RBC Dominion Securities Inc. Neil Downey, CFA, CA, CPAPammi Bir, CPA, CA, CFA (Associate Director of Canadian (Analyst) Research) (416) 842-7805 (416) 842-7835 [email protected] [email protected] Matt Logan, CFA (Analyst) (416) 842-3770 [email protected] August 19, 2020 Canadian REITs and REOCs – Q2/20 recap Q2 “trend-line” earnings growth generally in line Q2/20 “trend-line” earnings decline of 13% – Our Q2/20 quarterly results compilation indicates that “trend-line” earnings growth was negative 13% on a year-over-year basis, worse than our forecast for negative 10% earnings growth across the coverage universe. REITs and REOCs that exceeded our Q2/20 forecasts include FirstService Corporation (+255% vs. forecast), Colliers International Group Inc (+142% EQUITY RESEARCH EQUITY vs. forecast), and Melcor Developments (+81% vs. forecast). Relative to forecast, notable Q2 laggards included Extendicare (-95% vs. forecast), AHIP REIT LP (-62% vs. forecast), and Cominar REIT (-31% vs. forecast).

Even split among “meets”, “beats” and “misses” – Approximately 33% of reporting entities (13 of 40) in our coverage universe registered Q2/20 per unit earnings metrics that were in line with our forecasts. The Q2/20 “hit rate” trailed the the long-term average (“LTA”) of 67%. Through Q2, 38% of entities (15 of 40) exceeded expectations while 30% (12 of 40) fell short.

Not unexpectedly, organic growth was notably negative due to the effects of the global pandemic – Q2/20 “trend-line” same-property NOI declined by 4.3%, mostly due to sizable provisions for uncollectible rent and pandemic-related expenses (e.g., staffing, sanitization, PP&E). By comparison, the sector’s long-term average same-property NOI growth rate is 2%. We highlight that Q2 results include three senior housing REOCs where Q2 SPNOI declines ranged from 10% to 45%. Excluding the seniors housing sector, Q2/20 SPNOI growth across the rest of the listed property sector averaged negative 2.2%.

2020E–22E earnings growth outlook remains largely unchanged – Our post-Q2 results estimate revision cycle is such that our trend-line 2020, 2021, and 2022 FFO growth estimates are little changed, at -6%, +7% and +4%, respectively.

Exhibit I: “Trend-line” growth in earnings/unit, quarterly – 1997 to 2020E

30%

20%

10%

0%

(10%)

(20%) Q1/97 Q1/99 Q1/01 Q1/03 Q1/ 05 Q1/07 Q1/ 09 Q1/11 Q1/ 13 Q1/15 Q1/ 17 Q1/19 "Trend-line" earnings growth Four-quarter moving average

Source: Company reports, RBC Capital Markets estimates Recommended REITs and REOCs – Outperform-rated REITs include Allied Properties REIT, Artis REIT, Boardwalk REIT, BSR REIT, Dream Industrial REIT, European Residential REIT, First Capital REIT, Granite REIT, Killam Apartment REIT, Minto Apartment REIT, SmartCentres REIT, and WPT Industrial REIT. Also on our roster of Outperform-rated securities: Brookfield Asset Management, Brookfield Property Partners LP, Chartwell Retirement Residences, Colliers International Group, and Tricon Residential Inc.

Exhibits III and IV – “REIT valuation table” (pp. 10–12) and “NAV summary” (pp. 13–15).

Priced as of prior trading day's market close, EST (unless otherwise noted). Disseminated: Aug 19, 2020 20:54ET; Produced: Aug 19, 2020 20:54ET All values in CAD unless otherwise noted. For Required Non-U.S. Analyst and Conflicts Disclosures, see page 16. Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Exceeds' FirstService Corporation FSV-US 1.12 0.86 -23% 0.24 0.61 255% h Adjusted EBITDA and EPS of $71MM and $0.86 were well-ahead of our $35MM/$0.24 forecast. Q2 results were driven by by better-than-expected performance in the Brands division, which posted a same-store revenue decline of 10% compared with guidance for a decline of 40–50%. Thematically, restoration, fire protection, and residential delivered the strongest results ("up modestly" to down ~8%), while home improvement businesses (e.g., California Closets, Certa Pro, etc.) were the biggest source of upside relative to guidance, with declines of ~20% vs. expectations for -50% to -60%. Colliers International Group Inc. CIGI-US 1.10 0.70 -36% 0.29 0.41 142% h Adjusted EBITDA and EPS of $1.10 and $60MM were well-ahead of our $32MM/$0.29 forecast. Better- than-expected results were driven by the Sales Brokerage business, which declined 30% compared with our expectations for a decline of 40 – 50%, aided by disciplined cost control in all regions. With resilient performance from the Outsourcing, Advisory and Investment Management segments, we continue to believe growth in recurring revenues provides meaningful downside support in 2020 and positions the company for a strong recovery, as transaction volumes normalize in 2021 and 2022. Melcor Developments MRD 0.24 0.28 17% 0.15 0.13 81% h FFO/share of $0.28 increased 17% year-over-year, coming in well-ahead of our $0.15 estimate, driven by favourable variances to: 1) gross profit ($0.07); 2)REIT distributions ($0.03); 3)cash taxes ($0.02); and, 4) G&A ($0.02). Thematically, lower-than-expected bad debts for commercial properties supported better-than-expected gross profit, tempered by continued community development headwinds. On balance, MRD continues to successfully navigate challenging housing and commercial property markets in Alberta. Artis REIT AX.un 0.36 0.36 0% 0.23 0.13 54% h FFO/unit was well above our forecast buoyed by strong rent collection and minimal bad debt. While AX's industrial portfolio—representing 35% of NOI—remains the bright spot, we were pleased to see strong rent collection in both the Canadian and U.S. office portfolios (collectively 48%). On balance, we believe generally stable organic growth (-1% excl. bad debts) and healthy rent collection figures be viewed favourably and support increased confidence in AX's $15.40 IFRS NAVPU. Tricon Residential Inc. TCN 0.04 0.11 175% 0.08 0.03 42% h FFO/share of $0.11 was $0.03 ahead of our $0.08 forecast, driven by robust for-sale housing results and split roughly equally between the Residential Development and Private Funds & Advisory segments. While the for-sale housing business materially outperformed our forecast, we were more impressed by same-property NOI growth of 5% from the single-family rental ("SFR") portfolio (~70% of our NAV). We believe SFR growth potential is stronger than meets the eye, as TCN elected to forego rent increases on renewals during the quarter. We came away from the quarter with increased conviction in TCN's ability to deleverage its balance sheet, as it looks to syndicate a larger portion of its multi-family portfolio (18% of NAV) sooner than we expected—and at a better price.

Continued on next page. ↑ - Exceeds RBCCM estimate ↔ - Meets RBCCM estimate ↓ - Misses RBCCM estimate

August 19, 2020 2 Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Exceeds' Morguard Corporation MRC 5.52 4.35 -21% 3.30 1.05 32% h MRC's Q2 results were ahead of our expectations by a sizable $1.05/share or 32%. Approximately 60% ($0.63/share) of the variance was due to unrealized gains on marketable securities that are included in FFO. At the NOI line we note that Residential NOI was slightly above forecast with Retail NOI was slightly below (bad debt). Hotel properties posted a $2MM NOI deficit, but this was $3MM better than our forecast. G&A costs were also favourable versus forecast while cash taxes were slightly unfavourable. MRC’s rent collection remains steady at 85%/83%/84%/86% in April/May/June/July, respectively. Morguard NA Residential REIT MRG.un 0.30 0.34 11% 0.26 0.08 31% h FFO/unit was 31% above our estimate on higher-than-forecast NOI in both U.S. and Canada. MRG delivered SP-NOI growth of 7.5% (U.S.: 4.6%, Canada: 6.2%). Occupancy trended lower to 95.3%, down 160 bps QoQ and 150 bps YoY. April-July rent collections were 99.3%, 98.6%, 97.3% and 94.6%, respectively. With a significant increase in Canadian and US unemployment, stalled Canadian immigration and the run-off of government support programs, we believe rental apartment collection risk and vacancy will rise heading into H2/20-H1/21. Summit Industrial Income REIT SMU.un 0.15 0.17 14% 0.14 0.03 23% h SMU delivered solid Q2 results, supported by strong leasing activity over the past 12M, contractual rent steps, and windfall savings from carrying 47% floating rate debt. In Q2, rent collections were a respectable 92% (98% incl. deferrals), improving to 96%/94% in July/August (99%/97% incl. deferrals). Net/net, the rent receivable balance remains manageable at $5MM ($0.04/unit) and SP-NOI growth was modest, but positive, at 1.5% (3.9% excl. bad debt). Looking ahead, we expect a small degree of tenant churn over the next 6–12 months, but see SMU as well-positioned to deliver growth in 2021–22 as occupancy stabilizes and development resumes. Melcor REIT MR.un 0.23 0.21 -9% 0.18 0.03 16% h FFO/unit exceeded RBC estimates on NOI that was 3.1¢/unit above expectations on the back of lower- than-expected bad debt provisisions. Taking a step back, headline figures were "smoothed" by significant rent accruals during the quarter as MR collected 83% of its Q2 rent. This leaves $5.2MM ($0.18/unit) outstanding from tenants, net of a $0.8MM ($0.03/unit) bad debt provision in Q2. In addition, MR has received requests to apply for the CECRA program from ~10% of its tenants representing 8% of total GLA. The REIT estimates its net exposure to CECRA claims is ~$0.5MM ($0.02/unit)—a charge likely to be booked in Q3/20. BSR REIT HOM'u 0.19 0.15 -20% 0.13 0.02 13% h BSR delivered solid Q2 results, with FFO/unit slightly ahead of our expectations, reinforcing our conviction in its necessity-oriented portfolio, with same-property NOI growth of 2.8% coming in ahead of its Sunbelt apartment peers at +1% (range: -1% to +6%). Notably, SP-NOI growth would have been ~200 bps higher if not for BSR’s decision to waive ~$0.2MM (0.4¢/share) of late fees during the quarter. On balance, BSR continues to deliver solid operating performance while high-grading its portfolio as the REIT rotates out of small markets and into Dallas, Austin, Houston, NW Arkansas, and Oklahoma City, which collectively represent 81% of NOI, up 23pp from 58% in Q2/19. Continued on next page. ↑ - Exceeds RBCCM estimate ↔ - Meets RBCCM estimate ↓ - Misses RBCCM estimate

August 19, 2020 3 Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Exceeds' Boardwalk REIT BEI.un 0.68 0.71 4% 0.63 0.08 13% h Q2/20 FFO/unit of $0.71 was +4% YoY and 13% above our $0.63 estimate. SPNOI growth registered another strong quarter at 6.4%, driven by strong prints in Quebec and at 8.8% and 8.3%, respectively. Occupancy was up 80 bps sequentially to 96.8%, and increased 20 bps YoY. Rent collections trended positively throughout Q2, and have since returned to "pre-pandemic" levels as BEI has collected 98.3% of July rents. Available liquidity is also ample at approximately $342MM, including $77MM in cash, $200MM in undrawn lines, and $65MM of secured committed up- financings. InterRent REIT IIP.un 0.12 0.12 -3% 0.10 0.01 12% h IIP delivered an operationally in-line second quarter, with FFO/unit of $0.117 ahead of our $0.105E. While organic growth decelerated sharply, as expected, we were pleased to see a generally resilient top-line, with growth of 4.2% vs. the 7.0% TTM average. Digging a little deeper, occupancy slipped 120 bps but average monthly rents held firm at $1,318, representing a 6.6% YoY increase. All-in-all, we continue to believe IIP remains well-positioned to: 1) return to stronger growth over the next 12 months as cost pressures subside (SP-Expenses +8.9% YoY vs. TTM avg. of 4.9%); and, 2) capitalize on Brookfield Asset Mgt. BAM-US 0.43 0.40 -6% 0.37 0.04 10% h Q2 Operating FFO/share of $0.40 ($657MM) was above our $0.37E ($607MM). Both fee related earnings and operating FFO on invested capital were above our forecasts. A number of BAM’s more cyclical businesses (malls, hotels, housing, building products and other industrial operations) posted lower earnings amid Q2’s global shutdown of non-essential services. However, BAM highlighted that many are already experiencing improvements and should post improved earnings and cash flows in H2. Zero to low interest rates globally continue to drive real asset valuations higher.

Killam Apartment REIT KMP.un 0.25 0.26 5% 0.24 0.02 9% h KMP delivered Q2 results ahead of our expectations, with apartment SPNOI growth of 3% and average market rent up 3% on a SP basis, partially offset by a decline in SP occupancy to 96.8% (-20 bps YoY). KMP collected 98.3% of July rents, in-line with 98.6% for the total portfolio in Q2. Leverage is in good shape with D/GBV ratio at 44%, and acquisition capacity in excess of $200MM. Minto Apartment REIT MI.un 0.21 0.21 0% 0.20 0.01 7% h MI's Q2 results were ahead of our forecast from the top-line down. As expected, the furnished suite business was a drag on performance, pulling total SP-NOI growth into the red (-1.7%). Still, Q2 results underscored the resilience of MI's high-quality portfolio, with apartment SP-NOI growth of 4.5%. Looking ahead, MI plans to convert 52 furnished suites (22% of the total) into long-term rentals over the next 2–3 quarters. This will leave MI with 187 furnished suites, equating to just 3% of the total portfolio. Supported by a confident outlook, strong balance sheet, and 56% 2021EAFFO payout ratio, the Board declared a 3.4% distribution increase to $0.46/unit annualized, effective August 31.

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August 19, 2020 4 Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Meets' Slate Retail REIT SRT'U 0.31 0.26 -15% 0.26 0.01 3% 1 SRT delivered in-line Q2 results, as operating metrics have held up reasonably well. NOI was above our forecast, offset by higher G&A (which includes bad debts) and higher interest costs. Occupancy of 92.2% was -60 bps QoQ. Rent collection improved from 89% in Q2 to 91% in July. SPNOI declined 2.1% YoY due to lower lease termination fees and lower SP occupancy. Liquidity is in good shape with no debt maturing until 2023. The REIT also announced a name change to “Slate Grocery REIT” to emphasize its pure-play focus on grocery-anchored properties. Brookfield Property Partners BPY-US 0.35 0.19 -45% 0.19 0.00 2% 1 FFO/unit was in-line with our estimate. Core Office FFO was below our estimate on reduced contributions from parking and retail operations. Core Office SPNOI was weak at -8% (-6% ex-FX), and occupancy ticked 20 bps lower sequentially to 92.3%. Core Retail FFO was 26% above our estimate, albeit included sizable rent accruals. With most stores now open or reopening, we believe a major initiative for BPY in Q3-Q4 will be the negotiations and arrangement of rent repayment agreements. At Q2 end, BPY’s corporate liquidity was $4.3B. European Residential REIT ERE.un 0.04 0.03 -14% 0.03 0.00 2% 1 Q2 results were in-line with expectations, with FFO/unit of €0.033 -14% YoY. SPNOI growth of -1.8% was buoyed by higher AMR and occupancy, but impacted by lower operating cost recoveries, higher operating costs and higher property taxes. In the context of a “COVID quarter” operating stats such as SP AMR (€896, +4.9% YoY), SP occupancy (98.9%, +110 bps YoY) and rent growth on suite turnovers (+€98 or +11.6% on 3.4% of total portfolio) were strong. CT REIT CRT.un 0.29 0.29 1% 0.29 0.01 2% 1 CRT posted in-line Q2 results. The annualized distribution was raised 2% to $0.80/unit, sending a confident messge on cash flow durability and growth. SPNOI edged up 0.7% YoY from scheduled rent steps, lower property management costs, and partly offset by $1.4MM of expected credit losses and bad debts for abatements and rent relief. Committed occupancy remains solid at 99.3%, with July rent collection (~98.5%) tracking slightly better than Q2. In Q2, CRT took a nominal $5MM fair value charge on its portfolio. Q2 investments totalled $36MM, with ample available liquidity ($320MM). Chartwell Retirement Residences CSH.un 0.22 0.18 -18% 0.18 0.00 -1% 1 CSH’s Q2 results were largely as expected, albeit with offsetting variances in retirement and LTC NOI. Results were negatively impacted by pandemic related costs and lower occupancy. The 9.7% YoY drop in Q2 SP NOI was mainly driven by $7MM of unfunded pandemic related costs and lower occupancy. COVID-19 related expenses and higher staffing costs weighed on RH and LTC SPNOI, which came in at - 8% and -25%, respectively. SP occupancy fell 430 bps YoY to 85.6% as fewer move-ins (-67% YoY) were partly offset by fewer move-outs (-28% YoY). Continued on next page. ↑ - Exceeds RBCCM estimate ↔ - Meets RBCCM estimate ↓ - Misses RBCCM estimate

August 19, 2020 5 Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Meets' CAPREIT CAR.un 0.54 0.55 3% 0.56 0.00 -1% 1 In line Q2 results, with FFO/unit +3% YoY and in-line with our $0.56E. SPNOI growth of 2.6% was driven by 3.3% growth in SP revenues (principally from higher rents on turnovers), partly offset by 4.7% SP expenses. Notably, 4% of the portfolio turned over in Q2 at rents 8% above in-place, while occupancy remained steady at 98.0%, -20 bps sequentially. Q2/20 included $2.4MM of expected credit loss/bad debt charges (1.1% of gross revenue), up from $0.6MM (0.3%) in Q2/19. Rent collections were strong in June and July at 98% and 97% respectively, with approved deferral programs for less than 0.5% of tenants. Granite REIT GRT.un 0.89 0.97 9% 0.98 -0.01 -1% 1 Solid, albeit in-line Q2 results, with reported FFO/unit +9% YoY and SPNOI growth (ex. FX impacts) of 5.5%. The portfolio remains fully-leased at 99.1%. Notably, rent collection has remained in-line with historical trends at 99%+ of Q2 rents and July rents. GRT has made meaningful progress in addressing ~80% of 2020's contractual lease maturities at +8% average leasing spreads. Magna exposure continues to trend lower, at 40% of the portfolio's gross rental revenues, and we believe is on-track to reach mid/high-30's by year-end. Investing activity returned as the REIT purchased $330MM of income and development properties and land in Q2. Available liquidity remains robust at $1.1B. Allied Properties REIT AP.un 0.57 0.56 -2% 0.57 -0.01 -2% 1 Q2 was in line with expectations. Q2/20 FFO/unit of $0.557 was -2% YoY and in-line with our $0.57 forecast. SPNOI of -2.8% was driven by rent abatements and bad debt provisions, offset by growth in and . Occupancy was stable sequentially at 94.7% for leased area. Leasing momentum was healthy as 72% of expiring leases were renewed or replaced at +16% higher net rents. Q2 rent collection was ~95% as at July 29, 4% was granted deferrals, and the remaining was yet to be collected. Plaza Retail REIT PLZ.un 0.08 0.08 -5% 0.08 0.00 -2% 1 PLZ's Q2 results were in line with our expectations as operating metrics generally trended softer. SPNOI declined 5.9% YoY on lower SP occupancy and higher bad debts, partly offset by higher rents. PLZ collected 78% of Q2 gross rents. Including CECRA contributions, collections improved to 92% in July. In Q2, PLZ also marked down its portfolio value by $33MM ($0.30/unit). Available liquidity totals ~$53MM (including construction facilities), with PLZ remaining active on the NCIB in Q2. Automotive Properties REIT APR.un 0.27 0.22 -18% 0.23 -0.01 -3% 1 APR posted FFO/unit of $0.22 in line with our $0.23E. While minor bad debt charges ($0.01/unit) weighed on Q2 organic growth, the REIT continues to successfully navigate the pandemic with a highly stable portfolio, a manageable rent receivable balance, and strong levels of liquidity. In Q2, APR collected 78% of base rent, with the balance subject to deferral agreements. Rent receivable stood at manageable $3.7MM ($0.08/unit), net of $0.4MM (0.9¢/unit) bad debt charges. Notably, collections improved to 99% in July and August, plus deferred rent payments.

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August 19, 2020 6 Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Meets' Dream Office REIT D.un 0.44 0.38 -15% 0.39 -0.01 -3% 1 An in line Q2, with SPNOI down 3.5% YoY on lower transient parking revenue across all regions, along with lower occupancy and rents in other markets. D collected 91% of Q2 gross rents, with the balance split among CECRA receivables (3%), deferral arrangements (2%), and outstanding (4%). July collections were relatively similar at 90%. Notably, lease renewal spreads were strong at 36%, led by downtown TOR. The REIT also recorded a $20MM ($0.33/unit) portfolio fair value gain on higher rents. Available liquidity totals $214MM, with unit repurchases active ($26MM YTD). Northview Apartment REIT NVU.un 0.55 0.53 -4% 0.55 -0.02 -4% 1 In-line Q2 results, supported by 0.2% SPNOI growth (2.2% SPNOI growth in multi-family, which represents 89% of NOI). Organic growth in Q2 was driven by higher AMR's and lower maintenance expenses, partially offset by COVID-19 related costs, and was led by Quebec at +12.4% SPNOI and 7.4% in Northern Canada. Rent collections in Q2 were also strong at 98.4%, and less than ~0.5% of residential tenants are currently on a deferral plan. Notably, management estimates that in-place rents in Ontario are roughly 14%-20% below market rates. The acquisition of NVU by Starlight Group and KingSet Capital for $36.25/unit continues and closing is expected in Q3 upon final approvals from CMHC and certain lenders. Dream Industrial REIT DIR.un 0.20 0.17 -15% 0.18 -0.01 -5% 1 Q2 results were in-line. SP-NOI growth of +0.9% YoY was muted, driven by higher rents, offset by lower occupancy. DIR collected 92% of Q2’s contractual rents, or 94% including CECRA contributions. DIR made solid progress on lease maturities, with only 3% of GLA maturing through the rest of 2020. Available liquidity totals $395MM. DIR expects to acquire two properties in Germany for $58MM in Q3 and is in exclusive talks on $78MM of purchases in the Netherlands, GTA, and Montreal. Q2/20 'Misses' H&R REIT HR.un 0.42 0.38 -10% 0.42 -0.04 -10% $ FFO/unit of $0.38 was down 10% YoY ($0.42) and below (-10%) our $0.42E. Q2/20 results were heavily impacted by bad debt charges totaling $24.5MM ($0.08/unit), with the Retail segment making up the bulk of the charge (93%). H&R collected 88% of its Q2 rent, with July and August rent collections of 91% and 87%, respectively. SP-NOI growth was -7.1%, driven by Industrial (+7.2%) and Residential (+15.3%) but offset by Retail (-34.7%). Corporate liquidity of $1.16B was strong relative to H2/20 debt due of $0.1B, while proportionate D/GBV was up 20bps sequentially to 51.6%. WPT Industrial REIT WIR'u 0.21 0.20 -6% 0.23 -0.03 -12% $ FFO/unit of $0.200 was -6% YoY and below our estimate due to debt prepayment costs. Portfolio occupancy stands elevated at 97.4%, effectively unchanged sequentially. In Q2, WPT renewed 1.1MM sf of space and signed new leases for 539,000 sf of vacant space. Lease renewals signed in Q2 had a weighted average cash re-leasing spread and a straight-line re-leasing spread of +11.3% and +6.6%, respectively. WPT has collected ~99.5% of Q2 contractual rents, 99% of July rents, and 83% of August rents as at August 6. Available liquidity remains ample at roughly $221MM. Continued on next page. ↑ - Exceeds RBCCM estimate ↔ - Meets RBCCM estimate ↓ - Misses RBCCM estimate

August 19, 2020 7 Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Misses' RioCan REIT REI.un 0.48 0.35 -27% 0.40 -0.05 -13% $ Overall, bad debt provisions and rent abatements weighed heavily on Q2 results. The $0.05/unit shortfall versus our estimate was mainly in NOI from $19MM ($0.06/unit; ~7% of Q2 billed gross rents) of bad debt provisions and rent abatements. The -10.8% YoY SP NOI growth was principally the result of the bad debts and abatements. Occupancy, however, held up well at 96%. Q2 cash rent collection was 73%, or 87% including expected government funding and short-term deferrals. In Q2, REI booked a $452MM write-down ($1.42/unit) of the portfolio, or ~3% of the value of properties. Post Q2, REI agreed to sell $302MM of assets, including $220MM at a 4.2% cap rate. Choice Properties REIT CHP.un 0.25 0.20 -19% 0.24 -0.04 -17% $ Q2 results were below our call on $14.6MM ($0.02/unit) of bad debts, $6.8MM ($0.01/unit) of debt prepayment charges, and a $7.8MM ($0.01/unit) mortgage receivable credit loss. SPNOI declined 5.3% YoY in Q2, and occupancy trended 70 bps lower sequentially (to 96.8%). CHP collected 89% of Q2 contractual rents. Collections improved in July to 94%, with potential further advances as regional economies reopen. In Q2, CHP also booked a further $231MM ($0.33/unit) fair value loss on its portfolio. Leverage is in good shape, with LTV at 45%, and ample liquidity totalling $1.6B. SmartCentres REIT SRU.un 0.54 0.43 -19% 0.53 -0.09 -17% $ Q2 FFO/unit was short of our estimate on higher bad debts. That said, occupancy remains high and relatively stable, with rent collections improving. SPNOI was down 13% YoY, principally from higher credit losses and slightly higher vacancy. Q2 rent collection was ~74%, rising to 85% in July. In Q2, SRU took $15MM ($0.09/unit; 7% of gross rents) of bad debt charges and also marked down its portfolio value by a further $195MM ($1.13/unit). VMC Transit City condo completions are expected to drive ~$50MM of FFO contribution in 2H/20. Available liquidity is ample at $1.3B. Crombie REIT CRR.un 0.29 0.22 -26% 0.27 -0.05 -20% $ Q2 results were negatively impacted by bad debt provisions ($8.7MM, or $0.06/unit), and to a lesser extent, restructuring costs. CRR collected 90% of Q2 rents, including 90% in retail, 96% in office, and 100% in industrial. Collections improved to 93% in July. Notably, as at July 31, 97% of CRR tenants are open. The -4.8% YoY SPNOI growth was driven by higher bad debt expenses and lower parking revenue; excluding these impacts, SPNOI increased 3.6%. Economic occupancy was down 40 bps QoQ to 95.1%. Available liquidity remains in good shape, totalling $406MM for a liquidity ratio of ~18%. First Capital REIT FCR 0.31 0.22 -31% 0.27 -0.06 -21% $ As noted in our July 2 report, FCR's shortfall relative to our Q2 FFO/unit estimate was largely expected due to higher than forecast bad debt provisions. The shortfall was driven by lower NOI, which included $17MM (~$0.08/unt) of bad debt charges. The 16.5% YoY decline in total SP NOI was driven by higher bad debts, along with lower lease termination fees. FCR also recorded a modest $37MM ($0.17/unit) markdown of its portfolio value. While provisions weighed on results, 1) occupancy held up well, 2) renewal spreads remain solid, 3) rent collection is rising, and 4) 96% of tenants have reopened. Modest capital recycling was also accomplished with $54MM of asset sales.

Continued on next page. ↑ - Exceeds RBCCM estimate ↔ - Meets RBCCM estimate ↓ - Misses RBCCM estimate

August 19, 2020 8 Canadian REITs and REOCs – Q2/20 recap

Exhibit II: Q2/20 FFO/unit estimates and actuals (all amounts are diluted) Exceeds / YoY RBC Meets / REIT/REOC Symbol Q2/19A Q2/20A Chg % Q2/20E Var $ Var % Misses Notes Q2/20 'Misses' Sienna Senior Living SIA 0.36 0.25 -30% 0.33 -0.08 -25% $ The $0.08/share shortfall in OFFOPS was attributable to lower NOI ($0.08), higher G&A ($0.03), and higher interest costs ($0.01), partly offset by lower current taxes ($0.04). SPNOI growth was -20% YoY (Retirement -13%, LTC -26%), with the material decline mainly driven by pandemic-related expenses (additional staffing and PPE) and lower retirement occupancy. Pandemic costs will likely continue to weigh on near-term results, particularly in LTC. Importantly, however, the absence of COVID-19 cases in any of its properties marked an important milestone in the execution of its six-point plan. Morguard REIT MRT.un 0.35 0.21 -38% 0.30 -0.09 -29% $ MRT's Q2 results were heavily impacted by bad debt charges, the majority of which related to the retail portfolio. The unfavourable variance to our forecast was mostly attributable to lower NOI, mainly from $5.5MM ($0.09/unit) of bad debt provisions. Rent collections are improving with 75% collected in July, up from 70% in Q2. SP NOI growth including bad debts fell 22% YoY. Excluding bad debts, SP NOI was -6% YoY (-9% retail, -4% office, +7% industrial). In Q2, MRT also recorded a further $112MM ($1.80/unit) of portfolio value markdowns, mostly in its mall portfolio (-$74MM). Cominar REIT CUF.un 0.26 0.19 -28% 0.27 -0.08 -31% $ CUF's Q2 results were below our expectations, predominantly on lower NOI. The shortfall in NOI was principally driven by $18MM ($0.10/unit) of bad debt expenses (including $14.5MM in retail). Concurrent with Q2 results, CUF cut its annual distribution by 50% to $0.36/unit to improve financial flexibility. SPNOI declined by 15% YoY, with particularly acute pressure on retail (-42% YoY). Rent collection came in at 75% of gross rents. Notably, CUF also recorded a $331MM ($1.81/unit) fair value writedown of its portfolio, with $252MM related to its retail assets, particularly its malls ($165MM). AHIP REIT LP HOT'u 0.23 -0.12 -152% -0.07 -0.04 -62% $ AHIP reported FFO/unit of -$0.12, -152% YoY from $0.23 in Q2/19, compared with RBC/consensus at - $0.07E/-$0.06E. Our cautious view on AHIP's units remains unchanged following a challenging quarter. While the worst of the crisis appears to be over, with occupancy on an upward trajectory, we continue to see a long road to recovery for the lodging sector. Fortunately, AHIP is now cash flow positive on an FFO/unit basis, with occupancy of 55% in July, after bottoming at 19% in mid-April. Extendicare Inc. EXE 0.14 0.01 -96% 0.13 -0.12 -95% $ Q2 FFO/unit was short of our expectations as pandemic expenses (mostly staff and higher PPE), along with a material drop in ParaMed volume, took a heavy toll on Q2. LTC SPNOI fell 43% YoY, mainly from $8.6MM of unfunded pandemic related costs. ParaMed SPNOI was down 82% YoY from lower average daily volumes and higher back office costs. Post-Q2, EXE received $21MM ($0.21/unit) of funding from the Canada Emergency Wage Subsidy program which will help offset Q3 costs as volumes rise. Retirement SPNOI was down 2% YoY on lower occupancy and higher pandemic costs.

↑ - Exceeds RBCCM estimate ↔ - Meets RBCCM estimate ↓ - Misses RBCCM estimate Notes: 1 Trend line" growth rate excludes all lodging REITs and other discretionary adjustments for substantial “outliers”. Source: RBC Capital Markets estimates and Company reports

August 19, 2020 9 Canadian REITs and REOCs – Q2/20 recap

Exhibit III: Canadian REITs and REOCs – Valuation Table Implied Units Float Cash distributions/unit Funds from operations/unit Adjusted FFO/unit4 Unit total 52 Week O/S O/S Market cap ($MM) Run- Current Payout 18-21E 18-21E Property sector Symbol Analyst price Target return Rating Risk High Low MM MM Equity1 Float1 rate2 18 19 yield2 ratio3 18 19 20E 21E CAGR 18 19 20E 21E CAGR Boardwalk REIT BEI-U ND $30.34 $38.00 29% O - $51.84 $15.80 51 38 1,548 1,149 $1.00 $1.00 $1.00 3.3% 47% $2.21 $2.57 $2.54 $2.40 3% $1.75 $2.10 $2.14 $1.94 3% BSR REIT 5 6 HOM/U ML $10.35 $12.00 21% O - $18.61 $10.35 45 19 470 197 $0.50 $0.31 $0.50 4.8% 98% $0.48 $0.71 $0.58 $0.69 13% $0.39 $0.62 $0.51 $0.62 17% CAPREIT CAR-U ND $46.22 $57.00 26% SP - $61.29 $36.40 171 170 7,916 7,844 $1.38 $1.31 $1.37 3.0% 79% $2.01 $2.13 $2.18 $2.27 4% $1.65 $1.72 $1.75 $1.84 4% European Residential REIT ERE-U ND $4.16 $5.50 35% O - $5.37 $2.81 231 76 959 318 €0.11 €0.23 €0.08 4.0% 86% €0.26 €0.14 €0.14 €0.14 n.m. €0.23 €0.12 €0.12 €0.12 n.m. InterRent REIT IIP-U ML $12.87 $17.00 34% SP - $19.05 $10.39 141 130 1,817 1,679 $0.31 $0.27 $0.29 2.4% 73% $0.45 $0.48 $0.48 $0.55 7% $0.39 $0.43 $0.43 $0.48 7% Killam Apartment REIT KMP-U ND $17.80 $20.00 16% O - $23.37 $13.90 107 101 1,898 1,798 $0.68 $0.63 $0.65 3.8% 83% $0.94 $0.98 $0.99 $1.03 3% $0.76 $0.80 $0.82 $0.85 4% Minto Apartment REIT 5 MI-U ML $18.36 $24.00 33% O - $28.31 $15.58 59 35 1,084 641 $0.46 $0.20 $0.42 2.5% 61% $0.44 $0.84 $0.86 $0.94 n.m. $0.36 $0.72 $0.75 $0.82 n.m. Morguard Residential REIT MRG-U ND $15.76 $20.00 31% SP - $20.98 $10.73 56 31 886 489 $0.70 $0.66 $0.68 4.4% 76% $1.18 $1.19 $1.26 $1.25 2% $0.65 $0.66 $0.92 $0.85 9% Northview Apartment REIT NVU-U ND $34.74 $36.25 9% SP - $36.70 $25.15 69 60 2,403 2,086 $1.63 $1.63 $1.63 4.7% 94% $2.15 $2.08 $2.12 $2.25 2% $1.74 $1.70 $1.74 $1.86 2% Tricon Residential Inc. 7 TCN ML $9.91 $12.50 29% O - $12.11 $5.45 193 185 1,908 1,833 $0.28 $0.28 $0.28 2.8% 65% $0.22 $0.37 $0.45 $0.50 32% $0.07 $0.23 $0.33 $0.38 73% Rental residential 26% 21,038 18,095 3.6% 76% 8% 15% Chartwell Retirement Residences CSH-U PB $10.51 $11.50 15% O - $15.18 $6.25 215 213 2,263 2,243 $0.61 $0.59 $0.60 5.8% 87% $0.90 $0.92 $0.73 $0.80 -4% $0.85 $0.86 $0.70 $0.74 -4% Extendicare Inc. EXE PB $5.59 $7.00 34% SP - $9.60 $4.90 90 90 501 501 $0.48 $0.48 $0.48 8.6% 92% $0.59 $0.52 $0.44 $0.53 -3% $0.62 $0.57 $0.52 $0.58 -2% Sienna Senior Living SIA PB $10.46 $13.00 33% SP - $19.91 $8.85 67 67 701 701 $0.94 $0.91 $0.93 8.9% 85% $1.40 $1.38 $1.11 $1.25 -4% $1.44 $1.40 $1.10 $1.25 -5% Seniors housing 27% 3,465 3,445 7.8% 88% -4% -4% Allied Properties REIT AP-U ND $38.41 $56.00 50% O - $60.14 $31.49 123 122 4,729 4,690 $1.65 $1.56 $1.60 4.3% 85% $2.17 $2.28 $2.29 $2.42 4% $1.79 $1.93 $1.95 $2.03 4% Dream Industrial REIT DIR-U PB $11.20 $12.50 18% O - $14.31 $6.89 171 143 1,918 1,607 $0.70 $0.70 $0.70 6.2% 118% $0.86 $0.78 $0.71 $0.77 -4% $0.72 $0.66 $0.59 $0.66 -3% Dream Office REIT D-U PB $19.65 $25.00 32% SP - $36.80 $15.21 60 41 1,188 809 $1.00 $1.00 $1.00 5.1% 91% $1.66 $1.70 $1.53 $1.60 -1% $0.94 $1.10 $1.10 $1.09 5% Granite REIT GRT-U ND $76.95 $82.00 10% O - $80.06 $40.77 58 57 4,451 4,374 $2.90 $3.03 $2.80 3.8% 76% $3.68 $3.62 $4.00 $4.21 5% $3.01 $3.52 $3.80 $3.94 9% NorthWest Healthcare REIT NWH-U ND $11.42 $11.75 10% SP - $13.35 $6.27 178 152 2,031 1,731 $0.80 $0.80 $0.80 7.0% 103% $0.79 $0.79 $0.81 $0.86 3% $0.79 $0.81 $0.78 $0.83 2% Summit Industrial Income REIT SMU-U ML $12.12 $13.00 12% SP - $14.09 $6.59 138 125 1,677 1,512 $0.54 $0.52 $0.53 4.5% 101% $0.56 $0.58 $0.63 $0.65 5% $0.50 $0.52 $0.54 $0.59 6% WPT Industrial REIT 6 WIR/U ND $13.10 $15.00 20% O - $14.99 $7.40 85 68 1,113 895 $0.76 $0.76 $0.76 5.8% 112% $0.89 $0.85 $0.86 $0.92 1% $0.76 $0.65 $0.68 $0.75 -1% Office / Industrial 22% 17,458 15,901 5.2% 98% 2% 3% Automotive Properties REIT APR-U ML $9.82 $11.00 20% SP - $12.89 $5.30 48 35 468 346 $0.80 $0.80 $0.80 8.2% 96% $0.99 $1.00 $0.90 $0.92 -2% $0.87 $0.91 $0.84 $0.87 0% Choice Properties REIT CHP-U PB $12.78 $13.50 11% SP - $15.14 $10.58 700 261 8,951 3,336 $0.74 $0.74 $0.74 5.8% 95% $0.97 $0.99 $0.92 $0.96 0% $0.76 $0.85 $0.78 $0.80 2% Crombie REIT CRR-U PB $13.09 $14.50 18% SP - $16.71 $9.26 158 92 2,070 1,210 $0.89 $0.89 $0.89 6.8% 102% $1.21 $1.16 $1.03 $1.09 -3% $1.03 $0.98 $0.87 $0.93 -3% CT REIT CRT-U PB $13.91 $15.00 13% SP - $17.22 $9.14 229 71 3,183 981 $0.79 $0.73 $0.76 5.7% 76% $1.14 $1.18 $1.19 $1.22 2% $0.95 $1.01 $1.03 $1.07 4% First Capital REIT FCR-U PB $14.85 $18.00 27% O - $22.79 $11.09 219 217 3,258 3,221 $0.86 $0.86 $0.86 5.8% 105% $1.21 $1.23 $0.96 $1.06 -4% $1.07 $1.09 $0.82 $0.93 -4% Plaza Retail REIT PLZ-U PB $3.50 $3.75 15% SP - $4.76 $2.65 103 65 360 227 $0.28 $0.28 $0.28 8.0% 97% $0.33 $0.39 $0.33 $0.36 3% $0.29 $0.35 $0.29 $0.31 2% RioCan REIT REI-U PB $15.32 $21.00 46% SP - $27.92 $12.41 318 318 4,868 4,868 $1.44 $1.44 $1.44 9.4% 100% $1.85 $1.87 $1.59 $1.63 -4% $1.68 $1.71 $1.44 $1.48 -4% Slate Retail REIT 6 SRT/U PB $7.10 $7.50 18% SP - $10.28 $3.88 42 37 299 263 $0.86 $0.84 $0.86 12.2% 100% $1.27 $1.20 $1.08 $1.18 -2% $0.85 $0.95 $0.87 $0.95 4% SmartCentres REIT SRU-U PB $20.36 $25.00 32% O - $33.10 $14.58 172 136 3,503 2,768 $1.85 $1.76 $1.81 9.1% 94% $2.27 $2.14 $2.10 $2.25 0% $2.12 $1.95 $1.97 $2.05 -1% Retail 22% 27,054 17,303 7.9% 96% -1% 0% Artis REIT AX-U ML $8.66 $11.50 39% O - $13.67 $5.41 136 136 1,175 1,175 $0.54 $0.99 $0.54 6.2% 53% $1.25 $1.41 $1.39 $1.32 2% $0.92 $1.05 $1.01 $0.96 2% Cominar REIT CUF-U PB $7.05 $8.50 26% SP - $15.40 $6.77 182 182 1,286 1,283 $0.36 $0.79 $0.72 5.1% 59% $1.13 $1.07 $0.91 $0.97 -5% $0.88 $0.77 $0.61 $0.68 -8% H&R REIT HR-U ND $10.10 $15.00 55% SP - $23.55 $7.39 302 284 3,052 2,869 $0.69 $1.38 $1.38 6.8% 51% $1.73 $1.75 $1.69 $1.82 2% $1.41 $1.32 $1.36 $1.35 -1% Melcor REIT MR-U ML $3.91 $5.00 37% SP - $8.35 $2.61 29 13 114 51 $0.36 $0.68 $0.68 9.2% 61% $0.90 $0.91 $0.82 $0.81 -3% $0.68 $0.65 $0.59 $0.58 -5% Morguard REIT MRT-U PB $4.86 $6.00 33% SP - $12.74 $4.14 62 25 302 123 $0.48 $0.96 $0.96 9.9% 59% $1.48 $1.43 $1.04 $1.08 -10% $1.12 $1.07 $0.81 $0.82 -10% Diversified 38% 5,930 5,501 7.5% 57% -3% -5% All commercial property 26% 53,908 42,149 6.9% 87% -1% 0% Morguard Corporation MRC ND $123.00 $180.00 47% SP - $219.48 $114.18 11 5 1,383 560 $0.60 $0.60 $0.60 0.5% 7% $20.32 $22.23 $11.58 $19.09 -2% $17.32 $19.38 $8.45 $15.94 -3% Melcor Developments MRD ML $7.35 $10.00 40% SP - $13.45 $5.58 33 15 244 112 $0.32 $0.52 $0.50 4.4% N/A $1.68 $1.15 $0.80 $1.16 -12% $1.36 $0.78 $0.44 $0.77 N/A Brookfield Asset Mgt. 6, 8 BAM-US ND $33.78 $40.00 20% O - $45.61 $21.57 1,512 1,215 51,058 41,034 $0.48 $0.40 $0.43 1.4% 26% $2.90 $2.71 $2.58 $2.96 1% $1.74 $1.85 $1.84 $2.13 7% Brookfield Property Partners 6 BPY-US ND $11.90 $17.00 54% O - $20.58 $7.10 935 405 11,132 4,820 $1.33 $1.26 $1.32 11.2% 274% $1.49 $1.41 $1.06 $1.22 -6% $0.91 $0.83 $0.49 $0.64 -11% AHIP REIT LP 6 HOT/U ML $1.88 $2.00 6% SP SR $5.75 $0.81 78 74 147 139 $0.00 $0.65 $0.65 0.0% 0% $0.70 $0.70 $0.05 $0.46 -13% $0.55 $0.55 ($0.05) $0.33 -16% EBITDA ($MM) EPS FirstService Corporation 6, 9 FSV-US ML $119.70 $120.00 1% SP - $121.05 $57.38 43 37 5,197 4,400 $0.66 $0.54 $0.60 0.6% 22% $191 $235 $267 $311 18% $2.61 $3.00 $3.07 $3.70 12% Colliers International Group Inc. 6, 10 CIGI-US ML $63.14 $85.00 35% O - $92.07 $33.93 40 36 2,526 2,286 $0.10 $0.10 $0.10 0.2% 3% $311 $359 $287 $384 7% $4.09 $4.67 $3.31 $4.41 3% Overall, simple averages 27% 156,710 119,618 5.7% 84% -1% 0% Overall (ex-asset managers and other), simple averages 26% 73,037 58,412 6.1% 85% 0% 1% Stock rating legend: O – Outperform; SP – Sector Perform; U – Underperform; SR - Speculative Risk. Analyst legend: ND – Neil Downey; PB - Pammi Bir; ML - Matt Logan Note: R – Restricted from providing an investment opinion due to new issued distribution period or quiet period surrounding a "lock-up" termination; UR – Under Review. August 19, 2020 10 Canadian REITs and REOCs – Q2/20 recap

Exhibit III: Canadian REITs and REOCs – Valuation Table (continued) Implied RBCCM FTM Pre-tax Business focus Debt/ EV/ Cap Cap Price / NAV book Price / Tax deferral FFO/unit multiples AFFO/unit multiples Property sector (Estimated sources of income) LTV GBV EBITDA rate rate NAV11 NAV Growth value11 book 2019 2020E 18 19 20E 21E 18 19 20E 21E Boardwalk REIT NOI: AB 64%; SK 10%; QC 19%; ON ~7% (100% Residential) 59% 48% 21x 5.5% 5.0% $39.00 78% 1% $63.75 0.5x 9% 30% 14x 12x 12x 13x 17x 14x 14x 16x BSR REIT 5 6 NOI: Texas 54%; Arkansas 17%; Oklahoma 10%; Other 19% (100% Resi) 53% 49% 19x 5.9% 5.6% $11.75 88% 6% $12.16 0.9x 100% 100% n.m. 15x 18x 15x n.m. 17x 20x 17x CAPREIT ON:45%, QC:15%, BC:11%, AB:4%, Other:40% 36% 36% 26x 4.3% 4.1% $50.00 92% 4% $49.97 0.9x 71% 60% 23x 22x 21x 20x 28x 27x 26x 25x European Residential REIT NOI: Netherlands Multi-Res 86%, Belgium/German Office 12%, Retail 2% 46% 46% 28x 4.3% 3.9% €3.15 84% 4% €3.14 0.8x 39% 50% 10x 20x 20x 19x 12x 22x 22x 21x InterRent REIT NOI: ON 80%; QC 20%. Large unstabilized portfolio (~25% of suites) 26% 28% 25x 4.5% 4.1% $14.50 89% 8% $14.46 0.9x 100% 100% 29x 27x 27x 24x 33x 30x 30x 27x Killam Apartment REIT Resi NOI: Atlantic ~71% , ON ~19%, AB ~8%, BC ~2% (Resi ~88%; Other ~12%) 45% 45% 23x 4.9% 4.9% $18.00 99% 4% $18.19 1.0x 51% 40% 19x 18x 18x 17x 23x 22x 22x 21x Minto Apartment REIT 5 Resi NOI: ON ~80%, AB ~11%, QC ~9% (Furnished suites ~4%) 39% 40% 25x 4.4% 4.0% $21.50 85% 7% $20.86 0.9x 45% 45% n.m. 22x 21x 20x n.m. 25x 25x 22x Morguard Residential REIT NOI: US ~60%; Canada ~40% (100% Residential) 47% 46% 19x 6.1% 4.7% $27.00 58% 5% $29.40 0.5x 78% 80% 13x 13x 13x 13x 24x 24x 17x 18x Northview Apartment REIT Resi NOI: ON 36%; West 23%; Atlantic 11%; North 24%;QC 5% 51% 52% 21x 5.2% 5.5% $31.00 112% 5% $31.00 1.1x 78% 70% 16x 17x 16x 15x 20x 20x 20x 19x Tricon Residential Inc. 7 N.A. real estate investment company with assets in the U.S./Can. 68% 65% 21x 5.5% 5.3% $8.50 89% 12% $8.48 0.9x N/A N/A 35x 20x 17x 15x n.m. 33x 23x 20x Simple averages 47% 45% 23x 5.1% 4.7% 87% 5% 0.8x 63% 64% 20x 18x 18x 17x 22x 24x 22x 21x Chartwell Retirement Residences Private-pay focus (by NOI: RH ~87%; LTC ~10%; Fees ~3%) 51% 53% 17x 7.0% 6.6% $12.00 88% 6% $3.82 2.8x 100% 95% 12x 11x 14x 13x 12x 12x 15x 14x Extendicare Inc. Gov't Reimbursement (by NOI: RH ~18%; LTC ~56%; HHC ~7%; Other ~19%) 38% 50% 9x 10.5% 8.4% $8.00 70% 8% $1.07 5.2x N/A N/A 10x 11x 13x 11x 9x 10x 11x 10x Sienna Senior Living Gov't Reimbursement (by NOI: RH ~42%; LTC/RC ~58%) 50% 49% 15x 8.4% 7.4% $14.00 75% 5% $8.09 1.3x N/A N/A 7x 8x 9x 8x 7x 7x 9x 8x Simple averages 46% 51% 14x 8.6% 7.4% 77% 6% 3.1x 100% 95% 10x 10x 12x 11x 10x 10x 12x 11x Allied Properties REIT Class "I" Properties (Office 74%, Data Centres 17%, Retail 6%, Parking 4%) 32% 29% 22x 5.8% 4.8% $47.00 82% 3% $48.52 0.8x 71% 70% 18x 17x 17x 16x 21x 20x 20x 19x Dream Industrial REIT Industrial (Canada 69%, U.S. 21%, Europe 10%) 29% 28% 18x 6.1% 6.1% $11.50 97% 5% $11.81 0.9x 18% 45% 13x 14x 16x 15x 15x 17x 19x 17x Dream Office REIT Office 100%; Class A + B, CBD + Suburban 40% 38% 17x 6.6% 5.3% $27.00 73% 3% $27.65 0.7x 99% 100% 12x 12x 13x 12x 21x 18x 18x 18x Granite REIT Industrial (100%) 23% 35% 20x 5.5% 6.0% $69.00 112% 4% $68.25 1.1x 5% 30% 21x 21x 19x 18x 26x 22x 20x 20x NorthWest Healthcare REIT MOBs and Hospitals (Cda: ~30%, Brazil ~22%, Aust/NZ ~24%, Europe ~23%) 50% 54% 18x 6.1% 6.2% $11.00 104% 6% $9.88 1.2x 59% 50% 14x 14x 14x 13x 14x 14x 15x 14x Summit Industrial Income REIT By NOI: Industrial (100%) 46% 46% 23x 4.7% 5.0% $10.75 113% 6% $10.40 1.2x 15% 70% 22x 21x 19x 19x 24x 23x 23x 21x WPT Industrial REIT 6 Canadian domiciled with 100% U.S. Industrial (warehouse and DC) 52% 51% 20x 5.6% 5.7% $12.50 105% 3% $12.99 1.0x 60% 60% 15x 15x 15x 14x 17x 20x 19x 18x Simple averages 39% 40% 20x 5.8% 5.6% 98% 4% 1.0x 47% 61% 16x 16x 16x 15x 20x 19x 19x 18x Automotive Properties REIT Primarily automotive dealerships (Dilawri Group ~62%) 47% 44% 16x 6.9% 6.8% $10.00 98% 4% $9.74 1.0x 78% 60% 10x 10x 11x 11x 11x 11x 12x 11x Choice Properties REIT Primarily foodstore anchored shopping centres ( ~56% of Gross Rent) 45% 44% 18x 5.9% 6.1% $12.00 107% 4% $11.68 1.1x 0% 10% 13x 13x 14x 13x 17x 15x 16x 16x Crombie REIT Primarily foodstore anchored shopping centres ( ~54% of AMR) 52% 49% 17x 6.3% 6.2% $13.50 97% 6% $14.50 0.9x 0% 10% 11x 11x 13x 12x 13x 13x 15x 14x CT REIT Primarily stand-alone CTC locations (CTC ~93% of AMR) 44% 42% 16x 6.6% 6.5% $14.00 99% 6% $14.67 0.9x 15% 15% 12x 12x 12x 11x 15x 14x 13x 13x First Capital REIT Primarily urban food store-anchored strip retail 52% 47% 19x 5.9% 5.1% $19.50 76% 6% $22.51 0.7x 0% 10% 12x 12x 15x 14x 14x 14x 18x 16x Plaza Retail REIT Mostly strip plazas/single-tenant; ~53% GLA located in Atlantic Canada 61% 60% 15x 7.5% 7.3% $3.80 92% 5% $4.21 0.8x 49% 40% 11x 9x 11x 10x 12x 10x 12x 11x RioCan REIT Grocery Anchored 42%, Mixed-Use Urban 22%, Open-Air 27%, Enclosed 9% 48% 44% 17x 6.8% 5.6% $22.00 70% 8% $24.41 0.6x 0% 0% 8x 8x 10x 9x 9x 9x 11x 10x Slate Retail REIT 6 Canadian domiciled with 100% U.S. grocery-anchored assets 68% 60% 14x 8.1% 7.6% $9.00 79% 6% $10.58 0.7x 35% 35% 6x 6x 7x 6x 8x 7x 8x 7x SmartCentres REIT Primarily Wal-Mart anchored (Gross rev: ON ~63%, QC ~14%, Other ~23%) 48% 44% 15x 7.2% 6.1% $28.00 73% 5% $30.24 0.7x 21% 20% 9x 10x 10x 9x 10x 10x 10x 10x Simple averages 52% 48% 16x 6.8% 6.4% 88% 6% 0.8x 22% 22% 10x 10x 11x 11x 12x 12x 13x 12x Artis REIT Office ~48%; Industrial ~35%; Retail ~17% (CAN ~47%, US ~53%) 62% 53% 14x 7.3% 6.3% $13.50 64% 5% $15.40 0.6x 39% 60% 7x 6x 6x 7x 9x 8x 9x 9x Cominar REIT Office ~40%; Industrial ~28%; Retail ~32% (QC ~93%, ON ~7%) 64% 55% 15x 7.2% 6.3% $11.00 64% 4% $15.44 0.5x 11% 10% 6x 7x 8x 7x 8x 9x 11x 10x H&R REIT Office ~45%; Industrial ~8%; Retail ~29%; Residential ~18% 53% 52% 12x 8.6% 6.2% $22.00 46% 1% $21.77 0.5x 0% 20% 6x 6x 6x 6x 7x 8x 7x 7x Melcor REIT Office ~36%; Industrial ~8%; Retail ~54%; Land Lease Community ~2% 68% 59% 13x 8.1% 6.9% $7.25 54% 1% $9.15 0.4x 70% 40% 4x 4x 5x 5x 6x 6x 7x 7x Morguard REIT Office ~45%; Industrial ~1%; Retail ~54% 72% 50% 13x 7.7% 6.8% $10.00 49% 22% $21.22 0.2x 41% 50% 3x 3x 5x 4x 4x 5x 6x 6x Simple averages 64% 54% 14x 7.8% 6.5% 55% 6% 0.4x 32% 36% 5x 5x 6x 6x 7x 7x 8x 8x All commercial property 50% 47% 17x 6.7% 6.1% 83% 5% 0.8x 33% 38% 11x 11x 12x 11x 13x 13x 14x 13x Morguard Corporation REOC with portfolio of ~$21 billion owned and managed properties 52% 50% 17x N/A N/A $385.00 32% 0% $385.18 0.3x N/A N/A 6x 6x 11x 6x 7x 6x 15x 8x Melcor Developments Land & commercial developer mainly operating in Western Canada N/A 36% 15x N/A N/A N/A N/A 0% $34.88 0.2x N/A N/A 4x 6x 9x 6x - - - - Brookfield Asset Mgt. 6, 8 Global asset manager of property, power and infrastructure N/A 57% N/A N/A N/A $36.00 94% 0% $18.48 1.8x N/A N/A 12x 12x 13x 11x 19x 18x 18x 16x Brookfield Property Partners 6 International portfolio of office, retail, and opportunistic properties 65% 59% 20x 5.8% 4.6% $27.00 44% -12% $27.01 0.4x 0% 0% 8x 8x 11x 10x 13x 14x 24x 19x AHIP REIT LP 6 Owner of select-service hotels in secondary U.S. markets 88% 59% 13x 7.4% 7.7% $1.50 125% 108% $5.04 0.4x 92% 40% 3x 3x 41x 4x 3x 3x n.m. 6x EV/EBITDA Multiples P/E Multiples FirstService Corporation 6, 9 EBITDA: ~49% residential, ~51% brands. N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A N/A 30x 25x 22x 19x 46x 40x 39x 32x Colliers International Group Inc. 6, 10 25% sales, 29% leasing, 40% adv, 6% IM | TTM 42% AM, 19% EMEA, 20% APAC, 20% IM N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A N/A 11x 10x 12x 9x 15x 14x 19x 14x Overall, simple averages 50% 47% 18x 6.4% 5.9% 83% 7% 1.0x 44% 46% 12x 12x 14x 12x 15x 15x 16x 15x Overall (ex-asset managers and other), simple averages 48% 46% 18x 6.4% 5.8% 84% 5% 1.0x 44% 48% 12x 13x 14x 13x 15x 15x 16x 15x

August 19, 2020 11 Canadian REITs and REOCs – Q2/20 recap

Exhibit III: Canadian REITs and REOCs – Valuation table (continued) Footnotes (all amounts are stated on a diluted basis): 1) Dollar value sub-sector and overall totals are in Canadian Dollars 2) Current distribution and yield are based on the current annualized monthly/quarterly distribution. 3) Payout ratio = Run-rate cash distribution/2020E AFFO. 4) AFFO = FFO, adjusted for recoverable and non-recoverable maintenance capital expenditures, tenant improvements, straight-line rent adjustments and other items. 5) Minto Apartment REIT: 2018A = Stub period from July 3, 2018 to December 31, 2018. BSR REIT: 2018A = Stub period from May 18, 2018 to December 31, 2018. P/FFO and P/AFFO metrics for this year are not meaningful (n.m.) 6) Unit or share price and financial numbers are denominated in USD for: WPT Industrial REIT, Slate Retail REIT, Brookfield Property Partners, Brookfield Asset Management, AHIP REIT LP, BSR REIT, FirstService Corporation and Colliers International Group Inc. 7) Tricon Residential share price and dividend in CAD, all financial data reported in USD 8) Brookfield Asset Management: AFFO/unit equates to BAM's Operating FFO. OFFO is FFO less disposition gains and realized carried interests. 9) FirstService Corporation: EBITDA is adjusted for stock based comp. EPS is adjusted for (after-tax basis where applicable): MTM of redeemable NCI, acquisition costs, amortization of intangible assets related to acquisitions and stock based comp. 10) Colliers International Group Inc: EBITDA is adjusted for restructuring costs and stock based comp. EPS is adjusted for (after-tax basis where applicable): MTM of redeemable NCI, acquisition costs, amortization of intangible assets related to acquisitions, restructuring costs and stock based comp. 11) All NAV per unit (or per share) and book value per unit (or per share) figures are shown on a pre-tax basis. IFRS NAV per unit shown in lieu of book value per unit for Crombie REIT primarily due to fair value differences related to its investment properties which are carried at historical cost. For Artis REIT, we use IFRS NAV per unit in lieu of book value per unit (BVPU) to account for the higher market value of the REIT’s U.S. denominated preferred equity units (somewhat akin to USD debt). These securities are shown on the REIT’s balance sheet using the exchange rate at the time of issue. Our adjustment has the effect of lowering the REIT’s IFRS NAV per unit relative to its BVPU.

Source: RBC Capital Markets estimates and Factset

August 19, 2020 12 Canadian REITs and REOCs – Q2/20 recap

Exhibit IV: Canadian REITs and REOCs – NAV summary Office / Industrial REITs and REOCs Retail REITs and REOCs Allied Dream Dream NorthWest WPT Automotive Choice First Plaza Slate Prop. Industrial Office Granite Healthcare Summit II Industrial Properties Properties Crombie CT Capital Retail RioCan Retail SmartCentres REIT REIT REIT REIT REIT REIT REIT7 REIT REIT REIT REIT REIT REIT REIT REIT7 REIT Premium/(discount) to NAV1: Unit price - August 19, 2020 $38.41 $11.20 $19.65 $76.95 $11.42 $12.12 $13.10 $9.82 $12.78 $13.09 $13.91 $14.85 $3.50 $15.32 $7.10 $20.36 Implied cap rate at current market price 5.8% 6.1% 6.6% 5.5% 6.1% 4.7% 5.6% 6.9% 5.9% 6.3% 6.6% 5.9% 7.5% 6.8% 8.1% 7.2% Cap rate assigned by RBC CM 4.8% 6.1% 5.3% 6.0% 6.2% 5.0% 5.7% 6.8% 6.1% 6.2% 6.5% 5.1% 7.3% 5.6% 7.6% 6.1% RBC CM NAV per unit $47.00 $11.50 $27.00 $69.00 $11.00 $10.75 $12.50 $10.00 $12.00 $13.50 $14.00 $19.50 $3.80 $22.00 $9.00 $28.00 Premium/(discount) to NAV (18%) (3%) (27%) 12% 4% 13% 5% (2%) 6% (3%) (1%) (24%) (8%) (30%) (21%) (27%)

Change in valuation parameters & sensitivity: Previous cap rate2 4.9% 6.2% 5.3% 6.1% 6.2% 5.0% 5.8% 6.6% 6.1% 6.2% 6.5% 5.1% 7.3% 5.6% 7.8% 6.1% Change in cap rate from prior quarter -0.10% -0.10% 0.00% -0.10% 0.01% 0.00% -0.08% 0.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.13% 0.00% $ per unit sensitivity to 25bp chg in cap rate $2.80 $0.71 $1.91 $3.74 $0.77 $1.04 $1.22 $0.73 $0.90 $1.15 $1.03 $1.83 $0.32 $1.69 $1.01 $2.03 Percentage sensitivity 6% 6% 7% 5% 7% 10% 10% 7% 8% 9% 7% 9% 8% 8% 11% 7%

Quarterly change in NAV analysis: Previous NAV/unit $47.00 $11.00 $29.50 $64.00 $12.00 $10.50 $11.75 $10.75 $12.25 $13.75 $13.25 $20.00 $3.80 $22.00 $8.75 $28.00 Change $0.00 $0.50 ($2.50) $5.00 ($1.00) $0.25 $0.75 ($0.75) ($0.25) ($0.25) $0.75 ($0.50) $0.00 $0.00 $0.25 $0.00 $ Change - Excluding revaluation3 ($1.12) $0.22 ($2.50) $3.50 ($0.98) $0.25 $0.36 ($0.15) ($0.25) ($0.25) $0.75 ($0.50) $0.00 $0.00 ($0.26) $0.00 $ Change - Due to revaluation4 $1.12 $0.28 $0.00 $1.50 ($0.02) $0.00 $0.39 ($0.60) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.51 $0.00 Percentage change since last quarter 0% 5% (8%) 8% (8%) 2% 6% (7%) (2%) (2%) 6% (3%) 0% 0% 3% 0% Percentage change - Excluding revaluation3 (2%) 2% (8%) 5% (8%) 2% 3% (1%) (2%) (2%) 6% (3%) 0% 0% (3%) 0% Percentage change - Due to revaluation4 2% 3% 0% 2% (0%) 0% 3% (6%) 0% 0% 0% 0% 0% 0% 6% 0%

Other metrics: Pre-tax book value per unit $48.52 $11.81 $27.65 $68.25 $9.88 $10.40 $1.05 $9.74 $11.68 $14.50 $14.67 $22.51 $4.21 $24.41 $10.58 $30.24 Price/book 0.8x 0.9x 0.7x 1.1x 1.2x 1.2x 12.5x 1.0x 1.1x 0.9x 0.9x 0.7x 0.8x 0.6x 0.7x 0.7x Debt/enterprise value - Balance sheet leverage5 37% 31% 49% 29% 50% 43% 51% 48% 44% 53% 45% 59% 63% 57% 73% 59% 6 Debt/enterprise value - FFO leverage 37% 31% 49% 27% 43% 43% 51% 48% 44% 53% 45% 59% 58% 57% 73% 59%

August 19, 2020 13 Canadian REITs and REOCs – Q2/20 recap

Exhibit IV: Canadian REITs and REOCs – NAV summary (continued) Diversified REITs and REOCs Residential REITs and REOCs Lodging Seniors housing Brookfield European Killam Minto Morguard Northview Chartwell Sienna Artis Property Cominar H&R Melcor Morguard Boardwalk BSR CAP Residential InterRent Apartment Apartment Residential Apartment Tricon AHIP Retirement Extendicare Senior REIT Partners7 REIT REIT REIT REIT REIT REIT7 REIT REIT REIT REIT REIT REIT REIT Residential7 REIT LP7 Residences Inc. Living Premium/(Discount) to NAV1: Unit price - August 19, 2020 $8.66 $11.90 $7.05 $10.10 $3.91 $4.86 $30.34 $10.35 $46.22 $4.16 $12.87 $17.80 $18.36 $15.76 $34.74 $9.91 $1.88 $10.51 $5.59 $10.46 Implied cap rate at current market price 7.3% 5.8% 7.2% 8.6% 8.1% 7.7% 5.5% 5.9% 4.3% 4.3% 4.5% 4.9% 4.4% 6.1% 5.2% 5.5% 7.4% 7.0% 10.5% 8.4% Cap rate assigned by RBC CM 6.3% 4.6% 6.3% 6.2% 6.9% 6.8% 5.0% 5.6% 4.1% 3.9% 4.1% 4.9% 4.0% 4.7% 5.5% 5.3% 7.7% 6.6% 8.4% 7.4% RBC CM NAV per unit $13.50 $27.00 $11.00 $22.00 $7.25 $10.00 $39.00 $11.75 $50.00 €3.15 $14.50 $18.00 $21.50 $27.00 $30.00 $8.50 $1.50 $12.00 $8.00 $14.00 Premium/(discount) to NAV (36%) (56%) (36%) (54%) (46%) (51%) (22%) (12%) (8%) (16%) (11%) (1%) (15%) (42%) 16% (11%) 25% (12%) (30%) (25%)

Change in valuation parameters & sensitivity: Previous cap rate2 6.4% 5.2% 6.1% 5.7% 6.8% 6.4% 5.0% 6.1% 4.1% 4.0% 4.1% 4.9% 4.0% 4.7% 5.5% 5.5% 7.8% 6.6% 8.4% 7.3% Change in cap rate from prior quarter -0.10% -0.60% 0.22% 0.53% 0.10% 0.40% 0.00% -0.48% 0.00% -0.09% 0.00% -0.02% 0.05% 0.00% 0.00% -0.20% -0.05% -0.01% 0.03% 0.10% $ per unit sensitivity to 25bp chg in cap rate $1.45 $4.15 $1.23 $1.74 $0.86 $1.17 $5.04 $1.14 $5.30 €0.40 $1.29 $1.71 $2.30 $2.93 $3.04 $1.28 $0.38 $0.91 $0.35 $1.02 Percentage sensitivity 11% 15% 11% 8% 12% 12% 13% 10% 11% 13% 9% 9% 11% 11% 10% 15% 25% 8% 4% 7%

Quarterly change in NAV analysis: Previous NAV/unit $13.75 $30.00 $15.25 $26.00 $8.25 $18.00 $34.00 $11.00 $46.00 $2.75 $13.75 $17.00 $20.75 $24.00 $30.00 $7.50 $1.75 $12.75 $8.25 $15.25 Change ($0.25) ($3.00) ($4.25) ($4.00) ($1.00) ($8.00) $5.00 $0.75 $4.00 $0.40 $0.75 $1.00 $0.75 $3.00 $0.00 $1.00 ($0.25) ($0.75) ($0.25) ($1.25) $ Change - Excluding revaluation3 ($0.84) ($12.97) ($3.18) ($0.31) ($0.65) ($6.13) $5.00 ($1.42) $4.00 $0.26 $0.73 $0.86 $1.21 $3.00 $0.00 ($0.02) ($0.33) ($0.80) ($0.21) ($0.84) $ Change - Due to revaluation4 $0.59 $9.97 ($1.07) ($3.69) ($0.35) ($1.87) $0.00 $2.17 $0.00 $0.14 $0.02 $0.14 ($0.46) $0.00 $0.00 $1.02 $0.08 $0.05 ($0.04) ($0.41) Percentage change since last quarter (2%) (10%) (28%) (15%) (12%) (44%) 15% 7% 9% 15% 5% 6% 4% 13% 0% 13% (14%) (6%) (3%) (8%) Percentage change - Excluding revaluation3 (6%) (43%) (21%) (1%) (8%) (34%) 15% (13%) 9% 9% 5% 5% 6% 13% 0% (0%) (19%) (6%) (3%) (6%) Percentage change - Due to revaluation4 4% 33% (7%) (14%) (4%) (10%) 0% 20% 0% 5% 0% 1% (2%) 0% 0% 14% 4% 0% (0%) (3%)

Other metrics: Pre-tax book value per unit $15.40 $27.01 $15.64 $21.77 $9.15 $21.22 $63.75 $12.16 $49.97 €3.14 $14.46 $18.36 $20.86 $29.40 $31.00 $8.48 $5.04 $3.82 $1.07 $8.09 Price/book 0.6x 0.4x 0.5x 0.5x 0.4x 0.2x 0.5x 0.9x 0.9x 0.8x 0.9x 1.0x 0.9x 0.5x 1.1x 0.9x 0.4x 2.8x 5.2x 1.3x Debt/enterprise value - Balance sheet leverage5 73% 81% 74% 71% 80% 82% 66% 56% 39% 52% 32% 46% 43% 62% 49% 72% 84% 54% 54% 62% Debt/enterprise value - FFO leverage6 73% 81% 74% 71% 68% 72% 66% 56% 39% 52% 32% 46% 43% 58% 49% 72% 79% 54% 43% 62%

August 19, 2020 14 Canadian REITs and REOCs – Q2/20 recap

Exhibit IV: Canadian REITs and REOCs – NAV summary (continued) Notes: 1) All calculations are derived from FTM estimated NOI from existing assets, after an appropriate adjustment for the value of non-NOI producing assets (i.e., properties under developments or mezzanine loans). 2) The capitalization rate applied in the determination of NAV/unit approximately three months ago. Changes typically reflect minor adjustments we've implemented to more closely align our view of each REIT/REOC's portfolio with private market pricing for similar assets. 3) This line shows the component of the NAV/unit change that has occurred due to operating and financing parameters. 4) This line shows the component of the NAV/unit change that has occurred because we have changed our valuation parameters (i.e., due to cap rate change). 5) Debt includes all convertible debentures in this calculation. This calculation portrays the degree by which the balance sheet is levered. 6) Debt excludes all convertible debentures in this calculation. This portrays the degree by which FFO/unit (diluted) is levered (because convertible debentures are notionally converted to equity in the derivations of diluted FFO & AFFO/unit). 7) BSR REIT, WPT Industrial REIT, Slate Retail REIT, American Hotel Income Properties REIT LP ("AHIP REIT LP") and Brookfield Property Partners' unit price and financial numbers are denominated in USD. Tricon Residential share price is in CAD, and financial numbers are denominated in USD Source: RBC Capital Markets estimates, Factset and Company reports

August 19, 2020 15 Canadian REITs and REOCs – Q2/20 recap

Required disclosures Non-U.S. analyst disclosure Neil Downey, Matt Logan and Pammi Bir (i) are not registered/qualified as research analysts with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Conflicts disclosures This product constitutes a compendium report (covers six or more subject companies). As such, RBC Capital Markets chooses to provide specific disclosures for the subject companies by reference. To access conflict of interest and other disclosures for the subject companies, clients should refer to https://www.rbccm.com/GLDisclosure/PublicWeb/DisclosureLookup.aspx?entityId=1. These disclosures are also available by sending a written request to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7 or an email to [email protected].

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References herein to "LIBOR", "LIBO Rate", "L" or other LIBOR abbreviations means the London interbank offered rate as administered by ICE Benchmark Administration (or any other person that takes over the administration of such rate). Disclaimer

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a broker or dealer capacity and that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this report, should contact and place orders with RBC Capital Markets, LLC. To Canadian Residents: This publication has been approved by RBC Dominion Securities Inc.(member IIROC). Any Canadian recipient of this report that is not a Designated Institution in Ontario, an Accredited Investor in British Columbia or Alberta or a Sophisticated Purchaser in Quebec (or similar permitted purchaser in any other province) and that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this report should contact and place orders with RBC Dominion Securities Inc., which, without in any way limiting the foregoing, accepts responsibility for this report and its dissemination in Canada. To U.K. Residents: This publication has been approved by RBC Europe Limited ('RBCEL') which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority ('FCA') and the Prudential Regulation Authority, in connection with its distribution in the United Kingdom. This material is not for general distribution in the United Kingdom to retail clients, as defined under the rules of the FCA. RBCEL accepts responsibility for this report and its dissemination in the United Kingdom. To German Residents: This material is distributed in Germany by RBC Europe Limited, Frankfurt Branch which is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). To Persons Receiving This Advice in Australia: This material has been distributed in Australia by Royal Bank of Canada, Sydney Branch (ABN 86 076 940 880, AFSL No. 246521). This material has been prepared for general circulation and does not take into account the objectives, financial situation or needs of any recipient. Accordingly, any recipient should, before acting on this material, consider the appropriateness of this material having regard to their objectives, financial situation and needs. If this material relates to the acquisition or possible acquisition of a particular financial product, a recipient in Australia should obtain any relevant disclosure document prepared in respect of that product and consider that document before making any decision about whether to acquire the product. This research report is not for retail investors as defined in section 761G of the Corporations Act. To Hong Kong Residents: This publication is distributed in Hong Kong by Royal Bank of Canada, Hong Kong Branch, which is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission (SFC) in Hong Kong, RBC Investment Services (Asia) Limited and RBC Global Asset Management (Asia) Limited, both entities are regulated by the SFC. This material is not for general distribution in Hong Kong to persons who are not professional investors (as defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571) and any rules made thereunder. To Singapore Residents: This publication is distributed in Singapore by the Royal Bank of Canada, Singapore Branch, a registered entity licensed by the Monetary Authority of Singapore. This material has been prepared for general circulation and does not take into account the objectives, financial situation, or needs of any recipient. You are advised to seek independent advice from a financial adviser before purchasing any product. If you do not obtain independent advice, you should consider whether the product is suitable for you. Past performance is not indicative of future performance. If you have any questions related to this publication, please contact the Royal Bank of Canada, Singapore Branch. Royal Bank of Canada, Singapore Branch accepts responsibility for this report and its dissemination in Singapore. To Japanese Residents: Unless otherwise exempted by Japanese law, this publication is distributed in Japan by or through RBC Capital Markets (Japan) Ltd. which is a Financial Instruments Firm registered with the Kanto Local Financial Bureau (Registered number 203) and a member of the Japan Securities Dealers Association (JSDA) and the Financial Futures Association of Japan (FFAJ). .® Registered trademark of Royal Bank of Canada. RBC Capital Markets is a trademark of Royal Bank of Canada. Used under license. Copyright © RBC Capital Markets, LLC 2020 - Member SIPC Copyright © RBC Dominion Securities Inc. 2020 - Member Canadian Investor Protection Fund Copyright © RBC Europe Limited 2020 Copyright © Royal Bank of Canada 2020 All rights reserved

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