June 15 2011 Forward-looking disclaimer Certain statements made in - - PowerPoint PPT Presentation

Plazacorp Retail Properties Ltd. Investor Presentation – Annual General Meeting

June 15 2011

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Forward-looking disclaimer

• Certain statements made in this presentation

are forward-looking and are subject to risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may cause actual results and events to be materially different than those predicted.

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AGENDA

• Remarks from Chairman
• Business of the Meeting

– Election of Directors – Appointment of Auditors – Annual Approval of Stock Option Plan

• Overview
• Reliable Cash Flow
• Plazacorp Growth & Track Record
• Management Team Experience
• Summary and Questions

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Business of the Meeting

• Election of Directors
• Appointment of Auditors
• Annual Approval of Stock Option

Plan

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Plazacorp Shareholder Returns

Plazacorp shareholder returns since going public (July 1999 to June 13 2011)

• Annualized Rate of Return:

18.51% (compounded annually)

• A $100,000 investment in July

1999 would be worth $749,833 today (including dividends).

Notes: Annualized rate of return includes capital appreciation and dividend income (1) Capital appreciation based on a share price of $4.40 ($4.40 - $0.75 = $3.65). (2) Dividend Income (2002 - $0.02, 2003 - $0.08, 2004 - $0.09, 2005 - $0.105, 2006 – $0.125, 2007- $0.15, 2008 - $0.175 2009 - $0.185 2010 - $0.1925 2011 (thus far - $0.10125).

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Overview

• One of Eastern Canada’s leading retail

developers and property owners.

• 112 properties, 5.1 million square feet,

6 provinces.

• Well established development pipeline

and history of growth.

• Market capitalization of $225 million

(based on $4.40 share price).

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Plazacorp Share Price Compared to Indices

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Reliable Cash Flow

National & Regional

72.4% 8.1% 19.5%

National Regional Other

89.1% 4.0% 6.9%

National Regional Other

2011 2002

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Reliable Cash Flow

1.6% 1.9% 2.0% 2.1% 2.7% 2.8% 3.6% 4.2% 7.0% 24.2% Future Shop Sobeys Winners Michaels Bulk Barn Reitmans Marks Work W. Staples Dollarama Shoppers

Top Ten Tenant Mix – 52.1%

(Dec 31, 2010)

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96.8% 96.7% 96.9% 97.9% 97.4% 97.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2005 2006 2007 2008 2009 2010

Reliable Cash Flow

High Occupancy Levels

Occupancy levels have not fallen below 95%

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Reliable Cash Flow

Lease Expiry Schedule (as at December 31, 2010)

Strip Plazas Enclosed Malls Single‐User Total Year Sq Ft % Sq Ft % Sq Ft % Sq Ft % 2011 173,626 7.9% 74,664 11.7% ‐ ‐ 248,290 7.4% 2012 119,302 5.4% 74,702 11.7% 25,293 4.8% 219,297 6.5% 2013 138,673 6.3% 39,218 6.1% ‐ ‐ 177,891 5.3% 2014 199,257 9.1% 108,084 17.0% ‐ ‐ 307,341 9.1% 2015 357,124 16.2% 74,555 11.7% 25,695 4.9% 457,374 13.6% Thereafter 1,211,676 55.1% 266,626 41.8% 478,116 90.3% 1,956,418 58.1% Subtotal 2,199,658 100% 637,849 100% 529,104 100% 3,366,611 100% Vacant 55,360 20,943 ‐ 76,303 Total 2,255,018 658,792 529,104 3,422,914 Strip Plaza Enclosed Malls Single-User Total Average Lease term 7.6 years 6.6 years 11.2 years 8.0 years

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Reliable Cash Flow

Plazacorp 2010 Leasing & Financing Activity

Leasing

• Square footage of new leasing deals 549 thousand at December 31,

2010 (December 31, 2009 – 380 thousand).

• Square footage of renewed leasing deals 323 thousand at December

31, 2010 (December 31, 2009 - 291 thousand). Financing

• Closed $82.9 million in mortgage financing in 2010 (December 31,

2009 - $24.2 million).

• Issued $20.3 million in Convertible Subordinated Debentures

(Series #6) which bear interest at 7.5%, mature on March 31, 2015 and are convertible into PLZ common shares at $3.80 per common share.

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Reliable Cash Flow

Long Term Debt Maturity Levels (as at Dec 31, 2010)

1.20% 6.69% 11.82% 8.54% 7.87%

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 2011 2012 2013 2014 2015

% of Total Principal

Note 1: Chart excludes mortgage bonds and convertible debentures.

$2.7 $15.1 $26.7 $19.3 $17.7

(Millions)

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Reliable Cash Flow

Debt Statistics (as at Dec 31, 2010)

• The overall weighted average cost of fixed rate mortgages

is 6.43% at December 31, 2010 (December 31, 2009 – 6.47%)

• The average term to maturity for long term mortgages is 6.4

years as at December 31, 2010 (December 31, 2009 – 6.2 years).

• The remaining average amortization or repayment period
• n long-term mortgages is 24.6 years at December 31,

2010, 2009 (December 31, 2009 – 23.7 years).

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19 23 27 35 45 55 74 87 93 100 107 YTD 112 20 40 60 80 100 120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Plazacorp Growth & Value-Added Track Record Property Growth

# of Properties

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38.4 51.1 56.0 52.4 46.5 35.7 10 20 30 40 50 60 2005 2006 2007 2008 2009 2010 $ millions

Acquisition and Development in $’s (includes PLZ’s

share of non-consolidated partnerships and trusts)

Plazacorp Growth & Value-Added Track Record

Estimated Development for 2011 – Between $40 and $50 million

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40% 60% 73% 27% 100% 100% 100% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2005 2006 2007 2008 2009 2010 New Build Re-development Square footage

Source of Plazacorp’s Growth Plazacorp Growth & Value-Added Track Record

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5.8 8.6 10.4 12.3 13.4 13.1 $0 $2 $4 $6 $8 $10 $12 $14 '05 '06 '07 '08 '09 '10 0.165 0.215 0.236 0.2630.279 0.264 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 '05 '06 '07 '08 '09 '10 $’s (millions)

Funds from Operations Growth (FF0) FFO/Share Growth

$’s

Plazacorp Growth & Value-Added Track Record

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2011 First Quarter Financial Results Plazacorp Growth & Value-Added Track Record

(000’s), except per share and percentage data Three Months ended March 31, 2011 Three Months ended March 31, 2010 % Increase (decrease) FFO $3,209 $3.091 3.8% FFO per share 6.4 ¢ 6.3 ¢ 1.6% AFFO $2,673 $2,720 (1.7%) AFFO per share 5.3 ¢ 5.5 ¢ (3.6%)

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2011 First Quarter Financial Results Plazacorp Growth & Value-Added Track Record

In thousands of dollars (000’s) IFRS March 31, 2011 IFRS December 31, 2010 Cdn GAAP December 31, 2010 IFRS March 31, 2010 Cdn GAAP March 31, 2010 Investments $ 28,980 $ 28,675 $ 7,401 $ 24,033 $ 6,971 Investment Properties (1) $ 443,650 $ 426,516 $ 294,148 $ 376,154 $ 274,720 Total $ 472,630 $ 455,191 $ 301,549 $ 400,187 $ 281,691

(1) Investment Properties under Cdn GAAP columns include investment properties, properties under development, intangible assets, below market leases, surplus lands and straight-line rents.

The fair value of investment properties increased for the three months ended March 31, 2011 mainly due to decrease of the weighted average cap rate of 48 basis points from March 31, 2010.

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Purchase of Management Company

• Purchase at book value estimated to be

$120,000.

• Unprecedented move in Canadian real estate.
• Demonstrates increased commitment to PLZ

with further alignment of interest of management with shareholders.

• Reduce overall management cost, streamline
• perations, grow dividends.
• Timing is right given consistent growth and

financial strength of the company. Plazacorp Growth & Value-Added Track Record

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Dividend Increase

• Effective August 2011, the annual dividend

increases to 21¢ per common share representing 10th dividend increase in 9 years. Plazacorp Growth & Value-Added Track Record

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$0.080 $0.090 $0.105 $0.125 $0.150 $0.175 $0.185 $0.1925 $0.2025 $0.210

$0.00 $0.05 $0.10 $0.15 $0.20 $0.25 '03 '04 '05 '06 '07 '08 '09 '10 '11 '11

Dollars

Dividend Growth Plazacorp Growth & Value-Added Track Record

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Cumulative Dividend Growth/Share vs Peers Plazacorp Growth & Value-Added Track Record

0.00% 50.00% 100.00% 150.00% 2004 2005 2006 2007 2008 2009 2010 2011 Year

Plazacorp Calloway Crombie First Capital Killiam Riocan Primaris Allied

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79.8% 89.9% 90.0% 100.8%101.0%105.0%105.5%106.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% Plazacorp First Capital Killiam Calloway Primaris Allied Crombie Riocan

Payout as a Percentage of AFFO

(as at December 31, 2010)

Plazacorp Growth & Value-Added Track Record

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2010 Development Activity

Property Square Footage Scugog Street, Port Perry, ON 16,776 Sherwood Street, Amherstview, ON 18,029 Ottawa Street, Almonte, ON 18,365 King & Mill, Newcastle, ON 15,051 Torbay and MacDonald, St. John’s NL 18,500 Stavanger Drive Plaza, St. John’s NL 49,600 Ville Marie Drive, Marystown, NL 13,642 Silver Fox Plaza, New Minas, NS 42,078 Total 192,041

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Scugog Street, Port Perry, ON

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Sherwood Street, Amherstview, ON

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Ottawa Street, Almonte, ON

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Torbay and MacDonald, St John’s NL

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Stavanger Drive Plaza, St John’s NL

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Silver Fox Plaza, New Minas, NS

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2011/2012 Development Activity

Property Square Footage Bourque & Haut-Bois, Sherbrooke, QC 200,000 Manotick, ON 20,000 NBLC, Saint John, NB 10,000 Dollarama, Edmundston, NB 10,000 Dundonald and Smythe, Fredericton, NB 19,265 Former Cdn Tire, Oromocto, NB 10,795 Spencer Drive – Phase I, Charlottetown, PE 100,000 Buchanan/West Royalty Plaza, Charlottetown, PE 54,000 Bedford Commons Phase II, Bedford, NS 103,500 Total 527,560

• In addition to the above we also own 5 other sites that are being held for

future development and will generate approximately 150,000 square feet

• f new GLA.
• We also have 5 conditional land assemblies or owned projects with

development planning in progress in PEI, NS, NB, QC and ON that could generate approximately 147,000 square of new GLA on completion.

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Bourque & Haut-Bois, Sherbrooke, QC

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NBLC, Saint John, NB

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Dollarama, Edmundston NB

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Dundonald & Smythe, Fredericton, NB

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Spencer Drive, Charlottetown, PE & Buchanan/West Royalty, Charlottetown, PE

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Spencer Drive, Charlottetown, PE

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Buchanan/West Royalty, Charlottetown, PE

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Bedford Commons Phase II, Bedford, NS

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Bedford Commons Phase II, Bedford, NS

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Management Team Experience

• Strong relationships with retailers as evidenced by the repeat

business with Canada’s best retail chains;

• Value-added development and operating expertise that benefit

Plazacorp’s shareholders as value is created inside Plazacorp. Plazacorp is not buying newly developed property at FMV from related companies or 3rd party developers;

• Excellent reputation, credibility and performance records;
• Ability to effectively raise new capital in manageable amounts

based on deployment needs;

• Local market presence;
• Management and Directors own over 50% of the outstanding

shares;

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REIT Conversion Update

• Application filed with CRA.
• Primary structure for owning real estate in

Canadian market.

• Simplify corporate structure.

Overview

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Going Forward

Reliable Cash Flow , Stable Properties

+

Continued Plazacorp Growth , Development Pipeline

+

Experienced Management Team

=

INCREASED SHAREHOLDER VALUE

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Going Forward……

• PLZ will continue to fill its development pipeline with

new development projects leased to Canada’s best retailers that will generate future growth;

• PLZ will continue to complete development projects

currently underway in its six provinces.

• PLZ will prepare the groundwork for future dividend

increases.

• PLZ will complete the acquisition of the management

company.

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Plazacorp Retail Properties Ltd.

Questions

Or Contact us at: Plazacorp Retail Properties Ltd (TSXV – PLZ) 527 Queen Street, Suite 200 Fredericton, NB E3B 1B8 Ph:(506)451-1826 Fax: (506)451-1802 Email: info@plaza.ca Web Site: www.plaza.ca