Norwegian Cruise Line_OM_C&W Miami FINAL RSF
INVESTMENT HIGHLIGHTS
THERE ARE SIX (6) CORE HEADLINES SUPPORTING THE INVESTMENT OFFERING
1
Stable, Long-Term Cash Flow Secured by a Highly Respected Global Leader in the Cruise Industry
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» 23-year Triple-Net Lease
Global Leader in Cruise Industry with Path Toward Accelerated Value Creation
Superior Office Campus, Updated to Meet Current HQ Operations, Executed at Below Replacement Cost
» Attractive Net Rental Rate with Fixed Annual Increases
» No Termination or Contraction Options
» Third largest cruise line in the world by passenger market share and revenue
» Forward Thinking Campus Re-Design, Possessing Exceptional Visibility and Access
» Named by Forbes to the 2023 list of World’s Best Employers
» Exceptional Opportunity Leveraging In-Place Improvements & Infrastructure to Create Market’s Most Cost-Effective Headquarters Solution Reflecting a Significant approximate 50% Discount to Replacement Cost » Fully Integrated 3-building Complex, Designed to Support Current Headquarters Operations, While Providing Future Flexibility
» Norwegian Cruise Line ranked as the top cruise line for Mega ships (4,000+ passengers) this year in the Condé Nast Traveler’s 2023 Readers’ Choice Awards » In 3rd Quarter 2023, 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 $345.9 mil ($.71 EPS)
» Full year 2023 Adjusted EBITDA is expected to be approximately $1.86 billion, within the previously provided range despite the impact of global events
» Combination of Newly Built-Out and Updated Best-in-Class Office Interiors
» Full Spectrum of Employee Amenities
» Successfully completed refinancing of Operating Credit Facility which extended debt maturity profile and provided incremental liquidity, with liquidity at $2.2 billion at end of 3rd Q 2023
» Extensive Parking with Structured & Covered Surface Parking
5 | Norwegian Cruise Line Holdings
Cushman & Wakefield | 6
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