EFTA01388606.pdf

18 October 2016 REITs US REIT 3016 Earnings Preview APT 3016 2010 3018 2018 arranpa Actual Alas Actual Cons Pm 30 Guido Past 30 On DR. Com FFO/sh SO 37 $036 SO 33 SI 38 Ottemling FFOtsh SO 37 SO 33 $033 034 SI 33 • SI 37 $1 36 137 Neap Matra Actual Actual Actual OBA Pm 30 On Past 30 aida 00a Tow leasing %dome IsignedI 392462 628.166 New leasing volume (comp + non-coms signed) 63.281 101.278 Renews leasing volume Istredi 329.181 528910 Total occupancy (100% commenced) 93 50% 90 10% 93 50% 9380% tibIg ch -30bp 40bp -60tio VN ch -tObo 30bp Oleo Oleo Mended rent spread tognedi 93% 80% 8 0% commenced 4 0% commenced New lease Spread (signed} 31 3% 330% Renewal Speed ironed, 76% 63% $5 NOI growth yfy (cash consolidated excl retie's) 22% 38% 2 0% to 30% Note consensus estimates are based on T omson comp ed Oats es of 1004/16 • Pricing and color on recent MI dispositions fo a combined -$40M which put YTD dispositions at -$122M ($100-125M in guidance) and acquisition of Centennial Shops in MN for $32M. Previous commentary suggested acquisitions would be funded with additional dispositions above and beyond guided dispositions. Updates on the disposition buyer pool and pricing trends in the market place • Update on efficiency improvements around leasing and redevelopment through decentralizing east and west regions • Update on Office Depot (11 locations), Staples (7 locations), and Gander Mountain (2 locations) • Update on remaining 3 Sports Authority locations left to lease • Commentary on Logan's (4 locations) and Golfsmith (2 locations), which are in bankruptcy • Update on CAO search San Deurns flant cowry da. Mono Deutsche Bank Securities Inc. Page 35 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092255 CONFIDENTIAL SDNY_GM_00238439 EFTA01388606