Miami Design District Investor Presentation

Strictly Confidential 11/13/15

INVESTOR pRESENTaTION jaNuaRy 2015

Strictly Confidential 2

THE VISION


INTRODuCTIONS

mIamI maRKET OVERVIEw

mIamI DESIgN DISTRICT

OwNERSHIp

INVESTmENT THESIS

TOuR

AGENDA


INTRODuCTIONSINTRODuCTIONS


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


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


mIamI maRKETOVERVIEw

mIamI maRKETOVERVIEw


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)


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


mIamI DESIgN DISTRICTmIamI DESIgN DISTRICT


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.


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.


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)


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)


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


PROPERTIES PLAN


LEASE PLAN


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

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N.E

. 1ST

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N.E. 42ND STREET

N.E. 41ST STREET

N.E. 42ND STREET

N.E. 40TH STREET

N. M

IAM

I AV

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N.E. 39TH STREET

N.E. 38TH STREET

N. M

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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


FIRST & SECOND LEVEL RESTauRaNTS

MIAMI BEACH


N.E. 39TH STREET

N.E. 40TH STREET

N.E. 41ST STREET

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N.E. 42ND STREET

N.E. 41ST STREET

N.E. 42ND STREET

N.E. 40TH STREET

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N.E. 38TH STREET

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FROM MIAMI BEACH

N.E. 38TH STREET


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PARADISE PLAZA

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BLOCK 2

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RESTAURANT

CRUMB ONPARCHMENT /RESTAURANT

HARRYSPIZZERIA

RESTAURANT

RESTAURANT

MC KITCHEN

CRUMB ONPARCHMENT /RESTAURANT

HARRYSPIZZERIA

RESTAURANT

RESTAURANT

MC KITCHEN

RESTAURANT

RESTAURANT

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RESTAURANT

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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


paRKINg pLaN

MIAMI BEACH


N.E. 40TH STREET

N.E

. 1ST

AV

ENU

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N.E. 42ND STREET

N.E. 41ST STREET

N.E. 42ND STREET

N.E. 40TH STREET

N. M

IAM

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N.E. 39TH STREET

N.E. 38TH STREET

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FROM MIAMI BEACH

N.E. 38TH 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


CIRCuLaTION &STREET LIgHTINg


OwNERSHIpOwNERSHIp


mDDa

aaC 7.5%

DaCRa40%

ggp/aaC jV 20%

LRE40%

ggp 12.5%

OwNERSHIp & ROLES


INVESTmENT THESISINVESTmENT THESIS


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

Documents

Miami Design District Investor Presentation