ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2018 March 19, 2019 TABLE OF CONTENTS GLOSSARY OF TERMS ..................................................................................................................................................... 1 CERTAIN REFERENCES AND FORWARD-LOOKING STATEMENTS ................................................................................... 8 NON‐IFRS FINANCIAL MEASURES .................................................................................................................................. 8 LEGAL STRUCTURE OF THE REIT .................................................................................................................................. 10 GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................................................... 11 THREE YEAR HISTORY .................................................................................................................................................... 11 SEQUENCE OF PROPERTY ACQUISITIONS IN THE PAST THREE FINANCIAL YEARS ......................................................................... 12 DESCRIPTION OF THE BUSINESS ....................................................................................................................................... 13 THE REAL ESTATE PORTFOLIO ..................................................................................................................................... 17 OCCUPANCY AND LEASING ............................................................................................................................................. 17 PROPERTY TABLE AS AT DECEMBER 31, 2018: ................................................................................................................... 18 DESCRIPTION OF THE PORTFOLIO ............................................................................................................................... 20 ONTARIO ................................................................................................................................................................. 20 ALBERTA .................................................................................................................................................................. 28 RETAINED INTEREST..................................................................................................................................................... 30 OWNERSHIP INTEREST ................................................................................................................................................... 30 EXCHANGE AGREEMENT ................................................................................................................................................ 31 INVESTOR RIGHTS AGREEMENT ....................................................................................................................................... 32 INDEBTEDNESS ............................................................................................................................................................ 36 CREDIT FACILITIES ......................................................................................................................................................... 36 MORTGAGES ............................................................................................................................................................... 36 CLASS B LP UNITS ........................................................................................................................................................ 36 RETAINED DEBT – CLASS C LP UNITS ............................................................................................................................... 36 DEBT MATURITIES ........................................................................................................................................................ 37 CREDIT RATING ............................................................................................................................................................ 38 RISK FACTORS .............................................................................................................................................................. 38 FINANCIAL RISK MANAGEMENT .................................................................................................................................. 45 DISTRIBUTION POLICY AND HISTORY .......................................................................................................................... 47 TAX DEFERRAL ON DISTRIBUTIONS ................................................................................................................................... 49 GOVERNANCE OF THE REIT ......................................................................................................................................... 49 GOVERNANCE AND BOARD ............................................................................................................................................. 49 SIZE OF THE BOARD ...................................................................................................................................................... 49 BOARD MANDATE ........................................................................................................................................................ 49 POSITION DESCRIPTIONS ................................................................................................................................................ 50 CODE OF CONDUCT AND CONFLICTS OF INTEREST ............................................................................................................... 50 MAJORITY VOTING POLICY ............................................................................................................................................. 52 DUTY OF CARE ............................................................................................................................................................. 52 AVAILABILITY OF GOVERNANCE DOCUMENTS ..................................................................................................................... 53 TRUSTEE NOMINATIONS ................................................................................................................................................ 53 SENIOR MANAGEMENT ................................................................................................................................................. 56 CEO POSITION DESCRIPTION .......................................................................................................................................... 56 BIOGRAPHICAL INFORMATION REGARDING THE TRUSTEES AND EXECUTIVE OFFICERS ................................................................. 57 TRUSTEE INDEPENDENCE ............................................................................................................................................... 63 COMMITTEES OF THE BOARD .......................................................................................................................................... 63 INVESTMENT GUIDELINES AND OPERATING POLICIES ................................................................................................ 65 INVESTMENT GUIDELINES ............................................................................................................................................... 65 OPERATING POLICIES .................................................................................................................................................... 68 AMENDMENTS TO INVESTMENT GUIDELINES AND OPERATING POLICIES .................................................................................. 70 CAPITAL STRUCTURE AND DECLARATION OF TRUST ................................................................................................... 71 GENERAL .................................................................................................................................................................... 71 UNITS AND SPECIAL VOTING UNITS .................................................................................................................................. 71 ISSUANCE OF UNITS ...................................................................................................................................................... 72 MEETINGS OF UNITHOLDERS .......................................................................................................................................... 73 ADVANCE NOTICE PROVISIONS ....................................................................................................................................... 74 REDEMPTION RIGHT ..................................................................................................................................................... 76 PURCHASES OF UNITS BY THE REIT .................................................................................................................................. 79 TAKE-OVER BIDS .......................................................................................................................................................... 79 NON-CERTIFICATED INVENTORY SYSTEM ..........................................................................................................................