Investor | ioe .. Presentation FAbout thie Prosentation “This presertaton is dated Api é, 2017 ands evil interde to provide genet information bout PRO Red Estate lnvasunent Tust("PRORET [Business The presentation ace fotconsstute an effet all or te sceaban ef an str ebay any 202 Fatsted st December 1, 2016, unless etre eden. anc ts ( PROREIT. 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Sone Of the spect forward ooking watemarin the prestration dude, bt are not Bnvted wo, tener with erpect uure fant pertrmonecs the sly of PROFIT to excite ts growh soategiex PROMEIT ality mo contnus pajng monthly aslbstors ord PRORET= ality trae ctl. 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Investors ara cautioned roto Fucks rarest ewer ing sitet Al fey tasty seinen tts preertaton are weeks ao re cas ef te precendation PROETT coe= Ft undersie ta uadate any auch “envarafacking infarmaton rhether a 2 eau of new information, haw events or oerenvse, scope ae requir by lay, Additional Information infermati appeorg nth presenti Solectarrciry of PROREITs tte, ofr mtr and ne eorsalcated franca tatarrents and managemante zcuzsio and analyse theron forthe te The ltt ane fermion Kon of PRORET ss ened December 3) 2016 a asisle on SEDARPROREIT is a small cap diversified commercial REIT created by an experienced board and management team with a proven history of delivering unitholder value «Attractive yield based on a track record of consistent monthly distributions to unitholders + Focused, achievable, external and internal accretive growth strategies that have generated solid, stable growth + Investments in high-quality commercial real estate, primarily in stable eastern Canadian markets + High-quality, low-risk tenants with long-term leases + Strong relationships in real estate industry that generate deal flow + Strong relationships in the investment banking and lending businesses + Alignment of management and unitholder interests through an efficient management structure, strong corporate governance and significant retained interestGrowth Objectives and Strategies Our goal is to build PROREIT into a pan-Canadian REIT with high quality commercial real estate in the retail, office and industrial sectors, producing stable and growing returns Acquire accretive income-producing commercial properties in our target markets Take advantage of opportunities in smaller cities and properties in suburban markets that often offer better capitalization rates yet still strong covenants Minimize risk through portfolio diversification Seek properties with selective development and expansion possibilities Continue to build strategic relationships to maintain pipeline of off-market opportunitiesA PROREIT r 7 i b i ) James W. Beckerleg Gordon Lawlor, CPA, CA Mark O'Brien Alison Schafer, CPA, CA Execitive Office Chief Financial Officer Managing Director, Director of Finance and Trustee Operations External Management - Labec Realty + 50+ years of collective experience + Former CANMARC REIT team + Acquired and managed over $4.2 billion of assets + Extens network of real estate and capital markets relationships to source high-quality acquisitions + Competitive asset management structure tied to achieving objectives + Alignment with unitholders, officers and trustees own (10%) of outstanding Units + Pre-determined internalization option at $500 million of GBV + Non-competeSS OC cg ee Lu od Pera ero) ror Pr Cero por ero rr + Diversified REIT with a national portfolio - (115 properties with 9.4 million square feet of GLA; eastern Canada focus) + Acquired by Cominar REIT in 2012 for $1.9 billion + 43% compounded annualized total return since IPO of CANMARC REIT + TSX REIT Index returned 28% over the same period‘Total Assets ($'000) svoom 0000 oom ‘soon +0010 2sxncon GLA Gross Leasable Area (Sq. Ft.) EEA Reg ET eSFinancial Performance ($000) yee) 11.207 | 14,05 2018) 2015 2016 Property Revenue Nor ee Ea AFFOA PROREIT Total portfolio grew from one to 40 properties since January 2013, and stands at 2,090,163 square feet of gross leasable area. pone Pay PUL Led Se Rn eee ee Cree an Lee a ee LS2485 King George Highway 1850 Vanier Blvd 87 Warwick Street Miramichi, NB Bathurst, NB Digby, NS 267 Commerce Street 370 Connell Street 2 Lawrence Street Beresford, NB Woodstock, NB ‘Amherst, NS3200-3600 Guénette Street 10100 Cate-de-Liesse 1670 Notre-Dame Street Montreal, Oc Montreal, ac Québec City, AC 1275 Jules-Verne Avenue 55 Technology Drive 135 Main Street Québec City, OC Saint John, NB Moncton, NBA PROREIT Our goal is to enhance the value of our acquired assets: ¢ Capitalize on revenue growth opportunities ¢ Implement operating improvements and preventative maintenance programs e Exploit lease-up and expansion opportunitiesRecent Development ea i. . Carleton Mall, Woodstock, NB Oe Colaree rt) Oe ee TR Soe eu Maal A Cr es ara ieee eaten ee eRe ae Reta (~$180k per annum) « ~18% Return on Invested Capital ("ROIC”)Recent Development Projects . Hall's Creek Development, Moncton, NB ONE SSO are ariekerc aca cr) * Estimated ROIC >10% Cees Oa rt) Cee ruc eo Reece tyPAD developments at 2466 and 2485 King George Highway, Miramichi, NB + New 3500 SF PAD initiated at 2466 King George Highway. Lease agreements with Subway and Rogers. In discussions with others for remaining 1750 SF. Delivery September 2017, Estimated ~18% ROIC + Lease agreement with CARA Foods for a 2900 SF PAD at 2485 King George Highway. Delivery December 2017. Estimated ~9% ROIC, ‘2485 King George Highway / CARA PAD 2166 King George Highway /Subway PADDevelopment Opportunity — 5110 St Margaret's Bay Road, Upper Tantallon, NS + 5110 St Margaret's Bay Road was purchased on November 15, 2016. We are currently producing a ‘demographics’ and marketing package to target potential tenants for the developrnent opportunity. Unit 3 has a pre-approved develop- ment density of 7500 SF while Unit 4 has a pre- approved development density of 17,000 SF on 2 floors (34,000 SE), for a total of 41,500 SF. [Bil exeung cxnse sors _ GLA 41,5005FPortfolio MetricsA L PROREIT Z GLA Property Type tof Properties Occupancy faut. Nol Retail 22 95.2% 809,978 $6,362 Office 4 80.8% 154.357 51.690 ‘Commercial Mixed Use 4 92.8% 274,293 $1,796 Industrial 9 95.0% 765,976 $4,257 Total 39 94.7% 2,004,604 $14,105, Indl Indu Mona Pre we oe co il aa ied rhe a es ote acral =) core Sees ir fama ws “i (Badong nd ot ara cb 39,2018A PROREIT Sobeys 136% | 222,491 1a/BB+/B6H 2 SHOPPERS ( 6.5% | 54,184, na/BBB/BEB 3 Canadii 49% 34,547 Aaa/ARA/AMA 4 47% 196,877 5 45% 88,840 6 3.8% 40,901 na/BB+/BBH 8 3.2% 50,732 Ba03/BBB-/na 25,476 Baa1/BBB-/na Top 10 Sub-Total ‘Other tenants 49.8% Vacant 1,097,819 106,928 + Top ten tenants account for 50.2% of base rent. + Credit quality tenants account for 54.7% of base rent. (0 Sane: Mess Son 099 Coat sine tnt or tect eA STV,+ Overall weighted average occupancy rate of 94.7% with a remaining lease term of 6.4 years + Credit quality tenants have a weighted average remaining lease term of 6.9 years ~ Represent 54.7% of base rent + Staggered lease maturity profile - Not more than 10.1% of the base rent matures in any given period 9.9% Pir eth T] riehb) 2020 Ye Base Rent Be GLAA PROREIT (CAD S thous excepto unt amount nuns then tate) Total Assets 257,995 203,194 Property Revenue 22,963 18,190 Nor 14,105 11,207 Debt to Gross Book Value 58.94% 61.28% Interest Coverage Ratio 2.6x 27% AFFO 7,659 6,258 Basic AFFO per Unit $0.2077 0.2158 Distributions per Unit '$0.2100 0.2100 AFFO Payout Ratio 101.1% 97.3% Basic Weighted Average Number 36,885,621 28,999,052 of Units Outstanding ps te go to ue mtr te pt a ans SoeDebt/GBV of 58.9%" Total debt: $152.1 million Debt Composition pe Operating Facilities, Term Loans First Mortgages Total * Total debt weighted average rate: 3.7% + Total debt weighted average term: 5.0 years 72 Debt Maturity Profile (Chrnilione) $11.8M 26 24.5 $140.3M 6. $1521M 2017 2018 2019 2020 Principal Amortization Wm Debt Maturitios 4) Includes $9.0M of Operating FacilitiesA PROREIT PROREIT (PRV.UN) Attractive yield, low-risk diversified commercial property REIT Attractive yield and valuation versus peers Yield: 9.6%" Distributions: $0.21 per annum ($0.0175 monthly) Tax deferral: 100% (estimated) Price/AFFO: 9.70 Strong balance sheet GBV: $257.9 million Debt/GBv: 58.9% Quality Tenants * 151 tenants * Government and national tenants represent 82.8% of base rent * Credit quality tenants represent 54.7% of base rent * Weighted average lease term of 6.4 yearsPeete) 20 Pry ee) ca) cy eT ne eed $90 Deete dant? Fab 7 Mant Pb ele UR oR aaa oe ve RAP UA PLOT ed BP Mrcle TeEVINarct em Zollrat Te GUC RFRA eS aLA PROREIT od Pee sr ae HER $23.02 $6,959 $12,177 6.0% Ax 86.3% 43.6% Cominar $14.44 $2,638 $6976 10.2% = 10.8x 110.4% += 51.0% REIT $48.66 $3,568 $5,148 3.8% 75x 65.9% 38.6% Artis $13.18 $1,985 $4666 8.2% 1k 90.7% = 48.1% Morguard $15.92 $965 $2,293 6.0% 12x 76.9% 48.4% Agellan Commercial $11.45 $375 $704 6.8% 11.6x 78.8% 49.0% eT $4.79 $203 $618 8.8% «= 14x (97.7% = 64.8% Meleor $8.46 $218 $568 8.0% 97x 778% 58.3% True North Commercial $6.10 sive $408 (9.7% 10.5x 101.9% + 54.9% Average 75% 12.2% 87.3% 50.4% PROREIT $2.18 S108 $260 9.6% 97k -95.0%8 59.0%A PROREIT Strong, Independent Board + Eight trustees with deep experience in the comumercial real estate market + Over 100 years of collective experience operating, acquiring and financing real estate + _ Five of eight trustees are independent, including the Chair + Management, Board and affiliates own, control or direct approximately 10% of units outstanding ‘Name Role Sn John Levitt wit, Independent Trustee Partner at EDEV Real Estate Advisors Former trustee of CANMARC REIT Former senior management of O&Y Properties Corporation Peter Aghar Trustee Founder and President, Crix Capital Corporation Founding partner at Kingsett Capital Former Managing Director at GE Real Estate Vincent Chara Independant Trustee President and sole owner, Mach Group Former real astate lawyer Martin Coté Independent Trustee Founder and Managing Member of Bluenose AC Investments Former CEO of listed European real estate company Shenoor Jadavit Trustee Founded Lotus Pacific Investments Inc. in 1995 Acquired, developed, managed and sold ever $1 billion of real estate Gérard Limoges Indopendont Trustoo Former tustea of CANMARC REIT Former deputy chairman of Emst & Young Canada Ronald Smith Independent Thstee Former member of the Canada Pension Plan Investment Board Former senior VP and CFO of Emera Inc. James Beckerlog Trustee, President, CEO Former president and CEO of CANMARC REIT