Ravelin Properties Reit — Investor Presentation (May 2025)
20 slides from Ravelin Properties Reit's investor presentation, May 21, 2025
Slide 1: Ravelin Properties REIT Investor Presentation
Ravelin Properties REIT Investor Presentation May 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking information within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning the REIT’s objectives; its strategies to achieve those objectives; expected G&A savin
Slide 3: Ravelin Properties REIT – At A Glance
Ravelin Properties REIT – At A Glance 6.6M Square Feet1 46 Properties RPR.UN TSX-Listed 30.1% Top 10 tenants (by GLA) 76.7% Occupancy Note: All statistics measured as at March 31, 2025, One small property was sold in April 2025 totaling 0.1 million sf in Oshawa, ON.. 1. At 100% ownership interest of
Slide 4: Select Property Photos - Canada
Select Property Photos - Canada Equinix WI1 Data Centre, Winnipeg West Metro Corporate Centre, Toronto Commerce West, Toronto Maritime Centre, Halifax Blue Cross Centre, Moncton Delta Brunswick Hotel, Saint John | 4
Slide 5: Select Property Photos - Ireland
Select Property Photos - Ireland Ashtown Gate, Dublin IDA Athlone, Athlone Millennium Park, Naas CityWest, Dublin Blackwater House, Mallow Tanola House, Dundalk | 5
Slide 6: Select Property Photos – United States
Select Property Photos – United States 20 South Clark, Chicago 120 South LaSalle, Chicago 275 Northfield, Lake Forest | 6
Slide 7: High Quality Tenant Base
High Quality Tenant Base The REIT’s top 10 tenants have a strong credit profile and a diverse industry mix = 30% of the REIT’s Gross Leasable Area1 4.8% 4.7% 4.4% 4.1% 2.5% 2.4% 2.3% 1.7% 1.6% 1.6% Credit A+ A+ AAA BB+ AA- A1 Unrated BBB- AA Unrated Rating2 Industry Government Financial Government I
Slide 8: Strategic Plan: Three Pillars
Strategic Plan: Three Pillars 1. People • Internalized asset management on December 31, 2024. Key former employees of Slate Asset Management and new incoming employees provide ideal mix of competency, alignment of interests, and continuity. G&A savings of at least $10 million annualized are expected
Slide 9: People Strategy – Asset Manager Cost Savings
People Strategy – Asset Manager Cost Savings The internalization of management eliminated a significant conflict of interest and has already resulted in material savings to the REIT in its first full quarter of internalized operations (in C$000's) Q1 2024 Q1 2025 (charged by SLAM) (post-internalizat
Slide 10: Former Manager Fees & Cost Recoveries Eliminated
Former Manager Fees & Cost Recoveries Eliminated Annual cost savings of at least $10 million expected to be derived from items below: in $C000s Year ended December 31, 2024 2023 Fees charged by the Former Manager per Management Agreement: Property management 5,338 5,600 Management Agreement terminat
Slide 11: People Strategy – Controlling OpEx
People Strategy – Controlling OpEx • Operating cost control is a prime focus for 2025. 70% $40.00 Management views the past decade operating expense creep and NOI margin deterioration as unacceptable 61% $35.00 • Property operations now falls under Ravelin’s new 60% OpEx / SF NOI margin COO - effect
Slide 12: Investing Capital to Reposition for Recovery
Investing Capital to Reposition for Recovery Strategic leasing with strong and growing anchor tenants brings the REIT's second largest office complex (610,000 SF) to 79% leased in Q1/25 from trough of 62% in Q1/23 West Metro (195 TWM) West Metro (185 TWM) (Toronto - Canada) (Toronto - Canada) • Exec
Slide 13: Investing Capital to Reposition for Recovery
Investing Capital to Reposition for Recovery Ireland is experiencing a strong resurgence in tenant demand, and Ravelin is catering to users who are focused on higher energy efficiency upgrades Ashtown Gate CityWest (Dublin - Ireland) (Dublin - Ireland) • Recently upgraded 6,359 SF of vacant space •
Slide 14: Investing Capital to Reposition for Recovery
Investing Capital to Reposition for Recovery New leasing teams in place across key assets in Atlantic Canada, bringing creative ideas and a fresh marketing approach to capture growing demand Brunswick Square Maritime Centre (Saint John - Canada) (Halifax - Canada) • Dot Events Planning first meaning
Slide 15: Looking Ahead - Data Centre Growth Opportunity
Looking Ahead - Data Centre Growth Opportunity Equinix WI1 Data Centre Canadian Equinix data centre Equinix WI1 Data Centre 1450 Waverley Street, Winnipeg, Manitoba • The data centre is ideally located for a low-cost edge destination connecting customers from Eastern and Western Canadian Equinix net
Slide 16: Portfolio Occupancy
Portfolio Occupancy1,2 Management believes the REIT can return occupancy to pre-COVID levels and potentially exceed these levels through better tenant service and enhanced execution capabilities under our new internalized structure 88% 86.6% 86% 83.9% 84% 82.6% 82% Occupancy (%) 80% 78.7% 78% 76.4%
Slide 17: Leasing Maturities and Velocity
Leasing Maturities and Velocity Lease Maturities1 25% 23% 20% 15% % of GLA 15% 12% 12% 10% 8% 8% 7% 7% 7% 5% 1% 0% Month-to-month 2025 2026 2027 2028 2029 2030 2031 2032 and Later Vacant Lease Velocity2 350,000 300,000 250,000 200,000 150,000 100,000 50,000 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20
Slide 18: Vacant Space Lease-Up: Future Rent Commencements
Vacant Space Lease-Up: Future Rent Commencements Year Property Start Date Total Gross Revenue (Year) (Name) (Date) ($000s) 2025 191 The West Mall Aug-01-2025 $128 2025 Cabot Place Apr-01-2025 $63 2025 TD Place May-01-2025 $170 2025 Maritime Centre May-01-2025 $43 2025 Commerce West Jul-01-2025 $253
Slide 19: NOI Recovery Potential – Current Portfolio
NOI Recovery Potential – Current Portfolio Cash NOI1 $130 $123M $120 $9M $110 Delta to prior peak: $100 C$27 million $96M $9M $90 $114M $80 $87M $70 $60 Prior Peak Cash NOI 2024 Cash NOI Total Portfolio (Net of DC & Hotel) Data Centre & Hotel Our properties have demonstrated significant NOI generati
Slide 20: Portfolio Valuation – Discount Rates and Cap Rates
Portfolio Valuation – Discount Rates and Cap Rates Ravelin IFRS Discount Rates1 Peer Group IFRS Discount Rates2 8.8% 8.78% Discount Rate Terminal Cap Rate ~150 bps increase in discount rates from pre-COVID levels 8.1% 7.9% 7.99% 7.64% 7.93% 7.3% 7.27% 7.26% 7.23% 7.1% 7.43% 6.7% 7.05% 6.69% 6.63% 6.
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