Investor Day Presentation...Non‐Reliance ... Central Toronto location surrounded by parks and...

Investor Day Presentation

September 25, 2019

Cautionary Statement

2Minto Apartment REIT | Investor Day Presentation | PG

Non‐Reliance

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 aninvestment in securities of Minto Apartment Real Estate Investment Trust (the “REIT”). No representation or warranty, express or implied, is given and, so far as ispermitted 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 answersto questions.

Forward‐Looking Statements

This presentation and our answers to questions contain statements that constitute forward‐looking statements (within the meaning of applicable Canadian securitieslaws) relating to the business of the REIT. These statements are not historical facts, but instead represent the REIT’s expectations, beliefs, assumptions, estimates,forecasts and projections as of the date hereof. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict.Although such forward‐looking statements are based upon assumptions that management believes are reasonable as of the date hereof, there can be no assurance thatthose forward‐looking statements will prove to be accurate and actual outcomes and results may differ materially from those expressed or implied in theseforward‐looking statements. The REIT’s expectations, beliefs, assumptions, estimates, forecasts and projections, include, but are not limited to, the REIT’s future growthpotential, results of operations, future prospects and opportunities, demographic and industry trends, no change in legislation or regulatory environment, future levelsof indebtedness, current tax laws, the continuing availability of capital and current economic conditions. These risks and uncertainties are more fully described in theREIT’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 andfinancial condition (MD&A”), all of which can be obtained on SEDAR at www.sedar.com. Investors should not place undue reliance on any such forward‐lookingstatements. Certain statements contained in this presentation may be considered “financial outlook” for purposes of Canadian securities laws and as such, the financialoutlook may not be appropriate for purposes other than this presentation. Subject to applicable law, the REIT does not undertake any obligation to update or revise anyforward‐looking statements. For further details on forward‐looking statements, see the sections entitled “Forward‐Looking Statements” in the most recent MD&A.

Non‐IFRS Financial Measures

The REIT prepares and releases consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). As a complement to resultsprovided 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"), net operating income ("NOI") and debt‐to‐gross book value (“Debt/GBV”), which are measures commonly used bypublicly traded entities in the real estate industry. Management believes that these metrics are useful for measuring different aspects of performance and assessing theunderlying operating performance on a consistent basis. However, these measures do not have a standardized meaning prescribed by IFRS and are not necessarilycomparable to similar measures presented by other publicly traded entities. These measures should strictly be considered supplemental in nature and not a substitutefor 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 operatingactivities determined in accordance with IFRS. Further definitions and discussion of these non‐IFRS measures and a reconciliation of FFO and AFFO to comparable IFRSmeasures are provided in the most recent MD&A in the sections entitled “Non‐IFRS Measures” and “Reconciliation of Non‐IFRS Measures”.

Minto Apartment REIT | Investor Day Presentation | PG 3

Investment Highlights

1 2 3

6

Attractive Asset Class with

Compelling Supply/Demand Characteristics

High Quality Portfolio with Significant Scale

Strategic Avenues for Growth

Conservative Financial Metrics

Support Growth and Distributions

4

Benefits of an Industry‐Leading

Vertically‐Integrated Platform with Strong Alignment of Interests

5

Experienced Management

Team and a Strong Independent

Board of Trustees

Asset Quality


The Carlisle

High Park Village

Minto Yorkville 150 Roehampton

RockhillMinto one80five

Institutional Quality Portfolio

Intensification and Development


High Park Village Concept Plan1

Fifth + Bank Redevelopment

1. Concept plan from initial rezoning application submitted to the City of Toronto.

Suites

Development approvals beingpursued for:

Richgrove 225LYM 192

Rezoning being pursued for:

High Park Village ~ 500

Purchase option: Fifth + Bank 160

Total 1,077

Benefits from the Strategic Alliance with The Minto Group

Repositioning


Remaining Number of Suites

Property to Reposition1

Rockhill 2 934

High Park Village 2 400

Leslie York Mills 399

Carlisle 183

Castle Hill 160

Edmonton properties 110

Minto Yorkville 58

Total 2,244

Effectively deploying capital on improvements to suites, amenities and common areas

Repositioned suite at The Carlisle

Repositioned suite at Castle Hill

1. As at June 30, 2019 except for High Park Village, which is as at the date of acquisition, August 1, 2019.2. Suite count for Rockhill and High Park Village are shown on 100% basis. Minto Apartment REIT has a 50% ownership interest in Rockhill and a 40% ownership interest in High

Park Village.

Repositioning drives AFFO and NAV growth

Reputation for Defensive Sector is Well Earned


Ontario guidelines have permitted rent increases every year since 1975

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Ontario Guideline IncreaseRecessions

Source: Government of Ontario, Morningstar

Multi‐residential real estate has been resilient in all market conditions

Canada – Population Growth


Source: Statistics Canada Table 17‐10‐0135‐01.

Increased immigration targets have helped boost population growth

Population growth drives rental demand

Where is Canada’s population growth occurring?

9

The REIT’s six target markets grew at a faster rate than the country as a whole, accounting for 59% of all population growth in 2018

Minto Apartment REIT | Investor Day Presentation | PG

2018Population YoYGrowth1 % change

Canada 529,913 1.4%

Toronto 125,298 2.0%Montreal 66,116 1.6%Vancouver 39,400 1.5%Edmonton 29,762 2.1%Calgary 26,692 1.8%Ottawa 26,550 2.5%Sub‐total 313,818

Source: Statistics Canada Table 17‐10‐0135‐01.

Primary markets attract new Canadians

Toronto CMA – Market Dynamics

10

Population Growth is Accelerating


72,820 79,886

91,524

125,298

35,009 34,613 37,132 37,750

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Annual Average (2011‐2015) 2016 2017 2018

Annual population growth Annual completions (all dwelling types)

No Meaningful Growth in Rate of Supply

Source: Statistics Canada, CMHC

2.08x 2.31x 2.46x 3.32x

Ratio of Population Growth to Housing Completions is Increasing

Supply of new housing not keeping pace with population growth

Ottawa CMA – Market Dynamics


10,667

17,672

24,192

26,550

6,025 5,148 5,394

6,845

0

5,000

10,000

15,000

20,000

25,000

30,000

Annual Average (2011‐2015) 2016 2017 2018



No Meaningful Growth in

Rate of Supply


1.77x 3.43x 4.48x 3.89x



Montreal CMA – Market Dynamics


31,206 30,626

48,994

66,116

18,796 19,570 20,558 21,650

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Annual Average (2011‐2015) 2016 2017 2018



No Meaningful Growth in

Rate of Supply


1.66x 1.56x 2.38x 3.05x



Alberta – Market Dynamics

13

Calgary


34,616

24,682 21,076

26,692

11,527 13,239 11,014 9,732

05,000

10,00015,00020,00025,00030,00035,00040,000

Annual Average(2011‐2015)

2016 2017 2018

Annual population growth

Annual completions (all dwelling types)

30,918

25,768 26,869 29,762

12,287 15,123

10,753 10,091

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Annual Average(2011‐2015)

2016 2017 2018

Annual population growth

Annual completions (all dwelling types)

Edmonton


3.00x 1.86x 1.91x 2.74x 2.51x 1.70x 2.48x 2.95x

Alberta market moving back to balance

Active Revenue Management

Performance

Forecast

Mix / Total Revenue

Pricing

Furnished Suites

Other

CustomerAcquisition

Operating Expense

Turnover

Mix

Seasonality

Propensity to Turn

MarginRevenueApproach Mitigating Risk


Active Revenue Management

Strategies for Revenue Management

Case Study – Minto one80five – Q2 2019 vs IPO


417 Suites / 100 Furnished

Located in Central Business District

Award Winning Amenities

24 Hour Concierge

Government / Professional Demographic

+8%Rent Penetration(June 30, 2019 vs June 30, 2018)

+19%Total Revenue(Q2 YTD YoY)

+13%Market Rent(June 30, 2019 vs June 30, 2018)

+16%Achieved Rent per Sqft(Signed Leases Q2 YTD YoY; $2.80 2019 vs $2.42 2018)

Superior revenue management strategies produce strong financial results

Leading the market in rental growth

Consistent Market Outperformance


1

2

2

1. This represents the percentage increase between achieved rents and expiring rents on new leases completed by Minto Apartment REIT during the period. 2. Rental penetration is defined as the ratio between achieved rents to the CMHC average. This statistic is for Minto Apartment REIT’s entire portfolio. Competitors’

penetration is based on rents achieved by competing buildings in each sub market.

Disciplined Acquisition and Investment Strategy

The REIT has acquired 2,432 suites since its IPO


KaleidoscopeCalgary70 Suites

Purchase Price ‐ $20.4 million

The QuartersCalgary

199 SuitesPurchase Price ‐ $63.8 million

Fifth + Bank Ottawa

Potential of ~ 160 SuitesInvestment loan of up to $30 million

RockhillMontreal

1,004 SuitesTotal Purchase Price ‐ $268 million REIT’s share $134 million (50%)

Leslie York MillsToronto

409 SuitesPurchase Price ‐ $75 million

for a 50% interest

High Park Village Toronto

750 SuitesPurchase Price ‐ $131.2 million

for a 40% interest

Growth – Improved Geographic Diversification1


The REIT has properties in 5 of Canada’s 6 primary markets

1. Geographic distribution based on the fair value of properties in each geography as a percentage of the fair value of the portfolio. 2. Fair values for all properties as at June 30, 2019 except for High Park Village which was purchased on August 1, 2019.

At IPO After Acquisitions2

Growth – Target Property Attributes

19

Excellent Walk and Transit Scores

UrbanLocations

Stabilized properties with rents that have a gap to market

Future intensification opportunities

Future repositioningopportunities

Select Development Opportunities

Maintain focus on key property attributes


Leslie York Mills – Location and Amenities

20

Central Toronto location surrounded by parks and retail amenities


Leslie York Mills

Shoppers Drug Mart

LCBO

Longos

TDBMO

Second Cup

RBC

CIBC

Kirkwood Park

Mossgrove Park

Retail Amenities

Leslie York Mills – Opportunity to Intensify

21

Potential to realize on intensification opportunity


Rockhill – Location and Amenities

22

Well located close to employment drivers, schools, transit and parks


University of Montréal

Metro

St. Mary’s Hospital

Pharmaprix

BMO

Scotiabank

SAQ

St. Joseph’s Oratory

High School

Mount Royal Park

Jean‐Brilliant Park

Metro StationCôte‐des‐Neiges

Rockhill – One of Montreal’s Largest Rental Communities

23

A unique opportunity in the Montreal market with significant value‐add potential



Summary

1 2 3

6

Attractive Asset Class with

Compelling Supply/Demand Characteristics

High Quality Portfolio with Significant Scale

Strategic Avenues for Growth

Conservative Financial Metrics

Support Growth and Distributions

4

Benefits of an Industry‐Leading

Vertically‐Integrated Platform with Strong Alignment of Interests

5

Experienced Management

Team and a Strong Independent

Board of Trustees

Studio1 Bedroom Junior1 Bedroom + Den1 Bedroom Deluxe2 BedroomTotal/Wtd. Average

Suite Type

40207

97197

209750

SuiteCount

5%28%13%26%28%

100%

% ofInventory

411470697723891

680

Suite SizeSF

$1,585$1,876

$2,073$2,116

$2,462$2,112

Average AskingMonthly Rent

$3.86$3.99$2.97$2.93$2.76$3.23

Asking RentPer SF

Property StatisticsYear BuiltBuilding CountHeight (Storeys)Parking - IndoorParking - OutdoorStructure TypeAmenities

1965312, 17, 2386642Concrete High-RiseFitness CentreCommunal GardensSecure Bicycle StorageParty Room

High Park Village111 Pacific Avenue | 66 Oakmount Road | 255 Glenlake Avenue

High Park Village is a rental community located just north of Toronto’s historic High Park and steps from two stations along the Bloor-Danforth subway line, which provides residents quick and convenient access to the downtown core. The community is comprised of three high-rise towers that have received significant capital improvements over the past five years, including: upgraded balconies, windows, common corridors, lobbies and in-suite upgrades.

Property Description

Rental rates are as at September 12, 2019. Page 2

Studio1 Bedroom1 Bedroom + Den2 Bedroom2 Bedroom + DenTotal/Wtd. Average

Suite Type

161342923148

SuiteCount

1%41%23%20%16%

100%

% ofInventory

393524618751

886645

Suite SizeSF

$1,589$1,845$1,903$2,472$2,977$2,155


$4.04$3.52$3.08$3.29$3.36$3.35

Asking RentPer SF

Property StatisticsYear BuiltBuilding CountHeight (Storeys)Parking - IndoorStructure TypeAmenities

2007116134Concrete High-RiseFitness CentreCommunal GardensSecure Bicycle StorageParty RoomSun Deck with BBQ

Roehampton150 Roehampton Avenue

Roehampton is located in the heart of Midtown near the intersection of Yonge Street and Eglinton Avenue — one of Toronto’s most dynamic and rapidly evolving neighbourhoods. The area offers residents a true live-work-play lifestyle with numerous office buildings, shops, restaurants, cafés and parks all within walking distance. The building is also highly accessible by public transit with the Yonge-University subway line, and the future Eglinton Rapid Transit line only steps away. Furthermore, the building holds LEED® Gold certification with a variety of green features and systems.


Suite counts include furnished suites, however, the rents are shown on an unfurnished basis.Rental rates are as at September 12, 2019. Page 3

1 Bedroom1 Bedroom + Den1 Bedroom PH level2 Bedroom2 Bedroom PH level3 Bedroom PH levelTotal/Wtd. Average

Suite Type

6840

150166

181

SuiteCount

38%22%

1%28%9%3%

100%

% ofInventory

663794

1,800908

1,8042,155

916

Suite SizeSF

$2,801$3,140

$10,589$4,065$11,197

$12,737$4,340


$4.22$3.95$5.88$4.48$6.21$5.91$4.47

Asking RentPer SF

Property StatisticsYear BuiltBuilding CountHeight (Storeys)Parking - IndoorStructure TypeCommercial AreaAmenities

2004117128 (4 electric vehicle chargers)Concrete High-Rise11,910 SF24/7 ConciergeIn-suite LaundryValet ParkingFitness CentreTheatre + Party Rooms

Minto Yorkville61 Yorkville Avenue

Minto Yorkville is a luxury mixed-use high-rise residential apartment and commercial building near the intersection of Bay Street and Yorkville Avenue in Yorkville, Toronto’s most upscale retail and residential neighbourhood. The property is steps from the Bay Street subway station, the Yorkville shopping district and in close proximity to the Royal Ontario Museum, the University of Toronto and the downtown core. The city's best restaurants, boutiques and entertainment can also be found here.


Suite counts include furnished suites, however, the rents are shown on an unfurnished basis.Rental rates are as at September 12, 2019.

Investor Day Presentation...Non‐Reliance ... Central Toronto location surrounded by parks and...

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