EFTA01389067.pdf

18 October 2016 REITs US REIT 3016 Earnings Preview F inure id r. VNO 3016 2018 3016 2018 Brings Actual Actual AMA' 08s Cons Pre 30 Guido Post 30 Guido DEN Cons FfOrsh Si 25 SI 21 SI 25 SI 27 54 68 S4.8: FFCIsn ad,usted for comparabtly SI 24 SI 23 St 77 5.4 94 Operating Mitts Actual Actual Actual DEN Pro 30 Guido Post 30 Guide DEN NYC occupancy iprerata, signed' 96 20% 9600% 96 00% 96 00% q/g ch -30bp -20bp obp -404 , yty NYC office rent spread (cash, pro-rata. signed) 24.7% 21.7% 15.0% cornmerced 20 0% commenced NYC dice SS EBITDA leash. pro-rata) -0.3% 59% DC occupancy rpro-rata. signed) 84 70% 84 00% 85.00% 8600% oh, ch -10bp 430top 100bp DC once rent spread (cash. pro-rate. sgnedi -46% -67% -5.0% commenced 4 8% commenced DC office 55 EBITDA )cash, DIC:03131 -94% -2 5% Note: consensus estimates are based on Thomson compiled data as of I 0/14/16 • VNO, along with 2 partners, won the bid fo he Farley building redevelopment. Update on RFP process for the Penn Station redevelopment • Sales update at 220 Central Park South, with management noting during the 2Q call increased activity following a period of slowdown • Update on the potential spin off of the Washington business Update on the Skyline properties, with VNO in negotiation with special services per the 20 call Update on leasing pipeline, which stood at over I msf per the 20 call • We are updating estimates to reflect recently announced financing activity. Our 2016 FFO/sh estimate moves to $4.88 from $4.84, while FAD moves to $2.70 from $2.66. For 2017, our FFO estimate moves to $5.55 from $5.43 while FAD moves to $3.79 from $3 67 Please see Figure 98 for a summary of our estimate revisions Sown, anitict• Bank canonises Theruon iFigure 77: Kid's 3016 results • Management's plans to bridge the value gap • Impact from Brexit on assets in the UK, specifically, and more broadly in Europe • Management expectations for the pace of investment activity through 2016 Update on the acquisition pipeline in the US and Europe, and the disposition pipeline in the US. KW announced -$400MM of acquisitions and $207MM of dispositions in the multifamily portfolio in 30 Update on multi-family demand and fundamentals in West Coast markets Update on the company's leasing efforts of its SoCal commercial portfolio • Development pipeline progress and impact on NOI Update on the KW and KWE (KWE.LON: DB Hold rated, 1002GBp by Oliver Reiff) share repurchase programs 504000 Dandy Bent convey aids Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093293 CONFIDENTIAL SDNY_GM_00239477 EFTA01389067