#1=sunresidential= Real Estate Investment Trust Presentation February, 2024 13 FT 6 IN#2DISCLAIMER AND CAUTIONS FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are neither historical facts nor assurance of future performance. Instead, they are based only on the current beliefs, expectations and assumptions of Sun regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Examples of such statements include, but are not limited to: statements of intention with respect to the business and operations of Sun REIT; expectations regarding the performance and market fundamentals of the multi-family asset class in the United States; expectations regarding population, employment earnings and other demographic trends in the Sun Belt region of the United Stated; expectations regarding the ability to raise capital and grow through acquisitions; expectations regarding the investment philosophy and growth strategy of Sun REIT; expectations regarding the anticipated joint venture with Westdale including the benefits and growth potential arising therefrom; expectations regarding other commercial opportunities and the ability of Sun REIT to carry out its stated business strategies; and sources and uses of capital of Sun REIT. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Sun REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The forward-looking statements contained in this Investor Presentation are presented for the purpose of assisting prospective investors in understanding Sun REIT's plans and objectives and may not be appropriate for other purposes. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this Investor Presentation should not be unduly relied upon. These statements speak only as of the date of this Investor Presentation. In addition, this presentation may contain forward-looking statements attributed to third party industry sources. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the information and factors discussed throughout this Investor Presentation. Sun REIT specifically disclaims any obligation to update or revise any of these forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. CAUTIONARY NOTE REGARDING FUTURE-ORIENTED FINANCIAL INFORMATION To the extent any forward-looking statement in this Investor Presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future- oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to risks as set out above under the heading "Forward Looking Statements". Sun REIT's actual financial position and results of operations may differ materially from management's current expectations. Such information is presented for illustrative purposes only and may not be an indication of Sun REIT's actual financial position or results of operations. NON-IFRS MEASURES AND REAL ESTATE INDUSTRY METRICS In this presentation and supplementary materials, Sun may use certain non-IFRS financial measures, which may include "FFO", "AFFO", and "SNOI", and certain real estate industry metrics, including "Payout Ratio", "Cap Rate", and other measurements to measure, compare and explain the operating results and financial performance of Sun REIT. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. CURRENCY References to $ or "dollars" herein refer to United States dollars, unless otherwise indicated. References to C$ refer to Canadian dollars. 2#3=sunresidential= Real Estate Investment Trust Overview of Sun Residential REIT - Sun Residential Real Estate Investment Trust (TSXV:SRES) – objective is to build listed REIT focusing on quality multi-family residences in the U.S. Sunbelt. large Canadian- Sun owns a majority interest in a Tallahassee, Florida property through a joint venture with Westdale Galesi Partners, LLC, an affiliate of Westdale Properties. Sun also owns a distressed eight-unit apartment building in Cape Coral, Florida. It is being remediated with an expected completion date of June 30, 2024. Strong institutional investor connections: • 1832 Asset Management (Dynamic Funds)-19.99% ownership in two funds • Arch Funds―9.9% US$ unless otherwise indicated. 3#4RENTAL PROPERTY: EVERGREEN AT SOUTHWOOD ☐ Evergreen at Southwood located in Tallahassee, Florida ☐ Sun owns a majority 51% interest in the property, 49% owned by Westdale Year built: 2018 Property valuation: $59.1 million Unit count: 288 Cap rate: 5.25% Avg. rent/unit: $1,662 Mortgage: $31.4 million Occupancy: 94% Sun Residential REIT ownership 51% SNOI 2024: $3.1 million Sun purchase price (51%) $11.0 million US$ unless otherwise indicated. 4#5WHY U.S. MULTI-FAMILY? A historically top-performing asset class among the major U.S. real estate sectors Declining rental vacancy rate trends • Falling home ownership rates and rising propensity to rent 20-Year Avg. Annual REIT Returns¹ 11.8% 9.7% 7.1% 5.1% U.S. Home Ownership Rate² Multi-Family Industrial Retail Office U.S. Rental Vacancy Rates Inside MSAs² 70.0% 12.0% 69.0% 11.0% 68.0% 10.0% 67.0% 66.0% 9.0% 65.0% 8.0% 64.0% 7.0% 63.0% 6.0% 62.0% 61.0% 5.0% 60.0% 4.0% 2007 2010 2013 2016 2019 2022 2007 2010 2013 2016 2019 2022 Source: FactSet, U.S. Census Bureau. Historically top performing asset class with favorable market fundamentals S&P Global U.S. REIT Sector Indices (Total Gross Return, CAGR September 2002 - September 2022). Reflects Q4 rate for each year. For 2022, CIBC included the Q1 and Q2 rate. 5 5#6WHY THE U.S. SUN BELT REGION? • The southern U.S. states have experienced population and employment fundamentals consistently above the U.S. national average in recent years Population Growth Rates¹ 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% • Southern U.S. states typically have more landlord friendly legal environments 0.6% 0.4% 0.2% 0.0% 2014 2015 2016 2017 2018 2019 2020 2021 Employment Growth Rates 3.0% 2.0% 1.0% Median Personal Income Growth² 8.0% 7.0% 6.0% 5.0% 2014 2015 2016 2017 2018 2019 2020 2021 (1.0%) 4.0% (2.0%) 3.0% (3.0%) 2.0% (4.0%) 1.0% (5.0%) انسيا 0.0% (6.0%) 2014 2015 2016 2017 2018 2019 2020 2021 ■U.S. Average ■Southeast Southwest U.S. Source: U.S. Census Bureau, Bureau of Economic Analysis, Bureau of Labour Statistics. 1. Note: "Southeast/Southwest U.S." includes: Florida, Georgia, South Carolina, and Texas. U.S. Census Bureau provides population estimates as of July 1 for each year. U.S. Census Bureau reports personal income per capita by dividing total personal income by total midyear population. All estimates provided are in current dollars and not adjusted for inflation. 2021 data is preliminary and not final. 6 6#7TALLAHASSEE, FL MARKET Employment Trends ◉ Located in Northwest Florida, Tallahassee is the state's capital city and home to Florida State University 210,000 200,000 ■ Population of over 385,000 190,000 • Highly educated with 47% of adults holding a college degree or higher 180,000 170,000 . Median household income US$72,800 ■ Workforce of over 184,000 with a significant portion employed in stable government, education and healthcare positions • State government: 44,800 • Education and health services: 24,800 • Local government: 14,700 • Federal government: 2,100 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 160,000 0.0% Labour Force 2014 2015 2016 2017 2018 2019 2020 2021 2022 Unemployment Rate Educated population base and stable employment opportunities Source: U.S. Census Bureau, Bureau of Labor Statistics 7#8=sunresidential= Real Estate Investment Trust Funds from Operations 12 months to December 31 2023 2022 Funds from operations (FFO) $ 000s 725 601 $ per unit 0.0036 0.0030 Adjusted funds from operations (AFFO) $ 000s $ per unit NAV, December 31 Note: 1 Converted at Bank of Canada rate on date indicated) 637 355 0.0031 0.0018 0.087 (C$0.114)1 0.107 (C$0.145)1 US$ unless otherwise indicated. Please refer to MD&A for definition of non-IFRS measurements. 8#9=sunresidential= Real Estate Investment Trust Distributions C¢ 0.095 per unit, paid quarterly on the last business day of the quarter Annual rate of C ¢ 0.38, US ¢ 0.29 Yield (based upon C$0.05-C$0.06 trading range) - 6.3% -7.6% वट 02 FIK3165137 COME 50 9#10=sunresidential= Real Estate Investment Trust Balance sheet and capitalization December 31 2023 2022 $ millions Properties 60.3 70.6 Cash and other 4.0 4.9 Total assets 64.3 75.5 Mortgage 31.4 31.4 Other 1.3 2.8 Total liabilities 32.7 34.2 Non-controlling interest 13.9 19.5 Equity 17.6 21.81 NAV/unit 0.087 (C$0.114)1 0.107 (C$0.145)1 US$ unless otherwise indicated. 10 10#11Three year summary Years ended December 31 2023 2022 2021 Investment property revenue Property operating expenses Net rental income General and administrative expenses Interest $ 5,780,485 $ 5,460,233 $ 4,946,475 2,729,829 2,459,512 2,078,018 3,050,656 3,000,721 2,868,457 413.607 394,746 399,325 1,122,057 1,122,059 1,122,059 Other expense (income) (155,263) (37,316) 10,340 Fair value loss (gain) on investment properties 11,648,437 (5,170,123) (12,432,980) Loss (gain) on foreign currency translation (14,888) 13,013,950 3,465 (3,687,169) 350 (10,900,906) Income (loss) before income taxes (9,963,294) 6,687,890 13,769,363 Deferred income taxes (1,415,253) 751,649 1,647,950 Net income (loss) and other comprehensive Income (loss) before income taxes $ (8,548,041) $ 5,936,241 $ 12,121,413 Distibutions to unitholders (per unit) $ 0.0038 $ $ 11#12SUMMARY OF QUARTERLY RESULTS Three months ended December 31, 2023 Rental revenue $ 1,443,032 Property operating expenses 1,385,348 Three months ended September 30, 2023 $ 1,466,573 449.450 Three months Three months ended ended June 30, 2023 $ 1,475,527 March 31, 2023 $ 1,395,353 486,649 408.382 Net rental income 57.684 1,017.123 988,878 986,971 General and administrative expenses 103,265 94,094 89,978 126,270 Interest expense 282,820 282,819 279,745 276,672 Other income (35,558) (38,222) (46,192) (35,291) Fair value loss on investment properties Gain on foreign currency translation Income (loss) before Income taxes Deferred income taxes 892,258 10,658,017 46,493 51,669 (14,825) 8,296 (8,048) (310) $ 1,227,960 $ 11,005,004 $ 361,976 $ 419,010 (1,170,276) (180,424) (9,987,881) 626,902 567,961 (1,323,819) 45,087 43,903 Net income (loss) and other comprehensive income (loss) $ (989,852) $ (8,664,062) $ 581,815 $ 524,058#13Three months ended Three months ended December 31, 2023 September 30, 2023 Three months ended June 30, 2023 Three months ended March 31, 2023 Net income (loss) attributable to: Unitholders $ (430,630) Non-controlling interest (559,222) Net income (loss) $ (989,852) $ $ (3,801,441) (4,862,621) (8,664,062) $ 257,120 324,695 $ 201,329 322,729 $ 581,815 $ 524,058 Net income (loss) attributable to unitholders $ (430,630) $ (3,801,441) $ 257,120 $ 201,329 Fair value loss on income producing investment property 916,134 10,658,017 46,493 51,669 Realty taxes not accounted under IFRIC21 653,400 (217,800) (217,800) (217,800) Non-controlling interest Fair value loss on property underdevlopment (769,072) (5,115,706) 83,940 81,404 (23,876) Deferred income taxes (180,424) (1,323,819) 45,087 43,903 Loss (gain) on foreign currency translation (14,825) 8,296 (8,048) (310) FFO $ 150,707 $ 207,547 $ 206,792 $ 160,195 Capital expenditures (16,134) (58,017) (46,493) (51,669) Non-controlling interest 7,906 28,428 22,782 25,318 AFFO $ 142,479 $ 177,958 $ 183,081 $ 133,844 FFO per unit AFFO per unit SS $ 0.0007 $ 0.0010 $ 0.0010 $ 0.0008 $ 0.0007 $ 0.0009 $ 0.0009 $ 0.0007 US$ unless otherwise indicated. 13#14=sunresidential= Real Estate Investment Trust Financing history Units Seed round, March 2019 (C$0.05) 10,000,000 372,578 IPO, August 2019 (C$0.10) 5,000,000 378,186 Private placement, August 2019 (C$0.10) 40,000,000 3,025,490 Private placement, January 2020 (C$0.115) 148,338,999 12,944,068 Unitholders' equity, June 30, 2023 203,338,999 17,593,803 US$ unless otherwise indicated. C$ refers to Canadian dollars. 14#15=sunresidential= Real Estate Investment Trust Management Team Robert Wetenhall - Chief Executive Officer • " " Florida-focused real estate developer of luxury residential and multi-family properties President of two private real estate development companies, Blue River Capital and Miami Venture Partners. From 2018 to 2022, Executive Vice President of Capital Markets for Five Point Holdings, LLC (NYSE: FPH), one of the largest mixed-use developers in California. From 2006 to 2017, Managing Director in Equity Research for RBC Capital Markets covering home builders and building products. Previously, at Deutsche Bank and Lehman Brothers. In 2017, ranked fourth in the Institutional Investor All-America Research Poll. Jeffrey Sherman - Chief Financial Officer ■ ■ Seasoned financial executive with experience as director or CFO of many public and private companies From 2012 to 2017, CFO Atrium Mortgage Investment Corp. (TSX:AI) - public mortgage lender with an investment portfolio over $700M, and of Canadian Mortgage Capital Corp. - Commercial mortgage brokerage and advisory firm and manager of Atrium Mortgage Investment Corp. • Written over 20 books, presents executive development courses for CFOs and financial executives across Canada. 15#16Trustees Daniel Argiros Chair of the • Board of Trustees . • • Robert Wetenhall, Jr. CEO, • • Acquisition team • • Robert Goodall Gordon Vollmer Acquisition Team Gordon Wiebe • Experience =sunresidential= Real Estate Investment Trust Board of Trustees Founder and CEO of Arch Corporation, real estate investment and management Founder and CEO of former Continuum Residential REIT, Canadian multi-family REIT (Acquired by Starlight Investments in 2019) Trustee of Inovalis REIT (TSX:INO.UN), real estate investment trust Florida-focused real estate developer of luxury residential and multi-family properties President of two private real estate development companies, Blue River Capital and Miami Venture Partners. From 2018 to 2022, Executive Vice President of Capital Markets for Five Point Holdings, LLC (NYSE: FPH), one of the largest mixed- use developers in California. From 2006 to 2017, Managing Director in Equity Research for RBC Capital Markets covering home builders and building products. CEO and founder of Atrium Mortgage Investment Corp. (TSX:AI), commercial mortgage lending President and founder of Canadian Capital Mortgage Corp., commercial mortgage brokerage and advisory services with C$1.6 billion of assets under management Trustee of Dream Impact Trust (TSX: MPCT.UN), real estate investment trust . President of Camreal European Management . Former EVP Asset Management at Morguard Investments • Extensive experience in U.S. real estate President of Corpfin Services, real estate asset management services firm with advisory mandates on over 4 million square feet in properties across the U.S. Prior commercial real estate fee management experience with over US$1 billion AUM including over 4,000 residential units throughout Canada and parts of the U.S. 16#17=sunresidential= Real Estate Investment Trust Relationship with Westdale. Benefits to Sun ✓ Experienced property management ⚫ 30+ year track record with 31,000+ multi-family units currently managed . • Extensive experience in the Sun Belt Region ✓ Aligned through joint venture interest in existing property, Evergreen at Southwood 17#18WESTDALE AT A GLANCE A leading U.S. multi-family owner and manager Over 30 year track record Deep value-add expertise Large portfolio with Southern U.S. focus Over $6 billion in multi-family assets Over 31,000 units managed, including over 28,000 units owned 000 5 Relationship with a leading U.S. multi-family owner and manager US$ unless otherwise indicated. 18#19=sunresidential= Real Estate Investment Trust Investment Highlights ✓ Experienced management team and internalized asset management functions Insiders collectively own 15.5% of Sun REIT, with all members of the management team and board holding a significant ownership stake ✓ Simple balance sheet with no options or warrants issued or outstanding ✓ U.S. multi-family is historically a top-performing asset class with favorable fundamentals ✓ Focus on fast growing U.S. Sunbelt markets with emphasis on working populations experiencing income and population growth ✓ High quality property management by Westdale ✓ Strong institutional investor support: 1832 Asset Management (Dynamic Funds)-19.9% ownership between two funds, Arch Funds―9.9% ✓ ADDITIONAL INFORMATION: latest financial statements and md&a: www.sunresreit.com US$ unless otherwise indicated. 19