30 slides from Automotive Properties Real Estate Investment Trust's investor presentation, January 2026
Slide 1: Stability Growth Performance Investor Presentation January 2026
Stability Growth Performance Investor Presentation JANUARY 2026 TSX: APR.UN
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation constitute forward-looking information within the meaning of applicable securities legislation. Forward-looking information may relate to the REIT’s future outlook and anticipated events or results and may includ
Slide 3: Why Invest in APR.UN?
Why Invest in APR.UN? • Prime urban properties located in commercial corridors in growing metropolitan markets across Canada and select U.S. markets • Diversified, high-quality tenants, representing major automotive / OEM dealership and service groups, providing essential retail and services • Long-
Slide 4: Prime Urban Properties Providing Essential Retail and Services
Prime Urban Properties Providing Essential Retail and Services $1.38 billion 91 InvestmentOther properties Properties Retail 3.4 million ~ 307 acres Commercially-zoned Square feet of gross leasable area (“GLA”) urban real estate ~ 75% 100% Exposure to VECTOM Occupancy markets (in Canada) by GLA Inte
Slide 5: 10-Year Key Metrics Growth
10-Year Key Metrics Growth July 2015 IPO 2025 Performance Properties > 26 91 (at Nov. 13) Increased 250% Investment properties > $357.6 million $1.38 billion (at Nov. 13) Increased 287% Debt to GBV > 52.4% 45.7% (at Nov. 13) Improved 670 bps Average interest rate > 3.15% 4.44% (at Sept, 30) 130 bps
Slide 6: Capital Market / Debt Profile
Capital Market / Debt Profile Recent price: $11.20 1 Annual distribution: $0.822 / unit Total return (IPO to January 6, 2026): Market cap: ~ $617 million¹ ² LTM AFFO Payout Ratio: 82.4% 144.1% ³ Yield: ~ 7.3% ¹ 4.0 years 4.44% 84% 45.7% Minimal spread risk Weighted average interest Weighted average
Slide 7: Stability
Stability or A 7 Nutomotive Properties REIT Nh TSX: APR.UN
Slide 8: Essential Retail: Canada / US Automotive Dealership Industry
Essential Retail: Canada / US Automotive Dealership Industry CANADA Retail Sales (CDN $billions) 160 162 165 176 188 211 219 Auto ~ 27% 146 151 132 Other Auto industry’s proportion of Retail Canada’s overall retail sales of products and merchandise in 2024 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 9: Automotive Dealership Group Profit Centres
Automotive Dealership Group Profit Centres Average revenue / profit % contribution per business segment for major North American automotive dealership groups¹ 1 Parts, service and repair 13.1% 4.6% 40.6% 2 Finance and Insurance 33.1% 26.2% 3 Used vehicle sales 9.8% 49.2% 4 New vehicle sales 23.3% Pe
Slide 10: High Quality Tenants
High Quality Tenants 1 Automotive OEMs 2 Tesla ▪ 84 automotive dealerships in ▪ 68 automotive dealerships in ▪ Leading global electric vehicle ▪ Leading U.S. electric vehicle North America (82 in Canada) North America (66 in Canada) maker with largest market maker completed US$13.7 billion capitaliz
Slide 11: Manufacturer / Brand Diversification
Manufacturer / Brand Diversification By % of Dealership GLA1 14.1% 14.6% 10.5% 10.1% 8.3% 7.9% 6.2% 5.1% 4.4% 3.6% 3.2% 2.6% 1.9% 1.9% 1.8% 1.7% 1.2% 0.9% Tesla Other # of REIT Locations 12 7 7 6 7 4 6 6 2 5 2 1 2 2 3 1 1 27 (1) As at September 30, 2025 MULTI BRAND/MULTI LOCATION TEN ANT AND DIRECT
Slide 12: Strong Leasing Profile
Strong Leasing Profile Lease Maturity Schedule ¹ ² ³ 10.0% 9.1% 9.4% 9.4% 8.3% 8.1% 8.4% 7.5% % of Base Rent 8.0% 7.4% 6.0% 5.5% 5.0% 4.6% 3.9% 4.0% 3.4% 2.8% 2.3% 1.8% 2.0% 1.3% 0.7% 0.4% 0.4% 0.0% '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 Long-term triple-net
Slide 13: Growth
Growth TSX: APR.UN
Slide 14: Acquisition Growth (July 2015 IPO to Present)
Acquisition Growth (July 2015 IPO to Present) • 68 properties acquired / four property expansions / two property divestitures • ~$923 million deployed • Added ~ 2.5 million square feet of GLA to portfolio • Increased brand, geographic, product and tenant diversification • Focused on AFFO per unit gr
Slide 15: Opportunity to Consolidate Highly Fragmented Industry
Opportunity to Consolidate Highly Fragmented Industry Top 10 Dealership Groups: Approximately 14.7% of the Canadian Market ¹ Top 10 Dealership Groups: Approximately 10.6% of the U.S. Market ¹ Company Dealerships % of Total Company Dealerships % of Total Dilawri Group ² 85 2.4% Lithia Motors 459 2.6%
Slide 16: Embedded Growth
Embedded Growth REIT lease structure and strategy drive Same Property NOI Average Rental Rate per Square Foot 1 • Contractual fixed rent increases and CPI-linked adjustments $29.00 • For 2025, leases with CPI adjustments represent 28% of base rent / additional 10% of existing leases are subject to $
Slide 17: Capital Recycling / Higher & Better Use Potential
Capital Recycling / Higher & Better Use Potential Sold Kennedy Lands in Markham, ON for $54 million in October 2024 • Sale price was a 79% premium above IFRS value at date of agreement • Representing a ~3.36% capitalization rate • Net proceeds were deployed to reduce indebtedness, resulting in reduc
Slide 18: Sample Urban Properties - 2023 Demographics
Sample Urban Properties - 2023 Demographics Radius Average Household Income 5-year population 10-year population Property Average Household growth growth (5 km) Income ('23-'28) ('23-'33) Hyundai Honda, Gallery $138,313 14% 27% Average population Audi Vaughan $137,867 15% 30% 265k density Markham Ac
Slide 19: Strong Demand for Automotive/Commercially Zoned Properties
Strong Demand for Automotive/Commercially Zoned Properties Recent Entrants Potential New Entrants INCREASING DEMAND FOR LIMITED SUPPLY OF ZONED AUTOMOTIVE PROPERTIES IN PRIME URBAN MARKETS IN CANADA / U.S. 18
Slide 20: Growth Opportunities within our Core Strategy
Growth Opportunities within our Core Strategy Entry to U.S. Market EV / OEM Penetration Heavy Equipment • Focus on industry we know Tesla 7 locations • Scalable with net lease structure vs operationally intensive real estate / other business models • Continued focus on metros with GDP / population g
Slide 21: Performance
Performance La A. —“ > \ 7 Mutomotive Properties REIT “\_,, TSX: APR.UN
Slide 22: Accelerating Momentum in AFFO Per Unit Growth
Accelerating Momentum in AFFO Per Unit Growth Asset Growth Capital AFFO/unit & Asset Growth Preservation/LTV Reduction 0.995 $1.000 60% 0.921 0.918 0.932 0.908 0.890 0.898 Q4 2025 (1) The performance for 2015 0.879 0.874 Debt to Gross Book Value (Year End) $0.900 consensus comprises the 163-day peri
Slide 23: U.S. Tariff Perceived Impact on APR Unit Price
U.S. Tariff Perceived Impact on APR Unit Price • Both APR and the retail peer group are trading below their respective 5-year average • Current gap of 2.8x is well above the historical 5-year average gap of 1.8x discount to peers on NTM AFFO/unit post tariff announcement (despite Tenant’s experienci
Slide 24: Total Return to Unitholders
Total Return to Unitholders Cumulative Total Unitholder Returns | APR vs Retail Peer Average 65.0% APR Retail Peer Average 53.2% 55.0% 47.1% 45.0% 35.0% 25.0% 15.0% 5.0% (5.0%) Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Jul-21 Oct-21 Jul-22 Oct-22 Jul-23 Oct-23 Jul-24 Oct-24 Jul-25 Oct-25 Mar-21 Mar-22 Mar-
Slide 25: Stability, Growth and Performance
Stability, Growth and Performance • Long-term, triple-net / net leases with fixed rent escalators or CPI-linked adjustments provide stable, growing cash flows (100% leased / 100% rent collection). • Current 7.3% yield ¹ post distribution increase of 2.2% in August 2025 reflects REIT’s confidence in
Slide 26: Appendix
La, “ >. 7 Automotive Properties REIT —\_ ™
Slide 27: YTD 2025 Financial Review
YTD 2025 Financial Review ($000s, except per unit amounts Nine months ended Nine months ended Variance and payout ratios) September 30, 2025 September30, 2024 Revenue from investment properties $ 73,900 $ 70,461 4.9% Cash NOI 61,711 58,724 5.1% Same property Cash NOI 58,596 57,348 2.2% FFO 1 38,331
Slide 28: Debt Profile
Debt Profile • As at November 13, 2025, 84.0% of debt fixed through swaps and mortgages / Debt to GBV of 45.7% • As at November 13, 2025, the REIT had undrawn credit facilities of ~$90.0 million, cash on hand of ~$7.5 million, and five unencumbered properties with an aggregate value of ~117.0 millio
Slide 29: Strong Majority Independent Board
Strong Majority Independent Board Name & Domicile Principal Occupation Kap Dilawri, Chair Co-Founder and President of the Dilawri Group Ontario, Canada Patricia Kay Former Senior Vice President, Dealer Finance – Bank of America Merrill Lynch Massachusetts, United States Milton Lamb President & CEO o
Slide 30: Dilawri Group
Dilawri Group Dilawri 5-Year Historical Revenues ($billions) $5.1 • Pro forma adjusted rent coverage ratio of 5.5x $5.0 $4.1 as at Sept. 30, 2025 (LTM) $3.8 $3.4 • Pro forma adjusted rent coverage ratio of 5.0x as at Sept. 30, 2024 (LTM) 2020 2021 2022 2023 2024 EBITDA $148.7 $213.3 $235.4 $259.9 $2