Bank of America Investment Banking Pitch Book
Summary Overview of RHO Projections
■ RHO Projections include partial sale of two
assets and no future acquisitions
■ Total strategic and cosmetic CapEx spend of
$201mm (¹)
49% interests in Chula Vista and
Gateway sold for $65mm of net cash
proceeds to pay down debt
-
13 properties
6
All projects completed by 2017 except
Carlsbad (2018)
■ Turtle Creek Crossing strip asset sold in Q4
2016 for $9.0mm
■ Vista Ridge returned to lender
■ Five loans, representing $481mm current
balance refinanced over 2016 - 2020 at rates
between 4.5% -5.5%
$ in millions, except per share
Stabilized NOI
Growth Rate
Non-Stabilized NOI
Growth Rate
NOI from Dispositions
NOI
Growth Rate
General & Administrative Expense
Core EBITDA
Growth Rate
Core FFO
Growth Rate
Core FFO per Share
Additional Information:
Leasing. Tls, and Maintenance CapEx
Strategic CapEx
Net Debt / Core EBITDA
(Net Debt + Preferred) / Core EBITDA
Net Debt + Preferred
2014A
138
36
16
$190
(26)
$163
$95
$1.64
$43
RHO Projections for Fiscal Year Ending December 31,
2015E 2016E 2017E 2018E 2019E
2020E
142
3.3%
47
32.1%
8
$197
4.1%
$171
5.0%
$104
10.0%
$1.79
(26) (26)
$189
10.1%
150
5.6%
64
$50
35.4%
96
1
$215
9.1%
$114
10.1%
167
11.4%
72
12.7%
12.4%
$239
$269
11.2% 12.3%
$143
180
$1.98 $2.45
88
22.7%
7.6x
8.2x
Bank of America
Merrill Lynch
$167
16.9%
$2.85
187
(27) (28) (29)
$212
$241
$251
13.6%
3.5%
93
5.0%
$280
4.0%
$2.96
193
3.4%
$26
97
$61 $58 $35
81
100
51
9.6x
9.7x
8.2x
6.6x
9.6x 10.5x 9.0x
7,2x
$1,572 $1,807 $1,695 $1,744 $1,726 $1,653 $1,582
$290
3.9%
(29)
$261
$26
2016 - 2020
CAGR
$175 $184
5.1%
$3.09 11.8%
6.0x 5.5x
6.6x
6.1x
6.5%
11.0%
7.8%
8.4%
12.6%
Mode: RIO Projections based on financial projections as received from RM0 management in February 2016
(EU Inclusive of Original Portfolio and Acquisition Assets, excludes internal fees, and deducts present value of estimated municipal incentives estimated of $21M.
(2)
Includes historical acquisitions, partial soles, and recent development projects including: Chula Vista, Mr. Shosta Mall Fig Garden Village, Bel Air Mo, Newpark Mall, Gateway Mall, Grand Traverse Moll Spring Hill Mall, and The Shoppes of Corkbod.View entire presentation