Bank of America Investment Banking Pitch Book
Net Asset Value Analysis
Total Implied Real Estate Value
Nominal Cap Rate
Cash and Cash Equivalents
Restricted Cash
Rent and Other Receivables
Capitalized Management Fee Income
Other Assets
Implied Gross Asset Value ("GAV")
Revolving Credit Facility
Term Loans
9
Mortgage Debt
5% Preferred OP units
(6)
Estimated Adjustments For Marking Debt To Market
Other Liabilities
Implied Net Asset Value ("NAV")
x Fully Diluted Shares and OP Units Outstanding
Implied Net Asset Value ("NAV") / Share
(3)
(2)
(5)
(6)
(7)
(7)
Low
(1)
$2,744
7.8%
32
28
1
5
2,817
59
285
1,264
140
43
56
970
58.1
$16.75
Midpoint
$2,888
7.5%
8
32
28
1
5
2,962
59
285
1,264
140
43
56
Source: RIO Projections
Note: Figures in million, except per share and per unit amounts. Estimated NAV per shore rounded to nearest 50.25. Non-real estate assets and liabilities are recorded of book value os of December 31, 2015.
Assumes 5% discount to midpoint calculation.
Assumes 5% premium to midpointcolculation.
Property level NOT and cash flows per RHO Projections were used to determine Total implied Real Estate Volue.
Calculated as RHO Projections for 2016 Total Core NOT of $215mm divided by Total Implied Real Estate Volur.
Assumes capitalized Barnes Crossing management fee at 5.0x
Adjusted to reflect removal of Vito Ridge Mallo special consideration asset that is expected by RHO monagement to be returned to lender.
Cokelated as the present value of scheduled payments compared to current principal on debt os of February 2016. Estimated based on treasury yield curve plus credit risk spread based on debt yield, loon-to-
volue ratio and term.
1,115
58.1
$19.25
Bank of America
Merrill Lynch
High
(2)
$3,032
7.1%
8
32
28
1
5
3,106
59
285
1,264
140
43
56
1,259
58.1
$21.75View entire presentation