Epstein Secrets

n in a long time 3 ...but catalysts remain elusive 4 Data Centers remain our favorite property type 4 Strip REIT valuations looking better, but Sports Authority optics could be a challenge 5 Slowing trends expected in the Apartments, Malls, and Office sectors... 5 ...Healthcare fundamentals healthy, but

14 Sector Previews 15 Apartment: Slowing job growth and new supply continue to impede rent growth 15 Malls: Rising demand headwinds and slowing SS NOI growth expected 22 Shopping Centers: Store closures to hit 3Q internal growth, but progress for re- tenanting more important 27 Office: Valuation

ady reported strong early 3O leasing activity, we think the stock could see a nice near-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

X. 3Q could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

ting setup for 2 names with secular demand drivers and above average growth prospects 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 fe

s. 3O could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

NY for $390M Proforma the Upstate NY sale and 1H dispositions, DDR will have disposed of close to $700M YTD (FY guidance S600.800M). • Update on Sports Authority with 9 locations likely still to deal with post 20 end. • Update on strategy and conditions on the ground in Puerto Rico Swop/ Dear.le arm. convoy

a. commenced. 051 Ch WY eh 8lenled rent spread Ipeo-rma. ugned. cash New lease Spread 1pro-rata. maned. cash/ Renewal Spread dpianta. apnea cad SS NOI growth vilf Iwo-Nita cash, Note. consensus estimates are based on Thomson crumpled data as of 10/14/16 • Updated commentary from CEO, Tom August i

ting setup for 2 names with secular demand drivers and above average growth prospects over the next few years. Strip valuations looking hotter. but Sports Authority optics could be a challenge Last Q we got less positive on the Strips as valuations had gotten ahead of fundamentals. With the markets seemingly fe

s. 30 could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

ady reported strong early 3O leasing activity, we think the stock could see a nice near-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

X. 3Q could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc

ady reported strong early 3O leasing activity, we think the stock could see a nice near-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

X. 3Q could be optically challenging, however, as the impact from the Sports Authority bankruptcy, as flagged as it has been, finally hits reported SS NOI results. We will be more focused on how much progress has been made on releasing these boxes and who else might be next, with Golfsmith's bankruptc