UBC PROPERTIES TRUST

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2 UBC PROPERTIES TRUST

3 UBCPT MISSION STATEMENT Our mission at UBC Properties Trust is to assist UBC, through optimization of land assets, to achieve the academic and community goals of its Place and Promise mandate. WESBROOK PLACE IRVING K BARBER LEARNING CENTRE 3 OVERVIEW

4 ORGANIZATION CHART PRIVATE TRUST Beneficiaries (the UBC Foundation is also a beneficiary) UBC Sole Shareholder Distributions from Land Leases Trustee (holds legal title to assets) UBC Properties Investments Ltd. Board of Directors Distributions from Rental Properties Operating Entity UBC Properties Trust Village Gate Homes (division) Property Management (Faculty & Staff Rental) Wesbrook Properties (division) Property Management (Market Rental) 4 OVERVIEW

5 INITIAL PRINCIPLES FOR LAND DEVELOPMENT (1988) None of the land would be sold but rather it would be leased for periods not to exceed 99 years. The University will not provide financial assistance or loan covenants for subdivision work. The only security provided by UBC would be leases of land designated for residential development. UBC s charitable status would not be adversely impacted. Overhead would be funded through management and cash flow from rental properties. Any work associated with design and construction would be contracted out to third parties. All net revenue from land lease activity would be endowed to UBC. 5 OVERVIEW

6 UBC PROPERTIES TRUST ACTIVITIES INSTITUTIONAL COMMERCIAL DEVELOPMENT SERVICING AND LAND LEASING RENTAL HOUSING 6 OVERVIEW

7 ACTIVITY TO DATE 1. Institutional Development Management Completed or underway million square feet - $2.6 billion 2. Land Servicing and Development Neighbourhood Status GBA Total GBA Available Hampton Place Complete 1.2 Million nil Hawthorn Place Complete 0.9 nil Chancellor Place Complete 0.8 nil East Campus Complete 0.3 nil Wesbrook Place 50% University Boulevard 25% Stadium 0% Acadia 0% Total 14.1 Million 7.6 Million 3. Build and Manage Rental Housing, Retail & Common Space Complete or underway million rentable square feet 7 OVERVIEW

8 RECENTLY COMPLETED THE ROBERT H. LEE ALUMNI CENTRE CENTRE FOR BRAIN HEALTH 8 INSTITUTIONAL

9 RECENTLY COMPLETED PHARMACEUTICAL SCIENCES BUILDING PONDEROSA THE NEST STUDENT UNION BUILDING 9 INSTITUTIONAL

10 PROJECTS UNDER CONSTRUCTION & DESIGN ($ millions) Construction Budget Brock Commons (Tall Wood) $51.5 Ponderosa Commons Phase II 77.8 Transit Exchange Terminal 21.8 Sports Medicine Centre Phase I 10.0 Aquatic Centre 39.9 Totem Park Residence In-Fill Phase II 30.2 Gage South Student Residence 77.0 Orchard Commons Quantum Matter Institute 30.3 Whitecaps Field House & Fields 25.7 Acadia Hi-rise Renovation 12.3 TOTAL $504.0 ORCHARD COMMONS 10 INSTITUTIONAL

11 PROJECTS UNDER CONSTRUCTION BROCK COMMONS (TALL WOODS) AQUATIC CENTRE TRANSIT TERMINAL & GAGE HOUSING 11 INSTITUTIONAL

12 STUDENT HOUSING (millions) Square Feet Budget Final Variance Cost/s.f. STUDENT HOUSING CONCRETE 2.5 $656.3 $635.9 $20.4 $257 WOOD FRAME TOTAL 2.9 $745.6 $718.3 $27.3 $247 FOOD SERVICES + RENOVATIONS n/a n/a STUDENT TOTAL 2.9 $808.8 $780.8 $28.0 n/a 12 INSTITUTIONAL

13 INSTITUTIONAL, UBCPT & STUDENT HOUSING (millions) Square Feet Budget Final Variance Cost/s.f. INSTITUTIONAL LEARNING, TEACHING + RESEARCH 4.1 $ 1,581.0 $ 1,571.0 $10.0 $382 PUBLIC REALM + TRANSIT n/a ATHLETICS, AGRICULTURE + PARKING (1.0) INSTITUTIONAL TOTAL 5.1 $ 1,853.2 $ 1,844.1 $9.1 UBCPT $312 STUDENT TOTAL 9.6 $3,174.7 $3,130.4 $ INSTITUTIONAL

14 NEIGHBOURHOOD SERVICING & LEASING 14 SERVICING AND LAND LEASING

15 MINIMIZING DEVELOPERS RISKS No Entitlement Risk Height Gross Buildable Area (GBA) Site Coverage Parking No Offsite costs (UBCPT provides all servicing) CAC $3.25 per GBA (UBCPT provides all amenities) Development permits issued within 6 months Sites are leased to developers based on UBCPT s assessment of demand UBCPT shares market risk Profit sharing Revenue sharing Deferred equity 15 SERVICING AND LAND LEASING

16 BROCKHOUSE PARK NOBEL PARK VILLAGE LANE SMITH PARK MUNDELL PARK KHORANA PARK 16 SERVICING AND LAND LEASING

17 COMMUNITY CENTRES WESBROOK COMMUNITY CENTRE (CACs) HAWTHORN COMMUNITY CENTRE (CACs) 17 SERVICING AND LAND LEASING

18 RECENTLY COMPLETED CONDOS POLYGON S THE LAUREATES WALL FINANCIAL S BINNING TOWER ADERA S PRODIGY 18 SERVICING AND LAND LEASING

19 HAMPTON PLACE HAMPTON PLACE 2010 THE BRISTOL HAMPTON PLACE ENTRANCE 19 SERVICING AND LAND LEASING

20 HAWTHORN PLACE OLD BARN COMMUNITY CENTRE PROMONTORY HAWTHORN GREEN 20 SERVICING AND LAND LEASING

21 CHANCELLOR PLACE CHANCELLOR HOUSE VANCOUVER SCHOOL OF ECONOMICS INTRACORP S FOLIO 21 SERVICING AND LAND LEASING

22 EAST CAMPUS GREENWOOD COMMONS POLYGONS S SITKA 22 SERVICING AND LAND LEASING VISTA POINT

23 WESBROOK PLACE WESBROOK VILLAGE VILLAGE LANE 23 SERVICING AND LAND LEASING MUNDELL PARK

24 FUTURE ACADIA EAST & STADIUM ROAD Gross Buildable Area Acadia Stadium TOTAL 3,200,000 SF 993,000 SF 4,193,000 SF Rental Units 1,400 Prepaid Market Units 2, SERVICING AND LAND LEASING TOTAL UNITS 4,200

25 WESBROOK PLACE NEIGHBOURHOOD PLAN Gross Buildable Area 6,083,000 sf Total Units 6,100 Rental Units 1,300 Market Leasehold Units 4,800 Population at Buildout 12, SERVICING AND LAND LEASING

26 WESBROOK PLACE DEVELOPMENT SITE STATUS 26 SERVICING AND LAND LEASING

27 WESBROOK CONDOS CURRENTLY UNDER CONSTRUCTION POLYGON S ETON ADERA S VIRTUOSO 27 SERVICING AND LAND LEASING

28 28 RENTAL PORTFOLIO PROPERTY PORTFOLIO

29 UBCPT RENTAL PORTFOLIO (AS OF JUNE 30 TH, 2016) Project Type No. of Units or Beds GBA (sq.ft.) Non-Market Rental (F&S) ,000 Student Housing (Beds) ,000 Market Residential Rental ,000 Retail & Office n/a 285,000* SUBTOTAL 1,068 1,180,000 Under Construction Non-Market Rental (F&S) ,000 Market Residential Rental ,000 Retail & Office n/a 36,000 TOTAL 1,457 1,552,000 GRANITE TERRACE WESBROOK PLACE TOTAL ENTITLEMENT REMAINING 2,465,000 * Includes TEF 29 RENTAL PORTFOLIO

30 UBCPT RENTAL PORTFOLIO UNDER CONSTRUCTION CENTRAL VILLAGE SQUARE CYPRESS HOUSE + PINE HOUSE WEBBER HOUSE 30 RENTAL PORTFOLIO

31 31 FINANCIALS FINANCIALS

32 ANNUAL CAPITAL EXPENDITURES Fiscal Ye a r En d ing M a r c h 31 ($millions) Institutional Non-Institutional $ Millions Budget 32 FINANCIALS

33 DISTRIBUTIONS - CUMULATIVE Fiscal Year Ending March 31 ($millions) $ Millions Cumulative Est. 33 FINANCIALS * Includes donations paid to 1998.

34 VALUE CREATION (millions) YEAR ENDING MARCH 31ST DISTRIBUTIONS TREK - Paid & Payable (since 2004) $418.4 $457.8 $ $596.1 Non-TREK ( ) Dividends, cumulative ( ) TOTAL APPRAISAL SURPLUS 3.75% Capitalization % Capitalization TOTAL DEVELOPMENT COST CHARGES Infrastructure Impact Charges Community Amenity Charges TOTAL TOTAL VALUE CREATION $862.3 $968.5 $1,037.7 $1, FINANCIALS

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