Investor Presentation Second Quarter 2006
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- Prudence Baker
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1 Investor Presentation Second Quarter 2006
2 2006 Highlights (Six months to June 30, 2006) Revenues up 10.2% from accretive acquisitions Net Operating Income up 10.9% NOI margin increases Stabilized portfolio NOI up for second consecutive quarter Increased rents on turnover and renewals Per suite renovation costs declining
3 A Solid Quarter Three Months Ended June 30, 2006 Change Revenues $69.9M 11% Net Operating Income $37.9M 10% Distributable Income $17.5M 5% Funds From Operations $17.5M 5%
4 Continued Portfolio Growth Acquired 895 suites so far in 2006: Portfolios in Etobicoke, Orangeville, Montreal Approx. $71 million total acquisition costs Available cost synergies 2006 Growth Target: 1,500 2,000 suites
5 Strong Diversified Portfolio As at June 30, % 5% 1% 17% 70% 4% GTA 51% Other Ont 19%
6 Well Balanced Portfolio As at June 30, 2006 Affordable 16% 32% 52% Mid-tier Luxury Not tied to any demographic segment
7 Industry-Leading Occupancy 98.9% 99.5% 98.8% 98.3% 97.6% 96.6% 97.4% 97.1% Q2 06
8 Solid Financial Base (at June 30, 2006) Weighted Average Interest Rate* Reduced to 5.35% Weighted Average Term to Maturity* Extended to 7.8 years + + Strong balance sheet 63.7% Stable, sustainable cash distributions 75% tax deferral in 2005 *including impact of interest rate forward contracts
9 Investing in our Properties Suite Improvements Year Ended Dec. 31, 2005 $12.5M Capital Improvements $11.7M $16.6M Building Improvements Suite Improvements: Property & market specific Generally fast turnaround upgrades Increasingly using subcontractors Capital Improvements: Increase life of properties Reduce operating costs Enhance tenant experience Building Improvements: Related to recent acquisitions Estimated at time of purchase Funded over several years
10 Acquisition Capex Builds Value Example: Acquisition Purchase Price Estimated Capex at Acquisition Total Acquisition Value $20 million 4 million $24 million Capex estimated at acquisition date Accretion calculated including estimated capex Capex funded over ensuing years
11 Financial Review
12 2006 Highlights Six months ended June 30, Revenues Net Operating Income Distributable Income $139.2M $70.5M $30.5M $126.3M $63.6M NOI Margin 50.3% 50.7% $28.6M DI per Unit (basic) $0.555 $0.552 Funds from Operations $29.7M $28.1M FFO per Unit (basic) $0.545 $0.539 Wtd Avg Units O/S 51.5M 55.2M
13 Q2, 2006 Highlights Quarter ended June 30, Revenues Net Operating Income Distributable Income $69.9M $37.9M $17.5M $63.0M $34.4M NOI Margin 54.6% 54.3% $16.6M DI per Unit (basic) $0.322 $0.316 Funds from Operations $17.5M $16.7M FFO per Unit (basic) $0.322 $0.316 Wtd Avg Units O/S 51.7M 55.2M
14 Stabilized Portfolio Performance Six months ended June 30, Stabilized Suites 22,250 Net Operating Income Margin 50.5% 22, % Change in Operating Revenues 1.4% Change in NOI 1.7% Two consecutive quarters of positive NOI growth
15 Decreasing Tenant Allowances $3,000 $2,500 $2,000 $1,500 Allowances incurred $1,000 Net average rents $500 $0 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Total allowances & vacancy loss ResREIT Purchase Trend: steady tenant allowances incurred steady net average rents
16 Strong Financial Position June 30, 2006 June 30, 2005 Mortgage Debt to GBV 58.9% 57.9% Total Debt to GBV 64.7% 63.7%* Total Debt to Total Market Cap 59.7% 61.5% Weighted Average Interest Rate 5.35%** 5.48%** Weighted Average Term to Maturity 7.8yrs** 8.5yrs** Debt Coverage 1.2x 1.2x Acquisition Capacity (based on 70% maximum borrowing limit) $454M* $338M *proforma debt to GBV ratio after equity offering dated Aug 22/06 will be 61.3% and acquisition capacity will be $626 million **including impact of interest rate forward contracts
17 Well Positioned Mortgage Portfolio Total Debt Repayments and Weighted Average Interest Rates (including interest rate forward contracts) $250,000 $200,000 $150,000 $100,000 $50,000 $0 6.3% 5.6% 4.9% 4.2% 3.5% 2.8% 2.1% 1.4 % 0.7% 0.0% Subsequent Total Debt Repayments ($000s) Weighted Avg Interest Rate for Maturing Mortgages
18 Increasing Rents Portfolio Occupancy and Average Rents (By Asset Type) Total Portfolio Properties Owned Prior to June 30, 2005 Properties Acquired Since June 30, 2005 As at June 30, Avg. Rent $ Occ. % Avg. Rent $ Occ. % Avg. Rent $ Occ. % Avg. Rent $ Occ. % Avg. Rent $ Occ. % Affordable Mid-Tier Luxury Average % change in gross rents impacts DI / FFO by $0.026 per Unit
19 2006 Capex (Six months to June 30, 2006) June 30, 2006 By Program June 30, 2006 By Portfolio 28.7% 45.3% Capital Improvements ($6.16M) 48.2% 51.2% ResReit ($6.96M) Suite Improvements ($3.54M) Other New Acquisitions ($0.08M) 26.0% Building Improvements ($3.90M) 0.6% Existing Portfolio ($6.56M) Capital Expenditures June 30, % Building ($3.90M) 1.2% 7.8% 9.9% 4.1% 28.7% 12.4% Boilers & Elevators ($1.69M) Windows ($0.02M) Suite Improvements ($1.99M) Kitchen/ Bath/ Floors ($1.54M) Appliances ($0.56M) Common Area Upgrades ($1.34M) Equipment ($1.06M) 11.3% 0.1% Signage ($0.16M) 14.6% Other ($1.34M)
20 Capex Program Adds Value Property Suites Vacancy % Jun 04 Jun 06 Net Rent $ Jun 04 Jun 06 % chg Suites Improved $ Spent on Insuite Total $ Spent 355 St Clair, Toronto ,068 2, ,699 1,643, Cassandra, Toronto ,103 1, ,760 1,142, San Romanoway, Tor ,567 1,422, Huntley, Toronto , , Duplex, Toronto , ,197 1,156, Sherobee, Mississauga ,123 1, ,322 1,131,527 Park Royal, Mississauga ,490,031 6,164, Stubbs, Toronto ,297 1, , ,907 Traynor Vanier, Kitchener ,369 2,338, Ste Foy, Quebec , ,302
21 Leveraging Our Strengths Solid Growth Opportunities
22 The Fundamentals are Strengthening Rising interest rates less affordable housing Strengthening demand Decline in single family starts Improving youth job market Strong economy
23 Building One of the Best Managed Companies in the Industry New information technology system Strengthened management team
24 Another Positive Initiative for Our Business Ontario Government: New Legislation Maintains market rent on vacated suites Modified guideline for rent increases to existing tenants on renewals from 2.1% in 2006 to 2.6% in 2007 Positive Impact on our Business Move rents close to market Generate stable, sustainable increases Increase in demand, due to more certainty
25 Positioned in Strong Markets Ontario: The heartland of the Canadian economy broad economic base, not tied to cyclical industries Growing immigration 53% of total Canadian immigration settles in Ontario Greater Toronto Area: The financial engine of the Canadian economy Forecast 30% population growth to % of total Canadian immigration comes to Toronto
26 Outlook Market fundamentals improving Strong, flexible balance sheet Repositioned, diversified portfolio Strengthened operating platform Target to acquire 1,500 to 2,000 suites in 2006 Leveraging our real estate experience
27 An Exciting Future Canada s Landlord of Choice Strong balance sheet High quality portfolio Strengthened platform 63.7% Capitalizing on Improving Fundamentals
28 Investor Presentation
29 Cautionary Statement This presentation may contain forward-looking statements with respect to and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as may, will, expect, estimate, anticipate, intends, believe or continue or the negative thereof or similar variations. The actual results and performance of discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described under Risk Factors in s annual information form and other securities regulatory filings. The cautionary statements qualify all forward-looking statements attributable to and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date to which this presentation refers, and the parties have no obligation to update such statements. Distributable income is not a measure recognized under Canadian generally accepted accounting principles ("GAAP") and does not have a standardized meaning prescribed by GAAP. Distributable income is presented in this presentation because management of believes that this non-gaap measure is a relevant measure of its ability to earn and distribute cash returns to Unitholders. Distributable income computed by may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to distributable income reported by such organizations. Distributable income is calculated by by reference to the net income of on a consolidated basis, as determined in accordance with GAAP, subject to certain adjustments set out in the Declaration of Trust.
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