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IPO Investor PresentationJune 2018

This presentation is dated June 22, 2018. A final prospectus containing important information relating to the securities described in this presentation has been filed with securities commissions or similar authorities in each of theprovinces and territories of Canada. A copy of the final prospectus, and any amendment thereto, is required to be delivered with this presentation. This presentation does not provide full disclosure of all material facts relating tothe securities offered. Investors should read the final prospectus and any amendments thereto for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

DisclaimerGeneralProspective investors should rely only on information contained in the final prospectus dated June 22, 2018 (the “prospectus”). This presentation is qualified in its entirety by reference to, and must be read in conjunction with, theinformation contained in the prospectus. Aprospective investor is not entitled to rely on parts of the information contained in this presentation to the exclusion ofothers. None of Minto Apartment Real Estate Investment Trust (the“REIT”, “us”, “we” or “our”), Minto Properties Inc. (“MPI” or the “Promoter”), nor the Underwriters has authorized any other person to provide prospective investors with different information. If a prospective investor is provided withdifferent or inconsistent information, the prospective investor should not rely on such information. Neither the REIT nor the Underwriters is making an offer to sell Units in any jurisdiction where such an offer or sale is prohibited.Unless otherwise stated, the information contained in this presentation is accurate only as of the date of this presentation, regardless of the time of delivery of this presentation or any sale of Units. The REIT’s business, financialcondition, results of operations and prospects may have changed since the date of this presentation.No securities regulatory authority has expressed an opinion about the securities and it is an offence to claim otherwise. The securities have not been, and will not be, registered under the United States Securities Act of 1933, asamended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered, sold, or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registrationrequirements of the U.S. Securities Act and applicable state securities laws. The prospectus does not constitute an offer to sell or solicitation ofan offer to buyany of these securities in the United States.All dollar amounts in this presentation are stated in Canadian dollars and references to dollars or “$” are to Canadian currency, unless otherwise indicated. Capitalized terms that are not defined in this presentation have the meaningsascribed to them in the prospectus. Graphs and tables demonstrating the historical performance of the Initial Properties contained in this presentation are intended only to illustrate past perfo rmance and are not necessarily indicativeof future performance.Market and Industry DataThis presentation includesmarket 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 ofits knowledge of the multi-‐residential rental sector in which the REIT will operate (includingmanagement’s estimates and assumptions relating to the sector based on that knowledge). Management’s knowledge of the Canadian multi-‐residential rental sec tor 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 noassurance as to the accuracy o r completeness of this data. Third-‐party sources generally state that th e information contained therein has been obtained from sources believed to be reliable, but there c an be no assurance as to theaccuracy or completeness of included information. Although management believes it to be reliable, neither the REIT nor the Underw riters have independently verified any of the data from management or third-‐party sources referredto 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 InformationThis presentation contains “forward-‐looking information” as defined under Canadian securities laws (collectively, “forward-‐looking statements”) which reflect management’s expectations regarding objectives, plans, goals, strategi es,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 exp ectations, 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 ofthe REIT, including that the transactions contemplated herein and in the prospectus are completed.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 significantbusiness, 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, theREIT’s future growth potential, results ofoperations, 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.When relying on forward-‐looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-‐looking statements involve significant risks and uncertainties. Forward-‐lookingstatem ents should not be read as guarantees of future performance or results and will notnecessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. For further detailson the forward-‐looking information included in this presentation, see “Forward-‐Looking Statements” in the prospectus.An investment in our trust units is subject to a number of risks that should be considered by a prospective purchaser. Prospective purchasers should carefully consider the risk factors described under “Risk Factors” in the prospectusbefore purchasing units. If any risks or uncertainties described in the prospectus materialize, or if the opinions, estimates or assumptions underlying the forward-‐looking statements prove incorrect, ac tual results or future events mightvary materially from those anticipated in the forward-‐looking statements. The opinions, estimates or assumptions referred to in and described in greater detail in the prospectus should be considered carefully by readers. Althoughmanagement 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 thatmanagement 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 thispresentation. 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 REITassumes no obligation to publicly update or revise any forward-‐looking statement, whether as a result of new information, future events or otherwise. All forward-‐looking statements in this presentation are qualified by thesecautionary statements.Non-‐IFRS MeasuresIn this presentation, the REIT uses certain non-‐IFRS financial measures, which include funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”) and Same Property NOI to measure,compare and explain the operating results and financial performance of the REIT. Th ese terms are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have anystandardized meaningprescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute forrelated financial information prepared in accordance with IFRS. For further details on these non-‐IFRS measures and real estate industry metrics, including relevant definitions and reconciliations, see “Non-‐IFRS Measures” in theprospectus.Comparable CompaniesAny 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 ontheir similar size, industry, focus and additional criteria. The information relating to the Comparables has been obtained or derived from public sources. The REIT and the Underwriters have relied upon and have not attempted toindependently verify the completeness, accuracy and fair presentation of such information. If the Comparables contain a misrepresentation, investors do not have a remedy under securities legislation in any province of Canada.Investors are cautioned that there are risks inherent in making an investment decision based on the Comparables, that past and estimated performance is not indicative of future performance, and that the performance of the REITmay materially differ from that of the Comparables. Accordingly, an investment decision should not be made in reliance on the Comparables.

Minto Apartment REIT | IPO Investor Presentation | PG 2

Presenters


Michael Waters, Chief Executive OfficerMinto Apartment REIT• CEO of The Minto Group of Companies (“Minto”) since 2013; CFO 2007-‐2011; President of Minto Communities 2011-‐2013• Over 25 years experience in real estate finance, investment and development, and financial advisory services• Led the transformation of Minto into a world-‐class, fully-‐integrated real estate investment management company• Previous experience at Intrawest Corporation, PricewaterhouseCoopers LLP and KPMG LLP• Serves on the board of REALpac, Algonquin College and the Algonquin Foundation• Bachelor of Commerce, UBC; CPA, CA; Chartered Financial Analyst charterholder; MBA, Wharton School

Robert Pike, President and Chief Operating OfficerMinto Apartment REIT• President of Minto Properties since 2011• Over 37 years of real estate experience • Responsible for investment and asset management, investment transactions, development and property operations• Previous experience with ING Real Estate Canada, Summit REIT, First Pro Shopping Centres, Meritus Realty Advisors,

and Beutel Goodman Real Estate Group• Bachelor of Commerce, McMaster University; Institute of Corporate Directors designation (ICD.D)

Julie Morin, Chief Financial OfficerMinto Apartment REIT• Chief Financial Officer of the Minto Group of Companies following recent promotion, previously Vice President Finance,

Minto since 2014• Finance professional with over 20 years of experience• Responsible for overall strategic and financial management, including financial reporting, long-‐range business planning,

treasury and tax• Previous experience with Telesat Canada, Brookfield Renewable Energy Group and Ernst & Young LLP• Bachelor of Commerce, University of Ottawa; CPA, CA

REIT Overview

Opportunity to invest in high quality multi-‐residential rental properties strategically located across attractive urban centres in Canada


The REIT’s portfolio will consist of all of Minto’s wholly-‐owned multi-‐residential properties

22 properties comprising

4,279suites

~98%Occupancy

$1,358Average

monthly rent

TORONTONumber of Properties: 4Number of Suites: 824

CALGARYNumber of Properties: 1Number of Suites: 144

EDMONTONNumber of Properties: 3Number of Suites: 251

OTTAWANumber of Properties: 14Number of Suites: 3,060

(1)

1. As at March 31, 2018; excludes furnished suites and 12 suites held offline for renovations as at March 31. Occupancy inclusive of the offline suites is 97.7%

(1)

Num Num

Num Num

Num Num

Num Num

The Minto Group of Companies

Premier Canadian fully integrated real estate company with 63 years of history

Minto Properties to retain an effective 62.4% interest in the REIT following the closing of the IPO, ensuring its interests are aligned with Unitholders


85,000+ new homes built

13,000+ rental suites managed

2.5 million sq. ft of commercial space

$4.1 billion of real estate assets under management

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'smulti-‐residential deal flow• Family estate-‐planning purposes

1,100 employees in Canada and the United States

Developed 15 of the 22properties in the REIT, owned and/or managed 85% of the portfolio for > 10 years

$1.9 billionof multi-‐residential transactions since 2010

A Leader in the Industry


2017 -‐ Amenities Award of Excellence 2017 -‐ Customer Service Award of Excellence 2016 -‐ Community Service Excellence 2016 -‐ Certified Rental Building Member Company of the Year

2016 -‐ New Home Builder of the Year (Large Volume) Four-‐time winner -‐ Ontario Green Builder of the Year

2016 -‐ Project of the Year (High or Mid-‐Rise) for Bside at Minto Westside, TorontoTwo-‐time winner -‐ Ontario Home Builder of the Year

LEED Gold Certification for 979 Bank Street in Ottawa, Martin Grove in Toronto and Roehampton in TorontoLEED SILVER for Minto Place and 180 Kent in Ottawa

Two-‐time winner -‐ Green Builder of the Year (Low-‐Rise) (including 2017)

1 of 4 Canadian builders selected and recognized in 2017 for designing, building and selling high production Net Zero homes.

2016 GOLD Certification at Canada Building, 344 Slater Street and 180 Kent Street in Ottawa2016 PLATINUM Certification at Enterprise Building, 427 Laurier Avenue West in Ottawa


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

Attractive Asset Class with Compelling Supply/Demand Characteristics

Parkwood Hills, Ottawa

Martin Grove, Toronto

Minto one80five, Ottawa

Minto Yorkville, Toronto

Multi-‐Residential Sector Dynamics


● 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 consolidationMinto Roehampton, Toronto

Multi-‐Residential Sector Exhibits Highest Risk-‐Adjusted Returns

Superior risk adjusted returns since 2002 (the period from which data is readily available)


Source: ICREIM/IPD, 2002-‐2017. Total returns are risk-‐adjusted by dividing them by their respective standard deviations

2.6x

2.3x

1.8x 1.7x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

2.2x

2.4x

2.6x

2.8x

Multi-‐Residential Retail Industrial Office

Total R

eturn to Risk

Ratio

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019ECanada Ontario

Strong Population Growth in the REIT’s Initial Markets

Steady immigration to Canada, with ~67% opting for rental housing upon arrival


950,000

1,000,000

1,050,000

1,100,000

2016 2022E

OTTAWA

5,500,000

6,000,000

6,500,000

7,000,000

2016 2022E

TORONTO CALGARY

1,200,000

1,400,000

1,600,000

1,800,000

2016 2022E

EDMONTON

1,000,000

1,200,000

1,400,000

1,600,000

2016 2022E

Net Annual International Migration

Canada population expected to grow ~9% between 2016 and 2022 primarily driven by immigration

Sources: Statistics Canada, Government of Canada (forecast immigration), Sitewise/PCensus (2022 forecast population)

Canada Forecast

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


Sources: Statistics Canada, Conference Board of Canada, CMHC, Teranet

• Personal income growth has outpaced 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

2.4% CAGR

3.3% CAGR

6.8% CAGR

50

100

150

200

250

300

2001 2003 2005 2007 2009 2011 2013 2015

Inde

xed to 200

1 = 10

0

Canada Home Affordability Gap

Avg. 2BR Rent Personal Income / Capita Teranet House Price Index

$1,061

$1,327

20.0%

26.7%

33.3%

40.0%

$1,000

$1,200

$1,400

$1,600

2007 2009 2011 2013 2015 2017E 2019E

% of Personal Incom

e

Mon

thly Ren

t

Toronto Average Two Bedroom Rent

Toronto ('07-‐'16 CAGR: 2.5%) % of Personal Income

$961

$1,201

20.0%

26.7%

33.3%

40.0%

$800

$1,000

$1,200

$1,400

2007 2009 2011 2013 2015 2017E 2019E

% of Personal Incom

e

Mon

thly Ren

t

Ottawa Average Two Bedroom Rent

Ottawa ('07-‐'16 CAGR: 2.5%) % of Personal Income

Limited Rental Supply Growth and Low Vacancy


• Canadian rental stock has only increased by 394,532 suites since 1995, despite a 7.0 million increase in the population

• Continued low vacancy rates suggest demand exceeds supply• Adoption of Ontario’s Fair Housing Plan in 2017 extended rent controls to buildings built after 1991, which is likely to

discourage new rental projects which will continue to impact the supply/demand imbalance• Intensive management approach required given development complexity, short leases, high tenant turnover and

stringent regulations, and acts as a barrier to entry• High land and construction costs limit supply of more affordable rentals as newly built suites can only economically

target the highest-‐end segment of the market

Supply continues to be highly constrained in the REIT’s key markets

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

500

1,000

1,500

2,000

2,500

3,000

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Vacancy %

Rental Starts (suite

s)

Toronto Rental Starts (Suites) vs. Rental Vacancy

Toronto Rental Starts Toronto Vacancy Canada Vacancy

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

500

1,000

1,500

2,000

2,500

3,000

1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Vacancy %

Rental Starts (suite

s)

Ottawa Rental Starts (Suites) vs. Rental Vacancy

Ottawa Rental Starts Ottawa Vacancy Canada Vacancy

Source: CMHC

High-‐Quality Portfolio with Significant Scale

Hi-‐Level Place, Edmonton



The Carlisle, Ottawa


Portfolio Highlights


22 properties comprising

4,279suites

Highestin-‐place rent

in desirable nodes or downtown areas

make the properties more attractive to target

demographic

among public peersManagement has long operating track recordwith REIT portfolio

Urban locationswith excellent

walk scores

$55M of capital investment into the portfolio over past 3 years, ~$29M

in 2017

Unique exposure to high quality properties located in urban centres will continue to be a compelling long-‐term investment opportunity

Select Asset Profiles


Number of Suites: 181Average Rent/Suite: $3,858(1)Amenities: Valet service, fitnesscentre with personal trainingsection, retail space occupied byPusateri’s Fine FoodsLocation: Bay Street and Yorkville Avenue, Toronto’s most upscale retail and residential areaYear Minto built: 2004Occupancy: 98.7%(1)

Capital Investment Rationale: Recently renovated to current luxury market standard which continues to drive higher occupancy and revenue growth

Number of Suites: 417Average Rent/Suite: $1,636(1)Amenities: Full-‐service gym with20-‐metre salt water pool, partyroom, media room, billiards room,housekeeping servicesLocation: Lyon Street and Laurier Avenue West in Ottawa’s central business districtYear Minto built: 1988; converted to multi-‐residential in 2014Occupancy: 99.3%(1)

Capital Investment Rationale: Recently repurposed from hotel to state-‐of-‐the-‐art multi-‐residential asset

Number of Suites: 176Average Rent/Suite: $1,209(1)Amenities: Fitness centre, indoor pool, tenant lounge, BBQ area, considerable greenspaceLocation: Clyde Avenue and Baseline Road, just ten minutes from Parliament Hill in McKellar Heights area of West OttawaYear built: 1971Occupancy: 95.5%(1)

Capital Investment Rationale: Repositioning opportunity to drive enhanced revenue

Minto YorkvilleToronto

Minto one80fiveOttawa

Castle HillOttawa

1. As at March 31, 2018; excludes furnished suites and commercial area at Minto Yorkville and Minto one80five. Minto Yorkville excludes four offline suites under renovation as at March 31, 2018; including the suites would result in a 93.8% occupancy for the property

Ottawa59%

Toronto34%

Edmonton3%

Calgary4%

Ottawa63%

Toronto30%

Edmonton4%

Calgary3%

Key Portfolio Stats

Over 90% of appraised value and NOI in attractive Toronto and Ottawa markets


Forecast NOI Appraised Value(1)

NOI$48.7 million

Appraisal Value

$1.123 billion

1. Excludes portfolio premium of 5%

–

25.0%

50.0%

75.0%

100.0%

15-‐247.8%

25-‐3422.8%

35-‐4417.9%

45-‐5416.8%

55-‐6414.9%

65-‐7410.7%

75+ 9.1%

2011 2016

Suite Mix Positioned to Capitalize on Renter Demographic Trends

Balanced mix of suite offerings well positioned to benefit from continued rental demand


Suite Mix Propensity to Rent by Age Group (Canada)

Source: Statistics Canada

% of 2016 Renters

Bachelor4%

1 Bed39%

2 Beds40%

3+ Beds17%

by % of suites

• Suite mix comprising 83% bachelor, 1 or 2 bedrooms matches demand which is primarily driven by the under-‐35 age group in urban locations

• 57% of the total suites represent 2 or 3 bedrooms – well positioned to capitalize on the growing demand from families due to the widening housing affordability gap

Third Party Reports

Institutionally maintained and operated, offered at a discount to appraised value and replacement cost


1. Based on offering price of $14.50 per Unit2. The Enterprise Value for the portfolio represents a 5.7% discount to appraised value, excluding any portfolio premium

IndependentAppraisal• Aggregate value of Initial Properties is $1.123 billion (excludes 5% portfolio premium)

• 10.7% discount to NAV(1)(2)

• The appraised value also represents a 10.8% discount to replacement cost

Environmental Assessments• No items thatwarranted further environmental assessment investigations

Property Condition Assessments• No significant deferred capex identified in the portfolio• PCA estimated 5 year average capex reserve of $858/suite per year• Capex reserve of $900/suite in the AFFO Forecast


Minto one80five, Ottawa


Richgrove, Toronto

Castleview, Ottawa

Organic Growth Opportunities

Significant organic growth embedded in portfolio


2. Drive revenue, and create value through in-‐suite and common area improvements

3. Intensification• Richgrove fully zoned and entitled to add a new ~225 suite tower• Additional low density sites being explored for potential initiatives

Geographic Node Total Suites Average Monthly In-‐Place Rent/Suite(2)

Management's Estimate of Monthly Market Rent(2)

Percentage Gain-‐to-‐Lease

Annualized Estimated Gain-‐to-‐Lease

Toronto 669 $1,632 $1,843 12.9% $1,690,414

Ottawa 2,878 1,317 1,400 6.3% 2,854,813

Alberta 358 1,172 1,301 11.0% 556,032

Total / Average 3,905 $1,358 $1,466 8.0% $5,101,259

1. Gain-‐to-‐lease on existing rents(1)

1. Market rents estimated on a suite type basis taking into account local market conditions and recent leasing activity at each property2. Weighted average by suite

Under Construction Market Testing Future Opportunities (next 24-‐36 months)

5 Properties628 suites

2 Properties367 suites

4 Properties>1,000 suites

Note: Data as of March 31, 2018. Excludes furnished suites and vacant suites.

Well Positioned for External Growth

Significant pipeline of acquisition and development opportunities from Minto


Partially Owned Assets(1)

• Minto holds a significant equity interest (“Minto Interests”) ($510 million proportionate asset value) in $1.7 billion of high quality multi-‐residential assets for which it is the managing investor

• Development pipeline of ~$800 million / ~1,500 suites comprising:• Zoned – 146 suites• Planning applications in progress – 875 suites• Under construction – 501 suites

• Minto will notify the REIT when REIT suitable investments become available

Strategic Alliance Agreement• Right of First Opportunity (ROFO) to acquire or invest in multi-‐residential rental properties in Canada• Intention is that the REIT will be Minto’s exclusive vehicle for all of its Canadian income-‐producing multi-‐residential holdings over time

1. Not subject to ROFO

Well Positioned for External Growth – Third Party Properties

Minto Properties has a demonstrated ability to source and execute transactions, with ~$1.9 billion of transactions completed since 2010


• Target high quality multi-‐residential properties in urban centres across Canada• Stabilized properties with no significant maintenance issues or material near-‐term

capital expenditures• Stabilized properties with intensification opportunities• Under-‐managed properties with near term value-‐add potential• Select development opportunities

• Canadian multi-‐residential sector is highly fragmented• Extensive consolidation opportunity• Management estimates top 10 industry participants own ~12% of residential suites• Leverage management’s extensive network of industry relationships to access

off-‐market transactions

• Post IPO acquisition capacity of up to ~$200 million of assets without accessing equity markets

Stabilized Properties

Roehampton, Toronto

Newly Acquired Under-‐managed

Properties

Edmonton Portfolio

Case Study – Edmonton Portfolio


The properties were undermanaged and require a major capital program to

realize the significant gain-‐to-‐lease rent

for the REIT

Recently acquired 3 urban high-‐rise concrete towers in Edmonton, comprising 251 suites

Case Study – Edmonton Portfolio

Acquired a sizeable high-‐rise portfolio at a 42% discount to replacement cost


• Asset management program focused on:• Renovating common areas, corridors, amenity

space and in-‐suite upgrades• Addressing deferred capital expenditures• Active revenue/yield management

• Opportunity to increase existing rents >20%

• Purchase price – ~ $37 million (~$147K/suite)

• Replacement cost – ~ $64 million (~$254K/unit)

• Appraised value at time of acquisition $41.3 million

• Vacancy at acquisition – 23%

• Average sitting rent at acquisition – $984; Current average monthly rent lift of $200 per suite

• Program has commenced in H1 2018, substantial value-‐add left to the REIT

Case Study – Minto one80five

Pursued a highest and best use strategy by repositioning the hotel into a premium

multi-‐residential asset


Case Study – Minto one80five

Repurposed an all-‐suite hotel into a premium multi-‐residential asset,capitalizing on ~ 300 bps difference in cap rates


• Deployed ~ $26 million into common areas, corridors, in-‐suite upgrades, window replacement and repurposed hotel banquet space into extensive amenity space

• Created ~ $51 million in value versus a capital spend of ~ $26 million

• Q4 2017 CBD Ottawa hotel cap rate – 7.50%

• Q4 2017 appraised value cap rate – 4.50%

Benefits of an Industry-‐Leading, Vertically-‐Integrated Platform with Strong Alignment of Interests

REIT to Leverage Best-‐in-‐Class Operating Platform

Minto's best-‐in-‐class real estate operating platform to drive value-‐creation for Unitholders


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 service REIT as growth is achieved

• Proven governance and reporting capabilities

• Alignment of interest through significant ownership, sole Canadian multi-‐residential vehicle(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)

• $900 million of off market acquisitions since 2010

• 18% IRR managing institutional capital since 2010

• 63 years’ experience

• Leading customer service• Scaled to manage

$4 billion+ in assets• Extensive relationships

in real estate industry

1,100professionals

1. Excludes interests in Minto’s existing multi-‐residential partnerships and co-‐ownerships2. Excludes Public Company Costs

Management of the REIT and Relationship with Minto

Minto to provide the REIT with cost-‐efficient access to its best-‐in-‐class real estate platform


• REIT to directly employ ~195 employees across executive, asset and property management functions• ~90 of these employees will also be employed by Minto

• Minto will provide the REIT with access to its best-‐in-‐class real estate platform:

Administrative Support Agreement

Development and Construction Management Agreement

Strategic AllianceAgreement

• Administrative services provided by Minto

• Cost recovery basis• Term of 5 years, with 5 year renewal at REIT's option

• No cost termination at GBV of $2 billion, end of term or upon change of control of the REIT

• 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 to cap 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

Experienced Management Team and a Strong Independent Board of Trustees

Strong Leadership

Combined 105 years of real estate experience

Seasoned management team with a strong track record of performance on growth initiatives for institutional clients


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

Jaime McKenna, Chief Investment Officer• Responsible for investment transactions for the REIT• Finance and Investment professional with over 17 years of experience; joined Minto in 2008

Robert Pike, President and Chief Operating Officer• Oversees investment and asset management, investment transactions, development and property operations• Over 37 years of real estate experience; joined Minto in 2011

George Van Noten, Senior Vice-‐President, Operations• Responsible for multi-‐residential and commercial property operations• 29 years’ experience in executive property operations; joined Minto in 2006

Board of Trustees

Highly experienced, majority independent Board of Trustees with diverse skills and experience


Name Career Highlights

Inde

pend

ent

Allan KimberleyLead Trustee, Member of Audit Committee

• Corporate Director currently serving on the boards of Partners REIT, 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 NyilassyChair Audit Committee, Member of Compensation, Governance and Nominating Committee

• Founder and CEO of Marigold & Associates Inc., a senior housing development company• Previously served as President and CEO of Regal Lifestyle Communities Inc. from 2011-‐2015 and Calloway Real Estate Investment Trust from 2005-‐2011

Jacqueline MossChair Compensation, Governance and Nominating Committee

• Corporate Director with more than 20 years 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 and Roy Thomson Hall

Heather KirkMember of Audit CommitteeCompensation, Governance and Nominating Committee

• Corporate Director with more than 20 years of capital markets experience in the Canadian REIT sector• Most recently Managing Director of Equity Research and Analyst at BMO Capital Markets• Previous experience at National Bank Financial, Inc., and independent brokers in REIT equity research and investment banking

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Roger GreenbergExecutive Chairman

• Joined the Minto Group in 1985, served as CEO 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, Ottawa Chamber of Commerce Lifetime Achievement Award, Ottawa Business Journal’s CEO of the Year 2004

Michael WatersChief Executive Officer

• 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• Serves on the board of REALpac, Algonquin College and the Algonquin Foundation

Philip Orsino • Corporate Director currently serving on the boards of Bank of Montreal and Hydro One Ltd.• 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

Financial Review

(Figures in C$ thousands) 12 Month Period Ending June 30, 2019

Total Revenue $82,217

Expenses

Property Operating ($16,639)

Property Taxes (9,218)

Utilities (7,699)

Total Expenses (33,556)

Net Operating Income $48,661

Finance Costs (16,264)

General, Administrative and Trust Expenses (4,400)

FFO $27,997

Maintenance Capex (3,851)

Amortization of Mark-‐to-‐Market on Debt (985)

AFFO $23,161

Financial Review


Forecast Financials

Note: See Disclaimers – Non-‐IFRS Measures and Real Estate Industry Metrics and Forward Looking Information

(Figures in C$ thousands)

Pro Forma Minto Apartment REIT NOI for twelve months ended March 31, 2018 $46,872

Rent increases, unit lease up, lower vacancy and unit roll over to market rates 2,340

Increase in property operating expenses (26)

Increase in utilities expenses (288)

Increase in real estate property tax expenses (237)

Forecast Net Operating Income $48,661

Forecast Net Operating Income Growth 3.8%

Financial Review


NOI Bridge

Note: See Disclaimers – Non-‐IFRS Measures and Real Estate Industry Metrics and Forward Looking Information

• For the 3-‐years ending December 31, 2017, Same Property NOI CAGR was 8.4%

Conservative Financial Metrics Support Growth and Distributions

• Annual cash distribution of $0.41 per Unit• AFFO payout ratio of approximately 65%• Anticipated total debt of $527 million, representing 46.7% Debt to GBV ratio on closing

• Long-‐term target D/GBV 50-‐55%• Weighted average interest rate of 3.17%

• $150 million Credit Facility provides enhanced liquidity• Total available liquidity of $121.5 million at closing

Conservative payout ratio and leverage profile supports healthy, sustainable distributions to Unitholderswhile providing cash for strategic growth initiatives


• ~95% of debt comprised of fixed-‐rate term debt, of which ~77% is of lower-‐cost CMHC-‐insured mortgage debt

• Weighted average maturity of approximately 6.2 years

Debt Maturity Schedule Maturity Profile(1)

$25.7

-‐

$28.5$44.2

$101.5 $106.5

$129.7

$84.3

2019 2020 2021 2022 2023 2024 2025 2026 and after

1. As of the date hereof

Investment Highlights


1 2 3

6

Attractive Asset Class with

Compelling Supply/Demand Characteristics

High Quality Portfolio with Significant Scale


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

Offering Summary


Issuer Minto Apartment Real Estate Investment Trust

Offering $200 million

Over-‐allotment option 15%

Issue price $14.50 per unit

Expected Annual Cash Distribution Yield

2.83%

Initial AFFO Payout Ratio 65% of Forecast AFFO

Use of proceeds Indirectly fund the acquisition of the Initial Properties and transaction costs associated with the offering

Distribution policy Monthly

Retained interest Minto Properties Inc. will hold an aggregate of 22.9 million Class B Units, representing an approximate 62.4% interest in the REIT (approximately 56.8% if the over-‐allotment option is exercised in full)

Listing Applied for TSX: MI.UN

Pricing June 21, 2018

Closing July 3, 2018

Comparable Companies


In accordance with Section 13.7(4)(b) of National Instrument 41-‐101 – General Prospectus Requirements, all information related to the REIT’s comparables and any disclosure relating to comparables, which is contained in the presentation to be provided to potential investors, has been removed from this template version for purposes of filing on the System for Electronic Document Analysis and Retrieval (SEDAR).

Contact Information

Michael WatersChief Executive OfficerMinto Apartment REIT

[email protected]: 613.782.2369c: 613.513.5146


Robert PikePresident & Chief Operating OfficerMinto Apartment REIT


Julie MorinChief Financial OfficerMinto Apartment REIT


Appendix

Laurier, Calgary

The Carlisle, Ottawa


Richgrove, Toronto

Property List


Note: As at March 31, 20181. Excludes furnished suites and commercial area2. Calculated as average monthly rent divided by average unfurnished suite size3. Suite counts for Roehampton, Minto Yorkville, Minto one80five and The Laurier include furnished suites, representing approximately 31.9% of total suites at these properties. Average suite size, occupancy, average monthly rent and average rent per squarefoot exclude furnished suites4. Includes 11,910 square feet of commercial space5. Excludes 12 off line suites under renovation as at March 31, 2018 across MintoYorkville (4) , The Lancaster House (1) , York House (5) and Hi-‐Level Place (2) . Occupancies inclusive of these suites as follows: Minto Yorkville –93.8%, The Lancaster House – 91.8%, York House –91.3%,

Hi-‐Level Place – 86.9% and Portfolio Total –97.7%6. Represents the weighted average year of construction7. Includes 43,629 square feet of commercial space8. Average year built weighted by total suites; average suite size, occupancy, average monthly rent and average rent per square foot weighted by total unfurnished suites

# Property City Total Suites

Year Built

Net Rentable Area (Sq. Ft)

Avg. Suite Size (Sq. ft) (1 )

Asset Type

Physical Occupancy (%)(1 )

Average Monthly Rent(1 )

Average Monthly Rent / Sq. ft.(2 )

Ontario

1. Richgrove7 & 21 Richgrove Drive Toronto 258 1969 249,682 968 High-‐Rise 98.4% $1,539 $1.59

2. Martin Grove620 Martin Grove Road Toronto 237 2011 140,194 592 High-‐Rise 100.0% $910 $1.54

3. Minto Yorkville(3)61 Yorkville Avenue Toronto 181 2004 177,765(4) 981 High-‐Rise 98.7%(5) $3,858 $3.93

4. Roehampton(3)150 Roehampton Avenue Toronto 148 2007 95,513 634 High-‐Rise 98.1% $1,885 $2.97

5. Minto one80five(3)

185 Lyon Street North Ottawa 417 1988 286,979 696 High-‐Rise 99.3% $1,636 $2.35

6. Parkwood Hills Garden Homes & TownhomesVarious Meadowlands, Chesterton, Bowhill, Deer Park, Forest Park, Fisher Ottawa 393 1969(6) 471,909 1,201 Low-‐Rise 99.5% $1,433 $1.19

7. Aventura18 & 20 Deerfield Drive Ottawa 354 1983 241,494 682 High-‐Rise 99.2% $1,117 $1.64

8. Huron1339 Meadowlands Drive East Ottawa 251 1971 193,677 772 High-‐Rise 98.4% $1,244 $1.61

9. Seneca1343 Meadowlands Drive East Ottawa 251 1972 193,677 772 High-‐Rise 96.8% $1,240 $1.61

10. Castleview1755 Riverside Drive Ottawa 241 1973 171,625 712 High-‐Rise 98.3% $1,335 $1.87

11. Skyline -‐ Garden Homes, Maisonettes and Walkups24 -‐ 58 Northview Road and 25 -‐ 33, 34, 35, 36, 38 -‐ 44 Eleanor Drive Ottawa 227 1972(6) 210,087 925 Low-‐Rise 97.8% $1,283 $1.39

12. The Carlisle221 Lyon Street North and 440 Laurier Avenue West Ottawa 191 1985 260,221(7) 1,134 High-‐Rise 99.0% $1,834 $1.62

13. Castle Hill1000 Castle Hill Crescent Ottawa 176 1971 135,589 770 High-‐Rise 95.5% $1,209 $1.57

14. Grenadier1129 Meadowlands Drive East Ottawa 157 1963 108,241 689 High-‐Rise 96.2% $1,043 $1.51

15. Tanglewood1-‐27 & 12-‐26 Woodfield Drive Ottawa 122 1975 116,748 957 Low-‐Rise 99.2% $1,282 $1.34

16. Eleanor30 Eleanor Drive Ottawa 117 1973 85,855 734 High-‐Rise 98.3% $1,181 $1.61

17. Frontenac1192 Meadowlands Drive East Ottawa 104 1962 62,764 604 High-‐Rise 96.2% $1,027 $1.70

18. Stratford1186 Meadowlands Drive East Ottawa 59 1962 38,812 658 Mid-‐Rise 98.3% $1,042 $1.58

Ontario Total / Wtd. Average(8) 3,884 1979 3,240,832 826 98.4% $1,378 $1.67Alberta

19. Laurier(3)100 & 200 Quarry Villas SE Calgary 144 2012 113,103 790 Mid-‐Rise 97.8% $1,391 $1.76

20. The Lancaster House10025 115 Street NW Edmonton 98 1968 71,512 730 High-‐Rise 92.8%(5) $1,027 $1.41

21. York House10030 114 Street NW Edmonton 92 1968 70,292 764 High-‐Rise 96.6%(5) $1,116 $1.46

22. Hi-‐Level Place11005 98 Avenue NW Edmonton 61 1959 44,331 727 High-‐Rise 89.8%(5) $965 $1.33

Alberta Total / Wtd. Average(8) 395 1983 299,238 758 95.0% $1,165 $1.54 Portfolio Total / Wtd. Average(8) 4,279 1980 3,540,070 820 98.0% $1,358 $1.66

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