Equity REIT - Sample Balance Sheet

($ in Millions)
Last Historical
Period
Assets:
Real Estate:
Land: $ 1,000
Buildings and Improvements: 3,800
Furniture, Fixtures & Equipment: 500
Gross Real Estate Operating Assets: 5,300
Less: Accumulated Depreciation: (1,500)
Net Operating Real Estate: 3,800
Construction in Progress: 500
Land Held for Development: 300
Real Estate Assets Held for Sale: 200
Total Real Estate, Net of Accumulated Depreciation: 4,800

Cash & Cash-Equivalents: 180

Investments in Equity Interests: 150
Capitalized Financing Fees: 20
Accounts Receivable, Net: 100
Prepaid Expenses & Other Assets: 150
Total Assets: $ 5,400

Liabilities & Shareholders' Equity:

Total Debt, Net of Discounts: $ 2,000

Accounts Payable: 100
Accrued Expenses & Other Liabilities: 200
Total Liabilities: 2,300

Redeemable Noncontrolling Interests: 100

Shareholders' Equity:
Noncontrolling Interests: 100
Preferred Stock: -
Common Stock & Additional Paid-In Capital: 3,300
Treasury Stock: -
Retained Earnings: (200)
Accumulated Other Comprehensive Loss: (200)
Total Shareholders' Equity: $ 3,000

Total Liabilities & SE: $ 5,400

Equity REIT - Sample Net Asset Value Model
($ in Millions Except Per Share Data)
Assumed 12-Month Current
Cap Rate: Forward NOI: Value:
Capitalized Income:
NOI Contribution from:
Wholly-Owned Properties: 5.5% $ 300 $ 5,455
Unconsolidated Joint Ventures: 5.5% 10 182
Third-Party Management Fees: 15.0% 5 33

Balance Sheet % of BS Current

Value: Value: Value:
Balance Sheet Assets:
Non-Operating Real Estate Assets:
Construction in Progress: 500 110.0% 550
Land Held for Development: 300 105.0% 315
Real Estate Assets Held for Sale: 200 100.0% 200

Other Balance Sheet Assets:

Cash & Cash-Equivalents: 180 100.0% 180
Investments in Equity Interests: 150 0.0% -
Capitalized Financing Fees: 20 100.0% 20
Accounts Receivable, Net: 100 100.0% 100
Prepaid Expenses & Other Assets: 150 100.0% 150
Total Asset Value: $ 7,185

Liabilities:
Total Debt, Net of Discounts: $ 2,000 100.0% $ 2,000
Accounts Payable: 100 100.0% 100
Accrued Expenses & Other: 200 100.0% 200
Total Liabilities Value: 2,300

Other Claims on Equity:

Noncontrolling Interests (Excl. OP): 100 100.0% 100
Preferred Stock: - 100.0% -
Total Other Claims on Equity Value: 100

Net Asset Value: $ 4,785

Diluted Shares: 100.0

OP Units & Restricted Shares: 5.0
Total Diluted Shares & Units Outstanding: 105.0

Net Asset Value Per Share: $ 45.57

Current Stock Price: $ 30.00

Premium / (Discount) to NAV Per Share: (34.2%)