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September 2025 Investor Presentation Pictured (top to bottom): Niagara West, Toronto; Le 4300, Montreal; Lonsdale Square, Vancouver; Minto Yorkville, Toronto
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Investor Presentation Cautionary Statement General The presentation does not constitute an offer to sell or solicitation of an offer to buy any securities of Minto Apartment Real Estate Investment Trust. This presentation and our answers to questions do not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate an investment in securities of Minto Apartment Real Estate Investment Trust (the “REIT”, “us”, “we” or “our”). No representation or warranty, express or implied, is given and, so far as is permitted by law no responsibility or liability is accepted by any person, with respect to the accuracy or completeness of this presentation or its contents or our answers to questions. All dollar amounts in this presentation are stated in Canadian dollars and references to dollars or “$” are to Canadian currency, unless otherwise indicated. Graphs and tables demonstrating the historical performance of the REIT’s properties contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of future performance. Market and Industry Data This presentation includes market and industry data and forecasts that were obtained from third-party sources, industry publications and publicly available information as well as industry data prepared by management on the basis of its knowledge of the multi-residential rental sector in which the REIT operates (including management’s estimates and assumptions relating to the sector based on that knowledge). Management’s knowledge of the Canadian multi-residential rental sector has been developed through its experience and participation in the sector. Management believes that its industry data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness of this data. Third-party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. Although management believes it to be reliable, the REIT has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources. Forward-Looking Information This presentation contains “forward-looking information” as defined under Canadian securities laws (collectively, “forward-looking statements”) which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projected”, ”predict”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achieved” or “continue” and similar expressions identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the REIT. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this presentation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT’s estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the REIT’s future growth potential, results of operations, future prospects and opportunities, demographic and industry trends, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect, the continuing availability of capital and current economic conditions which include trade disputes, interest rate uncertainty, and inflation, among other factors. The REIT cautions readers not to place undue reliance on forward-looking statements, as they involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including but not limited to those risks and uncertainties described in the REIT’s regulatory filings, including the REIT’s Annual Information Form (“AIF”) and its most recent Management’s Discussion and Analysis of the results of operations and financial condition (“MD&A”), all of which can be obtained on SEDAR+ at www.sedarplus.ca. Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known or that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Certain statements included in this presentation may be considered a “financial outlook” for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this presentation. All forward-looking statements are based only on information currently available to the REIT and are made as of the date of this presentation. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For further details on forward-looking statements, see the sections entitled “Forward-Looking Statements” in the most recent MD&A. All forward-looking statements in this presentation are qualified by these cautionary statements. Non-IFRS Accounting Standards Financial Measures The REIT prepares and releases consolidated financial statements in accordance with IFRS Accounting Standards (“IFRS”). As a complement to results provided in accordance with IFRS, the REIT may also disclose and discuss in answers to questions certain non-IFRS financial measures including funds from operations ("FFO"), adjusted funds from operations ("AFFO"), normalized FFO, normalized AFFO, normalized FFO per unit, normalized AFFO per unit, normalized AFFO payout ratio, net operating income ("NOI"), NOI margin, debt-to-gross book value (“Debt-to-GBV”), debt-to-adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA“) ratio, net asset value (“NAV”), and select measures are presented on a Proportionate Share Basis. These are measures commonly used by publicly traded entities in the real estate industry. Management believes that these metrics are useful for measuring different aspects of performance and assessing the underlying operating performance on a consistent basis. However, these measures do not have a standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should strictly be considered supplemental in nature and not a substitute for financial information prepared in accordance with IFRS and should not be construed as an alternative to net income or cash flows provided by or used in operating activities or unitholders’ equity determined in accordance with IFRS. Further definitions and discussion of these non-IFRS measures and ratios and a reconciliation to comparable IFRS measures are provided in the most recent MD&A in the sections entitled “Non-IFRS and Other Financial Measures” and “Reconciliation of Non-IFRS Financial Measures and Ratios”. 2
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Investor Presentation 1 2 3 4 5 1. As at June 30, 2025 and includes 2,777 suites co-owned with institutional partners in Toronto, Montreal and Vancouver. 2. Average rent for occupied suites at June 30, 2025. 3. End of period occupancy for unfurnished suites as at June 30, 2025. 4. Based on the fair value of the REIT’s properties as at June 30, 2025. High-Quality Urban Multi-Family Canadian REIT 3 Institutional quality portfolio trading at deep discount to NAV and replacement cost 28 Properties 7,598 Suites1 95.9% Occupancy3 $2,060 Average Monthly Rent2 VANCOUVER 1 property 113 suites 1 CALGARY 4 properties 665 suites 2 TORONTO 7 properties 2,484 suites 417 suites in development 3 OTTAWA 12 properties 2,543 suites 4 MONTRÉAL 4 properties 1,793 suites 5 36% 35% 19% 8% 2% Geographic Diversification4
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Investor Presentation Investment Thesis 4 High quality, urban portfolio well-positioned for resilient Canadian apartment fundamentals Financial flexibility to manage the current economic uncertainty Disciplined capital allocation decisions made to strengthen FFO per unit Small-cap REITs poised to outperform when fund flows into CAD REITs turn positive Strong execution of strategic objectives including asset sales, upward refinancings and Unit repurchases Ability to enter at attractive basis given material discount to NAV and historically low AFFO multiple
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Investor Presentation Q2 2025 vs Q2 2024 Revenue $38.5 (1.1)% NOI $24.4 (1.9)% NOI margin 63.5% (50) bps Unfurnished revenue – SPP $33.6 3.3% Furnished revenue – SPP $1.7 (19.1)% Commercial revenue – SPP $0.3 (12.1)% Revenue – SPP $38.5 2.3% NOI – SPP $24.4 1.6% NOI margin – SPP 63.5% (40) bps Normalized FFO3 $15.1 (5.9)% Normalized FFO/unit3 $0.2391 (2.5)% Normalized AFFO3 $13.5 (6.6)% Normalized AFFO/unit3 $0.2136 (3.2)% Normalized AFFO Payout Ratio3 60.9% 370 bps Gain-on-Lease Realized4 4.7% (630) bps Gain-to-Lease Potential5 10.4% (530) bps Q2 2025 at a Glance 5 Performance Measures Leverage and Liquidity – Proportionate Share Basis6 Q2 2025 Q4 2024 Debt-to-Gross Book Value Ratio 43.3% 42.5% Debt-to-Adjusted EBITDA 11.49x 11.04x Weighted avg. term-to-maturity 5.26 yrs 5.04 yrs Weighted avg. effective interest rate7 3.60% 3.61% Weighted avg. variable interest rate 4.84% 5.42% % of fixed rate debt8 98% 95% Available liquidity9 $136.6 $187.7 (in $millions, except per unit amounts) 97.6% 97.3% 95.8% 96.1% 96.0% 20% 26% 22% 16% 24% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 SPP Annualized Turnover2 Same Property Portfolio (“SPP”) 1 Unfurnished Closing Occupancy 1. The Same Property Portfolio excludes the results of properties sold or acquired in 2024 and 2025. 2. Annualized turnover is calculated as the number of move-outs for the period divided by total number of unfurnished suites in the portfolio. This percentage is extrapolated to determine an annual rate. 3. Excludes the impact of nonrecurring items not indicative of the REIT’s typical operations. 4. Average percentage increase in new rents compared to expiring rents on new leases of unfurnished suites on a Proportionate Share Basis. 5. Delta between current average monthly rents and Management’s estimated market rents for occupied unfurnished suites on a Proportionate Share Basis. 6. Proportionate Share Basis includes one property accounted for using the equity method. 7. On Term Debt, which is comprised of mortgages and Class C LP Units. 8. Fixed rate debt includes a variable rate mortgage fixed through an interest rate swap. 9. Liquidity represents the sum of the undrawn balance under the revolving credit facility and cash. $0.245 $0.259 $0.241 $0.221 $0.239 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Normalized FFO/unit3 -2.5% YoY
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6 Compelling Canadian Multi-Family Fundamentals
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Investor Presentation (200,000) 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E Population Change Housing Starts • CMHC estimates the average annual number of new housing starts must double to up to 480k starts per year to restore housing affordability in Canada by 2035. The most acute shortages are in census metropolitan areas1 (“CMA”), specifically Montreal, Ottawa, Toronto, Vancouver and Calgary. • CMHC acknowledged the magnitude of this challenge and indicated that achieving this target will require a significant increase in the workforce, substantial private sector development, and technological advancements that improve productivity. • Adjustments to immigration targets are expected to result in moderate population decline of 0.2% for 2025 and 2026, before a return to growth of 0.8% in 2027. By 2035, Canada’s population is estimated to grow to 44.5 million (+8.2% from 2024). • New Canadians predominantly settle In larger cities; in 2021 the majority (92.2%) of immigrants lived in CMAs, compared to 67.7% of those born in Canada. 56% of new Canadians settled in cities where the REIT currently operates in the first six months of 2025. • Canada has averaged approximately 227k annual housing starts over the past ten years while the population has grown by approximately 595k on average annually, contributing to an acute housing shortage. Significant Housing Supply Shortage Will Not Be Solved Soon Over the last decade, population growth has, on average, outpaced housing starts in all the REIT’s key markets and Canada at large 7 1 Census metropolitan areas are defined as urban centres with 100,000+ residents Sources: Canada Mortgage and Housing Corporation (“CMHC”); Immigration, Refugees and Citizenship Canada; Statistics Canada. And… existing shortage of housing supply is a major driver of rental demand
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Investor Presentation Rental is an Attractive Alternative Given Large Housing Affordability Gap Wide housing affordability gap will persist with housing supply shortage Sources: Statistics Canada, CMHC, Teranet and Urbanation. • Average rents have tracked wage growth closely, while home ownership costs have significantly outpaced incomes. • Renting has become an increasingly attractive option for Canadians. The proportion of people who rent instead of owning a home has increased for all age groups from 2011 to 2021. The affordability pressures, behavioural preferences, and demographic trends are driving this change and will continue to fuel it in the years ahead. 8 75 100 125 150 175 200 225 250 275 300 325 350 375 400 425 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Indexed to 2001 = 100 Canada Home Affordability Gap Avg. Hourly Wage Avg. 2BR Rent Teranet Home Price Index 6.39% CAGR 3.39% CAGR 3.16% CAGR
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Investor Presentation Federal Government’s Commitments and Proposals to Increase Supply and Restore Affordability for Canadians Outcome of policy promises made by the Liberal party remain to be seen, and have been met with mixed reactions among industry experts and stakeholders 9 The Federal Government’s National Housing Strategy, established in 2018, is a 10+ year $115+ billion plan to build more homes. As of March 2025, $65.8 billion was committed through various programs aimed to accelerate the construction of new homes, protect existing affordable housing, provide or enhance funding options for builders and buyers, and streamline the municipal approvals process, among other initiatives. The new Liberal government made several policy promises during its campaign, including: • Removal of GST for first-time homebuyers (<$1M purchase price); • Creation of new Crown corporation to act as a developer overseeing construction of affordable homes, providing over $25 billion in financing to innovative prefabricated home builders in Canada and $10 billion in low-cost financing and capital to affordable home builders • Cutting municipal development charges in half for multi-residential housing, reintroducing tax incentives for rental housing, facilitating conversions of existing structures to affordable housing and reducing bureaucratic, zoning and other restrictions to builders. Sources: Housing, Infrastructure and Communities Canada, Liberal Party of Canada
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10 Well-Positioned for Future NOI & Cash Flow per Unit Growth
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Investor Presentation Geographic Node Total Suites3 Current AMR Management’s Est. of Market AMR % Gain-to-Lease Potential Annualized Est. Gain- to-Lease Potential4 ($000s) Toronto 2,293 $2,345 $2,566 9.4% $3,545 Ottawa 2,365 1,884 2,149 14.0% 7,513 Calgary 633 1,895 1,917 1.1% 162 Montreal 1,746 2,119 2,340 10.4% 3,329 Vancouver 102 3,340 3,315 (0.8)% – Total/Average 7,139 $2,060 $2,275 10.4% $14,549 Gain-to-Lease Potential of Total Portfolio at Q2 2025 Steady Rent Growth and Potential Gains to be Realized 1. Average percentage increase in new rents compared to expiring rents on new leases of unfurnished suites. 2. Average monthly rent (“AMR”) for occupied unfurnished suites. 3. Data for occupied suites. Excludes 146 furnished suites, 181 vacant suites, 109 suites leased for future occupancy and 23 suites offline for post move-out repairs and maintenance or repositioning. 4. For co-owned properties, reflects the REIT’s effective ownership interest only. 11 12.9% 13.6% 9.1% 9.4% 2.1% 7.6% 5.9% 4.4% 7.2% 10.8% 12.1% 14.5% 16.6% 16.9% 16.2% 17.0% 16.1% 12.5% 11.0% 10.8% 11.2% 5.4% 4.7% $1,579 $2,060 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 0% 5% 10% 15% 20% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Realized Leasing Gains and Average Monthly Rent Realized Gain-on-New Leases (%)¹ Average Monthly Rent ($)²
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Investor Presentation Occupancy in Certain Markets Temporarily Impacted by New Supply Management has been active in implementing strategies including a combination of tactical promotion, marketing campaigns, and a targeted renewal program to bolster occupancy 12 Unfurnished Closing Occupancy Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Toronto 98.2% 97.2% 95.8% 95.1% 96.2% 95.1% 95.0% 95.6% Ottawa 98.3% 98.2% 97.7% 98.9% 98.5% 96.5% 96.4% 95.8% Calgary 99.5% 96.4% 99.1% 98.6% 96.8% 93.1% 95.6% 95.2% Montreal 95.7% 95.6% 96.2% 96.8% 96.9% 96.5% 97.2% 97.1% Vancouver N/A N/A N/A N/A N/A N/A 97.4% 90.3% Total Portfolio1 97.8% 97.3% 97.1% 97.5% 97.4% 95.8% 96.2% 95.9% 1. Total Portfolio includes properties in Edmonton from Q3 2023. The REIT exited the Edmonton market in Q4 2023. 98.0% 97.5% 95.9% 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Unfurnished Closing Occupancy
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Investor Presentation Elevated Turnover Driven by Increased Supply in Certain Markets Despite higher turnover, the REIT’s leasing strategies have maintained occupancy levels 13 1. The number of move-outs for the period divided by total number of unfurnished suites in the portfolio. Annualized turnover extrapolates the quarterly turnover rate to determine an annual rate and as such it is not necessarily representative of a full year's turnover. 20% 24% 18% 22% 16% 20% 18% 19% 34% 46% Q3 2024 Q4 2024 Q1 2025 Q1 2025 Q2 2025 Same Property Portfolio Annualized Turnover1 Same Property Portfolio Ottawa Toronto Montréal Calgary
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Investor Presentation New Commercial Leases will Support Revenue Growth in 2026 Vacancy will be reduced to approximately 2% or 2,500 sq ft of the REIT’s commercial portfolio 14 The Carlisle | Ottawa Lease Start: June 2025 Space: 5,759 sq ft Kaleidoscope | Calgary Lease Start: November 2025 Space: 7,700 sq ft Minto Yorkville | Toronto Lease Start: January 2026 Space: 10,200 sq ft New commercial leases represent an estimated combined gross annual rent of over $1.0 million
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Investor Presentation Fiscal Quarter Suites Repositioned and Leased1 Average Cost per Suite Average Annual Rental Increase/Suite Average Unlevered Return Q3 2024 16 $75,024 $6,631 8.8% Q4 2024 12 $53,461 $4,982 9.3% Q1 2025 12 $92,665 $8,660 9.3% Q2 2025 18 $103,426 $8,340 8.1% Total/Average 58 $82,445 $7,201 8.7% Suite Repositioning in Q2 2025 The REIT expects to reposition a total of 50 to 70 suites in 2025 15 11 properties with active programs 18 suites1 repositioned and leased $103.4k average cost per suite 8.1% average unlevered return 42% of program completed The average cost per suite for Q2 2025 was elevated due to the renovation of two penthouse suites at Minto Yorkville, which required higher capital investment driven by the larger relative suite size and premium finishes. 1. Suites repositioned presented at 100% rather than the REIT’s proportionate share.
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Investor Presentation The Towns at York Mills and Leslie 3-Storey Terrace Homes 192 Suites Q4 2027 est. stabilization 610 Martin Grove 20-Storey Residential Tower 225 Suites (100 Affordable) Q4 2026 est. stabilization Building Value at Existing Communities in Toronto Construction is well-underway at both on-balance sheet development projects 16
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Investor Presentation Disciplined Approach to Capital Allocation Will Persist 17 (in $ millions, except suites) Ownership Interest1 Suite Potential Estimated Stabilization Total CDL Commitment2 Total CDL Amount Outstanding2(100%) (REIT Share) Development 610 Martin Grove TORONTO 100% 225 225 Q4 2026 N/A N/A The Towns at York Mills and Leslie TORONTO 50% 192 96 Q4 2027 N/A N/A Convertible Development Loans Fifth + Bank OTTAWA REIT waived purchase option – June 2023 N/A N/A The Hyland VANCOUVER REIT allowed purchase option to expire – February 2025 N/A N/A 88 Beechwood OTTAWA 100% 227 227 Q3 2025 $51.4 $47.6 University Heights VICTORIA 45% 593 267 2027 $51.7 $45.6 Total Development & CDL 1,237 815 $103.1 $93.2 Pre-Development (ON HOLD) High Park Village TORONTO 40% 688 275 N/A N/A N/A 1 For Intensifications, represents the REIT’s current ownership share; for CDLs, represents the REIT’s potential ownership shar e. 2 As at June 30, 2025. For total CDL amount outstanding, includes accrued interest. Management anticipates a temporary FFO reduction from the developments as they begin lease-up in Q4 2025 • On April 30, 2025, the REIT received repayment of the $19.4 million CDL associated with The Hyland in Vancouver. • On August 13, 2025, at the request of the borrower to provide a lease-up buffer, the REIT agreed to amend the 88 Beechwood CDL to: – Extend the maturity date of the CDL and the REIT's option to purchase the property to December 31, 2026 – Increase the total commitment to $53.5 million from $51.4 million to account for the additional interest payable – Effective January 1, 2026, the loan will be prepayable at any time and bear interest at a fixed spread of 500 basis points over the base rate for the REIT's variable-rate revolving credit facility. This represents an increase to an implied interest rate of ~8%, compared to the CDL’s current fixed interest rate of 6%.
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Investor Presentation Entered Metro Vancouver Market with 50% Purchase of Lonsdale Square $53.0m purchase price for the REIT’s share, representing a 5% discount to the total purchase price of $111.5m, funded by the 100% assumption of a $52.9m CMHC-insured mortgage 18 Transaction Highlights ✓ Entry into the Metro Vancouver market at a discount to market value ✓ 50% managing ownership interest ✓ Purchase price validation from an arm's length institutional investor ✓ Creative transaction structure allows the purchase of a new asset without diluting cash flow per unit ✓ No incremental equity was required ✓ Net proceeds from the $14.0m CDL repayment were used to repay a portion of the REIT's revolving credit facility ✓ Advances high-grading of portfolio and ESG objectives
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19 Optimizing Capital Allocation in the Current Market
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Investor Presentation Since November 2024, the REIT purchased the maximum Units allowable under the current NCIB, representing 5% of the units issued and outstanding at the beginning of the program. Unit repurchases have been accretive to cash flow per unit and NAV per unit The NCIB remains an attractive use of capital for the REIT Management expects to renew the NCIB program NCIB Program Completed The REIT purchased 3,283,584 Units, the maximum allowable under the current NCIB program 20 3,283,584 Units Purchased and Cancelled $43.9M Total Capital Deployed1 $13.37 Weighted Average Price per Unit 1 Total cost before transaction costs.
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Investor Presentation Cumulative Impact of the Capital Recycling Program 21 June 30, 2025 28 Properties December 31, 2022 32 Properties Geographic Diversification1 Geographic Diversification1 Ottawa Toronto Montreal Edmonton Calgary Vancouver 1 Based on the fair value of the REIT's properties at period end. 2 Presented on a proportionate share basis, which includes one property accounted for using the equity method. 8,291 Suites (100% Share) 7,598 Suites (100% Share) 11.5x 43.3% 2%46 $38m Debt-to-Adj. EBITDA2 12.4x Debt-to- GBV2 40.6% % Variable- Rate Debt 24% Avg. Portfolio Age (Years) 48 CAPEX Spend in 2022 $52m Debt-to-Adj. EBITDA2 Debt-to- GBV2 % Variable- Rate Debt Avg. Portfolio Age (Years) CAPEX Spend in 2024 35% 36% 19% 8% 2%
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Investor Presentation Optimizing Capital Allocation The REIT will remain disciplined with its capital allocation decisions Debt sources including upward financing and availability on revolving credit facility CDL repayment proceeds Opportunistic asset sales Partnerships and joint ventures Equity issuance, although not at this time NCIB Maintaining low variable-rate debt exposure Existing on-balance sheet intensifications and CDL commitments Distributions Suite repositioning and value-enhancing capital Sources Uses 22
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Investor Presentation Maintaining a Balanced Maturity Schedule 23 5.26 yrs 3.60% 88% 98% 43.3% 11.49x $137m Weighted Avg. Term to Maturity - Term Debt1 Weighted Avg. Effective Interest Rate - Term Debt1 CMHC-Insured Total Debt2 Fixed Rate to Total Debt2 Proportionate Debt-to-GBV Proportionate Debt-to-Adj. EBITDA ratio Total Liquidity3 1 Term Debt includes mortgages and Class C LP Units and is presented on a Proportionate Share Basis which includes a property accounted for using the equity method. 2 Total Debt includes a revolving credit facility, mortgages, a variable-rate mortgage fixed through an interest rate swap, Class C LP Units, a construction loan, and is presented on a Proportionate Share Basis which includes a property accounted for using the equity method. 3 Total liquidity includes cash on hand and availability on the revolving credit facility and is presented on a Proportionate Share Basis which includes a property accounted for using the equity method. Proportionate Term Debt1 Maturity Schedule 6% 7% 2% 11% 19% 18% 37% • In Q2 2025, the REIT upward financed one mortgage for net proceeds of $9.0 million In Q2 2025, the REIT reduced the total commitment of the credit facility to $150m, resulting in lower liquidity
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24 Sustainability Strategy
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Investor Presentation 2023 Sustainability Highlights For more information on our impact, refer to our website 25 Recognition Earned Disclosure Level A with a score of 96 in the 2023 Global Real Estate Sustainability Benchmark (“GRESB”) Public Disclosure evaluation and a 3-star rating and Green Star Designation with a score of 78 in the 2023 GRESB Real Estate Assessment Diversity Earned a score of 76%, surpassing the industry average by 9.4% in our annual Diversity, Equity & Inclusion (“DEI”) survey, reflecting our commitment to strengthening our culture and improving the employee experience Engaged Employees Received an employee engagement score of 4.14 out of 5, higher than 53% of participating businesses Mentorship Launched a Mentorship Program to foster growth and belonging with 12 mentors and 13 mentees joining in the first month Culture Employees received 3,532 nominations through the BRAVO! recognition program, demonstrating our strong company culture Energy Reduced rental property energy consumption by 17% compared to our 2019 baseline Carbon Made strong progress towards meeting our net zero carbon goals by cutting rental property carbon emissions by 16% compared to our 2019 baseline Sustainability Invested $1.7M in environmental sustainability projects across our properties ENVIRONMENTCOMMUNITYGOVERNANCE
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Investor Presentation Minto Yorkville Part of the City of Toronto’s Deep Retrofit Challenge Building performance is tracking in-line with targets 26 ESG | ENVIRONMENTAL IMPACT In December 2022, Minto Yorkville was accepted into the City of Toronto’s Deep Retrofit Challenge, initiated to accelerate emissions reductions from buildings in the city and identify replicable pathways to net zero. Buildings are the primary source of greenhouse gas (“GHG”) emissions in the city, generated primarily by burning fossil fuels for space heating and hot water. The construction phase is now complete. Projects included: A “duct seal” to reduce air leakage from the main ventilation, resulting in a 20% reduction in air leakage, driving energy savings to deliver heating and cooling to the corridors. Installed a new higher efficiency domestic water booster pump with integrated controls. Removal of the old chiller, cooling tower and ancillary equipment. Installation of new air source heat pumps and heat recovery chiller including piping connections from new equipment to existing systems. Targeting a 50% energy and 80% GHG emissions reduction System monitoring will continue to optimize performance.
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27 Appendices
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Investor Presentation 100% REIT-Dedicated Seasoned Leadership with a Strong Track Record of Performance Michelle Calloway | Senior Vice President, Property Operations • Responsible for multi-residential property operations • 20 years of experience in residential and multi-family property management; joined Minto in 2025 Glen MacMullin | Chief Investment Officer • Responsible for investment transactions and investment management for the REIT • Finance and investment professional with over 32 years of experience; joined Minto in 2008 Marie-Hélène Labbé | General Counsel and Corporate Secretary • Responsible for legal and corporate governance matters • Legal professional with over 18 years of experience; joined Minto in 2024 Jonathan Li | President and Chief Executive Officer • Responsible for overall strategic direction of the REIT, including investment performance and growth, capital structure and communication with key stakeholders • Over 25 years of capital markets and advisory experience; joined Minto in 2022; appointed CEO in April 2023 Edward Fu | Chief Financial Officer • Responsible for overall strategic and financial management, including financial reporting, long-range business planning, treasury and tax • Finance professional with over 24 years of experience; joined Minto in 2014; appointed CFO in January 2023 28
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Investor Presentation REIT Leadership Structure and ASA Supporting Functions INTERNALIZED LEADERSHIP Guiding the REIT’s Strategy and Execution Jonathan Li, President & CEO Strategic Direction | Portfolio & Corporate Strategy | Investment Management Capital Allocation | Talent Management | Capital Market & Investor Relations Edward Fu, CFO Financial Strategy | Planning, Forecasting & Reporting Regulatory Compliance | Risk Management | Investor Relations 29 Administrative Support Agreement ("ASA") SUPPORTING the Operational Execution of Strategy at a Favourable Cost of $2.4 million/annum HR IT Accounting & Finance Government Relations Risk Management Sustainability & ESG Asset & Capital Management Financial Planning & Analysis External Reporting Legal Treasury Tax
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Investor Presentation Benefits from Relationship with The Minto Group Minto and its affiliates retain a 43% interest in the REIT, ensuring its interests are aligned with unitholders Administrative Support Agreement Development and Construction Management Agreement Strategic Alliance Agreement • Administrative services provided by Minto • 5-year renewal option exercised, commencing July 3, 2023 • No cost termination • Minto granted option to develop projects it brings to the REIT • Development & construction fees at market rate • Coterminous with Strategic Alliance Agreement • Right of First Opportunity on all Opportunities presented by Minto • Automatic termination upon the later of: oTermination of the ASA, and oMinto equity interest in REIT less than 33% Established institutional relationships to facilitate growth Highly scalable platform to service REIT Proven governance and reporting capabilities Access to a fully integrated development platform Corporate-level management and support services Arrangements with The Minto Group of Companies 30
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Investor Presentation Urban Focus: Toronto 31 Richgrove and Martin Grove High Park Village Roehampton Leslie York Mills Minto Yorkville Niagara West REIT Property $2,345 AMR¹ per suite 94.4% QTD Average Occupancy² 9.4% Gain-to-Lease Potential³ 1 Average monthly rent for occupied unfurnished suites 2 Ratio of occupied unfurnished suites to the weighted average of the total unfurnished suites in the portfolio ³ Represents the gap between Management's estimate of monthly market rent and average monthly in- place rent per suite
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Investor Presentation Urban Focus: Ottawa 32 One80Five Parkwood Hills Aventura Castle Hill Skyline The Carlisle 88 Beechwood $1,884 AMR¹ per suite 95.9% QTD Average Occupancy² 14.0% Gain-to-Lease Potential³ 1 Average monthly rent for occupied unfurnished suites 2 Ratio of occupied unfurnished suites to the weighted average of the total unfurnished suites in the portfolio ³ Represents the gap between Management's estimate of monthly market rent and average monthly in- place rent per suite REIT Property Convertible Development Loan
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Investor Presentation $2,119 AMR¹ per suite 96.6% QTD Average Occupancy² 10.4% Gain-to-Lease Potential³ Urban Focus: Montreal 33 Haddon Hall Le 4300 Rockhill Le Hill-Park 1 Average monthly rent for occupied unfurnished suites 2 Ratio of occupied unfurnished suites to the weighted average of the total unfurnished suites in the portfolio ³ Represents the gap between Management's estimate of monthly market rent and average monthly in- place rent per suite REIT Property
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Investor Presentation Urban Focus: Calgary 34 $1,895 AMR¹ per suite 94.3% QTD Average Occupancy² 1.1% Gain-to-Lease Potential³ REIT Property Laurier Kaleidoscope The Quarters The International 1 Average monthly rent for occupied unfurnished suites 2 Ratio of occupied unfurnished suites to the weighted average of the total unfurnished suites in the portfolio ³ Represents the gap between Management's estimate of monthly market rent and average monthly in- place rent per suite
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Investor Presentation University Heights Lonsdale Square Urban Focus: Vancouver and Greater Victoria 35 REIT Property Convertible Development Loan $3,340 AMR¹ per suite 90.9% QTD Average Occupancy² (0.8)% Gain-to-Lease Potential³ 1 Average monthly rent for occupied unfurnished suites 2 Ratio of occupied unfurnished suites to the weighted average of the total unfurnished suites in the portfolio ³ Represents the gap between Management's estimate of monthly market rent and average monthly in- place rent per suite
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