Automotive Properties REIT Roadshow Presentation

Comments

Transcription

Automotive Properties REIT Roadshow Presentation
Automotive Properties REIT
Roadshow Presentation
June 24, 2015
A preliminary prospectus containing important information relating to the securities described in this presentation has been filed with the securities regulatory authorities in each of the provinces of Canada. A copy of the preliminary prospectus, and any amendment, is required to be
delivered with this presentation. The preliminary prospectus is still subject to completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This presentation does not provide full disclosure of all material
facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. No securities regulatory authority
has expressed an opinion about these securities and it is an offence to claim otherwise.
DISCLAIMER
An investment in the securities described in this presentation is subject to a number of risks that should be considered by a prospective purchaser. Prospective purchasers should carefully consider the risk
factors described under “Risk Factors” and “Forward-Looking Statements” included in the preliminary prospectus dated June 9, 2015 (the “prospectus”) of Automotive Properties Real Estate Investment
Trust (“Automotive Properties” or the “REIT”) before purchasing securities described hereunder.
An investor should rely only on the information contained in the prospectus. This presentation is qualified in its entirety by reference to, and must be read in conjunction with, the detailed information
appearing in the prospectus. Neither the REIT nor any of the Underwriters has authorized anyone to provide investors with different or additional information. The REIT is not offering, or soliciting offers to
acquire, the securities in any jurisdiction in which the offer is not permitted. For purchasers outside Canada, neither the REIT nor the Underwriters have done anything that would permit the offering or
distribution of this presentation together with the prospectus in any jurisdiction where action for that purpose is required, other than in Canada. An investor is required to inform itself about and to
observe any restrictions relating to the Offering and the distribution of this presentation and of the prospectus. There is currently no market through which the securities may be sold and purchasers may
not be able to resell securities purchased under the prospectus. This may affect the pricing of the securities in the secondary market, the transparency and availability of trading prices, the liquidity of the
securities, and the extent of issuer regulation.
The securities of the REIT discussed in this presentation have not been, and will not be, registered under the U.S. Securities Act, or the securities laws of any state of the United States and, subject to certain
exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable
state securities laws. This presentation does not constitute an offer to sell or solicitation of an offer to buy any of the securities of the REIT in the United States.
The following is a summary of the principal features of the Offering and should be read together with the more detailed information and financial data and statements contained in the prospectus. All
amounts herein are in Canadian dollars unless otherwise noted. Terms undefined herein have the meanings ascribed to them in the prospectus.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this presentation constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the REIT’s future outlook and
anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and
objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospectus or opportunities for the REIT or the real estate or automotive dealership
industry are forward-looking statements. The REIT has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial
condition, results of operations, business strategy and financial needs, including that the Canadian economy will remain stable over the next 12 months, that inflation will remain relatively low, that
interest rates will remain stable, that tax laws remain unchanged, that conditions within the automotive dealership real estate industry and the automotive dealership industry generally, including
competition for acquisitions, will be consistent with the current climate, that the Canadian capital markets will provide the REIT with access to equity and/or debt at reasonable rates when required and
that the Dilawri Organization will continue its involvement with the REIT. Although the forward-looking statements contained in this presentation are based upon assumptions that management believes
are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking
statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT’s control, that may cause the REIT’s or the industry’s actual results, performance,
achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. The forward-looking statements made in this
presentation relate only to events or information as of the date of this presentation. Except as required by law, the REIT and Dilawri undertake no obligation to update or revise publicly any forwardlooking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Please refer
to “Forward-Looking Statements” in the prospectus.
NON-IFRS MEASURES
This presentation makes reference to certain non-IFRS measures. Funds from operations (‘‘FFO’’), adjusted funds from operations (‘‘AFFO’’), net operating income (‘‘NOI’’) and cash net operating income
(‘‘Cash NOI’’) are key measures of performance used by real estate businesses. However, such measures are not defined by IFRS and do not have standardized meanings prescribed by IFRS. The REIT
believes that AFFO is an important measure of economic performance and is indicative of the REIT’s ability to pay distributions, while FFO, NOI and Cash NOI are important measures of operating
performance and the performance of real estate properties. The IFRS measurement most directly comparable to FFO, AFFO, NOI and Cash NOI is net income. Please refer to “Non-IFRS Measures” in the
prospectus.
2
INTRODUCTION
Growth-oriented real estate
entity well positioned to
consolidate automotive
dealership properties
Sponsored by The Dilawri Group:
Canada’s largest automobile dealership
company with 2014 combined revenues
of approximately $1.6 billion
Only publicly traded REIT in Canada exclusively focused on auto dealership real estate
LEADING PLATFORM FOR STRATEGIC CONSOLIDATION
3
PRESENTERS
Milton Lamb
President and
Chief Executive Officer
Andrew Kalra, CA
Chief Financial Officer
James Matthews, CA
Chief Financial Officer,
Dilawri
•
Over 24 years in the commercial real
estate industry
•
Currently VP, Finance, Dilawri
•
8 years as CFO of Dilawri
•
From 2007 to 2015, SVP, National
Investment Services at Colliers
International
Over 20 years experience in finance,
including over 13 years in the
automotive industry
•
•
Led all acquisitions by the Dilawri Group
since 2007
•
•
Previously was Senior Director of Finance
and Business Strategy at Mazda Canada
•
Held senior financial positions in public
and private companies at Nortel
Networks Inc. and Walt Disney Canada
Previous experience in senior financial
and operational positions at W.K.
Buckley, KIK Custom Products Inc. and
the cablevision arm of Rogers
Communications Inc.
•
Represented Canada on the Colliers Global
Investment Services (GIS) team
•
Worked with funds and financial
institutions to assist with both acquisitions
and dispositions and joint ventures totaling
in excess of $2.5B
4
AUTOMOTIVE PROPERTIES REIT
Milton Lamb
President and Chief Executive Officer
Dixie Auto Mall, Volkswagen
Langley Acura
5
INVESTMENT HIGHLIGHTS
• Opportunity to gain exposure to a unique real estate asset class
• Automotive dealership properties benefit from strong
underlying fundamentals
• Portfolio of high-quality and strategically located automotive
dealership properties
• Strong national tenant with significant alignment of interest
• Excellent leasing profile
• Compelling valuation and conservative financial metrics
• Significant growth opportunities
• Experienced executive management and strong, independent board
6
AUTOMOTIVE PROPERTIES REIT – PORTFOLIO OVERVIEW
• Focus on automotive dealership
properties
• 958,000 square feet of GLA
• Forecast Cash NOI of $23.4 million
• 26 initial properties, with 42 rental
buildings on 88 acres
GVA
CALGARY
21% of Cash NOI
16% of Cash NOI
REGINA
GTA
15% of Cash NOI
48% of Cash NOI
GROWTH DRIVERS: PORTFOLIO EXPANSION AND RENT INCREASES
7
AUTOMOTIVE PROPERTIES REIT – PORTFOLIO OVERVIEW
Greater Vancouver Area Locations: 6
Calgary Locations: 4
Regina Locations: 8
Greater Toronto Area Locations: 8
NORTH
VANCOUVER
CALGARY CENTRE
LAKE
CENTRE
4
2
3
QUAPPELLE
1
5
9
10
14
RICHMOND
SURREY
DELTA
7
8
YORK
12
15
16
11
13
23
24
26 12
25
22
17
18
BRAMPTON
19
CITY OF
TORONTO
21
6
WASCANA
MISSISSAUGA
20
LANGLEY
CALGARY SOUTHEAST
1.
2.
3.
4.
5.
6.
Porsche Centre Vancouver
(Vancouver)
Audi Sales Downtown Vancouver
(Vancouver)
Infiniti Vancouver (Vancouver)
North Vancouver Nissan Infiniti
(N. Vancouver)
Burrard Acura (Vancouver)
Langley Acura (Langley)
7. Hyundai Gallery (Calgary)
8. Calgary Honda (Calgary)
9. Distinctive Collection (Calgary)
10. Calgary BMW (Calgary)
PALLISER
11. Regina Honda (Regina)
12. Regina Hyundai (Regina)
13. Honda Used Car and Regina
Collision Centre (Regina)
14. Dilawri Acura (Regina)
15. Dilawri BMW (Regina)
16. Triple 7 Chrysler (Regina)
17. Dilawri Nissan Infiniti (Regina)
18. Dilawri Mitsubishi (Regina)
OAKVILLE
19. Dixie Auto Mall (Mississauga)
20. Oakville Honda (Oakville)
21. Meadowvale Honda (Mississauga)
22. Frost Chevrolet Buick GMC Cadillac
(Brampton)
23. Bolton Toyota (Bolton)
24. Markham Honda and Ford
(Markham)
25. Agincourt Mazda (Toronto)
26. Markham Acura (Markham)
HIGH-QUALITY PROPERTIES IN STRATEGIC MARKETS
8
AUTOMOTIVE INDUSTRY OVERVIEW
Frost Chevrolet Buick GMC Cadillac
Porsche Centre Vancouver
Langley Acura
Meadowvale Honda
9
CANADIAN AUTOMOTIVE INDUSTRY RETAIL SALES
• $120 Billion
120
112
• 4.8% of Canadian work force
C$ Billions
64 65
50 53
70
74
78
83 83 83
87
92
96 94
96
100
105
88
56
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
THE AUTOMOTIVE INDUSTRY IS CANADA'S LARGEST RETAIL SEGMENT ACCOUNTING
FOR 23.8% OF OVERALL RETAIL SALES AND 6.1% OF CANADA'S GDP IN 2014
Source: Statistics Canada.
10
STABLE PROFITABILITY MARGINS
Average Gross Profit Margins of North American Publicly Listed
Automotive Dealership Groups
17.1%
15.5%
15.6%
15.4%
2005
2006
2007
16.0%
2008
2009
16.5%
2010
16.1%
2011
15.6%
15.4%
15.3%
2012
2013
2014
STABLE PROFITABILITY THROUGHOUT THE ECONOMIC CYCLE
Source: Weighted average of the gross profit margins for AutoCanada Inc., AutoNation Inc., Penske Automotive Group Inc., Group 1 Automotive Inc., Sonic Automotive Inc.,
Asbury Automotive Group Inc., Lithia Motors, Inc., and CarMax Inc., based on management’s review of publicly available information.
11
OWNERSHIP STRUCTURE OF AUTOMOTIVE DEALERSHIPS IN CANADA
5 or more
Dealerships
Single
Dealership
35%
50%
15%
2-4
Dealerships
> 3,400 Dealerships in Canada
Automotive Dealership
Consolidation
Number of Owners With 5 or More Dealerships
Proportion of Dealerships Owned by
Size of Ownership Group
120
110
100
90
80
70
60
2009
2010
2011
2012
2013
Early Stages of Industry Consolidation
CONSOLIDATION OF HIGHLY FRAGMENTED INDUSTRY ALREADY UNDERWAY
Source: DesRosiers Automotive Consultants Inc.
12
INITIAL PROPERTIES OVERVIEW
Geographic Diversification
By GLA
By Cash NOI
GVA
16%
Regina
19%
GVA
21%
GTA
46%
GTA
48%
Regina
15%
Calgary
19%
Calgary
16%
PROPERTIES ARE LOCATED IN STRATEGIC URBAN MARKETS
13
THE DILAWRI GROUP
James Matthews
Chief Financial Officer, The Dilawri Group
Langley Acura
Dixie Auto Mall, Infiniti
14
STRONG NATIONAL TENANT
Dilawri 5-Year Historical Revenues ($billions)
• 57 franchised automotive dealerships,
$1.6
representing 30 brands
$1.3
• Presence in QC, ON, SK, AB, BC
$0.8
• 2014 combined revenues of
$0.9
$1.0
approximately $1.6 billion
(19% 4-year CAGR)
• 2014 adjusted EBITDA of
approximately $75 million
(24% 4-year CAGR)
($millions)
Adjusted
EBITDA
2010
2011
2012
2013
2014
$32
$49
$49
$64
$75
ALIGNMENT OF INTERESTS THROUGH DILAWRI’S SIGNIFICANT OWNERSHIP INTEREST
IN THE REIT
15
MANUFACTURER AND BRAND DIVERSIFICATION
Manufacturers by Region
(% of Cash NOI from Dealership Properties)
North
America
9%
Europe
26%
Asia
65%
Brands by Market Segment
(% of Cash NOI from Dealership Properties)
UltraLuxury (3)
Luxury(2) 9%
27%
Mass (1)
Market
64%
STRONG MIX OF LUXURY AND MASS MARKET BRANDS EXHIBITING STABILITY IN
INITIAL PROPERTIES
(1) Mass Market segment includes: Chrysler, Ford, General Motors, Kia, Nissan (including Nissan Infiniti), Honda, Hyundai, Mazda, Mitsubishi, Toyota and Volkswagen.
(2) Luxury segment includes: Acura, Audi, BMW and Infiniti.
(3) Ultra-Luxury segment includes: Aston Martin, Bentley, Lamborghini, Land Rover, Lincoln, Porsche, Maserati, McLaren and Mercedes-Benz.
16
TOP MANUFACTURERS AND BRANDS (BY CASH NOI)
22.8%
14.6%
10.3%
9.3%
8.3%
6.6%
5.1%
4.7%
4.6%
4.1%
4.1%
(2)
(1)
7
5.4%
4
3
2
Other(3)
# of REIT Locations
1
2
3
2
1
2
1
7
(1) Includes Honda Used Car and Regina Collision Centre.
(2) Includes MINI.
(3) Includes standalone GM, Ford, Chrysler, Dodge, FIAT, Jeep, RAM, Mitsubishi Motors and Kia dealerships representing 3.9%, 2.9%, 2.4%, 1.7% and 1.2% of Cash NOI
respectively as well as the Dilawri Distinctive Collection property in Calgary, which currently has franchise agreements with Aston Martin and Bentley and sells a variety of
used vehicles, including Audi, BMW, Lamborghini, Land Rover, Maserati, McLaren, Mercedes-Benz and Porsche which in total represents 2.6% of Cash NOI.
17
AUTOMOTIVE PROPERTIES REIT
• Brand and geographic diversification
• Strong portfolio of 26 high-quality properties in strategic Canadian markets
• Strong national tenant with significant alignment of interest
• Leading platform to consolidate fragmented market
PORTFOLIO IS EXPECTED TO GENERATE A RELIABLE STREAM OF CASH DISTRIBUTIONS
18
FINANCIAL REVIEW
Andrew Kalra
Chief Financial Officer
Porsche Centre Vancouver
Markham Acura
19
FINANCIAL FORECAST
($ millions, except per
unit amounts)
12 months
ending
June 30, 2016
Revenue
$29.9
Cash NOI
$23.4
FFO
$17.6
FFO / unit
$1.01
AFFO
$15.0
AFFO / unit
$0.86
Annualized Distribution
$0.78
AFFO payout ratio
90%
Distinctive Collection
20
EXCELLENT LEASING PROFILE
• Triple-net leases
• PROPERTY IMAGES
• Cash NOI weighted average
remaining lease term of 15 years
• Rent indemnified by Dilawri during
initial term
- 2014 adjusted rent coverage ratio of
approximately 3.4x
• Fixed 1.5% annual rent escalator
- +1.5% in rent = +2.4% in AFFO
Audi Sales Downtown Vancouver
Dixie Auto Mall, Mazda
RELIABLE LONG-TERM CASH FLOW
21
LEASE EXPIRY BY YEAR
$4.0
$4.0
$3.7
17%
17%
% of Cash NOI
Cash NOI ($Million)
$3.2
16%
14%
$2.2
$1.9
$1.5
9%
$1.3
8%
6%
6%
$1.5
6%
No Lease Maturities for the Next 11 Years
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
'26
'27
'28
'29
'30
'31
'32
'33
'34
NO LEASE EXPIRATIONS UNTIL 2026
22
DEBT STRATEGY
•
•
The REIT expects to have initial Indebtedness to GBV of 56% (target range of 55%-60%)
The weighted average term to maturity of interest rate SWAPs is approximately 5.6 years
Loan
Maturity
Principal
Amount at
Closing
Effective
Fixed
Rate of
Interest
Prepayment
Privilege
Years from
Closing
Total Debt
Amount
($000s)
Total Swapped
Fixed Rate
Debt (%)
Non-Revolving
Facility 1
5 years from
Closing
$130 Million
3.1%(1)
Fully Open
3
$53,430
27.3
Non-Revolving
Facility 2
5 years from
Closing
65.5 Million
3.3%(1)
Fully Open
5
69,695
35.6
7
48,200
24.7
Loan Facility 3
4 years from
Closing, with
3-yr extension
option
10
24,175
12.4
Total
$195,500
100.0
Total/Weighted
Average:
15.3 Million
$210.8 Million
3.5%
3.2%
None
SUBSTANTIAL LEASE TERM REMAINING AT DEBT MATURITY
(1) The effective interest rate for Non-Revolving Facility 1 and Non-Revolving Facility 2 is based on interest rate swaps expected to be put in place on or about Closing.
23
INDEPENDENT REPORTS
Appraisals
• Fair market value of $364.3 - $371.3 million
• Includes 3% - 5% portfolio premium
Property Condition
• No significant capital expenditures required
Environmental
• Phase I ESAs conducted on all properties
• 2 properties went to Phase II ESAs
‐ Both cleared with no environmental issues
THIRD PARTY VALIDATION
24
DILAWRI GROUP AGREEMENTS
Administration Agreement
• Management and administrative
support services provided by Dilawri
• 5-year term with renewal options
• Terminable, in whole or part, by the
REIT upon 90 days' notice after
Forecast Period
Strategic Alliance Agreement
• The REIT has a right of first offer on all
REIT-suitable properties that are
developed or acquired by Dilawri
− Dilawri currently has 3 properties
under development which are
expected to be offered to the REIT
upon Substantial Completion
− No termination fee payable by the
REIT
• Administration cost of $700,000
during the Forecast Period
RELATIONSHIP WITH DILAWRI PROVIDES THE REIT WITH AN ATTRACTIVE ADMINISTRATION
STRUCTURE AND ACQUISITION PIPELINE
25
STRONG, MAJORITY-INDEPENDENT BOARD
Name, Province and
Country
of Residence
Position/Title
Independent
Committees
Principal Occupation
Kapil Dilawri
Ontario, Canada
Chair
No
N/A
Co-founder of the Dilawri
Group and Vice President
and Secretary of Dilawri
James Matthews
Ontario, Canada
Trustee
No
N/A
Chief Financial Officer of
Dilawri
Janet Graham
Ontario, Canada
Trustee
Yes
Audit Committee (Chair)
Governance, Compensation and
Nominating Committee
Managing Director
IQ Alliance Incorporated
Stuart Lazier
Ontario, Canada
Trustee
Yes
Audit Committee
Governance, Compensation and
Nominating Committee (Chair)
Partner, Co-Founder and
Chief Executive Officer
Fiera Properties Limited
John Morrison
Ontario, Canada
Lead Independent
Trustee
Yes
President and Chief
Audit Committee
Executive Officer
Governance, Compensation and
Choice Properties Real Estate
Nominating Committee
Investment Trust
EXPERTISE IN AUTO, REAL ESTATE AND CAPITAL MARKETS
26
GROWTH STRATEGY
Dixie Auto Mall, Infiniti
Audi Sales Downtown Vancouver
27
CONTRACTUAL RENT GROWTH
Automatic contractual
rent escalations of
1.5%
per year
For Initial Properties
over next
11-19
years
1.5% rent increase = 2.4% AFFO increase
CONTRACTED, LONG-TERM RENTAL INCOME GROWTH
28
PIPELINE OF DILAWRI OPPORTUNITIES
• Over the last five years, the Dilawri
Group has opened or acquired, on
average, five new automotive
dealerships per year
• 12 of the 26 Initial Properties were
either opened or acquired within
the last five years
Audi, Barrie
• Three development properties
currently in pipeline
- REIT-suitable within 18 months
- Aggregate of 97,000 sq. ft. of GLA
(representing a 10% total increase)
Volkswagen, Barrie
STRONG TRACK RECORD OF DEVELOPING AUTOMOTIVE DEALERSHIPS
29
TOP 10 DEALERSHIP GROUPS: ONLY 9.1% OF MARKET
Company
Dealerships
% of Total
Dealership Locations
Dilawri Group(1)
57
1.6%
QC, ON, SK, AB, BC
AutoCanada(1)
48
1.4%
NS, NB, ON, MB, SK, AB, BC
Go Auto(1)
35
1.0%
AB, BC, NWT, Y
Gabriel-Prestige-President Group(1)
27
0.8%
QC
Pattison Auto Group(1)
27
0.8%
NS, NB, ON, MB, SK, AB, BC
Humberview(1)
27
0.8%
ON
O’Regan Group(1)
26
0.7%
NS
Murray Auto Group(1)
25
0.7%
NS, MB, SK, AB, BC
Zanchin Automotive Group(1)
24
0.7%
ON
Wheaton(1)
19
0.5%
SK, AB, BC
Top 10 subtotal
315
9.1%
Other
3,154
90.9%
Total
3,469(2)
100.0%
OPPORTUNITY TO CONSOLIDATE HIGHLY FRAGMENTED INDUSTRY
(1) Information based on latest publicly available information or as at the date hereof in respect of the Dilawri Group.
(2) Source: DesRosiers Automotive Consultants Inc.
30
THIRD PARTY ACQUISITIONS
Vendor Motivation Drivers
Acquisition Criteria
• Succession planning
• Strategic markets
• Monetization
• Quality tenants
• Wealth diversification
• Cash flow stability
• Deploy resources on core business
• Brand and geographic diversification
OPPORTUNITY FOR DEALERSHIP OWNERS TO MONETIZE ASSETS WHILE REMAINING IN
THEIR CORE AUTOMOTIVE RETAILING BUSINESS
31
INVESTMENT HIGHLIGHTS
• Opportunity to gain exposure to a unique real estate asset class
• Automotive dealership properties benefit from strong
underlying fundamentals
• Portfolio of high-quality and strategically located automotive
dealership properties
• Strong national tenant with significant alignment of interest
• Excellent leasing profile
• Compelling valuation and conservative financial metrics
• Significant growth opportunities
• Experienced executive management and strong, independent board
32
SUMMARY OF OFFERING
Issuer
Automotive Properties Real Estate Investment Trust (the “REIT”).
Offering
$75 million (7.5 million Units).
Over-Allotment Option
Up to an additional 1,125,000 Units at a price of $10.00 per Unit.
Issue Price
$10.00 per Unit.
Expected Yield
7.50% - 8.00%.
AFFO Payout Ratio
90%.
Use of Proceeds
Distribution Policy
Retained Interest
The REIT will use a portion of the proceeds of the Offering and $210.8 million from
drawdowns under the Credit Facilities to indirectly redeem the redeemable partnership
units issued to certain Transferors in connection with the Acquisition, redeem some of the
Class B LP Units issued to certain Transferors and repay the Transferor Notes.
The REIT initially intends to make monthly cash distributions of $0.78 per Unit to
Unitholders, which are estimated to be approximately 90% of the REIT’s AFFO on an
annual basis during the Forecast Period.
On Closing, it is expected that Dilawri will have an approximate 56.8% effective interest in
the REIT through ownership, direction or control of all of the Class B LP Units (or an
approximate 53.4% effective interest in the REIT if the Over-Allotment Option is exercised
in full).
Pricing
Expected the week of July 6, 2015.
Closing
Expected the week of July 13, 2015.
33
COMPARABLE REITS
In accordance with Section 13.7(4) of National Instrument 41-101 - General Prospectus
Requirements, all the information relating to the REIT’s comparables and any disclosure
relating to the comparables, which is contained in the presentation to be provided to
potential investors, has been removed from this template version for purposes of its
filing on the System for Electronic Document Analysis and Retrieval (SEDAR).
34
Automotive Properties REIT
35