PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...

 
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
PURE INDUSTRIAL REAL ESTATE TRUST
INVESTOR PRESENTATION
DECEMBER 12, 2017

 100 Sandalwood Pkwy, GTA, Ontario
 Acquired August 17, 2017
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
NOTICE TO THE READER
ABOUT THIS PRESENTATION
This presentation has been prepared for informational purposes only. This presentation is personal to each recipient and does not constitute an offer to any person or to the public generally to subscribe for
or otherwise acquire any of the securities of PIRET.

FORWARD-LOOKING INFORMATION
Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning PIRET’s business
operations, proposed acquisitions, projected costs, financial performance and condition, objectives and strategies to achieve those objectives, as well as statements with respect to management's beliefs,
plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. These statements generally
can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, or “continue”, or the negative thereof, or similar variations.
Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from
such conclusions, forecasts or projections.

Additional information on the material risks that could cause PIRET’s actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or
assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information can be found in our most recent annual information form that is
available on PIRET’s website and at www.sedar.com.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as of the date of this presentation and
PIRET does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as expressly required by applicable
securities laws.

NON-IFRS MEASURES
PIRET’s consolidated financial statements are prepared in accordance with IFRS. Consistent with PIRET’s management framework, management uses certain financial measures to assess PIRET’s financial
performance, which are not IFRS measures.

There are a number of non-IFRS measures used in this presentation, including funds from operations (FFO), adjusted funds from operations (AFFO), adjusted net operating income (Adjusted NOI), AFFO
payout ratio (POR), Debt to EBITDA, Debt to Gross Book Value, earnings before interest, taxes, depreciation and amortization (EBITDA), enterprise value, going-in cap rate, gross book value (GBV), interest
coverage, net asset value (NAV) per unit, occupancy levels, weighted average effective interest rate and weighted average lease term (WALT) . PIRET believes that these non-IFRS measures are appropriate
measures of the operating performance of PIRET. These and other non-IFRS measures do not have any standardized meaning prescribed by IFRS. PIRET’s calculation of these measures may differ from the
methodology used by other issuers and, accordingly, may not be comparable to such other issuers. Refer to PIRET’s management discussion and analysis (MD&A) for further descriptions of the non-IFRS
measures, available on SEDAR at www.sedar.com.

Management believes that certain of these measures are appropriate measures of PIRET’s operating performance because they facilitate an understanding of PIRET’s operating performance without giving
effect to certain non-cash expenses. None of these measures are equivalent to net income or cash generated from operating activities determined in accordance with IFRS.

FFO and AFFO
Commencing January 1, 2017, management has chosen to fully adopt the definitions of FFO and AFFO as prescribed by REALpac in its whitepaper on FFO and AFFO for IFRS, dated February 2017. As a result,
FFO and AFFO for fiscal year 2016 has been restated to conform to the current year’s presentation.

                                                                                                                                                                                                                     1
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
WHO WE ARE

             16108 Blundell Road, Richmond, BC
             Acquired September 7, 2017

                                             2
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
WHO WE ARE

                                      Our mission:

                                  To be an industry-
                                 leading provider of
                                 modern distribution
                                and logistics facilities

PIRET is an internally managed, unincorporated, open-ended REIT that focuses exclusively on investing
in industrial properties in leading markets with the goal of generating stable and growing cash
distributions for investors.

                                                                                                        3
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
WHY CHOOSE AN
  INDUSTRIAL
  REIT?

4762,4830 Borusan Road, Houston, Texas
Acquired April 4, 2017

                                         4
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
WHY CHOOSE AN INDUSTRIAL REIT?

CASHFLOW
-   Historically stable, predictable
-   Driven by positive real estate
    fundamentals

YIELD
-   Historically attractive yields
-   10 year IPD property index total return
    8.4%

GROWTH
-   Fragmented market ripe for
    consolidation
-   E-commerce is positively driving
    demand for logistics space

                                              5
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
POSITIVE PROPERTY FUNDAMENTALS

     INDUSTRIAL SUPPLY AND DEMAND
                                                                                                                                                        12.0%

                80
                                                                                                                                                        10.0%

                60
 Millions

                                                                                                                                                        8.0%

                40
                                                                                                                                                        6.0%

                20
                                                                                                                                                        4.0%

                0                                                                                                                                       2.0%
                        Q1      Q2     Q3     Q4      Q1     Q2          Q3   Q4       Q1        Q2           Q3         Q4      Q1           Q2

            -20                                                                                                                                         0.0%
                               2014                               2015                                2016                          2017
                                                                                            Availability Rate - Canada        Availability Rate - USA
                                                                                            New Supply - Canada               New Supply – USA
Source: CBRE Limited Q2 2017                                                                Net Absorption - Canada           Net Absorption - USA

Across Canada and USA, strong property fundamentals:
                    Demand continues to exceed supply (positive net absorption)
                    Low supply of industrial space, especially in Canada
                    Availability rate in both Canada and USA are at historical lows
                    E-commerce a significant demand driver

Property fundamentals drive stable and predictable cashflows and attractive yields in industrial REITs

                                                                                                                                                                6
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
POSITIVE PROPERTY FUNDAMENTALS

 CANADA CAP RATES                                                                                                                                                                       USA CAP RATES

                   10-year Canada Treasury Yield (%)                                            Average Canadian Industrial Class A Cap Rate                                                     10-year USA Treasury Yield (%)   Average USA Industrial Class A (Tier I) Cap Rate
 9.0%                                                                                                                                                                                   9.0%
 8.0%                                                                                                                                                                                   8.0%
 7.0%                                                                                                                                                                                   7.0%
 6.0%                                                                                                                                                                      5.56%
                187                                                                                                                                                                     6.0%
                bps
 5.0%                                                                                                                                                                                   5.0%
                                                                                              192 bp
 4.0%                                                                                         spread                                                                        379
                                                                                                                                                                                        4.0%
 3.0%                                                                                       differential                                                                    bps         3.0%
 2.0%                                                                                                                                                                                   2.0%
 1.0%                                                                                                                                                                                   1.0%
 0.0%                                                                                                                                                                                   0.0%
        Q4/06
                Q2/07
                        Q4/07
                                Q2/08
                                        Q4/08
                                                Q2/09
                                                        Q4/09
                                                                Q2/10
                                                                        Q4/10
                                                                                Q2/11
                                                                                        Q4/11
                                                                                                Q2/12
                                                                                                        Q4/12
                                                                                                                Q2/13
                                                                                                                        Q4/13
                                                                                                                                Q2/14
                                                                                                                                        Q4/14
                                                                                                                                                Q2/15
                                                                                                                                                        Q4/15
                                                                                                                                                                Q2/16
                                                                                                                                                                        Q4/16
                                                                                                                                                                                Q2/17
   Sources: CBRE Limited Q2 2017, FactSet                                                                                                                                                Source: JLL Q1 2017

Across Canada and USA:
  Steady cap rate compression
  Spread over government bond has widened since the last market peak in both Canada and USA

                                                                                                                                                                                                                                                                                     7
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
NORTH AMERICAN INDUSTRIAL CLASS A CAP RATES
                                                          0.0%   1.0%   2.0%   3.0%   4.0%   5.0%   6.0%   7.0%   8.0%
                                                     Seatle
           N. Cal. (Oakland, San Fran, LA, Inland Empire
                                      NY: N. New Jersey
                                               Vancouver
                                                  Toronto
                                         N. Ca: San Jose                                                                    PIRET Target Markets
TIER I

                                             S. FL Miama
                                     Tier I USA Average                                                                     Tier market average
                                        Washington D.C
                                                   Chicago
                                        Dallas/Ft. Worth
                                                   Atlanta
                                              PA Corridor
                                                  Houston
                                            NY: Stamford
                                                  Portland
                                                Baltimore
                                             Philadelphia
                                                   Denver
TIER II

                                                   Calgary
                                          Tier II Average
                                                    Boston
                                             Indianapolis
                                               Edmonton
                                               Mineapolis
                                                  Pheonix
                                                 Montreal
                                                Columbus
                                                  Orlando
                                                San Diego
                                                     Austin
                                                Las Vegas
                                                 Charlotte
                                                Cincinnati
                                                 Nashville
                                             Sacramento
                                            Salt Lake City
                                             San Antonio
                                                  St. Louis
                                                Kansas Cit
                                                 Lousiville
TIER III

                                                    Tampa
                                         Tier III Average
                                              Jacksonville
                                                 Memphis
                                        Raleigh-Durham
                                                    Detroit
                                                Cleveland
                                                    El Paso
                                          Oklahoma City
                                            Albuquerque                                                                  Sources: CBRE Limited Q2 2017
                                               Pittsburgh

                                                                                                                                                         8
PURE INDUSTRIAL REAL ESTATE TRUST INVESTOR PRESENTATION - DECEMBER 12, 2017 - 100 Sandalwood Pkwy, GTA, Ontario Acquired August 17, 2017 - Pure ...
STRONGEST PROPERTY FUNDAMENTALS IN TARGET MARKETS

INDUSTRIAL SUPPLY AND DEMAND
2016 Net Absorption By Market                                                                                               2016 Construction Completions By Market
Million Sq.ft                                                                                                               Million Sq.ft

     10                                                                                                                 8                                                                                                                   2016       2015    5 year average

                                                                                                                        7
       8                                                                                                                                                                                                                                      PIRET Target Markets:
                                                                                                                                                                                                                                              Vancouver, Toronto,
                                                                                                                        6                                                                                                                     Calgary, Edmonton

       6
                                                                                                                        5
                                                                                                                                                                                                                                        Source: CBRE Limited
       4                                                                                                                4

                                                                                                                        3
       2

                                                                                                                        2
       0
                                                                                                                        1

      -2                                                                                                                0
                                                                                                                                            Calgary

                                                                                                                                                                 Winnipeg

                                                                                                                                                                                                                   Montreal

                                                                                                                                                                                                                              Halifax
                                                                                                                                                                                     Waterloo
                                                                                                                                                                                                Toronto

                                                                                                                                                                                                          Ottawa
                                                                                                                                                      Edmonton

                                                                                                                                                                            London
                                                                                                                              Vancouver
                            Calgary

                                                 Winnipeg
                Vancouver

                                                                                                   Montreal

                                                                                                              Halifax
                                                                     Waterloo
                                      Edmonton

                                                            London

                                                                                Toronto

                                                                                          Ottawa

      Fundamentals are strongest in our target markets

      Majority of Canadian supply and demand is in key markets of Toronto, Vancouver, Calgary and Edmonton

                                                                                                                                                                                                                                                                                9
E-COMMERCE HAS A LARGE IMPACT ON LOGISTICS REAL ESTATE

U.S E-COMMERCE RETAIL SALES                                                                        IMPLIED DEMAND FOR LOGISTICS SPACE

                 120                                                                        9.0%                 80                                                                   450
                 100                                                                                                                                                                  350
                                                                                                                 60
    $ Billions

                                                                                                   Millions SF

                                                                                                                                                                                            $ Billions
                 80                                                                         8.0%
                                                                                                                                                                                      250
                 60                                                                                              40
                                                                                                                                                                                      150
                 40                                                                         7.0%
                                                                                                                 20                                                                   50
                 20
                  0                                                                         6.0%                  0                                                                   -50
                       Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16                                                2011      2012       2013       2014     2015       2016E

                            U.S. E-commerce Sales           Percent of Total Retail Sales                              E-commerce related Net Absorption     E-commerce Sales ($Billions)

Sources: CBRE Research Q4 2016, US Census Bureau                                                      Sources CBRE Research Q4 2016, U.S Census Bureau

                E-commerce in US is > $400 billion industry*
                E-commerce growth outpacing retail sales growth
                CBRE estimates that every $1.0 billion of e-commerce sales creates 1.25 million sf of logistics demand
                E-commerce is a significant driver of demand for logistics warehouse space:
                  -     Regional Distribution Centres
                  -     Urban Distribution Centres
                  -     Fulfillment and parcel delivery
                  -     Reverse logistics
•                E-commerce represents approximately 30% of PIRET’s portfolio
            * Source: U.S. Census Bureau News February 17 2017
                                                                                                                                                                                                         10
WHY PIRET

            11
WHY CHOOSE PIRET?

QUALITY                CONSERVATIVE             EFFECTIVE
                                                Conservative capital structure
INDUSTRIAL PORTFOLIO   CAPITAL STRUCTURE        OPERATING PLATFORM

                 POSITIONED FOR NAV & INCOME GROWTH

                                                                            12
95% OF PORTFOLIO CONCENTRATED IN MAJOR MARKETS1

                                       Edmonton
                                                                                                                                                         $3.0 BILLION PORTFOLIO
                                      2.2 million S.F.
         Vancouver                           25
                                                                                                                                                         174 PROPERTIES
        2.8 million S.F.
                            12               16          Regina (4)                                                                                      24.6 MILLION S.F. AUM
                                      Calgary         0.2 million S.F.                         Greater Toronto Area
                                   1.6 million S.F.
                                                                      Winnipeg (8)
                                                                                                      9.3 million S.F.
                                                                                                                               Montreal (6)
                                                                                                                                                         131.6 ACRES OF DEVELOPMENT LAND
                                                                                                             80
                                                                      0.7 million S.F.                                         0.6 million S.F.

                                                                              Chicago,                                                                       GEOGRAPHIC DIVERSITY (by Adj. NOI)
                                                                            Davenport (2)                                   Barrington & Dover
                                                                            0.3 million S.F.                                  New Jersey (2)                                                   BC                         13%
                                                                                                                                 0.4 million S.F.
         Los Angeles (1)                                                                                                                                                                       ALBERTA                    19%
                                                                                                                 6
             0.2 million S.F.
                                                   Houston, Dallas,                   Atlanta Area                       Charlotte, Greensboro                                                 ONTARIO                    38%
                                                  Austin, San Antonio
                                                                                      1.7 million S.F.   5                 & Winston-Salem
                                                         2.2 million S.F.                                                     2.1 million S.F.                                                 USA                        24%
                                                                      5          Baton Rouge (1)                                                                                               OTHER                           6%
                                                                                   0.2 million S.F.                  West Palm Beach (1)
                                                                                                                           0.1 million S.F.
* Circles are scaled by square feet owned in each region

        1.       Pro-forma information includes the following: events as disclosed in the Trust’s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as
                 disclosed in the press release dated July 12 2017 and excludes assets held for sale.
                                                                                                                                                                                                                                    13
USA TARGET MARKETS

METROPOLITAN AREAS                                                                                  FASTEST GROWING CITIES IN THE U.S
Population > 1 million & strong job growth                                                          Census population growth 2000-2012

                                                                                                     1.    Raleigh, North Carolina     47.8%
                                                                                                     2.    Austin, Texas               44.9%
                                                                                                     3.    Las Vegas, Nevada           43.6%
                                                                                                     4.    Orlando, Florida            34.2%
                                                                                                     5.    Charlotte, North Carolina   32.8%
                                                                                                     6.    Riverside, California       32.7%
                                                                                                     7.    Phoenix, Arizona            32.1%
                                                                                                     8.    Houston, Texas              31.0%
                                                                                                     9.    San Antonio, Texas          29.9%
                                                                                                     10.   Dallas-Fort Worth, Texas    27.9%
                                                                                                                                               Source: Forbes

                                                                                                    CHARACTERISTICS
                                                                                                    of USA Target Markets
                                                                                                     -   Population and job growth
                                                                                                     -   Well located distribution markets / connectivity
                                                                                                     -   Transportation infrastructure
  Source: New York Times “Dear Amazon, We Picked Your New Headquarters for You“ September 9, 2017    -   Labour conditions
                                                                                                     -   Panama canal widening / increasing port activity
                                                                                                         in gulf and east coast

                                                                                                                                                                14
STRATEGIC PORTFOLIO1

PROPERTY USE                                                                        PROPERTY TYPE                                                               PROPERTY LOCATION
 By NOI                                                                             By NOI                                                                      By Investment Property Value
                                                                                                                                                                                                                    Wtd Avg
                                                                                                                                                                                                                    Cap Rate
                                                                                                                                                                                             BC             13% 5.39%
                                   Distribution /                                                                        Single        75%
                                                             70%
                                   E-Commerce                                                                            tenant                                                              AB             17% 6.49%
                                   Light                                                                                 Multi         25%                                                   ON             42% 5.16%
                                                             18%
                                   Manufacturing                                                                         tenant
                                                                                                                                                                                             USA            22% 6.33%
                                   Flex                        5%
                                                                                                                                                                                             Other            5% 6.80%
                                   Transportation              7%                                                                                                                            Total/
                                   / Logistics                                                                                                                                                            100% 5.76%
                                                                                                                                                                                             Avg

Distribution / Logistics Focus                                               Single-tenant Advantage                                                        Concentrated in Major Markets

        Highly liquid                                                              Enhances liquidity                                                           Over 95% of portfolio is concentrated
                                                                                                                                                                   in major markets
        Easier to re-lease than manufacturing                                      Typically larger, more credit-
         facilities                                                                  worthy tenants                                                               Overall weighted average
                                                                                                                                                                   capitalization rate: 5.76%
        Superior growth prospects                                                  Operating efficiencies

        Increasing focus on                                                        Platform scalability
         e-commerce

    1.     Pro-forma information includes the following: events as disclosed in the Trust’s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as
           disclosed in the press release dated July 12 2017 and excludes assets held for sale.
                                                                                                                                                                                                                               15
DIVERSIFIED BLUE CHIP TENANTS

TENANT INDUSTRY SECTOR                                                                                             TOP 10 TENANTS
By   Revenue1                                                                                                       By Revenue1                                                                     Weighted Average
                                                                                                                                                                                                    Lease Term Remaining

Transportation / Logistics                                                      46.2%                               FedEx                                                      20.6%                     8.5 years

                                                                                                                    TFI International                         8.8%                                      10.9 years
Manufacturer                                           19.4%
                                                                                                                    IKEA                               4.7%                                              5.4 years
Wholesale Trade                                  11.9%
                                                                                                                    Containerworld                    3.0%                                               6.8 years
Retail Trade                                  11.6%                                                                 Kellogg’s                        2.7%                                                5.3 years

Services                                    6.0%                                                                    Best Buy                        2.0%                                                 0.4 years

                                                                                                                    Toys ‘R’ Us                     1.8%                                                15.3 years
Mining, Oil and Gas                       2.7%
                                                                                                                    Tervita                         1.6%                                                15.0 years
Others                                    2.2%
                                                                                                                    K+N                             1.5%                                                 4.5 years

                                                                                                                    HBC                             1.5%                                                 5.3 years

Well diversified across industry sectors                                                                           Top 10 tenants have long lease terms
Weighted towards growing sectors of logistics and e-commerce                                                       WALT of top 10 tenants is 8.3 years vs portfolio average of 6.4 years
Exposure to mining, oil and gas < 5%

         1.   Pro-forma information includes the following: events as disclosed in the Trust’s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as
              disclosed in the press release dated July 12 2017 and excludes assets held for sale.
                                                                                                                                                                                                                            16
HEALTHY LEASE MATURITY PROFILE1

LEASE EXPIRY PROFILE
WEIGHTED AVERAGE LEASE TERM = 6.4 YEARS
OCCUPANCY PERCENTAGE = 97.1%                                                           34% LEASES UP FOR RENEWAL POST 2023
                                                                 18.7%

                                                                                                                              14.0%
                                                                                       12.2%
              9.6%        10.4%
                                        9.2%         8.6%

                                                                               3.9%                   4.4%        3.5%
   2.6%

   2017       2018        2019          2020         2021        2022          2023    2024           2025        2026      Thereafter

                                                     BC     AB   ON      USA   Other

Low re-leasing risk                            Contractual rent increases                 Well-staggered lease maturities
     33% of leases expire after 2023               Provides organic NOI growth                  Provides a balance of stability and
                                                                                                   rental growth

                                                                                                                                         17
CONSERVATIVE CAPITAL STRUCTURE
SELECT FINANCIAL INFORMATION
Unit price (December 12, 2017)                                                                                                                                                                                    $ 6.57
Units outstanding, float                                                                                                                                                                                    305,880,218
Average daily volume (last 30 trading days)                                                                                                                                                                   1,222,679

(C$ Millions)
Market capitalization1 2                                                                                                                                                                                             $ 2,060
Cash and available lines (current estimate)                                                                                                                                                                            $ 230
Debt2 3                                                                                                                                                                                                              $ 1,159
Unencumbered pool of assets2 3                                                                                                                                                                                         $785
Enterprise value1 2                                                                                                                                                                                                  $ 3,159
Gross book value2                                                                                                                                                                                                    $ 3,093
Debt to gross book value2                                                                                                                                                                                             37.5%
Debt to EBITDA2                                                                                                                                                                                                           7.9
Interest Coverage2                                                                                                                                                                                                      3.84

Annual distribution per unit                                                                                                                                                                                         $ 0.312
Yield2                                                                                                                                                                                                                  4.6%

Analyst Consensus Information:
Consensus Target Price4                                                                                                                                                                                                $7.18
Consensus NAV per unit4                                                                                                                                                                                                $6.40
Consensus AFFO payout ratio (no DRIP in place)4                                                                                                                         2017E                                          81.9%

1. Market information as at December 12, 2017
2. PIRET’s financial results as at Sept 30, 2017 and as reported on 2017 Q3 Financial Statements dated November 8, 2017
                                                                                                                                                                                                          .
3. Includes assets/liabilities held for sale
4. Based on consensus analyst estimates as of December 12, 2017 and does not represent PIRET and its management’s opinions, forecasts or predictions. The inclusion of this information in our presentation does not imply any
   endorsement of, or concurrence with the analysts estimates

                                                                                                                                                                                                                                 18
MANAGEABLE MORTGAGE MATURITY

MORTGAGE MATURITY PROFILE1
WEIGHTED AVERAGE TERM = 4.9 YEARS
                                                                                                                                                           WA Effective Rate1                             3.84%

                                                                                                                                                           10yr Loan Term       Rate2              3.74- 4.44%

                                                                                                                                                           5yr Loan Term Rate2                    3.31 - 3.81%

30.0%                                                                                                                                                                                                   6.00%

25.0%                                                                                                                                                                                                   5.00%
                                                                4.21%                                               4.47%
                                                                                                  3.79%
                                                                4.08%             3.68%
               3.88%                                                                                                                   3.45%            3.55%           3.48%                 4.10%
20.0%                           3.72%            3.84%                                            3.74%             4.37%                                                                               4.00%
                                                                                  3.62%                                                                                 3.40%
                                                                                                                                       3.43%            3.40%
                                                                                                                                                                                              3.98%
                3.87%                                          16.4%                              17.1%
                                                3.71%
                              3.53%
15.0%                                                                                                                                                                                                   3.00%
                                                                                  12.5%
                                              11.0%                                                                                  11.3%
                             9.0%
10.0%                                                                                                                                                                                                   2.00%
                                                                                                                                                                         7.8%
                                                                                                                     6.5%
                                                                                                                                                       3.7%
 5.0%                                                                                                                                                                                                   1.00%
                                                                                                                                                                                           3.5%

            1.1%
 0.0%                                                                                                                                                                                                   0.00%
            2017             2018              2019             2020              2021             2022              2023             2024             2025              2026           Thereafter
                                                          Maturity               Scheduled Principal                   Series 3               Effective Rate                Nominal Rate

   1. Pro-forma information includes the following: subsequent events as disclosed in the Trust’s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017 and excludes assets held for sale
   2. Source: Avison Young Debt Market Monitor (September 2017)                                                                                                                                                                     19
EFFICIENT AND EFFECTIVE OPERATING STRUCTURE

Dedicated, internal investment, property and asset management teams

Hands-on, proactive property and asset management across 5 offices

No fees paid to external management

G&A costs represent 2.8% of revenue1

Scalable platform going forward

Positioned to achieve economies of scale with portfolio growth

Completed over 3 million sf of renewals and new leases in 2016

   1.   G&A as at September 30, 2017 excluding the non-cash fair value component of remeasuring the Trust’s unit-based compensation liabilities   20
DEDICATED INTERNAL MANAGEMENT TEAM

                                              Formerly led the Industrial business for Oxford Properties
Kevan Gorrie    President & Chief
                                              Over 18 years of real estate experience
P. Eng          Executive Officer, Trustee
                                              Over $2.5 billion in transactions completed to date

                                              Senior financial executive with over 25 years of experience in
Teresa Neto     Chief Financial Officer
                                               corporate finance & accounting
CPA, CA                                       Former CFO at a number of established REITs in Canada and
                                               Real Property Association of Canada (REALpac)

                                              Over 13 years of real estate and finance experience
Kantaro Goto    Vice President Finance
                                              Former Director, Finance at Build Toronto and controller at a
CPA, CMA        and Corporate Controller
                                               public REIT

                                              Over 20 years of real estate experience in leasing, property
                Vice President, Property
Allan Saito     Management and Leasing
                                               management and development
                                              Former VP at Build Toronto and GE Capital Real Estate

                                              Over 10 years of real estate experience including appraisal,
                Vice President,
Charlie Deeks   Investments
                                               asset management and investment
                                              Over $1.0 billion of transaction volume completed to date

                                                                                                                21
VALUE-ADD TRACK RECORD

Internal asset management team with development capabilities
                                                                                                                                               GTA Future Redevelopment
Focused on select developments and expansions in PIRET’s                                                                                                                          Located in Scarborough, ON
established markets                                                                                                                                                               Project Size: Approx. 300,000 S.F.
                                                                                                                                                                                  Construction Start: Q1-2018 (forecast)

Currently 1 property under development and 131.6 acres of
developable land
                                                                                                                                                     Hino Expansion

                                                                                                                                                                                   Located in Woodstock, ON

                                                                                                                                                                                   Project Size: Approx. 44,000 S.F.
                                                               Alberta                                                                                                             Completed: Q4-2016
                                                              13.9 Acres               Manitoba
                                                    Land Held for Development
                                                                                       2.2 Acres
                                                                                 Land Held for Development
                                                                                                                                                FedEx Ground Development
                                                                                                         Ontario
                                                                                                        14.8 Acres                                                                 Located in Vaughan, ON
                                                                                                                                                                                   New development
                                                                                                  Land Held for Development
 East Richmond Development
                                                                                                                                                                                   Project Size: Approx. 422,000 S.F.
                             Located in Richmond, BC                                                                                                                               NOI Yield: 6.8%
                             Adjacent to existing portfolio                                                                                                                        Completed: Q2-2016

                             Project Size: 330,540 S.F.                            Dallas                                                       FedEx USA Expansion
                             Project Cost: Est $40 million
                             Completion: Q4-2017
                                                                                 84.0 Acres
                                                                            Land Held for Development                                                                     Located in Barrington, NJ
 Container World Expansion
                                                                                                                                                                          Project Size: 56,000 S.F
                        Located in Richmond, BC                                                                                                                           NOI Yield: 9.9%
                                                                                                                                                                          Completed: Q2-2016
                        Project Size: Approx. 152,000 S.F.
                        NOI Yield: 7.9%                                        San Antonio                       FedEx USA Parking Facility Expansion
                        Completed: Q3-2014                                      16.0 Acres
                                                                           Land Held for Development                                         Located in San Antonio, TX

                                                                                                                                             Completed: Q4-2017

                                                                                                                                                                                                                           22
SCALABLE PLATFORM WITH JOINT VENTURE EXPERTISE

   Relationships with 2 institutional joint venture
    partners

   PIRET maintains 100% management interest of
    the properties

   Enables the Trust to maintain operational scale
    while decreasing economic exposure

   Speaks to the quality of internal management
    team

   Enhances returns through generation of fee
                                                       3 properties in Alberta, 1 property in Manitoba (October 2015)
    income
                                                       8 properties in Ontario, 1 property in Quebec (October 2014)

   Source of low-cost partner capital for further     4 properties in Alberta, 1 property in Ontario (March 2017)
    growth

                                                                                                                        23
POSITIONED FOR
  GROWTH

201 Greenwood Court, McDonough, Georgia, US
Acquired February 1, 2017
GROWTH STRATEGY
FOCUSED ON
NAV AND INCOME GROWTH
   Continue to upgrade the quality of the portfolio
   Re-invest into strategic acquisitions in primary markets
   Build scale in target markets
   Maintain a distribution / logistics / e-commerce focus
   Active, hands-on asset management
   Selective value-add development activity
   Joint venture partnerships to support growth
   Prudent financial management and capital allocation

                                                               25
TOTAL RETURN

                                                   YTD    2016    2 years   3 years   Since IPO
          PIRET                                   26.9%   36.0%    71.4%     83.6%     279.0%
          S&P / TSX REIT Index                     8.5%   17.6%    23.3%     20.9%       98.9%
          S&P / TSX Composite Index                8.0%   21.1%    26.3%     20.0%       59.3%

                                                                                             AAR.UN
PRICE INDEX

                                                                                             REIT Index

                                                                                              S&P/TSX

              Source: FactSet, November 8, 2017                                                           26
HISTORIC GROWTH & CAPITAL RECYCLING
                                                                                                                                                                                 20171
                                                                                                                                                                              13 properties
                                                                                                                                                                              ~$590 million
MARKET CAP GROWTH                                                                                                                                                           Sold 14 properties
                                                                                                                                                                               $112 million
                                                                                                                                                             2016
                                                                                                                         2014                             17 properties
                                                                                                                        First USA                        ~$289 million
                                                                                                                       Acquisition                      Sold 8 properties
                                                                                                                                            2015          $38.7 million
                                                                                                                         2014             8 properties
                                                                                                                       Acquired 24       ~$150 million
                                                                                                                        properties     Sold 12 properties
             2,000                                                                                                                       $54.6 million
                                                                                                                      ~$429 million
                                                                                                                         Sold 14
             1,750                                                                                                      properties
                                                                                                       2013           $101.1 million
                                                                                                    Acquired 77
             1,500                                                                                   properties
                                                                                    2012            $596 million
$ billions

                                                                                   Acquired       Sold 8 properties
             1,250                                                 2011          26 properties      $33.1 million
                                                                  Acquired       $295 million
                                                                29 properties   Sold 1 property
             1,000                                              $219 million      $6.1 million

                                                   2010
              750
                                                  Acquired
                                                18 properties
                               2007 - 2009      $131 million
              500
                                 Acquired                                                                                                                      Real Estate
                               17 properties
                                                                                                                                                            becomes it’s own
                                $70 million
              250                                                                                                                                             GICS Sector
                                                                                                                                                                Aug 2016
                0
                     1      2007
                         83 165 247- 2009            2010
                                     329 411 493 575 657           2011
                                                         739 821 903             2012         2013          2014          2015         2016         2017
                                                                     985 10671149123113131395147715591641172318051887196920512133221522972379246125432625

                                                                                                                                                                                                 27
DISCIPLINED USE OF FUNDS

•   Following initial growth of the Trust, in   HISTORIC ACQUISITIONS
    2013 the acquisition strategy was             YEAR                # PROPERTIES             GLA       PURCHASE PRICE             GOING-IN
    refocused on high quality, modern                                                        (000s)          ($ millions)           CAP RATE

    assets in key locations                       2007 - 2009                17                 820                    $69.8             7.00%

                                                  2010                       18              1,160                     130.9             7.99%
•   Diversified the portfolio in 2014 with a      2011                       29              2,130                     218.6             7.14%
    portfolio investment in the USA               2012                       26              2,870                     294.7             6.87%

                                                  2013                       77              6,035                     595.5             6.37%
•   Initial USA entry was an investment in
    e-commerce related assets                     2014
                                                   Canada:                   14              1,884                     206.1             7.03%
                                                   USA:                      10              1,755                     203.5             7.12%
•   Since 2014, further investments in USA        2015
    have built significant scale in key            Canada:                    4                614                     161.0             6.90%
                                                   USA (USD):                 3              1,326                      56.0             8.00%
    markets of Georgia and Texas
                                                  2016
                                                   Canada:                   11              1,369                     182.6             6.31%
•   Deployed capital on select value add           USA (USD):                6               1,570                      81.0             6.90%
    development projects                          2017 YTD
                                                   Canada:                    9              2,307                     385.2            5.19%
•   Future acquisitions are focused on             USA (USD):                 4              2,555                     153.1           6.13%*

    quality and location
                                                * Going-in cap rate applicable to income producing properties only and excludes land purchases

                                                                                                                                                 28
STRATEGIC PORTFOLIO REPOSITIONING

   Initial portfolio was predominately                                                               HISTORIC DISPOSITIONS
    older assets                                                                                        YEAR                  #                      GLA           PURCHASE            GROSS                  CAP          AGE
                                                                                                                              PROPERTIES             (000s)        PRICE               PROCEEDS             RATES          (yrs)
                                                                                                                                                                   ($m)                ($m)
   Disposition program has targeted sales
    of non-core assets, typically older                                                                 2014
                                                                                                         Canada:                     14               1,047                 69.7               101.1         4.85%           19
    assets with less functionality for                                                                   USA:                         -                   -                    -                   -                          -
    modern logistics operators                                                                          2015
                                                                                                         Canada:                     12                  430              246.4                254.6         5.59%           26
                                                                                                         USA:                         -                    -                  -                    -                          -
   Acquisition program has been focused
    on high quality, modern assets in                                                                   2016
                                                                                                         Canada:                      8                  280                27.1                 38.7        4.57%           33
    strategic locations                                                                                  USA:                         -                    -                   -                    -                         -

                                                                                                        2017 YTD1
   As a result the portfolio is now                                                                     Canada:                     14                  980                83.5               112.1         5.73%           22
    predominately institutional quality class                                                            USA:                         -                    -                   -                   -                          -

    “A” and “B+” assets

   Asset sales have been accretive

    1. Pro-forma information includes the Trust’s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017 and excludes the sales of partial interests to joint venture partners and properties
    sold vacant.
                                                                                                                                                                                                                                       29
STRATEGIC INCREASE IN EXPOSURE TO E-COMMERCE
        E-commerce growth continues to create strong demand for logistics space
        Approximately 30% of our portfolio’s tenant activity is e-commerce related
        As demand continues to grow, e-commerce is expected to make up a larger part of the portfolio

          E-COMMERCE TENANTS                              3.5 MILLION SF E-COMMERCE RELATED TENANT ACTIVITY

FedEx Ground
TFI International                       TFI

                                                                                                                 TFI
IKEA
                                                                                               TFI
Hudson’s Bay
Company
Kuehne + Nagel
Purolator
MTE Logistix
Porter Warehouse &
Distribution
Landmark Global
All Canadian Courier
MWI Veterinary
Supply
Canada Post
Toys ‘R’ Us
    1.    Pro-forma information includes the following: events as disclosed in the Trust’s 2017 Q3 Financial Statements and Management Discussion and Analysis dated on November 8, 2017, the Richmond Development as
          disclosed in the press release dated July 12 2017 and excludes assets held for sale.
                                                                                                                                                                                                                        30
BALANCE SHEET IMPROVEMENTS

    TRUST INDEBTEDNESS                                                                                                                                                    NAVPU GROWTH and AFFOPU GROWTH
    75%
                                                                                                                                                                          6.00                                                  0.60
    70%
    65%                                                                                                                                                                   5.00                                                  0.50
    60%
    55%                                                                                                                                                                   4.00
                                                                                                                                                                                                                                0.40
    50%
                                                                                                                                                                          3.00
    45%                                                                                                                                                                                                                         0.30
    40%                                                                                                                                                                   2.00
    35%                                                                                                                                                                                                                         0.20
                                                                                                                                                                          1.00
    30%
          Q1-08
                  Q3-08
                          Q1-09
                                  Q3-09
                                          Q1-10
                                                  Q3-10
                                                          Q1-11
                                                                  Q3-11
                                                                          Q1-12
                                                                                  Q3-12
                                                                                          Q1-13
                                                                                                  Q3-13
                                                                                                          Q1-14
                                                                                                                  Q3-14
                                                                                                                          Q1-15
                                                                                                                                  Q3-15
                                                                                                                                          Q1-16
                                                                                                                                                  Q3-16
                                                                                                                                                          Q1-17
                                                                                                                                                                  Q3-17
                                                                                                                                                                          0.00                                                  0.10
                                                                                                                                                                                 2011    2012       2013   2014   2015   2016

                     70%              Maximum Indebtedness Ratio Permitted in Trust Documents                                                                                           Historic NAVPU
                                      Historic Indebtedness Ratio                                                                                                                       Historic AFFOPU
                     40-45% Medium Term Target Range
                     40%              Long Term Target

     Strategic de-gearing to manage risk
     AFFO per unit growth despite significant de-leveraging
     Continual NAV per unit growth

                                                                                                                                                                                                                                       31
INVESTMENT SUMMARY

                     SCALABLE PLATFORM

                     SUSTAINABLE GROWTH   STRONG PROPERTY
 PORTFOLIO QUALITY
                                           FUNDAMENTALS

                      PRUDENT CAPITAL
                        STRUCTURE

                                                            32
RESEARCH ANALYST COVERAGE

PIRET is covered by the analysts listed below. Please note that any opinions, estimates or forecasts regarding our performance made by
these analysts are theirs alone and do not represent opinions, forecasts or predictions of PIRET or its management. PIRET does not by its
reference or distribution imply any endorsement of or concurrence with such information, conclusions or recommendations.

Heather Kirk, BMO Capital Markets                                           Jimmy Khing Shan, GMP Securities
heather.kirk@bmo.com                                                        jshan@gmpsecurities.com

Mark Rothschild, Canaccord Genuity                                          Brad Sturges, IA Securities
mrothschild@canaccordgenuity.com                                            bsturges@iagto.ca

Dean Wilkinson, CIBC                                                        Matt Kornack, National Bank Financial
dean.wilkinson@cibc.ca                                                      matt.kornack@nbc.ca

Michael Markidis, Desjardins Securities Inc.                                Ken Avalos, Raymond James
michael.markidis@vmd.desjardins.com                                         ken.avalos@raymondjames.com

Frederic Blondeau, Eight Capital                                            Neil Downey, RBC Capital Markets
fblondeau@viiicapital.com                                                   neil.downey@rbccm.com

Rob Sutherland, Echelon Wealth Partners                                     Pammi Bir, Scotia Capital
rob.sutherland@echelonpartners.com                                          pammi.bir@scotiabank.com

                                                                                                                                            33
CONTACT US

                                                                                               Sylvia Slaughter
                                                                                               Director, Investor Relations
                                                                                               Tel: 416-479-8590, ext. 267
                                                                                               sslaughter@piret.ca

TORONTO CONTACT                VANCOUVER CONTACT                STOCK EXCHANGE LISTING
2100 – 121 King Street West,   910 - 925 West Georgia Street,   Toronto Stock Exchange – TSX
PO Box 112, Toronto, ON        Vancouver, BC V6C 3L2            Ticker symbol: AAR.un
M5H 3T9                        Tel: 604-398-2836
Tel: 416-479-8590              Toll: 888-681-5959
Fax: 416-598-0435              Fax: 604-681-5969
                               www.piret.ca
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