ABC Corp owns over 25 million square feet of prime office space across major Canadian cities. Over 65% of net operating income is generated from properties located in central business districts. The recommendation is to take a long position in ABC Corp as the market undervalues the company's portfolio in Alberta and Western Canada. Key strengths of ABC Corp include a desirable portfolio with attractive valuation and a diverse defensive tenant base managed by an experienced team.

1. Stock Pitch
For Real Estate
Company: ABC Corp. (ABC)
Recommendation: Long

2. Company Overview
2
ABC Corp owns over 25 million square feet of prime office space in the central business districts (“CDB”) of the largest Canadian cities,
including Toronto, Montreal, and Calgary. More than 65% of net operating income is generated from CBD properties.
British Columbia
Saskatchewan
U.S
Atlantic Canada
Quebec
Ontario
Alberta
Northwest Territories
4%
4%
25%
4%
53%
7%
1%
2%
Eastern Canada
Western Canada
Calgary Downtown
Calgary Suburban
Toronto Suburban
Toronto Downtown
22%
11%
4%
26%
17%
20%
Share of
Gross
Leasable
Area
Specify here, broadly, about your
company along with Trading
Statistics, Target Pricing & the
Market value. This would help in
creating a great impact for your
stocks in the market. You can also
list down here information related to
your financials as well as give an
overview of the company valuation.
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3. Company Overview (Contd..)
3
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1
2019
Q2
2019
National Cap Rates VS. 10-YR GoC Bond and
Commercial Mortgage Rates
10-Yr Goc Bond Yield National Capital Rate 10-Yr Commercial Mortgage Rate
› Substantial foreign investments are attracted by Canada’s real estate
market in the years after the financial crisis on account of the country’s
reputation and relatively stable markets even through the volatility.
› As a result national cap rates have remained flat over the past few years
due to the weakened commodity and oil & gas sectors.
› While REITs have become less acquisitive over the past two years,
pension funds, private buyers, and private equity have all remained
active.
› ABC boasts an eminent and experienced management team with a solid
track record of excellent strategic decision making, most recently
demonstrated by the significant dispositions at the peak of the credit
crisis and acquisitions in the resulting battered real estate market.
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4. Investment Thesis
4
Market Undervalues Alberta and Western Canada
Desirable Portfolio at Attractive Valuation
Desirable Diversity of Defensive Tenant Base Managed by
Strong Team With Proven Track Record
Here, we have mentioned
the core reasons to buy
the stocks of ABC. These
points have been further
explained in the coming
slides.
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5. Portfolio Tenant Base (by NAICS codes)
Sector By GLA By Contractual Rent
Finance and Insurance 21.3% 21.9%
Professional, Scientific and Technical Services 17.8% 18.5%
Public Administration 15.6% 17.3%
Mining, Oil and Gas Extraction 6.9% 7.2%
Manufacturing 6.1% 2.2%
Information and cultural industries 6.0% 6.5%
Administrative and Support, Waste Management and Remediation Services 4.7% 3.8%
Retail trade 3.2% 4.5%
Transportation and warehousing 3.1% 3.8%
Other 15.3% 14.3%
Total 100.0% 100.0%
Market Undervalues Alberta and Western Canada
5
Current market price implies a zero
valuation on properties from Alberta and
Western Canada on account of low oil
prices that has and is expected to
continue weakening both the local and
entire domestic economy
21.9%
17.3%
18.5%
7.2%
6.5%
2.2%
3.8%
3.8%
4.5%
14.3%
Administrative and Support, Waste
Management and Remediation services
Retail Trade
Transportation and warehousing
Manufacturing
Mining Oil & Gas Extraction
Informational and cultural industries
Other
Professional, scientific and technical services
Finance And Insurance
Public Administration
By Contractual Rent
This slide covers the
market allocation of
portfolio by each
industrial sector. Change
the values in table and
graph below by your
actual data set.
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6. Market Undervalues Alberta and Western Canada (Contd..)
6
› Tenants in the mining and O&G sectors only make up for ~7% of revenues
› A large portion of top tenants are in defensive sectors, including the federal and provincial governments, banks and
financial services firms
› Average tenant size in Calgary is smaller (~7,000 square feet)
› Leaner in general and hence more defensive against downsizing and cost-cutting
› More sensitive to moving costs
› While Alberta has experienced tremendous growth from the oil boom after 2004, the downturn in oil prices has
historically spurred both individuals and firms to produce significant technological innovations
The market appears to be neglecting the following:
0
2500
5000
7500
10000
2014 2015 2016 2017 2018 2019 2020
Thousand Barrels Per Day
United States Saudia Arbia Russia China Canada United Arab Eminates
Canada’s production levels has not grown as drastically as the US and
demonstrates A steady expansion, while maintaining the world’s 3rd largest proven
reserves, just behind Venezuela and Saudi Arabia
2018 U.S. and other Top 5, Total Petroleum and other Liquid Production
2018 U.S. and other top 5, total petroleum
and other liquids production
This slides covers the key
points which are either
undervalued or neglected by
the market. The graph talks
about the comparison of
production of U.S. and
Canada and how the
Canada’s production level
has not grown comparatively.
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7. Desirable Portfolio at Attractive Valuation
7
Key Statistics
Closing Price* 19.80 Market Cap(mn) 2071.62
Units O/S(mn) 107.44 Units – Diluted (mn) 108.98
Float (mn) 106.44 Distributed Yield 11.7%
NAVPU 29.86 P/NAVPU 0.64x
Debt To Equity 48.0% Avg. Daily Volume 286,604
Despite the slower national commercial real estate market, ABC continues to demonstrate the strength and appeal of its properties
based on the following observations:
Ability to continually
maintain higher-than
national average
occupancy rates (89.5%
vs. 87.9%)
More than 42% of net rental
income derived from Toronto,
which continues to exhibit
growth and vacancy rates are
near historic lows
Obtained
commitment for
51% of lease
expiries in 2020
Most importantly,
fundamental analysis
indicates a significant gap
above the market valuation
This slide talks about how the
company ABC has grown
despite downturn in the
economic condition of the
country. Various key statistics
parameters have been
covered in this table which
you can easily replace by
your own data set.
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8. Desirable Portfolio at Attractive Valuation (Contd..)
8
Estimates FY2018A FY2019E FY2020E FY2021E FY2022E
FFO/Unit 2.82 2.67 2.79 2.95 3.15
P/FFO 8.9x 7.2x 6.9x 6.5x 6.1x
AFFO/Unit 2.78 2.35 2.45 2.59 2.77
P/AFFO 9.1x 8.2x 7.8x 7.4x 6.9x
NOI/Unit 4.14 3.61x 3.84 4.07 4.35
P/NOIPU 6.1x 5.3x 5.0 4.7x 4.4x
Distribution/Unit 2.24 2.24 2.24 2.24 2.24
Distribution/FFO 79% 84% 80% 76% 71%
Distribution/
AFFO
81% 95% 91% 86% 81%
Peer Comparisons Last Close* FFO P/FFO AFFO P/AFFO
2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E
Competitor 1 33.01 2.16 2.43 15.3x 13.6x 1.75 2.01 18.9x 16.4x
Competitor 2 26.29 1.59 1.71 16.5x 15.4x 1.24 1.34 21.2x 19.6x
Competitor 3 8.71 0.82 0.92 10.6x 9.5x 0.71 0.81 12.3x 10.8x
Competitor 4 9.16 0.94 1.05 9.7x 8.7x 0.93 1.02 9.8x 9.0x
Competitor 5 8.38 0.97 1.00 8.6x 8.4x 0.77 0.80 10.9x 10.5x
ABC Office 19.20 2.67 2.79 7.2x 6.9x 2.35 2.45 8.2x 7.8x
Highest FFO and AFFO per diluted
unit among peers
01
Comparison against peer's further
highlights attractiveness of ABC’s
current price
02
This slide compares various
parameters of real estate
such as FFO, P/FFO, AFFO,
P/AFFO for different
competitors. Replace these
names by actual competitors
and add the actual data set.
This slide is 100% editable. Adapt it to your needs and capture your audience's attention.

9. Desirable Portfolio at Attractive Valuation (Contd..)
9
Despite modest assumptions, valuation is still elevated compared to the market
(CAD ‘000) FY18A FY19A FY20E FY21E FY22E FY23E FY24E
Base Case: Key Assumptions
Net Rental Income YOY Growth
Western Canada 2.2% -2.8% -4.7% -2.4% -1.6% -1.1% -0.4%
Calgary Downtown 0.7% -13.5% -5.5% -3.8% -2.5% -1.2% -0.4%
Calgary Suburban -1.1% 2.6% -0.1% 0.4% 0.7% 1.2% 1.5%
Toronto Downtown 1.8% 1.4% 0.4% 5.4% 5.2% 3.5% 3.6%
Toronto Suburban -3.9% -16.2% -1.1% 0.0% 2.0% 2.0% 2.0%
Eastern Canada 0.6% -7.8% 3.1% 1.2% 2.0% 2.5% 2.6%
Occupancy Rate
Western Canada 91.7% 90.5% 86.0% 84.3% 83.4% 83.0% 83.0%
Calgary Downtown 89.5% 88.6% 85.9% 85.1% 85.1% 85.5% 85.9%
Calgary Suburban 89.2% 91.5% 91.5% 91.5% 92.4% 93.3% 94.3%
Toronto Downtown 97.3% 97.4% 97.5% 97.6% 97.7% 97.8% 97.9%
Toronto Suburban 89.5% 84.9% 83.2% 82.4% 83.2% 84.0% 84.9%
Eastern Canada 94.8% 93.8% 92.9% 92.6% 93.1% 94.0% 95.0%
Occupancy Rate YOY Growth
Western Canada -1.4% -1.3% -5.0% -2.0% -1.0% -0.5% 0.0%
Calgary Downtown -6.1% -1.0% -3.0% -1.0% 0,0% 0.5% 0.5%
Calgary Suburban 2.9% 2.6% 0.0% 0.0% 1.0% 1.0% 1.0%
Toronto Downtown 0.5% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Toronto Suburban -4.5% -5.1% -2.0% -1.0% 1.0% 1.0% 1.0%
Eastern Canada 0.7% -1.1% -1.0% -0.3% -0.5% 1.0% 1.0%
The slide projects the
various benchmarks such
as Net rental income,
Occupancy rate etc. for the
next six years. Use this
slide by adding your own
data set.
This slide is 100% editable. Adapt it to your needs and capture your audience's attention.

10. Valuation
10
Net Operating Income and Net Asset Value
(CAD ‘000) FY17A FY18A FY19E FY20E FY21E FY22E FY23E FY24E
Net Operating Income (NOI) and Net Asset Value (NAV)
Net Rental Income 444,720 462,783 397,978 393,026 396,426 403,140 409,511 417,397
YOY Net Rental Income Growth 4.1% -14.0% -1.2% 0.9% 1.7% 1.6% 1.9%
Add (deduct): 11,287
Lease Termination Fees and Others 2,127 1,869 1,998 1,998 1,998 1,998 1,998 1,998
Properties held for Redevelopment (532) (468) (415) (472) (472) (472) (472) (472)
Amortization of lease incentives (6,343) (9,952) (9,410) (9,410) (9,410) 8,320
Straight – line rent 7,415 4,612 3,157 3,157 3,157 3,157 3,157 3,157
NOI 447,387 458,844 393,309 388,299 391,700 398,414 404,785 412,671
YOY NOI Growth 2.6% -14.3% -1.3% 0.9% 1.7% 1.6% 1.9%
Weight Cap Rate* 6.07% 6.07% 6.07% 6.07% 6.07% 6.07%
Fair Value of assets Based on Weighted Cap Rate 6,481,846 6,399,289 6,455,332 6,565,983 6,670,974 6,800,945
Debt 3,227,838 3,305,525 3,433,507 3,572,686 3,714,117 3,862,997
NAV 3,254,007 3,093,763 3,021,825 2,993,297 2,956,857 2,937,948
NAVPU 29.86 30.57 31.36 32.71 34.13 35.94
This slide projects the Net
operating Income, Net
asset value and Net asset
value per unit for the next
six years
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11. Valuation
11
FFO and AFFO
(CAD ‘000) FY17A FY18A FY19E FY20E FY21E FY22E FY23E FY24E
Funds from Operations and Adjusted Funds from Operations
Net income 445,011 159,290 38,023 195,470 243,078 267,378 266,241 266,329
Add (deduct):
Depreciation and amortization 5,399 11,287 11,287 11,287 11,287 11,287 11,287 11,287
Net Gain/loss on transactions and
other
6,992 9,848 137,667 - - - - -
FV adjustments (120,585) 121,554 93,735 65,834 20,095 - - -
Interest expense on subsidiary
redeem
7,897 4,638 8,320 8,320 8,320 8,320 8,320 8,320
Other adjustments (38,811) 5,574 - - - - - -
Deferred income Taxes 344 638 1,572 1,553 1,568 1,598 1,626 1,661
FFO 306,247 312,829 290,604 282,463 284,348 288,582 287,474 287,597
Add (deduct):
Straight-line rent (7,415) (4,612) (3,157) (3,157) (3,157) (3,157) (3,157) (3,157)
Sustaining capex
AFFO 298,832 308,217 255,982 248,242 249,854 253,552 251,933 251,426
Units O/S
Basic (in thousands) 108,082 109,232 107,435 99,657 94,811 89,951 85,077 80,190
Diluted (in thousands) 109,691 110,849 108,978 101,203 96,359 91,501 86,629 81,745
FFO/unit - basic 2.83 2.86 2.70 2.83 3.00 3.21 3.38 3.59
FFO/unit - diluted 2.79 2.82 2.67 2.79 2.95 3.15 3.32 3.52
AFFO/unit - basic 2.76 2.82 2.38 2.49 2.64 2.82 2.96 3.14
AFFO/unit - diluted 2.72 2.82 2.35 2.45 2.59 2.77 2.91 3.08
This slide covers various
financial benchmarks such
as FFO, AFFO, FFO per
unit & AFFO per unit for the
next six years. Use this
slide according to your own
data set.
This slide is 100% editable. Adapt it to your needs and capture your audience's attention.

12. Valuation
12
Sensitivity to Cap Rates and Occupancy
Sensitivity of NAVPU to Occupancy Rate and Cap Rate
Occupancy Rates
CapRate
34.42 -1.0% -0.8% -0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0%
1.0% 24.84 24.95 25.05 25.15 25.26 25.36 25.46 25.57 25.67 25.77 25.88
0.8% 26.43 26.54 26.64 26.75 26.85 26.96 27.07 27.17 27.28 27.39 27.49
0.6% 28.11 28.22 28.33 28.44 28.55 28.66 28.77 28.88 28.99 29.10 29.21
0.4% 29.90 30.01 30.12 30.23 30.35 30.46 30.57 30.69 30.80 30.91 31.02
0.2% 31.79 31.91 32.03 32.14 32.26 32.38 32.49 32.61 32.73 32.84 32.96
0.0% 33.82 33.94 34.06 34.18 34.30 34.42 34.54 34.66 34.78 34.90 35.02
-0.2% 35.98 36.11 36.23 36.35 36.48 36.60 36.73 36.85 36.98 37.10 37.23
-0.4% 38.30 38.42 38.55 38.68 38.81 38.94 39.07 39.20 39.33 39.46 39.58
-0.6% 40.78 40.91 41.05 41.18 41.31 41.45 41.58 41.72 41.85 41.98 42.12
-0.8% 43.45 43.59 43.73 43.87 44.01 44.15 44.28 44.42 44.56 44.70 44.84
-1.0% 46.34 46.48 46.62 46.77 46.91 47.06 47.20 47.35 47.49 47.63 47.78
Sensitivity of NAVPU to Calgary and Toronto Downtown Occupancy Rates
Calgary Occupancy Rates
TorontoOccupancyRates
34.42 -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%
5.0% 34.81 34.92 35.03 35.13 35.24 35.34 35.45 35.56 35.66 35.77 35.88
4.0% 34.63 34.73 34.84 34.95 35.05 35.16 35.27 35.37 35.48 35.58 35.69
3.0% 34.44 34.55 34.66 34.76 34.87 34.97 35.08 35.19 35.29 35.40 35.51
2.0% 34.26 34.37 34.47 34.58 34.68 34.79 34.90 35.00 35.11 35.21 35.32
1.0% 34.07 34.18 34.29 34.39 34.50 34.61 34.71 34.82 34.92 35.03 35.14
0.0% 33.89 34.00 34.10 34.21 34.31 34.42 34.53 34.63 34.74 34.85 34.95
-1.0% 33.71 33.81 33.92 34.02 34.13 34.24 34.34 34.45 34.55 34.66 34.77
-2.0% 33.52 33.63 33.73 33.84 33.95 34.05 34.16 34.26 34.37 34.48 34.58
-3.0% 33.34 33.44 33.55 33.65 33.76 33.87 33.97 34.08 34.19 34.29 34.40
-4.0% 33.15 33.26 33.36 33.47 33.58 33.68 33.79 33.89 34.00 34.11 34.21
-5.0% 32.97 33.07 33.18 33.28 33.39 33.50 33.60 33.71 33.82 33.92 34.03
This slide displays the
sensitivity analysis of Net
asset value per unit to
occupancy rate and
capitalization rate. Replace
these dummy values with
your own data set
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13. Catalysts and Headwinds
13
Short-term
Catalysts
› Lower rates in Canada will allow lower effective cost of debt
› REITs gets more attractive to investors due to lower rates
› Sale of non-core assets results to leaner and more efficient portfolio
› Commitment of continuation NCIB by management
› Lower norms in commodity prices adjusts stabilization of market sentiments
Risks
› The risk of non-renewals by oil-related tenants elevates due to weakening
Canadian economy
› Residential housing bubble burst could spill over to the office market
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This slide talks about short
term catalyst (points which
spur the growth) & risk
covered in each stage

14. 14
Additional Slides

15. Clustered Column
15
0%
10%
20%
30%
40%
50%
60%
70%
FY2016 FY2017 FY2018 FY2019
INPERCENTAGE
Product 01 Product 02 Product 03
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16. 16
Stacked Bar
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2016
2017
2018
2019
Financialyear
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it to your needs and capture your
audience's attention.
Product 01
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it to your needs and capture your
audience's attention.
Product 02
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it to your needs and capture your
audience's attention.
Product 03
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17. About Us
17
Target Audiences
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needs and capture your audience's attention.
Preferred by Many
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needs and capture your audience's attention.
Value Clients
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18. Our Mission
18
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audience's attention.
Vision
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your audience's attention.
Mission
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audience's attention.
Goals

19. Our Team
19
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audience's attention.
Name Here
(Designation)
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audience's attention.
Name Here
(Designation)
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audience's attention.
Name Here
(Designation)

20. Financial
20
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it to your needs and capture your
audience's attention.
60%Minimum
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audience's attention.
70%Medium
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it to your needs and capture your
audience's attention.
80%Maximum

21. Thank You
Address:
# street number, city, state
Contact Number:
0123456789
Email Address:
emailaddress123@gmail.com
21