18 October 2016
18 October 2016
REITs
US REIT 3O16 Earnings Preview
NIT
SSW
FFO/sh
Oro-forma FR/fah
0pera*. Melt
Toted read leasing volime (signed)
New real leasing volume 'comp • non-comp. sane&
Renewal retail leasing volume ;veneer]
Retail Occupancy (signed)
NR a
seN oh
Blended rent spread wash. signed)
New lease Spread (cash. signed)
Renewal Spread Nash. signed)
$S NOI growth Mr (cash. <seeder}
Note consensus estimates are based on Thomson compiled data as of 10114/16 3016
Aatial
51 36
51 36
ASS
560.883
189.047
371 837
95.50%
)2013p
-alba
14 0%
19 0%
23 0%
2 0% 2016
SI 42
SI 41
keel
467.366
199.893
267,471
94 50%
40bo
-1200p
120%
230%
7 0%
29% 3016
DM
$144
SI 44 Amd Caw
SI 42
DB* PONY
9465%
15bp
-85bo
15.0% commenced 2016
Pre 30 aide Post 30 Guide Dee Cam
1562 -15 88 5565
15 63 5566
Pro 30 Guido Pint 30 Gold, Del
9490%
60bp
13.8% commenced
..3% and redev
• 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-0093282
CONFIDENTIAL SDNY_GM_00239466
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