relative de-rating for Staples — relative PE for Food & Beverage still 6-10% above 2010 / 2014 levels 1.7

1. TOWN SQUARE LAS VEGAS Town Square Las Vegas contains a world- class 902,335 square-foot regional lifestyle center anchored by AMC Cinemas, Whole Foods, H&M, Container Store, Gameworks, Old Navy, Staples, Guitar Center and a recently opened Saks Off Fifth Avenue. In addition, Town Center Las Vegas in

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