INVESTOR PRESENTATION - Plaza Reit
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INVESTOR
PRESENTATION
2020
Who is Plaza?
Profile
Existing Portfolio Under Development Pipeline
274 properties 17 projects 10 projects
~ 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 3rd 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
Unlevered Yield 7.00% 8.00% 9.00%
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%
150,000,000 4.98%
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% 6.2% 2.00%
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%
OntarioPORTFOLIO
COMPOSITION
2020PLAZA’s Portfolio Composition
as at Dec. 31, 2019
Regional
Enclosed 3.9% Non-Retail
1.7%
7.1% Local
Single Tenant QSR 3.7%
6.9%
Single Tenant
Retail Strip
19.1 % 66.9% National
90.7%
National
90.7%
Base RentPLAZA’s Portfolio Composition
Revenue by Retail Category
Fashion,
Specialty Retail, 6%
Grocery/Liquor/ 13% Financial & other
Gas, 9% services,
6%
Pet Stores, 3%
Dollar Store & Treasure Hunt Other,
11% 4%
Restaurants & Entertainment, Pharmacy & Medical
Services,
18%
30%
as at December 31, 2019Top 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
Québec 95 Properties – 2,146,617 SF
National
Atlantic 108 Properties – 4,495,022 SF 90.5%
TOTAL 274 Properties – 8,383,764 SF
areas noted at 100%REDEVELOPMENT
PROJECTS
2020Chain Lake Drive Plaza
Halifax, NS
BEFORE
REVELOPMENTGranite Drive Plaza New Minas, NS BEFORE REDEVELOPMENT
Quispamsis Town Centre
Quispamsis (Saint John), NB
BEFORE FACADE REMODEL
National
90.5%602 ave. Laure
Sept-Îles, QC
BEFORE FUTURE SQDC
Renderingboul. Talbot
Chicoutimi, QC
BEFORE
REDEVELOPMENT
RenderingPlaza J.P. Perrault
Sherbrooke, QC
BEFORE
REDEVELOPMENT
RenderingGates of Glen Shopping Centre
Brampton, ON
BEFORE
RenderingGates of Glen Shopping Centre Brampton, ON REDEVELOPMENT IN PROGRESS
Timiskaming Plaza
New Liskeard, ON
BEFORE
REDEVELOPMENT
IN PROGRESS
Rendering3351 Lawrence Ave. East
Scarborough, ON
BEFORE
REDEVELOPMENT
Rendering1000 Islands Plaza
Brockville, ON
BEFORE
REDEVELOPMENT
RenderingNEW CONSTRUCTION
PROJECTS
2020The 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
RenderingCarson & Mapleton
Moncton, NB
MILESTONES
RenderingPlaza des Laurentides St-Jérôme, QC
Plaza des Laurentides St-Jérôme, QC
Century Avenue Missisauga, ON MOVATI ATHLETIC
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