DDM Analysis: 9610.SR

Valuation Snapshot

Stable Growth	$6.25 - $9.75	$7.86
Multi-Stage	$14.54 - $16.03	$15.27
Blended Fair Value	$11.57
Current Price	$9.50
Upside	21.74%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.11	0.06	0.00	0.29	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	99.99%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.22%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.51
(-) Cash Dividends Paid (M)	20.35
(=) Cash Retained (M)	100.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.10	15.06	9.04
Cash Retained (M)	100.16	100.16	100.16
(-) Cash Required (M)	-24.10	-15.06	-9.04
(=) Excess Retained (M)	76.06	85.10	91.13
(/) Shares Outstanding (M)	184.57	184.57	184.57
(=) Excess Retained per Share	0.41	0.46	0.49
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.41	0.46	0.49
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.25	$7.86	$9.75
Upside / Downside	-34.25%	-17.25%	2.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.51	119.31	118.11	116.93	115.76	114.61	118.04
Payout Ratio	16.89%	31.51%	46.13%	60.75%	75.38%	90.00%	92.50%
Projected Dividends (M)	20.35	37.59	54.49	71.04	87.26	103.15	109.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	35.04	35.40	35.76
Year 2 PV (M)	47.34	48.32	49.30
Year 3 PV (M)	57.54	59.32	61.14
Year 4 PV (M)	65.88	68.61	71.43
Year 5 PV (M)	72.59	76.37	80.31
PV of Terminal Value (M)	2,405.13	2,530.37	2,660.77
Equity Value (M)	2,683.53	2,818.39	2,958.70
Shares Outstanding (M)	184.57	184.57	184.57
Fair Value	$14.54	$15.27	$16.03
Upside / Downside	53.05%	60.74%	68.74%

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First Avenue for Real Estate De (9610.SR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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