Automotive Properties Real Estate Investment Trust : Investor Presentation – March 2026

Stability

Growth

Performance

Investor Presentation

MARCH 2026

TSX: 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-term, triple-net / net leases with fixed rent escalators or CPI-linked adjustments provide stable, growing cash flows (100% leased / 100% rent collection)

  
  
  

• Distribution increase of 2.2% in August 2025 reflects REIT's confidence in AFFO per unit growth providing a

  7.1% yield ¹ (APR has never cut distribution)

• Attractive debt strategy / structure reduces exposure to interest rate fluctuations

• Realizing significant AFFO per unit growth through deployment of ~$214 million on 14 property acquisitions in 2025-2026

  • Announced agreement in March 2026 to purchase an additional property in Vista, California

    for a purchase price of US$16 million

• Trading below historical averages on AFFO/unit multiple and at a notable discount to NAV

1. As at March 6, 2026 2

$1.38 billion Investment properties	92 Properties
3.4 million Square feet of gross leasable area ("GLA")	~ 313 acres Commercially-zoned urban real estate
~ 75% Exposure to VECTOM markets (in Canada) by GLA	100% Occupancy

STRONG INCOME WITH UNDERLYING VALUE OF PROPERTIES SUPPORTED BY POPULATION GROWTH, INTENSIFICATION, AND HIGHER AND BETTER USE SCENARIOS

Internally Managed

3

Figures above as at March 4, 2026

92 (at March 4, 2026)

Properties >

45.9%

$1.38 billion

Investment properties >

Debt to GBV > Average interest rate >

11.7x

Capitalization rate > AFFO per unit (diluted) > AFFO payout ratio > Average P/FFO Multiple >

July 2015 IPO YE 2025, except as noted

26

$357.6 million

52.4%

3.15%

6.60%

$0.890 1

90.3% 1

Performance

Increased 250%

Increased 287%

Improved 650 bps

132 bps higher

Slightly higher

Increased 12.1%

Improved 880 bps

CURRENTLY TRADING AT A LOWER MULTIPLE COMPARED TO 2015 DESPITE PORTFOLIO EXPANSION,

REDUCED DEBT TO GBV AND AFFO PER UNIT GROWTH

$0.998

11.4x (at March 6, 2026)

81.5%

6.75%

4.47%

Decreased 0.3x

4

(1) IPO financial forecast for 12 months ending June 30, 2016

Recent price: $11.63 1 Market cap: ~ $641 million¹ ² Yield: ~ 7.1% ¹

Annual distribution: $0.822 / unit 2025 AFFO Payout Ratio: 81.5%

Total return

(IPO to March 4, 2026):

155.6% ³

4.1 years

Weighted average interest rate swap term and mortgage remaining ⁴

4.47%

Weighted average fixed interest rate on debt ⁴

87%

Portion of total debt at

fixed interest rates 5

45.9%

Debt to GBV 4

Minimal spread risk

on debt rollover

Analyst Coverage

1. As at March 6, 2026

2. Including Class B LP Units

3. Including reinvested dividends

4. As at December 31, 2025

5. As at March 4, 2026 5

Stability

TSX: APR.UN

CANADA Retail Sales

219

230

146

160

162

165

151

176

188

211

(CDN $billions)

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Other Retail

Auto ~ 30%

Auto industry's proportion of Canada's overall retail sales

of products and merchandise in 2025

U.S. Retail Sales

1,496

(US $billions) 1,559 1,596 1,657

1,453

1,135 1,168 1,186 1,217 1,188

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

~ 22%

Auto

Other

Retail

Auto industry's proportion of

U.S. overall retail sales

of products and merchandise

in 2025

AUTOMOTIVE RETAIL SALES COMPRISE THE LARGEST RETAIL SEGMENT IN CANADA & U.S.

7

Average revenue / profit % contribution per business segment for major North American automotive dealership groups¹

1

20.5%

9.7%

26.0%

43.9%

50.0%

32.0%

4.4%

13.6%

Parts, service and repair

2

Finance and Insurance

3

Used vehicle sales

4

New vehicle sales

Percentage of Total Revenue Percentage of Total Gross Profit

1. Chart data is derived from the public disclosure of Asbury Automotive, AutoNation, Group 1 Automotive, Lithia, Penske Automotive and Sonic Automotive. The data reflects the average revenue and profit contributions from 2024 and 2025

   ~ 80% OF PROFITS ARE GENERATED FROM REVENUE SOURCES OTHER THAN NEW CAR SALES

   Automotive OEMs
   
   

   2

   • 85 automotive dealerships in North America (83 in Canada)

     
     
     

   • 77 automotive dealerships in

     North America (64 in Canada)

     
     
     

   • 69 automotive dealerships in North America (62 in Canada)

     
     
     

   • 8 automotive dealerships in

     Canada

     Tesla

     • Leading global electric vehicle maker with largest market capitalization of any automotive company

Heavy Equipment

• Leading U.S. electric vehicle maker completed US$13.7 billion IPO in November 2021

  
  
  
  
  

  (Alpha Auto Group)

  (Strongco)
  
  

  (Groupe Olivier Capital)

  • 14 automotive dealerships in North America (8 in Canada)

  • 24 automotive dealerships in Canada

  • World's largest John Deere

    construction and forestry

    equipment dealer

  • Sells, rents and services heavy

equipment in 16 countries on four continents

By % of Dealership GLA1

15.6%

10.0% 9.6% 9.5% 7.9%

5.9% 4.8% 4.2% 3.4%

3.0% 2.4% 1.8% 1.8% 1.7% 1.6% 1.2% 1.2%

14.4%

Tesla

# of REIT Locations

14 6 7 8 7 4 6 2 6 5 2

1 2 2 3 3

Other

1 26

(1) As at December 31, 2025

MULTI BRAND/MULTI LOCATION TENANT AND DIRECT OEM SUPPORTS STABILITY OF RENTAL INCOME

Lease Maturity Schedule ¹ ²

11.5%

9.3%

8.8% 8.4%

9.1%

7.3%

7.8%

7.1%

5.3%

4.8%

3.8%

4.5%

1.5% 0.7%

2.3%

2.8%

1.8% 2.5%

0.4% 0.3%

% of Base Rent

'26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45

Long-term triple-net / net leases with

weighted average term of 8.9 years

~58% of 2026 leases have fixed annual rent escalators / ~42% CPI-related adjustments

(by full-year base rent)

1. As at December 31, 2025

2. Based on 12-month rolling average as at December 31, 2025

   10+ YEARS OF 100% TENANCY AND 100% RENTAL PAYMENT =

   RELIABLE LONG-TERM CASH FLOW, WITH CONTRACTED, LONG-TERM RENTAL INCOME GROWTH

   Growth

   TSX: APR.UN

   
   
   

   Acquisition Growth (July 2015 IPO to Present)

   
   
   

   13

   
   
   

   • 69 properties acquired / four property expansions / two property divestitures

   • ~$936 million deployed

   • Added ~ 2.5 million square feet of GLA to portfolio

   • Increased brand, geographic, product and tenant diversification

   • Focused on AFFO per unit growth

     
     
     

     Top 10 Dealership Groups: Approximately 14.1% of the Canadian Market ¹

     Company	Dealerships	% of Total
     Dilawri Group ²	83	2.4%
     AutoCanada ²	64	1.8%
     Go Auto ²	62	1.8%
     Steele Auto Group	54	1.5%
     Groupe Gabriel	44	1.3%
     CanadaOne Auto	44	1.3%
     Performance Auto Group	39	1.1%
     OpenRoad Auto Group	37	1.1%
     Zanchin Automotive Group	36	1.0%
     O'Regan's Automotive	30	0.9%
     Top 10 subtotal	493	14.1%
     Other	~ 3,007	85.9%
     Total	~ 3,500 ³	100.0%

     1. Data based on publicly available information (March 2026)

     2. Denotes current tenants of the REIT

     3. Source: DesRosiers Automotive Consultants Inc.

     Top 10 Dealership Groups: Approximately 8.7% of the U.S. Market ¹

     Company	Dealerships	% of Total
     AutoNation	323	1.8%
     Lithia Motors	307	1.7%
     Penske Automotive Group	201	1.1%
     Asbury Automotive Group	161	0.9%
     Group 1 Automotive	145	0.9%
     Sonic Automotive	111	0.6%
     Hendrick Automotive Group	96	0.5%
     Morgan Auto Group	80	0.4%
     Ken Garff Automotive Group	70	0.4%
     Serra Automotive	63	0.4%
     Top 10 subtotal	1,557	8.7%
     Other	~ 16,443	91.3%
     Total	~ 18,000 ⁴	100.0%

     REIT lease structure and strategy drive Same Property NOI

   • Contractual fixed rent increases and CPI-linked

     Average Rental Rate per Square Foot 1

     adjustments

     • For 2026, leases with CPI adjustments (including capped CPI adjustments) projected to represent 42%% of base rent

   • Triple-net / net leases: property-level cost inflation is

     primarily tenant's responsibility

   • 100% occupancy / 100% rent collection

$29.00

$28.05

$28.16

$27.44

$26.27

$26.03

$25.40

$25.29

$25.13

$24.72

$24.83

$28.00

$27.00

$26.00

$25.00

Same Property Cash NOI:

(2025)

+2.1%

$24.00

$23.00

$24.33

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

THE REIT IS WELL POSITIONED DURING BOTH STABLE AND INFLATIONARY ENVIRONMENTS

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 reduction of Debt to GBV and enabling increased AFFO per Unit and NAV

• Expanded acquisition capacity following debt repayment, supporting capital

  recycling into property acquisitions at > 6% capitalization rate

  
  
  
  
  

  Markham Honda

  8210 / 8220 Kennedy Road

  KENNEDY LANDS SALE UNLOCKED SIGNIFICANT VALUE EMBEDDED IN PROPERTY PORTFOLIO

  Average Household Income
  	Property (5 km)	Average Household Income	5-year population growth ('23-'28)	10-year population growth ('23-'33)
  	Hyundai Honda, Gallery	$138,313	14%	27%
  	Audi Vaughan	$137,867	15%	30%
  	Markham Acura	$121,629	14%	28%
  	JLR Volvo, Brossard	$108,719	11%	21%
  	MB West Island	$117,126	6%	11%
  	Acura Burrard, Van	$101,972	9%	15%
  	Frost GMC, Brampton	$106,865	15%	31%
  	Porsche Centre, Van	$102,061	9%	15%
  	Lexus Laval	$89,903	8%	15%
  	Brimell Toyota, Scarb.	$84,515	5%	9%

  
  
  

  Average population

  265k density

  within a 5-km radius

  60

  Average transit score

  = "Good Transit"

  Recent Entrants

  
  
  

  Potential New Entrants

  
  
  
  
  

  INCREASING DEMAND FOR LIMITED SUPPLY OF ZONED AUTOMOTIVE PROPERTIES

  IN PRIME URBAN MARKETS IN CANADA / U.S.

  Entry to U.S. Market

• Focus on industry we know

• Scalable with net lease structure vs operationally

  intensive real estate / other business models

• Continued focus on metros with GDP / population growth - more than 50 MSAs in U.S. with populations greater than 1 million

• U.S. remains car dependent in most markets

• Greater industry transparency through major public dealership groups

• Acquisition of additional Rivian-tenanted property in Vista, San Diego County, California expected to close in the first half of 2026

EV / OEM Penetration ¹

Tesla 7 locations

Columbus, Ohio

2 locations

Orlando, Florida

Heavy Equipment

Montreal

Montreal

ENTRY INTO NEW MARKETS HAS BROADENED ACQUISITION PIPELINE OPPORTUNITIES