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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 .
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R NRT , NRT NA
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C /EBIDTA 11 12,
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(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
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N, 50.9% P $ .330B
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A $126MM $3.5MM C, NRT NOI $122.5MM. U NOI $122.5MM
4.5%, $12.08 . S $115MM NA $11.39
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$12.08 $13.00
L C (7) (0.68) (0.69)
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, 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
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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;
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I C' , $0.15 $0.20
3.5% 4.25% , ,
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A $6.00 C ,
50% NA .
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$6.81 $7.50 $6.50
$5.76 $5.76$5.35
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$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)
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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 ,
.
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$211M ( 29), $235M ( 28). U JBG GAAP NOI $211M, N
, BEFORE CAPE 4.5%5%.
5.5%6.1% ? T ,
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() 7.25% , $420M $280M .
B B A.
(1) NRT I P, M 2016, 15.
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()()()()
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D T NRT
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9%: $330M $64M.
$3.126B, JBG . I 5 JBG
$15M , $125M . L $200M L B
5.5% NOI , ,
( , GAAP NOI $211M). F,
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JBG . I , $3.126B
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R : S C B ($.022)B
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: O A ($.350)B
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: PD ($.265)B
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I C, N S C. 1.2M LTIP, 2.6M LTIP, $7M
$3M . I C, N S C.
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+/, NRT . (1) (2)
B ? T S C' . I ,
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(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
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. 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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A ED I , JBG NRT
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B A 51 .
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$140 I M 25, 2016 , R R JBG
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I , C , NRT 50%
NA.
B , C NRT NRT
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NRT S M A T D U T S.
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