Diversified National Platform

Positioned for Continued

Profitable Growth

165 Ontario Street, St. Catharines, ON 120 Dundas Street East, Mississauga, ON Vista, Calgary, AB

Fourth Quarter and Year End 2016 Conference Call

March 10, 2017

2

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 “expect”, “estimate”, “project”, “potential” 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, including with respect to the benefits of the acquisition of True North

Apartment REIT and properties from affiliates of Starlight Investments Ltd. and affiliates of the Public Sector Pension Investment Board, growth

opportunities, payout ratio, market capitalization, mitigation of impact of commodity prices, population growth, results from the high-end

renovation program, above guideline increases, opportunities to increase below market rents, results from the sub-metering program, cost

savings from management internalization, development and acquisition opportunities, and debt management.

This presentation reflects Northview’s current beliefs and is based on information currently available to senior management. Forward-looking

information is provided for the purpose of presenting information about senior management’s 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, which include, but are not limited to market growth, the general

economy, interest rates and real estate conditions are each stable, occupancy rates, results of operations, performance, prospects and

opportunities.

The forward-looking information is subject to a variety of known and unknown risks and uncertainties, which could cause actual events, results

and performance to differ materially from the forward-looking information. Such risks and uncertainties include, but are not limited to, availability

of cash flow, risks of unexpected operating results, risks of investment in and development of real property, competition, financing and

refinancing risks, changes in economic conditions, changes in interest rates, changes in taxation rules, reliance on key personnel,

environmental matters, tenant risks, fluctuations in commodity prices and other risk factors. Northview cautions that this list of factors is not

exhaustive. Although the forward-looking information contained in this presentation is based on what Northview believes are reasonable

assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. 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.

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 2016 Annual Management's Discussion & Analysis

and Financial Statements for the disclosed financial information and definitions of non-GAAP measures and additional GAAP measures,

including NOI, FFO, debt to gross book value, and interest coverage contained in this presentation.

Disclaimer

2016 Highlights

3

24,094 Multi-Family

Residential Units

91% Occupancy

Note: NOI percentage based on the year ended December 31, 2016.

Western

Canada

24% Ontario

26%

Québec

5%

Northern

Canada

32%

Atlantic

Canada

13%

• Integrated the 2015 Transaction

• Executed 2016 Strategic Objectives

• Value Creation Initiatives

• Disposition of Non-Core Assets

• Maintain Current Conservative Distributions

Strategic Value Creation Initiatives

4

(in thousands of dollars, except per unit amounts)

Initial Five

Year Target

# of Units

Initial Five

Year Target

Annualized NOI

Increase

2016

# of Units

2016

Annualized NOI

Increase

High-end renovation program 1,754 5,800 268 614

Below market rents n/a 5,200 n/a 1,644

Sub-metering program 5,221 2,500 333 181

Above guideline increases n/a 800 n/a 312

Total 14,300 2,751

Assumed capitalization rate 5.50% 5.50%

Estimated value creation 260,000 50,000

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Regional Overview – Western Canada

Fort McMurray, AB

Bonnyville, AB

Lloydminster, AB Regina, SK

Calgary, AB

Lethbridge, AB

Fort Nelson, BC

Fort St. John, BC

Chetwynd, BC

Abbotsford, BC

Nanaimo, BC

Prince George, BC

Dawson Creek, BC

Grande Prairie, AB

Airdrie, AB

BC: 2,767

AB: 4,306

SK: 429

Note: Regions with a portfolio of greater than 200 units in BC or 500 units in AB and SK or recent developments are listed.

2016 Q4 2016

NOI ($millions) $43.6 $10.7

Total NOI % 24% 24%

Occupancy (%) 81.6% 81.3%

Multi-Family Units 7,502 7,502

Commercial Square Feet 136,000 136,000

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Regional Overview – Ontario

Oshawa, ON

Hamilton, ON

Toronto, ON

Sarnia, ON

Guelph, ON

Kitchener-Waterloo, ON

London, ON

St. Catharines-Niagara, ON

Peterborough, ON

Brockville, ON

Southwestern ON: 4,313

Eastern ON: 1,685

GTA: 1,756 Lindsay, ON

Note: Regions with a portfolio of greater than 200 units are listed.

2016 Q4 2016

NOI ($millions) $48.9 $12.1

Total NOI % 26% 28%

Occupancy (%) 96.0% 96.1%

Multi-Family Units 7,754 7,754

7

Regional Overview – Atlantic Canada

Fredericton, NB

Saint John, NB

Moncton, NB

Dieppe, NB

Shediac, NB

Halifax, NS

Dartmouth, NS

Labrador City, NL Gander, NL

St. John’s, NL

NB: 1,138

NS: 1,286

NL: 1,728

2016 Q4 2016

NOI ($millions) $23.6 $5.7

Total NOI % 13% 13%

Occupancy (%) 92.8% 92.0%

Multi-Family Units 4,152 4,152

Execusuites & Hotel Units 142 142

Commercial Square Feet 225,000 225,000

8

Regional Overview – Northern Canada

Yellowknife, NT

Inuvik, NT Cambridge Bay, NU

Gjoa Haven, NU

Taloyoak, NU

Arctic Bay, NU

Pond Inlet, NU

Clyde River, NU

Pangnirtung, NU

Iqaluit, NU

Kimmirut, NU

Cape Dorset, NU

NT: 1,309

NU: 1,092

Igloolik, NU

Hall Beach, NU

2016 Q4 2016

NOI ($millions) $59.9 $13.2

Total NOI % 32% 30%

Occupancy (%) 94.7% 93.9%

Multi-Family Units 2,401 2,401

Execusuites & Hotel Units 277 277

Commercial Square Feet 771,000 771,000

9

Regional Overview – Québec

Montreal, QC

Sept-Iles, QC

QC: 2,285

2016 Q4 2016

NOI ($millions) $9.6 $2.3

Total NOI % 5% 5%

Occupancy (%) 91.4% 92.5%

Multi-Family Units 2,285 2,285

Commercial Square Feet 3,000 3,000

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Financial Highlights

(in thousands of dollars, except per unit amounts) Q4 2016 Q4 2015 %Change 2016 2015 %Change

Total revenue 81,529 70,735 15% 332,455 217,578 53%

NOI 44,003 39,353 12% 185,529 126,669 46%

NOI Margin 54.0% 55.6% (2%) 55.8% 58.2% (2%)

Excluding Non-recurring Items:

FFO – diluted 26,994 24,592 10% 115,331 83,054 39%

FFO per Trust Unit, diluted $0.48 $0.53 (9%) $2.14 $2.34 (9%)

FFO payout ratio – diluted 85.9% 75.2% 11% 76.7% 69.0% 8%

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Debt to Gross Book Value

60.2%

57.5%

56.0%

56.5%

57.0%

57.5%

58.0%

58.5%

59.0%

59.5%

60.0%

60.5%

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Due to non-core

asset dispositions

and equity offering

12

Mortgages Maturity

• 10 year CMHC interest rate of 2.90% and 5 year CMHC interest rate of 2.20% is below average mortgage

interest rate of 3.23% as at December 31, 2016

3.85% 3.94%

3.29%

2.73%

3.48%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2017 2018 2019 2020 2021

Inte

rest

Rat

es

(tho

usan

ds o

f dol

lars

)

Development Activity

13

Cambridge Bay, NU

36 $290

10.5%

Units Per Unit

Stabilized

Cap

Rate

tho

usan

d

Q2

Completion

Date

2017

Calgary, AB

261 $170

7.5%

Units Per Unit

Stabilized

Cap

Rate

tho

usan

d

Q3

Completion

Date

2016

Airdrie, AB

140 $186

7.0%

Units Per Unit

Stabilized

Cap

Rate

tho

usan

d

Q1

Completion

Date

2016

2017 Strategic Priorities

14

ORGANIC

GROWTH

CAPITAL

DEPLOYMENT

MANAGING

LEVERAGE 1 2 3

NorthviewREIT.com

Cote Vertu, Montreal, QC Aurora Heights, Yellowknife, NT Azure, Fort St. John, BC