calloway reit

Transcription

calloway reit

CALLOWAY REIT
SUPPLEMENTAL INFORMATION PACKAGE
FOR THE THREE MONTHS ENDED
MARCH 31, 2015
Index
Notice to Reader ………………..………………………………………………………………...………………..……. 2
Conference Call Highlights ……. ………………………………………………………………………..……………... 3
Portfolio Highlights …..….…………………………………………………………………………………..…………... 8
Distribution Reinvestment Plan ..……………………………………………………………………………………..... 9
Distribution History ………………………………………………………………………………………….......….. 9
Performance of Calloway Units …………………………………………………………………………………….… 10
Average Unit Trading Price …………………………...………………………………………………………… 10
Average Daily Volume of Units Traded ……………...………………………………………………………… 10
Market Capitalization Summary ………………………..……………………………………………………… 10
Gross Revenue and Area by Province ……...…………………….……………………………………………....… 11
Top 25 Tenants ……………………….………………………………..…………………………………………….… 12
Lease Expiration Schedule ………………………………….…………………………………………………..….. 13
Area by Age ……………………………………..……………………………...…………………………………….… 14
Future Earnouts and Developments ……………………………………………………………………………….. 15
Committed Earnouts and Developments ………...…………………………………………………………… 15
Recourse Loans to Developers ……………….…………………………………..………………………………….. 16
Individual Property Summary ………………………………………………………..……………………………….. 17
General Information ……………. …………………………………………………….........…………………………. 26
c
Calloway Real Estate Investment Trust
March 2015 Supplemental Information Package
1
Notice to Reader
Readers are cautioned that certain terms used in this Supplemental Information Package (“Supplement”) such
as Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO"), "Gross Book Value", "Payout
Ratio", "Interest Coverage", "Total Debt to Adjusted EBITDA" and any related per Unit amounts used by
management to measure, compare and explain the operating results and financial performance of the Trust do
not have any standardized meaning prescribed under IFRS and, therefore, should not be construed as
alternatives to net income or cash flow from operating activities calculated in accordance with IFRS. These
terms are defined in this Supplement and reconciled to the consolidated financial statements of the Trust in the
Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2015. Such terms do
not have a standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures
presented by other publicly traded entities.
Certain statements in this Supplement are "forward-looking statements" that reflect management's
expectations regarding the Trust's future growth, results of operations, performance and business prospects
and opportunities. More specifically, certain statements contained in this Supplement, including statements
related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view
of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations,
intentions to secure additional financing and potential financing sources, and vacancy and leasing
assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect",
"believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts,
constitute "forward-looking statements". These forward-looking statements are presented for the purpose of
assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and
may not be appropriate for other purposes. Such forward-looking statements reflect management's current
beliefs and are based on information currently available to management. However, such forward-looking
statements involve significant risks and uncertainties. A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking statements. Although the forward-looking
statements contained in this Supplement are based on what management believes to be reasonable
assumptions, the Trust cannot assure investors that actual results will be consistent with these forward-looking
statements. The forward-looking statements contained herein are expressly qualified in their entirety by this
cautionary statement. These forward-looking statements are made as at the date of this Supplement and the
Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise
required by applicable securities legislation.
2
Conference Call Highlights
Operations – for the quarter

FFO/unit increased 5.5% for the quarter compared to the same period in 2014

Occupancy level at 98.6% for the quarter

Renewed 890,000 square feet, representing 62% of lease maturities for 2015, with average face
rents increase of 7.2%

Payout ratio at 82.6% (84.1% in Q1 2014), at the low end of our target range of 82% to 87%

Average cap rate of investment properties remain unchanged at 5.98%
Tenant Activity

Approximately 39,000 square feet of tenancies came on-stream this quarter via earnouts and
development, providing an unleveraged yield of 6.8%

Net rental rate (excluding anchors) per occupied square foot increased 2.5% over Q1 2014

While Calloway’s occupancy has slipped to 98.6%, it remains a class leader amongst its peers, as
tenants generally are being more selective in their location choice than we have seen in the past

We are having on-going discussions with Best Buy/Future Shop about their store program. Our
current expectation is 5 stores will be closed in total and we already have received expressed
interest in 2 of these locations

We currently have no issues with respect to any Staples stores within our portfolio

Dollar store growth through Dollarama and Dollar Tree continues to absorb surplus space. Total
number of stores is now 56 (Dollarama – 36, and Dollar Tree – 20)

Calloway has only two Target locations in its portfolio. The Kitchener store lease has been
disclaimed, but the Oakville store lease is subject to the ongoing auction process. Both have the
parent company's covenant in place. In addition, both stores are located in strong markets where
Management believes that releasing will be possible over time, and at higher than current rents

Reitmans announced in November 2014 that they will be closing the Smart Set banner across
Canada. Calloway has 11 Smart Set stores totaling 47,000 square feet and $1.38M in gross rents.
While these locations will be closing in the natural course over time as such leases expire,
management expects that all will be converted to stores under Reitmans’ other banners or leased to
other retailers

Overall, Calloway continues to monitor closely those tenants in markets where some rationalizing is
taking place
3
Growth

Same property net operating income increased by 1.1%

Earnouts and development of 39,000 square feet at a 6.8% yield

Premium Outlets
- Toronto
- tenant sales continuing to outperform expectations
- virtually all temporary tenants now replaced with long term leases and quality tenants
- stabilized yield expected to be in the double digits
- activity has ramped up on planning for the site expansion
- Montreal
- site opened strongly on October 30
- tenancy at 85% with a further 8%-10% to come in the next few months,
including Under Armour, Forever 21, Hugo Boss, and Lacoste
- initial yield of 8% expected
- Calloway working with Simon to develop other potential sites

Vaughan Metropolitan Centre
- construction progressing very well and KPMG tower now at tenth storey
- broker hired to lease up remaining office space
- significant other broker interest and the number of RFPs have increased significantly
- project coming in below budget for construction costs
- second potential office tower now under consideration, with tenant at LOI stage
- subway now fully funded and updated schedule to open in 2017

Future Opportunities
- earnouts and developments – committed pipeline of approximately 350,000 square feet in place at
a yield of 7.1%
- Westside Mall – mixed use opportunity resulting from Eglinton LRT line in front of the centre
- Studio Centre at Lakeshore Boulevard East in Toronto moving through the zoning process with
good local council support and studios very active
4
Growth (cont’d)

Capital Recycling
- initiative has progressed well and first phase completed last fall
- 7 properties disposed of for sale proceeds of $111 million on October 30, 2014
- represent smaller sites in secondary markets
- now looking at further opportunities with likely the same size portfolio for disposition

Intensification / Redevelopment
- initial work has identified approximately 300,000 square feet of opportunity across Calloway
portfolio
- includes Place Bourassa in Montreal, where former Zellers space being repositioned and
aligned to existing Montreal North property (see above)
- Canadian Tire anchoring the centre with a new 72,000 square foot store which opened
very strongly in late April
- initial phase represents 137,000 square feet of redevelopment space
- completion expected in late Spring 2015

Acquisitions
- announced proposed acquisition of the SmartCentres platform as part of a $1.16 billion
transaction, including interests in a $1.1 billion portfolio of 24 properties principally located in
Ontario and Quebec, including 20 open format Walmart Supercentre anchored or shadowanchored shopping centres. On completion of this proposed transaction, Calloway intends to
change its operating name to SmartREIT
- closed on the acquisition of a 55,000 square foot retail centre in Penticton, shadow-anchored by a
Walmart Supercentre for $17.8 million in December 2014
- closed on the acquisition of a 105,000 square foot retail centre in Barrie, grocery-anchored by a
Food Basics for $25.3 million in February 2015
5
Capital Activities

Leverage at 43.1% of FMV

Total debt weighted average interest rate now 4.58% (4.70% in Q1 2014)

Interest coverage improved to 2.8X (2.5X in Q1 2014)

Unencumbered asset pool remained at $2.4 billion, providing significant future flexibility

Repayment of $80.4 million of term mortgages at an average interest rate of 5.83%, and issued new
term debt totaling $173.5 million with an average term of 10.0 years and an average interest rate of
3.13%

Issued $160 million of 3.556% Series N senior unsecured debentures due on February 6, 2025

Redeemed $150 million of 5.37% Series B senior unsecured debentures

Subsequent to quarter end, repayment of $48.2 million of construction financing and issued new
term debt totaling $101.8 million with an average term of 8.9 years and an average interest rate of
3.30%

Remaining 2015 mortgage maturities total $88.4 million with an average interest rate of 5.53%,
providing further significant potential refinancing benefit, of which $112.1 million has been committed
as of April 30 with at estimated average rate of 3.36%
2015 Outlook

2015 FFO and AFFO “base business” expected to grow in the 4% - 5% range, based on:
- Same property growth
- Full year of NOI from 2014 acquisitions
- Refinancing benefits
- Developments and earnouts

Projected real estate and platform acquisition is expected to be accretive by a minimum of 1% to 2%
in 2015 and grow in contribution after that

Higher maintenance capital will moderately impact AFFO as various roof and asphalt repairs rolled
out

Payout ratio expected to continue its decline towards the low 80% range

Annual distribution increased in 2014 to $1.60 from $1.55, representing a 3.4% increase, with a
further increase projected in 2015

Portfolio optimization work will continue into 2015 on select sites
6
Looking Beyond
See Vaughan’s new downtown vision on YouTube:
http://www.youtube.com/watch?v=m3uO9eU8SwI
Westside Mall – Caledonia Station
Montreal Premium Outlets
7
Portfolio Highlights
Number of properties
Number of Walmarts / Supercentres
Number of Walmarts / Supercentres (including shadows)
Gross leasable area (sq. ft.)
Total GLA in Walmart anchored centres (sq. ft.)
Future estimated development area (sq. ft.)
Occupancy
Average lease term to maturity
Net rental rate (per occupied sq. ft.)
Net rental rate excluding anchors (per occupied sq. ft.) (1)
Total debt – Weighted average interest rate (2)
Secured debt – Weighted average contractual interest rate (3)
Secured debt – Weighted average maturity
(in $000s, except for Units and per Unit amounts)
Investment properties(4)
Total assets
Debt(4)
Debt to gross book value (5)
Debt to aggregate assets
Interest coverage (6)
Debt to adjusted EBITDA (7)
Equity (book value)
Units outstanding (8)
FFO excluding adjustments (diluted) (9)
AFFO (diluted) (9)
Payout ratio (10)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
March 31, 2015
March 31, 2014
129
79 / 72
92 / 82
27,447,009
23,277,522
2,670,665
98.6%
6.7 years
$15.01
$21.50
4.58%
4.77%
5.7 years
133
82 / 69
96 / 77
27,548,204
23,192,254
2,956,586
99.0%
7.3 years
$14.82
$20.98
4.70%
5.30%
5.6 years
6,848,893
7,197,619
3,072,520
50.9%
43.1%
2.8X
7.6X
3,918,889
136,739,722
$0.517
$0.484
82.6%
6,719,430
7,017,315
2,999,902
50.9%
43.1%
2.5X
7.9X
3,822,513
134,916,952
$0.490
$0.460
84.1%
Anchors are defined as tenants within a property with leaseable area greater than 30,000 square feet.
Includes convertible debentures and acquisition date fair value adjustments.
Excludes acquisition date fair value adjustments.
Includes Trust’s share of investments in associates.
Defined as debt (excluding convertible debentures) divided by total assets plus accumulated amortization less cumulative unrealized
fair value gain or loss with respect to investment property. Refer to “Financial Covenants” in the MD&A for the three months ended
March 31, 2015 for a reconciliation of this ratio.
Defined as earnings before interest, income taxes, amortization, loss on sale of investment property, fair value gain or loss with
respect to investment property and financial instruments and adjustments relating to the early redemption of unsecured debentures in
2014 and 2013 over interest expense, where interest expense excludes the distributions on deferred units and LP Units classified as
liabilities and adjustments relating to the early redemption of unsecured debentures in 2014 and 2013. Refer to “Financial Covenants”
in the MD&A for the three months ended March 31, 2015 for a reconciliation of this ratio.
Defined as debt over earnings before interest, income taxes, amortization, loss on sale of investment property, fair value gain or loss
with respect to investment property and financial instruments and adjustments relating to the early redemption of unsecured
debentures in 2015 and 2014.
Total Units outstanding include Trust Units and LP Units including LP Units classified as liabilities. LP Units classified as equity in the
consolidated financial statements are presented as non-controlling interests.
See “Other Measures of Performance” in the MD&A for the three months ended March 31, 2015 for a reconciliation of these
measures to the nearest consolidated financial statement measure.
Payout ratio is calculated as distributions per Unit divided by Adjusted Funds From Operations per Unit.
8
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 1-800-564-6253 or via mail
at:
c/o Computershare Trust Company of Canada
100 University Avenue, 9th Floor
Toronto, ON, M5J 2Y1
Canada
Attention: Dividend Reinvestment Department
Distribution History
Per unit, paid monthly
2015
($)
2014
($)
2013
($)
2012
($)
2011
($)
January
0.13340
0.12900
0.12900
0.12900
0.12900
February
0.13340
0.12900
0.12900
0.12900
0.12900
March
0.13340
0.12900
0.12900
0.12900
0.12900
April
0.12900
0.12900
0.12900
0.12900
May
0.12900
0.12900
0.12900
0.12900
June
0.12900
0.12900
0.12900
0.12900
July
0.12900
0.12900
0.12900
0.12900
August
0.12900
0.12900
0.12900
0.12900
September
0.12900
0.12900
0.12900
0.12900
October
0.13340
0.12900
0.12900
0.12900
November
0.13340
0.12900
0.12900
0.12900
December
0.13340
0.12900
0.12900
0.12900
1.56120
1.54800
1.54800
1.54800
Total
0.40020
9
Performance of Calloway Units
Average Unit Trading Price
Per unit
2015
($)
2014
($)
2013
($)
2012
($)
2011
($)
30.17
25.37
29.35
27.09
24.17
Quarter
26.52
27.71
27.84
25.31
3rd Quarter
26.23
24.99
29.64
25.03
4th Quarter
27.14
24.91
28.66
26.25
30.17
26.31
26.68
28.27
25.15
29.10
27.30
25.16
28.95
26.77
2015
($)
2014
($)
2013
($)
2012
($)
2011
($)
200,374
199,418
201,657
184,079
166,361
Quarter
185,756
205,188
162,337
129,997
3rd Quarter
156,254
224,222
166,512
147,638
4th Quarter
184,375
200,424
173,510
144,570
181,379
207,912
171,593
147,075
1st Quarter
2nd
YTD / Annual
Closing trading
price at end of
period
Average Daily Volume of Units Traded
1st Quarter
2nd
Annual
200,374
Market Capitalization Summary
Total Units Outstanding (1)
Share price per Unit
($)
Market Capitalization
($)
March 31, 2015
136,739,722
29.10
3,979,125,924
December 31, 2014
136,315,194
27.30
3,721,404,809
December 31, 2013
134,381,155
25.16
3,381,029,860
December 31, 2012
132,279,778
28.95
3,829,499,573
December 31, 2011
124,738,959
26.77
3,339,261,932
Date
(1)
Includes Calloway Limited Partnership Class D units.
10
Gross Revenue and Area by Province
Gross Revenue by Province
1 – Ontario – 59.0%
2 – Quebec – 13.5%
3 – British Columbia – 9.6%
4 – Manitoba – 4.3%
5 – Saskatchewan – 4.0%
6 – Alberta – 3.6%
7 – Newfoundland and Labrador – 3.4%
8 – Nova Scotia – 1.2%
9 – New Brunswick – 0.9%
10 – Prince Edward Island – 0.5%
Gross Area by Province
1 – Ontario – 55.6%
2 – Quebec – 14.5%
3 – British Columbia – 9.9%
4 – Alberta – 4.7%
5 – Saskatchewan – 4.5%
6 – Manitoba – 4.2%
7 – Newfoundland and Labrador – 3.7%
8 – Nova Scotia – 1.2%
9 – New Brunswick – 1.0%
10 – Prince Edward Island – 0.7%
11
Top 25 Tenants
79
Gross
Rental Revenue
(%)
24.0
Remaining
Lease Term
(years)
8.4
Canadian Tire, Mark's and FGL Sports
70
5.1
6.1
3
Winners, Homesense, Marshalls
39
3.8
6.5
4
Best Buy
30
2.8
3.5
5
Reitmans
109
2.7
3.3
6
Sobeys
14
2.5
7.2
7
Loblaw, Shoppers Drug Mart
17
2.1
8.5
8
RONA
7
2.1
7.9
9
Michaels
24
1.8
5.3
10
Staples
23
1.7
3.5
11
Home Outfitters
13
1.5
3.5
12
LCBO
26
1.4
9.8
13
Dollarama
36
1.3
5.1
14
The Brick
8
1.2
6.1
15
Gap Inc.
20
1.1
3.8
16
Cara Restaurants
36
1.1
4.4
17
Metro
7
0.9
7.5
18
Bonnie Togs
34
0.9
6.4
19
Toys R Us
6
0.8
7.7
20
Bulk Barn
35
0.8
6.4
21
CIBC
20
0.8
4.9
22
Bouclair
21
0.8
3.4
23
Dollar Tree, Dollar Giant
20
0.8
4.7
24
Sleep Country
28
0.8
3.5
25
Sail
3
0.7
12.0
725
63.5
7.3
Rank
Tenant
1
Walmart
2
Total
Number
of Stores
12
Lease Expiration Schedule
78
Area
(sq. ft.)
171,731
Area
(%)
0.6
Annualized Base
Rent
($)
3,501,474
Average
Rent psf
($)
20.39
2015
197
616,961
2.2
12,415,520
20.12
2016
302
1,640,647
6.0
29,622,070
18.06
2017
308
1,778,168
6.5
35,326,227
19.87
2018
414
2,108,408
7.7
45,200,177
21.44
2019
326
2,938,212
10.7
44,452,383
15.13
2020
188
2,812,563
10.2
38,230,581
13.59
2021
138
2,423,055
8.8
28,858,038
11.91
2022
154
2,941,333
10.7
34,852,225
11.85
2023
206
2,338,190
8.5
34,236,105
14.64
2024
130
1,805,009
6.6
28,194,740
15.62
2025
51
1,056,313
3.8
12,439,113
11.78
2026
29
1,010,451
3.7
12,758,192
12.63
2027
20
1,222,093
4.5
14,904,706
12.20
2028
17
488,241
1.8
7,918,316
16.22
2029
12
738,752
2.7
9,013,182
12.20
2030
3
350,107
1.3
6,025,858
17.21
Beyond
6
626,060
2.3
8,298,037
13.25
Vacant
157
380,715
1.4
-
-
2,736
27,447,009
100.0
406,246,945
15.01
Year of Expiry
Month-to-month and Holdovers
Total
Number
of Stores
Weighted Average Lease Expiry by area = 6.7 years
13
Area by Age
Age
Area
(sq. ft.)
Area
(%)
20,050,780
73.1
1995 – 2001
6,699,418
24.4
Before 1994
696,811
2.5
27,447,009
100.0
2002 – present
Total
Portfolio of high quality, newly developed assets with an average age
of 12.0 years and minimal capital expenditure requirements.
14
Future Earnouts and Developments
Year
Committed Earnouts
2015
2016 and beyond
Total Committed Earnouts
Area
(sq. ft.)
Total
Area
(%)
Gross
Income Commitment
($000s)
($000s)
61,813
19,750
81,563
2.3%
0.7%
3.0%
1,259
482
1,741
18,452
6,554
25,006
97,227
171,686
268,913
3.6%
6.4%
10.0%
2,806
4,032
6,838
36,256
58,994
95,250
795,904
1,524,285
2,320,189
29.8%
57.2%
87.0%
16,178
32,841
49,019
229,254
502,300
731,554
2,670,665 100.0%
57,598
851,810
Invested
Net
Yield /
To-date Commitment Cap Rate
($000s)
($000s)
(%)
11,761
2,026
13,787
6,691
4,528
11,219
6.8%
7.4%
7.0%
5,784
40,110
45,894
7.7%
6.8%
7.2%
172,201
282,643
454,844
7.1%
6.5%
6.7%
511,957
6.8%
511,957
6.8%
Committed Developments
2015
2016 and beyond
Total Committed Developments
Uncommitted Future Developments
Earnouts
Developments
Total Uncommitted Future Developments
Total before Non-cash
Development Cost
(1)
(1)
(1)
(2)
(3)
(1)
(1)
(2)
(2)
(2)
(25,141)
Vaughan Metropolitan Centre (“VMC”) (3)
(1)
57,053
219,657
276,710
(1)
339,853
Non-cash Development Cost
Total
30,472
18,884
49,356
59,190
2,670,665 100.0%
57,598
851,810
373,902
Includes fair value adjustment for land.
On a cost basis, the yield would be 7.7%, 6.8% and 6.5%, respectively.
Developments relating to Calloway’s 50% ownership of the VMC include the office complex with KPMG as lead tenant,
scheduled to open in 2016 and does not include the rest of the estimated 3 million square feet.
Committed Earnouts and Developments
Year
2015
2016 and beyond
Total before Non-cash
Development Cost
(1)
(2)
Executed
Leases
(sf)
159,040
191,436
Total
Area
(%)
5.9%
7.1%
350,476
13.0%
Gross
Income Commitment
($000s)
($000s)
4,065
54,708
4,514
65,548
8,579
120,256
(1)
(1)
(1)
Invested
Net
Yield /
To-date Commitment Cap Rate
($000s)
($000s)
(%)
(1)
42,233
12,475
7.4%
20,910 (1)
44,638
6.9%
63,143
(1)
57,113
7.1%
Includes fair value adjustment for land.
On a cost basis, the yield would be 7.4%, 6.9% and 7.1%, respectively.
15
(2)
(2)
(2)
Recourse Loans to Developers
Project
Pitt Meadows, BC (1)
Salmon Arm, BC
(2, 3)
Aurora (South), ON
Caledon (Mayfield), ON
Innisfil, ON
(2,4)
December 2017
Interest
Rate
(%)
7.44%
Option
(%)
50%
Total
Leasable
Area upon
Completion
(sq. ft.)
450,605
23,264
October 2017
4.46%
-
215,483
-
13,211
34,807
June 2020
7.25%
50%
190,535
95,268
9,582
12,372
December 2016
7.00%
50%
152,028
76,014
Loan
Outstanding
($000s)
24,367
Committed
($000s)
62,119
15,165
Maturity Date
Purchase
Option
(sq. ft.)
225,303
17,884
27,077
December 2020
2.98%
-
139,744
-
Montreal Premium Outlets, QC
(5)
-
11,228
December 2016
6.50%
-
365,544
-
Mirabel (Shopping Centre), QC
(6)
-
18,262
December 2022
7.50%
-
256,000
-
-
5,721
December 2022
7.50%
-
211,000
-
25,982
40,102
December 2017
6.87%
50%
427,659
106,915
25,211
65,173
December 2020
6.75%
50%
292,655
146,328
1,807
10,310
November 2015
7.75%
50%
197,573
98,787
133,209
310,435
6.21%
26%
2,898,826
748,615
Mirabel (Option Lands), QC (5)
Toronto (Eastern), ON
(2)
Vaughan (7 & 427), ON
(7)
Montreal (Saint-Michel), QC
Total
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Monthly variable rate based on a fixed rate of 7.25% on loans outstanding up to $15.0 million and a fixed rate of 7.75% on any
additional loans above $15.0 million.
Calloway owns a 50% interest. The loan is secured against the remaining 50%.
Monthly variable rate based on a fixed rate of 6.35% on loans outstanding up to $7.2 million and the bankers’ acceptance rate
plus 1.75% on any additional loans above $7.2 million.
Monthly variable rate based on the bankers’ acceptance rate plus 2.00%.
Calloway owns a 25% interest. The loan is secured against a 25% interest owned by one of the joint venture partners.
Calloway owns a 33.3% interest. The loan is secured against a 33.3% interest owned by one of the joint venture partners.
On January 1, 2015, the rate for the outstanding loan balance reset to 6.75% based on the December 2012 agreement. Up to
December 31, 2014, the interest rate was based on 7.25% per annum. Starting January 1, 2015, the interest rate is based on
a fixed rate equal to the four-year Canada Bond Yield plus 4% per annum, calculated based on the 20 day average
immediately preceding December 31, 2014. Further, the agreement requires the adjusted interest rate to be in the range of
6.75% to 7.75%, otherwise it will be adjusted up or down accordingly.
Note: Of the $177.2 million of remaining loan advances available, $85.0 million is set aside as interest accrual reserve.
16
Individual Property Summary
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
Anchor Area (1) Anchor Area (1)
(sq. ft.)
(sq. ft.)
Anchors and Major Tenants
Retail Properties
British Columbia
Courtenay SmartCentre
Courtenay, BC
99.6
271,617
135,899
-
Cranbrook SmartCentre
Cranbrook, BC
100.0
164,024
107,158
185,556
Duncan, BC
100.0
235,664
188,680
235,732
Kamloops, BC
97.3
232,800
143,619
-
Langley, BC
100.0
351,224
261,497
172,161
New Westminster
SmartCentre
New Westminster, BC
98.0
407,577
159,449
-
Peachtree Square
Penticton, BC
100.0
54,916
-
175,000
Penticton Power Centre
Penticton, BC
98.5
187,227
110,795
-
Prince George SmartCentre
Prince George, BC
98.6
313,390
165,350
204,247
Salmon Arm SmartCentre**
Salmon Arm, BC
100.0
52,299
48,345
-
Surrey West SmartCentre
Surrey, BC
97.4
187,156
133,943
-
Vernon SmartCentre
Vernon, BC
95.6
259,296
144,782
50,300
98.6
2,717,190
1,599,517
1,022,996
Cowichan Commons East
Kamloops SmartCentre
Langley SmartCentre
Subtotal British Columbia
Walmart Supercentre, Winners,
Staples, Future Shop, Sport Chek,
Mark's, RBC
Walmart Supercentre, Real
Canadian Superstore*, Home
Hardware*, Sport Chek, Dollar
Tree
Walmart Supercentre*, RONA*,
Canadian Tire, Home Depot,
Future Shop, Bulk Barn
Walmart Supercentre, Michaels,
Lordco Auto Parts, Pier 1 Imports,
Sleep Country
Walmart Supercentre, Home
Depot*, Save-on-Foods*, Home
Outfitters, London Drugs, Best Buy
Outfitters, Best Buy, Tommy
Hilfiger, Bonnie Togs
Walmart Supercentre*, Sport Chek,
Dollar Tree, Valley First Credit
Union, Bulk Barn
Real Canadian Superstore,
Staples, Winners, TD Canada
Trust
Depot*, Canadian Tire*, Michaels,
Old Navy, Mark's, Petland
Walmart Supercentre, Bulk Barn
Walmart Supercentre, Dollar Tree,
Ardene, Sleep Country, Reitmans,
Bonnie Togs
Walmart Supercentre, RONA*,
Future Shop, Value Village, Mark's,
Petland, Sleep Country
17
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
Alberta
Calgary Southeast
SmartCentre
Calgary, AB
100.0
246,085
199,758
-
Crowchild Corner
Calgary, AB
100.0
23,377
-
-
Edmonton East
SmartCentre**
Edmonton, AB
100.0
170,977
94,835
-
Edmonton Northeast
SmartCentre
Edmonton, AB
100.0
274,353
161,925
-
Lethbridge SmartCentre
Lethbridge, AB
100.0
333,092
194,564
95,000
St. Albert SmartCentre
St. Albert, AB
100.0
251,329
197,101
91,737
100.0
1,299,213
848,183
186,737
Subtotal Alberta
Walmart Supercentre, London
Drugs, Mark's, Reitmans, Carter's
Osh Kosh, Bulk Barn
Re/Max, Respiratory Homecare
Solutions Inc.
Walmart Supercentre, Safeway,
Winners, Petland, Dollarama, TD
Canada Trust
Walmart Supercentre, Michaels,
Mark's, Bulk Barn, Moores,
Penningtons, Reitmans
Depot*, Ashley Furniture, Best
Buy, Mark's, Gap Outlet
Walmart Supercentre, Save-onFoods*, RONA*, Mark's, Canadian
Western Bank
Saskatchewan
Regina East SmartCentre (I)
Regina, SK
100.0
398,003
282,845
-
Regina East SmartCentre (II)
Regina, SK
100.0
198,110
107,608
130,000
Regina North SmartCentre
Regina, SK
99.0
276,251
206,339
-
Saskatoon, SK
100.0
374,722
194,210
109,084
99.8
1,247,086
791,002
239,084
Saskatoon South
SmartCentre
Subtotal Saskatchewan
Walmart Supercentre,
HomeSense, London Drugs, Home
Outfitters, Best Buy, Michaels
RONA, Real Canadian
Superstore*, Wholesale Sports,
PetSmart, Old Navy, Petland
Walmart Supercentre, IGA, Mark's,
Dollarama, Bulk Barn, Reitmans,
TD Canada Trust
Depot*, HomeSense, The Brick,
Ashley Furniture, Golf Town
Manitoba
Kenaston Common
SmartCentre
Winnipeg, MB
100.0
257,222
98,570
143,613
Winnipeg Southwest
SmartCentre
Winnipeg, MB
97.5
528,180
281,606
95,000
Winnipeg West SmartCentre
Winnipeg, MB
98.0
354,667
171,146
75,240
98.2
1,140,069
551,322
313,853
Subtotal Manitoba
RONA, Costco*, Indigo Books,
Golf Town, Petland, Nygard, CIBC,
HSBC, RBC
Depot*, Safeway, Home Outfitters,
HomeSense, Urban Planet
Walmart Supercentre, Canadian
Tire*, Sobeys, Winners, Value
Village, Sport Chek, Staples
18
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Ancaster, ON
99.0
264,833
163,794
74,018
Aurora North SmartCentre**
Aurora, ON
97.8
249,675
156,819
-
Aurora SmartCentre
Aurora, ON
85.1
51,186
-
63,561
Barrie Essa Road Shopping
Centre
Barrie, ON
88.2
104,909
35,152
-
Barrie North SmartCentre
Barrie, ON
100.0
234,700
160,727
81,373
Barrie South SmartCentre
Barrie, ON
95.0
410,129
243,874
-
Bolton SmartCentre
Bolton, ON
99.1
235,793
161,864
-
Bramport SmartCentre
Brampton, ON
100.0
144,835
45,877
37,082
Brampton East SmartCentre
Brampton, ON
98.7
360,694
243,610
-
Brampton North
SmartCentre
Brampton, ON
93.5
58,756
-
62,496
Brockville SmartCentre
Brockville, ON
100.0
137,873
-
322,054
Burlington (Appleby)
SmartCentre
Burlington, ON
100.0
151,115
100,646
-
Burlington North
SmartCentre
Burlington, ON
100.0
226,451
161,127
-
Cambridge SmartCentre (I)
Cambridge, ON
96.8
737,860
323,220
-
Cambridge SmartCentre (II)
Cambridge, ON
85.0
23,938
-
224,695
Carleton Place SmartCentre
Carleton Place, ON
100.0
148,885
115,811
-
Chatham SmartCentre**
Chatham, ON
99.3
152,053
101,053
91,275
Cobourg SmartCentre
Cobourg, ON
96.5
197,935
142,634
85,433
Leaside SmartCentre
East York, ON
97.0
249,459
108,632
113,000
Property
Location
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
Ontario
Ancaster SmartCentre
Tire*, Future Shop, GoodLife
Fitness, Bouclair, Dollar Tree
Walmart Supercentre, RONA, Best
Buy, Golf Town, Dollarama, RBC,
TD Canada Trust
Canadian Tire*, Winners, Bank of
Nova Scotia
Food Basics, Pharma Plus,
Dollarama, Anytime Fitness
Walmart Supercentre, Zehrs*, Old
Navy, Bonnie Togs, Addition-Elle,
Reitmans
Walmart Supercentre, Sobeys,
Winners, La-Z-Boy, Michaels,
PetSmart, Stitches, Dollar Tree
Walmart Supercentre, LCBO,
Mark's, Reitmans
LA Fitness, No Frills*, LCBO,
Dollarama, Swiss Chalet, Bulk
Barn, CIBC, Bank of Montreal
Walmart Supercentre, The Brick,
Winners, Staples, Mark's, Bonnie
Togs, Sleep Country
Fortinos*, Shoppers Drug Mart,
Synergy Performing Arts Acadamy,
RBC
Walmart Supercentre*, Real
Canadian Superstore*, Home
Depot*, Winners, Future Shop
Toys R Us, LA Fitness, Shoppers
Drug Mart, Golf Town, Bank of
Montreal
Walmart Supercentre, Dollar Tree,
Reitmans, Moores, Bank of Nova
Scotia
Walmart Supercentre, RONA, LA
Fitness, Best Buy, Staples, Bed
Bath & Beyond, Michaels
Canadian Tire*, Home Depot*,
2001 Audio Video, Henry's
Photography
Walmart Supercentre, Dollarama,
Mark's, Bulk Barn, EasyHome
Walmart Supercentre, Zehrs*,
Winners, Mark's, PetSmart,
Dollarama, LCBO
Depot*, Winners, Swiss Chalet
Home Depot*, Winners, Sobeys,
Sport Chek, Best Buy, LCBO, Golf
Town, RBC
19
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
Etobicoke (Index)
SmartCentre
Etobicoke, ON
100.0
182,055
107,838
-
Etobicoke SmartCentre
Etobicoke, ON
100.0
294,734
199,824
135,000
Rexdale SmartCentre
Etobicoke, ON
100.0
35,174
-
126,083
Walmart Supercentre*, Dollarama,
Bank of Nova Scotia
Fort Erie SmartCentre
Fort Erie, ON
100.0
12,738
-
140,142
Walmart Supercentre*, No Frills*,
LCBO, Bank of Nova Scotia
Guelph SmartCentre
Guelph, ON
100.0
296,116
171,396
110,000
Halton Hills, ON
100.0
179,335
-
-
Hamilton South
SmartCentre
Hamilton, ON
99.1
232,549
124,524
-
Huntsville SmartCentre
Huntsville, ON
100.0
126,436
84,861
68,837
Kanata, ON
100.0
193,373
155,739
-
Laurentian Power Centre
Kitchener, ON
100.0
185,993
150,793
220,978
London East Argyle Mall
London, ON
98.6
424,986
224,281
-
London North
SmartCentre**
London, ON
98.5
243,240
131,671
108,262
London Northwest
SmartCentre
London, ON
100.0
36,214
-
137,316
Markham, ON
100.0
168,724
80,385
-
Milton Walmart Centre**
Milton, ON
95.2
109,776
-
227,896
Mississauga (Erin Mills)
SmartCentre
Mississauga, ON
98.0
282,674
171,973
-
Mississauga (Go Lands)
SmartCentre**
Mississauga, ON
100.0
56,506
25,348
115,000
Mississauga (Meadowvale)
SmartCentre
Mississauga, ON
98.6
556,050
325,691
-
Niagara Falls SmartCentre
Niagara Falls, ON
100.0
249,745
183,698
-
Toronto Premium Outlets
(Halton Hills)**
Kanata SmartCentre
Markham Woodside
SmartCentre**
Sail, Marshalls, PetSmart, Party
Packagers, Structube, Bouclair
Depot*, Best Buy, Sport Chek, Old
Navy, Mark's, Urban Barn
Depot*, HomeSense, Michaels,
Dollarama, CIBC, RBC
The Bay Outlet, Polo Ralph
Lauren, Restoration Hardware,
Nike, Columbia, Coach
Walmart Supercentre, Shoppers
Drug Mart, LCBO, Dollarama, The
Beer Store, CIBC
Walmart Supercentre, Your
Independent Grocer*, Dollar Tree,
Mark's, Reitmans
Bulk Barn, CIBC, RBC
Target, RONA*, Zehrs*, Home
Outfitters, Staples, CIBC
Walmart Supercentre, Toys R Us,
No Frills, Winners, Staples, Sport
Chek, GoodLife Fitness
Tire*, Future Shop, Winners, Sport
Chek, HomeSense
Lowe's*, Boston Pizza, Montana's,
Bank of Montreal, TD Canada
Trust, RBC
Home Depot, Longo's*, Winners,
Staples, Chapters, Michaels, La-ZBoy, LCBO
Walmart Supercentre*, Canadian
Tire*, Sport Chek, Indigo,
Michaels, Staples, Mark's, RBC
Walmart Supercentre, No Frills,
GoodLife Fitness, Shoppers Drug
Mart, Dollarama
Real Canadian Superstore*, Toys
R Us, Marshalls, Dollarama, TD
Canada Trust
Walmart Supercentre, RONA,
Home Outfitters, Winners, Staples,
Michaels, Mark's, PetSmart
Walmart Supercentre, PetSmart,
Penningtons, Dollarama, LCBO,
Bulk Barn, Sleep Country
20
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
401 & Weston Power
Centre**
North York, ON
100.0
140,567
74,712
180,000
Orleans SmartCentre
Orleans, ON
100.0
279,317
150,989
-
Orleans SmartCentre
Orleans, ON
97.9
384,015
232,635
117,136
Oshawa North SmartCentre
Oshawa, ON
98.6
558,157
341,156
116,348
Oshawa South
SmartCentre**
Oshawa, ON
100.0
268,360
215,269
-
Ottawa (Laurentian Place)
SmartCentre**
Ottawa, ON
100.0
126,015
112,391
-
Ottawa South
SmartCentre**
Ottawa, ON
98.7
261,551
156,471
-
Owen Sound, ON
100.0
158,074
105,963
130,000
Pickering SmartCentre
Pickering, ON
95.3
536,633
393,572
82,000
Port Perry SmartCentre
Port Perry, ON
100.0
137,280
92,473
-
Richmond Hill, ON
97.9
136,306
94,458
-
Sarnia, ON
99.1
342,617
214,513
-
Scarborough (1900
Eglinton) SmartCentre
Scarborough, ON
100.0
380,090
254,693
-
Scarborough East
SmartCentre
Scarborough, ON
98.9
282,156
225,385
-
St. Catharines West
SmartCentre (I)
St. Catharines, ON
97.6
402,213
262,620
182,132
St. Catharines West
SmartCentre (II)
St. Catharines, ON
98.9
120,438
35,108
-
St. Thomas, ON
94.7
218,926
138,567
196,212
Stoney Creek, ON
91.5
133,748
39,271
-
Stouffville, ON
100.0
162,968
69,283
162,633
Sudbury, ON
100.0
233,046
183,708
-
Owen Sound SmartCentre
Richmond Hill
SmartCentre**
Sarnia SmartCentre
St. Thomas SmartCentre
Centennial Parkway Plaza
Stouffville SmartCentre
Sudbury South SmartCentre
Real Canadian Superstore*,
Canadian Tire, The Brick, Home
Outfitters, Future Shop, Staples
Target, Metro, Shoppers Drug
Mart, LCBO, The Beer Store,
CIBC, TD Canada Trust
Tire*, Home Outfitters, Future
Shop, Shoppers Drug Mart
Walmart Supercentre, Loblaws,
Home Depot*, Marshalls, Sport
Chek, Future Shop, Michaels
Walmart Supercentre, Lowe's, Sail,
Dollarama, Urban Barn, Moores,
Reitmans, CIBC, RBC
Walmart Supercentre, Stantec,
CIBC
Walmart Supercentre, Loblaws,
Cineplex Odeon, Future Shop,
Winners, Staples, Chapters
Depot*, Penningtons, Dollarama,
Bonnie Togs, Reitmans
Walmart Supercentre, Lowe's,
Sobeys, Canadian Tire*, Toys R
Us, Winners, PetSmart, LCBO
Mark's, Dollarama, Bulk Barn,
Bank of Nova Scotia
Walmart Supercentre, Food
Basics, Shoppers Drug Mart,
HSBC, Bank of Montreal
Michaels, PetSmart, LCBO,
Penningtons, Dollarama
Mark's, LCBO, David's Bridal, Bank
of Montreal
Walmart Supercentre, Cineplex
Odeon, LCBO, Reitmans, Boston
Pizza, Sleep Country
Canadian Superstore*, Canadian
Tire*, Home Outfitters, Best Buy
The Brick, Michaels, Shoppers
Drug Mart, Golf Town, Bouclair,
Bulk Barn
Canadian Superstore*, Canadian
Tire*, Staples, Dollar Tree
Food Basics, JYSK, Future Shop,
King's Buffet
Tire, Winners, Staples, Dollarama,
Bouclair, Bulk Barn
Mark's, Dollarama, Bouclair
21
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
Toronto Stockyards
SmartCentre
Toronto, ON
100.0
8,615
-
128,194
Westside Mall
Toronto, ON
95.8
144,407
110,019
-
Rutherford Village Shopping
Centre
Vaughan, ON
90.1
104,332
48,890
-
Vaughan (400 & 7)
SmartCentre
Vaughan, ON
100.0
226,096
124,989
100,000
Vaughan SmartCentre**
Vaughan, ON
100.0
131,854
130,378
-
Welland SmartCentre
Welland, ON
100.0
240,663
221,327
100,667
Whitby North SmartCentre
Whitby, ON
98.0
279,153
178,841
148,571
Whitby Northeast
SmartCentre
Whitby, ON
100.0
39,249
-
-
Whitby Shores Shopping
Centre
Whitby, ON
98.2
85,596
39,919
-
Windsor South SmartCentre
Windsor, ON
91.3
234,301
129,121
-
Woodbridge SmartCentre**
Woodbridge, ON
95.5
216,983
32,630
142,073
Woodstock SmartCentre
Woodstock, ON
100.0
257,220
170,764
91,254
98.2
15,238,443
8,982,977
4,421,721
Hull, QC
98.3
148,260
67,762
326,717
Kirkland, QC
100.0
207,216
202,271
-
Lachenaie, QC
100.0
132,826
78,432
-
Laval East SmartCentre
Laval, QC
100.0
534,789
340,736
-
Laval West SmartCentre
Laval, QC
99.5
577,114
314,461
124,000
Mascouche SmartCentre
Mascouche, QC
99.4
407,799
261,834
120,000
Montreal, QC
92.7
132,300
83,858
-
Subtotal Ontario
Walmart*, Bank of Montreal,
Citifinancial
Canadian Tire, FreshCo., Dollar
Tree, CIBC
Sobeys, TD Canada Trust, Rogers
Video, Tim Hortons
Sail, The Brick, Home Depot*,
Staples, Value Village, GoodLife
Fitness
Walmart Supercentre, Future
Shop, Home Outfitters
Tire*, RONA, Mark's, Dollar Tree
Canadian Superstore*, Mark's,
LCBO, Bank of Nova Scotia
Boston Pizza, Swiss Chalet, Sgt.
Pepper's, Popeyes, Bell World,
RBC
Metro, LCBO, Lovell Drugs, Bank
of Nova Scotia
Walmart Supercentre, Part Source,
Dollarama, PetSmart, Moores, The
Beer Store, CIBC
Canadian Tire*, Fortinos*,
Winners, Best Buy, Toys R Us,
Chapters, Michaels, Sport Chek
Tire*, Staples, Mark's, Bonnie
Togs, Reitmans, Dollar Tree
Quebec
Hull SmartCentre**
Kirkland SmartCentre
Lachenaie SmartCentre**
Montreal (Decarie)
SmartCentre**
Walmart Supercentre, Loblaws*,
RONA*, Famous Players*, Super
C*, Winners, Staples
Walmart, The Brick
Walmart Supercentre,
HomeSense, Value Village,
Michaels, Bouclair, Structube
Tire, IGA, Winners, Michaels,
Bouclair, Dollarama, SAQ
Walmart Supercentre, RONA,
Canadian Tire*, IGA*, Michaels,
Home Outfitters, Staples
Walmart Supercentre, RONA*,
IGA, Home Outfitters, Winners,
Staples, Future Shop
Walmart, Toys R Us, Baton Rouge,
Suzy Shier, P.F. Chang's, Bulk
Barn, Carter's Osh Kosh
22
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
Montreal North SmartCentre
Montreal, QC
99.5
257,694
173,668
-
Place Bourassa Mall
Montreal, QC
100.0
136,709
42,753
-
Rimouski SmartCentre
Rimouski, QC
100.0
243,740
127,087
104,973
Saint-Constant, QC
99.4
321,254
168,235
95,000
Saint-Jean, QC
98.8
249,981
153,988
80,000
Saint-Jerome, QC
98.4
164,001
44,856
246,705
Sherbrooke, QC
100.0
243,804
196,847
199,588
Valleyfield SmartCentre
Valleyfield, QC
100.0
188,252
133,439
-
Victoriaville SmartCentre
Victoriaville, QC
100.0
27,534
-
260,969
99.3
3,973,273
2,390,227
1,557,952
Saint-Constant SmartCentre
Saint-Jean SmartCentre
Saint-Jerome SmartCentre
Sherbrooke SmartCentre
Subtotal Quebec
Walmart Supercentre, IGA,
Winners, Dollarama, Le Chateau,
Sleep Country, TD Canada Trust
Super C, Pharmaprix,
L'Aubainerie, SAQ
Walmart, Tanguay*, Super C*,
Winners, Future Shop, SAQ,
Dollarama, Mark's
Depot*, Super C, L’Aubainerie
Concept Mode, Michaels
Walmart Supercentre, Maxi*,
Michaels, Mark's, Bouclair,
Reitmans, TD Canada Trust
Walmart Supercentre*, Home
Depot*, IGA, Future Shop,
Michaels, Bouclair, Dollarama
Tire*, Home Depot*, The Brick,
Best Buy, Mark's
SAQ, Reitmans
Walmart*, Home Depot*, Maxi*,
Winners, Reitmans
New Brunswick
Fredericton North
SmartCentre
Fredericton, NB
100.0
11,390
-
274,906
Saint John SmartCentre
Saint John, NB
98.9
261,298
173,390
182,122
99.0
272,688
173,390
457,028
Dartmouth, NS
98.5
152,633
108,659
-
Halifax, NS
96.9
167,788
35,483
180,000
97.7
320,421
144,142
180,000
Subtotal New Brunswick
Tire*, Kent*, Dollarama
Walmart Supercentre, Kent*,
Canadian Tire*, Winners, Future
Shop, Old Navy, CIBC
Nova Scotia
Colby Village Plaza
Halifax Bayers Lake Centre
Subtotal Nova Scotia
Walmart, Atlantic Superstore,
Cleves Source for Sports, Pharma
Save
Target*, Atlantic Superstore*,
Future Shop, Winners, Bouclair,
Addition-Elle, Roots
23
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
98.0
202,290
104,392
170,000
98.0
202,290
104,392
170,000
Prince Edward Island
Charlottetown SmartCentre
Charlottetown, PE
Subtotal Prince Edward
Island
Tire*, Toys R Us*, Michaels, Future
Shop, Old Navy, Gap Outlet
Newfoundland
Corner Brook SmartCentre
Corner Brook, NL
100.0
178,995
106,352
136,327
Mount Pearl SmartCentre
Mount Pearl, NL
100.0
268,534
161,001
174,047
Pearlgate Shopping Centre
Mount Pearl, NL
100.0
42,951
-
-
St. John's Central
SmartCentre
St. John's, NL
100.0
157,806
48,808
311,149
St. John's East SmartCentre
St. John's, NL
100.0
370,621
128,273
102,818
Subtotal Newfoundland
100.0
1,018,907
444,434
724,341
Total Retail Properties
98.6
27,429,580
16,029,586
9,273,712
73.7
17,429
-
-
73.7
17,429
-
-
Walmart, Canadian Tire*,
Dominion (Loblaw)*, Staples,
Mark's, Buck or Two, Bulk Barn
Walmart, Dominion (Loblaw)*,
Canadian Tire*, Staples, GoodLife
Fitness, Mark's, CIBC
Shoppers Drug Mart, Bulk Barn,
TD Canada Trust
Walmart*, Home Depot*, Canadian
Tire*, Sobeys, Staples, Mark's,
Dollarama, Moores
Walmart, Dominion (Loblaw)*,
Winners, Staples, Future Shop,
Michaels, Sport Chek
Office Properties
British Colonial Building
Total Office Properties
Toronto, ON
Navigator Limited, Irish Embassy
Pubs Inc.
24
Property
Location
Occupancy
(%)
Owned Rentable
Area
(sq. ft.)
Owned Rentable
Non-Owned
(sq. ft.)
(sq. ft.)
Retail Development Lands
Quesnel SmartCentre
Quesnel, BC
-
-
-
82,316
Dunnville SmartCentre
Dunnville, ON
-
-
-
129,343
Innisfil SmartCentre**
Innisfil, ON
-
-
-
-
-
Toronto (Eastern) Centre**
Toronto, ON
-
-
-
-
-
Mirabel SmartCentre (I)**
Mirabel, QC
-
-
-
-
-
Mirabel SmartCentre (II)**
Mirabel, QC
-
-
-
-
-
Montreal Premium Outlets
(Mirabel)**
Mirabel, QC
-
-
-
-
-
-
-
-
211,659
98.6
27,447,009
16,029,586
9,485,371
Total Retail Development Lands
Total Portfolio
Walmart*
Canadian Tire*, Sobeys*
* Non-owned anchor.
** Calloway interest – indicates Calloway’s ownership interest (Calloway owns a 25% interest in Mirabel SmartCentre (II) and Montreal Premium Outlets
(Mirabel), a 33.3% interest in Mirabel SmartCentre (I), a 44.4% interest in 401 & Weston Power Centre, a 49.9% interest in Hull SmartCentre, and 50%
interests in Aurora North SmartCentre, Chatham SmartCentre, Edmonton East SmartCentre, Innisfil SmartCentre, Lachenaie SmartCentre, London North
SmartCentre, Markham Woodside SmartCentre, Mississauga (Go Lands) SmartCentre, Milton Wal-Mart Centre, Montreal (Decarie) SmartCentre, Oshawa
South SmartCentre, Ottawa (Laurentian Place) SmartCentre, Ottawa South SmartCentre, Richmond Hill SmartCentre, Salmon Arm SmartCentre, Toronto
(Eastern) Centre , Toronto Premium Outlets (Halton Hills), Vaughan SmartCentre, and Woodbridge SmartCentre).
(1)
Anchors are tenants in excess of 30,000 square feet.
25
General Information
Stock Exchange Listing:
The Toronto Stock Exchange (TSX)
Trading Symbols:
Trust Units
CWT.UN
5.75% Convertible Debentures CWT.DB.B
Corporate Office:
700 Applewood Crescent, Suite 200
Vaughan, ON, L4K 5X3
Canada
Tel: (905) 326-6400
Fax: (905) 326-0783
Senior Management:
Huw Thomas
Peter Sweeney
Rudy Gobin
President and Chief Executive Officer
Chief Financial Officer
Executive Vice President Asset Management
Transfer Agent & Registrar:
Computershare Share Trust Company of Canada
100 University Avenue, 9th Floor
Toronto, ON, M5J 2Y1
Auditors:
PricewaterhouseCoopers LLP
PwC Tower
18 York Street, Suite 2600
Toronto, ON, M5J 0B2
Legal Counsel:
Osler, Hoskin & Harcourt LLP
100 King Street West
1 First Canadian Place
Suite 4600, P.O. Box 50
Toronto, ON, M5X 1B8
26

calloway reit

Transcription

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