powerpoint presentation · 2018-08-15 · this presentation may contain “forward looking”...
TRANSCRIPT
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FORWARD-LOOKING STATEMENTS
This presentation may contain “forward looking” information about
future events or the REIT’s future performance. This information, by
its nature, is subject to risks and uncertainties that may cause actual
events or results to differ materially, including those described under
the heading “Risks and Uncertainties” in our most recently filed AIF.
Material assumptions that underpin any forward-looking statements I
make include those described under “Forward Looking Disclaimer” in
our MD&A for the first quarter of 2013.
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RETURN TO UNITHOLDERS
2,949
Total Asset Growth ($ Millions)
38% CAGR
$128 M
$3.1 B
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RETURN TO UNITHOLDERS
-40
0
40
80
120
160
200
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Allied Properties S&P/TSX Composite Index
AVERAGE ANNUAL TOTAL RETURN
22%
Unit Price Growth As at 05/04/2012
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Proximity to City Core
Distinctive Environments
Internally & Externally
Lower Occupancy Costs than
Office Towers
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OWNER, MANAGER & DEVELOPER DOWNTOWN OFFICE PROPERTIES IN CANADA
EASTERN
CENTRAL
WESTERN
284,631 sf
284,595 sf
379,912 sf
VANCOUVER
WINNIPEG
EDMONTON
74,063 sf
643,893 sf
VICTORIA
CALGARY
183,859 sf 214,586 sf QUÉBEC CITY
OTTAWA
415,628 sf 3,586,538 sf
KITCHENER TORONTO
3,256,616 sf MONTRÉAL
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PORTFOLIO
Properties
Gross
Leasable Area
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Net Operating Income
PORTFOLIO GEOGRAPHIC DISTRIBUTION
Eastern
Central
Western
23%
60%
17%
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Lease Maturity Schedule (as % of GLA)
IMPROVING LEASE MATURITY
AVERAGE OF 10.0% OVER 5 YEARS
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WELL-DIVERSIFIED TENANT MIX
Business Service & Professional
Retail
Telecom & IT
Media & Entertainment
Financial Services
Educational & Institutional
Other
Government
20.7% 14.5%
32.0%
10.4%
5.8%
1.8%
11.7%
3.1%
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DECLINING EXPOSURE TOP 10 TENANTS
Tenant % of Revenue
Equinix 3.6%
National Capital Commission 3.1%
Cologix 2.8%
Ubisoft 2.4%
Visa Desjardins 2.3%
Allstream 2.2%
SAP Canada 1.8%
Bell Canada 1.7%
TELUS 1.5%
Verizon 1.4%
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Most important trend
Provides context for value creation
Anchors investment & operating focus
URBAN INTENSIFICATION
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CREATING VALUE
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UPGRADES
3 projects
900,000 sf of GLA
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UPGRADES
Completion targeted
within 18 months $8.5 M in stabilized NOI
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REDEVELOPMENT
8 projects
1.1 sf of GLA
Completion targeted
within 24 months
$28.0 M in
stabilized NOI
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70 Richmond St. E
REDEVELOPMENT
500-522 King St. W Chamber of Commerce Building
Toronto Calgary
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REDEVELOPMENT
905 King St. W The Burns
Building
The Breithaupt
Block
Toronto
Kitchener
Calgary
5445
de Gaspe
Montreal
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TELECOM & IT FACILITIES 151 Front West
One of eight internet hubs in
North America
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TELECOM & IT FACILITIES
905 King West 60 Adelaide East
REDEVELOPMENT ACQUISITION
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TELECOM & IT FACILITIES 250 FRONT WEST
168,000 sf lease for 49 years
Part of Canadian Broadcast Centre
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TELECOM & IT FACILITIES 250 FRONT WEST
• Significant floor-loading &
freight-elevator capacity
• 14 foot+ clear ceiling height
• Enwave deep-water cooling
• Dedicated electrical service
of 9 MVA
• ~$30 M investment
• Contribute to 2014 NOI
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INTENSIFICATION
10
projects
2 under
development
8 rental properties
in approval or
pre-development
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QRC WEST PHASE 1
2015 Target
for
Completion
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410 FRONT ST. W
Redevelopment
of ~8 Acres
Mixed-use retail, office
and residential
environment
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GLOBE LANDS INITIAL SITE AND RECENT ADDITION
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PRELIMINARY LAYOUT
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PRELIMINARY LAYOUT
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CABOT CIRCUS BRISTOL
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LIVERPOOL ONE LIVERPOOL
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PRINCESSHAY EXETER
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PRINCESSHAY EXETER
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PRINCESSHAY EXETER
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EVOLVING VISION
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INTENSIFICATION
171 FRONT ST. WEST
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INTENSIFICATION
171 FRONT ST. WEST
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INTENSIFICATION
3.75 M sf of
potential GLA
Next wave of development
pipeline
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DECLINING COST OF EQUITY
Issue Price and Yield
($)
12%
3%
6%
9%
(%)
Yield Issue Price
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DEBT
• Conventional first mortgage financing
• Prefer longer terms
Fixed interest over extended period
• No variable-rate debt
• Average annual interest rate was 5%
• Mortgages weighted average term to maturity five years
OUR DEBT RATIOS ARE
AMONG THE VERY BEST
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CONSERVATIVE LEVERAGE BENEFITS
DEFENSIVE
OFFENSIVE
Protects long-term interests in the face of a
slow economy
Enables pursuit of value-creation opportunities
in a strong economy
Enables pursuit of opportunities in a slow
economy
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FINANCING LEVERAGE
• Issuance of unsecured debentures
Allied has not used this option
Working to establish required credit rating
• Readily available equity and first mortgage financing
• Debt ratios favour using mortgage financing over
next two years
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OPERATIONS
• 89% occupancy at years end in 2012
• 240 basis point increase in occupancy projected
for 2013
Growing Occupancy
Increasing Rental Revenue
• Expiring leases create opportunity to increase rents
• 8% increase in 2012
• Similar increase expected in 2013
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TEAM-BUILDING
Commercial real estate is a business
requiring a knowledgeable, coordinated
and motivated team.
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TEAM-BUILDING CORE VALUES
RESPECT
FOCUS
CREATIVITY
ENTHUSIASM
TEAMWORK
COMMUNITY BUILDING
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TEAM-BUILDING
VP Level Position • overseeing national building standards
and procurement
2 National Director Level Positions • overseeing operations and leasing
Promotion & Recruitment
IT, Development & Leasing Divisions • bolstered, primarily from within
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TEAM-BUILDING
With the right people, there’s no
limit to what a good business
can achieve.
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GROWTH
SURVIVAL REQUIRES STRATEGIC
AND MEASURED GROWTH
better access to capital
PROGRESSIVELY more operating stability
better human resources
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TARGETING
High single-digit or low double-digit
percentage increases year-over-year in
our FFO and AFFO per unit.
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Unitholders
Tenants
Employees
Trustees
Partners
Lenders
Brokers
Advisors
Suppliers
Urban
Communities
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