Epstein Secrets

all in 3O and VTR's recent acquisitions in the life sciences and hospital segments also suggesting fewer opportunities in traditional Sr. Housing. Deutsche Bank Securities Inc. Page CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092225 CONFIDENTIAL SDNY_GM_00238409 EFTA01388589

-term move higher. Strip REIT valuations looking better, but Sports Authority optics could be a challenge Last quarter we got less positive on the Strips as valuations had gotten ahead of fundamentals as investors sought the safety of grocery-anchored Strip centers with stable, albeit unexciting inte

rs for most of the post Telx acquisition period, still no backfill for the head of sales role, and the stock off 10% since early August. If Page 4 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092224 CONFIDENTIAL SDNY_GM_00238408 EFTA01388588

in our coverage) are expected to provide initial 2017 guidance this Q and internal growth trends are likely to slow for the Apartments, Malls, and Strips, while leasing volumes for CBD office could also moderate with D.C. in election related lock down and S.F. job growth slowing. NYC, however could s

IS Changes Company Target Price CIO.N 15.00 to I 5.50IUSD1 CONE.00 60.00 to 59.00IUSD) 01R.N 112.00 to 108.00IUSD1 San - &OA Rating Deutsche Bank Securities Inc. Distributed on: 18/10/2016 05:00:00 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors

pects over the next few years. Strip valuations looking better. but Sports Authority optics could be a chal€enge Last O we got less positive on the Strips as valuations had gotten ahead of fundamentals. With the markets seemingly feeling less risk averse, the Strips have pulled back by 11%, easing val

all in 3O and VTR's recent acquisitions in the life sciences and hospital segments also suggesting fewer opportunities in traditional Sr. Housing. Deutsche Bank Securities Inc. Page 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092932 CONFIDENTIAL SDNY_GM_00239116 EFTA01388941

-term move higher. Strip REIT valuations looking better, but Sports Authority optics could be a challenge Last quarter we got less positive on the Strips as valuations had gotten ahead of fundamentals as investors sought the safety of grocery-anchored Strip centers with stable, albeit unexciting inte

all in 3O and VTR's recent acquisitions in the life sciences and hospital segments also suggesting fewer opportunities in traditional Sr. Housing. Deutsche Bank Securities Inc. Page CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093256 CONFIDENTIAL SDNY_GM_00239440 EFTA01389053

-term move higher. Strip REIT valuations looking better, but Sports Authority optics could be a challenge Last quarter we got less positive on the Strips as valuations had gotten ahead of fundamentals as investors sought the safety of grocery-anchored Strip centers with stable, albeit unexciting inte