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Cominar Real Estate Investment Trust

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Cominar Real Estate Investment Trust 2018 Annual Information Form Cominar Real Estate Investment Trust Year ended December 31, 2018 March 29, 2019 Cominar Real Estate Investment Trust 2018 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 ..........................................................................................................................................................................6 4.1 Investment Guidelines and Operating Policies .......................................................................................................................................................... 6 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 ................................................................................................................................................................................................... 13 5.1 Overview of the Portfolio ........................................................................................................................................................................................... 13 5.2 Description of the REIT’s 10 Major Properties in Terms of Value as at December 31, 2018 ............................................................................... 17 PART 6 – Contract of Trust ........................................................................................................................................................................................ 19 PART 7 – Description of Debentures ........................................................................................................................................................................... 22 PART 8 – Risk Factors ................................................................................................................................................................................................ 22 8.1 Risk Factors Related to the Business of the REIT ................................................................................................................................................... 22 8.2 Risk Factors Related to the Ownership of Units ...................................................................................................................................................... 26 8.3 Risk Factors Related to the Ownership of Senior Debentures ................................................................................................................................ 29 PART 9 – Subsequent Events to December 31, 2018 .................................................................................................................................................. 30 9.1 Financing Activities .................................................................................................................................................................................................... 30 9.2 Dispositions................................................................................................................................................................................................................ 30 9.3 Changes in Management and on the Board of Trustees ........................................................................................................................................ 30 PART 10 – Distributions ............................................................................................................................................................................................. 30 10.1 General ....................................................................................................................................................................................................................... 31 10.2 Computation of Distributable Income for Distribution Purposes ........................................................................................................................... 31 10.3 Computation of Net Realized Capital Gains and Net Recapture Income ............................................................................................................... 31 10.4 Tax Deferral on 2018 Distributions ........................................................................................................................................................................... 31 10.5 Distributions during the Last Three Fiscal Years ..................................................................................................................................................... 31 PART 11 – Capital Structure ....................................................................................................................................................................................... 32 11.1 General Description of Capital Structure .................................................................................................................................................................. 32 11.2 Purchase of Units ...................................................................................................................................................................................................... 32 11.3 Issuance of Units ....................................................................................................................................................................................................... 33 11.4 Take-Over Bid ............................................................................................................................................................................................................. 33 11.5 Restrictions on the Issue and Transfer of Units ...................................................................................................................................................... 33 11.6 Credit Ratings ............................................................................................................................................................................................................. 33 PART 12 – Distribution Reinvestment Plan ................................................................................................................................................................. 34 PART 13 – Market for Securities of the REIT .............................................................................................................................................................. 35 13.1 Market for Units ......................................................................................................................................................................................................... 35 13.2 Market for Senior Debentures ................................................................................................................................................................................... 35 PART 14 – Trustees and Officers of the REIT ............................................................................................................................................................. 35 14.1 Information Concerning Trustees ............................................................................................................................................................................
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