184 BoCo Life, LLC - Dean Callan & Compan…Q2 19

Pearl Street Mall Boulder 3,150 - - Tebo PropertiesQ1 20

Parkway Promenade Longmont 3,005 Foster Management - SullivanHayes BrokerageQ2 19

Louisville Plaza Boulder 3,000 American Family Care - Crosbie Real Estate Gr…Q3 19

Community Plaza Boulder 3,000 - - The Colorado Group, Inc.Q4 19

Bluff Plaza Boulder 3,000 - - Gibbons-White, Inc.Q4 19

The District Boulder 2,958 Front Range Brewing Co - The Colorado Group, Inc.Q2 19

North Hover Centre Longmont 2,955 Comfort Dental - Colliers InternationalQ4 19

Diagonal Plaza Boulder 2,948 Nopalitos - Gibbons-White, Inc.Q2 19

Premier Location on Boulder Hill Boulder 2,863 - - Crosbie Real Estate Gr…Q1 20

Parkway Promenade Longmont 2,810 WT Excavating - SullivanHayes BrokerageQ3 19

Twenty Ninth Street Boulder 2,699 Ideal Image MedSpa SRS Real Estate Pa… -Q2 19

Gunbarrel Square Shopping Center Boulder 2,645 - - The Colorado Group, Inc.Q4 19

Parkway Promenade Longmont 2,600 - - SullivanHayes BrokerageQ3 19

Forest Park Village * Boulder 2,594 Morning Glory Cafe - Emerald Real Estate G…Q4 19

1313-1335 Broadway St Boulder 2,593 - - WP Westpark IV, LLCQ3 19

Village at the Peaks Longmont 2,523 Nothing Bundt Cakes - NewMark Merrill Comp…Q3 19

1541-1545 Pearl St Boulder 2,500 - - RE/MAX AllianceQ1 20

Louisville Plaza Boulder 2,450 Luxury Nails and Spa - -Q2 19

1920 S Coffman St Longmont 2,424 Freedom Financial,Sugar… - Zephyr MgmtQ1 20

*Renewal


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RentBoulder Retail

The Colorado Governor’s order to stay-at-home, exceptfor essential needs and services, has resulted in theshuttering of countless retail buildings across the metro.With the order in place until the second week of April,and likely longer, leasing activity, and therefore rentalobservations, will be virtually nonexistent. Even after thestay-at-home policy is lifted, social distancing policieswithin confined public spaces such as retail will likelycreate a tempered environment for both demand andrents.

Strong fundamentals and solid demand drivers translatedinto respectable, but not truly outsized rent gains this

cycle. Mirroring the national trend, rent growth hasmoderated since from previous peaks in 2015-17, butgains still continued to outpace the national average in2019.

Following a national trend, well-located assets insubmarkets with strong demographics have outperformedthis cycle. Rents in the cities of Boulder, Louisville, andSuperior had surpassed last cycle’s highs by around12%, representing the three top performances in themetro. These cities also command the highest retail rentsin the metro.

MARKET RENT GROWTH (YOY)


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RentBoulder Retail

MARKET RENT PER SQUARE FOOT


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ConstructionBoulder Retail

The Colorado Governor's stay-at-home order considersjobs in the construction industry as “essential or critical”,which would allow developers to move forward withprojects if they choose. Deteriorating economicconditions could keep upcoming groundbreakings onhold, and speculative projects slated to deliver in 2020must grapple with the uncertainty of demand. Given theremarkable fluidity of the coronavirus outbreak, it is notout of the realm of possibility that construction jobs couldeventually lose their essential business designation.

Tempered levels of development in the Boulder metrohave limited projects to smaller build-to-suits in pastquarters. The biggest delivery of 2019 was a 55,000 SFKohl's in Lafayette. The second-largest project was a

38,000 SF 24 Hour Fitness in the same shopping center.

Only about 80,000 SF of retail space was underconstruction at the end of 20Q1. A 25,000 SF retailcomponent of the mixed-use REVE development inDowntown Boulder is slated to deliver by the summer,but that date is likely subject to change depending on thespread of the virus. That retail component will join 244apartment units and 109,000 SF of office space.

Tough zoning and planning rules make the city ofBoulder a difficult place to build in. Large-footprinttenants seeking to establish a presence in the core partof the city may need to demolish an existing building tofind buildable land, as was the case with Trader Joe's.

DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All Existing{0} 000 Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 Longmont 3 47 15,81479.8% 2 11,26538 2

2 Boulder 2 33 16,60679.9% 1 13,82727 1

Totals 5 81 16,13179.9% 12,83064


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Under Construction PropertiesBoulder Retail

5 80,654 0.5% 79.9%Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

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

Oct 20192255 Main St

Horizon Park Shopping…27,443 1 Jun 2020

Gator Investments

Gator Investments1

Apr 20193000 Pearl St

RÊVE Boulder24,500 5 Jun 2020

Southern Land Company

Southern Land Company2

Jul 2018150 Main St

10,000 4 May 2020-

Pathfinder Partners3

Jul 2018150 Main St

Building 210,000 4 May 2020

-

-4

Jan 2020957 Main St

8,711 2 Jul 2020-

-5


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SalesBoulder Retail

Boulder’s thriving economy and strong demographictrends have investors bullish on the outlook of the localretail market. Sales volume in 2019 exceeded $100million for the third time in five years. Based on CoStar’sMarket Pricing, retail values continued to steadily climbwhile cap rates remained flat near 6.5%. Plenty of buyersare coming from out-of-state and have made some ofthe biggest splashes in recent transaction activity.

In one of the biggest trades in the past 12 months,Missouri-based The Kroenke Group acquired a buildingin the St. Vrain Centre for approximately $12.3 million($268/SF) in June. The 46,000 SF shopping center

delivered in Longmont in 2000 and was fully occupied bySprouts and Petsmart. The Kroenke Group, headed bybillionaire Stan Kroenke, has been highly active in theColorado market recently. In 2019, the investment grouphas spent $150 million to acquire 17 retail properties inthe state of Colorado.

Another out-of-state buyer acquired a building in the St.Vrain Centre in March. California-based AVG partnersbought a 98,000 SF big box for nearly $6.8 million($69/SF). The building delivered in 1993 and wasrenovated in 2019. The asset was fully occupied by AtHome and reportedly traded at a 7.24% cap rate.

SALES VOLUME & MARKET SALE PRICE PER SF


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Sales Past 12 MonthsBoulder Retail

77 6.0% $242 1.2%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 $189,277 $2,497,123 $1,465,000 $12,250,000

Price Per SF $50 $242 $314 $2,854

Cap Rate 4.1% 6.0% 6.2% 8.1%

Time Since Sale in Months 0.2 6.7 6.8 11.7

Property Attributes Low Average Median High

Building SF 876 9,658 5,202 128,653

Stories 1 1 1 3

Typical Floor SF 0 8,967 4,950 128,653

Vacancy Rate At Sale 0% 1.2% 0% 100%

Year Built 1882 1978 1981 2019

Star Rating 2.5


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Sales Past 12 MonthsBoulder Retail

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

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 1011-1125 Hover St2000 45,755 0% $12,250,000 $2686/6/2019 -

-2 2 S Marshall Rd2019 22,000 0% $9,600,000 $43611/21/2019 -

-3 235 Alpine St2001 47,500 0% $9,000,000 $18910/1/2019 -

-4 550 S McCaslin Blvd1999 128,653 0% $6,995,000 $541/29/2020 -

-5 Pearl Street Mall1949 12,600 0% $6,425,000 $510

1346 Pearl St9/6/2019 -

-6 100 McCaslin Blvd2017 7,570 0% $6,000,000 $79312/31/2019 -

-7 Tractor Supply Co2018 21,930 0% $5,829,000 $266

825 N U.S. 28712/23/2019 -

-8 1123 Walnut St1900 7,500 0% $4,650,000 $6202/21/2020 -

-9 Summit Marketplace2004 14,339 9.8% $4,500,000 $314

385 Crossing Dr10/1/2019 7.4%

-10 317 Weaver Park Rd- 20,790 0% $3,850,000 $18510/1/2019 -

-11 Building B2014 8,291 0% $3,404,765 $411

765 E South Boulder Rd9/27/2019 6.3%

-12 250 Pearl St- 4,016 0% $3,359,000 $8368/2/2019 -

-13 2355 30th St1982 8,460 0% $3,050,000 $36112/30/2019 -

-14 1580 Canyon Blvd1966 6,582 0% $3,000,000 $4561/28/2020 -

-15 2445 30th St1972 8,043 0% $2,875,000 $3572/19/2020 -

-16 Centennial Marketplace1995 8,777 15.0% $2,710,000 $309

956 W Cherry St8/7/2019 7.1%

-17 900 West Pearl2004 4,695 0% $2,679,700 $571

900-908 W Pearl St8/28/2019 8.1%

-18 2050 26th St1993 876 0% $2,500,000 $2,8544/10/2020 6.0%

-19 1011 Dry Creek Dr1998 11,600 0% $2,374,300 $20510/25/2019 -

-20 901 Pearl St2015 21,252 0% $2,100,000 $995/6/2019 -


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EconomyBoulder Retail

The coronavirus pandemic is having an unprecedentedimpact on the national economy. Jobless claims due toshutdowns are skyrocketing in nearly every metro acrossthe country. The state of the economy practically hingeson the mitigation efforts to slow the spread of the virus.We will be updating our analysis as more informationbecomes available. The current report largely reflects theenvironment before the pandemic.

Boulder has a dynamic economy, and job growth hasoutperformed the national benchmark for the virtualentirety of this current cycle. Total nonfarm payrollsexceed the prerecession peak by roughly 30,000,representing cumulative growth of about 20% since2010. Annual job gains have consistently remainedaround 3% in 2019, well above the national average.

Affordability is an increasing concern, and likely apredominant factor in the population growth slowdownobserved over the past two years. Population datareleased in September 2018 pegged 2017 populationgrowth at a mere 0.4%, down from 1.0% in 2016. From2011 to 2015, the population grew by an average of1.5% per year. Meanwhile, population growth held steadyin more affordable Northern Colorado metros. Greeley(Weld County) posted 3.5% population growth for asecond straight year in 2017, a cyclical high. Fort Collinssaw its population rise by 1.6% in 2017, virtuallyunchanged from the 1.7% increase the prior year.

Notably, much of the explosive growth in the Greeleymetro is occurring in far southwest Weld County,bordering Longmont, and easily within commutingdistance to central Boulder. Cities here such as Erie,Firestone, and Frederick each saw cumulative populationgrowth of 22% or more over the past five years, andresidential development is exploding. The SouthwestWeld County apartment submarket illustrates thedramatic growth here: The market-rate apartment stockis slated to climb from less than 150 units at the start of2016, to 1,500 units by year-end 2019, with many of thesmaller cities here now seeing their first-ever largeapartment developments.

A takeaway from the growth in Weld County is thataffordable housing options are being created inclose—and commutable—proximity to the city of Boulder.This should facilitate economic expansion, and act assome counter to the headwinds posed by the difficulty of

residential building (and increasing lack of affordableoptions) in the city of Boulder itself.

Housing prices are a staggering 75% of the peak of thelast cycle. According to the Federal Housing FinanceAgency's All-Transactions House Price Index, homeprices have increased by more than 10% annually onaverage over the last five years, and have increased atan annual rate north of 8% in every quarter since thestart of 2014.

A number of different industries have contributed to thisgrowth, but high tech companies continue to grab mostof the headlines, and for good reason. Tech companieshave flourished in Boulder thanks to a well-developedinfrastructure that stems from a synergistic relationshipwith the University of Colorado. Firms looking to hirehave no shortage of qualified graduates from which tochoose, although the labor market—both in Boulder andin the broader Colorado Front Range—has beenexceptionally tight for years.

The amount of flex space in Boulder speaks to howimportant the tech sector is to the economy. Flex space,which draws demand from high-tech tenants needingboth office and R&D space, represents just over half ofthe entire industrial stock. San Jose is the only othermetro in the country where flex space comprises at leasthalf of the industrial stock.

Several Fortune 500 companies also help solidify theeconomy, including GE, IBM, Lockheed Martin, andQualcomm. Google, which employed three or fourhundred employees in the metro earlier in the cycle, nowemploys upwards of 1,000 and is actively expanding withthe completion of its 200,000-SF campus. The firmbought the first phase of its campus in a record-breakingdeal, and further made its commitment to the area clearby announcing plans to move forward with a 100,000-SFexpansion of the campus.

Amazon, Uber, and Twitter also have a presence in themetro, and the high tech backbone should continue to bean important source of high-paying job growth inBoulder. Of course, there's always the possibility of beingoverly exposed to a certain sector, and high tech andinformation jobs do account for about 20% of office-using employment, in the neighborhood of SanFrancisco's level.


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BOULDER EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-0.38%-0.04%1.02%2.71%-0.99%0.35%1.220Manufacturing

0.05%0.24%1.16%1.91%-0.74%-0.47%0.726Trade, Transportation and Utilities

0.01%0.21%0.72%1.40%-1.05%-1.59%0.817 Retail Trade

0.33%0.33%1.28%-0.24%0.77%-1.35%0.67Financial Activities

0.49%1.46%0.11%2.22%1.29%1.82%1.339Government

0.15%0.00%2.89%3.26%0.86%0.07%0.66Natural Resources, Mining and Construction

0.76%1.01%2.15%3.14%2.59%1.21%0.827Education and Health Services

0.61%0.72%2.58%3.50%1.17%5.25%1.439Professional and Business Services

0.30%0.11%0.56%-0.55%1.19%-3.48%2.28Information

0.99%1.20%2.20%1.93%-2.42%-4.53%1.020Leisure and Hospitality

-0.02%0.33%1.02%1.75%0.49%2.40%0.86Other Services

Total Employment 193 1.0 -2.19% -2.62% 2.01% 1.20% 1.30% 0.95%

Source: Oxford Economics

LQ = Location Quotient


YEAR OVER YEAR JOB GROWTH


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DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

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

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,310,594331,696 1.1% 0.5% 1.2% 0.7% 1.1% 0.5%

Households 122,106,773130,303 1.0% 0.4% 0.9% 0.7% 1.0% 0.4%

Median Household Income $64,711$87,282 2.9% 3.3% 3.4% 2.6% 2.7% 2.9%

Labor Force 164,149,516199,733 1.1% 0.7% 1.6% 0.7% 0.8% 0.4%

Unemployment 3.7%2.3% -0.7% -0.1% -0.5% -0.6% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


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SubmarketsBoulder Retail

BOULDER SUBMARKETS


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SubmarketsBoulder Retail

SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

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

1 Boulder 11,546 65.8% 1 2 33 0.3% 2835 3 99 0.9% 1

2 Longmont 5,993 34.2% 2 3 47 0.8% 1532 2 17 0.3% 2

SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 Boulder -0.6%1 3.1% 1$25.46 2

2 Longmont 0.1%2 2.8% 2$18.07 1

SUBMARKET VACANCY & NET ABSORPTION

12 Month Absorption

Rank Construc. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 Boulder 666,353 5.8% 1.091,553 0.8% 12

2 Longmont 253,303 4.2% -(71,178) -1.2% 21


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Supply & Demand TrendsBoulder Retail

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2024 132,491 0.7% 1.0%187,269 0.717,985,426

2023 133,658 0.8% 1.3%229,301 0.617,852,935

2022 92,214 0.5% 0.9%157,554 0.617,719,277

2021 1,210 0% 0.2%36,250 017,627,063

2020 76,338 0.4% 0.1%12,104 6.317,625,853

YTD 0 0% 0.7%125,871 017,549,515

2019 147,027 0.8% -0.3%(51,189) -17,549,515

2018 79,025 0.5% 0.2%35,772 2.217,402,488

2017 (80,803) -0.5% -0.5%(82,561) -17,323,463

2016 279,385 1.6% 1.4%243,765 1.117,404,266

2015 210,066 1.2% 1.7%283,622 0.717,124,881

2014 (2,760) 0% 0.5%92,739 -16,914,815

2013 19,889 0.1% 1.3%212,152 0.116,917,575

2012 18,567 0.1% 1.0%161,751 0.116,897,686

2011 21,917 0.1% -0.1%(25,143) -16,879,119

2010 (157,051) -0.9% -0.3%(49,657) -16,857,202

2009 41,930 0.2% -0.2%(31,051) -17,014,253

2008 152,490 0.9% -0.1%(18,340) -16,972,323

MALLS SUPPLY & DEMAND



2024 3,021 0.2% 0.5%6,540 0.51,248,738

2023 3,053 0.2% 0.8%9,955 0.31,245,717

2022 2,108 0.2% 0.6%7,637 0.31,242,664

2021 13 0% 0%(345) -1,240,556

2020 (95) 0% 2.1%25,673 -1,240,543

YTD 0 0% 2.9%36,078 01,240,638

2019 0 0% 0%254 01,240,638

2018 7,000 0.6% -11.8%(145,920) -1,240,638

2017 0 0% -0.3%(3,536) -1,233,638

2016 249,983 25.4% 18.6%229,436 1.11,233,638

2015 174,648 21.6% 14.6%144,065 1.2983,655

2014 14,000 1.8% 2.3%18,494 0.8809,007

2013 0 0% 0.8%6,198 0795,007

2012 7,067 0.9% 3.8%30,135 0.2795,007

2011 0 0% 5.4%42,360 0787,940

2010 4,185 0.5% -1.4%(10,870) -787,940

2009 0 0% 0.8%6,000 0783,755

2008 13,829 1.8% 5.5%42,929 0.3783,755


Page 19


POWER CENTER SUPPLY & DEMAND



2024 229 0% 0.4%4,276 0.11,141,015

2023 239 0% 0.7%7,775 01,140,786

2022 141 0% 0.6%6,724 01,140,547

2021 (3) 0% 0%(297) -1,140,406

2020 (1) 0% -1.1%(12,001) -1,140,409

YTD 0 0% -0.1%(1,484) -1,140,410

2019 0 0% -2.9%(32,903) -1,140,410

2018 3,800 0.3% 5.0%56,967 0.11,140,410

2017 0 0% 1.1%11,952 01,136,610

2016 0 0% 2.5%28,299 01,136,610

2015 9,150 0.8% -1.9%(21,333) -1,136,610

2014 0 0% -2.1%(23,632) -1,127,460

2013 0 0% 0.7%7,636 01,127,460

2012 0 0% -0.6%(6,439) -1,127,460

2011 0 0% -0.3%(3,806) -1,127,460

2010 0 0% 1.1%12,914 01,127,460

2009 8,412 0.8% -0.2%(2,467) -1,127,460

2008 66,323 6.3% 11.9%133,458 0.51,119,048

NEIGHBORHOOD CENTER SUPPLY & DEMAND



2024 31,815 0.5% 0.9%52,240 0.66,126,651

2023 32,078 0.5% 1.1%67,913 0.56,094,836

2022 22,165 0.4% 0.8%49,827 0.46,062,758

2021 349 0% 0.2%13,853 06,040,593

2020 26,362 0.4% 0.9%56,286 0.56,040,244

YTD 0 0% 1.6%97,572 06,013,882

2019 7,500 0.1% -1.0%(59,621) -6,013,882

2018 21,930 0.4% 1.5%92,438 0.26,006,382

2017 9,024 0.2% -2.7%(162,037) -5,984,452

2016 2,300 0% 0%1,269 1.85,975,428

2015 0 0% -0.1%(8,199) -5,973,128

2014 22,291 0.4% 0.7%39,345 0.65,973,128

2013 0 0% 3.0%176,141 05,950,837

2012 5,500 0.1% 1.2%73,766 0.15,950,837

2011 0 0% -0.4%(23,444) -5,945,337

2010 0 0% -2.3%(135,812) -5,945,337

2009 0 0% 0.2%13,528 05,945,337

2008 41,238 0.7% -1.1%(67,281) -5,945,337


Page 20


STRIP CENTER SUPPLY & DEMAND



2024 821 0.1% 0.4%5,302 0.21,240,306

2023 815 0.1% 0.7%8,950 0.11,239,485

2022 519 0% 0.6%7,599 0.11,238,670

2021 (16) 0% 0%118 -1,238,151

2020 (1) 0% -1.6%(19,741) -1,238,167

YTD 0 0% -0.7%(9,049) -1,238,168

2019 0 0% -1.6%(20,178) -1,238,168

2018 0 0% 0.1%1,452 01,238,168

2017 0 0% 1.7%21,635 01,238,168

2016 0 0% -1.1%(13,147) -1,238,168

2015 0 0% 2.4%29,573 01,238,168

2014 19,562 1.6% 3.7%45,653 0.41,238,168

2013 17,007 1.4% 1.2%14,705 1.21,218,606

2012 0 0% -0.4%(4,896) -1,201,599

2011 0 0% -0.8%(9,171) -1,201,599

2010 0 0% 1.5%18,004 01,201,599

2009 7,200 0.6% 4.6%55,143 0.11,201,599

2008 0 0% -3.7%(44,305) -1,194,399

GENERAL RETAIL SUPPLY & DEMAND



2024 96,605 1.2% 1.4%118,911 0.88,228,716

2023 97,473 1.2% 1.7%134,708 0.78,132,111

2022 67,281 0.8% 1.1%85,767 0.88,034,638

2021 867 0% 0.3%22,921 07,967,357

2020 50,073 0.6% -0.5%(38,113) -7,966,490

YTD 0 0% 0%2,754 07,916,417

2019 139,527 1.8% 0.8%61,259 2.37,916,417

2018 46,295 0.6% 0.4%30,835 1.57,776,890

2017 (89,827) -1.1% 0.6%49,425 -7,730,595

2016 27,102 0.3% 0%(2,092) -7,820,422

2015 26,268 0.3% 1.8%139,516 0.27,793,320

2014 (58,613) -0.7% 0.2%12,879 -7,767,052

2013 2,882 0% 0.1%7,472 0.47,825,665

2012 6,000 0.1% 0.9%69,185 0.17,822,783

2011 21,917 0.3% -0.4%(31,082) -7,816,783

2010 (161,236) -2.0% 0.8%66,107 -7,794,866

2009 26,318 0.3% -1.3%(103,255) -7,956,102

2008 31,100 0.4% -1.0%(83,141) -7,929,784


Page 21

Rent & VacancyBoulder Retail

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2024 121 1.4% 4.3%$23.65 852,307 4.7% -0.4%

2023 119 1.1% 2.9%$23.33 909,772 5.1% -0.6%

2022 118 2.9% 1.8%$23.07 1,007,972 5.7% -0.4%

2021 115 7.3% -1.1%$22.42 1,075,385 6.1% -0.2%

2020 107 -7.8% -7.8%$20.90 1,110,395 6.3% 0.3%

YTD 117 1.1% 1.1%$22.93 919,656 5.2% -0.7%

2019 116 2.7% 0%$22.67 1,045,527 6.0% 1.1%

2018 113 3.0% -2.6%$22.09 847,311 4.9% 0.2%

2017 110 3.7% -5.4%$21.44 804,058 4.6% 0%

2016 106 2.3% -8.8%$20.67 802,300 4.6% 0.1%

2015 103 2.9% -10.9%$20.20 766,680 4.5% -0.5%

2014 100 3.3% -13.4%$19.63 840,431 5.0% -0.6%

2013 97 1.4% -16.2%$19.00 936,506 5.5% -1.1%

2012 96 1.5% -17.4%$18.73 1,128,769 6.7% -0.9%

2011 94 -1.0% -18.6%$18.46 1,271,953 7.5% 0.3%

2010 95 -1.4% -17.8%$18.64 1,224,893 7.3% -0.6%

2009 97 -3.4% -16.7%$18.90 1,331,314 7.8% 0.4%

2008 100 -0.2% -13.7%$19.57 1,258,333 7.4% 0.9%

MALLS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 123 0.9% 2.7%$29.39 165,754 13.3% -0.3%

2023 122 0.6% 1.8%$29.12 169,355 13.6% -0.6%

2022 121 2.4% 1.1%$28.94 176,342 14.2% -0.5%

2021 119 6.7% -1.3%$28.26 181,936 14.7% 0%

2020 111 -7.4% -7.4%$26.49 181,583 14.6% -2.1%

YTD 122 2.1% 2.1%$29.20 171,254 13.8% -2.9%

2019 120 1.5% 0%$28.61 207,332 16.7% 0%

2018 118 4.9% -1.5%$28.19 207,586 16.7% 12.3%

2017 113 6.0% -6.1%$26.87 54,666 4.4% 0.3%

2016 106 1.4% -11.4%$25.34 51,130 4.1% 1.0%

2015 105 2.5% -12.7%$24.99 30,583 3.1% 3.1%

2014 102 6.4% -14.8%$24.38 0 0% -0.6%

2013 96 1.7% -19.9%$22.91 4,494 0.6% -0.8%

2012 94 0.6% -21.3%$22.53 10,692 1.3% -2.9%

2011 94 -2.4% -21.8%$22.38 33,760 4.3% -5.4%

2010 96 -0.1% -19.9%$22.93 76,120 9.7% 1.9%

2009 96 -3.7% -19.7%$22.96 61,065 7.8% -0.8%

2008 100 -1.9% -16.7%$23.84 67,065 8.6% -3.9%


Page 22


POWER CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 122 1.5% 5.2%$27.22 32,363 2.8% -0.4%

2023 120 1.3% 3.6%$26.80 36,462 3.2% -0.7%

2022 118 3.1% 2.3%$26.47 44,064 3.9% -0.6%

2021 115 7.4% -0.7%$25.68 50,662 4.4% 0%

2020 107 -7.5% -7.5%$23.91 50,365 4.4% 1.1%

YTD 117 1.4% 1.4%$26.23 39,848 3.5% 0.1%

2019 116 1.4% 0%$25.86 38,364 3.4% 2.9%

2018 114 4.1% -1.4%$25.51 5,461 0.5% -4.7%

2017 110 4.8% -5.2%$24.51 58,628 5.2% -1.1%

2016 105 1.4% -9.5%$23.39 70,580 6.2% -2.5%

2015 103 2.8% -10.8%$23.06 98,879 8.7% 2.6%

2014 100 5.5% -13.2%$22.44 68,396 6.1% 2.1%

2013 95 1.6% -17.8%$21.27 44,764 4.0% -0.7%

2012 94 0.3% -19.0%$20.94 52,400 4.6% 0.6%

2011 93 -1.8% -19.2%$20.89 45,961 4.1% 0.3%

2010 95 -0.8% -17.8%$21.27 42,155 3.7% -1.1%

2009 96 -4.1% -17.1%$21.45 55,069 4.9% 0.9%

2008 100 -1.9% -13.5%$22.37 44,190 3.9% -6.6%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 126 1.4% 4.7%$24.22 333,902 5.4% -0.4%

2023 124 1.1% 3.2%$23.90 354,748 5.8% -0.6%

2022 123 2.9% 2.1%$23.63 390,990 6.4% -0.5%

2021 119 7.2% -0.8%$22.97 419,000 6.9% -0.2%

2020 111 -7.5% -7.5%$21.42 432,521 7.2% -0.5%

YTD 122 1.5% 1.5%$23.50 364,753 6.1% -1.6%

2019 120 3.4% 0%$23.15 462,325 7.7% 1.1%

2018 116 3.5% -3.3%$22.38 395,204 6.6% -1.2%

2017 112 4.3% -6.5%$21.63 465,712 7.8% 2.9%

2016 108 2.9% -10.4%$20.75 294,651 4.9% 0%

2015 105 3.4% -12.9%$20.17 293,620 4.9% 0.1%

2014 101 2.7% -15.7%$19.51 285,616 4.8% -0.3%

2013 99 1.9% -18.0%$18.99 302,670 5.1% -3.0%

2012 97 2.3% -19.5%$18.63 478,811 8.0% -1.2%

2011 95 -0.8% -21.3%$18.21 547,077 9.2% 0.4%

2010 95 -1.3% -20.7%$18.34 523,633 8.8% 2.3%

2009 97 -3.4% -19.7%$18.59 386,848 6.5% -0.2%

2008 100 0.1% -16.8%$19.25 400,376 6.7% 1.8%


Page 23


STRIP CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 115 1.4% 3.0%$18.93 74,880 6.0% -0.4%

2023 113 1.1% 1.6%$18.67 79,573 6.4% -0.7%

2022 112 2.9% 0.6%$18.47 87,896 7.1% -0.6%

2021 109 7.2% -2.3%$17.96 95,086 7.7% 0%

2020 101 -8.8% -8.8%$16.75 95,204 7.7% 1.6%

YTD 111 0.1% 0.1%$18.39 84,512 6.8% 0.7%

2019 111 2.5% 0%$18.37 75,463 6.1% 1.6%

2018 109 1.4% -2.4%$17.93 55,285 4.5% -0.1%

2017 107 2.1% -3.7%$17.68 56,737 4.6% -1.7%

2016 105 2.8% -5.7%$17.32 78,372 6.3% 1.1%

2015 102 2.9% -8.3%$16.85 65,225 5.3% -2.4%

2014 99 2.1% -10.9%$16.37 94,798 7.7% -2.3%

2013 97 1.0% -12.7%$16.04 120,889 9.9% 0.1%

2012 96 1.9% -13.6%$15.88 118,587 9.9% 0.4%

2011 94 -0.3% -15.2%$15.58 113,691 9.5% 0.8%

2010 95 -2.0% -14.9%$15.63 104,520 8.7% -1.5%

2009 97 -3.4% -13.2%$15.95 122,524 10.2% -4.1%

2008 100 1.2% -10.1%$16.51 170,467 14.3% 3.7%

GENERAL RETAIL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 117 1.5% 4.4%$22.55 245,408 3.0% -0.3%

2023 116 1.2% 2.9%$22.23 269,634 3.3% -0.5%

2022 114 3.0% 1.7%$21.97 308,680 3.8% -0.3%

2021 111 7.4% -1.3%$21.32 328,701 4.1% -0.3%

2020 103 -8.1% -8.1%$19.85 350,722 4.4% 1.1%

YTD 113 0.7% 0.7%$21.75 259,289 3.3% 0%

2019 112 2.6% 0%$21.60 262,043 3.3% 0.9%

2018 110 2.3% -2.5%$21.07 183,775 2.4% 0.2%

2017 107 2.9% -4.7%$20.59 168,315 2.2% -1.8%

2016 104 2.1% -7.4%$20.01 307,567 3.9% 0.4%

2015 102 2.7% -9.3%$19.60 278,373 3.6% -1.5%

2014 99 3.0% -11.6%$19.09 391,621 5.0% -0.9%

2013 96 1.0% -14.2%$18.53 463,689 5.9% -0.1%

2012 95 1.2% -15.0%$18.35 468,279 6.0% -0.8%

2011 94 -0.8% -16.0%$18.14 531,464 6.8% 0.7%

2010 95 -1.6% -15.3%$18.29 478,465 6.1% -2.7%

2009 97 -3.3% -14.0%$18.59 705,808 8.9% 1.6%

2008 100 0% -11.0%$19.22 576,235 7.3% 1.4%


Page 24

Sale TrendsBoulder 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 -- - -- 155- $239.62 6.7%

2023 -- - -- 154- $236.90 6.7%

2022 -- - -- 150- $231.96 6.7%

2021 -- - -- 141- $218.00 7.0%

2020 -- - -- 143- $219.77 7.0%

YTD $31.5M17 1.2% $150.52$1,968,281 1585.1% $243.96 6.5%

2019 $137.2M95 5.4% $239.65$2,435,561 1566.4% $241.12 6.5%

2018 $79.3M52 3.4% $175.18$2,191,206 1527.6% $234.39 6.5%

2017 $156.2M84 5.2% $223.28$2,714,021 1486.7% $227.71 6.5%

2016 $81M91 4.3% $223.96$1,637,168 1396.8% $214.04 6.6%

2015 $171.1M91 6.4% $162.59$2,352,366 1357.2% $207.94 6.7%

2014 $96.2M66 5.2% $120.91$1,806,610 1257.1% $193.28 6.9%

2013 $84.7M56 3.0% $177.97$1,865,389 1118.1% $170.85 7.3%

2012 $55.4M65 4.4% $225.93$1,223,424 1087.2% $166.66 7.3%

2011 $27.2M48 2.7% $138.31$893,904 987.7% $150.90 7.7%

2010 $58.1M40 3.3% $108.95$1,973,196 92- $142.34 8.0%

2009 $38.4M41 1.6% $151.60$1,179,953 899.3% $136.74 8.2%

(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 -- - -- 150- $251.95 6.6%

2023 -- - -- 148- $249.84 6.5%

2022 -- - -- 146- $245.34 6.6%

2021 -- - -- 137- $231.17 6.9%

2020 -- - -- 139- $233.83 6.9%

YTD -- - -- 155- $260.74 6.3%

2019 -- - -- 153- $257.07 6.4%

2018 -- - -- 148- $248.80 6.4%

2017 -- - -- 143- $241.48 6.4%

2016 $021 25.3% -- 134- $225.96 6.5%

2015 -- - -- 131- $221.04 6.5%

2014 -- - -- 124- $208.07 6.7%

2013 -- - -- 110- $184.99 7.1%

2012 -- - -- 108- $181.25 7.1%

2011 -- - -- 97- $163.76 7.5%

2010 -- - -- 92- $154.86 7.8%

2009 $01 0.5% -- 89- $149.77 7.9%




Page 25


POWER CENTER SALES





2024 -- - -- 149- $225.31 6.6%

2023 -- - -- 148- $222.47 6.6%

2022 -- - -- 144- $217.58 6.6%

2021 -- - -- 135- $204.23 6.9%

2020 -- - -- 136- $205.76 6.9%

YTD -- - -- 152- $228.60 6.4%

2019 $4.5M3 1.1% $375.40$1,510,000 1514.5% $228.30 6.3%

2018 -- - -- 145- $217.95 6.4%

2017 $406K1 0.3% $129.38$406,000 142- $214.58 6.3%

2016 $2.9M4 1.4% $313.01$1,473,633 1339.4% $200.49 6.5%

2015 -- - -- 129- $194.74 6.5%

2014 -- - -- 124- $186.91 6.6%

2013 -- - -- 109- $164.55 7.0%

2012 $900K8 27.4% $164.56$900,000 107- $160.68 7.1%

2011 $014 22.6% -- 97- $146.82 7.5%

2010 -- - -- 92- $138.99 7.7%

2009 $7.8M3 2.0% $355.82$2,616,667 897.3% $133.51 7.9%



NEIGHBORHOOD CENTER SALES





2024 -- - -- 157- $218.51 6.7%

2023 -- - -- 155- $216.06 6.6%

2022 -- - -- 152- $211.57 6.7%

2021 -- - -- 142- $198.87 7.0%

2020 -- - -- 144- $200.55 7.0%

YTD $8.2M2 2.5% $53.76$4,097,500 160- $222.73 6.4%

2019 $41.1M13 4.3% $182.84$4,106,214 1587.0% $221.20 6.4%

2018 $21.9M9 4.7% $96.99$3,924,260 1529.2% $212.39 6.5%

2017 $34.2M9 5.6% $168.02$4,275,000 148- $206.23 6.5%

2016 $12.8M4 0.6% $331.92$3,207,725 1376.6% $190.76 6.7%

2015 $111.3M26 12.7% $147.74$4,838,496 133- $185.16 6.7%

2014 $44.8M20 8.7% $92.40$2,984,320 1259.7% $173.92 6.9%

2013 $35.1M8 3.5% $188.84$8,786,410 111- $154.26 7.3%

2012 $790K3 1.1% $174.78$790,000 107- $150.01 7.4%

2011 $3.8M3 0.5% $133.96$1,255,000 98- $136.61 7.7%

2010 $33.5M5 4.2% $133.72$6,708,390 92- $128.84 8.0%

2009 $2.9M3 0.2% $201.85$970,000 8815.9% $123.52 8.2%




Page 26


STRIP CENTER SALES





2024 -- - -- 150- $227.01 6.8%

2023 -- - -- 149- $224.58 6.7%

2022 -- - -- 146- $220.14 6.8%

2021 -- - -- 137- $207.28 7.1%

2020 -- - -- 139- $209.25 7.1%

YTD $3.1M2 1.0% $258.38$1,550,000 1544.1% $232.35 6.5%

2019 $967.2K2 1.1% $78.99$967,200 1527.0% $228.83 6.6%

2018 $7.3M6 5.6% $161.54$1,451,500 147- $221.38 6.6%

2017 $27M8 7.3% $372.35$3,857,329 1436.9% $215.91 6.5%

2016 $6.7M6 4.0% $136.54$1,132,500 1357.3% $203.25 6.7%

2015 $12.8M10 8.1% $149.05$1,984,833 1307.1% $195.98 6.8%

2014 $13.1M9 11.0% $105.67$1,636,875 1218.0% $182.02 7.0%

2013 $8.7M7 5.5% $131.23$1,510,000 107- $161.84 7.4%

2012 $1.3M5 2.2% $214.29- 1059.5% $158.18 7.4%

2011 $3.4M3 2.2% $130.28$1,475,000 948.1% $142.63 7.8%

2010 $1.3M5 0.5% $401.91$815,000 89- $134.76 8.1%

2009 $2.3M3 2.4% $79.73$758,333 87- $131.26 8.2%



GENERAL RETAIL SALES





2024 -- - -- 157- $257.65 6.8%

2023 -- - -- 155- $254.60 6.7%

2022 -- - -- 152- $249.17 6.8%

2021 -- - -- 143- $234.04 7.1%

2020 -- - -- 144- $235.72 7.1%

YTD $20.2M13 0.6% $450.79$1,683,125 1596.0% $261.36 6.5%

2019 $90.6M77 8.3% $280.10$2,138,859 1575.9% $257.41 6.6%

2018 $50.1M37 3.1% $275.72$1,992,537 1547.1% $253.11 6.5%

2017 $94.6M66 6.1% $225.02$2,270,535 1506.7% $245.49 6.5%

2016 $58.5M56 4.3% $221.30$1,533,577 1426.2% $233.38 6.6%

2015 $47M55 3.1% $220.53$1,043,419 1387.5% $226.85 6.6%

2014 $38.3M37 2.9% $204.92$1,263,017 1275.9% $208.27 6.9%

2013 $40.8M41 3.0% $182.86$1,125,185 1128.1% $183.49 7.3%

2012 $52.4M49 4.3% $228.70$1,241,445 1096.6% $179.14 7.4%

2011 $20.1M28 1.9% $140.64$824,554 996.9% $161.55 7.8%

2010 $23.2M30 3.9% $83.29$994,163 93- $152.25 8.1%

2009 $25.4M31 2.6% $134.75$1,070,162 897.4% $146.02 8.3%




Page 27

boulder q1 2020 · 2020-04-22 · the district boulder 6,660 q1 20 - - the colorado group, inc....

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