BMO Fixed Income Real Estate Conference Investor Presentation March 29, 2017
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1 BMO Fixed Income Real Estate Conference Investor Presentation March 29,
2 PRESENTATION OF CERTAIN INFORMATION Unless otherwise indicated in this presentation, all statistical and financial information is presented as of December 31, 2016 and all financial information that is identified as LTM or LTM Q refers to the 12-month period ending December 31, This presentation may contain statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements " or forward-looking information within the meaning of applicable securities legislation, including the United States Securities Act of 1933 as amended, the United States Securities Exchange Act of 1934 as amended, and applicable Canadian securities legislation. Forward-looking statements and forward-looking information may include, among others, statements regarding Granite s future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate, seek and similar expressions are used to identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. Forward-looking statements and forward-looking information are based on information available at the time and / or management's good faith assumptions and analyses made in light of our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances, and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite's control, that could cause actual events or results to differ materially from such forward looking statements and forward-looking information. Important factors that could cause such differences include, but are not limited to: the risk of changes to tax or other laws and treaties that may adversely affect Granite REIT s mutual fund trust status under the Income Tax Act (Canada) (the Tax Act ) or the effective tax rate in other jurisdictions in which Granite operates; economic, market and competitive conditions and other risks that may adversely affect Granite s ability to achieve desired developments in its relationships with its tenants, expand and diversify its real estate portfolio and increase its leverage; and the risks set forth in the annual information form of Granite REIT and Granite REIT Inc. dated March 1, 2017 (the Annual Information Form). The Risk Factors section of the Annual Information Form also contains information about the material factors or assumptions underlying such forward-looking statements and forward-looking information, and is incorporated herein by reference. This presentation is qualified in its entirety by the information in such risk factors, which readers are strongly advised toreview. Forward-looking statements and forward-looking information speak only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information contained in this presentation to reflect subsequent information, events or circumstances or otherwise. 2
3 GRANITE OVERVIEW Description Portfolio Financial Information Owner and manager of industrial, warehouse and logistics properties Operates in nine countries in North America and Europe (1) Magna International Inc. (A- / A (low) / A3) and its operating subsidiaries ( Magna ) as the largest tenant Creditworthy tenant base 92 income-producing properties 29.6 M square feet $2.7 B in property value 7.0 years of Weighted Average Lease Term ( WALT ) (3) $217 M in Annualized Lease Payments ( ALP ) $162 M in Comparable Funds From Operations ( Comparable FFO ) (4) 71% FFO payout ratio (6) 25% Leverage ratio (2) (4) (5) Public Listing GRT.UN on TSX and GRP.U on NYSE Market cap of $2.1 B and enterprise value of $2.5 B (8) Investment grade ratings (BBB / Baa2) (7) Global industrial real estate platform (1) Ratings (S&P / DBRS / Moody s) based on public filings of Magna International Inc. (2) WALT is defined as weighted average lease term based on square footage. (3) Refer to Appendix for definition. (4) FFO and FFO Payout Ratio are non-ifrs measures. For definitions see Appendix. Excludes $11.9 million expense with respect to the early redemption of the 2018 Debentures. (5) Figures are for the twelve month period ended December 31, (6) Leverage ratio is calculated as the carrying value of total debt divided by the fair value of investment properties. (7) Market cap and enterprise value as of December 31, (8) Ratings from DBRS / Moody s. 3
4 INVESTMENT HIGHLIGHTS Global industrial property portfolio Strategically located in Canada, US and Europe Unique and high quality portfolio of large scale properties 99% occupied Strong track record of profitability and stable cash flow generation Consistent growth in annual Comparable FFO per unit since January 2012 Conservative payout ratio Diverse and creditworthy tenant base 35 tenants across broad spectrum of industries Magna, a world class automotive supplier, is the principal tenant representing 78% of ALP Favourable lease terms Predominantly net lease structure with tenant responsible for operating costs Contractual rent escalators typical both during term and upon renewal In October 2016, early renewed or extended 15 Magna leases representing approximately 7 M square feet, which included 7 special purpose properties Portfolio WALT of 7.0 years overall and 10.7 years for special purpose properties Industry leading balance sheet provides financial flexibility Unencumbered assets, low leverage and investment grade ratings (BBB \ Baa2) Foreign denominated debt provides partial natural currency hedge Potential for further diversification and optimization of portfolio Growth opportunities through development, acquisitions and in support of Magna Continue to divest non-core assets Experienced and focused management team 4
5 GRANITE EVOLUTION THEN & NOW Income-Producing Properties Summary Then December 31, 2011 Now December 31, Multi- Purpose $802M $1.9B Value 15 Special Purpose $1,089M 62 Multi- Purpose $696M $2.6B Value 18 Modern Logistics / Distribution Warehouse $600M 12 Special Purpose $1,350M % 14% 92 78% 25% # of Income- Producing Properties Magna % of Annualized Lease Payments Leverage Ratio # of Income- Producing Properties Magna % of Annualized Lease Payments Leverage Ratio De-risked the portfolio while maintaining low leverage, creating value and enhancing debt capacity 5
6 STRATEGIC PRIORITIES Build a high quality diversified industrial real estate business by patiently growing and diversifying its asset base Optimize Value of Core Business Growth & Diversification Actively manage Granite s core portfolio for value creation opportunities: o Manage and optimize operating efficiencies of core business o Support growth of tenants, including Magna, where economics justify doing so o Recycle non-core properties (primarily Magna tenanted) o Exploit development opportunities from existing portfolio Leverage Granite s geographic footprint to seek investment opportunities that: o Meet Granite s investment criteria and disciplined approach o Are opportunistic in terms of the real estate cycle o Are accretive to both FFO and Net Asset Value ( NAV ) Explore and pursue: o Property, portfolio and company acquisitions and development opportunities o Joint venture and similar arrangements with local partners Reduce Magna concentration over the long term Capital Structure Preserve investment grade rating and strong liquidity Target long term leverage ratio of approximately 40% Use global footprint to access lowest cost and most flexible sources of capital Reduce overall cost of capital Return of Capital Consider purchase of units via normal course issuer bid (NCIB) at appropriate prices Seek to consistently grow distributions over the long term while retaining financial flexibility and a prudent FFO payout ratio o Recently announced fifth consecutive annual increase to distributions Strategic priorities to be guided by value creation potential on a risk adjusted basis 6
7 GRANITE HISTORICAL PERFORMANCE Historical Operating Performance ($M) (1) Cash Distributions and Comparable FFO Payout % (1) ALP EBITDA Comparable FFO Cash Distributions per Unit Comparable FFO Payout % $221.9 $212.5 $228.6 $ % (2) $185.2 $157.3 $175.5 $148.0 $181.2 $158.4 $188.2 $ % 70% 68% 71% $132.7 $131.5 $100.0 $1.99 $2.11 $2.21 $2.30 $ Track record of growth and stable cash flows with conservative payout (1) For the year ended December 31 st, unless otherwise noted. These figures should be read in conjunction with Granite s unaudited condensed combined financial statements for the three and 12 month periods ended December 31, 2016 and 2015 and audited combined financial statements for the years ended December 31, 2015 and 2014, together in each case with the Management s Discussion and Analysis of Results of Operations and Financial Position accompanying such financial statements, each of which is available on SEDAR at and each of which is incorporated by reference here in its entirety. (2) Reflects payout per share for 2012, prior to REIT conversion. 7
8 GLOBALLY DIVERSIFIED PORTFOLIO Globally 40 Properties 7.7 M Square Feet 23 Properties 8.5 M Square Feet 11 Properties 8.1 M Square Feet 18 Properties 5.3 M Square Feet 92 Properties 29.6 M Square Feet Global footprint with unique and large scale properties 8
9 PORTFOLIO SEGMENTATION BY GEOGRAPHY By Income-Producing Property Fair Value By Annualized Lease Payments $408.8 M 16% 29% $763.7 M $33.9 M 16% 27% $58.7 M 26% $2.6 B Value 29% $216.6 M ALP $699.0 M 29% $774.8 M $62.8 M 28% $61.2 M By Square Feet By Number of Income-Producing Properties 5.3 M 18% 26% 7.7 M 18 20% Canada 8.1 M 27% 29.6 M Square Feet 29% 11 12% 92 Properties 25% 43% 40 US Austria Rest of Europe (Excl. Austria) 8.5 M 23 Geographically diversified asset base 9
10 PORTFOLIO SEGMENTATION BY CATEGORY Income-Producing Properties by ALP Segmented by Category Modern Warehouse 18 Properties 6.9 M sqft $600.0 M Fair Value WALT: 4.5 years Special Purpose 12 Properties 12.7 M sqft Modern Warehouse Acquired or developed / redeveloped within the last four years $39.4 M ALP 100% 18% $1,350.0 M Fair Value WALT: 10.7 years Special Purpose $216.6 M ALP 52% Designed and built with unique features $113.3 M ALP 30% 100% Multi-Purpose 62 Properties 10.0 M sqft $696.3 M Fair Value WALT: 4.1 years Special Purpose Multi-Purpose Modern Warehouse Multi-Purpose Tenantable by a wide variety of potential users 13% $64.0 M ALP 87% Magna Non-Magna Total ALP of $216.6 M with an overall WALT of 7.0 years 10
11 LEASE EXPIRATION PROFILE 2012 VS Overall WALT = 7.0 years Special Purpose WALT = 10.7 years Occupancy = 99% Lease Expiration By ALP (As at December 31, 2016) Total ALP = $216.6 M $68.2 $88.1 $41.8 $24.7 $22.8 $26.4 $13.2 $12.1 $11.7 $16.5 $0.6 $5.9 $4.0 $ and Beyond $0.0 $1.3 % of Total ALP # of Leases 2.0% 11.4% 6.1% 5.6% 5.4% 10.5% 7.6% 19.3% 0.0% 0.6% 31.5% Denotes 5 year lease expiries as at Dec 2012 Canada US Austria Rest of Europe (Excluding Austria) Note: Amounts in $ millions unless noted otherwise Significant de-risking of lease maturities since 2012 resulting in current staggered lease maturity profile 11
12 TENANTS Select Current Tenants Total ALP by Tenant 22% Non Magna $47.8 M Magna $168.8 M 78% Non-Magna tenants each individually comprise less than 10% of non-magna ALP 12
13 PRINCIPAL TENANT MAGNA Overview Third largest global automotive supplier with operations in 29 countries and ~155 K employees US$36.4 B revenues; US$4.0 B Adjusted EBITDA (11% Margin) Enterprise value (1) of US$18.6 B and market cap of US$16.6 B Magna Property Summary 317 Manufacturing Facilities (69 M sqft) 29% 40% Customer Mix 17% 20% 10% 15% 10% 12% 16% GM Fiat Chrysler Ford Daimler VW BMW Other Product Mix 6% 7% 8% 8% 14% Body and Chassis Powertrain Engineering Vehicle Assembly 18% 25% 14% Exterior Seating Electronic Closure 31% Leased from Granite Leased from Other Third Parties Owned Magna also has 102 product development, engineering and sales facilities (3.7 M sqft) 11% owned, 29% leased from Granite and 60% leased from third parties Magna has US$277 M in 2017 operating lease commitments which represent Less than 1% of total 2016 COGS (US$31.1 B) ~US$6 / sqft Credit Attributes Magna is a high credit quality tenant (A- \ A (low) \ A3) Mission Critical assets Sticky tenant burdensome to move equipment to new facilities Heavily invested in facilities Equipment US$178 / sqft (US$12.3 B) Significant expansion History of: Timely and complete payments Renewals and extensions Expansion and investment Magna ALP in Granite ($ M) Magna s ALP is 78% of Granite s total and is < 1% of Magna s COGS Non- Magna $47.8 M 22% $216.6 M ALP 78% Magna $168.8 M Note: All information is based on Magna s public filings except for Magna s ALP in Granite. (1) Defined as market capitalization plus debt and non-controlling interests and less cash and cash equivalents as at December 31,
14 BALANCE SHEET OVERVIEW Capitalization ($ M) (1) Debt Maturity Profile ($ M) (2) Unit Price (12/30/16) $44.83 Units Outstanding (f/d) 47.1 Market Capitalization $2,112.5 Debentures due Nov/23 effective interest rate 2.43% $397.8 Debentures due Jul/21 effective interest rate 2.68% $249.0 Currency Interest Rate Swap $10.6 Total Debt $657.4 Less: Cash and Cash Equivalents ($246.2) Add: Non-controlling interests $1.5 Enterprise Value $2,525.2 $M Debentures 3.788% due July/21 swapped into Euros with an effective interest rate of 2.68% Debentures 3.873% due Nov/23 swapped into Euros with an effective interest rate of 2.43% Available Liquidity ($M) (1) Select Debt Metrics Cash and Cash Equivalents $246.2 Credit Facility Available (2) $250.0 Total Available Liquidity $496.2 LTM EBITDA / Interest 9.4x Total Debt / LTM EBITDA 3.5x Total Debt / Fair Value of Properties 25% Net Debt / Fair Value of Properties 15% Unencumbered Assets / Unsecured Debt 4.4x Unencumbered assets and low leverage provide financial flexibility (1) Figures are as at December 31, These figures should be read in conjunction with Granite s unaudited condensed combined financial statements for the three and twelve month periods ended December 31, 2016 and audited combined financial statements for the year ended December 31, 2015, together in each case with the Management s Discussion and Analysis of Results of Operations and Financial Position accompanying such financial statements, each of which are available on SEDAR at (2) Credit facility availability of $250M (expandable to $300M) maturing February
15 CREDIT METRICS SUMMARY DBRS Canadian Real Estate Peer Comparison (1) : Peer Group Granite Rank Granite Average Among Peer Group Total Debt to Capital 21.8% 46.6% #1 Total Debt to EBITDA 2.9x 9.2x #1 Cash Flow to Total Debt 31.0% 7.5% #1 Debt Service Coverage 9.7x 2.1x #1 EBITDA Interest Coverage 9.7x 3.0x #1 Distributions to FFO (2) 66.1% 78.4% #2 Granite balance sheet offers a competitive advantage for growth (1) Source: DBRS Canadian Real Estate Peer Comparison November Figures are as calculated per DBRS at Q Certain terms used, such as EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable as between the Canadian Real Estate Peer issuers used in the study. Peer Group Average excludes Granite from calculation. (2) Based on Canadian Real Estate Peers excluding Morguard Corporation. 15
16 FINANCIAL FLEXIBILITY & TARGET LONG-TERM LEVERAGE RATIO Strong balance sheet provides pathway for measured growth with potential for further diversification and optimization of the portfolio Target long term leverage profile of approximately 40% while maintaining patient and opportunistic approach to acquisitions and development Long term leverage target fully reflected in current credit ratings from Moody s and DBRS Net Debt / Fair Value of Investment Properties Incremental Debt Capital Incremental Debt Capital ($ M) 15% (current) N/A 30% $550 40% $1,083 50% $1,831 Rating Agency Commentary Moody s 12/10/2015: Baa2 (Stable) The stable outlook reflects Moody's expectation that Granite will at least maintain its solid operational performance as a net lease company and liquidity commensurate with the rating, while continuing to acquire properties leased to non Magna tenants to increase tenant diversification. The stable outlook also reflects Moody's expectation that Granite's management is committed to an unsecured debt capital structure and continued conservative credit metrics, despite the anticipated leverage increase. DBRS 5/26/2016: BBB (Stable) The rating incorporates the expectation that Granite will use a higher proportion of debt as it pursues its growth strategy, which should result in total debt to capital (with subordinated and preferred securities included in debt) increasing to the 40% to 50% range over time. Significant financial flexibility provides potential for further diversification and optimization of the portfolio Current ratings profile reflects target leverage 16
17 KEY DIFFERENCES BETWEEN GRANITE AND OTHER REITS Unique asset base Unencumbered assets and low leverage Significant liquidity and debt capacity Historically low maintenance capex / tenant improvements / leasing commissions Favourable operating leverage results in significant pass-through of cash flow Low payout ratio Not entirely dependent on capital markets for acquisition capital Patient and opportunistic approach to acquisitions and development Benefits of a REIT with the financial flexibility of a corporation 17
18 APPENDIX 18
19 GRANITE HISTORY Timeline Over last 4 years, 18 properties acquired or developed valued at ~$600M, 31 non-core properties sold totaling $227 M January 2012 New executive team in place 2011 June 2012 Name change to Granite 2013 June 2014 Sale of Mexican portfolio to Magna (US$105 M, 8 properties, 2.4 M sqft) December 2014 Acquisition of US portfolio (US$69 M, 2 properties) January / March 2014 Graz leases extended 2015 March 2016 Strategic review concluded 2016 NCIB implemented; Brydon Cruise and Donald Clow appointed as Trustee and Director June 2016 Two speculative US development properties fully leased (1.4 M sqft) Now June 2011 New independent board February 2013 US property acquisitions October / November 2013 Europe portfolio acquisition ( 129 M, 7 properties) January 2013 REIT conversion (US$40 M, 2 properties) May / August 2013 US property acquisitions (US$42 M, 2 properties) November 2013 German property acquisition ( 7 M, 1 property) June 2015 Strategic review announced Sept 2016 Ilias Konstantopoulos appointed as CFO October 2016 Early renewed or extended 15 leases (7 special purpose properties), 7 M sqft GRT has undergone a significant transformation since the June 30, 2011 reorganization 19
20 SIMPLIFIED ORGANIZATION STRUCTURE Granite Unitholders Common Shares - Stapled Units - Trust Units Granite GP (1) Granite REIT (1) 0.001% % Granite LP Borrower for Revolver, 2023 Debentures & 2021 Debentures 1 100% Granite Netherlands GP B.V % GP Netherlands and certain German Subsidiaries 100% 100% % LP Granite Real Estate Inc. (former public company) Granite Canadian Realty LP Inc. ( CDN LP ) Granite US Master LP ( US LP ) Certain European Subsidiaries Canadian Subsidiaries US Subsidiaries (1) Downstream guarantees from Granite GP and Granite REIT are provided on all Granite LP borrowings 20
21 EXPERIENCED LEADERSHIP TEAM Michael Forsayeth Chief Executive Officer Over a 35 year career held CFO and senior executive financial and operating positions in several large public and private real estate, hospitality, transportation, manufacturing and financial companies. These include Intrawest, Cara Operations Limited, Laidlaw Inc., Derlan Industries and Bank of Montreal Ilias Konstantopoulos Chief Financial Officer Over 20 years of corporate finance, M&A, and capital markets expertise Previously Managing Partner at Brookfield Financial and Managing Director at BMO Capital Markets with extensive real estate industry experience John De Aragon Chief Operating Officer, Co-Head Global Real Estate Over 25 years of experience in the real estate industry covering property development, real estate investment, asset management and operations in Canada, the United States, and Europe. Previously, he has held senior management positions at Fortress Canada, Bentall Kennedy and CIBC Development Corp. Lorne Kumer Executive Vice President, Co-Head Global Real Estate Over 25 years of experience in the real estate industry working for both public and private development companies Experience includes acquisitions, due diligence, leasing, land use and development approvals, sales and construction Stefan Wierzbinski Executive Vice President Europe Responsible for acquisition, development, leasing and management in Europe Joined Granite in
22 CANADIAN REAL ESTATE COVENANT PEER COMPARISON Granite s covenant package is considered to be one of the most stringent of its investment grade Canadian real estate peers, providing debenture investors with a high level of comfort and security Focus on maintaining a largely unencumbered balance sheet Covenant Maintenance Covenant Granite Allied Artis Choice Cominar Crombie CT Dream Off. First H&R Morguard RioCan Smart REIT Properties REIT REIT REIT CREIT REIT REIT REIT Capital REIT Corp 2 REIT REIT EBITDA / Interest 1 (not less than) 1.65x 1.65x 1.65x n.a. 1.65x 1.65x 1.65x n.a. 1.65x 1.65x 1.65x 1.65x 1.65x 1.65x EBITDA / Debt Service 1 (not less than) n.a. n.a. n.a. 1.50x n.a. n.a. n.a. 1.50x n.a. n.a. n.a. n.a. n.a. n.a. Adj. Equity 1 ($M) (MM)(minimum) $500 $300 $300 n.a. $500 $500 $300 n.a. $500 $300 $1,000 $300 $1,000 $500 Unencumbered Assets / Unsecured Debt 1 (not less than) 150% 140% n.a. 150% 130% n.a. n.a. 150% n.a. 130% n.a. n.a. n.a. n.a. Incurrence Covenant Debt / GBV 1 (less than or equal to) 60% 65% 65% 60%/65% 65% 65% 60%/65% 60%/65% 60%/65% 65% 65% 65% 60% 65% Secured Debt / GBV 1 (less than or equal to) n.a. n.a. n.a. 40% n.a. n.a. n.a. 40% n.a. n.a. n.a. n.a. n.a. n.a. Credit Ratings DBRS BBB BBB(low) BBB(low) BBB BBB(low) BBB BBB(low) BBB(high) BBB(low) BBB(high) BBB(high) BBB(low) BBB(high) BBB Moody's Baa2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Baa2 n.a. n.a. n.a. n.a. S&P n.a. n.a. n.a. BBB n.a. n.a. n.a. BBB+ n.a. n.a. n.a. n.a. BBB- n.a. Robust debenture covenant package (1) The specific requirements of, and definitions used in, this covenant are not identical from issuer to issuer, and therefore the significance of the covenants described may not be fully comparable to each other. (2) Morguard Corp s covenants are calculated on a deconsolidated basis. 22
23 CANADIAN REAL ESTATE DEBT PEER COMPARISON (1) 60.0% 55.0% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% Total Debt to Capital Total Debt to EBITDA Granite has the lowest leverage within DBRS (1) universe of Canadian Real Estate entities (1) Source: DBRS Canadian Real Estate Peer Comparison November Figures are as calculated per DBRS at Q Certain terms used, such as EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable as between the Canadian Real Estate Peer issuers used in the study. 23
24 CANADIAN REAL ESTATE DEBT PEER COMPARISON (1) 12 EBITDA Interest Coverage 120.0% Distributions/Cash Flow from Operations % % % % % 0 0.0% Granite has leading cash flow coverage metrics among DBRS (1) universe of Canadian Real Estate entities (1) Source: DBRS Canadian Real Estate Peer Comparison November Figures are as calculated per DBRS at Q Certain terms used, such as EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable as between the Canadian Real Estate Peer issuers used in the study. 24
25 PERFORMANCE MEASUREMENT (1) Key Definitions Funds From Operations (FFO) Comparable Funds From Operations (Comparable FFO) FFO Payout Ratio FFO is defined as net income attributable to stapled unitholders prior to fair value gains (losses), gains (losses) on sale of investment properties, acquisition transaction costs, deferred income taxes and certain other non-cash items, adjusted for noncontrolling interests in such items. The Trust s determination of FFO follows the definition prescribed by the Real Estate Property Association of Canada ( REALPAC ) and is a widely used measure by analysts and investors in evaluating the performance of real estate entities. Granite considers FFO to be a meaningful supplemental measure that can be used to determine the Trust s ability to service debt, finance capital expenditures and provide distributions to stapled unitholders. FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO does not represent or approximate cash generated from operating activities determined in accordance with IFRS and is not reconciled to cash flow from operating activities, as the calculation of FFO does not consider changes in working capital items or adjust for certain other non-cash items that are included in the determination of cash flow from operating activities in accordance with IFRS. When applicable, certain large unusual items that are not expected to be of a recurring nature may be added to or deducted from FFO to arrive at a comparable FFO amount. In periods when comparable FFO is presented, any adjustment made to FFO will be explicitly described and quantified. For purposes of the table in the slide to follow, discontinued operations are excluded from comparable FFO. The FFO payout ratio is calculated as distributions declared to unitholders divided by FFO or comparable FFO, if applicable, in a period and is a supplemental measure widely used by analysts and investors in evaluating the sustainability of the Trust s distributions to stapled unitholders. Annualized Lease Payments (ALP) EBITDA ALP represents Granite s total annual rent assuming that contractual lease payments in place at the last day of the reporting period were in place for an entire year or less than a year if non-renewal or termination notices have been provided or the disposal of a property is certain. Accordingly, any revenue changes from future contractual rent adjustments, renewal and re-leasing activities or expansion and improvement projects to be completed are not reflected in ALP as at any given period end. In addition, rents denominated in foreign currencies are converted to Cdn. dollars based on exchange rates in effect at the last day of the reporting period. Granite considers annualized lease payments to be a useful indicator of rental revenue excluding tenant recoveries and straight-line revenue adjustments anticipated in the upcoming 12 month period. ALP is also a measure that is used by analysts in evaluating the outlook for real estate entities, as it provides a forward-looking estimate of such revenue using the present trends and foreign exchange rates in effect at the last day of the reporting period. ALP is not reconciled to any IFRS measure as it is an indicator of anticipated revenue excluding tenant recoveries and straight-line revenue adjustments and therefore not comparable to any measure in the combined financial statements. EBITDA is a non-ifrs financial measure that is a generally accepted proxy for operating cash flow. It represents earnings before net interest expense and other financing costs, income tax expense, depreciation and amortization expense, fair value gains (losses), acquisition transaction costs and gains (losses) on the sale of investment property while also excluding non-recurring items and amounts related to non-controlling interests. (1) See Management Discussion and Analysis dated March 1,
26 PERFORMANCE MEASUREMENT (1) Key Definitions ($M) 2012 (2) Net income attributable to stapled unitholders from continuing operations $136.8 $143.2 $63.5 $193.3 $279.3 Add (Deduct): Fair value losses (gains) on investment properties, net (30.3) (73.1) (175.9) Fair value losses (gains) on financial instruments 0.4 (0.1) (0.2) Gain on Meadows Holdback (5.1) Acquisition transaction costs Loss (gain) on sale of investment properties 0.8 (1.4) Current income tax expense associated with the sale of investment properties Deferred income tax expense (6.8) (41.9) Non Controlling Interest relating to the above (0.1) (0.1) (0.1) FFO Early redemption costs of unsecured debentures Withholding tax payment 4.2 Comparable FFO $100.0 $131.5 $147.9 $158.4 $161.6 Non controlling interests Current income tax expense Depreciation and amortization Interest expense and other financing costs, net EBITDA $132.7 $157.3 $175.5 $181.2 $188.2 (1) See Management Discussion and Analysis dated March 1, (2) Discontinued operations have been removed from the figures presented to be consistent with the future reported periods. 26
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