EFTA01382183.pdf

American Medical Properties Financial Model: Cash Flow Projections $ in millions Q4 2016 01 2017 Q2 2017 Q3 2017 04 2017 01 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Quarterly rental income $0 $3 $6 $8 $11 $14 $17 $17 $17 $17 % growth NA 100% 50% 33% 27% 20% 0% 0% 2% Less: G&A 0 (2) (2) (2) (2) (2) (2) (2) (2) (2) EBITDA $0 $1 $4 $7 $10 $13 $16 $16 $16 $16 % margin 47% 73% 82% 87% 89% 91% 91% 91% 91% % growth NA 214% 68% 41% 31% 22% 0% 0% 2% Less: D&A 0 (1) (2) (2) (3) (4) (5) (5) (5) (5) Less: cash interest expense 0 (1) (2) (3) (5) (6) (7) (7) (7) (7) Net income to common shareholders $0 ($1) $0 $1 $2 $3 $4 $4 $4 $4 Plus: D&A 0 1 2 2 3 4 5 5 5 5 FFO $0 $0 $2 $4 $7 $9 $9 $9 $9 Less: mandatory amortization 0 0 0 0 0 0 0 0 0 (0) Free cash flow before distributions $0 $0 $2 $4 $5 $7 $9 $9 $9 $9 Quarterly distributions at 90% $0 $0 $2 $3 $5 $6 $8 $8 $8 $8 Avg. Quarterly distribution yield on equity deployed 1.1% 1.6% 1.9% 2.1% 2.6% 2.6% 2.6% 2.7% 2.2% Annualized distribution yield on equity deployed 4.5% 6.4% 7.6% 8.6% 105% 10.6% 10.6% 10.7% 8.7% Cumulative acquisitions $125 $250 $375 $500 $625 $750 $750 $750 $750 $750 Cumulative equity deployed 50 100 150 200 250 300 300 300 300 300 Total gross debt 75 150 225 300 375 450 450 450 450 450 LTV 60% 60% 60% 60% 60% 60% 60% 60% 60% 60% American Medical Properties 29 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0081447 CONFIDENTIAL SDNY_GM_00227631 EFTA01382183