WW Investors-NYRT Presentation

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    ,

    N REIT JBG P C: A

    NRT

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    .

    . &

    . A

    . B

    . &

    . B

    . A

    .

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    I, LLC ( I , ), N REIT, I. (NRT , C)

    , NRT, N R O P, L.P. JBG P, I.

    (, JBG)( C), NRT

    NRT C. AGAINST

    C C .

    S I A M: NRT ,

    N C. NRT

    M D.C. , , , ,

    ? A: . JBG , N S, NRT

    .

    F P & C I: C JBG

    , N S, C' , NRT

    .

    F A U : F P, JBG

    , NRT JBG.

    R NRT , NRT NA

    $11.39 $12.31 . (1)

    O C $3.52

    $5.71 , $0.15 $0.20 . T

    C /EBIDTA 11 12,

    (, , , , , , .)

    (N , M, DC) .(1) M 2016 NRT I P.

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    A C REIT (.., AFFO, FFO, CAD, .). T C'

    NRT NOI NRT $115M $1.182B(1).

    S , .

    $115MM % .04 (2) = $2.875B

    L H 11/2013 $148.5M (3) $ .148B

    N, 50.9% P $ .330B

    M H , NRT,

    (4)

    $3.353.B

    L: N D (5) ($1.182B)

    $ 2.171B

    167M

    NA $ 13.00

    T M H M 12, 2015, $12.49 ,

    E A(6)

    M. H NOI H,

    , $126. (5)

    A $126MM $3.5MM C, NRT NOI $122.5MM. U NOI $122.5MM

    4.5%, $12.08 . S $115MM NA $11.39

    $12.31 .

    $12.08 $13.00

    L C (7) (0.68) (0.69)

    . . $11.39 $12.31

    , A (A) B $11.39 $12.31.

    1. M 2016 NRT I P. P 11, 18.

    2. C C T ,M 12, 2015. M H. P 3.

    3. P R, S 26, 2013.

    4. C C T, M 12, 2015. M H. P 3

    5. M 2016 NRT I P. P 11.

    6. C C T M 12, 2015. M H. P 3.

    7. $115M N C 34.05% $25M, 167MM .

    & & & &

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    T C . T

    AFFO, FFO, CAD REIT ,

    C' . S ,

    . T NRT/JBG

    :

    o B P A $30.6 (TE) REIT C A ;

    o R T A $35.0 TE REIT;

    o SL G A $22.6 TE N C REIT;

    o E R T P N C REIT;

    o P R G P C A REIT;

    o D E, I. A L A H REIT

    I NRT/JBG ,

    , N D/EBITDA 12 (

    7.4), B

    P, SL G. S C,

    .

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    I C' , $0.15 $0.20

    3.5% 4.25% , ,

    $3.52 $5.71 . (1)

    A $6.00 C ,

    50% NA .

    .

    (1) C : $0.15/ .0425 = $3.52; $0.20/ .035 = $5.71.

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    $6.81 $7.50 $6.50

    $5.76 $5.76$5.35

    $9.09

    $10.00

    $8.70

    $7.69 $7.69$7.14

    $0.00

    $2.00

    $4.00

    $6.00

    $8.00

    $10.00

    $12.00

    ESRT 2.2% BP 2.0% PGRE 2.3% DEI 2.6% NO 2.6% SLG 2.8%

    $0.15 $0.20

    D (3)

    NRT $0.15 $0.20 (1) B NRT/JBG

    ,(2) $5.35

    $10.00.

    (1) A M 2016 NRT I P, 4.

    (2) H 15 M 2016 NRT I P.

    (3) B J 7, 2016.

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    A /BA A

    .(1) A NRT I P, M 2016, 15.

    (2) A NRT I P, M 2016, 22.

    (3) 11 12?

    H N D/EBIDTA (1)

    11.0 12.0 (2, 3)

    4.9

    7.7

    8.9

    10.0

    5.6

    7.4

    0

    2

    4

    6

    8

    10

    12

    14

    P JBG C (2) ESRT PGRE DEI SLG BP NO

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    NRT/JBG JBG NRT . B

    28 , JBG $3.126B,

    $8.4B $3.6B .652% ( JBG JBG

    C).

    B , $147M$343M JBG S C B. I ,

    . N C .

    T L B, JBG JBG, $391M

    . U, NRT L B ,

    .

    T C' NOI JBG $200M ( 14),

    $211M ( 29), $235M ( 28). U JBG GAAP NOI $211M, N

    , BEFORE CAPE 4.5%5%.

    5.5%6.1% ? T ,

    , ,

    , , , NOI. F , NOI

    () 7.25% , $420M $280M .

    B B A.

    (1) NRT I P, M 2016, 15.

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    D T NRT

    . A, NRT

    9%: $330M $64M.

    $3.126B, JBG . I 5 JBG

    $15M , $125M . L $200M L B

    5.5% NOI , ,

    ( , GAAP NOI $211M). F,

    . , , ,

    JBG . I , $3.126B

    :

    I JBG E $ 3.126B

    R : S C B ($.022)B

    : L B ($.191)B

    : O A ($.350)B

    : C ($.136)B

    : PD ($.265)B

    T R ($.964)B

    A E $2.162B

    B , B

    !

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    I C, N S C. 1.2M LTIP, 2.6M LTIP, $7M

    $3M . I C, N S C.

    1.2M LTIP . , ,

    LTIP . C,

    , N $48M

    +/, NRT . (1) (2)

    B ? T S C' . I ,

    JBG C. A, JBG

    JBG . G JBG $48M +/

    , JBG : NRT JBG , M. S .

    I , : N

    R A, LLC, NRT , ? D M H ,

    , , ? O ?

    NRT D.C. , R

    T (3), NRT , D.C. ? S ?

    . ,

    . B ?(1) NRT , J 17, 2016.

    (2) A $6.00 C , N $33M +/.

    (3) A S R L T F C: , D.C. , T S J, J 14, 2016.

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    A ( BG ) JBG

    . U NRT , .

    JBG . .

    A C

    JBG $450M , C

    $6 . A , . JBG

    $725M. T NRT

    JBG 15%

    . A , , . $450M $725M C NRT ,

    M. S $33M +/ (1) , $48M ,

    C.

    TA S C 15%

    C , NRT C

    MUTA. T .

    (1) A $6.00 C , $33M +/.

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    () () () ()

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    A ED I , JBG NRT

    , NRT B D MUTA ,

    .

    E O C

    . C ? B ? ?

    H C ,

    , / ?

    JBG

    ?

    JBG C. R,

    NRT .

    B , $725

    B.

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    B A 51 .

    C ? D

    ?

    C NRT C

    C? $100M NRT

    NRT ?

    $140 I M 25, 2016 , R R JBG

    $140M (1) N C JBG $50.6M(2).

    $90.6MM?

    $84 A, C $50.6M

    JBG C(3). T JBG , ,

    ($84M)(4)

    , $50.6M ($33M). !

    (1) S P M, P 3 P 11, 1.

    (2) M 2016 NRT I P, P 11.

    (3) M 2016 NRT I P, P 28.

    (4) M 2016 NRT I P, P 28.

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    I , C , NRT 50%

    NA.

    B , C NRT NRT

    $11.39 . NRT C NA?

    T JBG & NRT C

    D H.

    S, JBG ,

    .

    T C ,

    , JBG

    . F , M. S C. JBG NRT N

    C . A NRT .

    I NRT N /DC REIT ,

    NRT $36B TE R T.

    NRT S M A T D U T S.