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## 2010 Highlights 

• Maintained portfolio occupancy rate at nearly 100% for the thirteenth consecutive year 

Net earnings increased by reversal of SIFT-related net future income tax liability of $123 million 

• FFO and AFFO reduced by one-time $39-million charge for early $200-million repayment of 11.5% debentures 

• Invested $474 million in properties under development, including construction of The Bow office complex in Calgary 

• Invested $80 million in property acquisitions, including 16 properties in the United States, with an initial levered return expected to be approximately 10.8% 

• Raised $477 million by issuing debentures ($455 million) and selling non-strategic assets ($22 million) 

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## First Quarter 2011 Highlights 

• Closed $180-million offering of 4.8% senior unsecured debentures, to fund property acquisitions and for general corporate purposes 

• Entered into an agreement to acquire Atrium on Bay, a 1.1 million square foot office complex located in downtown Toronto for $345 million 

• Purchased two retail properties in the United States for USD$32 million 

