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Plaza Retail REIT- 2017 Earnings & Price Target Update

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Plaza Retail REIT (PLZ.UN), headquartered in Fredericton, New Brunswick, acquires, develops and redevelops unenclosed and enclosed retail shopping centres, 90% of which are occupied by national tenants, with a focus on retailers in the consumer staples market segment as opposed to fashion focused retailers. Properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres. Plaza has 31 projects under development or redevelopment which will add 1.9M sq. ft. or 25% to the portfolio between 2018 and 2020. The total value of the portfolio remained at $959M, with $19.3M of dispositions partially offset the $29.5M of completed projects now earning income. Plaza focuses on per unit growth through accretive developments and redevelopments. Plaza management is fully internalized and able to develop new retail properties in-house. Plaza does not buy finished properties from third party developers or from related parties at low cap rates.

The portfolio is comprised of interests in 298 properties (308, Dec-31-2015) properties totaling 7.8M sq. ft. (Dec-31-2015, 6.4M sq. ft.) and additional lands held for development. Strip malls comprise 69% of square footage, single use occupied by retail or quick service restaurants -18% and enclosed shopping malls the balance of 12%. By square footage, 55% of properties are located in the Maritimes, 26% in Quebec, 14% mainly in Ontario and the balance in Western Canada. Dividends were increased in Jan-2018 to $0.28 per unit from $0.26, the 15th consecutive annual distribution increase from an initial distribution of $0.08 per unit in 2003. The largest tenant is Shoppers Drug Mart contributing 25% of annual revenues following by KFC at 9%. Dollarama, Sobeys, Staples and Canadian Tire together contribute 15% of revenues. In total nationally recognized brands contribute 90% of revenues.

TC Land LP, an entity controlled two directors of Plaza REIT leases nine parcels of land to Plaza at a total annual rent of $1.1M. The land leases expire at various times from Oct-2043 to Nov-2047, subject to options to renew. All of these land leases have options to purchase, of which one is at a fixed price and the others are at fair market value. Management owns an estimated 43%.

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