Updated NOI and Cap Rate Estimate

I was able to access the NOI estimates (from Bloomberg) that the lenders used to appraise the RVI properties for its CMBS mortgage loan. The NOI estimates that the lenders are using were significantly lower than my NOI estimates. As a reminder, I was basing my NOI estimates off of what DDR disclosed in its Q2 2018 supplement (page 12). However, I think it’s a better approach to use the NOI that the lenders have underwritten as they spent significant time diligencing each property on a granular basis.