Portfolio Transformation Strategy

BALANCE SHEET STRENGTH Capitalization Debt Maturity Profile Unit Price (04/30/2020) $63.60 Units Outstanding 53.6 $600 500 Market Capitalization $3,409 $500 400 $400 Credit Facility $0 Debentures 3.788% due Jul/21 $250 Debentures 3.873% due Nov/23 $400 (C$M) $300 250 300 262 $200 Term Loan 0.522% due Dec/24 $261 $100 Term Loan 1.355% due Dec/26 Total Unsecured Debt $300 $1,211 $0 2020 2021 2023 2024 2026 . Less: Cash and Cash Equivalents Add: Non-controlling Interests Enterprise Value $215 $2 $4,407 Available Liquidity under credit facility which matures in February 2023 $250M Debentures 3.788% due Jul/21 swapped into Euros with effective interest rate of 2.68% $400M Debentures 3.873% due Nov/23 swapped into Euros with an effective interest rate of 2.43% ⚫ US$185M Term Loan LIBOR+ due Dec/24 swapped into Euros with an effective interest rate of 0.522% ⚫ $300M Term Loan BA+ due Dec/26 swapped into Euros with an effective interest rate of 1.355% Available Liquidity Cash and Cash Equivalents Credit Facility Available Total Available Liquidity Available Liquidity LTM Adj. EBITDA / LTM Interest Net Debt / LTM Adj. EBITDA $215 LTM FFO / Net Debt $499 $714 Net Debt/ Fair Value of Investment Properties Net Debt/ Enterprise Value Unencumbered Assets / Unsecured Net Debt Secured Debt / Fair Value of Investment Properties Incremental Net Debt Capacity at 35% Net Leverage Ratio Sector leading balance sheet with significant liquidity and fully unencumbered assets Market capitalization and enterprise value are as at April 30, 2020. Total Unsecured Debt excludes swap mark-to-market liabilities and lease obligations. Where applicable, figures include the acquisition of a property subsequent to March 31, 2020 in Weert, Netherlands. 7.7x 4.9x 18% 23% 25% 4.4x 0% $922M May 2020 15

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