PROJECT:

Continuing Care Community Seattle, Washington. Economic Feasibility Assessment

Salient Features:

• US witnessing growing Baby Boomer generation ( 1940 – 1964)

• Seattle virtually untouched by housing recession with net immigration, GDP growth, & pay hikes

• Project will induce job growth, senior immigration to city, asset appreciation with time, highest & best use

Lessons Learnt:

• Consideration of market timing, pre-sales projections, purchasing power of clientele,

Fall 2007, MSRE 09 REI - NYU

PROJECT:

329 Tenth Avenue (29th Street), Market Analysis & Project Proposition

Salient Features:

• ~7000 sft, grandfathered property on edge of Hudson Yards Special District & Highline Construction with current $7 psf rent, projected to increase to $17 psf post development of district

• Financially feasible once property value appreciates, as current rents are low

Lessons Learnt:

• Consideration of market timing, inside information of Hudson Yard + Highline development timelines are important for investment decisionSpring 2008,

MSRE 09 REI - NYU

PROJECT:

Bowleys Lane - Brownfield Remediation, Development, & Marketing

Salient Features:

• 600,000 sft of Retail cum Light Industrial (with community component) development on 82 acres of Baltimore city Landfill

Lessons Learnt:

• Benefits to five constituencies – Developer, Investor / Lender, End User, State, and Community

Spring 2008,

MSRE 09 REI - NYU

PROJECT:

Realty Income - -Analysis & Future Projections of Net Lease Retail REIT

Salient Features:

• Stock Overview, Business Model, Asset Portfolio, Geographical distribution, Corporate Governance, Analyst coverage, Current Capital Structure, Status of Debt / Stock etc

• Diversified portfolio, Reserve capital, High investor confidence amongst peers are some of the Strengths

• Retail asset class is cyclical, sustaining Dividend growth is testing for CFO

Lessons Learnt:

• Recessionary environment, high leverage, portfolio risk can have severe impact on REIT’s investor confidence and stock price growth Fall 2008,

MSRE 09 REI - NYU

PROJECT: Health Care REIT - Capital Structure Analysis, Financing Options & Strategy Formulation for long-term growth

Fall 2008,

MSRE 09 REI - NYU

Salient Features:

• Stock Overview, Business Model, Asset Portfolio, Geographical distribution, Corporate Governance, Analyst coverage, Current Capital Structure, Status of Debt / Stock, Comparatives,

• Financial Ratios & Interpretations, Blended WACC, Additional Funds Needed (AFN) for growth, Alternate Financings options, Recommendations

Lessons Learnt:

• Lower stock valuations and high leverage alongwith frozen bond + weak stock markets are unfavorable for REIT M&A

WACC Vs D/E Graph

8.50%

9.00%

9.50%

10.00%

10.50%

11.00%

D/E

WA

CC

WACC Vs D/E Graph 10.67 10.14 9.70 9.47 9.33 9.26 9.58 9.90 10.57

0 0.19 0.46 0.73 1.11 2.17 2.80 5.33 8.50

PROJECT: 171-175 Thomson Street - 29 unit, 1900’s walk-up apartment in West Village, New York City

Fall 2007,

MSRE 09 REI - NYU

Salient Features:

• Location apt for Yuppies clientele & close to amenities

• Appraisal done using Cost, Income Capitalization, and Sales Comparison Approach

• Information of comparables, property title records

Lessons Learnt:

• Lower stock valuations and high leverage alongwith frozen bond + weak stock markets are unfavorable for REIT M&A