q4 2019 investor presentation - amazon s3...highland park townhouses british columbia mainstreet...

Q4 2019 Investor Presentation

2©AllRightsReserved-MAINSTREETEQUITYCORP.TSX:MEQ

Q3 Investor Pitchbook

Forward-Looking Information

Certainstatementscontainedhereinconstitute“forward-lookingstatements”assuchtermisusedinapplicableCanadiansecuritieslaws.Thesestatementsrelatetoanalysisandotherinformationbasedonforecastsoffutureresults,estimatesofamountsnotyetdeterminableandassumptionsofmanagement.Inparticular,statementsconcerningestimatesrelatedtofutureacquisitions,dispositionsandcapitalexpenditures,reductionofvacancyrate,increaseofrentalrates,futureprofitability,timingofrefinancingofdebtandcompletionofrenovations,increasedcashflow,theCorporation’sliquidityandfinancialcapacity,theCorporation’santicipatedfundingsourcestomeetvariousoperatingandcapitalobligations,expansionintotheUnitedStates,andotherfactorsandeventsdescribedinthisdocumentshouldbeviewedasforward-lookingstatementstotheextentthattheyinvolveestimatesthereof.Anystatementsthatexpressorinvolvediscussionswithrespecttopredictions,expectations,beliefs,plans,projections,objectives,assumptionsoffutureeventsorperformance(often,butnotalways,usingsuchwordsorphrasesas“expects”or“doesnotexpect”,“isexpected”,“anticipates”or“doesnotanticipate”,“plans”,“estimates”or“intends”,orstatingthatcertainactions,eventsorresults“may”,“could”,“would”,“might”or“will”betaken,occurorbeachieved)arenotstatementsofhistoricalfactandshouldbeviewedasforward-lookingstatements.Suchforward-lookingstatementsinvolveknownandunknownrisks,uncertaintiesandotherfactorsthatmaycausetheactualresults,performanceorachievementsoftheCorporationtobemateriallydifferentfromanyfutureresults,performanceorachievementsexpressedorimpliedbysuchforward-lookingstatements.Suchrisksandotherfactorsinclude,amongothers,costsandtimingofthedevelopmentofexistingproperties,availabilityofcapitaltofundstabilizationprograms,otherissuesassociatedwiththerealestateindustryincluding,butwithoutlimitation,fluctuationsinvacancyrates,unoccupiedunitsduringrenovations,fluctuationsinutilityandenergycosts,creditrisksoftenants,fluctuationsininterestratesandavailabilityofcapital,andothersuchbusinessrisksasdiscussedherein.AlthoughtheCorporationhasattemptedtoidentifyimportantfactorsthatcouldcauseactualactions,eventsorresultstodiffermateriallyfromthosedescribedinforward-lookingstatements,otherfactorsmaycauseactions,eventsorresultstobedifferentthananticipated,estimatedorintended.Therecanbenoassurancethatsuchstatementswillprovetobeaccurateasactualresultsandfutureeventscouldvaryordiffermateriallyfromthoseanticipatedinsuchstatements.Accordingly,readersshouldnotplaceunduerelianceonforward-lookingstatementscontainedherein.

Forward-lookingstatementsarebasedonmanagement’sbeliefs,estimatesandopinionsonthedatethestatementsaremade,andtheCorporationundertakesnoobligationtoupdateforward-lookingstatementsifthesebeliefs,estimatesandopinionsshouldchangeexceptasrequiredbyapplicablesecuritieslaws.

NoSolicitation

ThepresentationisnotasolicitationtopurchasesecuritiesoftheCorporationandshouldnotbeconsideredanofferingorsolicitationdocumenttopurchasesecuritiesoftheCorporation.

Cautionary Statement


WeareaCorporationnotaREIT

Weareanadd-valueconsolidatorofmid-marketmulti-familyapartmentbuildings

Mid-MarketCharacteristics§  Typicallylessthan100units§  FragmentedMom&Popownership§  Ownerneglectandmismanagement§  Greaterdeferredmaintenance§  Ownershavelimitedaccesstocapital§  Highervacancy/Lowerrents

ListedontheTSXin2000

YTDweownandmanage13,034unitsand1warehouseinEdmontonwithamarketvalueof$2billion


Mainstreet Equity Corp.




Existing rental apartments trading significantly below replacement cost.

Managementbelieves:

Currentmarketrentsdonotjustifynewconstructionduetohighcosts

Increasingdemandandlimitedsupplywillcontinuetocreatefavourablerentalmarketconditions

Mainstreet’sPurchasePrice MarketValue ReplacementCost*(Buildcostofcomparablenew

apartments)

The #1 Driver in the Apartment Business Apartment Business Driver



CalculationofOwnershipPremiumAssumptions:Calculationsofmonthlycarryingcostsbasedon:5-yearpostedmortgagerate;Averageresaleprice;25-yearamortization,5%downonpurchaseprice.

AllnumbersobtainedfromCMHC,CREA.(CMHCcalculations).

Apartment Demand

EDMONTON

RentalUniverse:69,070(2018)[Mid-market:54,085(78%)](2018)VacancyRate:4.3%(2021F)

PopulationGrowth:22,510(2020F)[33%oftotalrentaluniverse]CalculationofownershipPremium=Principal&InterestforAvg.ResaleHomeminusAvg.2-bedroomApt.Rent:$831(Fall2019)

CALGARY


PopulationGrowth:39,400(2020F)[99.6%oftotalrentaluniverse]CalculationofownershipPremium=Principal&InterestforAvg.ResaleHomeminusAvg.2-bedroomApt.Rent:$1,212(Fall2019)

REGINA



SASKATOON



ABBOTSFORD

RentalUniverse:4,043(2018)[Mid-market:3,859(95%)](2018)VacancyRate:1.5%(2020f)

PopulationGrowth:2,575(2019f)[64%oftotalrentaluniverse]CalculationofownershipPremium=Principal&InterestforAvg.ResaleHomeminusAvg.2-bedroomApt.Rent:$2,415

SURREY

RentalUniverse:5,603(2018)[Mid-market:4,986(89%)](2018)VacancyRate:0.4%(actualOct.2018)

PopulationGrowth:NA[NA]CalculationofownershipPremium=Principal&InterestforAvg.ResaleHomeminusAvg.2-bedroomApt.Rent:NA


ACQUISITIONSIdentifyandbuyunder-performingrentalunitsatpriceswellbelowreplacementcosts.

CAPITAL IMPROVEMENTS IncreasetheassetvalueofMainstreet’sportfoliobyrenovatingacquiredproperties.

OPERATIONAL EFFICIENCIES Minimizeoperatingcoststhroughprofessionalmanagement,efficienttechnologyandenergy-savingequipment.

VALUE ENHANCEMENT Repositionrenovatedpropertiesinthemarket,asaMainstreetbrandedproduct,forhigherrents,andmaintainandbuildcustomerloyaltythroughhighlevelsofservice.

FINANCINGMaintainasoundcapitalstructurewithaccesstocapitalmarkets.

DIVESTITURESOccasionallysellmaturerealestatepropertiestoredirectcapitalintonewer,higherpotentialproperties.

Q4 2019, 10,524 units are stabilized out of the portfolio of 12,901 units.

Our Value Creation



5 Pillar Competitive Advantage


The Mainstreet ‘Spec’


Mainstreet: Adding Value

Vintage Squared, Calgary Mainstreet Tower, Edmonton

Sunalta 1913, Calgary Sunalta 1913, Calgary


Mainstreet: Adding Value Mainstreet Place, Calgary Mainstreet Park, Edmonton

Avenue Tower, Calgary Lincoln Terrace, Calgary


EXPENSE REDUCTION 1.  Mainstreet’saggressiverenovationprogramhasresultedinsignificantexpensereductionsinkey

areassuchas:§  Electrical(installcompactfluorescentbulbs:LEDbulbsforemergencyexitsigns)§  Water(‘Ultra-highefficiency’toilets;low-flowaeratorsinstalledonshowersandalltaps)§  Installenergyefficientwindows/exterior(newsiding)/newinsulation

2.  Averaging40%savingsbyinstallingenergysavingwaterflowdevices(InstalledinmostSaskatoonpropertiesandcurrentlybeguninstallationinourCalgary,EdmontonandAbbotsfordportfolios)

3.  Averaging30%savingsbyinstallingLEDlights(9wattvs60watt)inallpropertiesacrossWesternCanada

4.  Estimated30%savingsingasconsumptionbyinstallingEndoThermTM(Pilottestin22propertiesinAlberta)

5.  Themajorityoftheexistingunitshavebeenupgradedwithenergyefficientdevices6.  Sub-meteringallpropertiesthatarenotcurrentlyset-upinthismanner;savingsonutilitiesfor

MEQ7.  Abilitytoachieveeconomiesofscale

§  Fixedpricegascontracts§  Nationaldealonbulkpurchasingdiscountforconstructionsupplies

8.  Automateddebitofmonthlyrents9.  Software(‘real-time’,web-based,nationaloperationssystem)10.  Advertising&Marketing(reducedcostsby:internalizingmarketing&advertising;

shiftadvertisingfromprinttoonline;investincompanywebsitetodriverentals)11.  FinancialReporting(internalizedesignandproductionforannual&quarterlyreports)

Operating Efficiencies


HigheroperatingmarginsversuslargerconcretecomplexesLowrisepropertieshaverelativelylessoperatingexpensessuchas:

§  Limitedornoelevatormaintenance§  Norepairheatormaintenanceofundergroundparkinggarage§  Amenities

Lowerrealtytaxesversuslargerstructures

LowerhydrocostresultingfromEliminationofheating/heatlossfromelevatorshaftsEliminationofheatingofundergroundparkinggaragesLesscommonareastoheatandcool

Mid-Market Efficiencies


Weachievedthisthrough:Clusteringassetswithina5blockradius

RequiringfewerresidentmanagersleadingtoreducedHRcosts

Reducethecostofhavingmultiplepropertymaintenancecontracts

Createdominantbrandrecognitioninneighbourhoodstoreduceadvertisingcosts

Clustering Strategy

Abbotsford Calgary

Saskatoon

Edmonton

Regina Surrey

ThroughclusteringassetsMainstreethasmaximizedefficienciesandgrowth,transformingasingleassetintoanetworkofapartmentcomplexes.


ICE District Strategy

101Properties[2,913units]

9


TargetMarketsRentalApartmentUniverse

<100Units/building

TotalRentalUniverse %Mid-Market

Abbotsford 3,859 4,043 95%

Surrey 4,986 5,603 88%

CalgaryCMA 26,205 39,567 66%

EdmontonCMA 54,085 69,070 78%

Saskatoon 12,723 14,123 90%

Regina 12,715 13,316 95%

Mainstreet’s Target Markets 114,573 145,722 78%

Market Growth Potential

Mainstreet's strategy benefits from a large target market with less competition.

*NumbersobtainedfromCMHC*YTD


*NumbersobtainedfromCMHC*YTD

13,034 14,894

16,040 17,186

18,332 19,477

20,623 21,769

22,915

0

5,000

10,000

15,000

20,000

25,000

11.4% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0%

Uni

ts

Estimated Potential Rental Apartment Total Mid-Market Share

Potential Target Market Growth


Note:InOctober2004,MEQraised$33min7.25%convertibledebentureswitha7yeartermand$6.25conversionprice.

A ‘Value Creation’ Company

§  ListedontheTSXin2000,Mainstreethasgrownitsportfoliofrom272unitswithamarketvalueof$17millionto13,011units(YTD)withamarketvalueof$2billionwithlimited

equitydilution.

§  AsofSeptember30,2019thenumberofcommonshares(9,381,730)ascomparedto8,883,333commonsharesonthedateofTSXlisting

§  FromOctober2006toOctober2010wepurchasedback4.5millionsharesthroughNCIBandSCIB,atanavg.priceof$6.87

§  In2016wepurchased1.4millionsharesthroughNCIBandSIBatanavg.priceof$35.99

§  In2017wepurchased53,569sharesthroughNCIBatanavg.priceof$36.80§  In2018wepurchased3,659sharesthroughNCIBatanavg.priceof$37.02

SIGNIFICANT GROWTH WITH LIMITED EQUITY DILUTION (YTD)

272904 1,370 1,667

2,280 2,606 2,7343,550

4,2865,250 5,562

5,939 6,4197,362

8,180 8,4788,780

9,3199,878

10,480

11,77612,901

13,034

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

20%CAGR(YTD)


Value-Add Case Studies

Edmonton, AB §  Mainstreet Park §  Mainstreet Tower Lethbridge, AB §  Highland Park Townhouses British Columbia §  Mainstreet Estates (Surrey) §  Cameron (New Westminster) Calgary, AB §  Vintage Squared §  Huntsville Saskatoon, SK §  Portfolio


Mainstreetpurchasedtheaboveproperty(178units)inAugust2016.Ittookapproximately12monthstocompletethestabilizationprocessandwefinancedthepropertyinNovember2017.Financialresultsforthepropertybeforeandafterstabilizationandfinancingaresummarizedasfollows:

Atacquisition Afterstabilization %increase

Annualizedrentalincome 632 2,095 231%

AnnualizedNOI (281) 1,373 Infinite

Appraisedvalue 26,700

Valuecreated 11,208 72%

(000’s)

Purchaseprice 13,350

Capitalexpenditure 2,142

Totalinvestmentincludingcapitalexpenditure 15,492

Mortgageloanafterfinancing 19,865

Equityraised 4,373

Returnonequity(NOI) Infinite

Value-Add Model: Mainstreet Park, Edmonton, AB



Annualizedrentalincome 3,590 4,767 33%

AnnualizedNOI 1,543 3,493 126%



(000’s)





Equityinvested 6,546

Returnonequity(NOI) 53%

Mainstreetpurchasedtheaboveproperty(359units)onMay31,2013.Ittookapproximately12monthstocompletethestabilizationprocessandwefinancedthepropertyinJune2014.

Financialresultsforthepropertybeforeandafterstabilizationandrefinancingaresummarizedasfollows:

Value-Add Model: Mainstreet Tower, Edmonton, AB


Mainstreetpurchasedtheaboveproperty(156units)onJuly15,2015.Ittookapproximately12monthstocompletethestabilizationprocessandwefinancedthepropertyinJuly2016.




AnnualizedNOI 672 1,310 95%



(000’s)


Capitalexpenditure 50



Equityextracted (1,850)


Value-Add Model: Highland Park, Lethbridge, AB


Mainstreetpurchasedtheaboveproperty(331unitswith5buildings)inJanuary2015.Ittookapproximately6monthstocompletethestabilizationprocessandwefinancedthepropertyinNovember2016.




AnnualizedNOI 69 2,340 3,291%



(000’s)





Equityinvested 678


Value-Add Model: Mainstreet Estates, Surrey, BC


Mainstreetpurchasedtheaboveproperty(84units)inJuly2012.Ittookapproximately36monthstocompletethestabilizationprocessandwefinancedthepropertyinSeptember2015.



Annualizedrentalincome 734 910 24%

AnnualizedNOI 95 580 510%



(000’s)

Purchaseprice 7,550




Equityinvested 704


Value-Add Model: Cameron, New Westminster , BC


Mainstreetpurchasedtheaboveproperty(32units)inJuly2011.Ittookapproximately12monthstocompletethestabilizationprocessandwefinancedthepropertyinJuly2014.



Annualizedrentalincome 302 435 44%

AnnualizedNOI 190 323 70%



(000’s)

Purchaseprice 3,600

Capitalexpenditure 338



Equityextracted (39)


Value-Add Model: Vintage Squared, Calgary


Mainstreetpurchasedtheaboveproperty(52units)inApril2012.Ittookapproximately29monthstocompletethestabilizationprocessandwefinancedthepropertyinSeptember2014.



Annualizedrentalincome Nil 743 Infinite

AnnualizedNOI Nil 586 Infinite



(000’s)

Purchaseprice 5,500




Equityextracted (99)


Value-Add Model: Huntsville, Calgary, AB


MainstreetacquireditsfirstpropertyinthecityofSaskatoon(165units)inNovember2006.AsofJune2019,Mainstreetowns55properties(2,003units)foratotalconsiderationof$167million.

44properties(1,158units)havebeenstabilizedandfinanceduptoJune30,2019.Financialresultsforthepropertybeforeandafterstabilizationandrefinancingaresummarizedasfollows:

4 Atacquisition Afterstabilization %increase


AnnualizedNOI 3,299 7,284 121%



7





Equityextracted (13,209)


Value-Add Model: Saskatoon, SK


*NumbersobtainedfromCMHC

ThemortgageloansoutstandingasofSeptember30,2019were$1.038billion.ThecashbalanceatSeptember30,2019was$70,000.TheestimatedNetAssetValuebasedontheappraisalvalueof$2.04billion,asofSeptember30,2019,was$764million($102perbasicshare).

Growing The Portfolio

ASSET GROWTH ($MM)

$11 $37 $66 $78 $111 $136 $142$189

$250$316 $354 $395

$451$543

$633$684

$731$809

$885$976

$1,148

$1,293 $1,297

$17 $50 $90 $105 $145 $170 $178

$309

$520

$710$625

$679$752

$908

$1,051$1,150

$1,259

$1,386 $1,400

$1,632

1,866

$2,020 $2,040

$0

$500

$1,000

$1,500

$2,000

$2,500GrossBookValue AppraisedValue


Risk Management

CMHC INSURED MORTGAGES 2019

§  AsofSeptember30,2019,Mainstreethas$1.038billionofmortgages,ofwhich$946million(91%)areCMHCinsured(fixed&floatingrate)atanaverageinterestrateof2.96%andthebalanceof$92millionarefixedconventionalmortgageswithanaverageinterestrateof3.04%.

LONG-TERM FIXED INTEREST MORTGAGES

§  98%ofMainstreet’sdebtisatafixedlong-termrate.

MortgageMaturityasofSeptember30,2019

*millionsofdollars

InterestRate Description Debt

2.94% FixedCMHC 922

3.04% Fixednon-CMHC 92

3.79% Floating-CMHC 24

2.97% Total 1,038

AverageTermtoMaturity:5.42yearsWeightedAvg.Rate:2.97%

InterestRate3.20%

InterestRate3.94%


2019 Drivers

§  Stabilizationofexistingnon-stabilizedportfoliowhichequatesto18%ofthetotalportfolio.

§  AchieveOptimumPotentialNetOperatingIncome

§  $150Mliquidity

Every1%dropinvacancyrateequals$1.6MinNOI

VacancyRate(inclusiveofunstabilizedgrowth)

2019NOIgrowthaftercompleterentincreaseandstabilization

AnnualizedNOIbasedonQ32019

results

AnnualizedAdditionalNOIat95%occupancy

rate

AnnualizedAdditionalNOI

withoutconcession

AnnualizedAdditionalNOIatfullmarketrent

AnnualizedOptimum

potentialNOI Difference

Calgary $22,216 $3,542 $928 $26,686 $4,470

Edmonton $25,184 $1,192 $4,808 $407 $31,591 $6,407

Surrey $17,265 $5,700 $22,965 $5,700

Abbotsford $8,025 $2,091 $10,116 $2,091

Regina $4,838 $253 $1,122 $49 $6,262 $1,424

Saskatoon $12,057 $1,498 $3,157 $940 $17,652 $5,595

Totalfromoperations 89,585 2,943 12,629 10,115 115,272 25,687

7.8% 8.4% 8.0% 6.7% 6.9% 7.5% 8.0% 7.5% 7.8% 8.3% 9.2% 10.2% 9.7% 10.7% 10.6% 10.9% 11.1% 11.3% 10.0%7.8% 6.7% 6.5% 6.4% 5.7%


2017 Acquisitions

Q12017Acquisitions

City Address #ofUnits PurchasePrice AppraisedValue Priceperdoor

Edmonton 10435156StreetNW 12 1,200,000 1,270,000 100,000



Saskatoon 404,525AveXS 1 61,000 120,000 61,000

Saskatoon 402,525AveXS 1 60,000 120,000 60,000

TotalQ12017 58 5,281,000 91,051

Q22017Acquisitions

Edmonton 107VillageAcres 185 17,800,000 19,750,000 94,680

Edmonton 11742127StreetNW 12 945,000 1,168,000 78,750

Calgary 1805–17StreetSW 15 2,075,000 2,300,000 138,333

Saskatoon 2010–22StreetW 31 2,025,000 2,650,000 65,323

Edmonton 307,10635–115St.NW 1 125,000 120,000 125,000

TotalQ22017 244 22,970,000 94,139

Q32017Acquisitions

Saskatoon #107529AveXSouth 1 50,000 120,000 50,000

Edmonton 10615111St.NW 33 3,366,000 3,620,000 102,000

Calgary #130511223St.SE 1 255,000 255,000 255,000

Calgary 2121-17St.SW 45 5,650,000 7,500,000 125,555

Calgary 127–13Ave.SW 24 3,960,000 5,050,000 165,000

TotalQ32017 104 13,281,000 127,701


2017 Acquisitions - Continued

Q42017Acquisitions


Calgary 807RoyalAvenueSW 28 4,336,000 4,750,000 154,857

Saskatoon #206,529AveXS 1 50,000 120,000 (notincludedinavg)50,000

Saskatoon 31057St.East 24 2,476,000 2,800,000 103,167

Saskatoon 102–118EdinburghPlace 142 16,960,000 17,200,000 119,436

TotalQ42017 195 23,822,000 122,536

TOTALFY2017 601 135,354,000


2018 Acquisitions

Q12018Acquisitions

City Address #ofUnits PurchasePrice AppraisedValue Priceperdoor Saskatoon 102,529AvenueXSouth 1 50,000 120,153 50,000

Edmonton 10609,115StreetNW 22 2,193,000 2,750,000 99,682

Saskatoon EmeraldPark8,2309–17StreetS 1 50,000 120,513 50,000

Saskatoon EmeraldPark205,525AvenueXS 1 52,500 120,513 52,500

Saskatoon EmeraldPark203,529AvenueXS 1 46,000 120,513 46,000

Regina Regina 641 71,647,400 79,680,000 111,774

Edmonton 9010,144AvenueNW 39 3,568,500 5,790,000 91,500

Edmonton 201,10625–115StreetNW 1 135,000 127,500 135,000

Edmonton 10721,108StreetNW 26 2,630,000 3,220,000 101,154

TOTALQ12018 733 80,372,400 109,649

Q32018Acquisitions Saskatoon 8,12,16,&20BatemanCrescent 76 6,729,000

6,729,00088,539

Calgary 2416&241714aStSW 47 7,499,953 7,560,000 159,573

Regina 2025RoseSt 46 3,579,500 3,590,000 77,815

Calgary 5355WaverleyDrSW 21 2,810,000 3,750,000 133,810

Saskatoon 308,529AveXS 1 45,000 120,513 45,000

Saskatoon 202,529AveXS 1 40,000 120,513 40,000

Lethbridge 11035AveS 78 8,580,000 TBD 110,000

Calgary 2403&240933AveSW 16,3comm,1house 3,450,000 TBD 939,474

TOTALQ32018 290 32,733,453 112,874


2018 Acquisitions - Continued

Q42018Acquisitions

Calgary 230917StreetSW 11 1,394,000 TBD 126,727

Calgary 7107ElbowDriveSW 51 8,288,000 TBD 162,510

Saskatoon 404529AveXS 1 40,000 TBD 40,000

Saskatoon 615ConfederationDr 102 10,194,900 TBD 99,950

Calgary 152012AveSw 23 3,427,000 TBD 149,000

Calgary 7703-7719ElbowDrSW 60 8,700,000 TBD 145,000

Calgary 4191stAveNE 25 3,690,000 TBD 147,600

TOTALQ42018 273 35,733,900 TBD 130,893

TOTALFY2018 1,296 148,839,000


2019 Acquisitions

Q12019Acquisitions


Saskatoon 4234&4238DeGreerStEast 64 6,688,000.00 TBD 104,500

Edmonton 10735107StNW 24 2,380,000.00 TBD 99,167

Calgary VistaGroup 125 18,300,000.00 TBD 146,400

Regina 1424Victoria&1969St.John 37 2,600,000.00 TBD 70,270

Calgary 1019&1023NorthmountDr.NW 20 2,600,000.00 TBD 130,000

Calgary 390816StSW 10 1,302,000.00 TBD 130,200

Saskatoon 207,525AveX 1 40,000.00 TBD 40,000

Edmonton(warehouse) 10738115StNW 0 1,040,000.00 TBD NA

Regina BoardwalkPortfolio 140 15,890,000.00 TBD 113,500

TOTALQ12019 421 50,840,000 118,290


2019 Acquisitions Q22019Acquisitions


Saskatoon 3023and3027BlakistonDriveNW 24 3,515,000 TBD 146,458

Saskatoon 201,601AveXS 1 32,500 TBD 32,500

Saskatoon 1311TemperanceStreet 63 5,650,000 TBD 89,683

Calgary 192911thAveSW 17 2,592,500 TBD 152,500

Saskatoon 1110AveWN 24 1,559,000 TBD 64,958

Saskatoon 20,230917StWest 1 40,000 TBD 40,000

TOTALQ22019 130 13,389,000 102,992




Calgary 193711AveSW 8 1,197,500 TBD 149,688

Saskatoon 402AvePSouth 31 1,550,000 TBD 50,000

Calgary 6347BowviewRdNW 74 13,000,000 TBD 175,676


Calgary 11611OakfieldDrSW 126 16,661,000 TBD 146,000

Calgary 1122026StSW 1 1,560,000 TBD 1,560,00


Airdrie 5053AveSE 36 5,125,000 TBD 142,361

Saskatoon 602–814ApplebyDr 240 18,900,000 TBD 78,750

TOTALQ32019 565 65,587,500 116,084




Saskatoon 208-529AveXS 1 37,000 TBD 37,000

Saskatoon 17-230917StWest 1 40,000 TBD 40,000

Saskatoon 204-525AveXS 1 35,000 TBD 35,000

TOTALQ42019 3 112,000 37,333

TOTALFY2019 1,118 $129,828,500


RESIDUAL LAND §  TrevellaParkTownhomes-Calgary,AB(~14acresofHighDensityResidential

Land)§  HighlandParkTownhomes–Lethbridge,AB(13.1acresofHighDensity

ResidentialLand)§  Dover–Calgary,AB(ResidualLand)§  ImperialCourt-Surrey,BC(HighDensityResidentialLand)§  AshleyCourt–Surrey,BC(Developmentpermitinplacefor35newunits)§  GreenwoodGardens–Surrey,BC(ResidualLand)§  33263BourquinCres.–Abbotsford,BC(DevelopmentLot)§  LeamingtonManor-Edmonton,AB(DevelopmentLot)§  TheJunction–Calgary,AB(DevelopmentLot) §  MainstreetVillage–Edmonton,AB(6.65acresofhighdensityresidentialland)§  PremierCityPark–Edmonton,AB(5.45acresoflandinIceDistrict)§  SurreyResidualLand§  ReginaParliamentLot(DevelopmentLot)§  Warehouse+Land(1.25Acres)§  Saskatoon20thStreetLot(DevelopmentLot)§  WestMeadowApartments(9.4Acres)§  BowRiverTownhomes(6.4Acres)

MEQowns3housesand1towernearSaddledome.Potentialredevelopland.

Mainstreetisintheprocessoftransformingobsoleteretailspaceintoanadditional14suitesinEdmonton,CalgaryandAbbotsford.

Residual Land Conversion Value


CONDOMINIUM CONVERSION

Theopportunityexiststoconverttheexistingportfolioinintocondominiums,inparticularforthefollowingtownhousecomplexes:

BritishColumbia

§  Sunshinecomplex,BC§  Pinetreecomplex,BC§  HannaEstates,Abbotsford,BC

Condo Conversion Value

Alberta

§  TrevellaPark–Calgary,AB§  HighlandPark–Lethbridge,AB§  Wedgewood–Edmonton,AB§  Lauderdale–Edmonton,AB§  ClareviewCourt-Edmonton,AB§  BannermanTerrace–Edmonton,AB

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