EFTA01389061.pdf

18 October 2016 REITs US REIT 3016 Earnings Preview MAC 3016 2016 3016 2016 Earrings "us Actual Actual DIM Cons Pre 30 Guide Pod 30 Guide D6o Cons FFO/sh S101 51 02 $1 01 S4 06 FFO/sh as adjusted SI 01 SI 02 $1 04 SI 05 S4 05 - S4 15 $4 10 S4 It INtrotirq Matins Actusl AMA Pet CoBo Pts200 Ould• Post XI&Qs Be. Occupancy (Total centers. signed) 954% 950% 953% 95 75% Aq Ch -1Obp Old 2500 vN Ch CON, .soop -15to -3560 °person/closing rent spread (TIM. cash, 163% 161% I50% t 5 4% Tenant saleshol 'comparable properties, as initially reported $630 $614 YA, ch. as 'Minty repotted 7 7% 24% SS NOI gromh Wy (consolidated) 7 0% 6 5% -64 50% • 5 00% Note consensus estimates we based on SOL compiled data as of 10/14/16 Update on refinancings at Fresno (CMBS deal expected in -S350M range), Corte Madera and Eastland. Update on potential outlet development in Carson, CA (entered into negotiating agreement with city for -500ksf outlet mall) Update on department store health and potential for taking back more space or doing more JV deals Development update (-S511-546M in process pipeline) with expected yields in the 4-11% range Color on the recent opening of the Broadway Plaza expansion that is over 90% leased and the Fashion Outlets of Philadelphia that recently commenced construction Update on Country Club Plaza plans and opportunity • Update on 22 ARO stores • Update on WithMe partnership Update on development plans with the Sears JV Feedback and traffic on renovated and scaled down Sears boxes and initial trends at the recently opened Primark stores in Danbury and Freehold Sport )March AVM. canon claw. Memnon Page 26 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093277 CONFIDENTIAL SDNY_GM_00239461 EFTA01389061