U.S. Research Published by Raymond James & Associates

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1 Real Estate Collin Mings, CFA, (727) , Paul D. Puryear, (727) , Daniel Mannix, CFA, Sr. Res. Assoc., (727) , Marnie Georges, Res. Assoc., (713) , Published by Raymond James & Associates August 24, 2016 Industry Comment REITs - Shopping Centers: Analysis of Sales/Earnings Shopping Centers: Updating Select Estimates and Target Prices; Top Ideas Remain ROIC and REG This report serves as our vehicle for 1) reflecting on last quarter s results, 2) looking ahead via estimate revisions (we are updating our estimates for the six shopping center REITs we have not revised estimates for following 2Q results), and 3) examining and comparing valuation metrics. Overview: We are maintaining our Market Weight recommendation on the shopping center sector in context of our overall REIT coverage universe. Our views are largely unchanged from earlier this summer, as 1) we anticipate the shopping center REITs will continue to post stable to slightly rising occupancy levels and decisively positive leasing spreads through year-end; 2) external growth opportunities are fairly limited (most management teams remain focused on redevelopment opportunities); 3) we do not expect any material guidance revisions; and 4) the sector trades at reasonable albeit not compelling valuations. The shopping center sector has outperformed the broader REIT universe by ~220 bp YTD (+13.6% vs. RMZ +11.), as solid results and the risk-off environment (the yield on the 10-year Treasury yield has fallen 72 bp YTD) have benefited the sector. Our top ideas in the sector remain Strong Buy-rated Retail Opportunity Investments Corporation (for more details, see our previous report Thesis Unchanged, Reiterating Strong Buy; Slightly Raising Estimates) and Outperform-rated Regency Centers (for more details, see page 21); however, we would also highlight that the risk/reward profile on Outperform-rated DDR Corp. has become increasingly attractive since our initiation report was published on July 25 (DDR shares are down ~5% in the last month). We acknowledge the uncertainty created regarding its strategy following the recent change in the C-suite, as well as investor concerns surrounding its exposure to Puerto Rico; however, we believe patient investors will be rewarded, as a 1) reduction in its exposure to Puerto Rico, 2) further clarity on its strategy following the appointment of proven CEO Thomas August, and 3) a shift in sentiment (19 of the 23 analysts covering DDR have hold or underweight recommendations) could serve as catalysts to close the valuation gap vs. its primary peers (for more details on our views on DDR, see page 7). Concurrent with this report, we are also raising target prices on Outperformrated Regency Centers to $88 (from $84) and Ramco-Gershenson to $21 (from $20). Stepping back, shopping centers collectively posted ~3.5% same-store NOI growth in 2Q. We expect some moderation in same-store NOI growth in the second half of the year as the shopping center REITs work through previously announced bankruptcies/store closures. The table on the following page details same-store NOI growth (including redevelopments, unless noted), small-shop occupancy, and releasing spreads on renewal leases. Please read domestic and foreign disclosure/risk information beginning on page 24 and Analyst Certification on page 24. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

2 Raymond James Shopping Center REITs: Vital Stats 1) Indicates redevelopments are excluded from same-store calculation. Source: Company reports, FactSet, Raymond James research. SSNOI Small-Shop Releasing Growth Occupancy Spreads Ticker Company 2Q 2Q 2Q AKR (1) Acadia Realty Trust 2.3% BFS Saul Centers, Inc. 3.3% NA NA BRX Brixmor Property Group Inc. 3.5% % CDR Cedar Realty Trust, Inc. 1.5% NA 6.5% DDR (1) DDR Corp. 3.1% 89.5% 7. EQY Equity One, Inc. 6.1% 90.3% 7.3% FRT Federal Realty Investment Trust 3.5% 90.5% 7. KIM Kimco Realty Corporation 3.1% % KRG Kite Realty Group Trust 2.6% 88.3% 6.7% REG Regency Centers Corporation % ROIC Retail Opportunity Investments Corp. 4.9% NA 15.9% RPAI Retail Properties of America, Inc % RPT (1) Ramco-Gershenson Properties Trust 4.8% 88.1% 6.3% SKT (1) Tanger Factory Outlet Centers, Inc. 3.8% NA 14.7% UBA Urstadt Biddle Properties Inc. 1.1% 94.1% 0.9% UE Urban Edge Properties % 9.1% WRI Weingarten Realty Investors 3.3% Simple Average 3.5% Expectations are being met, but upside to estimates is likely limited: The vast majority of shopping center REITs either met or beat consensus expectations in 2Q. Current 2016 FFO guidance for the shopping center REITs reflects average growth of y/y in line with consensus FFO growth for the sector (+ y/y) and below the growth expected from the REIT universe (+7% y/y, ex. timber and infrastructure). The following tables provide a breakdown of 2Q FFO results vs. our estimates and consensus expectations (based on data from FactSet), as well as a snapshot of 2016 guidance revisions and implied y/y growth at the midpoint. We note that some data has been adjusted for unusual/non-recurring items. Shopping Center REITs: Actuals vs. Estimates FFO/Share Variance ($) Variance (%) Ticker Company Reported RJ Est. 1 Consensus RJ Est. 1 Consensus RJ Est. 1 Consensus AKR Acadia Realty Trust $0.37 NA $0.36 NA $0.01 NA 2.8% BFS Saul Centers, Inc (0.03) (0.02) (3.9%) (2.7%) BRX Brixmor Property Group Inc NA 0.51 NA (0.01) NA (2.) CDR Cedar Realty Trust, Inc % 7.1% DDR DDR Corp NA 0.02 NA 6.5% EQY Equity One, Inc % FRT Federal Realty Investment Trust % KIM Kimco Realty Corporation (0.01) 0. (2.6%) KRG Kite Realty Group Trust REG Regency Centers Corporation ROIC Retail Opportunity Investments Corp % 3.8% RPAI Retail Properties of America, Inc NA 0.26 NA 0.02 NA 7.7% RPT Ramco-Gershenson Properties Trust % 2.9% SKT Tanger Factory Outlet Centers, Inc NA 0.56 NA 0.03 NA 5. UBA Urstadt Biddle Properties Inc NA NA NA NA NA NA UE Urban Edge Properties 0.32 NA 0.31 NA 0.01 NA NA WRI Weingarten Realty Investors 0.57 NA 0.56 NA 0.01 NA 1.8% Simple Average 1.8% 2.5% 1) Represents our FFO/share estimate prior to the release of 2Q results. Source: Company reports, FactSet, Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

3 Raymond James Shopping Center REITs: 2016 Implied FFO Growth Actual Current 2016 Implied Y/Y Ticker 2015 FFO FFO Guidance FFO Growth AKR $1.53 $ BFS 2.95 NA NA BRX % CDR % DDR EQY % FRT KIM % KRG % REG % ROIC RPAI % RPT % SKT % UBA 1.19 NA NA UE 0.93 NA NA WRI % Source: Company reports, FactSet, Raymond James research. Shopping Center REITs: 2016 FFO Guidance Growth 2016 FFO Guidance % Change from Ticker Original Current Original AKR $ $ BFS NA NA NA BRX (0.) CDR % DDR EQY FRT (0.5%) KIM KRG % REG % ROIC % RPAI RPT SKT % UBA NA NA NA UE NA NA NA WRI Source: Company reports, FactSet, Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

4 Consensus NAV Growth (%) SSNOI Growth (%) Raymond James Shopping center REITs are trading slightly above NAV: The shopping center REITs collectively trade above consensus NAV estimates, while the broader REIT universe (ex. timber and infrastructure) currently trades at a premium to consensus NAV estimates. Consensus NAV estimates for the sector have risen 7% in 2016, driven primarily by core NOI growth (cap rate estimates have generally ticked down only slightly or remained stable). In the following tables/charts, we highlight the increases in consensus NAV estimates throughout the sector and how the shopping center REITs are currently trading relative to consensus NAV estimates. Shopping Center REITs: 2016 Same-Store NOI and Consensus NAV Growth 2 NAV vs. SSNOI Growth 1 15% 8% 6% 1 5% () (5%) UBA CDR BRX DDR WRI RPT KRG RPAI FRT EQY SKT UE REG KIM AKR BFS ROIC NAV Growth SSNOI Growth () Notes: AKR, CDR, DDR, RPAI, SKT, and UE exclude redevelopments in the same-store metric reported. Source: Company reports, SNL Financial, Raymond James research. Shopping Center REITs: Consensus NAV Growth Since 12/31/ % % 33% 33% 4 41% 43% 43% 5 51% 51% 56% 6 1 8% 11% UE UBA DDR SKT KRG BRX RPT CDR EQY KIM RPAI WRI FRT AKR BFS REG ROIC Notes: UE NAV growth is since 6/12/2015. BRX NAV growth is since 12/9/2013. Source: SNL Financial, Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

5 Raymond James Shopping Center REITs: NAV Premiums/(Discounts) Consensus NAV Price NAV Premium/ Ticker Company 8/23/16 Estimates (Discount) FRT Federal Realty Investment Trust $ $ % ROIC Retail Opportunity Investments Corp. $22.15 $ % EQY Equity One, Inc. $31.16 $ UE Urban Edge Properties $28.80 $ % REG Regency Centers Corporation $79.72 $ % AKR Acadia Realty Trust $36.38 $ % SKT Tanger Factory Outlet Centers, Inc. $40.31 $ % KIM Kimco Realty Corporation $29.70 $ % WRI Weingarten Realty Investors $41.27 $ % UBA Urstadt Biddle Properties Inc. $22.69 $23.20 (2.) BRX Brixmor Property Group Inc. $28.18 $28.62 (1.5%) DDR DDR Corp. $18.54 $19.03 (2.6%) RPT Ramco-Gershenson Properties Trust $19.14 $19.99 (4.3%) KRG Kite Realty Group Trust $28.74 $30.11 (4.5%) BFS Saul Centers, Inc. $65.62 $69.21 (5.) CDR Cedar Realty Trust, Inc. $7.45 $7.86 (5.) RPAI Retail Properties of America, Inc. $16.69 $17.98 (7.) Average 2.1% *Average is an implied market cap weighted average. Note: Companies are ranked by premium/(discount) to NAV. Source: Company reports, FactSet, SNL Financial, Raymond James research. Based on consensus FFO/share estimates, the shopping center REITs are expected to grow 2016 and 2017 FFO/share by 4.3% and 6.1%. AFFO/share is expected to grow by 5.9% in 2016 and 8. in We note, though, consensus estimates will sometimes capture a blend of headline, recurring, and adjusted per share estimates. Shopping Center REITs: FFO/Share and AFFO/Share Growth Expectations FFO/Share AFFO/Share Price Growth Growth Ticker Company 8/23/ ROIC Retail Opportunity Investments Corp. $ % 5.6% 17.3% 11. FRT Federal Realty Investment Trust $ % 8.8% EQY Equity One, Inc. $ % 12.5% 8. WRI Weingarten Realty Investors $ % 5.7% REG Regency Centers Corporation $ % 4.8% 14.1% UE Urban Edge Properties $ % 11.5% 6.9% BFS Saul Centers, Inc. $ % SKT Tanger Factory Outlet Centers, Inc. $ % BRX Brixmor Property Group Inc. $ % 9.1% 6. RPAI Retail Properties of America, Inc. $ % (6.) 4. (3.) KRG Kite Realty Group Trust $ UBA Urstadt Biddle Properties Inc. $ % 5.7% NA NA KIM Kimco Realty Corporation $ % 9.8% (0.9%) 12.1% DDR DDR Corp. $ % 1.7% 6.3% 0.5% RPT Ramco-Gershenson Properties Trust $ % 4.7% 3.6% 6.1% AKR Acadia Realty Trust $ % 1.3% 12. CDR Cedar Realty Trust, Inc. $7.45 (8.3%) % Average 4.3% 6.1% 5.9% 8. *Average is an implied market cap weighted average. Note: FFO and AFFO results displayed above may be adjusted for certain non-recurring items. Companies are ranked by 2016 FFO/share growth. Source: Company reports, FactSet, SNL Financial, Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

6 Raymond James On a market cap weighted average basis, the shopping center sector is trading at 2016 and 2017 FFO/share multiples of 20.1x and 18.9x, respectively, and at AFFO/share multiples of 24.5x and 22.6x, respectively. Shopping Center REITs: FFO/Share and AFFO/Share Multiples FFO/Share AFFO/Share Price Multiples Multiples Ticker Company 8/23/ FRT Federal Realty Investment Trust $ x 25.7x 32.4x 29.8x REG Regency Centers Corporation $ x 22.9x 30.0x 26.3x AKR Acadia Realty Trust $ x 22.1x 27.6x 24.7x UE Urban Edge Properties $ x 21.3x 28.2x 26.4x EQY Equity One, Inc. $ x 21.1x 30.5x 28.2x BFS Saul Centers, Inc. $ x 20.1x 29.6x 26.8x ROIC Retail Opportunity Investments Corp. $ x 19.8x 25.2x 22.6x KIM Kimco Realty Corporation $ x 18.1x 24.8x 22.1x UBA Urstadt Biddle Properties Inc. $ x 17.9x 18.6x 25.7x WRI Weingarten Realty Investors $ x 17.0x 21.7x 20.0x SKT Tanger Factory Outlet Centers, Inc. $ x 16.0x 19.1x 17.6x RPAI Retail Properties of America, Inc. $ x 16.3x 19.7x 20.4x CDR Cedar Realty Trust, Inc. $ x 12.7x 16.3x 15.2x DDR DDR Corp. $ x 14.5x 16.9x 16.9x KRG Kite Realty Group Trust $ x 13.3x 16.2x 15.3x RPT Ramco-Gershenson Properties Trust $ x 13.4x 16.1x 15.2x BRX Brixmor Property Group Inc. $ x 13.1x 18.1x 17.1x Average 20.1x 18.9x 24.5x 22.6x *Average is an implied market cap weighted average. Note: FFO and AFFO results displayed above may be adjusted for certain non-recurring items. Companies are ranked by 2016 FFO multiples. Source: Company reports, FactSet, SNL Financial, Raymond James research. Projected Current Price RJ&A Rating 12-Month Price Target Type of Company/Other Distinction Aug Old New Old New Shopping Centers DDR Corp. (DDR-NYSE) $ $21.00 $21.00 Equity One, Inc. (EQY-NYSE) $ NM NM Federal Realty Investment Trust (FRT-NYSE) $ NM NM Kimco Realty Corporation (KIM-NYSE) $ NM NM Ramco-Gershenson Properties Trust (RPT-NYSE) $ $20.00 $21.00 Regency Centers Corp. (REG-NYSE) $ $84.00 $88.00 International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

7 Raymond James DDR Corp. (DDR-NYSE) Shopping Centers Collin Mings, CFA, (727) , Paul D. Puryear, (727) , Daniel Mannix, CFA, Sr. Res. Assoc., (727) , Maintaining Outperform Rating and $21 Target Price Recommendation: We are reiterating our Outperform rating and $21 target price on DDR. Our constructive stance centers on our view that 1) DDR is in the final stages of selling its lower quality assets a process that has been dilutive to FFO/AFFO but resulted in an improvement to portfolio quality; 2) leverage is declining to a level closer to that of its peers; 3) the appointment of proven CEO Thomas August should result in stable leadership; and 4) reducing its exposure to Puerto Rico could prove to be a catalyst. Also, DDR shares trade at a 7% discount to our NAV estimate and a discount relative to its primary shopping center REIT peers. We acknowledge the uncertainty created regarding its strategy following the recent change in the C-suite, as well as investor concerns surrounding its exposure to Puerto Rico; however, we believe there are a number of catalysts that could narrow the valuation gap vs. its primary peers. For a comprehensive discussion on DDR, see our report Initiating Coverage With an Outperform Rating and $21 Target Price. 2Q results: On July 26, DDR reported 2Q operating FFO/share of $0.33 $0.02 above our estimate and consensus expectations. For more details on 2Q results, see our report First Look: Operating FFO Above Forecast; Guidance Increased Slightly. Recent updates: Highlights from the July conference call included: 1) management plans to discuss its overall strategy in Puerto Rico at a board meeting scheduled for the day after Labor Day (we think it is likely the company opts to reduce its exposure to the region); 2) DDR is focused on appointing additional board members; 3) new CEO Thomas August is focused on filling senior leadership positions but has temporarily (through Labor Day) put a hold on all additional mid-/senior-level hires; 4) management expects the vacancies created by Sports Authority will results in an 80 bp drag on SSNOI in 3Q and a 100 bp drag on SSNOI in 4Q; and 5) the company doesn t anticipate any lawsuits or incremental costs as a result of prior CEO David Oakes unexpected departure (without severance). Estimates: DDR raised its operating FFO/share guidance to a range of $ (this matches its NAREIT-defined FFO guidance range) from $ Our 2016, 2017, and 2018 operating FFO/share estimates are $1.26, $1.28, and $1.36, respectively. Valuation: DDR shares trade at a 7% discount to our NAV estimate of $19.84 per share and a 6.3% implied cap rate. Our $21.00 target price reflects DDR shares trading a 6% premium to our NAV estimate, compared to the 1% weighted average discount to consensus NAV estimates of its primary shopping center REIT peers (KIM, BRX, WRI, RPAI, and KRG). On a multiples basis, DDR shares trade at 16.8x our 2017 AFFO estimate of $1.10, a 2.9-turn discount to the aforementioned peers. Shares offer a 4.1% dividend yield, 50 bp higher than both its peers and the broader REIT universe. Rating Outperform 2 Current and Target Price Current Price (Aug-23-16) $18.54 Target Price: $ Week Range $ $14.71 Suitability Medium Risk/Income Market Data Shares Out. (mil.) Market Cap. (mil.) $6,782 Avg. Daily Vol. (10 day) 2,286,259 Dividend/Yield $0.76/4.1% LT Debt (mil.)/% Cap. $4,939/41% NAV $19.84 Fixed Coverage 2.9x Earnings & Valuation Metrics 2015A 2016E 2017E 2018E P/FFO per Share 15.1x 14.7x 14.5x 13.6x Revenues (mil.) Old $995 $977 $1,003 $1,056 New $995 $968 $991 $1,052 DDR Corp. is a self-administered and self-managed real estate investment trust (REIT), headquartered in Beachwood, Ohio. The company is primarily engaged in the business of acquiring, owning, developing, redeveloping, expanding, leasing, and managing shopping centers. As of June 30, 2016, DDR s portfolio consisted of 349 value-oriented shopping centers (including shopping centers owned through joint ventures), representing 113 million square feet in 37 states and Puerto Rico (14 assets are located in Puerto Rico). The company is focused on owning marketdominant prime power centers located in large and supply-constrained markets. FFO Q1 Q2 Q3 Q4 Full /Share Mar Jun Sep Dec Year AFFO 2015A $0.30 $0.31 $0.31 $0.31 $1.23 $1.03 Old 2016E 0.31A New 2016E 0.31A 0.33A Old 2017E New 2017E Old 2018E New 2018E Rows may not add due to rounding. FFO estimates are on an operating basis. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

8 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Dec-01 Jul-02 Feb-03 Sep-03 Apr-04 Nov-04 Jun-05 Jan-06 Aug-06 Mar-07 Oct-07 May-08 Dec-08 Jul-09 Feb-10 Sep-10 Apr-11 Nov-11 Jun-12 Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Raymond James $80 $70 $60 $50 $40 $30 $20 $10 $0 DDR Corp. Consensus NAV Estimate vs. Price '02-'16 NAV Growth: (1.3%)/yr '09-'16 NAV Growth: 13.1%/yr Consensus NAV/Share Price/Share Source: SNL Financial, Raymond James research. 6% 2.5% % 1.7% 1.5% 2. DDR Corp: Same-Store NOI History % 3.6% 3.6% 3.7% 3.7% 2.9% 3.1% 3.1% 3.1% % % % 2.3% 2.6% () () (2.) (4.1%) (1.5%) (2.6%) (6%) (5.) Source: DDR Corp., Raymond James research. DDR Corp. (DDR) EARNINGS MODEL ($ in thousands unless indicated) A A A A 2015A A A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E 1Q18E 2Q18E 3Q18E 4Q18E 2018E Total Revenues 250, , , , , , , , , , , , , , , , , , ,199 1,051,683 Key Metrics: NOI 174, , , , , , , , , , , , , , , , , , , ,401 G&A 18,595 19,271 17,596 17,920 73,382 17,876 18,499 18,068 18,578 73,021 17,977 18,734 19,060 19,851 75,623 19,304 20,013 20,257 20,969 80,544 Interest Expense 63,020 61,287 58,217 59, ,727 57,897 54,012 53,969 53, ,637 49,724 49,537 51,091 52, ,577 51,357 51,440 51,481 51, ,787 Funds from Operations 13, , , , , , , , , , , , , , , , , , , ,446 Non-operating items 93,930 6, (2,533) 97,890 (314) 2, , Operating Funds from Operations 107, , , , , , , , , , , , , , , , , , , ,446 TI/LC's, Maintenance Cap Ex, Straight Line Rents, FAS141 (15,200) (16,600) (23,400) (18,000) (73,200) (11,000) (16,300) (16,398) (16,398) (60,095) (15,992) (15,992) (15,992) (15,992) (63,966) (16,312) (16,312) (16,312) (16,312) (65,247) Adjusted Funds from Operations 91,933 94,796 90,138 96, , , ,141 95,450 97, , ,080 99, , , , , , , , ,198 Weighted average shares and units outstanding 363, , , , , , , , , , , , , , , , , , , ,867 Operating FFO per share - diluted $0.30 $0.31 $0.31 $0.31 $1.23 $0.31 $0.33 $0.31 $0.31 $1.26 $0.32 $0.31 $0.32 $0.33 $1.28 $0.34 $0.34 $0.34 $0.35 $1.36 AFFO per share - diluted $0.25 $0.26 $0.25 $0.26 $1.03 $0.28 $0.29 $0.26 $0.27 $1.10 $0.27 $0.27 $0.27 $0.29 $1.10 $0.29 $0.30 $0.29 $0.30 $1.19 Source: DDR Corp., Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

9 Raymond James Equity One, Inc. (EQY-NYSE) Shopping Centers Collin Mings, CFA, (727) , Paul D. Puryear, (727) , Daniel Mannix, CFA, Sr. Res. Assoc., (727) , Momentum Likely to Moderate; Reiterate Underperform Rating Recommendation: Recent results from Equity One are commendable, especially its small-shop leasing (occupancy was up 360 bp y/y and 90 bp sequentially to 90.3% in 2Q, excluding developments/redevelopments). EQY shares (+15% YTD) have performed roughly in line with the broader shopping center REIT sector (+1 YTD) thus far in Looking ahead, though, we expect Equity One s positive momentum to moderate, as 1) we anticipate a material slowdown in SSNOI growth in 2H16 (following 1H16 SSNOI growth of +5., ex. redevelopments); 2) EQY shares trade at a 1 premium to our upwardly revised NAV estimate of $27.74; and 3) we anticipate its redevelopment efforts (while a long-term positive for the company) will be a drag on occupancy as we move into 2017/2018. On this front, management specifically highlighted the drag expected at Potrero Center and Piedmont Peachtree during its July conference call. We currently see better risk/reward profiles within our shopping center coverage universe and are reiterating our Underperform rating. For a review of 2Q results, see our report First Look: Core FFO/Share Matches Forecast; Guidance Unchanged. Recent updates: During its July conference call, Equity One highlighted 1) its momentum in small-shop leasing continues to be driven by improvements in Florida, where it had registered another 80 bp improvement in occupancy in the previous 90 days; 2) it continues to make progress advancing the redevelopment plans detailed at its investor day (EQY: Investor Day Highlights; Ramping Up Redevelopment As Expected); 3) while reported cash leasing spreads only rose 6. for same-space new leases during 2Q (vs. 15. in 1Q), this was negatively impacted by two leases associated with former Sports Authority locations (excluding these new leases, the spread would have been 12.); and 4) it does not expect buying properties from its remaining joint ventures to be a large part of its business plan in the future. Notably, Equity One also acquired Walmart at Norwalk for $30 million during 2Q (management is underwriting a high-single-digit IRR over a 10-year hold). Last week, the company filed an 8-K in connection with the departure of Thomas Caputo (President). Mr. Caputo s employment with Equity One will end on December 31, 2016, but he has agreed to serve as a consultant for the company through the end of Estimates: Management maintained its core FFO guidance range of $ /share. We are maintaining our 2016 FFO/share estimate at $1.30 but slightly raising our 2017 estimate to $1.46. On an apples-to-apples basis with core FFO guidance (excluding transaction and debt extinguishment costs), our 2016 estimate stands at $1.40. We are introducing a 2018 FFO/share estimate of $1.56. Valuation: EQY shares trade at a 4.7% implied cap rate and a 1 premium to our upwardly revised NAV estimate of $ We believe investors are offered a better risk/reward profile in other shopping center names. Rating Underperform 4 Current and Target Price Current Price (Aug-23-16) $31.16 Target Price: NM 52-Week Range $ $22.52 Suitability Not Meaningful Market Data Shares Out. (mil.) Market Cap. (mil.) $4,440 Avg. Daily Vol. (10 day) 599,726 Dividend/Yield $0.88/2.8% LT Debt (mil.)/% Cap. $1,359/23% NAV $27.74 Interest Coverage 4.8x Earnings & Valuation Metrics 2015A 2016E 2017E 2018E P/FFO per Share 25.5x 24.0x 21.3x 20.0x Revenues (mil.) Old $366 $381 $410 NA New $366 $379 $408 $446 Equity One, Inc. is a self-administered real estate investment trust focused on the acquisition, redevelopment, and management of neighborhood and community shopping centers. As of June 30, 2016, the company's consolidated portfolio comprised of 122 properties totaling 12.2 million square feet, including 97 shopping centers, 14 development or redevelopment properties, five non-retail properties, and six land parcels. FFO Q1 Q2 Q3 Q4 Full /Share Mar Jun Sep Dec Year AFFO 2015A $0.32 $0.31 $0.31 $0.29 $1.22 $0.80 Old 2016E 0.32A New 2016E 0.32A 0.34A Old 2017E New 2017E Old 2018E NA NA NA NA NA NA New 2018E Rows may not add due to rounding and changes in the share base. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

10 1Q09 2Q09 3Q09 4Q09 1Q10 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Dec-02 Jul-03 Feb-04 Sep-04 Apr-05 Nov-05 Jun-06 Jan-07 Aug-07 Mar-08 Oct-08 May-09 Dec-09 Jul-10 Feb-11 Sep-11 Apr-12 Nov-12 Jun-13 Jan-14 Aug-14 Mar-15 Oct-15 May-16 Raymond James $35 $30 $25 $20 $15 $10 $5 $0 Equity One Consensus NAV Estimate vs. Price '02-'16 NAV Growth: 5.3%/yr '09-'16 NAV Growth: 10./yr Consensus NAV/Share Price/Share Source: SNL Financial, Raymond James research. 8% 6% () () (6%) 5% 3% 3% 3% 3% 3% 3% 3% 1% 1% 5% Equity One, Inc.: Cash Same-Store NOI History 1% 1% 3% (1%)(1%) () () (3%) (3%) (3%) (5%) () 3% 1% (1%) 5% 1% 3%5% 5% 6% 5% 3% 3% 3% 3% 3% 3% Source: Equity One, Inc., Raymond James research. Equity One Portfolio Cash Rent Spreads 35% 3 25% 2 15% 1 5% (5%) (1) (15%) New Renewals *As of, renewals include options. As of, same-space only. Source: Equity One, Inc., Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

11 Square Feet Raymond James Equity One Portfolio Leasing Trends 1,000, , , , , , , , , , Q09 4Q09 Renewal Leases New Leases *As of, renewals include options. Source: Equity One, Inc., Raymond James research. Equity One, Inc. (EQY) EARNINGS MODEL ($000 unless indicated) Source: Equity One, Inc., Raymond James research. A A A A 2015A A A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E 1Q18E 2Q18E 3Q18E 4Q18E 2018E Total Revenues 88,520 96,332 90,665 90, ,353 95,118 92,754 94,996 95, , ,236 99, , , , , , , , ,786 Key Metrics: NOI 64,745 66,720 65,782 67, ,736 69,804 68,695 68,976 70, ,292 73,995 73,873 75,028 77, ,204 81,103 81,138 81,867 83, ,059 Interest expense 14,259 13,244 12,918 13,279 53,700 12,848 12,481 11,772 12,179 49,280 12,391 12,613 12,824 13,002 50,831 13,272 13,527 13,661 13,662 54,123 General & Admin 8,740 8,417 9,207 9,913 36,277 8,711 8,663 9,060 9,544 35,978 8,511 8,215 9,559 10,077 36,361 9,302 8,983 10,438 10,999 39,722 Funds from Operations 43,315 43,978 43,409 40, ,838 45,046 48,657 42,147 49, ,400 53,811 53,761 53,211 54, ,575 59,241 59,338 58,327 59, ,754 TI/LCs, Cap Ex, Straight Line Rents, FAS 141, & Other 14,204 14,500 13,442 16,938 59,084 2,076 10,076 4,791 12,078 29,021 12,322 12,349 12,355 12,362 49,388 12,840 12,867 12,874 12,880 51,461 Adjusted Funds from Operations 29,111 29,478 29,967 23, ,754 42,970 38,581 37,356 37, ,379 41,489 41,413 40,855 42, ,187 46,401 46,471 45,454 46, ,293 Average Common Shares Outstanding (Diluted) 136, , , , , , , , , , , , , , , , , , , ,625 FFO/share (fully diluted) $ 0.32 $ 0.31 $ 0.31 $ 0.29 $ 1.22 $ 0.32 $ 0.34 $ 0.29 $ 0.34 $ 1.30 $ 0.37 $ 0.37 $ 0.36 $ 0.37 $ 1.46 $ 0.39 $ 0.39 $ 0.38 $ 0.39 $ 1.56 AFFO/share (fully diluted) $ 0.21 $ 0.21 $ 0.21 $ 0.16 $ 0.80 $ 0.30 $ 0.27 $ 0.26 $ 0.26 $ 1.09 $ 0.28 $ 0.28 $ 0.28 $ 0.28 $ 1.13 $ 0.31 $ 0.31 $ 0.30 $ 0.31 $ 1.22 International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

12 Raymond James Federal Realty Investment Trust (FRT-NYSE) Shopping Centers Collin Mings, CFA, (727) , Paul D. Puryear, (727) , Daniel Mannix, CFA, Sr. Res. Assoc., (727) , Reiterating Market Perform Rating; Trimming 2016/2017 Estimates Recommendation: The recent underperformance of FRT shares (only +8% YTD, and now down 7% MTD) vs. the overall shopping center REIT sector (+1 YTD) is making Federal s valuation increasingly attractive in context of how FRT shares have historically traded vs. peers. We expect Federal to still post solid FFO/share growth this year, despite various transitory issues (downwardly revised guidance still implies ~6% y/y growth at the midpoint), and we remain attracted to its strong balance sheet; however, we are reiterating our Market Perform rating, as 1) SSNOI growth is poised to decelerate in 2H16, 2) FRT shares still trade at a 15% premium to our upwardly revised NAV estimate (and a 4. implied cap rate), and 3) we see limited upside to its guidance range given the Sports Authority drag and outlook for apartment rents at Pike & Rose. For a complete review of 2Q results, see our report First Look: In-Line Q; Guidance Lowered on Opportunistic Debt Raise. Recent updates: During its August conference call, Federal highlighted 1) its mixed-use development pipeline remains strong, although residential supply pressure in North Bethesda continues to be negatively impacting apartment rents at Pike & Rose; 2) the Sports Authority liquidation will result in a 50 bp decline in occupancy in 3Q (three of its five spaces are vacant, but it expects to re-lease the space at 10-2 higher rents); 3) it has adjusted hurdle rates and is willing to be more aggressive on acquisitions given its current cost of capital; 4) it believes cap rates and IRRs are a bit lower than six months ago (specifically in California, it is seeing cap rates in the range); and 5) it expects to issue equity under its at-the-market (ATM) program through the remainder of the year as it looks to maintain net debt/ebitda in the low-to-mid 5x range. Estimates: Federal lowered its 2016 FFO/share guidance range to $ from $ (~6% y/y growth at the midpoint from $5.32 in 2015, ex. the impact of the early extinguishment of debt) to reflect the expected $ /share dilutive impact of the issuance of $250 million of 3.625% 30-year notes. Incorporating 2Q results and updated guidance, we are slightly trimming our 2016 and 2017 FFO/share estimates to $5.66 (from $5.67) and $6.08 (from $6.14), respectively. We are also introducing a 2018 FFO/share estimate of $6.71. Valuation: FRT is trading at a 4. implied cap rate, 30.4x our 2017 AFFO/share estimate, and a 15% premium to our revised NAV estimate of $137.56, based on a 4.5% cap rate. Rating Market Perform 3 Current and Target Price Current Price (Aug-23-16) $ Target Price: NM 52-Week Range $ $ Suitability Medium Risk/Income Market Data Shares Out. (mil.) 71.4 Market Cap. (mil.) $11,246 Avg. Daily Vol. (10 day) 335,034 Dividend/Yield $3.92/2.5% LT Debt (mil.)/% Cap. $2,665/19% NAV $ Fixed Charge Coverage 5.7x Earnings & Valuation Metrics 2015A 2016E 2017E 2018E P/FFO per Share 31.2x 27.8x 25.9x 23.5x Revenues (mil.) Old $744 $809 $890 NA New $744 $809 $882 $984 Federal Realty Investment Trust, based in Rockville, Maryland, is an equity real estate investment trust specializing in the ownership, management, and redevelopment of high-quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 22.0 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. FFO Q1 Q2 Q3 Q4 Full /Share Mar Jun Sep Dec Year AFFO 2015A $1.26 $1.06 $1.36 $1.37 $5.05 $4.55 Old 2016E 1.38A New 2016E 1.38A 1.42A Old 2017E New 2017E Old 2018E NA NA NA NA NA NA New 2018E Rows may not add due to rounding. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

13 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Dec-01 Jul-02 Feb-03 Sep-03 Apr-04 Nov-04 Jun-05 Jan-06 Aug-06 Mar-07 Oct-07 May-08 Dec-08 Jul-09 Feb-10 Sep-10 Apr-11 Nov-11 Jun-12 Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Raymond James Federal Realty Investment Trust Consensus NAV Estimate vs. Price $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 '01-'16 NAV Growth: 11.7%/yr '09-'16 NAV Growth: 15.1%/yr Consensus NAV/Share Price/Share Source: SNL Financial, Raymond James research % 6% () () 5% 5% 6% 6% 5% 5% 6%6% 5% 3% 3% 3% 3% Federal Realty Investment Trust: GAAP Same-Store NOI History (Excluding Redevelopment) () (1%) 1% 3% 1% 3% 6% 1 3% 5% 6% 5% 3% 3% 3% 3%1% 3% 3% Source: Federal Realty Investment Trust, Raymond James research. Federal Realty Portfolio Cash Rent Spreads (1) (2) New Renewals Source: Federal Realty Investment Trust, Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

14 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Square Feet Raymond James Federal Realty Portfolio Leasing Trends 700, , , , , , ,000 0 Renewal Leases New Leases Source: Federal Realty Investment Trust, Raymond James research. Federal Realty Investment Trust (FRT) EARNINGS MODEL ($ in thousands unless indicated) A A A A 2015A A A 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E 1Q18E 2Q18E 3Q18E 4Q18E 2018E Total Revenues 184, , , , , , , , , , , , , , , , , , , ,591 Key Metrics: NOI 122, , , , , , , , , , , , , , , , , , , ,282 G&A 8,853 9,299 9,374 8,119 35,645 8,010 9,036 9,984 9,533 36,563 8,380 9,507 10,364 9,941 38,192 8,970 10,146 11,049 10,677 40,842 Interest Expense 24,168 23,445 21,733 23,207 92,553 23,729 23,101 23,812 24,205 94,847 24,652 25,096 24,554 25,217 99,520 26,433 26,827 27,217 27, ,081 Funds from Operations 87,288 73,942 95,157 96, ,861 97, , , , , , , , , , , , , , ,315 TI/LC's, Maintenance Cap Ex, Straight Line Rents, FAS141 (8,066) 6,797 (11,663) (22,111) (35,043) (11,148) (16,861) (12,637) (22,546) (63,191) (12,380) (17,508) (13,091) (23,438) (66,417) (12,834) (18,185) (13,566) (24,372) (68,956) Adjusted Funds from Operations 79,222 80,739 83,494 74, ,818 86,441 85,336 91,556 81, ,618 94,108 93, ,445 90, , , , , , ,359 Average Common Shares Outstanding (Diluted) 69,515 69,647 70,115 70,391 69,917 70,867 71,816 72,486 72,786 71,989 72,986 73,186 73,386 73,586 73,286 73,836 74,086 74,336 74,586 74,211 FFO/share (fully diluted) $1.26 $1.06 $1.36 $1.37 $5.05 $1.38 $1.42 $1.44 $1.43 $5.66 $1.46 $1.52 $1.55 $1.55 $6.08 $ 1.62 $1.67 $1.70 $1.73 $6.71 AFFO/share (fully diluted) $1.14 $1.16 $1.19 $1.06 $4.55 $1.22 $1.19 $1.26 $1.12 $4.79 $1.29 $1.28 $1.37 $1.24 $5.18 $ 1.44 $1.43 $1.51 $1.40 $5.79 Source: Federal Realty Investment Trust, Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

15 Raymond James Kimco Realty Corporation (KIM-NYSE) Shopping Centers Collin Mings, CFA, (727) , Paul D. Puryear, (727) , Daniel Mannix, CFA, Sr. Res. Assoc., (727) , Reiterating Market Perform Rating; Raising 2017 Estimates Recommendation: We reiterate our Market Perform rating after a comprehensive review of our model and NAV estimate following 2Q results. Despite falling 7% thus far in August, we currently see a balanced risk/reward profile, with KIM shares still trading at a 7% premium to our upwardly revised NAV estimate, as we anticipate recent tenant bankruptcies and asset sales will remain a drag on near-term results (the midpoint of FFO/share as adjusted guidance only reflects 3% y/y growth). That said, we are optimistic that Kimco is approaching a key inflection point and are modeling an acceleration in FFO/share growth in 2017/2018 following the positive steps it has taken over the last several years to simplify its business and better position it for growth. For a review of 2Q results, see our previous report First Look: SSNOI Climbs 3.1% Y/Y; Headline FFO Guidance Lowered. Recent updates: In July, Kimco highlighted 1) it was optimistic it would be able to monetize some of its stake in Albertsons in 2016 (even if an IPO is not completed); 2) its Puerto Rico portfolio continues to hold up nicely (occupancy is still above 95%); 3) it expects it to take 6-12 months for all of its former Sports Authority locations to be fully occupied (and paying rent) which will be a ~50-60 bp drag on same-store NOI in 2017; 4) the strong demand for open-air shopping centers (recent transactions in key markets have closed at sub-5% cap rates); and 5) its exit from Canada is now 9 complete (on a related note, the company announced it was redeeming Canadian-dollardenominated notes totaling $350 million). Earlier this month, the company announced it had priced $500 million of notes due 2026 at a coupon of 2.8% per annum with an effective yield of 2.895%. Proceeds are being used to fund the redemption of its outstanding 5.7 senior notes due May 1, 2017, as well as pre-fund 2017 debt maturities/reduce borrowings on its revolving credit facility. Prepayment of its 2017 debt was one of the three strategic initiatives the company announced in July (the other two were redeeming its Canadian bonds and merging its primary taxable REIT subsidiary). We have included the August debt offering into our latest estimates (outlined below) and believe it underscores the strength of Kimco s balance sheet. Estimates: Kimco lowered 2016 headline FFO guidance to a range of $ /share from $ but maintained FFO as adjusted guidance of $ /share (only ~3% y/y growth at the midpoint). We are maintaining our 2016 recurring FFO/share estimate of $1.50 and raising our 2017 estimate to $1.65 (up from $1.59). We are introducing a 2018 FFO/share estimate of $1.77. Valuation: KIM shares are trading at a 5.5% implied cap rate and a 7% premium to our upwardly revised $27.66 NAV estimate. Rating Market Perform 3 Current and Target Price Current Price (Aug-23-16) $29.70 Target Price: NM 52-Week Range $ $22.07 Suitability Medium Risk/Income Market Data Shares Out. (mil.) Market Cap. (mil.) $12,474 Avg. Daily Vol. (10 day) 2,906,234 Dividend/Yield $1.02/3. LT Debt (mil.)/% Cap. $5,189/28% NAV $27.66 Fixed Charge Coverage 3.2x Earnings & Valuation Metrics 2015A 2016E 2017E 2018E P/FFO per Share 20.3x 19.8x 18.0x 16.8x Revenues (mil.) Old $1,138 $1,156 $1,210 NA New $1,138 $1,162 $1,223 $1,310 Kimco Realty Corporation, headquartered in New Hyde Park, New York, is a self-administered real estate investment trust focused on neighborhood and community shopping centers. Kimco is one of the largest shopping-center-focused REITs in the nation and has established, through its numerous operating subsidiaries or joint ventures, a broad North American presence with ownership interests in 537 U.S. shopping centers comprising 86 million square feet of leasable space across 36 states and Puerto Rico as of June 30, FFO Q1 Q2 Q3 Q4 Full /Share Mar Jun Sep Dec Year AFFO 2015A $0.36 $0.37 $0.36 $0.37 $1.46 $1.18 Old 2016E 0.37A New 2016E 0.37A 0.37A Old 2017E New 2017E Old 2018E NA NA NA NA NA NA New 2018E Rows may not add due to rounding and changes in share base. FFO estimates are on a recurring basis. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

16 1Q10 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Dec-01 Jul-02 Feb-03 Sep-03 Apr-04 Nov-04 Jun-05 Jan-06 Aug-06 Mar-07 Oct-07 May-08 Dec-08 Jul-09 Feb-10 Sep-10 Apr-11 Nov-11 Jun-12 Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Raymond James Kimco Realty Corporation Consensus NAV Estimate vs. Price $60 $50 $40 '01-'16 NAV Growth: 5./yr '09-'16 NAV Growth: 13.8%/yr $30 $20 $10 $0 Consensus NAV/Share Price/Share Source: SNL Financial, Raymond James research. 8% 6% () () (6%) (8%) 5% 3% 3% () () (5%) (7%) Kimco Realty Corp: Cash Same-Store NOI History 5% 5% 6% 6% 6% 3% 3% 3% 1% () (1%) (1%) () () 3%3% 3% 3% 5% 3% 3% 3% 3% 3% Source: Kimco Realty Corp., Raymond James research. Kimco Realty Cash Rent Spreads (1) (2) New Renewals *For U.S. and Puerto Rico only. Renewals include options. Source: Kimco Realty Corp., Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

17 1Q10 Square Feet (in thousands) Raymond James Kimco Realty Leasing Trends 4,000 3,500 3,000 2,500 2,000 1,500 1, Renewal Leases New Leases *For U.S. and Puerto Rico only. Renewals include options. Source: Kimco Realty Corp., Raymond James research. KIMCO REALTY CORP. (KIM) EARNINGS MODEL ($000 unless indicated) 1Q 15A 2Q 15A 3Q 15A 4Q 15A 2015A 1Q 16A 2Q 16A 3Q 16E 4Q 16E 2016E 1Q 17E 2Q 17E 3Q 17E 4Q 17E 2017E 1Q 18E 2Q 18E 3Q 18E 4Q 18E 2018E Revenues from Rental Properties $ 273,209 $ 287,973 $ 281,467 $ 295,750 $ 1,138,399 $ 289,617 $ 285,930 $ 288,341 $ 297,896 $ 1,161,783 $ 298,711 $ 300,978 $ 307,541 $ 316,155 $ 1,223,385 $ 319,969 $ 322,133 $ 329,747 $ 338,028 $ 1,309,877 Key Metrics: Net operating income from rental property 199, , , , , , , , , , , , , , , , , , , ,107 Interest expense (52,578) (56,130) (54,031) (56,152) (218,891) (52,451) (50,479) (45,194) (41,375) (189,499) (42,490) (47,421) (46,517) (47,115) (183,543) (48,504) (49,641) (51,007) (51,503) (200,656) General and administrative expenses (32,705) (29,307) (27,310) (33,413) (122,735) (31,929) (29,928) (28,106) (28,914) (118,876) (32,655) (31,084) (29,720) (30,427) (123,886) (33,984) (32,299) (31,150) (31,896) (129,328) Funds From Operations $ 153,478 $ 182,711 $ 163,876 $ 143,179 $ 643,244 $ 158,223 $ 158,104 $ 67,471 $ 186,821 $ 570,619 $ 193,718 $ 197,339 $ 200,336 $ 200,747 $ 792,140 $ 183,817 $ 185,580 $ 187,086 $ 187,024 $ 743,507 Non-recurring items (6,303) (29,983) (13,414) 9,892 (39,808) (5,361) (2,587) 90,000 (23,486) 58,566 (23,486) (23,486) (23,486) (23,486) (93,944) 1,000 1,000 1,000 1,000 4,000 Recurring Funds From Operations $ 147,175 $ 152,728 $ 150,462 $ 153, , , , , , , , , , , , , , , , ,507 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Deferred Rents, Cap-Ex, FAS 141, JV Cap-Ex and TI/LCs (25,216) (32,203) (31,524) (46,650) (135,593) (33,890) (34,691) (26,915) (26,910) (122,406) (27,296) (27,306) (27,315) (27,324) (109,241) (27,805) (27,814) (27,823) (27,833) (111,275) Adjusted Funds From Operations (AFFO) $ 128,262 $ 123,749 $ 126,264 $ 109, , , , , , , , , , , , , , , , ,232 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Weighted average shares & OP units (diluted) 415, , , , , , , , , , , , , , , , , , , ,620 Recurring FFO/share (fully diluted) $ 0.36 $ 0.37 $ 0.36 $ 0.37 $ 1.46 $ 0.37 $ 0.37 $ 0.37 $ 0.39 $ 1.50 $ 0.40 $ 0.41 $ 0.42 $ 0.42 $ 1.65 $ 0.44 $ 0.44 $ 0.45 $ 0.45 $ 1.77 AFFO/share (fully diluted) $ 0.31 $ 0.30 $ 0.30 $ 0.27 $ 1.18 $ 0.30 $ 0.29 $ 0.31 $ 0.32 $ 1.22 $ 0.34 $ 0.34 $ 0.35 $ 0.35 $ 1.38 $ 0.37 $ 0.37 $ 0.38 $ 0.38 $ 1.50 Source: Kimco Realty Corp., Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

18 Raymond James Ramco-Gershenson Properties Trust (RPT-NYSE) Shopping Centers Collin Mings, CFA, (727) , Paul D. Puryear, (727) , Daniel Mannix, CFA, Sr. Res. Assoc., (727) , Reiterating Outperform Rating, Raising Target Price to $21 Recommendation: Ramco-Gershenson is making progress on its capital recycling efforts and growing its redevelopment pipeline. Despite slightly outperforming the shopping center REIT sector (+15% vs. +1 YTD), we believe expectations remain low, with RPT shares still trading 5% below our NAV estimate and only 15.8x our 2017 AFFO estimate making Ramco-Gershenson one of the least expensive names across our shopping center coverage. We reiterate our Outperform rating based largely on valuation. For a review of 2Q results, see our report First Look: Bad Debt Reversal Offers Boost; Executing on Asset Sales. Recent updates: Given highly competitive acquisition markets, Ramco-Gershenson (similar to most of its peers) is placing a greater focus on deploying capital toward redevelopment projects. The current pipeline consists of 10 projects that, upon stabilization, are expected to have an average return of 9-1 on costs ($79.9 million), and we expect the company to announce several additional projects over the next few quarters offsetting the $36 million in projects it expects to complete later this year. During its August conference call, Ramco-Gershenson highlighted that 1) it made progress in 2Q on its plan to sell non-core shopping centers and has now completed over 6 of its planned asset sales (average cap rate has been in the low-7% range); 2) it expects to close the sale of $75 million of senior unsecured notes in a private placement (12-year term/fixed interest rate of 3.6) on November 30; 3) the two assets it is currently marketing for sale in Michigan are expected to sell at an ~8% cap rate; and 4) Logan s Roadhouse which filed bankruptcy earlier this month was on its watch list (the company has four locations, reflecting ~$400,000 in annual base rent). Investor meetings: In June, we hosted investor meetings with Dennis Gershenson (President and CEO), John Hendrickson (COO), and Geoff Bedrosian (CFO). For details, see our report Investor Meeting Highlights; Focusing on Regionally Dominant Assets. Estimates: Ramco-Gershenson narrowed its operating FFO per share guidance to a range of $ from $ Incorporating 2Q results, we are slightly raising our 2016 FFO/share estimate to $1.38 from $1.37 due to higher-than-expected land sale gains. We are maintaining our 2017 estimate of $1.45. Also of note, we are introducing a 2018 FFO/share estimate of $1.52. On an apples-to-apples basis with management s operating guidance, our 2016 operating FFO/share estimate is $1.36. Importantly, we expect the company to primarily fund its redevelopment pipeline (as well as potential acquisitions) with asset sales and free cash flow. We are only modeling a small amount of equity issuance via its at-the-market (ATM) program through Valuation: RPT shares are trading at a 5% discount to our NAV estimate of $20.12, or a 6.7% implied cap rate. This compares to the larger-cap peers (BRX, DDR, KIM, RPAI), which trade at a 1% discount to consensus NAV estimates. Our upwardly revised $21 target price (from $20) is based on RPT shares trading at 17.4x our 2017 AFFO estimate of $1.21, in line with the current 2016 multiple, and reflects shares trading at a ~5% premium to our NAV estimate. Rating Outperform 2 Current and Target Price Current Price (Aug-23-16) $19.14 Target Price: Old: $20.00 New: $ Week Range $ $14.74 Suitability Medium Risk/Income Market Data Shares Out. (mil.) 79.2 Market Cap. (mil.) $1,516 Avg. Daily Vol. (10 day) 239,829 Dividend/Yield $0.84/4. LT Debt (mil.)/% Cap. $1,028/38% NAV $20.12 Fixed Coverage 3.4x Earnings & Valuation Metrics 2015A 2016E 2017E 2018E P/FFO per Share 14.1x 13.9x 13.2x 12.6x Revenues (mil.) Old $252 $264 $273 NA New $252 $264 $269 $279 Ramco-Gershenson Properties Trust is a fully integrated, self-administered real estate investment trust (REIT) based in Farmington Hills, Michigan that focuses on acquiring, owning, managing, and developing/redeveloping necessity-based community shopping centers anchored by grocery stores and/or nationally recognized discount department stores. As of June 30, 2016 Ramco-Gershenson owned interests in a portfolio of 68 shopping centers and one office building comprising 15.2 million square feet of gross leasable area (GLA). FFO Q1 Q2 Q3 Q4 Full /Share Mar Jun Sep Dec Year AFFO 2015A $0.33 $0.32 $0.37 $0.34 $1.36 $1.09 Old 2016E 0.34A New 2016E 0.34A 0.36A Old 2017E New 2017E Old 2018E NA NA NA NA NA NA New 2018E Rows may not add due to rounding. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida