PAUL STEWART, BA, AACI, P. APP.

Education
Bachelor Degree, Double major in Business and Economics,
University of Guelph, Ontario, 1984


Professional Affiliations
- Appraisal Institute of Canada, (AACI) 1996
- Appraisal Institute (Associate MAI)


Professional Career
- Stewart Valuation Ltd. and valuation-net.com, Dec/99 to Present

- February 1999 – December 1999
Fish Marks Jenkins Real Estate Consulting
Senior Consultant

- January 1996 – January 1999
Colliers International Realty Advisors Inc.
Senior Consultant

- June 1993 – December 1995
Edward F. Heberger & Associates - Connecticut, USA
Senior Consultant

- April 1984 – May 1993
Warren Stewart & Associates, Toronto
Senior Consultant

Experience
Experienced in the valuation of a wide range of property types including, retail, office and industrial properties, as well as hotels, development land, recreational facilities, mining properties and many special use facilities. Currently specializing in investment grade office, retail and industrial property.

Consulting assignments have included highest and best use studies, feasibility studies and market studies. Extensive use of Geographic Information Systems (GIS) performing comprehensive trade area demographic analysis, gravity modelling and projecting retail capture rates.

Financial modelling using the latest versions of Argus and Project for investment properties.

Published Articles
- Valuing a Real Estate Partnership Interest: Liquidity Discount Factor vs. a Quantified Analysis. Published in the 1995 spring edition of ACTEC Notes, a quarterly of the American College of Trust and Estate Counsel.
- Real Estate and Bandwidth – Does the Building Have the Backbone? Published in Spring 2000 edition of the Canadian Appraiser, a quarterly of the Appraisal Institute of Canada.

Expert Witness
Extensive experience in tax assessment appeals working for both the tax authorities and property owners. Qualified as an expert witness in the US Courts on matters relating to property valuation in tax and civil litigation cases and has appeared on numerous occasions in State and Superior Court, Connecticut, U.S.A.

Development
Acquired and rezoned vacant residential land, and constructed townhouses.

Securities
Former President and Compliance Officer of a registered securities dealer in the Province of Ontario between 1989 and 1993.

Selected Appraisal and Consulting Assignments include:

Retail
Ambassador Plaza, Windsor, Ontario Zellers anchored community plaza 2000
Kanata Centrum, Kanata, Ontario Entertainment Anchored Shopping Centre 2000
Cloverdale Mall, Etobicoke Enclosed Community Shopping Centre 1998
Meadowvale Town Centre, Mississauga Enclosed Community Shopping Centre 1998
Gerrard Square, Toronto Enclosed Community Shopping Centre 1998
Gerrard Square, Toronto Enclosed Community Shopping Centre 1998
Place de la Cathedrale, Montreal Downtown, 2-Level Retail Concourse 96/97/98
Georgian Mall, Barrie - Regional Shopping Centre Regional Shopping Centre 1997
North York Sheridan Mall, North York Portfolio of Seven Kmart Plazas located across Canada 1998
Moringside Mall, Scarborough Portfolio of Seven Kmart Plazas located across Canada 1997
Summit REIT, 29 Retail Properties across Canada Oshawa Foods Retail Portfolio 1997
Shoppers World Danforth, Toronto Regional Shopping Centre 1997
Shoppers World Albion, Toronto Regional Shopping Centre 1997
Kingspoint Plaza, Brampton 168,000 s.f. Community Shopping Centre
Heart Lake Town Centre, Brampton 130,000 s.f. Neighbourhood Shopping Centre
Kipling Queensway Mall, Etobicoke 260,000 s.f. Shopping Centre
Shoppers World Brampton, Brampton 770,000 s.f. Regional Mall
Woodland Court Shopping Centre, Richmond Hill 60,00- s.f. Multi-Tenant Retail
Portfolio of Seven Kmart Plazas located across Canada Seven Community Shopping Centres
Shaws Plaza, Plaistow, New Hampshire 152,000 s.f. Community Centre - grocery anchor
School Street Square, East Hartford, CT. 148,000 s.f. Community Centre - grocery anchor
East Hartford Plaza, East Hartford CT. 105,000 s.f. Neighbourhood Centre - grocery anchor
Avon Marketplace, Avon, CT. 80,000 s.f. Community Centre - upscale apparel
Hamden Plaza, Hamden, CT. 180,000 s.f. Community Centre - mixed, junior anchors
Office
3190 Steeles Avenue East, Markham 58,000 s.f. Class A 2000
100 Borough Drive, Scarborough 230,000 s.f. – single-tenant 2000
First Canadian Place, 100 King Street West, Toronto 2,500,000 s.f. Class AA 1999
161 Bloor Street East, Toronto 250,000 s.f. Class A 1999
130 Bloor Street West, Toronto 200,000 Class B 1999
Millennium Tower, Calgary 450,000 s.f. Class A 1998
Place Bonaventure, Montreal 3,000,000 s.f. Mixed Use Complex 1998
North American Centre Phase I & II, Toronto 1,150,000 s.f. Class A 96/97/98
BCE Place, Canada Trust Tower, 161 Bay Street, Toronto 1,200,000 s.f. Class A 96/97/98
One Financial Place, 1 Adelaide Street East, Toronto 810,000 s.f. Class A 96/97/98
Constitution Square Phase I & II, Toronto 715,000 s.f. Class A 96/97/98
Place de la Cathedrale, Montreal 480,000 s.f. Class A 96/97/98
One University Avenue, Toronto 250,000 s.f. Class A 96/97/98
155 Gordon Baker Road, Toronto 220,000 s.f. Class A 96/97/98
Canterra Tower, Calgary 820,000 s.f. Class A 96/97/98
Bow Valley Square, Calgary, Phase 1 - 4 1,470,000 s.f. Class A 96/97/98
Marine Building, Vancouver 173,000 s.f. Class A 96/97/98
Guiness Tower, Vancouver 255,000 s.f. Class A 96/97/98
Oceanic Plaza, Vancouver 345,000 s.f. Class A 96/97/98
Waterpark Place 1 & 2, 10 & 20 Bay Street, Toronto 300,000 & 500,000 s.f. Class A 96/97/98
1 Mount Pleasant, 321 Bloor Street, Toronto 730,000 s.f. Head Office 1997
10 & 20 Carlson Court, Etobicoke 423,369 s.f. Class A Suburban 1997/98
300 Consilium Place, Scarborough 327,000 s.f. Class A Suburban 1996
Standard Life Centre, 121 King Street, Toronto 500,000 s.f. Class A 1996
100 Sheppard Avenue West, North York 250,000 s.f. Class A 1996
Century Place, Belleville 110,000 s.f. Class A 1997
33, 55, 77 & 201Mississauga City Centre (Hammerson) 808,000 s.f. Class A 1997
370 King Street, Toronto 205,000 s.f. Class B 1996
York Mills Centre, North York 550,000 s.f. Mixed Class A & Retail 1996
1 City Centre Drive, Mississauga 380,000 s.f. Class A 1996