I don't say this enough. I couldn't be more proud of our team. Over the last 60 days, the team behind the @TenantExpReport put up some impressive numbers I have to share: - 15 new retailers added per day - 58 new decision-maker contacts added per day - 75+ updates to the board every single day - 87.13% of our contacts verified in the last 90 days In this business, a stale contact is a dead deal. When a broker, tenant rep, landlord, or developer opens TER, they reach the person actually making the decision, right now. The results in July are a product of the hard work - we had our largest subscriber signup in the past 24 months! So excited in what we're building.

45 brands hit the @TenantExpReport platform today. That's just one day. What that looked like: - 11 expanding retailers new to the board - 25 real estate or csuite contacts added - 6 store-count corrections, 6 status changes (from "Flat" to "Expanding") - 12 new state-level targets identified across 8 chains - 40 new comments added to retailers, each tied to the article behind it Three that stood out: - Spencer Spirit is buying Hot Topic — six concepts, 3,000+ stores, one counterparty - Culver's confirmed 50–55 openings a year for the next 3–5 years, with PA, NY and OK named as new markets - Ruby Tuesday's is down to 174 restaurants — 770+ closures since 2007 Same day, opposite directions. That's the Tenant Expansion Brief — our daily digest of everything moving on the board, now going to all subscribers in their inbox. Reply "DEMO" to get a link!

On any given day, we add 25 to 50 unique pieces of intelligence to the @TenantExpReport platform. We scrape articles, press releases and social media. We scour quarterly and annual reports. We track new store openings. We take updates straight from the retailers themselves. There is an unlimited amount of information pushed to the market every single day, and most of it never reaches the people who need it. Using language models, we identify that data and evaluate it for accuracy. But the models are only half of it. Our data team vets every intake, checks sources and confirms details before anything reaches the platform. No garbage in, no garbage out. What you see is verified intel, pushed in on a daily basis. Real time is coming next. That is what makes this data actionable for developers, landlords and brokers. A few examples: - A national retailer announces expansion into a new state. - A chain moves from selective growth to aggressive, signaling a real estate push. - A new real estate director takes over at a growing concept, so you know exactly who to call. Fresh intel at your fingertips. A game changer.

Spent part of yesterday on a lengthy call with a product development firm helping us take @TenantExpReport to the next level. And honestly – I am fired up! What we have built to this point has already changed how a lot of you approach tenant intelligence. What is coming next is going to be a whole different conversation. The roadmap is real, our team is locked in, and the pieces are falling into place faster than I expected. Giddy up!

Many of you know that I originally created the @TenantExpReport back around 2009–2010 while working as a retail investment sales broker. The goal was simple: create a reliable way to understand which retailers are expanding, where they’re going, and who the right real estate contacts are. After stepping away for a period due to conflicts with my prior firm, I’m excited to share that I’m now fully back involved with the company alongside @PaulMLeu & @phanimedler, who stepped in as Co-Owners and have done an incredible job continuing to grow the platform. Tenant Expansion Report is a research and intelligence platform focused entirely on retail tenant growth, providing: • Retailer expansion plans • Site criteria and requirements • Direct real estate contacts • Retailer flyers and materials • Powerful search tools to match tenants to sites One unique aspect of the platform is that retailers can access it completely free, which helps keep expansion data current and accurate. If you're involved in retail brokerage, development, or leasing, it's built to help identify expanding tenants, match sites with tenants and connect with the right decision makers. If you'd like to see how it works, happy to show you.

If you live in Orange County or know of someone who does, please tag them below so they're aware of our upcoming event in Newport Beach! We expect to have 200+ attendees at our #CRE networking event on March 26th. We typically get a mix of all product specialties who attend across all types - developers, investors, tenants, brokers, lenders & service providers. Come one Come all! bit.ly/REMIXConnectMar26

Please follow my team! @PaulMLeu @phanimedler @MSpangenbergCRE @Zack_Zig Thank you!

I’ve moved my State of the Market commentary to a new platform as part of my move to Porthaven Partners. Because of that, I’m rebuilding the distribution list from scratch. I didn’t carry over prior opt-ins. This will be opt-in only. If you’ve found my market commentary useful — retail and restaurant investment sales, buyer behavior, pricing, and what’s actually trading, sign up below! Same market lens. Delivered directly. bit.ly/SOM-26