ANNUAL AND SPECIAL MEETING OF UNITHOLDERS

Transcription

1 Primaris Retail Real Estate Investment Trust ANNUAL AND SPECIAL MEETING OF UNITHOLDERS MAY 8, 2012

2 Forward Looking Statements Primaris Retail REIT 2012 Annual and Special Meeting This presentation includes FORWARD LOOKING STATEMENTS Refer to the forward-looking caution in the Primaris Annual Information Form and MD&A for the 2011 financial year, both of which are filed on SEDAR.

3 Accomplishments in % total return to Unitholders Raised $336 million in capital markets Acquired 5 key properties for $572 million Increased portfolio size by 22% Target deals at eight properties

4 2011 Total Unitholder Return 15% 10% 11.9% PMZ.UN 5% 0% -5% TSX -10% -8.7%

5 Cumulative Unitholder Total Return since IPO 300% 281% 250% 200% 150% 151% 100% 109% 50% 0% Primaris REIT (PMZ.UN) S&P/TSX Composite S&P/TSX Capped REIT

6 Distributions to Unitholders $1.25 $1.22 per Unit $1.20 $1.15 $1.10 $1.05 $1.00 $0.95 $0.90 Aug 04 increase Aug 05 increase Jan 07 increase Jan 08 increase

7 Strategic Plan Five year strategic plan Significant growth Focus on regional enclosed shopping centres that are dominant in their primary trade areas Properties 450, ,000 SF in size Canadian marketplace

8 Primaris Retail Real Estate Investment Trust Our Vision: To be the leading enclosed shopping centre REIT in Canada

9 Investing in enclosed shopping centres The advantages

10 Investing in enclosed shopping centres The advantages

11 Investing in enclosed shopping centres The advantages

12 Fashion Tenants

13 Investing in enclosed shopping centres The advantages

14 Investing in enclosed shopping centres The advantages

15 Investing in enclosed shopping centres The advantages

16 Investing in enclosed shopping centres

17 Growth Drivers 1. Enhancing the performance of our existing assets 2. Reinvestment in our properties 3. Acquisitions

18 Our existing properties

19 Demand for Primaris space Occupancy 6% rent lifts on renewals in % 97.1% 96.7% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% Q1

20 Financial Results Retail Sales Average Retail Sales in enclosed shopping centres: $439 per SF

21 Top Ten Tenants

22 Tenant Mix

23 New tenants - Target

24 Growth Driver 2: Re-investment Lambton Mall 360 seat food court New tenants H&M Sport Chek Galaxy Cinema BEFORE AFTER 24

25 Growth Driver 2: Re-investment Lambton Mall

26 Growth Driver 2: Re-investment Grant Park

27 Growth Driver 2: Re-investment Place d Orleans

28 Growth Driver 2: Re-investment Cataraqui Centre BEFORE AFTER

29 Growth Driver 2: Re-investment Cataraqui Centre BEFORE AFTER

30 Growth Driver 2: Re-investment Cataraqui Centre BEFORE AFTER

31 Growth Driver 3: Acquisitions Five new properties acquired in 2011

32 Growth Driver 3: Acquisitions Oakville Place

33 Growth Driver 3: Acquisitions Burlington Mall

34 Growth Driver 3: Acquisitions Tecumseh Mall

35 Growth Driver 3: Acquisitions Place Vertu

36 Growth Driver 3: Acquisitions St. Albert Centre

37 Growth Driver 3: Acquisitions Driftwood Mall

38 Focus on Fundamentals

39 Financial Results Operating Results $400 $350 $300 $314 $365 (millions) $250 $200 $150 $137 $163 $100 $50 $0 All store Revenue All store Expenses

40 Financial Results NOI $250 $200 $182 $208 (millions) $150 $100 $50 $46 $57 $ Q Q1 2012

41 Financial Results FFO $120 $100 $99 $111 (millions) $80 $60 $40 $20 $25 $33 $ Q Q1 2012

42 Financial Results FFO Payout Ratio 100% (millions) 95% 90% 85% 80% 84% 84% 87% 80% 75% 70% 65% 60% Operating Q Q1 2012

43 Capital Structure as at March 31, 2012 (millions) Secured Debt $ 1,424 Bank Indebtedness $ 27 Convertible Debentures $ 211 Equity $ 1,833 Total Market Capitalization $ 3,495

44 Debt Maturity Profile as at March 31, (millions) Thereafter Mortgages Convertible Debentures

45 Sustainability

46 Sustainability Park Place Aberdeen Mall Heritage Place Cataraqui Centre Stone Road Mall Grant Park Lambton Mall Midtown Plaza Northland Village Mall Orchard Park Place Du Royaume

47 Sustainability Case Study 1.2 Million pounds of demolition rubble diverted

48 Sustainability Rubble from demolition used to support the banks of the river in this environmentally significant area

49 Community Contribution

50 Management Platform John Morrison President and Chief Executive Officer Louis Forbes Executive Vice President and Chief Financial Officer Patrick Sullivan Senior Vice President, Portfolio Management Toran Eggert Vice President, Portfolio Management

51 Management Platform Lesley Gibson Vice President, Finance Leslie Buist Vice President, Finance Devon Jones Secretary and Vice President, Legal Anne Morash Vice President, Development Ron Perlmutter Vice President, Investments

52 Primaris Retail Real Estate Investment Trust CONCLUSION OF ANNUAL AND SPECIAL MEETING

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