real estate shopping center

Reiterating Outperform ratings on REG, ROIC, RPAI. Given the strong performance YTD

throughout the sector and expected moderation in SSNOI growth going forward, we expect

minimal multiple expansion in the sector over the short term. Therefore, we believe

above-average earnings growth, strong balance sheets and proven management teams will

continue to drive stock outperformance (REG, ROIC). Additionally we continue to

recommend one value name - RPAI - where we believe the current implied cap rates do not

reflect the portfolio's private market value.

■ Sports Authority outcome disappointing but manageable. While the broader

conclusion of the Sports Authority bankruptcy was disappointing - fewer leases

purchased/assumed, the REITs are well positioned to recapture the space and re-tenant

for similar or better rents while upgrading the tenant. The expected 6-18 month downtime

for these empty boxes will create a drag on SSNOI growth in 2H16 and into 2017, though

healthy fundamentals/rent growth should help offset some of that drag.

■ Tapping the debt and equity markets. Two of the more notable recent transactions were

1) KIM issuing $500 million of 10-year notes at an incredibly low 2.895%, and 2) CDR

inking a forward equity sale agreement as it hit its 52-week high. Given the low rate

environment, we expect additional debt and equity issuance over the next two quarters as

the strips continue to de-lever and fortify their balance sheets.

■ Updating models for 2Q earnings. We are updating our models following 2Q earnings.

The most notable changes in our FFO estimates are 1) lowering WSR to $1.33 and $1.35

for 2016/2017 due to higher cap rates on the company's office/flex asset sales and lower

expected acquisition volume, and 2) increasing ROIC's estimates to $1.07 and $1.15 due

to higher rents/NOI. We also note that KIM's estimates now reflect recurring FFO and

AFFO per share given debt redemption costs that are expected in 2H16.

■ Recommendations a mix between growth and value. We expect the expensive names

to stay expensive (REG, ROIC) though expect FFO growth to carry the stocks higher.

Despite trading at premiums to NAV, both REG and ROIC are posting solid internal

growth and both have differentiated and unique external growth pipelines. On the value

side, we continue to recommend RPAI (which trades at a 13% discount to NAV). RPAI

has been able to dispose of its non-core and lower growth assets at similar cap rates to

the total portfolio's implied cap rate (highlighting a dislocation between private and public

market values).

Prices as of 08/18/16 Rating TargetTicker Price Mkt Cap

(mil)Current

PriorCurrent

Prior

CDR $7.32 $627 N/A $8

.

DDR $18.56 $6,791 N/A $19

.

KIM $29.96 $12,583 N/A $32

.

KRG $28.49 $2,436 N/A $30

. $31

REG $79.92 $7,856 O/A $87

. $84

ROIC $21.89 $2,465 O/A $25

. $23

RPAI $16.59 $3,930 O/A $19

.

RPT $19.13 $1,682 N/A $19

. $20

WSR $15.17 $425 N/H $15

.

Sources: Factset and Baird Data

August 19, 2016 Baird Equity ResearchReal Estate

Real Estate Shopping CenterUpdating Models for 2Q Earnings

RJ Milligan

Sr. Research Analyst

[email protected]

813.273.8252

William E. Harman

Research Associate

[email protected]

414.298.2337

[Please refer to Appendix- Important Disclosuresand Analyst Certification]

Prices as of 08/18/16 Market Cap (mil) Rating Target F2015 F2016 F2017

COMPANYTICKER - PRICE

CurrentPrior

CurrentPrior

CurrentPrior

CurrentPrior

CurrentPrior

Cedar Realty Trust $627 N/A 8 0.54 0.56 0.58

CDR - $7.32 0.54

DDR Corporation $6,791 N/A 19 1.23 1.26 1.26

DDR - $18.56

Kimco Realty Corporation $12,583 N/A 32 1.47 1.49 1.59

KIM - $29.96 1.56 1.57 1.64

Kite Realty Group Trust $2,436 N/A 30 1.99 2.05 2.14

KRG - $28.49 31

Ramco-Gershenson Properties

Trust

$1,682 N/A 19 1.39 1.35 1.43

RPT - $19.13 20

Regency Centers Corporation $7,856 O/A 87 3.04 3.27 3.49

REG - $79.92 84

Retail Opportunity Investments

Corp.

$2,465 O/A 25 0.96 1.07 1.15

ROIC - $21.89 23 1.06 1.13

Retail Properties of America, Inc. $3,930 O/A 19 1.06 1.06 1.04

RPAI - $16.59

Whitestone REIT $425 N/H 15 1.35 1.33 1.35

WSR - $15.17

August 19, 2016 | Real Estate Shopping Center

2Robert W. Baird & Co.

Valuation & Risks

Cedar Realty Trust (CDR)

Valuation

Our $8 price target is based on shares trading equal to our NAV estimate. We anticipate another year of

portfolio recycling in 2016, which will be dilutive to FFO in the short term, but accretive to NAV longer

term.

Risks

High tenant concentration with Ahold, economic risk, development risk, interest rate sensitivity, and

access to capital

DDR Corporation (DDR)

Valuation

Our $19 price target is based on shares trading at 15x our 2017 FFO estimate, equal to the current 2016

FFO multiple

Risks

Economic risk, development risk, interest rate sensitivity, and access to capital

Kimco Realty Corporation (KIM)

Valuation

Our $32 price target is based on shares trading at 20x our 2017 FFO estimate, equal to the current 2016

FFO multiple.

Risks


Kite Realty Group Trust (KRG)

Valuation

Our $30 price target is based on shares trading at 16x our 2017E AFFO estimate, equal to the current

2016 AFFO multiple

Risks

Economic risk, development risk, interest rate sensitivity, and access to capital.

Ramco-Gershenson Properties Trust (RPT)

Valuation

Our $19 price target is based on shares trading equal to our NAV estimate

Risks

Geographic concentration, economic risk, development risk, interest rate sensitivity, access to capital,

and cost of capital

Regency Centers Corporation (REG)

Valuation

While REG shares appear expensive (26x 2017 consensus AFFO), we believe the earnings growth and

increasing NAV will move shares higher. Our price target of $87 is based on shares trading at 29x our

2017 AFFO estimate, equal to the current 2016 AFFO multiple.

Risks




Retail Opportunity Investments Corp. (ROIC)

Valuation

Our $25 price target is based on shares trading at 25x our 2017 AFFO estimate, equal to the current

2016 AFFO multiple

Risks

West Coast geographic concentration, historically low cap rates may slow acquisition pace, economic

risk, development risk, interest rate sensitivity, and access to capital

Retail Properties of America, Inc. (RPAI)

Valuation

Our $19 price target is based on shares trading equal to our $18.97 NAV

Risks

Minimal FFO growth expected, execution risk on planned asset dispositions, remaining office asset a

distraction, large exposure to Texas

Whitestone REIT (WSR)

Valuation

Our $15 price target implies shares trade at 11x our 2017 FFO estimate, equal to the current 2016 FFO

multiple of 11x. We believe there's little room for further multiple expansion given our expectation for

limited FFO growth in 2016 and 2017.

Risks

Geographic concentration (Houston/Phoenix), uncovered dividend in 2016 and 2017, inherent risk of

value-add strategy, unanchored centers, small-shop tenants require more leasing effort, outsized G&A,

higher leverage vs. peers, and access to capital



Cedar Realty TrustEarnings Model

(In thousands, except per share)

Operating FFO per share 0.54$ 0.11$ 0.15$ 0.15$ 0.15$ 0.56$ 0.14$ 0.14$ 0.15$ 0.15$ 0.58$ AFFO per share 0.41$ 0.09$ 0.12$ 0.13$ 0.12$ 0.46$ 0.11$ 0.12$ 0.12$ 0.12$ 0.47$

8/16/2016 2016 2017 2015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017EINCOME STATEMENTRevenuesRental Income 116,739 29,130 29,897 30,378 29,674 119,078 30,219 30,780 31,195 31,361 123,555 Recoveries 31,834 8,958 7,471 7,590 7,418 31,437 9,370 7,816 7,953 7,884 33,024 Other 634 163 504 504 504 1,675 504 504 504 504 2,016

Total Revenues 149,207 38,251 37,872 38,472 37,596 152,190 40,093 39,100 39,652 39,749 158,595

ExpensesOperating 25,401 7,155 5,636 5,766 5,499 24,056 7,423 5,805 5,925 5,818 24,973 Real Estate Taxes 19,189 4,880 4,941 4,975 5,014 19,810 5,166 5,260 5,329 5,356 21,110 G&A 15,004 5,347 3,975 3,975 3,975 17,272 4,404 4,404 4,404 4,404 17,617 D&A 38,594 9,661 10,972 11,082 11,193 42,907 11,304 11,418 11,532 11,647 45,901 Interest Expense 28,272 7,005 7,128 7,107 6,631 27,871 6,575 6,500 6,479 6,457 26,010 Other 1,131 2,686 (102) - - 2,584 - - - - - Total expenses 127,591 39,331 33,077 33,438 32,512 138,358 35,072 33,588 33,869 33,882 136,411

Income before JVs/other 21,616 (1,080) 4,795 5,034 5,083 13,832 5,021 5,513 5,783 5,867 22,184

Minority Interest 373 87 93 93 93 366 (260) (261) (261) (261) (1,042) LP partners interest (8) - - - - - - - - - - Gain(Loss) on Real Estate Investments - 59 - - - 59 - - - - - Extraordinary Item (Loss) - - - - - - - - - - - Net Income before Disco. Ops 21,981 (934) 4,888 5,127 5,176 14,257 4,761 5,252 5,522 5,607 21,142 Income Taxes - - - - - - - - - - - Income From Continuing Ops 21,981 (934) 4,888 5,127 5,176 14,257 4,761 5,252 5,522 5,607 21,142

Disco Ops.Income from Operations of Sold Properties 12 - - - - - - - - - - Gain on Disposal of Real Estate 153 - - - - - - - - - -

Net Income 22,146 (934) 4,888 5,127 5,176 14,257 4,761 5,252 5,522 5,607 21,142 Preferred Dividends 14,408 3,602 3,602 3,456 3,456 14,115 3,456 3,456 3,456 3,456 13,823

Net Income allocable to Common 7,738 (4,536) 1,286 1,671 1,720 142 1,305 1,796 2,067 2,151 7,319

NOI 103,983 26,053 26,791 27,227 26,578 106,649 27,000 27,531 27,894 28,071 110,497 EBITDA 88,482 15,586 22,895 23,223 22,907 84,611 22,900 23,431 23,794 23,971 94,095 Interest Coverage Ratio 3.1x 2.2x 3.2x 3.3x 3.5x 3.0x 3.5x 3.6x 3.7x 3.7x 3.6xFixed Charge Coverage Ratio 2.1x 1.5x 2.1x 2.2x 2.3x 2.0x 2.3x 2.4x 2.4x 2.4x 2.4x

FFO Calculation:Net Income 7,738 (4,536) 1,286 1,671 1,720 142 1,305 1,796 2,067 2,151 7,319 Add Depreciation 38,354 9,618 10,930 11,037 11,148 42,733 10,897 10,897 10,897 10,897 43,588 Acquisition costs - 2,597 527 533 200 3,857 200 200 200 200 800 Gain(loss) on Real Estate Investments - (59) - - - (59) - - - - - Limited Partners' Interest 28 (7) 7 7 7 14 - - - - - Share of Minority Interests (483) - (100) (93) (93) (286) 260 261 261 261 1,042 Minority Interests Share of FFO (168) (145) (47) (47) (47) (286) (47) (47) (47) (47) (188) Other 930 1,909 (19) (19) (19) 1,852 - - - - - Funds from Operations (Operating FFO) 46,399 9,377 12,584 13,090 12,916 47,967 12,615 13,107 13,377 13,462 52,561

Tenant Improvements/Lease Related Expenditures (5,375) (668) (1,019) (1,019) (1,019) (3,725) (1,500) (1,000) (1,000) (1,000) (4,500) Impairment Charges & Terminated Project Costs - - - - - - - - - - - Maintenance Capex (2,301) (401) (418) (430) (386) (1,634) (407) (406) (405) (404) (1,623) Straight Line Rents (507) (314) (89) (89) (150) (642) (317) (90) (90) (152) (648) Amort. of intangible lease liabilities - Pro-rata (144) - - - - - - - - - -

Amort. of intangible lease liabilities - Consolidated (3,072) (659) (699) (699) (699) (2,756) (699) (699) (699) (699) (2,796) Adjusted Funds from Operations 35,000 7,335 10,359 10,853 10,662 39,210 9,691 10,912 11,183 11,207 42,994

Operating FFO/ share (fully diluted) 0.54$ 0.11$ 0.15$ 0.15$ 0.15$ 0.56$ 0.14$ 0.14$ 0.15$ 0.15$ 0.58$ AFFO/share (fully diluted) 0.41$ 0.09$ 0.12$ 0.13$ 0.12$ 0.46$ 0.11$ 0.12$ 0.12$ 0.12$ 0.47$

Research disclosures can be accessed at http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx.Source: Company reports and Robert W. Baird & Co. estimates

RJ Milligan / Sr. Research Analyst / 813-273-8252Will Harman / Research Associate / 414-298-2337


http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx




Cedar Realty Trust6/30/2016 CDRNAV (000) 7.52$ Premium/Discount -0.5%

Common Stock 85,342 Units 352 Total Outstanding 85,694 Price 7.48$ Equity Cap 640,991

Preferred Stock 190,661 Debt 722,659 Capitalization 1,554,311

CIP/Other (8,137) RE Held for Sale - Minority Interest 1,236 Net Current Assets 17,756 Real Estate Value 1,565,166

Forward NOI 110,372 Management Fee (1,104) Straight Line Rents (642) FAS 141/Other (4,322) Cash NOI 104,304 Implied Cap Rate 6.66%

Capital Expenditures 5,086 Cash NOI (after cap ex) 99,218 Implied Cap Rate (after Capital) 6.34%

Baird Applied Cap Rate 6.65%Value at Cap Rate 1,568,480 CIP/Other 8,137 Notes Receivable - Net Current Assets (17,756)

Total Company Value 1,558,861 Preferred Stock (190,661) Debt (722,659) Minority Interest (1,236)

Equity Value 644,305 NAV 7.52$ Price 7.48$ Premium/Discount -0.5%Source: Company reports and Robert W. Baird & Co. estimates


Retail Properties of AmericaRecurring FFO/share 1.06$ 0.28$ 0.28$ 0.25$ 0.25$ 1.06$ 0.25$ 0.26$ 0.27$ 0.27$ 1.04$ AFFO/share 0.72$ 0.27$ 0.21$ 0.20$ 0.16$ 0.83$ 0.18$ 0.19$ 0.22$ 0.22$ 0.80$

8/8/2016 2016 2017 2015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017EINCOME STATEMENTRevenuesMinimum Rent 472,344$ 115,260$ 115,194$ 112,713$ 109,556$ 452,723$ 103,579$ 103,362$ 106,068$ 106,117$ 419,126$ Tenant Recovery Income 119,536 30,356 29,654 30,095 29,726 119,831 29,074 28,696 29,609 29,755 117,134 Other Income 12,080 3,023 2,378 2,378 2,378 10,157 2,378 2,378 2,378 2,378 9,512 Total Revenues 603,960 148,639 147,226 145,186 141,660 582,711 135,032 134,435 138,056 138,250 545,772

Property Operating Expense 94,780 23,061 20,092 19,649 19,075 81,877 18,034 17,996 18,467 18,476 72,973 Real Estate Taxes 82,810 19,939 21,090 20,635 20,064 81,728 20,197 18,945 19,445 19,439 78,025 D&A 214,706 53,396 53,443 52,765 52,428 212,032 50,707 51,036 52,763 53,126 207,631 Provision for Impairment of investment properties 19,937 2,164 4,142 4,124 4,082 14,512 (41) (56) (72) (85) (253) G&A 50,657 11,406 10,773 11,937 11,788 45,904 11,792 11,738 11,683 11,638 46,852 Total Operating Expenses 462,890 109,966 109,540 109,111 107,436 436,053 100,689 99,658 102,287 102,594 405,228

Operating Income (Loss) 141,070 38,673 37,686 36,076 34,224 146,658 34,342 34,777 35,768 35,656 140,544

Other 1,700 125 302 302 302 1,031 302 302 302 302 1,208 Gain on Sale of Real Estate 121,792 21,739 - - - 21,739 - - - - - Interest Expense (138,938) (26,764) (25,977) (25,980) (23,848) (102,569) (22,716) (22,509) (22,303) (22,131) (89,659) Loss (Gain) on early extinguishment of debt/other liab - 13,653 6,978 - - 20,631 - - - - - Net Income from Continuing Operations 125,624 47,426 18,989 10,398 10,678 87,491 11,928 12,570 13,768 13,827 52,093

Gain on sale/purchase of real estate - - 9,613 - - 9,613 - - - - - Net Income 125,624 47,426 28,602 10,398 10,678 97,104 11,928 12,570 13,768 13,827 52,093 Preferred Dividends (9,450) (2,362) (2,363) (2,363) (2,363) (9,450) (2,363) (2,363) (2,363) (2,363) (9,450) Net Income Available to Common Stockholders 115,646$ 45,064$ 26,239$ 8,035$ 8,315$ 87,654$ 9,566$ 10,208$ 11,405$ 11,465$ 42,643$

NOI 414,290 102,616 103,666 102,524 100,143 408,949 94,423 95,116 97,765 97,958 385,262 EBITDA 355,776 92,069 91,129 88,841 86,652 358,691 85,049 85,813 88,532 88,782 348,176 Net Debt/EBITDA 6.0x 5.9x 6.0x 6.0x 5.7x 5.5x 5.4x 5.2x 4.9x 4.8x 4.9x

FFO Calculation Net Income 115,646$ 45,064$ 26,239$ 8,035$ 8,315$ 87,654$ 9,566$ 10,208$ 11,405$ 11,465$ 42,643$ Real property D&A 213,602 53,094 53,100 52,207 51,795 209,773 50,144 50,448 52,137 52,496 205,225 Gain on property disposition (83,679) (21,739) (9,613) - - (31,352) - - - - - Provision for impairment (17,648) - 4,142 - - 4,142 - - - - - Funds from Operations (FFO) 227,921$ 76,419$ 73,868$ 60,242$ 60,110$ 270,216$ 59,709$ 60,655$ 63,542$ 63,961$ 247,868$ Early debt extinguishment 18,864 (12,846) (6,978) - - (19,824) - - - - - Other 4,481 - (184) - - (184) - - - - - Recurring FFO 251,266$ 65,737$ 66,713$ 60,242$ 60,110$ 252,379$ 59,709$ 60,655$ 63,542$ 63,961$ 247,868$ Research disclosures can be accessed at http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx.Source: Company reports and Robert W. Baird & Co. estimates







Retail Properties of America6/30/2016 RPAINAV (000) 18.97$ Premium/Discount -9.8%

Common Stock 237,267 Price 17.10$ Equity Cap 4,057,266

Preferred Stock 135,000 Debt 2,292,444 Capitalization 6,484,710

CIP/Other (3,000) Notes Receivable (79,523) Net Current Assets (70,737) Real Estate Value 6,331,450

Forward NOI 410,433 Straight Line Rents (3,428) FAS 141/Other (567) Cash NOI 406,438 Implied Cap Rate 6.42%

Capital Expenditures (14,913) Cash NOI (after cap ex) 391,526 Implied Cap Rate (after Capital) 6.18%

Baird Applied Cap Rate 6.00%Value at Cap Rate 6,773,967 CIP/Other 3,000 Notes Receivable 79,523 Net Current Assets 70,737

Total Company Value 6,927,227 Preferred Stock (135,000) Debt (2,292,444)

Equity Value 4,499,783 NAV 18.97$ Price 17.10$ Premium/Discount -9.8%Source: Company reports and Robert W. Baird & Co. estimates


Kite Realty Group TrustEarnings Model(In thousands, except per share)

FFO/ share (fully diluted) 1.99$ 0.52$ 0.52$ 0.51$ 0.51$ 2.05$ 0.52$ 0.53$ 0.54$ 0.55$ 2.14$ AFFO/share (fully diluted) 1.77$ 0.45$ 0.44$ 0.45$ 0.45$ 1.78$ 0.45$ 0.46$ 0.48$ 0.49$ 1.88$

8/1/2016 2016 20172015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E

INCOME STATEMENTMinimum Rent 263,795 67,463 68,455 70,046 70,169 276,133 70,436 71,043 72,112 72,993 286,584 Tenant Reimbursements 70,235 18,155 17,006 18,012 17,955 71,127 18,384 18,387 18,482 18,275 73,527 Other Property Related Revenue 12,976 2,932 2,114 2,114 2,114 9,274 2,330 2,330 2,330 2,330 9,320 Property Related Revenue 347,006 88,550 87,575 90,172 90,237 356,534 91,150 91,760 92,924 93,598 369,432

Other Income - - - - - - - - - - - Construction and Advisory Revenue - - - - - - - - - - - Total Revenue 347,006 88,550 87,575 90,172 90,237 356,534 91,150 91,760 92,924 93,598 369,432

Expenses Property Operating 49,970 12,192 11,346 12,510 12,434 48,481 12,263 12,267 12,394 12,117 49,041 RE Taxes 40,905 11,135 10,503 11,506 11,506 44,650 12,249 12,249 12,249 12,249 48,995 Acquisition/Transaction Costs - - 2,771 - - 2,771 - - - - - General & Admin 18,709 5,291 4,856 4,875 4,875 19,897 5,123 5,123 5,123 5,123 20,494 Depreciation 167,312 42,240 43,841 43,951 44,060 174,092 44,171 44,281 44,392 44,503 177,346 Other (7,683) (18) 110 100 100 292 - - - - - Total expenses 269,213 70,840 73,427 72,941 72,975 290,183 73,806 73,920 74,158 73,992 295,877 Interest expense 56,432 15,325 15,500 16,759 16,818 64,402 16,879 16,699 16,633 16,518 66,729

Income before JV's, Minority Interest 21,361 2,385 (1,352) 472 444 1,949 465 1,140 2,133 3,088 6,827 Net loss (income) attributable to NC interests (2,197) (573) (399) (600) (600) (2,172) (600) (600) (600) (600) (2,400) Income From Continuing Ops 19,103 1,402 (2,089) (628) (656) (1,971) (135) 540 1,533 2,488 4,427 Gain on sale of operating property 4,217 - 194 - - 194 - - - - - Net Income 23,319 1,402 (1,895) (628) (656) (1,777) (135) 540 1,533 2,488 4,427

Preferred Dividends (7,877) - - - - - - - - - - Net Income to Common Shareholders 15,442 1,402 (1,895) (628) (656) (1,777) (135) 540 1,533 2,488 4,427

NOI Including Other Income 256,131 65,223 65,726 66,156 66,298 263,403 66,638 67,244 68,281 69,232 271,395 NOI-Property Only 243,155 62,291 63,612 64,042 64,184 254,129 64,308 64,914 65,951 66,902 262,075 EBITDA 245,106 59,950 57,989 61,181 61,323 240,443 61,515 62,120 63,158 64,108 250,901 Interest Coverage Ratio 4.3x 3.9x 3.7x 3.7x 3.6x 3.7x 3.6x 3.7x 3.8x 3.9x 3.8xNet Debt/EBITDA 6.5x 7.0x 7.3x 7.3x 7.3x 7.3x 7.2x 7.0x 6.9x 6.8x 6.8x

FFO Calculation:Net Income 15,442 1,402 (1,895) (628) (656) (1,777) (135) 540 1,533 2,488 4,427 Add Depreciation 166,667 42,052 43,545 43,951 44,060 173,608 44,171 44,281 44,392 44,503 177,346 Add Loss (Gain) on Real Estate Investments (8,737) - (194) - - (194) - - - - - Minority Interest in Consolidated Subsidiary 2,197 573 399 600 600 2,172 600 600 600 600 2,400 M&A Costs 1,550 - - - - - - - - - - Limited Partners' Interest in Kite OP (1,091) - - - - - - - - - - Net (income) loss attributable to noncontrolling Ints. (1,858) (461) (461) (461) (461) (1,844) (461) (461) (461) (461) (1,844) Other (3,997) 500 2,771 - - 3,271 - - - - - Funds from Operations (as adjusted) 170,174 44,066 44,165 43,461 43,544 175,236 44,175 44,960 46,064 47,130 182,329

- - - - - Maintenance capex 3,243 171 362 493 471 1,498 513 490 476 463 1,942 Revenue Enhancing T/I - retail and office 5,084 2,098 2,104 2,098 2,092 8,391 2,091 2,085 2,081 2,077 8,334 Ext. Leasing Commissions 1,558 494 644 641 638 2,417 666 663 661 659 2,650 Straight Line Rents and Above/Below Market Rent (FAS 141) 8,985 2,651 3,443 2,250 2,250 10,594 2,250 2,250 2,250 2,250 9,000 FAS 141 Revs - - - - - - - - - - - Other 486 - - - - - - - - - - Adjusted Funds from Operations 150,818 38,652 37,612 37,979 38,093 152,336 38,654 39,472 40,596 41,681 160,403

FFO/ share (fully diluted) 1.99 0.52 0.52 0.51 0.51 2.05 0.52 0.53 0.54 0.55 2.14 AFFO/share (fully diluted) 1.77 0.45 0.44 0.45 0.45 1.78 0.45 0.46 0.48 0.49 1.88


Research disclosures can be accessed at http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx / Source: Company reports and Robert W. Baird & Co. estimates


Kite Realty Group Trust6/30/2016 KRGNAV (000) 30.14$ Premium/Discount -0.7%

Common Stock 83,364 Units 1,946 Other - Total Outstanding 85,310 Price 29.92$ Equity Cap 2,552,475

Preferred Stock - Other - Debt 1,740,972 Capitalization 4,293,447

CIP/Other (101,434) Minority Interest 100,179 Net Current Assets 54,433 Real Estate Value 4,346,625

Forward NOI 260,495 Management Fee (2,605) Straight Line Rents 10,594 FAS 141/Other - Cash NOI 268,484 Implied Cap Rate 6.18%


Baird Applied Cap Rate 6.15%Value at Cap Rate 4,365,586 CIP/Other 101,434 Net Current Assets (54,433)

Total Company Value 4,412,587 Preferred Stock - Other - Debt (1,740,972) Minority Interest (100,179)



Regency Centers CorporationRecurring FFO per share 3.04$ 0.80$ 0.82$ 0.80$ 0.84$ 3.27$ 0.87$ 0.86$ 0.87$ 0.89$ 3.49$ AFFO per share 2.52$ 0.68$ 0.69$ 0.68$ 0.72$ 2.76$ 0.74$ 0.74$ 0.75$ 0.77$ 3.00$

2016 20178/16/2016 2015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E

Revenues Base Rent 405,184$ 105,289$ 107,656$ 110,082$ 111,261$ 434,289$ 113,389$ 115,463$ 117,559$ 119,801$ 466,212$ Recoveries 116,121 30,826 32,414 31,119 31,122 125,482 32,703 32,790 32,894 33,024 131,411 SL Rent, net 8,232 1,790 1,223 1,223 1,223 5,459 1,392 1,392 1,392 1,392 5,568 Above/below market rent amort, net 1,739 595 825 825 825 3,070 783 783 783 783 3,131 Percentage rent 3,751 1,703 453 453 453 3,062 1,788 487 487 476 3,238 Termination Fees 433 433 86 128 92 740 855 90 135 97 1,176 Fee Income 25,563 6,764 6,140 6,140 6,300 25,344 6,422 6,422 6,422 6,422 25,688 Other income 8,741 2,228 3,374 3,374 3,374 12,350 3,441 3,441 3,441 3,441 13,766 Total Revenues 569,764 149,628 152,171 153,345 154,651 609,795 160,773 160,868 163,113 165,436 650,190

Expenses Operating and Maintenance 76,742 20,861 21,679 20,047 20,056 82,643 21,584 21,663 21,762 21,886 86,895 Real estate taxes 61,855 15,870 16,769 16,890 16,899 66,428 17,290 17,334 17,378 17,433 69,434 Ground Rent, net of above/below mkt amort. 5,385 1,824 1,789 1,789 1,789 7,191 1,798 1,798 1,798 1,798 7,191 Provision for Doubtful Accounts 2,363 406 495 495 495 1,891 495 495 495 495 1,980 Interest expense 102,653 24,142 24,401 22,004 17,930 88,477 17,888 17,828 17,932 18,057 71,706 G&A 65,338 16,432 15,748 16,752 16,757 65,688 16,757 16,710 16,889 17,061 67,417 D&A 146,829 38,176 40,299 41,160 40,357 159,992 40,741 40,915 41,119 41,358 164,133 Loss (gain) on sale (35,677) (12,868) (548) - - (13,416) - - - - - Franchise Taxes - - - - - - - - - - - Acquisition Costs 497 978 - 3,381 272 4,631 600 600 600 600 2,400 Income Taxes - - - - - - - - - - - Other 13,744 3,150 1,945 55,000 1,000 61,095 1,000 1,000 1,000 1,000 4,000 Total Expenses 439,729 108,971 122,577 177,518 115,554 524,620 118,154 118,343 118,973 119,687 475,157

Equity Income of Uncon. Partnerships 22,508 12,920 11,050 3,811 3,846 31,627 3,881 3,917 3,952 3,987 15,737

Net income 152,543 53,577 40,644 (20,362) 42,943 116,802 46,501 46,442 48,092 49,735 190,770 Exchangeable OP units 240 85 64 (25) 63 187 69 68 69 71 277 Limited partners interest in C.P. 2,246 349 504 504 504 1,861 529 529 529 529 2,117 Net Income Attributable to Controlling Interests 150,057 53,143 40,076 (20,841) 42,376 114,754 45,903 45,845 47,494 49,135 188,376

Preferred stock dividends 21,064 5,266 5,266 5,266 5,266 21,063 5,266 5,266 5,266 5,266 21,063 Preferred unit dividends - - - - - - - - - - - Net income for common stockholders 128,993$ 47,877$ 34,810$ (26,107)$ 37,111$ 93,691$ 40,637$ 40,579$ 42,228$ 43,869$ 167,314$

Property NOI 405,604$ 106,133$ 107,583$ 110,267$ 111,397$ 435,380$ 115,476$ 115,450$ 117,551$ 119,695$ 468,173$

Net Income 128,993$ 47,877$ 34,810$ (26,107)$ 37,111$ 93,691$ 40,637$ 40,579$ 42,228$ 43,869$ 167,314$ Depreciation and Amortization 182,105 47,415 48,130 50,832 50,029 196,405 49,775 49,746 49,746 49,780 199,046 (Gain)/Loss on Sale of Operating Properties (35,245) (11,640) (3,308) - - (14,948) - - - - - Gain on Sale of Building (1,361) - - - - - - - - - - Convertible Preferred Dividends - - - - - - - - - - - Impairment 1,820 659 - - - 659 - - - - - Minority Interest 204 85 64 (25) 63 187 69 68 69 71 277 Funds from operations 276,516 84,396 79,696 24,700 87,202 275,994 90,481 90,393 92,043 93,720 366,637

Dev/Acq pursuit costs - 982 1,451 3,381 272 6,086 600 600 600 600 2,400 Gain on sale of land - (7,110) (134) - - (7,244) - - - - - Provision for land impairment - 512 - - - 512 - - - - - Hedge ineffectiveness - 3 1 - - 4 - - - - - Other adjustments to reconcile recurring FFO 12,356 - - 55,000 - 55,000 - - - - - Recurring FFO-DILUTED 276,516 78,783 81,014 83,081 87,474 330,352 91,081 90,993 92,643 94,320 369,037 Dilutive effect of share-based awards (148) - - - - - - - - - - Core FFO 276,368$ 78,783$ 81,014$ 83,081$ 87,474$ 330,352$ 91,081$ 90,993$ 92,643$ 94,320$ 369,037$

FFO per share 2.91$ 0.86$ 0.81$ 0.24$ 0.84$ 2.73$ 0.86$ 0.85$ 0.87$ 0.89$ 3.47$ Recurring FFO per share 2.91$ 0.80$ 0.82$ 0.80$ 0.84$ 3.27$ 0.87$ 0.86$ 0.87$ 0.89$ 3.49$ AFFO per share 2.39$ 0.68$ 0.69$ 0.68$ 0.72$ 2.76$ 0.74$ 0.74$ 0.75$ 0.77$ 3.00$

AFFO calculationCapital exp. deducts: Straight line rent adj. 8,952$ 2,100$ 1,678$ 1,223$ 1,223$ 6,224$ 1,556$ 1,556$ 1,556$ 1,556$ 6,224$ Leasing comissions 11,692 3,203 3,000 3,000 3,000 12,203 3,051 3,051 3,051 3,051 12,203 Tenant improvements 14,837 4,026 5,435 5,657 5,668 20,786 5,242 5,281 5,319 5,366 21,207 Building improvements 10,960 2,658 1,824 1,824 1,824 8,130 2,033 2,033 2,033 2,033 8,130 FAS 141 Rental Income amortization 2,830 615 1,058 1,058 1,058 3,789 947 947 947 947 3,789 AFFO 227,245 66,181 68,019 70,319 74,701 279,220 78,252 78,126 79,738 81,368 317,484

AFFO per share 2.39$ 0.68$ 0.69$ 0.68$ 0.72$ 2.76$ 0.74$ 0.74$ 0.75$ 0.77$ 3.00$

Wtd average common shares & CSE's + Units 95,011 98,045 98,372 103,810 104,227 101,113 105,269 105,894 105,894 105,894 105,737 Research disclosures can be accessed at http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx.Source: Company reports and Robert W. Baird & Co. estimates







Regency Centers Corporation6/30/2016 REGNAV (000) 71.78$ Premium/Discount 11.7%

Common Stock 99,487 Units 154 Total Outstanding 99,641 Price 80.20$ Equity Cap 7,991,208


CIP/Other (155,575) Management Business (79,820) Notes Receivable (10,480) JV's (1,264,867) Minority Interest 35,269 Net Current Assets 79,876 Real Estate Value 8,904,827

Forward NOI 450,063 Management Fee (4,501) Straight Line Rents (6,224) FAS 141/Other (3,789) Cash NOI 435,549 Implied Cap Rate 4.89%


Baird Applied Cap Rate 5.40%Value at Cap Rate 8,065,729 CIP/Other 155,575 Management Business 79,820 Notes Receivable 10,480 JV's 1,264,867 Net Current Assets (79,876)

Total Company Value 9,496,595 Preferred Stock (325,000) Other - Debt (1,984,216) Minority Interest (35,269)

Equity Value 7,152,110 NAV 71.78$ Price 80.20$ Premium/Discount 11.7%Source: Company reports and Robert W. Baird & Co. estimates


DDR Corp.Recurring FFO per share 1.23$ 0.31$ 0.33$ 0.31$ 0.30$ 1.26$ 0.30$ 0.31$ 0.31$ 0.32$ 1.26$ AFFO per share 0.99$ 0.28$ 0.28$ 0.26$ 0.26$ 1.08$ 0.26$ 0.27$ 0.27$ 0.28$ 1.10$ 7/27/2016 2016 2017

2015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017EREVENUESMinimum rent 719,737$ 177,367$ 178,064$ 173,981$ 170,084$ 699,496$ 172,016$ 176,586$ 180,480$ 184,414$ 713,496$ Percentage rent 6,267 1,936 1,654 1,654 1,654 6,898 1,811 1,811 1,811 1,811 7,243 Recoveries 246,719 61,599 61,376 60,083 58,167 241,225 58,327 58,643 58,960 59,276 235,206 Ancillary Income 19,038 5,343 4,762 4,762 4,762 19,629 4,857 4,857 4,857 4,857 19,429 Other Revenues 3,339 2,081 2,081 2,081 2,081 8,324 2,123 2,123 2,123 2,123 8,490 Equity Income of Uncon. Partnerships (3,135) 14,421 1,117 559 559 16,655 586 586 586 586 2,346 Fee Income 32,971 8,178 11,465 8,000 8,000 35,643 5,000 5,000 5,000 5,000 20,000 Interest Income 29,213 9,050 9,446 8,000 6,000 32,496 6,000 6,000 2,500 2,500 17,000 Total Revenues 1,054,149$ 279,975$ 269,965$ 259,120$ 251,306$ 1,060,366$ 250,720$ 255,606$ 256,317$ 260,567$ 1,023,210$

Expenses Operating 144,611 36,508 34,588 35,197 32,304 138,598 33,095 33,382 33,669 33,957 134,103 Real estate taxes 149,082 36,534 37,276 38,183 36,641 148,634 35,961 36,076 36,192 36,308 144,536 G&A 73,382 17,876 18,499 19,254 19,257 74,886 18,725 18,728 18,731 18,734 74,918 D&A 402,045 96,902 97,698 97,296 97,787 389,683 98,823 99,314 99,808 100,304 398,249 Loss (gain) on sale (175,343) (12,381) (13,721) - - (26,102) - - - - - Disco Ops - - - - - - - - - - - Income Taxes 6,286 458 245 245 245 1,193 298 298 298 298 1,193 Impairments 280,930 - - - - - - - - - - Other 1,739 - - - - - - - - - - Interest expense 241,727 57,897 54,012 50,610 47,864 210,382 48,480 48,802 49,123 49,445 195,849 non-controlling interests - - - Total expenses 1,124,459$ 233,794$ 228,597$ 240,784$ 234,098$ 937,273$ 235,381$ 236,600$ 237,822$ 239,046$ 948,848$

Net income (70,310)$ 46,181$ 41,368$ 18,336$ 17,208$ 123,093$ 15,339$ 19,006$ 18,495$ 21,521$ 74,362$ Preferred stock dividends 22,376 5,594 5,594 5,594 5,594 22,375 5,594 5,594 5,594 5,594 22,375 Preferred unit dividends - - - - - - - - - - -

Net income for common stockholders (92,686)$ 40,587$ 35,774$ 12,743$ 11,614$ 100,718$ 9,746$ 13,412$ 12,902$ 15,927$ 51,987$

EBITDA 717,788$ 180,786$ 184,911$ 170,854$ 167,471$ 704,022$ 167,280$ 171,759$ 172,064$ 175,908$ 687,011$ Fixed charge coverage ratio 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 3.0x 3.1x 3.1x 3.1x 3.1xInterest coverage ratio 3.0x 3.1x 3.4x 3.4x 3.5x 3.3x 3.5x 3.5x 3.5x 3.6x 3.5xNet Debt/EBITDA 7.1x 6.9x 6.6x 6.6x 6.6x 6.6x 6.7x 6.6x 6.8x 6.7x 6.7xProperty NOI 701,407$ 175,284$ 176,073$ 169,182$ 167,802$ 688,341$ 170,078$ 174,561$ 178,369$ 182,216$ 705,225$

Net Income (94,544) 40,287 35,464 12,433 11,304 99,488 9,746 13,412 12,902 15,927 51,987 Depreciation - Consolidated Property 393,847 94,854 95,626 95,249 95,730 381,459 96,733 97,214 97,698 98,184 389,829 Equity in income of JVs 3,135 (14,421) (1,117) (559) (559) (16,655) (586) (586) (586) (586) (2,346) JV's FFO 27,579 6,150 6,426 4,926 4,926 22,428 4,926 4,926 4,926 4,926 19,704 Non-controlling interests 635 76 76 76 76 304 76 76 76 76 304 impairments 170,345 - - - - - - - - - - Gain on Dispostions (152,698) (12,096) (16,154) - - (28,250) - - - - - Funds from operations 348,299$ 114,850$ 120,321$ 112,125$ 111,477$ 458,774$ 110,894$ 115,042$ 115,015$ 118,527$ 459,478$ Non-operating items 97,890 (314) 2,120 - - 1,806 - - - - - Operating FFO 446,189$ 114,536$ 122,441$ 112,125$ 111,477$ 460,580$ 110,894$ 115,042$ 115,015$ 118,527$ 459,478$

Average Shares 363,300 365,800 365,900 365,800 365,800 365,825 365,800 365,800 365,800 365,800 365,800 Net income per share (0.26)$ 0.11$ 0.10$ 0.03$ 0.03$ 0.28$ 0.03$ 0.04$ 0.04$ 0.04$ 0.14$

FFO per share 0.96$ 0.31$ 0.33$ 0.31$ 0.30$ 1.25$ 0.30$ 0.31$ 0.31$ 0.32$ 1.26$ Recurring FFO per share 1.23$ 0.31$ 0.33$ 0.31$ 0.30$ 1.26$ 0.30$ 0.31$ 0.31$ 0.32$ 1.26$ AFFO per share 0.99$ 0.28$ 0.28$ 0.26$ 0.26$ 1.08$ 0.26$ 0.27$ 0.27$ 0.28$ 1.10$ Please refer to Appendix for Important Disclosures and Analyst Certification / Source: Company reports and Robert W. Baird & Co. estimates

RJ Milligan / Sr Research Analyst / 813-273-8252Will Harman / Research Associate / 414-298-2337


DDR Corp.6/30/2016 DDRNAV (000) 18.11$ Premium/Discount 6.4%

Common Stock 365,400 Units 400 Other - Total Outstanding 365,800 Price 19.26$ Equity Cap 7,045,308

Preferred Stock/Other 350,000 Debt 4,940,300 Capitalization 12,335,608

CIP/Other (227,663) Management Business (149,045) JV's (443,567) Minority Interest 8,579 Net Current Assets 71,066 Real Estate Value 11,594,978

Forward NOI 702,044 Management Fee (7,020) Straight Line Rents (5,200) FAS 141/Other 2,900 Cash NOI 692,724 Implied Cap Rate 5.97%


Baird Applied Cap Rate 6.20%Value at Cap Rate 11,172,961 CIP/Other 227,663 Management Business 149,045 JV's 443,567 Net Current Assets (71,066)

Total Company Value 11,922,170 Preferred Stock (350,000) Debt (4,940,300) Minority Interest (8,579)



Retail Opportunity Investments Corp.(In thousands, except per share)FFO/share (fully diluted) 0.96$ 0.27$ 0.27$ 0.27$ 0.26$ 1.07$ 0.28$ 0.29$ 0.28$ 0.29$ 1.15$ AFFO/share (fully diluted) 0.80$ 0.21$ 0.21$ 0.23$ 0.23$ 0.88$ 0.24$ 0.25$ 0.24$ 0.25$ 0.99$

8/16/2016 2016 2017 2015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017EINCOME STATEMENTRevenuesBase Rent 148,622$ 43,848$ 45,652$ 47,969$ 48,602$ 186,071$ 50,657$ 52,301$ 53,867$ 55,477$ 212,303$ Recoveries 40,562 11,860 12,511 13,127 13,297 50,794 14,176 14,168 14,591 15,024 57,959 Other 3,515 386 508 508 508 1,910 508 508 508 508 2,032 Total Revenues 192,699 56,094 58,671 61,604 62,406 238,775 65,342 66,977 68,966 71,009 272,294

Expenses Property Operating 28,475 7,498 8,210 8,585 8,691 32,984 8,713 8,983 9,240 9,504 36,440 Property Taxes 19,690 5,655 6,053 6,376 6,463 24,546 6,844 7,072 7,288 7,511 28,715 D&A 70,957 20,933 21,821 22,928 23,231 88,913 24,214 24,999 25,748 26,517 101,478 G&A 12,650 3,319 3,516 3,626 3,632 14,093 3,643 3,656 3,670 3,684 14,653 Other 464 154 217 217 217 805 205 205 205 205 821 Transaction Costs 1,128 136 298 530 150 1,114 263 263 263 263 1,050 Total Operating Expenses 133,364 37,695 40,115 42,262 42,383 162,455 43,882 45,178 46,414 47,684 183,157


Interest Expense (34,245) (9,474) (9,918) (10,043) (11,420) (40,855) (11,558) (11,847) (11,376) (11,665) (46,447) Gain on property disposition - - - - - - - - - - - Net Income from Continuing Operations 25,090 8,925 8,638 9,298 8,604 35,464 9,902 9,952 11,176 11,660 42,690

Gain on sale of real estate assets - - - - - - - - - - - Net Income 25,090 8,925 8,638 9,298 8,604 35,464 9,902 9,952 11,176 11,660 42,690

Noncontrolling Interests (1,228) (898) (934) (950) (956) (3,738) (1,000) (991) (1,003) (1,015) (4,008)

Net Income Available to Common Stockholders 23,862$ 8,027$ 7,704$ 8,348$ 7,648$ 31,726$ 8,902$ 8,960$ 10,174$ 10,645$ 38,682$

NOI 141,019 42,555 43,900 46,135 46,745 179,334 49,276 50,414 51,930 53,486 205,108 EBITDA 130,292 39,332 40,377 42,270 43,254 165,233 45,674 46,798 48,300 49,842 190,615 Interest Coverage Ratio 3.8x 4.2x 4.1x 4.2x 3.8x 4.0x 4.0x 4.0x 4.2x 4.3x 4.1xFixed Coverage Ratio 3.8x 4.2x 4.1x 4.2x 3.8x 4.0x 4.0x 4.0x 4.2x 4.3x 4.1x

FFO Calculation: Net Income 23,862$ 8,027$ 7,704$ 8,348$ 7,648$ 31,726$ 8,902$ 8,960$ 10,174$ 10,645$ 38,682$ Real property depreciation 70,957 20,933 21,821 22,928 23,231 88,913 24,214 24,999 25,748 26,517 101,478 Gain on property disposition - - - - - - - - - - - Net income attributable to non-controlling interests 1,228 898 934 950 956 3,738 1,000 991 1,003 1,015 4,008 Funds from Operations (FFO) 96,047 29,858 30,459 32,226 31,834 124,378 34,116 34,951 36,924 38,177 144,168

Cap. Ex.TI's/LC's 6,819$ 2,286$ 2,827$ 2,405$ 2,447$ 9,964$ 2,786$ 2,896$ 3,005$ 3,114$ 11,801$ Maintenance/Recurring Cap Ex 2,201 607 627 649 654 2,537 696 708 719 731 2,854 Straight Line Rents 4,967 1,170 888 888 888 3,834 888 888 888 888 3,552 FAS 141 8,599 4,135 4,441 2,500 2,500 13,576 2,500 2,500 2,500 2,500 10,000 Share Based Comp Exp (4,684) (1,082) (1,486) (1,486) (1,486) (5,540) (1,516) (1,516) (1,516) (1,516) (6,063)

Adjusted Funds from Operations (AFFO) 80,284$ 23,277$ 23,697$ 27,805$ 27,367$ 102,147$ 29,306$ 30,021$ 31,874$ 33,006$ 124,207$

Avg. Common Shares Outstanding (Basic) 95,632 99,411 100,166 107,318 108,119 103,753 108,119 108,119 118,119 118,119 113,119 Avg. OP Units 4,337 11,300 12,227 12,180 12,180 11,972 12,180 12,180 12,180 12,180 12,180 Avg. Common Shares Outstanding (Diluted) 99,969 110,711 112,643 119,498 120,299 115,725 120,299 120,299 130,299 130,299 125,299

Net Income/Share 0.24$ 0.07$ 0.07$ 0.07$ 0.06$ 0.27$ 0.07$ 0.07$ 0.08$ 0.08$ 0.31$ FFO/share (fully diluted) 0.96$ 0.27$ 0.27$ 0.27$ 0.26$ 1.07$ 0.28$ 0.29$ 0.28$ 0.29$ 1.15$ AFFO/share (fully diluted) 0.80$ 0.21$ 0.21$ 0.23$ 0.23$ 0.88$ 0.24$ 0.25$ 0.24$ 0.25$ 0.99$ Research disclosures can be accessed at http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx.Source: Company reports and Robert W. Baird & Co. estimates







Retail Opportunity Investments Corp.6/30/2016 ROICNAV (000) 19.28$ Premium/Discount 13.5%


Debt 1,191,376 Capitalization 3,681,232

Net Current Assets (15,128) Real Estate Value 3,666,104



Baird Applied Cap Rate 5.00%Value at Cap Rate 3,369,252 Net Current Assets 15,128

Total Company Value 3,384,380 Debt (1,191,376)



Kimco Realty Corporation($000 unless indicated)FFO (as adjusted / recurring) $1.47 $0.37 $0.37 $0.37 $0.38 $1.49 $0.38 $0.39 $0.40 $0.41 $1.59AFFO $1.25 $0.30 $0.29 $0.30 $0.33 $1.23 $0.33 $0.33 $0.34 $0.35 $1.36

8/17/2016 2016 20172015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E

INCOME STATEMENT: Revenues: Rent 839,800$ 208,616$ 211,622$ 213,645$ 218,326$ 852,208$ 223,304$ 226,285$ 231,148$ 235,411$ 916,148$ Lease Terminations 6,218 5,617 883 883 883 8,266 2,067 2,067 2,067 2,067 8,266 Deferred Rents (SL Rents) 14,840 4,586 5,316 5,316 5,316 20,534 5,236 5,236 5,236 5,236 20,945 Above and Below Market Rents 18,453 11,404 3,175 3,175 3,175 20,929 5,337 5,337 5,337 5,337 21,348 Percentage Rent 5,968 2,130 1,655 1,670 1,691 7,147 1,857 1,876 1,901 1,920 7,554 Recoveries 238,151 57,013 57,936 58,208 59,052 232,209 63,429 62,322 63,199 64,003 252,953 Management and other fee income 23,113 4,111 4,373 4,373 4,373 17,230 4,394 4,394 4,394 4,394 17,575 Other 20,226 3,725 6,528 6,528 6,528 23,309 5,500 5,500 5,500 5,500 22,000 Total Revenue 1,166,769 297,202 291,488 293,798 299,344 1,181,832 311,124 313,016 318,781 323,867 1,266,788

Operating Expenses:Rent 12,347 2,818 2,728 2,777 2,811 11,134 3,765 3,803 3,853 3,891 15,312 Real estate taxes 147,150 34,472 35,791 35,799 36,135 142,196 37,629 37,756 38,074 38,405 151,864 Operating and maintenance 144,980 34,553 33,223 33,541 34,280 135,597 38,314 36,888 37,685 38,384 151,271 G&A 122,735 31,929 29,928 29,928 29,928 121,713 30,733 30,733 30,733 30,733 122,930 Prov for Doubtful Accts 6,075 3,475 1,185 900 900 6,460 1,615 1,615 1,615 1,615 6,460 Impairment Charges 45,383 5,840 52,213 - - 58,053 - - - - - D&A 344,527 84,856 82,753 82,753 82,753 333,115 85,777 85,777 85,777 85,777 343,108 Total Operating Expenses 823,197 197,943 237,821 185,697 186,807 808,268 197,833 196,572 197,737 198,805 790,946

Operating Income 343,572 99,259 53,667 108,101 112,537 373,564 113,291 116,444 121,045 125,062 475,842

Other Inc/(Exp):Mortgage financing income 2,940 410 414 414 414 1,652 414 414 414 414 1,656 Interest, dividends, and other inv. income 39,061 - 644 644 644 1,932 644 644 644 644 2,576 Other income (expense) (3,582) (580) (2,070) (89,000) - (91,650) - - - - - Interest expense (218,891) (52,451) (50,479) (48,391) (46,872) (198,193) (47,565) (47,964) (48,722) (49,505) (193,757) Income from Cont Operations Before Tax and E 163,100 46,638 2,176 (28,232) 66,723 87,304 66,784 69,538 73,380 76,615 286,317

Equity in income of real estate JV's, net 480,395 69,933 108,686 13,000 11,000 202,619 11,000 11,000 11,000 11,000 44,000 Equity in Income of Other RE Investments, net 36,090 10,799 7,959 15,000 15,000 48,758 12,000 12,000 12,000 12,000 48,000 Gain on change in control of interests, net 149,234 - 46,511 - - 46,511 - - - - - Income taxes (60,230) (12,112) 246 (4,000) (3,000) (18,866) (3,250) (3,250) (3,250) (3,250) (13,000) Income from Cont Operations 768,589 115,258 165,578 (4,232) 89,723 366,326 86,534 89,288 93,130 96,365 365,317

Discontinued Operations: Income/(loss) from discontinued ops (75) - - - - - - - - - - Gain on sale of operating property 125,813 26,896 39,268 - - 66,164 - - - - - Net Income 894,327 142,154 204,846 (4,232) 89,723 432,490 86,534 89,288 93,130 96,365 365,317 Net Income Attributable to NC Interests (6,028) (1,441) (1,437) (1,437) (1,437) (5,752) (1,500) (1,500) (1,500) (1,500) (6,000) Net Income attributable to Company 888,299 140,713 203,409 (5,669) 88,286 426,738 85,034 87,788 91,630 94,865 359,317 Preferred Dividends (57,084) (11,555) (11,555) (11,555) (11,555) (46,219) (11,555) (11,055) (10,805) (10,805) (44,219) Net Income available to Common Shareholde 831,215$ 129,158$ 191,854$ (17,224)$ 76,731$ 380,519$ 73,479$ 76,733$ 80,826$ 84,060$ 315,099$

Net Operating Income (NOI) 833,104 217,773 214,188 216,409 220,845 869,215 225,407 228,560 233,161 237,178 924,306 Net Debt/Recurring EBITDA 6.3x 5.9x 5.9x 9.6x 5.8x 6.6x 5.9x 5.9x 5.9x 5.9x 6.0x

FFO Calculation: Net income available to common shareholde 831,215 129,158 191,854 (17,224) 76,731 380,519 73,479 76,733 80,826 84,060 315,099 Gain on sale of properties (628,495) (72,528) (180,579) - - (253,107) - - - - - Depreciation and amortization 333,841 82,451 80,574 80,270 80,270 323,566 83,204 83,204 83,204 83,204 332,815 Depreciation and amortization-Other RE JV's 66,937 13,217 11,470 12,000 10,000 46,687 9,000 9,000 9,000 9,000 36,000 Impairments of Operating Properties, Net 39,749 5,924 54,993 - - 60,917 - - - - - Funds From Operations 643,247 158,222 158,104 75,046 167,001 558,374 165,683 168,937 173,029 176,264 683,914 Transactional charges, net (39,808) (5,361) (2,587) 79,000 (10,000) 61,052 (5,000) (5,000) (5,000) (5,000) (20,000) Funds From Operations (as adjusted) 603,439 152,861 155,517 154,046 157,001 619,426 160,683 163,937 168,029 171,264 663,914








Kimco Realty Corporation

6/30/2016 KIMNAV (000) 28.62$ Premium/Discount 6.4%


Preferred Stock 800,000 Other - Debt 5,188,817 Capitalization 18,799,867

CIP/Other (578,000) Management Business (73,466) Notes Receivable (23,815) JV's (2,021,894) Minority Interest 130,558 Net Current Assets (993,620) Real Estate Value 15,239,629



Baird Applied Cap Rate 5.75%Value at Cap Rate 14,465,725 CIP/Other 578,000 Management Business 73,466 Notes Receivable 23,815 JV's 2,021,894 Net Current Assets 993,620

Total Company Value 18,156,520 Preferred Stock (800,000) Other - Debt (5,188,817) Minority Interest (130,558)



Ramco-Gershenson Properties TrustOperating FFO/share (fully diluted) 1.39$ 0.34$ 0.35$ 0.33$ 0.34$ 1.35$ 0.35$ 0.36$ 0.36$ 0.37$ 1.43$ AFFO/share (fully diluted) 1.16$ 0.27$ 0.30$ 0.30$ 0.31$ 1.17$ 0.30$ 0.31$ 0.31$ 0.32$ 1.25$

(In thousands, except per share)8/17/2016 2016 2017

2015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017EINCOME STATEMENTRevenuesMinimum Rent 183,198$ 48,396$ 48,554$ 46,377$ 46,840$ 190,166$ 47,454$ 47,934$ 48,579$ 49,297$ 193,264$ Percentage rent 539 302 138 133 134 708 282 281 282 282 1,127 Recovery income from tenants 61,561 16,746 16,032 15,680 15,761 64,219 15,906 16,005 16,196 16,411 64,517 Other property income 4,739 958 914 914 914 3,700 944 944 944 944 3,774 Management and other fee income 1,753 110 245 245 245 845 218 224 231 238 910 Total Revenues 251,790 66,512 65,883 63,349 63,894 259,638 64,803 65,388 66,230 67,171 263,592

ExpensesRecoverable Opearting and RE Taxes 69,341 18,388 17,804 17,413 17,504 71,110 17,665 17,775 17,987 18,226 71,652 Operating Expense 0 0 0 0 0 0 0 0 0 0 0 Other Non-Recoverable Operating Expense 4,271 1,394 564 495 507 2,960 520 533 543 553 2,149 D&A 89,439 23,847 22,714 21,994 22,098 90,653 22,388 22,615 22,919 23,258 91,179 G&A 20,077 5,605 5,683 5,832 5,834 22,954 5,856 5,858 5,860 5,861 23,434 Other 3,165 200 200 - - 400 - - - - - Total Operating Expenses 186,293 49,293 46,769 45,734 45,943 187,739 46,429 46,781 47,308 47,897 188,415


Other 7,392 (347) 215 (200) (200) (532) (200) (200) (200) (200) (800) Gain on Sale of Real Estate 17,570 - 19,799 - - 19,799 375 375 375 375 1,500 Earnings from Unconsolidated JVs 17,696 109 109 109 109 436 109 450 - - 559 Interest Expense (40,778) (10,922) (11,002) (9,979) (9,891) (41,794) (9,725) (9,797) (9,830) (9,864) (39,216) Amortization of Deferred Financing Fees (1,433) (380) (374) (374) (374) (1,502) (374) (374) (374) (374) (1,496) Provision for Impairment - - - - - - - - - - - Income Tax Provision (339) (62) 159 (200) (200) (303) (200) (200) (200) (200) (800) Loss (Gain) on early extinguishment of debt 1,414 6,525 - - - 6,525 - - - - - Net Income 64,465 12,142 28,020 6,970 7,395 54,527 8,358 8,861 8,693 9,011 34,924

Noncontrolling Interests (1,786) (297) (659) (400) (400) (1,756) (400) (400) (400) (400) (1,600) Preferred Dividends (6,838) (1,675) (1,675) (1,675) (1,675) (6,701) (1,675) (1,675) (1,675) (1,675) (6,701)

Net Income Available to Common Stockholders 57,771$ 10,170$ 25,686$ 4,895$ 5,320$ 46,070$ 6,283$ 6,786$ 6,618$ 6,936$ 26,623$

NOI excluding lease termination income 176,425 46,620 47,270 45,195 45,638 184,723 46,400 46,856 47,470 48,155 188,881 EBITDA 160,795 40,887 43,194 39,517 39,958 163,557 41,046 41,847 42,017 42,707 167,616 Debt/EBITDA 6.6x 6.6x 6.2x 6.3x 6.3x 6.3x 6.2x 6.1x 6.1x 6.1x 6.1xInterest Coverage Ratio 3.9x 3.7x 3.9x 4.0x 4.0x 3.9x 4.2x 4.3x 4.3x 4.3x 4.3x

FFO Calculation: Net Income 57,771$ 10,170$ 25,686$ 4,895$ 5,320$ 46,070$ 6,283$ 6,786$ 6,618$ 6,936$ 26,623$ Real property D&A 89,289 23,807 22,671 21,948 22,053 90,479 22,342 22,569 22,872 23,211 90,994 Pro-rata share of D&A from unconsolidated JVs 1,782 82 81 81 82 326 82 83 - - 165 Gain on property dispositions (30,018) (6,525) (20,036) - - (26,561) - - - - - Provision for impairment/Acquisition Costs/Other (5,641) 59 - - - 59 - - - - - Noncontrolling interest in OP 1,786 297 659 400 400 1,756 400 400 400 400 1,600 Preferred Dividends 6,838 1,675 1,675 1,675 1,675 6,701 1,675 1,675 1,675 1,675 6,701 Operating Funds from Operations (FFO) 121,807$ 29,565$ 30,736$ 29,000$ 29,530$ 118,831$ 30,783$ 31,513$ 31,566$ 32,221$ 126,083$

Cap. Ex. 0.92$ TI's/LC's 13,763$ 4,726$ 3,209$ 1,056$ 1,063$ 10,054$ 2,604$ 2,619$ 2,627$ 2,636$ 10,486$ Maintenance/Recurring Cap Ex 3,238 758 737 715 717 2,927 720 724 726 728 2,897 Straight Line Rents 1,692 479 331 331 331 1,472 372 372 372 372 1,487 FAS 141 2,674 735 822 822 822 3,201 816 816 816 816 3,265 Unconsolidated JVs - Straight Line Rents - - - - - - - - - - - Unconsolidated JVs - FAS 141 - - - - - - - - - - - Other - - - - - - - - - - -

Adjusted Funds from Operations (AFFO) 102,127$ 23,335$ 26,080$ 26,519$ 27,040$ 102,974$ 26,714$ 27,425$ 27,468$ 28,113$ 109,720$

EBITDA CalculationNet Income 64,965$ 12,142$ 28,020$ 6,970$ 7,395$ 54,527$ 8,358$ 8,861$ 8,693$ 9,011$ 34,924$ (Gain) loss on sale of real estate (30,018) (6,525) (18,714) - - (25,239) - - - - - Impairment provisions 2,521 - - - - - - - - - - Loss on early extinguishment of debt (1,414) - - - - - - - - - - Income tax provision (benefit) 339 62 (159) 200 200 303 200 200 200 200 800 Interest Expense 40,778 10,922 11,002 9,979 9,891 41,794 9,725 9,797 9,830 9,864 39,216 Amortization of deferred financing fees 1,433 380 374 374 374 1,502 374 374 374 374 1,496 Depreciation and amortization 89,439 23,847 22,671 21,994 22,098 90,610 22,388 22,615 22,919 23,258 91,179 Non-recurring expenses (7,585) - - - - - - - - - -

Consolidated EBITDA 160,458$ 40,887$ 43,194$ 39,517$ 39,958$ 163,498$ 41,046$ 41,847$ 42,017$ 42,707$ 167,616$

Avg. Common Shares and Units Outstanding (Diluted) 87,914 87,945 87,963 87,999 87,999 87,977 87,999 87,999 87,999 87,999 87,999

Net Income/Share 0.66$ 0.12$ 0.29$ 0.06$ 0.06$ 0.52$ 0.07$ 0.08$ 0.08$ 0.08$ 0.30$ Operating FFO/share (fully diluted) 1.39$ 0.34$ 0.35$ 0.33$ 0.34$ 1.35$ 0.35$ 0.36$ 0.36$ 0.37$ 1.43$ AFFO/share (fully diluted) 1.16$ 0.27$ 0.30$ 0.30$ 0.31$ 1.17$ 0.30$ 0.31$ 0.31$ 0.32$ 1.25$








Ramco-Gershenson Properties Trust6/30/2016 RPTNAV (000) 19.48$ Premium/Discount -0.9%

Common Stock 79,232 Units 2,001 Other 178 Total Outstanding 81,411 Price 19.31$ Equity Cap 1,572,046


CIP/Other (66,224) Management Business (3,381) Net Current Assets 4,518 Real Estate Value 2,716,040

Forward NOI 188,503 Management Fee (943) Straight Line Rents (1,472) FAS 141/Other (3,201)

Cash NOI 182,887 Implied Cap Rate 6.73%

Capital Expenditures (7,955) Cash NOI (after cap ex) 174,933 Implied Cap Rate (after Capital) 6.44%

Baird Applied Cap Rate 6.70%Value at Cap Rate 2,729,664 CIP/Other 66,224 Management Business 3,381 Net Current Assets (4,518)

Total Company Value 2,794,751 Preferred Stock (130,391) Debt (1,078,690)



Whitestone REIT

Core FFO per share 1.35$ 0.34$ 0.32$ 0.34$ 0.33$ 1.33$ 0.32$ 0.34$ 0.33$ 0.35$ 1.35$ AFFO per share 1.10$ 0.28$ 0.26$ 0.27$ 0.27$ 1.08$ 0.26$ 0.29$ 0.28$ 0.30$ 1.13$

2016 Total 2017 Total8/18/2016 2015A 1Q16A 2Q16A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E

RevenuesRental Revenues 71,843$ 19,422$ 19,649$ 20,312$ 21,275$ 80,657$ 21,777$ 22,839$ 23,955$ 25,073$ 93,644$ Other Revenues 21,573 6,013 5,480 5,500 5,500 22,493 5,500 5,500 5,500 5,500 22,000 Total Revenues 93,416 25,435 25,129 25,812 26,775 103,150 27,277 28,339 29,455 30,573 115,644

Expenses Property operation and Maintenance 18,698 4,794 4,683 4,763 5,145 19,385 4,944 4,980 5,171 5,362 20,456 Real Estate Taxes 12,637 3,354 3,304 3,330 3,501 13,488 3,591 3,618 3,704 3,789 14,702 Acquisition Fees 1,719 - 393 117 733 1,243$ 400 375 375 375 1,525$ Non-Cash Share-Base Comp Exp 7,339 2,025 1,819 2,900 2,900 9,644$ 3,016 3,167 3,325 3,491 12,999$ G&A 11,254 2,811 3,201 2,808 2,811 11,631 2,981 2,981 2,982 2,982 11,927 D&A 19,761 5,392 5,521 5,594 5,667 22,174 6,450 6,622 6,622 6,622 26,315 Interest expense 14,910 4,804 4,748 4,844 4,894 19,290 4,783 5,022 4,983 5,222 20,011 Interest income (313) (97) (78) (78) (78) (331) (83) (83) (83) (83) (331) Loss (gain) on sale 190 - 18 - - 18 - - - - - Disco ops (income/loss and gain on sale) (16) (2,892) - - - (2,892) - - - - - Income Taxes 372 156 11 11 11 189 47 47 47 47 189 Total expenses 86,551 20,347 23,620 24,289 25,583 93,839 26,129 26,729 27,126 27,809 107,794

Net income 6,865 5,088 1,509 1,523 1,191 9,311 1,148 1,610 2,329 2,764 7,851 Non-Controlling Interest 116 91 25 25 25 166 25 25 25 25 100 Net income for common stockholders 6,749$ 4,997$ 1,484$ 1,498$ 1,166$ 9,145$ 1,123$ 1,585$ 2,304$ 2,739$ 7,751$

Adjusted EBITDA 49,108$ 14,476$ 13,548$ 14,707$ 15,086$ 57,816$ 15,758$ 15,866$ 16,028$ 16,191$ 63,842$ Net Debt/Adj. EBITDA 10.1x 8.7x 9.2x 8.7x 8.6x 9.0x 8.0x 8.5x 8.3x 8.9x 9.0xDebt/EBITDA 10.6x 8.2x 10.6x 10.7x 11.1x 10.2x 10.2x 10.3x 9.7x 9.9x 10.7xProperty NOI 62,081$ 17,287$ 17,142$ 17,719$ 18,129$ 70,277$ 18,743$ 19,741$ 20,581$ 21,422$ 80,487$

Net Income 6,749$ 4,997$ 1,484$ 1,498$ 1,166$ 9,145$ 1,123$ 1,585$ 2,304$ 2,739$ 7,751$ Depreciation - Consolidated Property 19,646 5,311 5,479 5,481 5,551 21,821 6,319 6,484 6,484 6,484 25,773 Non-controlling interests 116 91 25 25 25 166 25 25 25 25 100 (Gain)/Loss on Dispostions 185 (2,892) 18 - - (2,874) - - - - - Funds from operations 26,696 7,507 7,006 7,003 6,742 28,258 7,467 8,094 8,814 9,248 33,624

Non-operating items 9,058 2,195 2,212 3,017 3,633 10,887 3,416 3,542 3,700 3,866 14,524 Core FFO 35,754$ 9,702$ 9,218$ 10,020$ 10,375$ 39,145$ 10,883$ 11,636$ 12,514$ 13,115$ 48,148$

Core FFO per share 1.35$ 0.34$ 0.32$ 0.34$ 0.33$ 1.33$ 0.32$ 0.34$ 0.33$ 0.35$ 1.35$ AFFO per share 1.10$ 0.28$ 0.26$ 0.27$ 0.27$ 1.08$ 0.26$ 0.29$ 0.28$ 0.30$ 1.13$

Wtd Avg common shares & CSE's + Units 26,113 27,980 27,997 29,522 30,805 29,076 33,333 33,553 37,023 37,243 35,288 Research disclosures can be accessed at http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx.Source: Company reports and Robert W. Baird & Co. estimates







Whitestone REIT6/30/2016 WSRNAV 15.92$ Premium/Discount -5.1%

Shares 28,138 OP Units and Other 484 Total Outstanding 28,622 Price 15.10$ Equity Cap 432,192

Total Debt 502,192 Capitalization 934,384

Minority Interest (3,611) Net Current Assets 11,748 Total Real Estate Value 926,247

Forward NOI 71,086 Less: Management fee 711 Less: Straight Line Rents (1,635) Adjusted NOI 72,010 Implied Cap Rate 7.77%

Capital Expenditures 2,941 NOI (after cap ex) 69,069 Implied Cap Rate (after Capital) 7.46%

Baird Applied Cap Rate 7.40%Value at Cap Rate 973,110 Plus: Net Current Assets (11,748)

Total Company Valuation 961,362 Less: Debt (502,192) Less: Minority Interest (3,611)

Equity Value 455,559 NAV 15.92$ Price 15.10$ Premium/Discount -5.1%Source: Company reports and Robert W. Baird & Co. estimates


Appendix - Important Disclosures and Analyst CertificationApproved on 18 August 2016 20:20EDT/ Published on 19 August 2016 01:00EDT.

Covered Companies Mentioned

All stock prices below are the 08/18/2016 closing price.

Cedar Realty Trust (CDR - $7.32 - Neutral)DDR Corporation (DDR - $18.56 - Neutral)Kimco Realty Corporation (KIM - $29.96 - Neutral)Kite Realty Group Trust (KRG - $28.49 - Neutral)Ramco-Gershenson Properties Trust (RPT - $19.13 - Neutral)Regency Centers Corporation (REG - $79.92 - Outperform)Retail Opportunity Investments Corp. (ROIC - $21.89 - Outperform)Retail Properties of America, Inc. (RPAI - $16.59 - Outperform)Whitestone REIT (WSR - $15.17 - Neutral)(See recent research reports for more information)

1 Robert W. Baird & Co. Incorporated makes a market in the securities of CDR, DDR, KIM, KRG, RPT, REG, ROIC, RPAI and WSR.

3 Robert W. Baird & Co. Incorporated and/or its affiliates have received investment banking compensation from Kimco RealtyCorporation, Regency Centers Corporation, Retail Opportunity Investments Corp. and Whitestone REIT in the past 12 months.

2 Robert W. Baird & Co. Incorporated and/or its affiliates managed or co-managed a public offering of securities of Regency CentersCorporation, Retail Opportunity Investments Corp. and Whitestone REIT in the past 12 months.

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