18 October 2016
REITs
US REIT 3O16 Earnings Preview
NIT 3016 2016 3016 2016
SSW Aatial Amd 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
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