Bank of America Investment Banking Pitch Book
Historical Forward FFO Multiples
2014 - 2016YTD
(3)
12 (
Since RHO's spin-off, the Company has on average traded at a 0.7x premium to retail peer selected companies. In last six months, until
BOREAS' 1/19/16 acquisition proposal announcement, this premium had been declining
115
185
16.0x
135.
11.0x
8.5x
RHO P
Delto to retail peer selected companies
Retail peer selected companies™
PET
CA
143
Other retail selected companies"
10-Year
Average
6/3/2014
8.2x
8.3
8.1x
15.3x
8/18/2014
S-Year
Average
9.0x
86
18.1x
Historical Average NTM FFO Multiples
Average
2-Year
Since Spin-off Average
10.0x
10.0x
0%
9.2x
10.6x
7.8
1/2/2014
3/19/2014
Source: SML Financial os of February 2 2016
Mote: RHOsbown from March 2014 since there were no Woll Street PRO consemas estimates for RO prior to that date
(1) Averages through January 15, 2016
(2)
Bosed on SMC comemus estimates.
11/2/2014
9.3x
9%
18.7x
1/17/2015
18.&x
Repeer selected companies include PEI, CBI, and WPG.
Other real selected companies include SPG, GGP, MAC, TCO, and SKT. Shown for informational purposes.
1-Year
Average
9.3x
4/3/2015
8.7x
11.4x
7.2x
Preliminary, Subject to Further Review and Revision
Bank of America
Merrill Lynch
19.0x
6-Month
Average
8.3x
0.5
7.8x
10.9
6.dr
18.2x
3-Month
Average
7.7%
7.4x
10.90
5.4x
18.0%
6/18/2015 9/2/2015
On
1/15/2016
6.7x
6.7x
4.7
17.7x
Current
(02/02/2016)
8.7x
причет
11/17/2015
6.6x
10.2x
4.6
17.9x
2/2/2016
At $17.00
BOREAS
Proposed Price
8.5x
Other retail
selected
companies (3)
17.9x
Implied multiple
at BOREAS
proposed price
8.5x
RHO
8.7x
Retail peer
selected
companies (2)
6.6xView entire presentation