True North Commercial Reit · TSX:TNT.UN
True North Commercial Reit — Q1 2026 Earnings Presentation
17 slides from True North Commercial Reit's earnings presentation, 2026
Slide 1: Investor Presentation Q1 2026
Investor Presentation Q1 2026 TSX: TNT-UN 1595 16th Avenue, Toronto ON 675 Cochrane Drive, Markham ON 1
Slide 2: Disclaimer
Disclaimer Certain statements contained in this presentation constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT’s financial performance, financial position a
Slide 3: REIT Overview
REIT Overview True North Commercial REIT (“TNT”) owns and operates a portfolio of high-quality office assets www.truenorthreit.com | TSX: TNT-UN across Canada and is one of Canada’s few pure-play public REIT’s focused on office properties. High-Quality Tenants in a Well Located & Diversified Portfol
Slide 4: Well Diversified Canadian Office Portfolio Focused on High-quality, Stable Tenants
Well Diversified Canadian Office Portfolio Focused www.truenorthreit.com | TSX: TNT-UN on High-quality, Stable Tenants 37 95% (1) 74% 3% 10% PROPERTIES OCCUPANCY GOV’T & CREDIT- RATED TENANTS 3 11% British 4 8 4.4M $1.2B 4.2 years (1) Columbia Alberta 4% 20% New Brunswick GROSS LEASEABLE TOTAL ASSET
Slide 5: High Quality Tenant Base
High Quality Tenant Base As at March 31, 2026 74% of revenue from 65% of revenue from 4.2 years weighted government & credit- top 20 tenants avg. lease term(1) rated tenants 36% government tenants Stable base of large, well-capitalized 38% credit-rated tenants tenants (1) Excludes investment propert
Slide 6: Our Commitment to ESG
Our Commitment to ESG www.truenorthreit.com | TSX: TNT-UN Approximately 63% of the portfolio is green building certified ENVIRONMENTAL SOCIAL GOVERNANCE Increase energy, water and waste efficiency Focus on tenant and employee health and Experienced and diverse board of and sustainable practices at o
Slide 7: Performance Highlights
Performance Highlights www.truenorthreit.com | TSX: TNT-UN Resilient Performance Potential Tailwinds Quarter Ended March 31, 2026 2025 ($000 except per Unit amounts) Available funds as at Q1 2026 $34.6M(2)(4) Revenue $29,830 $31,086(1) Non-core dispositions will continue to Adjusted Funds from Opera
Slide 8: Well-Staggered Lease Maturities & Strong Core Portfolio Occupancy at 95%
Well-Staggered Lease Maturities & www.truenorthreit.com | TSX: TNT-UN Strong Core Portfolio Occupancy at 95%(1) Alberta British Columbia Ontario New Brunswick Nova Scotia 1,000,000 SF 800,000 SF 600,000 SF 400,000 SF 200,000 SF SF Vacant (2) 2026 2027 2028 2029 2030 2031 Thereafter (1) Excludes prop
Slide 9: Q1 2026 Leasing Activity
Q1 2026 Leasing Activity 65.2K 9.8 year WALT on new leases sq ft in new leases in Q1 2026 44.8K +5.0% leasing spread over expiring rates sq ft in lease renewals and replacements In Q1 2026 303 Moodie Drive, Ottawa ON www.truenorthreit.com | TSX: TNT-UN 9
Slide 10: Leveraging Strong Partner in Asset Manager - Starlight Investments
Leveraging Strong Partner in Asset Manager - Starlight Investments www.truenorthreit.com | TSX: TNT-UN Leading Private North American Low Transaction Risk and Strong Pipeline of Real Estate Investor and Operator Exclusive Acquisition Opportunities With more than 30 years of investment and asset mana
Slide 11: Looking Forward
Looking Forward Stable contractual cash flow 74% of rents from government & credit rated tenants. Non-core capital recycling program continues – which would improve key metrics Disposed of 1020 68th Avenue NE on June 30, 2025, 78 Meg Drive on July 16, 2025, and 80 Whitehall Drive on December 30, 202
Slide 12: Contact Us
Contact Us True North Commercial REIT Daniel Drimmer 3280 Bloor Street West Chief Executive Officer Suite 1400, Centre Tower ddrimmer@starlightinvest.com Toronto, Ontario M8X 2X3 Martin Liddell TSX: TNT.UN Chief Financial Officer mliddell@starlightinvest.com www.truenorthreit.com ircommercial@trueno
Slide 13: Portfolio Highlights
Image result for true north commercial reit Portfolio Highlights 675 Cochrane Drive 6925 Century Avenue 120-140 Eileen Stubbs Avenue 101 McNabb Street 5775 Yonge Street Markham ON Mississauga ON Dartmouth NS Markham ON Toronto ON 379,500 sq ft GLA 254,800 sq ft GLA 302,800 sq ft GLA 315,400 sq ft GL
Slide 14: High Quality Tenant Base
Image result for true north commercial reit High Quality Tenant Base Tenant % of Revenue Location WALT Government Credit-Rated TNC’s top 20 tenants account for approximately Federal Government of Canada 12.9% NB/ON 3.5 ✓ - 65% of its revenue and Province of Alberta 10.1% AB 2.7 ✓ - include mainly Pr
Slide 15: Management Team
Image result for true north commercial reit Management Team • Founder and Chief Executive Officer of Starlight Investments, which manages over $28.0 billion of commercial and residential properties comprising over 9.0 million square feet of commercial space throughout Canada and more than 77,000 mul
Slide 16: Management Team
Image result for true north commercial reit Management Team • Has over 15 years of public and private Canadian and U.S. commercial real estate experience in acquisitions and dispositions, financing, asset management, property management and accounting • Completed over $5 billion in transactions incl
Slide 17: Board of Trustees
Image result for true north commercial reit Board of Trustees Governance, Compensation & Audit Investment Nominating Lindsay Brand* Member Member Member Daniel Drimmer, Chairman Committee Chair Lora Gernon* Member Martin Liddell Alon Ossip* Member Member Committee Chair Lead Trustee Sandy Poklar* Co
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