PRESIDENT’S MESSAGE

THE CANADIAN REAL ESTATE MARKET REMAINED STRONG IN 2013 AND THIS WAS REFLECTED BY OUR CLIENTS’ CONTINUED DEMAND FOR QUALITY PRODUCT. OUR TOTAL ASSETS UNDER MANAGEMENT INCREASED FROM $14.9 BILLION IN 2012 TO $16.6 BILLION IN 2013.

We purchased over $650 million in new assets for our clients including a $350 million industrial portfolio consisting of 2.9 million square feet within 58 buildings in Mississauga, ON.

Our disciplined approach to managing the Canadian Real Estate Investment Fund No. 1 and London Life Real Estate Fund resulted in another year of strong performance for our clients. This year, the Funds delivered gross returns of 10.8% and 8.5% respectively.

New development remains an important driver of our clients’ growth. In 2013, 6 projects concluded and our pipeline of new development projects is strong, with over $1 billion in the approval stage for new development in Vancouver, Edmonton, Calgary, Toronto and Halifax.

Leasing activity was strong in part as a result of proactive strategies. 503 transactions
totalling 8.7 million square feet of new and renewal commercial leases were concluded during the year.

The multi-residential asset class continued to be an important part of our clients’ asset mix.
During the year, multi-residential assets maintained a stable occupancy rate of 98%.

We also had an active year on the asset and property management front. At the close of the year, 74% of our eligible portfolio was BOMA BESt certified. Three buildings received LEED® Gold certification and another 14 buildings are pursuing certification. These sustainability designations are a marquee of operational excellence and we are proud of these accomplishments.

BY ALL ACCOUNTS, 2013 WAS ANOTHER GOOD YEAR. WE THANK OUR CLIENTS FOR THEIR TRUST AND CONTINUED CONFIDENCE IN OUR ABILITY TO SERVE THEIR REAL ESTATE INVESTMENT NEEDS

 

 

 

 

Paul Finkbeiner
President

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Toronto, ON   M5G 1R8

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