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Strictly Confidential 11/13/15
INVESTOR pRESENTaTION jaNuaRy 2015
Strictly Confidential 2
THE VISION
Strictly Confidential 3
INTRODuCTIONS
mIamI maRKET OVERVIEw
mIamI DESIgN DISTRICT
OwNERSHIp
INVESTmENT THESIS
TOuR
AGENDA
Strictly Confidential 4
INTRODuCTIONSINTRODuCTIONS
Strictly Confidential 5
DACRA &MIAMI DESIGN DISTRICT ASSOCIATES
Dacra is an innovative real estate company that uses architecture, art, design and cultural programming to build creative international destinations. The company is comprised of a variety of entities and brands that work together to contribute to the development of every element of a dynamic community.
Craig Robins, CEO Dacra
joyce gallego, Vp LeasingmDDa
Steven gretenstein, COO Dacra
Kerem Kayser, Vp asset mgmt mDDa
Strictly Confidential 6
GENERAL GROWTH PROPERTIES
general growth properties, Inc. is an S&p 500 company focused exclusively on owning, managing, leasing, and redeveloping high-quality retail properties throughout the united States. ggp is headquartered in Chicago, Illinois, and publicly traded on the NySE under the symbol ggp.
Sandeep mathrani, CEO Shobi Khan, COO
alan Barocas, Senior EVpLeasing
Strictly Confidential 7
mIamI maRKETOVERVIEw
mIamI maRKETOVERVIEw
Strictly Confidential 8
MIAMI MARKET OVERVIEW
Knight Franks wealth Report considers miami the 2nd most important city in the u.S. to the worlds wealthiest people (NyC is #1)
In 2013, attracted 14.2m visitors spending over $22.8B (4.6% increase y-o-y)
5.0m visitors from Latin america and 1.3m visitors from Europe in 2013
New cultural entertainment includes art Basel, perez art museum, Frost museum of Science and David Beckhams proposed soccer stadium
mSa population: 5.6m residents (8th in u.S.)
unemployment Rate: 6.3%
Key Industries: Tourism, Import/Export, Construction, Healthcare
Total 2014 Retail Sales growth: 3.9% (vs. 3.7% National)
Strictly Confidential 9
MIAMI MARKET OVERVIEW
BaL HaRBOuR SHOpS9 mi / 14.5 km to mDD
SOuTH BEaCH / LINCOLN ROaD
5 mi / 8 km to mDD
aVENTuRa maLL11.5 mi / 18.5 km to mDD
mIamI DESIgN DISTRICT
18-square blocks in the center of miami
Off the I-195
minutes from Downtown miami and South Beach
mIamI'S EXCEpTIONaL gLOBaL pOSITIONINg:
miami International airport is the 2nd busiest airport in the u.S. for international travelers.
#1 for passenger flights to Latin america.
40.5 million passengers in 2013; 50% of those were international travelers.
VILLagE OF mERRICK paRK
9.2 mi / 15 km to mDD
DaDELaND maLL14 mi / 22.5 km to mDD
Strictly Confidential 10
mIamI DESIgN DISTRICTmIamI DESIgN DISTRICT
Strictly Confidential 11
HISTORY OF THE DESIGN DISTRICT
1920s began as a furniture design area anchored by Theodore moore of moore & Co.
By the early 1990s, area had become rundown, over 50% vacancy.
mid-1990s Dacra began acquiring buildings to bring back furniture warehouses and showrooms.
Strictly Confidential 12
ART & CULTURE
I wanted to create a place that didnt just have galleries or restaurants, but that could become a destination for creative businesses. Craig Robins
Late 1990s buildings are salvaged, renovated and recast as showrooms for everything from furniture to bathroom fixtures.
Design District becomes a destination for interior design and place to source one-of-a-kind items.
2002 art Basel miami draws affluent shoppers to the Design District.
Strictly Confidential 13
DESIGN DISTRICT 2.0TRaNSfoRmaTIoN of REGIoN INTo a hub foR luxuRy RETaIl
Luxury retailers see tremendous growth potential in miami.
Bal Harbour prohibits retailers from opening new stores within a 25-mile radius.
Cartier (Temporary Store)
Strictly Confidential 14
GAME CHANGER
2010 Dacra and L Real Estate form 50/50 partnership to own and curate the miami Design District.
2011 Louis Vuitton announces it will leave Bal Harbour Shops and establish its miami headquarters in the Design District.
Louis Vuitton (Temporary Store)
Strictly Confidential 15
LUXURY RETAIL HUB FORMS
Herms (Temporary Store)
Luxury isnt just expensive, its experiential, and the Design District offers them a great playground to experiment, to do things differently, or on a larger scale. Craig Robins
2013 Herms does not renew lease at Bal Harbour in favor of Design District
Strictly Confidential 16
PROPERTIES PLAN
Strictly Confidential 17
LEASE PLAN
Strictly Confidential 18
MIAMI BEACH
I-95, DOWNTOWN, MIAMI INTERNATIONAL AIRPORT I - 195
N.E. 39TH STREET
N.E. 40TH STREET
N.E. 41ST STREET
N.E
. 2N
D A
VEN
UE
N.E
. 1ST
AV
ENU
E
N.E. 42ND STREET
N.E. 41ST STREET
N.E. 42ND STREET
N.E. 40TH STREET
N. M
IAM
I AV
ENU
E
N.E. 39TH STREET
N.E. 38TH STREET
N. M
IAM
I AV
ENU
EN
. MIA
MI A
VEN
UE
N.E
. MIA
MI C
OU
RT
N.E
. 1ST
CO
URT
N.E
. 2N
D A
VEN
UE
N.E
. 1ST
AV
ENU
E
N.E
. 1ST
AV
ENU
E
N.E
. 2N
D A
VEN
UEP
ASE
O P
ON
TIPA
SEO
PO
NTI
PASE
O P
ON
TI
BISC
AYN
E BO
ULE
VA
RD (U
S 1)
BISC
AYN
E BO
ULE
VA
RD (U
S 1)
NO
RTH
FED
ERA
L H
IGH
WA
Y
NO
RTH
FED
ERA
L H
IGH
WA
Y
FROM MIAMI BEACH
N.E. 38TH STREET
N.E. 36TH STREETN.E. 36TH STREET
PALM COURT
PARADISE PLAZA
BLOCK 1
BLOCK 2
BLOCK 3
BLOCK 4
Future Development1st Floor
*Map not drawn to scale
INFORMATION CONTAINED HEREIN IS NOT WARRANTED AND IS SUBJECT TO OMISSIONS, ERRORS, AND WITHDRAWALS WITHOUT NOTICE. NOTHING HEREIN SHALL CONSTITUTE AND OFFER TO SELL OR LEASE, OR SOLICITATION OF OFFER TO BUY OR LEASE.
MDD-120012_PHASING MAP_09.03.14
PHASE II 4TH QUARTER 2014
PHASE III 4TH QUARTER 2016
HOTEL
RESIDENTIAL
RESIDENTIAL
pHaSES II & III
Strictly Confidential 19
FIRST & SECOND LEVEL RESTauRaNTS
MIAMI BEACH
I-95, DOWNTOWN, MIAMI INTERNATIONAL AIRPORT I - 195
N.E. 39TH STREET
N.E. 40TH STREET
N.E. 41ST STREET
N.E
. 2N
D A
VEN
UE
N.E
. 1ST
AV
ENU
E
N.E. 42ND STREET
N.E. 41ST STREET
N.E. 42ND STREET
N.E. 40TH STREET
N. M
IAM
I AV
ENU
E
N.E. 39TH STREET
N.E. 38TH STREET
N. M
IAM
I AV
ENU
EN
. MIA
MI A
VEN
UE
N.E
. MIA
MI C
OU
RT
N.E
. 1ST
CO
URT
N.E
. 2N
D A
VEN
UE
N.E
. 1ST
AV
ENU
E
N.E
. 1ST
AV
ENU
E
N.E
. 2N
D A
VEN
UEP
ASE
O P
ON
TIPA
SEO
PO
NTI
PASE
O P
ON
TI
BISC
AYN
E BO
ULE
VA
RD (U
S 1)
BISC
AYN
E BO
ULE
VA
RD (U
S 1)
NO
RTH
FED
ERA
L H
IGH
WA
Y
NO
RTH
FED
ERA
L H
IGH
WA
Y
FROM MIAMI BEACH
N.E. 38TH STREET
N.E. 36TH STREETN.E. 36TH STREET
PALM COURT
PARADISE PLAZA
BLOCK 1
BLOCK 2
BLOCK 3
BLOCK 4
MIC
HA
EL'
SG
EN
UIN
E
OA
K T
AV
ER
N
OR
AN
GE
CA
FE
+ A
RT
RESTAURANT
CRUMB ONPARCHMENT /RESTAURANT
HARRYSPIZZERIA
RESTAURANT
RESTAURANT
MC KITCHEN
CRUMB ONPARCHMENT /RESTAURANT
HARRYSPIZZERIA
RESTAURANT
RESTAURANT
MC KITCHEN
RESTAURANT
RESTAURANT
RE
STA
UR
AN
T
RESTAURANT
RESTAURANT
CAFE
Future Development
*Map not drawn to scale
INFORMATION CONTAINED HEREIN IS NOT WARRANTED AND IS SUBJECT TO OMISSIONS, ERRORS, AND WITHDRAWALS WITHOUT NOTICE. NOTHING HEREIN SHALL CONSTITUTE AND OFFER TO SELL OR LEASE, OR SOLICITATION OF OFFER TO BUY OR LEASE.
MDD-120012_PHASING MAP_09.03.14
FIRST LEVEL RESTAURANTS
SECOND LEVEL RESTAURANTS
RESTAURANT
RESTAURANT
RESTAURANT
Strictly Confidential 20
paRKINg pLaN
MIAMI BEACH
I-95, DOWNTOWN, MIAMI INTERNATIONAL AIRPORT I - 195
N.E. 40TH STREET
N.E
. 1ST
AV
ENU
E
N.E. 42ND STREET
N.E. 41ST STREET
N.E. 42ND STREET
N.E. 40TH STREET
N. M
IAM
I AV
ENU
E
N.E. 39TH STREET
N.E. 38TH STREET
N.E
. MIA
MI C
OU
RT
N.E
. 1ST
CO
URT
N.E
. 2N
D A
VEN
UE
N.E
. 2N
D A
VEN
UE
PASE
O P
ON
TI
BISC
AYN
E BO
ULE
VA
RD (U
S 1)
BISC
AYN
E BO
ULE
VA
RD (U
S 1)
NO
RTH
FED
ERA
L H
IGH
WA
Y
NO
RTH
FED
ERA
L H
IGH
WA
Y
FROM MIAMI BEACH
N.E. 38TH STREET
N.E. 36TH STREETN.E. 36TH STREET
MIDTOWN
P
68
P
23
P
100
P
203
P
11
P
26
P
560
P
830
P
186P
150
P
E
313
PALM COURT
PARADISE PLAZA
NEw & EXISTINg paRKINg 2,470
Strictly Confidential 21
CIRCuLaTION &STREET LIgHTINg
Strictly Confidential 22
OwNERSHIpOwNERSHIp
Strictly Confidential 23
mDDa
aaC 7.5%
DaCRa40%
ggp/aaC jV 20%
LRE40%
ggp 12.5%
OwNERSHIp & ROLES
Strictly Confidential 24
INVESTmENT THESISINVESTmENT THESIS
Strictly Confidential 25
INVESTMENT THESIS
Opportunity to own the most important luxury high street retail corridor in miami
mDDs market rent will increase exponentially if retailers sales continue current momentum
ggp will strengthen its relationship with LVmH
provides ggp the opportunity to capitalize on miamis high-end tourist market
Future investment opportunity with ROFO for other partners ownership
ggp investment of $175 million for 12.5% ownership
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