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Appraisal Report APPRAISAL REPORT Édifice 1155 University 1155 Robert-Bourassa Boulevard Montréal, Québec CBRE File No.: A16.139 Effective Date: December 31, 2015 Prepared for: Demenic Reonegrao, CPA, CA Chief Financial Officer 4010205 Canada Inc. 1155 Robert Bourassa Boulevard, Suite 701 Montréal, Québec, H3B 3A7 CBRE Limited Valuation & Advisory Services 333 Décarie Blvd., Suite 100 Montréal, QC, H4N 3M9 514.374.2100 Tel 514.875.5410 Fax www.cbre.ca CBRE File No.: A16.139 March 2, 2016 Demenic Reonegrao, CPA, CA Chief Financial Officer 4010205 Canada Inc. 1155 Robert Bourassa Boulevard, Suite 701 Montréal, Québec, H3B 3A7 RE:Édifice 1155 University, 1155 Robert-Bourassa Boulevard, Montréal, Québec Dear Mr. Reonegrao, CPA, CA: At your request and authorization, CBRE Limited has completed an investigation and analysis of the above reference property and is pleased to submit this current narrative appraisal report. This appraisal report is prepared for the purpose of providing an estimate of market value of the 100% leased fee interest in 1155 Robert-Bourassa Boulevard based on an effective date of December 31, 2015. We understand this report will be used by the intended user and any other intended users noted herein for International Financial Reporting (IFRS) purposes according to IAS 40. The market value reported herein is subject to the Extraordinary Assumptions and Limiting Conditions noted within this report on page 6 which are an integral part of this report and are inseparable from this letter. The analyses, opinions and conclusions utilized in this report were developed based on our interpretation of the standards set forth in the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and Ordre des évaluateurs agrees du Québec. Based on the analysis contained in this report, the market value of the subject property as at December 31, 2015 is: Fifty Nine Million Dollars $59,000,000 It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE Limited can be of further service, please contact us. Respectfully submitted, CBRE LIMITED Jean-Francois Rioux É.A., AACI, P.App Director Valuation & Advisory Services Phone: 514.375.2502 TABLE OF CONTENTS Executive Summary ............................................................................... 1 Investment Summary 3 Investment Characteristics 4 Extraordinary Assumptions and Limiting Conditions 6 Property Overview ................................................................................. 7 Tenure 9 Location Description 9 Site Description 11 Zoning and Planning 11 Assessment and Taxes 12 Building Overview 13 Market Overview ................................................................................. 15 Canadian Economic Overview 17 Québec Economic Overview 19 Montréal Economic Overview 21 Montréal Office MarketView 23 Highest and Best Use ........................................................................... 29 Valuation Methodology ....................................................................... 33 Income Approach ................................................................................ 37 Discounted Cash Flow Method 39 Comparable Investment Market Transactions 50 Discounted Cash Flow Conclusion 53 Sensitivity Analysis 54 Direct Capitalization Method 55 Direct Comparison Approach ................................................................ 57 Reconciliation of Value ........................................................................ 61 Certification ....................................................................................... 65 ADDENDA Addendum “A” Terms of Reference Assumptions and Limiting Conditions Addendum “B” Market Rent Rationale Addendum “C” Tenant Rent Roll Lease Expiry Schedule Projected Cash Flow Addendum “D” Photos Addendum “E” Comparable Sales Édifice 1155 University VII Effective Date: December 31, 2015 1155 Robert-Bourassa Boulevard, Montréal, Québec VALUATION & ADVISORY SERVICES 1155 University Summary: Executive Édifice Executive Summary Investment Summary Investment Characteristics Extraordinary Assumptions and Limiting Conditions Édifice 1155 University EXECUTIVE SUMMARY 3 Effective Date: December 31, 2015 INVESTMENT SUMMARY Property Name: Édifice 1155 University Year Built/Renovated: 1966/2000-2009 Property Address: 5 Robert-Bourassa Boulevard Storeys: 14 Interest Appraised: Leased Fee Parking Ratio: 0.68/1000 SF Effective Date: December 31, 2015 Land Area (acres): 0.52 Product Type: Downtown Class ''B'' Green Rating: N/A NRA: 195,231 SF TENANCY Lease Expiry Profile Top Tenants % of 45,000 80.00% Base 40,000 70.00% Tenant Area (SF) Rent Expiry 35,000 60.00% Cologix Montréal 27,429 20.71% 8/33 30,000 50.00% 25,000 Keops Technologie 13,698 7.01% 11/18 40.00% 20,000 SQI 11,079 2.17% 2/17 15,000Square Feet 30.00% 10,000 20.00% Osisoft Canda ULC 8,953 4.17% 9/20 5,000 10.00% Bank of Nova Scot 8,983 8.73% 12/20 0 0.00% Occupancy Rate: 87.97% Area (SF) % of NRA INCOME ANALYSIS Contract vs. Market Rent NOI vs. Cash Flow $35.00 $5,000,000 $30.00 $4,000,000 $25.00 $20.00 $3,000,000 $15.00PSF $2,000,000 $10.00 $1,000,000 $5.00 $0.00 $0 Contract Market NOI CF Year 1 Contract Rent $27.17 Year 1 NOI $3,596,808 Year 1 Market Rent $26.50 Year 1 CF $2,703,794 VALUATION SUMMARY Final Value Conclusion $59,000,000 Value PSF $302 Investment ParametersIncome Yields NOI CF IRR 7.25%Year 1 6.00% 4.51% TCR 6.75%Years 1-5 6.70% 5.55% OCR 6.50%Years 6-10 7.52% 6.49% VALUATION & ADVISORY SERVICES Édifice 1155 University 4 EXECUTIVE SUMMARY Effective Date: December 31, 2015 INVESTMENT CHARACTERISTICS Location Strengths Situated within Downtown Montréal Central Business District (CBD). Situated at the corner of Robert-Bourassa Boulevard and René-Lévesque Boulevard West. Good availability of amenities within the CBD. Public transportation is provided to the area through bus lines 61, 150, 168, 350, 355, 358, 364, 410, 420, 427, 430, 435 and metro station Square-Victoria – OACI is located nearby through the Montréal underground RESO. Weaknesses Difficulties of ingress/egress during rush hour traffic period. Physical Strengths Good quality Class “B” downtown office building. The layout is functional and in line with office building design. 132 interior parking spaces. The site is flat and level. Good availability of natural light throughout the floor plate. Weaknesses Limited on-site parking, although there is a good availability of street metered parking and parking lots in the immediate area. The property needs capital investments. Income Strengths Good mix of tenants from legal, financial and IT industries. Restaurant is leased on a net basis. Weaknesses Short term leases. 26.13% of current leased space is expiring by year 2. VALUATION & ADVISORY SERVICES Édifice 1155 University EXECUTIVE SUMMARY 5 Effective Date: December 31, 2015 Office leases are mostly on a gross basis, where operating expenses are not all recoverable by landlord. Leasing Market Strengths The weakness of the Canadian dollar vs US dollar should benefit the economy of the Province of Québec. Renewals continue to comprise a significant proportion of market activity, many tenants find it to be the most cost-effective alternative. Weaknesses According to the CBRE Q4 2015 Montréal Office MarketView: The GMA is now in a phase where the economy is somewhat flat, yet the demand for office space is lower than it has been for a very long time. There are several factors impacting the market, including downsizing, additional competition from loft space and new supply. The GMA vacancy rate increased to 13.8% in Q4 2015, which is the highest rate recorded since Q2 2003. The CBD vacancy rose to 11.2% on 163,017 sq. ft. of negative net absorption. There was no new supply delivered in Q4 2015, however there remains more than 2.6 million sq. ft. in the construction pipeline and major deliveries are expected in the next 12-18 months The annual absorption level for 2015 was negative 523,277 sq. ft., the fourth year in a row with negative growth. There were very negligible declines in occupancy costs for both the CBD and the suburban submarkets in Q4 2015. The Central Core and Downtown South submarkets remain the most expensive, both exceeding $40.00 per sq. ft. while all the suburban markets hovered between $24.60 and $26.50 per sq. ft. Corporate and even smaller tenants are looking to modernize their operations and part of that involves reduced square footage for individual workstations, working from home and increased collaborative space, all of which is tending to lead to smaller footprints. Investment Market Strengths Despite early year consensus that cap rates couldn’t get much lower, we have witnessed evidence of further tightening of cap rates for select asset classes, most notably: CBD office, grocery- anchored retail and multi-family. VALUATION & ADVISORY SERVICES Édifice 1155 University 6 EXECUTIVE SUMMARY Effective Date: December 31, 2015 Against a backdrop of economic volatility, purchasers are clearly prepared to pay a premium for perceived safety and security. This applies both to domestic buyers and, increasingly, foreign capital entering Canada. As expected, deal flow in Alberta has been sharply curtailed however outside of the Office sector, liquidity is arguably better than most think. Overall REIT performance in 2015 has been lackluster and even though REIT’s are in good shape by most measures, they remain a somewhat diminished buying force. Private buyers, pension funds
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