EFTA01389064

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 EFTA01389064