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St. Catharines, Ontario

Although revenue from the downtown office building, 63 Church Street, which also houses the Corporation’s executive offices, decreased by 3%, the occupancy rate is currently 80% compared to 76% at the end of 2008 and therefore it is expected an increase in revenue will occur in 2010. The demand for prime commercial office space has not improved and the occupancy levels for both the 20 and 25 Corporate Park Drive buildings have remained the same since the end of 2008 at 94% and 62% respectively. Revenue for 20 Corporate Drive has remained constant in 2009 compared to 2008, while 25 Corporate Park Drive has increased by 22% over 2008, representative of the partial year of operation in 2008, as the building was completed in March 2008. Our joint venture office building, 75 Corporate Park Drive, has maintained 100% occupancy throughout the year and has increased base rental revenue by 7% in 2009 over 2008 due to lease-up which occurred in 2008. The current occupancy rates for the Ridley Square and Huntington Square plazas are at 96% and 90% respectively, both showing decreases from the previous year’s level of 97% and 94% respectively. Combined revenue has also declined by 2% in 2009 under 2008, which is indicative of the soft market conditions for leasing in the retail and service sectors. Both revenue and the occupancy level at 96% for the light industrial property, Martindale Business Centre, has remained the same compared to the previous year.

 63 Church Street

 Ridley Square

 Huntington Square

 Martindale Business Centre

 75 Corporate Park Drive

 20 Corporate Park Drive

 25 Corporate Park Drive