Minto Apartment Real Estate Investment Trust (MI) Investor Presentation summary

Portfolio overview and market fundamentals

• Owns 28 high-quality, urban multi-family properties with 7,598 suites across major Canadian cities, maintaining a 95.9% occupancy rate and an average monthly rent of $2,060 as of June 30, 2025.

• Portfolio is diversified geographically: Toronto (36%), Ottawa (35%), Montreal (19%), Calgary (8%), and Vancouver (2%) by property value.

• Faces a persistent housing supply shortage in Canada, with population growth consistently outpacing new housing starts, especially in key urban markets.

• Renting remains an attractive alternative due to a widening home affordability gap, with average rents tracking wage growth while home prices outpace incomes.

• Federal government initiatives aim to increase housing supply, but outcomes remain uncertain and industry reactions are mixed.

Financial and operating performance

• Q2 2025 revenue was $38.5M, down 1.1% year-over-year, with NOI at $24.4M and a margin of 63.5%.

• Normalized FFO per unit declined 2.5% year-over-year to $0.2391, and normalized AFFO per unit fell 3.2% to $0.2136.

• Debt-to-gross book value ratio stands at 43.3%, with 98% of debt at fixed rates and available liquidity of $136.6M.

• Commercial leasing activity will add over $1M in annual rent starting in 2026, reducing commercial vacancy to 2%.

• Suite repositioning programs delivered an average unlevered return of 8.7% on 58 suites repositioned over the past year.

Strategic initiatives and capital allocation

• Completed the maximum allowable unit repurchases under the NCIB program, deploying $43.9M and enhancing cash flow and NAV per unit.

• Entered the Metro Vancouver market with a 50% stake in Lonsdale Square, funded without incremental equity and at a discount to market value.

• Ongoing development projects in Toronto (610 Martin Grove and The Towns at York Mills and Leslie) are expected to temporarily reduce FFO during lease-up.

• Capital recycling reduced the portfolio from 32 to 28 properties, focusing on higher-quality assets and lowering variable-rate debt exposure.

• Maintains a disciplined approach to capital allocation, prioritizing debt management, suite repositioning, and selective development.