PowerPoint Presentation · AJAX 3.4 Acres $12.0 Million GUELPH 161 Units $52.7 Million CALGARY 158 Units $30.0 Million KITCHENER (Phase 1) 233 Units $73.0 Million NANAIMO (Phase 1)

CONFERENCE CALLNovember 8, 2019

Creating Value for Unitholders

Across Canada, Northview’s passion is providing our customers with a place to call home

20

19

THIR

D Q

UA

RTE

R

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This presentation may contain forward-looking information. All information included in this presentation, other than statements of historical fact, is forward-

looking information. When used in this presentation, words such as “may”, “should”, “expect”, “will”, “anticipate”, “believe”, “intend”, “estimate”, “predict”,

“project”, “potentially”, “starting”, “beginning”, “begun”, “moving”, “continue”, or other similar expressions identify forward-looking information. The forward-

looking information included in this presentation relates to, among other things, current expectations of future results, performance, prospects and

opportunities.

Forward-looking information is provided for the purpose of presenting information about current expectations and plans relating to the future and readers are

cautioned that such statements may not be appropriate for other purposes. This information is not a guarantee of future performance and is based on

Northview’s estimates and assumptions. The forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events,

results and performance to differ materially from the forward-looking information. A full description of these risk factors can be found in Northview’s annual

information form and other publicly filed information which may be located at www.sedar.com.

The forward-looking information is provided only as of the date of such information, and Northview, except as required by applicable law, assumes no

obligation to update or revise this information to reflect new information or the occurrence of future events or circumstances.

NON–GAAP AND OTHER FINANCIAL MEASURES

Certain measures contained in this presentation do not have any standardized meaning as prescribed by International Financial Reporting Standards

(“IFRS”) and, therefore, are considered non-GAAP measures. These measures are provided to enhance the reader's overall understanding of financial

conditions. They are included to provide investors and management with an alternative method for assessing operating results in a manner that is focused

on the performance of operations and to provide a more consistent basis for comparison between periods. These measures include widely accepted

measures of performance for Canadian real estate investment trusts; however, the measures are not defined by IFRS. In addition, these measures are

subject to the interpretation of definitions by the preparers of financial statements and may not be applied consistently between real estate entities. Please

refer to Northview’s most recent Management's Discussion & Analysis and Financial Statements for the disclosed financial information and definitions of

non-GAAP and other financial measures, including FFO, AFFO, debt to gross book value, debt service coverage and interest coverage contained in this

presentation.

Forward-Looking Information

Q3 2019 Highlights

3

Steady revenue growth

FFO Per Unit Down 1.7%

Same Door NOI Up 3.4%

Fin

ancia

l and O

pera

tional H

ighlig

hts

Strategic acquisition in Halifax, NS

Strong progress on high-end renovation program

Multi-Family Overview

4

88.0%

90.0%

92.0%

94.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19

Occ

upan

cy (

%)

Mul

ti-F

amily

SD

NO

I Gro

wth

(%

)

Multi-FamilySame Door NOI and Occupancy

SD NOI Growth Occupancy Rate

5

Regional Overview – Ontario

Commercial

Square Feet

Multi-Family

Units9,650 22,000

Q3 2019 Q3 2018

NOI ($millions) – multi-family $20.8 $17.5

SDNOI (%) – multi-family 8.3% 7.8%

Occupancy (%) 96.6% 96.7%

AMR ($dollars per month) 1,135 1,078

Note: Regions with a portfolio of greater than 500 units are illustrated with larger dots.

Oshawa, ON

Hamilton, ON

Toronto, ON

Sarnia, ON

Guelph, ON

Kitchener–Waterloo, ON

London, ON

St. Catharines–Niagara, ON

Peterborough, ON

Brockville, ON

Lindsay, ON

Cambridge, ON

Brantford, ON

Ottawa, ON

Kanata, ON

Bowmanville, ON

Ajax, ON

Southwestern ON: 5,724

Eastern ON: 1,773

Toronto and Area: 2,153

6

Regional Overview – Western Canada

Commercial

Square Feet

Multi-Family

Units7,585 145,000

Note: Regions with a portfolio of greater than 200 units in BC or 500 units in AB and SK or

recent developments are listed. Regions with a portfolio of greater than 500 units are illustrated with larger dots.

Fort McMurray, AB

Bonnyville, AB

Lloydminster, AB

Regina, SK

Calgary, AB

Lethbridge, AB

Fort Nelson, BC

Fort St. John, BC

Abbotsford, BC

Nanaimo, BC

Prince George, BC

Dawson Creek, BC

Grande Prairie, AB

Airdrie, ABBC: 2,639

AB: 4,623

SK: 323

Canmore, AB

Jasper, AB

Q3 2019 Q3 2018



Occupancy (%) 86.7% 86.6%


7

Regional Overview – Atlantic Canada

Commercial

Square Feet

Multi-Family

Units4,580 248,000


Moncton, NB

Dieppe, NB

Shediac, NB

Halifax, NS

Dartmouth, NS

Labrador City, NL Gander, NL

St. John’s, NL

NB: 1,338

NS: 1,514

NL: 1,728

Q3 2019 Q3 2018



Occupancy (%) 95.6% 95.8%

AMR ($dollars per month) 815 792

8

Regional Overview – Northern Canada

Commercial

Square Feet

Multi-Family

Units2,455 746,000

Note: Regions with a portfolio of greater than 100 units in NT and NU or recent

developments are listed. Regions with a portfolio of greater than 500 units are illustrated with

larger dots. Approximately 150 units located in smaller communities across Nunavut are not shown.

Yellowknife, NT

Inuvik, NT

Cambridge Bay, NU

Iqaluit, NU

NT: 1,309

NU: 1,146

Q3 2019 Q3 2018



Occupancy (%) 97.4% 97.1%


9

Regional Overview – Québec

Commercial

Square Feet

Multi-Family

Units2,485 4,000

Montreal, QC

Sept–Iles, QC

QC: 2,485


Q3 2019 Q3 2018



Occupancy (%) 91.0% 92.2%

AMR ($dollars per month) 790 765

High-End Renovation Program

10

0

200

400

600

800

2016 2017 2018 2019F

HER Suites Completed

Rate of Return

Achieved 26.5%

Q3 2019 YTD

Completed 514 units

Remaining Units

5,700 units

Multi-family, 89%

Commercial and Execusuites,

11%

NOI by Business Segment

11

Commercial and Execusuites Overview

Note: Regions with a portfolio of greater than 100 units of execusuites or 200,000 of commercial square

feet are illustrated with larger dots.

Execusuites: 344

Commercial: 1,165,000 square feet

Iqaluit, NU

St. John’s, NL

Yellowknife, NT

Inuvik, NT

Calgary, AB

Medicine Hat, AB

Fort St. John, BC

Montreal, QC

Q3 2019 Q3 2018

Same door NOI (%)

Multi-family 4.4% 4.0%

Commercial and execusuites (3.6%) 0.6%

Total 3.4% 3.6%

Fort Nelson, BC

London, ON

Moncton, NB

Okotoks, AB

12

Financial Highlights

(in thousands of dollars, except per unit amounts) Q3 2019 Q3 2018 Change

Total revenue 98,921 93,019 6.3%

NOI 62,550 58,136 7.6%

NOI margin 63.2% 62.5% 70 bps

Same door NOI increase (decrease) 3.4% 3.6% (20 bps)

Cash flow from operating activities 45,220 40,901 10.6%

Distributions declared to Unitholders – diluted 28,198 26,295 7.2%

Distributions declared per Trust Unit $0.41 $0.41 -

Measurement excluding Non-recurring Items:

FFO – diluted 39,649 37,198 6.6%

FFO per unit – diluted $0.57 $0.58 (1.7%)

FFO payout ratio – diluted, trailing 12 month 80.0% 76.5% 350 bps

AFFO payout ratio – diluted, trailing 12 month 98.6% 94.1% 450 bps

13

Debt to Gross Book Value

56.4%

57.0%

55.1%

54.6%

53.8%

54.4%

53.1%

51.9%

49.0%

50.0%

51.0%

52.0%

53.0%

54.0%

55.0%

56.0%

57.0%

58.0%

Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1'19 Q2'19 Q3'19

Debt to Gross Book Value Target

14

Mortgages Maturity

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2019 2020 2021 2022 2023 Thereafter

Inte

rest

Rat

e (%

)

Mo

rtga

ge M

atu

riti

es($

th

ou

san

ds)

Principal on Maturity Principal Repayments Weighted Average Interest Rate 10 Year CMHC Rate

AJAX

3.4 Acres

$12.0 Million

GUELPH

161 Units

$52.7 Million

CALGARY

158 Units

$30.0 Million

KITCHENER

(Phase 1)

233 Units

$73.0 Million

NANAIMO

(Phase 1)

140 Units

$35.0 Million

IQALUIT

12,792 Sq. Ft.

$1.7 Million

15

2019 Strategic External Growth Activity

Acquisitions

$94.8million

Completed

Developments

$30.0million

Developments

Underway

$118.0million

Dispositions

$36.4million

IQALUIT

30 Units

$10.0 Million

HALIFAX

45 Units

$12.5 Million

MONCTON

112 Units

$5.3 Million

SASKATOON

240 Units

$19.0 Million

LANGFORD

60 Units

$17.6 Million

MEDICINE HAT

92 Units

4,000 sq. Ft.

$10.4 Million

NorthviewREIT.com

Across Canada, Northview’s passion is providing our customers with a place to call home.

Documents

PowerPoint Presentation · AJAX 3.4 Acres $12.0 Million GUELPH 161 Units $52.7 Million CALGARY 158 Units $30.0 Million KITCHENER (Phase 1) 233 Units $73.0 Million NANAIMO (Phase 1)