Inventrust Properties Corp. · NYSE:IVT
Inventrust Properties — Inland American Real Estate Trust — Investor Presentation (January 2013)
22 slides from Inventrust Properties's investor presentation, Jan 8, 2013
Slide 1: Estimated Share Price FAQs Presentation
® REAL ESTATE TRUST, INC. i Inland American Estimated Share Price FAQs Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements ‘This presentation may contain forward-looking statements, Forward-looking statements are statements that are not histosical,including statements regarding manage mert!s intentions, beliefs, expectations, epresentations plans or predictions of the future, and are typically
Slide 3: FAQs Regarding New Estimated Value
FAQs Regarding New Estimated Value Why has the estimated share value declined from last year if the REIT’s overall performance is improving? Why are traded REIT share values going up, while your estimated share value is going down? Why did you use NAV? Which asset class had the biggest impact on you
Slide 4: Total NOI Percent Change
al NOI Percent Change $In millions For the First Nine Months of 2012 vs. 2011 up $34.9 30% 28.2% 25% 20% up $5.2 16.0% 15% 3% 11.5% up $17.5 0 10% 8.8% up $L1 “ve wl up $0.4 1.8% 0.4% 0% pe hail Total Retail Lodging Office Industrial Multi-Family
Slide 5: Same-Store NOI Percent Change
ame-Store NOI Percent Change $In millions For the First Nine Months of 2012 vs. 2011 15% up $3.5 11.0% 10% up $6.8 5.7% 5% 9 up $12.0 2.4% up $1.4 up $0.4 banal 0.7% 0.4% 0% be el — down $0.2 -0.3% 5% Total Retail Lodging Office Industrial Multi-Family
Slide 6: FFO Results vs. Distributions
FFO Results vs. Distributions ¢ Funds from operations (FFO) for first 9 months (YTD) © $346 million (2012) vs. $328 million (2011) ¢ Distributions Declared © $329 million 2012 YTD © $2.3 billion paid since inception © $3.83 per share since inception* * Assuming a stockholder invested on 8/31/05
Slide 7: External Factors
External Factors * Operating metrics are only a part of the NAV calculation ¢ External factor impact o Industry cap rates (in particular change in hotel cap rates) o Economic assumptions
Slide 8: FAQ #2
FAQ #2 Why are traded REIT share values going up, while your estimated share value is going down?
Slide 9: Traded REITs
Traded REITs Traded REITs can trade above or below their NAV Traded REITs (excluding hotel REITs) on Dec. 19th were trading at approximately 8-10% above their NAV Our NAV calculation did not place any emphasis on the relationship between the NAV of traded REITs and their trading price, and nor did i
Slide 10: FAQ #3
FAQ #3 Why did Inland American use the NAV method?
Slide 11: Net Asset Value (NAV)
Net Asset Value (NAV) Relied solely on the NAV NAV is currently the most commonly used valuation method by non-listed REITs While no method for an estimated share valuation is perfect, we believe the industry’s continued reliance on NAV increases transparency and comparability of performance among n
Slide 12: FAQ #4
FAQ #4 Which asset class had the biggest impact on your NAV calculation of estimated share value?
Slide 13: Hotel Portfolio
Hotel Portfolio * One factor for the drop is the reduced value of our hotels Hotels are a “bellwether” asset class that reflects uncertainty in the broader economy Increasing hotel cap rates at time of valuation Hotels make up approximately 30% of our portfolio $0.27 per share negative impact Operat
Slide 14: Grand Bohemian Orlando
Grand Bohemian Orlando Savannah Riverfront fl Inland American
Slide 15: FAQ #5
FAQ #5 Will hotels continue to have a negative impact on your NAV?
Slide 16: Hotel Portfolio Forecast
Hotel Portfolio Forecast * Cap rates tend to move in cycles * We believe that the economy and cap rates will eventually improve « Animproving economy and lower cap rates for hotel properties will be important drivers in future value enhancement for the REIT
Slide 17: FAQ #6
FAQ #6 Are legacy assets a problem for the Inland American portfolio?
Slide 18: Inland American Legacy Assets
Inland American Legacy Assets Like many of our non-listed REIT peers whose valuations also reflect similar legacy assets, we bought properties during 2006 and 2007, which is considered to be the high water mark for real estate values. As part of our long term strategy to refine our portfolio, we are
Slide 19: Long-Term Goals
Long-Term Goals Sustainable monthly stockholder distributions while maintaining capital preservation Tailoring our portfolio: Retail, Lodging and Student Housing o Expand & perfect these growth portfolios Position for stockholder liquidity o Multiple liquidity events
Slide 20: Portfolio allocation as of 9/30/12
As of 9/30/12 Ind / Dist Apartments. 9%, 4% Student Housing Office 15.4 million 3% 16% “pik 16,098 hotel rooms 21
Slide 21: Scale may not match final asset allocation
*Scale may not match final asset allocation Inland Americ: tn Student Housing 22
Slide 22: For More Information
For More Information Review our Form 8-K filed on December 19, 2012, available on our website - inlandamerican.com or Please feel free to contact our Investor Services team at 800.826.8228
Inland American Real Estate Trust — Investor Presentation (January 2013) on 6ix