PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION DECEMBER 12, 2017
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1 PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION DECEMBER 12, Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017
2 NOTICE TO THE READER ABOUT THIS PRESENTATION This presentation has been prepared for informational purposes only. This presentation is personal to each recipient and does not constitute an offer to any person or to the public generally to subscribe for or otherwise acquire any of the securities of PIRET. FORWARDLOOKING INFORMATION Certain information included in this presentation contains forwardlooking statements within the meaning of applicable securities laws including, among others, statements concerning PIRET s business operations, proposed acquisitions, projected costs, financial performance and condition, objectives and strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. These statements generally can be identified by the use of forwardlooking words such as may, will, expect, intend, plan, estimate, anticipate, believe, or continue, or the negative thereof, or similar variations. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections. Additional information on the material risks that could cause PIRET s actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forwardlooking information can be found in our most recent annual information form that is available on PIRET s website and at The forwardlooking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forwardlooking statements are made as of the date of this presentation and PIRET does not undertake any obligation to publicly update such forwardlooking statements to reflect new information, subsequent events or otherwise, except as expressly required by applicable securities laws. NONIFRS MEASURES PIRET s consolidated financial statements are prepared in accordance with IFRS. Consistent with PIRET s management framework, management uses certain financial measures to assess PIRET s financial performance, which are not IFRS measures. There are a number of nonifrs measures used in this presentation, including funds from operations (FFO), adjusted funds from operations (AFFO), adjusted net operating income (Adjusted NOI), AFFO payout ratio (POR), Debt to EBITDA, Debt to Gross Book Value, earnings before interest, taxes, depreciation and amortization (EBITDA), enterprise value, goingin cap rate, gross book value (GBV), interest coverage, net asset value (NAV) per unit, occupancy levels, weighted average effective interest rate and weighted average lease term (WALT). PIRET believes that these nonifrs measures are appropriate measures of the operating performance of PIRET. These and other nonifrs measures do not have any standardized meaning prescribed by IFRS. PIRET s calculation of these measures may differ from the methodology used by other issuers and, accordingly, may not be comparable to such other issuers. Refer to PIRET s management discussion and analysis (MD&A) for further descriptions of the nonifrs measures, available on SEDAR at Management believes that certain of these measures are appropriate measures of PIRET s operating performance because they facilitate an understanding of PIRET s operating performance without giving effect to certain noncash expenses. None of these measures are equivalent to net income or cash generated from operating activities determined in accordance with IFRS. FFO and AFFO Commencing January 1, 2017, management has chosen to fully adopt the definitions of FFO and AFFO as prescribed by REALpac in its whitepaper on FFO and AFFO for IFRS, dated February As a result, FFO and AFFO for fiscal year 2016 has been restated to conform to the current year s presentation. 1
3 WHO WE ARE Blundell Road, Richmond, BC Acquired September 7,
4 WHO WE ARE Our mission: To be an industryleading provider of modern distribution and logistics facilities PIRET is an internally managed, unincorporated, openended REIT that focuses exclusively on investing in industrial properties in leading markets with the goal of generating stable and growing cash distributions for investors. 3
5 WHY CHOOSE AN INDUSTRIAL REIT? 4762,4830 Borusan Road, Houston, Texas Acquired April 4,
6 WHY CHOOSE AN INDUSTRIAL REIT? CASHFLOW Historically stable, predictable Driven by positive real estate fundamentals YIELD Historically attractive yields 10 year IPD property index total return 8.4% GROWTH Fragmented market ripe for consolidation Ecommerce is positively driving demand for logistics space 5
7 POSITIVE PROPERTY FUNDAMENTALS INDUSTRIAL SUPPLY AND DEMAND % 10.0% Millions % 6.0% % 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2.0% 20 Source: CBRE Limited Q Availability Rate Canada New Supply Canada Net Absorption Canada Availability Rate USA New Supply USA Net Absorption USA 0.0% Across Canada and USA, strong property fundamentals: Demand continues to exceed supply (positive net absorption) Low supply of industrial space, especially in Canada Availability rate in both Canada and USA are at historical lows Ecommerce a significant demand driver Property fundamentals drive stable and predictable cashflows and attractive yields in industrial REITs 6
8 POSITIVE PROPERTY FUNDAMENTALS CANADA CAP RATES USA CAP RATES 9.0% 10year Canada Treasury Yield (%) Average Canadian Industrial Class A Cap Rate 9.0% 10year USA Treasury Yield (%) Average USA Industrial Class A (Tier I) Cap Rate 8.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 187 bps 192 bp spread differential 5.56% 379 bps 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% Q4/06 Q2/07 Q4/07 Q2/08 Q4/08 Q2/09 Q4/09 Q2/10 Q4/10 Q2/11 Q4/11 Q2/12 Q4/12 Q2/13 Q4/13 Q2/14 Q4/14 Q2/15 Q4/15 Q2/16 Q4/16 Q2/17 Sources: CBRE Limited Q2 2017, FactSet Source: JLL Q Across Canada and USA: Steady cap rate compression Spread over government bond has widened since the last market peak in both Canada and USA 7
9 NORTH AMERICAN INDUSTRIAL CLASS A CAP RATES TIER I TIER II TIER III 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Seatle N. Cal. (Oakland, San Fran, LA, Inland Empire NY: N. New Jersey Vancouver Toronto N. Ca: San Jose S. FL Miama Tier I USA Average Washington D.C Chicago Dallas/Ft. Worth Atlanta PA Corridor Houston NY: Stamford Portland Baltimore Philadelphia Denver Calgary Tier II Average Boston Indianapolis Edmonton Mineapolis Pheonix Montreal Columbus Orlando San Diego Austin Las Vegas Charlotte Cincinnati Nashville Sacramento Salt Lake City San Antonio St. Louis Kansas Cit Lousiville Tampa Tier III Average Jacksonville Memphis RaleighDurham Detroit Cleveland El Paso Oklahoma City Albuquerque Pittsburgh PIRET Target Markets Tier market average Sources: CBRE Limited Q
10 STRONGEST PROPERTY FUNDAMENTALS IN TARGET MARKETS INDUSTRIAL SUPPLY AND DEMAND 2016 Net Absorption By Market 2016 Construction Completions By Market Million Sq.ft Million Sq.ft year average PIRET Target Markets: Vancouver, Toronto, Calgary, Edmonton Source: CBRE Limited Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal Halifax Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal Halifax Fundamentals are strongest in our target markets Majority of Canadian supply and demand is in key markets of Toronto, Vancouver, Calgary and Edmonton 9
11 ECOMMERCE HAS A LARGE IMPACT ON LOGISTICS REAL ESTATE U.S ECOMMERCE RETAIL SALES IMPLIED DEMAND FOR LOGISTICS SPACE % $ Billions Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q % 7.0% 6.0% Millions SF E $ Billions U.S. Ecommerce Sales Percent of Total Retail Sales Ecommerce related Net Absorption Ecommerce Sales ($Billions) Sources: CBRE Research Q4 2016, US Census Bureau Sources CBRE Research Q4 2016, U.S Census Bureau Ecommerce in US is > $400 billion industry* Ecommerce growth outpacing retail sales growth CBRE estimates that every $1.0 billion of ecommerce sales creates 1.25 million sf of logistics demand Ecommerce is a significant driver of demand for logistics warehouse space: Regional Distribution Centres Urban Distribution Centres Fulfillment and parcel delivery Reverse logistics Ecommerce represents approximately 30% of PIRET s portfolio * Source: U.S. Census Bureau News February
12 WHY PIRET 11
13 WHY CHOOSE PIRET? QUALITY INDUSTRIAL PORTFOLIO CONSERVATIVE CAPITAL STRUCTURE EFFECTIVE Conservative capital structure OPERATING PLATFORM POSITIONED FOR NAV & INCOME GROWTH 12
14 95% OF PORTFOLIO CONCENTRATED IN MAJOR MARKETS 1 Vancouver 2.8 million S.F. 12 Los Angeles (1) 0.2 million S.F. Edmonton 2.2 million S.F Calgary 1.6 million S.F. * Circles are scaled by square feet owned in each region Regina (4) 0.2 million S.F. Houston, Dallas, Austin, San Antonio 2.2 million S.F. Winnipeg (8) 0.7 million S.F. 5 Chicago, Davenport (2) 0.3 million S.F. Baton Rouge (1) 0.2 million S.F. Greater Toronto Area 9.3 million S.F. Atlanta Area 1.7 million S.F Montreal (6) 0.6 million S.F. Barrington & Dover New Jersey (2) 0.4 million S.F. Charlotte, Greensboro & WinstonSalem 2.1 million S.F. West Palm Beach (1) 0.1 million S.F. $3.0 BILLION PORTFOLIO 174 PROPERTIES 24.6 MILLION S.F. AUM ACRES OF DEVELOPMENT LAND GEOGRAPHIC DIVERSITY (by Adj. NOI) BC 13% ALBERTA 19% ONTARIO 38% USA 24% OTHER 6% 1. Proforma information includes the following: events as disclosed in the Trust s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as disclosed in the press release dated July and excludes assets held for sale. 13
15 USA TARGET MARKETS METROPOLITAN AREAS Population > 1 million & strong job growth FASTEST GROWING CITIES IN THE U.S Census population growth Raleigh, North Carolina 47.8% 2. Austin, Texas 44.9% 3. Las Vegas, Nevada 43.6% 4. Orlando, Florida 34.2% 5. Charlotte, North Carolina 32.8% 6. Riverside, California 32.7% 7. Phoenix, Arizona 32.1% 8. Houston, Texas 31.0% 9. San Antonio, Texas 29.9% 10. DallasFort Worth, Texas 27.9% Source: Forbes Source: New York Times Dear Amazon, We Picked Your New Headquarters for You September 9, 2017 CHARACTERISTICS of USA Target Markets Population and job growth Well located distribution markets / connectivity Transportation infrastructure Labour conditions Panama canal widening / increasing port activity in gulf and east coast 14
16 STRATEGIC PORTFOLIO 1 PROPERTY USE PROPERTY TYPE PROPERTY LOCATION By NOI By NOI By Investment Property Value Distribution / ECommerce Light Manufacturing 70% 18% Flex 5% Transportation / Logistics 7% Single tenant Multi tenant 75% 25% Wtd Avg Cap Rate BC 13% 5.39% AB 17% 6.49% ON 42% 5.16% USA 22% 6.33% Other 5% 6.80% Total/ Avg 100% 5.76% Distribution / Logistics Focus Highly liquid Easier to release than manufacturing facilities Superior growth prospects Increasing focus on ecommerce Singletenant Advantage Enhances liquidity Typically larger, more creditworthy tenants Operating efficiencies Platform scalability Concentrated in Major Markets Over 95% of portfolio is concentrated in major markets Overall weighted average capitalization rate: 5.76% 1. Proforma information includes the following: events as disclosed in the Trust s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as disclosed in the press release dated July and excludes assets held for sale. 15
17 DIVERSIFIED BLUE CHIP TENANTS TENANT INDUSTRY SECTOR By Revenue 1 TOP 10 TENANTS By Revenue 1 Weighted Average Lease Term Remaining Transportation / Logistics 46.2% Manufacturer 19.4% Wholesale Trade 11.9% Retail Trade 11.6% Services 6.0% Mining, Oil and Gas 2.7% Others 2.2% FedEx 20.6% 8.5 years TFI International 8.8% 10.9 years IKEA 4.7% 5.4 years Containerworld 3.0% 6.8 years Kellogg s 2.7% 5.3 years Best Buy 2.0% 0.4 years Toys R Us 1.8% 15.3 years Tervita 1.6% 15.0 years K+N 1.5% 4.5 years HBC 1.5% 5.3 years Well diversified across industry sectors Weighted towards growing sectors of logistics and ecommerce Exposure to mining, oil and gas < 5% Top 10 tenants have long lease terms WALT of top 10 tenants is 8.3 years vs portfolio average of 6.4 years 1. Proforma information includes the following: events as disclosed in the Trust s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as disclosed in the press release dated July and excludes assets held for sale. 16
18 HEALTHY LEASE MATURITY PROFILE 1 LEASE EXPIRY PROFILE WEIGHTED AVERAGE LEASE TERM = 6.4 YEARS OCCUPANCY PERCENTAGE = 97.1% 18.7% 34% LEASES UP FOR RENEWAL POST % 10.4% 9.2% 8.6% 12.2% 14.0% 2.6% 3.9% 4.4% 3.5% Thereafter BC AB ON USA Other Low releasing risk 33% of leases expire after 2023 Contractual rent increases Provides organic NOI growth Wellstaggered lease maturities Provides a balance of stability and rental growth 17
19 CONSERVATIVE CAPITAL STRUCTURE SELECT FINANCIAL INFORMATION Unit price (December 12, 2017) $ 6.57 Units outstanding, float 305,880,218 Average daily volume (last 30 trading days) 1,222,679 (C$ Millions) Market capitalization 1 2 $ 2,060 Cash and available lines (current estimate) $ 230 Debt 2 3 $ 1,159 Unencumbered pool of assets 2 3 $785 Enterprise value 1 2 $ 3,159 Gross book value 2 $ 3,093 Debt to gross book value % Debt to EBITDA Interest Coverage Annual distribution per unit $ Yield 2 4.6% Analyst Consensus Information: Consensus Target Price 4 $7.18 Consensus NAV per unit 4 $6.40 Consensus AFFO payout ratio (no DRIP in place) E 81.9% 1. Market information as at December 12, PIRET s financial results as at Sept 30, 2017 and as reported on 2017 Q3 Financial Statements dated November 8, Includes assets/liabilities held for sale 4. Based on consensus analyst estimates as of December 12, 2017 and does not represent PIRET and its management s opinions, forecasts or predictions. The inclusion of this information in our presentation does not imply any endorsement of, or concurrence with the analysts estimates 18
20 MANAGEABLE MORTGAGE MATURITY WEIGHTED AVERAGE TERM = 4.9 YEARS WA Effective Rate1 3.84% MORTGAGE MATURITY PROFILE 1 10yr Loan Term Rate % 5yr Loan Term Rate % 30.0% 6.00% 25.0% 20.0% 15.0% 10.0% 5.0% 3.88% 3.87% 3.72% 3.53% 9.0% 3.84% 3.71% 11.0% 4.21% 4.08% 16.4% 3.68% 3.62% 12.5% 4.47% 3.79% 3.74% 4.37% 17.1% 6.5% 3.45% 3.55% 3.48% 4.10% 3.43% 3.40% 3.40% 3.98% 11.3% 7.8% 3.7% 3.5% 5.00% 4.00% 3.00% 2.00% 1.00% 0.0% 1.1% Thereafter Maturity Scheduled Principal Series 3 Effective Rate Nominal Rate 0.00% 1. Proforma information includes the following: subsequent events as disclosed in the Trust s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017 and excludes assets held for sale 2. Source: Avison Young Debt Market Monitor (September 2017) 19
21 EFFICIENT AND EFFECTIVE OPERATING STRUCTURE Dedicated, internal investment, property and asset management teams Handson, proactive property and asset management across 5 offices No fees paid to external management G&A costs represent 2.8% of revenue 1 Scalable platform going forward Positioned to achieve economies of scale with portfolio growth Completed over 3 million sf of renewals and new leases in G&A as at September 30, 2017 excluding the noncash fair value component of remeasuring the Trust s unitbased compensation liabilities 20
22 DEDICATED INTERNAL MANAGEMENT TEAM Kevan Gorrie P. Eng Teresa Neto CPA, CA President & Chief Executive Officer, Trustee Chief Financial Officer Formerly led the Industrial business for Oxford Properties Over 18 years of real estate experience Over $2.5 billion in transactions completed to date Senior financial executive with over 25 years of experience in corporate finance & accounting Former CFO at a number of established REITs in Canada and Real Property Association of Canada (REALpac) Kantaro Goto CPA, CMA Vice President Finance and Corporate Controller Over 13 years of real estate and finance experience Former Director, Finance at Build Toronto and controller at a public REIT Allan Saito Vice President, Property Management and Leasing Over 20 years of real estate experience in leasing, property management and development Former VP at Build Toronto and GE Capital Real Estate Charlie Deeks Vice President, Investments Over 10 years of real estate experience including appraisal, asset management and investment Over $1.0 billion of transaction volume completed to date 21
23 VALUEADD TRACK RECORD Internal asset management team with development capabilities Focused on select developments and expansions in PIRET s established markets Currently 1 property under development and acres of developable land GTA Future Redevelopment Located in Scarborough, ON Project Size: Approx. 300,000 S.F. Construction Start: Q12018 (forecast) Hino Expansion Located in Woodstock, ON East Richmond Development Located in Richmond, BC Adjacent to existing portfolio Alberta 13.9 Acres Manitoba Land Held for Development 2.2 Acres Land Held for Development Ontario 14.8 Acres Land Held for Development FedEx Ground Development Project Size: Approx. 44,000 S.F. Completed: Q42016 Located in Vaughan, ON New development Project Size: Approx. 422,000 S.F. NOI Yield: 6.8% Completed: Q22016 Container World Expansion Project Size: 330,540 S.F. Project Cost: Est $40 million Completion: Q42017 Located in Richmond, BC Project Size: Approx. 152,000 S.F. NOI Yield: 7.9% Completed: Q32014 Dallas 84.0 Acres Land Held for Development San Antonio 16.0 Acres Land Held for Development FedEx USA Parking Facility Expansion FedEx USA Expansion Located in San Antonio, TX Completed: Q42017 Located in Barrington, NJ Project Size: 56,000 S.F NOI Yield: 9.9% Completed: Q
24 SCALABLE PLATFORM WITH JOINT VENTURE EXPERTISE Relationships with 2 institutional joint venture partners PIRET maintains 100% management interest of the properties Enables the Trust to maintain operational scale while decreasing economic exposure Speaks to the quality of internal management team Enhances returns through generation of fee income Source of lowcost partner capital for further growth 3 properties in Alberta, 1 property in Manitoba (October 2015) 8 properties in Ontario, 1 property in Quebec (October 2014) 4 properties in Alberta, 1 property in Ontario (March 2017) 23
25 POSITIONED FOR GROWTH 201 Greenwood Court, McDonough, Georgia, US Acquired February 1, 2017
26 GROWTH STRATEGY FOCUSED ON NAV AND INCOME GROWTH Continue to upgrade the quality of the portfolio Reinvest into strategic acquisitions in primary markets Build scale in target markets Maintain a distribution / logistics / ecommerce focus Active, handson asset management Selective valueadd development activity Joint venture partnerships to support growth Prudent financial management and capital allocation 25
27 TOTAL RETURN YTD years 3 years Since IPO PIRET 26.9% 36.0% 71.4% 83.6% 279.0% S&P / TSX REIT Index 8.5% 17.6% 23.3% 20.9% 98.9% S&P / TSX Composite Index 8.0% 21.1% 26.3% 20.0% 59.3% AAR.UN PRICE INDEX REIT Index S&P/TSX Source: FactSet, November 8,
28 HISTORIC GROWTH & CAPITAL RECYCLING MARKET CAP GROWTH properties ~$590 million Sold 14 properties $112 million $ billions 2,000 1,750 1,500 1,250 1, Acquired 29 properties $219 million 2012 Acquired 26 properties $295 million Sold 1 property $6.1 million 2013 Acquired 77 properties $596 million Sold 8 properties $33.1 million 2014 First USA Acquisition 2014 Acquired 24 properties ~$429 million Sold 14 properties $101.1 million properties ~$289 million Sold 8 properties 2015 $38.7 million 8 properties ~$150 million Sold 12 properties $54.6 million Acquired 17 properties $70 million 2010 Acquired 18 properties $131 million Real Estate becomes it s own GICS Sector Aug
29 DISCIPLINED USE OF FUNDS Following initial growth of the Trust, in 2013 the acquisition strategy was refocused on high quality, modern assets in key locations Diversified the portfolio in 2014 with a portfolio investment in the USA Initial USA entry was an investment in ecommerce related assets Since 2014, further investments in USA have built significant scale in key markets of Georgia and Texas Deployed capital on select value add development projects Future acquisitions are focused on quality and location HISTORIC ACQUISITIONS YEAR # PROPERTIES GLA (000s) PURCHASE PRICE ($ millions) GOINGIN CAP RATE $ % , % , % , % , % 2014 Canada: USA: 2015 Canada: USA (USD): 2016 Canada: USA (USD): 2017 YTD Canada: USA (USD): ,884 1, ,326 1,369 1,570 2,307 2, % 7.12% 6.90% 8.00% 6.31% 6.90% 5.19% 6.13%* * Goingin cap rate applicable to income producing properties only and excludes land purchases 28
30 STRATEGIC PORTFOLIO REPOSITIONING Initial portfolio was predominately older assets Disposition program has targeted sales of noncore assets, typically older assets with less functionality for modern logistics operators Acquisition program has been focused on high quality, modern assets in strategic locations HISTORIC DISPOSITIONS YEAR # PROPERTIES 2014 Canada: USA: 2015 Canada: USA: 2016 Canada: USA: GLA (000s) 1, PURCHASE PRICE ($m) GROSS PROCEEDS ($m) CAP RATES AGE (yrs) 4.85% % % 33 As a result the portfolio is now predominately institutional quality class A and B+ assets 2017 YTD 1 Canada: USA: % 22 Asset sales have been accretive 1. Proforma information includes the Trust s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017 and excludes the sales of partial interests to joint venture partners and properties sold vacant. 29
31 STRATEGIC INCREASE IN EXPOSURE TO ECOMMERCE Ecommerce growth continues to create strong demand for logistics space Approximately 30% of our portfolio s tenant activity is ecommerce related As demand continues to grow, ecommerce is expected to make up a larger part of the portfolio ECOMMERCE TENANTS 3.5 MILLION SF ECOMMERCE RELATED TENANT ACTIVITY FedEx Ground TFI International TFI IKEA TFI Hudson s Bay Company TFI Kuehne + Nagel Purolator MTE Logistix Porter Warehouse & Distribution Landmark Global All Canadian Courier MWI Veterinary Supply Canada Post Toys R Us 1. Proforma information includes the following: events as disclosed in the Trust s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as disclosed in the press release dated July and excludes assets held for sale. 30
32 BALANCE SHEET IMPROVEMENTS TRUST INDEBTEDNESS NAVPU GROWTH and AFFOPU GROWTH 75% 70% % 60% 55% 50% 45% 40% % 30% Q108 Q308 Q109 Q309 Q110 Q310 Q111 Q311 Q112 Q312 Q113 Q313 Q114 Q314 Q115 Q315 Q116 Q316 Q117 Q % Maximum Indebtedness Ratio Permitted in Trust Documents Historic Indebtedness Ratio 4045% Medium Term Target Range 40% Long Term Target Historic NAVPU Historic AFFOPU Strategic degearing to manage risk AFFO per unit growth despite significant deleveraging Continual NAV per unit growth 31
33 INVESTMENT SUMMARY SCALABLE PLATFORM PORTFOLIO QUALITY SUSTAINABLE GROWTH STRONG PROPERTY FUNDAMENTALS PRUDENT CAPITAL STRUCTURE 32
34 RESEARCH ANALYST COVERAGE PIRET is covered by the analysts listed below. Please note that any opinions, estimates or forecasts regarding our performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of PIRET or its management. PIRET does not by its reference or distribution imply any endorsement of or concurrence with such information, conclusions or recommendations. Heather Kirk, BMO Capital Markets Mark Rothschild, Canaccord Genuity Dean Wilkinson, CIBC Michael Markidis, Desjardins Securities Inc. Frederic Blondeau, Eight Capital Rob Sutherland, Echelon Wealth Partners Jimmy Khing Shan, GMP Securities Brad Sturges, IA Securities Matt Kornack, National Bank Financial Ken Avalos, Raymond James Neil Downey, RBC Capital Markets Pammi Bir, Scotia Capital 33
35 CONTACT US Sylvia Slaughter Director, Investor Relations Tel: , ext. 267 TORONTO CONTACT King Street West, PO Box 112, Toronto, ON M5H 3T9 Tel: Fax: VANCOUVER CONTACT West Georgia Street, Vancouver, BC V6C 3L2 Tel: Toll: Fax: STOCK EXCHANGE LISTING Toronto Stock Exchange TSX Ticker symbol: AAR.un
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