The document discusses how apartment buildings can be a lucrative investment opportunity for several reasons: 1) Investors can buy existing buildings below the cost to build new, taking advantage of leverage through financing; 2) Strong population growth through immigration and natural increase will drive demand for rental housing; 3) The gap between owning and renting a home is widening, increasing the rental market; 4) Changing demographics like smaller households are increasing the share of rental units. The shortage of new rental construction compared to condo development further enhances the investment potential of apartment buildings.

1. Apartment Buildings…An Investor’s Dream
Domenic Mandato, President
Real Buildings, Real Investments, Real Returns TM
Real Buildings, Real Investments, Real Returns TM

2. Real Buildings, Real Investments, Real Returns TM

3. Forward-Looking Statement
• This Presentation contains forward-looking statements. These statements relate to future events or the
Partnerships future performance. All statements other than statements of historical fact are forward
looking statements. Forward looking statements are often, but not always, identified by the use of
words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict",
"potential", "targeting", "intend", "could", "might", "continue", or the negative of these terms or other
comparable terminology. These statements are only predictions. In addition, this Presentation may
contain forward-looking statements attributed to third party industry sources. Undue reliance should
not be placed on these forward-looking statements as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. By its nature, forward-looking
information involves numerous assumptions, known and unknown risks and uncertainties, both general
and specific, that contribute to the possibility that the predictions, forecasts, projections and other
forward looking statements will not occur and may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. The forward-looking statements contained
in this Presentation are expressly qualified by this cautionary statement. The Partnership is not under
any duty to update any of the forward-looking statements after the date of this Presentation to conform
such statements to actual results or to changes in the Partnerships expectations except as otherwise
required by applicable legislation.
Real Buildings, Real Investments, Real Returns TM

4. AGENDA
• Who is InvestPlus Properties
• Global Real Estate
• Apartment Building Landscape
• Key Trend Affecting Apartment Buildings –
Supply vs Demand?
• Apartments – One of the Most Profitable
Business for the Next 10 years?
Real Buildings, Real Investments, Real Returns TM

5. Who is InvestPlus Properties
• Buy, Renovate, Convert, Hold Apartment Bldgs
• In business since 1999
• Limited Partnership/JV Investment Opportunities
• Invested across Canada
• Transacted over 240 doors worth almost $23M
• Focused in Western Canada and bullish in
Alberta
Real Buildings, Real Investments, Real Returns TM

6. Canadian Real Estate Prices
1980 – 2010 YTD
Real Buildings, Real Investments, Real Returns TM

7. Global Real Estate Status
Courtesy: Scotia Bank Housing Report 2010 Q1
Real Buildings, Real Investments, Real Returns TM

8. Why Real Estate is So Powerful
And Why Apartment Buildings
Can be Lucrative!
Real Buildings, Real Investments, Real Returns TM

9. Leverage!
Real Buildings, Real Investments, Real Returns TM

10. 20% down - 80% mortgage
450%
No Growth – No Cash Flow
400%
400%
350%
300%
250%
200%
150%
100%
88%
50%
40%
0%
5 10 25
Number of Years of Investing
Real Buildings, Real Investments, Real Returns TM

11. 20% down - 80% mortgage
3% Growth – No Cash Flow
1600% 1500%
1400%
1200%
1000%
800%
600%
400%
400%
200% 150%
0%
5 10 25
Number of Years of Investing
Real Buildings, Real Investments, Real Returns TM

12. The Multiplier Effect!
Real Buildings, Real Investments, Real Returns TM

13. Multiplier Effect
• As an Asset the more income the building
produced the higher it’s value
• Based on 7% Cap rate, $1 rental increase =
$170 increase in building value
Or
• $25 increase on a 50-suiter=$214,000
increase in value
Real Buildings, Real Investments, Real Returns TM

14. How Risky is the Apartment
Building Business
Real Buildings, Real Investments, Real Returns TM

15. Lender & Banks Financial Risk
The order of risk for Lenders and Banks
toward real estate investment is:
1. Land
R 2. Land Development
I 3. Industrial & Commercial Development
S 4. Industrial & Commercial
K 5. Residential Apartment Buildings
6. Residential Homes
Why? Tenants. Tenants pay the bills, pay
down our debt and pay our investors.
Real Buildings, Real Investments, Real Returns TM

16. Canadian Apartment
Landscape
Real Buildings, Real Investments, Real Returns TM

17. Canadian Apartment Landscape
No. Of Structures (by Building Size)
Metropolitan Area Under 6 6 to 19 20 to 49 50 to 199 200+ Total
Halifax 741 684 289 198 8 1,920
London 839 378 246 271 14 1,748
Calgary 867 944 389 120 20 2,340
Hamilton 499 564 194 222 30 1,509
Winnipeg 326 746 504 213 29 1,818
Ottawa 1,027 1,153 169 229 69 2,647
Edmonton 77 1,347 920 224 21 2,589
Quebec City 3,371 3,285 567 144 11 7,378
Vancouver 532 1,540 1,307 532 14 3,925
Toronto (CMA) 3,053 2,274 1,082 1,306 363 8,078
Montreal (CMA) 30,008 22,892 2,622 794 96 56,412
Total 41,340 35,807 8,289 4,253 675 90,364
Source : CMHC 2008

18. Canadian Apartment Landscape
No. Of Dwelling Units (by Building Size)
Metropolitan Area Under 6 6 to 19 20 to 49 50 to 199 200+ Total
Halifax 2,789 6,931 9,040 16,548 1,994 37,302
London 3,109 3,655 7,077 22,283 3,188 39,312
Calgary 3,440 10,056 11,570 11,070 5,280 41,416
Hamilton 1,906 5,511 6,183 22,107 7,031 42,738
Winnipeg 1,269 8,761 15,081 20,031 7,904 53,046
Ottawa 3,707 9,809 5,205 24,217 17,581 60,519
Edmonton 315 15,975 25,395 19,193 5,179 66,057
Quebec City 13,180 30,629 17,214 12,856 3,031 76,910
Vancouver 1,923 17,521 41,549 42,373 3,299 106,665
Toronto (CMA) 11,073 21,555 35,585 131,246 103,532 302,991
Montreal (CMA) 109,512 193,221 77,966 71,584 26,532 478,815
Total 152,223 323,624 251,865 393,508 184,551 1,305,771
Source : CMHC 2008

19. Market Share
(20-200+Suites or 830,000 suites)
Suites Owned
& Managed Share of Market
Boardwalk (50-200+ suites) 35,277 4.40%
Realstar Realty (est) 27,000 3.25%
Transgloble 26,500 3.19%
Capreit 27,614 3.33%
Timbercreek 9,500 1.14%
Morguard 7,401 0.89%
Skyline 5,000 0.60%
Mainstreet (20-150 +suites) 5,500 0.66%
Harpar (est) (20 -100 suites) 3,500 0.42%
Total Estimated market share owned by
big players 149,715 18.04%

20. Canadian Apartment
Landscape Split
70
1,305M suites in Canada
60%
60
50
40
30
20 18%
10 4% 5%
0
BC AB ON QC
Real Buildings, Real Investments, Real Returns TM

21. Canadian Apartment
Suites/1Million People
140,000
124,000
120,000
100,000
No Rent
80,000 Control in
Alberta
60,000
40,000
17,700 22,140 21,500
20,000
-
BC AB ON QC
Real Buildings, Real Investments, Real Returns TM

22. The Cost of Buying vs
Building Apartments
Real Buildings, Real Investments, Real Returns TM

23. Buying Below Replacement Cost
InvestPlus Cost to build a
Market Value
Purchase Price comparable building
today
Real Buildings, Real Investments, Real Returns TM

24. Construction Cost
Feb 2011
Land Cost Not Included in Price
Soft Costs Cost per Suite
Cost to Build (Permits, Total Estimated Average 2bdrm
common area, Cost to build 900 sq-ft
etc.)
Wood Frame $171,000/
Walk-up $160/sq-ft
Current Rents $195/
$30 - $35/
sq-ft
$190 to
sq-ft
Low rise (2.5
Suite
storey) Don’t Justify
New Rental
$ 35 - $45/ $220 - $230/ $198,000/
High Rise $185/sq-ft Construction
sq-ft sq-ft Suite
Real Buildings, Real Investments, Real Returns TM

25. Condo Completions - GTA
Real Buildings, Real Investments, Real Returns TM

26. Purpose-Built Apartment
Completions - GTA
Real Buildings, Real Investments, Real Returns TM

27. Edmonton CMA – Multi-Family Starts
Almost 4000 Multi-
Family Units in
2010
Source: CMHC – Multi Family market trends Jan 2011
Real Buildings, Real Investments, Real Returns TM

28. Edmonton CMA –Rental Housing Starts
Only 300
Rental Housing
Units in 2010
Source: CMHC – Multi Family market trends Jan 2011
Real Buildings, Real Investments, Real Returns TM

29. What About Existing
Rental Product?
Real Buildings, Real Investments, Real Returns TM

30. Edmonton CMA – Condo Conversions
2007 the peak year
Source: CMHC – Multi Family market trends Jan 2010
Real Buildings, Real Investments, Real Returns TM

31. Calgary Condo Conversions
Since 1994 a loss of
almost 17,000 rental units
to condo conversions.
Source: Calgary Inc. Dec. 2008
Real Buildings, Real Investments, Real Returns TM

32. Another Key Trend Calgary Happening
Right Now!
• In 2010 there were 13 sales
• Average price per suite: $142,000
• 6/13 were purchased for affordable
housing initiatives – Homeless
Foundation
Real Buildings, Real Investments, Real Returns TM

33. Population Increase
Real Buildings, Real Investments, Real Returns TM

34. Canada’s Population (Millions)
Population Growth Last 28 years
(36% Increase)
36.0
34.0
32.0
30.0
28.0
26.0
24.0
22.0
20.0
1981 1986 1991 1996 2001 2003 2005 2007 2008 2009
Courtesy: Stats Canada Main Demographic Indicators… 1981 to 2009
Real Buildings, Real Investments, Real Returns TM

35. Population Growth in Canada
Canada’s Population
grew faster in 2008 &
2009 (1.2% Annually)
than any time since 1991
-Canadian Housing Oberserver 2010
Real Buildings, Real Investments, Real Returns TM

36. Historical & Projected Immigration
Canada, 1972-2036
Projected
40 Million People
in Canada by
2036
Real Buildings, Real Investments, Real Returns TM

37. 70% of All Immigrants to Canada
move to GTA
Real Buildings, Real Investments, Real Returns TM

38. NEW TREND IN IMMIGRATION IN
ALBERTA
Real Buildings, Real Investments, Real Returns TM

39. Real Buildings, Real Investments, Real Returns TM
39

40. Home Ownership Vs
Renting
Real Buildings, Real Investments, Real Returns TM

41. Cost of Home Ownership Vs Renting
Greater Vancouver
$1,154
Real Buildings, Real Investments, Real Returns TM
Sources: REBGV, Bank of Canada, Statistics Canada, CMHC

42. Buying & Renting Gap In U.S.
$256
Real Buildings, Real Investments, Real Returns TM

43. National Average Vacancy
2.6% in 2010
Courtesy: CMHC –Fall 2010 Rental Market Survey
National Average Vacancy
6.2% in Q4 2010
Courtesy: preliminary figures from real estate research firm Reis Inc April 2011
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44. Average Apartment Vacancy
Real Buildings, Real Investments, Real Returns TM
Courtesy: CMHC –Canadian Housing Observer 2010 & Rental Market Survey

45. Factors Why Owner-
Occupied Multi-Unit
Dwelling is on the Rise
Real Buildings, Real Investments, Real Returns TM

46. Shares of Owner-Occupied Dwellings
by Dwelling Type 1986-2006
Canadians Are
Choosing a
Condo-Living
Life Style
Courtesy: CMHC –Canadian Housing Observer 2009 and adapted from Stats Canada
Real Buildings, Real Investments, Real Returns TM

47. From 1981 to 2006, the number of
owner-occupied condominiums
increased more than five-fold—from
171,000 to 916,000
Courtesy: CMHC –Canadian Housing Observer 2010 and adapted from Stats Canada
Real Buildings, Real Investments, Real Returns TM

48. Changing Composition of Household
• Strong Income & Employment Growth
• Improved Lending Conditions
Low interest rates
Real Buildings, Real Investments, Real Returns TM

49. Changing Composition of Household
• Growing number of non-traditional
Family Households
 Young adults moving out
 Divorces
 Single Parent-Family
Real Buildings, Real Investments, Real Returns TM

50. Decline in Average Household size
Real Buildings, Real Investments, Real Returns TM

51. APARTMENTS
– ONE OF THE MOST
PROFITABLE BUSINESS FOR
THE NEXT 10 YEARS?
Real Buildings, Real Investments, Real Returns TM

52. Four Reasons
1. Buying building below replacement
cost
2. Strong immigration & Population
Growth
3. Widening Home Ownership vs Rent
Gap
4. Changing Composition of Household
Real Buildings, Real Investments, Real Returns TM

53. Decrease Supply of Rental Product
Real Buildings, Real Investments, Real Returns TM

54. Apartment Buildings…An Investor’s Dream
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Real Buildings, Real Investments, Real Returns TM