18 October 2016 REITs US REIT 3016 Earnings Preview APT arranpa FFO/sh Ottemling FFOtsh Neap Matra Tow leasing %dome Isigned I New leasing volume (comp + non-coms signed) Renews leasing volume Istredi Total occupancy (100% commenced) tibIg ch VN ch Mended rent spread tognedi New lease Spread (signed} Renewal Speed ironed, $5 NOI growth yfy (cash consolidated excl retie's) Note consensus estimates are based on T omson comp ed Oats es of 1004/16 • Pricing and color on recent MI dispositions fo a combined -$40M which put YTD dispositions at -$122M ($100-125M in guidance) and acquisition of Centennial Shops in MN for $32M. Previous commentary suggested acquisitions would be funded with additional dispositions above and beyond guided dispositions. 3016 Actual SO 37 SO 37 Actual 392462 63.281 329.181 93 50% -30bp -tObo 93% 31 3% 76% 22% 2010 Alas $036 SO 33 Actual 628.166 101.278 528910 90 10% 40bp 30bp 80% 330% 63% 38% 3018 Actual Cons SO 33 $033 034 OBA Actual 93 50% -60tio Oleo 8 0% commenced 2018 Pm 30 Guido Past 30 On DR. Com SI 38 SI 33 • SI 37 $1 36 137 Pm 30 On Past 30 aida 00a 9380% Oleo 4 0% commenced 2 0% to 30% Updates on the disposition buyer pool and pricing trends in the market place • Update on efficiency improvements around leasing and redevelopment through decentralizing east and west regions • Update on Office Depot (11 locations), Staples (7 locations), and Gander Mountain (2 locations) • Update on remaining 3 Sports Authority locations left to lease • Commentary on Logan's (4 locations) and Golfsmith (2 locations), which are in bankruptcy • Update on CAO search San Deurns flant cowry da. Mono Deutsche Bank Securities Inc. Page 35 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092255 CONFIDENTIAL SDNY_GM_00238439 EFTA01388606