Epstein Secrets

Metrics (iaCala Ogled pee shape) GNAT' rent annueleed iSrnm1 MW signed RenV1CW/Month Quarterly churn rate Note consensus estimates are based on Thomson compled date as of 10/14/16 • Expectations are elevated fol owing 3 back-to-back quarters of strong leasing. Update on the size of the leasing pip

nd a modest reduction in rent commencements in 2017. Our 2016 estimates are unchanged. For 2017, our core 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 $345.8MM. Please see Figure 98 for a summary of our est

h (cash. yN) Total Coverage 1.100 SS NOI growth Rash. Wry) End occupancy ch tyay) Avg rent pee occupied SI lyrUI Note consensus data is based on Thomson corn led data as of 10/14/16 Historcal data has not been r stated Updated views on acute ca e hospitals including sector outlook commentary on the r

recently announced debt investment to help fund the Ardent operating company merger with LHP and recent financing activity. Our 3Q16 normalized and NAREIT FFO/sh estimates are unchanged. Our 2016 norm and NAREIT FFO/sh estimates are both unchanged at $4.10 and $4.07, respectively. Our 2017 norm. FFO/sh mo

ement Tenant Salies/sql Total Malls. TIM. <10ksti Tenan1 sates 'all less anchor yAr chi SS NOl growth vty Note consensus e sti mates 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 cl

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

opfling Metrics Synod Occupancy Ohl ch Total Leasing Volume Rent spreads (cash/ 5$ NOI growth (cash, yty) Note consensus estimates are based on Thomson compiled data as of 10/14/16 Update on vacant space at 1633 Broadway, 1301 Ave of the Americas, 31 West 52nd St. 3016 2010 ADtuel Actual $0 20

sing in D.C. as the election nears • We are updating our model to reflect the One Front Street acquisition and recent financing activity. Our 2016 NAREIT FFO/sh estimate moves to 87c from 86c, core FFO moves to 85c from 83c, and FAD moves to 37c from 35c. Our 2017 NAREIT and core FFO estimates move to 96c

h (cash. yN) Total Coverage 1.100 SS NOI growth Rash. Wry) End occupancy ch tyay) Avg rent pee occupied SI lyrUI Note consensus data is based on Thomson corn led data as of 10/14/16 Historcal data has not been r stated Updated views on acute ca e hospitals including sector outlook commentary on the r

recently announced debt investment to help fund the Ardent operating company merger with LHP and recent financing activity. Our 3Q16 normalized and NAREIT FFO/sh estimates are unchanged. Our 2016 norm and NAREIT FFO/sh estimates are both unchanged at $4.10 and $4.07, respectively. Our 2017 norm. FFO/sh mo