Bank of America Investment Banking Pitch Book
Selected Precedent Retail Transactions
Mall Sector
1. Glimcher Realty Trust
3.
Target
Acquiror
2. The Mills Corporation
Washington Prime Group
27
Rouse
Simon/Farralon Capital Management
Informational as we believe there are no directly relevant comparable transactions
General Growth Properties
Asset Class
B- Mall
Mall
Mall
Date
Announced
9/16/14
2/5/07
8/20/04
Cash /
Stock
Preliminary, Subject to Further Review and Revision
Bank of America
Merrill Lynch
73% Cash
/ 27% Stock
100% Cash
/ 0% Stock
100% Cash
/ 0% Stock
Source: Publicgs, SM Financial and Green Street Advison.
Note: Nominal cap notes based on Wall Street estimates and cokulation from public filings. W/Adenotes not publicly available.
(1) Premium to waffected price reflects premium to last closing price prior to announcement.
(2)
Consensus NAV reflects SML Financial consensus MAV estimates.
Offer Price
Per Share
$14.20
$25.25
$67.50
Transaction
Value
$4,347
$7,900
$12,237
Premium To:
Unaffected
Price (¹)
34.0%
42.1%
32.2%
Consensus
NAV (2)
24.0%
21.7%
72.4%
Nominal
Cap Rate
6.5%
N/A
5.9%View entire presentation