UBC PROPERTIES TRUST UBCPT MISSION STATEMENT Our mission a t UBC - PowerPoint PPT Presentation

UBC PROPERTIES TRUST

UBCPT MISSION STATEMENT Our mission a t UBC Pr oper ties Tr ust is t o a ssist UBC, t hr ough opt imization of la nd a sset s, t o a chieve t he a cademic a nd communit y g oa ls of it s Pla ce a nd Pr omise ma nda te. W E S B R O O K P L A C E I R V I N G K B A R B E R L E A R N I N G C E N T R E OVERVIEW 3

ORGANIZATION CHART – PRIVATE TRUST Beneficiaries UBC (the UBC Foundation is also a beneficiary) Sole Shareholder UBC Properties Trustee Board of Directors Investments (holds legal title to Dist r ibut ions Dist r ibut ions assets) fr om Land fr om Rent al Ltd. Leases Pr oper t ies Operating Entity UBC Properties Trust Village Gate Wesbrook Homes Properties (division) (division) Property Management Property Management (Faculty & Staff Rental) (Market Rental) OVERVIEW 4

INITIAL PRINCIPLES FOR LAND DEVELOPMENT (1988) • None of the land would be sold but rather it would be leased for periods not to exceed 99 years. • The University will not provide financial assistance or loan covenants for subdivision work. The only security provided by UBC would be leases of land designated for residential development. • UBC ’s charitable status would not be adversely impacted. • Overhead would be funded through management and cash flow from rental properties. • Any work associated with design and construction would be contracted out to third parties. • All net revenue from land lease activity would be endowed to UBC. OVERVIEW 5

UBC PROPERTIES TRUST ACTIVITIES I NST I TUTIONAL R E NTAL COMME R CIAL SE R VI CING AND H OUSI NG D E VE LOPME NT L AND L E ASING OVERVIEW 6

ACTIVITY TO DATE 1. Institutional Development Management Completed or underway - 8.0 million square feet - $2.6 billion 2. Land Servicing and Development Neighbourhood Status GBA Total GBA Available Hampton Place Complete 1.2 Million nil Hawthorn Place Complete 0.9 nil Chancellor Place Complete 0.8 nil East Campus Complete 0.3 nil Wesbrook Place 50% 6.1 3.0 University Boulevard 25% 0.6 0.4 Stadium 0% 1.0 1.0 Acadia 0% 3.2 3.2 Total 14.1 Million 7.6 Million 3. Build and Manage Rental Housing, Retail & Common Space Complete or underway - 1.6 million rentable square feet OVERVIEW 7

RECENTLY COMPLETED T H E R O B E R T H . L E E A L U M N I C E N T R E C E N T R E F O R B R A I N H E A L T H INSTITUTIONAL 8

RECENTLY COMPLETED “ T H E N E S T ” S T U D E N T U N I O N B U I L D I N G P H A R M A C E U T I C A L S C I E N C E S B U I L D I N G P O N D E R O S A INSTITUTIONAL 9

PROJECTS UNDER CONSTRUCTION & DESIGN ($ millions) Construction Budget Brock Commons (Tall Wood) $51.5 Ponderosa Commons Phase II 77.8 Transit Exchange Terminal 21.8 Sports Medicine Centre Phase I 10.0 Aquatic Centre 39.9 Totem Park Residence In-Fill Phase II 30.2 Gage South Student Residence 77.0 Orchard Commons 127.5 Quantum Matter Institute 30.3 Whitecaps Field House & Fields 25.7 Acadia Hi-rise Renovation 12.3 TOTAL $504.0 O R C H A R D C O M M O N S INSTITUTIONAL 10

PROJECTS UNDER CONSTRUCTION A Q U A T I C C E N T R E T R A N S I T T E R M I N A L & G A G E H O U S I N G B R O C K C O M M O N S ( T A L L W O O D S ) INSTITUTIONAL 11

STUDENT HOUSING 2002 – 2016 (millions) Square Feet Budget Final Variance Cost/s.f. STUDENT HOUSING CONCRETE 2.5 $656.3 $635.9 $20.4 $257 WOOD FRAME 0.4 89.3 82.4 6.9 187 TOTAL 2.9 $745.6 $718.3 $27.3 $247 FOOD SERVICES + RENOVATIONS n/a 63.2 62.5 0.7 n/a STUDENT TOTAL 2.9 $808.8 $780.8 $28.0 n/a INSTITUTIONAL 12

INSTITUTIONAL, UBCPT & STUDENT HOUSING 2002 – 2016 (millions) Square Budget Final Variance Cost/s.f. Feet INSTITUTIONAL LEARNING, TEACHING + RESEARCH 4.1 $ 1,581.0 $ 1,571.0 $10.0 $382 PUBLIC REALM + TRANSIT n/a 86.7 86.6 0.1 ATHLETICS, AGRICULTURE + PARKING 1.0 185.5 186.5 (1.0) INSTITUTIONAL TOTAL 5.1 $ 1,853.2 $ 1,844.1 $9.1 UBCPT 1.6 512.7 505.5 7.2 $312 STUDENT 2.9 808.2 780.8 28.0 TOTAL 9.6 $3,174.7 $3,130.4 $44.3 INSTITUTIONAL 13

NEIGHBOURHOOD SERVICING & LEASING SERVICING AND LAND LEASING 14

MINIMIZING DEVELOPERS RISKS • No Entitlement Risk • Height • Gross Buildable Area (GBA) • Site Coverage • Parking • No Offsite costs (UBCPT provides all servicing) • CAC’s @ $3.25 per GBA (UBCPT provides all amenities) • Development permits issued within 6 months • Sites are leased to developers based on UBCPT’s assessment of demand • UBCPT shares market risk Profit sharing • Revenue sharing • Deferred equity • SERVICING AND LAND LEASING 15

B R O C K H O U S E P A R K N O B E L P A R K V I L L A G E L A N E S M I T H P A R K M U N D E L L P A R K K H O R A N A P A R K SERVICING AND LAND LEASING 16

COMMUNITY CENTRES WESBROOK COMMUNITY CENTRE (CACs) HAWTHORN COMMUNITY CENTRE (CACs) SERVICING AND LAND LEASING 17

RECENTLY COMPLETED CONDOS P O L Y G O N ’ S T H E L A U R E A T E S A D E R A ’ S P R O D I G Y W A L L F I N A N C I A L ’ S B I N N I N G T O W E R SERVICING AND LAND LEASING 18

HAMPTON PLACE H A M P T O N P L A C E 2 0 1 0 T H E B R I S T O L H A M P T O N P L A C E E N T R A N C E SERVICING AND LAND LEASING 19

HAWTHORN PLACE O L D B A R N C O M M U N I T Y C E N T R E P R O M O N T O R Y H A W T H O R N G R E E N SERVICING AND LAND LEASING 20

CHANCELLOR PLACE C H A N C E L L O R H O U S E V A N C O U V E R S C H O O L O F E C O N O M I C S I N T R A C O R P ’ S F O L I O SERVICING AND LAND LEASING 21

EAST CAMPUS G R E E N W O O D C O M M O N S P O L Y G O N S ’ S S I T K A V I S T A P O I N T SERVICING AND LAND LEASING 22

WESBROOK PLACE W E S B R O O K V I L L A G E V I L L A G E L A N E M U N D E L L P A R K SERVICING AND LAND LEASING 23

FUTURE ACADIA EAST & STADIUM ROAD Gross Buildable Area Acadia 3,200,000 SF Stadium 993,000 SF TOTAL 4,193,000 SF Rental Units 1,400 Prepaid Market Units 2,800 TOTAL UNITS 4,200 SERVICING AND LAND LEASING 24

WESBROOK PLACE NEIGHBOURHOOD PLAN Gross Buildable Area 6,083,000 sf Total Units 6,100 Rental Units 1,300 Market Leasehold Units 4,800 Population at Buildout 12,500 SERVICING AND LAND LEASING 25

WESBROOK PLACE – DEVELOPMENT SITE STATUS SERVICING AND LAND LEASING 26

WESBROOK CONDOS CURRENTLY UNDER CONSTRUCTION P O L Y G O N ’ S E T O N A D E R A ’ S V I R T U O S O SERVICING AND LAND LEASING 27

PROPERTY PORTFOLIO RENTAL PORTFOLIO 28

UBCPT RENTAL PORTFOLIO (AS OF JUNE 30 TH , 2016) No. of Units GBA Project Type or Beds (sq.ft.) Non-Market Rental (F&S) 467 491,000 Student Housing (Beds) 219 81,000 Market Residential Rental 382 324,000 Retail & Office n/a 285,000* SUBTOTAL 1,068 1,180,000 Under Construction Non-Market Rental (F&S) 211 197,000 Market Residential Rental 188 139,000 Retail & Office n/a 36,000 TOTAL 1,457 1,552,000 G R A N I T E T E R R A C E TOTAL ENTITLEMENT REMAINING 2,465,000 W E S B R O O K P L A C E * Includes TEF RENTAL PORTFOLIO 29

UBCPT RENTAL PORTFOLIO – UNDER CONSTRUCTION C E N T R A L V I L L A G E S Q U A R E C Y P R E S S H O U S E + P I N E H O U S E W E B B E R H O U S E RENTAL PORTFOLIO 30

FINANCIALS FINANCIALS 31

AN ANNUAL AL CAP APITAL EXPENDITURES F iscal Year Ending March 31 ($mi llions) ($ Institutional Non-Institutional 250 236 231 217 197 200 190 190 183 177 160 155 154 144 141 150 136 $ Millions 100 69 66 65 61 58 51 49 48 43 42 50 40 34 28 26 23 10 10 4 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Budget FINANCIALS 32

DI DISTRIBUTIONS - CU CUMULATIVE F iscal Year Ending March 31 ($mil l ions) 700 660 600 564 509 500 440 376 $ Millions 400 367 Cumulative 310 299 290 279 300 232 200 162 121 101 76 100 0 1991- 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1999 Est. * Includes donations paid to 1998. FINANCIALS 33

VALUE CREATION 1991-2017 (millions) YEAR ENDING MARCH 31ST 2014 2015 2016 2017 DISTRIBUTIONS TREK - Paid & Payable (since 2004) $418.4 $457.8 $500.5 $596.1 Non-TREK (1991 - 2003) 144.1 144.1 144.1 144.1 Dividends, cumulative (2011 - 2017) 9.0 16.4 21.4 26.4 571.5 618.3 666.0 TOTAL 765.3 APPRAISAL SURPLUS Residential @ 3.75% Capitalization 192.9 220.2 237.1 266.0 Commercial @ 5.0% Capitalization 36.9 61.4 61.4 68.9 TOTAL 229.8 281.6 298.5 334.9 DEVELOPMENT COST CHARGES Infrastructure Impact Charges 51.5 58.4 62.7 76.9 Community Amenity Charges 9.5 10.2 10.6 11.6 TOTAL 61.0 68.6 73.2 88.5 TOTAL VALUE CREATION $862.3 $968.5 $1,037.7 $1,188.7 FINANCIALS 34