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Annual Information Form 2011 Annual Information Form Cominar Real Estate Investment Trust Year ended December 31, 2011 March 30, 2012 Cominar Real Estate Investment Trust 2011 Annual Information Form TABLE OF CONTENTS PART 1 – DATE OF AIF.................................................................................................................................................................6 PART 2 – STRUCTURE OF THE REIT ........................................................................................................................................6 PART 3 – GENERAL DEVELOPMENT OF THE BUSINESS.....................................................................................................7 3.1 Overview of the REIT........................................................................................................................................... 7 3.2 Retrospective........................................................................................................................................................ 8 3.3 Acquisitions, Constructions and Expansions in Fiscal Year 2011.................................................................... 8 3.4 Acquisition of Units of Canmarc Real Estate Investment Trust........................................................................ 9 PART 4 – DESCRIPTION OF THE BUSINESS .........................................................................................................................11 4.1 General................................................................................................................................................................ 11 4.2 Management and Growth Strategy of the REIT............................................................................................... 11 4.3 Investment Guidelines and Operating Policies ................................................................................................ 13 4.4 Properties............................................................................................................................................................ 17 4.5 Hypothecs and Debentures ...............................................................................................................................70 PART 5 – CAPITALIZATION.......................................................................................................................................................80 PART 6 – NON-COMPETITION AGREEMENT .........................................................................................................................80 6.1 General................................................................................................................................................................ 80 6.2 Scope of Restrictions and Right of First Refusal ............................................................................................. 80 6.3 Duration of Restrictions...................................................................................................................................... 81 PART 7 – RISK FACTORS...........................................................................................................................................................81 7.1 Risk Factors Related to the Business of the REIT .............................................................................................. 81 7.2 Risk Factors Related to the Ownership of Units and Debentures.................................................................. 84 7.3 Risk Factors Related to the Canmarc Acquisition ............................................................................................... 88 PART 8 – DISTRIBUTIONS.........................................................................................................................................................90 8.1 General................................................................................................................................................................ 90 8.2 Computation of Distributable Income for Distribution Purposes..................................................................... 90 8.3 Computation of Net Realized Capital Gains and Net Recapture Income ...................................................... 90 8.4 Tax Deferral on 2011 Distributions ................................................................................................................... 90 8.5 Distributions during the Last Three Fiscal Years............................................................................................. 91 PART 9 – CAPITAL STRUCTURE..............................................................................................................................................91 9.1 General Description of Capital Structure.......................................................................................................... 91 9.2 Restriction on the Issue and Transer of Units.................................................................................................. 91 PART 10 – DISTRIBUTION REINVESTMENT PLAN ...............................................................................................................91 PART 11 – MARKET FOR SECURITIES OF THE REIT...........................................................................................................92 11.1 Market for Units .................................................................................................................................................. 92 2 Cominar Real Estate Investment Trust 2011 Annual Information Form 11.2 Market for Debentures ....................................................................................................................................... 92 PART 12 – TRUSTEES AND OFFICERS OF THE REIT ..........................................................................................................94 12.1 Information Concerning Trustees...................................................................................................................... 94 12.2 Information concerning non-Trustee Officers................................................................................................... 96 12.3 Independence..................................................................................................................................................... 96 12.4 Audit Committee................................................................................................................................................. 96 12.5 Cease Trade Orders and Bankruptcies............................................................................................................ 98 PART 13 – LEGAL PROCEEDINGS AND REGULATORY ACTIONS....................................................................................99 PART 14 – INTEREST OF MANAGEMENT AND OTHER INFORMED PERSONS IN MATERIAL TRANSACTIONS......99 PART 15 – TRANSFER AGENT AND REGISTRAR...............................................................................................................100 PART 16 – INTEREST OF EXPERTS ......................................................................................................................................100 PART 17 – ADDITIONAL INFORMATION ...............................................................................................................................100 SCHEDULE “A”...........................................................................................................................................................................A-1 3 Cominar Real Estate Investment Trust 2011 Annual Information Form GLOSSARY The following terms used in this AIF have the meanings set out below: “Adjusted Unitholders’ Equity” means, at any time, the aggregate of the amount of Unitholders’ equity and the amount of accumulated depreciation recorded in the books and records of the REIT in respect of its Properties, calculated in accordance with generally accepted accounting principles. “Atlantic Provinces Area” or “Atlantic Provinces” includes the Provinces of New-Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. “Book Value” means, at any time, the book value of the assets of the REIT, as shown on its then most recent balance sheet. “Canmarc” means Canmarc Real Estate Investment Trust and corporations wholly-owned by or partners of Canmarc. “Cominar” or the “REIT” means Cominar Real Estate Investment Trust and the corporations wholly-owned by Cominar. “Cominar Acquisition Group” means, collectively, 8012075 Canada Inc., 8012083 Canada Inc., 8012091 Canada Inc., 8012105 Canada Inc., 8012113 Canada Inc., 8012121 Canada Inc., 8012130 Canada Inc., 8012148 Canada Inc., 8012156 Canada Inc. et 8012164 Canada Inc., each of which is a wholly-owned subsidiary of the REIT incorporated under the CBCA and, if the context so requires, the “Cominar Acquisition Group” also includes the REIT. “Contract of Trust” means the contract of trust made as of March 31, 1998, governed by the laws of the Province of Québec, pursuant to which the REIT was established, as amended, supplemented or restated as of May 8, 1998, May 13, 2003, May 11, 2004, May 15, 2007 and May 14, 2008 and May 18, 2010. “CRA” means the Canada Revenue Agency. “Dallaire Family” means, unless indicated otherwise, the wife of the late Jules Dallaire, his children, namely Michel Dallaire, Alain Dallaire, Linda Dallaire, Sylvie Dallaire, their respective spouses
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