Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The...

28
www.centurionreit.com Centurion Asset Management Inc. Investing in Apartments for Income & Stability FOR ADVISOR USE ONLY

Transcript of Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The...

Page 1: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

www.centurionreit.com

Centurion Asset Management Inc.

Investing in Apartments for Income & Stability

FOR ADVISOR USE ONLY

Page 2: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Asset Management Inc.

A Real Estate Investment Solution Provider with a Strategic Approach to Investment Management

� Investment, Asset, and Property Management� Largest REIT owner of student housing in Canada� Experienced at managing rental properties and student housing� Offers customized solutions for mortgage financing needs

Centurion Asset Management Inc.

www.centurionreit.com2

Table of Contents

� Investor Needs, Suitability and Challenges

� Centurion Apartment REIT� Introduction� Private REIT vs. Public REIT� Objectives� Performance� Unique Advantage� Investment Process� Portfolio

� Centurion REOT� Introduction� Objectives� Why Invest� Investment Strategy� Portfolio� Performance

� Investing with Centurion

� Advisor Summary

� The Executive & Operational Teams

� Questions

Page 3: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Investors Needs and Suitability

Needs

Income-oriented investors that are looking for:

� Monthly distributions

� Capital Preservation

� Growth potential

� Diversifying their portfolio

� Re-investment options

� Tax advantage income

Suitability

• Qualified, long-term Investors who are looking to generateincome and capital growth from their Investments.

• Moderate risk tolerance: There are certain risks inherentin an investment in Private Real Estate including risksrelated to real estate development, liquidity, debtfinancing and others.

• Please refer to the Offering Memorandum.

www.centurionreit.com3

Page 4: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Challenge: Volatile Markets / Low Interest Rates

� Riskier asset classes volatile / GIC rates barely cover inflation

S&P/TSX Composite Index / 5-year Personal Fixed Term Rates (as at September, 30 2014)

Sources: Standard & Poor’s (S&P/TSX Index as December 31, 2013); Bank of Canada (5-year Personal Fixed Term Rates – “posted rates” at Chartered Banks as at December 31 of each year)

5.35% 4.60% 3.30% 3.80% 2.80% 2.53% 2.53% 2.68% 3.10% 2.23% 1.63% 1.85% 1.60% 1.80% 1.45%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

www.centurionreit.com4

Page 5: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Apartment REIT

Objectives

� Provide investors with stable cash distributions, payable monthly, where reasonably possible,tax deferred, with the opportunity for long-term growth and a focus on preservation of capital.

� Investment assets make up a diversified portfolio of income-producing multi-unit residentialapartments and student housing properties in Canada.

� Maximize Unit value through the active management of the Portfolio and through futureacquisition of additional properties.

� Leverage the strategic relationships within Centurion Asset Management Inc.’s network toincrease investment opportunities and manage risk.

www.centurionreit.com5

Page 6: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Private vs. Public REIT

Differences between Public and Private REITs

Publicly-Traded REIT:

� Trade on a public stock exchange (provide daily liquidity)

� Trading daily also means investors can potentially push price up or down, reflecting current market sentiment, regardless of actual market value of the asset

� Increased reporting costs due to requirements of a public listing

� History of more volatile pricing

� Tend to be more highly correlated to equity markets. Example during recent financial crisis:

2008: Public REIT Market*: -34.0% S&P/TSX*: -33.0%

Private REIT:

� Not traded on a public stock exchange (generally offer 30-day liquidity)

� Value is based on the value of underlying real estate or equity / lending rate (not a “market-traded” price)

� No additional reporting costs related to a public listing

� Rational pricing with lower volatility

� Tend to be far less correlated to major equity markets

2008: Non Listed Property Ownership**: +3.7%Non Listed Apartment Property**: +6.4%

The two main categories of REITs in Canada are publicly traded REITs and private REITs.

* Source: Morningstar Research Inc.

** Source IPD (2008 Edition); Note: Non listed property ownership is similar to a Private REIT

www.centurionreit.com6

Page 7: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Apartment REIT always looks for opportunities with a strict due diligence process to ensure investments are responsible and beneficial for its valued investors. We concentrate on communities with low vacancy levels and strong population demographics.

The primary strategies employed by Centurion:

� Purchasing undervalued properties with untapped potential, low vacancy and stable tenant base.

� Investing in newer, stabilized buildings, in desirable neighbourhoods, that do not require upgrades allows the REIT to realize maximum income quickly.

� Centurion Apartment REIT leverages its strategic relationship with Centurion Real Estate Opportunities Trust to proactively create a pipeline of new investment opportunities.

.

Investment Process

www.centurionreit.com7

Page 8: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Apartment REIT

Value Opportunity

� Rents significantly under market

� Building was poorly runand under maintained

� Purchase Price:

� $2.115 million (March 2006)

Upgrade Program

� Renovation & repositioning program(Lighting retro-fits, new windows, elevator cab upgrades,improved security, common area renovations and in-suiteupgrades) 4 month period, investment cost of $350,000

Income:

Increased from $160,000 per annum to $250,000 (+56%)

Refinanced:

Refinanced after 4 months at $3.2 million

Value at December 31, 2013:

$5.03 million9

47 Suite Apartment Building

Oshawa, Ontario

176 Bed Student Housing Building

Waterloo, Ontario

Property Background

� Centurion funded the 2nd mortgage on this property with the option to purchase.

� The developer approached Centurion to exercise our purchase option.

� After due diligence Centurion Apartment REIT chose to exercise the purchase option.

www.centurionreit.com8

Page 9: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Student Housing

Student Housing properties are consistent with ourphilosophy of seizing upon strategic opportunities.

� Steady, predictable cash flows with low vacancyrates.

� Large, untapped market with no dominant player –Centurion Apartment REIT is striving to be theleader in this space.

� Centurion Apartment REIT is the only REIT inCanada engaged in the student residence businessand the only investment grade vehicle available toinvestors wanting to participate in student housing.

� Centurion Apartment REIT is the second largest(non-university) owner of student housing inCanada.

� Acquisition of 386 unit student residence in Waterloo, ON (July 18, 2013)

� Purpose built new construction student residence serving Wilfred Laurier University in Waterloo, Ontario.

� In close proximity to Wilfred Laurier University Campus, transportation, services, shopping, dining and entertainment venues.

Property at a glance:

www.centurionreit.com9

Page 10: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

$10,000

$12,000

$14,000

$16,000

$18,000

30-Sep 31-Dec31-Mar 30-Jun 30-Sep 31-Dec31-Mar 30-Jun 30-Sep 31-Dec31-Mar 30-Jun 30-Sep 31-Dec31-Mar 30-Jun 30-Sep 31-Dec31-Mar 30-Jun 30-Sep

Va

lue

of

$1

0,0

00

Performance: Centurion Apartment REIT

Growth of $10,000 invested (since inception of REIT August 31, 2009)

REITs are not guaranteed, their values can change frequently and past performance is no guarantee of future results. PAST PERFORMANCE MAY NOT BE REPEATED.

$10,000Invested

$17,433 September 30-14

Calendar Returns (%) 2009(10) 2010 2011 2012 2013YTD-2014

Compounded Returns (%) 1-Year 2-Year 3-Year 5-Year

Since Inception

Centurion REIT TR

(%) 2.8 8.5 10.2 20.0 11.0 6.4 Centurion REITTR (%) 8.5 10.1 13.2 11.6 11.6

www.centurionreit.com10

Page 11: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Comparing Asset Class Performance

Private Apartment Property Index exhibits steady growth

Growth of $10,000 invested: past 28-year period as at December 31, 2013 (annual update)

REITs are not guaranteed, their values can change frequently and past performance is no guarantee of future results. Above ICREAM / IPD Index only available with annual data points versus indices on previous slide shown with quarterly data. It is an unleveraged index. PAST PERFORMANCE MAY NOT BE REPEATED.

1997

Asian Financial

Crisis

* Annualized return over the 28-year period of above ICREIM / IPD Index

“Positive calendar year Total Returnsevery year over past 28 years”

“Consistently positive growth over the past 28 years”ICREIM / IPD Canada Residential

"Apartment" Property Index (TR)

$219,074

2008/09

Global Financial

Crisis

1987

Black Monday Crash

1998

Russian& LTCM bailout

2000/02

Internet Bubble Bursts& 9/11

$10,000 invested (Dec 31-1984)

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

www.centurionreit.com11

Page 12: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Apartment REIT Portfolio

Centurion Apartment REIT owns and operates 42 multi-residential rental properties in 16Canadian communities.

Gravenhurst

Barrie

Brighton

Montreal

Oshawa

Whitby

Toronto

Hamilton

Huntsville

Acton

Mississauga

Cambridge

Kitchener

Waterloo

London

Tillsonburg

www.centurionreit.com12

Page 13: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Real Estate Opportunities Trust

The Centurion Real Estate Opportunities Trust (Centurion REOT)is an income & capital growth oriented investment trust that allowsqualified investors to invest in a diversified portfolio of mortgagesand opportunistic real estate developments and investments.

Simply put, investors pool their money together to invest inmortgage and growth oriented real estate opportunities. The netprofits are distributed back to investors.

Highlights

� Expected Total Return:

7% - 12% � Expected Mortgages Returns of 7%-12%,

and Real Estate Development Returns of 15%-25% 1

� Monthly Distributions

� Growth Potential

� RRSP, RESP, TFSA Eligible

� Diversified Portfolio

� Qualified Investors Only

Investor

Mortgages(income)

Investment Investments

Income & Capital Growth

Distributions & Capital Growth Centurion

REOT

Growth Oriented

Investments(capital growth)

www.centurionreit.com13

Page 14: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion REOT

Objectives

� Provide investors with cash distributions, payable monthly with the opportunity for long-termgrowth and a focus on preservation of capital.

� Investment assets make up a diversified portfolio of mortgage investments, growth orientedreal estate investments and ancillary real estate ventures.

� Maximize Unit value through the active management of the Portfolio.

� Leverage the strategic relationships within Centurion Asset Management Inc.’s network toincrease investment opportunities and manage risk.

www.centurionreit.com14

Page 15: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion REOT Investment Strategy

Centurion REOT intends to use a barbell strategy composed of mortgages for income on oneside and other growth oriented real estate investments for capital growth on the other.

The following targeted investments categories are where Centurion sees growth

opportunities in the real estate market:

1) Income: Mortgage Investments� Construction loans for purpose built rental apartments & student housing buildings� Multi-family residential, investment properties & commercial mortgages� Developer and builder pre-construction loans� Mezzanine and subordinated debt financing� Residential mortgages

Growth Oriented Investments

(Capital Growth)

Goal: Portfolio Balance

Mortgages(Income)

www.centurionreit.com15

Page 16: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion REOT Portfolio

Summary of Portfolio

Committed# of

InvestmentsFunded

# of Investments

Loans $70,402,416 20 $57,648,656 19

Jointarrangements

$12,783,655 5 $1,471,687 1

Total $83,186,071 25 $59,120,342 20

Loans # of Investments

Funded

Non- Participating 10 $25,712,748

Participating 9 $31,935,907

Total 19 $57,648,656

Participating and Non-Participating Investments2

www.centurionreit.com16

Page 17: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion REOT Portfolio

Loans Funded by Geographical Allocation

Loans by Mortgage Type

Loan Maturity by Year

Alberta13%

Ontario87%

Residential70%

Commercial30%

201429%

201522%

201642%

20177%

www.centurionreit.com17

Page 18: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion REOT Portfolio

* As of August 31, 2014

Year At End of Quarter

Committed ($M)

Advanced ($M)

Number of Investments

Int.Rate

WtdAvgLTV

Wtd AvgTerm to Maturity(Years)

2013 Q2 $22.34 $13.13 5 10.66% 74.1% 2.10

Q3 $48.03 $37.66 8 10.17% 56.7% 1.87

Q4 $48.77 $38.88 10 10.12% 56.3% 1.93

2014 Q1 $66.97 $55.44 16 9.76% 56.0% 1.83

Q2 $62.54 $51.97 18 9.97% 64.1% 1.84

Historical Loan Information

www.centurionreit.com18

Page 19: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Example 1

Transaction

Project Details� 100 Units in Western Canada � Single 6 Storey Apartment Building with

Ground Floor Retail� Surface & Underground Parking

Loan Structure� $21.7M construction cost� 1st Mortgage: $16.3M funded by a third party lender � 2nd Mortgage: $2.5M funded by Centurion � Equity Financing: $3M in total, (2/3 or $2M funded by Centurion)� Mortgage Loan Interest Rate: 11%� Preferred Return to Centurion REOT: 10% with a 50/50 split of profits beyond the 10%

between the developer and Centurion REOT. � Right of First Refusal to acquire the development project upon completion.

www.centurionreit.com19

Page 20: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Example 2

Transaction

South Western Ontario

Background:� Centurion funded the 2nd mortgage on this

property with the option to purchase.

� The borrower approached Centurion to exercise our purchase option. After due diligence Centurion chose to exercise its option to purchase the property.

Loan & Purchase Details:� Purchase Price of the Property: $15M� 2nd Mortgage Amount: $1M� Additional Funds used for Purchase: $3M

www.centurionreit.com20

Page 21: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Executives & Board of Trustees - REIT

Depth of experience & expertise

A Board of Trustees is responsible for the general control and direction of Centurion Apartment REIT:

Wayne TuckVP of Operations, COO & Trustee *

Ross AmosIndependent Trustee

Martin BernholtzIndependent Trustee***

Greg RomundtPresident & Trustee *

John MillsIndependent Trustee

Robert OrrCFO/CCO **

*Responsible for the day-to-day Executive Management of Centurion Apartment REIT. Please see Appendix for detailed biographies of the Executives & Trustees ** Not a member of the Board of Trustees

*** Independent Board Member on both Centurion REOT and Centurion Apartment REIT Board of Trustees

Chairmen of the Board of Trustees: Ross Amos

www.centurionreit.com21

Page 22: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Executives & Board of Trustees - REOT

Depth of experience & expertise

A Board of Trustees is responsible for the general control and direction of Centurion REOT:

Wayne TuckVP of Operations, COO & Trustee *

Charles DillinghamIndependent Trustee

Martin BernholtzIndependent Trustee***

Greg RomundtPresident & Trustee *

Ken MillerIndependent Trustee

Robert OrrCFO/CCO **

*Responsible for the day-to-day Executive Management of Centurion REOT. Please see Appendix for detailed biographies of the Executives & Trustees ** Not a member of the Board of Trustees

*** Independent Board Member on both Centurion REOT and Centurion Apartment REIT Board of Trustees

Stephen StewartDirector of Mortgage Investments & Trustee *

Peter SmithIndependent Trustee

Chairmen of the Board of Trustees: Martin BernholtzChairmen of the Investment Committee: Ken Miller

www.centurionreit.com22

Page 23: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Properties - Apartments

www.centurionreit.com23

Page 24: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Properties – Student Housing

www.centurionreit.com24

Page 25: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Summary

The Investment Solution

� Two separate trusts that allows qualified investorsto invest into real estate opportunities.� Mortgage Lending & Financing� A diversified portfolio of apartments and student

housing properties

Centurion Strength

Experience, Expertise, Infrastructure & Financial Resources to deliver an:

End-to-End Real Estate Solution� Sourcing / Attracting Development Deals� Offering Financing� Real Estate Investment Opportunities� Property Management

Centurion has the:

People� Experienced & dedicated team

Processes� Value-oriented strategy� A majority independent Board of Trustees provides

oversight

Performance� Track record of strong total returns since 2006

Portfolio� Helps to diversify portfolios overweight in equities

with its low correlation4 to major asset classes andlower volatility3

Benefits for Investors

� Generates monthly income� Potential for growth� Has a focus on capital preservation� Is tax efficient1

� Diversifies investor’s portfolio� Provides re-investment options

www.centurionreit.com25

Page 26: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Apartment REIT

Advisor SummaryCenturion Apartment Real Estate Investment Trust

Terms &Conditions

Investment Minimum $5,000 (qualified investor)

Purchases: Monthly (any day of the month)

Redemptions: Monthly (30 days notice before redemption date)

Valuations: Monthly

FeesManagement Fees: Class A: 2.5% Class F: 1.5%

Performance Fees: 5% Carried Interest*

Advisor Compensation

UpfrontCommission Fee:

(annual rate %)

Deferred Sales Charge (DSC)

5%Low Load (LL)

3%

Front-end (FE)0-5%

(negotiated with client)

F Class (F)n/a

Trailer Fee:(annual rate %)

50 bps 75 bps 100 bps n/a

Redemption Schedule:

In year 1: 6.0%2: 5.5%3: 5.0%4: 4.0%5: 3.0%

After year 5: 0%

First 18 months: 3.5%

Second 18 months: 3.0%

After 36 months: 0%

Short-termtrading fee: 3.0%

if redeemed within 6 months

Short-term trading fee: 3.0%

if redeemed within 6 months

FundSERV Codes Fund Company Code: CEN100 CEN101 CEN102 CEN105

* Please refer to the Offering Memorandum

www.centurionreit.com26

Page 27: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Real Estate Opportunities Trust

Advisor SummaryCenturion Real Estate Opportunities Trust

Terms &Conditions

Investment Minimum $5,000 (qualified investor)

Purchases: Monthly (any day of the month)

Redemptions: Monthly (30 days notice before redemption date)

Valuations: Monthly

FeesManagement Fees: Class A: 2.0% Class F: 1.0%

Performance Fees: 5% Carried Interest*

Advisor Compensation

UpfrontCommission Fee:

(annual rate %)

Deferred Sales Charge (DSC)

5%Low Load (LL)

3%

Front-end (FE)0-5%

(negotiated with client)

F Class (F)n/a

Trailer Fee:(annual rate %)

50 bps 75 bps 100 bps n/a

Redemption Schedule:

In year 1: 6.0%2: 5.5%3: 5.0%4: 4.0%5: 3.0%

After year 5: 0%

First 18 months: 3.5%

Second 18 months: 3.0%

After 36 months: 0%

Short-termtrading fee: 3.0%

if redeemed within 6 months

Short-term trading fee: 3.0%

if redeemed within 6 months

FundSERV Codes Fund Company Code: CEN200 CEN201 CEN202 CEN205

* Please refer to the Offering Memorandum

www.centurionreit.com27

Page 28: Centurion Asset Management Inc. - WAIS C€¦ · Centurion Real Estate Opportunities Trust The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capital growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Centurion Asset Management Inc.

Questions?

www.centurionreit.com28