Bank of America Investment Banking Pitch Book
Summary Overview of RHO Projections
■ RHO Projections include partial sale of two
assets and no acquisitions
■ Total strategic and cosmetic CapEx spend of
$201mm (¹)
RHO projects strong NOI growth between 2015 and 2020 expected from benefits of recent redevelopment and acquisition projects
RHO Projections
2017E
-
49% interests in Chula Vista and
Gateway sold for $65mm of net cash
proceeds to pay down debt
14
13 properties
■ Turtle Creek Crossing strip asset sold in Q4
2016 for $9.0mm
(EJ
(3)
All projects completed by 2017 except
Carlsbad (2018)
■ Vista Ridge returned to lender
■ Five loans, representing $518mm current
balance refinanced over 2016 - 2020 at rates
between 4.5% -5.5%
Interest rate growth based on forward
curve as of 01/04/2016
$ in millions, except per share
Stabilized NOI
Growth Rate
Non-Stabilized NOI (2)
Growth Rate
Dispositions (Vista Ridge Mall)
NOI
Growth Rate
General & Administrative Expense
Core EBITDA
Growth Rate
Core FFO
Growth Rate
Preliminary, Subject to Further Review and Revision
Bank of America
Merrill Lynch
Core FFO per Share
Additional Information:
Leasing, Tis, and Maintenance CapEx
Strategic CapEx
Net Debt / Core EBITDA
(Net Debt + Preferred) / Core EBITDA
Net Debt + Preferred
2015
$197
(26)
$171
$104
$1.79
$50
96
9.8x
$1,667
2016E
150
64
2
$215
(26)
$189
10.1%
$114
10.2%
$1.98
$61
100
167
11.9%
72
8.3x
13.2%
$239
11.2%
(27)
$58
2018E 2019E 2020E
74
180
7.6x
8.3x
88
22.7%
$212
12.4%
$143
24.8%
$2.45 $2.85
$269
12.3%
(28)
$241
13.6%
$167
16.9%
187
3.5%
93
5.0%
1
$280
(29)
$251
$175
$2.96
193
$26
1
$35
51
6.6x
6.0x
9.0x
7.2x
6.6x
$1,695 $1,744 $1,726 $1,653 $1,582
97 11.2%
(29)
$290 7.8%
3.9%
$261
$184
$3.09
2016-2020
CAGR
$26
6.6%
5.5x
6.1x
8.4%
12.6%
11.8%
Source: RM0 management
Inclusive of Original Portfolio and Acquisition Assets, excludes internal fees, and deducts present value of estimated municipal incentives estimated of 521M.
Includes acquisitions, partial sales, and recent development projects including: Chula Vista, Mt. Shasta Mall Fig Gorden Village, Bel Air Moll, Newpork Mall, Gateway Mall, Grand Troverse Moll Spring Hill Mall, and The Shoppes of Corkbod.View entire presentation