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January 2025 Investor Presentation
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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”, “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. 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-International Financial Reporting Standards (“IFRS”) Financial Measures The REIT prepares and releases consolidated financial statements in accordance with International Financial Reporting 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, net operating income ("NOI"), normalized NOI, debt-to-gross book value (“Debt-to-GBV”), debt-to-adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA“) ratio, and net asset value (“NAV”), which 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 VANCOUVER Convertible development loans (“CDL”) on two properties under development 1 2 VICTORIA CDL on one property under development CALGARY 4 properties 665 suites 3 TORONTO 7 properties 2,484 suites Two properties under development 4 OTTAWA 13 properties 2,784 suites CDL on one property under development 5 MONTREAL 4 properties 1,793 suites 6 1 2 3 4 5 6 1. As at September 30, 2024 includes 5,062 suites owned directly by the REIT and 2,664 suites co-owned with institutional investors. 2. Average rent for occupied suites at September 30, 2024. 3. End of period occupancy for unfurnished suites as at September 30, 2024. 4. Based on the fair value of the REIT’s properties as at September 30, 2024. High-Quality Urban Multi-Family Canadian REIT 3 Institutional quality portfolio trading at deep discount to NAV and replacement cost 28 Properties 7,726 Suites1 97.4% Occupancy3 $1,969 Average Monthly Rent2 Ottawa 37% Toronto 36% Montreal 19% Calgary 8% Geographic Diversification4
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Investor Presentation Investment Thesis 4 High quality, urban portfolio well-positioned for strong Canadian apartment fundamentals Attractive FFO per unit growth from 2023 to 2025 based on consensus estimates Disciplined capital allocation decisions made to drive FFO per unit growth Small-cap REITs poised to outperform when fund flows into CAD REITs turn positive Capital structure improvements implemented to convert NOI growth into FFO per unit growth Ability to enter at attractive basis given material discount to NAV and historically low AFFO multiple
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Investor Presentation 97.8% 97.2% 97.1% 97.5% 97.4% 28% 22% 16% 20% 26% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2024 at a Glance 5 Performance Measures Leverage and Liquidity Q3 2024 Q4 2023 Debt-to-Gross Book Value Ratio 42.0% − 42.8% Debt-to-Adjusted EBITDA 10.79x − 11.79 x Weighted avg. term-to-maturity6 5.33 yrs − 5.84 yrs Weighted avg. effective interest rate6 3.53% + 3.39% Weighted avg. variable interest rate 6.25% − 7.25% % of fixed rate debt7 88% 88% % of CMHC-insured debt 79% + 75% Available liquidity8 $158.8 + $97.5 (in $millions, except per unit amounts) Q3 2024 vs Q3 2023 Revenue $39.8 −% NOI $26.4 + 2.1% NOI margin 66.2% + 140 bps Revenue – SPP $39.8 + 6.1% NOI – SPP $26.4 + 8.2% NOI margin – SPP 66.2% + 130 bps Normalized FFO3 $17.0 + 8.3% Normalized FFO/unit3 $0.2588 + 8.3% Normalized AFFO3 $15.4 + 9.7% Normalized AFFO/unit3 $0.2345 + 9.6% Gain-on-Lease Realized4 10.8% − (620) bps Gain-to-Lease Potential5 14.8% − (290) bps SPP Annualized Turnover2 Same Property Portfolio (“SPP”) 1 Unfurnished Closing Occupancy 1. The Same Property Portfolio excludes the results of the three Edmonton properties sold in 2023 and the two Ottawa properties sold in 2024. 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. 5. Delta between current average monthly rents and Management’s estimated market rents for occupied unfurnished suites. 6. On Term Debt, which is comprised of mortgages and Class C LP Units. 7. Fixed rate debt includes a variable rate mortgage fixed through an interest rate swap. 8. Liquidity represents the sum of the undrawn balance under the revolving credit facility and cash. Normalized FFO/unit growth3 (6.4)% 1.2% 4.4% 21.2% 27.3% 15.4% 8.3% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
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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 2024E 2025E 2026E Population Change Housing Starts • CMHC estimates 5.5 million new homes need to be built by 2030 to restore housing affordability in Canada; a 3.5 million shortfall from current forecast construction levels. The most acute supply gap is in Ontario at nearly 1.5 million homes. • Adjustments to the immigration targets announced in October 2024 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. • New Canadians predominantly settle In larger cities; in 2021 the majority (92.2%) of immigrants lived in census metropolitan areas1, compared to 67.7% of those born in Canada. • 46% of new permanent residents settled in cities where the REIT operates from January to November 2024. • Canada has averaged approximately 220,000 annual housing starts over the past ten years while the population has grown by approximately 535,000 on average annually, leading to an acute housing shortage. Significant Housing Supply Shortage Will Not Be Solved Soon Population growth has outpaced housing supply 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, Conference Board of 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 over the past 10 years. 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 Indexed to 2001 = 100 Canada Home Affordability Gap Wages / Employee Avg. 2BR Rent Teranet Home Price Index 6.52% CAGR 3.25% CAGR 2.99% CAGR
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Investor Presentation New Government Policies to Spur Rental Housing Supply The REIT, its peers, and various industry groups continue to work with various levels of government to help increase rental supply and maintain affordability 9 Management is encouraged by government policy announcements which are focused on increasing supply: • Removal of federal Goods and Services Tax and Ontario provincial sales tax portion of the Harmonized Sales Tax from construction of purpose-built rental properties; • An increase in the annual issuance limit by $20 billion to $60 billion for the Canada Mortgage Bond program to help boost the availability of low-cost funding on CMHC-insured mortgages; • Additional $15 billion for the Apartment Construction Loan Program; • The Frequent Builder framework which aims to accelerate construction of affordable and rental homes; • $4 billion Housing Accelerator Fund to incentivize municipalities to speed up the permitting process; • $1.5 billion Canada Rental Protection Fund to help preserve the affordability of existing homes and support the acquisition of new affordable homes; and • The Federal Government understands that REITs provide a critical channel for new investment in rental units; no changes to the tax treatment of REITs are being considered at this time. Sources: Infrastructure Canada, Department of Finance
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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 Average Monthly Rent Management's Estimate of Market Average Monthly Rent Percentage Gain-to-Lease Potential Annualized Estimated Gain-to- Lease Potential4 ($000s) Toronto 2,304 $2,254 $2,599 15.3% $5,541 Ottawa 2,655 1,816 2,128 17.2% 9,924 Calgary 644 1,864 2,040 9.4% 1,360 Montreal 1,743 2,040 2,288 12.2% 3,720 Total/Average 7,346 $1,969 $2,259 14.8% $20,545 Gain-to-Lease Potential of Total Portfolio at Q3 2024 Strong 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 for occupied unfurnished suites. 3. Data for occupied suites. Excludes 166 furnished suites, 119 vacant suites,59 suites leased for future occupancy and 36 suites offline for post move-out repairs and maintenance or repositioning. 4. For co-owned properties, reflects the REIT’s co-ownership interest only. 11 In Toronto, approximately 37% of the new leases in Q3 2024 were signed at Niagara West, a non -rent controlled property where expiring AMR are closer to market. Excluding Niagara West, realized gain-on-lease in Toronto was 14.2% and 11.3% across the portfolio. 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% $1,579 $1,599 $1,609 $1,613 $1,623 $1,630 $1,640 $1,651 $1,641 $1,655 $1,690 $1,714 $1,732 $1,769 $1,801 $1,837 $1,877 $1,911 $1,939 $1,969 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 0% 5% 10% 15% 20% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Realized Leasing Gains and Average Monthly Rent Realized Gain-on-New Leases (%)¹ Average Monthly Rent ($)²
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Investor Presentation 98.0% 97.8% 97.4% 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 Unfurnished Closing Occupancy Occupancy Has Remained Strong for Consecutive Quarters Occupancy is stable with further upside potential 12 Unfurnished Closing Occupancy Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Toronto 98.1% 98.6% 98.4% 98.2% 97.2% 95.8% 95.1% 96.2% Ottawa 98.5% 98.2% 97.5% 98.3% 98.2% 97.7% 98.9% 98.5% Alberta1 98.0% 99.1% 97.9% 98.6% 96.4% 99.1% 98.6% 96.8% Montreal 94.5% 94.4% 95.0% 95.7% 95.6% 96.2% 96.8% 96.9% Total Portfolio 97.6% 97.6% 97.2% 97.8% 97.3% 97.1% 97.5% 97.4% 1. In Q1 2023, the REIT sold one Edmonton property. In Q4 2023, the REIT completed its exit from the Edmonton market upon selling its remaining two properties.
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Investor Presentation Turnover will Slow as Rental Markets Tighten 13 Same Property Portfolio annualized turnover of 26% was slightly lower than Q3 2023 but occupancy remained strong 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. 28% 26% 31% 27% 19% 18% 22% 25% 50% 43% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Same Property Portfolio Annualized Turnover1 Same Property Portfolio Ottawa Toronto Montreal Calgary 97.0% 97.1%97.2% 96.9% 96.9% 95% 97% 98% 100% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Same Property Portfolio Average Unfurnished Occupancy
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Investor Presentation Suite Repositioning in Q3 2024 The REIT expects to reposition a total of 40 to 60 suites in 2024 14 11 properties with active programs 16 suites1 repositioned and leased $75.0k average cost per suite 8.8% average unlevered return 1. Suites repositioned presented at 100% rather than the REIT’s proportionate share. Fiscal Quarter Suites Repositioned and Leased1 Average Cost per Suite Average Annual Rental Increase/Suite Average Unlevered Return Q4 2023 18 $83,559 $9,886 11.8% Q1 2024 7 $69,350 $6,517 9.4% Q2 2024 13 $64,160 $6,200 9.7% Q3 2024 16 $75,024 $6,631 8.8% Total/Average 54 $74,250 $7,545 10.2% 41% of program completed • In Q3 2024, Management completed the repositioning of a penthouse suite in Montreal and given the limited number of suites renovated in the quarter, the average cost increased compared to previous quarters. • Management remains disciplined in reviewing each repositioning opportunity as it becomes available, assessing the market rent, incremental capital investment, and opportunity cost of the downtime required for renovation, among other factors.
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Investor Presentation $53m purchase price for the REIT’s share, representing a 5% discount on its share of the undiscounted price of $111.5m Funded by the 100% assumption of a $53m CHMC-insured mortgage (3.9% interest rate, December 2034 maturity) Will receive full repayment of the $14m CDL upon closing of the transaction Entering Metro Vancouver Market with 50% Purchase of Lonsdale Square from CDL Pipeline 15 113 Suites (at 100%) 50% Managing Ownership Interest $53m Purchase Price (REIT’s Share)
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Investor Presentation A Premium Newly-Constructed Asset 16 Transaction Highlights Entry into the Metro Vancouver market at a discount to market value Purchase price validation from an arm's length institutional investor Advances the high grading of the portfolio Creative transaction structure allows the purchase of a new asset without diluting cash flow per unit Net proceeds from the CDL repayment will be used to repay a portion of the REIT's revolving credit facility Expected to be accretive to FFO and AFFO per unit
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Investor Presentation Disciplined Approach to Capital Allocation Will Persist 17 (in $ millions, except suites) Ownership Interest1 Suite Potential Construction Underway Total CDL Commitment Total CDL Outstanding2 Estimated Stabilization(100%) (REIT Share) Development Richgrove TORONTO 100% 225 225 N/A N/A Q2 2026 Leslie York Mills TORONTO 50% 192 96 N/A N/A Q1 2027 Convertible Development Loans Lonsdale Square NORTH VANCOUVER 100% 113 113 $14.0 $14.0 Q4 2024 The Hyland VANCOUVER 85% 108 92 $19.7 $18.8 Q2 2025 88 Beechwood OTTAWA 100% 227 227 $51.4 $45.5 Q2 2025 University Heights VICTORIA 45% 594 267 $51.7 $43.4 Q4 2026 Total Development 1,459 1,020 $136.8 $121.7 Pre-Development High Park Village TORONTO 40% 688 275 On Hold N/A N/A N/A 1 For Intensifications, the REIT’s current ownership share; for CDLs, represents the REIT’s potential ownership share. 2 As at September 30, 2024; includes accrued interest. • The acquisition of a 50% managing interest in Lonsdale Square is expected to close in January 2025, at which time the REIT will receive repayment for the full CDL balance outstanding for that property • The Hyland and 88 Beechwood are expected to be stabilized in Q2 2025
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Investor Presentation Development Update – Ottawa and Toronto (as of November 12, 2024) 18 Richgrove Toronto 225 Suites (100 Affordable) Estimated Q2 2026 Stabilization 88 Beechwood Ottawa 227 Suites Estimated Q2 2025 Stabilization CDL Project ConceptProject Concept Foundation work and above grade forming continuesMasonry work and ground floor amenities complete, balcony work and installation of interior fixtures and finishings continues Project Concept The above grade slab is complete and above grade construction is underway REITREIT Leslie York Mills Toronto 192 Suites 50% Ownership Estimated Q1 2027 Stabilization
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Investor Presentation Development Update – Vancouver and Victoria (as of November 12, 2024) 19 Lonsdale Square North Vancouver 113 Suites Acquisition of 50% interest with expected closing in January 2025 University Heights Victoria 5 Towers 594 Suites Estimated Q4 2026 Stabilization The Hyland Vancouver 108 Suites Estimated Q2 2025 Stabilization Project ConceptCDL CDL Interior fixtures and finishings underway at first building; framing complete at second; slab work ongoing at remaining three Final suite and common area finishings underway, first tenant move-ins were in September Interior finishings are being finalized and residential move-ins and leasing continues to progress CDL
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20 Optimizing Capital Allocation in the Current Market
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Investor Presentation Strengthening the Balance Sheet & Disciplined Capital Allocation 21 Ottawa Asset Sales Tanglewood/Chesterton-Bowhill in Q1 2024 for $86m, $68m net proceeds paid down variable-rate debt Castleview for $69m, anticipated to close in January 2025, with ~$33.8m net proceeds to pay down variable-rate debt Upward Financing ~$70m of CMHC financing in Q4 2024 for 3 properties, each with a 5-year term at a fixed contractual rate of 3.62% ~$21m of additional conventional fixed-rate financing for Leslie York Mills in Q4 2024 at a fixed contractual rate of 4.42% to support ongoing development Disciplined Capital Allocation Decisions Waived on a ROFO presented by MPI in Q1 2024 for a stabilized multi-residential property Purchased $4.7m of Units under the NCIB in 2024 at a weighted average price of $14.03 per Unit CDL Repayment Proceeds $30m proceeds for Fifth + Bank in Q1 2024 used to pay down variable-rate debt $14m proceeds for Lonsdale Square expected in January 2025 will be used to pay down variable-rate debt Management has continued its focus on strengthening the balance sheet providing flexibility with respect to the REIT’s financing, operating, and investment strategies entering 2025. Upon closing of the Castleview sale, the REIT will have completed ~$200 million of non-core asset sales since the start of 2023. Vancouver Asset Acquisition Lonsdale Square for $53m at REIT’s share, anticipated to close in January 2025. Funded by the 100% assumption of a $53m CMHC-insured mortgage.
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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 Paying down high-cost variable-rate debt NCIB Potential purchase of The Hyland, and/or 88 Beechwood 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 5.33 yrs 3.53% 79% 88% 42.0% 10.79x $159m Weighted Avg. Term to Maturity - Term Debt1 Weighted Avg. Effective Interest Rate - Term Debt1 CMHC-Insured Total Debt2 Fixed Rate to Total Debt2 Debt-to-Gross Book Value Debt-to- Adjusted EBITDA Total Liquidity3 1 Term Debt includes mortgages and Class C LP Units. 2 Total Debt includes a credit facility, mortgages, a variable rate mortgage fixed through an interest rate swap, Class C LP Units, and the construction loan. 3 Total liquidity includes cash on hand and availability on the credit facility. ~$91m expected upward financing proceeds in Q4 2024 4% 12% 8% 2% 8% 13% 20% 33% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $- $50 $100 $150 $200 $250 $300 2024 2025 2026 2027 2028 2029 2030 Thereafter ($ millions) Balanced Term Debt1 Maturity Schedule Total Term Debt¹ Maturities % of Total Term Debt¹ Maturities Weighted average effective interest rate of maturing Term Debt¹
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24 Environmental, Social and Governance (“ESG”) Strategy
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Investor Presentation 2023 ESG Highlights Find our 4th Annual ESG Report on 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 c onsumption by 17% compared to our 2019 baseline Carbon Made strong progress towards me eting 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 Targeting GHG reduction of 80% which far exceeds the program’s 50% reduction requirement 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 Yorkville project is well underway, and some key milestones include: Completed a “duct seal” project in 2023 to reduce air leakage from the main ventilation, resulting in a 20% reduction in air leakage, which drives energy savings to deliver heating and cooling to the corridors. Installed a new higher efficiency domestic water booster pump with integrated controls. The old chiller, cooling tower and ancillary equipment were removed, and the new air source heat pump modules and heat recovery chiller have been installed. Integrating the new equipment into the existing heating and cooling systems is underway, the project is on track to be completed and commissioned by the end of January 2025. Targeting a 50% energy and 80% GHG emissions reduction
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27 Appendices
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Investor Presentation 100% REIT-Dedicated Seasoned Leadership with a Strong Track Record of Performance Paul Baron, Senior Vice President, Operations • Responsible for multi-residential property operations • Real estate professional with over 17 years of industry experience; joined Minto in 2008 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 17 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 24 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 23 years of experience; joined Minto in 2014; appointed CFO in January 2023 28
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Investor Presentation CDL Program Provides Development Level Returns without Commensurate Risk 29 $136.8m Committed1 $121.7m Advanced2 11% to 15% Potential Total Return3 1 Maximum commitment includes amounts to fund interest costs. 2 Total advanced as of September 30, 2024 3 Potential Total Return is inclusive of the 5% purchase option discount. Leverages The Minto Group’s long-standing development experience and relationships Earn interest income over the course of the development period Purchase option at 5% discount for highly attractive, newly built properties, well-located in key markets Insulation from development risks (e.g., project cost overruns, timing, lease-up risk)
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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 30 Administrative Support Agreement ("ASA") SUPPORTING the Operational Execution of Strategy at a Favourable Cost of $2.3 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 41% 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 • Cost recovery basis • 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 31
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Investor Presentation Urban Focus: Toronto 32 Richgrove and Martin Grove High Park Village Roehampton Leslie York Mills Minto Yorkville Niagara West REIT Property $2,254 AMR¹ per suite 95.2% QTD Average Occupancy² 15.3% 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 33 One80Five Parkwood Hills Aventura Castle Hill Skyline The Carlisle 88 Beechwood $1,816 AMR¹ per suite 98.4% QTD Average Occupancy² 17.2% 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 $2,040 AMR¹ per suite 96.3% QTD Average Occupancy² 12.2% Gain-to-Lease Potential³ Urban Focus: Montreal 34 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 35 $1,864 AMR¹ per suite 97.3% QTD Average Occupancy² 9.4% 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 Convertible Development Loan University Heights The Hyland Lonsdale Square (acquisition of 50% interest expected in January 2025) Urban Focus: Greater Vancouver and Victoria Areas 36
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