Mainstreet Equity Corp. · TSX:MEQ
Mainstreet Equity — Investor Presentation (2025)
51 slides from Mainstreet Equity's investor presentation, 2025
Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Forward – Looking Information Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amo
Slide 3: Why invest in Mainstreet?
Why invest in Mainstreet? 25 years of organic double-digit growth with limited equity dilution (Annual Growth 2000 – 2025) Since being listed on TSX The Mainstreet Opportunity Great capital allocator to maximize Accelerated Organic Growth • Acquisition pipeline & $47M NOI gap shareholder value with
Slide 4: Mainstreet Growth
Mainstreet Growth Turning unused or residual space within Exploring zoning and density relaxations to Subdividing residual lands for future existing buildings into new units potentially build new capacity within existing land developments footprints Accelerated Strong Land Bank & Condo Organic Growt
Slide 5: Mainstreet Fundamentals
Mainstreet Fundamentals A solid performer, continued organic non- YTD total apartment suites owned 18,771* dilutive growth since inception Including 50 condo units held for resale, 10 vacant lands and 7 commercial buildings • Aligned shareholder interest: director and management ownership around 49%
Slide 6: Our Value Chain Business Model
Our Value Chain Business Model How does Mainstreet achieve its solid performance? Acquisitions Identify and buy under-performing Q3 2025 = 16,390 rental units at prices well below Acquisitions replacement costs • Identify and buy under-performing rental units at prices well below replacement costs.
Slide 7: Apartment Business Driver
Apartment Business Driver Existing rental apartments trading $$$$$$ significantly below replacement cost Replacement Cost Management believes • Current market rents do not justify new construction due to high costs $ • Increasing demand and limited supply will continue to create favorable rental mar
Slide 8: Apartment Demand
Apartment Demand Population Growth: 30,912 (2024) [40% of total rental universe] Winnipeg Rental Universe: 76,818 (2024) Mid-market: 49,071 (64%) (2024) Vacancy Rate: 1.7% (2024) Population Growth: 14,900 (2024) [79% of total rental universe] Saskatoon Rental Universe: 18,762 (2024) Mid-market: 15,4
Slide 9: Apartment Demand
Apartment Demand Population Growth: 6,687 (2024) [126% of total rental universe] Abbotsford Rental Universe: 5,289 (2024) Mid-market: 4,814 (91%) (2024) Vacancy Rate: 1.3% (2024) Population Growth: 2,897 (2024) [68% of total rental universe] Chilliwack Rental Universe: 4,265 (2024) Mid-market: 4,265
Slide 10: Mainstreet Fundamentals
Mainstreet Fundamentals Mainstreet’s strategy benefits from a large target market with less City Target Markets Rental Apartment Universe <100 Units/Buildings Total Rental Universe % Mid-Market competition Winnipeg 49,071 76,818 64% Saskatoon 15,427 18,762 82% Regina Calgary 14,496 34,429 15,795 61,
Slide 11: Potential Target Market Growth
Potential Target Market Growth Estimated Potential Rental Apartment Total Mid-Market Share Potential Target Market Growth 18,771 21,996 24,440 26,884 29,328 31,771 34,215 36,659 39,103 41,547 43,991 46,435 48,879 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% Numbers obtained from CMHC, the poten
Slide 12: A 'Value Creation' Company
A ‘Value Creation’ Company Significant growth with limited equity dilution (YTD) Organic Non-Dilutive Growth ( by Unit ) 20,000 Since being listed on TSX • Listed on the TSX in 2000, Mainstreet has grown its portfolio from 272 units with 18,000 a market value of $17M to 18,771 units (YTD) with marke
Slide 13: A 'Value Creation' Company
A ‘Value Creation’ Company Asset Growth ($M) Since Listed on TSX Organic Non-Dilutive Asset Growth ( by Appraised Value ) 20000000 3,500 3,619 3,407 10000000 3,000 3,051 12Years $1 Billion 16% CAGR 2,818 2,500 0 2,616 7 Years $2 Billion (Up to Q3 2025 IFRS Value) 2,183 2,000 -10000000 2,020 4Years $
Slide 14: Diversified Portfolio
Diversified Portfolio BC AB SK MB British Columbia Alberta Saskatchewan Manitoba 4,255 Units 10,210 Units 3,634 Units 405 Units $1,137M $1,932M $515M $35M 31% 53% 14% 1% $3.62B IFRS Value Q3 2025 BC NAV is 42% Q3 2025 15
Slide 15: 2025 Drivers: NOI Catch Up
2025 Drivers: NOI Catch Up Stabilization of existing non-stabilized portfolio which equates to Annualized Additional NOI at Current 5% Inflationary Annualized 12% of the total portfolio 95% Occupancy Rate Mark-to- Market Gap Rate Adjustment on Operating Costs Optimum Potential Achieve Optimum Potent
Slide 16: Apartment Business Driver
Apartment Business Driver (in 000s, except vacancy and suite counts) Our stabilized vacancy rate is 5.0% as at Jun 30, 2025 • Neither Alberta or Saskatchewan are subject to rent control legislation • In British Columbia, landlords are entitled to lease a suite to a new tenant at market rental rate •
Slide 17: Debt Management
Debt Management Mortgage Maturity as at Jun 30th, 2025 $ millions (Annual CMHC insured mortgages 2025 growth 2000 – 2025) • As at June 30, 2025, Mainstreet’s outstanding mortgage balance was $1,857M, of which 100% is CMHC insured (fixed) at an average interest rate of 3.04%. Long-term fixed interest
Slide 18: Mainstreet Machine
Mainstreet Machine Q3 2025 19
Slide 19: Margins
5 Pillar Competitive Advantage Statement Acquire under-performing assets at attractive prices Limited to no competition from REITs and Pension Funds in the mid-market sector Internalized construction capabilities Margins Internalized operations platform / systems are scalable Internalized marketing
Slide 20: Mainstreet 'Spec'
Mainstreet ‘Spec’ SUITE INTERIORS Tile & wood laminate flooring SECURITY Fresh, low – VOC paint Property security cameras* Venetian blinds Enhanced exterior door security Upgraded light fixtures Upgraded intercom systems Upgraded electrical outlets New door and closet hardware BRANDED ITEMS 360° ext
Slide 21: Mainstreet: Adding Value
Mainstreet: Adding Value Mainstreet Tower - Edmonton Mainstreet Estates - Surrey Improve NOI from Improve NOI from $1,543k to $3,493k $69k to $2,340k Sunalta 1913 - Calgary Mainstreet 1310 - Saskatoon Improve NOI from Improve NOI from (-$135k) to $224k (-$223k) to $327k Q3 2025 22
Slide 22: Mainstreet: Adding Value
Mainstreet: Adding Value Saskatoon 1310, Saskatoon Bow River Townhomes, Calgary Improve NOI from Improve NOI from $1,543k to $3,493k $69k to $2,340k Avenue Tower, Calgary Queen’s Park Townhomes, Calgary Improve NOI from Improve NOI from (-$135k) to $224k (-$223k) to $327k Q3 2025 23
Slide 23: Mid-Market Efficiencies
Mid-Market Efficiencies Higher operating margins versus larger concrete complexes Low rise properties have relatively less operating expenses such as: • Limited or no elevator maintenance • No repairs to, heating or maintenance of underground parking garage • Amenities Lower realty taxes versus larg
Slide 24: Operating Efficiencies
Operating Efficiencies Expense reduction 1. Mainstreet’s aggressive renovation program has resulted in significant expense reductions in key areas such as: • Electrical (install compact fluorescent bulbs: LED bulbs for emergency exit signs) • Water (‘Ultra-high efficiency’ toilets; low-flow aerators
Slide 25: Clustering Strategy
Clustering Strategy By clustering assets, Mainstreet maximizes efficiencies and growth, transforming a single asset into a network of apartment complexes Abbotsford Calgary Edmonton We achieved this through: • Clustering assets within a 5 block radius • Requiring fewer resident managers leading to r
Slide 26: Edmonton ICE District Strategy
Edmonton ICE District Strategy 170 NA IT Properties Roxy 6,208 Theatre Brewery Oliver MacEwan Roger’s District Square University Arena Mainstre Apartments Valley et Tower Art Gallery Wes NorQuest College Stantec Tower of Alberta t LRT Shaw Convention Line Centre LRT Metro Line Continued Expansion of
Slide 27: Townhouse & Condo Conversion Value
Townhouse & Condo Conversion Value Condominium conversion Alberta Townhouses Condo Spec The opportunity exists to convert the • Queen’s Park – Calgary Crescent Heights View – Calgary existing portfolio into condominiums, • Trevella Park – Calgary in particular for the following townhouse complexes i
Slide 28: ESG
ESG Risk Management Environmental Consultation Health & Safety • Audit Committee • Committed to implementing best environmental practices suggested • Competitive employee health benefits • Whistle Blower Policy by independent environmental consultants • Enhanced Covid protocols for employees and res
Slide 29: Value-Add Case Studies
Value-Add Case Studies Vancouver Lower Mainland (Surrey), BC Mainstreet Estates Edmonton, AB Mainstreet Estates Calgary, AB Huntsville Saskatoon, SK West Meadow Q3 2025 29
Slide 30: Value-Add Model: Mainstreet Estates, Surrey, BC
Value-Add Model: Mainstreet Estates, Surrey, BC Mainstreet purchased the above property (331 units with 5 buildings) in January 2015. It took approximately 6 months to complete the stabilization process; we financed the property in November 2016. Financial results for the property before and after s
Slide 31: Value-Add Model: Mainstreet Park, Edmonton, AB
Value-Add Model: Mainstreet Park, Edmonton, AB Mainstreet purchased the above property (178 units) in August 2016. It took approximately 12 months to complete the stabilization process; we financed the property in November 2017. Financial results for the property before and after stabilization and f
Slide 32: 2025 Q3 & Subsequent Acquisitions
2025 Q3 & Subsequent Acquisitions Q3 2025 Acquisition City Address # of Units Purchase Price Appraised Value Price per door Red Deer 5140 62 Street 182 units $15,500,000 TBD $85,165 Saskatoon 207 529 Avenue X South 1 unit $45,000 TBD $45,000 Total Q3 2025 Q3 2025 Subsequent Acquisition City Address
Slide 33: 2024 & 2025 Acquisitions
2024 & 2025 Acquisitions Q4 2024 Acquisition City Address # of Units Purchase Price Appraised Value Price per door Victoria 1023 Esquimalt Road 48 $9,175,000 TBD $191,146 Total Q4 2024 48 Q1 2025 Acquisition City Address # of Units Purchase Price Appraised Value Price per door Abbotsford 33941 Essen
Slide 34: 2024 Q3 Acquisitions
2024 Q3 Acquisitions Q3 2024 Acquisition City Address # of Units Purchase Price Appraised Value Price per door Prince George 2080 20th Ave, Prince George, BC V2L 5C9 29 $3,103,000 TBD $107,000 Edmonton 11850 101 St NW, Edmonton AB T5G 2B7 21 $2,058,000 TBD $98,000 Maple Ridge 22422 North Ave, Maple
Slide 35: 2024 Q1 & Q2 Acquisitions
2024 Q1 & Q2 Acquisitions Q1 2024 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door City Address # of Units (CAD) Maple Ridge, BC 12151224 Street 89 18,050,000 TBD 202,809 Saskatoon 238 Fairmont Drive 222 21,644,000 TBD 97,495 Edmonton 11920101 St NW 21 1,995,000 TBD 95,000 Edmo
Slide 36: 2024 Q3 & Q4 Acquisitions
2024 Q3 & Q4 Acquisitions Q3 2023 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door (CAD) City Address # of Units Edmonton 10532 & 10534 115St NW 2 (Commercial) 1,260,000 TBD 630,000 Prince George 3820 15 Ave 48 6,000,000 TBD 125,000 Prince George 3030 10 Ave 30 2,850,000 TBD 95
Slide 37: 2023 Q1 & Q2 Acquisitions
2023 Q1 & Q2 Acquisitions Q1 2023 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door City Address # of Units (CAD) Calgary 1737 26 Ave SW 12 1,820,000 TBD 151,666 Calgary 171110 St SW 16 2,364,000 TBD 147,750 Calgary 1608 16 St SW 22 3,125,000 TBD 142,045 Calgary 603 13 Ave SW 13
Slide 38: 2022 Q3 & Q4 Acquisitions
2022 Q3 & Q4 Acquisitions Q3 2022 Acquisitions Purchase Price (CAD) Appraised Value Price per Door (CAD) City Address # of Units (CAD) Prince George 1601 & 1617Queensway 42 4,300,000 TBD 102,381 Prince George 1588 Juniper St 24 2,870,000 TBD 119,583 Calgary 1838 14 St SW 20 3,230,000 TBD 161,500 Win
Slide 39: 2022 Q2 Acquisitions
2022 Q2 Acquisitions Q2 2022 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door (CAD) City Address # of Units Lethbridge 125Columbia Blvd W 20 2,400,000 TBD 120,000 Calgary 234 21 Ave SW 16 2,500,000 TBD 156,250 Calgary 111& 11724 Ave SW 32 5,120,000 TBD 160,000 Edmonton 16316106
Slide 40: 2022 Q1 Acquisitions
2022 Q1 Acquisitions Q1 2022 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door (CAD) City Address # of Units Edmonton Multiple 232 20,000,000 TBD 78,261 Edmonton 10245 & 10255 Alex Taylor Rd 27 2,500,000 TBD 92,593 Calgary 31618th Ave SW 10 1,460,000 TBD 146,000 Total Q1 2022 26
Slide 41: 2021 Q4 Acquisitions
2021 Q4 Acquisitions Q4 2021 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door City Address # of Units (CAD) New Westminster 1205 - 1207 4 Ave 33 6,600,000 TBD 200,000 Chilliwack 46109Gore Ave 25 3,750,000 TBD 150,000 Saskatoon #205, 529 Ave X S 1 17,900 TBD 17,900 Calgary 832 4
Slide 42: 2021 Q3 Acquisitions
2021 Q3 Acquisitions Q3 2021 Acquisitions Purchase Price (CAD) Appraised Value Price per Door City Address # of Units (CAD) (CAD) Chilliwack 46180Bole Ave 45 6,717,000 TBD 149,267 Chilliwack 46155Bole Ave 48 7,114,000 TBD 148,208 Chilliwack 9275 Mary St 42 6,469,000 TBD 154,024 Penticton 769 Winnipe
Slide 43: 2021 Q1 & Q2 Acquisitions
2021 Q1 & Q2 Acquisitions Q1 2021 Acquisitions Purchase Price Appraised Value (CAD) Price per Door (CAD) City Address # of Units (CAD) Saskatoon #103, 529 Ave X S 1 24,000 132,353 24,000 Kamloops 196 Yew St 18 2,300,000 TBD 127,778 Regina 3525 Avonhurst Dr 72 7,459,000 TBD 103,597 Winnipeg 314Broadw
Slide 44: 2020 Q1 & Q2 Acquisitions
2020 Q1 & Q2 Acquisitions Q1 2020 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door (CAD) City Address # of Units Calgary 431175 St NW 8 1,040,000 1,130,000 130,000 Saskatoon 1306 20 St W - 150,000 TBD N/A Saskatoon 1310 20 St W 44 770,000 TBD 17,500 Saskatoon 1320 20 St W 10 40
Slide 45: 2020 Q3 & Q4 Acquisitions
2020 Q3 & Q4 Acquisitions Q3 2020 Acquisitions Purchase Price (CAD) Appraised Value (CAD) Price per Door (CAD) City Address # of Units Calgary 162416 Ave SW 28 3,360,000 TBD 120,000 Edmonton 10730102 St NW 33 2,000,000 TBD 60,606 Total Q3 61 5,360,000 2020 Q4 2020 Acquisitions Purchase Price (CAD) A
Slide 46: Appendix
Appendix Hu 03 2025 TSK: MEQ Mainstreet
Slide 47: Governance - The CEO
Governance - The CEO Bob Dhillon | Founder, President & CEO • Bob Dhillon is Founder, President & CEO of Mainstreet Equity Corp., a publicly traded real estate corporation on the Toronto Stock Exchange (TSX:MEQ). Based in Calgary, Alberta, Canada, as at Q2 2025, assets are valued at CDN$3B+ with 18,
Slide 48: Governance - The Management Team
Governance - The Management Team Johnny Lam • Johnny joined Mainstreet as Chief Financial Officer when the company went public in 1998. A founding team member, Johnny brings over 30 years of senior management experience in Asia, the UK, Australia, and North America. Before coming to Mainstreet, he s
Slide 49: Governance - The Management Team
Governance - The Management Team Trina Cui | Chief Financial Officer • Trina Cui is Mainstreet’s Chief Financial Officer, responsible for the complete financial oversight of the company including external and internal reporting, capital allocation, business performance management, commercial managem
Slide 50: Governance - The Board
Governance - The Board Joe Amantea | Secretary • Joe Amantea is a senior associate with the law firm Warren Benson Amantea LLP in Calgary, Alberta. Mr. Amantea has more than three decades of experience in real estate, multi- family acquisitions, construction law, foreclosures and corporate/commercia
Slide 51: Governance - The Board
Governance - The Board John Irwin | Chair, Audit Committee • John Irwin, retired, served as Chief Financial Officer (CFO), Chief Information Officer (CIO) and Vice-President of the Ivey Companies for the Richard Ivey School of Business. He was primarily responsible for Ivey’s financial organization,