Annual Report 2 0 1 1

Intelligent | Influential I Informative

Proudly Celebrating

Representing the Canadian Real Estate Industry

Representing Proudly the Canadian Celebrating Real Estate Industry INSIDE

CEO Message 03 Who We Are 04 2011 Officers and Board of Directors 05 Members of REALpac 06 Our Guiding Principles 09 Vision 09 Mission 09 Values 09 REALpac Streamlines Member Representative Structure 10 REALpac & IPD Launch the “REALpac/IPD Canada Property Index” 11 What We Do - 6 Key Areas 13 1 - Advocacy / Government Relations 14 2 - Financial Best Practices 18 3 - Research & Standards 20 4 - Professional Development 22 5 - Industry Publications 30 6 - Committees 32 Our Staff 34 Our Sponsors 36

– 0 2 – S. Michael Brooks, Ph.D., LLM, MBA

REALpac Chief Executive Officer

CEO MESSAGE

2011 was another very successful year for REALpac. Peninsula Hotel. That’s a hard act to follow but I’m sure In addition to meeting almost all of our financial and we will try to beat it in 2012. operational targets for the year, we refreshed our commitment to membership in a number of ways. I am delighted to hand the reigns of this great We reaffirmed our commitment to our Chief Executive organization over to Mr. Paul Morse as of March 5th, members by creating events exclusively organized for 2012. I am sure he will carry on, with REALpac staff, them. We raised the bar at our Chief Executive Retreat providing great service to REALpac members and and conducted roundtables in and Calgary to providing excellent stewardship of this industry into the solicit direct input from Chief Executives on REALpac’s future. It has been a great almost 15 year run for me as government relations initiatives and policy positions. CEO of REALpac, and I’ve had the pleasure to watch I believe we go into 2012 on the strongest footing we our industry grow and mature to be, based on 2011 have ever been on in terms of being truly representative REIT returns and IPD data, amongst the strongest of the Canadian institutional and public real estate market. in the world.

Lobbying for the REITs continued this year. I’m hopeful My thanks to all of my Board Chairs over the years that the third round of REIT amendments will be from whom I have learned so much. Thanks to the past forthcoming in the federal 2012 spring budget. We and current Board members who have treated me so reaffirmed our commitment to our pension fund, well. Thanks to all REALpac members and their staffs pension fund advisor, and institutional members by over the years without whose support we would not successfully transitioning the IPD joint arrangement from have been able to accomplish what we did. Thanks to ICREIM and putting that relationship on a new five-year the staff of REALpac, who were day-family for me and footing. Many of our members rely on appraisal-based each other, and who made coming to work every day data for benchmarking and performance assessment truly enjoyable. They are all so talented. I also thank my and we are pleased to be able to grow that relationship colleagues in the other organizations we have through IPD. partnered with over the years, including recently Ferguson Partners Limited and Mr. Bill Ferguson, We also made significant progress in expanding our MMCI Canada and Mr. George Przybylowski, IPD and professional development offerings in 2012, sensing a Mr. Simon Fairchild, Marsh and our various sponsors. vacuum in the market in Canada. We rolled out new It has also been an honor to work with various offerings in Valuation, Finance and Investment, and other associations with whom we have joined forces Asset Management. We also once again added to our from time to time. To all, I will miss you. Farewell. menu of benchmarking services by developing, with FPL out of Chicago, a Mortgage Lender Compensation Survey. Our Chief Executives Retreat in Chicago was the best yet, with our largest group of Chief Execu- tives in attendance to date. Hearing Scotty Bowman, our keynote speaker, talk about his experiences was a highlight as were the opulent surroundings of the

– 0 3 – – 0 4 – 2011 Board of Directors

WHO WE ARE Pierre Bergevin President & CEO Cushman & Wakefield Ltd.

James Britton 2011 Officers President & CEO Northern Property REIT

Dori Segal Roger Greenberg Chair & Director, REALpac, Chairman & CEO 2011 & 2012 The Minto Group President & CEO, First Capital Realty Inc.

Peter Menkes President Menkes Developments Stephen Taylor Limited Vice Chair & Director, REALpac, 2011 & 2012 President & COO, Morguard Investments Limited Thomas Schwartz President & CEO CAPREIT

Kim McInnes President Ivanhoe Cambridge Inc.

Philip Fraser President & CEO Killam Properties Inc.

– 0 5 – MEMBERS OF REALpac

Alberta Investment Management Corporation (AIMCO) Micheal Dal Bello SVP, Real Estate Allied Properties REIT Michael Emory President & CEO Peter Sweeney VP & CFO Artis REIT Armin Martens President & CEO Jim Green CFO Aspen Properties 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 Bentall Kennedy Group Gary Whitelaw Group CEO Lawrence Neilson CFO BMO Capital Markets Real Estate Inc. Derek Dermott Managing Director Keith Jameson Director Boardwalk REIT Sam Kolias Chairman & CEO William Wong CFO Brookfield Financial Brydon Cruise President & Managing Partner Mark Murski Managing Partner & CFO Brookfield Real Estate Opportunity Fund David Arthur President & CEO Sujoy Gupta VP, Finance Build Toronto Inc. Lorne Braithwaite President & CEO David Fiume SVP & CFO Cadillac Fairview Corporation Limited, The John Sullivan President & CEO Cathal O’Connor EVP & CFO Calloway REIT Al Mawani President & CEO Bart Munn CFO Corporation, Limited Robert Mongeau VP, Real Estate Services Canderel Richard Diamond SVP David Hawrysh CFO CANMARC REIT James Beckerleg President & CEO Gordon Lawlor EVP & CFO CAPREIT Thomas Schwartz President & CEO Scott Cryer CFO CBRE Limited John O’Bryan Vice Chairman Jeff Cook SVP, Finance Chartwell Seniors Housing REIT Brent Binions President & CEO Vlad Volodarski CFO CIBC World Markets Inc. Allan Kimberley Vice Chairman and Managing Director Mark Johnson Managing Director Colliers International Inc. David Bowden CEO Canada Peter Humphries CFO Cominar REIT Michel Dallaire President & CEO Michel Berthelot VP & CFO CREIT (Canadian REIT) Stephen Johnson President & CEO Tim McSorley VP & CFO Crombie REIT Donald Clow President & CEO Glenn Hynes CFO & Secretary

– 0 6 – Cushman & Wakefield Ltd. Pierre Bergevin President & CEO Rene Gulliver CFO, Americas Dorsay Development Corporation Geoffrey Grayhurst President Edmond Chow CFO Dundee REIT Michael Cooper Vice Chairman & CEO Mario Barrafato SVP & CFO EPIC Realty Partners Inc. Gordon Thompson President Sandra Gay VP & CFO Fengate Capital Management Ltd. Lou Serafini Jr. President Pranav Pandya VP, Finance & Operations FieraSceptre Stuart Lazier CEO First Capital Realty Inc. Dori Segal President & CEO Karen Weaver EVP & CFO First National Financial LP Moray Tawse VP, Mortgage Investments Gazit America Inc. Gail Mifsud CEO Lenis Quan CFO GE Capital Real Estate Bradley Trotter Managing Director David Stippich CFO Grosvenor Americas Limited Andrew Bibby President & CEO Rekha Patel CFO GT Canada Medical Properties REIT Andrew Shapack CEO Brian Wilson CFO GWL Realty Advisors Inc. Paul Finkbeiner President Ralf Dost CFO & EVP H&R REIT Thomas Hofstedter President & CEO Larry Froom CFO Homestead Land Holdings Limited Francine Moore President Joseph Tomasich CFO IGRI Inc. John Comery President & CEO Michael Bruce VP, Accounting & Finance Infrastructure Ontario David Livingston President & CEO Jim Curran Jim Curran Ivanhoe Cambridge Inc. Kim McInnes President Gervais Levasseur EVP & CFO Killam Properties Inc. Philip Fraser President & CEO Robert Richardson EVP & CFO M3 Capital Partners LLC George Ahl, III Principal Macquarie Capital Markets Canada Ltd. John Bartkiw Managing Director, DIG & Head of Real Estate, Canada Sandy Poklar VP, Investment Banking Financial Kevin Adolphe EVP & COO, Investments & President & CEO, Manulife Real Estate Larry Verdon CFO, Real Estate Division MCAN Mortgage Corporation William Jandrisits President & CEO Tammy Oldenburg VP & CFO Melcor Developments Ltd. Ralph Young President & CEO Jonathan Chia CFO & VP Finance Menkes Developments Ltd. Peter Menkes President Jim Leon CFO Minto Group, The Roger Greenberg Chairman & CEO Robert Wener CFO Morguard Corporation Rai Sahi Chairman & CEO Paul Miatello CFO

– 0 7 – Morguard Investments Limited Stephen Taylor President & COO Pamela McLean Senior VP Finance & CFO Morguard REIT Tim Walker CFO Mortgage Fund Three Robert Millar President National Bank Financial Craig Shannon Managing Director & Head of RE Investment Banking Philippe Tomic VP, Corporate & Investment Banking Northern Property REIT James Britton President & CEO David Leiman CFO NorthWest Healthcare Properties Peter Riggin President 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. Iain Stewart President, Western Operations & Co-CEO Cal Wilson CFO Partners REIT Patrick Miniutti President & COO Dionne Barnes CFO Plazacorp Retail Properties Limited Michael Zakuta President & CEO Floriana Cipollone CFO Primaris Retail REIT Louis Forbes EVP & CFO John Morrison President & CEO Public Storage Canadian Properties David Singelyn President Vincent Chan CFO Raymond James Ltd. Lucas Atkins Managing Director and Head of Real Estate Investment Banking Michael Lazier VP RBC Capital Markets Real Estate Group Carolyn Blair Managing Director Redcliff Realty Advisors Inc. Sam Schembri CFO Retrocom Mid-Market REIT Richard Michaeloff CEO Tom Wenner CFO RioCan REIT Edward Sonshine QC President & CEO Rags Davloor SVP & CFO Scotia Capital Inc. Stephen Sender Managing Director, Industry Head - Real Estate Andrew Lennox SVP, Real Estate David Morley VP, Real Estate Scott’s REIT Teresa Neto CFO SilverBirch Hotels & Resorts Steve Giblin President & CEO Skyline Gil Blutrich President Vadim Shub CFO Standard Life Investments (Real Estate) Inc. Peter Cuthbert Head of Real Estate Gregory Martin Property Finance Manager Sun Life Assurance Company of Canada Philip Gillin Sr. Managing Director, Head of Canadian Real Estate Marie Bishop AVP Mortgages & Real Estate TD Securities Inc. Andrew Phillips Managing Director and Team Head Timbercreek Asset Management Blair Tamblyn President & CEO Ugo Bizzarri CFO, VP Acquisitions / Finance Transglobe REIT Kelly Hanczyk CEO Leslie Veiner CFO & Secretary Whiterock REIT Jason Underwood CEO Kursat Kacira CFO

– 0 8 – OUR GUIDING PRINCIPLES

Vision

To be Canada’s most influential voice in the real property investment industry.

Mission

To bring together Canada’s real property investment leaders to collectively influence public policy, to educate government and the public, and to ensure stable and beneficial real estate capital and property markets in Canada.

Values

Excellence: We strive for excellence in everything we do, from workplace organization, to ethical standards, to personal growth, to communications with others, to dealings with and amongst Members, and to dealings with government and the public. We strive for continuous improvement.

Leadership: We strive to be leaders for the Canadian real property community. We see things not as they are, but as they ought to be, and effectively communicate those aspirations to the wider community. We encourage positive change, and dare to articulate new visions and approaches that foster economic growth, environmental sustainability, and human equity. We strive to be seen as stewards of our industry.

Citizenship: We strive to enlarge our role as part of the local, provincial, national and international community and fulfill those responsibilities professionally, credibly and with the utmost integrity, keeping the greater good in mind. We represent our Members carefully, thoughtfully, and always with due regard to the need to earn and maintain the respect of those we may be communicating with and the wider community.

– 0 9 – REALpac STREAMLINES MEMBER REPRESENTATIVE STRUCTURE AND REAFFIRMS ITS COMMITMENT TO CHIEF EXECUTIVES

As a result of the 2010 Member Survey of Chief Exclusive to our Chief Financial Executives (i.e., the Executives, feedback from the Annual Leadership senior most financial officer responsible for all matters Retreat, and discussions at the Board on how to improve related to real property [i.e., CFO, or their functional engagement of our leaders, as of May 1st, REALpac equivalent]), we offered the following events in 2011: refocused specific events, advocacy leadership and professional development on the “Chief Executive” • Senior Financial Officers Retreat (i.e., the senior most officer responsible for all matters • Chief Financial Executives Dinner related to real property – CEO, President, Managing Director, or their functional equivalent). Chief Executives and Chief Financial Executives are invited to attend the REALpac Annual General Meeting. As part of a new strategic member representative structure, a rigorous review of membership was Of course, other senior staff of REALpac member undertaken, and an environment scan conducted on companies may participate in the Association as a how the best-in-class, executive level associations “Member Delegate” to serve on REALpac committees worldwide handle their membership structure. We and receive the unique features and benefits offered believe that this slight refinement will enhance the by the Association. membership experience of our Chief Executives.

Exclusive to our Chief Executives, we offered the following events in 2011:

• The Chairman’s Dinner • Chief Executives Retreat • Chief Executives Policy Roundtables (Toronto & Calgary)

– 1 0 – REALpac & IPD LAUNCH THE “REALpac / IPD CANADA PROPERTY INDEX”

At the beginning of 2011, REALpac assumed the real estate performance analysis for funds, investors, functions of the Institute of Canadian Real Estate managers and occupiers, IPD offers a full range of Investment Managers (ICREIM), an organization services including research, reporting, benchmarking, originally formed to manage the Frank Russell Index conferences and indices. IPD operates in more than for Canada and subsequently, the ICREIM / IPD Canada 20 countries including most of Europe, the US, Canada, Property Index. South Africa, Australia, New Zealand and Japan. IPD’s indices are the basis for the developing commercial A new REALpac / IPD Canada Property Index property derivatives market, and the most authoritative Committee was established of former ICREIM members measures of real estate returns worldwide. For further within REALpac for the purpose of enhancing the information visit www.ipd.com and for IPD’s News Canada Property Index. In turn, REALpac and IPD Centre visit www.ipd.com/news signed an agreement on January 27, 2011, to work together and to rebrand the Canada Index as the REALpac / IPD Canada Property Index.

On February 17, 2011, REALpac and IPD presented the results of the Canada Property Index. Investment in Canadian commercial real estate bounced back in 2010 with the strongest performance in three years, at 11.1%, as measured by the rebranded REALpac / IPD Canada Annual Property Index. The annual total return – a marked turnaround from 2009’s negative return, at -0.3%, and 3.7% in 2008 – is underpinned by a 4.0% capital growth and a 6.5% income return.

The REALpac / IPD Canada Annual Property Index measured C$97 billion of directly-held commercial real estate as at the end of 2010.

IPD is a global information business, dedicated to the objective measurement of commercial real estate performance. As the world’s number one provider of

– 1 1 – – 1 2 – WHAT WE DO – 6 KEY AREAS

1. Advocacy / Government Relations REALpac provides representation before federal, provincial and municipal policymakers on issues affecting the investment real estate industry.

2. Financial Best Practices REALpac speaks with a single, credible and authoritative voice with the financial media and the investment marketplace.

3. Research & Standards REALpac provides access to the latest industry research, standards and surveys.

4. Professional Development The REALpac Professional Development Institute provides industry and member only professional development, training, conferences and events.

5. Industry Publications REALpac produces a number of publications in a host of areas of key interest and importance to the Canadian commercial real estate industry.

6. Committees REALpac allows for participation on any of its standing or ad hoc committees.

– 1 3 – 1. Advocacy / Government Relations

Our Approach

REALpac has a specific approach to government relations. We prefer to develop positions in-house, and to present those views in a consistent way to governments and stakeholders. We always research our positions, and strive to understand the legal and political background of the issue.

– 1 4 – In 2011, REALpac was pleased to see the federal government’s commitment to finalizing the REIT Advocacy Principles legislation, as outlined in the budget, and remain in We engage in dialogue with government officials and active contact with Finance Canada throughout the stakeholders based on the following core principles: consultation period. REALpac was also pleased to see the federal government invest significant amounts of • REALpac is politically neutral and works money into new energy efficiency and environmental collaboratively with government officials and initiatives such as establishing a more stringent representatives on issues related to real estate, National Energy Code for Buildings and improving capital and property markets indoor air quality to list a few. REALpac had advocated for many of these initiatives through our pre-budget • REALpac always seeks higher moral ground and and green platform submissions. sees itself as a steward responsible for the good of the investment real estate industry REALpac also established meaningful partnerships with the Federal government in 2011: We were invited • REALpac is committed to following and adhering by the Ministry of Natural Resources Office of Energy to federal, provincial, and municipal lobbying Efficiency to serve on a committee that is focused on registration and disclosure laws, and conducting its establishing an innovative financing mechanism for lobbying efforts in a transparent manor energy efficient buildings. This committee will take its final set of recommendations and present them to the Council of Energy and Mines Ministers in the summer • REALpac works collaboratively with like minded of 2012. REALpac is also currently working organizations to influence public policy that benefits collaboratively with Environment Canada on a national our Members and the industry as a whole best practice program to prevent bird collisions with commercial buildings. • REALpac maintains an informed, extensively researched issues base by staff who understand Provincially, while elections nation-wide deferred real estate progress we had made on files, REALpac took advantage of the time to consult with members on our advocacy efforts via the Chief Executive Policy Roundtable luncheons which produced invaluable feedback. 2011 also marked a first for REALpac, as we made submissions in all ten Canadian provinces and are now actively pursuing advocacy issues in each.

New for 2011

The purpose of the ‘REALpac Chief Executive Policy Roundtable Series’ was to engage REALpac Chief Executive Members in discussions regarding current and future advocacy efforts, as well as encouraging dialogue and open lines of communications on the issues. Roundtables were held in Toronto and Chicago and were highly successful.

– 1 5 – 1. Defining Our Position

Member Policy Consultation Analysis

REALpac/ Gov’t Joint Policy Development 3. Communicating 2. Building - Direct Mail with Government Support - Earned Media - Advertising & Key - Mobilizing Stakeholders Members

(1) Defining Our Position (2) Building Support (3) Communicating with Government & Key Stakeholders REALpac defines its position on REALpac builds support for its industry issues through member initiatives by maximizing its REALpac effectively communicates feedback, internal policy analysis, presence to government officials and with government and key stakeholders and attendance at key stakeholder the public, securing key partnerships through multiple avenues including meetings. Our tools include: with like-minded organisations, and meetings, fundraisers, formal and utilizing industry resources to their informal emails, conference calls, • Stakeholder Meetings maximum extent. Our tools include: and submissions. Our tools include: • International Research • Consultations with Government • Coalition Building • Attending Political Fundraisers • Staff Analysis • Social Media • Bringing Member representatives along • Trade Publication Articles to meetings • Consultation Submissions • REALpac/Government Official Meetings • Data and Information Sharing • Informal Emails & Phone Calls • Submission Writing

– 1 6 – 2011 Advocacy Issues

Issue Government Level Amendments to the Real Estate Investment Trust (REIT) Rules Federal

Amendments to Competition Bureau Pre-Merger Notification Fee Requirements Federal

Creating a Robust Sustainable Development Strategy Federal/Provincial/Municipal

Ontario Security Commission Business Acquisition Report (BAR) Obligations Provincial

Changes to Real Estate Brokers Acts Provincial

Over-The-Counter Derivative Trading Provincial

Employment Lands and Retail Zoning Provincial

Bird Collisions with Commercial Real Estate Buildings Federal/Provincial

2011 Wins Directly Related International Affairs: to REALpac’s Advocacy Internationally, REALpac worked with the Real Estate Equities Securitization Alliance (REESA) to further and Efforts Included: protect the interests of our Members investing abroad. Members of REESA include REALpac, the European • $78 million investment by Natural Resources Canada Public Real Estate Association (EPRA), the British over the next two years towards new energy efficiency Property Federation (BPF), the National Association of initiatives including establishing a more stringent Real Estate Investment Trusts (NAREIT), the Property National Energy Code for Buildings Council of Australia (PCA), the Asia Pacific Real Estate Association (APREA), and the Association for Real • $600.8 million by Environment Canada over the Estate Securitization (ARES). REALpac is represented next five years towards improving indoor and outdoor on the Global Reporting Initiative’s (“GRI”) Construction air quality & Real Estate Sector Supplement. We are also working with the United Nations Environment Program Sustainable • Pre-merger notification transaction-size threshold Buildings and Climate Initiative (“UNEP SBCI”). increase from $70 million to $73 million

– 1 7 – 2. Financial Best Practices

Our Approach

REALpac’s objective is to lead the industry in developing and recommending best practices in financial reporting in Canada. We also seek to lead the industry by advocating to standard setters in Canada and internationally for fair and relevant accounting and financial reporting standards.

– 1 8 – Our approach is to: Highlights in 2011 included: • Research issues • Lobbying with REESA on changes to the Leases exposure draft (and working to help the IASB and • Understand the potential impact of new financial FASB better understand our industry) reporting standards • Publication of the REALpac ASPE Handbook • Develop application guidance and to form best practice recommendations through the input of the REALpac Financial Best Practices Committee

• Partner with other global real estate associations through its active participation in the Real Estate Equity Securitization Alliance (REESA) to develop consensus views globally on accounting and financial reporting matters, as well as on the application of ac- counting standards

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.

Submissions to Government in 2011 included:

• REESA Submission on IASB Agenda • Working on ensuring consistent reporting practices Consultation 2011 under IFRS in the first year of its implementation through: guidance provided in the IFRS Handbook, and discussions in the FBPC Committee to bring • REESA Comment Letter to the IASB and FASB on forward and resolve IFRS implementation challenges Lessor Accounting Model for Investment Properties and issues. Reported at Cost

• REESA Comment Letter to the IASB and FASB in Response to the Proposed Scope of Investment Property Standards

• REESA Comment Letter in Response to the IASB and FASB Joint Request for Views on Effective Dates and Transition Methods

To download any of the above noted submissions, go to www.realpac.ca > Financial Best Practices > Submissions to Standard Setting Bodies

– 1 9 – 3. Research & Standards

Our Approach

Undertaken in a sound, reasoned, and deliberative manner, our internal and directed research activities provide compelling arguments to support our advocacy initiatives and address issues of importance to the Canadian real property investment industry. Our research initiatives include “Thought Leadership” Papers on current issues, Standards, and Surveys.

– 2 0 – Featured Research in 2011 included:

Canadian Institutional Commercial Mortgage Market Estimated at $110.0 billion

REALpac commissioned a research report by Dr. Cynthia Holmes, PhD, Ryerson University, to determine the changes in the size of the commercial mortgage market since 2000 and the effect of the weak economic conditions of 2008 and 2009 on market size. The report also analyzed how changes in key macroeconomic variables are associated with changes in commercial mortgage holdings. The research concluded that the total size of the disclosed institutional commercial mortgage market in Canada, and as of May 2011, was estimated at $110.9 billion.

2011 Canadian Institutional Commercial Mortgage Market Report

– 2 1 – 4. REALpac Professional Development Institute

Our Approach

The REALpac Professional Development Institute is the home for all of REALpac’s professional development related activities including training courses, webinars, conferences, and member-only events.

– 2 2 – Professional Development Programs:

REAL Estate

– 2 3 –

Asset Management

– 2 4 – Advance your career: Commercial Real Estate Programs

Leadership Development Accounting Asset Management This unique program, led by REALpac’s CEO, Canadian GAAP is changing. Effective, This distinctive and one of a kind program in Canada, Michael Brooks, PhD, and a world-class January 1, 2011, publicly-accountable offers participants an in-depth look into the world of faculty of seasoned industry practitioners and entities will need to report under IFRS. Asset Management; each participant will develop an professors, offers a professional development Public entities need a good understanding understanding of the asset management function as experience second to none in Canada. of both Canadian GAAP and IFRS. Both well as the skills and experience required of a qualified standards do not provide rules for specific asset manager. They will come to appreciate the risks, This 2.5 day intensive program has been industries and therefore a challenge benefits and costs of various asset management mandate developed to: exists in the practical interpretation and models; be introduced to the cross-functional interplay • Complement the professional development application of accounting standards between asset management and property management, needs of the Canadian commercial real to the real estate industry. This course finance, leasing, accounting, legal, development, tax, estate sector, will provide participants with a review and sales & marketing; review the budgeting & planning • Help organizations prepare their most of REALpac’s recommendations for the process, mergers & acquisitions, evaluating hold/sell talented professionals to lead the business, interpretation and application of IFRS decisions, public and private financing, build vs. buy • Meet the needs of professionals looking for the publicly-accountable real estate decisions, valuation analysis, client service and to develop a stronger understanding of investment and development industry reporting; and, among other things, will gain practical the key business functions of a successful in Canada. insight from seasoned industry professionals. commercial real estate organization.

Finance & Investment

– 2 5 – Conferences: REALpac, in partnership with MMPI Canada, produced five of Canada’s best attended real estate conferences:

– 2 6 –

– 2 7 – Chief Executive Only Events

Chief Executive Policy 21st Annual Bank of Roundtables (Toronto Canada Dinner with The & Calgary) Governor of the Bank of Canada, Mark J. Carney, 7th Annual Chief and his senior deputies Financial Executives (Ottawa)(Board Members Dinner (Toronto) only and invited guests)

1st Annual Chairman’s Annual General Meeting Dinner (Toronto) (Chief Financial Executives were also invited to this meeting)

– 2 8 –

– 2 9 – 5. Industry Publications

Our Approach

REALpac produces a number of publications in a host of areas of key interest and importance to the Canadian commercial real estate industry.

– 3 0 –

– 3 1 – 6. Committees

Our Approach

Our Committee Members assist REALpac in setting priorities, devising strategies, and influencing policies that affect our industry. Additionally, the Committee meetings provide a forum for senior Members of REALpac to exchange ideas and offer opportunities to build relationships. REALpac Committees are very active and meet three to four times per year.

– 3 2 – Committee Mandates

Corporate Responsibility & Human Resources Committee

Sustainability Committee To share best practices within the professional human resources community, discuss issues related to To establish a broad industry framework that supports professional development, and share information related the Corporate Responsibility & Sustainability needs of to compensation-related surveys. the Canadian real property community. To draw insight from a community of experts when trying to set priorities and influence policies, and to be a forum at REALPAC / IPD Canada Property which to exchange ideas and promote best practices. Index Committee Energy Committee To increase real estate market transparency in Canada through independent and comparable performance To provide leadership around building energy con- analysis with investors, managers, consultants, and sumption targets and reduction initiatives in Canada. occupiers. To encourage intelligent and cost effective reduction in energy usage in buildings and to provide positive public and government relations for our industry. To position REIT Committee the industry to attract the best tenants, avoid excess regulation, and maintain profitability over the long term. To identify legislative changes required for the REIT vehicle; to review capital markets issues; and to set REIT industry standards. Financial Best Practices Committee

To monitor and maintain Canadian generally accepted Risk Management Committee accounting principles applicable to the real estate industry; to monitor U.S. and international accounting To share best practices within the insurance and risk standards, to recommend changes when necessary to management community, discuss issues affecting the the REALpac IFRS & ASPE Handbooks; and to monitor industry, and develop and maintain benchmarking data. financial reporting rules and policies issued by security regulators in Canada and the U.S.

– 3 3 – OUR STAFF

Michael Brooks, Ph.D., LLM, MBA • PhD, University of Waterloo, School of Planning Chief Executive Officer • Master of Business Administration (MBA), Real Property Development, York University [email protected] • Master of Laws (LLM), Osgoode Hall Law School 416-642-2700 x 224 • Bachelor of Law (LLB), University of Western Ontario • Honours Bachelor of Environmental Studies (Hons. BES), Urban & Regional Planning, University of Waterloo • ICD.D (Institute of Corporate Directors) • Fellow of the Royal Institution of Chartered Surveyors • LEED AP

Nancy Anderson, CA, MA • Chartered Accountant (CA) VP, Financial Reporting • Diploma in Accounting, Wilfrid Laurier University • Master of Arts - Political Science (MA), University of Windsor [email protected] • Honours Bachelor of Arts (Political Science) – University of 416-642-2700 x 226 Western Ontario

Robert Campanelli, MUP • Master of Urban Planning (MUP), McGill University Vice President, • Bachelor of Arts (BA), Urban Studies, Concordia University Professional Development • Certificate in Corporate Social Responsibility, University of & Industry Sustainability St. Michael’s College, University of Toronto

[email protected] 416-642-2700 x 222

Carolyn Lane, MBA, MA • Master of Business Administration (MBA with Distinction), University Vice President, Research & of Leicester, UK Communications • Master of Arts (MA), Urban & Economic Geography, University of Toronto [email protected] • Certificate in Town and Country Planning, 416-642-2700 x 223 Oxford Brookes University, UK • Honours Bachelor of Environmental Studies (Hons. BES), Urban & Regional Planning, University of Waterloo

– 3 4 – Ryan Eickmeier, MPP • Master of Public Policy (M.P.P.), The American University School Manager, Government of Public Affairs Relations & Policy • Certificate in Political Campaign Management (Campaign Manage- ment Institute), The American University School of Public Affairs [email protected] • Honours Bachelor of Political Science (BA Magna Cum Laude), 416-642-2700 x 224 Pre-Law, Politics, and International Relations, New England College

Deborah Prestwich • 16 years as Executive Assistant to the President & CEO, Manager, Office Services Cineplex Odeon Corporation • Appointed Corporate Secretary, Cineplex Odeon, for two years [email protected] • Established and supervised the Charitable Donations Department, 416-642-2700 x 221 and instrumental in establishing the Human Resources Department, Cineplex Odeon • 17 years of corporate / commercial law experience for two senior partners at Goodman and Carr, Toronto

Julia St. Michael, MBA, LEED AP • Master of Business Administration (MBA, Retail and Commercial Manager, Marketing Development Specialization), Ryerson University & Member Services • Graduate Diploma in Applied Biotechnology, The Michener Institute for Applied Health Sciences, Toronto [email protected] • Honours Bachelor of Science (Hons. BSc.), Biology and Evolution, 416-642-2700 x 237 University of Toronto

Liliya Lourenco, BIB, CGA (Level 3) • Bachelor Degree in International Business (BIB) Accounting Administrator • Certified General Accountants (CGA), Level 3 [email protected] 416-642-2700 x 234

– 3 5 – OUR SPONSORS

Sponsorship is the vehicle through which select suppliers and expert service providers interact with REALpac staff and the membership. Through an informal program of offerings, sponsors work in concert with REALpac staff and the membership to advance the Association’s mission and improve each other’s businesses.

It is through the development of a broad and sophisti- cated bank of leaders from organizations which naturally dovetail with the Association, that REALpac is able to foster a strong peer-to-peer network, support a cooperative exchange of talent and ideas, and promote a high-level and practical transfer of knowledge between the members of the Association and the organizations that serve its Members.

– 3 6 – 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.

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.

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. For more information, please visit www.fpladvisorygroup.com.

– 3 7 – 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.

ICF International (NASDAQ:ICFI) partners with government and commercial clients to deliver consulting services and technology solutions in the energy, climate change, environment, transportation, social programs, health, defence, and emergency management markets. The firm combines passion for its work with industry expertise and innovative analytics to produce compelling results throughout the entire program life cycle, from analysis and design through implementation and improvement. Since 1969, ICF has been serving government at all levels, major corporations, and multilateral institutions. More than 3,000 employees serve these clients worldwide. ICF’s Web site is www.icfi.com.

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.

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.

– 3 8 – 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.

– 3 9 – One University Avenue www. realpac.ca Suite 1410 [email protected] Toronto, Ontario T: 416.642.2700 Canada M5J 2P1 F: 416.642.2727