Automotive Properties Real Estate Investment Trust · TSX:APR.UN
Automotive Properties Real Estate Investment Trust — Investor Presentation (May 2026)
31 slides from Automotive Properties Real Estate Investment Trust's investor presentation, May 2026
Slide 1: Stability Growth Performance - Investor Presentation May 2026
Stability Growth Performance Investor Presentation MAY 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 $1.43 billion 95 InvestmentOther properties Properties Retail 3.5 million ~ 322 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 As at March 31, 2026, Performance except as noted Properties > 26 95 (at May 13, 2026) Increased 265% Investment properties > $357.6 million $1.43 billion Increased 299% Debt to GBV > 52.4% 47.8% (at May 13, 2026) Improved 460 bps Average interest rate > 3.15
Slide 6: Capital Market / Debt Profile
Capital Market / Debt Profile Recent price: $12.14 1 Annual distribution: $0.822 / unit Total return (IPO to May 20, 2026): Market cap: ~ $669 million¹ ² LTM AFFO Payout Ratio: 80.6% 162.0% ³ Yield: ~ 6.8% ¹ 4.2 years 4.48% 77% 47.8% Minimal spread risk Weighted average interest Weighted average fix
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 $billions) 160 162 165 176 188 211 219 230 Auto ~ 30% 146 151 Other Auto industry’s proportion of Retail Canada’s overall retail sales of products and merchandise in 2025 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 9: Automotive Dealership Group Profit Centres
Automotive Dealership Group Profit Centres Average revenue / profit % contribution per business segment for major North American automotive dealership groups¹ 1 Parts, service and repair 13.6% 4.6% 44.0% 2 Finance and Insurance 32.6% 26.7% 3 Used vehicle sales 49.3% 9.3% 4 New vehicle sales 20.1% Pe
Slide 10: High Quality Tenants
High Quality Tenants 1 Automotive OEMs 2 Tesla ▪ 85 automotive dealerships in ▪ 69 automotive dealerships in North ▪ Leading global electric vehicle maker ▪ Leading U.S. electric vehicle maker North America (83 in Canada) America (62 in Canada) with largest market capitalization of any completed US$
Slide 11: Manufacturer / Brand Diversification
Manufacturer / Brand Diversification By % of Dealership GLA1 15.2% 13.8% 9.7% 9.3% 9.2% 7.7% 5.7% 4.7% 4.0% 4.0% 3.5% 3.3% 2.4% 1.8% 1.7% 1.6% 1.2% 1.2% Tesla Other # of REIT Locations 14 7 7 8 7 4 6 5 2 3 6 2 1 2 3 3 1 26 (1) As at March 31, 2026 MULTI BRAND/MULTI LOCATION TEN ANT AND DIRECT OEM SU
Slide 12: Strong Leasing Profile
Strong Leasing Profile Lease Maturity Schedule ¹ ² 14.0% 12.7% 12.0% % of Base Rent 10.0% 9.1% 8.6% 8.2% 8.9% 7.7% 8.0% 7.1% 7.0% 6.0% 5.3% 4.7% 4.4% 3.7% 4.0% 2.7% 2.5% 2.2% 1.8% 2.0% 1.0% 0.7% 1.4% 0.3% 0.0% '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 Long-term
Slide 13: Growth
Growth TSX: APR.UN
Slide 14: Acquisition Growth (July 2015 IPO to Present)
Acquisition Growth (July 2015 IPO to Present) • 72 properties acquired / four property expansions / two property divestitures • ~$1 billion deployed • Added ~ 2.5 million square feet of GLA to portfolio • Increased brand, geographic, product and tenant diversification • Focused on AFFO per unit grow
Slide 15: Opportunity to Consolidate Highly Fragmented Industry
Opportunity to Consolidate Highly Fragmented Industry Top 10 Dealership Groups: Approximately 14.1% of the Canadian Market ¹ Top 10 Dealership Groups: Approximately 8.7% of the U.S. Market ¹ Company Dealerships % of Total Company Dealerships % of Total Dilawri Group ² 83 2.4% AutoNation 323 1.8% Aut
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 2026, leases with CPI adjustments (including capped CPI adjustments) projected to represent 42%% of base $28.00 $
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 0.998 $1.000 60% 0.921 0.918 0.932 0.908 0.890 0.898 0.879 0.874 Debt to Gross Book Value (Year End) $0.900 0.841 55% $0.800 55.0% 54.7% (1) The performance for 2015 AFFO per Unit $
Slide 23: Q1 2026 Financial Review – Record Quarterly AFFO per Unit
Q1 2026 Financial Review – Record Quarterly AFFO per Unit Cash NOI ($000s) FFO ($000s) 23,830 Same Property 15,195 20,018 Cash NOI $0.251 12,622 $0.268 per Unit per Unit (diluted) (diluted) 2.1% 80.1% 76.5% Payout Ratio Payout Ratio Q1 2025 Q1 2026 Q1 2025 Q1 2026 AFFO ($000s) Debt to GBV 14,804 46.
Slide 24: Valuation Mismatch vs. Peer Group
Valuation Mismatch vs. Peer Group • Retail peers are currently trading relatively close to their five-year average while APR is currently trading at a 2.7x discount to its five-year average • Current gap of 2.9x is well above the historical five-year average 0.9x discount to peers on a forward AFFO/
Slide 25: Total Return to Unitholders
Total Return to Unitholders Cumulative Total Unitholder Returns | APR vs Retail Peer Average 45.0% 38.8% 35.0% 33.4% 25.0% 15.0% 5.0% (5.0%) (15.0%) May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 APR
Slide 26: 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 6.8% yield ¹ post distribution increase of 2.2% in August 2025 reflects REIT’s confidence in
Slide 27: Appendix
La, “ >. 7 Automotive Properties REIT —\_ ™
Slide 28: 2025 Financial Review
2025 Financial Review ($000s, except per unit amounts 12 months ended 12 months ended Variance and payout ratios) December 31, 2025 December 31, 2024 Revenue from investment properties $ 101,835 $ 93,876 8.5% Cash NOI 84,846 78,269 8.4% Same property Cash NOI 78,367 76,749 2.1% FFO 52,632 47,879 9.9
Slide 29: Debt Profile
Debt Profile • As at March 31, 2026, 77% of debt fixed through swaps and mortgages • As at March 31, 2026, the REIT had undrawn credit facilities of ~$69.0 million, cash on hand of ~$1.0 million, and 11 unencumbered properties with an aggregate value of ~152.9 million • Undrawn credit facilities of
Slide 30: Strong Majority Independent Board
Strong Majority Independent Board Kap Dilawri, Chair Co-Founder and President of the Dilawri Group Ontario, Canada Brad Cutsey ¹ ² President and CEO of Canadian Apartment Properties REIT Ontario, Canada Patricia Kay ¹ ²* Former Senior Vice President, Dealer Finance – Bank of America Merrill Lynch Ma
Slide 31: Dilawri Group
Dilawri Group Dilawri 5-Year Historical Revenues ($billions) $5.1 $5.3 • Pro forma adjusted rent coverage ratio of 5.7x $5.0 $4.1 as at March 31, 2026 (LTM) $3.8 • Pro forma adjusted rent coverage ratio of 5.2x as at March 31, 2025 (LTM) 2021 2022 2023 2024 2025 EBITDA $213.3 $235.4 $259.9 $233.6 $2
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