Investor Presentaiton

DISCLAIMER 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

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