SPRING INVESTOR PRESENTATION€¦ · investor presentation spring –summer 2016. corporate...

INVESTOR PRESENTATIONSPRING – SUMMER 2016

CORPORATE OVERVIEWAND STRATEGY

INVESTOR PRESENTATION | SPRING – SUMMER 2016 THE SHOPS AT OLD ORCHARD, WEST BLOOMFIELD, MI

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STRENGTHENED MANAGEMENT TEAM

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DENNIS GERSHENSON

President & Chief Executive Officer

GEOFF BEDROSIAN

Chief Financial Officer

JOHN HENDRICKSON

Chief Operating Officer

Over 30 years of Real Estate Experience

Envisioning the Future of Retail Today

CORPORATE OVERVIEW AND STRATEGY

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We invest in large, multi-anchored, and urban-oriented shopping centers tenanted by best-in-class retailers that generate sustainable increases in cash flow.

We promote operating excellence and

a disciplined approach to capital

allocation with a focus on long-term

NAV growth.

We add value through tactical

and strategic redevelopments

that generate solid returns on invested

capital.

We manage a conservative capital

structure to maintain liquidity and

flexibility through all economic cycles

and that supports dividend growth.

FIVE-YEAR PORTFOLIO EVOLUTION

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Total Number of Properties

902010

PORTFOLIO

73CURRENT

PORTFOLIO

Wholly-Owned Shopping Centers

Leased Rate Average Anchors

582010

PORTFOLIO

69CURRENT

PORTFOLIO

91.5%2010

PORTFOLIO

94.7%CURRENT

PORTFOLIO

2.5 5percenter

2010

PORTFOLIO

CURRENT

PORTFOLIO

percenter

Average Rent per Square Foot

$9.882010

PORTFOLIO

$13.34CURRENT

PORTFOLIO

As of March 31, 2016.

OUR TOP TWENTY CENTERS PROVIDE A SOLID FOUNDATION FOR FUTURE GROWTH

6[1] Includes shadow anchors. Without shadow anchors, average size is 340,000 square feet and average number of anchors is 7.

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WE PLAN TO EXPAND IN THE TOP MSAs IN STATES WHERE WE CURRENTLY OPERATE

Primarily first-ring top 40 MSA sub-

market locations.

RPT’s Top 10 Markets

= 80% of Annualized Base Rent

RPT’s top 10 markets provide the

opportunity for future growth supported

by strong regional leasing and asset

management teams.

Strong in-fill markets provide the

opportunity for both tactical and

strategic redevelopment as tenancies

look to locate at our centers.

Note: 5-mile trade area.

PORTFOLIO STRATEGY

INVESTOR PRESENTATION | SPRING – SUMMER 2016 FRONT RANGE VILLAGE, FORT COLLINS, CO

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OUR STRATEGIC FOCUS IS TO INCREASE THE VALUE OF OUR SHOPPING CENTERS

• Operating Excellence Objectives:

Execute a bottom-line, financially-oriented business model.

Produce sustainable FFO Growth of approximately 4 - 5% for the foreseeable future.

Generate same-center growth of 3.0% - 4.5%, with redevelopment.

Generate same-center growth of 2.0% - 3.0%, excluding redevelopment.

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• Value Creation:

Continue to execute on value-add redevelopments of $65 - $80 million each year that produce 9% - 10% ROI.

Double digit rent increases on small shop tenancies.

Implement multi-phase, large scale strategic redevelopments at a number of our shopping centers to solidify regional dominance.

• Capital Recycling:

Continue to sell non-core assets to increase portfolio quality and generate capital for

strategic investments, including value-add improvements in the core portfolio as well as

selective acquisitions.

WE ARE TRANSFORMING OUR PORTFOLIO THROUGH A STRATEGIC CAPITAL RECYCLING PLAN

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Number of Properties (including JVs) 28 Shopping Centers 37 Shopping Centers[1]

Owned GLA 3.9 million square feet 8.4 million square feet

Average Rent, psf $10.40 $13.97[2]

Average Household Income $68,000 $86,000

Average Center Size 136,000 square feet 270,000 square feet

Total Proceeds/Investment $275 million $1.3 billion

Criteria

Acquisitions:

Multi-anchor often with market leading grocer

High barrier-to-entry trade areas

Market expansion opportunities to drive efficiencies

Typically have value-add opportunities

Dispositions:

Non-core markets and properties

Smaller centers

Limited growth properties

Results

Regional dominant centers that

produce sustainable growth in NOI

Best-in-class retailers provide

recession resistant cash flow

High-quality properties that

generate higher NOI and NAV

[1] Includes joint venture acquisitions.[2]Excludes land leases.

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WE BELIEVE LARGE, MULTI-ANCHOR CENTERS PROVIDE BOTH STABILITY AND GROWTH

METRICMULTI-ANCHOR

COMMUNITY SHOPPING CENTERS

Scale >35 Acres and >350,000 Square Feet

Credit Quality >85% of ABR from National and Regional Tenants

Anchor Exposure Minimal Risk from Loss of a Single Anchor

Growth Opportunities Expansion and Densification Opportunities

Merchandise Mix Dynamic

Draw Regional

OUR CENTERS ARE PREDOMINANTLY ANCHORED BY LEADING GROCERS AS WELL AS NECESSITY BASED AND VALUE RETAILERS

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1% –

64%

4%

31%

Single Grocery Anchor Center

6 Centers

Multi-Anchor without

Grocery Component

24 Centers

Multi-Anchor with

Grocery Component

37 Centers

Single Anchor Center

1 Center

Multi-anchor centers provide convenience,

variety and flexibility for the consumer, and in

turn, stability for the shopping center.

Note: Percentage of total annualized base rent.

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MARKET LEADING GROCERY TENANTS

% of ABR

National 34%

Regional 19%

Specialty 11%

TOTAL 64%

of our ABR comes from Multi-

Anchor Shopping Centers with a

Grocery Component64%

Strong grocer sales = $510 per square foot

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OUR TOP TENANT ROSTER REPRESENTS A DIVERSIFIEDLINE-UP OF BEST-IN-CLASS NATIONAL RETAILERS

OUR FOUR-POINT MANAGEMENT PHILOSOPHY STRATEGICALLY POSITIONS OUR CENTERS IN A DYNAMIC RETAIL LANDSCAPE

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GROWTH STRATEGY

INVESTOR PRESENTATION | SPRING – SUMMER 2016 WOODBURY LAKES, WOODBURY, MN

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WE WILL CONTINUE TO GROW NAV BY MAXIMIZING THE VALUE OF OUR SHOPPING CENTER PORTFOLIO

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RPT’s 20 Largest Properties =

>50% of ABR / Avg. cap rate of ~6.0%

Provide the greatest opportunity for tactical and strategic value-add redevelopment.

Properties with long-term growth profiles, strong demographics and

embedded value-add redevelopment opportunities

= 25% - 35% of ABR

Low growth or fully-valued properties

= 10% - 15% of ABR

Future acquisitions

will include centers

that support our goal

of creating unique

places with regional

draws in top

markets.

The Company plans to

sell $100 - $125 million

of non-core assets in

2016.

Proceeds will be used to

fund the Company’s

redevelopment activities

and reduce debt.

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A SOLID PIPELINE OF IN-PROCESS REDEVELOPMENT PROJECTS WILL DELIVER VALUE FOR OUR SHAREHOLDERS

9CENTERS UNDER REDEVELOPMENT

2016-2017FULL-YEAR STABILIZATION

$75.4MTOTAL COST

9% - 10%INCREMENTAL RETURN

Over 50% of our properties have some form of value-add opportunity = at least $65-80 million annually.

Property Location Projected Stabilization Estimated Project Costs

Deerfield Towne Center Mason, OH 2017 $7.9 million

Hunter’s Square Farmington Hills, MI 2016 $6.6 million

Mission Bay Boca Raton, FL 2016 $10.3 million

Shoppes of Lakeland Lakeland, FL 2017 $1.2 million

Spring Meadows Toledo, OH 2016/2017 $11.9 million

The Shoppes at Fox River Waukesha, WI 2017 $17.9 million

The Shops on Lane Avenue Upper Arlington, OH 2017 $1.8 million

Town & Country Crossing Town & Country, MO 2016/2017 $5.7 million

West Oaks Novi, MI 2016 $12.1 million

TOTAL $75.4 million

Location:

Desirable sub-market of St. Louis, Missouri.

Average 5-Mile Household Income: $118,000.

Average 5-Mile Population: 170,000.

Re-Anchoring and Expansion Opportunity:

Center re-anchoring and expansion to include two new

high-quality national anchors.

Execution:

Adding 31,000 square foot Stein Mart on undeveloped

pad site and a 20,000 square foot Home Goods in

vacant/relocated in-line space.

Created Promenade shopping district featuring

restaurants and upscale shopping.

In 2013, RPT added a 9,000 square foot

Cooper’s Hawk Restaurant.

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TOWN & COUNTRY (Town & Country, MO)Tactical In-Process Redevelopment

NET VALUE CREATED

Incremental NOI[1] $2.2 Million

Cap Rate Contraction[2] 2.0 Million

Total $4.2 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $5.7 million.[2] Assumes a 25 BP decrease in cap rate.

Location:

Desirable Boca Raton market.



Re-anchoring and Expansion Opportunity:

Expansion of successful anchor and replacement of

underperforming tenancy.

Transitioning community center to regional dominant

multi-anchor center.

Execution:

Expanding LA Fitness by 6,000 square feet to

accommodate successful proto-type.

Replacing under-performing Toys ‘R Us with a 46,000

square foot Dick’s Sporting Goods.

Creating entertainment and restaurant corridor.

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MISSION BAY PLAZA (Boca Raton, FL)Tactical In-Process Redevelopment

NET VALUE CREATED



Total $6.3 Million


Location:

Affluent, growing sub-market in Metropolitan Detroit.



Re-anchoring and Expansion Opportunity:

Expand shopping center, right-size and re-tenant

anchor space, and relocate high-performing retailers.

Execution:

Expanding center by 15,000 square feet and down-

sized Gander Mountain to accommodate new

Nordstrom Rack, only their second store in

Metropolitan Detroit.

Negotiated early termination of Best Buy for the

addition of the first Container Store in Michigan.

Relocating strong performing David’s Bridal.

Generate new sales of $15 million annually.

10% increase in rental rates projected on 21,000

square feet of lease roll-over through 2019.

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WEST OAKS (Novi, MI)Tactical In-Process Redevelopment

NET VALUE CREATED



Total $11.7 Million


Location:

Affluent metropolitan Detroit sub-market.



Re-anchoring Opportunity:

Fill underperforming and vacant anchors with two

best-in-class national retailers.

Execution:

Adding leading national tenants Saks OFF 5th and

DSW.

Generate new sales of $10 million annually.

15% increase in rental rates projected on lease roll-

over of 74,000 square feet through 2019.

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HUNTER’S SQUARE (Farmington Hills, MI)Tactical In-Process Redevelopment

NET VALUE CREATED



Total $8.6 Million


Location:

High-growth sub-market of Milwaukee, Wisconsin.



Expansion Opportunity:

Multiple phased expansion adding over 250,000 square

feet of new GLA.

Execution:

Phase I development of T.J. Maxx, ULTA, Rue 21 and

Charming Charlie on adjacent land purchased as part

of original acquisition.

Phase II expansion Hobby Lobby.

Phase III anchored by Ross Dress for Less will add

over 100,000 additional square feet.

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THE SHOPPES AT FOX RIVER (Waukesha, WI)Tactical In-Process Redevelopment

NET VALUE CREATED



Total $8.0 Million


Perfectly Positioned

To Execute On

Strategic Development

The acquisition of large, multi-anchored and

urban-oriented shopping centers has

seeded our strategic redevelopment

pipeline, which presents the opportunity to

enhance unique regional destinations.

Our larger legacy shopping centers with

significant parking fields present an

opportunity for densification and expansion.

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STRATEGICALLY REPOSITIONING REGIONAL DOMINANT SHOPPING CENTERS FOR FUTURE GROWTH

Future of Retail: Densification – Retail Mix – Placemaking – Community

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ENHANCING REGIONAL DOMINANT CENTERS ACQUIRED IN 2013 AND 2014 THROUGH STRATEGIC REDEVELOPMENT

$322MTOTAL INVESTMENT

1.5MOWNED GLA

$16.00AVERAGE RENT PER

SQUARE FOOT

$80KTRADE AREA INCOME

MAJOR TENANTS:

MAJOR TENANTS:

MAJOR TENANTS:

MAJOR TENANTS:

Deerfield Towne Center – Mason, OH Cincinnati #28 MSA

Bridgewater Falls - Hamilton, OH Cincinnati #28 MSA

Front Range Village – Fort Collins, CO Denver #21 MSA

Woodbury Lakes – Woodbury, MN Minneapolis/St. Paul #16 MSA

Location:

Prosperous sub-market of Cincinnati, Ohio.



Expansion Opportunity:

Densification of site creating exciting town square area

as well as lease-up of desirable lifestyle retail space.

Opportunity to add retail/office/residential.

Execution:

Phase I densification of site to include 15,000 square feet of new GLA, site improvements, and upgrades to 64,000 square feet of shop area.

Addition of new Crunch Fitness in 20,000 square feet in 2015.

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DEERFIELD TOWNE CENTER (Mason, OH)Strategic In-Process Redevelopment

NET VALUE CREATED



Total $7.9 Million

[1] Value of incremental NOI adjusted for redevelopment capital of $7.9 million.[2] Assumes a 25 BP decrease to cap rate.

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FRONT RANGE VILLAGEMulti-phase Conceptual Plan

Multi-Phase

Opportunities

Include:

Site densification,

including new retail,

office and the

potential for multi-

family.

Optimization of

village area into

one-of-a kind

regional shopping

destination.

Significant ancillary

rental growth.

Redevelopment will

be completed in

phases.

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WOODBURY LAKESMulti-phase Conceptual Plan

Multi-Phase

Opportunities

Include:

Addition of new

anchors and

entertainment

component.

Beautification and

densification.

Significant residual

rent growth.

Redevelopment will

be completed in

phases.

FINANCIAL MARKERSAND GUIDANCE

INVESTOR PRESENTATION | SPRING – SUMMER 2016 BRIDGEWATER FALLS, HAMILTON, OH

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FIVE YEARS OF PORTFOLIO ENHANCEMENTPRODUCING EVER-IMPROVING METRICS

1.4%

3.3%

3.0%

3.3%

3.9% [1]

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

2011 2012 2013 2014 2015

2.3%

5 YEARS OF SAME-CENTER NOI GROWTH

[1] includes redevelopment

New COO and CFO as well as reorganization of asset management teams focused on

operating excellence, driving financial performance and growth in NAV positions the Company

for future success.

2016 GUIDANCE = 3.0% - 4.0%

$0.95

$1.04

$1.13

$1.26

$1.34

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

2011 2012 2013 2014 2015

5 YEARS OF INCREASING OPERATING

FFO W/O LAND SALES = 8.9% CAGR

2016 GUIDANCE = $1.32 - $1.38

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SAME-CENTER NOI GROWTH

SUSTAINABLE SAME CENTER NOI GROWTH 3.0% – 4.5%

Contractual Rent Steps

Rent Growth

Miscellaneous

• Average annual rent steps typically 1

- 3%.

• Approximately 10-15% of the portfolio

GLA turns in a year, with rent growth

of ~10%.

• Other items include percentage rent

and ancillary income.

Redevelopment

Other Income

• Assumes $20-$25 million of

completed redevelopment projects

each year.

2016 GUIDANCE

2016 FFO and Operating FFO per diluted share, as well as certain other key measures:

Reported Funds From Operations $1.33 - $1.40

Less: Gain on Land Sales $0.01 - $0.02

Operating Funds from Operations $1.32 - $1.38

Same-Center NOI Increase with

Redevelopment3.0% - 4.0%

Same-Center NOI Increase without

Redevelopments2.0% - 3.0%

Dispositions $100 million - $125 million

Acquisitions Opportunistic

General and Administrative Expense $22 million - $23 million

Debt to EBITDA 6.2x – 6.4x

The Company's 2016 guidance excludes any unforeseen one-time items including provisions for

impairment, transactions costs, gain or loss on extinguishment of debt and other items.

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CAPITAL MANAGEMENT

INVESTOR PRESENTATION | SPRING – SUMMER 2016 HUNTER’S SQUARE, FARMINGTON HILLS, MI

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INVESTMENT GRADE PROFILE

RPT’S balance sheet is comparable to its peers with investment grade ratings.

LOW LEVERAGE FLEXIBLE STRUCTURE

Net Debt / Market Capitalization 40% Unencumbered Assets / Unsecured Debt 2.6X

Net Debt + Preferred / Market Capitalization 44% Fixed-Rate Debt / Total Debt 90%

Net Debt to EBITDA 6.6X Secured Debt / Total Capitalization 11%

STRONG COVERAGE AMPLE LIQUIDITY

Interest Coverage 3.7X Revolving Line Availability $274M

Fixed Charge Coverage 3.0X Free Cash Flow $25 - $30M


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PROACTIVE BALANCE SHEET MANAGEMENT

6.5 YEARSAVERAGE TERM

90%FIXED RATE DEBT

$2.0BUNENCUMBERED

POOL

<$132MMAXIMUM DEBT EXPIRING

IN ANY YEAR

$0

$50

$100

$150

$200

$250

$300

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+

Millio

ns

Mortgage Unsecured


TOTAL MARKET CAPITALIZATION

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$2.7B TOTAL CAPITALIZATION

$1.5BCOMMON EQUITY

Total Common Equity $1,467,840

Total Debt $1,072,538

Senior Unsecured Debt $460,000

Mortgage Debt $300,960

Term Loans $210,000

Revolving Line of Credit $76,000

Junior Subordinated Note $28,125

Capital Lease $1,108

Cash ($3,655)

Convertible Perpetual Preferred Shares $120,703

Total Market Capitalization $2,661,081


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KEY TAKEAWAYS

APPENDIX

INVESTOR PRESENTATION | SPRING – SUMMER 2016 LAKELAND PARK CENTER, LAKELAND, FL

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PROFILE OF TOP TWENTY SHOPPING CENTERS

RPT’s 20 Largest Centers = 54% of Total ABR

Market Dominant 445,000 Square Feet[1]; ABR psf of $16.66[2]

Low Risk with High Growth PotentialAverage 8 Anchors[1] per Center and over

100,000 Square Feet of Small Shop Space

Average Age of Portfolio15 of RPT’s top 20 Properties acquired within

the last five years

Strong MarketsAverage Household Income of $84,000

Average Population of 170,000

Stable Income Stream 86% National/Regional Tenants

[1]Includes shadow anchors. Without shadow anchors, average size is 340,000 square feet and average number of anchors is 7.[2]Excludes land leases.

1. River City Marketplace, FL

ABR: $9.5 million $17.26 PSF

Total GLA: 899,588 (Owned 557,087)

Major Tenants: Bed Bath & Beyond, Best Buy, Wal-Mart,

Ross Dress For Less, Lowe’s, Gander Mountain and PetSmart


Total GLA: 792,945 (Owned 459,307)

Major Tenants: Target, Lowe’s, Sprouts Market, ULTA Beauty,

Charming Charlie, DSW and Microsoft

2. Front Range Village, CO

3. Deerfield Towne Center, OH 4. Bridgewater Falls, OH


Total GLA: 627,202 (Owned 503,502)

Major Tenants: Target, Bed Bath & Beyond, T.J. Maxx,

Dick’s Sporting Goods, Old Navy, ULTA Beauty and Michaels

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RPT’S 20 LARGEST MARKET DOMINANTCENTERS BY RENT

DESIGN

TENANT

IMAGES ARE

CROPPED TO


Total GLA: 463,246

Major Tenants: Whole Foods, Bed Bath & Beyond, buy buy Baby, Dick’s

Sporting Goods, ULTA Beauty, Charming Charlie and Crunch Fitness

Recently acquired.

7. Hunter’s Square, MI


Total GLA: 353,951

Major Tenants: Bed Bath & Beyond, Old Navy, buy buy Baby,

T.J. Maxx, Marshalls, Saks Fifth Avenue OFF 5TH and DSW

JUST OPENED:

Saks Fifth Avenue Off 5th and DSW

5. Woodbury Lakes, MN


Total GLA: 317,603 (Owned 305,086)

Major Tenants: buy buy Baby, Charming Charlie,

DSW, Gap, H&M, Michaels, Victoria’s Secret and Trader Joe’s


Total GLA: 523,411

Major Tenants: Meijer, DSW, Lowe’s, Michaels,

Pier 1 Imports and PetSmart

6. Tel-Twelve, MI

8. West Oaks, MI


Total GLA: 676,071 (Owned 419,919)

Major Tenants: Kohl’s, DSW, Gander Mountain, Old Navy,

Jo-Ann Fabrics and Marshalls

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OPENING SOON:

Container Store and Nordstrom Rack

Recently acquired.


Total GLA: 257,600

Major Tenants: The Fresh Market, LA Fitness,

OfficeMax, Golfsmith and Dick’s Sporting Goods

10. Mission Bay Plaza, FL

11. Jackson Crossing, MI 12. Millennium Park, MI


Total GLA: 674,480 (Owned 420,238)

Major Tenants: Target, Kohl’s, Bed Bath & Beyond,

Best Buy, T.J. Maxx and Jackson 10 Theater


Total GLA: 625,209 (Owned 272,568)

Major Tenants: Home Depot, Marshalls, Michaels,

PetSmart, ULTA Beauty, Costco and Meijer

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OPENING SOON:

Expanded LA Fitness and Dick’s

9. Harvest Junction, CO


Total GLA: 495,185 (Owned 360,185)

Major Tenants: Ross Dress For Less, Marshalls, Michaels,

Best Buy, Dick’s Sporting Goods and DSW

Recently acquired.

14. The Shops at Lane Avenue, OH


Total GLA: 168,936

Major Tenants: Whole Foods Market, Bed Bath & Beyond, Pier 1 Imports,

ULTA Beauty, Rusty Bucket, White House | Black Market and Chico’s

JUST OPENED:

ULTA Beauty


Total GLA: 369,774 (Owned 237,392)

Major Tenants: Target, Hobby Lobby, Petco,

Pick’n’Save, T.J. Maxx and ULTA Beauty

15. The Shoppes at Fox River, WI

OPENING SOON:

Ross Dress for Less

13. Troy Marketplace, MI


Total GLA: 238,354 (Owned 217,754)

Major Tenants: Nordstrom Rack, Golfsmith,

LA Fitness, PetSmart and Total Hockey

16. Heritage Place, MO


Total GLA: 269,105

Major Tenants: Dierberg’s Market, Marshalls,

Petco and T.J. Maxx

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Recently acquired.

17. Town & Country Crossing, MO


Total GLA: 282,667 (Owned 145,830)

Major Tenants: Whole Foods Market, Target, Stein Mart, Home

Goods and Cooper’s Hawk Winery & Restaurant


Total GLA: 300,682

Major Tenants: Marshalls, Ross Dress For

Less, LA Fitness, Aldi, Petco, and Walgreens

18. Mount Prospect Plaza, IL

20. Winchester Center, MI19. Marketplace of Delray, FL


Total GLA: 320,134

Major Tenants: Dick’s Sporting Goods, Marshalls, Stein Mart,

Bed Bath & Beyond, PetSmart and Michaels


Total GLA: 241,715

Major Tenants: Beall’s Outlet, Dollar Tree, Office Depot,

Ross Dress For Less, Winn-Dixie

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OPENING SOON:

Stein Mart and Home Goods

JUST OPENED:

Stein Mart

Recently acquired.

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SAFE HARBOR

Information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as

amended, or the “Securities Act”, and Section 21E of the Securities Exchange Act of 1934, as amended, or the “Exchange Act.” You can

identify these forward-looking statements by our use of the words “believe,” “anticipate,” “plan,” “expect,” “may,” “might,” “should,” “will,”

“intend,” “estimate,” “predict” and similar expressions, whether in the negative or affirmative. These forward-looking statements represent

our expectations or beliefs concerning future events, including: statements regarding future developments and joint ventures, rents,

returns, and earnings; statements regarding the continuation of trends; and any statements regarding the sufficiency of our cash

balances and cash generated from operating, investing, and financing activities for our future liquidity and capital resource needs. We

caution that although forward-looking statements reflect our good faith beliefs and reasonable judgment based upon current information,

these statements are not guarantees of future performance and are qualified by important factors that could cause actual results to differ

materially from those in the forward-looking statements, because of risks, uncertainties, and factors including, but not limited to: our

success or failure in implementing our business strategy; economic conditions generally and in the commercial real estate and finance

markets specifically; our cost of capital, which depends in part on our asset quality, our relationships with lenders and other capital

providers; our business prospects and outlook; changes in governmental regulations, tax rates and similar matters; and our continuing to

qualify as a REIT. Further, we have included important factors under the heading “Risk Factors” and elsewhere in our Annual Report on

Form 10-K for the year ended December 31, 2015, and other periodic reports, that we believe could cause our actual results to differ

materially from the forward-looking statements that we make. All forward-looking statements are made as of the date hereof or the date

specified herein, based on information available to us as of such date. Except as required by law, we do not undertake any obligation to

update our forward-looking statements or the risk factors contained herein to reflect new information or future events or otherwise. You

are cautioned not to place undue reliance on forward-looking statements.

INVESTOR PRESENTATIONSPRING – SUMMER 2016

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