INVESTOR PRESENTATION 2020
Who is Plaza ?
Profile Existing Portfolio Under Development Pipeline 17 projects 10 projects 274 properties ~ 8.4M sq. ft. ~ 650,000 sq. ft. (1) ~ 400,000 sq. ft. (1) (1) at 100%. Certain projects under development are included in the existing portfolio
What makes PLAZA unique ? Plaza focuses on per unit growth and NAV creation through accretive developments, 1 redevelopments and proactive management of its existing portfolio. Plaza is fully internalized and able to develop/redevelop properties using in-house resources, such as a development and leasing team consisting of 25 skilled 2 professionals with a combined 300 years of experience. Plaza does not buy properties from 3 rd party developers or from related parties at low cap rates. 3 Insiders hold a significant ownership position in Plaza. 4 Plaza relies on its entrepreneurial abilities to adapt to changing market conditions. Plaza locks in consistent long-term returns by financing with long term debt, generally 5 matched to lease maturities.
INVESMENT HIGHLIGHTS 2020
Investment Highlights • One of Canada’s leading property owners, developers and managers of retail real estate. • Total assets, at Plaza’s consolidated interest, valued of over $1.1 billion. Assets under management of +/- 1.65 Billion (all at 100%). • Proven track record of accretive growth and value creation over 20-year history. • Development strategy and focus on per -unit NAV and FFO growth. We have a strong history of delivering value. • Outstanding performance by targeting greenfield and brownfield opportunities often overlooked by competitors. As a result, we create access to communities which are highly appealing to national retailers.
Investment Highlights • Unique positioning as a developer and value creation REIT. • Leveraging competitive advantage in Eastern Canada. • Focus on value, convenience and specialty retail. • Stable, high occupancy with National tenants comprising ~91% of revenue. • Superior returns through property development.
Investment Highlights Hypothetical Development $000s Cost of Development $50,000 $50,000 $50,000 7.00% 8.00% 9.00% Unlevered Yield Cap Rate upon completion 6.00% 6.50% 7.00% Cost of Development $50,000 $50,000 $50,000 Long term debt @ 65% LTV ($37,917) ($40,000) ($41,786) Equity Investment $12,083 $10,000 $8,214 NOI upon completion $3,500 $4,000 $4,500 Debt Service @ 3.75% interest, ($2,100) ($2,215) ($2314) 30-yr amort Cash Flow $1,400 $1,785 $2,186 Levered Return 11.6% 17.8% 26.6% Value $58,333 $61,538 $64,286 NAV Created ($8,333) ($11,538) ($14,286) NAV Created - % of Cost 17% 23% 29%
Long-Term Mortgage Maturity Profile 250,000,000 8.00% 52.2% 7.00% 200,000,000 6.00% 4.98% 150,000,000 4.77% 5.00% 4.62% 4.34% 4.08% 4.00% 100,000,000 3.99% 16.0% 3.00% 50,000,000 9.7% 8.7% 7.2% 2.00% 6.2% 0 1.00% 2020 2021 2022 2023 2024 2025 and thereafter $ Maturing (left axis) Weighted avg rate (right axis)
NOI by Region 2019 60% 2% 18% Atlantic Canada West Québec 20% Ontario
PORTFOLIO COMPOSITION 2020
PLAZA’s Portfolio Composition as at Dec. 31, 2019 Regional Non-Retail 3.9% Enclosed 1.7% 7.1% Local Single Tenant QSR 3.7% 6.9% Single Tenant Strip Retail 19.1 % 66.9% National 90.7% National 90.7% Base Rent
PLAZA’s Portfolio Composition Revenue by Retail Category Fashion, Specialty Retail, 6% Grocery/Liquor/ Financial & other 13% services, Gas, 9% 6% Pet Stores, 3% Dollar Store & Treasure Hunt Other, 11% 4% Pharmacy & Medical Restaurants & Entertainment, Services , 18% 30% as at December 31, 2019
Top 10 Retail Tenants % of Base Rent Revenue (5) 25.1% (1) 5.5% (2) 5.1% 3.9% (3) 3.5% (4) 3.3% 3.0% 1.8% 1.6% 1.5% (1) Shoppers Drug Mart/Loblaw represents the following stores: Shoppers Drug Mart, No Frills, and Maxi. (2) The majority is represented by 3 operators. (3) Canadian Tire Group represents the following stores: Canadian Tire, Mark’s/L’Équipeur , Party City and Sport Chek. (4) Sobeys Group represents the following stores: Sobeys, IGA, Sobeys Fast Fuel and Lawtons. (5) Excludes developments, redevelopments and non-consolidated investments.
PLAZA Geography West 3 Properties – 51,256 SF Ontario 68 Properties – 1,690,869 SF 95 Properties – 2,146,617 SF Québec National 90.5% Atlantic 108 Properties – 4,495,022 SF TOTAL 274 Properties – 8,383,764 SF areas noted at 100%
REDEVELOPMENT PROJECTS 2020
Chain Lake Drive Plaza Halifax, NS BEFORE REVELOPMENT
Granite Drive Plaza New Minas, NS BEFORE REDEVELOPMENT
Quispamsis Town Centre Quispamsis (Saint John), NB FACADE REMODEL BEFORE National 90.5%
602 ave. Laure Sept-Îles, QC FUTURE SQDC BEFORE Rendering
boul. Talbot Chicoutimi, QC BEFORE REDEVELOPMENT Rendering
Plaza J.P. Perrault Sherbrooke, QC BEFORE REDEVELOPMENT Rendering
Gates of Glen Shopping Centre Brampton, ON BEFORE Rendering
Gates of Glen Shopping Centre Brampton, ON REDEVELOPMENT IN PROGRESS
Timiskaming Plaza New Liskeard, ON BEFORE REDEVELOPMENT IN PROGRESS Rendering
3351 Lawrence Ave. East Scarborough, ON BEFORE REDEVELOPMENT Rendering
1000 Islands Plaza Brockville, ON BEFORE REDEVELOPMENT Rendering
NEW CONSTRUCTION PROJECTS 2020
The Shoppes at Galway St.John’s , NL PRINCESS AUTO SCHOOL OF ROCK MICHAELS
The Shoppes at Galway St.John’s , NL
Silver Fox Plaza New Minas, NS PETSMART IN PROGRESS Rendering
Carson & Mapleton Moncton, NB MILESTONES Rendering
Plaza des Laurentides St-Jérôme, QC
Plaza des Laurentides St-Jérôme, QC
Century Avenue Missisauga, ON MOVATI ATHLETIC
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