32 slides from Automotive Properties Real Estate Investment Trust's investor presentation, August 2025
Slide 1: Consolidating Automotive and OEM Properties
Consolidating Automotive and OEM Properties Investor Presentation AUGUST 2025
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: Driving Real Estate Forward: Vision and Mission
Driving Real Estate Forward Vision To be the net lease real estate partner of choice for the automotive and OEM dealership and service industry Mission Invest in premier properties in growing metropolitan markets to deliver durable and growing cash flow underpinned by long-term real estate appreciat
Slide 4: Capital Market Profile
Capital Market Profile (TSX: APR.UN) Investment properties: Recent price: $11.48 1 $1.23 billion 2 Market cap: ~ $564 million 1 REIT Units: 49.12 million Total return: IPO to August 20, 2025: 142.7% 3 Annualized distribution Yield ¹ Debt to GBV 2 LTM AFFO Payout Ratio 2 2024 tax treatment Internally
Slide 5: Essential Retail on Prime Urban Land
Essential Retail on Prime Urban Land 1 • Tripled assets from ~ $400 million to > $1.2 billion since 2015 IPO • Prime urban properties supported by GDP and population growth, intensification, and higher and better use scenarios 80 ~ 263 acres income-producing properties of commercially-zoned urban re
Slide 6: Quality Tenants
Quality Tenants 1 • Long-term, triple-net / net leases, indemnified by leading automotive groups and OEMs • Defensive income (100% occupancy / no bad debt write-offs) supported by underlying land value appreciation • Embedded growth with contractual annual set or CPI-linked escalations 2 Tesla ▪ Lea
Slide 7: Essential Automotive Service & Retail
Essential Automotive Service & Retail
Slide 8: Essential Retail - Canadian Automotive Dealership Industry
Essential Retail - Canadian Automotive Dealership Industry Retail Sales ($billions) 132 146 160 162 165 151 176 188 211 219 Auto ~ 27% 113 122 Other Auto industry’s proportion of 92 96 94 88 96 100 105 83 87 Retail Canada’s overall retail sales of products and merchandise in 2024 2004 2005 2006 2007
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 Parts, service and repair Finance and Insurance New vehicle sales Used vehicle sales 10% 20% 30% 40% 50% Percentage of total revenue (average
Slide 10: Manufacturer / Brand Diversification
Manufacturer / Brand Diversification Manufacturers by Region Brands by Market Segment (% of Base Rent from Dealership Properties)1 (% of Base Rent from Dealership Properties)1 North America 18% Ultra Luxury4 4% Luxury3 40% Asia 47% Europe 35% Mass Market2 56% 15.1% 11.2% 10.8% Manufacturer / Brand (
Slide 11: Automotive Industry Developments & Evolution
Automotive Industry Developments & Evolution • Consumer buying habits being met by enhanced dealership e-commerce offerings and curbside pick-up and service • Electric vehicles – low penetration, but gradually increasing • U.S. EV sales reached a record ~607,000 in the first half of 2025, an increas
Slide 12: Stability & Performance
Stability & Performance ZN , NN 7 Nutomotive Properties REIT ~\_ ™
Slide 13: Stable Growth Platform
Stable Growth Platform 4.0 years 4.36% 91% ~ 80% Weighted average interest Weighted average Portion of total debt at exposure to VECTOM rate swap term and fixed interest rate fixed interest rates ¹ markets in Canada ¹ mortgage remaining ¹ on debt ¹ 8.5 years 2.4% 100% 44.4% Weighted average Q2 2025
Slide 14: Strong Leasing Profile
Strong Leasing Profile 1 • Long-term triple-net / net leases with weighted • Fixed 1.5% annual rent escalator for the 36 Dilawri properties average term of 8.5 years over the next 0.9 – 14.5 years • Leases are indemnified by multi-brand, multi- • For 2025, leases with uncapped CPI-related adjustment
Slide 15: Debt Profile
Debt Profile • 91.0% of debt fixed as at June 30, 2025 through swaps and mortgages • Flexible financing structure (ability to expand, rotate assets and repay or renew) • Strong support from diversified lender base Principal Effective Fixed Rate of Amount withdrawn against At June 30, 2025 ($000s) Ma
Slide 16: Q2 2025 Financial Review
Q2 2025 Financial Review Cash NOI ($000s) FFO ($000s) 19,535 20,635 Same Property 12,807 12,015 Cash NOI $0.239 $0.254 per Unit per Unit (diluted) (diluted) 2.4% 84.1% 79.1% Payout Ratio Payout Ratio Q2 2024 Q2 2025 Q2 2024 Q2 2025 AFFO ($000s) 1 Debt to GBV 12,578 43.6% 44.4% 11,714 $0.233 $0.249 p
Slide 17: First Half 2025 Financial Review
First Half 2025 Financial Review ($000s, except per unit amounts Six months ended Six months ended Variance and payout ratios) June 30, 2025 June 30, 2024 Revenue from investment properties $ 48,503 $ 46,928 3.4% Cash NOI 40,653 39,044 4.1% Same property Cash NOI 39,035 38,159 2.3% FFO 1 25,428 24,0
Slide 18: Growth
Growth
Slide 19: Portfolio Diversification & Growth
Portfolio Diversification & Growth At July 2015 IPO At June 30, 2025 1 USA Regina Ottawa 4.0% 18% 8.8% Greater Toronto Area Edmonton 19.2% 5.8% Markets > Toronto Vancouver 46% (By GLA) 18% Greater Montreal Area Remaining 24.7% Portfolio 21.0% Calgary Vancouver Calgary 18% 6.7% 9.8% Tenants > Base Re
Slide 20: Acquisition Growth (July 2015 IPO to Present)
Acquisition Growth (July 2015 IPO to Present) 1 • 57 properties acquired / four property expansions / two property divestitures • ~$771 million deployed • Added > 2.1 million square feet of GLA to portfolio • Acquisitions indirectly funded by six fully-subscribed equity offerings totaling ~$409.5 mi
Slide 21: Recent Property Acquisition Agreements (August 2025)
Recent Property Acquisition Agreements (August 2025) Announced agreements to acquire five automotive dealership properties and one collision centre property in Île-Perrot, Québec (a suburb of Montreal) and one automotive property in Orlando, Florida • Purchase price of ~70.5 million for the Île-Perr
Slide 22: Opportunity to Consolidate Highly Fragmented Auto Dealer Industry
Opportunity to Consolidate Highly Fragmented Auto Dealer Industry Proportion of Canada’s ~ 3,500 Auto Dealerships 10 Dealership Groups: Approximately 13.5% of the Canadian Market 2 by Size of Ownership Group 1 Company Dealerships % of Total Dilawri Group (3) 82 2.3% Go Auto(3) 66 1.9% AutoCanada(3)
Slide 23: Embedded Growth
Embedded Growth REIT lease structure and strategy drive Same Property NOI • Contractual set rent increases and CPI-linked adjustments1 • For 2025, leases with CPI adjustments represent ~28% of base rent • An additional 10% of existing leases are subject to capped CPI- related adjustments • Triple-ne
Slide 24: 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 25: Investment Highlights
Investment Highlights • Automotive and OEM service and retail are essential businesses • High-quality portfolio of properties located in commercial corridors in growing metropolitan markets across Canada (~80% VECTOM) and the United States • Debt strategy / structure reduces exposure to interest rat
Slide 26: Appendix
La, “ >. 7 Automotive Properties REIT —\_ ™
Slide 27: Kennedy Lands Property Sale
Kennedy Lands Property Sale Sold Kennedy Lands in Markham, ON for $54 million in October 2024 • Sold the automotive dealership property located at 8210 and 8220 Kennedy Road and 7 and 13/15 Main Street to an affiliate of Dilawri Significant benefits for the REIT • Sale price was a 79% premium above
Slide 28: Montreal OEM Dealership Acquisitions
Montreal OEM Dealership Acquisitions Acquired two heavy construction equipment dealership properties in the Greater Montreal Area for a combined purchase price of $25.4 million • Purchased a Brandt Tractor Ltd.-tenanted facility with a John Deere dealership in Brossard, and a Strongco-tenanted deale
Slide 29: Entry into U.S. Market
Entry into U.S. Market Acquired a Rivian property in Tampa, FL and a Tesla collision centre property in Dublin, OH (suburb of Columbus) • Purchase price of ~US$13.5 million for the Tampa property and ~US$17.8 million for the Columbus Tesla property • Columbus Tesla property acquisition closed in Mar
Slide 30: APR.UN Price Performance
APR.UN Price Performance 12 months ended August 20, 2025 August 2024 February 2025 August 2025 29
Slide 31: Strong Majority Independent Board
Strong Majority Independent Board Name & Domicile Principal Occupation Kap Dilawri, Chair Co-Founder and President of the Dilawri Group Ontario, Canada Patricia Kay Former Senior Vice President, Dealer Finance – Bank of America Merrill Lynch Massachusetts, United States Milton Lamb President & CEO o
Slide 32: Dilawri Group
Dilawri Group Dilawri 5-Year Historical Revenues ($billions) $5.1 • REIT has the first right to acquire from Dilawri $5.0 $4.1 development and acquisition pipeline $3.8 $3.4 • Historically, Dilawri has, on average, opened or acquired five new automotive dealerships per year, including two to three a