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Investor Presentation INTERRENT REIT March 2020 INVESTOR PRESENTATION INTERRENT REIT IS A GROWTH- ORIENTED REAL ESTATE INVESTMENT TRUST ENGAGED IN INCREASING VALUE AND CREATING A GROWING AND SUSTAINABLE DISTRIBUTION THROUGH THE ACQUISITION AND OWNERSHIP OF MULTI-RESIDENTIAL PROPERTIES. FORWARD LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent’s publicly filed information which may be located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward-looking statements and InterRent assumes no obligation to update or revise the forward-looking statements contained in this presentation to reflect actual events or new circumstances. 236 Richmond | Ottawa InterRent REIT | 2020 3 ABOUT INTERRENT ROADMAP TO THE PRESENT •CLV arranges private •Continued to grow NOI •Completed LIV redevelopment placement at $1.50/Unit organically through top line •Continued focus on repositioning and organic growth growth and operating cost •Change of executive control •Change model/staffing of rental operations to focus on customer September 30, 2009 reductions 2013 2011 service and overall performance •CLV Group begins managing •Built acquisitions team and grew - - •Continued to refinance repositioned properties with CMHC to InterRent’s entire portfolio acquisition pipeline – focus on capitalize on low interest rates value-add properties •Began rebuilding & •Increased distribution by 5% ($0.22 to $0.23) in 2015, by 5% • PRESENT repositioning Purchased 1,000 suites in 2012, ($0.23 to $0.24) in 2016, by 11% ($0.24 to $0.27) in 2017, by 7% • 1,339 suites in 2013 and 645 in - Changed culture & priorities 2014 ($0.27 to $0.29) in 2018 and again by 7% ($0.29 to $0.31) in 2019 2011 2009 •Restored focus on property •Internalized property management in 2018 •Expanded into Quebec (Gatineau operations & Montreal) •Entered into joint venture for development of 900 Albert Street •Disposed of non-core •Focused on best in class within •Entered into joint venture agreement for development of properties our target markets 2014 Burlington GO Lands with Brookfield •Focused on growing NOI •Refinanced repositioned •Purchased 1,702 suites in 2015, 545 suites in 2016, 602 suites in organically through top line properties with CMHC insured 2017 and 638 suites in 2018 growth and operating cost • reductions mortgages 2019 was a significant year of growth for InterRent with 1,214 •Increased distribution by 33% suites acquired predominantly in Montreal ($0.12 to $0.16) in 2012, by 25% ($0.16 to $0.20) in 2013 and by 10% ($0.20 to $0.22) in 2014 DISTRIBUTION +10% +5% +5% +11% +7% +7% INCREASES +33% +25% Start September 30, 2009 $18.10 End As at March 10, 2020 Unit Price $1.50 to $18.10 Cumulative Distributions $2.10 Total Return 1,400% Number of 4,033 to 153% Suites 10,221 Since current management took over, InterRent has been one of the best performing REITs in Canada with a total return of 1,400%. The REIT was also the 5th best performing stock in the S&P/TSX Composite Index over the last decade.1 InterRent continues to focus on organic growth of existing properties, target new properties to reposition, as well as acquisitions of properties with untapped value. InterRent REIT | 2020 4 1Source: Financial Post ABOUT INTERRENT WE ARE PROVIDERS OF HOMES ACROSS ONTARIO AND QUEBEC GTA (INCLUDING HAMILTON) 24 0.8% 28.8% PROPERTIES PENETRATION OF PORTFOLIO 2,941 359,6421 SUITES TOTAL SUITES IN MARKET MONTREAL 22 0.5% 27.2% PROPERTIES PENETRATION OF PORTFOLIO 2,785 590,3051 SUITES TOTAL SUITES IN MARKET NATIONAL CAPITAL REGION 27 3.4% 29.0% PROPERTIES PENETRATION OF PORTFOLIO 2,961 87,2091 SUITES TOTAL SUITES IN MARKET Our primary markets make up Primary Market Secondary Market more than 80% of our NOI 8,687 Suites 1,534 Suites 1 CMHC Fall 2018 Rental Market Report apartment universe. InterRent REIT | 2020 5 THE VALUE CREATION STRATEGY Acquisitions and Development Cloud Solutions Smartphones Recycling Cost Reduction and Allocation and Containment of Capital Our People Infrastructure Computers Software/Applications Driving and Enhancing Customer Service Revenue Streams InterRent REIT | 2020 6 VALUE CREATION STRATEGY TECHNOLOGY ACROSS ALL ASPECTS OF THE BUSINESS Investing in technology has always been one of the distinguishing features of the REIT’s operating platform. InterRent constantly searches for new ways to improve the efficiency of all processes while also ensuring our residents have access to convenient tools that enhance their experience. Internal Infrastructure Resident Experience • Business intelligence • Smart homes • Best-in-class cloud platform • Resident online self-service: • Automated A/P workflow • Applications • Payments • Fully connected properties • Maintenance requests • Better online team collaboration tools • Amenity bookings • Mobile-enabled workforce Gen 1 CRM… Next Gen CRM InterRent REIT | 2020 7 VALUE CREATION STRATEGY ACQUISITION CRITERIA Whether InterRent enters a new market or expands in an existing one, a disciplined approach is taken. InterRent seeks to acquire properties that have suffered from the absence of professional management. This gives the REIT an opportunity to move rents to market rates, as well as investing in energy saving initiatives. InterRent only pursues properties for its portfolio that it has identified as having the following four parameters: HEALTHY ECONOMIC CENTRES STRONG DEMAND Regions that have stable employment Cities that have strong population and are expected to have continued growth and immigration rates economic growth RENTAL RATE GROWTH STABLE CAPITALIZATION RATES Communities with a track record of Target markets that have sufficient rising rental rates supply and demand from investors maintaining relatively stable capitalization rates InterRent REIT | 2020 8 VALUE CREATION STRATEGY PROVEN ABILITY TO SOURCE DEALS Proven track record of sourcing acquisitions, with over $1.1 billion in acquisitions since change of control (over 7,000 units). Continued pipeline of potential properties through solid relationships and proprietary lead generation database. Montreal Portfolio 158 Ontario, St. Catharines 1111 & 1121 Mistral, Montreal Hampstead Towers, Montreal th 545 Suites 3 East 37 , Hamilton 638 Suites 235 Sherbrooke St W, Montreal 57 Suites 2121 & 2255 Saint Mathieu, Montreal 1025 Sherbrooke St E, Montreal 718 Lawrence, Hamilton 4875 Dufferin, Montreal 5160 Gatineau, Montreal 2016 2018 Coolbrook & Monkland, Montreal 2020 2017 5775 Sir Walter Scott, Montreal 2019 1-3 Slessor, Grimsby 236 Richmond, Ottawa 1101 Rachel, Montreal 381 Churchill, Ottawa 1015 Orchard, Mississauga Parkway Park, Ottawa 602 Suites 10 Ben Lomond, Hamilton 1,214 Suites 625 Milton, Montreal 3474 Hutchison, Montreal 1170 Fennell, Hamilton Riviera, Gatineau 5550 Trent, Montreal Crystal Beach, Ottawa InterRent REIT | 2020 9 VALUE CREATION STRATEGY FOCUS ON REPOSITIONING Before After EXTERIOR UPGRADES • Complete, attractive first impression package • Designer-influenced exterior finishes 5220 Lakeshore | Burlington | Lakeshore 5220 COMMON AREA UPGRADES • Added functionality • Designer finishes • Enhanced security New Street | Burlington | Street New UNIT UPGRADES • Improving suite layout • Upgraded bathrooms and kitchens • Upgraded flooring LIV | Ottawa | LIV InterRent REIT | 2020 10 VALUE CREATION STRATEGY DELIVERING THE EXPERIENCE Exceptional amenities and best-in-class service are key components of the experience our residents are looking for in their homes. AVERAGE RENT GROWTH 5-Year Average Rent CAGR InterRent REIT 5.5% $1,273 $1,260 $1,197 $1,190 $996 $1,140 $965 $1,110 $1,089 $1,064 $1,060 $1,024 Ontario (CMHC) 4.4% $800 $760 $735 $726 $712 $691 Quebec (CMHC) 3.0% 2014 2015 2016 2017 2018 2019 InterRent REIT | 2020 11 InterRent REIT Average Rent CMHC Ontario Average Rent CMHC Quebec Average Rent VALUE CREATION STRATEGY SUBSTANTIAL UPSIDE IN NON-REPOSITIONED PORTFOLIO 12 Months Ended December 31, 2019 Repositioned Property Non-Repositioned Property In $ 000’s Total Portfolio Portfolio Portfolio Gross rental revenue $102,204 $40,946 $143,150 Less: vacancy& rebates (2,664) (4,126) (6,790) Other revenue 6,215 2,727 8,942 Operating revenues $105,755 $39,547 $145,302 Expenses Property operating costs 14,540 13.7% 6,448 16.3% 20,988 14.4% Property taxes 12,322 11.7% 5,121 12.9% 17,443 12.0% Utilities 7,282 6.9% 3,395 8.6% 10,677 7.4% Operating expenses $34,144 32.3% $14,964 37.8% $49,108 33.8% Net operating income $71,611 $24,583 $96,194 Net operating margin 67.7% 62.2% 66.2% Repositioned Property Portfolio Non-Repositioned Property Portfolio Region December 2019 December 2019 December 2019 December 2019 Suites Suites Average Rent
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