EFTA01437758Set 10
2016-10-18227p26,387w
consensus NAV (8%
discount to DBe), roughly in-line with historical FFO and FAD multiples, and
a
still wider (44bps) dividend yield spread to the 10-year. As we have ... IICommentary on current dividend level given the dilution from equity
offering and our estimated FAD payout
ratio being north of 100%
IIManagement's views on further de-levering the balance ... FFO/sh estimates are
unchanged, while FAD moves to $5.09 from $5.10. For 2017, Core and NAREIT
FF0 move to $6.09 from $6.24,
while FAD moves to $5.21 from $5.36. Please
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437758.pdf
EFTA01597399Set 10
2020-01-0248p29,597w
intupev,dast valuation fent has not supplied a is advisors of the rasa, fads that we sell These and other thidpany banks, arid pinkie' access to
aiginel transaction wade date ... issuer can for embr redemption wilt selected presirrnreported vale nio question, or when a fad famity to our clients and GO the asset value of a agency absidiaries ... Wormed you of this relationshb Met you Bak deposits., not protected by WC. Money Fad
shoves are protected by Slit See -UBS FnnciS Sakes restricted security (est), and Global Time
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01597399.pdf
EFTA01388958Set 10
2016-10-181p520w
Earnings Preview
to $1.01 from $1.08, NAREIT FFO moves to 54c from 63c. and FAD
moves to 58c from 65c. In 2017, core FFO/sh moves to $1.35 from
$1.27, NAREIT ... moves to $1.23 from $1.19, and FAD moves $1.15
from $1.08.
CONE: We are updating estimates to reflect our expectation of an
earlier exercise of the forward equity sales offering ... FFO/sh estimate moves
to $2.95 from $3.01. NAREIT FFO moves to $2.71 from $2.77. FAD
moves to $2.90 from $2.97, and EBITDA moves to $337.7MM from
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388958.pdf
EFTA01389038Set 10
2016-11-021p808w
Shares outstanding (ml 308.7
Worst case scenario 5.:t8;ciest cio,,c013840 Li; 2017 FAD. dividend covered Free float C%1 100
Assuming a worst case scenario in which Adeptus ... roughly 11% hit (-14c) to our current 2017 FAD estimate. Our downside
Option volume fund. shut., 1M
estimate assumes a total loss of all in-place ADPT revenue ... elimination of all developments tied to ADPT. Importantly, the FAD payout
ratio would still be a manageable 80%. We think a total loss of ADPT income is Rare Canny
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01389038.pdf
EFTA01271286Set 10
2016-08-1292p45,305w
eras in wing You nay cal us ordoolions t yOu (SO, as Sala &pasty Fad Retorterr bates. etc ) you
NA I you do ma,/ nol rammed fa airstivis my soterial ... Dads State is ~a by adenb he Waxes cl re fraddal CAC fad, coy n Ncey te, plow sorn mutest* alIle nrite• prot.Tednet» darn., no"
Account Stine tudeo re IMUI ... tddialle r, J'ardt 1aa ~et/
OF !Id Maid 8,A fad adt~ ta, eM rfaae a okake fynual NJ( NI* t pad ha Mon! 4 Taber se on your
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01271286.pdf
EFTA01318568Set 10
9p2,634w
51gruhro
412 Aua:P00. ECM Prepaid. Dam= Eanng. BA PO Pony
415 AuxPOD. Guaraneard Fads COD, Pp* Dea ese Eanng. BA PO Pony. am•POD OTHER CHARGE CODE DEFINITIONS ... 5113rd Pry. Dames( 874 Edda. 941Reaal. SiAnalure. 10) Graze Ulna ModFe
433 ~POD. Guarantood Fads COD, BO 3rd Party. Dom. 875 Mu, Conan. all %doom 31) Ossapa. 15DIm ... AuxPOD. ODD. Peeped 37) Craze s Gaon Lengin
485 AuxPOD. Guarantood Fads COD. Prep»! dlo Oran s lay Comonto Lena one COO
411$ 4~00. Cade COD. Offload
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01318568.pdf