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Annual Information Form Cominar Real Estate Investment Trust 2019 Annual Information Form Table of Contents PART 1 – Date of Annual Information Form ...................................................................................................................................................................... 3 PART 2 – Structure of the REIT ......................................................................................................................................................................................... 3 PART 3 – General Development of the Business ............................................................................................................................................................... 4 3.1 Overview of the REIT ............................................................................................................................................................................................... 4 3.2 Objectives and Strategy .......................................................................................................................................................................................... 4 3.3 Three Year History .................................................................................................................................................................................................. 5 PART 4 – Description of the Business .............................................................................................................................................................................. 7 4.1 Investment Guidelines and Operating Policies ...................................................................................................................................................... 7 4.2 Borrowing ................................................................................................................................................................................................................ 9 4.3 Employees ............................................................................................................................................................................................................. 10 4.4 Operating Revenues .............................................................................................................................................................................................. 10 4.5 Investments in Joint Ventures .............................................................................................................................................................................. 11 4.6 Social Responsibility, Environmental Management and Policies ........................................................................................................................ 11 PART 5 – Properties ....................................................................................................................................................................................................... 14 5.1 Overview of the Portfolio ...................................................................................................................................................................................... 14 5.2 Description of the REIT’s 10 Major Properties in Terms of Value as at December 31, 2019 ............................................................................. 18 PART 6 – Contract of Trust ............................................................................................................................................................................................. 19 PART 7 – Risk Factors .................................................................................................................................................................................................... 22 7.1 Risk Factors Related to the Business of the REIT ................................................................................................................................................ 22 7.2 Risk Factors Related to the Ownership of Units .................................................................................................................................................. 26 7.3 Risk Factors Related to the Ownership of Senior Debentures ............................................................................................................................. 28 PART 8 – Distributions .................................................................................................................................................................................................... 29 8.1 General .................................................................................................................................................................................................................. 29 8.2 Computation of Distributable Income for Distribution Purposes ........................................................................................................................ 30 8.3 Computation of Net Realized Capital Gains and Net Recapture Income ............................................................................................................ 30 8.4 Tax Deferral on 2019 Distributions ...................................................................................................................................................................... 30 8.5 Distributions during the Last Three Fiscal Years ................................................................................................................................................. 30 PART 9 – Capital Structure ............................................................................................................................................................................................. 30 9.1 General Description of Capital Structure .............................................................................................................................................................. 30 9.2 Issuance of Units .................................................................................................................................................................................................. 31 9.3 Take-Over Bid ........................................................................................................................................................................................................ 31 9.4 Restrictions on the Issue and Transfer of Units .................................................................................................................................................. 31 9.5 Normal Course Issuer Bid ..................................................................................................................................................................................... 31 9.6 Equity Incentive Plan............................................................................................................................................................................................. 32 9.7 Credit Ratings ....................................................................................................................................................................................................... 32 PART 10 – Distribution Reinvestment Plan ..................................................................................................................................................................... 33 PART 11 – Market for Securities of the REIT .................................................................................................................................................................. 33 11.1 Market for Units .................................................................................................................................................................................................... 33 11.2 Market for Senior Debentures .............................................................................................................................................................................. 34 PART 12 – Trustees and Officers of the REIT ................................................................................................................................................................. 34 12.1 Information Concerning Trustees ........................................................................................................................................................................ 34 12.2 Information Concerning Non-Trustee Officers .................................................................................................................................................... 35 12.3 Independence ....................................................................................................................................................................................................... 36 12.4 Audit Committee ................................................................................................................................................................................................... 36 12.5 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ................................................................................................................................ 38 PART 13 – Legal Proceedings
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