Smartcentres Real Estate Investment Trust · TSX:SRU.UN
Smartcentres Real Estate Investment Trust — Investor Presentation (March 2018)
77 slides from Smartcentres Real Estate Investment Trust's investor presentation, March 2018
Slide 1: Investor Presentation
SMART TODAY SMART TOMORROW INVESTOR PRESENTATION Based on Fourth Quarter 2017 March 2018
Slide 2: Notice to Reader
NOTICE TO READER Readers are cautioned that certain terms used in this Investor Presentation (“Presentation”) such as Funds from Operations ("FFO"), Adjusted Funds from Operations ("AFFO"), Adjusted Cashflow from Operations ("ACFO"), "Gross Book Value", "Payout Ratio", "Interest Coverage", "Total De
Slide 3: SmartCentres Real Estate Investment Trust (TSX:SRU.UN)
SMARTCENTRES REAL ESTATE INVESTMENT TRUST (TSX:SRU.UN) ▪ One of Canada’s premier REITs ▪ $4.7 billion equity capitalization (unit price of $29.24 as of March 15, 2018) ▪ $9.4 billion total asset value ▪ 154 shopping centres, 1 office property and 1 mixed-use property across Canada SMARTCENTRES REAL
Slide 4: Track Record of Performance: Total Return to Unitholders
TRACK RECORD OF PERFORMANCE TOTAL RETURN TO UNITHOLDERS ▪ 9.1% average annual return since IPO (as of March 15, 2018) $1,200 $1,000 $896.09 $800 $600 $450.55 $400 $371.76 $200 $0 SmartCentres TSX Capped REIT TSX Composite SMARTCENTRES REAL ESTATE INVESTMENT TRUST 4
Slide 5: Track Record of Performance: Growth in Rental Revenue and FFO
TRACK RECORD OF PERFORMANCE GROWTH IN RENTAL REVENUE GROWTH IN FFO / UNIT ▪ 6.4% CAGR since 2013 ▪ 4.4% CAGR since 2013 Rental Revenue FFO (in millions of $) ($ per unit) 2.20 2.17 727.8 734.0 670.3 2.10 607.6 573.0 1.95 1.85 2013 2014 2015 2016 2017 2013 2014 2015 2016* 2017 * Excludes $0.06 per un
Slide 6: Track Record of Performance: Growth in Total Assets
TRACK RECORD OF PERFORMANCE GROWTH IN TOTAL ASSETS ▪ 34.6% CAGR since 2002 Total Assets (in millions of $) 9,380 8,505 8,739 7,070 7,107 6,480 5,956 4,194 4,237 4,374 3,894 3,584 2,564 1,015 109 229 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SMARTCENTRES REAL EST
Slide 7: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS ▪ The quality of our shopping centre portfolio, which provides very stable core cashflow and exceptional intensification / redevelopment opportunities ▪ The quality and depth of our development team and JV relationships ▪ Our exceptional list of growth initiatives across mu
Slide 8: SmartCentres' Retail Shopping Centre Portfolio
SMARTCENTRES’ RETAIL SHOPPING CENTRE PORTFOLIO ▪ 34.2 million square feet of principally open format shopping centre space ▪ Average age: 14.0 years (youngest in the industry) ➢ Lower capital expenditures ▪ Coast to coast locations ➢ 84% are urban or near urban markets ➢ 88% by square feet in Ontari
Slide 9: SmartCentres' Portfolio
SMARTCENTRES’ PORTFOLIO Province 156 Properties* # Properties / 34.2 million square feet* # Intensification Projects Alberta Manitoba 8/0 3/1 Saskatchewan Quebec BC 5/1 22 / 13 14 / 5 Atlantic Ontario 10 / 0 94 / 36 * Excludes 7 development lands totalling 0.7 million square feet upon completion and
Slide 10: Market Conditions
MARKET CONDITIONS Why is Canada different from the United States ▪ Much lower square feet of retail per person (15 vs. 23) traditionally drives higher rents per square foot ▪ Power Centres and Big Box retail are only 20 years old in Canada, so assets are still very relevant to consumers’ daily shop
Slide 11: Stable Income Base
STABLE INCOME BASE ▪ Average lease term of 5.8 years ▪ Average remaining lease term of 7.1 years for Walmart, with multiple renewal options of up to 80 years ▪ Average remaining lease term excluding Walmart is 4.9 years ▪ 2017 average retention rate was 73% ▪ Average “same property” NOI growth is 1.
Slide 12: Well Tenanted, High Quality Portfolio
WELL TENANTED, HIGH QUALITY PORTFOLIO The following table illustrates the top ten tenants for SmartCentres’ Property Portfolio as at December 31, 2017, in terms of their percentage contribution to gross rental revenues of SmartCentres' Portfolio: % of Average DBRS S&P Moody’s Number Gross Remaining
Slide 13: Current Leasing Environment
CURRENT LEASING ENVIRONMENT ▪ Former Target and Sears space and other smaller bankrupt retailers causing overhang in certain markets (we had two Targets and no Sears) ▪ Fashion segment still rationalizing, but we have limited exposure ▪ Value segment still growing – Dollar stores, Winners, Marshalls
Slide 14: OneREIT Transaction Summary
ONEREIT TRANSACTION SUMMARY ▪ 12 Properties / $429 million ▪ 2.2 million square feet / 93% leased ▪ Ontario (10) / BC (1) / Saskatchewan (1) ▪ 10 Food-anchored / inclusive of 6 Walmarts ▪ NOI of $26 - $28 million (Year 1 to Year 2) ▪ FFO / Unit growth near $0.05 - $0.06 ▪ Average lease term of 7.3 y
Slide 15: OneREIT Transaction – In Effect Two Portfolios
ONEREIT TRANSACTION – IN EFFECT TWO PORTFOLIOS A. Stability ▪ 99.5% leased ▪ Walmart Supercentre anchored ▪ Very strong national tenants / covenants ▪ Coupon clipper B. Growth & Stability ▪ 90% leased ▪ Redevelopment opportunity for part / all of each property ▪ 100,000 square feet of future retail
Slide 16: Highlights of the 12 Property Portfolio
HIGHLIGHTS OF THE 12 PROPERTY PORTFOLIO City Property Province Acquired GLA Leased Major Tenants and Features % (sf) % Walmart, Costco, Mississauga Creekside Crossing 30% 122,402 98% LCBO, Beer Store, RBC, TD, CIBC (New ON dominant urban retail centre) Chilliwack Safeway, Winners, Sport Chek (Strate
Slide 17: Future Growth Strategy
FUTURE GROWTH STRATEGY ▪ Every one of our properties under consideration for development / intensification ▪ Multiple different joint venture relationships are being added to optimize success ▪ In addition to existing land banks, we own over 2,600 acres of parking lots, of which over half are in the
Slide 18: Development Categories
DEVELOPMENT CATEGORIES Residential Senior Residences Retail Apartment Build–out of Office Rentals existing Self Condominiums Storage Outlet Malls Townhouses Penguin Pick-Up SMARTCENTRES REAL ESTATE INVESTMENT TRUST 18
Slide 19: Technology Initiatives
TECHNOLOGY INITIATIVES Charging Stations Mobile Digital Advertising Signs Technology Wifi Building Networks Systems Advertising Kiosks SMARTCENTRES REAL ESTATE INVESTMENT TRUST 19
Slide 20: Deal Structures
DEAL STRUCTURES SC’s Development Team Joint Venture Partners Building Lease Ground Lease Sale of Surplus Land SMARTCENTRES REAL ESTATE INVESTMENT TRUST 20
Slide 21: Major Mixed-Use Real Estate Initiatives
MAJOR MIXED-USE REAL ESTATE INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale GLA ('000sf) / SRU SRU NOI at 100% NOI at SRU Completion Site Project Type Units % Share 100% Share ($M) Share ($M) Year Yield Profit % SRU Share Timing a. KPMG (T#1) Office 360sf 50% $180.0 $90.0 $10.2 $5.1 20
Slide 22: Major Mixed-Use Real Estate Initiatives
MAJOR MIXED-USE REAL ESTATE INITIATIVES Estimated Costs ($M) Estimated Gain on Final Sale GLA ('000sf) / SRU SRU NOI at 100% NOI at SRU Completion Site Project Type Units % Share 100% Share ($M) Share ($M) Year Yield Profit % SRU Share Timing VMC Rental (4) 11. VMC (Apartments) Apartments Apartments
Slide 23: Development Initiatives
DEVELOPMENT INITIATIVES Non Retail • 17 Underway Initiatives • 50 Active • 59+ Future Retail • 25 Underway Developments • 36 Active • 2+ Future SMARTCENTRES REAL ESTATE INVESTMENT TRUST 23
Slide 24: Residential Development Initiatives
RESIDENTIAL DEVELOPMENT INITIATIVES Apartment Rentals ▪ Underway 1 ▪ Active 10 ▪ Future 18+ Condominiums ▪ Underway 5 ▪ Active 9 ▪ Future 12+ Townhouses ▪ Underway 1 ▪ Active 5 ▪ Future 4+ SMARTCENTRES REAL ESTATE INVESTMENT TRUST 24
Slide 25: Development Initiatives
DEVELOPMENT INITIATIVES Self-Storage ▪ Underway 8 ▪ Active 14 ▪ Future 7+ Office ▪ Underway 1 ▪ Active 3 Seniors Residences ▪ Underway 1 ▪ Active 9 ▪ Future 18+ SMARTCENTRES REAL ESTATE INVESTMENT TRUST 25
Slide 26: Retail Development
RETAIL DEVELOPMENT Build-out of existing ▪ Underway 23 ▪ Active 34 Outlet Malls ▪ Existing 2 ▪ Expansions 2 ▪ Future 2 SMARTCENTRES REAL ESTATE INVESTMENT TRUST 26
Slide 27: SmartCentres Retail Intensification
SMARTCENTRES RETAIL INTENSIFICATION ▪ Multiple sites under investigation for intensification. Currently 50+ sites have identified projects ▪ Majority of initial sites in the Greater Toronto Area ▪ Collaborate with JV partners who bring expertise ▪ Can be both new builds or retrofit in existing build
Slide 28: Vaughan Metropolitan Centre (VMC)
VAUGHAN METROPOLITAN CENTRE (“VMC”) ▪ A long term build (10 – 15 years) ▪ A 50:50 JV between SmartCentres and Penguin Investments. Mitchell Goldhar intimately involved in all aspects of the project ▪ Potential density of 18 – 19 million square feet of residential, office and retail development for t
Slide 29: VMC – Aerial
VMC – AERIAL Aerial Overview SMARTCENTRES REAL ESTATE INVESTMENT TRUST 29
Slide 30: VMC – Aerial
VMC – AERIAL Transit Overview SMARTCENTRES REAL ESTATE INVESTMENT TRUST 30
Slide 31: VMC – Phases 1 & 2 of Office Development
VMC – PHASES 1 & 2 OF OFFICE DEVELOPMENT ▪ First development completed – KPMG Tower complex with 365,000 square feet of LEED Gold space, opened in 2016 ▪ 16th Annual Real Estate Excellence (REX) Award for Office Development of the Year for the GTA ▪ Office tenants include KPMG, Green for Life, Mille
Slide 32: VMC – KPMG Tower Lobby
VMC – KPMG TOWER LOBBY SMARTCENTRES REAL ESTATE INVESTMENT TRUST 32
Slide 33: VMC – Transit City Condos
VMC – TRANSIT CITY CONDOS SMARTCENTRES REAL ESTATE INVESTMENT TRUST 33
Slide 34: VMC – PwC-YMCA Tower
VMC – PWC-YMCA TOWER SMARTCENTRES REAL ESTATE INVESTMENT TRUST 34
Slide 35: SmartCentres VMC Central Park
SMARTCENTRES VMC CENTRAL PARK SMARTCENTRES REAL ESTATE INVESTMENT TRUST 35
Slide 36: VMC – Residential Development
VMC – RESIDENTIAL DEVELOPMENT ▪ First residential development is a JV with CentreCourt Developments, an experienced GTA-based condominium developer ▪ Initial plan was for a 55 storey condominium tower with over 500 suites, anchored by a BUCA-branded restaurant and BAR BUCA, together with an associat
Slide 37: VMC – Major Construction Projects in Vicinity
VMC – MAJOR CONSTRUCTION PROJECTS IN VICINITY (2) (1) (3) (1) Liberty office and residential development at Weston Road and Hwy 7 (2) KPMG Tower at VMC (3) Cortellucci residential development at Jane Street and Hwy 7 SMARTCENTRES REAL ESTATE INVESTMENT TRUST 37
Slide 38: Vaughan NW – Residential Development
VAUGHAN NW – RESIDENTIAL DEVELOPMENT ▪ Existing Walmart anchored shopping centre at Major Mackenzie Drive and Weston Road in Vaughan ▪ JV with Fieldgate on 16-acre site to build 230 townhomes in various formats ▪ Construction to commence in late 2018 and possession to occur in early 2020 and into 20
Slide 39: Vaughan NW – Residential Development
VAUGHAN NW – RESIDENTIAL DEVELOPMENT SMARTCENTRES REAL ESTATE INVESTMENT TRUST 39
Slide 40: Laval Centre
LAVAL CENTRE ▪ Lands designated by City as “Centre-Ville”, due to highway and transit access ▪ 43 acre site anchored by a 160,000 square foot Walmart Supercentre ▪ Parcels of land under contract for seniors housing, hotel and office development of 400,000 square feet ▪ JV for 290,000 square feet of
Slide 41: Laval Centre with Jadco
LAVAL CENTRE WITH JADCO ▪ 338 units in the two buildings along with central services SMARTCENTRES REAL ESTATE INVESTMENT TRUST 41
Slide 42: Pointe-Claire, Montreal
POINTE-CLAIRE, MONTREAL ▪ Walmart and Home Depot anchored site in West Montreal purchased in 2016 ▪ Very well-located site in terms of transit and road access ▪ Extensive work has identified new opportunity to add 1 – 2 million square feet of mixed-use development on the perimeter of the property ▪
Slide 43: Pointe-Claire – Existing Conditions
POINTE-CLAIRE – EXISTING CONDITIONS FUTURE REM STATION SMARTCENTRES REAL ESTATE INVESTMENT TRUST 43
Slide 44: Pointe-Claire – Perspective from St-Jean Boul & Hymus Boul
POINTE-CLAIRE – PERSPECTIVE FROM ST-JEAN BOUL & HYMUS BOUL SMARTCENTRES REAL ESTATE INVESTMENT TRUST 44
Slide 45: Westside Mall Toronto
WESTSIDE MALL TORONTO ▪ Inner urban redevelopment site. Currently an approximate 140,000 square foot shopping centre ▪ New Light Rapit Transit (LRT) station as part of Eglinton Cross Town system to open on site ▪ New links to existing GO network will link new East:West to existing North:South transi
Slide 46: Westside Mall Toronto
WESTSIDE MALL TORONTO SMARTCENTRES REAL ESTATE INVESTMENT TRUST 46
Slide 47: StudioCentre
STUDIOCENTRE ▪ StudioCentre is a brownfield location next to Toronto’s eastern waterfront. A former industrial site, today it is an underutilized film production centre ▪ SmartCentres and Penguin Investments intend to revitalize the centre, adding new film production, office, and retail opportunitie
Slide 48: StudioCentre
STUDIOCENTRE Architect’s rendering of potential new site layout SMARTCENTRES REAL ESTATE INVESTMENT TRUST 48
Slide 49: Self Storage
SELF STORAGE ▪ Identified business opportunity to build self storage properties based on market demand with established JV partner ▪ Buildings on average 100,000 square feet to 130,000 square feet ▪ Development yield expected to be 7.5% to 8.5% ▪ Additional returns from sale of land into the JV ▪ 5
Slide 50: Self Storage with SmartStop
SELF STORAGE WITH SMARTSTOP SMARTCENTRES REAL ESTATE INVESTMENT TRUST 50
Slide 51: Retirement Homes
RETIREMENT HOMES ▪ Joint venture with Revera, one of Canada’s largest operators in the senior living sector ▪ Sites already identified in the GTA ▪ Once the pipeline is fully established, expect to complete 5 projects per year ▪ Typical building size is 140,000 square feet, with investment including
Slide 52: Retirement Homes with Revera
RETIREMENT HOMES WITH REVERA SMARTCENTRES REAL ESTATE INVESTMENT TRUST 52
Slide 53: Premium Outlets
PREMIUM OUTLETS ▪ Toronto Premium Outlets ➢ JV with Simon Property Group ➢ 500,000 square feet when all phases are completed ➢ Phase I opened August 1, 2013 ➢ Phase II construction – Underway with new parking facility as part of expansion ➢ Stabilized yield continues to be in the double digits ▪ Mon
Slide 54: Premium Outlets
PREMIUM OUTLETS SMARTCENTRES REAL ESTATE INVESTMENT TRUST 54
Slide 55: Toronto Premium Outlets (TPO) – Expansion
TORONTO PREMIUM OUTLETS (“TPO”) – EXPANSION SMARTCENTRES REAL ESTATE INVESTMENT TRUST 55
Slide 56: TPO Expansion – New Parking Deck
TPO EXPANSION – NEW PARKING DECK SMARTCENTRES REAL ESTATE INVESTMENT TRUST 56
Slide 57: Key Investment Highlights – Our Balance Sheet Will Support Extensive Asset Growth
KEY INVESTMENT HIGHLIGHTS – OUR BALANCE SHEET WILL SUPPORT EXTENSIVE ASSET GROWTH ▪ Unencumbered pool at $3.4 billion = flexibility ▪ Ready access to mortgage and unsecured debt capital when needed = strong liquidity ▪ Payout ratio at 82.8% at Q4 2017. Higher than latest long term target of 77% to 8
Slide 58: Debt Maturity / Leverage (Including OneREIT Transaction)
DEBT MATURITY / LEVERAGE (INCLUDING ONEREIT TRANSACTION) Debt Maturity (in millions of $) 436 347 328 308 300 275 250 250 200 155 150 160 160 140 119 100 87 48 2018 2020 2022 2024 2026 THEREAFTER Secured Debt Debentures ▪ Lower interest costs on refinancing available with 10 year unsecured rates aro
Slide 59: Leverage Profile
LEVERAGE PROFILE Dec. 31 Dec. 31 Dec. 31 Dec. 31 2017 2016 2015 2014 Debt to Aggregate Assets 45.4% 44.3% 44.7%(1) 42.8% Secured Debt to Aggregate Assets 26.1% 29.5% 31.2%(2) 24.7% Unencumbered Assets $3.4B $2.7B $2.5B $2.4B Debt to Adjusted EBITDA 8.4X 8.4X 8.4X(1) 7.4X Interest Coverage 3.1X 3.1X
Slide 60: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE ▪ Total Enterprise Value – $9.0 Billion Secured Mortgage Financing Amount - $2.4 billion 26.7% Weighted Avg Interest Rate – 3.87% Weighted Avg Term to Maturity – 4.6 years Unsecured Debentures Focused on: Amount - $1.81 billion 20.1% Weighted Avg Interest Rate – 3.42%
Slide 61: Stable Cash Flow
STABLE CASH FLOW Payout Ratio to AFFO 90.3% 88.6% 84.7% 81.1% 79.8% 82.8% 2012 2013 2014 2015 2016 2017 ($ per unit) FFO 1.79 1.85 1.95 2.10 2.23* 2.20 AFFO 1.71 1.75 1.84 1.99 2.10* 2.07 Distributions 1.55 1.55 1.56 1.61 1.66 1.71 * includes $9.9 million settlement proceeds associated with the Targ
Slide 62: Ability to Execute
ABILITY TO EXECUTE Strong, Experienced In-House Development Team Partner Relationships Government/Consultant Relationships SMARTCENTRES REAL ESTATE INVESTMENT TRUST 62
Slide 63: In-House Development Experience
IN-HOUSE DEVELOPMENT EXPERIENCE Employees in Development & Leasing Related Functions: # of People 145 # of Years Experience with SmartCentres Average 7.5 years Total 1,088 years # of Years Experience in Real Estate Average 15.0 years Total 2,175 years SMARTCENTRES REAL ESTATE INVESTMENT TRUST 63
Slide 64: In-House Development Skills
IN-HOUSE DEVELOPMENT SKILLS Environmental Planners / Government Engineers / Geotech Developers Relations Specialists Leasing Construction Architects Finance / Lawyers Financial Analysts SMARTCENTRES REAL ESTATE INVESTMENT TRUST 64
Slide 65: Other Issues We Are Monitoring
OTHER ISSUES WE ARE MONITORING ▪ In the coming years, retailers’ businesses will be affected by: ➢ E-commerce ➢ Aging population ➢ Urbanization and the move to more convenient shopping ➢ Changing ethnic mix of population ▪ We will continue to monitor the impact of these issues and will adjust our bu
Slide 66: E-Commerce Response – Penguin Pick-Up
E-COMMERCE RESPONSE – PENGUIN PICK-UP Penguin Pick-Up located at Scarborough (1900 Eglinton) SmartCentre SMARTCENTRES REAL ESTATE INVESTMENT TRUST 66
Slide 67: E-Commerce Responses
E-COMMERCE RESPONSES ▪ Penguin Pick-Up: ➢ Initiative driven by Penguin Investments ➢ Convenient locations for consumers to pick up products ordered online ➢ Drives traffic to shopping centres and supports tenants ➢ 11 SmartCentres locations in place for the initiative at year-end, along with 76 exte
Slide 68: The Best Offense Starts with a Strong Defense - SmartCentres
THE BEST OFFENSE STARTS WITH A STRONG DEFENSE - SMARTCENTRES ▪ Best-in-Class Portfolio ➢ Newest retail portfolio amongst all Canadian peers. 84% located in urban or near urban locations, with strong national tenants as anchors ▪ Strong Financial Position ➢ Strong balance sheet and strong credit metr
Slide 69: Appendix
Appendix SMARTCENTRES REAL ESTATE INVESTMENT TRUST 69
Slide 70: Strategic Relationships
STRATEGIC RELATIONSHIPS ▪ Walmart ▪ Mitchell Goldhar ▪ Simon Property Group ▪ CentreCourt Developments ▪ Jadco Corporation ▪ SmartStop Asset Management ▪ Revera Inc. SMARTCENTRES REAL ESTATE INVESTMENT TRUST 70
Slide 71: Strategic Relationship - Walmart Canada
STRATEGIC RELATIONSHIP - WALMART CANADA ▪ Walmart Canada attributes Number of Walmart Stores ➢ Value pricing and fresh food generates huge traffic ➢ Dominant retailer, 225 295 particularly now with the Other Target and Sears store Shadow SmartCentres closings 13 14 96 101 ➢ Will benefit from the ban
Slide 72: Strategic Relationship - Mitchell Goldhar
STRATEGIC RELATIONSHIP - MITCHELL GOLDHAR ▪ JV Partner ➢ Vaughan Metropolitan Centre ➢ StudioCentre ➢ Salmon Arm ▪ Consultant on mixed use projects ▪ Executive Board Chairman, Trustee and Investment Committee member ▪ Ad hoc advice and council on shopping centre portfolio ▪ Multiple on-going busines
Slide 73: Strategic Relationship - Simon Property Group
STRATEGIC RELATIONSHIP - SIMON PROPERTY GROUP ▪ Largest public real estate company in the U.S. ▪ Engaged primarily in retail real estate properties including regional malls, Premium Outlets and The Mills® ▪ Exceptional relationships with the world’s largest retailers provides strong tenant base for
Slide 74: Strategic Relationship – CentreCourt Developments
STRATEGIC RELATIONSHIP – CENTRECOURT DEVELOPMENTS ▪ Leader in the development of high-rise condominiums in downtown Toronto ▪ Since 2011, CentreCourt has completed and/or is in various stages of developing over 3,000 condominium units in six major high-rise projects with a development value of over
Slide 75: Strategic Relationship – Jadco Corporation
STRATEGIC RELATIONSHIP – JADCO CORPORATION ▪ Well reputed family-owned business ▪ Has gained a strong foothold in the real estate sector in the Greater Montreal Area ▪ Strengths lie in its commitment to excellence in building exceptional living and mixed-used environments ▪ Diversified portfolio com
Slide 76: Strategic Relationship – SmartStop Asset Management
STRATEGIC RELATIONSHIP – SMARTSTOP ASSET MANAGEMENT ▪ Diversified real estate company focused on self storage assets, along with student and senior housing ▪ Portfolio currently includes 65,000 self storage units, 7.5 million rentable square feet and $1 billion of real estate assets under management
Slide 77: Strategic Relationship – Revera Inc.
STRATEGIC RELATIONSHIP – REVERA INC. ▪ Leading owner, operator and investor in the senior living sector ▪ Through various partnerships own over 500 properties in Canada, the United States, and the United Kingdom serving over 55,000 seniors ▪ Offering seniors’ apartments, independent living, assisted
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