Download - PROREIT investment presentation NOV-2019
INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATIONNOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
Disclaimer
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About this PresentationThis presentation is dated November 11, 2019 and is strictly intended to provide general information about PRO Real Estate Investment Trust (“PROREIT”) and its business. This presentationdoes not constitute an offer to sell or the solicitation of an offer to buy any securities of PROREIT. The information in this presentation is stated as at September 30, 2019, unless otherwiseindicated.
Non-IFRS MeasuresPROREIT’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this presentation, as a complement to resultsprovided in accordance with IFRS, PROREIT discloses and discusses certain non-IFRS financial measures, including Adjusted Funds From Operations (“AFFO”), Funds From Operations(“FFO”), Gross Book Value (“GBV”), debt-to-GBV, Net Operating Income (“NOI”), interest coverage ratio and payout ratios as well as other measures discussed elsewhere in thispresentation. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers.PROREIT has presented such non-IFRS measures as Management believes they are relevant measures of PROREIT’s underlying operating performance and debt management.Non-IFRS measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities or comparable metrics determined in accordance withIFRS as indicators of PROREIT’s performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directlycomparable measure calculated in accordance with IFRS, please refer to the “Non-IFRS and Operational Key Performance Indicators” section in PROREIT’s Management’s Discussion andAnalysis for the period ended September 30, 2019 and for the year ended December 31, 2018 available on SEDAR at www.sedar.com.
Forward-Looking InformationCertain statements contained in this presentation constitute forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can beidentified by such terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue”, “likely”,“schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this presentation include,but are not limited to, statements with respect to PROREIT’s future financial performance; the ability of PROREIT to execute its growth strategies; and PROREIT’s ability to continue payingmonthly distributions and PROREIT’s ability to raise capital. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties,many of which are beyond PROREIT’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.PROREIT’s objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level ofindebtedness of PROREIT and its future growth potential will remain consistent with PROREIT’s current expectations; (iii) there will be no changes to tax laws adversely affectingPROREIT’s financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT’s operations, including its financingcapacity and asset value, will remain consistent with PROREIT’s current expectations; (v) the performance of PROREIT’s investments in Canada will proceed on a basis consistent withPROREIT’s current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt. Additional information about these assumptions and risksand uncertainties is contained under “Risk Factors” in PROREIT’s latest annual information form, and in other filings that PROREIT has made and may make with applicable securitiesauthorities in the future, all of which are or will be available on SEDAR at www.sedar.com.The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement. Investors are cautioned not to put undue reliance onforward-looking statements. All forward-looking statements in this presentation are made as of the date of this presentation. PROREIT does not undertake to update any suchforward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Additional InformationInformation appearing in this presentation is a select summary of PROREIT’s business, operations and results. The latest annual information form of PROREIT and its consolidated financialstatements and management’s discussion and analysis thereon for the year ended December 31, 2018 and for the period ended September 30, 2019 are available on SEDAR atwww.sedar.com.
INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
BUILDING A MID-CAP DIVERSIFIED COMMERCIAL REIT IN CANADA
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INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
Section 1. PROREIT AT A GLANCESection 2. PROVEN EXECUTIONSection 3. ROBUST 2019 THIRD QUARTER Section 4. POSITIONED FOR GROWTHSection 5. APPENDICES
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INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
PROREIT AT A GLANCE
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SECTION 1.
INVESTORPRESENTATION
NOVEMBER 2019
About PROREIT
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91PROPERTIESIN 9 PROVINCES
BC: 5AB: 11
SK: 4MB: 6
ON: 12 QC: 16NS: 14NB: 22
PEI: 1
Established in 2013, PROREIT owns $629 million of diversified commercial real estate properties in Canada, representing over 4.4 million square feet of gross leasable area. PROREIT is mainly focused on strong secondary markets in Québec, Atlantic Canada and Ontario, with selective exposure in Western Canada.
Quick Facts(As at November 11, 2019)
Ticker Symbol (TSX)PRV.UN
DRIP Eligible3% bonus units
Tax Deferred Distribution100% (estimated)
Annual Distribution$0.63 (post-consolidation)
Total Units39,824,556Market Capitalization$290 million
Yield(1)
8.7%Average Daily Volume103,000
(1) Based on Nov. 11, 2019, $7.26 closing price.
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Revenue by Asset Class(3 months ended September 30, 2019)
Retail 40.5%
Industrial 21.3%
Office 12.1%Commercial Mixed-use 26.2%
INVESTORPRESENTATION
NOVEMBER 2019
Our Vision
To become a mid-cap diversified Canadian REIT with high-quality commercial real estate in specific segmentsof the industrial, retail, commercial mixed-use and office sectors, recognized for its ability to:
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WITH A CLEAR STRATEGY TO GROW FFO AND NAV
PRODUCESTABLE AND GROWING RETURNS
GROWUNITHOLDER VALUE PER UNIT
INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
PROVEN EXECUTIONSECTION 2.
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INVESTORPRESENTATION
NOVEMBER 2019
Our Growth History
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► 23 properties, 1.0M sq. ft. GLA
► 32 properties, 1.7M sq. ft. GLA
► 39 properties, 2.0M sq. ft. GLA
► 66 properties, 2.7M sq. ft. GLA
A BREAKOUT YEAR► Internalization of
asset management► Graduation to TSX
► Consolidation of Units 3:1
PROREIT has consistently paid attractive distributions every month, since January 2014
PROREIT CREATION BY FORMER CANMARC MANAGEMENT► One $6 million
property, 397K sq. ft. GLA
► TSX-V listing (PRV.UN)
► 91 properties, 4.4 M sq. ft. GLA► Acquisitions
of 7 propertiesfor $97.8M
► $57.6M equity offering
2013 2014 2015 2016 2017 2019
► $69.1 million in new equity capital raised
► Acquisition of property management platform
► Achieved $500M asset target
► 84 properties, 3.7M sq. ft. GLA
2018
INVESTORPRESENTATION
NOVEMBER 2019
A Solid Track Record – Five Years Of Growth
1,628
9,189
18,190
22,963
29,639
40,889
0
5
10
15
20
25
30
35
40
45
2013 2014 2015 2016 2017 2018
1,4040,155
4,4653,568
9,053
13,885
0
2
4
6
8
10
12
14
2013 2014 2015 2016 2017 2018
1,410 2,9446,258 7,619
10,32514,340
0
5
10
15
20
25
30
35
40
45
2013 2014 2015 2016 2017 2018
Property Revenues($ Millions)
Net Cash Flows Provided from Operating Activities($ Millions)
Adjusted funds from operations (2)
($ Millions)
Total Assets($ Millions)
Gross Leasable Area (‘000 sq. ft.)
70,2
141,5
203,2
258,0
365,9
509,7
0
100
200
300
400
500
600
2013 2014 2015 2016 2017 2018
397
1 044
1 6702 005
2 690
3 703
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
2013 2014 2015 2016 2017 2018
CAGR 91%
CAGR 58%
CAGR 49%
CAGR 56%
CAGR 59%
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1,126
5,758
11,20714,105
18,266
26,049
0
5
10
15
20
25
30
35
40
45
2013 2014 2015 2016 2017 2018
Net Operating Income(2)
($ Millions)
CAGR 87%
(1) 2013 was for 13 months ended(2) Non-IFRS measure. See “Disclaimer – Non-IFRS measure”.
(1) (1) (1)
(1) (1) (1)
INVESTORPRESENTATION
NOVEMBER 2019
Building on Our Strong Momentum
September 2019 Strategic Acquisitions► Acquisitions of 7 institutional quality properties totaling
$97.8 million for total 696,000 square feet of GLA
► Boutique office tower in Ottawa’s business district
► Class-A mixed-used industrial property in Ottawa suburbs
► Five-property light industrial portfolio in Halifax, NS
► Acquisitions significantly strengthen the portfolio and immediately accretive to AFFO per unit(1)
August 2019 Successful Bought-deal► Raised $57.6 million in equity on a bought-deal basis,
including full exercise of over-allotment option
► Largest equity offering in PROREIT’s history
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(1) Non-IFRS measure. See “Disclaimer – Non-IFRS measure”.
INVESTORPRESENTATION
NOVEMBER 2019
Experienced Management Team with Deep Industry
Knowledge
► 70+ years of collective asset management and property management experience
► Former CANMARC REIT team► Sold to Cominar in 2012
for $1.9B (43% annual ROI since IPO)
► Extensive network of real estate and capital markets relationships
► Alignment with unitholders: officers and trustees own 6.5% of outstanding units
► Competitive, objectives-based asset management structure
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James W.
Beckerleg
Chief Executive Officerand Trustee
Gordon Lawlor, CPA, CAExecutive Vice President, Chief Financial Officer and Secretary
Mark O'Brien
Managing Director,Operations
Alison Schafer, CPA, CADirector of Finance
Chris Andrea
PresidentCompass Commercial Realty
INTERNALIZATION OF ASSET MANAGEMENT FUNCTION
COMPLETED ON APRIL 1, 2019 WILL ADD VALUE FOR UNITHOLDERS
INVESTORPRESENTATION
NOVEMBER 2019
Scale Brings Transformational Growth Opportunities
Internalization of Property and Asset Management (2018-2019)
► Increases cash flow and adds value
► Creates significant economies of scale
► Provides additional transparency in accounting and financial reporting
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Increased Scale ► Increases access to larger and higher
quality acquisitions
► Decreases risk with greater diversification and reduced dependency on top tenants
► Increases potential for internal growth: rent increases, densification, etc.
LEVERAGE TO IMPROVE COST OF CAPITAL AND INCREASED GROWTH PER UNIT
INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
ROBUST 2019 THIRD QUARTER PERFORMANCE
SECTION 3.
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INVESTORPRESENTATION
NOVEMBER 2019
2019 Third Quarter Financial Results
CAD $ thousands except for unit amounts unless otherwise stated
Three months ended September 30, 2019
Three months ended September 30, 2018 Change YoY %
Total assets $628,604 $432,176 45.5%
Property revenue $13,241 $10,210 29.7%
NOI(1) $8,525 $6,643 28.3%
Same property NOI(1) $6,491 $6,400 1.4%
Debt to Gross Book Value(1) (2) 56.72% 51.05% 11.1%
Interest Coverage Ratio(1) 2.8x 2.5x -
Net cash flows provided from operating activities $5,339 $3,666 45.6%
FFO(1) $4,410 $3,344 31.9%
AFFO(1) $5,070 $3,652 38.8%
AFFO Payout Ratio (Basic)(1) (2) 111.0% 109.6% 1.3%
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(1) Non-IFRS measure. See “Disclaimer – Non-IFRS measure”.(2) Quarterly variance mainly as a result of lag between deployment of funds from mid-August 2019 equity offering and
acquisitions of properties at end of September 2019 when majority of funds were deployed.
INVESTORPRESENTATION
NOVEMBER 2019
2019 Nine-Month Financial Results
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CAD $ thousands except for unit amounts unless otherwise stated
Nine months ended September 30, 2019
Nine months ended September 30, 2018 Change YoY %
Total assets $628,604 $432,176 45.5%
Property revenue $40,312 $28,682 40.5%
NOI(1) $25,431 $18,389 38.3%
Same property NOI(1) $17,732 $16,911 4.8%
Debt to Gross Book Value(1) 56.72% 51.05% 11.1%
Interest Coverage Ratio(1) 2.7x 2.6x -
Net cash flows provided from operating activities $9,498 $9,024 5.3%
FFO(1),(2) $10,279 $8,335 23.3%
AFFO(1) $14,747 $10,107 45.9%
AFFO Payout Ratio (Basic)(1) 105.4% 114.3% (7.8)%
(1) Non-IFRS measure. See “Disclaimer – Non-IFRS measure”.(2) Includes one-time transaction costs relating to management internalization and TSX graduation of $3,076
for the nine months ended Sept.30,2019.
INVESTORPRESENTATION
NOVEMBER 2019
An Increasingly Diversified Portfolio Over the Last Year
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Base Rent by Asset Class (%)(1)
Retail
Industrial
(1) Based on in-place and committed base rent as of Sept. 30, 2018 and Sept. 30, 2019
Base Rent by Region (%)(1)
37.8
28.2
17.9
16.2
40.6
15.314.8
29.4
Commercial Mixed Use
Office
Q3-2019
Maritime Provinces
Quebec
Western Canada
Ontario
Q3-2019
Asset Class Number of Properties Occupancy (%) GLA (sq. ft.)
Retail 49 97.5 1,083,983
Office 10 94.5 487,001
Commercial Mixed-use 8 98.0 723,066
Industrial 24 99.4 2,101,004
Total 91 98.2 4,396,004Based on in-place and committed base rent as of September 30, 2019
Q3-2018 Q3-2018
54.225.9
12.57.4
51.1
20.1
21.5
7.3
INVESTORPRESENTATION
NOVEMBER 2019
Top Ten Tenants
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# Tenant % of In-Place Base Rent GLA (sq. ft.) WALT
(years) Credit Rating (1)
1 6.3 104,929 9.8 Baa2/BBB+/na
2 6.1 222,491 7.9 na/BB+/BBB
3 5.6 127,334 5.3 Ba1/BB+/na
4 3.6 81,611 4.9 Aaa/AAA/AAA
5 3.5 66,083 5.5 na/BBB/BBB
6 2.9 98,057 10.3 na
7 2.0 88,840 8.3 na
8 1.7 176,070 5.7 Baa3/BBB-/na
9 1.6 40,901 7.0 na/BB+/BBB
10 1.6 20,219 11.3 Aa2/A+/AH
TOP TEN SUBTOTAL 34.9 1,026,535 7.5OTHER TENANTS 65.1 3,288,724 2.9VACANT 80,745TOTAL 100.00 4,396,004 5.6
(1) Based on annualized in-place and committed base rent at September 30, 2019(2) Source: Moody’s, S&P, and DBRS. Credit rating assigned to tenant or its parent.
Highlights
Top ten tenants account for34.9%of base rent
Eightof the top tentenants are credit rated
Credit quality tenants account for 45.5% of in-place base rent
INVESTORPRESENTATION
NOVEMBER 2019
High-Quality Tenant Profile
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GLA
BASE RENT
2019 2020 2021 2022 2023 2024-2036
► Excellent retention rate: Tenant renewal or replacement rate average above 90% in each of the past five years
► Overall weighted occupancy rate of 98.2% with a weighted average remaining lease term of 5.6 years
► Credit quality tenants have a weighted average remaining lease term of 6.2 years
► Staggered lease maturity profile► Not more than 12.4% of base rent matures in any given lease year
0.7%
6.2%
12.4% 10.5% 10.7%
59.4%
0.7%4.7%
12.4% 12.2% 10.6%
59.6%
INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
POSITIONED FOR GROWTH
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SECTION 4.
INVESTORPRESENTATION
NOVEMBER 2019
Strategies for Driving Growth and Creating Value
Internal Growth► Nurture existing client
relationship, ensuring tenant retention and growth
► Implement operating improvements and preventative maintenance programs
► Pursue expansion and redevelopment opportunities within the portfolio
► Exploit lease-up opportunities
Strong Balance Sheet► Low cost of debt
► Staggered mortgage and lease maturity profile
► Targeted Debt to GBV ratio
► Access to multiple sources of capital
► Prudent capital management
External Growth► Acquire accretive income-
producing commercial properties in strong secondary markets
► Focus on Class B, high-quality commercial real estate
► Seek properties with selective development, expansion opportunities and geographical diversification
► Pursue off-market opportunities allowing access to unique pipeline
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INVESTORPRESENTATION
NOVEMBER 2019
What Differentiates Us
OUR ABILITY TO IDENTIFY AND BUILD A STABLE, LOW RISK PORTFOLIO WHERE LARGER REITs ARE CURRENTLY DIVESTING
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► Urban markets and regional economic centres outside Central Vancouverand Toronto
► Often higher capitalization rates
► Focus on Central andEastern Canada
► Strong upside as market is transforming
► Our size permits us to be opportunistic
Strong Secondary MARKETS
Selection of High Quality Class B Assets
► Community retail service centres
► Industrial
► Mixed-use Commercial
► Office
Targeting specific SEGMENTS within four SECTORS
INVESTORPRESENTATION
NOVEMBER 2019
Focused on Community-Based Service Centres
► Typically brand grocery or pharmacy anchored► Brand names► Long-term leases► Excellent covenants
► Banks, medical professionals, government services, restaurants► Upside potential from rent increases, vacancy fill-up and pad development is available
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INVESTORPRESENTATION
NOVEMBER 2019
Focused on Light Industrial Buildings
► Single or multi-tenant, light industrial buildings (typically 22 feet clearance or higher)
► Located on major transportation routes with strategic access to:► Airports► Large cities► Border crossings
► Currently focused on 50,000 sq. ft. to 200,000 sq. ft. buildings where increased occupancy and increased annual revenues are available
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INVESTORPRESENTATION
NOVEMBER 2019
Focused on Mixed-Use Commercial / Office
► Buildings are often in industrial parks► Flex office with loading docks► Retail in industrial buildings (e.g. - décor, wholesale)► Light industrial with office space
► Currently, the right buildings in the right sectors are seeing increasing demand from a growing economy
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INVESTORPRESENTATION
NOVEMBER 2019
Case Studies and Ongoing Opportunities
HALLS CREEK (2016-2017)► New pad development completed
► > 10% Return on invested capital (1)
► 100% leased
► Approximately $140 thousand NOI(1) on annualized basis
ST. MARGARET’S BAY (ONGOING)► 41,500 sq. ft. in development opportunity
KING GEORGE HIGHWAY (2017)► Pad developments complete
► 6,400 sq. ft. of new GLA
► Rogers, Subway and Cara signed
► >9% ROIC on Cara pad, >18% ROIC on Rogers and Subway pads
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OTHER OPPORTUNITIES (ONGOING)► 8150 Trans-Canada Highway, St. Laurent, QC
(pad development)
► 50 Empire Lane, Windsor, NS
(pad development)
► 1455 Mountain Ave., Winnipeg MB
(building expansion)
► 10 Bentall Street, Winnipeg, MB
(vacant land, industrial opportunity)
► 31 Auriga Drive, Ottawa, ON
(potential building expansion)
(1) Non-IFRS measure. See “Disclaimer – Non-IFRS measure”.
INVESTORPRESENTATION
NOVEMBER 2019
Sound and Flexible Capital Structure
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Debt Composition ($ millions)
Operating facilities, term loans $28.6
First mortgages $328.4
Total $357.0
Debt to GBV(1) 56.72%
Total debt $357.0M
Total debt weighted average rate 3.74%
Total first mortgage debt weighted average term 5.4 years
Debt Maturity ProfileAs of September 30, 2019
Debt Maturing During Year
Payments of Principal
0
20
40
60
80
100
120
140
1 year 1-2 years 2-3 years 3-4 years 4-5 years later
$39.5
$15.9
$53.8 $54.2
$125.5
$68.1
(2) Includes $24.0 million relating to a revolving credit facility
(2)
(1) Non-IFRS measure. See “Disclaimer – Non-IFRS measure”.
INVESTORPRESENTATION
NOVEMBER 2019
Best-in-Class Total Unitholder Return
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PROREIT HAS CONSISTENTLY PAID ATTRACTIVE DISTRIBUTIONS EVERY MONTH SINCE JANUARY 2014
(30,0%)
(15,0%)
-
15,0%
30,0%
45,0%
60,0%
75,0%
90,0%
janv-2014 janv-2015 janv-2016 janv-2017 janv-2018 janv-2019
PROREIT Peer Index S&P/TSX Capped REIT Index
77.9%
60.2%
75.8%
(1) Peer index includes Nexus REIT, Melcor REIT, BTB REIT and True North Commercial REIT
Nov.11-2019
(1)
INVESTORPRESENTATION
NOVEMBER 2019
Why Invest in PROREIT
► Attractive yield and consistent monthly distributions
► Solid track record of growth and unitholder value creation
► Diversified portfolio and high-quality, low-risk tenants with long-term leases
► Experienced management team and solid relationships in the investment banking and lending businesses
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► Increased scale and growing profile to achieve additional synergies
► Acquisition focused
► Opportunistic and well-positioned to benefit from current real estate market transformation
► Clear strategy to grow earnings and net asset value
► Favourable Canadian real estate market in sound and resilient economy
INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
APPENDICES
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SECTION 5.
INVESTORPRESENTATION
NOVEMBER 2019
We’ve Done It Before
► The Former CANMARC REIT
► Diversified REIT with national portfolio
► 143 properties
► Acquired by Cominar in 2012 for $1.9 billion
► 43% compound annual rate of return since IPO, compared to 28% for the REIT index
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0%
25%
50%
75%
100%
mai-2010 juill-2010 sept-2010 nov-2010 janv-2011 mars-2011 mai-2011 juill-2011 sept-2011 nov-2011 janv-2012
S&P/TSX Capped REIT Index
CANMARC REIT
INVESTORPRESENTATION
NOVEMBER 2019
Compass Commercial Realty Acquisition
HIGHLY STRATEGIC ACQUISITION COMPLETED IN 2018
► Managed autonomously from Halifax headquarters
► 30 clients in total
► Managed 83 PROREIT properties
► Offices in Halifax, Moncton, Montreal and Oakville
► Significant room for expansion
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INVESTORPRESENTATION
NOVEMBER 2019
2018 Property Additions
TransactionPurchase Price
($millions)Number of Properties
Added GLA(sq. ft.)
Occupancy Rate at Acquisition
1750 Jean-Berchmans-Michaud St. Drummondville, QC (50%) $4.39 1 85,560 100%
Winnipeg, MB Industrial Portfolio $27.3 6 237,430 100%
598 Union St., Frederiction, NB $4.5 1 32,258 100%
Quebec Retail Portfolio $8.95 4 13,606 100%
Ottawa ON Office Portfolio $51.7 5 282,000 97.3%
Saint Hyacinthe, QC light industrial property $10.0 1 176,070 100%
Southwest Ontario Industrial properties $15.4 2 202,000 100%
Total Acquisitions $122.24 20 1,028,924
Total Sales ($0.895) (1) (11,700)
Net Acquisitions $121.34 19 1,017,224
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INVESTORPRESENTATION
NOVEMBER 2019
Recent Property Acquisition (2018)
OTTAWA OFFICE PROPERTY PORTFOLIO► Five suburban office properties ► $51.7 million ► 97.3% occupied► 292,000 total GLA► Situated along new light rail rapid transit ► Acquired November 14, 2018
SAINT-HYACINTHE LIGHT INDUSTRIAL PROPERTY► $10 million► 176,070 GLA► Single global creditworthy tenant
with long-term lease► Situated on Trans-Canada Highway► Acquired November 7, 2018
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INVESTORPRESENTATION
NOVEMBER 2019
Recent Property Acquisition (2018)
1750 JEAN-BERCHMANS-MICHAUD STREET►High quality light industrial building.►Acquired 50% interest not already owned.►Rent step-ups built in to lease.►Acquired June 28, 2018.
FOUR RETAIL PROPERTIES ► $8.95 million ► Montreal, Sherbrooke, Laurier Station and Lévis. ► 100% leased to Couche Tard convenience stores
and include a Tim Hortons. ► Total of 13,606 square feet of GLA for the four
buildings.► Acquired August 15, 2018
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INVESTORPRESENTATION
NOVEMBER 2019
Recent Property Acquisitions (2018)
WINNIPEG MB INDUSTRIAL PROPERTIES► 5 light industrial properties, one commercial
mixed use property, and undeveloped land► 237,430 sq. ft. GLA► Very stable commercial market► Significant potential for incremental NOI
and development► Acquired June 29, 2018
598 UNION STREET, FREDERICTON, N.B.► $4.5 million retail strip mall► Rent step-ups built into leases► Acquired June 14, 2018
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INVESTORPRESENTATION
NOVEMBER 2019
INVESTORPRESENTATION
NOVEMBER 2019
THANK YOU !
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