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1
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-
2,000,000
4,000,000
6,000,000
8,000,000
1 0,000,000
1 2,000,000
2015 2016 2017 2018 2019 2020+
Expiries of tenants > 1 00k sf Expiries of tenants < 1 00k sf
*
GLA
(sf
)
9
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
2015 2016 2017 2018 2019 2020+
Calgary Downtown Calgary Suburban Edmonton Downtown Edmonton Suburban
* - net of commitments
10
86%
88%
90%
92%
94%
96%
98%
100%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q2/15
Net Absorption1.4 M sq. ft.
Development Pipeline
22.3 M sq. ft.
11
12
13
30%
35%
40%
45%
50%
55%
60%
65%
7 0%
Q4/08 Q2/1 5
Reported Debt/GBV
14
$1.50
$1.70
$1.90
$2.10
$2.30
$2.50
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
$7,500
$8,000
Dec-03 Dec-04 Dec-05 Dec-06 Aug-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Jun-15
Book Value
Historical AFFO Per Unit
15
Downtown Toronto
•
•
Scotia Plaza
Adelaide Place
36 Toronto Street
10 King Street E 80 Richmond St W
16
12
3
4
5
6
7
25
16
18
8
26
1320
9
12
10
17
14
22
2411
2123
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15
17
18
Suburb?
•
•
•
Suburb?
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•
•
20
Calgary CBD
441 5th AvenueAtrium II Life Plaza
McFarlane Tower Northland Building
•
21
22
23
4.0%
4.4% 4.4%
3.9%
3.3%
4.4%
5.2%
4.2%
4.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
0
100
200
300
400
500
600
700
800
2015 2016 2017 2018 2019 2020 2021 2022 2023+
Unsecured Secured Weighted Average Face Rate
24
Price as of October 2nd, 2015
Source: SNL Financial (Consensus data used for AFFO, NAV, NAV Cap estimates), BMO Capital Markets
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Case Study
Suburban Modernization
Sussex Centre
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Case Study
Suburban Modernization
Sussex Centre
31
Case Study
Suburban Modernization
Sussex Centre
32
Case Study
Suburban Modernization
Sussex Centre
33
Case Study
Suburban Modernization
Sussex Centre
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