SPIRE REAL ESTATE LIMITED PARTNERSHIP

N I C O L A C R O S BY R E A L E S TAT E W W W. N I C O L A C R O S BY.C O M

SPIRE REAL ESTATE LP OverviewSPIRE REAL ESTATE LP (SPIRE) consists of a diversified portfolio of income-producing real estate with a focus on longer term holds of assets primarily in Canada’s larger urban markets. SPIRE has an emphasis on delivering consistent wealth creation through a focus on property fundamentals: rental in-come, debt amortization, value-add and market appreciation. SPIRE’s diversified mix of real estate holdings include retail, office, industrial, self-storage, senior housing, hotel and multi-family (through an investment in SPIRE US LP). In addition, return on equity is targeted at 8%-10% over a minimum 5-10 year hold. SPIRE has a low tolerance for risk, as evidenced by a targeted portfolio leverage of 50% and individual investment’s minimum 200 basis point spread between cap rate and cost of debt. Distributions are currently 6.0%.

SPIRE offers the clients of Nicola Wealth Management (NWM) an opportunity to invest in direct real estate with an experienced management team. The management of Nicola Crosby continues to invest their own capital alongside the clients of NWM.

Contact InformationWayman Crosby, Managing Partner, Director

Nicola Crosby Real Estate Asset Management Ltd.

SPIRE General Partner Ltd.

420-1508 West Broadway

Vancouver, BC V6J 1W8

T: + 1-778-383-6941

E: wcrosby@nicolacrosby.com

Past performance is not indicative of future results.

PerformanceYTD 1 Year 3 Year 5 Year 10 Year Since Inception

Total Return+ 3.8% 10.5% 8.6% 8.9% 9.5% 9.5%

12 Month Trailing Distribution Yield 5.9%

Key Statistics

Investment Activity - Second QuarterNUMBER OF PROPERTIES

GROSS PURCHASE / SALEPRICE

0

Acquisitions 2 $25.8M

Dispositions -- --

Acquisitions Under Contract 1 $25.8M

Dispositions Under Contract -- --

Gross Asset Value by TypeGross Asset Value by LocationPortfolio Occupancy by SF^

Total Asset Value $768.9 million

Net Asset Value $438.0 million

Structure Limited Partnership

Inception Date December 2005

NAV Per Unit* $123.08

Number of Units 3,558,705

Debt Leverage Ratio 38%

Number of Assets 33

Total Square Feet 3,513,949

Portfolio Occupancy 91%

Average Cap Rate 6.3%

Average Cost of Debt 3.6%

Retail 19%

Office 27%

Industrial 22%

Other 4%

Self-Storage 11%

SPIRE US 7%

Alberta 32%

British Columbia

39%Ontario

12%

SPIRE US 7%

Manitoba 7%

Other 3%

Hotel 3%

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Industrial Retail Office Seniors Self Storage

Unoccupied

Occupied800,000

600,000

200,000

400,000

1,000,000

1,200,000

1,400,000

1,600,000

Self-StorageOfficeRetailIndustrial

Unoccupied

Occupied

Seniors

Seniors 7%

JUNE 30, 2017

84%

93%

98%

96%98%

$100,000

$130,000

$160,000

$190,000

$220,000

$250,000

$280,000

$310,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NICOLA CROSBY REAL ESTATE WWW.NICOLACROSBY.COM

$280,000

$250,000

$220,000

$160,000

$130,000$100,000

$190,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

$100,000 Invested Since Inception

Quarter Highlights

1333 North Service Road East, Oakville, ON – SPIRE has partnered with First Gulf for the construction of this property, which is forecast for completion in 2018. The property will be comprised of a brand new, 55,000 sf office building, 100% leased on a long term basis to the second largest general insurer in Canada. This transaction also includes two acres of excess land on which a second office building of approximately 35,000 sf can be constructed.

Disclaimer• Nicola Crosby is a subsidiary of Nicola Wealth Management• Past performance is not indicative of future results.• Returns are net of LP expenses.• This investment is only available for sale to residents of Canada

who are accredited investors. Please read the Limited Partnership Agreement and subscription documents for additional details and important disclosure information.

• Distributions are not guaranteed and may vary in amount and frequency over time.

• This does not constitute an offer of sale.• Please speak with a Nicola Wealth Management advisor to discuss

if this investment is right for you.• *NAV per unit is effective July 31, 2017. • +Returns are calculated on a monthly basis and may differ from

client returns which are updated with a 1 month lag.• 0

Reflects SPIRE’s percentage of ownership.• ̂ Quarter occupancy does not include hotel occupancy.

2016

$287,480

JUNE 30, 2017

Deerfoot Junction III, Calgary, AB - This building remains one of the highest occupied properties in its sub-market at just over 82%. Transactions during Q2 included a lease with a new tenant and the expansion of an existing tenant. In addition, a “show suite” program was initiated, which involves building out a vacant suite using building standard finishes. Being able to showcase a newly constructed suite will help leasing agents when touring prospective tenants through vacant suites.

SPIRE’s acquisition strategy remains focused on the BC and Ontario markets. There are several potential acquisitions in the pipeline which it hopes to announce next quarter.

25 & 75 Watline Avenue, Mississauga, ON – Acquired in May, this property is comprised of an 88,539 sf six-storey office building and a 69,271 sf single-storey flex-office building, situated on approximately 9.5 acres of land in the heart of Mississauga. Construction of the Hurontario-Main Light Rail Transit (LRT) line is scheduled to start in 2018, and a future station will be located within a short walking distance of the property. The size of the site, coupled with the excellent location, will provide an opportunity to add density in the future. With an overall occupancy of 96% and a diversified tenant roster, this asset will provide stable cash flow and increases SPIRE’s asset base in the Greater Toronto area.

Harbour Towers Hotel & Suites, Victoria, BC - As part of the City of Victoria’s approval process, the rezoning and development application was presented at the June 22nd Committee of the Whole meeting. The project was supported by City Councilors and will move forward to the next step, the Public Hearing. This is part of our overall strategy to significantly upgrade the asset to either new multi-family accommodation or hotel.

$310,000

2017

NEW

NEW

Aero Portfolio, Mississauga, ON - Further to the Q1 report, negotiations were completed to relocate and expand an existing tenant within the park. Work is well underway and the tenant is anticipated to be in the new premises in Q3. Due to the relocation, approximately 25% of the portfolio will be available once the tenant is in its new premises. In anticipation of the vacancy, an aggressive leasing program is under way.