DUNDEE RE IT S U P P L E M E N T A R Y O P E R A T I N GS U P P L E M E N T A R Y O P E R A T I N GS U P P L E M E N T A R Y O P E R A T I N GS U P P L E M E N T A R Y O P E R A T I N G
I N F O R M A T I O N P A C K A G EI N F O R M A T I O N P A C K A G EI N F O R M A T I O N P A C K A G EI N F O R M A T I O N P A C K A G E A S A T S E P T E M B E R 3 0 , 2 0 0 3 )
w w w . d u n d e e r e i t . c o m
P e o p l e • P r o p e r t i e s • P e r f o r m a n c e
D U N D E E R E I T
S U P P L E M E N T A R Y O P E R A T I N G I N F O R M A T I O N P A C K A G ES U P P L E M E N T A R Y O P E R A T I N G I N F O R M A T I O N P A C K A G ES U P P L E M E N T A R Y O P E R A T I N G I N F O R M A T I O N P A C K A G ES U P P L E M E N T A R Y O P E R A T I N G I N F O R M A T I O N P A C K A G E ( A S O F S E P T E M B E R 3 0 , 2 0 0 3 )
Dundee REIT corporate data
Activity summary
Distribution history
1. Summary of commercial revenue properties as at September 30, 2003 (including total and owned net rentable area; portfolio breakdown charts showing proportional holdings by asset class and region)
2. Summary of office revenue properties as at September 30, 2003 (including year built and renovated; site area; description of asset)
3. Summary of industrial revenue properties as at September 30, 2003 (including year built and renovated; clear ceiling height; site area; description of asset)
4. Summary of retail revenue properties as at September 30, 2003 (including year built and renovated; site area; description of asset; anchor tenants)
5. Average in-place and market rents as at September 30, 2003 (by region and asset class; including monthly tenancies; net and gross rental rates; includes chart detailing contract rent, potential uplift of occupied space to market, and rental loss on vacant space)
6. Annual contracted lease rollovers (2003-2007+) as at September 30, 2003 (by region and asset class; including vacancies and monthly tenancies; square footage and percentage of total)
7. Average expiring rents (2003-2007+) as at September 30, 2003 (by region and asset class; including monthly tenancies)
8. Occupancy by asset as at September 30, 2003 (by property, region and asset class; including number of tenants, average tenant size, average lease term remaining, and occupancy)
Occupancy breakdown (charts detailing average lease term and tenant size by region and asset type)
9. In-place contractual rent step-ups (2003-2007+) as at September 30, 2003 (by region and asset class; including contract base rent)
10. Largest tenants as at September 30, 2003 (largest tenants with location by owned share of GLA; tenants with portfolio wide annualized owned gross rental income of over $500,000)
Note: Numbers may not total to 100% due to rounding
Corpo ra te Da ta
The REIT
Dundee REIT is an unincorporated open-ended real estate investment trust governed by the laws of Ontario. Dundee REIT is a “mutual fund trust” as defined in the Income Tax Act (Canada), but is not a “mutual fund” within the meaning of applicable Canadian securities legislation.
We are a provider of high quality, affordable business premises. We focus on owning, acquiring, leasing and managing mid-sized urban and suburban office and industrial properties in Canada. Our portfolio consists of approximately 11.1 million square feet of gross leasable area, located primarily in our target markets - Toronto, Ottawa, Montréal, Calgary and Edmonton. Our portfolio is well diversified by asset type, geographic location and tenant mix.
Dundee REIT was formed in connection with the reorganization of the business of Dundee Realty Corporation on June 30, 2003, pursuant to which substantially all of Dundee Realty’s commercial real estate division, including senior management, and a joint interest in its property management business were transferred to us. Prior to completing the reorganization, Dundee Realty had established itself as one of Canada’s largest real estate companies and had traded on the Toronto Stock Exchange for six years between July 1997 and June 2003.
REIT Objectives
��Provide unitholders with predictable and sustainable cash distributions, payable monthly and, to the extent reasonably possible, on a Canadian income tax deferred basis, from a portion of the cash flow generated from our commercial revenue producing properties;
��Prudently increase cash distributions as the performance of our underlying business warrants;
�� Improve the overall value of our enterprise through the effective management of our business and finances; and
�� Improve the overall value of our enterprise by acquiring additional commercial revenue producing properties that add value to our overall portfolio.
Distributions
Dundee REIT pays a monthly distribution, equal to at least 80% of Distributable Income on an annualized basis, to unitholders of record on any month end on or about the fifteenth day of the following month. We also have a Distribution Reinvestment and Unit Purchase Plan. For more information, please visit our web site.
Capitalization
(as at September 30, 2003)
Total Assets: $869,632
Debt: $505,743Unitholders’ Equity: $334,894
Commercial Revenue Property Portfolio
As at September 30, 2003: 140 properties (167 buildings) 11,092,115 square feet
Regional Asset Distribution (by square footage, as at September 30, 2003)
Industrial: Québec 46% Ontario 22% Western Canada 32%
Office: Québec 21% Ontario 61% Western Canada 18%
Retail: Ontario 16% Western Canada 27% United States 57%
Average Occupancy Stabilized assets only (as at September 30, 2003)
Office 93% Industrial 94% Retail 93% Total 94%
Core Revenue Property Markets
Montréal, Québec Toronto, Ontario Ottawa, Ontario Edmonton, Alberta Calgary, Alberta
Corporate Headquarters
Dundee Real Estate Investment Trust 30 Adelaide Street East, Suite 1600 Toronto, Ontario, Canada M5C 3H1 Telephone: (416) 365-3535 Fax: (416) 365-6565
Regional Offices
Dundee Realty Management Corp. Montréal, Québec Ottawa, Ontario Edmonton, Alberta Toronto, Ontario Calgary, Alberta
Corporate Information and Stock Exchange Listings
Dundee REIT began trading on the Toronto Stock Exchange (“TSX”) on July 2, 2003. Dundee REIT was formed in connection with the reorganization of the business of Dundee Realty Corporation on June 30, 2003, pursuant to which substantially all of Dundee Realty’s commercial real estate division, including senior management, and a joint interest in its property management business were transferred to the REIT. Dundee Realty was listed on the TSX from July 1997 to June 30, 2003.
As at September 30, 2003, the REIT had 9,433,671 REIT Units, Series A and 7,029,252 LP Class B Units, Series 1 outstanding.
Trading Symbol
D.UN
Transfer Agent
ComputerShare Investor Services Inc. 100 University Avenue, 8th Floor Toronto, Ontario, Canada M5H 2Y1
Board of Trustees
Ned Goodman, Chairman Detlef Bierbaum, Vice-Chairman Günther Bautz Donald Charter Michael Cooper Peter Crossgrove Robert Goodall David Goodman Duncan Jackman Gert Silber-Bonz Robert Tweedy
Executive Officers
Michael J. Cooper President and Chief Executive Officer
Jeff B. Barnes Executive Vice President and Chief Financial Officer
J. Michael Knowlton Executive Vice President and Chief Operating Officer
P. Jane Gavan Executive Vice President and General Counsel
Investor Relations
Dundee Real Estate Investment Trust 30 Adelaide Street East Toronto, Ontario, Canada M5C 3H1
Telephone: (416) 365-3535 Fax: (416) 365-3545 [email protected]
Jeff B. Barnes Executive Vice President and Chief Financial Officer Telephone: (416) 365-3543 Fax: (416) 365-3545 [email protected]
Carol Webb Director, Corporate Communications Telephone: (416) 365-3536 Fax: (416) 365-3545 [email protected]
German-Language Investor Relations
Barbara Wallner Manager, Investor Relations Telephone: (416) 365-3538 Toll free from Germany: (800) 189-0344 Fax: (416) 365-3545 [email protected]
Web Site
www.dundeereit.com
Act i v i t y Summary July 1, 2003 to November 15, 2003 November 2003 ♦ Closed the previously announced public offering of 2,600,000 REIT Units, Series A at
$21.70 per Unit for gross proceeds of $56.4 million. The gross proceeds include $5.1 million arising from the exercise of the over-allotment option by the underwriters
♦ REIT issued monthly distribution of $0.183 per unit October 2003 ♦ Entered into Underwriting Agreement to issue 2,363,637 REIT Units, Series A at a price
of $21.70 per unit to a syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc., and including BMO Nesbitt Burns Inc., Dundee Securities Corporation and National Bank Financial Inc.
♦ Entered into agreement to acquire Palladium Corporate Centre, a 229,000 square foot Class A office complex in suburban Ottawa, Ontario
♦ REIT issued monthly distribution of $0.183 per unit September 2003 ♦ Preliminary Prospectus filed with respect to new issue of REIT Units, Series A ♦ Fair market value for REIT Unit, Series A as of June 30, 2003 determined to be $20.40 ♦ REIT issued monthly distribution of $0.183 per unit August 2003 ♦ REIT issued monthly distribution of $0.183 per unit ♦ Distribution Reinvestment and Unit Purchase Plan launched July 2003 ♦ REIT issued monthly distribution of $0.183 per unit
D i s t r i bu t i on H i s to ry
Distribution Period Record Date Payable Date Distribution (per unit)
Distribution Reinvestment
Price (per unit)
October 1 – October 31, 2003 October 31, 2003 November 15, 2003 $0.183 TBD
September 1 – September 30, 2003 September 30, 2003 October 15, 2003 $0.183 $20.98
August 1 – August 31, 2003 August 29, 2003 September 15, 2003 $0.183 $21.89
July 1 – July 31, 2003 July 31, 2003 August 15, 2003 $0.183 n/a
Table 1: Commercial Revenue Properties September 30, 2003
Property OwnershipTotal GLA in Square Feet
Owned Share of Total GLA
in Square Feet
Quebec Office 100.00% 754,175 754,175Ontario Office 84.04% 2,636,925 2,216,116Western Canada Office 97.15% 674,527 655,324Total Office 89.18% 4,065,627 3,625,615
Quebec Industrial 86.99% 3,239,812 2,818,212Ontario Industrial 87.94% 1,515,923 1,333,109Western Canada Industrial 100.00% 1,925,643 1,925,643Total Industrial 90.95% 6,681,378 6,076,964
Ontario Retail 70.97% 306,051 217,209Western Canada Retail 100.00% 376,938 376,938US Retail 100.00% 795,390 795,390Total Retail 93.99% 1,478,379 1,389,537
Total All Assets 90.73% 12,225,384 11,092,115
Commercial Revenue Properties by Asset Type
54.8%32.7%
12.5%
Industrial
Office
Retail
Office Revenue Properties by Region
61.1%20.8%
18.1%
Ontario
Quebec
Western Canada
Industrial Revenue Properties by Region
21.9%
46.4%
31.7%Ontario
Quebec
Western Canada
Retail Revenue Properties by Region
15.6%
27.1%57.2%
Ontario
Western Canada
United States
Tabl
e 2:
Offic
e R
even
ue P
rope
rtie
sSe
ptem
ber
30, 2003
Pro
pert
yO
wne
rshi
pTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
Tot
al G
LAin
Sq
uare
Fee
t
Year
B
uilt
Year
R
enov
ated
Tota
l Site
A
rea
in
Acr
es
Ow
ned
Shar
e of
Si
te A
rea
in A
cres
Des
crip
tion
of A
sset
7400 B
oule
vard
les
Gal
erie
s d'
Anj
ou, Anj
ou100.0
0%
116,3
08
116,3
08
1987
2.6
2.6
6 s
tore
y su
burb
an o
ffice
bui
ldin
g8250 B
oule
vard
Déc
arie
, M
ontr
éal
100.0
0%
83,9
28
83,9
28
1988
1.7
1.7
4 s
tore
y su
burb
an o
ffice
bui
ldin
g3-2
43 P
lace
Fro
nten
ac, Poi
nte-
Cla
ire100.0
0%
67,2
54
67,2
54
1976
5.4
5.4
Sing
le s
tore
y su
burb
an o
ffice
bui
ldin
g7450 B
oule
vard
les
Gal
erie
s d'
Anj
ou, Anj
ou100.0
0%
66,5
09
66,5
09
1985
2.2
2.2
5 s
tore
y su
burb
an o
ffice
bui
ldin
g953-9
81 R
ue S
t-Je
an, Poi
nte
Cla
ire100.0
0%
63,1
56
63,1
56
1985
2.6
2.6
One
4 s
tore
y su
burb
an o
ffice
bui
ldin
g an
d on
e si
ngle
sto
rey
reta
il bu
ildin
g.8200 B
oule
vard
Déc
arie
, M
ontr
éal
100.0
0%
60,5
80
60,5
80
1982
1.8
1.8
3 s
tore
y su
burb
an o
ffice
bui
ldin
g1 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
43,0
94
43,0
94
1978
3.6
3.6
3 s
tore
y su
burb
an o
ffice
bui
ldin
g w
ith g
rade
ret
ail
768-7
90 B
oule
vard
Déc
arie
, St
-Lau
rent
100.0
0%
35,7
76
35,7
76
1986
1992
0.6
0.6
3 s
tore
y su
burb
an o
ffice
bui
ldin
g w
ith g
rade
ret
ail
2 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
35,5
98
35,5
98
1976
1.5
1.5
3 s
tore
y su
sbur
ban
offic
e bu
ildin
g9045 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
31,3
48
31,3
48
1974
1.7
1.7
2 s
tore
y su
burb
an o
ffice
bui
ldin
g8 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
29,9
23
29,9
23
1981
0.8
0.8
2 s
tore
y su
burb
an o
ffice
bui
ldin
g3 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
27,9
01
27,9
01
1978
1.8
1.8
1 s
tore
y su
burb
an c
omm
erci
al b
uild
ing
3669-3
681 B
oule
vard
des
Sou
rces
, D
olla
rd d
es O
rmea
ux100.0
0%
24,8
46
24,8
46
1982
1.3
1.3
2 s
tore
y su
burb
an o
ffice
bui
ldin
g5 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
19,2
88
19,2
88
1981
1.5
1.5
2 s
tore
y su
burb
an o
ffice
bui
ldin
g9675 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
18,2
94
18,2
94
1974
1.3
1.3
2 s
tore
y su
burb
an o
ffice
bui
ldin
g9545 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
18,5
72
18,5
72
1974
1.2
1.2
2 s
tore
y si
ngle
ten
ant
offic
e bu
ildin
g985 B
oule
vard
St-
Jean
, Poi
nte-
Cla
ire100.0
0%
11,8
00
11,8
00
1985
1.4
1.4
1 s
tore
y su
burb
an c
omm
erci
al b
uild
ing
Tota
l Que
bec
Offic
e100.0
0%
754,1
75
754,1
75
33.0
33.0
110 O
'Con
nor
Stre
et, O
ttaw
a100.0
0%
189,1
73
189,1
73
1970
1998, 1999
0.5
0.5
14 s
tore
y co
re o
ffice
bui
ldin
g w
ith g
rade
ret
ail
222-2
30 Q
ueen
Str
eet
(Cap
itol S
quar
e), O
ttaw
a83.6
4%
204,1
96
170,7
90
1972
1991, 2001
0.6
0.5
14 s
tore
y co
re o
ffice
bui
ldin
g w
ith g
rade
ret
ail
25 F
itzge
rald
Roa
d, N
epea
n100.0
0%
120,0
00
120,0
00
1998
6.0
6.0
4 s
tore
y si
ngle
ten
ant
subu
rban
offi
ce b
uild
ing
1145 H
unt
Clu
b R
oad,
Ott
awa
100.0
0%
89,2
10
89,2
10
1990
4.0
4.0
6 s
tore
y su
burb
an o
ffice
bui
ldin
g1 A
ntar
es, O
ttaw
a100.0
0%
71,4
82
71,4
82
1990
5.0
5.0
6 s
tore
y su
burb
an o
ffice
bui
ldin
g21 F
itzge
rald
Driv
e, N
epea
n100.0
0%
41,7
06
41,7
06
1986
1996
3.0
3.0
2 s
tore
y si
ngle
ten
ant
subu
rban
offi
ce b
uild
ing
Woo
dbin
e St
eele
s C
orpo
rate
Cen
tre,
Mar
kham
100.0
0%
290,5
58
290,5
58
1986
7.5
7.5
One
9 s
tore
y an
d tw
o 4 s
tore
y su
burb
an o
ffice
bui
ldin
gsC
ente
nnia
l Cen
tre,
Tor
onto
100.0
0%
236,8
36
236,8
36
1985
11.2
11.2
Eigh
t bu
ildin
g 1,
2,
and
3 s
tore
y su
burb
an o
ffice
com
plex
Stat
e St
reet
Fin
anci
al C
entr
e, T
oron
to50.0
0%
413,9
34
206,9
67
1958
2001
1.3
0.7
17 s
tore
y do
wnt
own
offic
e bu
ildin
g151 B
loor
Str
eet
Wes
t, T
oron
to100.0
0%
171,3
74
171,3
74
1961
1990, 2003
0.5
0.5
12 s
tore
y m
id-t
own
offic
e bu
ildin
g w
ith g
rade
ret
ail
2 S
t. C
lair
Ave
nue
East
, To
ront
o100.0
0%
154,8
66
154,8
66
1977
1984, 2001
0.6
0.6
14 s
tore
y m
idto
wn
offic
e bu
ildin
g w
ith g
rade
and
sub
-gra
de r
etai
l con
cour
se21 S
t. C
lair
Ave
nue
East
, To
ront
o100.0
0%
109,5
46
109,5
46
1970
2001
0.5
0.5
14 s
tore
y m
idto
wn
offic
e bu
ildin
g w
ith g
rade
ret
ail
56 W
elle
sley
Str
eet
Wes
t, T
oron
to50.0
0%
215,7
26
107,8
63
1972
1991
0.5
0.3
17 s
tore
y co
re o
ffice
bui
ldin
g w
ith g
rade
ret
ail
5 P
ark
Hom
e Ave
nue,
Tor
onto
100.0
0%
89,3
19
89,3
19
1987
0.5
0.5
6 s
tore
y su
burb
an r
etai
l with
gra
de r
etai
l con
cour
se110 S
hepp
ard
Ave
nue
East
, To
ront
o50.0
0%
145,1
46
72,5
73
1993
1.2
0.6
10 s
tore
y su
burb
an o
ffice
bui
ldin
g2400-2
430 M
eado
wpi
ne B
oule
vard
, M
issi
ssau
ga100.0
0%
59,7
11
59,7
11
1982
6.1
6.1
Four
2 s
tore
y of
fice
build
ings
70 R
ichm
ond
Stre
et E
ast,
Tor
onto
100.0
0%
34,1
42
34,1
42
1908
1982
0.2
0.2
4 s
tore
y co
re o
ffice
bui
ldin
gTo
tal O
ntar
io O
ffic
e84.0
4%
2,6
36,9
25
2,2
16,1
16
#V
ALU
E!
49.2
47.6
Pre
ston
Cen
tre,
Sas
kato
on100.0
0%
62,4
44
62,4
44
1988
1998, 2003
3.1
3.1
3 s
tore
y su
burb
an o
ffice
bui
ldin
g w
ith g
rade
ret
ail
EPC
OR
Cen
tre,
Edm
onto
n90.0
0%
192,0
29
172,8
26
1975
1995, 2001
0.5
0.5
20 s
tore
y co
re o
ffice
bui
ldin
g w
ith g
rade
and
sub
-gra
de r
etai
lR
osly
n B
uild
ing,
Cal
gary
100.0
0%
129,4
46
129,4
46
1966
2003
0.5
0.5
10 s
tore
y do
wnt
own
offic
e bu
ildin
gK
ensi
ngto
n H
ouse
, C
alga
ry100.0
0%
76,8
24
76,8
24
1982
0.6
0.6
5 s
tore
y m
idto
wn
offic
e bu
ildin
g w
ith g
rade
ret
ail
Stat
ion
Tow
er, Su
rrey
100.0
0%
213,7
84
213,7
84
1994
1.0
1.0
18 s
tore
y su
burb
an o
ffice
bui
ldin
g w
ith g
rade
ret
ail
Tota
l Wes
tern
Can
ada
Offic
e97.1
5%
674,5
27
655,3
24
#V
ALU
E!
5.7
5.6
Tota
l Offic
e89.1
8%
4,0
65,6
27
3,6
25,6
15
#V
ALU
E!
87.9
86.3
Tabl
e 3
: In
dust
rial
Rev
enue
Pro
pert
ies
Sept
embe
r 3
0,
20
03
Pro
pert
yO
wne
rshi
pTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
Tot
al G
LAin
Sq
uare
Fee
tYe
ar B
uilt
Year
R
enov
ated
Cle
ar C
eilin
g H
eigh
t (W
areh
ouse
C
ompo
nent
)
Tota
l Site
A
rea
in
Acr
es
Ow
ned
Shar
e of
Si
te A
rea
in A
cres
Des
crip
tion
of A
sset
3901 R
ue J
arry
Est
, M
ontr
éal
100.0
0%
174,0
13
174,0
13
1988
11'
7.7
7.7
Mul
ti-te
nant
offi
ce-w
areh
ouse
105-1
25 M
onte
e de
Lie
sse,
St-
Laur
ent
100.0
0%
159,8
48
159,8
48
1976
18'
6.1
6.1
Dua
l-ten
ant
indu
stria
l war
ehou
se900-9
50 B
oule
vard
St-
Mar
tin, La
val
100.0
0%
142,6
93
142,6
93
1974
1989
22'
7.7
7.7
Mul
ti-te
nant
indu
stria
l-war
ehou
se375-4
55 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
138,8
38
138,8
38
1972
16'
6.1
6.1
Mul
ti-te
nant
indu
stria
l war
ehou
se295-3
71 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
134,6
73
134,6
73
1973
16'
6.1
6.1
Mul
ti-te
nant
indu
stria
l war
ehou
se457-4
91 a
nd 4
95-5
33 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
134,5
61
134,5
61
1971
16'
6.3
6.3
Mul
ti-te
nant
indu
stria
l-war
ehou
se105-1
45 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
116,6
11
116,6
11
1974
1996
23'
4.5
4.5
Two
build
ing
sing
le t
enan
t of
fice-
war
ehou
se2000 R
ue H
alpe
rn (
Mic
helin
War
ehou
se),
St-
Laur
ent
20.0
0%
527,0
00
105,4
00
1976
30'
19.5
3.9
Sing
le t
enan
t in
dust
rial w
areh
ouse
350-3
60 R
ue L
ebea
u, S
t-La
uren
t100.0
0%
73,8
00
73,8
00
1972
18'
3.3
3.3
Dua
l ten
ant
indu
stria
l war
ehou
se290-3
16 R
ue B
enja
min
-Hud
on &
165 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
67,0
35
67,0
35
1973
18'
3.2
3.2
Mul
ti-te
nant
indu
stria
l-war
ehou
se555 a
nd 6
04-6
78 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
66,8
41
66,8
41
1973
16'
2.9
2.9
Mul
ti-te
nant
indu
stria
l war
ehou
se9601-9
665 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
66,5
42
66,5
42
1969
16'
3.4
3.4
Mul
ti-te
nant
indu
stria
l-war
ehou
se9551-9
599 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
64,4
93
64,4
93
1968
16'
3.3
3.3
Mul
ti-te
nant
indu
stria
l-war
ehou
se10113-1
0161 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
63,1
77
63,1
77
1972
16'
3.3
3.3
Mul
ti-te
nant
indu
stria
l-war
ehou
se10205-1
0255 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
62,4
83
62,4
83
1972
15'
3.4
3.4
Mul
ti-te
nant
indu
stria
l-war
ehou
se2789-2
855 B
oule
vard
Le
Cor
busi
er, La
val
100.0
0%
59,3
70
59,3
70
1972
18'
3.3
3.3
Mul
ti-te
nant
indu
stria
l war
ehou
se4575-4
605 R
ue H
ickm
ore,
St-
Laur
ent
100.0
0%
57,7
02
57,7
02
1973
18'
2.7
2.7
Mul
ti-te
nant
indu
stria
l-war
ehou
se300 A
venu
e La
bros
se, Poi
nte-
Cla
ire100.0
0%
55,3
33
55,3
33
1974
18'
2.7
2.7
Two
stor
ey s
ingl
e te
nant
offi
ce-w
areh
ouse
9501-9
521 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
55,0
90
55,0
90
1968
16'
2.3
2.3
Mul
ti-te
nant
indu
stria
l-war
ehou
se295-3
41 R
ue B
enja
min
-Hud
on &
255 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
53,5
43
53,5
43
1972
16'
2.6
2.6
Mul
ti-te
nant
indu
stria
l-war
ehou
se9701-9
745 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
52,6
60
52,6
60
1969
16'
2.3
2.3
Mul
ti-te
nant
indu
stria
l-war
ehou
se3961-4
015 A
venu
e R
ober
t, M
ontr
éal
100.0
0%
52,4
47
52,4
47
1986
17'
1.6
1.6
Mul
ti-te
nant
offi
ce-w
areh
ouse
700-7
40 R
enau
d, 9
125 a
nd 9
135 C
ote
de L
iess
e, D
orva
l100.0
0%
51,1
81
51,1
81
1968
16'
3.0
3.0
Mul
ti-te
nant
indu
stria
l war
ehou
se9 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
50,6
00
50,6
00
1976
18'
1.5
1.5
Mul
ti-te
nant
indu
stria
l-war
ehou
se601-6
23 R
ue L
e B
reto
n, L
ongu
euil
100.0
0%
48,7
88
48,7
88
1976
16'
3.1
3.1
Mul
ti-te
nant
indu
stria
l-war
ehou
se601-6
31 R
ue B
éria
ult,
Lon
gueu
il100.0
0%
48,7
09
48,7
09
1988
22'
3.4
3.4
Mul
ti-te
nant
indu
stria
l-war
ehou
se2115-2
147 R
ue d
e la
Pro
venc
e, L
ongu
euil
100.0
0%
48,1
74
48,1
74
1986
18'
2.9
2.9
Mul
ti-te
nant
indu
stria
l-war
ehou
se605-6
07 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
43,7
09
43,7
09
1973
16'
2.2
2.2
Sing
le t
enan
t in
dust
rial-w
areh
ouse
25 R
ue d
e La
uzon
, B
ouch
ervi
lle100.0
0%
43,4
52
43,4
52
1988
20'
2.7
2.7
Mul
ti-te
nant
offi
ce w
areh
ouse
11 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
41,1
55
41,1
55
1976
18'
1.9
1.9
Mul
ti-te
nant
indu
stria
l-war
ehou
se500-5
10 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
39,3
90
39,3
90
1973
18'
1.7
1.7
Sing
le t
enan
t in
dust
rial w
areh
ouse
220-2
30 R
ue L
ebea
u, S
t-La
uren
t100.0
0%
36,0
00
36,0
00
1973
18'
1.9
1.9
Mul
ti-te
nant
indu
stria
l war
ehou
se470-4
72 R
ue D
esla
urie
rs, St
-Lau
rent
100.0
0%
35,5
59
35,5
59
1973
18'
1.6
1.6
Sing
le t
enan
t in
dust
rial-w
areh
ouse
9335-9
395 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
31,8
01
31,8
01
1967
16'
1.7
1.7
Mul
ti-te
nant
indu
stria
l war
ehou
se9405-9
475 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
31,3
21
31,3
21
1967
15'
1.7
1.7
Mul
ti-te
nant
indu
stria
l-war
ehou
se7 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
31,5
00
31,5
00
1976
18'
2.4
2.4
Mul
ti-te
nant
indu
stria
l-war
ehou
se742 A
venu
e R
enau
d, D
orva
l100.0
0%
30,3
81
30,3
81
1968
16'
1.6
1.6
Sing
le t
enan
t in
dust
rial w
areh
ouse
35 R
ue d
e La
uzon
, B
ouch
ervi
lle100.0
0%
28,1
40
28,1
40
1990
20'
2.3
2.3
Mul
ti-te
nant
offi
ce w
areh
ouse
874-8
96 R
ue T
rans
Can
ada,
Lon
gueu
il100.0
0%
27,8
36
27,8
36
1989
20'
1.9
1.9
Mul
ti-te
nant
indu
stria
l-war
ehou
se938-9
52 R
ue T
rans
Can
ada,
Lon
gueu
il100.0
0%
27,8
26
27,8
26
1989
20'
1.9
1.9
Mul
ti-te
nant
indu
stria
l-war
ehou
se908-9
26 R
ue T
rans
Can
ada,
Lon
gueu
il100.0
0%
27,6
45
27,6
45
1989
20'
1.9
1.9
Mul
ti-te
nant
indu
stria
l-war
ehou
se982-1
002 R
ue T
rans
Can
ada,
Lon
gueu
il100.0
0%
27,4
15
27,4
15
1988
20'
1.9
1.9
Mul
ti-te
nant
indu
stria
l-war
ehou
se200-2
10 R
ue L
ebea
u, S
t-La
uren
t100.0
0%
26,5
50
26,5
50
1973
19'
1.4
1.4
Sing
le t
enan
t in
dust
rial-w
areh
ouse
735-7
43 A
venu
e R
enau
d, D
orva
l100.0
0%
23,3
86
23,3
86
1973
16'
1.2
1.2
Sing
le t
enan
t of
fice-
war
ehou
se9010-9
060 R
ue R
yan,
Dor
val
100.0
0%
23,0
63
23,0
63
1973
15'
1.3
1.3
Mul
ti-te
nant
indu
stria
l-war
ehou
se9245 a
nd 9
255 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
100.0
0%
19,1
78
19,1
78
1974
16'
1.9
1.9
Mul
ti-te
nant
indu
stria
l war
ehou
se10 P
lace
du
Com
mer
ce, B
ross
ard
100.0
0%
18,3
00
18,3
00
2001
16'
2.6
2.6
Sing
le t
enan
t in
dust
rial-w
areh
ouse
Tota
l Que
bec
Indu
strial
86.9
9%
3,2
39,8
12
2,8
18,2
12
1977
18'
156.0
140.4
2110-2
160 W
illia
ms
Par
kway
, B
ram
pton
100.0
0%
228,6
68
228,6
68
1991
1998
20'
11.7
11.7
Four
bui
ldin
g m
ulti-
tena
nt in
dust
rial-w
areh
ouse
77 F
ima
Cre
scen
t, T
oron
to100.0
0%
212,1
10
212,1
10
1966
21'
8.0
8.0
Mul
ti-te
nant
indu
stria
l war
ehou
se2155 S
teel
es A
venu
e Ea
st a
nd 7
956 T
orbr
am R
oad,
Bra
mpt
on100.0
0%
153,7
02
153,7
02
1987
22'
8.5
8.5
Thre
e bu
ildin
g m
ulti-
tena
nt in
dust
rial w
areh
ouse
51 C
alda
ri R
oad,
Vau
ghan
100.0
0%
148,0
31
148,0
31
1991
20'
7.4
7.4
Two
build
ing
mul
ti-te
nant
indu
stria
l-war
ehou
se7600 D
anbr
o C
resc
ent,
Mis
siss
auga
100.0
0%
137,7
28
137,7
28
1989
27'
7.5
7.5
Sing
le t
enan
t in
dust
rial-w
areh
ouse
1070-1
100 M
idw
ay B
oule
vard
, M
issi
ssau
ga100.0
0%
83,3
68
83,3
68
1984
20'
4.1
4.1
Two
build
ing
mul
ti-te
nant
indu
stria
l war
ehou
se1820 Ir
onst
one
Driv
e, B
urlin
gton
100.0
0%
81,7
76
81,7
76
1980
22'
4.8
4.8
Sing
le t
enan
t in
dust
rial w
areh
ouse
Pro
pert
yO
wne
rshi
pTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
Tot
al G
LAin
Sq
uare
Fee
tYe
ar B
uilt
Year
R
enov
ated
Cle
ar C
eilin
g H
eigh
t (W
areh
ouse
C
ompo
nent
)
Tota
l Site
A
rea
in
Acr
es
Ow
ned
Shar
e of
Si
te A
rea
in A
cres
Des
crip
tion
of A
sset
6500 K
itim
at R
oad,
Mis
siss
auga
100.0
0%
59,6
00
59,6
00
1982
22'
3.9
3.9
Sing
le t
enan
t in
dust
rial w
areh
ouse
1020 L
orim
ar A
venu
e an
d 7115 T
omke
n R
oad,
Mis
siss
auga
100.0
0%
52,2
95
52,2
95
1989
20'
2.3
2.3
Two
build
ing
mut
li-te
nant
indu
stria
l war
ehou
se55 Id
ema
Roa
d, M
arkh
am100.0
0%
36,7
20
36,7
20
1971
16'
2.6
2.6
Sing
le t
enan
t in
dust
rial w
areh
ouse
120 V
alle
ywoo
d D
rive,
Mar
kham
50.0
0%
59,4
25
29,7
13
1987
20'
3.4
1.7
Sing
le t
enan
t of
fice-
war
ehou
se1500-1
520 T
rinity
Driv
e, M
issi
ssau
ga100.0
0%
29,7
59
29,7
59
1983
16'
2.0
2.0
Two
build
ing
mul
ti-te
nant
indu
stria
l war
ehou
se85 Id
ema
Roa
d, M
arkh
am100.0
0%
28,6
05
28,6
05
1971
16'
2.0
2.0
Sing
le t
enan
t in
dust
rial w
areh
ouse
2301 R
oyal
Win
dsor
Driv
e, M
issi
ssau
ga25.0
0%
106,3
41
26,5
85
1987
22'
6.1
1.5
Mul
ti-te
nant
inds
utria
l war
ehou
se2311 R
oyal
Win
dsor
Driv
e, M
issi
ssau
ga25.0
0%
97,7
95
24,4
49
1977
22'
5.5
1.4
Mul
ti-te
nant
indu
stria
l war
ehou
seTo
tal O
ntar
io I
ndus
tria
l87.9
4%
1,5
15,9
23
1,3
33,1
09
1984
21'
79.8
69.4
Ford
War
ehou
se, Ed
mon
ton
100.0
0%
246,0
00
246,0
00
1980
30'
13.7
13.7
Sing
le-t
enan
t in
dust
rial w
areh
ouse
15303-1
28th
Ave
nue,
Edm
onto
n100.0
0%
178,0
00
178,0
00
1977
25'
13.5
13.5
Mul
ti-te
nant
indu
stria
l war
ehou
seAlb
erta
Par
k, E
dmon
ton
100.0
0%
127,0
98
127,0
98
1981
22'
5.2
5.2
Four
bui
ldin
g on
e an
d tw
o st
orey
mul
ti-te
nant
offi
ce w
areh
ouse
Bon
aven
ture
Cen
tre,
Edm
onto
n100.0
0%
113,9
93
113,9
93
1978
22'
7.0
7.0
Two
build
ing
mul
ti-te
nant
indu
stria
l war
ehou
sePar
kway
Eas
t B
uild
ing
II, E
dmon
ton
100.0
0%
57,7
77
57,7
77
1977
18'
3.0
3.0
Mul
ti-te
nant
indu
stria
l war
ehou
sePar
kway
Eas
t B
uild
ing
I, Ed
mon
ton
100.0
0%
48,2
63
48,2
63
1977
18'
2.6
2.6
Mul
ti-te
nant
indu
stria
l war
ehou
seC
entr
al W
eb O
ffset
, Ed
mon
ton
100.0
0%
44,5
00
44,5
00
1977
20'
2.0
2.0
Two
stor
ey s
ingl
e te
nant
offi
ce-w
areh
ouse
Offi
ce 9
9, Ed
mon
ton
100.0
0%
23,1
68
23,1
68
1975
13'
1.4
1.4
Mul
ti-te
nant
offi
ce-w
areh
ouse
7102-7
220 B
arlo
w T
rail
SE, C
alga
ry100.0
0%
222,5
70
222,5
70
1979
22'
9.7
9.7
Mul
ti-te
nant
indu
stria
l war
ehou
se2705-2
737 5
7th
Ave
nue
SE, C
alga
ry100.0
0%
108,8
00
108,8
00
1977
20'
5.1
5.1
Sing
le t
enan
t in
dust
rial-w
areh
ouse
7004-7
042 3
0th
Str
eet
SE, C
alga
ry100.0
0%
94,2
08
94,2
08
1976
18'
5.3
5.3
Mul
ti-te
nant
indu
stria
l-war
ehou
se4710-4
760 1
4th
Str
eet
NE,
Cal
gary
100.0
0%
72,7
80
72,7
80
1976
18'
4.0
4.0
Mul
ti-te
nant
indu
stria
l-war
ehou
se1139-1
165 4
0th
Ave
nue
NE,
Cal
gary
100.0
0%
57,3
44
57,3
44
1974
20'
2.9
2.9
Mul
ti-te
nant
indu
stria
l war
ehou
se501-5
29 3
6th
Ave
nue
SE, C
alga
ry100.0
0%
57,1
45
57,1
45
1974
18'
2.9
2.9
Mul
ti-te
nant
indu
stria
l-war
ehou
se4504-4
576 1
4th
Str
eet
NE,
Cal
gary
100.0
0%
57,0
90
57,0
90
1976
16'
4.1
4.1
Mul
ti-te
nant
indu
stria
l-war
ehou
se4402-4
434 1
0th
Str
eet
NE,
Cal
gary
100.0
0%
54,0
00
54,0
00
1974
16'
3.1
3.1
Mul
ti-te
nant
indu
stria
l-war
ehou
se535-5
61 3
6th
Ave
nue
SE, C
alga
ry100.0
0%
39,9
40
39,9
40
1974
16'
1.9
1.9
Mul
ti-te
nant
indu
stria
l-war
ehou
seH
ighf
ield
Indu
stria
l Bui
ldin
g, C
alga
ry100.0
0%
30,1
30
30,1
30
1975
18'
1.6
1.6
Mul
ti-te
nant
indu
stria
l-war
ehou
se6804-6
818 3
0th
Str
eet
SE, C
alga
ry100.0
0%
30,0
00
30,0
00
1976
16'
1.2
1.2
Mul
ti-te
nant
indu
stria
l-war
ehou
se6023-6
039 C
entr
e St
reet
Sou
th, C
alga
ry100.0
0%
28,8
00
28,8
00
1973
15'
1.5
1.5
Mul
ti-te
nant
ret
ail-w
areh
ouse
4502-4
516 1
0th
Str
eet
NE,
Cal
gary
100.0
0%
28,8
00
28,8
00
1974
16'
1.4
1.4
Mul
ti-te
nant
indu
stria
l-war
ehou
se6043-6
055 C
entr
e St
reet
Sou
th, C
alga
ry100.0
0%
25,2
00
25,2
00
1973
15'
1.3
1.3
Mul
ti-te
nant
ret
ail-w
areh
ouse
530-5
44 3
8A A
venu
e SE
, C
alga
ry100.0
0%
24,0
00
24,0
00
1974
16'
1.2
1.2
Mul
ti-te
nant
indu
stria
l-war
ehou
se1135-1
149 4
5th
Ave
nue
NE,
Cal
gary
100.0
0%
21,6
00
21,6
00
1974
16'
1.3
1.3
Mul
ti-te
nant
indu
stria
l war
ehou
se4620-4
640 1
1th
Str
eet
NE,
Cal
gary
100.0
0%
21,0
97
21,0
97
1971
16'
1.4
1.4
Mul
ti-te
nant
indu
stria
l-war
ehou
se102-1
14 6
1st
Ave
nue
SW, C
alga
ry100.0
0%
18,9
00
18,9
00
1973
14'
1.1
1.1
Mul
ti-te
nant
ret
ail-w
areh
ouse
4001-4
019 2
3rd
Str
eet
NE,
Cal
gary
100.0
0%
15,8
40
15,8
40
1976
16'
1.1
1.1
Mul
ti-te
nant
indu
stria
l-war
ehou
se2915-2
925 5
8th
Ave
nue
SE, C
alga
ry100.0
0%
15,6
00
15,6
00
1976
16'
1.0
1.0
Mul
ti-te
nant
indu
stria
l-war
ehou
se4515-4
519 1
st S
tree
t SE
, C
alga
ry100.0
0%
14,4
00
14,4
00
1969
16'
0.7
0.7
Mul
ti-te
nant
ret
ail-w
areh
ouse
3503-3
521 6
2nd
Ave
nue
SE, C
alga
ry100.0
0%
13,2
00
13,2
00
1975
13'
1.2
1.2
Mul
ti-te
nant
indu
stria
l-war
ehou
se4501-4
509 1
st S
tree
t SE
, C
alga
ry100.0
0%
13,2
00
13,2
00
1970
16'
0.7
0.7
Mul
ti-te
nant
ret
ail-w
areh
ouse
4523-4
529 1
st S
tree
t SE
, C
alga
ry100.0
0%
11,4
00
11,4
00
1969
13'
0.7
0.7
Mul
ti-te
nant
ret
ail-w
areh
ouse
7122-7
126 B
arlo
w T
rail
SE, C
alga
ry100.0
0%
5,4
00
5,4
00
1979
16'
0.2
0.2
Mul
ti-te
nant
indu
stria
l-war
ehou
se7128-7
132 B
arlo
w T
rail
SE, C
alga
ry100.0
0%
5,4
00
5,4
00
1979
16'
0.2
0.2
Mul
ti-te
nant
indu
stria
l-war
ehou
seTo
tal W
este
rn C
anad
a In
dust
rial
100.0
0%
1,9
25,6
43
1,9
25,6
43
1977
21'
105.1
105.1
Tota
l Ind
ustr
ial
90.9
5%
6,6
81,3
78
6,0
76,9
64
1979
19'
340.9
314.9
Tabl
e 4:
Ret
ail R
even
ue P
rope
rtie
sSe
ptem
ber
30, 2003
Pro
pert
yO
wne
rshi
pTo
tal G
LAin
Sq
uare
Fee
tA
ncho
r G
LA
Ow
ned
Shar
e of
Tot
al G
LAin
Sq
uare
Fee
tYe
ar B
uilt
Year
Ren
ovat
ed
Tota
l Site
A
rea
in
Acr
es
Ow
ned
Shar
e of
Si
te A
rea
in A
cres
Des
crip
tion
of A
sset
Anc
hor(
s)
Sim
coe
Tow
n C
entr
e, S
imco
e100.0
0%
128,3
67
57,8
67
128,3
67
1982
1994, 2001
8.2
8.2
One
leve
l com
mun
ity m
all
Gia
nt T
iger
, A&
PC
ente
nnia
l Mal
l, B
ram
pton
50.0
0%
177,6
84
113,7
10
88,8
42
1974
14.5
7.3
One
leve
l com
mun
ity m
all
Zelle
rs,
Food
Bas
ics
(A&
P)
Tota
l Ont
ario
Ret
ail
70.9
7%
306,0
51
171,5
77
217,2
09
#V
ALU
E!
22.7
15.5
Nor
thga
te M
all,
Reg
ina
100.0
0%
330,8
83
162,6
00
330,8
83
1965
1998, 1999, 2002
23.0
23.0
One
leve
l reg
iona
l mal
lZe
llers
, Sa
few
ayK
amey
osek
Sho
ppin
g C
entr
e, E
dmon
ton
100.0
0%
46,0
55
46,0
55
1984
3.0
3.0
One
leve
l nei
ghbo
urho
od p
laza
Tota
l Wes
tern
Can
ada
Ret
ail
100.0
0%
376,9
38
162,6
00
376,9
38
#V
ALU
E!
26.0
26.0
Gre
enbr
iar
Mal
l, Atla
nta
100.0
0%
795,3
90
467,6
52
795,3
90
1965
1987, 1997
101.5
101.5
One
leve
l reg
iona
l mal
lR
ich'
s, B
urlin
gton
Coa
t Fa
ctor
y, C
ub
Food
s, M
agic
Joh
nson
The
ater
s, C
ircui
t C
ityTo
tal U
S R
etai
l100.0
0%
795,3
90
467,6
52
795,3
90
#V
ALU
E!
101.5
101.5
Tota
l Ret
ail
93.9
9%
1,4
78,3
79
801,8
29
1,3
89,5
37
#V
ALU
E!
150.2
143.0
Table 5: Average In-Place and Market Rents
Property
Owned Share of Total GLA in
Square Feet
Average In-Place Net
Rent (GLA)
Average Contract Net
Rent (Total Owned GLA)
Average Market Net
Rent (Occupied
Owned GLA)1
Average Market Net Rent (Total
Owned GLA)1
Discount of In-Place Rent To
Market Rent (Owned
Occupied)1
Owned Share of
Vacant GLA in Square Feet
Average Market Net
Rent (Vacant GLA)1
Average Market
Gross Rent (Vacant
GLA)1
Quebec Office 754,175 $9.45 $8.51 $10.30 $10.25 9.1% 74,755 $9.75 $22.83Ontario Office 2,216,116 $12.97 $12.19 $14.39 $14.46 11.0% 134,405 $15.40 $33.82Western Canada Office 655,324 $13.18 $12.18 $12.41 $12.54 -5.8% 49,686 $14.15 $25.67Total Office 3,625,615 $12.30 $11.42 $13.21 $13.24 7.4% 258,846 $13.53 $29.08
Quebec Industrial2 2,777,057 $4.50 $4.10 $4.54 $4.51 0.8% 251,434 $4.22 $6.84Ontario Industrial 1,333,109 $4.78 $4.78 $5.06 $5.06 5.8% 2,118 $4.50 $9.38Western Canada Industrial2 1,747,643 $4.93 $4.68 $5.07 $5.13 3.0% 87,288 $6.13 $9.24Total Industrial2 5,857,809 $4.70 $4.43 $4.83 $4.82 2.7% 340,840 $4.71 $7.47
Ontario Retail 217,209 $7.82 $7.30 $8.48 $8.72 8.5% 14,454 $12.00 $23.03Western Canada Retail 376,938 $13.89 $12.50 $15.38 $15.84 10.7% 37,777 $20.01 $40.83US Retail 795,390 $9.01 $8.50 $10.12 $10.47 12.3% 45,295 $16.28 $32.18Total Retail 1,389,537 $10.10 $9.40 $11.24 $11.65 11.3% 97,526 $17.09 $34.18
Total All Assets2 10,872,960 $7.90 $7.39 $8.42 $8.50 6.5% 697,212 $9.72 $19.23
September 30, 2003
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
$50,000,000
Industrial Office Retail
In-Place Rent Uplift to Market (1) Vacant at Market (1)
1. Average market rent estimated by Dundee REIT through reference to recent leasing activity and leasing interest in Dundee REIT properties as well as rental activity in comparable buildings.2. Excludes 15303-128th Avenue, Edmonton and 11 Place du Commerce, Brossard..
Table 6: Annual Contracted Lease Rollovers (2003-2007+)
Property
Owned Share of Total GLA in Square Feet
Owned Share Vacant
Owned Share Monthly
TenanciesOwned Share
Expiring 2003Owned Share
Expiring 2004Owned Share
Expiring 2005Owned Share
Expiring 2006
Owned Share Expiring 2007+
Quebec Office 754,175 74,755 18,014 64,678 117,966 131,291 126,024 221,447Ontario Office 2,216,116 134,405 10,143 112,779 297,042 236,732 235,513 1,189,503Western Canada Office 655,324 49,686 810 1,596 76,727 123,336 57,055 346,114Total Office 3,625,615 258,846 28,967 179,053 491,735 491,359 418,592 1,757,064
100.0% 7.1% 0.8% 4.9% 13.6% 13.6% 11.5% 48.5%
Quebec Industrial1 2,777,057 251,434 96,227 139,632 731,807 387,918 393,448 776,591Ontario Industrial 1,333,109 2,118 1,000 50,982 240,048 245,201 239,273 554,487Western Canada Industrial1 1,747,643 87,288 32,576 58,599 202,293 261,962 194,185 910,740Total Industrial1 5,857,809 340,840 129,803 249,213 1,174,148 895,081 826,906 2,241,818
100.0% 5.8% 2.2% 4.3% 20.0% 15.3% 14.1% 38.3%
Ontario Retail 217,209 14,454 7,747 3,980 15,989 18,820 5,269 150,951Western Canada Retail 376,938 37,777 18,727 7,724 28,036 23,922 14,809 245,943US Retail 795,390 45,295 12,700 11,384 40,080 43,019 32,036 610,876Total Retail 1,389,537 97,526 39,174 23,088 84,105 85,761 52,114 1,007,770
100.0% 7.0% 2.8% 1.7% 6.1% 6.2% 3.8% 72.5%
Total All Assets1 10,872,960 697,212 197,944 451,353 1,749,987 1,472,201 1,297,612 5,006,652100.0% 6.4% 1.8% 4.2% 16.1% 13.5% 11.9% 46.0%
September 30, 2003
0.8
%7.0
%
2.8
%
1.7
% 6.1
%
6.2
%
3.8
%
72.5
%
7.1
%
11.5
%
48.5
%
13.6
%
13.6
%
4.9
%
5.8
%
2.2
%
20.0
%
15.3
%
14.1
%
38.3
%
4.3
%
0%
20%
40%
60%
80%
100%
Owned Share Vacant Owned Share MonthlyTenancies
Owned Share Expiring2003
Owned Share Expiring2004
Owned Share Expiring2005
Owned Share Expiring2006
Owned Share Expiring2007+
Office Industrial Retail
1. Excludes 15303-128th Avenue, Edmonton and 11 Place du Commerce, Brossard.
Tabl
e 7:
Ave
rage
Exp
irin
g R
ents
(2003-2
007+
)
Pro
pert
y
Ow
ned
Shar
e of
Tot
al G
LA
in S
quar
e Fe
et
Ave
rage
M
onth
ly
Tena
ncy
Net
R
ent
Ave
rage
R
ent
Exp
irin
g 2003
Ave
rage
R
ent
Exp
irin
g 2004
Ave
rage
R
ent
Exp
irin
g 2005
Ave
rage
R
ent
Exp
irin
g 2006
Ave
rage
R
ent
Exp
irin
g 2007+
Que
bec
Offi
ce754,1
75
$5.8
1$9.6
3$10.6
2$9.2
2$8.5
7$10.3
2O
ntar
io O
ffice
2,2
16,1
16
$2.6
4$7.6
7$11.7
5$11.9
8$15.4
0$15.3
3W
este
rn C
anad
a O
ffice
655,3
24
$6.0
9$13.0
0$18.9
6$13.5
7$13.6
3$13.2
4To
tal O
ffic
e3,6
25,6
15
$4.7
1$8.4
3$12.6
1$11.6
4$13.1
0$14.2
9
Que
bec
Indu
stria
l12,7
77,0
57
$3.9
2$4.4
3$4.2
9$4.7
1$4.4
4$5.0
7O
ntar
io In
dust
rial
1,3
33,1
09
$4.8
5$5.4
2$3.5
3$5.5
9$5.3
1$5.6
4W
este
rn C
anad
a In
dust
rial1
1,7
47,6
43
$5.8
9$5.6
0$5.5
7$5.4
8$5.7
3$4.5
7To
tal I
ndus
tria
l15,8
57,8
09
$4.4
2$4.9
1$4.3
5$5.1
8$4.9
9$5.0
1
Ont
ario
Ret
ail
217,2
09
$9.7
2$12.0
2$14.2
1$11.4
6$17.6
9$6.3
2W
este
rn C
anad
a R
etai
l376,9
38
$8.5
1$30.6
2$16.7
5$17.2
4$17.1
8$13.5
8U
S R
etai
l795,3
90
$5.9
4$19.7
1$19.9
1$21.9
8-$
1.0
5$8.3
8To
tal R
etai
l1,3
89,5
37
$7.9
1$22.0
3$17.7
7$18.3
5$6.0
3$9.3
4
Tota
l All
Ass
ets1
10,8
72,9
60
$5.1
6$7.1
8$7.3
2$8.1
0$7.6
5$9.1
4
Sept
embe
r 30, 2003
$0.0
0
$5.0
0
$10.0
0
$15.0
0
$20.0
0
$25.0
0
Ave
rage
Mon
thly
Tena
ncy
Net
Ren
tA
vera
ge R
ent
Exp
irin
g 2003
Ave
rage
Ren
tExp
irin
g 2004
Ave
rage
Ren
tExp
irin
g 2005
Ave
rage
Ren
tExp
irin
g 2006
Ave
rage
Ren
tExp
irin
g 2007+
Offic
e
Indu
strial
Ret
ail
1. Ex
clud
es 1
53
03
-12
8th
Ave
nue,
Edm
onto
n an
d 1
1 P
lace
du
Com
mer
ce,
Bro
ssar
d.
Tabl
e 8:
Occ
upan
cy b
y A
sset
Pro
pert
yTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
To
tal G
LA in
Sq
uare
Fee
t
No.
of
Tena
nts
Ave
rage
Te
nant
Siz
e in
Squ
are
Feet
Ave
rage
Le
ase
Term
R
emai
ning
in
Year
s
Ow
ned
Shar
e V
acan
t in
Sq
uare
Fee
tO
ccup
ancy
74
00
Bou
leva
rd le
s G
aler
ies
d'A
njou
, A
njou
11
6,3
08
11
6,3
08
13
8,4
75
1.7
06
,13
19
4.7
%8
25
0 B
oule
vard
Déc
arie
, M
ontr
éal
83
,92
88
3,9
28
14
5,3
48
1.7
99
,05
28
9.2
%3
-24
3 P
lace
Fro
nten
ac,
Poi
nte-
Cla
ire6
7,2
54
67
,25
42
92
,18
62
.55
3,8
54
94
.3%
74
50
Bou
leva
rd le
s G
aler
ies
d'A
njou
, A
njou
66
,50
96
6,5
09
13
4,7
64
2.2
44
,57
19
3.1
%9
53
-98
1 R
ue S
t-Je
an,
Poi
nte
Cla
ire6
3,1
56
63
,15
62
92
,13
72
.73
1,1
77
98
.1%
82
00
Bou
leva
rd D
écar
ie,
Mon
tréa
l6
0,5
80
60
,58
07
7,2
60
3.1
89
,75
78
3.9
%1
Pla
ce d
u C
omm
erce
, B
ross
ard
43
,09
44
3,0
94
94
,73
64
.34
47
29
8.9
%7
68
-79
0 B
oule
vard
Déc
arie
, St
-Lau
rent
35
,77
63
5,7
76
10
2,2
61
1.5
51
3,1
69
63
.2%
2 P
lace
du
Com
mer
ce,
Bro
ssar
d3
5,5
98
35
,59
81
03
,22
62
.59
3,3
37
90
.6%
90
45
Che
min
de
la C
ôte
de L
iess
e, D
orva
l3
1,3
48
31
,34
85
5,9
79
3.8
71
,45
39
5.4
%8
Pla
ce d
u C
omm
erce
, B
ross
ard
29
,92
32
9,9
23
93
,03
41
.47
2,6
21
91
.2%
3 P
lace
du
Com
mer
ce,
Bro
ssar
d2
7,9
01
27
,90
17
3,6
86
3.1
92
,10
09
2.5
%3
66
9-3
68
1 B
oule
vard
des
Sou
rces
, D
olla
rd d
es O
rmea
ux2
4,8
46
24
,84
69
2,2
47
1.9
44
,62
28
1.4
%5
Pla
ce d
u C
omm
erce
, B
ross
ard
19
,28
81
9,2
88
26
,77
96
.04
5,7
31
70
.3%
96
75
Che
min
de
la C
ôte
de L
iess
e, D
orva
l1
8,2
94
18
,29
44
2,8
97
1.6
66
,70
86
3.3
%9
54
5 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
18
,57
21
8,5
72
11
8,5
72
4.2
51
00
.0%
98
5 B
oule
vard
St-
Jean
, P
oint
e-C
laire
11
,80
01
1,8
00
11
1,8
00
3.5
81
00
.0%
Tota
l Que
bec
Offic
e754,1
75
754,1
75
172
3,9
50
2.5
974,7
55
90.1
%
11
0 O
'Con
nor
Stre
et,
Ott
awa
18
9,1
73
18
9,1
73
63
1,5
29
5.9
21
00
.0%
22
2-2
30
Que
en S
tree
t (C
apito
l Squ
are)
, O
ttaw
a2
04
,19
61
70
,79
02
38
,87
82
.63
10
0.0
%2
5 F
itzge
rald
Roa
d, N
epea
n1
20
,00
01
20
,00
01
12
0,0
00
6.3
41
00
.0%
11
45
Hun
t C
lub
Roa
d, O
ttaw
a8
9,2
10
89
,21
01
75
,24
82
.61
10
0.0
%1
Ant
ares
, O
ttaw
a7
1,4
82
71
,48
21
05
,88
13
.84
12
,67
18
2.3
%2
1 F
itzge
rald
Driv
e, N
epea
n4
1,7
06
41
,70
61
41
,70
68
.17
10
0.0
%W
oodb
ine
Stee
les
Cor
pora
te C
entr
e, M
arkh
am2
90
,55
82
90
,55
85
74
,84
73
.44
14
,26
99
5.1
%C
ente
nnia
l Cen
tre,
Tor
onto
23
6,8
36
23
6,8
36
60
3,4
13
2.6
23
2,0
45
86
.5%
Stat
e St
reet
Fin
anci
al C
entr
e, T
oron
to4
13
,93
42
06
,96
78
51
,74
29
.27
10
0.0
%1
51
Blo
or S
tree
t W
est,
Tor
onto
17
1,3
74
17
1,3
74
49
3,3
39
2.7
87
,74
29
5.5
%2
St.
Cla
ir A
venu
e Ea
st,
Toro
nto
15
4,8
66
15
4,8
66
38
3,8
64
8.9
28
,03
99
4.8
%2
1 S
t. C
lair
Ave
nue
East
, To
ront
o1
09
,54
61
09
,54
62
73
,24
12
.52
22
,02
87
9.9
%5
6 W
elle
sley
Str
eet
Wes
t, T
oron
to2
15
,72
61
07
,86
31
31
6,3
09
1.8
51
,85
89
8.3
%5
Par
k H
ome
Ave
nue,
Tor
onto
89
,31
98
9,3
19
81
0,2
77
5.5
77
,10
79
2.0
%1
10
She
ppar
d A
venu
e Ea
st,
Toro
nto
14
5,1
46
72
,57
34
21
,96
34
.26
28
,64
76
0.5
%2
40
0-2
43
0 M
eado
wpi
ne B
oule
vard
, M
issi
ssau
ga5
9,7
11
59
,71
12
82
,13
32
.27
10
0.0
%7
0 R
ichm
ond
Stre
et E
ast,
Tor
onto
34
,14
23
4,1
42
31
1,3
81
1.0
71
00
.0%
Tota
l Ont
ario
Offic
e2,6
36,9
25
2,2
16,1
16
353
7,0
03
4.5
8134,4
05
93.9
%
Sept
embe
r 3
0,
20
03
Pro
pert
yTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
To
tal G
LA in
Sq
uare
Fee
t
No.
of
Tena
nts
Ave
rage
Te
nant
Siz
e in
Squ
are
Feet
Ave
rage
Le
ase
Term
R
emai
ning
in
Year
s
Ow
ned
Shar
e V
acan
t in
Sq
uare
Fee
tO
ccup
ancy
Pre
ston
Cen
tre,
Sas
kato
on6
2,4
44
62
,44
41
53
,76
93
.00
5,9
16
90
.5%
EPC
OR
Cen
tre,
Edm
onto
n1
92
,02
91
72
,82
64
48
,00
78
.18
10
0.0
%R
osly
n B
uild
ing,
Cal
gary
12
9,4
46
12
9,4
46
18
6,2
55
3.1
51
6,8
64
87
.0%
Ken
sing
ton
Hou
se,
Cal
gary
76
,82
47
6,8
24
23
3,3
40
2.9
51
00
.0%
Stat
ion
Tow
er,
Surr
ey2
13
,78
42
13
,78
42
28
,49
44
.18
26
,90
68
7.4
%To
tal W
este
rn C
anad
a O
ffic
e674,5
27
655,3
24
82
7,6
20
4.8
749,6
86
92.4
%
Tota
l Offic
e4,0
65,6
27
3,6
25,6
15
607
6,2
21
4.2
3258,8
46
92.9
%
39
01
Rue
Jar
ry E
st,
Mon
tréa
l1
74
,01
31
74
,01
32
87
,00
73
.17
10
0.0
%1
05
-12
5 M
onte
e de
Lie
sse,
St-
Laur
ent
15
9,8
48
15
9,8
48
15
2,0
35
1.2
51
07
,81
33
2.6
%9
00
-95
0 B
oule
vard
St-
Mar
tin,
Lava
l1
42
,69
31
42
,69
32
71
,34
70
.93
10
0.0
%3
75
-45
5 R
ue D
esla
urie
rs,
St-L
aure
nt1
38
,83
81
38
,83
81
01
2,6
38
1.7
81
2,4
61
91
.0%
29
5-3
71
Rue
Des
laur
iers
, St
-Lau
rent
13
4,6
73
13
4,6
73
11
11
,96
72
.59
3,0
38
97
.7%
45
7-4
91
and
49
5-5
33
Rue
Des
laur
iers
, St
-Lau
rent
13
4,5
61
13
4,5
61
91
4,9
51
1.4
91
00
.0%
10
5-1
45
Rue
Des
laur
iers
, St
-Lau
rent
11
6,6
11
11
6,6
11
11
16
,61
14
.25
10
0.0
%2
00
0 R
ue H
alpe
rn (
Mic
helin
War
ehou
se),
St-
Laur
ent
52
7,0
00
10
5,4
00
15
27
,00
00
.75
10
0.0
%3
50
-36
0 R
ue L
ebea
u, S
t-La
uren
t7
3,8
00
73
,80
01
73
,80
05
.83
10
0.0
%2
90
-31
6 R
ue B
enja
min
-Hud
on &
16
5 R
ue D
esla
urie
rs,
St-L
aure
nt6
7,0
35
67
,03
54
15
,26
91
.51
5,9
60
91
.1%
55
5 a
nd 6
04
-67
8 R
ue D
esla
urie
rs,
St-L
aure
nt6
6,8
41
66
,84
19
7,0
93
1.2
93
,00
09
5.5
%9
60
1-9
66
5 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
66
,54
26
6,5
42
87
,84
61
.18
3,7
75
94
.3%
95
51
-95
99
Che
min
de
la C
ôte
de L
iess
e, D
orva
l6
4,4
93
64
,49
36
9,4
74
1.9
17
,64
78
8.1
%1
01
13
-10
16
1 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
63
,17
76
3,1
77
61
0,5
30
1.1
81
00
.0%
10
20
5-1
02
55
Che
min
de
la C
ôte
de L
iess
e, D
orva
l6
2,4
83
62
,48
33
12
,00
82
.67
26
,45
85
7.7
%2
78
9-2
85
5 B
oule
vard
Le
Cor
busi
er,
Lava
l5
9,3
70
59
,37
01
15
,39
72
.72
10
0.0
%4
57
5-4
60
5 R
ue H
ickm
ore,
St-
Laur
ent
57
,70
25
7,7
02
31
9,2
34
1.8
01
00
.0%
30
0 A
venu
e La
bros
se,
Poi
nte-
Cla
ire5
5,3
33
55
,33
31
55
,33
36
.25
10
0.0
%9
50
1-9
52
1 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
55
,09
05
5,0
90
67
,48
53
.36
10
,18
08
1.5
%2
95
-34
1 R
ue B
enja
min
-Hud
on &
25
5 R
ue D
esla
urie
rs,
St-L
aure
nt5
3,5
43
53
,54
31
05
,35
43
.54
10
0.0
%9
70
1-9
74
5 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
52
,66
05
2,6
60
86
,58
30
.92
10
0.0
%3
96
1-4
01
5 A
venu
e R
ober
t, M
ontr
éal
52
,44
75
2,4
47
77
,35
45
.48
96
99
8.2
%7
00
-74
0 R
enau
d, 9
12
5 a
nd 9
13
5 C
ote
de L
iess
e, D
orva
l5
1,1
81
51
,18
16
8,5
30
2.5
61
00
.0%
9 P
lace
du
Com
mer
ce,
Bro
ssar
d5
0,6
00
50
,60
07
4,8
02
2.6
91
6,9
83
66
.4%
60
1-6
23
Rue
Le
Bre
ton,
Lon
gueu
il4
8,7
88
48
,78
82
19
,28
70
.66
10
,21
47
9.1
%6
01
-63
1 R
ue B
éria
ult,
Lon
gueu
il4
8,7
09
48
,70
95
9,7
42
1.9
61
00
.0%
21
15
-21
47
Rue
de
la P
rove
nce,
Lon
gueu
il4
8,1
74
48
,17
47
4,8
12
2.7
31
4,4
91
69
.9%
60
5-6
07
Rue
Des
laur
iers
, St
-Lau
rent
43
,70
94
3,7
09
14
3,7
09
4.2
51
00
.0%
25
Rue
de
Lauz
on,
Bou
cher
ville
43
,45
24
3,4
52
75
,35
03
.11
6,0
00
86
.2%
50
0-5
10
Rue
Des
laur
iers
, St
-Lau
rent
39
,39
03
9,3
90
21
9,6
95
4.2
51
00
.0%
Pro
pert
yTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
To
tal G
LA in
Sq
uare
Fee
t
No.
of
Tena
nts
Ave
rage
Te
nant
Siz
e in
Squ
are
Feet
Ave
rage
Le
ase
Term
R
emai
ning
in
Year
s
Ow
ned
Shar
e V
acan
t in
Sq
uare
Fee
tO
ccup
ancy
22
0-2
30
Rue
Leb
eau,
St-
Laur
ent
36
,00
03
6,0
00
21
8,0
00
2.2
81
00
.0%
47
0-4
72
Rue
Des
laur
iers
, St
-Lau
rent
35
,55
93
5,5
59
13
5,5
59
4.2
51
00
.0%
93
35
-93
95
Che
min
de
la C
ôte
de L
iess
e, D
orva
l3
1,8
01
31
,80
12
9,6
47
1.4
01
2,5
07
60
.7%
7 P
lace
du
Com
mer
ce,
Bro
ssar
d3
1,5
00
31
,50
02
15
,75
05
.38
10
0.0
%9
40
5-9
47
5 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
31
,32
13
1,3
21
47
,03
41
.14
3,1
84
89
.8%
90
8-9
26
Rue
Tra
ns C
anad
a, L
ongu
euil
27
,64
52
7,6
45
83
,45
62
.14
10
0.0
%7
42
Ave
nue
Ren
aud,
Dor
val
30
,38
13
0,3
81
13
0,3
81
1.0
81
00
.0%
35
Rue
de
Lauz
on,
Bou
cher
ville
28
,14
02
8,1
40
39
,38
01
.35
10
0.0
%8
74
-89
6 R
ue T
rans
Can
ada,
Lon
gueu
il2
7,8
36
27
,83
69
3,0
93
1.2
71
00
.0%
93
8-9
52
Rue
Tra
ns C
anad
a, L
ongu
euil
27
,82
62
7,8
26
46
,95
70
.94
10
0.0
%9
82
-10
02
Rue
Tra
ns C
anad
a, L
ongu
euil
27
,41
52
7,4
15
73
,91
61
.66
10
0.0
%2
00
-21
0 R
ue L
ebea
u, S
t-La
uren
t2
6,5
50
26
,55
01
26
,55
01
.75
10
0.0
%7
35
-74
3 A
venu
e R
enau
d, D
orva
l2
3,3
86
23
,38
61
23
,38
61
2.0
11
00
.0%
90
10
-90
60
Rue
Rya
n, D
orva
l2
3,0
63
23
,06
33
5,4
36
2.7
16
,75
47
0.7
%9
24
5 a
nd 9
25
5 C
hem
in d
e la
Côt
e de
Lie
sse,
Dor
val
19
,17
81
9,1
78
11
9,1
78
0.9
21
00
.0%
10
Pla
ce d
u C
omm
erce
, B
ross
ard
18
,30
01
8,3
00
11
8,3
00
8.0
81
00
.0%
Tota
l Que
bec
Indu
strial
13,1
98,6
57
2,7
77,0
57
207
14,1
49
2.5
6251,4
34
90.9
%
21
10
-21
60
Will
iam
s P
arkw
ay,
Bra
mpt
on2
28
,66
82
28
,66
84
57
,16
75
.30
10
0.0
%7
7 F
ima
Cre
scen
t, T
oron
to2
12
,11
02
12
,11
02
10
6,0
55
2.7
01
00
.0%
21
55
Ste
eles
Ave
nue
East
and
79
56
Tor
bram
Roa
d, B
ram
pton
15
3,7
02
15
3,7
02
25
6,1
48
2.3
21
00
.0%
51
Cal
dari
Roa
d, V
augh
an1
48
,03
11
48
,03
11
41
0,5
74
1.7
81
00
.0%
76
00
Dan
bro
Cre
scen
t, M
issi
ssau
ga1
37
,72
81
37
,72
81
13
7,7
28
10
.75
10
0.0
%1
07
0-1
10
0 M
idw
ay B
oule
vard
, M
issi
ssau
ga8
3,3
68
83
,36
81
08
,33
72
.52
10
0.0
%1
82
0 Ir
onst
one
Driv
e, B
urlin
gton
81
,77
68
1,7
76
24
0,8
88
2.3
71
00
.0%
65
00
Kiti
mat
Roa
d, M
issi
ssau
ga5
9,6
00
59
,60
01
59
,60
05
.08
10
0.0
%1
02
0 L
orim
ar A
venu
e an
d 7
11
5 T
omke
n R
oad,
Mis
siss
auga
52
,29
55
2,2
95
22
6,1
48
2.2
81
00
.0%
55
Idem
a R
oad,
Mar
kham
36
,72
03
6,7
20
13
6,7
20
1.7
51
00
.0%
12
0 V
alle
ywoo
d D
rive,
Mar
kham
59
,42
52
9,7
13
15
9,4
25
2.8
31
00
.0%
15
00
-15
20
Trin
ity D
rive,
Mis
siss
auga
29
,75
92
9,7
59
93
,07
11
.45
2,1
18
92
.9%
85
Idem
a R
oad,
Mar
kham
28
,60
52
8,6
05
12
8,6
05
2.3
31
00
.0%
23
01
Roy
al W
inds
or D
rive,
Mis
siss
auga
10
6,3
41
26
,58
53
35
,44
72
.28
10
0.0
%2
31
1 R
oyal
Win
dsor
Driv
e, M
issi
ssau
ga9
7,7
95
24
,44
92
48
,89
83
.88
10
0.0
%To
tal O
ntar
io I
ndus
tria
l1,5
15,9
23
1,3
33,1
09
78
19,4
08
3.8
52,1
18
99.8
%
Ford
War
ehou
se,
Edm
onto
n2
46
,00
02
46
,00
01
24
6,0
00
5.0
01
00
.0%
Alb
erta
Par
k, E
dmon
ton
12
7,0
98
12
7,0
98
81
5,5
55
2.1
02
,65
69
7.9
%B
onav
entu
re C
entr
e, E
dmon
ton
11
3,9
93
11
3,9
93
33
7,9
98
2.0
91
00
.0%
Par
kway
Eas
t B
uild
ing
II, E
dmon
ton
57
,77
75
7,7
77
31
9,2
59
5.5
31
00
.0%
Par
kway
Eas
t B
uild
ing
I, Ed
mon
ton
48
,26
34
8,2
63
41
2,0
66
4.8
91
00
.0%
Pro
pert
yTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
To
tal G
LA in
Sq
uare
Fee
t
No.
of
Tena
nts
Ave
rage
Te
nant
Siz
e in
Squ
are
Feet
Ave
rage
Le
ase
Term
R
emai
ning
in
Year
s
Ow
ned
Shar
e V
acan
t in
Sq
uare
Fee
tO
ccup
ancy
Cen
tral
Web
Offs
et,
Edm
onto
n4
4,5
00
44
,50
01
44
,50
06
.34
10
0.0
%O
ffice
99
, Ed
mon
ton
23
,16
82
3,1
68
54
,63
43
.45
10
0.0
%7
10
2-7
22
0 B
arlo
w T
rail
SE,
Cal
gary
22
2,5
70
22
2,5
70
37
4,1
90
3.9
31
00
.0%
27
05
-27
37
57
th A
venu
e SE
, C
alga
ry1
08
,80
01
08
,80
01
10
8,8
00
4.6
71
00
.0%
70
04
-70
42
30
th S
tree
t SE
, C
alga
ry9
4,2
08
94
,20
88
10
,49
62
.10
10
,24
08
9.1
%4
71
0-4
76
0 1
4th
Str
eet
NE,
Cal
gary
72
,78
07
2,7
80
20
3,1
89
1.7
59
,00
08
7.6
%1
13
9-1
16
5 4
0th
Ave
nue
NE,
Cal
gary
57
,34
45
7,3
44
68
,19
22
.67
8,1
92
85
.7%
50
1-5
29
36
th A
venu
e SE
, C
alga
ry5
7,1
45
57
,14
58
7,1
43
2.8
11
00
.0%
45
04
-45
76
14
th S
tree
t N
E, C
alga
ry5
7,0
90
57
,09
03
21
,78
41
.73
10
0.0
%4
40
2-4
43
4 1
0th
Str
eet
NE,
Cal
gary
54
,00
05
4,0
00
86
,39
01
.52
2,8
80
94
.7%
53
5-5
61
36
th A
venu
e SE
, C
alga
ry3
9,9
40
39
,94
07
5,7
06
1.7
61
00
.0%
Hig
hfie
ld In
dust
rial B
uild
ing,
Cal
gary
30
,13
03
0,1
30
21
5,0
65
4.0
31
00
.0%
68
04
-68
18
30
th S
tree
t SE
, C
alga
ry3
0,0
00
30
,00
05
6,0
00
2.1
01
00
.0%
60
23
-60
39
Cen
tre
Stre
et S
outh
, C
alga
ry2
8,8
00
28
,80
06
4,8
00
2.4
41
00
.0%
45
02
-45
16
10
th S
tree
t N
E, C
alga
r y2
8,8
00
28
,80
04
4,5
00
2.6
51
0,8
00
62
.5%
60
43
-60
55
Cen
tre
Stre
et S
outh
, C
alga
ry2
5,2
00
25
,20
05
4,3
20
2.5
53
,60
08
5.7
%5
30
-54
4 3
8A
Ave
nue
SE,
Cal
gary
24
,00
02
4,0
00
29
,00
02
.53
6,0
00
75
.0%
11
35
-11
49
45
th A
venu
e N
E, C
alga
r y2
1,6
00
21
,60
02
1,6
00
46
20
-46
40
11
th S
tree
t N
E, C
alga
ry2
1,0
97
21
,09
79
2,1
31
1.3
71
,92
09
0.9
%1
02
-11
4 6
1st
Ave
nue
SW,
Cal
gar y
18
,90
01
8,9
00
53
,78
04
.88
10
0.0
%4
00
1-4
01
9 2
3rd
Str
eet
NE,
Cal
gary
15
,84
01
5,8
40
61
,84
03
.20
4,8
00
69
.7%
29
15
-29
25
58
th A
venu
e SE
, C
alga
ry1
5,6
00
15
,60
04
2,5
00
3.3
65
,60
06
4.1
%4
51
5-4
51
9 1
st S
tree
t SE
, C
alga
r y1
4,4
00
14
,40
03
4,8
00
2.1
91
00
.0%
35
03
-35
21
62
nd A
venu
e SE
, C
alga
ry1
3,2
00
13
,20
08
1,6
50
2.2
91
00
.0%
45
01
-45
09
1st
Str
eet
SE,
Cal
gar y
13
,20
01
3,2
00
52
,64
01
.39
10
0.0
%4
52
3-4
52
9 1
st S
tree
t SE
, C
alga
ry1
1,4
00
11
,40
04
2,8
50
2.4
41
00
.0%
71
22
-71
26
Bar
low
Tra
il SE
, C
alga
ry5
,40
05
,40
03
1,8
00
1.0
81
00
.0%
71
28
-71
32
Bar
low
Tra
il SE
, C
alga
r y5
,40
05
,40
02
2,7
00
1.6
41
00
.0%
Tota
l Wes
tern
Can
ada
Indu
strial
11,7
47,6
43
1,7
47,6
43
191
8,6
93
3.3
587,2
88
95.0
%
Tota
l Ind
ustr
ial1
6,4
62,2
23
5,8
57,8
09
476
12,8
22
3.1
1340,8
40
94.2
%
Sim
coe
Tow
n C
entr
e, S
imco
e1
28
,36
71
28
,36
73
23
,56
04
.37
14
,45
48
8.7
%C
ente
nnia
l Mal
l, B
ram
pton
17
7,6
84
88
,84
23
35
,38
44
.00
10
0.0
%To
tal O
ntar
io R
etai
l306,0
51
217,2
09
65
4,4
86
4.2
114,4
54
93.3
%
Nor
thga
te M
all,
Reg
ina
33
0,8
83
33
0,8
83
64
4,6
41
8.9
33
3,8
90
89
.8%
Kam
eyos
ek S
hopp
ing
Cen
tre,
Edm
onto
n4
6,0
55
46
,05
51
62
,63
63
.90
3,8
87
91
.6%
Tota
l Wes
tern
Can
ada
Ret
ail
376,9
38
376,9
38
80
4,2
40
8.3
037,7
77
90.0
%
Pro
pert
yTo
tal G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
To
tal G
LA in
Sq
uare
Fee
t
No.
of
Tena
nts
Ave
rage
Te
nant
Siz
e in
Squ
are
Feet
Ave
rage
Le
ase
Term
R
emai
ning
in
Year
s
Ow
ned
Shar
e V
acan
t in
Sq
uare
Fee
tO
ccup
ancy
Gre
enbr
iar
Mal
l, A
tlant
a7
95
,39
07
95
,39
01
05
7,1
44
7.0
74
5,2
95
94
.3%
Tota
l US
Ret
ail
795,3
90
795,3
90
105
7,1
44
7.0
745,2
95
94.3
%
Tota
l Ret
ail
1,4
78,3
79
1,3
89,5
37
250
5,5
23
6.9
497,5
26
93.0
%
Tota
l All
Ass
ets1
12,0
06,2
29
10,8
72,9
60
1,3
33
8,4
47
3.9
7697,2
12
93.6
%
Red
evel
opm
ent
Ass
ets:
15
30
3-1
28
th A
venu
e, E
dmon
ton
17
8,0
00
17
8,0
00
16
2,2
50
9.0
91
15
,75
03
5.0
%1
1 P
lace
du
Com
mer
ce,
Bro
ssar
d4
1,1
55
41
,15
54
4,1
15
0.2
12
4,6
96
40
.0%
Tota
l Red
evel
opm
ent
Ass
ets
219,1
55
219,1
55
566,3
65
1.6
8140,4
46
35.9
%
1. Ex
clud
es 1
5303-1
28th
Ave
nue,
Edm
onto
n an
d 11 P
lace
du
Com
mer
ce, B
ross
ard.
Ave
rage
Rem
aini
ng L
ease
Ter
m a
nd T
enan
t Si
ze b
y R
egio
n an
d A
sset
Typ
eSe
ptem
ber
30
, 2
00
3
3.9
7
4.8
7
6.9
4
4.2
3
2.5
9
4.5
8
3.1
1
2.5
6
3.8
5
3.3
5
4.2
1
8.3
0
7.0
7
01
23
45
67
89
10
US
Ret
ail
Wes
tern
Can
ada
Ret
ail
Ont
ario
Ret
ail
RET
AIL
Wes
tern
Can
ada
Indu
stria
l
Ont
ario
Indu
stria
l
Que
bec
Indu
stria
l
IND
UST
RIA
L
Wes
tern
Can
ada
Offi
ce
Ont
ario
Offi
ce
Que
bec
Offi
ce
OFF
ICE
ALL
ASS
ETS
Ave
rage
Rem
aini
ng L
ease
Ter
m in
Yea
rs
5,5
23
8,4
47
7,6
20
6,2
21
3,9
50
7,0
03
12
,82
2
14
,14
9
19
,40
8
8,6
93
4,4
86
4,2
40
7,1
44
0
5,00
0
10,0
00
15,0
00
20,0
00
25,0
00
US
Ret
ail
Wes
tern
Can
ada
Ret
ail
Ont
ario
Ret
ail
RET
AIL
Wes
tern
Can
ada
Indu
stria
l
Ont
ario
Indu
stria
l
Que
bec
Indu
stria
l
IND
UST
RIA
L
Wes
tern
Can
ada
Offi
ce
Ont
ario
Offi
ce
Que
bec
Offi
ce
OFF
ICE
ALL
ASS
ETS
Ave
rage
Ten
ant
Size
in S
quar
e Fe
et
Office Portfolio Tenant Base September 30, 2003
Sector by GLA by Contract RentProfessional, Scientific and Technical Services 21.6% 22.4%Public Administration 20.5% 18.0%Information and Cultural Industries 11.2% 8.6%Finance and Insurance 8.8% 9.2%Administrative and Support, Waste Management and Remediation Services 6.2% 6.2%Other 31.7% 35.7%Total 100.0% 100.0%
Professional, Scientific and Technical Services22.4%
Public Administration18.0%
Information and Cultural Industries8.6%
Finance and Insurance9.2%
Other35.7%
Administrative and Support, Waste Management and Remediation
Services6.2%
Industrial Portfolio Tenant Base September 30, 2003
Sector by GLA by Contract RentWholesale Trade 31.8% 32.0%Manufacturing 35.6% 34.1%Transportation and Warehousing 9.1% 8.7%Retail Trade 7.4% 7.2%Professional, Scientific and Technical Services 5.0% 5.3%Other 11.2% 12.8%Total 100.0% 100.0%
Wholesale Trade32.0%
Manufacturing34.1%
Transportation and Warehousing8.7%
Retail Trade7.2%
Other12.8%
Professional, Scientific and Technical Services
3.9%
Retail Portfolio Tenant Base September 30, 2003
Sector by GLA by Contract RentRetail Trade 80.3% 68.8%Accommodation and Food Services 6.3% 9.6%Information and Cultural Industries 4.5% 9.0%Health Care and Social Assistance 2.0% 2.7%Finance and Insurance 1.8% 3.5%Other 5.1% 6.4%Total 100.0% 100.0%
Retail Trade68.8%
Accommodation and Food Services9.6%
Information and Cultural Industries9.0%
Health Care and Social Assistance2.7%
Finance and Insurance3.5%
Other6.4%
Tabl
e 9:
In-P
lace
Con
trac
tual
Ren
t St
ep-U
ps (
2003-2
007+
)
Pro
pert
y
Ow
ned
Shar
e of
Tot
al G
LAin
Sq
uare
Fee
t
Ow
ned
Shar
e of
C
ontr
act
Ren
t
Pro
port
ion
of T
otal
C
ontr
act
Ren
t
Ow
ned
Shar
e of
C
ontr
actu
al
Ren
t St
ep-U
ps
20
03
Ow
ned
Shar
e of
C
ontr
actu
al R
ent
Step
-Ups
20
04
Ow
ned
Shar
e of
C
ontr
actu
al
Ren
t St
ep-U
ps
20
05
Ow
ned
Shar
e of
C
ontr
actu
al
Ren
t St
ep-U
ps
20
06
Ow
ned
Shar
e of
C
ontr
actu
al R
ent
Step
-Ups
2
00
7+
Que
bec
Offi
ce7
54
,17
5$
6,4
17
,26
78
.0%
$3
,38
4$
18
,89
6$
46
,73
7$
37
,63
6$
33
,22
8O
ntar
io O
ffice
2,2
16
,11
6$
27
,00
4,5
11
33
.6%
$2
98
,49
4$
19
2,9
22
$3
79
,48
4$
43
6,4
34
$7
70
,88
7W
este
rn C
anad
a O
ffice
65
5,3
24
$7
,98
0,6
56
9.9
%($
9,7
26
)$
46
,57
8$
14
9,1
23
$2
8,1
52
$3
21
,00
1To
tal O
ffic
e3
,62
5,6
15
$4
1,4
02
,43
45
1.5
%$
29
2,1
52
$2
58
,39
6$
57
5,3
44
$5
02
,22
2$
1,1
25
,11
6
Que
bec
Indu
stria
l12
,77
7,0
57
$1
1,3
73
,58
81
4.1
%$
37
,10
7$
73
,18
4$
33
,77
9$
86
,55
6$
35
,30
4O
ntar
io In
dust
rial
1,3
33
,10
9$
6,3
68
,26
97
.9%
$3
5,9
61
$1
28
,27
4$
93
,14
0$
38
,63
6$
23
6,4
01
Wes
tern
Can
ada
Indu
stria
l11
,74
7,6
43
$8
,18
2,5
04
10
.2%
$2
7,6
72
$2
4,8
80
$4
4,5
28
$3
2,7
18
$4
1,3
08
Tota
l Ind
ustr
ial1
5,8
57
,80
9$
25
,92
4,3
61
32
.3%
$1
00
,74
0$
22
6,3
38
$1
71
,44
7$
15
7,9
09
$3
13
,01
3
Ont
ario
Ret
ail
21
7,2
09
$1
,58
5,4
16
2.0
%$
4,1
99
$1
2,1
40
$1
1,0
38
$3
0,2
75
($3
0,2
26
)W
este
rn C
anad
a R
etai
l3
76
,93
8$
4,7
11
,88
15
.9%
$6
,68
5$
23
,75
5$
12
,02
0$
1,9
25
$1
13
,42
8U
S R
etai
l7
95
,39
0$
6,7
57
,80
68
.4%
$1
0,2
06
$4
1,4
66
$5
3,6
69
$4
8,4
76
$2
16
,13
1To
tal R
etai
l1
,38
9,5
37
$1
3,0
55
,10
21
6.2
%$
21
,09
1$
77
,36
1$
76
,72
7$
80
,67
5$
29
9,3
33
Tota
l All
Ass
ets1
10
,87
2,9
60
$8
0,3
81
,89
71
00
.0%
$4
13
,98
3$
56
2,0
94
$8
23
,51
8$
74
0,8
06
$1
,73
7,4
61
Sept
embe
r 30, 2003
Pro
port
ion
of T
otal
Con
trac
t R
ent
Que
bec
Offi
ceO
ntar
io O
ffice
Wes
tern
Can
ada
Offi
ceQ
uebe
c In
dust
rial1
Ont
ario
Indu
stria
lW
este
rn C
anad
a In
dust
rial1
Ont
ario
Ret
ail
Wes
tern
Can
ada
Ret
ail
US
Ret
ail
1. Ex
clud
es 1
53
03
-12
8th
Ave
nue,
Edm
onto
n an
d 1
1 P
lace
du
Com
mer
ce,
Bro
ssar
d.
Tabl
e 10a:
Lar
gest
Ten
ants
by
GLA
Sept
embe
r 3
0,
20
03
Tena
nt G
LA
Ow
ned
Are
a in
Sq
uare
Fee
t P
rope
rtie
s
1.
Gov
ernm
ent
of C
anad
a2
95
,00
0
2
75
,00
0
Cap
itol S
quar
e (O
ttaw
a),
15
1 B
loor
Str
eet
Wes
t (T
oron
to),
Sta
tion
Tow
er (
Vanc
ouve
r),
21
Fitz
gera
ld
Roa
d (O
ttaw
a),
25
Fitz
gera
ld R
oad
(Ott
awa)
2.
Ford
Mot
or C
ompa
ny2
46
,00
0
2
46
,00
0
Ford
War
ehou
se (
Edm
onto
n)3
.C
ontr
act
Pha
rmac
eutic
als
19
7,0
00
19
7,0
00
6
50
0 K
itim
at R
oad
(Mis
siss
auga
), 7
60
0 D
anbr
o C
resc
ent
(Mis
siss
auga
)4
.G
over
nmen
t of
Ont
ario
24
7,0
00
18
9,0
00
1
51
Blo
or S
tree
t W
est
(Tor
onto
), 5
6 W
elle
sley
Str
eet
Wes
t (T
oron
to),
5 P
ark
Hom
e A
venu
e (T
oron
to)
5.
Bel
l Can
ada
18
2,0
00
18
2,0
00
1
10
O'C
onno
r St
reet
(O
ttaw
a)6
.R
ich'
s1
80
,00
0
1
80
,00
0
Gre
enbr
iar
Mal
l (A
tlant
a)7
.R
eitm
an's
Can
ada
Lim
ited
17
5,0
00
17
5,0
00
3
90
1 R
ue J
arry
(La
val),
Nor
thga
te M
all (
Reg
ina)
, Si
mco
e To
wn
Cen
tre
(Sim
coe)
8.
Epco
r U
tiliti
es1
88
,00
0
1
69
,00
0
Epco
r B
uild
ing
(Edm
onto
n)9
.H
udso
n's
Bay
Com
pany
(Ze
llers
)1
99
,00
0
1
57
,00
0
Nor
thga
te M
all (
Reg
ina)
, C
ente
nnia
l Mal
l (B
ram
pton
)1
0.
Bur
lingt
on C
oat
Fact
ory
13
0,0
00
13
0,0
00
G
reen
bria
r M
all (
Atla
nta)
11
.C
entu
ra Q
uebe
c1
17
,00
0
1
17
,00
0
10
5 D
esla
urie
rs (
Sain
t-La
uren
t)1
2.
Ecco
Hea
ting
Pro
duct
s1
15
,00
0
1
15
,00
0
71
02
-72
20
Bar
low
Tra
il SE
, C
alga
ry1
3.
Com
ark
(Au
Coi
ns P
etits
, B
ootle
gger
, C
leo,
R
icki
's, Y
oung
Can
ada,
Stit
ch It
, D
'Alla
irds)
10
9,0
00
10
9,0
00
9
00
-95
0 B
oule
vard
St.
Mar
tin (
Lava
l), N
orth
gate
Mal
l (R
egin
a)
14
.Sh
anah
an's
Alb
erta
10
9,0
00
10
9,0
00
2
70
5-3
7 5
7th
Ave
nue
(Cal
gary
)1
5.
Sam
ko S
ales
10
7,0
00
10
7,0
00
Fi
ma
War
ehou
se (
Toro
nto)
16
.N
atio
nal R
ubbe
r1
06
,00
0
1
06
,00
0
Fim
a W
areh
ouse
(To
ront
o)1
7.
Met
ro C
anad
a Lo
gist
ics
52
7,0
00
10
5,0
00
M
iche
lin W
areh
ouse
(Sa
int-
Laur
ent)
2,6
68
,00
0
Inte
rnat
iona
l Fin
anci
al D
ata
Serv
ices
19
2,0
00
96
,00
0
St
ate
Stre
et F
inan
cial
Cen
tre
(Tor
onto
)St
ate
Stre
et1
87
,00
0
9
4,0
00
Stat
e St
reet
Fin
anci
al C
entr
e (T
oron
to)
Tota
l
2
,85
8,0
00
Table 10b. Largest Tenants by annualized owned Gross Rent(Includes all tenants where projectedannualized owned gross contract rent exceeds CDN $500,000)
Rank Tenant
$3,000,000 or greater All tenants with annualized owned rent in excess of $500,000:1. Government of Canada Total annualized owned net rental income $28,277,7722. Government of Ontario Total annualized owned gross rental income $54,118,2613. International Financial Data Services Total GLA in square feet (owned share) 3,410,289 4. State Street Trust Company Average base rent (PSF) $8.845. Bell Canada Average recoveries (PSF) $8.386. Government of British Columbia
Entire owned portfolio:Between $1,500,000 and $2,999,999: Total annualized owned net rental income $80,648,8997. Epcor Utilities Total annualized owned gross rental income $150,030,5108. CGI Groupe Total occupied GLA in square feet 10,304,430 9. Hudson's Bay Company (Zellers) Average base rent (PSF) $7.83
Average recoveries (PSF) $6.73Between $1,000,000 and $1,499,999:
10. Contract Pharmaceuticals11. Magic Johnson Theatres12. Reitman's Canada13. The Venator Group14. Ford Motor Company of Canada15. Comark
Between $750,000 and $999,999:16. Soberman, Isenbaum & Colomby17. Canada Safeway18. Scotiabank19. Canada Foundation for Innovation
Between $500,000 and $749,999:20. Markham Executive Suites21. Chembond22. A&P23. Ecco Heating Products24. Equifax Canada25. Cub Foods26. Monenco Agra (AMEC Technologies)27. Centura Quebec28. IBI Leaseholds29. Lowe SMS Group30. Shoppers Drug Mart31. Rich's32. Burlington Coat Factory33. Ensign Resource Service Group34. National Rubber35. Shanahan's Alberta36. Bates Canada37. HMV
September 30, 2003
