EFTA01382182.pdf

American Medical Properties Financial Model: Key Assumptions Revenue estimates — Net rental revenue based on acquisitions at a weighted average 9.0% cap rate — Rents growing annually at 2.0% — Occupancy remains constant at 100% assuming 10-15 year lease contracts Operating expenses Financial forecast — No operating expenses with 100% triple-net lease agreements — Assumes $6 million in year 1, increasing by 2.0% every year D&A — Assumes 39-year depreciation period — Assets acquired at a weighted average 9.0% cap rate Acquisitions — Leverage of up to 60% of the total acquisition cost (40% equity /60% debt) Equity capital Total asset (SU)) Equity Debt — Assumes 5300 million of equity capital raised value — Assumes 3.0% fees and closing costs O4 2016 5125 $50 575 Debt capital Q1 2017 $125 $50 $75 Financing — Maximum of 60% leverage Q2 2017 $125 $50 $75 — Interest rate: 6.0% O3 2017 $125 550 $75 — Amortization period: 30 years O4 2017 $125 550 575 — I/O period: 2 years O1 2018 $125 $50 575 — 1.0% loan fees Total $750 $300 $450 — Renovation capex assumed to be part of the acquisition price Capital expenditures — Maintenance capex covered by tenants through triple-net leases Cash distributions — Start one quarter after rental income generation from acquisitions — Assumes an exit in two years into a REIT IPO for purposes of calculating IRR Exit assumptions — Exit value based on a sale cap rate of 8.75% American Medical Properties za CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0081446 CONFIDENTIAL SONY_GM_00227630 EFTA01382182