Plaza Retail Reit · TSX:PLZ.UN
Plaza Retail Reit — Plazacorp Retail Properties — Merger or Acquisition (April 2013)
10 slides from Plaza Retail Reit's merger presentation, Apr 4, 2013
Slide 1: Plazacorp Retail Properties Ltd. Acquisition of KEYreit
Plazacorp Retail Properties Ltd. Acquisition of KEYreit April 4, 2013
Slide 2: Plazacorp and Transaction Overview
Plazacorp and Transaction Overview Plazacorp Retail Properties Ltd. (“PLZ”) has reached an agreement to acquire KEYreit (“KRE”) (the “Transaction”) This acquisition further solidifies PLZ’s position as Eastern Canada’s leading property owner, developer and manager of unenclosed and enclosed reta
Slide 3: Transaction Rationale
Transaction Rationale Expected high single digit percentage AFFO per share accretion for PLZ Immediate Further reduces PLZ’s industry leading AFFO payout ratio based on Accretion PLZ’s current dividend of $0.225/share Ability to leverage PLZ’s fully internalized management platform to Signific
Slide 4: Terms of the Transaction
Terms of the Transaction $8.35 total consideration per KRE unit Offer Price 35% premium to unaffected price of $6.18/unit* 50% cash / 50% shares for KRE units outstanding, subject to proration Form of Lock-up agreement with John Bitove, KRE’s CEO and largest unitholder Consideration 1.7041
Slide 5: Strong Pro Forma Operating Metrics
Strong Pro Forma Operating Metrics Plazacorp (Pre-Transaction) Plazacorp (Post-Transaction) 118 +192% 345 properties properties 5.2M +23% 6.4M sq. ft. of GLA sq. ft. of GLA 7.3 yrs +3% 7.5 yrs weighted avg. weighted avg. lease term lease term $607M +55% ~$935M total assets total assets ~$334M +20% ~
Slide 6: Enhanced Geographic Diversification
Enhanced Geographic Diversification Total GLA ('000s sq. ft.) Province PLZ KRE PF PLZ Properties Newfoundland 621 - 621 Nova Scotia 1,071 76 1,147 New Brunswick 1,557 17 1,573 118 227 P.E.I. 426 68 493 Québec 1,224 432 1,656 Ontario 262 485 746 Manitoba - 35 35 Saskatchewan - 5 5 Alberta - 114 114 B
Slide 7: Compatibility of Major Tenants
Compatibility of Major Tenants Pro Forma + = Current PLZ Top 10 Tenants KRE Top 10 Tenants Pro Forma PLZ Top 10 Tenants % of % of % of Tenant Min Rent Tenant Min Rent Tenant Min Rent Shopper's Drug Mart 26% Shopper's Drug Mart 26% Shopper's Drug Mart 26% Dollarama 7% Soul Foods (KFC) 19% Soul Foods
Slide 8: Summary Financial Highlights
Summary Financial Highlights Percentage AFFO per share accretion in high single digit range serves to further reduce PLZ’s current industry leading 2013E consensus AFFO payout ratio of ~80% Expect ~$3 million of G&A synergies on a run-rate basis − Elimination of asset and property management fees to
Slide 9: Contact Information for Questions
Contact Information for Questions More information available at: KEYreit’s website: www.keyreit.com SEDAR: www.sedar.com Contact us at: Michael Zakuta, CEO Floriana Cipollone, CFO (514) 457-0997, ext. #228 (416) 848-4583 Plazacorp Retail Properties Ltd. (TSX-V:PLZ) 527 Queen Street, Suite 200 Freder
Slide 10: Forward-Looking Disclaimer
Forward-Looking Disclaimer Certain statements made in this presentation are forward-looking and are subject to risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may cause actual results and events to be materially different than those pr
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