RFA Financial Inc. · TSX:RFA
RFA Financial — Artis Real Estate Investment Trust — Q4 2008 Earnings Presentation
30 slides from RFA Financial's earnings presentation, April 2009
Slide 1: Properties of Success
PROPERTIES OF SUCCESS APRIL 2009 Q4 – 2008 INSTITUTIONAL INVESTOR PRESENTATION
Slide 2: Forward-Looking Disclaimer
__________________ __________________ __________________ __________________ FORWARD-LOOKING DISCLAIMER __________________ __________________ __________________ Certain information included in this presentation contains forward-looking statements within the __________________ meaning of applicable se
Slide 3: Notice Respecting Non-GAAP Measures
__________________ __________________ __________________ __________________ NOTICE RESPECTING NON-GAAP MEASURES __________________ __________________ Distributable Income (“DI"), Property Net Operating Income (“Property NOI”) and Funds from Operations __________________ (“FFO”) are non-GAAP measures
Slide 4: Unique Four Part Strategy
__________________ __________________ __________________ __________________ UNIQUE FOUR PART STRATEGY __________________ __________________ __________________ __________________ 1. Geographic focus: Western Canada only __________________ __________________ __________________ 2. Product focus: Commer
Slide 5: Property Distribution: Western Canada, Country's Healthiest Economy
__________________ __________________ __________________ __________________ PROPERTY DISTRIBUTION __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ ____________
Slide 6: Portfolio Overview
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ __________________ Properties 89 __________________ __________________ Size 6.6 M sq.ft. __________________ __________________ __________________ Gross Book Value $1.3
Slide 7: Portfolio Summary: GLA and NOI by Province
__________________ __________________ __________________ __________________ PORTFOLIO SUMMARY __________________ __________________ Property GLA Property NOI __________________ __________________ __________________ by Province by Province __________________ __________________ __________________ Brit
Slide 8: Portfolio Summary: GLA and NOI by Asset Class
__________________ __________________ __________________ __________________ PORTFOLIO SUMMARY __________________ __________________ Property GLA Property NOI __________________ __________________ __________________ by Asset Class by Asset Class __________________ __________________ _________________
Slide 9: Robust Western Economy
__________________ __________________ __________________ __________________ ROBUST WESTERN ECONOMY __________________ __________________ __________________ __________________ GDP Growth 2009f Average Retail Sales Growth __________________ Year Over Year, 2004-2008 __________________ ________________
Slide 10: Robust Western Economy: Provincial Unemployment Rates
__________________ __________________ __________________ __________________ ROBUST WESTERN ECONOMY __________________ __________________ __________________ Provincial Unemployment Rates Feb - 2009 __________________ __________________ 15.1% __________________ __________________ __________________ 12
Slide 11: Portfolio Overview: 10 Largest Tenants by Gross Revenue
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ 10 Largest Tenants by Gross Revenue __________________ __________________ __________________ __________________ __________________ __________________ _________________
Slide 12: Portfolio Overview: Government Tenants
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ Government Tenants __________________ __________________ 9.4% of Gross Revenue __________________ __________________ __________________ __________________ Approximatel
Slide 13: Portfolio Overview: Diversification by Tenant Size
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ Diversification by Tenant Size (GLA) __________________ __________________ __________________ Regional & Local __________________ 35.7% __________________ National ___
Slide 14: Portfolio Overview: GLA and Gross Book Value
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ __________________ GLA Gross Book Value __________________ __________________ 6.6 M sq.ft. $1.37 B __________________ __________________ (M sf) ($M) __________________
Slide 15: Quarterly Growth: Property NOI and Revenues
__________________ __________________ __________________ __________________ QUARTERLY GROWTH __________________ __________________ __________________ Property NOI $99.4 __________________ ($M) __________________ __________________ $67.5 __________________ __________________ __________________ $34.3
Slide 16: Quarterly Growth: FFO per Unit
__________________ __________________ __________________ __________________ QUARTERLY GROWTH __________________ __________________ __________________ __________________ FFO ($M) $1.65 __________________ __________________ 60 /unit __________________ Q4-08 FFO/unit = __________________ 50 ___________
Slide 17: Financial Results
__________________ __________________ __________________ __________________ FINANCIAL RESULTS __________________ ($000’s, except unit and __________________ per unit amounts) __________________ Year Ended __________________ December 31 __________________ 2007 2008 __________________ ________________
Slide 18: Schedule of Mortgages Maturing
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ Schedule of Mortgages Maturing (2) __________________ __________________ ($M) __________________ $ 10 3 . 4 $ 10 8 . 6 __________________ $82.2 Mortgage to Gross Book
Slide 19: Mortgage Profile
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ __________________ __________________ MORTGAGE PROFILE __________________ __________________ __________________ Weighted Average Term of __________________ 4.97 Years
Slide 20: Lease Expiration Schedule
__________________ __________________ __________________ __________________ PORTFOLIO OVERVIEW __________________ __________________ Lease Expiration Schedule __________________ __________________ 31.5% __________________ __________________ 43% of 2009 and Expiries in All Provinces (% of Total Portf
Slide 21: Internal Growth
__________________ __________________ __________________ __________________ INTERNAL GROWTH __________________ __________________ Year over Year Occupancy (1) __________________ Portfolio Occupancy Same Property Occupancy (2) __________________ __________________ Q4-07 97.4% 97.4% __________________
Slide 22: Latest Analyst Projections
__________________ __________________ __________________ __________________ LATEST ANALYST PROJECTIONS (1) __________________ __________________ 2009 2010 Current Current __________________ Latest analyst projections __________________ Target (Q4-08 results) FFO AFFO FFO AFFO NAV __________________
Slide 23: Peer Comparisons
__________________ __________________ __________________ __________________ PEER COMPARISONS __________________ __________________ __________________ 2008E 2009E __________________ __________________ Daily market updates (BMO FFO AFFO FFO AFFO (04/03/09), Canaccord FFO AFFO __________________ (04/03
Slide 24: Growth Strategy - External
___________________ ___________________ ___________________ ___________________ GROWTH STRATEGY - EXTERNAL ___________________ ___________________ ___________________ ___________________ ___________________ ___________________ ___________________ ___________________ ___________________ _____________
Slide 25: Growth Strategy Internal - Development Pipeline
__________________ __________________ __________________ __________________ GROWTH STRATEGY INTERNAL – DEVELOPMENT PIPELINE __________________ __________________ __________________ __________________ 1 Millennium Centre – Red Deer __________________ __________________ - 40,000 s.f. 2 storey expansio
Slide 26: Growth Strategy - Internal
__________________ __________________ __________________ __________________ GROWTH STRATEGY - INTERNAL __________________ __________________ __________________ __________________ 3 TransAlta Place – Calgary __________________ __________________ -Potential for 250,000 s.f. expansion _________________
Slide 27: Growth Strategy - Internal
__________________ __________________ __________________ __________________ GROWTH STRATEGY - INTERNAL __________________ __________________ Increase Rental Income __________________ with Lease Turnover Nurture Existing Relationships __________________ __________________ __________________ _________
Slide 28: Senior Management Team
__________________ __________________ __________________ __________________ SENIOR MANAGEMENT TEAM __________________ __________________ Armin Martens, P.Eng., M.B.A. __________________ President, Chief Executive Officer and Trustee __________________ Mr. Martens has been actively involved in the co
Slide 29: Investment Highlights
__________________ __________________ __________________ __________________ INVESTMENT HIGHLIGHTS __________________ __________________ __________________ • Artis REIT has an exclusively Western Canadian Focus __________________ __________________ • High Quality Commercial Properties – all Asset Cla
Slide 30: Properties of Success
__________________ PROPERTIES OF SUCCESS __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ __________________ ____________
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