2007 annual report aveiro investment corp. - First West Properties

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THE CONTEXT: WESTERN CANADA TODAY UNPRECEDENTED ECONOMIC GROWTH Western Canada is rich in resources: uranium, diamonds, potash, copper and zinc. It’s also rich in agriculture and it’s rich in oil. Virtually all of these commodities are currently fetching record prices and helping to fuel unprecedented economic growth: • “ Canada has two economies: in the East, a somewhat fragile economy that’s more susceptible to global competitive pressures, and in the West, a resource-based, boom times economy.” (David Herle, Globe and Mail, September 17, 2007) • “ Alberta and Saskatchewan’s provincial economies are booming because of strong prices for oil, minerals and agricultural commodities.” (The Canadian Press, September 20, 2007) • “ The seven fastest-growing metropolitan economies this year are all located in the West.” (Conference Board of Canada, September 2007) 6 | Aveiro Investment Corp. | 2007 Annual Report ALBERTA’S OIL SANDS The largest oil sands deposits outside of Saudi Arabia are located in the Province of Alberta. Time Magazine has described these deposits as “Canada’s greatest buried energy treasure” and said they “could satisfy the world’s demand for petroleum for the next century.” • “ Statistics Canada attributed the [Canadian] construction boom to the dynamic economy in Western Canada….” (CBC News, July 2006) • “ Recent real economic growth in the four western provinces exceeds the Canadian average” (Western Economic Diversifi cation Canada, 2006), which is already exceptionally high: “Canada’s real GDP growth rates in the last 10 years were the highest among the G7 countries.” (Japan Credit Rating Agency Ltd, August 13, 2007) CORPORATE PROFILE Aveiro Investment Corp. Based in Alberta, Aveiro Investment Corp. is a real estate investment company established to take advantage of real estate opportunities in the secondary markets of Western Canada, which means the markets outside the major cities of Vancouver, Calgary and Edmonton. Our primary focus is to acquire high-quality commercial, industrial, retail, offi ce and mixeduse properties with high-quality tenants already in place, in centres where we anticipate strong economic growth and where the opportunity exists to lease or re-lease at current market rents. In those same centres, we are also working to fi nd high-quality non-income producing assets (bare land) where we believe we will be able to increase the value of the land. In 2007, we began to build our portfolio of real estate assets in three small but signifi cant centres: Airdrie and Lethbridge, Alberta, and Saskatoon, Saskatchewan. Future acquisitions will focus on these and other secondary markets in Alberta, British Columbia, Saskatchewan and Manitoba.
ASSETS AIRDRIE 77 ACRES OF UNDEVELOPED LAND (CURRENTLY ZONED “LIGHT INDUSTRIAL”) IN AIRDRIE, ALBERTA About Airdrie: • Located along Alberta’s key economic corridor, between Calgary and Edmonton. • 20 million vehicles pass through Airdrie every year. • Grew by 32.8 per cent over the past 5 years (Calgary grew by only 8 per cent in the same period.) • 29,000 residents, but clear access to Calgary’s population of more than 1 million. • Airdrie’s industrial taxes are 30 per cent lower than Calgary’s.
Page 1 and 2: AVEIRO INVESTMENT CORP. 2007 ANNUAL
Page 3 and 4: CHAIRMAN’S LETTER DEAR FELLOW SHA
Page 5: ASSETS SASKATOON TOTAL OF APPROXIMA
Page 9 and 10: Harold Kunik, Chief Financial Offic
Page 11 and 12: JULY 2007 Private Placement In July
Page 13 and 14: WHY SASKATCHEWAN? Once solely an ag
Page 15 and 16: OVERVIEW About Aveiro Aveiro is an
Page 17 and 18: OVERALL PERFORMANCE Financial Posit
Page 19 and 20: The Warehouse Mortgage is a fi rst
Page 21 and 22: a company with common management. I
Page 23 and 24: During the 2008 fi scal year, the C
Page 25 and 26: properties. The ability of Aveiro t
Page 27 and 28: OUTSTANDING SHARE DATA Common Share
Page 29 and 30: The rates are determined based on m
Page 31 and 32: AUDITOR’S REPORT To the sharehold
Page 33 and 34: STATEMENTS OF LOSS AND DEFICIT Year
Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS J
Page 47 and 48: AUDITORS Grant Thornton LLP 1000, 1

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