June 15 2011 Forward-looking disclaimer Certain statements made in - PowerPoint PPT Presentation

Plazacorp Retail Properties Ltd. Investor Presentation – Annual General Meeting June 15 2011

Forward-looking disclaimer • Certain statements made in this presentation are forward-looking and are subject to risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may cause actual results and events to be materially different than those predicted. www.plaza.ca

AGENDA • Remarks from Chairman • Business of the Meeting – Election of Directors – Appointment of Auditors – Annual Approval of Stock Option Plan • Overview • Reliable Cash Flow • Plazacorp Growth & Track Record • Management Team Experience • Summary and Questions www.plaza.ca

Business of the Meeting • Election of Directors • Appointment of Auditors • Annual Approval of Stock Option Plan www.plaza.ca

Plazacorp Shareholder Returns Plazacorp shareholder returns since going public (July 1999 to June 13 2011) • Annualized Rate of Return: 18.51% (compounded annually) • A $100,000 investment in July 1999 would be worth $749,833 today (including dividends). Notes: Annualized rate of return includes capital appreciation and dividend income (1) Capital appreciation based on a share price of $4.40 ($4.40 - $0.75 = $3.65). (2) Dividend Income (2002 - $0.02, 2003 - $0.08, 2004 - $0.09, 2005 - $0.105, 2006 – $0.125, 2007- $0.15, 2008 - $0.175 2009 - $0.185 2010 - $0.1925 2011 (thus far - $0.10125). www.plaza.ca

Overview • One of Eastern Canada’s leading retail developers and property owners. • 112 properties, 5.1 million square feet, 6 provinces. • Well established development pipeline and history of growth. • Market capitalization of $225 million (based on $4.40 share price). www.plaza.ca

Plazacorp Share Price Compared to Indices www.plaza.ca

Other Other 89.1% 72.4% Regional Regional National Reliable Cash Flow National 4.0% 6.9% 19.5% National & Regional 8.1% 2011 2002 www.plaza.ca

Reliable Cash Flow Top Ten Tenant Mix – 52.1% (Dec 31, 2010) Shoppers 24.2% Dollarama 7.0% Staples 4.2% Marks Work W. 3.6% Reitmans 2.8% Bulk Barn 2.7% Michaels 2.1% Winners 2.0% Sobeys 1.9% Future Shop 1.6% www.plaza.ca

Reliable Cash Flow High Occupancy Levels Occupancy levels have not fallen below 95% 96.8% 96.7% 96.9% 97.9% 97.4% 97.8% 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2005 2006 2007 2008 2009 2010 www.plaza.ca

Reliable Cash Flow Lease Expiry Schedule (as at December 31, 2010) Strip Plazas Enclosed Malls Single ‐ User Total Year Sq Ft % Sq Ft % Sq Ft % Sq Ft % 2011 173,626 7.9% 74,664 11.7% ‐ ‐ 248,290 7.4% 2012 119,302 5.4% 74,702 11.7% 25,293 4.8% 219,297 6.5% 2013 138,673 6.3% 39,218 6.1% ‐ ‐ 177,891 5.3% 2014 199,257 9.1% 108,084 17.0% ‐ ‐ 307,341 9.1% 2015 357,124 16.2% 74,555 11.7% 25,695 4.9% 457,374 13.6% Thereafter 1,211,676 55.1% 266,626 41.8% 478,116 90.3% 1,956,418 58.1% Subtotal 2,199,658 100% 637,849 100% 529,104 100% 3,366,611 100% Vacant 55,360 20,943 ‐ 76,303 Total 2,255,018 658,792 529,104 3,422,914 Strip Plaza Enclosed Malls Single-User Total Average Lease term 7.6 years 6.6 years 11.2 years 8.0 years www.plaza.ca

Reliable Cash Flow Plazacorp 2010 Leasing & Financing Activity Leasing • Square footage of new leasing deals 549 thousand at December 31, 2010 (December 31, 2009 – 380 thousand). •Square footage of renewed leasing deals 323 thousand at December 31, 2010 (December 31, 2009 - 291 thousand). Financing •Closed $82.9 million in mortgage financing in 2010 (December 31, 2009 - $24.2 million). •Issued $20.3 million in Convertible Subordinated Debentures (Series #6) which bear interest at 7.5%, mature on March 31, 2015 and are convertible into PLZ common shares at $3.80 per common share. www.plaza.ca

Reliable Cash Flow Long Term Debt Maturity Levels (as at Dec 31, 2010) 11.82% 12.00% 10.00% 8.54% % of Total Principal 7.87% 8.00% 6.69% 6.00% 4.00% 1.20% 2.00% 0.00% 2011 2012 2013 2014 2015 $2.7 $15.1 $26.7 $19.3 $17.7 (Millions) Note 1: Chart excludes mortgage bonds and convertible debentures. www.plaza.ca

Reliable Cash Flow Debt Statistics (as at Dec 31, 2010) •The overall weighted average cost of fixed rate mortgages is 6.43% at December 31, 2010 (December 31, 2009 – 6.47%) •The average term to maturity for long term mortgages is 6.4 years as at December 31, 2010 (December 31, 2009 – 6.2 years). •The remaining average amortization or repayment period on long-term mortgages is 24.6 years at December 31, 2010 , 2009 (December 31, 2009 – 23.7 years). www.plaza.ca

Plazacorp Growth & Value-Added Track Record Property Growth YTD 120 107 112 100 100 93 87 # of Properties 80 74 55 60 45 35 40 27 23 19 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 www.plaza.ca

Plazacorp Growth & Value-Added Track Record Acquisition and Development in $’s (includes PLZ’s share of non-consolidated partnerships and trusts) 56.0 60 52.4 51.1 46.5 50 $ millions 38.4 35.7 40 30 20 10 0 2005 2006 2007 2008 2009 2010 Estimated Development for 2011 – Between $40 and $50 million www.plaza.ca

Plazacorp Growth & Value-Added Track Record Source of Plazacorp’s Growth 100% 100% 100% 100% 100% 27% 90% Square footage 80% 60% 70% 60% 50% 73% 40% 30% 40% 20% 10% 0% 2005 2006 2007 2008 2009 2010 New Build Re-development www.plaza.ca

Plazacorp Growth & Value-Added Track Record 12.3 13.4 13.1 Funds from Operations Growth $14 (FF0) $12 10.4 $’s (millions) $10 8.6 $8 5.8 $6 $4 $2 $0 '05 '06 '07 '08 '09 '10 FFO/Share Growth 0.2630.279 0.264 $0.30 0.215 0.236 $0.25 $0.20 0.165 $0.15 $’s $0.10 $0.05 $0.00 '05 '06 '07 '08 '09 '10 www.plaza.ca

Plazacorp Growth & Value-Added Track Record 2011 First Quarter Financial Results (000’s), except per share Three Months Three Months % Increase and percentage data ended March ended March (decrease) 31, 2011 31, 2010 FFO $3,209 $3.091 3.8% FFO per share 6.4 ¢ 6.3 ¢ 1.6% AFFO $2,673 $2,720 (1.7%) AFFO per share 5.3 ¢ 5.5 ¢ (3.6%) www.plaza.ca

Plazacorp Growth & Value-Added Track Record 2011 First Quarter Financial Results In thousands of IFRS IFRS Cdn GAAP IFRS Cdn GAAP dollars (000’s) March 31, December December March 31, March 31, 2011 31, 2010 31, 2010 2010 2010 Investments $ 28,980 $ 28,675 $ 7,401 $ 24,033 $ 6,971 Investment $ 443,650 $ 426,516 $ 294,148 $ 376,154 $ 274,720 Properties (1) Total $ 472,630 $ 455,191 $ 301,549 $ 400,187 $ 281,691 (1) Investment Properties under Cdn GAAP columns include investment properties, properties under development, intangible assets, below market leases, surplus lands and straight-line rents. The fair value of investment properties increased for the three months ended March 31, 2011 mainly due to decrease of the weighted average cap rate of 48 basis points from March 31, 2010. www.plaza.ca

Plazacorp Growth & Value-Added Track Record Purchase of Management Company • Purchase at book value estimated to be $120,000. • Unprecedented move in Canadian real estate. • Demonstrates increased commitment to PLZ with further alignment of interest of management with shareholders. • Reduce overall management cost, streamline operations, grow dividends. • Timing is right given consistent growth and financial strength of the company. www.plaza.ca

Plazacorp Growth & Value-Added Track Record Dividend Increase • Effective August 2011, the annual dividend increases to 21¢ per common share representing 10th dividend increase in 9 years. www.plaza.ca

Plazacorp Growth & Value-Added Track Record Dividend Growth $0.25 $0.210 $0.2025 $0.1925 $0.20 $0.185 $0.175 $0.150 Dollars $0.15 $0.125 $0.105 $0.090 $0.10 $0.080 $0.05 $0.00 '03 '04 '05 '06 '07 '08 '09 '10 '11 '11 www.plaza.ca

Plazacorp Growth & Value-Added Track Record Cumulative Dividend Growth/Share vs Peers 150.00% 100.00% 50.00% 0.00% 2004 2005 2006 2007 2008 2009 2010 2011 Year Plazacorp Calloway Crombie First Capital Killiam Riocan Primaris Allied www.plaza.ca

Plazacorp Growth & Value-Added Track Record Payout as a Percentage of AFFO (as at December 31, 2010) 120.0% 100.8%101.0%105.0%105.5%106.0% 100.0% 89.9% 90.0% 79.8% 80.0% 60.0% 40.0% 20.0% 0.0% Crombie Plazacorp Killiam Calloway Primaris Riocan First Capital Allied www.plaza.ca

2010 Development Activity Square Property Footage Scugog Street, Port Perry, ON 16,776 Sherwood Street, Amherstview, ON 18,029 Ottawa Street, Almonte, ON 18,365 King & Mill, Newcastle, ON 15,051 Torbay and MacDonald, St. John’s NL 18,500 Stavanger Drive Plaza, St. John’s NL 49,600 Ville Marie Drive, Marystown, NL 13,642 Silver Fox Plaza, New Minas, NS 42,078 Total 192,041 www.plaza.ca

Scugog Street, Port Perry, ON www.plaza.ca

Sherwood Street, Amherstview, ON www.plaza.ca

Ottawa Street, Almonte, ON www.plaza.ca

Torbay and MacDonald, St John’s NL www.plaza.ca

Stavanger Drive Plaza, St John’s NL www.plaza.ca

Silver Fox Plaza, New Minas, NS www.plaza.ca