National Multisport Industry Analysis

Market conditions that influence the subject property are discussed in this section. The major factors requiring consideration are the supply and demand conditions, which affect the competitive position of the subject property. Although multisport facilities are market specific, this section of the report provides an overview of national market trends that influence demand for multisport structures in the subject’s market area. Our analysis includes excerpts and information from the 2020 IBISWorld Industry Report: Gym, Health & Fitness Clubs in the US.

OVERVIEW OF SPORTS COMPLEX FACILITIES

Sports and entertainment multiplexes, or sports complexes, are a massive concept by the standards of a single or joint development party, but one which can be financed and supported within a handful of phases. The United States is host to thousands of single or dual-use sport or entertainment-oriented facilities (sports complexes, tennis clubs, soccer facilities, ice arenas, service cinemas, etc.) many of which ended up being unsuccessful efforts from the early stages of operation. The idea may have been sound at some point prior to construction of these projects, and they may have even been operating at near-capacity levels for some time. As stand-alone going concerns, each of these facilities often stands a far less convincing chance at achieving sustainability. But in an increasing number of circumstances, it is the larger, expansive, and more diverse projects that have yielded returns to not only investors, but also tax jurisdictions through ripple spending by the patrons. According to Trading Economics, consumer spending in the U.S. will remain stagnant until 2022 but is projected to increase by about three percent in 2023. Looking back several years, these growth figures were bleak and did not lend credence to the possibility of developing large-scale discretionary income-supported projects like sports complexes. If a development plan was ever to come to fruition, the chances are that the scope had been reduced, thereby narrowing the opportunity for the project to attract from a larger feeder market. Much like a regional shopping mall, sports complexes and entertainment venues exhibit significant flex in the trade areas they draw from as the magnitude of the project increases or decreases. As additional phases are implemented, those concentric rings swell rapidly. When phases are removed, patrons will not travel long distances to pay for the experience.

ECONOMIC IMPACT CYCLE

Real property can be compared to a wheel and fission, particularly when large-scale projects are undertaken near a stable feeder market (people: fuel, gravity) and those which are developed using sound-minded economics at play. When mega sports complexes and other sports and entertainment-related endeavors are spawned, they are oftentimes thumbed by governmental agencies seeking ways to expand its own tax base (see first phase in graphic below). As in all capitalist environments in the world, the communities that enjoy healthy tax revenue levels tend to be those with more diverse arrays of businesses. These businesses depend on the presence of ancillary amenities to support the workforce, its dependents, and the consumers. But at

some point, the fiscal performance of the area’s hotels, retail centers and other amenities will plateau either because of capacity constraints, oversupply or a depletion of demand.

© 2018 Bryan Younge

Sports and entertainment venues are increasingly becoming the go-to property type for municipalities that are seeking to fill in these weekend gaps. Attracting developers of sports complex properties by offering financing assistance or incentives to help these projects come to fruition is an early and important step towards spurring the generation of a self-sustaining micro economy. It is an important signal to many that the particular jurisdiction is willing to take risks to establish a pro-growth demeanor of a particular market area. It is also an initiative that government entities can “sell” the idea to the taxpayers because sports and entertainment facilities are not only attractive for businesses considering relocating to the area, but they are also directly appreciated by the local community. Once this attitude by the taxing authority is adopted and steps are taken to work alongside private entities to put a shovel in the ground for one of these large-scale projects, it is not long before other ancillary businesses begin to germinate. The absorption of developable land in the area for these projects, in turn, reduces the number of available parcels in the vicinity to support future property improvement. More pronounced than typical appreciation, this compression phenomenon prompts land values to rapidly increase in the immediate

area, along with the prices of some of the local goods and services. And when this happens, fission within the economic impact cycle is imminent. Compression might be followed by an expansion of the highest and best use options of real property in the vicinity of the anchor development. Since we are considering a sports complex property playing the role of the anchor nucleus, we can expect that a wider array of property types would be feasible compared to those surrounding a commercial-oriented anchor. Although increasing land values are challenging the feasibility of these projects at this stage, the prices for certain goods and services will increase and offset enough of the loss so that a positive ROI can be enjoyed by the developer. Tournaments and events at the sports complex, once constructed, bring all sorts of travelers to the area from relatively large distances. Accordingly, lodging facilities would then be able to fill those weekend gaps and generate pressure behind their room rates. Higher room rates mean more direct tax revenues and add stability for a community’s growth prospects. If the success of the sports complex anchor and its surrounding developments becomes so significant, and the availability of land in the market drops, it is likely that existing uses will experience an adaptation phase. Adaptation is similar to redevelopment, in that the existing operations of a business are already viable, and that the business owner repositions the property to support a higher purpose (at least where economics are concerned). This is an extension of the expansion of the previous HBU phase, except that it is the first stage that shows evidence of a community’s existing base economy becoming altered. Over several years, the availability of vacant land and property available for adaptive reuse becomes scarce enough that structures begin to be built taller to achieve a desired minimum floor area. This vertical tenancy tends to be highly catered to human desires, as higher structures offer better views, better security, and better finessing of egos. We see several scenarios where vertical tenancy occurs—mostly within our major cities’ central business districts and in a variety of perimeter markets that serve as alternative and more affordable cultural centers to these CBDs. But in recent years, the development of S&E properties has accelerated this process, and in areas where population density in the immediate environs is not particularly high. In fact, the incremental tax benefits to communities that are lower in density are substantially higher compared to those in larger, heaping markets. In this situation, taxing jurisdictions enjoy substantial financial wherewithal as well as flexibility in the distribution of the capital to its infrastructure. Roads are repaved, promenades are enhanced, crime is managed, cleanliness is apparent, and the pride of the community advances. Which leads us into the final phase of the economic impact cycle—population growth and the achievement of critical mass.

COVID-19 IMPACT

The COVID-19 pandemic caused many closures. Due to this unforeseen occurrence, state governments ordered nonessential businesses to temporarily close to prevent the spread of the virus. Therefore, as industry services are classified as nonessential, most industry establishments were required to close. However, some industry operators defied the state order and had remained open, leaving them subject to severe fines and lawsuits.

Due to these closures, many gyms contended with mounting financial liabilities as revenue streams diminished. For instance, Gold’s Gym International Inc. filed for bankruptcy in May 2020, 24 Hour Fitness USA Inc. filed for bankruptcy in June and Town Sports International Holdings Inc. filed for bankruptcy in September. Consequently, IBISWorld expects that non-employing and small-scale operators are less capable to weather the negative effects of the pandemic.

Some state governments, such as Texas and Florida, started to ease the restrictions in June 2020, permitting gyms to reopen at limited capacity. Nevertheless, this measure is expected to vary between states. Overall, gym owners are required to impose strict protocols, such as social distancing; enhanced sanitizing and disinfecting; and temperature checking. Still, the uncertainty around the number of gym members that are willing to return weighs on industry operators. The pandemic has caused many Americans to lose their income through layoffs, pay cuts or hour reductions. Consequently, individuals who did not previously commit to a membership contract are likely to forgo frequenting gyms. Simultaneously, safety concerns regarding sharing facilities, such as changing rooms, might discourage some gymgoers. Overall, despite some industry establishments that have gradually reopened, industry demand is unlikely to rebound to its pre-crisis level. Profit, measured as earnings before interest and taxes, accounts for an expected 8.2% of revenue in 2020, down from 12.9% in 2015, and this decline comes because of growing consumer demand for low-cost memberships, as well as diminishing revenue amid club closures.

KEY EXTERNAL DRIVERS

Time Spent on Leisure and Sports

When individuals have more leisure time, they can allocate more time toward their fitness regimen, which spurs consumer demand for gym, health and fitness club memberships. In 2020, IBISWorld estimates that time spent on leisure and sports will increase. The following graph presents trends in the time spent on leisure and sports, participation in sports, and revenue.

Participation in sports measures the percentage of individuals that participate in sports, recreation or exercise each day. Greater participation in sports reflects more health-conscious individuals, which typically increases consumer demand for gym, health and fitness club memberships. Participation in sports is expected to increase in 2020, representing a potential opportunity for the industry.

Per capita disposable income

As per capita disposable income rises, more individuals can purchase gym, health and fitness club memberships. Furthermore, as disposable incomes increase, more consumers can afford high-cost, all-

inclusive gym memberships, which benefits the industry. Per capita disposable income is expected to decrease in 2020, posing a potential threat to the industry.

Yield on 10-year Treasury Note

The yield on a 10-year Treasury note measures the current interest rate. As interest rates rise, the investing environment for gym, health and fitness clubs will likely be less favorable, discouraging gyms from expanding their operations and boutique gyms from entering the industry. The yield on a 10-year Treasury note is expected to decrease in 2020.

OPERATING CONDITIONS

Capital Intensity

The Gym, Health and Fitness Clubs industry is moderately capital-intensive. In 2020, for every $1.00 spent on wages, the industry incurs an estimated $0.20 on capital costs. Wage costs are expected to account for 35.6% of industry revenue in 2020. Capital costs are moderate for the industry and include the cost of fitness equipment, buildings, vehicles, furniture, and computers. Nevertheless, labor costs remain high because of administration, training, supervision, and maintenance requirements. Gyms and fitness centers seek to minimize their labor costs by employing a part-time labor force and employing instructors and personal trainers on an as-needed basis.

Technology & Systems

The industry is experiencing a low level of both the rate of new patents and the concentration of patents in the industry. This creates an environment where the threat of new technologies driving disruption is low. This technology trend is underscored by structural factors that support new entrants. An accommodative structure can create a situation where small entrants can focus on less profitable albeit innovative industry entry points. Or large operators in other industries can leverage expertise in other areas to enter the industry from a new angle. Major market segments for industry operators are relatively diversified. The spread of market segments suggests that there are limited entry points other than those already served my incumbent operators. The most relevant forces of technological disruption for the Gym, Health and Fitness Clubs industry involves the increasing presence of at-home fitness services and equipment. Companies, such as Peloton Interactive LLC, now offer consumers the ability to work out from the comfort of their own homes at any time. Additionally, these at-home fitness service options enable consumers to get specialized training for a relatively lower cost than the same personal training cost in-person. As these at-home fitness service options become more popular amid an increasingly time-sensitive culture, gym, health and fitness club operators must adapt and leverage new technology. These at-home fitness service options pose a significant potential threat to the structure of the industry, which already exhibits a high level of fragmentation among services. There is a moderate level of technological change in the Gym, Health and Fitness Clubs industry. Most fitness centers compete to be the establishment with the most state-of-the-art equipment. This equipment includes the latest cardiovascular and weight-training machines. Patrons are seeking for added extras to improve their fitness regimens; therefore, it is vital for gym, health and fitness clubs to offer various equipment options that incorporate the latest technology. This has encouraged operators to continually update their equipment. For example, treadmills can become outdated within two years.

Entertainment units are also becoming increasingly common in fitness centers, with units mounted to cardiovascular equipment and equipped with a color screen for TV viewing. Free Wi-Fi for gym members is also increasingly common in industry establishments. Fitness centers use computers to manage operations and to keep a database of members. Many gyms also offer electronic payment options, which incorporates computer technology. In selecting this option, on about the same date each month, a fixed payment is either automatically transferred via debit from members’ bank accounts or charged to members’ designated credit card.

Revenue Volatility

The Gym, Health and Fitness Clubs industry has a moderate level of revenue volatility. While there are varying degrees of membership rates across centers, which increase revenue volatility, the industry’s diverse array of services and a high level of fragmentation have partially minimized revenue volatility. Furthermore, the steady promotion of the health benefits of exercise by the medical community has supported consumer demand for gym memberships, constraining fluctuations in industry revenue. Nevertheless, in 2020 alone, the industry is expected to take a hard hit by the COVID-19 outbreak which forced most industry locations to shutter. The following graph shows the revenue volatility and revenue growth.

While technically a discretionary service, health and fitness clubs are increasingly viewed by consumers as a vital health expense. Furthermore, the structure of gym memberships has slightly mitigated revenue volatility. Gyms and fitness centers have traditionally signed up their members for 12- to 24-month periods and typically have included cancellation fees in their contracts. These fees often deter customers from canceling their memberships. As competition has increased over the past five years, many gyms have offered more flexible membership options, such as shorter contract periods and rolling contracts. As flexible membership options become more prevalent, revenue volatility is likely to increase.

SPORTS COMPLEXES

Youth Sports

There is $9 billion spent per year on youth sports travel, and it is growing 20% annually, on average. Youth sports tourism is one of the fastest-growing segments in travel. Youth sports are becoming increasingly

expensive overall, including the equipment, travel, meals, etc. expected by the sport. As disposable income increases, the popularity of youth sports will increase as well. Many large cities that attract leisure visitors are starting to build multi-million-dollar sports facilities to accommodate youth sports, including leisure destinations, such as Sandusky and Myrtle Beach. More than $550 million has been spent developing complexes to host youth sports over the past three years to 2020, according to Sports Business Journal. There are 1,250 indoor soccer facilities across the country, according to the U.S. Indoor Sports Association. Youth sports are so favorable to many towns and cities because of the number of people each athlete brings into the area. Youth sports typically need at least one parent; however, it is becoming more common to bring the athlete’s family for a mini vacation in the area.

Conclusion

Looking forward, the industry will benefit from an expected revitalization in discretionary consumer spending. As consumers’ disposable incomes rise, more individuals will purchase gym memberships that include a plethora of amenities compared with low-cost memberships that fared well in the early 2010s. Moreover, while many individuals will be time-strapped over the period, which may constrain demand for gym memberships, growing demand for results-driven gyms that can help individuals achieve fitness goals will continue to drive growth. For example, personal and group trainers as well as fitness classes will be popular. Amid the COVID-19 outbreak, many state governments have imposed a closure of nonessential businesses order to prevent the spread of the virus. As this industry is categorized as nonessential, industry establishments are required to temporarily shutter. However, most restrictions have since been lifted. The level of assistance for the Gym, Health and Fitness Clubs industry is low, but it is increasing as more institutions promote the benefits of assistance. Such assistance is a significant benefit for the industry, as it reduces expenses and creates demand. The Department of Health and Human Services, under its Community Prevention umbrella, has allocated $16.0 million toward obesity prevention and fitness. Overall, the national trend in this sector is highly supportive of operations such as the subject multi-use sporting facility.

INDUSTRY OUTLOOK

Over the five years to 2025, the Gym, Health and Fitness Clubs industry is expected to blossom, especially after the COVID-19 (coronavirus) pandemic has slowed and industry operators are permitted to reopen at full capacity. This growth is likely a result of increased per capita disposable income, in addition to growing healthconsciousness. As consumers’ disposable income levels rise, individuals are usually more willing to purchase gym memberships. Additionally, time spent on leisure and sports is expected to increase over the next five years, effectively increasing the potential pool of consumers. While many individuals are likely to be relatively strapped for time during the outlook period, which may constrain demand for gym memberships, growing demand for results-driven gyms that can help individuals achieve fitness goals is expected to continue to drive growth. Overall, industry revenue is expected to increase an annualized 3.2% to $38.1 billion over the five years to 2025.

New Demographics

During the outlook period, demographic changes are expected to drive revenue growth for operators. For example, baby boomers will likely purchase gym memberships to maintain healthier lifestyles. Additional

revenue streams are also expected to play an integral part in industry growth. In particular, as healthcare costs continue to escalate, health insurance providers may implement incentives to promote preventive health practices, including the use of fitness centers among individuals within their provider network. Furthermore, the number of obese individuals in the United States has increased in recent years. Consequently, to cut healthcare costs, many health insurance providers will likely attempt to lower an individual’s risk for type 2 diabetes, heart disease and high blood pressure, among other ailments. Additionally, initiatives that promote the health benefits of exercise will likely increase over the next five years, stimulating industry revenue. Employers have been increasingly viewing exercise as a vital component of employee health due to studies indicating that fitness can boost worker productivity. As a result, employers may increasingly subsidize gym memberships for their employees, providing a boon to the industry. Furthermore, as many families become health and fitness conscious, more consumers aged 17 and younger will likely join gyms. Less physical education in schools, coupled with growing concerns regarding childhood obesity, will likely prompt gym membership sales for this age demographic. Moreover, many will likely invest in fitness classes and sessions with trainers to achieve fitness goals more efficiently.

Industry Landscape

According to 2020 data from the International Health, Racquet & Sportsclub Association, gym memberships increased to 64.2 million memberships in 2019 (latest data available). Although this trend has bolstered industry revenue, many gyms still compete based on price and flexibility. As a result, gyms that offer low-price, contract-free memberships have fared well, which is in line with strong demand from budget-conscious consumers. Prior to the pandemic, the industry contended with time-strapped consumers as unemployment decreased. However, this trend has reversed since the beginning of the pandemic. Time spent on leisure and sports has increased an annualized 0.3% over the five years to 2020, supporting consumers’ demand for industry services. Nevertheless, boutique fitness studios that offer targeted classes have entered the industry to attract demand for markets that are typically dominated by the industry’s traditional health clubs. These boutique fitness studios capture demand from local niche markets by locating themselves in areas that are in proximity to residential areas to be more accessible. Furthermore, boutique fitness studios primarily revolve around the experience offered. Accordingly, the emergence of such studios has placed pressure on traditional health clubs to adapt to consumer trends and preferences. As a result, industry operators have responded by offering new services and various establishment formats, particularly within urban areas. Additionally, demographic trends have helped shape the industry’s landscape. For example, the aging baby boomer generation has broadened the industry’s market. Furthermore, healthcare legislation has spurred an increase in support for at-home care and alternative methods of maintaining one’s well-being. As a result, many industry establishments have begun to tailor their service offerings portfolio to accommodate exercise activities for the elderly, such as air-powered resistance training.

Life Cycle Stage

The Gym, Health and Fitness Clubs industry is in the growth life cycle stage as consumers continue to be interested in exercise to boost their fitness and health. Industry value added (IVA), a measure of an industry’s

contribution to the overall economy, is expected to grow at an annualized rate of 0.8% over the 10 years to 2025. Comparatively, the US GDP is anticipated to grow at an annualized rate of 1.9% during the same period. Over the five years to 2020, growing public discourse on health has increased membership rates and has led to industry revenue growth. Furthermore, as per capita disposable income has grown, more consumers have purchased personal trainers to accomplish their fitness goals, benefiting the industry. Although IVA growth is slower than GDP, which is indicative of an industry in the decline stage of its life cycle, rampant expansion and technological change demonstrate the industry as growing.

As public health campaigns spread awareness about the health benefits of fitness, consumers are expected to increasingly perceive gym and fitness club membership as a vital expense. As gym memberships become more entrenched in the average American’s life, revenue growth is expected to slow to match population growth, bringing the industry from growth to maturity. Future growth areas will likely be in participative sports for women and older demographics. These factors will likely support continued growth for gyms and health clubs over the five years to 2025. The number of industry enterprises is expected to increase at an annualized rate of 1.7% over the 10 years to 2025 as more independent and small-scale operators enter the industry to seize the growing consumers’ demand for fitness.

Demand Determinants

Demand for services provided by the Gym, Health and Fitness Clubs industry is determined by several factors, including household disposable income, consumer confidence, leisure time availability, participation in recreation and sports, seasonal conditions, attitudes toward health and fitness and the cost of services relative to other recreation options. Household disposable income is particularly relevant to industry demand, as the level of disposable income within a household will determine the amount spent at fitness and recreational sports centers. As discretionary spending rises, demand for gyms and fitness clubs typically increases. Similarly, industry growth is affected by consumer confidence, as an increase leads to higher demand and willingness to spend on the industry’s services.

Overall, demand is also sensitive to seasonal and weather conditions. For example, cold weather can reduce the level of swimming pool attendance, while also increasing attendance at ice skating rinks. Additionally, the

beginning of the calendar year marks the busiest season for new sales. A large portion of new gym members signs on in January or February, often because of New Year’s resolutions. Leisure time availability also influences demand, with time-poor consumers finding it difficult to incorporate industry services into their routine. As work hours decline, people find more ways to attend gyms and use facilities. The link between leisure time and demand relates to health and fitness awareness, as people view fitness as a valuable way to use their spare time. While health crazes generally have a positive effect on the industry, certain fitness trends can have varied effects on the industry. For example, the increase in popularity of yoga and especially in its muscle toning qualities reduce demand for weight training among females in particular. Finally, the lower cost of industry services compared with other sport and recreation activities can stimulate demand as well. Conversely, when industry costs are relatively higher than other recreational activities, consumer demand for gym memberships may contract.

Major Markets

Over the five years to 2020, the Gym, Health and Fitness Clubs industry has experienced substantial growth in demand, and, as a result, the breakdown of the industry’s markets has also changed. The aging population has encouraged health and fitness clubs to widen their target demographic beyond the traditional market of 18- to 35-year-olds. Industry operators are increasingly expanding their target market to include 35- to 50-yearolds and individuals aged over 50.

Consumers Aged 35 and Younger

Consumers younger than 35 are expected to account for 49.0% of revenue in 2020. This demographic is more likely than others to participate in numerous fitness class activities, including group training, yoga, Pilates, and dance, in addition to free weights and weight machines. Over the five years to 2020, this market segment has expanded as a share of revenue as a large pool of customers in this age bracket becomes increasingly healthconscious and active, despite low rates of physical activity among some individuals in this demographic. Many gym, health and fitness clubs target individuals aged 18 and younger by offering yoga, karate, kickboxing, and outdoor physical activities. In 2020, IBISWorld estimates that consumers younger than 18 represent 21.5% of industry revenue.

Consumers 35 to 54

Consumers aged 35 to 50 are estimated to make up 26.2% of industry revenue in 2020. Activities, such as swimming, running, and weightlifting, appeal to this demographic, which has incited many gym, health and fitness clubs to offer these services to cater to this market segment. Over the five years 2020, this market segment has remained stagnant as a share of revenue, as many industry operators focus on appealing to other market segments that fluctuate more frequently based on broader economic factors. Consumers Aged 50 and Older According to 2017 data from the Physical Activity Council, consumers older than 50 are most likely to be inactive, with 32.5% of individuals aged 55 to 64 and 40.7% of those over the age of 65 being considered inactive. However, this demographic has a relatively high participation rate in fitness sports and outdoor sports. Over the five years to 2020, the burgeoning elderly population has grown consistently as a share of revenue, representing a larger pool of customers from this age group. In 2020, IBISWorld expects that 24.8% of revenue will stem from this demographic.

Multisport Complex Court and Field Rentals

OVERVIEW

The subject resort is expected to offer outdoor and indoor fields and courts that will be rented to third-party organizations such as tournament organizers, local leagues, and other users of such facilities. We assume the subject resort will not operate their own tournaments, leagues, and practices, rather solely rent the facilities on an hourly basis like other facilities in the region.

The following table summarizes the planned fields and courts:

FORECASTED RENTAL USAGE AND REVENUE

The planned subject multisport complex is expected to rent its courts and fields to various soccer, lacrosse, baseball, and other amateur and youth sport leagues throughout the year. Most of the revenue is derived from the hourly rentals by local leagues and tournaments. The proposed subject multisport complex’s operating model of renting courts and fields on an hourly basis is comparable to similar facilities in the region as well as throughout United States.

Field and Court Rental Revenue

Based on the performance of comparable multisport complexes with three to five outdoor and indoor turf fields and/or courts, total annual field rental hours range from 3,000 to 8,000 (based on a stabilized operation). On average, an indoor field or court recorded 1,000 to 1,500 rental hours and an outdoor field recorded 500 to 800 rental hours (annual basis). The proposed subject property is expected to feature an indoor basketball court (two full size, or divisible into eight courts) and two grass fields in the second phase, with one turf field in the third phase. The following tables summarize the field rental revenue forecast for the subject property.

Re ve n u e -Ge ne r a ti ng Attra cti o n s

GROS S COURT AND F I EL D RENTAL REV ENUE FORECAS T

Pe r io d T o t al Ou t d o o r Fi e ld s *Ho u r s Av aila b le p e r We e k T o t al Av aila b le We e k s T o t al A va ilab le Ho u r s T o t al Ho u r s Fo r e cas t Avg . $/Ho u r ( Bl e n d e d ) YOY % Ch g .

Gr o s s Re n t a l Re ve n u e Fo r e c as t

V illag e /A r e a C o m p o n e n t Ph a s e

Dan Hale Lake 8- Cour t Indoor Bas ketba ll Fac ility 2 Dan Hale Lake 2 Gr as s Multis por t Fie lds 2 Dan Hale Lake 1 Tur f Multis po r t Field 3

Sour c e: N ewmar k Va l uat i on & Ad vi s or y and CEC

YOY % Ch g .

2 024 0 70 52 0 0 $0.0 0 - $0 2 025 0 70 52 0 0 $0.0 0 - $0 2 026 0 70 52 0 0 $0.0 0 - $0 2 027 ( Ph as e 2) 4 70 52 14 ,56 0 7,0 00 $49. 00 - $34 3,000 2 028 4 70 52 14 ,56 0 9,0 00 $51. 45 5.0% $46 3,050 35.0 % 2 029 4 70 52 14 ,56 0 9,0 00 $53. 51 4.0% $48 1,572 4.0% 2 030 ( Ph as e 3) 5 70 52 18 ,20 0 10, 500 $55. 11 3.0% $57 8,689 20.2 % 2 031 5 70 52 18 ,20 0 11, 000 $56. 77 3.0% $62 4,433 7.9% 2 032 5 70 52 18 ,20 0 11, 500 $58. 47 3.0% $67 2,401 7.7% *Total hou r s a v ailable ba s ed on av er age 10 hou r s p er d ay p er c our t/f ield ov er 5 2 w eeks Sour c e: N ewmar k Va l ua ti on & Advi s or y