CALLOWAY REAL ESTATE INVESTMENT TRUST

Transcription

1 CALLOWAY REAL ESTATE INVESTMENT TRUST Supplemental Information Package For the three months ended March 31, 2009 Calloway Real Estate Investment Trust 700 Applewood Crescent, Suite 200 Vaughan, ON, L4K 5X3 Tel: (905) Fax: (905)

2 Index General Information...2 Distribution Reinvestment Plan...3 Distribution History...3 Average Unit Trading Price...4 Average Daily Volume of Units Traded...4 Market Capitalization Summary...4 Annualized Gross Rental Revenue by Province...5 Area by Province...5 Individual Property Summary...6 Top 25 Tenants by Gross Rental Revenue...12 Lease Expiration Schedule...13 Area by Age...14 Future Earnouts and Developments...15 Committed Earnouts and Developments...15 Mezzanine Loans and Other Mortgage Receivables...16 List of Figures Figure 1: Annualized Gross Revenue by Province...5 Figure 2: Area by Province...5 Figure 3: Area by Age

3 General Information Stock Exchange Listing: The Toronto Stock Exchange (TSX) Trading Symbols: Trust Units CWT.UN 6.00% Convertible Debentures CWT.DB 6.65% Convertible Debentures CWT.DB.A Corporate Office: Calloway Real Estate Investment Trust 700 Applewood Crescent, Suite 200 Vaughan, ON, L4K 5X3 Canada Tel: (905) Fax: (905) Senior Management: Simon Nyilassy President, Chief Executive Officer Bart Munn Chief Financial Officer Rudy Gobin Executive Vice President Asset Management Transfer Agent & Registrar: Computershare Share Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Auditor: PricewaterhouseCoopers LLP 5700 Yonge Street, Suite 1900 Toronto, Ontario, M2M 4K7 Legal Counsel: Shea Nerland Calnan LLP th Avenue SW, Suite 2800 Calgary, AB, T2P 2X6 2

4 Distribution Reinvestment Plan Unitholders who elect to participate will have their monthly cash distributions automatically reinvested in units of Calloway at a price equal to 97% of the average TSX market price over the 10 business days preceding the monthly distribution date. Calloway s DRIP will be administered by Computershare Trust Company of Canada. Interested unitholders can also obtain an information package and the necessary registration forms from, or direct any inquiries/concerns regarding the DRIP to, Computershare Trust Company of Canada via telephone at or via mail at: Calloway Real Estate Investment Trust c/o Computershare Trust Company of Canada 100 University Avenue, 9 th Floor Toronto, ON, M5J 2Y1 Canada Attention: Dividend Reinvestment Department Distribution History Per unit, paid monthly January February March April May June July August September October November December TOTAL

5 Average Unit Trading Price st Quarter nd Quarter rd Quarter th Quarter YTD/Annual Closing trading price at end of period Average Daily Volume of Units Traded st Quarter 153, , , ,988 60,368 2 nd Quarter 183, , ,869 67,421 3 rd Quarter 166, , , ,186 4 th Quarter 240, , , ,654 YTD/Annual 153, , , ,511 92,789 Market Capitalization Summary Date Total Units Share Price per Unit Market Capitalization Outstanding (1) March 31, ,714, ,191,581 December 31, ,287, ,081,508,767 December 31, ,224, ,258,577,025 December 31, ,211, ,489,836,765 December 31, ,549, ,651,095,397 (1) includes Calloway Limited Partnership Classes B and D LP units 4

6 Annualized Gross Rental Revenue by Province Annualized Gross Rental Revenue by Province 58.5% 9.6% 3.3% 3.5% 4.3% 14.3% 1.0% 1.4% 0.6% 3.5% British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland Figure 1: Annualized Gross Revenue by Province Area by Province Area by Province 60% 50% 40% 30% 20% 10% 0% British Columbia Alberta Saskatchewan Manitoba Ontario Quebec New Brunswick Nova Scotia Prince Edward Island Newfoundland Figure 2: Area by Province (21,821,392 sq. ft.) Note: includes discontinued operations 5

7 Individual Property Summary (March 31, 2009) Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Retail Properties British Columbia Courtenay SmartCentre Courtenay, BC , ,642 - Wal-Mart, Winners, Staples, Future Shop, Petland, Sport Mart, RBC Cranbrook SmartCentre Cranbrook, BC , , ,556 Wal-Mart, Real Canadian Superstore*, Home Hardware* Dawson Creek SmartCentre (2)(3) Dawson Creek, BC n/a ,029 Wal-Mart* Kamloops SmartCentre Kamloops, BC , ,609 - Wal-Mart, Michaels, Lordco Auto Parts, Pier 1 Imports Langley SmartCentre Langley, BC , , ,161 Wal-Mart, Home Depot*, Save-on-Foods*, Home Outfitters New Westminster SmartCentre New Westminster, BC , ,770 - Wal-Mart, Home Outfitters, Best Buy, Petcetera, Tommy Hilfiger Penticton Power Centre Penticton, BC , ,795 - Zellers, Staples, Winners, Petcetera, TD Canada Trust Prince George SmartCentre Prince George, BC , , ,247 Wal-Mart, Home Depot*, Canadian Tire*, Michaels, Petland, RBC Quesnel SmartCentre (2) Quesnel, BC n/a ,316 Wal-Mart* Salmon Arm SmartCentre** (2) Salmon Arm, BC n/a Wal-Mart (4) Surrey West SmartCentre Surrey, BC , ,943 - Wal-Mart, Dollar Giant, Sleep Country, Reitmans Vernon SmartCentre Vernon, BC , ,655 50,300 Wal-Mart, Rona*, Future Shop, Value Village, Sleep Country Subtotal British Columbia ,140,575 1,197, ,609 Alberta Calgary Southeast SmartCentre Calgary, AB , ,079 - Wal-Mart, London Drugs, Mark's Work Wearhouse, Reitmans Edmonton Northeast SmartCentre Edmonton, AB , ,718 - Wal-Mart, Michaels, Mark's Work Wearhouse, Moores, Reitmans Lethbridge SmartCentre Lethbridge, AB , ,872 95,000 Wal-Mart Supercentre, Home Depot*, Ashley Furniture, Moores St. Albert SmartCentre St. Albert, AB , ,236 91,737 Wal-Mart Supercentre, Save-on-Foods*, Totem*, Sleep Country Subtotal Alberta ,024, , ,737 Saskatchewan Regina East SmartCentre Regina, SK , , ,681 Wal-Mart, Real Canadian Superstore*, Rona*, HomeSense Regina North SmartCentre Regina, SK , ,498 - Wal-Mart, IGA, Mark's Work Wearhouse, TD Canada Trust Saskatoon South SmartCentre Saskatoon, SK , ,209 98,395 Wal-Mart, Home Depot*, The Brick, Golf Town, Petland, Dollarama Subtotal Saskatchewan , , ,076 6

8 Manitoba Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Kenaston Common SmartCentre Winnipeg, MB ,270 98, ,000 Rona, Costco*, Indigo Books, Golf Town, Petland, HSBC, RBC Winnipeg Southwest SmartCentre Winnipeg, MB , ,572 95,000 Wal-Mart, Home Depot*, Safeway, Home Outfitters, HomeSense Winnipeg West SmartCentre Winnipeg, MB , ,146 75,240 Wal-Mart, Canadian Tire*, IGA, Winners, Shoppers Drug Mart Subtotal Manitoba , , ,240 Ontario Ancaster SmartCentre Ancaster, ON , ,794 51,268 Wal-Mart Supercentre, Canadian Tire*, Future Shop, Dollar Giant Aurora North SmartCentre** Aurora, ON , ,487 - Wal-Mart Supercentre, Boston Pizza, Reitmans, TD Canada Trust Aurora SmartCentre Aurora, ON ,463-63,500 Canadian Tire*, Winners, Bank of Nova Scotia, Blockbuster Barrie North SmartCentre Barrie, ON , ,548 81,373 Wal-Mart, Zehrs*, Old Navy, Bonnie Togs, Addition-Elle, Reitmans Barrie South SmartCentre Barrie, ON , ,243 - Wal-Mart, Sobeys, Winners, Michaels, PetSmart, La-Z-Boy Bolton SmartCentre Bolton, ON , , ,000 Wal-Mart Supercentre, Real Canadian Superstore*, L.C.B.O. Bramport SmartCentre Brampton, ON , ,179 Loblaws*, L.C.B.O., Dollarama, Swiss Chalet, Bank of Montreal Brampton East SmartCentre (I) Brampton, ON , ,332 Rona*, Canadian Tire*, The Beer Store, Kelsey's Brampton East SmartCentre (II) Brampton, ON , ,610 - Wal-Mart Supercentre, The Brick, Winners, Staples Brampton North SmartCentre Brampton, ON ,505-62,496 Fortinos*, Shoppers Drug Mart Brockville SmartCentre Brockville, ON , ,370 Wal-Mart Supercentre*, Real Canadian Superstore*, Home Depot* Burlington (Appleby) SmartCentre (2) Burlington, ON n/a Burlington North SmartCentre Burlington, ON , , ,663 Wal-Mart, Reitmans, Moores, Penningtons, Bank of Nova Scotia Burlington Staples SmartCentre Burlington, ON ,238 30, ,060 Home Depot*, Future Shop, Staples, Bad Boy Furniture, Sears Cambridge SmartCentre (I) Cambridge, ON , ,106 39,720 Wal-Mart, Reno Depot, Canadian Tire*, Staples, Michaels, Old Navy Cambridge SmartCentre (II) Cambridge, ON ,068-95,000 Home Depot*, 2001 Audio Video, Henry's Photography Carleton Place SmartCentre Carleton Place, ON , ,811 - Wal-Mart Supercentre, Dollarama, Mark's Work Wearhouse Chatham SmartCentre** Chatham, ON , , ,000 Wal-Mart Supercentre, Zehrs*, Winners, Mark's Work Wearhouse Cobourg SmartCentre Cobourg, ON , , ,000 Wal-Mart, Home Depot*, Loblaws*, Swiss Chalet Dunnville SmartCentre (2) Dunnville, ON n/a ,343 Wal-Mart*, Canadian Tire*, Sobeys* Etobicoke (Index) SmartCentre (2) Etobicoke, ON n/a Etobicoke SmartCentre Etobicoke, ON , , ,000 Wal-Mart, Home Depot*, Best Buy, Old Navy, Sport Mart Fort Erie SmartCentre (2) Fort Erie, ON n/a ,142 Wal-Mart*, No Frills* Halton Hills SmartCentre (2) Halton Hills, ON n/a Hanover SmartCentre Hanover, ON , ,314 Wal-Mart*, Loblaws*, Mark's Work Wearhouse, EasyHome Huntsville SmartCentre Huntsville, ON ,254 84,861 68,837 Wal-Mart, Your Independent Grocer*, Dollar Giant, Kelsey's 7

9 Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Kapuskasing SmartCentre Kapuskasing, ON ,592 61,087 - Wal-Mart, Reitmans Kenora Wal-Mart Centre Kenora, ON ,881 80,881 58,496 Wal-Mart, Canadian Tire* Laurentian Power Centre Kitchener, ON , , ,978 Zellers, Rona*, Zehrs*, Home Outfitters, Staples, CIBC London East Argyle Mall London, ON , ,101 - Wal-Mart, No Frills, Winners, Staples, Sport Chek, GoodLife Fitness London North SmartCentre** London, ON , , ,262 Wal-Mart Supercentre, Canadian Tire*, Future Shop, Winners London Northwest SmartCentre London, ON , Boston Pizza, Montana's, Bank of Montreal, TD Canada Trust, RBC Markham Woodside SmartCentre (I)** Markham, ON ,806 80,385 - Home Depot, Winners, Staples, Chapters, Petstuff, Michaels Markham Woodside SmartCentre (II)** Markham, ON ,665-38,000 Longo's*, La-Z-Boy, L.C.B.O. Midland SmartCentre Midland, ON , ,528 Wal-Mart Supercentre*, Home Depot*, Mark's Work Wearhouse Milton Wal-Mart Centre** Milton, ON , ,626 Wal-Mart Supercentre*, Canadian Tire*, Staples, Bouclair, RBC Mississauga (Dixie and Dundas) Centre (2) Mississauga, ON n/a Mississauga (Erin Mills) SmartCentre Mississauga, ON , ,973 - Wal-Mart, No Frills, GoodLife Fitness, Shoppers Drug Mart Westgate SmartCentre Mississauga, ON , , ,000 Wal-Mart, Renot Depot, Real Canadian Superstore*, Toys R Us Napanee SmartCentre Napanee, ON ,383 88,649 - Wal-Mart, Dollarama, Mark's Work Wearhouse, EasyHome Hopedale Mall Oakville, ON , ,989 - Zellers, Dominion (Metro), Shoppers Drug Mart, L.C.B.O., CIBC Orleans SmartCentre Orleans, ON , , ,136 Wal-Mart Supercentre, Canadian Tire*, Home Outfitters, Future Shop Oshawa North SmartCentre Oshawa, ON , , ,832 Wal-Mart, Loblaws, Home Depot*, Future Shop, Michaels Oshawa South SmartCentre** Oshawa, ON , ,515 - Wal-Mart Supercentre, Urban Barn, Moores, Reitmans, RBC Ottawa South SmartCentre** Ottawa, ON , ,762 - Wal-Mart, Loblaws, Cineplex Odeon, Future Shop, Winners, Staples Owen Sound SmartCentre Owen Sound, ON , , ,000 Wal-Mart, Home Depot*, Penningtons, Dollarama, Reitmans Peterborough Home Outfitters Centre Peterborough, ON ,355 32,927 - Home Outfitters, Jysk Linen 'N Furniture, Boston Pizza Pickering SmartCentre Pickering, ON , ,644 82,000 Wal-Mart, Sobeys, Canadian Tire*, Toys R Us, Winners, PetSmart Renfrew SmartCentre Renfrew, ON , ,192 Wal-Mart Supercentre*, Canadian Tire*, Mark's Work Wearhouse Rexdale SmartCentre Rexdale, ON , ,083 Wal-Mart*, Dollarama, Bank of Nova Scotia Rockland SmartCentre Rockland, ON , ,890 - Wal-Mart Supercentre, Boston Pizza Scarborough (1900 Eglinton) SmartCentre Scarborough, ON , ,477 - Wal-Mart Supercentre, Mark's Work Wearhouse, Bank of Montreal Scarborough East SmartCentre (I) Scarborough, ON , ,000 Home Depot*, Staples, Sears, Mark's Work Wearhouse, RBC Scarborough East SmartCentre (II) Scarborough, ON , ,385 - Wal-Mart Supercentre, Cineplex Odeon, L.C.B.O., Reitmans St. Catharines West SmartCentre (I) St. Catharines, ON , , ,132 Wal-Mart, Real Canadian Superstore*, Canadian Tire*, Best Buy St. Catharines West SmartCentre (II) St. Catharines, ON ,242 35,108 - The Brick, Michaels, Golf Town, Bouclair, Bulk Barn St. Thomas SmartCentre St. Thomas, ON , , ,252 Wal-Mart, Real Canadian Superstore*, Canadian Tire*, Dollar Giant Stouffville SmartCentre Stouffville, ON ,638 69, ,633 Wal-Mart Supercentre*, Canadian Tire, Dollarama, Boston Pizza 401 & Weston Power Centre** Toronto, ON ,016 74, ,000 Real Canadian Superstore*, Canadian Tire, The Brick, Staples, CIBC 8

10 Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants British Colonial Building Toronto, ON , Navigator Limited, Irish Embassy Pubs Inc. Leaside SmartCentre Toronto, ON ,369 62, ,000 Home Depot*, Best Buy, Sobeys, L.C.B.O., The Sony Store Toronto Stockyards SmartCentre Toronto, ON , ,194 Wal-Mart*, Bank of Montreal, Citifinancial Westside Mall Toronto, ON , ,019 - Canadian Tire, Price Chopper, Shoppers Drug Mart, CIBC 400 & 7 Power Centre Vaughan, ON , , ,000 The Brick, Home Depot*, Staples, Value Village, GoodLife Fitness Rutherford Village Shopping Centre Vaughan, ON ,036 48,890 - Sobeys, Pharma Plus, TD Canada Trust Vaughan SmartCentre Vaughan, ON , ,755 - Wal-Mart Supercentre, Future Shop, Home Outfitters Welland SmartCentre Welland, ON , ,114 98,784 Wal-Mart, Canadian Tire*, Mark's Work Wearhouse, Dollar Giant Whitby North SmartCentre Whitby, ON , , ,571 Wal-Mart, Real Canadian Superstore*, L.C.B.O., TD Canada Trust Whitby Northeast SmartCentre Whitby, ON , Boston Pizza, Bell World, RBC Windsor South SmartCentre Windsor, ON , ,121 - Wal-Mart, Part Source, Dollarama, Super Pet, Moores, CIBC Woodbridge SmartCentre** Woodbridge, ON ,255 32, ,073 Canadian Tire*, Fortinos*, Best Buy, Toys R Us, Chapters Woodstock SmartCentre Woodstock, ON , ,387 93,333 Wal-Mart, Canadian Tire*, Staples, Mark's Work Wearhouse Subtotal Ontario ,703,931 6,945,851 5,853,702 Quebec Drummondville SmartCentre Drummondville, QC , ,224 Wal-Mart*, Loblaws*, Mark's Work Wearhouse, Reitmans, CIBC Hull SmartCentre** Hull, QC ,658 67, ,717 Wal-Mart, Rona*, Famous Players*, Super C*, Winners, Staples Kirkland SmartCentre Kirkland, QC , ,271 - Wal-Mart, The Brick Laval West SmartCentre Laval, QC , , ,000 Wal-Mart, Reno Depot, Canadian Tire*, IGA*, Home Outfitters Magog SmartCentre Magog, QC , ,854 60,000 Wal-Mart, Canadian Tire* Mascouche SmartCentre Mascouche, QC , , ,000 Wal-Mart, Rona*, IGA, Home Outfitters, Winners, Staples, Bouclair Montreal (Decarie) SmartCentre** Montreal, QC ,383 64,104 - Wal-Mart, Mark's Work Wearhouse, Pier 1 Imports, Addition-Elle Montreal North SmartCentre Montreal, QC , ,668 - Wal-Mart, IGA, Winners, Dollarama, Mark's Work Wearhouse Place Bourassa Mall Montreal, QC , ,083 - Zellers, Super C, Pharmaprix, Bouclair, L'Aubainerie, SAQ, RBC Rimouski SmartCentre Rimouski, QC , , ,000 Wal-Mart, Tanguay*, Super C*, Future Shop, Mark's Work Wearhouse Saint-Constant SmartCentre Saint-Constant, QC , ,235 95,000 Wal-Mart, Home Depot*, Super C, L Aubainerie Concept Mode Saint-Jean SmartCentre Saint-Jean, QC , ,356 80,000 Wal-Mart, Maxi*, Mark's Work Wearhouse, TD Canada Trust Saint-Jerome SmartCentre Saint-Jerome, QC ,756 44, ,983 Wal-Mart*, Home Depot*, IGA, Bouclair, Dollarama, TD Canada Trust Sherbrooke SmartCentre Sherbrooke, QC , , ,000 Wal-Mart, Home Depot*, Canadian Tire*, Mark's Work Wearhouse Valleyfield SmartCentre Valleyfield, QC , ,128 - Wal-Mart, Dollarama, SAQ, Reitmans, Victoriaville SmartCentre (2) Victoriaville, QC n/a ,969 Wal-Mart*, Home Depot*, Maxi* Subtotal Quebec ,198,942 2,000,529 1,754,893 9

11 New Brunswick Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Fredericton North SmartCentre (2) Fredericton, NB n/a ,906 Wal-Mart*, Canadian Tire*, Kent* Anchors and Major Tenants Saint John SmartCentre Saint John, NB , , ,122 Wal-Mart, Kent*, Canadian Tire*, Winners, Future Shop, Sport Chek Subtotal New Brunswick , , ,028 Nova Scotia Bridgewater SmartCentre Bridgewater, NS , ,320 Wal-Mart*, Home Depot*, Canadian Tire*, Boston Pizza, Reitmans Halifax Bayers Lake Centre Halifax, NS ,377 35, ,000 Zellers*, Atlantic Superstore*, Future Shop, Winners, Reitmans Truro SmartCentre Truro, NS , ,329 60,000 Wal-Mart, Kent*, Stitches, Penningtons Subtotal Nova Scotia , , ,320 Prince Edward Island Charlottetown SmartCentre Charlottetown, PE , , ,000 Wal-Mart, Canadian Tire*, Home Depot*, Sobeys*, Michaels Subtotal Prince Edward Island , , ,000 Newfoundland Corner Brook SmartCentre Corner Brook, NL , , ,240 Wal-Mart, Canadian Tire*, Dominion (Loblaw)*, Staples, Bulk Barn Gander SmartCentre Gander, NL ,235-88,402 Wal-Mart*, Penningtons, EasyHome, Bank of Nova Scotia Mount Pearl SmartCentre Mount Pearl, NL , , ,351 Wal-Mart, Canadian Tire*, Dominion (Loblaw)*, Staples, Reitmans Pearlgate Shopping Centre Mount Pearl, NL , Shoppers Drug Mart, TD Canada Trust St. John's Central SmartCentre St. John's, NL ,835 47, ,854 Wal-Mart*, Home Depot*, Canadian Tire*, IGA, Petcetera, Moores St. John's East SmartCentre St. John's, NL , ,273 80,000 Wal-Mart, Dominion (Loblaw)*, Winners, Staples, Future Shop Subtotal Newfoundland , , ,847 Total Retail Assets ,629,723 12,817,224 11,118,452 Industrial Properties Airtech Centre Richmond, BC , MTU Maintenance, Amre Supply Co. Total Industrial Assets ,

12 Asset Location Occupancy % Owned Rentable Area Owned Rentable Non-Owned Anchors and Major Tenants Discontinued Operations Crowchild Corner Calgary, AB , Re/Max, Respiratory Homecare Solutions Inc. Pembroke SmartCentre Pembroke, ON , ,691 Wal-Mart*, Canadian Tire*, Boston Pizza, Reitmans New Minas SmartCentre New Minas, NS , ,994 Wal-Mart*, Sport Chek, Mark's Work Wearhouse, Bulk Barn Total Discontinued Operations , ,685 Total Portfolio ,821,392 12,817,224 11,415,137 * Non-owned anchor ** CWT interest Indicates Calloway s ownership interest (CWT owns a 44.44% interest in the 401 & Weston Power Centre, a 49.9% interests in Hull SmartCentre, 50% interests in Aurora North SmartCentre, Chatham SmartCentre, London North SmartCentre, Markham Woodside SmartCentre (I), Markham Woodside SmartCentre (II), Milton Wal-Mart Centre, Montreal (Decarie) SmartCentre, Oshawa South SmartCentre, Ottawa South SmartCentre, Salmon Arm SmartCentre, and Woodbridge SmartCentre) (1) Anchors are tenants in excess of 30,000 square feet (2) Development lands (3) Subsequently sold on April 21, 2009 (4) Currently in the development phase (Salmon Arm SmartCentre) 11

13 Top 25 Tenants by Gross Rental Revenue Rank Tenant Gross Rental Revenue (%) Remaining Lease Term (years) 1 Wal-Mart Canadian Tire Best Buy / Future Shop HBC Reitmans Winners Sobeys Business Depot o/a Staples Rona Brick, The Cara Restaurants Michaels La Senza Loblaws Payless Shoesource The Source By Circuit City / Bell Canada Forzani Group LCBO Sleep Country Tim Hortons / Wendy's Moores Old Navy EB Games Dollarama Bouclair Total Note: includes discontinued operations 12

14 Lease Expiration Schedule Year of Expiry Area Area (%) Annualized Base Rent Average Rent ($ per sq. ft.) Month-to-month 63, ,013, , ,427, , ,294, ,094, ,970, , ,618, ,620, ,235, ,298, ,322, ,213, ,742, , ,085, ,154, ,325, ,262, ,585, ,466, ,641, ,480, ,312, ,624, ,807, ,118, ,007, ,415, ,022, , ,367, Beyond 2,050, ,843, Vacant 374, Total 21,821, ,623,578 $13.55 Weighted Average Lease Expiry by area = 9.6 years Average Rent psf (occupied area only) = $13.78 Note: includes discontinued operations 13

15 Area by Age Age Area present 19,040, ,942, Before , Total 21,821, % Weighted Average Age by area = 7.2 years Area by Age 100% 80% 60% 40% 20% 0% present Before 1994 Year Built Figure 3: Area by Age Note: includes discontinued operations 14

16 Future Earnouts and Developments (Estimated at Completion as at March 31, 2009) Year Area % of Total Area Income Gross Investment / Commitment Invested-todate Net Investment / Commitment Yield / Cap Rate (%) Committed Earnouts , % 9, ,323 50,012 84, % , % 6,596 94,239 36,917 57, % , % 710 9,299 2,440 6, % Total Committed Earnouts 870, % 16, ,861 89, , % Committed Developments , % 280 3,207 2,188 1, % , % 1,366 19,136 6,651 12, % , % 6,456 80,674 47,553 33, % Total Committed Developments 532, % 8, ,018 56,392 46, % Uncommitted future developments (1) 2,333, % 44, , , , % Total properties under active developments 3,735, % 69, , , , % Properties designated for future development 2,076, % , Total 5,812, % 69, , , , % (1) Earnouts and developments that are being actively pursued, but timing of completion is not yet determinable Committed Earnouts and Developments Year Executed Leases % of Total Area Income Gross Commitment Invested-todate Net Commitment Yield / Cap Rate (%) , % 9, ,530 52,200 85, % , % 7, ,376 43,567 69, % Committed to December 31, , % 17, ,905 95, , % , % 7,166 89,974 49,993 39, % Total 1,402, % 24, , , , % Note: Earnouts to be acquired from SmartCentres and other vendors 15

17 Mezzanine Loans and Other Mortgage Receivables (As at March 31, 2009) Project Mezzanine Loans Loan Outstanding Committed Maturity Date Interest Rate (%) Option (%) Total Area upon Completion Purchase Option Pitt Meadows, BC 13,363 26,320 October % 50% 425, ,500 Salmon Arm, BC (1) 8,509 15,000 October % 0% 271,000 0 Ajax (Salem), ON December % 100% 38,000 38,000 Aurora (South), ON 4,233 18,300 June % 50% 516, ,000 Caledon (Mayfield), ON 5,682 8,590 December % 50% 130,000 65,000 Caledon (Valleywood), ON 8,321 11,340 December % 50% 130,000 65,000 Innisfil, ON 28,389 53,650 August % 50% 329, ,500 Penady (Barrie), ON (2) 11,002 10,000 December % 100% 160, ,000 Penady (Stoney Creek), ON (2) 7,934 11,000 December % 100% 200, ,000 Richmond Hill, ON 20,947 24,000 June % 50% 272, ,000 Toronto (Eastern), ON 36,771 45,680 October % 100% 690, ,000 Toronto (Leaside), ON 8,139 15,130 December % 50% 119,000 59,500 Vaughan (7 & 427), ON 26,345 57,000 December % 50% 422, ,000 Montreal (Saint-Michel), QC (3) 11,458 12,950 August % 50% 61,000 30,500 Saint-Laurent, QC 11,307 22,000 February % 50% 755, ,500 Total Mezzanine Loans 203, , % 59% 4,518,000 2,667,500 Other Mortgage Receivables Spruce Grove, AB 1,727 1,727 December % Total Other 1,727 1, % Total Mortgage Receivables 204, , % 59% 4,518,000 2,667,500 (1) Calloway owns a 50% interest. The mezzanine loan is secured against the remaining 50% (2) outstanding loan amount includes accrued interest (3) subject to certain conditions, the interest rate may increase to 10% Note: Of the $128.6M of remaining mezzanine advances available, $55.4M is set aside as an interest accrual reserve 16