Epstein Secrets

iple are unchanged (17.4x EBITDA and 19.1x FAD). Please see Figure 97 for details on our target price Sara Danci* an comearry dam. Mormon Page 44 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092264 CONFIDENTIAL SDNY_GM_00238448 EFTA01388613

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

t financing activity in 2H17. Please see Figure 98 for a summary of our full year estimate revisions. Sate* (Minch &roc cryany Ma MOM lOn Page 52 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092272 CONFIDENTIAL SDNY_GM_00238456 EFTA01388620

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

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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

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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

t financing activity in 2H17. Please see Figure 98 for a summary of our full year estimate revisions. Sate* (Minch &roc cryany Ma MOM lOn Page 52 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092979 CONFIDENTIAL SDNY_GM_00239163 EFTA01388957

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

ns sno ---DrallednyTWO MP,0304000tebitOdt Performance 1%) 1m 3m 12m Absolute -5O -12.7 26.2 S&P 500 INDEX -1.5 3.3 Scarce Ocuraineene Deutsche Bank Securities Inc. Distributed on: 28/10/2016 06:50:47 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors

updated our model to reflect 3O results, updated guidance, and our revised outlook. Our 2016 core FFO/sh estimate moves to $5.72 from $5.73, while NAREIT FFO/sh moves to $5.48 from $5.53, and FAD/sh moves to $5.22 from $5.09. In 2017, our core FFO/sh and NAREIT FFO/sh estimates are unchanged at $6.09, wh

-S130MM) • Debt issuance of $1.25-$1.75B at a 2.5-3.5% interest rate in early-to- mid 2016 (unchanged). Management noted that it could potentially Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093172 CONFIDENTIAL SDNY_GM_00239356 EFTA01389027

. The miss was driven by higher financing costs (-5c), taxes (-1c), and non-RE D&A (-lc), partially offset by higher NOI (+1c) and lower G&A (+1c). NAREIT FFO/sh of $1.31 was 6c lower than us as DLR reported transaction and preferred stock issuance costs that were lc higher than we had modeled. 2016 guid

e to $15.50 from $15 as we model in increased acquisitions. Please see Figure 97 for details on our target price Spier, Punch Ap-A. car PO. Inn*, Deutsche Bank Securities Inc. Page 39 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093290 CONFIDENTIAL SDNY_GM_00239474 EFTA01389066

equity capital raise, and using proceeds to assume $250MM of acquisitions at a 7% cap rate. Our 2016 core FFO/sh estimate move 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 FFO moves to $1.23 from $1.19, and FAD