EFTA01388607.pdf

18 October 2016 REITs US REIT 3016 Earnings Preview SRC )315 3011 soil toll Brings Mull Army Actual Dl. Can Pre SO Guide Pat Xi Guide Me Cane AFFO/sh SO 22 50 22 SO 22 $0 22 S087 - SO 89 50 89 $0 88 Operating Mance Aral AMA kW Dee Pre 33 Guide Pat 30 GUS Dile Ott-vs:WC* 985% 983% 946% 916% eta ch -20bp -aoop 30bp 4bp Ch 500p -4Ptip 148bp 146bp UM level tore coverage 29x 30x Artqutsetsone 159 761 165 000 474 600 816182 Avg cap tate on acquisitions 74% 76% 7 4% 7 5% Dispoonans 81.950 138.166 64,000 283 441 Note consensus entnates are based on SNI. compiled da a as of 10/14/16 • Update on the deal pipeline and cap rate trends • Update on Haggen; remaining store sales (3 sold and 4 in the market as of 2Q) with SRC previously confident that overall they would recapture at least MOM in excess of initial Haggen investment; Update on the unsecured damages claim vs Haggen ($21M claim which they expected to recover at a minimum of $15M thereof). Update on Dallas on support staff hiring. • Update on tenant watch list, with a focus on restaurant commentary • Plans for the remaining 2017 CMBS maturities following a S300MM private placement of 10-year 4.45% notes in August • SRC typically initiates FFO guidance for the following fiscal year in 3Q. For AFFO, DB is at $0.93 and consensus is at $0.92 Soon. Detest)* Bee awes* dew Thomson Page 36 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092256 CONFIDENTIAL SDNY_GM_00238440 EFTA01388607