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Murray McQueenPresident,
Tribune Real Estate Holdings
Real Estate
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Inves tment H igh l igh ts
o Maximizing the value of Tribune’s real estate portfolio
o ~8mm sq. feet generating ~$50M annually of rental revenues
o Maximizing cash flow and pursuing development
opportunities
o Deliberate monetization strategy
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President
Director of Financial
Structuring / Senior
Asset Manager
Controller /
Accountant
Head Corp. Real
Estate / Senior Asset
Manager
Asset Managers
Analysts
Support
Real Estate
Management
Team
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Overview of Tribune’s Real Estate Portfolio
17%
10%
22%
51%
~8M
sq.ft.
64%
36%
~$50mm
80 Real Estate Assets ~8 million square feet ~1,200acres of land (includes ~800 acres of antenna land)
Tribune Media
Unleased Space
Third Party
(Other)
Third Party
(Publishing)
Tribune
Publishing
Third Party
(Other)
Select Properties from Real Estate Portfolio Breakdown of Sq. Ft. (in millions)
Annualized Revenue ($ in millions)
Times Mirror SquareLos Angeles, CA
Tribune TowerChicago, IL
Las OlasFt. Lauderdale, FL
700 West Chicago Chicago, IL
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Short Term &
Intermediate Term Long Term
Maximize occupancy,
lease rates and operating
efficiencies
Current Leases with:
○ Tribune Media Business Units
○ Tribune Publishing
○ Third parties
Prepare the Portfolio for
value maximization:
○ Direct management & redevelopment
○ Pursue entitlement changes to increase value
○ Joint venture partnerships
○ Strategic sales or other monetization events
Deliver best in-class
corporate real estate
management services
○ Servicing Tribune Media business units & affiliates
○ Leverage off of scale for best vendor pricing and service
Owned Real Estate Leased Real Estate
Maximizing the Long-term Value of Tribune’s Owned Real Estate Assets
Operating & Investment Strategy
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T i m e s
M i r r o r
S q u a r e
O r l a n d o
7 0 0 W e s t
C h i c a g oT r i b u n e
T o w e r
F o r t
L a u d e r d a l e
C o s t a M e s a
Tr i b u n e R e a l E s t a t e H o l d i n g s : G e o g r a p h i c a l l y D i v e r s e
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Tribune Media
Real EstateLocal Developers
Redevelopment
HoldCo
Contributing
Real Estate Asset
Bringing Localized
Expertise
Joint Venture
Redevelopment
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Redevelopment Case Study
○ Prime Michigan Ave. location
○ Zoning for up to 2.4mm sq. ft. of development
• 737k sq. ft. existing footprint
• 1.7mm sq. ft. potential development rights
○ Redevelopment options:
• Residential
• Retail
• Hotel components
○ Maximize high rent / low cap rate, Michigan Ave. retail component
○ Unique Michigan Ave. retail opportunities
○ Multi-year process
• Series of governmental approvals required
T h e O p p o r t u n i t y – T r i b u n e To w e r
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Tribune Tower
Redevelopment Case Study: Tribune Tower
Tr i b u n e To w e r S i t e h a s t h e 2 n d H i g h e s t V i s i t o r
C o u n t i n C h i c a g o
Tr i b u n e To w e r
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T R I B U N E T O W E R R E T A I L
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Potential Redevelopment on
Tribune Tower SiteConceptual Massing Study
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Redevelopment Case Study Times Mirror Square
8 acres of
prime real
estate
1.9mm sq.
ft. supported
by zoning
LA Metro
Station to be on
property
Mixed use
development,
historic
Multi-year
process, studies,
approvals
T h e O p p o r t u n i t y – L A T i m e s M i r r o r S q u a r e
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LA Times Mirror Square
“Hole in the Donut” of downtown Los Angeles
Development
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○ Portfolio of mission critical, single purpose facilities
○ Attractive locations that capitalize on the renaissance of urban centers
○ Capitalize on previously undermanaged real estate holdings and underutilized locations
○ Strategy to maximize value creation by forming strategic partnership with local developers, entitle and redevelop opportunistically, and create monetizable cash
flows
○ Enhance the operating efficiencies through best practices in operations, leasing and expense management
Rea l Es ta te Summary
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