2025年第一季度模型回顾- AKR、BRX、FRT、IVT、KIM、KRG、REG

1Q25578599455272362463383445Exhibit 2 - Bad Debt Guidance.MPMPAKRBRXFRTIVTKIMKRGREGSource: Jefferies, Company Data Linda Tsai * | Equity Analyst1 (212) 778-8011 | ltsai@jefferies.comJonathan Petersen * | Equity Analyst(212) 284-1705 | jpetersen@jefferies.comBrendan Cutler * | Equity Associate+1 (332) 236-6839 | bcutler@jefferies.comAhmed Mehri * | Equity Associate+1 (212) 778-8456 | amehri@jefferies.com Summary of ChangesCompanyAcadia Realty TrustAKRPreviousBrixmor Property GroupBRXPreviousFederalRealty InvestmentTrustFRTPreviousInvenTrust PropertiesIVTPreviousKimco Realty Corp.KIMPreviousKite RealtyKRGPreviousRegency Centers Corp.REGPrevious^Prior trading day's closing price unless otherwise noted.Cons. FFO: Source: FactSetFFO: REG Represents Reported FFO/ShPlease see important disclosure information on pages 31 - 38 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. RatingPrice^BUY$19.08BUY$25.10HOLD$94.84BUY$27.81HOLD$20.98HOLD$21.84BUY$71.62 Exhibit 5 - Total Comparable Leasing.1Q24AKR187,851BRX2,144,714FRT566,865IVT165,000KIM3,759,000KRG752,207REG1,811,000Avg1,218,915Source: Jefferies, Company DataExhibit 7 - Renewal Spreads.1Q24AKR5.0%BRX8.9%FRT3.0%IVT9.4%KIM7.8%KRG7.2%REG7.8%Avg7.0%Source: Jefferies, Company DataPlease see important disclosure information on pages 31 - 38 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 9 - AKR Income Statement, FFO Reconciliation & Balance Sheet.Income Statement ($ in Thousands)Property RevenueProperty ExpensesNet Operating IncomeNOI MarginGeneral & Admin.Other Income/(Expense)EBITDAEBITDA MarginInterest ExpenseOther AdjustmentsFunds From OperationsAdjustments for One-Time ItemsNormalized FFOShare CountNAREIT FFO Per ShareNormalized FFO Per ShareYoY GrowthEPSStraight Line RentsCapex/TI/LCOther AdjustmentsFunds For DistributionFunds For Distribution PSYoY GrowthDividend RateYoY GrowthFAD Payout RatioBalance Sheet ($ in Thousands)Buildings & Improvement, NetConstruction in progressReal EstateCash and EquivalentsOther AssetsTotal AssetsTotal DebtOther LiabilitiesTotal LiabilitiesMinority InterestTotal EquityTotal Liabilities and EquitySource: Jefferies, Company DataExhibit 10 - AKR Dividend Discount Model (DDM).Dividend Discount ModelFunds For Distribution PSPayout RatioDividend RatePresent Value of DividendsTerminal ValueSum of Present Value of DividendsPresent Value of Terminal ValueImplied Current Equity Value per Share12-Month Equity Value per ShareValuation AssumptionsTerminal Dividend Growth RateMid-Term Annual FAD Growth RateRisk Free RateBeta (5-year historical adjusted weekly vs S&P500)Equity Risk PremiumCost of Equity CapitalSource: Jefferies, Company dataPlease see important disclosure information on pages 31 - 38 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 11 - AKR Asset Value (NAV) Analysis.($ in millions)Line ItemNOIWholly-Owned NOIPro Rata JV NOIAdjustmentsGrowth RateCore NOITotal in Process DevelopmentEst YieldCIP NOIPro Forma NOINet Pro Forma NOIAssetsNominal Cap rateEconomic Cap rateMarket Value of AssetsAsset and property management feesOther Fee Income 5xStructured Finance PortfolioCash and EquivalentsOther AssetsGross Net Asset ValueLiabilitiesWholly-Owned DebtOther LiabilitiesPro Rata JV DebtPreferred StockTotal LiabilitiesNet Asset ValueFully Diluted Common (FFO)NAV per ShareStock PricePremium / Discount to NAVImplied Nominal Cap RateImplied Economic Cap RateImplied NAV GrowthSource: Jefferies, Company dataPlease see important disclosure information on pages 31 - 38 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 12 - BRX Income Statement, FFO Reconciliation & Balance Sheet.Income Statement ($ in Thousands)Property RevenueProperty ExpensesNet Operating IncomeGeneral & Admin.Other Income/(Expense)EBITDAInterest ExpenseOther AdjustmentsFunds From OperationsAdjustments for One-Time ItemsNormalized FFOShare CountNAREIT FFO Per ShareNormalized FFO Per ShareEPSStraight Line RentsCapex/TIOther AdjustmentsFunds For DistributionFunds For Distribution PSDividend RateBalance Sheet ($ in Thousands)Buildings & Improvement, NetConstruction in progressReal EstateCash and EquivalentsOther AssetsTotal AssetsTotal DebtOther LiabilitiesTotal LiabilitiesMinority InterestTotal EquityTotal Liabilities and EquitySource: Jefferies, Company DataExhibit 13 - BRX Dividend Discount Model (DDM).Dividend Discount ModelFunds For Distribution PSPayout RatioDividend RatePresent Value of DividendsTerminal ValueSum of Present Value of DividendsPresent Value of Terminal ValueImplied Current Equity Value per Share12-Month Equity Value per ShareValuation AssumptionsTerminal Dividend Growth RateMid-Term Annual FAD Growth RateRisk Free RateBeta (5-year historical adjusted weekly vs S&P500)Equity Risk PremiumCost of Equi