EFTA01388947.pdf

IR October 2O16 REITs US REIT 3016 Earnings Preview GOP 3O15 2O16 3016 2016 Esrey* Actual Acts Actual O5• Coro Pm 3O Gas Poe 30 Guido OBa Caro Company FRYsh 5036 SO 35 SO 36 SO 36 SI 51 SI 55 SI I:4 SI 53 °pinging Melee Aatal Actual Actual Dee Pro 30 Guide Poe 30 Guide NU Occitcancy (Total male commencedl 95.4% 95 1% 95 1% 9' 4"., ere ch 90bp •10bp Obp WY ch 30bp 606p 30bp .1 IOW SS initial rent spiced fa 2018 commencement 94% 127% Tenant Salies/sql Total Malls. TIM. <10ksti 5593 4583 Tenan1 sates 'all less anchor yAr chi 3 7% 28% SS NOl growth vty 5 1% 40% and -4% Note consensus e stimates are based on Thomson compiled data as of 10/14/16 • Commentary, rationale and expectations around ARO deal with SPG and ABG • Update on retailer environment, store closings, releasing activity • Update on the 3 remaining large format Sports Authority locations • Update on expectations around PSUN, as of 2016, 6 expected to vacate by year end, with 65 stores retained. • Update on Sears JV and plans • Update on progress on projects within the -'$500M active development pipeline, and detail on plans for other projects to backfill. Update preleasing at the Norwalk development. • Update on department store health and potential for taking back more space or doing more JV deals • Update on opportunities to monetize Street retail and remaining non core assets • Update on Miami Design District and Miami outlook overall • 3Q company FFO guidance is $0.34.0.36 (DB at $0.36 ) and NAREIT FFO/sh guidance is $03340.35 (DB at $0.35) • GGP typically provides its preliminary company FF0 guidance for the following fiscal year in 3Q. Both DB and consensus are at $1.60 San. Dana@ ant. (*fly..,/ a" +nanny, Page 24 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092951 CONFIDENTIAL SDNY_GM_00239135 EFTA01388947