InvestorPresentation
August2020
CautionaryStatement
2MintoApartmentREIT|InvestorPresentation|PG
General
The presentation does not constitute an offer to sell or solicitation of an offer to buy any securities of the REIT. 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 per
formance 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.sedar.com.. 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 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"), net operating
income ("NOI") and debt‐to‐gross book value (“Debt/GBV”), 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 determined in
accordance with IFRS. Further definitions and discussion of these non‐IFRS measures and a reconciliation of FFO and AFFO to comparable IFRS measures are provided in the most recent MD&A in the
sections entitled “Non‐IFRS Measures” and “Reconciliation of Non‐IFRS Measures”.
Comparable Companies
Any comparables used in this presentation outline certain public company and real estate investment trusts (the “Comparables”). The Comparables are considered to be an appropriate basis for
comparison with the REIT based on their similar size, industry, focus and additional criteria. The information relating to the Comparables has been obtained or derived from public sources. The REIT has
relied upon and has not attempted to independently verify the completeness, accuracy and fair presentation of such information. Readers are cautioned that there are risks inherent in making decisions
based on the Comparables, that past and estimated performance is not indicativeoffutureperformance,andthattheperformanceoftheREITmaymaterially differ from that of the Comparables.
Accordingly, decisions should not be made in reliance on the Comparables.
TheMintoGroupofCompanies
PremierCanadianfullyintegratedrealestatecompanywith65 yearsofhistory
MintoPropertiesanditsaffiliatesretaina40.08%interestintheREIT
ensuringitsinterestsarealignedwithUnitholders
3
85,000+ newhomesbuilt
13,000+ rentalsuitesmanaged
2.5million sq.ft
ofcommercialspacemanaged
$4.1billion ofrealestate
assetsundermanagementincludingMinto
ApartmentREIT
MotivationforLaunchingMintoApartmentREIT
• MintointendstousetheREITasitsexclusiveincome‐producingmulti‐residentialvehicle
overtime
• AccesstocapitaltofundMinto's multi‐residentialdealflow
• Familyestate‐planningpurposes
1,150 employeesinCanadaand
theUnitedStates
Developed15ofthepropertiesin
theREITportfolio
$3.0+billion ofmulti‐residential
transactionssince2010
MintoApartmentREIT|InvestorPresentation|PG
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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
MintoApartmentREIT|InvestorPresentation|PG
AttractiveAssetClass
withCompelling
Supply/Demand
Characteristics
HaddonHall,Montreal
MartinGrove,Toronto
Mintoone80five,Ottawa
MintoYorkville,Toronto
COVID‐19Update
6
Reputationasadefensivesectoriswelldeserved
MintoApartmentREIT|InvestorPresentation|PG
• The REIT’s quality apartment portfolio has performed extremely well since the onset of the
pandemic –
Rentalcollectionshavebeenconsistentwithpre‐pandemiccollectioncycles and occupancy
has remained strong. The REIT offered rent deferral plans to residents unable to pay due to the outbreak
and only 2.5% of residents have entered into deferral plans. These plans allowed residents to defer up to
50% of their rent for up to three months with payment of deferred rent spread over periods ranging from
3to9months.
• The REIT has ample liquidity – The REIT has pursued various financing activities that have provided it
with $193.4 million in liquidity at the end of Q2 2020. This is sufficient liquidity to fund all obligations for
the foreseeable future and to provide capacity for opportunistic acquisitions.
• Processes have been adapted for the safety of staff and residents – New processes and training
have been implemented to limit the spread of COVID‐19. These include virtual and self‐guided tours,
contactless lease execution and move‐ins, scheduled cleaning and disinfecting of high contact areas and
the provision of all necessary personal protective equipment. The REIT hasworkedwithitsvendorsto
ensure that they have pandemic plans in place and operate in a safe manner on our properties.
• Leasing activities still delivering organic growth across the portfolio – The impact of COVID‐19 varies
across different markets but on a portfolio basis the REIT continues to deliver organic growth through
increases in average monthly rents on new leases.
Increasedimmigrationhashelpedboostpopulationgrowth
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Source:StatisticsCanadaTable17‐10‐0135‐01.
Populationgrowthdrivesrentaldemand
TheREIT’ssixtargetmarketsgrewat
afasterratethanthecountryasa
whole,accountingfor60%ofall
populationgrowthin2019
MintoApartmentREIT|InvestorPresentation|PG
Canadahasbeensteadilyincreasingits
annualimmigrationtargetsovertimefrom
260,000in2015toaplanned361,000by
2022
2019
Population YoY
Growth %change
Canada 531,497 1.4%
Toronto 127,575 2.0%
Montreal 65,205 1.5%
Vancouver 39,045 1.5%
Edmonton 30,081 2.1%
Calgary 30,740 2.1%
Ottawa 24,796 2.3%
Sub‐total/Average 317,442 1.9%
ImmigrationisrecoveringfromCOVID‐19Disruption
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Source:StatisticsCanadaandBMOCapitalMarkets
COVID‐19impactonimmigrationexpectedtobetemporary
MintoApartmentREIT|InvestorPresentation|PG
• Immigration level began to recover in May and June from their April lows as border restrictions
on certain countries were relaxed
• The Federal Government has maintained its immigration target of bringing in over 1 million
new Canadians over the next 3 years (2020 (341k), 2021 (351k) and 2022 (361k))
Otherpotentialsourcesofgrowth
include:
• Approximately400kCanadians
currentlylivinginHongKongmay
considerreturningtoCanadaasa
resultofChina’sHongKongSecurity
Law
• Canadahasintroducedspecial
measuresforimmigrationrequests
fromLebanonasaresultoftheBeirut
Portdisaster
TorontoandOttawaCMA– MarketDynamics
9
Source:StatisticsCanada,CMHC
Supplyofnewhousingnotkeepingpacewithpopulationgrowth
MintoApartmentREIT|InvestorPresentation|PG
Toronto
Ottawa
NoMeaningful
GrowthinRate
inHousing
Supply
Population
Growthis
Accelerating
Annualpopulationgrowth Annualcompletions(alldwellingtypes)
2.08x
2.30x
2.53x
3.32x
4.65x
1.78x
3.34x
4.43x 3.32x
4.18x
Montreal,CalgaryandEdmontonCMA– MarketDynamics
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Source:StatisticsCanada,CMHC
Supplyofnewhousingnotkeepingpacewithpopulationgrowth
MintoApartmentREIT|InvestorPresentation|PG
Montreal
Calgary
Edmonton
No
Meaningful
Growthin
Rateof
Housing
Supply
Population
Growthis
Accelerating
1.66x
1.57x
2.45x
2.89x
3.01x
1.82x
1.92x
2.54x
2.51x
1.74x
2.49x
2.56x
Annualpopulationgrowth
Annualcompletions(alldwellingtypes)
2.83x
2.76x
2.89x
RentalMarketIncreasinglyAffordablevs.HomeOwnership
Relativeaffordabilityofmulti‐residentialrentalvs.homeownership
isdrivingrentalgrowthintheREIT'smarkets
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Sources:StatisticsCanada,ConferenceBoardofCanada,CMHC,Teranet
• Personalearningsgrowthhasbeeninlinewiththeaveragegrowthin2‐bedroomrents,whilesignificantlylaggingthe
appreciationofhouseprices
• TheaveragemonthlyrentinTorontoandOttawaasaproportionofdisposableincomeremainssteady
• Thegapbetweenthecostofhomeownershipandaveragetwobedroomrentscontinuestowiden
MintoApartmentREIT|InvestorPresentation|PG
Multi‐ResidentialSectorDynamics
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● Shorterdurationleasesprovideinflationhedge
● Diversetenantbaselimitsconcentrationrisk
● Defensiveassetclasslesssusceptibletoeconomiccycles
● Favourabledemographicandeconomictrends
● Highbarrierstoentry
• Managementintensivenessrequiresinstitutionalmanagementplatform
• Economiesofscaledifficultfornewentrantstoachieve
• Replacementcostsversusnewbuild
● AvailabilityoflowercostCMHC‐insureddebtfinancing
● Fragmentedsectorofferspotentialforconsolidation
MintoRoehampton,Toronto
MintoApartmentREIT|InvestorPresentation|PG
High‐QualityPortfolio
withSignificantScale
Rockhill,Montreal
MartinGrove,Toronto
MintoYorkville,Toronto
TheCarlisle,Ottawa
Propertiesin5ofCanada’s6majormarkets
GeographicDiversificationReducesPortfolioRisk
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CALGARY
NumberofProperties:3
NumberofSuites:413
EDMONTON
NumberofProperties:3
NumberofSuites:254
TORONTO
NumberofProperties:6
NumberofSuites:1,983
OTTAWA
NumberofProperties:14
NumberofSuites:3,061
MONTREAL
NumberofProperties:3
NumberofSuites:1,532
MintoApartmentREIT|InvestorPresentation|PG
29
properties
7,243
suites
97.2%
Occupancy
1
$1,609
average
monthlyrent
1. AsatMarch31,2020(includes5,080suitesowneddirectlybytheREITand2,163suitesco‐ownedwithinstitutionalinvestors)
2. AveragerentisasatJune30,2020andexcludes239furnishedsuites,60suitesofflineforrepositioningand199vacantsuites
3. AsatJune30,2020.Excludes239furnishedsuitesand60suitesofflineforrepositioning
4. BasedonthefairvalueoftheREIT’spropertiesineachgeographyasatJune30,2020.
(2)
GeographicDiversification
4
2
3
AssetQuality
15
TheCarlisle
HighPark
Village
MintoYorkville
150Roehampton
Rockhill
Mintoone80five
InstitutionalQualityPortfolioinCoreUrbanLocations
MintoApartmentREIT|InvestorPresentation|PG
StrategicAvenues
forGrowth
Mintoone80five,Ottawa
MartinGrove,Toronto
Richgrove,Toronto
Castleview,Ottawa
RealizingonOrganicGrowthPotential
17
SignificantEmbeddedRent
MintoApartmentREIT|InvestorPresentation|PG
1. Newleasessignedincludes100%ofnewleasesfromco‐ownershipsandexcludesnewleasesoffurnishedsuites.
2. Forco‐ownedproperties,reflectstheREIT'sco‐ownershipinterestonly.
3. Excludes239furnishedsuitesand199vacantsuitesand60suitesofflineforrepositioning.
RealizedGainsonNewLeasesSignedintheLastFourQuarters
FiscalQuarter
NewLeases
Signed
1
AverageMonthly
ExpiringRent
AverageMonthly
NewRent
PercentageGain
(Loss)onNew
Leases
RealizedAnnualGain‐
on‐Turn
2
(000s)
Q32019 442 $1,486 $1,737 16.9% $1,148
Q42019 300 1,458 1,647 12.9% 602
Q12020 353 1,551 1,762 13.6% 780
Q22020 339 1,469 1,602 9.1% 467
Total/Average 1434 $1,492 $1,692 13.4% $2,997
Gain‐to‐LeasePotentialonExistingRentsasatJune30,2020
Geographic
Node TotalSuites
3
AverageMonthly
In‐PlaceRent/Suite
Management's
EstimateofMonthly
MarketRent
PercentageGain
(Loss)‐to‐Lease
EstimatedAnnualized
Gain(Loss)‐to‐Lease
2
(000s)
Toronto 1,796 $1,835 $2,093 14.1% $3,607
Ottawa 2,884 1,477 1,701 15.2% 7,755
Alberta 603 1,316 1,245 (5.3%) (509)
Montreal 1,462 1,907 2,125 11.4% 2,564
Total/Average 6,745 $1,609 $1,807 12.3% $13,417
RealizingonOrganicGrowthPotential
18
Re‐LeasingSpreadsOverTime
MintoApartmentREIT|InvestorPresentation|PG
• The REIT has consistently realized on leasing spreads between average sitting rents and
current market rents
• Subsequent to end of Q2 2020 leasing has remained strong and the REIT signed 120 new
leases in July, 2020 at lease rates higher than expiring rates in all geographies. The average
gain‐to‐lease for the entire portfolio was approximately 10%
• We expect spreads to moderate in the short‐term as a result of COVID‐19 related disruptions
but still expect to realize leasing spreads in the high single digit to low double digit range
over time
ActiveRepositioningProjects
19
• Effectivelydeployingcapitalonimprovementsto
suites,amenitiesandcommonareas
• Repositioned430suitessinceIPOwith1,989suites
leftinrepositioningprojectscurrentlyunderway
• TargetinganaveragesimpleROIof8%‐ 15%
dependingonsuitetype
Repositionedsuiteat
TheCarlisle
Repositionedsuiteat
CastleHill
1. AsatJune30,2020.SuitecountforRockhill,HighParkVillageandLeslieYorkMillsareshownon100%basis.MintoApartmentREIThasa50%ownershipinterestineachof
RockhillandLeslieYorkMillsanda40%ownershipinterestinHighParkVillage.
RepositioningdrivesNAVandlong‐termAFFOgrowth
MintoApartmentREIT|InvestorPresentation|PG
Property
Suites
Remainingto
Reposition
1
Rockhill 883
HighParkVillage 380
LeslieYorkMills 332
Carlisle 147
CastleHill 118
EdmontonProperties 79
MintoYorkville 50
Total 1,989
Feasibilitytestingunderwaytoevaluaterepositioningpotentialofafurther1,000+suites
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RepositioningProjectsinTestSuitePhase
MintoApartmentREIT|InvestorPresentation|PG
Property
PotentialSuites
toReposition
Le4300 318
Castleview 241
HaddonHall 210
SkylineMaisonettes 168
Roehampton 148
Total 1,085
• The REIT’s repositioning program presents the best risk/return profile ofall
investment opportunities, generating NAV growth at the expense of modest near
term earnings dilution
• Repositioning programs are flexible, with relatively small, discrete capital
commitments and short project durations, easily accelerated or slowed as
market conditions dictate
• The high volume of repositioning in progress generates efficiencies through
volume purchasing, repeatable design concepts and lessons learned from other
projects
IntensificationandDevelopment
21
BenefitsfromtheStrategicAlliancewithTheMintoGroup
MintoApartmentREIT|InvestorPresentation|PG
REIT
Ownership
Interest
Suites
Developmentapprovalsbeingpursuedfor:
Richgrove 100% 225
LeslieYorkMills 50% 192
Rezoningbeingpursuedfor:
HighParkVillage 40% ~650
Purchaseoption:
Fifth+Bank 100% 160
1,227
Fifth+BankRedevelopment
Concept
Construction Underway
• Construction at Fifth + Bank is well underway
• Demolition of existing structure and excavation are
complete, the site crane has been erected and the raft
slab has been poured
AcquisitionHighlights‐ DisciplinedInvestmentStrategy
TheREIThasacquiredinterestsin2,960suitessinceitsIPO
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HaddonHall
Montreal
210Suites
PurchasePrice‐ $86.1million
TheQuarters
Calgary
199Suites
PurchasePrice‐ $63.8million
Rockhill
Montreal
1,004Suites
TotalPurchasePrice‐ $268million
REIT’sshare$134million(50%)
LeslieYorkMills
Toronto
409Suites
PurchasePrice‐ $75million
fora50%interest
HighParkVillage
Toronto
750Suites
PurchasePrice‐ $131.2million
fora40%interest
Le4300
Montreal
318Suites
PurchasePrice‐ $195million
MintoApartmentREIT|InvestorPresentation|PG
BenefitsofanIndustry‐
Leading,Vertically‐
IntegratedPlatform
withStrongAlignment
ofInterests
REITLeveragesBest‐in‐ClassOperatingPlatform
Minto'sbest‐in‐classrealestateoperatingplatformdrivesvalue‐creationforUnitholders
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Financeand
Accounting
Developmentand
Construction
Property
Management
Asset
Management
Sustainability
Acquisitions
FullyIntegratedRealEstateOperating
PlatformwithStrongTrackRecord
SignificantBenefit
totheREIT
• Longtrack‐recordwiththeinitialproperties
• Establishedinstitutionalrelationships
tofacilitatefuturegrowth
• HighlyscalableplatformtoserviceREIT
asgrowthcontinues
• Provengovernanceandreporting
capabilities
• Alignmentofinterestthroughsignificant
ownership,intendedtobeMinto’ssole
Canadianmulti‐residentialvehicleover
time
1
• Accesstoafullyintegrateddevelopment
platform,withasignificanttrackrecord
• Corporate‐levelmanagementandsupport
servicescappedbyMintoat32bpsofGBV
2
• $1billion+ofoffmarket
acquisitionssince2010
• 65years’experience
• Leadingcustomerservice
• Scaledtomanage
$4billion+inassets
• Extensiverelationships
inrealestateindustry
1,150
professionals
1.ExcludesinterestsinMinto’sexistingmulti‐residentialpartnershipsandco‐ownerships
2.Excludespubliccompanycosts
MintoApartmentREIT|InvestorPresentation|PG
ManagementoftheREITandRelationshipwithMinto
MintoprovidestheREITwithcost‐efficientaccesstoitsbest‐in‐classrealestateplatform
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• REIT has 132 direct employees and 80 dual employees that divide their time between
the REIT and Minto
• Minto provides the REIT with access to its best‐in‐class real estate platform:
AdministrativeSupport
Agreement
DevelopmentandConstruction
ManagementAgreement
StrategicAlliance
Agreement
• Administrativeservices
providedbyMinto
• Costrecoverybasis
• Termof5years,with5year
renewalatREIT'soption
• Nocosttermination
• Mintograntedoptiontodevelop
projectsitbringstotheREIT
• Developmentandconstruction
feesatmarketrate
• CoterminouswithStrategic
AllianceAgreement
• REITwillhaveaRightofFirst
OpportunityonallOpportunities
presentedbyMinto
• Automaticterminationuponthe
laterof:
• TerminationofAdministrative
SupportAgreement,and
• MintoequityinterestinREIT
lessthan33%
• Mintocapstotalcorporatemanagementexpenses
1
incurredbyREITat32bpsofGBVfor
theinitialtermoftheAdministrativeSupportAgreement
1.Excludespubliccompanycosts
MintoApartmentREIT|InvestorPresentation|PG
Experienced
ManagementTeamand
aStrongIndependent
BoardofTrustees
StrongLeadership
Seasonedmanagementteamwithastrongtrackrecordofperformance
27
MichaelWaters,ChiefExecutiveOfficer
• ResponsibleforoverallstrategicdirectionoftheREIT,includinginvestment,growthandcapitalstructure
• Over25yearsexperienceinrealestatefinance,investmentanddevelopment;joinedMintoin2007
JulieMorin,ChiefFinancialOfficer
• Responsibleforoverallstrategicandfinancialmanagement,includingfinancialreporting,long‐rangebusinessplanning,
treasuryandtax
• Financeprofessionalwithover20yearsofexperience;joinedMintoin2014
GeorgeVanNoten, ChiefOperatingOfficer
• Responsibleformulti‐residentialpropertyoperations
• 29years’experienceinexecutivepropertyoperations;joinedMintoin2006
GlenMacMullin, ChiefInvestmentOfficer
• ResponsibleforinvestmenttransactionsandinvestmentmanagementfortheREIT
• Financeandinvestmentprofessionalwithover20yearsofexperience;joinedMintoin2008
MintoApartmentREIT|InvestorPresentation|PG
JohnMoss, GeneralCounselandCorporateSecretary
• Responsibleforlegalandcorporategovernancematters
• Legalprofessionalwithover34yearsofexperience;joinedMintoin2012
BoardofTrustees
Highlyexperienced,majorityindependentBoardofTrusteeswithdiverseskillsandexperience
MintoApartmentREIT| InvestorPresentation | PG 28
Name CareerHighlights
Independent
AllanKimberley
LeadTrustee and
MemberofAuditCommittee
• CorporateDirectorcurrentlyservingontheboardsofOrlandoCorporationandtheOntarioScienceCentre
• Hadalonganddistinguishedcareerininvestmentbanking,includingservingasViceChairmanandManagingDirectorofInvestmentBanking,
RealEstateatCIBCWorldMarkets
SimonNyilassy
ChairoftheAuditCommittee and
MemberofCompensation,
Governance
andNominatingCommittee
• FounderandCEOofMarigold&AssociatesInc.,aseniorhousingdevelopmentcompany
• CEOanddirectorofCHCStudentHousingCorp.
• PreviouslyservedasPresidentandCEOofRegalLifestyleCommunitiesInc.from2011‐2015andCallowayRealEstateInvestmentTrust
from2005‐2011
JacquelineMoss
ChairoftheCompensation,
GovernanceandNominating
Committee
• CorporateDirectorwithmorethan20yearsofexperienceinstrategydevelopment,corporategovernance,legal,humanresourcesandcomplex
mergerandacquisitionmatters
• CurrentlyservesontheboardandasChairoftheHumanResourcesCommitteeofInvestmentManagementCorporationOntario,co‐chairofthe
HumanResourcesCommitteeofSoulpepper TheatreCompanyandChairoftheNominationsandGovernanceCommitteeandvice‐chairofthe
CorporationofMasseyHall,OntarioHealthandRoyThomsonHall
HeatherKirk
MemberofAuditCommitteeand
theCompensation,Governance
andNominatingCommittee
• SeniorVicePresidentandChiefFinancialOfficeratGroupe Sélection
• Morethan20yearsofcapitalmarketsexperienceintheCanadianREITsector
• PreviouslyCFOofCominar REIT
• PreviouslyManagingDirectorofEquityResearchandAnalystatBMOCapitalMarkets
Non‐Independent
RogerGreenberg
Chairman
• CEOoftheMintoGroupofCompaniesfrom1991‐2013
• ExecutiveChairmanofMintoGroup
• ExecutiveChairmanandManagingPartnerofOttawaSportsandEntertainmentGroup
• MemberoftheOrderofCanada,theFederationofRental‐HousingProvidersofOntarioLifetimeAchievementAward,OttawaChamberof
CommerceLifetimeAchievementAward,OttawaBusinessJournal’sCEOoftheYear2004
PhilipOrsino
• CorporateDirectorcurrentlyservingontheboardofBankofMontreal
• PresidentandCEOofBrightwatersStrategicSolutionsInc.
• FormerPresidentandCEOofJeld‐Wen Inc.andMasoniteInternationalCorp.
• DirectorandChairoftheAuditCommitteeofMinto
MichaelWaters
ChiefExecutiveOfficer
• CEOoftheMintoGroupofCompanies
• LedthetransformationofMintointoaworld‐class,fully‐integratedrealestateinvestmentmanagementfirm
• PreviousexperienceatIntrawestCorporation,PricewaterhouseCoopersLLPandKPMGLLP
• FormermemberoftheboardsofREALPAC,AlgonquinCollegeandtheAlgonquinFoundation
Conservative
FinancialMetrics
andConsistent
Performance
DebtFinancingandLiquidity
1
ConservativeDebtProfile
30
1. AllinformationisasatJune30,2020.
2. Forfixed‐ratedebt.
MintoApartmentREIT|InvestorPresentation|PG
5.67 Years 3.07% 69% 86% 39.5% $193.4m
WeightedAverage
TermtoMaturity
2
WeightedAverage
InterestRate
1
ofDebtis
CMHCInsured
ofDebtis
FixedRate
Debt‐to‐Gross
BookValue
3
CashandCredit
FacilityAvailable
TheREITmaintainsaconservativeleverageratioandbalanceinitsmaturityschedule
DeliveringFinancialResults
MintoApartmentREIT|InvestorPresentation|PG
ExecutionConsistentwithStrategy
Since completing our initial public offering on July 3, 2018, Minto Apartment REIT has:
• Outperformed on all operational and financial metrics compared to our IPO prospectus Forecast
• Raised our monthly cash distribution twice, by 7.4% in 2019 and 3.4% in 2020, while still
maintaining a conservative AFFO payout ratio of approximately 60%
• Completed eight new investments totaling $1.1 billion and 2,960
1
suites consistent with our
growth and diversification strategy
• Realized on organic growth with significant gains‐to‐lease as suites turned and rents were
increased to current market rates ($4.4 million annualized increase in revenue since IPO)
• Completed the repositioning of 430 suites delivering strong returns on capital invested
• Completed two follow‐on equity offerings raising over $400 million to fund acquisitions and
future growth
1.Totalinvestmentsof$1.1billionand2,960suitesaregrossamountsincludingtheREIT’spartners’interestsinthreeinvestments.TheREIT’sproportionateshareoftheseamountsis$722millionand1,804suites.
31
DeliveringFinancialResults
MintoApartmentREIT|InvestorPresentation|PG
GrowthinNetAssetValue
32
• Minto Apartment REIT has consistently grown its net asset value (“NAV”) over time
• The vast majority of the increase in NAV is a result of growth in NOI resultingfromstrong
organic revenue growth, suite repositionings and accretive acquisitions
4.24% 4.20% 4.19% 4.10% 4.03% 3.92% 3.93%
3.92%
Weightedaveragecaprate
33
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
MintoApartmentREIT|InvestorPresentation|PG