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2013 Annual Report CREIT Property Portfolio (As at December 31, 2013) CREIT and Number of CREIT Share Co-Owner Total Properties (000S Sq

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2013 Annual Report CREIT Property Portfolio (As at December 31, 2013) CREIT and Number of CREIT Share Co-Owner Total Properties (000S Sq Canadian Real Estate Investment Trust 2013 ANNUAL REPOrt CREIT PROPERTY PORTFOLIO (as at December 31, 2013) CREIT and Number of CREIT Share Co-owner Total Properties (000s sq. ft.) (000s sq. ft.) Retail 74 9,000 12,600 Industrial 93 9,000 9,400 Office 17 3,000 4,500 Sub-total 184 21,000 26,500 Under development 1 14 3,100 5,700 Total 198 24,100 32,200 1 Includes properties being developed or redeveloped which are not yet income- producing, and properties held for future development. Dartmouth Crossing Shopping Centre, Dartmouth, Nova Scotia TARGET PRODUct MIX % Retail 50 % Office 25 % Industrial 25 1185 West Georgia Street, Vancouver, British Columbia ANNUALIZED RETURNS TO UNITHOLDERS (compound annual total return, including reinvested distributions) 1 1 Year 5 Years 10 Years 20 Years 4.0% 19.3% 16.5% 15.6% 1 CREIT was first listed on the Toronto Stock Exchange in September 1993; the 20-year period reflects the full calendar years from January 1, 1994 to December 31, 2013. Eastlake Industrial Park, Calgary, Alberta 1 CREITis a publicly traded real estate investment trust (REIT) listed on the Toronto Stock Exchange (TSX) under the symbol REF.UN. Our primary business objective is to carefully accumulate and aggressively manage a portfolio of high-quality real 20 estate assets and to deliver the benefits of years real estate ownership to our investors. CREIT was the first publicly listed Since being listed on the TSX in September real estate investment trust in Canada. We were listed on the of 1993, CREIT has consistently delivered Toronto Stock Exchange on September 13, 1993. reliable distributions to our investors and To mark the 20th anniversary of has generated attractive long-term returns. Canadian REITs, CREIT was invited, together with a number of industry participants, to ring the opening bell for the TSX on September 23, 2013. Photographed above, attending the TSX opening ceremony, are (from This Annual Report contains a number of forward-looking statements involving known and unknown left to right) Gary Samuel, Stephen risks and uncertainties. For more information, please see page 44. It also includes the supplemental Johnson and John Donald. John financial measures of Funds from Operations (FFO) and net operating income (NOI). These supplemental financial measures are commonly used in the real estate industry and we believe provide was the original visionary and was useful information to investors; however, they are not defined by International Financial Reporting responsible for the creation of Standards (IFRS) and therefore should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS. Please refer to pages 4 through 7 for a Canada’s first publicly traded REIT definition of FFO and NOI. (CREIT) in 1993. Gary Samuel served as the first President and CEO of CREIT between 1993 and 1996. taBLE OF CONTENTS Letter from the President and Chief Executive Officer _________________________________________________________ 2 Understanding CREIT ____________________________________________________________________________________20 Business Model ______________________________________________________________________________________22 Strategy ____________________________________________________________________________________________23 Track Record ____________________________________________________________________________________________34 Schedule of Properties ___________________________________________________________________________________38 Board of Trustees ________________________________________________________________________________________42 Distribution Reinvestment Plan and Unit Purchase Plan _______________________________________________________43 Unitholder Information ___________________________________________________________________________________44 Social Responsibility at CREIT ______________________________________________________________ (inside back cover) 2013 CREIT Annual Report 2 LETTER TO UNITHOLDERS FELLOW UNITHOLDERS I AM PLEASED TO PROVIDE YOU WITH OUR ANNUAL UPDate. This year, and traditionally as we have done over the years, our update has three main components: • first, a Letter to Unitholders, which provides details on CREIT’s performance and significant activities during the most recent fiscal year; Stephen E. Johnson • second, a summary of our Business President and Chief Executive Officer Model and Strategy, with an explanation of any major changes; • and third, a summary of our Track Record, measuring our actual results over time against specific key performance indicators. To begin, I am very pleased to inform you that 2013 was another outstanding year for CREIT! 1752013 BloorCREIT StreetAnnual ReportEast, Toronto, Ontario LETTER TO UNITHOLDERS 3 London Town Square, Calgary, Alberta Columbia Place Shopping Centre, Kamloops, British Columbia From a macro perspective, I would like to highlight CREIT’s strong and steady performance is largely three significant accomplishments, each of which was a result of our commitment to our long-standing consistent with our objectives. Strategy. (See Strategy – page 23.) First, our earnings (Funds from Operations) increased Our emphasis is on accumulating, through property by 8.0% per Unit year-over-year. This again extended acquisitions and development, a real estate portfolio our Track Record of strong earnings growth. comprised of high-quality assets that is diversified by product type and geographic location. Our properties Second, we were again able to comfortably increase are aggressively managed to a high standard. We the monthly distributions paid to our Unitholders. operate CREIT with a conservative level of debt and a Distributions per Unit on an annualized basis increased prudent payout ratio. These fundamental components by 10.7% in 2013, also continuing a long track record of of our Strategy have served us well through a number annual increases. of economic cycles and should continue to do so in And, third, after our distributions to Unitholders, 2014 and beyond. CREIT retained approximately $57.2 million of cash In the following pages we provide details on our from operations, which was successfully reinvested results and activities relating to the 2013 fiscal year. in our business. City West Distribution Centre, Edmonton, Alberta 1508 & 1580 West Broadway, Vancouver, British Columbia 4 2013 FINANCIAL PERFORMANCE Credit Ridge Commons, Brampton, Ontario 1010 Sherbrooke Street West, Montreal, Quebec 2013 FINANCIAL PERFORMANCE CREIT generated Funds from Operations (FFO) 1 of $2.84 per Unit for the year ended December 31, 2013, which was an increase of 8.0%, or $0.21 per Unit, over the $2.63 earned for the year ended December 31, 2012. In aggregate dollars, FFO increased to $194.7 million in 2013, up from $178.4 million in 2012. 1 For Canadian real estate investment trusts (REITs), Funds from Operations (FFO) is the main reference number used to report earnings. FFO is a financial measure (a supplementary earnings measure used by the real estate industry) that is not defined under International Financial Reporting Standards (IFRS), and should not be considered an alternative to net income, cash flow from operations, or any other earnings or liquidity measure prescribed under IFRS. As FFO excludes depreciation, amortization, unrealized fair value adjustments and gains and losses from property dispositions, it provides a performance measure that, when compared year-over-year, reflects the impact of trends in occupancy levels, rental rates, operating costs, realty taxes, acquisition activities and interest costs. FFO provides a perspective of financial performance that is not immediately apparent from net income determined in accordance with IFRS. Adjusted Funds from Operations (AFFO) is a term used in the public domain in the analysis of public real estate entities; however, it is subject to varying methods of computation. At CREIT, we use AFFO (a supplementary cash flow measure) as an effective measure of the cash that is generated from operations after the deduction of the capital expenditures incurred to lease and properly maintain our properties. CREIT’s Consolidated Financial Statements and Management’s Discussion & Analysis of Results of Operations and Financial Condition for the year ended December 31, 2013 (available on CREIT’s website at www.creit.ca and on SEDAR at www.sedar.com) include a reconciliation of Net Income and Net Operating Income to FFO, and a reconciliation of total cash flow from operating activities to AFFO. 2013 CREIT Annual Report Dartmouth Crossing Shopping Centre, Dartmouth, Nova Scotia 2013 FINANCIAL PERFORMANCE 5 Our FFO growth of 8% per Unit in 2013 was well ahead Notably, the CREIT distributions paid to our Unitholders of our FFO growth target of 2% to 3% per annum. As (per Unit amounts) have increased year-over-year since outlined in the chart below, CREIT has generally been 2002. We have also been able to achieve and maintain a able to exceed this annual target even when annual conservative and industry-leading payout ratio, which growth is measured as an average over multiple-year enhances the reliability of our distributions. periods. 1 1 Annualized FFO Growth Rate Conservative Payout Ratio (per Unit, fully diluted) ($ per Unit) Distributions 57% of FFO $3.00 % % % % $2.84 8.0 3.9 6.7 8.2 2.50 Distributions 1-year 5-year 10-year 19-year 2.00 94% of FFO $1.61 1.50 1 This is the Compound Annual Growth Rate (CAGR) which is defined as the
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