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Chairman’s Message 03

About REALpac 04

Officers & Board of Directors 05

Advocacy & Government Relations 06

Financial Best Practices 08

Research & Sustainability 10

Clean50 Top 15 Project 13

REALpac / IPD Indices 15

Professional Development 16

Industry Conferences 20

20th Anniversary of REITs 22

Member Only Events 24

Committees 25

Industry Publications 26

Sponsors 28

Members 33

Staff 42

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Contents

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At the REALpac Annual General meeting on November 27, 2012, I was honoured to take over as Chair of REALpac from Dori Segal, President & CEO of First Capital Realty Inc., for a two year period starting January 2013. Little did I know at the time, that the new year would bring with it tremendous challenges for the Association.

In March 2012, Paul Morse had assumed the position of CEO at REALpac, taking over the reins from Michael Brooks who served the Association with extraordinary dedication for almost 15 years. Paul brought his considerable energy, enthusiasm and experience to his new role. It was a shock to all when Paul suffered a massive stroke only two days after the REALpac Annual General Meeting at the end of November 2012, after less than nine months on the job. While our main focus was on Paul and his recovery, the Association still had to function.

Early in December 2012, the Board appointed Nancy Anderson, VP, Financial Reporting & CFO and Carolyn Lane, VP, Membership, Marketing & Communications as interim Co-CEOs of the Association. Carolyn and Nancy didn’t miss a beat during their appointment and kept the Association focused and on track with existing and new initiatives. REALpac is well positioned for the future due to the leadership and commitment shown by these two executives.

In 2013, REALpac recruited more new Members, and undertook more professional development, events and research than it had ever done in the past. We remained active and effective in government relations, and in particular played a leading role in the strategic discussion of transit planning and funding in the

Greater Toronto and Hamilton Area. The Board of Directors and I would like to extend their gratitude and thanks to Carolyn and Nancy for doing an outstanding job of shepherding the Association through over a year of turbulence and change.

In September 2013, REALpac announced that Paul Morse had decided to step down as CEO. On behalf of the Board of Directors and our Members, I would like to thank Paul for his dedicated service to the Association and his many years of contributions to the real estate industry including 13 years at Cushman & Wakefield, most recently as the Senior Managing Director, Office Leasing.

When the search for a new CEO began in October, the REALpac Board of Directors was unanimous in our decision to approach Michael Brooks to gauge his interest in returning to the helm of REALpac. On October 22, REALpac announced Michael’s reappointment as CEO of the Association starting on January 1, 2014. Michael returns to REALpac with renewed enthusiasm and will resume working with Carolyn and Nancy and the entire Association staff. Paul Morse is continuing to work on his recovery and we are pleased to learn of his excellent progress and wish him well.

We are looking forward to 2014 with renewed optimism for the future of the Association and the industry. Through strong teamwork and dedication the challenges of 2013 have been met and surpassed – but we are left with the important reminder that if you have your health, you have all the wealth you need, even if it is not all you want.

Stephen Taylor

Chair of REALpac (2013 & 2014)

President & COO, Morguard Investments Limited

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Chairman’s Message

Nationwide

REALpac brings together the country’s real property investment industry’s most senior executives to initiate and guide the association’s efforts to ensure stable and beneficial real estate capital and property markets in Canada.

Worldwide

REALpac is Canada’s vehicle through which Members interests are shared internationally with counterpart national associations in all of the major real property markets worldwide through its membership in the Real Estate Equity Securitization Alliance. Members of REESA include REALpac, the European Public Real Estate Association (EPRA), the British Property Federation (BPF), the National Association of Real Estate Investment Trusts (NAREIT), the Property Council of Australia (PCA), the Asia Pacific Real Estate Association (APREA), and the Association for Real Estate Securitization (ARES).

REALpac IS, FIRST AnD FOREMOST, A LEADERShIP ORGAnIzATIOn

REALpac MEMBERShIP

Membership is exclusive to the Chief Executives and Chief Financial Executives of those organizations that currently own or manage real estate assets in Canada. They are the most senior officers responsible for all matters related to real property.

Assets include:

• retail

• office

• industrial

• hotel

• multi-residential (apartments)

• seniors housing

Members include:

• real estate investment trusts

• publicly traded and large private companies

• banks

• brokerages

• crown corporations

• investment dealers

• life companies

• pension funds

About REALpac

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Officers 2013 Board of Directors

Stephen Taylor

Chair (2013 & 2014)

President & COO Morguard Investments Limited

Scott Hutcheson

Vice Chair (2013 & 2014)

Chairman & CEO

Aspen Properties Ltd.

Thomas Schwartz

President & CEO CAPREIT

Michael Emory

President & CEO Allied Properties REIT

Scott Hutcheson

Chairman & CEO Aspen Properties Ltd.

Peter Menkes

President Menkes Development Ltd.

John Sullivan

President & CEO The Cadillac Fairview Corporation

John O’Bryan

Chairman CBRE Limited

Stephen Taylor

President & COO Morguard Investments Limited

Philip Gillin

Managing Director & Head of Canadian Property Investments Sun Life Assurance Company of Canada

Pierre Bergevin

President & CEO Cushman & Wakefield Ltd.

REALpac LEADERShIP

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ADvOcAcy PriNciPles

We engage in dialogue with government officials and stakeholders based on the following core principles:

• REALpac is politically neutral and works collaboratively with government officials and representatives on issues related to real estate, capital and property markets

• REALpac always seeks higher moral ground and sees itself as a steward responsible for the good of the investment real estate industry

• REALpac is committed to following and adhering to federal, provincial, and municipal lobbying registration and disclosure laws, and conducting its lobbying efforts in a transparent manner

• REALpac works collaboratively with like-minded associations to influence public policy that benefits our Members and the industry as a whole

• REALpac maintains an informed, extensively researched issues base by staff who understand real estate

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Advocacy & Government RelationsREALpac takes pride in our proven approach to advocacy and government relations at the federal, provincial and municipal levels. Our positions are thoughtfully developed by knowledgeable Members and staff, and professionally presented to governments and stakeholders. Thorough research and a deep understanding of the legal and political ramifications of each issue are the foundation of all REALpac submissions.

2013 Key Wins:

REALpac Successfully Advocates for an Increase in the Competition Bureau Pre-Merger Notification Transaction-Size Threshold: The Competition Bureau announced the instituting of higher pre-merger notification transaction-size thresholds, which REALpac had been advocating for some time through meetings and detailed submissions. The increase brought the threshold from $77 million in 2012 to $80 million beginning January 12, 2013. This increase provided REALpac Members an extra $3 million in leeway, and would exempt those transactions that fall under the $80 million threshold from paying a $50,000 pre-merger notification filing fee with the Competition Bureau.

REIT Legislation Given Royal Assent - June 26, 2013: Established in 1993, Canadian REITs have proven to be profitable for investors nation-wide and the economy as a whole. However, a series of technical issues that acted as a hindrance to this sector were stuck in a state of “legislative limbo” for over a year. For years, REALpac has been actively advocating for changes to clarify and strengthen the rules affecting Canadian REITs and to improve the environment for both our REIT Member companies and investors. We were very pleased that, on June 26, 2013 in the year in which we celebrated the “20th Anniversary of REITs in Canada”, Bill C-48, the Technical Tax Amendments Act, 2012 received Royal Assent. Certain trusts may benefit from recent legislative changes to ease the requirements to qualify as a real estate investment trust (REIT) for income tax purposes. The proposed changes will not only ease the property and revenue restrictions of trusts that already qualify as REITs, but may also provide REIT status to trusts that did not qualify under the old rules (and were potentially subject to the tax applicable to specified investment flow-through (SIFT) entities). Some of these trusts may find they are now able to qualify for the exemption from SIFT tax available to a properly organized REIT. These legislative changes will strengthen the Canadian economy and promote further expansion of an already strong industry.

GTHA Parking Levy Successfully Rejected: A coalition of industry associations including REALpac, NAIOP Greater Toronto, BOMA Toronto, ICSC, BILD, and the Financial District BIA, were successful in their lobbying efforts to remove a parking levy from the recommended revenue tools to fund transit in the Greater Toronto and Hamilton Area. REALpac and the above noted associations commissioned a report titled ‘Potential Economic Impacts of Proposed Business Parking Levy in the Greater Toronto and Hamilton Area’, met with numerous government

officials and made a presentation to Anne Golden’s Transit Investment Strategy Advisory Panel. Subsequently, a parking levy was specifically considered and rejected by the panel.

2013 Advocacy Highlights:

Public Works & Government Services Canada – Integrity Clause: REALpac has been working with a group represented by a number of our Members and two legal firms to draft amendments to the language included in the “Offeror’s Conduct and Certification” document issued by PWGSC in July 2012 and also known as the “Integrity Clause”; a clause intended to restrict companies with previous criminal convictions from doing business with the federal government. REALpac staff, select Members and legal counsel, met with PWGSC in Ottawa to share their concerns that due to the clause as it is constructed, financing may not be possible at all for buildings wholly occupied by government as a tenant due to substantial negative bond ratings off from AAA, for example. Further, that multi-tenant buildings including government tenants would likely see increased costs of borrowing commensurate to the proportion of the space government leases. REALpac will continue to work on this file in 2014.

Energy Efficiency in Government Buildings, Structures, and Public Works: REALpac appeared before the Federal Standing Committee on Government Operations and Estimates to present ideas on how to green Canada’s building stock with the help of government. REALpac recommended the introduction of favourable tax treatment for major energy retrofits to create an incentive for increased investment in this space.

City of Mississauga Stormwater Management Program: REALpac made a submission to the City of Mississauga in response to City Council’s decision to move forward with a stormwater management program. REALpac recommended City Staff implement an approach based on each properties relative contribution to stormwater runoff, rather than the current impervious area approach.

City Building Roundtable – Toronto: In 2013, REALpac welcomed the City of Toronto’s new Chief Planner for an exclusive breakfast event with representatives from our Member companies. Jennifer Keesmaat provided those in attendance with an overview of her goals for the city, and the session led to constructive discussions regarding the commercial real estate sector’s role in the planning process.

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Financial Best Practices

TO AcHieve resulTs, reAlpac:

• Researches issues

• Understands the potential impact of new financial reporting standards

• Develops application guidance and best practice recommendations through the input of the REALpac Financial Best Practices Committee

• Actively participates internationally in the Real Estate Equity Securitization Alliance (REESA) to develop global consensus views on accounting and financial reporting matters, as well as on the application of accounting standards.

REALpac is an industry leader in developing and recommending best practices in financial reporting in Canada. We are also leaders in advocating for fair and relevant accounting and financial reporting standards among standard setters in Canada and internationally.

REALpac’s leadership in financial best practices is recognized by the wider Canadian real estate investment and development industry through REALpac’s IFRS and ASPE Handbooks, in-class accounting training programs, and various publications.

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2013 Highlights:

White Paper on Funds From Operations (FFO) for IFRS: At the end of 2012, REALpac issued an updated White Paper on Funds From Operations (FFO) for IFRS. The update was a result of work and discussions held with Members of the Financial Best Practices Committee. The White Paper update added an adjustment related to hedge accounting, a clarification on stock based compensation related to redeemable units classified as financial liabilities, and adjustments for equity accounted entities in response to accounting standards that became effective for reporting purposes in 2013. The REALpac definition of FFO for reporting issuers is widely recognized by real estate development and investment entities that prepare financial statements in accordance with IFRS.

REESA Letter to the IASB/FASB in Response to the Re-Exposure Draft on Leases: In September, REESA submitted a response to the IASB/FASB on the Re-Exposure Draft on Leases that was issued in May 2013. Highlights of the response were as follows:

1) Preserving the Type B lease accounting model for property that recognizes lease income on a straight-line basis;

2) Supporting the definition in the proposal of the lease term as the non-cancellable period for which a lessee has the right to use the property. However, in regard to determining which renewal periods to include, retaining the existing concept of using “reasonably certain” rather than “significant economic incentive” as the threshold;

3) Classifying leases based on the comparison of lease term to the total economic life, rather than to the remaining economic life;

4) Not requiring that the economic life of the building always be considered to be the economic life of the underlying asset for the purposes of classifying the lease; and

5) Consistently applying the consumption principle to long-term ground leases (i.e., recommending all ground leases be classified and accounted for as Type B leases).

Comment Letter on IVSC Standard on Investment Property: In August 2012, Nancy Anderson, REALpac’s VP, Financial Reporting & CFO was selected as a member of the International Valuation Standards Council (IVSC) expert working group on the investment property project. The goal of the project is to develop an International Valuation Standard (IVS) for investment property that addresses a number of issues identified as causing inconsistency or difficulty in the reported valuations of investment property and investment property funds. The group is comprised of experts from around the world representing major property investment companies, real estate investment trusts (REITs) and investor groups. A Discussion Paper was issued by the IVSC in November 2012. On March 1, 2013, REALpac submitted a comment letter to the IVSC in response to the November 2012 Discussion Paper which included the following comments:

1) Suggesting the IVS standard include a discussion on the range of valuation support for entities that measure and report investment property at fair value, while acknowledging that the standard should not require full, independent appraisals; nor should the standard comment on the frequency of valuations; and

2) Recommending the valuation report should not comment on which level of the IFRS hierarchy the valuation of an investment property should be placed.

Participation in International Accounting Standards Board (IASB)/Canadian Accounting Standards Board (AcSB) roundtable on the IASB’s Discussion Paper “A Review of the Conceptual Framework for Financial Reporting”: In October 2013, Nancy Anderson, REALpac’s VP, Financial Reporting & CFO, participated in a roundtable meeting with members of the IASB discussing the future of the conceptual framework for financial reporting. This was an opportunity to participate in influencing the future direction of financial reporting standards at the most fundamental level. Topics of discussion included: measurement, asset and liability definitions, and distinguishing between profit or loss and other comprehensive income.

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Research & Sustainability REALpac’s research activities provide compelling arguments to support our advocacy initiatives, quantify the industry’s contribution to national and provincial economies and provide an avenue to address issues of importance to the real property investment industry.

2013 Property Tax rate Analysis

On October 21, 2013 REALpac released our 10th Canada-wide survey of property tax rates of major urban centres. According to the survey produced by Altus Group, Montreal’s commercial tax rates continued to increase with startling speed in 2013, soaring for the second year in a row past Canada’s two other highest-rate cities, Vancouver and Toronto. On an absolute tax basis, Calgary, Vancouver, Edmonton and Winnipeg have the lowest estimated property taxes per $1,000 of commercial assessment, while Toronto, Ottawa, Montreal and Halifax have the highest. On the residential assessment side, Vancouver, Calgary, Edmonton and Toronto have the lowest property taxes per $1,000 of residential assessment, while Winnipeg, Ottawa, Montreal and Halifax have the highest. While most cities in Canada have moved to decrease commercial tax rates in the last ten years, the survey notes that residential tax rates have declined at an even faster rate.

2012 and 2013 canada-Wide Development Process survey reports

Flowing from REALpac’s research-based approach to policy development and advocacy, two Canada-Wide Development Process Surveys were conducted. Released in 2013, the 2012 and 2013 surveys each include ten major cities, with representation from regions across the country, and particularly within key markets of interest to REALpac’s Members. Information was collected on development application fees and processing times, infrastructure charges, parkland dedication, and density bonusing and density transfers. The resulting analysis begins with an overview of the development context, an outline of the survey methods, and includes an examination of the comparative performance of each municipality.

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cities represented in the 2012 & 2013 canada-wide Development Process surveys

2012Vancouver Edmonton

CalgaryRegina Winnipeg Ottawa

Toronto Mississauga

Montreal Halifax

2013Victoria Yellowknife Saskatoon Hamilton

Kitchener London

Quebec City Fredericton Moncton Charlottetown

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reAlpac/realNet capital Flows Quarterly reports

REALpac, in partnership with RealNet Canada Inc., is pleased to release quarterly capital flows reports for the Greater Toronto Area (GTA) and Greater Calgary Area (GCA).

2013 canadian institutional commercial Mortgage Market report

On November 18, REALpac released the 2013 Canadian Institutional Commercial Mortgage Market Report. The primary goal of the report was to estimate the total size of the Commercial mortgage market, and our finding was that the size is $139.5 billion as of May 2013. This information is important to industry participants for benchmarking, market monitoring and analysis. This value is up from $126.7 billion in 2011, representing growth of 10% over the two years, or 4.9% annually. In terms of market players, life insurance companies have continued the decline in their holdings seen over the past years. In fact, their holdings declined by 17% between 1992 and 2013. The institutions that have increased their holdings are chartered banks and credit unions, both of which have recently surpassed life insurance companies in commercial mortgage market share.

Onsite Defibrillators: Benefit or Burden?

The availability and early deployment of automated external defibrillators (AEDs) on premises have been proven to save lives and improve the survival rate of those who experience a sudden myocardial infarct or cardiac arrest. Marsh Canada prepared a document for REALpac Members to assist with their understanding of the liabilities as well as their role in managing policies and procedures to follow regulatory compliance in different jurisdictions across Canada.

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TOP 15 PROJECT

reAlpac’s energy Benchmarking Program Awarded canada’s clean50 Top 15 Project.

Canada’s Clean50 celebrates outstanding sustainability achievements across 16 categories, selecting 50 individuals or small teams from about 500 nominations, putting a face on sustainability. REALpac was awarded one of Canada’s Clean50 Top 15 Projects, recognizing outstanding sustainability project work completed by organizations across the country.

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2012 energy Benchmarking report

The REALpac “2012 Energy Benchmarking Report: Performance of the Canadian Office Sector” includes data, analyses, and results of the 2010, 2011, and 2012 REALpac Energy Benchmarking Surveys. The 2010 Survey covers a total of 267 office buildings with data for the calendar year 2009 while the 2011 and 2012 Surveys are comprised of 352 and 355 buildings worth of data, respectively, which indicates an increased level of interest and enthusiasm for energy consumption measurement, monitoring, and benchmarking.

The results of these analyses reveal that while many owners and building managers are taking action to reduce their energy use, there are opportunities yet to be had with respect to pushing building performance to the highest levels.

2012 Water Benchmarking Pilot report Performance of the Canadian Office Sector

The REALpac 2012 Water Benchmarking Pilot Report: Performance of the Canadian Office Sector includes the results of REALpac’s first Water Benchmarking Pilot Survey. A total of 83 office properties participated in the Survey by submitting complete, whole building water use data for one or more of the calendar years between 2009 and 2011. The purpose of this survey was to test and refine REALpac’s water benchmarking methodology. Following in the footsteps of REALpac’s successful Energy Benchmarking Program, this report will ultimately be used to provide commercial office building owners and managers an opportunity to benchmark their building water consumption against peers in the industry.

The Water Normalization Methodology will be formally released in 2014 followed by the launching of an online data entry portal.

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REALpac / IPD Canada Annual Property Index: On February 13, 2013, REALpac and IPD held their annual Real Estate Investment Forum, highlighted by the release of the 2012 results of the REALpac/IPD Canada Annual Property Index and an interactive panel discussion led by Stephen Taylor, Vice Chair of REAL-pac (2011-2012), President & COO, Morguard Investments Limited. Over 200 senior real estate investment professionals attended.

REALpac / IPD Canada Quarterly Green Property Index: To help the industry better understand the nuances of the green property market, REALpac and IPD collaborated to develop a new consultative index that measures the performance of sustainable properties on a quarterly basis. Importantly, the new index builds on a recognized standard within the Canadian real estate industry - the REALpac/IPD Canada Annual Property Index.

On November 21, 2013, REALpac and IPD held the inaugural consultative release of the REALpac/IPD Canada Annual Green Property Index. The new index provides an independent, consistent methodology to track the unleveraged total return of direct real estate properties with a BOMA BESt and/or LEED certification.

About IPD: IPD provides real estate benchmarking and portfolio analysis services to clients in over 30 countries around the world. These services incorporate more than 1,500 funds containing nearly 77,000 assets, with a total capital value of over U.S. $1.9 trillion. Each year, IPD produces more than 120 indices helping real estate market transparency and performance comparisons, as well as nearly 600 benchmarks for client portfolios.

IPD is a subsidiary of MSCI Inc., a leading provider of investment decision support tools to investors globally, and clients include real estate investors, managers, consultants, lenders and occupiers. For fur ther information on IPD, visit www.ipd.com.

REALpac and IPD Continue Productive Partnership

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REALpac and IPD recently celebrated their second year of working together to enhance transparency and promote the performance of commercial real estate within Canada. During the past two years, both REALpac and IPD have worked hard to ensure that real estate remains the alternative asset class of choice within sophisticated investors’ portfolios.

Professional Development The reAlpac Professional Development institute provides professional development and training courses for the canadian commercial real estate industry.

“Excellent and informative”

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Commercial Real Estate

Asset Management

May 29 - 30, 2013: Toronto, ON

“ Strong teaching style with good examples to support content”

“Provides great practical tools for performance

measurement and benchmarking”

Understanding

Performance Measurement

October 17, 2013: Toronto

Real Estate

Development Course

June 19 - 21, 2013: Toronto

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Valuation Course

October 3 - 4, 2013: Toronto

Accounting for Real Estate

Entities Under IFRS

May 22, 2013: Toronto July 18, 2013: Calgary November 14, 2013: Toronto

“ Instructors were very interactive with the class and very entertaining”

“Very well done – I am enrolled in another session and I look forward to it!”

“Lots of real world experiences were shared and answered all my questions”

Finance & Investment in

Commercial Real Estate

November 6 - 7: Toronto November 14 - 15: Edmonton

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In honour of the 20th Anniversary of REITs in Canada, REALpac and Goodmans (authors of The Canadian REIT Handbook published by REALpac) were delighted to host a series of five breakfast seminars in Toronto on June 26 (real estate valuations), July 22 (management arrangements for REITs and real estate companies), September 9 (globalization of the real estate market), October 17 (latest trends in real estate financing, from both a lender’s and borrower’s perspective), and November 19 (mergers and aquisitions for REITs and real estate companies).

On September 19, REALpac, CaGBC, Oxford and GRESB hosted Canada’s first presentation of the GRESB Results followed by a panel and reception. Sheila Botting (Deloitte) Stefan Dembinski (Brookfield), and Rosemary Martin (First Capital) contributed to a very insightful panel moderated by Andrew McAllan (Oxford), while Nils Kok (GRESB) delivered the GRESB Results. The event was a big success and we hope GRESB meets their goal of increasing Canadian participation from 5 companies in 2013, to 10 companies in 2014.

On the eve of the Green Real Estate Conference, REALpac hosted our first inaugural Corporate Responsibility & Sustainability Reception. The event was an invite-only reception held at Storys Private Loft Space in Toronto and worked to facilitate networking among the speakers, panelists, and attendees of the Green Real Estate Conference. The event was a major success.

The Goodmans/reAlpac Breakfast seminar series

2013 GresB results Presentation & reception

corporate responsibility & sustainability reception

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realcapital

RealCapital is designed to meet the needs of individuals and organizations who play an integral role in sourcing, structuring, negotiating, and approving equity investment and debt financing in office, industrial, retail and multi-unit residential real estate – ranging from financing acquisition, development and construction activity, to the needs for mezzanine, conventional debt, and long-term asset or portfolios. Held on February 26, 2013, 556 attendees heard the speakers, panels and roundtables facilitate discussion, assessemerging trends, and present effective strategies for real estate investment and financing in the current environment across Canada.

realleasing

RealLeasing focuses on the needs of executives who are responsible for their organization’s leasing strategies, and individuals who play an integral role in the leasing process for office, industrial, and retail space and buildings. Held on October 2, 2013, 400 people attended this high level forum which addressed key issues and examined emerging trends and practices. Attendees participated in lively discussion regarding effective strategies for real estate leasing in today’s market environment. The conference program is targeted at landlords, tenants, lawyers and brokers, featuring a series of high-quality speakers, networking opportunities and educational sessions.

While hundreds in the industry attend the following conferences on an annual basis, some may be surprised to learn that REALpac, in partnership with George Przybylowski at Informa Canada, produces five of Canada’s best-attended real estate conferences. REALpac co-owns the RealCapital, RealLeasing, and RealREIT Conferences, and has a substantial interest in the Green Real Estate Conference and the Real Estate Forum in Toronto. These conferences are held annually in Toronto at the Metro Toronto Convention Centre and span one or two days in duration.

Industry Conferences

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realreiT

RealREIT provides valuable insight into Canadian trends, issues and opportunities specifically pertaining to REITs and REOCs. Held on September 24, 2013, 541 people attended the conference which featured thought leaders as speakers to shed light on Canada’s securitized real estate market and discuss its future course. The conference was organized to provide multiple perspectives of senior executives, owners, developers, investors, lenders and brokers, and from the “buy side” - portfolio managers, equity analysts and rating agencies.

Green real estate conference

Green Real Estate Conference provides a high-level discussion and strategic update on the economics, benefits, and value of green buildings, along with some of the best practices that can be used to create these types of properties. Held on April 11, 2013, the conference brought together over 340 developers, investors, shareholders, lenders brokers and valuators to learn how sustainable value can be created by improving building performance in new and existing buildings – or potentially lose market share. The program addresses the key trends from the perspective of investors, developers, owners, tenants, building users, design and construction professionals, and the market. The emphasis is on practical strategic information that can be applied to today’s current market conditions.

The real estate Forum in Toronto

Since its inception in 1992, The Real Estate Forum in Toronto has become the largest annual national conference on real estate investment and management issues in Canada with an attendance of over 2,400 industry executives. The Forum is a strong information-packed two day event that examines key issues and challenges facing executives active in the acquisition, management, financing and development of all forms of investment real estate – commercial, industrial, retail, multi-unit, and hotels/resorts. On December 4 and 5, 2013, a high-quality roster of 95 speakers shared their experience and predictions with attendees, sparking discussion surrounding trends, risks and opportunities in the industry. Significant networking events are integrated with the conference, beginning with the Chairs’ Reception on the evening prior to the conference.

For more information, visit www.realestateforums.com

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In celebration of the 20th Anniversary of REITs in Canada, on Monday, September 23, 2013 (the evening prior to the RealREIT conference), REALpac hosted a networking reception in the Canadian Room at the Royal York Hotel in Toronto. Attended by over 400 people, the Reception featured an open bar and an array of gourmet food stations. The event was referred to as the “who’s who of REITs” as there was representation from the majority of the Canadian industry. Thanks to all who supported REALpac’s first event of its kind.

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P r o u d l y S P o n S o r e d B y :

REALpac Celebrates 20th Anniversary of REITs in Canada

On Monday, September 23, 2013, REALpac along with Stephen Taylor, REALpac Chair and President & COO, Morguard Investments Limited and Tom Kloet, CEO, TMX Group opened the market to celebrate the 20th Anniversary of REITs in Canada. REALpac was also joined by Edward Sonshine, CEO, RioCan REIT and Stephen Johnson, President & CEO, CREIT and a number of notable executives who lead the Canadian REIT industry to mark the occasion.

reAlpac Opened the TsX

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Member Only EventsREALpac delivers a number of invitation-only Member events throughout the year, including our Annual Chief Executives Summit and Chief Financial Executives Summit exclusively attended by Chief Executive and Chief Financial Executive Members. Opportunities for Members to dialogue and network include:

• Bank of Canada Dinner

• Chief Executive’s Policy Roundtables

• Chief Executive’s Summit

• Chief Financial Executive’s Summit

• Annual General Meeting

23rd Annual Bank of canada Dinner

Each year, the REALpac Board of Directors meets with the Governor of the Bank of Canada and his senior deputies for an open dialogue to discuss trends, opportunities and challenges faced by the commercial real estate industry in Canada. REALpac Members provide brief presentations on the various asset classes followed by an economic update by the Governor. The 2013 dinner was hosted by REALpac at the Rideau Club in Ottawa on October 1.

chief executive Policy roundtable series

A very productive Chief Executive Policy Roundtable was held in Toronto on July 3, 2013. The Roundtable in Calgary was cancelled due to the severe flooding throughout the Alberta region. These invitation-only meetings helped shape our policy and advocacy priorities moving forward. Our Member’s priorities include:

1. Public Works & Government Services Canada- Integrity Clause amendments

2. Changes to 1031 Like-Kind Exchange Rules

3. Advocacy for functionality in regional transportation plans

4. Fairness in utility rates and pricing

5. Sustainable development strategies

 

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chief executives summit

ToMoRRow’S woRLd – INNovATIoN & EMERgINg TRENdS IN CoMMERCIAL REAL ESTATE

REALpac’s 16th Annual Chief Executives Summit took place from October 27 to October 29 at the Ritz-Carlton in San Francisco. Panels focused on capital investment, international investment and global socio-geopolitical-

economic issues.

chief Financial executives summit

The 2013 Summit on June 3-4 in Washington, DC, featured motivational speaker and coach Mike Lipkin with our keynote address and included focused panels detailing the Bought Deal Process, Canada’s Lending Landscape,

and Leadership.

CommitteesCommittee meetings set priorities, devise strategies, influence policies, and provide a forum for REALpac Members and select sponsors to build relationships. Our committees meet three to four times per year and are as follows:

• Financial Best Practices Committee

• REALpac / IPD Canada Annual Property Index Committee

• Fund Management Committee

• Human Resources Committee

• Research Advisory Committee

• Corporate Responsibility & Sustainability Committee

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Industry Publications

“ Market Discipline is a welcome break from the eternal real estate conversation about transactions and market trends. It asks an incredibly deep and fundamental question – what personal qualities contribute to long term success in this industry? The answer it offers is fulfilling and the book is a must read for anyone seriously aspiring to make it in the commercial real estate business.”

– Andre Kuzmicki, Executive Director, Program in Real Estate and Infrastructure, Schulich School of Business,York University

“ Author Bill Ferguson, an expert in leadership and the global real estate sector, goes behind the scenes with in-depth interviews with many of Canada’s leaders in real estate and development. Here are the names and firms that have made a difference, those who have withstood the test of time and who share their experiences along the way. This is a must-read for anyone in business today – inside and outside the real estate industry.”

– Gordon E. Arnell, Director, Brookfield Office Properties

reAlpac produces a number of publications covering areas of specific interest and importance to the canadian commercial real estate industry.

Published in the fall of 2012, REALpac and author William J. Ferguson embarked on a Western Canada launch of the book in 2013 with panel discussions featuring notable real estate executives at the University of Alberta on March 12 and the University of Calgary on March 13. In Market Discipline: The Competitive Advantage, Lessons from Canada’s Real Estate Leaders, Ferguson explores the compelling reasons that conservatism in fiscal and lending practices (as opposed to far greater risks taken by its neighbor to the south), has made a measurable difference in the strength of Canada’s real estate industry. Leaders profiled in the book include:

Lorne Braithwaite

President & CEO, Build Toronto

Michael Cooper

Vice Chairman & CEO, Dundee REIT

Micheal Dal Bello

SVP, AIMCo

Michael Emory

President & CEO,  Allied Properties REIT

Bruce Flatt

CEO, Brookfield Asset Management

Scott Hutcheson

Chairman & CEO, Aspen Properties Ltd.

Sam Kolias

Chairman & CEO, Boardwalk REIT

David Podmore

Chairman & CEO, Concert Properties

Dori Segal

Vice Chair & President, First Capital Realty Inc.

Edward Sonshine

CEO, RioCan

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Sponsored by REALpac and conducted by FPL Associates L.P., the 2013 Canadian Real Estate Compensation Survey is designed to provide real estate companies, including real estate investment trusts, publicly traded and large private companies, banks, brokerages, crown corporations, investment dealers, life companies, lenders, and pension funds, with competitive compensation levels and current information regarding the design, features, and administration of compensation programs.

• Base salary (2013)

• Annual incentive award value (for calendar/fiscal year 2012)

• Long-term incentive award value (for calendar/fiscal year 2012)

This survey includes an extensive discussion on compensation trends within the real estate industry and the broader marketplace, including corporate governance. This survey also provides data on anticipated changes in compensation program design going forward.

The survey is a significant benefit of membership. Participating REALpac Members pay only $500 for the survey results. REALpac Members that do not participate pay $3,000, while Non-Members pay $5,000 for the results of the survey – the most comprehensive of its kind in Canada.

 

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2013 Sponsors

Located in the heart of Toronto’s Bay Street business district, the firm of Aird & Berlis LLP comprises a diverse group of more than 140 of Canada’s most talented lawyers. The firm provides a wide range of legal services for Banking, Corporate/Commercial, Corporate Finance, Energy, Environmental, Insolvency and Restructuring, Litigation, Municipal and Land Use Planning, Real Estate and Tax.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, the company comprises 1,300 professionals in 49 offices, providing a full range of value-added services to real estate owners and occupiers.

BDO prides itself on delivering quality client service, technical expertise and unique specializations. As a hard-working team of partners, professionals, and additional staff, we communicate and collaborate on many different projects. Our strong sense of professionalism, commitment, and loyalty accompanies a genuine respect for each other, our clients, and our communities. We work to solve problems and implement solutions in a timely manner, while acting with honesty and integrity at all times.

CIBC’s wholesale banking business provides a wide range of credit, capital markets, investment banking and research products and services to government, institutional, corporate and retail clients in Canada and in key markets around the world.

Founded in 1992 and serving clients worldwide, Cougar provides the only financial modeling tools the Real Estate industry needs for budgeting, planning and forecasting processes. Cougar’s integrated solution keeps all the information in one place, enabling a quick analysis of data across all, or any subset of properties, investments, portfolios or funds.

Sponsor of the REALpac/IPD Canada Real Estate Investment Forum

Sponsor of the 2013 Chief Financial Executives Summit

Sponsor of the 20th Anniversary of REITs Reception & REALpac/IPD Canada Real Estate Investment Forum

Sponsor of the 20th Anniversary of REITs Reception

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Sponsor of the 20th Anniversary of REITs Reception

Forward-thinking business advice, 150 years’ experience.

Deloitte, one of Canada’s leading professional services firms, provides audit, tax, financial advisory and consulting services through more than 7,600 people in 56 locations across the country. As far back as 1845, our founders began pioneering the development of professional standards. Today, we continue to reflect their progressive mindset by serving our clients with results, quality and integrity

E&Y Creating the right climate for your business success. We provide global services in four main areas: Assurance, Tax, Transactions and Advisory. Through these services, we can help you retain the confidence of investors, manage your risk, strengthen your controls and achieve your potential.

We are 130,000 talented people with a shared way of working and commitment to quality. This allows us to put together a team that can

give you the seamless service you need, wherever you are in the world.

First National is Canada’s source of all your real estate financing needs. We analyze your needs and develop a customized proposal detailing your loan strategy, preferred terms and best rate solution. Because mortgage lending is our specialty, we are able to anticipate and resolve the toughest challenges that arise in developing financing

solutions while providing you with ongoing expert service and advice.

FPL Advisory Group (“FPL”) is a family of companies focused on providing highly specialized advisory services to the real estate and related operating and financial services industries. Through our complementary practice areas, we work with our clients to develop the right talent, leadership, structure, and strategies for success in today’s intensely competitive marketplace.

FPL is comprised of two primary operating companies that work together to serve a common client base. Ferguson Partners provides executive, director, and professional search services. FPL Associates provides a range of specialized consulting and finance-related services in the areas of compensation, management consulting, executive on-boarding, and succession planning. The firm is headquartered in Chicago and maintains offices in London, New York, San Francisco,

and Tokyo.

Sponsor of the 2013 Chief Financial Executives Summit

Sponsor of the 2013 Chief Financial Executives Summit

Sponsor of the 20th Anniversary of REITs Reception

Sponsor the REALpac / FPL Quarterly Sentiment Survey

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Accessible, independent, knowledgeable and experienced, we are committed to being proactive in bringing our clients timely information and advice, and our partners are accessible to our clients. We provide a team-based approach and dedication to partner or senior professional involvement and regular client contact – for every client, for every engagement.

Grant Thornton—a leading Canadian accounting and business advisory firm, providing audit, tax and advisory services to private and public organizations.

Halsall is a market leader in helping clients optimize building performance. Finding solutions that maximize the value of city planning and building is core to our business. We have worked on over 500 green building projects, including new building development projects, existing building benchmarking and retrofits, and tenant fit-ups.

Halsall lead the REALpac Water Benchmarking Pilot Survey data collection and analysis and collaborated on the publishing of REALpac’s “2012 Water Benchmarking Pilot Report Performance of the Canadian Office Sector”.

Loop Initiatives is a management consulting company specializing in sustainability integration. Loop provides strategic advice to help companies set sustainability priorities and targets. We work to create and implement sustainability programs that engage your employees and stakeholders. And we validate your performance to ensure your company is on a path to continuous improvement.

Our diverse experience – in business strategy, organizational change, operations, engineering and marketing – allows us to provide you with results that are measurable and compelling. We work with brand-name organizations that cut across many different industries and sectors, including real estate, retail, hospitality, media and communications, transportation and logistics, construction, professional services, government and not-for-profit.

Loop lead the REALpac Water Benchmarking Pilot Survey data collection and analysis and collaborated on the publishing of REALpac’s 2012 Water Benchmarking Pilot Report Performance of

the Canadian Office Sector”.

KPMG LLP, a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm affiliated with KPMG International, a global network of professional firms providing Audit, Tax, and Advisory services. Member firms operate in 145 countries and have more than 123,000 professionals working around the world.

Sponsor of the 2013 Chief Financial Executives Summit

Sponsor of the 2013 Chief Financial Executives Summit

Sponsor of the Water Benchmarking Pilot Report

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Sponsor the Water Benchmarking Pilot Report

Marsh has over 24,000 employees and provides advice and transactional capabilities to clients in over 100 countries. Marsh Canada Limited has 1,100 colleagues and offices in 13 cities across Canada. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with over 50,000 employees worldwide and annual revenue of $10 billion. MMC also is the parent company of Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of HR and related financial advice and services; and Oliver Wyman, the management consultancy.

In Canada, PwC has sustainability and climate change specialists in every major city across the country. Our specialists come from a variety of backgrounds which enhances our ability to address the complexity of climate change challenges. In addition, we have a strategy of teaming with other service areas of our firm (i.e., tax and accounting) and industry groups, such as our Real Estate and Engineering & Construction practices, to provide unique and tailored services.

Our Canadian sustainable business services include:

- Advice to Government

- Carbon Assets and Liability Accounting and Disclosure Requirements

- Carbon Transaction Due Diligence

- Chain of Custody/Supply Chain Risk Management

- Climate Change Strategy and Risk Assessment

- Corporate Responsibility Performance Improvement

- Greenhouse Gas Project and Organization Assurance (Verification)

- Greenhouse Gas Data Management and IT Systems

- Greenhouse Gas Project Development

- Emissions Assessments of Technologies and Processes

- Reporting and Assurance of Non-Financial Information

- Tax and SHRED Implications of Climate Change

RealNet Canada Inc. is the leading real estate information services

company in Canada powering the decisions of over 28,000

professionals. Founded in 1995, RealNet provides coverage in both the

commercial real estate investment and residential development markets

powering the decisions of firms involved in over 70% of the market

activity. RealNet’s mission is to help clients make better decisions in

Real Estate.

Sponsor of the 2013 Chief Financial Executives Summit

Sponsor of the 2013 Chief Financial Executives Summit

Sponsor of the REALpac Quarterly Capital Flows Reports

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2013 Members

Alberta Investment Management Corporation (AIMCo) Micheal Dal Bello SVP, Real Estate

Allied Properties REIT Michael Emory President & CEO Peter Sweeney CFO & VP

Artis REIT Armin Martens President & CEO Jim Green CFO

Aspen Property Management Ltd. Scott Hutcheson Chairman & CEO Veronica Bouvier EVP & CFO

Avison Young Mark Rose Chairman & CEO Robert Ishoj CFO, Principal

Baybridge Seniors Housing Inc. Doug MacLatchy President & CEO Sandy Ardern CFO

bcIMC (British Columbia Investment Management Corporation) Mary Garden VP, Real Estate

Bentall Kennedy Group Remco Daal President & COO Lawrence Neilson CFO

BMO Capital Markets Real Estate Inc. Ashi Mathur Managing Director Onorio Lucchese Managing Director, Investment & Corporate Banking

Boardwalk REIT Sam Kolias Chairman & CEO William Wong CFO

Brookfield Financial Brydon Cruise President & Managing Partner Mark Murski Managing Partner & CFO

Brookfield Office Properties Jan Sucharda President & CEO Bryan Davis CFO

Brookfield Real Estate Opportunity Fund David Arthur President & CEO Sujoy Gupta VP, Finance

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Build Toronto Inc. Bill Bryck President & CEO David Fiume SVP & CFO

Calloway REIT Huw Thomas President & CEO Mario Calabrese Acting CFO

Canderel Richard Diamond SVP David Hawrysh CFO

CAPREIT Thomas Schwartz President & CEO Scott Cryer CFO

CBRE Limited John O’Bryan Vice Chairman Jeff Cook SVP, Finance

Choice Properties REIT John Morrison President & CEO Bart Munn CFO

CIBC World Markets Inc. Mark Johnson Co-Head & Managing Director, Investment Banking

Colliers International Scott Addison President, Eastern Canada Suzanne Bedford SVP, Finance & Operations

Cominar REIT Michel Dallaire President & CEO Michel Berthelot VP & CFO

CREIT (Canadian REIT) Stephen Johnson President & CEO Rael Diamond CFO

Crombie REIT Donald Clow President & CEO Glenn Hynes CFO & Secretary

Cushman & Wakefield Ltd. Scott Chandler President & CEO Angela D’Aguanno VP, Finance, Canada

Dorsay Development Corporation Geoffrey Grayhurst President Edmond Chow CFO

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Dundee REIT Michael Cooper Vice Chairman & CEO Mario Barrafato SVP & CFO

EPIC Realty Partners Inc. Gordon Thompson President Sandra Gay VP & CFO

Fengate Capital Marc Doré Managing Director, Management Ltd. Real Estate Pranav Pandya VP, Finance & Operations

Fiera Properties Limited Stuart Lazier CEO

First Capital Realty Inc. Dori Segal President & CEO Karen Weaver EVP & CFO

First National Financial LP Moray Tawse VP Investments

Gazit-Globe Roni Soffer President Gil Kotler Sr. EVP President & CFO

GE Capital Real Estate Bradley Trotter Managing Director David Stippich CFO

Granite REIT Thomas Heslip CEO Michael Forsayeth CFO

Greystone Managed Ted Welter Managing Director, Investments Inc. Real Estate & Mortgages Matt Sych Manager, Portfolio Accounting

Grosvenor Americas Andrew Bibby President & CEO Limited Rekha Patel CFO

GWL Realty Advisors Inc. Paul Finkbeiner President Tanyss Price SVP & CFO

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H&R REIT Thomas Hofstedter President & CEO Larry Froom CFO

Hines Canada Avi Tesciuba Managing Director

Homestead Land Holdings Limited Francine Moore President Joseph Tomasich CFO

IGRI John Comery President & CEO Michael Bruce VP, Accounting & Finance

Infrastructure Ontario Toni Rossi EVP, Real Estate Management Jim Curran VP, Finance

Ivanhoe Cambridge Dan Fournier EVP, Real Estate and Chairman & CEO Gervais Levasseur EVP & CFO

KEYreit John Bitove Director & CEO Teresa Neto CFO

Killam Properties Inc. Philip Fraser President & CEO Robert Richardson EVP & CFO

M3 Capital Partners LLC George Ahl Principal

Macquarie Capital Markets Real Estate John Bartkiw Managing Director

Manulife Financial Kevin Adolphe President & CEO Manulife Real Estate Larry Verdon CFO, Real Estate Division

MCAN Mortgage Corporation William Jandrisits President & CEO Jeff Bouganim VP & CFO

Melcor Developments Ltd. Brian Baker President & CEO Jonathan Chia CFO & VP Finance

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Menkes Developments Ltd. Peter Menkes President Jim Leon CFO

Milestone Apartments REIT Robert Landin CEO Ryan Newbemy CFO

Morguard Corporation Rai Sahi Chairman & CEO Paul Miatello CFO

Morguard Investments Limited Stephen Taylor President & COO Pamela McLean Senior VP Finance & CFO

Morguard REIT Tim Walker CFO

Mortgage Fund Three Robert Millar President

Northern Property REIT James Britton President & CEO Robert Palmer CFO

NorthWest Healthcare Properties REIT Peter Riggin CEO Ernest Spraggs CFO

OPTrust Robert Douglas Managing Director, Real Estate Investments

Oxford Properties Group Inc. Blake Hutcheson President & CEO Colin Loudon EVP & CFO

Parkbridge Lifestyle Communities Inc. Andrew Blair CEO Cal Wilson CFO

Partners REIT Patrick Miniutti CEO

PIRET Francis Tam CFO

Plazacorp Retail Properties Limited Michael Zakuta President & CEO Floriana Cipollone CFO

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Public Storage Canadian Properties Troy McLellan President & CEO Paul Singh VP & CFO

Raymond James Ltd. Lucas Atkins Managing Director & Head of Real Estate Investment Banking Daniel Simunac Managing Director & Principal Officer

RBC Capital Markets Real Estate Group Carolyn Blair Managing Director

Realstar Wayne Squibb President & CEO Colin Martin SVP, Finance & Administration

Retrocom REIT Richard Michaeloff President & CEO Tom Wenner CFO

RioCan REIT Edward Sonshine CEO Rags Davloor SVP & CFO

Scotia Capital Inc. Stephen Sender Managing Director, Industry Head - Real Estate

Scotiabank Andrew Lennox SVP, Real Estate David Morley VP, Real Estate

Standard Life Investments (Real Estate) Inc. Blair McCreadie Head of Canadian Real Estate Gregory Martin Property Finance Manager

Sun Life Assurance Company of Canada Philip Gillin Managing Director & Head, Canadian Property Investments Marie Bishop AVP Mortgages & Real Estate

TD Securities Inc. Andrew Phillips Managing Director & Team Head

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The Cadillac Fairview Corporation Limited John Sullivan President & CEO Cathal O’Connor EVP & CFO

The Minto Group Michael Waters CEO Robert Wener CFO

Timbercreek Asset Management R. Blair Tamblyn President & CEO Ugo Bizzarri Director & Managing Director, Portfolio Management

Trimaven Capital Advisors Inc. Craig Shannon Managing Director Jeffrey Dean Managing Director

Triovest Realty Advisors Kim McInnes CEO Scott Ball CFO

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Nancy Anderson, CPA, CA, MA Vice President, Financial Reporting & Chief Financial Officer

nanderson@realpac.ca

416-642-2700 x 226

• Financial Best Practices

• IFRS Handbook

• ASPE Handbook

• Financial Best Practices Committee

Carolyn Lane, MBA, MA

Vice President, Membership, Marketing & Communications

clane@realpac.ca

416-642-2700 x 223

• Membership Inquiries & Member Relations

• Communications & Media

• Publications

• Compensation and Human Resources Surveys

• REALpac/IPD Canada Annual Property Index Committee

• Human Resources Committee

Julia St. Michael, MBA, LEED AP

Manager, Research & Environmental Programs

jstmichael@realpac.ca

416-642-2700 x 237

• Research Reports and Activities

• Research Advisory Committee

• Energy Benchmarking Program

• Water Benchmarking Program

• Corporate Responsibility & Sustainability Committee

2013 REALpac Staff

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Liliya Lourenco, BIE

Accounting Administrator

llourenco@realpac.ca

416-642-2700 x 234

Kelsey Matthews, BA

Administrative Assistant

kmatthews@realpac.ca

416-642-2700

• Membership Dues

• Full-Cycle Bookkeeping

• Reception

• Office Administration

Kailyn Perchalski, BA

Marketing & Communications Administrator

kperchalski@realpac.ca

416-642-2700 x 235

• Marketing & Communications Support

• Social Media & Website

Edward Byers, B.Comm

Manager, Professional Development & Events

ebyers@realpac.ca

416-642-2700 x 221

• Professional Development Coordination

• Events Planning & Logistics

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one university AvenueSuite 1410toronto, ontarioCanada M5J 2p1

www. realpac.cainfo@realpac.cat: 416.642.2700F: 416.642.2727

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