#1plaza INVESTOR PRESENTATION SHOPPERS DRUG MART Bedsuppersdrugmart.ca ЧИ 2020 OPEN UNTIL 10 PM easypix DIGITAL CENTRE SH#2Who is Plaza? Plaza is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada WENDY'S COED FASHIONED THAMBURGERS Plaza's portfolio largely consists of open-air centres and stand-alone small box retail outlets, and is predominantly occupied by national tenants Plaza focuses on development, redevelopment and value-add acquisitions, without dilution to its unitholders. Plaza's pipeline of deals remains very strong Mark's PLEX CINEMAS SUBWAY plaza.ca#3Profile SHOPPERS sdrugmart.ca DRUG MART OPEN 10PM SHOPPERS DRUG MART CRI HEALTH CENTRE PC DOLLARAMA 2 lus Existing Portfolio Under Development 274 properties ~ 8.4M sq. ft. 17 projects Pipeline 10 projects ~ 650,000 sq. ft.(¹) ~ 400,000 sq. ft.(¹) (1) at 100%. Certain projects under development are included in the existing portfolio plaza.ca#4What makes PLAZA unique? 1 Plaza focuses on per unit growth and NAV creation through accretive developments, redevelopments and proactive management of its existing portfolio. 2 Plaza is fully internalized and able to develop/redevelop properties using in-house resources, such as a development and leasing team consisting of 25 skilled professionals with a combined 300 years of experience. Plaza does not buy properties from 3rd party developers or from related parties at low cap rates. 3 Insiders hold a significant ownership position in Plaza. 4 Plaza relies on its entrepreneurial abilities to adapt to changing market conditions. 5 Plaza locks in consistent long-term returns by financing with long term debt, generally matched to lease maturities. WINNERS MODE plaza.ca#5plaza INVESMENT HIGHLIGHTS Marshalls Marshalls NOW OPEN HZT 931 2020 HOMESENSE HOMESENSE#6Investment Highlights SHOPPERS DRUG MART 20x Visit us at shoppe FERO One of Canada's leading property owners, developers and managers of retail real estate. • Total assets, at Plaza's consolidated interest, valued of over $1.1 billion. Assets under management of +/- 1.65 Billion (all at 100%). • Proven track record of accretive growth and value creation over 20-year history. • • Development strategy and focus on per-unit NAV and FFO growth. We have a strong history of delivering value. Outstanding performance by targeting greenfield and brownfield opportunities often overlooked by competitors. As a result, we create access to communities which are highly appealing to national retailers. plaza.ca#7Investment Highlights . Unique positioning as a developer and value creation REIT. . Leveraging competitive advantage in Eastern Canada. • Focus on value, convenience and specialty retail. • Stable, high occupancy with National tenants. comprising ~91% of revenue. VRAI BON BURGER • Superior returns through property development. A&W 24 plaza.ca#8Investment Highlights Hypothetical Development $000s Cost of Development $50,000 $50,000 $50,000 Unlevered Yield 7.00% 8.00% 9.00% Cap Rate upon completion 6.00% 6.50% 7.00% Cost of Development $50,000 $50,000 $50,000 Long term debt @ 65% LTV ($37,917) ($40,000) ($41,786) Equity Investment $12,083 $10,000 $8,214 NOI upon completion $3,500 $4,000 $4,500 Debt Service @ 3.75% interest, 30-yr amort ($2,100) ($2,215) ($2314) Cash Flow $1,400 $1,785 $2,186 Levered Return 11.6% 17.8% 26.6% Value $58,333 $61,538 $64,286 NAV Created ($8,333) ($11,538) ($14,286) NAV Created - % of Cost 17% 23% 29% plaza.ca#9Long-Term Mortgage Maturity Profile 250,000,000 200,000,000 150,000,000 4.77% 4.62% 4.08% 100,000,000 16.0% 50,000,000 4.98% 4.34% 9.7% 8.7% 7.2% 6.2% 8.00% 52.2% 7.00% 6.00% 5.00% 4.00% 3.99% 3.00% 2.00% 1.00% 2020 2021 2022 2023 2024 2025 and thereafter $ Maturing (left axis) -Weighted avg rate (right axis) plaza.ca#10NOI by Region 2019 2% West 20% Ontario 18% Québec 60% Atlantic Canada plaza.ca#11plaza REIT TM Bag wine vin Available here Disponible lei Sobeys PORTFOLIO COMPOSITION 2020 P#12PLAZA's Portfolio Composition as at Dec. 31, 2019 Enclosed 7.1% Single Tenant QSR 6.9% Single Tenant Retail 19.1 % Strip 66.9% Base Rent Regional 3.9% Non-Retail 1.7% Local 3.7% National 90.7% plaza.ca#13PLAZA's Portfolio Composition Revenue by Retail Category Grocery/Liquor/ Gas, 9% as at December 31, 2019 Dollar Store & Treasure Hunt 11% Fashion, Specialty Retail, 13% 6% Financial & other services, 6% Restaurants & Entertainment, 18% Pharmacy & Medical Services, 30% Pet Stores, 3% Other, 4% plaza.ca#14Top 10 Retail Tenants % of Base Rent Revenue (5) 25.1% (1) SHOPPERS DRUG MART Loblaws (2) 5.5% K KFC 5.1% DOLLARAMA $ 3.9% CANADIAN TIRE (3) Mark's SPORTCHEK 3.5% Sobeys (4) 3.3% WINNERS Marshalls. HOME SENSE 3.0% staples 1.8% BulkBarn* 1.6% Tim Hortons. KING BURGER 1.5% metro Jean Coutu M (1) Shoppers Drug Mart/Loblaw represents the following stores: Shoppers Drug Mart, No Frills, and Maxi. (2) The majority is represented by 3 operators. (3) Canadian Tire Group represents the following stores: Canadian Tire, Mark's/L'Équipeur, Party City and Sport Chek. (4) Sobeys Group represents the following stores: Sobeys, IGA, Sobeys Fast Fuel and Lawtons. (5) Excludes developments, redevelopments and non-consolidated investments. SHOPPERS DRUG MART Visit us at shoppersdrugmart.ca MI CANASA FOST Post BU Office d plaza.ca#15PLAZA Geography West 3 Properties - 51,256 SF Ontario 68 Properties - 1,690,869 SF Québec 95 Properties - 2,146,617 SF Atlantic 108 Properties - 4,495,022 SF TOTAL 274 Properties - 8,383,764 SF plaza.ca areas noted at 100%#16plaza REIT TM 3351 LAWRENCE AVE. E Tim Hortons DRIVE THRU KFC M&M FOOD MARKET Pizza Hut PLAZA Harpions lasotions -eps-aceste bagels smoothies coffee donuts espresso-sandwiches-latte-bagels-smoothies REDEVELOPMENT PROJECTS 2020#17Chain Lake Drive Plaza Halifax, NS itness eighe Ce the Righ BEFORE REVELOPMENT AY 0. Sushi Nami Royale GIANT TIGER CONDE Home Outfitters kitchen bed bath | SUPERSTORE I Canada Computers C-Canada Crony plaza.ca#18Granite Drive Plaza New Minas, NS BEFORE WINNERS FUTURE SHOP FUTURE SHOP REDEVELOPMENT அரபு DOLLARAMA plaza.ca#19Quispamsis Town Centre Quispamsis (Saint John), NB BEFORE Goodie FITNESS DC LLAFAMA McTAGUE INSURANCE FACADE REMODEL SHOPPERS G COLDWELL BANKER SELECT REALTY SAVE JUNGL plaza.ca#20602 ave. Laure Sept-Îles, QC PFK BEFORE PFK FUTURE SQDC 13071 QSQDC SQDC Rendering plaza.ca#21boul. Talbot Chicoutimi, QC BEFORE REDEVELOPMENT Bull Barn GLOBO Eggsquis ROSE DOYOUS? plaza.ca#22Plaza J.P. Perrault Sherbrooke, QC BEFORE REDEVELOPMENT ANNA SORTIE SAIL plaza.ca#23Gates of Glen Shopping Centre Brampton, ON BEFORE WIMPY'S All Day BREA AST CONVENTENCE FLOWER KFC DELIGHT ORUGS MISCAL OFFICE RAIN OR SHI KFC plaza.ca#24Gates of Glen Shopping Centre Brampton, ON REDEVELOPMENT IN PROGRESS WIMPY'S diner PORTLAND CASH JERK GINOS PIZZA A Benjamin Moore KFC PAN PAN DRUGS SUBWAY MEDICAL CENTRE PHARMACY 905.792.3011 W plaza.ca#25Timiskaming Plaza New Liskeard, ON BEFORE REDEVELOPMENT IN PROGRESS food Basics STEAK AWS-4 GIANT TIGER DOLLARAMA 4 plaza.ca#263351 Lawrence Ave. East Scarborough, ON BEFORE KFC REDEVELOPMENT The Hartous KFC 8666 M&M FOOD MARKET SAVE 1350 BEEF POT ROAST 15.99 CHICKEN STRIPS 13.99 CHICKEN WINGS11.99 M&M FOOD MARKET SAVE SO BREADED CHICKEN BREASTS 11.99 CHICKEN STRIPS 16.99 POT ROASTS 13.99 Pizza Hut pizzahut.ca 555 Pizza Hut PIZZAHUT.CA OPEN 50 plaza.ca#271000 Islands Plaza Brockville, ON BEFORE REDEVELOPMENT Sears STAPLES Plane Timess DOLLARAMA 2 SOURCE cany home Bell 30-80 OFF HAME bulk barn plaza.ca#28plaza REIT TM NEW CONSTRUCTION PROJECTS 3351 LAWRENCE AVE. E Tim Hortons DRIVE THRU KFC M&M FOOD MARKEY Pizza Hut PLAZA Autorious line sodions and once pasmoothes coffee-donuts espresso-sandwiches-latte-begels-smoothies 2020#29The Shoppes at Galway St. John's, NL PRINCESS AUTO SCHOOL OF ROCK MICHAELS DOLLARAMA O Marshalls HOMESENSE Michaels plaza.ca#30The Shoppes at Galway St. John's, NL Tim Hortons STARBUCKS Tum Notions NOW OPEN plaza.ca#31Silver Fox Plaza New Minas, NS PETSMART IN PROGRESS CAT CONCRETE UNITED plaza.ca#32Carson & Mapleton Moncton, NB MILESTONES milestones GRILL BAR ermen 857-1000 ermen 857-1000 633 473 Draught Pro Draught Pro plaza.ca#33Plaza des Laurentides St-Jérôme, QC PRINCESS AUTO MAINTENANT OUVERT Des Mies. Des outils. 150 MAINTENANT OUVERT plaza.ca#34Plaza des Laurentides St-Jérôme, QC epiderma @ sauc 106 102 Ba epidenta Moores VETEMENTS FOR: COVIDIE plaza.ca#35Century Avenue Missisauga, ON MOVATI ATHLETIC Bigfoot plaza.ca