InterRent Real Estate Investment Trust (IIP-UN) Investor Presentation summary

Company overview and portfolio

• Operates over 13,000 multi-family suites across four major Canadian urban regions, serving nearly 20,000 residents and employing 474 team members as of December 2023.

• Portfolio is diversified across Greater Toronto & Hamilton, Greater Montreal, National Capital, and Greater Vancouver, with the largest share of NOI from Toronto & Hamilton (36%).

• Resident base is young, highly educated, and concentrated in tech, healthcare, and service sectors, with a median age of 31 and 85% holding post-secondary degrees.

Financial and operational performance

• Achieved a 10-year total return CAGR of 12.5%, outperforming peers and major Canadian REIT indices.

• Demonstrated consistent same-property revenue and AMR growth, with 2024 YoY revenue growth at 9.7% and AMR growth at 6.7%.

• Maintains industry-leading NOI margins (66.4% as of June 2024) and FFO per unit CAGR of 36.5% since inception.

• 12 consecutive years of >5% distribution growth, with an 8.2% CAGR in annual distributions since 2009.

Strategic differentiators and value creation

• Value-add strategy focuses on property repositioning, operational optimization, and prudent capital recycling, resulting in higher occupancy and NOI margins.

• Case studies show NOI margin improvements of 400–2,500 bps and over 200% NOI growth post-repositioning.

• Emphasizes technology adoption (smart buildings, resident apps, SuiteSpot) and investment in team training and culture.

• Maintains a strong balance sheet with low debt-to-GBV (37.8%) and $320M in available liquidity as of July 2024.