CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST SUPPLEMENTARY INFORMATION FOR THE PERIOD ENDED

Transcription

1 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST SUPPLEMENTARY INFORMATION FOR THE PERIOD ENDED DECEMBER 31, 2006

2 FOR THE PERIOD ENDED DECEMBER 31, 2006 Table of Contents Page Investor Information 1 Key Financial Data 2 List of Properties by Suite Type 3-4 Portfolio By Asset Type & Geography 5 Occupancy and Average Monthly Rent per Suite 6-8 Tenant Inducements and Vacancy Loss 9 Turnover and Renewals 10 NOI by Province 11 Profitability Analysis of Stabilized Properties 12 Debt Highlights 13 Capital Investment 14 Capital Expenditures 15-16

3 Investor Information Head Office: 11 Church Street, Suite 401 Toronto, Ontario M5E 1W1 Contact: Mr. Yazdi Bharucha Chief Financial Officer (416) Research Coverage: Karine MacIndoe BMO Capital Markets (416) Pammi Bir BMO Capital Markets (416) Amanda He BMO Capital Markets (416) Jonathan Kelcher Canaccord Capital (416) Shant Poladian Canaccord Capital (416) Sandy Poklar Canaccord Capital (416) Rossa O'Reilly CIBC World Markets (416) Alex Avery CIBC World Markets (416) Frank Mayer Desjardins Securities (416) Jeffrey Roberts Desjardins Securities (416) Michael Smith National Bank Financial (416) Jimmy Shan National Bank Financial (416) Tanya Bouchard National Bank Financial (416) Gail Mifsud Raymond James Ltd. (416) Li Zhang Raymond James Ltd. (416) Neil Downey RBC Dominion Securities (416) Anil Jamani RBC Dominion Securities (416) Mario Saric Scotia Capital (416) Samuel Damiani TD Securities (416) Daniel Kim TD Securities (416) Brad Cutsey Blackmont Capital (416) Danny Pinska Blackmont Capital (416) Mark Rothschild Genuity Capital Markets (416) Jenny Ma Genuity Capital Markets (416)

4 Key Financial Data ($000's, except per Unit amounts) Qtr Qtr Qtr Qtr Qtr Operating Data: Operating Revenues $ 73,002 $ 71,526 $ 69,859 $ 69,317 $ 67,934 Operating Expenses 35,790 31,968 31,940 36,717 33,985 NOI 37,212 39,558 37,919 32,600 33,949 NOI Margin 51.0% 55.3% 54.3% 47.0% 50.0% Interest Expense 17,768 18,028 17,763 17,327 16,897 Trust Expenses 2,552 1,694 2,275 2,576 2,183 Net (Loss) / Income (209) 2,900 1,457 (3,426) 9,973 Net (Loss) / Income per Unit - Basic (0.004) (0.062) Funds from Operations 16,399 19,311 17,470 12,263 14,927 Funds from Operations per Unit - Basic Distributable Income 16,378 19,310 17,469 13,003 14,887 Distributable Income per Unit - Basic Balance Sheet Data: Total Assets $ 2,022,840 $ 2,011,417 $ 1,984,075 $ 1,981,207 $ 1,944,477 Total Liabilities 1,428,357 1,403,136 1,421,990 1,407,553 1,356,121 Unitholders' Equity 594, , , , ,356 Total Debt to Gross Book Value 61.6% 61.4% 63.7% 63.6% 62.7% Total Debt to Total Capitalization 55.1% 55.2% 59.7% 59.4% 59.2% 2

5 List of Properties Total CAPREIT's Property Suites Share 10 & 30 Tuxedo Court, Scarborough, Ontario & 4010 Lawrence Ave. E., Scarborough, Ontario McCowan Road, Scarborough, Ontario Markham Road, Scarborough, Ontario St. Clair Ave. W., Toronto, Ontario South Park St., Halifax, Nova Scotia King's Cross Rd., Brampton, Ontario Knightsbridge Rd., Brampton, Ontario Knightsbridge Rd., Brampton, Ontario , & Balmoral Dr., Brampton, Ontario Eastdale Ave., East York, Ontario Eastdale Ave., 2-12 & Goodwood Park Cres., Ontario & 77 Huron Heights Dr., Newmarket, Ontario Queens Ave., Oakville, Ontario Stubbs Dr., North York, Ontario South Park St., Halifax, Nova Scotia ,139,143 & 147 8th St. and 148 & 170 Islington Ave., Etobicoke, Ontario Queen St., Regina, Saskatchewan nd St., Saskatoon, Saskatchewan Confederation Dr., Saskatoon, Saskatchewan Wellington St. S., Hamilton, Ontario & 1759 Victoria Park Ave., Toronto, Ontario & 3425 Morning Star Dr., Mississauga, Ontario Domaine Choisy, Montreal, Quebec Domaine Salaberry, Montreal, Quebec Clark Blvd., Brampton, Ontario Lees Avenue, Ottawa, Ontario (50%) Wellington St., Ottawa, Ontario (50%) ,3530, 3532 & 3550 Downpatrick, Ottawa, Ontario (50%) Silver Spear Road, Mississauga, Ontario Marlborough Court & 1360 White Oaks Court, Oakville, Ontario Churchill St, Waterloo, Ontario Holborn Dr, Kitchener, Ontario Old Chicopee Rd, Kitchener, Ontario ,40,60 & 80 Charlotte Lane, Halifax, Nova Scotia Rathburn Road East, Mississauga, Ontario Fairlea Crescent, Ottawa, Ontario (50%) & 341 TraynorAve., 551 & 553 VanierDr., Kitchener, Ontario ,80,85 & 90 Orenda Court, Brampton, Ontario Panorama Court, Toronto, Ontario Silver Spear Road, Mississauga, Ontario William Street, Waterloo, Ontario Havenwood Drive, Mississauga, Ontario Markham Road, Toronto, Ontario Evans Avenue, Toronto, Ontario Hurontario Street, Mississauga, Ontario ,1205,1207,1209,1211 &1223 Huron Street, London, Ontario ,1535,1545 Alta Vista Drive, Ottawa, Ontario (50%) Bloor Street East, Mississauga, Ontario , 85 & 95 Fiddlers Green Rd., London, Ontario ,1875 Glenanna Rd, 1800,1850 Valley Farm Rd, and 1480 Pickering Parkway, Pickering, Ontario Scarborough Golf Club Road, Scarborough, Ontario and 455 Rue Racine, Montreal, Quebec ieme Ave, 2305 Benoit XV, Quebec, Quebec Chemin Ste-Foy and Chemin Quatre Bourgeois Quebec, Quebec (Le Fontainebleau) Rue Des Chatelets, Quebec, Quebec (Jardins des Seigneurs) Chemin Ste-Foy, Quebec, Quebec Pere Marquette, Quebec, Quebec Pere Marquette, Quebec, Quebec de Grandville, Quebec, Quebec th Avenue NW, Calgary, Alberta Rue Gingras, Quebec, Quebec Robie Street, Halifax & 744 Fanshawe Park Road, London, Ontario ,115 Johnny Parent and 136,140 Legare, Quebec, Quebec , & Trudeau St., Quebec, Quebec ,365 Cote-Vertu & 320,360 Thompson Blvd, Montreal, Quebec Davisville Avenue, Toronto, Ontario Davisville Avenue, Toronto, Ontario Huntley Street, Toronto, Ontario Isabella Street, Toronto, Ontario Murray Ross Parkway, Toronto, Ontario

6 List of Properties Total CAPREIT's Property Suites Share 10 San Romanoway, Toronto, Ontario /23 Oriole Road, Toronto, Ontario Duplex Avenue, Toronto, Ontario Orchardview Boulevard, Toronto, Ontario Lawrence Avenue East, Toronto, Ontario Dixon Road, Etobicoke, Ontario Bloor Street East, Mississauga, Ontario Park Royal Village, Mississauga, Ontario Bay Mills Boulevard, Toronto, Ontario /101/200/201 White Oaks Court, Whitby, Ontario Lakeshore Boulevard, Burlington, Ontario /9 Roanoke Road, Toronto, Ontario Cassandra Boulevard, Toronto, Ontario Shallmar Boulevard, Toronto, Ontario Broadway Avenue, Toronto, Ontario Wellesley Street East, Toronto, Ontario John Street, Oakville, Ontario Glenridge Avenue, St. Catharines, Ontario Lancaster Drive, Welland, Ontario Guelph Line, Burlington, Ontario Eastmout Avenue, Toronto, Ontario Locust Street, Burlington, Ontario Livonia Place, Toronto, Ontario Tyandaga Park Drive, Burlington, Ontario Geneva Street, St. Catharines, Ontario Geneva Street, St. Catharines, Ontario /36/42 Maitland Street, Toronto, Ontario /276/278 Cedar Avenue, Richmond Hill, Ontario Sherobee Road, Mississauga, Ontario /2932 Yonge Street and 1 Cheritan Avenue, Toronto, Ontario Longmoor Drive, Burlington, Ontario Guelph Line, Burlington, Ontario Davisville Avenue, Toronto, Ontario Laframboise, St. Laurent, Quebec Lanthier Avenue, Pointe-Claire, Quebec Bois-Franc, St. Laurent, Quebec Cote-des-Neiges, Montreal, Quebec Elbow Drive S.W., Calgary, Alberta th Avenue S.W., Calgary, Alberta th Street, Edmonton, Alberta Bonaventure Drive S.E., Calgary, Alberta Marine Drive S.E., North Vancouver, BC , 30, 32 & 34 Ste-Ursule, Quebec Carrefour des Erables, Montreal, Quebec Jardins Longueuil, Longueuil, Quebec Les Jardins & Serge Lemieux, Longueuil, Quebec Les Immeubles Joie-de Vivre, Montreal, Quebec Bois de Boulogne, Montreal, Quebec Rue Sherbrooke E., Montreal, Quebec AV Prud Homme, Montreal, Quebec Howay Street, New Westminster, BC ,10871,10891,10951,10971 & Mortfield Road, Richmond, BC Broughton Street, Vancouver, BC Kingsview Boulevard, Blackfriar Avenue and 15 & 25 & 55 Bridesburg Drive, Etobicoke, Ontario Kingsview Boulevard, Blackfriar Avenue and Bridesburg Drive, Etobicoke, Ontario & 45 Bredin Parkway, Orangeville, Ontario Complex sur le Parc, Longueuil, Quebec Jardins sur le Parc, Longueuil, Quebec & 2220 Chapdelaine, Quebec City, Quebec , 3015 & 3017 Queen Street East, Toronto, Ontario Total 26,498 25,735 4

7 Property Portfolio Portfolio By Asset Type Portfolio By Geography 32% (% of Total Suites) 16% 5% 4% (% of Total Suites) 3% 1% GTA Other Ontario 18% 50% Quebec Nova Scotia 52% Affordable Mid tier Luxury 19% Alberta British Columbia Saskatchewan As at December 31, 2005 (% of Total Suites) As at December 31, 2005 (% of Total Suites) 16% 5% 4% 3% 1% GTA 34% Other Ontario 17% 51% Quebec Nova Scotia Affordable Alberta 50% Mid tier Luxury 19% British Columbia Saskatchewan 5

8 Occupancy and Average Monthly Rent Per Suite As at January 1, 2007 Summary by Asset Type Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Total Suites Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Percent # % Rent ($) % Rent ($) % Rent ($) % Rent ($) % Rent ($) Affordable Owned Prior to December 31, , % % % % % 786 Acquired after December 31, % % 573 Subtotal 15.7% 4, % % % % % 778 Mid-tier Owned Prior to December 31, , % % % % % 846 Acquired after December 31, , % % % % 838 Subtotal 52.0% 13, % % % % % 845 Luxury Owned Prior to December 31, , % % % % 1, % 1,000 Acquired after December 31, Subtotal 32.3% 8, % % % % 1, % 1,000 Total 100.0% 26, % % % % % 886 Summary by Province Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Total Suites Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Percent # % Rent ($) % Rent ($) % Rent ($) % Rent ($) % Rent ($) Ontario: Greater Toronto Area 50.4% 13, % % % 1, % 1, % 1,004 Ottawa 5.7% 1, % % % % % 778 London/ Kitchener / Waterloo 5.6% 1, % % % % % 762 Other Ontario 7.3% 1, % % % % % 858 Ontario Total 69.0% 18, % % % % % 957 Quebec: Montreal 13.1% 3, % % % % % 641 Quebec City 4.9% 1, % % % % % 654 Quebec Total 18.0% 4, % % % % % 645 Nova Scotia Halifax 4.1% 1, % % % % % 902 Saskatchewan Saskatoon 0.5% % % % % % 500 Regina 0.4% % % % % % 642 Saskatchewan Total 0.9% % % % % % 564 Alberta Edmonton 1.2% % % % % % 830 Calgary 3.5% % % % % % 856 Alberta Total 4.7% 1, % % % % % 850 British Columbia Greater Vancouver Area 3.3% % % % % % 885 Total 100.0% 26, % % % % % 886 6

9 Occupancy and Average Monthly Rent Per Suite As at January 1, 2007 Jan-06 Oct-06 Jan-07 Percent Total Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Suites (1) % Rent (2) % Rent (2) % Rent (2) Affordable 10 and 30 Tuxedo Court, Toronto % % % and 4010 Lawrence Ave East, Toronto % % % McCowan Road, Toronto % % % Markham Road, Toronto % % % , 139, 143 & 147 8th Street and 148 & 170 Islington Avenue, Toronto % % % nd Street West, Saskatoon % % % and 3425 Morning Star Drive, Mississauga % % % Wellington Street South, Hamilton % % % ,1223 Huron Street, London % % % 607 Salaberry Portfolio, Montreal % % % 500 Choisy Portfolio, Montreal % % % & 115 Johnny-Parent and 136 & 140 rue Legare, Quebec City % % % , & Trudeau St., Quebec City % % % , 365 boulevard Cote-Vertu & 320, 360 boulevard Thompson, Montreal % % % Murray Ross Parkway, Toronto (4) % % % San Romanoway, Toronto (4) % % % 941 Subtotal 3, % % % 786 Complex Sur Le Parc, Longueuil (8) 160 N/A N/A 97.5% % 573 Subtotal 15.7% 4, % % % 778 Mid-Tier 5 King's Cross Road and 3 & 11 Knightsbridge Road, Brampton % % % & 1759 Victoria Park Avenue, Toronto % % % Markham Road, Toronto % % % Scarborough Golf Club Road, Toronto % % % , & Balmoral Drive, Brampton % 1, % 1, % 1, & 77 Huron Heights Drive, Newmarket % % 1, % Eastdale Avenue, Toronto % % % Eastdale Avenue and 2-12 & Goodwood Park Crescent, Toronto % 1, % 1, % 1, Confederation Drive, Saskatoon % % % Queen Street, Regina % % % Clark Boulevard, Brampton % 1, % 1, % 1, Lees Avenue, Ottawa (3) % % % Wellington Street, Ottawa (3) % % % , 3530, 3532 & 3550 Downpatrick Road, Ottawa (3) % % % Holborn Drive and 75 Old Chicopee Road, Kitchener and Churchill Street, Waterloo % % % Fairlea Crescent, Ottawa (3) % % % & 341 Traynor Avenue and 551 & 553 Vanier Drive, Kitchener % % % , 80, 85 & 90 Orenda Court, Brampton % % % Panorama Court, Toronto % % % 1, Havenwood Drive, Mississauga % 1, % 1, % 1, Hurontario Street, Mississauga % % % , 1535 & 1545 Alta Vista Drive, Ottawa (3) % % % Bloor Street East, Mississauga % 1, % 1, % 1, & 1875 Glenanna Road, 1800 & 1850 Valley Farm Road and 1480 Pickering Parkway, Pickering % 1, % 1, % 1, & 455 rue Racine, Montreal % % % e Avenue and 2305 Benoit XV, Quebec City % % % & 2425 chemin Ste-Foy and 2416 & 2426 chemin Quatre Bourgeois, Quebec City % % % rue des Chatelets, Quebec City % % % de Grandville, Quebec City % % % th Avenue N.W., Calgary % % % rue Gingras, Quebec % % % & 744 Fanshawe Park Road East, London % % % Lawrence Avenue East, Toronto (4) % % % Dixon Road, Etobicoke % % % 1, Bodmin Road, 2360 Bonner Road and 2333 & 2345 Truscott Road, Mississauga % % % Bay Mills Boulevard, Toronto % 1, % 1, % 1,023 7 & 9 Roanoke Road, Toronto % % % Cassandra Boulevard, Toronto % 1, % 1, % 1, Broadway Avenue, Toronto (4) % % % Eastmount Avenue, Toronto % 1, % 1, % 1,024 34, 36 & 42 Maitland Street, Toronto % 1, % 1, % 1, , 276 & 278 Cedar Avenue, Richmond Hill % % % & 2932 Yonge Street & 1 Cheritan Avenue, Toronto (4) % % % Glenridge Avenue, St. Catharines % % % Lancaster Drive, Welland % % % Guelph Line, Burlington % % % Tyandaga Park Drive, Burlington % % % 1, Geneva Street, St. Catharines % % % Geneva Street, St. Catharines % % % Longmoor Drive, Burlington % % % Guelph Line, Burlington % % % , 101, 200 & 201 White Oaks Court, Whitby % % % Laframboise, St. Laurent % % % Cote-des-Neiges, Montreal % % % Elbow Drive S. W., Calgary (5) % % % th Avenue S. W., Calgary (5) % % % Livonia Place, Toronto (4) % % % , 30, 32 & 34 Ste. Ursule, Quebec % % % 487 Joie de Vivre - 135, Deguire, Montreal % % % 664 Carrefour des Erables, Montreal % % % Prud Homme, Montreal % % % , 2490 & 2510 Rue de Boulogne and 2477 Rue Montarville and 535 Rue Beaubien, Longueuil % % % & Bois de Boulogne, Montreal % % % , 2525 & 2539 Rue Sherbrooke East, Montreal % % % & 2573 Boul Perron and 2516 & Rue Montarville, Longueuil % % % Mortfield Road, Richmond % % % 940 Subtotal 12, % % % Kingsview Blvd., Blackfriar Av. and 15, 25 & 55 Bridesburg Drive (6) 357 N/A N/A 98.9% % Kingsview Blvd., BlackfriarAv. & Bridesburg Drive (6) 107 N/A N/A 99.1% 1, % 1, Bredin Parkway, Orangeville (7) 93 N/A N/A 100.0% % 930 Jardins Sur Le Parc, Longueuil (8) 178 N/A N/A 94.4% % and 2220 Chapdelaine, Quebec City (9) 215 N/A N/A 100.0% % , Queen Street East, Toronto (10) 136 N/A N/A N/A N/A 94.1% 938 Subtotal 52.0% 13, % % % 845 7

10 Occupancy and Average Monthly Rent Per Suite As at January 1, 2007 Jan-06 Oct-06 Jan-07 Percent Total Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Suites (1) % Rent (2) % Rent (2) % Rent (2) Luxury 355 St. Clair Avenue West, Toronto % 2, % 2, % 2, Evans Avenue, Toronto % 1, % 1, % 1, South Park Street, Halifax % 1, % 1, % 1, Queens Avenue, Oakville % 1, % 1, % 1, Stubbs Drive, Toronto % 1, % 1, % 1, South Park Street, Halifax % % % Silver Spear Road, Mississauga % % % Marlborough Court and 1360 White Oaks Boulevard, Oakville % 1, % 1, % 1,215 20, 40, 60 & 80 Charlotte Lane, Halifax % % % Rathburn Road East, Mississauga % 1, % 1, % 1, Silver Spear Road, Mississauga % % % William Street East, Waterloo % 1, % 1, % 1,264 75, 85 & 95 Fiddlers Green Road, London % % % chemin Ste-Foy, Quebec City % % % Pere-Marquette, Quebec City % % % Pere-Marquette, Quebec City % % % Robie Street, Halifax % % % Davisville Avenue, Toronto (4) % % % Davisville Avenue, Toronto (4) % % % Davisville Avenue, Toronto (11) % % % Huntley Street, Toronto (4) % % % Isabella Street, Toronto (4) % 1, % 1, % 1,036 1 & 23 Oriole Road, Toronto % % 1, % Duplex Avenue, Toronto (4) % 1, % 1, % 1, Orchardview Boulevard, Toronto (4) % 1, % 1, % 1, Bloor Street East, Mississauga % 1, % 1, % 1, Shallmar Boulevard, Toronto (4) % 1, % 1, % 1,083 6 John Street, Oakville (4) % 1, % 1, % 1, Sherobee Road, Mississauga (4) % 1, % 1, % 1, Lakeshore Boulevard, Burlington % 1, % 1, % 1, Locust Street, Burlington % 1, % 1, % 1, Lanthier Avenue, Pointe-Claire % 1, % 1, % 1,198 Bois-Franc, St. Laurent % % % Bonaventure Drive S. E., Calgary % % % th Street, Edmonton % % % Marine Drive S. E., North Vancouver (5) % % % Wellesley Street East, Toronto % 1, % 1, % 1, Howay Street, New Westminster % % % Broughton Street, Vancouver % 1, % 1, % 1,053 Subtotal 32.3% 8, % % 1, % 1,000 Total 100.0% 26, % % % Summary Suites as at January 01, , % % % 890 Suites acquired since January 1, ,246 N/A N/A 98.3% % , % % % 886 (1) Total suites include co-ownership interests for CAP REIT's share of suites see (note 3 below). (2) Based on gross residential rent less vacancies divided by the total number of suites and excluding revenue from parking, laundry and other. (3) CAP REIT's share of suites for Lees, Wellington, Downpatrick, Fairlea and Alta Vista are 167, 36, 104, 82 and 375 respectively. (4) Operating lease property (5) Land lease property (6) Property purchased February 1, 2006 (7) Property purchased May 24, 2006 (8) Property purchased July 27, 2006 (9) Property purchased September 1, 2006 (10) Property purchased December 21, 2006 (11) Property reclassed from Mid-Tier to Luxury from December 31,

11 Quarterly Tenant Inducements and Vacancy Loss Analysis Average Monthly Rent ($) Tenant Inducements Incurred ($000s) Tenant Inducements Amortized ($000s) Vacancy Loss ($000s) Total Tenant Inducements and Vacancy Loss ($000s) Qtr $ 886 $ 192 $ 215 $ 1,452 $ 1,667 Qtr ,720 1,925 Qtr ,142 2,316 Qtr ,974 2,196 Qtr ,561 1,870 Average Monthly Rent ($) $895 $890 $885 $880 $875 $870 $865 $860 Qtr 4 '05 Qtr 1 '06 Qtr 2 '06 Qtr 3 '06 Qtr 4 '06 $2,500 $2,000 $1,500 $1,000 Tenant Inducements Incurred ($000's) Total Tenant Inducements and Vacancy Loss ($000's) $500 $- Qtr 4 '05 Qtr 1 '06 Qtr 2 '06 Qtr 3 '06 Qtr 4 '06 Trend: Sensitivity: - Steady average monthly rents and tenant inducements incurred - 1% change in gross rents impacts DI/FFO by $0.052/Unit 9

12 Quarterly Tenant Turnovers and Lease Renewals Turnovers Renewals $ Change per Suite $ Change per Suite Qtr 1 $ (3) $ (29) $ 19 $ 14 Qtr 2 $ 8 $ (13) $ 20 $ 14 Qtr 3 $ 15 $ 2 $ 19 $ 14 Qtr 4 $ 12 $ (1) $ 21 $ 15 $30 Qtr 1 05 Qtr 2 05 Qtr 3 05 Qtr 4 05 Qtr 1 06 Qtr 2 06 Qtr 3 06 Qtr 4 06 $20 $10 $- $(10) $(20) $(30) $(40) Turnovers $ change per suite Renewals $ change per suite 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Qtr 1 05 Qtr 2 05 Qtr 3 05 Qtr 4 05 Qtr 1 06 Qtr 2 06 Qtr 3 06 Qtr 4 06 Turnovers % of Total Suites Renewals % of Total Suites 10

13 NOI Summary by Province Total NOI $ NOI as % % of total Total NOI as % of Rev NOI NOI $ of Rev % of total NOI Alberta 8, % 5.8% 7, % 5.4% British Columbia 5, % 4.1% 3, % 2.9% Nova Scotia 7, % 5.4% 7, % 6.0% Ontario 105, % 71.9% 101, % 75.8% Quebec 18, % 12.3% 12, % 9.4% Saskatchewan % 0.5% % 0.5% 147, % 133, % % of Total NOI by Province 12.3% 0.5% 5.8% 4.1% 5.4% Alberta British Columbia Nova Scotia Ontario Quebec Saskatchewan 71.9% % of Total NOI by Province 9.4% 0.5% 5.4% 2.9% 6.0% Alberta British Columbia Nova Scotia Ontario Quebec Saskatchewan 75.8% 11

14 Profitability Analysis of Stabilized Properties (Properties held at December 31, 2004) Q4/06 12M/06 Number of Stabilized Suites 22,250 22,250 % Of Total Suites 86.5% 86.5% NOI Margin 50.6% 51.6% Change in Gross Revenues 2.3% 1.8% Change in Operating Costs (1.0%) (1.7%) Change in NOI 3.7% 2.0% # of Suites 13.5% Gross Revenues 8.8% Stabilized Properties Other Properties Stabilized Properties Other Properties 86.5% 91.2% Net Operating Income (NOI) 9.4% Stabilized Properties Other Properties 90.6% 12

15 Debt Highlights Dec 31, 2006 Dec 31, 2005 Total Debt to Total Capitalization 55.1% 59.2% Total Debt to GBV 61.6% 62.7% Acquisition Capacity ($ millions) $621 $504 Total Debt Repayments and Weighted Average Interest Rates (including interest rate forward contracts) $250,000 $200,000 $150,000 $100,000 $50,000 $0 6.3% 5.6% 4.9% 4.2% 3.5% 2.8% 2.1% 1.4% 0.7% 0.0% Subsequent Total Debt ($000s) Weighted Avg Interest Rate for Maturing Mortgages Weighted average term to maturity years Weighted average interest rate % 13

16 Capital Investment Analysis Maintenance Capex $ per Suite * Suite turnover costs $ 284 $ 246 Other R&M costs (operating contracts/common area) Total R&M expense On-site wages and benefits Total R&M and on-site wages expensed $ 1,476 $ 1,388 Capex Investment - Building improvements Capital improvements Suite improvements $ 1,448 $ 1,759 Total invested capital $ 2,924 $ 3,147 * Based on weighted average # of suites 25,230 23,667 14

17 Capital Expenditures Analysis CAPITAL EXPENDITURES BY PROGRAM ($000s) $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $ Building Improvements Capital Improvements Suite Improvements Intensification Program CAPITAL EXPENDITURES BY PORTFOLIO ($000s) $25,000 $20,000 $15,000 $10, $5,000 $- Acquisitions-ResREIT Remaining Portfolio Acquisitions-Other CAPITAL EXPENDITURES BY TYPE ($000s) $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $ Building Improvements Common Area Upgrades Suite Improvements Kitchens/Baths/Floors Boilers and Elevators Equipment Appliances Signage Other Windows Intensification Program 15

18 Capital Expenditures Analysis CAPEX PROGRAM ADDS VALUE Vacancy % Average Monthly Rent $ Property Suites Dec 05 Dec 06 Dec 05 Dec 06 % Change $ Spent on Insuite Total $ Spent 355 St. Clair, Toronto ,158 2, , , San Romanoway, Toronto , , Duplex, Toronto ,068 1, , , Cote Vertu, Montreal , ,174 White Oaks Court, Whitby ,449 1,079,935 Joie de Vivre, Montreal , ,854 Islington Portfolio, Toronto , , Pere Marquette, Quebec , , Murray Ross Pkwy, Toronto ,662 1,512,441 16