Annual General MeetingPresentation May 2019

Creating Value for Unitholders

Across Canada, Northview’s passion is

providing our customers with a place to

call home.

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

3

About Us

26,702Multi-Family Units

344Execusuites Units

1,172,000Commercial

Square Feet

Diversified National Platform 8 Provinces & 2 Territories

Diversified National Platform 8 Provinces & 2 Territories

Ongoing Portfolio Diversification Across Canada

• Provides stability to returns and distributions

Compelling Valuation and High Yield

• Opportunity for AFFO multiple expansion, strong

balance sheet and coverage ratios

Well-Defined Growth Strategy

• Driving up earnings and net asset value by

focusing on development, acquisition, and organic

growth

Proven Strategy and Track Record

• Positioned for sustainable growth and yield

4

245 Lake Shore Drive, Toronto, ON

2 Hill Heights Road, Toronto, ON

Why Invest in Northview?

5

2018 Financial Summary

$2.11FFO

per Unit

2017: $2.08

$1.63Distributions

per Unit

2017: $1.63

$212 millionNet Operating

Income

2017: $189 million

+1.4% +12.2% -

Creating Value for Unitholders through Net Asset Value Growth

6

$22.68

$28.55

$21.00

$23.00

$25.00

$27.00

$29.00

Q4'15 Q2'16 Q4'16 Q2'17 Q4'17 Q2'18 Q4'18

IFRS NAVPU

Net Asset Value Growth Translated to Unit Price Growth

7

$17.56

$24.48

$16.00

$18.00

$20.00

$22.00

$24.00

$26.00

$28.00

Q4'15 Q2'16 Q4'16 Q2'17 Q4'17 Q2'18 Q4'18

UNIT PRICE

50.0%

52.0%

54.0%

56.0%

58.0%

2016 2017 2018

Debt to Gross Book Value Long-Term Target

8

Reduced Leverage and Strengthening Balance Sheet Positioned for Growth

Drivers for Improving Leverage

• NOI growth and asset value

• Equity issuances

• Non-core asset sales

9

Portfolio

Diversification

1

Organic

Growth

2

External Growth

Through

Developments

3

External Growth

Through

Acquisitions

4

2018 Strategy and Objectives

PORTFOLIO DIVERSIFICATION

Diversification Enhances Ability to Target Growth Across Canada

10

Note: NOI percentage based on year ended December 31, 2018. Units as at December 31, 2018.

NOI %

Northern

Canada

28%

Western

Canada

24%Ontario

30%

Québec

5%

Atlantic

Canada

13%

26,702 Multi-Family

Residential Units

11

ORGANIC GROWTH

Successful Execution on Organic Growth withSame Door NOI Growth

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

2016 2017 2018

Same Door NOI

88.0%

89.0%

90.0%

91.0%

92.0%

93.0%

94.0%

95.0%

2016 2017 2018

Occupancy

Improved

economic

conditions

Driven by

growth in all

regions

19%to Target

48%to Target

73%to Target

113%to Target

-

50,000

100,000

150,000

200,000

250,000

300,000

2016 2017 2018 2020F

(in th

ousa

nds)

2020 Target

12

ORGANIC GROWTH

Realized Organic Growth Through Value Creation Initiatives

High-End Renovations

Below Market Rents

Sub-Metering

Above Guideline Increase

ORGANIC GROWTH

High-End Renovation Program

13

0

200

400

600

800

2016 2017 2018 2019F

HER Suites Completed

Rate of Return

Achieved 23%

Program Expansion

60 Properties

4,800 units

AfterBefore

(includes 1,600 units from

recent acquisitions)

IQALUIT

30 Units /

11,000 Sq. Ft.

$9.4 Million

CANMORE

140 Units

$27.9 Million

REGINA

132 Units

$22.3 Million

CALGARY

158 Units

$30.0 Million KITCHENER

(New 2019

Development)

NANAIMO

137 Units

$20.7 Million

NANAIMO

(New 2019

Development)

ON & NS

PORTFOLIO

623 Units

$151.8 Million

IQALUIT

24,000 Sq. Ft.

$5.2 Million

DIEPPE

18 Units /

7,000 Sq. Ft.

$3.5 Million

CHETWYND

214 Units

$12.3 Million

ONTARIO

644 Units

$131.9 Million

14

2018 Strategic External Growth Activity

Acquisitions

$333.7million

Completed

Developments

$59.6million

Developments

Underway

$30.0million

Dispositions

$12.6million

Key Growth

Markets

Key Growth

Markets

15

EXTERNAL GROWTH THROUGH ACQUISITION

Strategic Acquisitions of 1,422 Units in Key Growth Markets

ON

WC

AC

$334 Million1,422 Units

JUNE 2018

• $152 million portfolio acquired through

Starlight relationship

• Recently constructed luxury rentals

enhancing portfolio quality

DECEMBER 2018

• $132 million portfolio acquired through

Starlight relationship

• Provides opportunity to expand the

proven high-end renovation program and

generates NAV growth

16

EXTERNAL GROWTH THROUGH DEVELOPMENT

NAV Creation Through Development

RE

GIN

A

IQA

LU

IT

CA

NM

OR

E

Investment in Developments

$60 Million

Units

302 units &

11,400 comm. sq. ft.

Stabilized

Cap Rate Blended

7.8%

RE

GIN

A

IQA

LU

IT

CA

NM

OR

E

2018 NAV Creation

$13 Million

EXTERNAL GROWTH THROUGH DEVELOPMENT

2019 Development Activity

17

CALGARY, AB

Vista Phase 2

158 Units

$30 million

EXTERNAL GROWTH THROUGH DEVELOPMENT

2019 Development Activity

18

KITCHENER, ON

Phase 1

233 Units

$73 million

EXTERNAL GROWTH THROUGH DEVELOPMENT

2019 Development Activity

19

NANAIMO, BC

Phase 1

140 Units

$35 million

20

Effective Date

September 1, 2018

Tenant insurance is now included in

the rent for ALL NEW Northview

residents

Approximately 5,000 residents in the

program

Northview is the first landlord in

Canada to offer this to residents

New Resident Insurance Program

21

Legalization Date

October 17, 2018

Northview’s PolicyTo protect & promote the safety and well-being

of all Northview residents

Smoking and cultivation of any

cannabis related product is prohibited

on any Northview properties

Consumption of cannabis products

is permitted to the extent it does not

interfere with our tenant’s right to the

peaceful enjoyment of their homes

Northview’s Policy on Cannabis

22

Community Involvement

23

Increased Customer Satisfaction

in Key Categories:

⚫ Overall Customer Service

⚫ New Resident Concern Resolution

⚫ Timeliness on Service Requests

⚫ Professionalism on Service Requests

⚫ Property Grounds & Common Areas Cleanliness

⚫ Would Recommend Northview

2019 Survey In Progress(in coordination with the

Canadian Multi-Residential Association)

2018 Northview Resident Survey Results

24

Northview employees from all regions

team up with the residents to clean

up communities across the country

every month of May.

Annual National Community Clean Up

NorthviewREIT.com

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