Norwegian Cruise Line_OM_C&W Miami FINAL RSF

THE OFFERING

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. The Company operates three award winning brands, including Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, which operate a combined fleet of 32 best—in-class ships having over 65,000 berths, with 5 additional ships on order through 2028. It distributes its products through retail/travel advisor and onboard cruise sales channels, as well as meetings, incentives, and charters. The company was founded in 1966, is incorporated in Bermuda, while based in Miami, Florida and publicly traded on the New York Stock Exchange under the ticker symbol, NCLH, with a market capitalization of $8.18 billion (12/13/23).

Cushman & Wakefield has been exclusively retained by Norwegian Cruise Line Holdings Ltd. (“NCLH” or the “Company”) to offer for sale, and structure a long-term leaseback, of NCLH’s 430,000 square foot global headquarters (the “Properties”), located in the western portion of The Landing at MIA office campus (“The Landing”), in Miami, Florida, adjacent to Miami International Airport. NCLH has entered into a Memorandum of Understanding (“MOU”) with the owner of The Landing, W-Crocker LAM Office Owner VII, L.L.C., which is advised by Walton Street Capital and CP Group, providing for the sale of three office buildings and three parking structures located on two tax parcels including 11.48 acres on the western portion of The Landing, along with the ground lease of an adjacent 5.45 acre surface parking lot. NCLH is soliciting proposals from qualified investors to acquire the Properties and fund its planned refurbishment and base-building enhancements. Upon closing, NCLH will enter into a to be-negotiated 23-year triple-net lease as described herein. The Properties consist of three office buildings located at 7600, 7650 and 7665 Corporate Center Drive, Miami, Florida, which currently contain 403,809 rentable square feet, along with 3 parking structures containing 1,712 spaces and a 425 space surface lot. NCLH currently occupies two of the buildings, 7650 and 7665 Corporate Center Drive, and upon completion of the build-out of interiors and other work in 7600 Corporate Center Drive, will be relocating employees from other space it occupies at The Landing. Other key elements of the planned improvements are a 25,000 square foot ground level expansion connecting the three office buildings, an arrival area with new landscape and hardscape improvement, an amenities center providing shared conferencing, cafeteria and employee services, along with base building upgrades to the elevators and restrooms.

As reflected in the Company’s latest earnings release, in the 3rd Quarter2023, NCLH:

» Met or exceeded guidance for all key metrics

» Generated total revenue of $2.5 billion, a record for the Company and up 33% compared to the same period in 2019, and GAAP net income of $345.9 million ($.71 EPS) » Achieved Adjusted EBITDA of $752 million and Adjusted EPS of $0.76, exceeding guidance of $730 million and $0.70 respectively, reflecting solid revenue performance and continued focus on cost reduction » Successfully completed refinancing of Operating Credit Facility which extended debt maturity profile and provided incremental liquidity, with liquidity at quarter end totaling $2.2 billion » Full year 2023 Adjusted EBITDA is expected to be approximately $1.86 billion, within the previously provided range despite the impact of global events

All questions should be directed to the C&W Core Client Team

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