Bank of America Investment Banking Pitch Book
Preliminary Financial Analyses Summary
52-Week Price Range
Law
$13.12
RHO Unaffected Stock Price on 01/15/16: $13.49
$19.95
LTM Stock Price
Performance ™
$13.12
15 (4)
High
Beached on
1/14/16 " 3/24/15
Wall Street Research "
Informational Reference Points
$22.53
Low
$16.48
$16.48
Wall Street Research
Analysts'
NAV Estimates
High
Selected Precedent
Transactions
$26.50
Selected Precedent
Transactions
Low
Underwritten NOI (20)
$215mm
Cate
6.5%
Implied Price Re
$26.50
Low
NAV
7.1%
$21.75
$16.75
Hith
Underwritten NOI (2004)
$215mm
Market Cap Rate
NAV
7.8%
implied Reference Range
$16.75
$11.75
■
Preliminary, Subject to Further Review and Revision
Bank of America
Merrill Lynch
Law
DCF
RHO Closing Stock Price on 02/02/16: $17.58
150%
$22.00
$15.25
DCF
8.75%
Perpetuity Growth
2.00%
implied Reference Range
$15.25
$22.00
Low
$1.98
Selected Public Companies
$17.75
$12.75
2016E FFO
Multiples
2016 O
#
Source: RHO Projections.
Note: Price ranges rounded to nearest $0,25.
(EU Includes the variations of MAV estimates: 30 NTM, 2015, and 2016.
0
Reflects cap rate implied from WPG/CRT merger, Giren lock of recent MBA activity in all sector and limited comparability, selected precedent fronsactions shown for informational purposes.
Based on closing prices.
Based on RHO Projections.
90x
implied Reference Range
$12.75
$17.75
$1.98
Low
60x
$20.75
$14.75
2017E FFO
Multiples
2017ETTO"
8.5x
$2.45
Implied Reference Range
$14.75
$20.75View entire presentation