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Acquisition of Camwood Portfolio

Acquisition of Camwood Portfolio. Overview. Eight redeveloped Class I buildings, 230,209 sf, 92.2% leased at closing Two Class I buildings in redevelopment, 55,225 sf, 41.2% leased at closing Total 285,464 sf, 85.7% leased at closing Two pieces of adjoining land 51 surface parking spaces

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Acquisition of Camwood Portfolio

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  1. Acquisition of Camwood Portfolio

  2. Overview • Eight redeveloped Class I buildings, 230,209 sf, 92.2% leased at closing • Two Class I buildings in redevelopment, 55,225 sf, 41.2% leased at closing • Total 285,464 sf, 85.7% leased at closing • Two pieces of adjoining land • 51 surface parking spaces • All located in Toronto target market

  3. Competitive Implications • Increases Toronto portfolio by 18% to 1,894,206 sf • Reduces large-scale direct competitors from three to two • Augments existing concentrations in King West Central, Entertainment District and Downtown East • Augments ability to provide solutions to smaller tenants

  4. 8 Augmentation King West Central • Up from eight to 11 buildings • Up 12.2% From 586,807 sf to 658,456 sf • Richmond-Bathurst Assembly • 579 Richmond Street West • 141 Bathurst Street • Adjoining land • Total land area 27,689 sf • 662 King Street West

  5. King West Central • 579 Richmond Street West • 29,311 sf • Classic b&b interior • 2,568 sf vacant on closing, now leased

  6. King West Central • 141 Bathurst Street • 10,521 sf • Classic b&b interior • 13 parking spaces • No vacancy

  7. King West Central • 662 King Street West • 31,817 sf • Classic b&b interior • 15 parking spaces • 2,900 sf vacant on closing, 1,415 sf now leased, leaving 1,485 sf vacant

  8. Augmentation Entertainment District • Up from eight to 12 buildings • Up 32.8% from 382,890 sf to 508,858 sf • 312 Adelaide Street West • Adelaide-Simcoe Assembly • 208-210 Adelaide Street West • 200 Adelaide Street West • 116 Simcoe Street • Total land area 15,761 sf just off the core

  9. Entertainment District • 312 Adelaide Street West • 71,795 sf • Classic b&b interior • 12,544 sf vacant on closing, 8,142 sf now leased, leaving 4,402 sf vacant

  10. Entertainment District • 208-210 Adelaide Street West • 12,330 sf • Classic b&b interior • No vacancy

  11. Entertainment District • 200 Adelaide Street West • 28,024 sf • Classic b&b interior • No vacancy

  12. Entertainment District • 116 Simcoe Street • 13,819 sf • Modern interior • No vacancy

  13. Augmentation Downtown East • Up from five to eight buildings • Up 22% from 399,557 sf to 487,778 sf • 489 Queen Street East • Properties in Redevelopment • 100 Lombard Street • 145 Berkeley Street

  14. Downtown East • 489 Queen Street East • 32,592 sf • Classic b&b interior • 20 parking spaces • No vacancy

  15. Downtown East • 100 Lombard Street • 44,600sf • Partial b&b interior • 31.8% vacant

  16. Downtown East • 145 Berkeley Street • 10,625 sf • Partial b&b interior • Three parking spaces • 80% vacant

  17. Financial Parameters • Capitalization Rates • Year 1—7.6% • Year 2 and Stabilized—8.3% • Unit Cost • Finished Buildings—$212/SF • Unfinished Buildings—$100/SF • Net Rental Rates • Finished Buildings—$17.50/SF • At or Slightly Below Market

  18. Financial Parameters • Vacancy on Acquisition • Finished Buildings—18,022 SF (7.8%) • Unfinished Buildings—22,746 SF (41.2%) • Vacancy Today • Finished Buildings—5,887 (2.6%) • Unfinished Buildings—unchanged

  19. Financial Implications Additional Financing--$22 Million • $6 million now secured through $12 million upward refinancing of 312 Adelaide Street West for 10 years at 5.45% • Remaining $16 million in first mortgage in progress for year-end closing • Accretive from Day 1 • Escalating accretion in Year 2

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