Park Hotels - Net Asset Value (NAV) Model

($ USD in Millions Except Per Share and Per Unit Amounts in USD as Stated)

NAV Model Assumptions: Units:

Current Share Price: $ as Stated $ 27.77 Current Equity Value: $ 5,487

Shares Outstanding: # Millions 197.605 (-) Cash & Cash-Equivalents: (293)
(+) Total Debt: 3,222
(+) Preferred Stock: -
(+) Noncontrolling Interests: (49)
Current Enterprise Value: $ 8,367

Adjusted Historical
NAV Model: Units: Values: BS: Difference:
ASSETS:
Forward Property Net Operating Income (NOI): $M $ 838
(÷) Assumed Cap Rate: % 7.5%
Market Value of Gross Real Estate Operating Assets: $M $ 11,168 $ 8,332 34.0%
(Book Value of Real Estate, Net of Accumulated Depreciation).
Construction-in-Progress: $M 79
(x) Market Value Adjustment: % 120.0%
Market Value of Construction-in-Progress: $M 95 79 20.0%

Cash & Cash-Equivalents: $M 293 293 –

Accounts Receivable: $M 130 130 –

Goodwill & Other Intangibles: $M 648

(x) Market Value Adjustment: % -
Market Value of Goodwill & Other Intangibles: $M - 648 (100.0%)

Other Assets: $M 222 222 –

Total Market Value of Assets: $M $ 11,908 $ 9,704 22.7%

LIABILITIES & EQUITY:

Debt & Other Borrowings: $M (3,222)
(x) Market Value Adjustment: % 100.5%
Market Value of Debt & Other Borrowings: $M (3,238) (3,222) 0.5%

Accounts Payable: $M (167) (167) –

Other Liabilities: $M (2,622) (2,622) –
Noncontrolling Interests (NCI): $M 49 49 –

Net Asset Value (NAV): $M $ 5,930

NAV per Share: $ as Stated $ 30.01
Current Share Price: $ as Stated $ 27.77

NAV per Share Premium / (Discount) to Current: % 8.1%

Cap Rate Implied by Current Share Price: % 7.8%

Sensitivity Analysis - NAV per Share:

Assumed Cap Rate:

$ 30.01 7.0% 7.1% 7.2% 7.3% 7.4% 7.5% 7.6% 7.7% 7.8% 7.9% 8.0%
$ 850
845
840
838
835
Forward Property Net Operating Income (NOI):
830
825
820
815
810
AvalonBay Communities, Inc. - Net Asset Value (NAV) Model
($ USD in Millions Except Per Share and Per Unit Amounts in USD as Stated)

ASSETS:
Operating Real Estate & Other Income:

Cap Rate Adjustment for Sensitivities: % -

Replacement Reserves % NOI: % 5.0%

Nominal Repl. Reserve Economic Economic Sensitized Implied

Established Properties by Region: Forward NOI: Deduction: Forward NOI: Cap Rate: Cap Rate: Value:
New England: $M $ 154.8 $ (7.7) $ 147.1 5.0% 5.0% $ 2,941.6
Metro NY/NJ: $M 253.7 (12.7) 241.1 4.0% 4.0% 6,026.4
Mid-Atlantic: $M 156.7 (7.8) 148.9 5.3% 5.3% 2,809.0
Pacific Northwest: $M 64.2 (3.2) 61.0 4.3% 4.3% 1,417.9
Northern California: $M 264.0 (13.2) 250.8 4.5% 4.5% 5,572.9
Southern California: $M 253.2 (12.7) 240.5 4.2% 4.2% 5,726.2

Other Business Segments:

Other Stabilized Properties: $M 317.6 (15.9) 301.7 6.1% 6.1% 4,946.0
Development Properties: $M 52.0 (2.6) 49.4 7.0% 7.0% 705.7
Redevelopment Properties: $M 88.8 (4.4) 84.3 5.0% 5.0% 1,686.6
Acquired Properties: $M 23.1 (1.2) 22.0 5.0% 5.0% 439.2
Disposed Properties: $M (25.2) 1.3 (23.9) 5.3% 5.3% (451.7)

Equity Investments (Unconsolidated Real Estate): $M 65.0 (3.3) 61.8 5.0% 5.0% 1,235.3
(x) Pro-Rata Allocation Percentage: % 25.1%
Market Value of Pro-Rata Portion of Unconsol. RE: $M 310.4

Other JV Assets: $M 40.0

(x) Pro-Rata Allocation Percentage: % 25.1%
Market Value of Pro-Rata Portion of Unconsol. RE: $M 10.0

Management, Development & Other Fees: $M 4.6 - 4.6 12.0% 12.0% 38.0

Other Assets:
Construction-in-Progress: $M 525.6
(x) Market Value Adjustment: % 110.0%
Market Value of Construction-in-Progress: $M 578.2

Land Held for Development: $M 68.4

(x) Market Value Adjustment: % 105.0%
Market Value of Land Held for Development: $M 71.8

Cash & Cash-Equivalents: $M 201.9

Resident Security Deposits: $M 32.7
Other Assets: $M 299.2

Total Market Value of Assets: $M $ 33,361.9

LIABILITIES & EQUITY:
Debt & Other Borrowings: $M (7,329.5)
(x) Market Value Adjustment: % 99.6%
(+) Benefit of Tax-Exempt Bonds: $M 0.7 8.0% 8.0% 9.4
Market Value of Debt & Other Borrowings: $M (7,290.1)

Pro-Rata Portion of JV Debt: $M (523.8)

(x) Market Value Adjustment: % 104.8%
(x) Pro-Rata Allocation Percentage: % 25.1%
Market Value of Pro-Rata Portion of JV Debt: $M (138.0)

Pro-Rata Portion of Other JV Liabilities: $M (10.5)

(x) Pro-Rata Allocation Percentage: % 25.1%
Pro-Rata Portion of Other JV Liabilities: $M (2.6)

Resident Security Deposits: $M (58.5)

Other Liabilities: $M (632.8)

Net Asset Value (NAV): $M $ 25,240.0

Exercise
Share Count Calculation: Number: Price: Dilution:
Basic Shares Outstanding: # Millions 138.096 138.096
Options A: # Millions 0.150 $ 126.77 0.046
Options B: # Millions 0.008 48.60 0.006
Performance Awards: # Millions 0.252 0.252
DownREIT Units: # Millions 0.008 0.008
RSUs: # Millions 0.000 0.000
Diluted Shares Outstanding @ NAV per Share: # Millions 138.406

NAV per Share: $ as Stated $ 182.36

Current Share Price: $ as Stated 165.09

NAV per Share Premium / (Discount) to Current Price: % 10.5%

12-Month Forward NOI (Nominal): $M $ 1,602.9

12-Month Forward NOI (Economic): $M 1,522.7

Sensitivity Analysis - NAV per Share:

Cap Rate Differentials to Baseline Estimates:

(0.5%) (0.4%) (0.3%) (0.2%) (0.1%) - 0.1% 0.2% 0.3% 0.4% 0.5%
182
Digital Realty Trust, Inc. - Net Asset Value (NAV) Model
($ USD in Millions Except Per Share and Per Unit Amounts in USD as Stated)

ASSETS:
Operating Real Estate & Other Income:

Cap Rate Adjustment for Sensitivities: % -

Sensitized Implied
Forward NOI: Cap Rate: Cap Rate: Value:
Annualized GAAP NOI from Most Recent Quarter: $M $ 1,386.0
(+/-) Straight-Lining of Rent & Expenses, Net: $M 0.5
(+/-) Above/Below-Market Rent Amortization: $M (7.9)
(-) Partners' Share of Consolidated JVs: $M (0.5)
(-) Annualized NOI from Dispositions & Expirations: $M (11.1)
(+) Annualized NOI from Backlog Stabilized in Quarter: $M 51.0
Total Consolidated Cash NOI: $M 1,418.0
Expected Growth Rate Over Next 12 Months: % 4.0%
Forward Cash NOI: $M 1,474.8 6.6% 6.6% $ 22,345.0

Pro-Rata Share of Unconsolidated JV Cash NOI: $M 35.1 7.0% 7.0% 501.4

Management, Development & Other Fees: $M 7.6 12.5% 12.5% 60.6

Other Assets:
Construction in Progress and Development Land: $M 1,010.4
(-) Investment Associated with Backlog: $M (248.7)
(x) Market Value Adjustment: % 120.0%
Market Value of Construction and Development Land: $M 914.0

Pre-Stabilized Inventory at Cost: $M 251.4

Cash & Cash-Equivalents: $M 25.4
Accounts Receivable: $M 195.4
Other Assets: $M 220.8
Partners' Share of Consolidated JV Assets: $M (0.1)

Total Market Value of Tangible Assets: $M $ 24,514.0

LIABILITIES & EQUITY:
Debt & Other Borrowings: $M $ (6,201.3)
(x) Market Value Adjustment: % 104.5%
Market Value of Debt & Other Borrowings: $M (6,480.4)

Pro-Rata Portion of Unconsolidated JV Debt: $M (135.8)

Cost to Complete Backlog Assets: $M (120.4)

Accounts Payable & Other Accruals: $M (804.4)

Other Liabilities: $M (174.8)

Preferred Stock: $M (1,013.0)

Non-OP Noncontrolling Interests: $M (6.6)

Net Asset Value (NAV): $M $ 15,778.8

Exercise
Share Count Calculation: Number: Price: Dilution:
Basic Shares Outstanding: # Millions 159.775 159.775
Options A: # Millions 0.006 $ 41.73 0.003
Incentive Units: # Millions 1.534 1.534
OP Units: # Millions 1.012 1.012
RSUs: # Millions 0.000 0.000
Diluted Shares Outstanding @ NAV per Share: # Millions 162.325

NAV per Share: $ as Stated $ 97.21

Current Share Price: $ as Stated 118.02

NAV per Share Premium / (Discount) to Current Price: % (17.6%)

Sensitivity Analysis - NAV per Share:

Cap Rate Differentials to Baseline Estimates:

$ 97.21 (1.0%) (0.8%) (0.6%) (0.4%) (0.2%) - 0.2% 0.4% 0.6% 0.8% 1.0%
6.0%
5.5%
5.0%
4.5%
4.0%
Expected NOI Growth Rate Over Next 12 Months:
3.5%
3.0%
2.5%
2.0%