EFTA01388603.pdf

18 October 2016 REITs US REIT 3O16 Earnings Preview NIT 3016 2016 3016 2016 SSW Aatial Aatual Actual DM Caw Pre 30 aide Post 30 Guide Dee Cam FFO/sh 51 36 SI 42 $144 1562 -15 88 5565 Oro -forma FR/fah 51 36 SI 41 SI 44 SI 42 15 63 5566 0pera*. Melt ASS keel PONY DB* Pro 30 Guido Pint 30 Gold, Del Toted read leasing volime (signed) 560.883 467.366 New real leasing volume 'comp • non-comp. sane& 189.047 199.893 Renewal retail leasing volume ;veneer] 371 837 267,471 Retail Occupancy (signed) 95.50% 94 50% 9465% 9490% NR a )2013p 40bo 15bp seN oh -alba -1200p -85bo 60bp Blended rent spread wash. signed) 14 0% 120% 15.0% commenced 13.8% commenced New lease Spread (cash. signed) 19 0% 230% Renewal Spread Nash. signed) 23 0% 7 0% $S NOI growth Mr (cash. <seeder} 2 0% 29% ..3% and redev Note consensus estimates are based on Thomson compiled data as of 10114/16 • Update on potential acquisition opportunities and commentary ove pricing (noted on 2Q call they were working on a "number of important dea s") • Thoughts on potential weakness in the tech environment potentially changing the demand dynamic at Santana; and update on Splunk (SPLK: DB Buy rated, USD56.71 by Karl Keirstead) space and how much of their leased space they will occupy in January. • Update on 4 remaining Sports Authority locations to lease • Update on the redevelopment opportunity for Coco Walk and Sunset Plaza. Recent press reports that plans have been submitted to the city for the de-malling of Sunset and a major renovation. • Updates on re/development projects, particularly Pike and Rose incremental retail and residential lease up • FRT typically provides its initial FF0 guidance for the following fiscal year in 3Q. We are at $6.04 and consensus is at $6.12 • We decrease our 2017 FF0 estimate from $6.08 to $6.04 largely on more conservative development assumptions. Sates Ostarcht Bark carymny dais, Mona, Deutsche Bank Securities Inc. Page 31 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092251 CONFIDENTIAL SDNY_GM_00238435 EFTA01388603