Investor Relations

Size and Scale

• $4.5B national portfolio of leading enclosed shopping centres in growing markets across Canada
• Full-service, internal national platform

Proper Capitalization

• Average Net Debt** to Adjusted EBITDA**: 5.7x¹
• Target FFO Payout Ratio**: 45% - 50% of FFO

1. The debt ratios are non-GAAP ratios. Average Net Debt** to Adjusted EBITDA** was calculated on a rolling four-quarter basis. See Section 10.4, "Capital Structure" of the MD&A.

Focus on Retailer Affordability

• Cost management discipline
• Economies of scale
• Support omni-channel integration

Scale and Consolidation Opportunity

• Canada's only enclosed shopping centre REIT
• Well-capitalized, scalable management platform
• Limited institutional competition

Disciplined Capital Allocation

• Unit repurchases
• Monetization of excess density and intensification
• Debt repayment
• Distributions to unitholders