content_image/81619.jpg content_image/81620.jpg
## Nature of Tenancies 

The Company’s properties generate income through rent payments made by tenants of its properties. Upon the expiry of any lease, there can be no assurance that the lease will be renewed or the tenant replaced. The terms of any subsequent lease may be less favourable to the Company than the existing lease. The Company could be adversely affected, in particular, if any major tenant ceases to be a tenant and cannot be replaced on similar or better terms. 

The following chart summarizes the top 25 tenants of the Company, which together represent 56.7% of the Company’s annualized minimum rent from its Canadian portfolio. 

<img src='content_image/81619.jpg'>

<img src='content_image/81620.jpg'>

