About Wall Financial

Wall Financial Corporation operates as a Canadian public real estate investment and development company. As of January 31, 2020, the total number of hotel units was 934, and the total number of residential and commercial units was 1,400. The company operates in three different segments of the real estate industry: ownership and management of revenue-producing residential and commercial properties, the ownership and management of hotel properties, and the development and sale of residential housing units (referred to as development properties). As of January 31, 2020, the company held interests in the following six entities established in the Province of British Columbia which own assets greater than 10% of the consolidated assets of the company and/or earned gross revenues greater than 10% of the consolidated revenues of the company. Revenue Producing Residential Properties The company owns thirteen rental properties in Metro Vancouver, consisting of 1,390 residential and ten commercial rental units as at January 31, 2020. In January 2019, the company acquired a 50% interest in a property located in Vancouver, B.C. and assumed 50% of the related debts and liabilities of the property. The company added 316 units to its rental portfolio upon the completion of two purpose built stratified rental properties in 2017: the Wall Centre Yaletown rental property located in downtown Vancouver, B.C., containing 273 residential units and three commercial units, and a 40-unit rental property at 1111 Seymour Street in Vancouver, B.C. The company owns a commercial rental property located in Burnaby, B.C. This property will be leased while the Company completes a land assembly for redevelopment in that area. Hotel Properties The company owns and manages two hotel properties in Metro Vancouver. The Sheraton Vancouver Wall Centre Hotel is the largest single hotel property in British Columbia, with 746 guestrooms and 45,000 square feet of meeting space. The Westin Wall Centre Vancouver Airport Hotel is located near the Vancouver Airport and consists of 188 guestrooms and 9,900 square feet of meeting space. Development Properties The Company is active in the development and sale of residential housing. It is the company’s policy to acquire land for development which is zoned for its intended use, or where the required rezoning is contemplated and encouraged by the governing authorities. The company has three projects under active development as at January 31, 2020. Eagle Mountain An 80-acre, single-family subdivision property in Abbotsford B.C. with approvals in place for 262 building lots. The property is being developed with a 15% noncontrolling interest partner. Development is being phased. There are 74 lots in Phases 7 and 8 of which 65 can be sold. Of the 65 lots, 56 have been sold, with 39 sales closed, and the balance of 17 lots scheduled to close in April/May 2020. Trails North Vancouver In 2017, the company, along with other investors, acquired a property located in North Vancouver, B.C. to develop approximately 307 residential units. The company has a 28.6% interest in the property and will guarantee all loans incurred in respect of the property. Development and construction will be conducted in six phases, with the first phase consisting of 31 townhome and low-rise residential units, and of which 28 units are pre-sold. The first phase of construction was substantially complete in March 2020 with closings scheduled to complete in April/May 2020. Ivy on the Park In 2018, the company, along with a company owned by the company’s President, acquired leased land located at the University of British Columbia in Vancouver, B.C. to develop 226 residential units. The Company has a 75% interest in the development. As at April 23, 2020, 181 of the 226 units are pre-sold. The Strathcona Village project is a three-tower mid-rise mixed-use project with 280 market residential units, and 60,000 square feet of light industrial space. All 280 condominium units have closed and 16 of the 18 commercial units have closed. The company is underway with the sale of the remaining two commercial units. History Wall Financial Corporation was founded in 1969.